N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22656

American Funds Portfolio Series

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2020

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^SM   Semi-annual report
for the six months ended
April 30, 2020  

Invest in portfolios
designed to pursue
real-life objectives

Beginning January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, we intend to no longer mail paper copies of the series’ shareholder reports, unless specifically requested from American Funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Capital Group website (capitalgroup.com); you will be notified by mail and provided with a website link to access the report each time a report is posted. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. If you prefer to receive shareholder reports and other communications electronically, you may update your mailing preferences with your financial intermediary, or enroll in e-delivery at capitalgroup.com (for accounts held directly with the series).

You may elect to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the series, you may inform American Funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at (800) 421-4225. Your election to receive paper reports will apply to all funds held with American Funds or through your financial intermediary.

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 nearly 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 A shares at net asset value. If a sales charge had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. 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 with all distributions reinvested for periods ended March 31, 2020 (the most recent calendar quarter-end). Also shown are the gross expense ratios as of the series prospectus dated January 1, 2020. The expense ratios are restated to reflect current fees.

	Cumulative total returns			Average annual total returns						Gross
Class A shares	1 year			5 years			Lifetime (since 5/18/12)			expense ratio
Reflecting 5.75% maximum initial sales charge:
American Funds Global Growth PortfolioSM		–14.83	%		2.60	%		7.48	%		0.83	%
American Funds Growth PortfolioSM		–14.20			3.59			8.79			0.76
American Funds Growth and Income PortfolioSM		–11.70			2.84			6.91			0.66
American Funds Moderate Growth and Income PortfolioSM		–9.58			2.75			6.40			0.70
American Funds Conservative Growth and Income PortfolioSM		–10.68			1.73			4.63			0.61
Reflecting 3.75% maximum initial sales charge:
American Funds Tax-Aware Conservative Growth and Income PortfolioSM (formerly American Funds Tax-Advantaged Growth and Income PortfolioSM)		–7.36			3.08			6.00			0.67
Reflecting 2.50% maximum initial sales charge:
American Funds Preservation PortfolioSM		2.71			1.35			1.25			0.68
American Funds Tax-Exempt Preservation PortfolioSM		–0.27			1.09			1.57			0.69	*

* The net expense ratio for American Funds Tax-Exempt Preservation Portfolio was 0.67% as of the series prospectus dated January 1, 2020.

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

The portfolio series funds invest in Class R-6 shares of the underlying funds. The investment adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt Preservation Portfolio, and has in the past reimbursed certain expenses for other funds. Fund results and the net expense ratio reflect the reimbursements, without which the results would have been lower and the expenses would have been higher. After January 1, 2021, the adviser may modify or terminate the reimbursements. Expense ratios are as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds.

For other share class results, visit 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.

Fellow investors:

Shown in the table on the following page are the semi-annual returns for American Funds Portfolio Series for the six months ended April 30, 2020. Also shown are the results of its benchmarks and peer group.

For additional information about the series, its results, holdings and the Portfolio Solutions Committee, visit capitalgroup.com/individual/investments. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents
2	Results at a glance
3	Investment portfolios
12	Financial statements
22	Notes to financial statements
44	Financial highlights

Investment allocations may not achieve fund objectives. The funds’ risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.

American Funds Portfolio Series 1

Results at a glance

For periods ended April 30, 2020, with all distributions reinvested for Class A shares

	Cummulative total returns				Average annual total returns
	6 months		1 year		5 years		Lifetime (since 5/18/12)
American Funds Global Growth Portfolio		–4.64		–2.65		5.63		9.67
MSCI All Country World Index*,  †		–7.68		–4.96		4.37		8.58
Lipper Global Large-Cap Growth Funds Index		–0.54		2.15		7.81		10.61
American Funds Growth Portfolio		–2.09		–0.98		6.90		11.14
Standard & Poor’s 500 Composite Index*		–3.16		0.86		9.12		13.05
MSCI All Country World ex USA Index*,  †		–13.22		–11.51		–0.17		4.55
Lipper Global Multi-Cap Growth Funds Index		–1.20		0.85		6.58		9.99
American Funds Growth and Income Portfolio		–2.11		–0.07		5.51		8.85
Standard & Poor’s 500 Composite Index*		–3.16		0.86		9.12		13.05
MSCI All Country World ex USA Index*,  †		–13.22		–11.51		–0.17		4.55
Bloomberg Barclays Global Aggregate Index*		1.45		6.56		2.82		1.77
Lipper Mixed-Asset Target Allocation Growth Funds Index		–3.55		–0.67		4.92		8.19
American Funds Moderate Growth and Income Portfolio		–2.01		1.15		5.18		8.11
Standard & Poor’s 500 Composite Index*		–3.16		0.86		9.12		13.05
MSCI All Country World ex USA Index*,  †		–13.22		–11.51		–0.17		4.55
Bloomberg Barclays U.S. Aggregate Index*		4.86		10.84		3.80		3.30
Lipper Mixed-Asset Target Allocation Growth Funds Index		–3.55		–0.67		4.92		8.19
American Funds Conservative Growth and Income Portfolio		–4.54		–1.58		3.76		6.06
Standard & Poor’s 500 Composite Index*		–3.16		0.86		9.12		13.05
MSCI All Country World ex USA Index*,  †		–13.22		–11.51		–0.17		4.55
Bloomberg Barclays U.S. Aggregate Index*		4.86		10.84		3.80		3.30
Lipper Mixed-Asset Target Allocation Moderate Funds Index		–4.06		–0.95		3.93		6.58
American Funds Tax-Aware Conservative Growth and Income Portfolio (formerly American Funds Tax-Advantaged Growth and Income Portfolio)		–5.61		–2.16		4.43		6.88
Standard & Poor’s 500 Composite Index*		–3.16		0.86		9.12		13.05
MSCI All Country World ex USA Index*,  †		–13.22		–11.51		–0.17		4.55
Bloomberg Barclays Municipal Bond Index*		–1.33		2.16		3.04		3.12
Lipper Mixed-Asset Target Allocation Moderate Funds Index		–4.06		–0.95		3.93		6.58
American Funds Preservation Portfolio		3.78		5.93		2.02		1.67
Bloomberg Barclays 1–5 Year U.S. Government/Credit A+ Index*		3.72		6.70		2.39		1.94
Lipper Short-Intermediate Investment-Grade Debt Funds Index		1.29		4.27		2.28		2.18
American Funds Tax-Exempt Preservation Portfolio		–0.34		1.74		1.58		1.82
Bloomberg Barclays Municipal Bond 1–7 Year Blend Index*		–0.20		2.11		1.88		1.82
Lipper Short-Intermediate Municipal Debt Funds Index		–0.68		1.42		1.50		1.47

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

2 American Funds Portfolio Series

American Funds Global Growth Portfolio	unaudited
Investment portfolio April 30, 2020

 

Growth funds 73%	Shares		Value (000)
EuroPacific Growth Fund, Class R-6		16,897,684	$	793,853
New Perspective Fund, Class R-6		17,635,136		761,662
The Growth Fund of America, Class R-6		11,139,521		553,300
SMALLCAP World Fund, Inc., Class R-6		6,837,917		365,213
The New Economy Fund, Class R-6		3,386,277		144,797
				2,618,825
Growth-and-income funds 27%
Capital World Growth and Income Fund, Class R-6		12,515,446		567,826
Fundamental Investors, Class R-6		7,547,633		412,252
				980,078
Total investment securities 100% (cost: $3,584,802,000)				3,598,903
Other assets less liabilities 0%				(949	)
Net assets 100%			$	3,597,954

See notes to financial statements.

American Funds Portfolio Series 3

American Funds Growth Portfolio	unaudited
Investment portfolio April 30, 2020

Growth funds 69%	Shares		Value (000)
The Growth Fund of America, Class R-6		37,758,721	$	1,875,476
AMCAP Fund, Class R-6		57,934,447		1,850,426
EuroPacific Growth Fund, Class R-6		20,967,927		985,073
SMALLCAP World Fund, Inc., Class R-6		16,641,743		888,835
The New Economy Fund, Class R-6		5,224,149		223,385
New Perspective Fund, Class R-6		5,171,572		223,360
				6,046,555
Growth-and-income funds 31%
Fundamental Investors, Class R-6		31,508,316		1,720,984
The Investment Company of America, Class R-6		28,195,772		1,004,898
				2,725,882
Total investment securities 100% (cost: $8,380,614,000)				8,772,437
Other assets less liabilities 0%				(2,356	)
Net assets 100%			$	8,770,081

See notes to financial statements.

4 American Funds Portfolio Series

American Funds Growth and Income Portfolio	unaudited
Investment portfolio April 30, 2020

Growth funds 16%	Shares		Value (000)
The Growth Fund of America, Class R-6		28,764,599	$	1,428,738
SMALLCAP World Fund, Inc., Class R-6		2,454,638		131,102
				1,559,840
Growth-and-income funds 49%
The Investment Company of America, Class R-6		68,459,227		2,439,886
Capital World Growth and Income Fund, Class R-6		52,258,601		2,370,973
				4,810,859
Equity-income and Balanced funds 25%
Capital Income Builder, Class R-6		23,706,812		1,325,685
American Balanced Fund, Class R-6		40,780,434		1,103,518
				2,429,203
Fixed income funds 10%
The Bond Fund of America, Class R-6		70,336,583		968,535
Total investment securities 100% (cost: $9,508,720,000)				9,768,437
Other assets less liabilities 0%				(2,737	)
Net assets 100%			$	9,765,700

See notes to financial statements.

American Funds Portfolio Series 5

American Funds Moderate Growth and Income Portfolio	unaudited
Investment portfolio April 30, 2020

		Value
Growth funds 10%	Shares		(000	)
New Perspective Fund, Class R-6	20,831,249	$	899,702
Growth-and-income funds 24%
Capital World Growth and Income Fund, Class R-6	26,963,905		1,223,352
Washington Mutual Investors Fund, Class R-6	23,542,922		987,861
			2,211,213
Equity-income and Balanced funds 51%
American Balanced Fund, Class R-6	85,500,438		2,313,642
American Funds Global Balanced Fund, Class R-6	64,986,779		2,050,983
The Income Fund of America, Class R-6	11,828,500		243,312
			4,607,937
Fixed income funds 15%
The Bond Fund of America, Class R-6	100,184,966		1,379,547
Total investment securities 100% (cost: $8,538,532,000)			9,098,399
Other assets less liabilities 0%			(2,455	)
Net assets 100%		$	9,095,944

Investments in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of the underlying fund’s outstanding voting shares. Further details on this holding and related transactions during the six months ended April 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 4/30/2020 (000)
Equity-income and Balanced funds 23%
American Funds Global Balanced Fund, Class R-6		69,912,414		2,083,830		7,009,465		64,986,779	$	(16,420	)	$	(89,631	)	$	21,956	$	2,050,983

See notes to financial statements.

6 American Funds Portfolio Series

American Funds Conservative Growth and Income Portfolio	unaudited
Investment portfolio April 30, 2020

Growth-and-income funds 19%	Shares		Value (000)
American Mutual Fund, Class R-6		25,974,178	$	1,002,603
Equity-income and Balanced funds 50%
Capital Income Builder, Class R-6		23,327,883		1,304,495
The Income Fund of America, Class R-6		63,338,543		1,302,874
				2,607,369
Fixed income funds 31%
American High-Income Trust, Class R-6		88,817,056		787,807
U.S. Government Securities Fund, Class R-6		41,473,556		617,956
The Bond Fund of America, Class R-6		9,064,846		124,823
Intermediate Bond Fund of America, Class R-6		8,918,841		124,775
				1,655,361
Total investment securities 100% (cost: $5,311,531,000)				5,265,333
Other assets less liabilities 0%				(1,287	)
Net assets 100%			$	5,264,046

American Funds Portfolio Series 7

American Funds Conservative Growth and Income Portfolio

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of each underlying fund’s outstanding voting shares. Further details on these holdings and related transactions during the six months ended April 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized (loss) gain (000)			Net unrealized (depreciation) appreciation (000)			Dividend income (000)		Value of affiliates at 4/30/2020 (000)
Fixed income funds 15%
American High-Income Trust, Class R-6		83,138,809		5,784,161		105,914		88,817,056	$	(129	)	$	(92,925	)	$	27,658	$	787,807
U.S. Government Securities Fund, Class R-61		58,993,099		4,802,865		22,322,408		41,473,556		14,391			37,989			8,993		—
Total 15%									$	14,262		$	(54,936	)	$	36,651	$	787,807

¹ Unaffiliated issuer at 4/30/2020.

See notes to financial statements.

8 American Funds Portfolio Series

American Funds Tax-Aware Conservative Growth and Income Portfolio
(formerly American Funds Tax-Advantaged Growth and Income Portfolio)	unaudited

Investment portfolio April 30, 2020

 

Growth-and-income funds 50%	Shares		Value (000)
Capital World Growth and Income Fund, Class R-6		12,968,079	$	588,362
American Mutual Fund, Class R-6		11,360,118		438,501
Washington Mutual Investors Fund, Class R-6		10,448,273		438,409
				1,465,272
Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		48,832,040		731,504
The Tax-Exempt Bond Fund of America, Class R-6		51,395,689		659,407
Limited Term Tax-Exempt Bond Fund of America, Class R-6		4,962,206		77,658
				1,468,569
Total investment securities 100% (cost: $2,990,737,000)				2,933,841
Other assets less liabilities 0%				(759	)
Net assets 100%			$	2,933,082

Investments in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of the underlying fund’s outstanding voting shares. Further details on this holding and related transactions during the six months ended April 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 4/30/2020 (000)
Tax-exempt fixed income funds 25%
American High-Income Municipal Bond Fund, Class R-6		44,418,226		5,898,654		1,484,840		48,832,040	$	(1,962	)	$	(70,051	)	$	14,222	$	731,504

See notes to financial statements.

American Funds Portfolio Series 9

American Funds Preservation Portfolio unaudited

Investment portfolio April 30, 2020

Fixed income funds 100%	Shares		Value (000)
Intermediate Bond Fund of America, Class R-6		85,536,858	$	1,196,660
Short-Term Bond Fund of America, Class R-6		78,831,399		797,774
				1,994,434
Total investment securities 100% (cost: $1,947,185,000)				1,994,434
Other assets less liabilities 0%				(498	)
Net assets 100%			$	1,993,936

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of each underlying fund’s outstanding voting shares. Further details on these holdings and related transactions during the six months ended April 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 4/30/2020 (000)
Fixed income funds 100%
Intermediate Bond Fund of America, Class R-6		69,128,942		17,183,795		775,879		85,536,858	$	(31	)	$	31,130	$	10,547	$	1,196,660
Short-Term Bond Fund of America, Class R-6		62,889,842		16,467,750		526,193		78,831,399		(4	)		10,949		7,233		797,774
Total 100%									$	(35	)	$	42,079	$	17,780	$	1,994,434

See notes to financial statements.

10 American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio unaudited

Investment portfolio April 30, 2020

Tax-exempt fixed income funds 100%	Shares		Value (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		20,660,782	$	323,341
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		13,652,692		138,575
				461,916
Total investment securities 100% (cost: $467,831,000)				461,916
Other assets less liabilities 0%				(68	)
Net assets 100%			$	461,848

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of each underlying fund’s outstanding voting shares. Further details on these holdings and related transactions during the six months ended April 30, 2020, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 4/30/2020 (000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6		19,394,700		2,416,751		1,150,669		20,660,782	$	(227	)	$	(5,423	)	$	3,124	$	323,341
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		12,988,939		1,461,491		797,738		13,652,692		(84	)		(414	)		1,007		138,575
Total 100%									$	(311	)	$	(5,837	)	$	4,131	$	461,916

See notes to financial statements.

American Funds Portfolio Series 11

Financial statements

Statements of assets and liabilities
at April 30, 2020

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Assets:
Investment securities, at value:
Unaffiliated issuers	$	3,598,903	$	8,772,437	$	9,768,437
Affiliated issuers		—		—		—
Receivables for:
Sales of investments		443		—		—
Sales of fund’s shares		2,308		9,659		5,539
Dividends		—		—		2,786
Total assets		3,601,654		8,782,096		9,776,762
Liabilities:
Payables for:
Purchases of investments		—		3,244		3,731
Repurchases of fund’s shares		2,751		6,409		4,574
Services provided by related parties		912		2,269		2,679
Trustees’ deferred compensation		14		29		37
Other		23		64		41
Total liabilities		3,700		12,015		11,062
Net assets at April 30, 2020	$	3,597,954	$	8,770,081	$	9,765,700
Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,519,530	$	8,106,040	$	9,264,095
Total distributable earnings (accumulated loss)		78,424		664,041		501,605
Net assets at April 30, 2020	$	3,597,954	$	8,770,081	$	9,765,700
Investment securities, at cost:
Unaffiliated issuers	$	3,584,802	$	8,380,614	$	9,508,720
Affiliated issuers		—		—		—

See notes to financial statements.

12 American Funds Portfolio Series

unaudited

(dollars in thousands)

Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio (formerly Tax-Advantaged Growth and Income Portfolio)			Preservation Portfolio		Tax-Exempt Preservation Portfolio
$	7,047,416	$	4,477,526	$	2,202,337		$	—	$	—
	2,050,983		787,807		731,504			1,994,434		461,916
	396		1,353		762			—		—
	6,242		4,178		1,671			11,458		776
	3,975		6,211		4,006			3,913		651
	9,109,012		5,277,075		2,940,280			2,009,805		463,343
	3,975		6,211		4,006			12,468		1,365
	6,630		5,366		2,433			2,903		62
	2,402		1,417		750			480		66
	33		22		9			6		2
	28		13		—			12		—
	13,068		13,029		7,198			15,869		1,495
$	9,095,944	$	5,264,046	$	2,933,082		$	1,993,936	$	461,848
$	8,435,501	$	5,222,463	$	2,961,377		$	1,943,819	$	475,577
	660,443		41,583		(28,295	)		50,117		(13,729	)
$	9,095,944	$	5,264,046	$	2,933,082		$	1,993,936	$	461,848
$	6,536,269	$	4,364,071	$	2,222,389		$	—	$	—
	2,002,263		947,460		768,348			1,947,185		467,831

American Funds Portfolio Series 13

Statements of assets and liabilities
at April 30, 2020

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	1,920,829	$	5,016,611	$	6,123,744
	Shares outstanding		122,895		288,821		428,672
	Net asset value per share	$	15.63	$	17.37	$	14.29
Class C:	Net assets	$	360,562	$	981,620	$	1,200,138
	Shares outstanding		23,452		57,575		84,582
	Net asset value per share	$	15.37	$	17.05	$	14.19
Class T:	Net assets	$	10	$	11	$	10
	Shares outstanding		1		1		1
	Net asset value per share	$	15.64	$	17.38	$	14.29
Class F-1:	Net assets	$	79,735	$	101,143	$	183,122
	Shares outstanding		5,094		5,824		12,820
	Net asset value per share	$	15.65	$	17.37	$	14.28
Class F-2:	Net assets	$	383,085	$	640,788	$	702,080
	Shares outstanding		24,417		36,733		49,069
	Net asset value per share	$	15.69	$	17.44	$	14.31
Class F-3:	Net assets	$	115,122	$	129,467	$	101,655
	Shares outstanding		7,353		7,439		7,114
	Net asset value per share	$	15.66	$	17.40	$	14.29
Class 529-A:	Net assets	$	344,839	$	964,092	$	596,926
	Shares outstanding		22,102		55,596		41,805
	Net asset value per share	$	15.60	$	17.34	$	14.28
Class 529-C:	Net assets	$	72,292	$	189,452	$	155,150
	Shares outstanding		4,699		11,116		10,922
	Net asset value per share	$	15.39	$	17.04	$	14.21
Class 529-E:	Net assets	$	13,153	$	39,299	$	27,075
	Shares outstanding		848		2,282		1,901
	Net asset value per share	$	15.52	$	17.22	$	14.25
Class 529-T:	Net assets	$	12	$	13	$	12
	Shares outstanding		1		1		1
	Net asset value per share	$	15.64	$	17.37	$	14.29
Class 529-F-1:	Net assets	$	43,461	$	128,902	$	57,418
	Shares outstanding		2,776		7,403		4,017
	Net asset value per share	$	15.66	$	17.41	$	14.29
Class ABLE-A:	Net assets	$	693	$	1,818	$	1,732
	Shares outstanding		45		105		121
	Net asset value per share	$	15.55	$	17.29	$	14.27

See notes to financial statements.

14 American Funds Portfolio Series

unaudited

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

Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio (formerly Tax-Advantaged Growth and Income Portfolio)		Preservation Portfolio		Tax-Exempt Preservation Portfolio
$	5,621,434	$	3,664,087	$	2,072,323	$	1,283,720	$	345,657
	387,056		309,533		160,380		124,755		35,413
$	14.52	$	11.84	$	12.92	$	10.29	$	9.76
$	1,125,479	$	646,164	$	322,739	$	141,025	$	38,395
	77,996		54,894		25,159		13,724		3,939
$	14.43	$	11.77	$	12.83	$	10.28	$	9.75
$	11	$	10	$	10	$	10	$	10
	1		1		1		1		1
$	14.53	$	11.84	$	12.92	$	10.29	$	9.76
$	149,040	$	87,958	$	235,642	$	31,700	$	4,432
	10,260		7,426		18,245		3,080		454
$	14.53	$	11.84	$	12.92	$	10.29	$	9.77
$	732,969	$	353,814	$	250,306	$	184,368	$	63,093
	50,391		29,847		19,343		17,917		6,464
$	14.55	$	11.85	$	12.94	$	10.29	$	9.76
$	137,678	$	59,402	$	52,062	$	23,469	$	10,261
	9,476		5,017		4,026		2,281		1,051
$	14.53	$	11.84	$	12.93	$	10.29	$	9.76
$	376,872	$	174,890			$	160,019
	25,954		14,782		Not applicable		15,557		Not applicable
$	14.52	$	11.83			$	10.29
$	110,261	$	49,456			$	34,692
	7,627		4,198		Not applicable		3,375		Not applicable
$	14.46	$	11.78			$	10.28
$	15,388	$	6,989			$	6,413
	1,062		591		Not applicable		624		Not applicable
$	14.49	$	11.83			$	10.28
$	12	$	11			$	11
	1		1		Not applicable		1		Not applicable
$	14.53	$	11.84			$	10.29
$	51,361	$	33,341			$	32,465
	3,532		2,815		Not applicable		3,156		Not applicable
$	14.54	$	11.84			$	10.29
$	1,377	$	817			$	305
	95		69		Not applicable		30		Not applicable
$	14.52	$	11.82			$	10.29

American Funds Portfolio Series 15

Statements of assets and liabilities
at April 30, 2020

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class R-1:	Net assets	$	5,409	$	25,107	$	14,297
	Shares outstanding		350		1,469		1,006
	Net asset value per share	$	15.44	$	17.09	$	14.21
Class R-2:	Net assets	$	83,726	$	199,436	$	146,667
	Shares outstanding		5,465		11,708		10,350
	Net asset value per share	$	15.32	$	17.03	$	14.17
Class R-2E:	Net assets	$	4,361	$	10,477	$	13,978
	Shares outstanding		282		611		981
	Net asset value per share	$	15.48	$	17.13	$	14.24
Class R-3:	Net assets	$	49,939	$	133,267	$	106,636
	Shares outstanding		3,219		7,730		7,492
	Net asset value per share	$	15.51	$	17.24	$	14.23
Class R-4:	Net assets	$	26,464	$	61,697	$	69,050
	Shares outstanding		1,696		3,558		4,835
	Net asset value per share	$	15.60	$	17.34	$	14.28
Class R-5E:	Net assets	$	7,178	$	19,281	$	12,495
	Shares outstanding		460		1,112		876
	Net asset value per share	$	15.59	$	17.34	$	14.27
Class R-5:	Net assets	$	8,986	$	23,080	$	20,596
	Shares outstanding		570		1,316		1,436
	Net asset value per share	$	15.77	$	17.53	$	14.34
Class R-6:	Net assets	$	78,098	$	104,520	$	232,919
	Shares outstanding		4,941		5,977		16,270
	Net asset value per share	$	15.81	$	17.49	$	14.32

See notes to financial statements.

16 American Funds Portfolio Series

unaudited

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

Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio (formerly Tax-Advantaged Growth and Income Portfolio)		Preservation Portfolio		Tax-Exempt Preservation Portfolio
$	10,724	$	1,837			$	451
	742		156		Not applicable		44		Not applicable
$	14.46	$	11.78			$	10.29
$	116,664	$	41,052			$	20,570
	8,084		3,488		Not applicable		2,005		Not applicable
$	14.43	$	11.77			$	10.26
$	10,544	$	792			$	1,403
	726		67		Not applicable		136		Not applicable
$	14.51	$	11.83			$	10.29
$	127,612	$	32,700			$	24,748
	8,809		2,768		Not applicable		2,407		Not applicable
$	14.49	$	11.81			$	10.28
$	87,932	$	33,838			$	13,988
	6,054		2,858		Not applicable		1,359		Not applicable
$	14.53	$	11.84			$	10.29
$	12,601	$	6,597			$	2,062
	867		558		Not applicable		200		Not applicable
$	14.54	$	11.83			$	10.30
$	20,737	$	6,478			$	3,208
	1,424		546		Not applicable		312		Not applicable
$	14.56	$	11.87			$	10.29
$	387,248	$	63,813			$	29,309
	26,603		5,380		Not applicable		2,847		Not applicable
$	14.56	$	11.86			$	10.29

American Funds Portfolio Series 17

Statements of operations
for the six months ended April 30, 2020

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	39,922		$	87,645		$	128,403
Affiliated issuers		—			—			—
		39,922			87,645			128,403
Fees and expenses*:
Distribution services		5,932			14,817			17,479
Transfer agent services		2,309			5,226			4,045
Reports to shareholders		75			172			198
Registration statement and prospectus		255			473			445
Trustees’ compensation		5			11			13
Auditing and legal		9			11			11
Custodian		5			5			5
Other		159			425			280
Total fees and expenses before waivers/reimbursements		8,749			21,140			22,476
Less reimbursements of fees and expenses:
ABLE plan services fee waivers		—	†		—	†		1
Transfer agent services reimbursements		—	†		—	†		—	†
Miscellaneous fee reimbursements		—			—			—
Total waivers/reimbursements of fees and expenses		—	†		—	†		1
Total fees and expenses after waivers/reimbursements		8,749			21,140			22,475
Net investment income		31,173			66,505			105,927
Net realized (loss) gain and unrealized (depreciation) appreciation:
Net realized (loss) gain on sale of investments:
Unaffiliated issuers		(52,254	)		(107,848	)		(21,449	)
Affiliated issuers		—			—			—
Capital gain distributions received		122,530			381,590			270,723
		70,276			273,742			249,274
Net unrealized (depreciation) appreciation on investments:
Unaffiliated issuers		(289,350	)		(530,420	)		(594,864	)
Affiliated issuers		—			—			—
		(289,350	)		(530,420	)		(594,864	)
Net realized (loss) gain and unrealized (depreciation) appreciation		(219,074	)		(256,678	)		(345,590	)
Net (decrease) increase in net assets resulting from operations	$	(187,901	)	$	(190,173	)	$	(239,663	)

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
†	Amount less than one thousand.

See notes to financial statements.

18 American Funds Portfolio Series

unaudited

(dollars in thousands)

Moderate Growth and Income Portfolio			Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio (formerly Tax-Advantaged Growth and Income Portfolio)			Preservation Portfolio			Tax-Exempt Preservation Portfolio
$	87,141		$	69,116		$	27,290		$	—		$	—
	21,956			36,651			14,222			17,780			4,131
	109,097			105,767			41,512			17,780			4,131
	15,851			9,614			5,174			2,767			709
	3,048			1,544			715			650			102
	183			110			60			31			9
	407			307			291			231			93
	12			7			4			2			1
	11			9			9			8			8
	5			5			5			5			5
	191			93			4			67			1
	19,708			11,689			6,262			3,761			928
	—	†		—	†		—			—	†		—
	—	†		—	†		—	†		—	†		—
	—			—			—			—			50
	—	†		—	†		—	†		—	†		50
	19,708			11,689			6,262			3,761			878
	89,389			94,078			35,250			14,019			3,253
	(9,368	)		(5,885	)		(4,254	)		—			—
	(16,420	)		14,262			(1,962	)		(35	)		(311	)
	126,561			83,284			31,755			8,569			1,062
	100,773			91,661			25,539			8,534			751
	(310,198	)		(401,166	)		(183,262	)		—			—
	(89,631	)		(54,936	)		(70,051	)		42,079			(5,837	)
	(399,829	)		(456,102	)		(253,313	)		42,079			(5,837	)
	(299,056	)		(364,441	)		(227,774	)		50,613			(5,086	)
$	(209,667	)	$	(270,363	)	$	(192,524	)	$	64,632		$	(1,833	)

American Funds Portfolio Series 19

Statements of changes in net assets

	Global Growth Portfolio						Growth Portfolio						Growth and Income Portfolio
	Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019
Operations:
Net investment income	$	31,173		$	33,784		$	66,505		$	59,527		$	105,927		$	178,912
Net realized gain (loss)		70,276			166,106			273,742			473,230			249,274			399,479
Net unrealized (depreciation) appreciation		(289,350	)		239,034			(530,420	)		303,885			(594,864	)		382,151
Net (decrease) increase in net assets resulting from operations		(187,901	)		438,924			(190,173	)		836,642			(239,663	)		960,542
Distributions paid to shareholders		(186,431	)		(162,581	)		(501,361	)		(382,458	)		(471,250	)		(494,973	)
Net capital share transactions		220,769			246,542			880,530			1,179,556			524,440			972,134
Total (decrease) increase in net assets		(153,563	)		522,885			188,996			1,633,740			(186,473	)		1,437,703
Net assets:
Beginning of period		3,751,517			3,228,632			8,581,085			6,947,345			9,952,173			8,514,470
End of period	$	3,597,954		$	3,751,517		$	8,770,081		$	8,581,085		$	9,765,700		$	9,952,173

* Unaudited.

See notes to financial statements.

20 American Funds Portfolio Series

(dollars in thousands)

Moderate Growth and Income Portfolio						Conservative Growth and Income Portfolio						Tax-Aware Conservative Growth and Income Portfolio (formerly Tax-Advantaged Growth and Income Portfolio)						Preservation Portfolio						Tax-Exempt Preservation Portfolio
Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019
$	89,389		$	156,191		$	94,078		$	161,696		$	35,250		$	62,881		$	14,019		$	25,431		$	3,253		$	7,156
	100,773			204,768			91,661			83,592			25,539			48,247			8,534			(415	)		751			(598	)
	(399,829	)		586,318			(456,102	)		225,181			(253,313	)		150,721			42,079			45,212			(5,837	)		14,058
	(209,667	)		947,277			(270,363	)		470,469			(192,524	)		261,849			64,632			70,228			(1,833	)		20,616
	(282,446	)		(347,223	)		(171,342	)		(227,286	)		(78,609	)		(103,463	)		(15,798	)		(25,308	)		(3,941	)		(7,201	)
	355,846			907,044			197,083			580,727			277,340			525,949			379,168			157,386			26,719			27,253
	(136,267	)		1,507,098			(244,622	)		823,910			6,207			684,335			428,002			202,306			20,945			40,668
	9,232,211			7,725,113			5,508,668			4,684,758			2,926,875			2,242,540			1,565,934			1,363,628			440,903			400,235
$	9,095,944		$	9,232,211		$	5,264,046		$	5,508,668		$	2,933,082		$	2,926,875		$	1,993,936		$	1,565,934		$	461,848		$	440,903

American Funds Portfolio Series 21

Notes to financial statements unaudited

1. Organization

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

American Funds Global Growth Portfolio	Seeks long-term growth of capital.
American Funds Growth Portfolio	Seeks long-term growth of capital.
American Funds Growth and Income Portfolio	Seeks long-term growth of capital while providing current income.
American Funds Moderate Growth and Income Portfolio	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 (formerly American Funds Tax-Advantaged 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 20 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), five 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T and 529-F-1), one tax-advantaged share class for individuals with disabilities (Class ABLE-A) 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
Classes A, 529-A and ABLE-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 1% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	Class 529-C converts to Class 529-A after 10 years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3 and 529-F-1	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

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

22 American Funds Portfolio Series

2. Significant accounting policies

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

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

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

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

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

3. Valuation

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

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

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. At April 30, 2020, 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.

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

Underlying fund risks — Because each fund’s investments consist of underlying funds, each fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below and on the following pages.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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 related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp, short-term declines in value. Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. 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 seeking to assess 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.

24 American Funds Portfolio Series

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls 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 accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.   

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, 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.

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, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the

American Funds Portfolio Series 25

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 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 — 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 expose the underlying fund to losses in excess of 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.

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 mutual funds and each intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2020, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

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

26 American Funds Portfolio Series

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

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio			Moderate Growth and Income Portfolio
As of October 31, 2019
Undistributed ordinary income	$	—		$	—		$	—		$	11,255
Undistributed long-term capital gains		154,866			435,157			359,945			183,648
As of April 30, 2020
Gross unrealized appreciation on investments		127,993			458,194			358,951			554,804
Gross unrealized depreciation on investments		(122,911	)		(69,643	)		(104,347	)		—
Net unrealized appreciation (depreciation) on investments		5,082			388,551			254,604			554,804
Cost of investments		3,593,821			8,383,886			9,513,833			8,543,595
	Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
As of October 31, 2019
Undistributed ordinary income	$	5,994		$	1,653		$	896		$	—
Undistributed tax-exempt income		—			2,552			—			246
Undistributed long-term capital gains		72,915			43,706			—			—
Capital loss carryforward1		—			—			(3,364	)		(6,353	)
As of April 30, 2020
Gross unrealized appreciation on investments		160,949			10,123			45,801			425
Gross unrealized depreciation on investments		(214,387	)		(68,514	)		—			(8,411	)
Net unrealized appreciation (depreciation) on investments		(53,438	)		(58,391	)		45,801			(7,986	)
Cost of investments		5,318,771			2,992,185			1,948,633			469,902

¹ Capital loss carryforwards will be used to offset any capital gains realized by the funds in the current year or in subsequent years. The funds will not make distributions from capital gains while a capital loss carryforward remains.

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

Global Growth Portfolio

	Six months ended April 30, 2020									Year ended October 31, 2019
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	18,527		$	84,004		$	102,531		$	17,894		$	71,507		$	89,401
Class C		673			15,949			16,622			1,033			14,520			15,553
Class T		—	2		—	2		—	2		—	2		—	2		—	2
Class F-1		752			3,386			4,138			738			2,971			3,709
Class F-2		4,800			17,030			21,830			4,765			14,975			19,740
Class F-3		969			3,136			4,105			862			2,509			3,371
Class 529-A		3,099			14,439			17,538			2,895			11,696			14,591
Class 529-C		79			3,257			3,336			155			3,079			3,234
Class 529-E		94			566			660			93			475			568
Class 529-T		—	2		1			1			—	2		—	2		—	2
Class 529-F-1		462			1,708			2,170			381			1,224			1,605
Class ABLE-A		5			21			26			1			4			5
Class R-1		16			222			238			12			179			191
Class R-2		245			3,756			4,001			230			3,122			3,352
Class R-2E		17			184			201			38			180			218
Class R-3		323			2,122			2,445			354			1,862			2,216
Class R-4		282			1,187			1,469			218			852			1,070
Class R-5E		70			253			323			41			125			166
Class R-5		116			391			507			105			318			423
Class R-6		1,011			3,279			4,290			809			2,359			3,168
Total	$	31,540		$	154,891		$	186,431		$	30,624		$	131,957		$	162,581
Growth Portfolio
	Six months ended April 30, 2020									Year ended October 31, 2019
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	42,333		$	248,155		$	290,488		$	35,931		$	186,637		$	222,568
Class C		1,592			50,959			52,551			1,415			40,659			42,074
Class T		—	2		—	2		—	2		—	2		1			1
Class F-1		847			5,030			5,877			805			4,277			5,082
Class F-2		6,764			30,543			37,307			5,506			22,178			27,684
Class F-3		1,554			6,426			7,980			1,027			3,837			4,864
Class 529-A		7,729			46,899			54,628			6,343			34,059			40,402
Class 529-C		142			10,002			10,144			110			8,623			8,733
Class 529-E		255			1,990			2,245			205			1,484			1,689
Class 529-T		—	2		1			1			—	2		1			1
Class 529-F-1		1,310			6,127			7,437			871			3,703			4,574
Class ABLE-A		13			69			82			4			14			18
Class R-1		67			1,222			1,289			53			763			816
Class R-2		450			10,380			10,830			327			7,847			8,174
Class R-2E		54			560			614			41			373			414
Class R-3		823			6,643			7,466			657			5,017			5,674
Class R-4		520			3,008			3,528			487			2,518			3,005
Class R-5E		179			820			999			100			417			517
Class R-5		270			1,163			1,433			248			977			1,225
Class R-6		1,256			5,206			6,462			1,042			3,901			4,943
Total	$	66,158		$	435,203		$	501,361		$	55,172		$	327,286		$	382,458

28 American Funds Portfolio Series

Growth and Income Portfolio

	Six months ended April 30, 2020									Year ended October 31, 2019
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	72,686		$	225,240		$	297,926		$	118,275		$	197,729		$	316,004
Class C		9,824			45,387			55,211			16,076			42,564			58,640
Class T		—	2		—	2		—	2		—	2		—	2		—	2
Class F-1		2,096			6,501			8,597			3,391			5,724			9,115
Class F-2		9,091			25,803			34,894			14,861			22,348			37,209
Class F-3		1,468			3,964			5,432			2,157			2,518			4,675
Class 529-A		6,874			21,453			28,327			11,021			18,708			29,729
Class 529-C		1,226			5,899			7,125			2,047			5,700			7,747
Class 529-E		284			977			1,261			449			856			1,305
Class 529-T		—	2		—	2		—	2		—	2		—	2		—	2
Class 529-F-1		720			1,995			2,715			1,093			1,556			2,649
Class ABLE-A		16			46			62			12			8			20
Class R-1		113			513			626			159			360			519
Class R-2		1,215			5,596			6,811			1,999			5,161			7,160
Class R-2E		138			543			681			190			357			547
Class R-3		1,102			3,944			5,046			1,748			3,389			5,137
Class R-4		823			2,549			3,372			1,354			2,266			3,620
Class R-5E		139			389			528			180			218			398
Class R-5		281			770			1,051			503			762			1,265
Class R-6		3,149			8,436			11,585			4,062			5,172			9,234
Total	$	111,245		$	360,005		$	471,250		$	179,577		$	315,396		$	494,973
Moderate Growth and Income Portfolio
	Six months ended April 30, 2020									Year ended October 31, 2019
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	62,783		$	111,980		$	174,763		$	98,776		$	115,700		$	214,476
Class C		8,600			23,299			31,899			13,799			26,552			40,351
Class T		—	2		—	2		—	2		—	2		—	2		—	2
Class F-1		1,645			2,998			4,643			2,709			3,328			6,037
Class F-2		9,209			15,161			24,370			14,585			15,341			29,926
Class F-3		1,792			2,745			4,537			2,407			1,830			4,237
Class 529-A		4,231			7,667			11,898			6,857			8,240			15,097
Class 529-C		817			2,316			3,133			1,383			2,865			4,248
Class 529-E		158			322			480			236			324			560
Class 529-T		—	2		—	2		—	2		—	2		—	2		—	2
Class 529-F-1		619			997			1,616			969			1,014			1,983
Class ABLE-A		13			21			34			10			6			16
Class R-1		80			232			312			149			311			460
Class R-2		899			2,464			3,363			1,405			2,670			4,075
Class R-2E		89			205			294			131			179			310
Class R-3		1,243			2,617			3,860			2,062			2,952			5,014
Class R-4		1,052			1,930			2,982			1,814			2,208			4,022
Class R-5E		163			279			442			236			246			482
Class R-5		272			438			710			477			511			988
Class R-6		5,123			7,987			13,110			7,749			7,192			14,941
Total	$	98,788		$	183,658		$	282,446		$	155,754		$	191,469		$	347,223

See end of tables for footnotes.

American Funds Portfolio Series 29

Conservative Growth and Income Portfolio

	Six months ended April 30, 2020									Year ended October 31, 2019
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	69,738		$	50,345		$	120,083		$	113,523		$	46,060		$	159,583
Class C		10,004			9,165			19,169			17,064			9,234			26,298
Class T		—	2		—	2		—	2		—	2		—	2		—	2
Class F-1		1,658			1,202			2,860			2,664			1,112			3,776
Class F-2		7,583			5,369			12,952			12,803			4,825			17,628
Class F-3		1,181			748			1,929			1,888			685			2,573
Class 529-A		3,259			2,350			5,609			4,989			1,956			6,945
Class 529-C		744			697			1,441			1,240			654			1,894
Class 529-E		118			88			206			186			84			270
Class 529-T		—	2		—	2		—	2		1			—	2		1
Class 529-F-1		660			446			1,106			843			282			1,125
Class ABLE-A		13			8			21			11			2			13
Class R-1		26			24			50			37			20			57
Class R-2		622			570			1,192			995			492			1,487
Class R-2E		13			10			23			17			6			23
Class R-3		583			464			1,047			944			420			1,364
Class R-4		653			470			1,123			1,016			411			1,427
Class R-5E		115			73			188			158			51			209
Class R-5		139			100			239			255			95			350
Class R-6		1,277			827			2,104			1,738			525			2,263
Total	$	98,386		$	72,956		$	171,342		$	160,372		$	66,914		$	227,286
Tax-Aware Conservative Growth and Income Portfolio
	Six months ended April 30, 2020									Year ended October 31, 2019
Share class	Ordinary income3			Long-term capital gains			Total distributions paid			Ordinary income3			Long-term capital gains			Total distributions paid
Class A	$	24,892		$	30,160		$	55,052		$	44,138		$	28,345		$	72,483
Class C		2,787			4,896			7,683			5,482			4,925			10,407
Class T		—	2		—	2		—	2		—	2		—	2		—	2
Class F-1		2,984			3,796			6,780			5,304			3,458			8,762
Class F-2		3,479			4,076			7,555			6,059			3,350			9,409
Class F-3		747			792			1,539			1,498			904			2,402
Total	$	34,889		$	43,720		$	78,609		$	62,481		$	40,982		$	103,463

30 American Funds Portfolio Series

Preservation Portfolio

	Six months ended April 30, 2020								Year ended October 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	10,648		$	—	$	10,648		$	17,541		$	—	$	17,541
Class C		768			—		768			1,269			—		1,269
Class T		—	2		—		—	2		—	2		—		—	2
Class F-1		229			—		229			385			—		385
Class F-2		1,365			—		1,365			1,984			—		1,984
Class F-3		149			—		149			93			—		93
Class 529-A		1,348			—		1,348			2,097			—		2,097
Class 529-C		185			—		185			297			—		297
Class 529-E		49			—		49			72			—		72
Class 529-T		—	2		—		—	2		—	2		—		—	2
Class 529-F-1		320			—		320			490			—		490
Class ABLE-A		3			—		3			3			—		3
Class R-1		2			—		2			5			—		5
Class R-2		107			—		107			166			—		166
Class R-2E		8			—		8			12			—		12
Class R-3		169			—		169			255			—		255
Class R-4		123			—		123			197			—		197
Class R-5E		19			—		19			21			—		21
Class R-5		28			—		28			45			—		45
Class R-6		278			—		278			376			—		376
Total	$	15,798		$	—	$	15,798		$	25,308		$	—	$	25,308
Tax-Exempt Preservation Portfolio
	Six months ended April 30, 2020								Year ended October 31, 2019
Share class	Ordinary income3			Long-term capital gains		Total distributions paid			Ordinary income3			Long-term capital gains		Total distributions paid
Class A	$	3,020		$	—	$	3,020		$	5,623		$	—	$	5,623
Class C		205			—		205			410			—		410
Class T		—	2		—		—	2		—	2		—		—	2
Class F-1		37			—		37			68			—		68
Class F-2		600			—		600			1,016			—		1,016
Class F-3		79			—		79			84			—		84
Total	$	3,941		$	—	$	3,941		$	7,201		$	—	$	7,201

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

6. Fees and transactions with related parties

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

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 are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes of each fund, except Class F-2, F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the

American Funds Portfolio Series 31

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 April 30, 2020, 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		—		—		—
Balanced Portfolio		—		—		—
Income Portfolio		—		—		—
Tax-Aware Conservative Growth and Income Portfolio		971	Not applicable		Not applicable
Preservation Portfolio		—		—		—
Tax-Exempt Preservation Portfolio		526	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 recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC 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 daily net assets for Class R-6 shares. CRMC receives administrative services fees at the annual rate of 0.03% of the 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 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. Prior to January 1, 2020, the quarterly fee was based on a series of decreasing annual rates beginning with 0.10% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2020, the quarterly fee was amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is 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 waiver is expected to remain in effect until the date on which total net assets invested in ABLEAmerica^® reach $300 million or June 30, 2023, whichever is earlier. The fee is included in other expenses and the waiver is shown as ABLE plan services fee waiver in each fund’s statement of operations. Virginia529 is not considered a related party to the fund.

32 American Funds Portfolio Series

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2020, were as follows (dollars in thousands):

Global Growth Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$2,571		$1,278		Not applicable
Class C		1,893		239		Not applicable
Class T		—		—	*	Not applicable
Class F-1		104		52		Not applicable
Class F-2		Not applicable		239		Not applicable
Class F-3		—		1		Not applicable
Class 529-A		410		203		$111
Class 529-C		385		45		25
Class 529-E		34		5		4
Class 529-T		—		—	*	—	*
Class 529-F-1		—		24		14
Class ABLE-A		1		—	*	—	*
Class R-1		27		1		Not applicable
Class R-2		331		154		Not applicable
Class R-2E		13		5		Not applicable
Class R-3		128		40		Not applicable
Class R-4		35		13		Not applicable
Class R-5E		Not applicable		5		Not applicable
Class R-5		Not applicable		3		Not applicable
Class R-6		Not applicable		2		Not applicable
Total class-specific expenses		$5,932		$2,309		$154

Growth Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$6,212		$2,988		Not applicable
Class C		4,994		599		Not applicable
Class T		—		—	*	Not applicable
Class F-1		127		63		Not applicable
Class F-2		Not applicable		349		Not applicable
Class F-3		—		1		Not applicable
Class 529-A		1,089		526		$300
Class 529-C		970		109		62
Class 529-E		98		12		12
Class 529-T		—		—	*	—	*
Class 529-F-1		—		69		40
Class ABLE-A		2		—	*	—	*
Class R-1		122		12		Not applicable
Class R-2		762		339		Not applicable
Class R-2E		33		11		Not applicable
Class R-3		331		98		Not applicable
Class R-4		77		29		Not applicable
Class R-5E		Not applicable		13		Not applicable
Class R-5		Not applicable		6		Not applicable
Class R-6		Not applicable		2		Not applicable
Total class-specific expenses		$14,817		$5,226		$414

Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$8,369		$2,382		Not applicable
Class C		6,228		476		Not applicable
Class T		—		—	*	Not applicable
Class F-1		229		108		Not applicable
Class F-2		Not applicable		396		Not applicable
Class F-3		—		1		Not applicable
Class 529-A		727		209		$189
Class 529-C		805		57		51
Class 529-E		69		5		9
Class 529-T		—		—	*	—	*
Class 529-F-1		—		20		18
Class ABLE-A		2		—	*	—	*
Class R-1		71		6		Not applicable
Class R-2		573		241		Not applicable
Class R-2E		44		15		Not applicable
Class R-3		274		80		Not applicable
Class R-4		88		32		Not applicable
Class R-5E		Not applicable		8		Not applicable
Class R-5		Not applicable		6		Not applicable
Class R-6		Not applicable		3		Not applicable
Total class-specific expenses		$17,479		$4,045		$267

Moderate Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$7,779		$1,679		Not applicable
Class C		5,813		345		Not applicable
Class T		—		—	*	Not applicable
Class F-1		190		86		Not applicable
Class F-2		Not applicable		408		Not applicable
Class F-3		—		1		Not applicable
Class 529-A		462		105		$122
Class 529-C		571		32		36
Class 529-E		39		2		5
Class 529-T		—		—	*	—	*
Class 529-F-1		—		14		16
Class ABLE-A		2		—	*	—	*
Class R-1		58		6		Not applicable
Class R-2		458		198		Not applicable
Class R-2E		31		11		Not applicable
Class R-3		330		95		Not applicable
Class R-4		118		45		Not applicable
Class R-5E		Not applicable		10		Not applicable
Class R-5		Not applicable		6		Not applicable
Class R-6		Not applicable		5		Not applicable
Total class-specific expenses		$15,851		$3,048		$179

See end of tables for footnote.

American Funds Portfolio Series 33

Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$5,287		$930		Not applicable
Class C		3,415		168		Not applicable
Class T		—		—	*	Not applicable
Class F-1		113		51		Not applicable
Class F-2		Not applicable		218		Not applicable
Class F-3		—		—	*	Not applicable
Class 529-A		221		40		$57
Class 529-C		258		12		16
Class 529-E		17		1		2
Class 529-T		—		—	*	—	*
Class 529-F-1		—		7		11
Class ABLE-A		1		—	*	—	*
Class R-1		9		1		Not applicable
Class R-2		158		67		Not applicable
Class R-2E		2		1		Not applicable
Class R-3		88		22		Not applicable
Class R-4		45		17		Not applicable
Class R-5E		Not applicable		5		Not applicable
Class R-5		Not applicable		2		Not applicable
Class R-6		Not applicable		2		Not applicable
Total class-specific expenses		$9,614		$1,544		$86

Tax-Aware Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services
Class A		$3,166		$345
Class C		1,682		55
Class T		—		—	*
Class F-1		326		160
Class F-2		Not applicable		155
Class F-3		Not applicable		—	*
Total class-specific expenses		$5,174		$715

Preservation Portfolio

Share class	Distribution services			Transfer agent services			529 and ABLE plan services
Class A		$1,647			$406		Not applicable
Class C		614			46		Not applicable
Class T		—			—	*	Not applicable
Class F-1		29			14		Not applicable
Class F-2		Not applicable			56		Not applicable
Class F-3		—			—	*	Not applicable
Class 529-A		169			49		$44
Class 529-C		156			11		10
Class 529-E		14			1		2
Class 529-T		—			—	*	—	*
Class 529-F-1		—			11		9
Class ABLE-A		—	*		—	*	—	*
Class R-1		2			—	*	Not applicable
Class R-2		66			32		Not applicable
Class R-2E		3			1		Not applicable
Class R-3		51			15		Not applicable
Class R-4		16			5		Not applicable
Class R-5E		Not applicable			1		Not applicable
Class R-5		Not applicable			1		Not applicable
Class R-6		Not applicable			1		Not applicable
Total class-specific expenses		$2,767			$650		$65

Tax-Exempt Preservation Portfolio

Share class	Distribution services		Transfer agent services
Class A		$512		$61
Class C		192		7
Class T		—		—	*
Class F-1		5		3
Class F-2		Not applicable		31
Class F-3		Not applicable		—	*
Total class-specific expenses		$709		$102

* Amount less than one thousand.

34 American Funds Portfolio Series

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

	Current fees		Decrease in value of deferred amounts			Total trustees’ compensation
Global Growth Portfolio	$	6	$	(1	)	$	5
Growth Portfolio		14		(3	)		11
Growth and Income Portfolio		17		(4	)		13
Moderate Growth and Income Portfolio		15		(3	)		12
Conservative Growth and Income Portfolio		9		(2	)		7
Tax-Aware Conservative Growth and Income Portfolio		5		(1	)		4
Preservation Portfolio		3		(1	)		2
Tax-Exempt Preservation Portfolio		1		—	*		1

* Amount less than one thousand.

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

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2020, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	459,172	$	271,488
Growth Portfolio		1,447,281		620,925
Growth and Income Portfolio		825,670		396,713
Moderate Growth and Income Portfolio		768,310		479,764
Conservative Growth and Income Portfolio		586,929		384,584
Tax-Aware Conservative Growth and Income Portfolio		428,078		162,295
Preservation Portfolio		401,582		15,727
Tax-Exempt Preservation Portfolio		53,244		26,173

American Funds Portfolio Series 35

8. Capital share transactions

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

Global Growth Portfolio

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2020
Class A	$	211,506		13,020	$	102,209		5,798		$	(235,161	)		(14,699	)	$	78,554			4,119
Class C		37,437		2,324		16,588		954			(41,119	)		(2,571	)		12,906			707
Class T		—		—		—		—			—			—			—			—
Class F-1		13,399		798		4,128		234			(11,450	)		(703	)		6,077			329
Class F-2		92,696		5,715		21,634		1,223			(107,655	)		(6,944	)		6,675			(6	)
Class F-3		65,293		3,960		4,098		232			(17,267	)		(1,101	)		52,124			3,091
Class 529-A		38,378		2,309		17,533		996			(22,397	)		(1,364	)		33,514			1,941
Class 529-C		6,561		396		3,335		192			(9,769	)		(589	)		127			(1	)
Class 529-E		1,399		84		660		38			(848	)		(53	)		1,211			69
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		7,316		441		2,170		123			(2,196	)		(130	)		7,290			434
Class ABLE-A		377		22		26		2			(61	)		(4	)		342			20
Class R-1		882		55		234		13			(476	)		(28	)		640			40
Class R-2		12,604		776		3,996		231			(13,038	)		(820	)		3,562			187
Class R-2E		334		21		201		12			(525	)		(31	)		10			2
Class R-3		7,339		457		2,445		139			(6,946	)		(417	)		2,838			179
Class R-4		10,338		609		1,468		83			(6,834	)		(406	)		4,972			286
Class R-5E		1,864		114		322		18			(318	)		(20	)		1,868			112
Class R-5		1,300		78		507		29			(1,130	)		(73	)		677			34
Class R-6		13,118		771		4,290		241			(10,027	)		(626	)		7,381			386
Total net increase (decrease)	$	522,141		31,950	$	185,845		10,558		$	(487,217	)		(30,579	)	$	220,769			11,929
Year ended October 31, 2019
Class A	$	355,639		22,110	$	89,065		6,255		$	(292,754	)		(18,143	)	$	151,950			10,222
Class C		66,074		4,164		15,529		1,104			(76,206	)		(4,788	)		5,397			480
Class T		—		—		—		—			—			—			—			—
Class F-1		24,807		1,516		3,705		260			(26,988	)		(1,668	)		1,524			108
Class F-2		145,749		8,985		19,559		1,370			(167,758	)		(10,499	)		(2,450	)		(144	)
Class F-3		31,093		1,959		3,363		236			(28,586	)		(1,822	)		5,870			373
Class 529-A		63,267		3,932		14,590		1,026			(36,820	)		(2,277	)		41,037			2,681
Class 529-C		10,401		653		3,233		230			(14,275	)		(894	)		(641	)		(11	)
Class 529-E		2,454		154		568		40			(1,978	)		(123	)		1,044			71
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		13,889		855		1,605		113			(6,631	)		(408	)		8,863			560
Class ABLE-A		361		23		5		—	†		(28	)		(1	)		338			22
Class R-1		1,542		96		189		14			(1,468	)		(92	)		263			18
Class R-2		23,288		1,468		3,353		239			(18,400	)		(1,164	)		8,241			543
Class R-2E		1,937		122		217		15			(1,681	)		(104	)		473			33
Class R-3		16,769		1,047		2,216		156			(15,978	)		(995	)		3,007			208
Class R-4		6,295		392		1,068		74			(7,167	)		(443	)		196			23
Class R-5E		3,172		202		165		12			(549	)		(33	)		2,788			181
Class R-5		1,884		115		423		30			(1,496	)		(93	)		811			52
Class R-6		28,914		1,773		3,169		221			(14,253	)		(870	)		17,830			1,124
Total net increase (decrease)	$	797,535		49,566	$	162,023		11,395		$	(713,016	)		(44,417	)	$	246,542			16,544

36 American Funds Portfolio Series

Growth Portfolio

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2020
Class A	$	666,900		38,078	$	289,769		15,100		$	(439,089	)		(25,238	)	$	517,580			27,940
Class C		123,242		7,092		52,451		2,778			(107,555	)		(6,169	)		68,138			3,701
Class T		—		—		—		—			—			—			—			—
Class F-1		17,860		1,006		5,866		306			(15,148	)		(855	)		8,578			457
Class F-2		190,295		10,910		37,085		1,926			(147,777	)		(8,643	)		79,603			4,193
Class F-3		31,700		1,862		7,966		415			(25,769	)		(1,457	)		13,897			820
Class 529-A		128,102		7,038		54,624		2,851			(53,633	)		(2,994	)		129,093			6,895
Class 529-C		18,895		1,068		10,142		537			(20,312	)		(1,143	)		8,725			462
Class 529-E		5,182		290		2,242		118			(3,755	)		(206	)		3,669			202
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		24,211		1,292		7,437		387			(7,332	)		(397	)		24,316			1,282
Class ABLE-A		669		37		82		4			(50	)		(3	)		701			38
Class R-1		3,193		179		1,287		68			(638	)		(35	)		3,842			212
Class R-2		31,892		1,805		10,825		574			(27,821	)		(1,590	)		14,896			789
Class R-2E		1,188		64		614		32			(740	)		(44	)		1,062			52
Class R-3		22,509		1,290		7,465		391			(15,766	)		(903	)		14,208			778
Class R-4		13,976		796		3,525		184			(11,546	)		(629	)		5,955			351
Class R-5E		5,906		347		999		52			(2,348	)		(127	)		4,557			272
Class R-5		3,414		193		1,433		74			(3,744	)		(219	)		1,103			48
Class R-6		24,108		1,354		6,460		335			(49,962	)		(2,683	)		(19,394	)		(994	)
Total net increase (decrease)	$	1,313,242		74,701	$	500,273		26,132		$	(932,985	)		(53,335	)	$	880,530			47,498
Year ended October 31, 2019
Class A	$	1,040,880		58,500	$	221,969		14,093		$	(601,059	)		(33,758	)	$	661,790			38,835
Class C		203,332		11,603		41,996		2,704			(164,480	)		(9,390	)		80,848			4,917
Class T		—		—		—		—			—			—			—			—
Class F-1		36,717		2,066		5,064		322			(38,877	)		(2,173	)		2,904			215
Class F-2		265,499		14,876		27,509		1,741			(185,820	)		(10,411	)		107,188			6,206
Class F-3		61,276		3,485		4,817		306			(27,112	)		(1,527	)		38,981			2,264
Class 529-A		197,366		11,106		40,402		2,569			(86,378	)		(4,832	)		151,390			8,843
Class 529-C		29,674		1,700		8,733		563			(35,064	)		(1,995	)		3,343			268
Class 529-E		8,964		506		1,688		108			(4,952	)		(279	)		5,700			335
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		38,687		2,153		4,574		290			(12,409	)		(688	)		30,852			1,755
Class ABLE-A		1,147		65		17		1			(39	)		(3	)		1,125			63
Class R-1		7,923		449		813		52			(2,286	)		(129	)		6,450			372
Class R-2		55,585		3,176		8,174		527			(35,638	)		(2,033	)		28,121			1,670
Class R-2E		2,265		134		413		27			(883	)		(49	)		1,795			112
Class R-3		37,346		2,099		5,669		362			(27,633	)		(1,567	)		15,382			894
Class R-4		15,097		850		3,002		191			(15,073	)		(838	)		3,026			203
Class R-5E		7,404		422		516		33			(1,945	)		(109	)		5,975			346
Class R-5		6,115		338		1,226		77			(9,963	)		(566	)		(2,622	)		(151	)
Class R-6		63,388		3,560		4,942		312			(31,023	)		(1,722	)		37,307			2,150
Total net increase (decrease)	$	2,078,665		117,088	$	381,525		24,278		$	(1,280,634	)		(72,069	)	$	1,179,556			69,297

See end of tables for footnotes.

American Funds Portfolio Series 37

Growth and Income Portfolio

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2020
Class A	$	611,028		41,695	$	296,497		19,365		$	(588,088	)		(41,025	)	$	319,437			20,035
Class C		103,751		7,068		55,031		3,598			(132,465	)		(9,173	)		26,317			1,493
Class T		—		—		—		—			—			—			—			—
Class F-1		31,991		2,180		8,489		555			(23,854	)		(1,664	)		16,626			1,071
Class F-2		147,518		10,193		34,218		2,234			(141,834	)		(9,988	)		39,902			2,439
Class F-3		21,423		1,415		5,423		355			(22,894	)		(1,628	)		3,952			142
Class 529-A		60,746		4,053		28,316		1,850			(41,047	)		(2,764	)		48,015			3,139
Class 529-C		13,523		904		7,124		465			(18,149	)		(1,226	)		2,498			143
Class 529-E		3,244		221		1,260		83			(2,845	)		(196	)		1,659			108
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		8,015		533		2,712		177			(4,791	)		(321	)		5,936			389
Class ABLE-A		793		53		62		4			(89	)		(7	)		766			50
Class R-1		3,201		218		613		40			(2,784	)		(187	)		1,030			71
Class R-2		19,794		1,345		6,804		445			(23,792	)		(1,631	)		2,806			159
Class R-2E		1,808		117		681		44			(1,231	)		(91	)		1,258			70
Class R-3		15,049		1,020		5,046		330			(15,689	)		(1,060	)		4,406			290
Class R-4		8,457		574		3,370		220			(7,954	)		(549	)		3,873			245
Class R-5E		3,565		248		528		35			(1,436	)		(94	)		2,657			189
Class R-5		2,994		203		1,051		69			(3,196	)		(224	)		849			48
Class R-6		60,479		3,966		11,584		757			(29,611	)		(2,057	)		42,452			2,666
Total net increase (decrease)	$	1,117,379		76,006	$	468,810		30,626		$	(1,061,749	)		(73,885	)	$	524,440			32,747
Year ended October 31, 2019
Class A	$	1,101,534		75,205	$	314,502		22,995		$	(813,746	)		(55,534	)	$	602,290			42,666
Class C		215,035		14,767		58,443		4,336			(224,966	)		(15,461	)		48,512			3,642
Class T		—		—		—		—			—			—			—			—
Class F-1		56,275		3,853		8,969		656			(49,921	)		(3,405	)		15,323			1,104
Class F-2		262,244		17,928		36,495		2,661			(215,449	)		(14,746	)		83,290			5,843
Class F-3		64,363		4,419		4,663		338			(37,621	)		(2,573	)		31,405			2,184
Class 529-A		106,989		7,301		29,715		2,175			(77,439	)		(5,276	)		59,265			4,200
Class 529-C		25,706		1,764		7,745		574			(32,443	)		(2,216	)		1,008			122
Class 529-E		5,709		389		1,304		96			(3,891	)		(265	)		3,122			220
Class 529-T		—		—		1		—	†		—			—			1			—	†
Class 529-F-1		17,973		1,221		2,648		192			(8,784	)		(595	)		11,837			818
Class ABLE-A		973		67		20		1			(77	)		(5	)		916			63
Class R-1		5,378		367		505		37			(1,801	)		(121	)		4,082			283
Class R-2		37,403		2,579		7,153		531			(34,195	)		(2,351	)		10,361			759
Class R-2E		5,475		375		547		40			(1,869	)		(127	)		4,153			288
Class R-3		28,635		1,964		5,137		378			(22,686	)		(1,545	)		11,086			797
Class R-4		16,716		1,151		3,616		265			(17,965	)		(1,224	)		2,367			192
Class R-5E		4,774		331		397		29			(1,251	)		(85	)		3,920			275
Class R-5		3,738		255		1,265		92			(5,276	)		(357	)		(273	)		(10	)
Class R-6		103,012		7,057		9,234		669			(32,777	)		(2,225	)		79,469			5,501
Total net increase (decrease)	$	2,061,932		140,993	$	492,359		36,065		$	(1,582,157	)		(108,111	)	$	972,134			68,947

38 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
Six months ended April 30, 2020
Class A	$	635,344		42,632	$	173,778			11,303		$	(507,702	)		(34,940	)	$	301,420			18,995
Class C		102,951		6,912		31,738			2,062			(121,308	)		(8,335	)		13,381			639
Class T		—		—		—			—			—			—			—			—
Class F-1		22,038		1,460		4,615			300			(21,308	)		(1,451	)		5,345			309
Class F-2		146,201		9,888		24,136			1,569			(153,325	)		(10,489	)		17,012			968
Class F-3		27,532		1,799		4,534			296			(22,116	)		(1,547	)		9,950			548
Class 529-A		41,673		2,736		11,887			773			(41,463	)		(2,788	)		12,097			721
Class 529-C		10,676		705		3,133			203			(15,242	)		(1,016	)		(1,433	)		(108	)
Class 529-E		3,032		200		462			30			(2,468	)		(166	)		1,026			64
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		7,207		470		1,616			105			(4,073	)		(268	)		4,750			307
Class ABLE-A		608		40		33			3			(68	)		(5	)		573			38
Class R-1		1,455		97		312			21			(3,013	)		(203	)		(1,246	)		(85	)
Class R-2		16,892		1,135		3,363			218			(20,997	)		(1,439	)		(742	)		(86	)
Class R-2E		956		65		294			19			(935	)		(63	)		315			21
Class R-3		17,531		1,182		3,855			250			(21,772	)		(1,460	)		(386	)		(28	)
Class R-4		10,114		671		2,982			194			(17,553	)		(1,187	)		(4,457	)		(322	)
Class R-5E		2,649		177		442			28			(4,227	)		(277	)		(1,136	)		(72	)
Class R-5		1,919		130		708			46			(2,832	)		(201	)		(205	)		(25	)
Class R-6		40,242		2,677		13,110			853			(53,770	)		(3,619	)		(418	)		(89	)
Total net increase (decrease)	$	1,089,020		72,976	$	280,998			18,273		$	(1,014,172	)		(69,454	)	$	355,846			21,795
Year ended October 31, 2019
Class A	$	1,092,529		74,961	$	213,142			15,476		$	(703,959	)		(48,257	)	$	601,712			42,180
Class C		193,528		13,360		40,143			2,961			(218,090	)		(15,081	)		15,581			1,240
Class T		—		—		—			—			—			—			—			—
Class F-1		38,776		2,652		6,003			436			(40,829	)		(2,803	)		3,950			285
Class F-2		311,692		21,622		29,526			2,136			(246,015	)		(17,010	)		95,203			6,748
Class F-3		97,226		6,670		4,236			303			(49,371	)		(3,353	)		52,091			3,620
Class 529-A		86,760		5,932		15,090			1,096			(73,619	)		(5,025	)		28,231			2,003
Class 529-C		22,133		1,524		4,246			313			(34,278	)		(2,359	)		(7,899	)		(522	)
Class 529-E		4,330		296		560			41			(3,481	)		(239	)		1,409			98
Class 529-T		—		—		1			—	†		—			—			1			—	†
Class 529-F-1		19,140		1,306		1,982			144			(15,141	)		(1,030	)		5,981			420
Class ABLE-A		733		50		15			1			(56	)		(4	)		692			47
Class R-1		3,285		227		459			34			(4,416	)		(307	)		(672	)		(46	)
Class R-2		31,475		2,178		4,074			301			(25,690	)		(1,779	)		9,859			700
Class R-2E		5,320		370		310			23			(2,724	)		(191	)		2,906			202
Class R-3		32,428		2,219		5,007			366			(31,033	)		(2,131	)		6,402			454
Class R-4		16,291		1,118		4,021			293			(28,127	)		(1,928	)		(7,815	)		(517	)
Class R-5E		6,001		407		481			35			(2,835	)		(196	)		3,647			246
Class R-5		3,686		253		985			71			(5,287	)		(363	)		(616	)		(39	)
Class R-6		142,690		9,710		14,941			1,076			(61,250	)		(4,176	)		96,381			6,610
Total net increase (decrease)	$	2,108,023		144,855	$	345,222			25,106		$	(1,546,201	)		(106,232	)	$	907,044			63,729

See end of tables for footnotes.

American Funds Portfolio Series 39

Conservative Growth and Income Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2020
Class A	$	453,115		36,483	$	118,419			9,497		$	(396,341	)		(32,905	)	$	175,193			13,075
Class C		67,282		5,419		19,015			1,526			(81,564	)		(6,731	)		4,733			214
Class T		—		—		—			—			—			—			—			—
Class F-1		16,431		1,339		2,821			226			(13,983	)		(1,160	)		5,269			405
Class F-2		73,794		5,984		12,729			1,018			(111,360	)		(9,264	)		(24,837	)		(2,262	)
Class F-3		22,749		1,845		1,930			155			(16,002	)		(1,351	)		8,677			649
Class 529-A		33,937		2,697		5,607			450			(26,381	)		(2,141	)		13,163			1,006
Class 529-C		8,742		697		1,434			115			(10,159	)		(817	)		17			(5	)
Class 529-E		2,169		173		206			17			(1,270	)		(104	)		1,105			86
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		6,699		528		1,105			89			(3,764	)		(300	)		4,040			317
Class ABLE-A		385		30		22			2			(37	)		(3	)		370			29
Class R-1		444		35		50			4			(250	)		(19	)		244			20
Class R-2		6,940		578		1,192			95			(7,914	)		(637	)		218			36
Class R-2E		166		13		22			2			(30	)		(3	)		158			12
Class R-3		7,295		592		1,047			84			(7,239	)		(607	)		1,103			69
Class R-4		7,122		559		1,123			90			(7,946	)		(650	)		299			(1	)
Class R-5E		2,084		166		187			15			(592	)		(48	)		1,679			133
Class R-5		825		67		239			19			(1,724	)		(148	)		(660	)		(62	)
Class R-6		15,202		1,233		2,105			169			(10,995	)		(900	)		6,312			502
Total net increase (decrease)	$	725,381		58,438	$	169,253			13,573		$	(697,551	)		(57,788	)	$	197,083			14,223
Year ended October 31, 2019
Class A	$	763,317		61,463	$	157,189			13,009		$	(520,173	)		(41,953	)	$	400,333			32,519
Class C		123,068		9,944		26,061			2,176			(138,870	)		(11,254	)		10,259			866
Class T		—		—		—			—			—			—			—			—
Class F-1		33,402		2,692		3,731			309			(26,052	)		(2,099	)		11,081			902
Class F-2		172,852		13,897		17,294			1,427			(127,844	)		(10,297	)		62,302			5,027
Class F-3		34,044		2,761		2,572			213			(28,624	)		(2,313	)		7,992			661
Class 529-A		64,715		5,196		6,943			574			(39,931	)		(3,214	)		31,727			2,556
Class 529-C		19,254		1,556		1,893			158			(16,395	)		(1,327	)		4,752			387
Class 529-E		2,693		217		268			22			(3,269	)		(266	)		(308	)		(27	)
Class 529-T		—		—		1			—	†		—			—			1			—	†
Class 529-F-1		15,231		1,218		1,125			93			(5,532	)		(446	)		10,824			865
Class ABLE-A		470		38		13			1			(65	)		(5	)		418			34
Class R-1		505		41		57			4			(268	)		(21	)		294			24
Class R-2		16,610		1,351		1,487			124			(10,194	)		(833	)		7,903			642
Class R-2E		360		30		22			2			(144	)		(12	)		238			20
Class R-3		12,505		1,004		1,363			113			(11,121	)		(896	)		2,747			221
Class R-4		13,255		1,053		1,426			118			(10,285	)		(825	)		4,396			346
Class R-5E		2,316		192		208			17			(928	)		(75	)		1,596			134
Class R-5		1,604		129		351			29			(1,414	)		(113	)		541			45
Class R-6		38,632		3,084		2,263			186			(17,264	)		(1,373	)		23,631			1,897
Total net increase (decrease)	$	1,314,833		105,866	$	224,267			18,575		$	(958,373	)		(77,322	)	$	580,727			47,119

40 American Funds Portfolio Series

Tax-Aware Conservative Growth and Income Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2020
Class A	$	358,850		26,172	$	54,531		3,942	$	(183,523	)		(14,050	)	$	229,858			16,064
Class C		52,571		3,822		7,637		553		(34,847	)		(2,654	)		25,361			1,721
Class T		—		—		—		—		—			—			—			—
Class F-1		66,387		4,739		6,753		488		(60,026	)		(4,604	)		13,114			623
Class F-2		67,972		4,925		7,525		543		(70,418	)		(5,473	)		5,079			(5	)
Class F-3		13,342		962		1,532		111		(10,946	)		(846	)		3,928			227
Total net increase (decrease)	$	559,122		40,620	$	77,978		5,637	$	(359,760	)		(27,627	)	$	277,340			18,630
Year ended October 31, 2019
Class A	$	513,146		37,858	$	71,777		5,470	$	(222,160	)		(16,603	)	$	362,763			26,725
Class C		88,142		6,545		10,335		797		(57,937	)		(4,317	)		40,540			3,025
Class T		—		—		—		—		—			—			—			—
Class F-1		103,083		7,625		8,728		666		(66,266	)		(4,913	)		45,545			3,378
Class F-2		127,034		9,394		9,374		711		(56,910	)		(4,245	)		79,498			5,860
Class F-3		21,941		1,627		2,392		182		(26,730	)		(1,997	)		(2,397	)		(188	)
Total net increase (decrease)	$	853,346		63,049	$	102,606		7,826	$	(430,003	)		(32,075	)	$	525,949			38,800

See end of tables for footnotes.

American Funds Portfolio Series 41

Preservation Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2020
Class A	$	439,858		43,462	$	10,571			1,049		$	(233,758	)		(23,137	)	$	216,671			21,374
Class C		40,215		3,979		758			75			(22,055	)		(2,189	)		18,918			1,865
Class T		—		—		—			—			—			—			—			—
Class F-1		12,870		1,262		225			22			(3,960	)		(393	)		9,135			891
Class F-2		116,225		11,414		1,364			136			(44,052	)		(4,357	)		73,537			7,193
Class F-3		14,575		1,433		143			14			(943	)		(93	)		13,775			1,354
Class 529-A		44,896		4,446		1,348			134			(22,642	)		(2,254	)		23,602			2,326
Class 529-C		10,349		1,026		185			18			(7,588	)		(756	)		2,946			288
Class 529-E		2,280		227		49			5			(1,576	)		(157	)		753			75
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		6,676		662		320			32			(3,979	)		(396	)		3,017			298
Class ABLE-A		115		12		2			—	†		(43	)		(4	)		74			8
Class R-1		47		5		2			—	†		(101	)		(10	)		(52	)		(5	)
Class R-2		8,968		891		107			11			(6,232	)		(621	)		2,843			281
Class R-2E		736		72		8			1			(202	)		(20	)		542			53
Class R-3		10,715		1,060		169			17			(5,708	)		(566	)		5,176			511
Class R-4		4,470		440		123			12			(3,352	)		(332	)		1,241			120
Class R-5E		942		93		19			2			(361	)		(36	)		600			59
Class R-5		1,219		120		28			3			(462	)		(46	)		785			77
Class R-6		13,598		1,340		278			28			(8,271	)		(818	)		5,605			550
Total net increase (decrease)	$	728,754		71,944	$	15,699			1,559		$	(365,285	)		(36,185	)	$	379,168			37,318
Year ended October 31, 2019
Class A	$	350,907		35,467	$	17,454			1,764		$	(292,899	)		(29,655	)	$	75,462			7,576
Class C		33,319		3,373		1,253			127			(40,193	)		(4,077	)		(5,621	)		(577	)
Class T		—		—		—			—			—			—			—			—
Class F-1		12,416		1,253		378			39			(12,430	)		(1,256	)		364			36
Class F-2		63,081		6,380		1,982			200			(41,181	)		(4,165	)		23,882			2,415
Class F-3		11,146		1,122		93			9			(3,824	)		(384	)		7,415			747
Class 529-A		60,368		6,097		2,096			212			(34,547	)		(3,493	)		27,917			2,816
Class 529-C		16,971		1,716		297			30			(13,893	)		(1,406	)		3,375			340
Class 529-E		3,735		378		72			7			(2,308	)		(234	)		1,499			151
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		15,084		1,521		490			49			(8,312	)		(839	)		7,262			731
Class ABLE-A		242		24		3			—	†		(73	)		(7	)		172			17
Class R-1		362		36		5			—	†		(438	)		(44	)		(71	)		(8	)
Class R-2		9,206		932		166			17			(6,926	)		(703	)		2,446			246
Class R-2E		473		48		12			1			(305	)		(30	)		180			19
Class R-3		14,121		1,418		256			26			(12,292	)		(1,236	)		2,085			208
Class R-4		3,306		333		197			20			(3,585	)		(368	)		(82	)		(15	)
Class R-5E		1,142		116		20			2			(186	)		(19	)		976			99
Class R-5		620		62		45			5			(455	)		(46	)		210			21
Class R-6		14,567		1,468		376			38			(5,028	)		(508	)		9,915			998
Total net increase (decrease)	$	611,066		61,744	$	25,195			2,546		$	(478,875	)		(48,470	)	$	157,386			15,820

42 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2020
Class A	$	64,738		6,569	$	2,980		302	$	(50,376	)		(5,128	)	$	17,342			1,743
Class C		6,411		650		202		21		(6,705	)		(682	)		(92	)		(11	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,303		132		37		4		(1,082	)		(111	)		258			25
Class F-2		19,887		2,018		598		60		(15,082	)		(1,538	)		5,403			540
Class F-3		4,897		497		79		8		(1,168	)		(119	)		3,808			386
Total net increase (decrease)	$	97,236		9,866	$	3,896		395	$	(74,413	)		(7,578	)	$	26,719			2,683
Year ended October 31, 2019
Class A	$	123,786		12,730	$	5,529		566	$	(114,783	)		(11,785	)	$	14,532			1,511
Class C		9,211		943		406		41		(15,480	)		(1,587	)		(5,863	)		(603	)
Class T		—		—		—		—		—			—			—			—
Class F-1		2,624		268		66		7		(2,801	)		(286	)		(111	)		(11	)
Class F-2		42,565		4,355		1,008		103		(29,446	)		(3,011	)		14,127			1,447
Class F-3		6,650		678		83		8		(2,165	)		(220	)		4,568			466
Total net increase (decrease)	$	184,836		18,974	$	7,092		725	$	(164,675	)		(16,889	)	$	27,253			2,810

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

American Funds Portfolio Series 43

Financial highlights

Global Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/20206,7	$	17.19	$	.14		$	(.83	)	$	(.69	)	$	(.16	)	$	(.71	)	$	(.87	)	$	15.63		(4.64	)%8	$	1,921			.40	%9		.40	%9		.84	%9		1.73	%9
10/31/2019		16.01		.17			1.82			1.99			(.16	)		(.65	)		(.81	)		17.19		13.55			2,042			.40			.40			.83			1.04
10/31/2018		17.37		.11			(.42	)		(.31	)		(.12	)		(.93	)		(1.05	)		16.01		(2.09	)		1,737			.39			.39			.83			.63
10/31/2017		14.29		.16			3.44			3.60			(.15	)		(.37	)		(.52	)		17.37		26.05			1,471			.35			.35			.79			1.02
10/31/2016		14.58		.15			.11			.26			(.13	)		(.42	)		(.55	)		14.29		1.86			1,074			.35			.33			.82			1.11
10/31/2015		14.82		.15			(.03	)		.12			(.14	)		(.22	)		(.36	)		14.58		.85			990			.45			.35			.84			1.02
Class C:
4/30/20206,7		16.87		.08			(.84	)		(.76	)		(.03	)		(.71	)		(.74	)		15.37		(5.04	)8		361			1.14	9		1.14	9		1.58	9		.99	9
10/31/2019		15.71		.05			1.81			1.86			(.05	)		(.65	)		(.70	)		16.87		12.74			384			1.15			1.15			1.58			.31
10/31/2018		17.08		(.02	)		(.42	)		(.44	)		—	10		(.93	)		(.93	)		15.71		(2.85	)		350			1.12			1.12			1.56			(.11	)
10/31/2017		14.05		.04			3.40			3.44			(.04	)		(.37	)		(.41	)		17.08		25.16			295			1.11			1.11			1.55			.28
10/31/2016		14.37		.04			.09			.13			(.03	)		(.42	)		(.45	)		14.05		.99			227			1.14			1.13			1.62			.30
10/31/2015		14.63		.03			(.02	)		.01			(.05	)		(.22	)		(.27	)		14.37		.06			198			1.22			1.12			1.61			.22
Class T:
4/30/20206,7		17.22		.17			(.84	)		(.67	)		(.20	)		(.71	)		(.91	)		15.64		(4.53	)8,11		—	12		.14	9,11		.14	9,11		.58	9,11		2.04	9,11
10/31/2019		16.04		.22			1.82			2.04			(.21	)		(.65	)		(.86	)		17.22		13.87	11		—	12		.15	11		.15	11		.58	11		1.35	11
10/31/2018		17.40		.17			(.45	)		(.28	)		(.15	)		(.93	)		(1.08	)		16.04		(1.86	)11		—	12		.10	11		.10	11		.54	11		.99	11
10/31/20176,13		15.06		.05			2.29			2.34			—			—			—			17.40		15.54	8,11		—	12		.12	9,11		.12	9,11		.56	9,11		.52	9,11
Class F-1:
4/30/20206,7		17.21		.14			(.83	)		(.69	)		(.16	)		(.71	)		(.87	)		15.65		(4.63	)8		80			.39	9		.39	9		.83	9		1.72	9
10/31/2019		16.02		.17			1.83			2.00			(.16	)		(.65	)		(.81	)		17.21		13.59			82			.40			.40			.83			1.07
10/31/2018		17.39		.11			(.44	)		(.33	)		(.11	)		(.93	)		(1.04	)		16.02		(2.15	)		75			.38			.38			.82			.61
10/31/2017		14.30		.15			3.45			3.60			(.14	)		(.37	)		(.51	)		17.39		26.01			58			.39			.39			.83			.99
10/31/2016		14.58		.15			.10			.25			(.11	)		(.42	)		(.53	)		14.30		1.77			40			.42			.40			.89			1.08
10/31/2015		14.82		.15			(.04	)		.11			(.13	)		(.22	)		(.35	)		14.58		.77			39			.50			.40			.89			1.01
Class F-2:
4/30/20206,7		17.27		.17			(.84	)		(.67	)		(.20	)		(.71	)		(.91	)		15.69		(4.50	)8		383			.13	9		.13	9		.57	9		2.00	9
10/31/2019		16.08		.22			1.83			2.05			(.21	)		(.65	)		(.86	)		17.27		13.89			422			.14			.14			.57			1.34
10/31/2018		17.44		.14			(.42	)		(.28	)		(.15	)		(.93	)		(1.08	)		16.08		(1.88	)		395			.13			.13			.57			.84
10/31/2017		14.34		.17			3.48			3.65			(.18	)		(.37	)		(.55	)		17.44		26.37			249			.13			.13			.57			1.10
10/31/2016		14.64		.16			.12			.28			(.16	)		(.42	)		(.58	)		14.34		1.98			105			.15			.13			.62			1.15
10/31/2015		14.87		.19			(.04	)		.15			(.16	)		(.22	)		(.38	)		14.64		1.08			55			.24			.14			.63			1.28
Class F-3:
4/30/20206,7		17.24		.16			(.81	)		(.65	)		(.22	)		(.71	)		(.93	)		15.66		(4.41	)8		115			.02	9		.02	9		.46	9		1.94	9
10/31/2019		16.06		.23			1.83			2.06			(.23	)		(.65	)		(.88	)		17.24		13.98			74			.02			.02			.45			1.41
10/31/2018		17.41		.13			(.39	)		(.26	)		(.16	)		(.93	)		(1.09	)		16.06		(1.74	)		62			.02			.02			.46			.75
10/31/20176,14		14.50		.06			2.85			2.91			—			—			—			17.41		20.07	8		15			.02	9		.02	9		.46	9		.51	9

44 American Funds Portfolio Series

Global Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-A:
4/30/20206,7	$	17.16	$	.14		$	(.84	)	$	(.70	)	$	(.15	)	$	(.71	)	$	(.86	)	$	15.60		(4.67	)%8	$	345			.43	%9		.43	%9		.87	%9		1.68	%9
10/31/2019		15.98		.16			1.83			1.99			(.16	)		(.65	)		(.81	)		17.16		13.56			346			.44			.44			.87			.99
10/31/2018		17.35		.10			(.43	)		(.33	)		(.11	)		(.93	)		(1.04	)		15.98		(2.17	)		279			.41			.41			.85			.60
10/31/2017		14.27		.15			3.44			3.59			(.14	)		(.37	)		(.51	)		17.35		26.04			218			.40			.40			.84			.96
10/31/2016		14.56		.14			.11			.25			(.12	)		(.42	)		(.54	)		14.27		1.79			147			.41			.39			.88			1.03
10/31/2015		14.81		.14			(.04	)		.10			(.13	)		(.22	)		(.35	)		14.56		.73			126			.51			.41			.90			.97
Class 529-C:
4/30/20206,7		16.87		.08			(.83	)		(.75	)		(.02	)		(.71	)		(.73	)		15.39		(4.99	)8		72			1.19	9		1.19	9		1.63	9		.94	9
10/31/2019		15.71		.04			1.80			1.84			(.03	)		(.65	)		(.68	)		16.87		12.64			79			1.21			1.21			1.64			.27
10/31/2018		17.08		(.03	)		(.41	)		(.44	)		—			(.93	)		(.93	)		15.71		(2.87	)		74			1.18			1.18			1.62			(.16	)
10/31/2017		14.03		.03			3.40			3.43			(.01	)		(.37	)		(.38	)		17.08		25.05			71			1.19			1.19			1.63			.17
10/31/2016		14.34		.03			.10			.13			(.02	)		(.42	)		(.44	)		14.03		.92			56			1.23			1.21			1.70			.22
10/31/2015		14.61		.03			(.04	)		(.01	)		(.04	)		(.22	)		(.26	)		14.34		(.02	)		53			1.31			1.21			1.70			.18
Class 529-E:
4/30/20206,7		17.06		.12			(.83	)		(.71	)		(.12	)		(.71	)		(.83	)		15.52		(4.75	)8		13			.64	9		.64	9		1.08	9		1.47	9
10/31/2019		15.89		.13			1.82			1.95			(.13	)		(.65	)		(.78	)		17.06		13.30			13			.65			.65			1.08			.80
10/31/2018		17.25		.06			(.41	)		(.35	)		(.08	)		(.93	)		(1.01	)		15.89		(2.33	)		11			.64			.64			1.08			.35
10/31/2017		14.19		.11			3.42			3.53			(.10	)		(.37	)		(.47	)		17.25		25.71			9			.64			.64			1.08			.69
10/31/2016		14.50		.10			.10			.20			(.09	)		(.42	)		(.51	)		14.19		1.45			6			.68			.67			1.16			.75
10/31/2015		14.75		.10			(.02	)		.08			(.11	)		(.22	)		(.33	)		14.50		.55			5			.78			.68			1.17			.69
Class 529-T:
4/30/20206,7		17.21		.16			(.83	)		(.67	)		(.19	)		(.71	)		(.90	)		15.64		(4.51	)8,11		—	12		.19	9,11		.19	9,11		.63	9,11		1.94	9,11
10/31/2019		16.03		.21			1.82			2.03			(.20	)		(.65	)		(.85	)		17.21		13.80	11		—	12		.19	11		.19	11		.62	11		1.27	11
10/31/2018		17.39		.15			(.44	)		(.29	)		(.14	)		(.93	)		(1.07	)		16.03		(1.92	)11		—	12		.17	11		.17	11		.61	11		.89	11
10/31/20176,13		15.06		.04			2.29			2.33			—			—			—			17.39		15.47	8,11		—	12		.19	9,11		.19	9,11		.63	9,11		.45	9,11
Class 529-F-1:
4/30/20206,7		17.23		.16			(.83	)		(.67	)		(.19	)		(.71	)		(.90	)		15.66		(4.50	)8		43			.20	9		.20	9		.64	9		1.91	9
10/31/2019		16.06		.19			1.83			2.02			(.20	)		(.65	)		(.85	)		17.23		13.75			40			.20			.20			.63			1.18
10/31/2018		17.41		.14			(.42	)		(.28	)		(.14	)		(.93	)		(1.07	)		16.06		(1.87	)		29			.18			.18			.62			.79
10/31/2017		14.32		.18			3.45			3.63			(.17	)		(.37	)		(.54	)		17.41		26.25			17			.18			.18			.62			1.15
10/31/2016		14.61		.17			.11			.28			(.15	)		(.42	)		(.57	)		14.32		1.97			10			.22			.21			.70			1.19
10/31/2015		14.85		.17			(.03	)		.14			(.16	)		(.22	)		(.38	)		14.61		.98			8			.31			.21			.70			1.12
Class ABLE-A:
4/30/20206,7		17.12		.12			(.80	)		(.68	)		(.18	)		(.71	)		(.89	)		15.55		(4.61	)8		1			.44	9		.38	9		.82	9		1.50	9
10/31/2019		16.00		.09			1.90			1.99			(.22	)		(.65	)		(.87	)		17.12		13.57			1			.43			.36			.79			.56
10/31/20186,15		17.48		.01			(1.49	)		(1.48	)		—			—			—			16.00		(8.47	)8,11		—	12		.08	8,11		.06	8,11		.50	8,11		.04	8,11

See end of tables for footnotes.

American Funds Portfolio Series 45

Financial highlights (continued)

Global Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-1:
4/30/20206,7	$	16.95	$	.09		$	(.84	)	$	(.75	)	$	(.05	)	$	(.71	)	$	(.76	)	$	15.44		(4.97	)%8	$	5			1.07	%9		1.07	%9		1.51	%9		1.05	%9
10/31/2019		15.78		.05			1.82			1.87			(.05	)		(.65	)		(.70	)		16.95		12.74			5			1.10			1.10			1.53			.32
10/31/2018		17.16		(.02	)		(.41	)		(.43	)		(.02	)		(.93	)		(.95	)		15.78		(2.78	)		5			1.10			1.10			1.54			(.10	)
10/31/2017		14.08		.03			3.42			3.45			—			(.37	)		(.37	)		17.16		25.12			3			1.12			1.12			1.56			.19
10/31/2016		14.39		.03			.11			.14			(.03	)		(.42	)		(.45	)		14.08		1.03			3			1.15			1.14			1.63			.24
10/31/2015		14.65		.02			(.02	)		—			(.04	)		(.22	)		(.26	)		14.39		.03			2			1.23			1.13			1.62			.17
Class R-2:
4/30/20206,7		16.82		.08			(.82	)		(.74	)		(.05	)		(.71	)		(.76	)		15.32		(4.97	)8		84			1.12	9		1.12	9		1.56	9		1.02	9
10/31/2019		15.67		.05			1.80			1.85			(.05	)		(.65	)		(.70	)		16.82		12.72			89			1.12			1.12			1.55			.33
10/31/2018		17.03		(.01	)		(.42	)		(.43	)		—	10		(.93	)		(.93	)		15.67		(2.79	)		74			1.11			1.11			1.55			(.08	)
10/31/2017		14.03		.04			3.38			3.42			(.05	)		(.37	)		(.42	)		17.03		25.10			67			1.10			1.10			1.54			.26
10/31/2016		14.35		.03			.11			.14			(.04	)		(.42	)		(.46	)		14.03		1.03			47			1.16			1.15			1.64			.22
10/31/2015		14.62		.02			(.02	)		—			(.05	)		(.22	)		(.27	)		14.35		.03			33			1.25			1.15			1.64			.17
Class R-2E:
4/30/20206,7		16.99		.10			(.83	)		(.73	)		(.07	)		(.71	)		(.78	)		15.48		(4.87	)8		4			.83	9		.83	9		1.27	9		1.26	9
10/31/2019		15.86		.10			1.82			1.92			(.14	)		(.65	)		(.79	)		16.99		13.13			5			.83			.83			1.26			.60
10/31/2018		17.24		.02			(.41	)		(.39	)		(.06	)		(.93	)		(.99	)		15.86		(2.55	)		4			.82			.82			1.26			.10
10/31/2017		14.27		.08			3.43			3.51			(.17	)		(.37	)		(.54	)		17.24		25.48			1			.81			.81			1.25			.49
10/31/2016		14.57		(.05	)		.31			.26			(.14	)		(.42	)		(.56	)		14.27		1.84			1			.75			.75			1.24			(.42	)
10/31/2015		14.82		.17			(.04	)		.13			(.16	)		(.22	)		(.38	)		14.57		.94	11		—	12		.38	11		.27	11		.76	11		1.18	11
Class R-3:
4/30/20206,7		17.05		.12			(.84	)		(.72	)		(.11	)		(.71	)		(.82	)		15.51		(4.81	)8		50			.68	9		.68	9		1.12	9		1.45	9
10/31/2019		15.88		.12			1.82			1.94			(.12	)		(.65	)		(.77	)		17.05		13.28			52			.67			.67			1.10			.76
10/31/2018		17.24		.06			(.42	)		(.36	)		(.07	)		(.93	)		(1.00	)		15.88		(2.37	)		45			.67			.67			1.11			.33
10/31/2017		14.19		.10			3.42			3.52			(.10	)		(.37	)		(.47	)		17.24		25.64			36			.66			.66			1.10			.65
10/31/2016		14.49		.09			.11			.20			(.08	)		(.42	)		(.50	)		14.19		1.46			22			.72			.70			1.19			.69
10/31/2015		14.74		.10			(.03	)		.07			(.10	)		(.22	)		(.32	)		14.49		.48			18			.79			.69			1.18			.66
Class R-4:
4/30/20206,7		17.17		.15			(.84	)		(.69	)		(.17	)		(.71	)		(.88	)		15.60		(4.64	)8		27			.36	9		.36	9		.80	9		1.84	9
10/31/2019		15.99		.17			1.83			2.00			(.17	)		(.65	)		(.82	)		17.17		13.59			24			.37			.37			.80			1.05
10/31/2018		17.34		.11			(.42	)		(.31	)		(.11	)		(.93	)		(1.04	)		15.99		(2.05	)		22			.37			.37			.81			.62
10/31/2017		14.27		.15			3.44			3.59			(.15	)		(.37	)		(.52	)		17.34		26.03			17			.36			.36			.80			1.00
10/31/2016		14.57		.15			.10			.25			(.13	)		(.42	)		(.55	)		14.27		1.81			10			.41			.39			.88			1.08
10/31/2015		14.82		.15			(.04	)		.11			(.14	)		(.22	)		(.36	)		14.57		.81			9			.47			.37			.86			1.00
Class R-5E:
4/30/20206,7		17.17		.15			(.82	)		(.67	)		(.20	)		(.71	)		(.91	)		15.59		(4.55	)8		7			.17	9		.17	9		.61	9		1.82	9
10/31/2019		16.00		.17			1.86			2.03			(.21	)		(.65	)		(.86	)		17.17		13.89			6			.16			.16			.59			1.02
10/31/2018		17.37		.06			(.34	)		(.28	)		(.16	)		(.93	)		(1.09	)		16.00		(1.90	)		3			.17			.17			.61			.33
10/31/2017		14.26		.20			3.44			3.64			(.16	)		(.37	)		(.53	)		17.37		26.42			—	12		.17			.10			.54			1.33
10/31/20166,16		14.71		.17			(.03	)		.14			(.17	)		(.42	)		(.59	)		14.26		1.03	8		—	12		.27	9		.25	9		.74	9		1.32	9

46 American Funds Portfolio Series

Global Growth Portfolio

			(Loss) income from investment operations1								Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-5:
4/30/20206,7	$	17.36	$	.17	$	(.84	)	$	(.67	)	$	(.21	)	$	(.71	)	$	(.92	)	$	15.77		(4.49	)%8	$	9		.07	%9		.07	%9		.51	%9		2.07	%9
10/31/2019		16.16		.23		1.84			2.07			(.22	)		(.65	)		(.87	)		17.36		13.94			9		.08			.08			.51			1.38
10/31/2018		17.52		.17		(.44	)		(.27	)		(.16	)		(.93	)		(1.09	)		16.16		(1.83	)		8		.08			.08			.52			.99
10/31/2017		14.40		.20		3.47			3.67			(.18	)		(.37	)		(.55	)		17.52		26.46			8		.07			.07			.51			1.25
10/31/2016		14.70		.17		.11			.28			(.16	)		(.42	)		(.58	)		14.40		2.03			4		.10			.09			.58			1.25
10/31/2015		14.88		.16		—	10		.16			(.12	)		(.22	)		(.34	)		14.70		1.13			3		.18			.08			.57			1.10
Class R-6:
4/30/20206,7		17.40		.17		(.83	)		(.66	)		(.22	)		(.71	)		(.93	)		15.81		(4.43	)8		78		.02	9		.02	9		.46	9		2.07	9
10/31/2019		16.20		.22		1.85			2.07			(.22	)		(.65	)		(.87	)		17.40		13.98			79		.03			.03			.46			1.36
10/31/2018		17.55		.17		(.43	)		(.26	)		(.16	)		(.93	)		(1.09	)		16.20		(1.73	)		56		.02			.02			.46			.99
10/31/2017		14.43		.21		3.47			3.68			(.19	)		(.37	)		(.56	)		17.55		26.45			49		.03			.03			.47			1.31
10/31/2016		14.72		.21		.09			.30			(.17	)		(.42	)		(.59	)		14.43		2.13			32		.05			.03			.52			1.47
10/31/2015		14.95		.20		(.04	)		.16			(.17	)		(.22	)		(.39	)		14.72		1.15			39		.14			.04			.53			1.36

See end of tables for footnotes.

American Funds Portfolio Series 47

Financial highlights (continued)

Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class A:
4/30/20206,7	$	18.76	$	.15		$	(.44	)	$	(.29	)	$	(.16	)	$	(.94	)	$	(1.10	)	$	17.37		(2.09	)%8	$	5,017			.38	%9		.38	%9		.75	%9		1.62	%9
10/31/2019		17.89		.16			1.70			1.86			(.16	)		(.83	)		(.99	)		18.76		11.42			4,894			.40			.40			.78			.87
10/31/2018		18.13		.12			.26			.38			(.13	)		(.49	)		(.62	)		17.89		2.02			3,973			.36			.36			.74			.65
10/31/2017		15.21		.16			3.41			3.57			(.15	)		(.50	)		(.65	)		18.13		24.39			3,364			.33			.33			.72			.97
10/31/2016		15.41		.10			.41			.51			(.11	)		(.60	)		(.71	)		15.21		3.41			2,505			.34			.32			.76			.68
10/31/2015		15.36		.10			.43			.53			(.12	)		(.36	)		(.48	)		15.41		3.48			2,042			.42			.32			.75			.65
Class C:
4/30/20206,7		18.38		.08			(.44	)		(.36	)		(.03	)		(.94	)		(.97	)		17.05		(2.46	)8		982			1.13	9		1.13	9		1.50	9		.88	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
10/31/2018		17.78		(.02	)		.27			.25			—	10		(.49	)		(.49	)		17.54		1.34			858			1.12			1.12			1.50			(.09	)
10/31/2017		14.94		.03			3.35			3.38			(.04	)		(.50	)		(.54	)		17.78		23.37			761			1.11			1.11			1.50			.20
10/31/2016		15.18		(.02	)		.39			.37			(.01	)		(.60	)		(.61	)		14.94		2.54			595			1.14			1.12			1.56			(.13	)
10/31/2015		15.16		(.03	)		.44			.41			(.03	)		(.36	)		(.39	)		15.18		2.69			458			1.21			1.11			1.54			(.18	)
Class T:
4/30/20206,7		18.78		.18			(.43	)		(.25	)		(.21	)		(.94	)		(1.15	)		17.38		(1.92	)8,11		—	12		.13	9,11		.13	9,11		.50	9,11		1.94	9,11
10/31/2019		17.92		.21			1.68			1.89			(.20	)		(.83	)		(1.03	)		18.78		11.66	11		—	12		.14	11		.14	11		.52	11		1.19	11
10/31/2018		18.15		.18			.25			.43			(.17	)		(.49	)		(.66	)		17.92		2.30	11		—	12		.10	11		.10	11		.48	11		.96	11
10/31/20176,13		16.00		.04			2.11			2.15			—			—			—			18.15		13.44	8,11		—	12		.11	9,11		.11	9,11		.50	9,11		.45	9,11
Class F-1:
4/30/20206,7		18.75		.15			(.43	)		(.28	)		(.16	)		(.94	)		(1.10	)		17.37		(2.04	)8		101			.39	9		.39	9		.76	9		1.61	9
10/31/2019		17.88		.16			1.70			1.86			(.16	)		(.83	)		(.99	)		18.75		11.40			101			.39			.39			.77			.92
10/31/2018		18.11		.12			.26			.38			(.12	)		(.49	)		(.61	)		17.88		2.03			92			.38			.38			.76			.65
10/31/2017		15.20		.15			3.40			3.55			(.14	)		(.50	)		(.64	)		18.11		24.25			78			.39			.39			.78			.93
10/31/2016		15.40		.09			.40			.49			(.09	)		(.60	)		(.69	)		15.20		3.32			60			.41			.39			.83			.63
10/31/2015		15.35		.09			.43			.52			(.11	)		(.36	)		(.47	)		15.40		3.42			51			.49			.39			.82			.61
Class F-2:
4/30/20206,7		18.86		.17			(.44	)		(.27	)		(.21	)		(.94	)		(1.15	)		17.44		(2.00	)8		641			.13	9		.13	9		.50	9		1.86	9
10/31/2019		17.98		.20			1.71			1.91			(.20	)		(.83	)		(1.03	)		18.86		11.73			614			.12			.12			.50			1.12
10/31/2018		18.21		.16			.26			.42			(.16	)		(.49	)		(.65	)		17.98		2.27			474			.12			.12			.50			.84
10/31/2017		15.27		.18			3.44			3.62			(.18	)		(.50	)		(.68	)		18.21		24.66			294			.13			.13			.52			1.11
10/31/2016		15.47		.12			.41			.53			(.13	)		(.60	)		(.73	)		15.27		3.58			166			.14			.13			.57			.81
10/31/2015		15.41		.13			.43			.56			(.14	)		(.36	)		(.50	)		15.47		3.68			104			.23			.13			.56			.82
Class F-3:
4/30/20206,7		18.82		.18			(.43	)		(.25	)		(.23	)		(.94	)		(1.17	)		17.40		(1.91	)8		129			.02	9		.02	9		.39	9		1.99	9
10/31/2019		17.95		.21			1.71			1.92			(.22	)		(.83	)		(1.05	)		18.82		11.81			125			.02			.02			.40			1.16
10/31/2018		18.17		.15			.30			.45			(.18	)		(.49	)		(.67	)		17.95		2.42			78			.02			.02			.40			.78
10/31/20176,14		15.59		.06			2.52			2.58			—			—			—			18.17		16.55	8		24			.02	9		.02	9		.41	9		.46	9

48 American Funds Portfolio Series

Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class 529-A:
4/30/20206,7	$	18.73	$	.14		$	(.43	)	$	(.29	)	$	(.16	)	$	(.94	)	$	(1.10	)	$	17.34		(2.12	)%8	$	964			.42	%9		.42	%9		.79	%9		1.57	%9
10/31/2019		17.87		.15			1.69			1.84			(.15	)		(.83	)		(.98	)		18.73		11.33			912			.44			.44			.82			.82
10/31/2018		18.11		.11			.26			.37			(.12	)		(.49	)		(.61	)		17.87		2.00			712			.41			.41			.79			.60
10/31/2017		15.19		.14			3.42			3.56			(.14	)		(.50	)		(.64	)		18.11		24.36			567			.38			.38			.77			.87
10/31/2016		15.40		.09			.40			.49			(.10	)		(.60	)		(.70	)		15.19		3.28			370			.41			.40			.84			.60
10/31/2015		15.35		.09			.43			.52			(.11	)		(.36	)		(.47	)		15.40		3.43			280			.49			.39			.82			.58
Class 529-C:
4/30/20206,7		18.36		.07			(.44	)		(.37	)		(.01	)		(.94	)		(.95	)		17.04		(2.49	)8		189			1.18	9		1.18	9		1.55	9		.83	9
10/31/2019		17.51		.02			1.67			1.69			(.01	)		(.83	)		(.84	)		18.36		10.51			196			1.19			1.19			1.57			.11
10/31/2018		17.77		(.03	)		.26			.23			—			(.49	)		(.49	)		17.51		1.22			182			1.18			1.18			1.56			(.15	)
10/31/2017		14.94		.02			3.35			3.37			(.04	)		(.50	)		(.54	)		17.77		23.32			184			1.18			1.18			1.57			.10
10/31/2016		15.18		(.03	)		.39			.36			—			(.60	)		(.60	)		14.94		2.44			126			1.22			1.21			1.65			(.20	)
10/31/2015		15.15		(.04	)		.44			.40			(.01	)		(.36	)		(.37	)		15.18		2.64			98			1.31			1.21			1.64			(.24	)
Class 529-E:
4/30/20206,7		18.59		.12			(.43	)		(.31	)		(.12	)		(.94	)		(1.06	)		17.22		(2.20	)8		39			.63	9		.63	9		1.00	9		1.38	9
10/31/2019		17.73		.11			1.69			1.80			(.11	)		(.83	)		(.94	)		18.59		11.15			39			.64			.64			1.02			.63
10/31/2018		17.98		.07			.25			.32			(.08	)		(.49	)		(.57	)		17.73		1.73			31			.63			.63			1.01			.38
10/31/2017		15.09		.10			3.40			3.50			(.11	)		(.50	)		(.61	)		17.98		24.01			26			.64			.64			1.03			.63
10/31/2016		15.31		.05			.40			.45			(.07	)		(.60	)		(.67	)		15.09		3.02			18			.68			.66			1.10			.35
10/31/2015		15.27		.05			.43			.48			(.08	)		(.36	)		(.44	)		15.31		3.14			14			.77			.67			1.10			.34
Class 529-T:
4/30/20206,7		18.78		.17			(.44	)		(.27	)		(.20	)		(.94	)		(1.14	)		17.37		(2.01	)8,11		—	12		.18	9,11		.18	9,11		.55	9,11		1.83	9,11
10/31/2019		17.91		.20			1.69			1.89			(.19	)		(.83	)		(1.02	)		18.78		11.64	11		—	12		.18	11		.18	11		.56	11		1.12	11
10/31/2018		18.14		.16			.26			.42			(.16	)		(.49	)		(.65	)		17.91		2.25	11		—	12		.17	11		.17	11		.55	11		.88	11
10/31/20176,13		16.00		.04			2.10			2.14			—			—			—			18.14		13.38	8,11		—	12		.18	9,11		.18	9,11		.57	9,11		.38	9,11
Class 529-F-1:
4/30/20206,7		18.82		.16			(.43	)		(.27	)		(.20	)		(.94	)		(1.14	)		17.41		(1.99	)8		129			.19	9		.19	9		.56	9		1.80	9
10/31/2019		17.95		.18			1.71			1.89			(.19	)		(.83	)		(1.02	)		18.82		11.62			115			.19			.19			.57			1.02
10/31/2018		18.18		.15			.27			.42			(.16	)		(.49	)		(.65	)		17.95		2.23			78			.18			.18			.56			.81
10/31/2017		15.25		.17			3.43			3.60			(.17	)		(.50	)		(.67	)		18.18		24.55			56			.18			.18			.57			1.01
10/31/2016		15.45		.11			.41			.52			(.12	)		(.60	)		(.72	)		15.25		3.47			30			.21			.20			.64			.74
10/31/2015		15.39		.11			.45			.56			(.14	)		(.36	)		(.50	)		15.45		3.64			20			.30			.20			.63			.70
Class ABLE-A:
4/30/20206,7		18.69		.13			(.41	)		(.28	)		(.18	)		(.94	)		(1.12	)		17.29		(2.06	)8		2			.43	9		.37	9		.74	9		1.46	9
10/31/2019		17.88		.10			1.75			1.85			(.21	)		(.83	)		(1.04	)		18.69		11.45			1			.43			.36			.74			.53
10/31/20186,15		19.28		.01			(1.41	)		(1.40	)		—			—			—			17.88		(7.26	)8		—	12		.11	8		.09	8		.47	8		.05	8

See end of tables for footnotes.

American Funds Portfolio Series 49

Financial highlights (continued)

Growth Portfolio

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-1:
4/30/20206,7	$	18.44	$	.08		$	(.44	)	$	(.36	)	$	(.05	)	$	(.94	)	$	(.99	)	$	17.09		(2.45	)%8	$	25			1.11	%9		1.11	%9		1.48	%9		.88	%9
10/31/2019		17.62		.02			1.69			1.71			(.06	)		(.83	)		(.89	)		18.44		10.59			23			1.11			1.11			1.49			.10
10/31/2018		17.87		(.03	)		.28			.25			(.01	)		(.49	)		(.50	)		17.62		1.31			16			1.11			1.11			1.49			(.18	)
10/31/2017		15.00		.03			3.37			3.40			(.03	)		(.50	)		(.53	)		17.87		23.36			9			1.11			1.11			1.50			.21
10/31/2016		15.22		(.02	)		.40			.38			—			(.60	)		(.60	)		15.00		2.57			7			1.15			1.13			1.57			(.11	)
10/31/2015		15.19		(.03	)		.44			.41			(.02	)		(.36	)		(.38	)		15.22		2.66			7			1.22			1.12			1.55			(.19	)
Class R-2:
4/30/20206,7		18.37		.08			(.44	)		(.36	)		(.04	)		(.94	)		(.98	)		17.03		(2.46	)8		199			1.10	9		1.10	9		1.47	9		.92	9
10/31/2019		17.53		.03			1.67			1.70			(.03	)		(.83	)		(.86	)		18.37		10.60			200			1.10			1.10			1.48			.17
10/31/2018		17.78		(.02	)		.27			.25			(.01	)		(.49	)		(.50	)		17.53		1.33			162			1.10			1.10			1.48			(.09	)
10/31/2017		14.95		.03			3.35			3.38			(.05	)		(.50	)		(.55	)		17.78		23.36			139			1.10			1.10			1.49			.16
10/31/2016		15.18		(.03	)		.41			.38			(.01	)		(.60	)		(.61	)		14.95		2.57			94			1.15			1.14			1.58			(.20	)
10/31/2015		15.16		(.03	)		.43			.40			(.02	)		(.36	)		(.38	)		15.18		2.65			61			1.24			1.14			1.57			(.21	)
Class R-2E:
4/30/20206,7		18.50		.11			(.45	)		(.34	)		(.09	)		(.94	)		(1.03	)		17.13		(2.36	)8		11			.82	9		.82	9		1.19	9		1.22	9
10/31/2019		17.65		.07			1.70			1.77			(.09	)		(.83	)		(.92	)		18.50		10.97			10			.82			.82			1.20			.39
10/31/2018		17.91		.04			.25			.29			(.06	)		(.49	)		(.55	)		17.65		1.57			8			.82			.82			1.20			.20
10/31/2017		15.08		.07			3.38			3.45			(.12	)		(.50	)		(.62	)		17.91		23.76			6			.81			.81			1.20			.42
10/31/2016		15.38		.03			.41			.44			(.14	)		(.60	)		(.74	)		15.08		2.94			4			.82			.81			1.25			.23
10/31/2015		15.36		.07			.45			.52			(.14	)		(.36	)		(.50	)		15.38		3.43	11		—	12		.52	11		.42	11		.85	11		.48	11
Class R-3:
4/30/20206,7		18.61		.12			(.43	)		(.31	)		(.12	)		(.94	)		(1.06	)		17.24		(2.21	)8		133			.66	9		.66	9		1.03	9		1.35	9
10/31/2019		17.75		.11			1.69			1.80			(.11	)		(.83	)		(.94	)		18.61		11.09			129			.67			.67			1.05			.61
10/31/2018		17.99		.06			.27			.33			(.08	)		(.49	)		(.57	)		17.75		1.76			107			.66			.66			1.04			.34
10/31/2017		15.11		.09			3.40			3.49			(.11	)		(.50	)		(.61	)		17.99		23.95			88			.66			.66			1.05			.58
10/31/2016		15.32		.04			.41			.45			(.06	)		(.60	)		(.66	)		15.11		3.02			55			.71			.69			1.13			.26
10/31/2015		15.29		.04			.43			.47			(.08	)		(.36	)		(.44	)		15.32		3.07			37			.78			.68			1.11			.25
Class R-4:
4/30/20206,7		18.73		.15			(.44	)		(.29	)		(.16	)		(.94	)		(1.10	)		17.34		(2.08	)8		62			.36	9		.36	9		.73	9		1.62	9
10/31/2019		17.86		.16			1.70			1.86			(.16	)		(.83	)		(.99	)		18.73		11.44			60			.36			.36			.74			.92
10/31/2018		18.10		.12			.25			.37			(.12	)		(.49	)		(.61	)		17.86		2.01			54			.36			.36			.74			.66
10/31/2017		15.18		.15			3.42			3.57			(.15	)		(.50	)		(.65	)		18.10		24.40			48			.36			.36			.75			.91
10/31/2016		15.40		.09			.40			.49			(.11	)		(.60	)		(.71	)		15.18		3.29			31			.40			.38			.82			.59
10/31/2015		15.36		.06			.46			.52			(.12	)		(.36	)		(.48	)		15.40		3.42			23			.47			.37			.80			.40
Class R-5E:
4/30/20206,7		18.75		.16			(.42	)		(.26	)		(.21	)		(.94	)		(1.15	)		17.34		(1.97	)8		19			.16	9		.16	9		.53	9		1.76	9
10/31/2019		17.88		.17			1.73			1.90			(.20	)		(.83	)		(1.03	)		18.75		11.69			16			.16			.16			.54			.97
10/31/2018		18.13		.14			.27			.41			(.17	)		(.49	)		(.66	)		17.88		2.22			9			.16			.16			.54			.75
10/31/2017		15.18		(.02	)		3.63			3.61			(.16	)		(.50	)		(.66	)		18.13		24.71			6			.17			.17			.56			(.14	)
10/31/20166,16		15.52		.12			.28			.40			(.14	)		(.60	)		(.74	)		15.18		2.73	8		—	12		.26	9		.25	9		.69	9		.89	9

50 American Funds Portfolio Series

Growth Portfolio

			(Loss) income from investment operations1								Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income (loss) to average net assets3
Class R-5:
4/30/20206,7	$	18.95	$	.18	$	(.44	)	$	(.26	)	$	(.22	)	$	(.94	)	$	(1.16	)	$	17.53		(1.94	)%8	$	23		.06	%9		.06	%9		.43	%9		1.94	%9
10/31/2019		18.06		.22		1.71			1.93			(.21	)		(.83	)		(1.04	)		18.95		11.78			24		.07			.07			.45			1.20
10/31/2018		18.28		.18		.26			.44			(.17	)		(.49	)		(.66	)		18.06		2.36			26		.07			.07			.45			.93
10/31/2017		15.33		.20		3.44			3.64			(.19	)		(.50	)		(.69	)		18.28		24.70			22		.07			.07			.46			1.21
10/31/2016		15.53		.13		.41			.54			(.14	)		(.60	)		(.74	)		15.33		3.62			10		.10			.08			.52			.85
10/31/2015		15.42		.10		.47			.57			(.10	)		(.36	)		(.46	)		15.53		3.76			5		.17			.07			.50			.66
Class R-6:
4/30/20206,7		18.91		.18		(.43	)		(.25	)		(.23	)		(.94	)		(1.17	)		17.49		(1.90	)8		105		.02	9		.02	9		.39	9		1.94	9
10/31/2019		18.03		.21		1.72			1.93			(.22	)		(.83	)		(1.05	)		18.91		11.81			132		.02			.02			.40			1.15
10/31/2018		18.25		.18		.27			.45			(.18	)		(.49	)		(.67	)		18.03		2.40			87		.02			.02			.40			.94
10/31/2017		15.30		.20		3.44			3.64			(.19	)		(.50	)		(.69	)		18.25		24.79			63		.02			.02			.41			1.21
10/31/2016		15.50		.16		.39			.55			(.15	)		(.60	)		(.75	)		15.30		3.66			41		.05			.03			.47			1.05
10/31/2015		15.43		.16		.42			.58			(.15	)		(.36	)		(.51	)		15.50		3.83			46		.13			.03			.46			1.00

See end of tables for footnotes.

American Funds Portfolio Series 51

Financial highlights (continued)

Growth and Income Portfolio

				(Loss) income from investment operations1								Dividends and distributions															Ratio of		Ratio of
Period ended		Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4		expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5		Ratio of net income to average net assets3
Class A:
4/30/20206,7	$	15.29	$	.16	$	(.44	)	$	(.28	)	$	(.17	)	$	(.55	)	$	(.72	)	$	14.29	(2.11	)%8	$	6,124		.36	%9	.36	%9	.69	%9	2.21	%9
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29	11.02			6,248		.36		.36		.68		2.04
10/31/2018		15.06		.27		(.17	)		.10			(.26	)		(.27	)		(.53	)		14.63	.56			5,354		.35		.35		.68		1.74
10/31/2017		13.36		.27		2.02			2.29			(.27	)		(.32	)		(.59	)		15.06	17.69			4,836		.33		.33		.66		1.91
10/31/2016		13.44		.26		.25			.51			(.24	)		(.35	)		(.59	)		13.36	3.98			3,924		.35		.34		.71		2.02
10/31/2015		13.80		.26		(.17	)		.09			(.27	)		(.18	)		(.45	)		13.44	.70			3,363		.42		.32		.69		1.95
Class C:
4/30/20206,7		15.19		.11		(.44	)		(.33	)		(.12	)		(.55	)		(.67	)		14.19	(2.50	)8		1,200		1.09	9	1.09	9	1.42	9	1.48	9
10/31/2019		14.54		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.19	10.20			1,262		1.09		1.09		1.41		1.31
10/31/2018		14.97		.15		(.16	)		(.01	)		(.15	)		(.27	)		(.42	)		14.54	(.18	)		1,155		1.09		1.09		1.42		1.00
10/31/2017		13.28		.16		2.01			2.17			(.16	)		(.32	)		(.48	)		14.97	16.84			1,111		1.11		1.11		1.44		1.15
10/31/2016		13.37		.16		.25			.41			(.15	)		(.35	)		(.50	)		13.28	3.16			923		1.13		1.12		1.49		1.23
10/31/2015		13.74		.15		(.17	)		(.02	)		(.17	)		(.18	)		(.35	)		13.37	(.12	)		737		1.21		1.11		1.48		1.14
Class T:
4/30/20206,7		15.29		.19		(.44	)		(.25	)		(.20	)		(.55	)		(.75	)		14.29	(1.97	)8,11		—	12	.08	9,11	.08	9,11	.41	9,11	2.51	9,11
10/31/2019		14.63		.34		1.20			1.54			(.34	)		(.54	)		(.88	)		15.29	11.33	11		—	12	.08	11	.08	11	.40	11	2.35	11
10/31/2018		15.06		.31		(.17	)		.14			(.30	)		(.27	)		(.57	)		14.63	.82	11		—	12	.08	11	.08	11	.41	11	2.02	11
10/31/20176,13		13.85		.14		1.19			1.33			(.12	)		—			(.12	)		15.06	9.67	8,11		—	12	.11	9,11	.11	9,11	.44	9,11	1.66	9,11
Class F-1:
4/30/20206,7		15.29		.16		(.45	)		(.29	)		(.17	)		(.55	)		(.72	)		14.28	(2.19	)8		183		.38	9	.38	9	.71	9	2.18	9
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29	11.00			180		.38		.38		.70		2.01
10/31/2018		15.06		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.63	.53			156		.38		.38		.71		1.72
10/31/2017		13.35		.26		2.03			2.29			(.26	)		(.32	)		(.58	)		15.06	17.72			150		.39		.39		.72		1.87
10/31/2016		13.44		.26		.24			.50			(.24	)		(.35	)		(.59	)		13.35	3.86			111		.40		.39		.76		1.96
10/31/2015		13.80		.26		(.18	)		.08			(.26	)		(.18	)		(.44	)		13.44	.64			84		.48		.38		.75		1.90
Class F-2:
4/30/20206,7		15.31		.18		(.44	)		(.26	)		(.19	)		(.55	)		(.74	)		14.31	(1.99	)8		702		.12	9	.12	9	.45	9	2.45	9
10/31/2019		14.65		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.31	11.27			714		.12		.12		.44		2.26
10/31/2018		15.08		.30		(.16	)		.14			(.30	)		(.27	)		(.57	)		14.65	.79			598		.12		.12		.45		1.94
10/31/2017		13.37		.29		2.04			2.33			(.30	)		(.32	)		(.62	)		15.08	18.00			385		.13		.13		.46		2.08
10/31/2016		13.46		.29		.24			.53			(.27	)		(.35	)		(.62	)		13.37	4.11			203		.14		.13		.50		2.20
10/31/2015		13.82		.28		(.16	)		.12			(.30	)		(.18	)		(.48	)		13.46	.88			125		.23		.13		.50		2.08
Class F-3:
4/30/20206,7		15.30		.19		(.45	)		(.26	)		(.20	)		(.55	)		(.75	)		14.29	(2.01	)8		102		.02	9	.02	9	.35	9	2.56	9
10/31/2019		14.64		.35		1.20			1.55			(.35	)		(.54	)		(.89	)		15.30	11.40			107		.01		.01		.33		2.36
10/31/2018		15.07		.31		(.16	)		.15			(.31	)		(.27	)		(.58	)		14.64	.89			70		.01		.01		.34		2.03
10/31/20176,14		13.57		.19		1.50			1.69			(.19	)		—			(.19	)		15.07	12.57	8		28		.02	9	.02	9	.35	9	1.74	9

52 American Funds Portfolio Series

Growth and Income Portfolio

				(Loss) income from investment operations1								Dividends and distributions															Ratio of		Ratio of
Period ended		Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4		expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5		Ratio of net income to average net assets3
Class 529-A:
4/30/20206,7	$	15.28	$	.16	$	(.44	)	$	(.28	)	$	(.17	)	$	(.55	)	$	(.72	)	$	14.28	(2.13	)%8	$	597		.39	%9	.39	%9	.72	%9	2.17	%9
10/31/2019		14.62		.29		1.21			1.50			(.30	)		(.54	)		(.84	)		15.28	10.99			591		.39		.39		.71		2.00
10/31/2018		15.05		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.62	.52			504		.39		.39		.72		1.70
10/31/2017		13.35		.26		2.02			2.28			(.26	)		(.32	)		(.58	)		15.05	17.64			439		.39		.39		.72		1.85
10/31/2016		13.44		.25		.24			.49			(.23	)		(.35	)		(.58	)		13.35	3.81			329		.44		.43		.80		1.92
10/31/2015		13.80		.25		(.17	)		.08			(.26	)		(.18	)		(.44	)		13.44	.61			276		.51		.41		.78		1.87
Class 529-C:
4/30/20206,7		15.20		.10		(.43	)		(.33	)		(.11	)		(.55	)		(.66	)		14.21	(2.47	)8		155		1.14	9	1.14	9	1.47	9	1.41	9
10/31/2019		14.55		.18		1.20			1.38			(.19	)		(.54	)		(.73	)		15.20	10.13			164		1.15		1.15		1.47		1.26
10/31/2018		14.98		.14		(.17	)		(.03	)		(.13	)		(.27	)		(.40	)		14.55	(.27	)		155		1.15		1.15		1.48		.92
10/31/2017		13.29		.15		2.01			2.16			(.15	)		(.32	)		(.47	)		14.98	16.75			159		1.18		1.18		1.51		1.07
10/31/2016		13.38		.15		.24			.39			(.13	)		(.35	)		(.48	)		13.29	3.05			128		1.22		1.20		1.57		1.15
10/31/2015		13.74		.15		(.17	)		(.02	)		(.16	)		(.18	)		(.34	)		13.38	(.15	)		114		1.30		1.20		1.57		1.08
Class 529-E:
4/30/20206,7		15.25		.15		(.44	)		(.29	)		(.16	)		(.55	)		(.71	)		14.25	(2.25	)8		27		.61	9	.61	9	.94	9	1.96	9
10/31/2019		14.59		.26		1.21			1.47			(.27	)		(.54	)		(.81	)		15.25	10.77			27		.62		.62		.94		1.78
10/31/2018		15.02		.22		(.16	)		.06			(.22	)		(.27	)		(.49	)		14.59	.29			23		.62		.62		.95		1.46
10/31/2017		13.33		.23		2.00			2.23			(.22	)		(.32	)		(.54	)		15.02	17.31			21		.64		.64		.97		1.61
10/31/2016		13.41		.22		.25			.47			(.20	)		(.35	)		(.55	)		13.33	3.67			17		.68		.66		1.03		1.71
10/31/2015		13.78		.22		(.18	)		.04			(.23	)		(.18	)		(.41	)		13.41	.29			14		.76		.66		1.03		1.61
Class 529-T:
4/30/20206,7		15.29		.18		(.44	)		(.26	)		(.19	)		(.55	)		(.74	)		14.29	(2.00	)8,11		—	12	.13	9,11	.13	9,11	.46	9,11	2.43	9,11
10/31/2019		14.63		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.29	11.26	11		—	12	.14	11	.14	11	.46	11	2.26	11
10/31/2018		15.06		.30		(.17	)		.13			(.29	)		(.27	)		(.56	)		14.63	.75	11		—	12	.15	11	.15	11	.48	11	1.94	11
10/31/20176,13		13.85		.13		1.20			1.33			(.12	)		—			(.12	)		15.06	9.63	8,11		—	12	.18	9,11	.18	9,11	.51	9,11	1.59	9,11
Class 529-F-1:
4/30/20206,7		15.30		.18		(.45	)		(.27	)		(.19	)		(.55	)		(.74	)		14.29	(2.07	)8		57		.15	9	.15	9	.48	9	2.40	9
10/31/2019		14.64		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.30	11.25			56		.15		.15		.47		2.22
10/31/2018		15.07		.29		(.16	)		.13			(.29	)		(.27	)		(.56	)		14.64	.75			41		.15		.15		.48		1.92
10/31/2017		13.36		.29		2.03			2.32			(.29	)		(.32	)		(.61	)		15.07	17.95			34		.18		.18		.51		2.05
10/31/2016		13.45		.28		.24			.52			(.26	)		(.35	)		(.61	)		13.36	4.03			24		.21		.20		.57		2.12
10/31/2015		13.81		.28		(.17	)		.11			(.29	)		(.18	)		(.47	)		13.45	.81			19		.30		.20		.57		2.09
Class ABLE-A:
4/30/20206,7		15.27		.16		(.44	)		(.28	)		(.17	)		(.55	)		(.72	)		14.27	(2.12	)8		2		.41	9	.35	9	.68	9	2.15	9
10/31/2019		14.62		.27		1.23			1.50			(.31	)		(.54	)		(.85	)		15.27	11.02			1		.40		.34		.66		1.84
10/31/20186,15		15.52		.08		(.92	)		(.84	)		(.06	)		—			(.06	)		14.62	(5.45	)8		—	12	.11	8	.09	8	.42	8	.50	8

See end of tables for footnotes.

American Funds Portfolio Series 53

Financial highlights (continued)

Growth and Income Portfolio

				(Loss) income from investment operations1								Dividends and distributions															Ratio of		Ratio of
Period ended		Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4		expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5		Ratio of net income to average net assets3
Class R-1:
4/30/20206,7	$	15.21	$	.11	$	(.44	)	$	(.33	)	$	(.12	)	$	(.55	)	$	(.67	)	$	14.21	(2.50	)%8	$	14		1.10	%9	1.10	%9	1.43	%9	1.46	%9
10/31/2019		14.57		.18		1.20			1.38			(.20	)		(.54	)		(.74	)		15.21	10.14			14		1.11		1.11		1.43		1.24
10/31/2018		15.00		.14		(.15	)		(.01	)		(.15	)		(.27	)		(.42	)		14.57	(.19	)		9		1.10		1.10		1.43		.94
10/31/2017		13.30		.16		2.02			2.18			(.16	)		(.32	)		(.48	)		15.00	16.86			8		1.11		1.11		1.44		1.13
10/31/2016		13.39		.16		.24			.40			(.14	)		(.35	)		(.49	)		13.30	3.08			6		1.15		1.13		1.50		1.23
10/31/2015		13.75		.15		(.17	)		(.02	)		(.16	)		(.18	)		(.34	)		13.39	(.11	)		7		1.22		1.12		1.49		1.12
Class R-2:
4/30/20206,7		15.17		.11		(.44	)		(.33	)		(.12	)		(.55	)		(.67	)		14.17	(2.51	)8		147		1.08	9	1.08	9	1.41	9	1.49	9
10/31/2019		14.52		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.17	10.23			155		1.09		1.09		1.41		1.31
10/31/2018		14.96		.15		(.17	)		(.02	)		(.15	)		(.27	)		(.42	)		14.52	(.23	)		137		1.09		1.09		1.42		1.00
10/31/2017		13.27		.16		2.01			2.17			(.16	)		(.32	)		(.48	)		14.96	16.88			122		1.10		1.10		1.43		1.14
10/31/2016		13.37		.16		.24			.40			(.15	)		(.35	)		(.50	)		13.27	3.08			91		1.15		1.14		1.51		1.20
10/31/2015		13.74		.15		(.17	)		(.02	)		(.17	)		(.18	)		(.35	)		13.37	(.12	)		63		1.24		1.14		1.51		1.09
Class R-2E:
4/30/20206,7		15.25		.13		(.45	)		(.32	)		(.14	)		(.55	)		(.69	)		14.24	(2.42	)8		14		.82	9	.82	9	1.15	9	1.81	9
10/31/2019		14.59		.22		1.22			1.44			(.24	)		(.54	)		(.78	)		15.25	10.57			14		.81		.81		1.13		1.53
10/31/2018		15.02		.19		(.16	)		.03			(.19	)		(.27	)		(.46	)		14.59	.10			9		.82		.82		1.15		1.27
10/31/2017		13.33		.20		2.02			2.22			(.21	)		(.32	)		(.53	)		15.02	17.17			8		.80		.80		1.13		1.44
10/31/2016		13.44		.16		.29			.45			(.21	)		(.35	)		(.56	)		13.33	3.47			4		.82		.82		1.19		1.19
10/31/2015		13.80		.28		(.18	)		.10			(.28	)		(.18	)		(.46	)		13.44	.76	11		—	12	.36	11	.25	11	.62	11	2.07	11
Class R-3:
4/30/20206,7		15.24		.14		(.45	)		(.31	)		(.15	)		(.55	)		(.70	)		14.23	(2.34	)8		107		.66	9	.66	9	.99	9	1.91	9
10/31/2019		14.58		.25		1.21			1.46			(.26	)		(.54	)		(.80	)		15.24	10.72			110		.66		.66		.98		1.71
10/31/2018		15.01		.22		(.17	)		.05			(.21	)		(.27	)		(.48	)		14.58	.26			93		.66		.66		.99		1.42
10/31/2017		13.31		.22		2.02			2.24			(.22	)		(.32	)		(.54	)		15.01	17.39			82		.65		.65		.98		1.58
10/31/2016		13.41		.22		.23			.45			(.20	)		(.35	)		(.55	)		13.31	3.51			60		.70		.69		1.06		1.66
10/31/2015		13.77		.22		(.17	)		.05			(.23	)		(.18	)		(.41	)		13.41	.36			41		.78		.68		1.05		1.59
Class R-4:
4/30/20206,7		15.29		.17		(.46	)		(.29	)		(.17	)		(.55	)		(.72	)		14.28	(2.18	)8		69		.36	9	.36	9	.69	9	2.23	9
10/31/2019		14.63		.29		1.21			1.50			(.30	)		(.54	)		(.84	)		15.29	11.02			70		.36		.36		.68		2.00
10/31/2018		15.05		.27		(.16	)		.11			(.26	)		(.27	)		(.53	)		14.63	.61			64		.36		.36		.69		1.75
10/31/2017		13.35		.26		2.02			2.28			(.26	)		(.32	)		(.58	)		15.05	17.68			74		.36		.36		.69		1.88
10/31/2016		13.44		.26		.24			.50			(.24	)		(.35	)		(.59	)		13.35	3.88			55		.39		.38		.75		1.99
10/31/2015		13.80		.22		(.13	)		.09			(.27	)		(.18	)		(.45	)		13.44	.67			35		.46		.36		.73		1.66
Class R-5E:
4/30/20206,7		15.28		.17		(.44	)		(.27	)		(.19	)		(.55	)		(.74	)		14.27	(2.08	)8		12		.16	9	.16	9	.49	9	2.33	9
10/31/2019		14.62		.31		1.22			1.53			(.33	)		(.54	)		(.87	)		15.28	11.26			10		.16		.16		.48		2.12
10/31/2018		15.05		.29		(.16	)		.13			(.29	)		(.27	)		(.56	)		14.62	.76			6		.16		.16		.49		1.88
10/31/2017		13.34		.02		2.31			2.33			(.30	)		(.32	)		(.62	)		15.05	18.06			4		.17		.16		.49		.12
10/31/20166,16		13.41		.28		.26			.54			(.26	)		(.35	)		(.61	)		13.34	4.20	8		—	12	.25	9	.24	9	.61	9	2.28	9

54 American Funds Portfolio Series

Growth and Income Portfolio

				(Loss) income from investment operations1								Dividends and distributions														Ratio of		Ratio of
Period ended		Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return2,3			Net assets, end of period (in millions)	expenses to average net assets before waivers/ reimburse- ments4		expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5		Ratio of net income to average net assets3
Class R-5:
4/30/20206,7	$	15.35	$	.19	$	(.45	)	$	(.26	)	$	(.20	)	$	(.55	)	$	(.75	)	$	14.34	(2.02	)%8	$	21	.07	%9	.07	%9	.40	%9	2.51	%9
10/31/2019		14.68		.35		1.21			1.56			(.35	)		(.54	)		(.89	)		15.35	11.37			21	.07		.07		.39		2.35
10/31/2018		15.11		.31		(.17	)		.14			(.30	)		(.27	)		(.57	)		14.68	.84			21	.07		.07		.40		2.03
10/31/2017		13.40		.30		2.03			2.33			(.30	)		(.32	)		(.62	)		15.11	18.03			18	.07		.07		.40		2.08
10/31/2016		13.48		.30		.25			.55			(.28	)		(.35	)		(.63	)		13.40	4.23			7	.09		.08		.45		2.24
10/31/2015		13.84		.29		(.17	)		.12			(.30	)		(.18	)		(.48	)		13.48	.94			3	.17		.07		.44		2.16
Class R-6:
4/30/20206,7		15.32		.19		(.44	)		(.25	)		(.20	)		(.55	)		(.75	)		14.32	(1.94	)8		233	.02	9	.02	9	.35	9	2.56	9
10/31/2019		14.66		.35		1.20			1.55			(.35	)		(.54	)		(.89	)		15.32	11.38			208	.02		.02		.34		2.35
10/31/2018		15.09		.32		(.17	)		.15			(.31	)		(.27	)		(.58	)		14.66	.89			119	.02		.02		.35		2.08
10/31/2017		13.38		.31		2.03			2.34			(.31	)		(.32	)		(.63	)		15.09	18.11			83	.02		.02		.35		2.19
10/31/2016		13.46		.30		.25			.55			(.28	)		(.35	)		(.63	)		13.38	4.28			52	.04		.02		.39		2.32
10/31/2015		13.82		.30		(.17	)		.13			(.31	)		(.18	)		(.49	)		13.46	.98			44	.12		.02		.39		2.20

See end of tables for footnotes.

American Funds Portfolio Series 55

Financial highlights (continued)

Moderate Growth and Income Portfolio

				(Loss) income from investment operations1								Dividends and distributions															Ratio of		Ratio of
Period ended		Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4		expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5		Ratio of net income to average net assets3
Class A:
4/30/20206,7	$	15.27	$	.15	$	(.43	)	$	(.28	)	$	(.17	)	$	(.30	)	$	(.47	)	$	14.52	(2.01	)%8	$	5,621		.35	%9	.35	%9	.67	%9	2.00	%9
10/31/2019		14.29		.28		1.34			1.62			(.29	)		(.35	)		(.64	)		15.27	11.86			5,621		.35		.35		.72		1.93
10/31/2018		14.86		.26		(.29	)		(.03	)		(.25	)		(.29	)		(.54	)		14.29	(.27	)		4,655		.35		.35		.73		1.75
10/31/2017		13.38		.23		1.75			1.98			(.24	)		(.26	)		(.50	)		14.86	15.23			4,073		.35		.35		.73		1.68
10/31/2016		13.41		.21		.24			.45			(.21	)		(.27	)		(.48	)		13.38	3.45			3,209		.37		.35		.73		1.57
10/31/2015		13.32		.20		.17			.37			(.19	)		(.09	)		(.28	)		13.41	2.76			2,586		.42		.32		.70		1.51
Class C:
4/30/20206,7		15.17		.10		(.43	)		(.33	)		(.11	)		(.30	)		(.41	)		14.43	(2.33	)8		1,125		1.07	9	1.07	9	1.39	9	1.28	9
10/31/2019		14.20		.18		1.32			1.50			(.18	)		(.35	)		(.53	)		15.17	11.05			1,174		1.08		1.08		1.45		1.22
10/31/2018		14.77		.15		(.29	)		(.14	)		(.14	)		(.29	)		(.43	)		14.20	(1.00	)		1,081		1.08		1.08		1.46		1.02
10/31/2017		13.30		.13		1.73			1.86			(.13	)		(.26	)		(.39	)		14.77	14.38			1,032		1.11		1.11		1.49		.92
10/31/2016		13.34		.10		.24			.34			(.11	)		(.27	)		(.38	)		13.30	2.65			866		1.13		1.12		1.50		.80
10/31/2015		13.26		.09		.17			.26			(.09	)		(.09	)		(.18	)		13.34	1.96			658		1.21		1.11		1.49		.71
Class T:
4/30/20206,7		15.28		.17		(.43	)		(.26	)		(.19	)		(.30	)		(.49	)		14.53	(1.87	)8,11		—	12	.08	9,11	.08	9,11	.40	9,11	2.29	9,11
10/31/2019		14.29		.33		1.33			1.66			(.32	)		(.35	)		(.67	)		15.28	12.22	11		—	12	.08	11	.08	11	.45	11	2.22	11
10/31/2018		14.87		.30		(.30	)		—	10		(.29	)		(.29	)		(.58	)		14.29	(.08	)11		—	12	.08	11	.08	11	.46	11	2.03	11
10/31/20176,13		13.76		.13		1.10			1.23			(.12	)		—			(.12	)		14.87	8.96	8,11		—	12	.11	9,11	.11	9,11	.49	9,11	1.59	9,11
Class F-1:
4/30/20206,7		15.27		.15		(.43	)		(.28	)		(.16	)		(.30	)		(.46	)		14.53	(1.96	)8		149		.38	9	.38	9	.70	9	1.96	9
10/31/2019		14.29		.28		1.33			1.61			(.28	)		(.35	)		(.63	)		15.27	11.82			152		.38		.38		.75		1.91
10/31/2018		14.86		.26		(.29	)		(.03	)		(.25	)		(.29	)		(.54	)		14.29	(.30	)		138		.38		.38		.76		1.72
10/31/2017		13.38		.23		1.74			1.97			(.23	)		(.26	)		(.49	)		14.86	15.15			140		.39		.39		.77		1.61
10/31/2016		13.41		.20		.24			.44			(.20	)		(.27	)		(.47	)		13.38	3.43			137		.40		.39		.77		1.50
10/31/2015		13.32		.19		.17			.36			(.18	)		(.09	)		(.27	)		13.41	2.71			85		.48		.38		.76		1.46
Class F-2:
4/30/20206,7		15.30		.17		(.44	)		(.27	)		(.18	)		(.30	)		(.48	)		14.55	(1.89	)8		733		.12	9	.12	9	.44	9	2.24	9
10/31/2019		14.31		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.30	12.16			756		.12		.12		.49		2.14
10/31/2018		14.88		.29		(.28	)		.01			(.29	)		(.29	)		(.58	)		14.31	(.03	)		611		.12		.12		.50		1.97
10/31/2017		13.40		.26		1.75			2.01			(.27	)		(.26	)		(.53	)		14.88	15.45			401		.13		.13		.51		1.87
10/31/2016		13.43		.23		.25			.48			(.24	)		(.27	)		(.51	)		13.40	3.68			222		.14		.13		.51		1.77
10/31/2015		13.33		.23		.17			.40			(.21	)		(.09	)		(.30	)		13.43	3.03			104		.23		.13		.51		1.69
Class F-3:
4/30/20206,7		15.28		.17		(.43	)		(.26	)		(.19	)		(.30	)		(.49	)		14.53	(1.84	)8		138		.01	9	.01	9	.33	9	2.33	9
10/31/2019		14.29		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.28	12.30			136		.01		.01		.38		2.23
10/31/2018		14.87		.31		(.30	)		.01			(.30	)		(.29	)		(.59	)		14.29	.00			76		.01		.01		.39		2.06
10/31/20176,14		13.48		.17		1.38			1.55			(.16	)		—			(.16	)		14.87	11.58	8		44		.02	9	.02	9	.40	9	1.55	9

56 American Funds Portfolio Series

Moderate Growth and Income Portfolio

				(Loss) income from investment operations1								Dividends and distributions															Ratio of		Ratio of
Period ended		Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period	Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4		expenses to average net assets after waivers/ reimburse- ments3,4		Net effective expense ratio3,5		Ratio of net income to average net assets3
Class 529-A:
4/30/20206,7	$	15.27	$	.15	$	(.43	)	$	(.28	)	$	(.17	)	$	(.30	)	$	(.47	)	$	14.52	(2.02	)%8	$	377		.37	%9	.37	%9	.69	%9	1.98	%9
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27	11.90			385		.38		.38		.75		1.91
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28	(.37	)		332		.39		.39		.77		1.72
10/31/2017		13.38		.22		1.75			1.97			(.23	)		(.26	)		(.49	)		14.86	15.14			280		.42		.42		.80		1.60
10/31/2016		13.41		.20		.24			.44			(.20	)		(.27	)		(.47	)		13.38	3.38			213		.44		.42		.80		1.50
10/31/2015		13.32		.19		.17			.36			(.18	)		(.09	)		(.27	)		13.41	2.66			182		.52		.42		.80		1.42
Class 529-C:
4/30/20206,7		15.20		.09		(.42	)		(.33	)		(.11	)		(.30	)		(.41	)		14.46	(2.36	)8		110		1.12	9	1.12	9	1.44	9	1.23	9
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20	11.03			118		1.13		1.13		1.50		1.17
10/31/2018		14.79		.14		(.29	)		(.15	)		(.13	)		(.29	)		(.42	)		14.22	(1.09	)		117		1.15		1.15		1.53		.93
10/31/2017		13.32		.12		1.73			1.85			(.12	)		(.26	)		(.38	)		14.79	14.27			122		1.18		1.18		1.56		.84
10/31/2016		13.35		.09		.24			.33			(.09	)		(.27	)		(.36	)		13.32	2.61			102		1.22		1.21		1.59		.72
10/31/2015		13.27		.09		.16			.25			(.08	)		(.09	)		(.17	)		13.35	1.84			92		1.30		1.20		1.58		.64
Class 529-E:
4/30/20206,7		15.24		.13		(.43	)		(.30	)		(.15	)		(.30	)		(.45	)		14.49	(2.14	)8		15		.60	9	.60	9	.92	9	1.78	9
10/31/2019		14.25		.25		1.34			1.59			(.25	)		(.35	)		(.60	)		15.24	11.67			15		.61		.61		.98		1.69
10/31/2018		14.83		.22		(.30	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25	(.60	)		13		.62		.62		1.00		1.48
10/31/2017		13.36		.19		1.74			1.93			(.20	)		(.26	)		(.46	)		14.83	14.88			11		.64		.64		1.02		1.40
10/31/2016		13.39		.17		.24			.41			(.17	)		(.27	)		(.44	)		13.36	3.16			9		.67		.66		1.04		1.26
10/31/2015		13.30		.16		.17			.33			(.15	)		(.09	)		(.24	)		13.39	2.43			7		.77		.67		1.05		1.16
Class 529-T:
4/30/20206,7		15.28		.17		(.44	)		(.27	)		(.18	)		(.30	)		(.48	)		14.53	(1.90	)8,11		—	12	.13	9,11	.13	9,11	.45	9,11	2.22	9,11
10/31/2019		14.29		.32		1.34			1.66			(.32	)		(.35	)		(.67	)		15.28	12.16	11		—	12	.13	11	.13	11	.50	11	2.16	11
10/31/2018		14.87		.29		(.30	)		(.01	)		(.28	)		(.29	)		(.57	)		14.29	(.13	)11		—	12	.14	11	.14	11	.52	11	1.96	11
10/31/20176,13		13.76		.12		1.10			1.22			(.11	)		—			(.11	)		14.87	8.92	8,11		—	12	.18	9,11	.18	9,11	.56	9,11	1.52	9,11
Class 529-F-1:
4/30/20206,7		15.29		.17		(.44	)		(.27	)		(.18	)		(.30	)		(.48	)		14.54	(1.90	)8		51		.13	9	.13	9	.45	9	2.23	9
10/31/2019		14.30		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.29	12.16			49		.13		.13		.50		2.15
10/31/2018		14.88		.29		(.30	)		(.01	)		(.28	)		(.29	)		(.57	)		14.30	(.14	)		40		.15		.15		.53		1.95
10/31/2017		13.39		.26		1.75			2.01			(.26	)		(.26	)		(.52	)		14.88	15.46			31		.18		.18		.56		1.84
10/31/2016		13.42		.23		.23			.46			(.22	)		(.27	)		(.49	)		13.39	3.60			22		.22		.20		.58		1.71
10/31/2015		13.33		.22		.16			.38			(.20	)		(.09	)		(.29	)		13.42	2.89			17		.30		.20		.58		1.64
Class ABLE-A:
4/30/20206,7		15.26		.14		(.41	)		(.27	)		(.17	)		(.30	)		(.47	)		14.52	(1.95	)8		1		.40	9	.34	9	.66	9	1.95	9
10/31/2019		14.29		.26		1.35			1.61			(.29	)		(.35	)		(.64	)		15.26	11.85			1		.40		.33		.70		1.78
10/31/20186,15		15.02		.07		(.73	)		(.66	)		(.07	)		—			(.07	)		14.29	(4.40	)8		—	12	.10	8	.08	8	.46	8	.46	8

See end of tables for footnotes.

American Funds Portfolio Series 57

Financial highlights (continued)

Moderate Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-1:
4/30/20206,7	$	15.20	$	.09	$	(.43	)	$	(.34	)	$	(.10	)	$	(.30	)	$	(.40	)	$	14.46		(2.37	)%8	$	11			1.12	%9		1.12	%9		1.44	%9		1.21	%9
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20		11.04			13			1.12			1.12			1.49			1.20
10/31/2018		14.80		.15		(.30	)		(.15	)		(.14	)		(.29	)		(.43	)		14.22		(1.07	)		12			1.11			1.11			1.49			.99
10/31/2017		13.33		.13		1.73			1.86			(.13	)		(.26	)		(.39	)		14.80		14.32			10			1.11			1.11			1.49			.94
10/31/2016		13.36		.10		.24			.34			(.10	)		(.27	)		(.37	)		13.33		2.66			10			1.15			1.13			1.51			.78
10/31/2015		13.27		.09		.18			.27			(.09	)		(.09	)		(.18	)		13.36		1.99			9			1.22			1.12			1.50			.70
Class R-2:
4/30/20206,7		15.18		.10		(.44	)		(.34	)		(.11	)		(.30	)		(.41	)		14.43		(2.40	)8		117			1.09	9		1.09	9		1.41	9		1.28	9
10/31/2019		14.20		.17		1.34			1.51			(.18	)		(.35	)		(.53	)		15.18		11.11			124			1.10			1.10			1.47			1.20
10/31/2018		14.78		.15		(.29	)		(.14	)		(.15	)		(.29	)		(.44	)		14.20		(1.06	)		106			1.10			1.10			1.48			1.01
10/31/2017		13.31		.13		1.73			1.86			(.13	)		(.26	)		(.39	)		14.78		14.39			100			1.09			1.09			1.47			.92
10/31/2016		13.35		.10		.24			.34			(.11	)		(.27	)		(.38	)		13.31		2.63			75			1.16			1.14			1.52			.76
10/31/2015		13.27		.09		.17			.26			(.09	)		(.09	)		(.18	)		13.35		1.92			54			1.24			1.14			1.52			.67
Class R-2E:
4/30/20206,7		15.26		.11		(.43	)		(.32	)		(.13	)		(.30	)		(.43	)		14.51		(2.26	)8		11			.82	9		.82	9		1.14	9		1.52	9
10/31/2019		14.28		.21		1.34			1.55			(.22	)		(.35	)		(.57	)		15.26		11.38			11			.81			.81			1.18			1.42
10/31/2018		14.82		.16		(.27	)		(.11	)		(.14	)		(.29	)		(.43	)		14.28		(.82	)		7			.85			.85			1.23			1.10
10/31/2017		13.36		.15		1.76			1.91			(.19	)		(.26	)		(.45	)		14.82		14.74			16			.80			.80			1.18			1.08
10/31/2016		13.40		.09		.31			.40			(.17	)		(.27	)		(.44	)		13.36		3.09			3			.82			.82			1.20			.73
10/31/2015		13.31		.22		.16			.38			(.20	)		(.09	)		(.29	)		13.40		2.82	11		—	12		.35	11		.25	11		.63	11		1.61	11
Class R-3:
4/30/20206,7		15.23		.13		(.43	)		(.30	)		(.14	)		(.30	)		(.44	)		14.49		(2.11	)8		128			.66	9		.66	9		.98	9		1.69	9
10/31/2019		14.25		.24		1.33			1.57			(.24	)		(.35	)		(.59	)		15.23		11.54			135			.66			.66			1.03			1.62
10/31/2018		14.83		.21		(.29	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25		(.64	)		119			.66			.66			1.04			1.43
10/31/2017		13.35		.19		1.74			1.93			(.19	)		(.26	)		(.45	)		14.83		14.91			105			.65			.65			1.03			1.36
10/31/2016		13.38		.16		.24			.40			(.16	)		(.27	)		(.43	)		13.35		3.13			80			.71			.69			1.07			1.24
10/31/2015		13.30		.15		.17			.32			(.15	)		(.09	)		(.24	)		13.38		2.38			63			.78			.68			1.06			1.15
Class R-4:
4/30/20206,7		15.27		.15		(.42	)		(.27	)		(.17	)		(.30	)		(.47	)		14.53		(1.95	)8		88			.36	9		.36	9		.68	9		2.01	9
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27		11.90			97			.36			.36			.73			1.92
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28		(.35	)		99			.36			.36			.74			1.75
10/31/2017		13.38		.23		1.75			1.98			(.24	)		(.26	)		(.50	)		14.86		15.24			94			.35			.35			.73			1.67
10/31/2016		13.41		.21		.23			.44			(.20	)		(.27	)		(.47	)		13.38		3.43			55			.40			.38			.76			1.62
10/31/2015		13.32		.19		.17			.36			(.18	)		(.09	)		(.27	)		13.41		2.72			53			.46			.36			.74			1.45
Class R-5E:
4/30/20206,7		15.28		.16		(.42	)		(.26	)		(.18	)		(.30	)		(.48	)		14.54		(1.86	)8		13			.16	9		.16	9		.48	9		2.13	9
10/31/2019		14.30		.30		1.34			1.64			(.31	)		(.35	)		(.66	)		15.28		12.05			14			.16			.16			.53			2.08
10/31/2018		14.87		.28		(.28	)		—	10		(.28	)		(.29	)		(.57	)		14.30		(.06	)		10			.15			.15			.53			1.84
10/31/2017		13.38		.17		1.83			2.00			(.25	)		(.26	)		(.51	)		14.87		15.41			7			.16			.16			.54			1.22
10/31/20166,16		13.44		.20		.23			.43			(.22	)		(.27	)		(.49	)		13.38		3.38	8		—	12		.26	9		.25	9		.63	9		1.60	9

58 American Funds Portfolio Series

Moderate Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-5:
4/30/20206,7	$	15.31	$	.17	$	(.43	)	$	(.26	)	$	(.19	)	$	(.30	)	$	(.49	)	$	14.56		(1.86	)%8	$	21		.07	%9		.07	%9		.39	%9		2.28	%9
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.21			22		.07			.07			.44			2.25
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.01			21		.07			.07			.45			2.04
10/31/2017		13.41		.27		1.74			2.01			(.27	)		(.26	)		(.53	)		14.89		15.50			19		.07			.07			.45			1.93
10/31/2016		13.43		.24		.25			.49			(.24	)		(.27	)		(.51	)		13.41		3.79			12		.10			.08			.46			1.85
10/31/2015		13.34		.24		.16			.40			(.22	)		(.09	)		(.31	)		13.43		3.00			11		.17			.07			.45			1.78
Class R-6:
4/30/20206,7		15.31		.17		(.43	)		(.26	)		(.19	)		(.30	)		(.49	)		14.56		(1.84	)8		387		.02	9		.02	9		.34	9		2.33	9
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.27			409		.02			.02			.39			2.26
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.06			288		.02			.02			.40			2.08
10/31/2017		13.40		.28		1.75			2.03			(.28	)		(.26	)		(.54	)		14.89		15.64			253		.02			.02			.40			1.96
10/31/2016		13.43		.24		.25			.49			(.25	)		(.27	)		(.52	)		13.40		3.77			138		.04			.02			.40			1.81
10/31/2015		13.34		.24		.17			.41			(.23	)		(.09	)		(.32	)		13.43		3.05			73		.12			.02			.40			1.77

See end of tables for footnotes.

American Funds Portfolio Series 59

Financial highlights (continued)

Conservative Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operation			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/20206,7	$	12.80	$	.22	$	(.78	)	$	(.56	)	$	(.23	)	$	(.17	)	$	(.40	)	$	11.84		(4.54	)%8	$	3,664			.34	%9		.34	%9		.61	%9		3.50	%9
10/31/2019		12.22		.41		.75			1.16			(.41	)		(.17	)		(.58	)		12.80		9.85			3,794			.34			.34			.63			3.28
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.27			3,225			.34			.34			.63			3.05
10/31/2017		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			3,175			.36			.36			.66			2.93
10/31/2016		11.55		.36		.24			.60			(.40	)		(.05	)		(.45	)		11.70		5.30			2,655			.36			.35			.65			3.13
10/31/2015		11.98		.40		(.42	)		(.02	)		(.37	)		(.04	)		(.41	)		11.55		(.18	)		2,265			.44			.34			.64			3.35
Class C:
4/30/20206,7		12.72		.17		(.77	)		(.60	)		(.18	)		(.17	)		(.35	)		11.77		(4.86	)8		646			1.06	9		1.06	9		1.33	9		2.78	9
10/31/2019		12.15		.32		.74			1.06			(.32	)		(.17	)		(.49	)		12.72		9.02			696			1.07			1.07			1.36			2.56
10/31/2018		12.55		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.15		(.49	)		654			1.08			1.08			1.37			2.31
10/31/2017		11.64		.26		.98			1.24			(.28	)		(.05	)		(.33	)		12.55		10.77			689			1.11			1.11			1.41			2.18
10/31/2016		11.49		.27		.24			.51			(.31	)		(.05	)		(.36	)		11.64		4.55			627			1.14			1.12			1.42			2.35
10/31/2015		11.93		.30		(.41	)		(.11	)		(.29	)		(.04	)		(.33	)		11.49		(.98	)		529			1.21			1.11			1.41			2.57
Class T:
4/30/20206,7		12.80		.24		(.78	)		(.54	)		(.25	)		(.17	)		(.42	)		11.84		(4.40	)8,11		—	12		.05	9,11		.05	9,11		.32	9,11		3.81	9,11
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.15	11		—	12		.05	11		.05	11		.34	11		3.59	11
10/31/2018		12.62		.42		(.35	)		.07			(.41	)		(.06	)		(.47	)		12.22		.52	11		—	12		.08	11		.08	11		.37	11		3.32	11
10/31/20176,13		12.11		.20		.50			.70			(.19	)		—			(.19	)		12.62		5.83	8,11		—	12		.11	9,11		.11	9,11		.41	9,11		2.84	9,11
Class F-1:
4/30/20206,7		12.80		.22		(.78	)		(.56	)		(.23	)		(.17	)		(.40	)		11.84		(4.56	)8		88			.38	9		.38	9		.65	9		3.48	9
10/31/2019		12.23		.40		.74			1.14			(.40	)		(.17	)		(.57	)		12.80		9.70			90			.38			.38			.67			3.25
10/31/2018		12.63		.39		(.35	)		.04			(.38	)		(.06	)		(.44	)		12.23		.22			75			.38			.38			.67			3.06
10/31/2017		11.70		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.63		11.66			88			.39			.39			.69			2.91
10/31/2016		11.55		.36		.23			.59			(.39	)		(.05	)		(.44	)		11.70		5.26			83			.41			.39			.69			3.09
10/31/2015		11.99		.39		(.42	)		(.03	)		(.37	)		(.04	)		(.41	)		11.55		(.30	)		72			.48			.38			.68			3.32
Class F-2:
4/30/20206,7		12.81		.23		(.78	)		(.55	)		(.24	)		(.17	)		(.41	)		11.85		(4.43	)8		354			.13	9		.13	9		.40	9		3.72	9
10/31/2019		12.24		.44		.73			1.17			(.43	)		(.17	)		(.60	)		12.81		9.98			411			.12			.12			.41			3.49
10/31/2018		12.64		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.24		.50			331			.12			.12			.41			3.25
10/31/2017		11.71		.38		1.00			1.38			(.40	)		(.05	)		(.45	)		12.64		11.95			264			.13			.13			.43			3.14
10/31/2016		11.56		.40		.22			.62			(.42	)		(.05	)		(.47	)		11.71		5.54			174			.14			.13			.43			3.45
10/31/2015		12.00		.42		(.42	)		—			(.40	)		(.04	)		(.44	)		11.56		(.06	)		77			.24			.14			.44			3.56
Class F-3:
4/30/20206,7		12.80		.24		(.78	)		(.54	)		(.25	)		(.17	)		(.42	)		11.84		(4.38	)8		59			.02	9		.02	9		.29	9		3.81	9
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.19			56			.02			.02			.31			3.63
10/31/2018		12.62		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.22		.60			45			.02			.02			.31			3.41
10/31/20176,14		11.96		.28		.67			.95			(.29	)		—			(.29	)		12.62		8.02	8		20			.02	9		.02	9		.32	9		2.96	9

60 American Funds Portfolio Series

Conservative Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operation			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-A:
4/30/20206,7	$	12.79	$	.22	$	(.78	)	$	(.56	)	$	(.23	)	$	(.17	)	$	(.40	)	$	11.83		(4.56	)%8	$	175			.37	%9		.37	%9		.64	%9		3.47	%9
10/31/2019		12.21		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.79		9.83			176			.36			.36			.65			3.24
10/31/2018		12.62		.38		(.35	)		.03			(.38	)		(.06	)		(.44	)		12.21		.14			137			.40			.40			.69			3.01
10/31/2017		11.69		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.62		11.64			100			.42			.42			.72			2.86
10/31/2016		11.54		.35		.23			.58			(.38	)		(.05	)		(.43	)		11.69		5.21			81			.44			.43			.73			3.05
10/31/2015		11.98		.38		(.42	)		(.04	)		(.36	)		(.04	)		(.40	)		11.54		(.35	)		71			.55			.45			.75			3.25
Class 529-C:
4/30/20206,7		12.73		.17		(.77	)		(.60	)		(.18	)		(.17	)		(.35	)		11.78		(4.88	)8		49			1.12	9		1.12	9		1.39	9		2.72	9
10/31/2019		12.16		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.73		8.96			54			1.12			1.12			1.41			2.49
10/31/2018		12.56		.28		(.34	)		(.06	)		(.28	)		(.06	)		(.34	)		12.16		(.57	)		46			1.14			1.14			1.43			2.21
10/31/2017		11.64		.26		.98			1.24			(.27	)		(.05	)		(.32	)		12.56		10.79			52			1.16			1.16			1.46			2.13
10/31/2016		11.50		.26		.23			.49			(.30	)		(.05	)		(.35	)		11.64		4.35			47			1.22			1.20			1.50			2.27
10/31/2015		11.93		.29		(.41	)		(.12	)		(.27	)		(.04	)		(.31	)		11.50		(1.01	)		45			1.30			1.20			1.50			2.49
Class 529-E:
4/30/20206,7		12.79		.20		(.78	)		(.58	)		(.21	)		(.17	)		(.38	)		11.83		(4.66	)8		7			.59	9		.59	9		.86	9		3.28	9
10/31/2019		12.21		.38		.74			1.12			(.37	)		(.17	)		(.54	)		12.79		9.55			6			.59			.59			.88			3.07
10/31/2018		12.61		.35		(.34	)		.01			(.35	)		(.06	)		(.41	)		12.21		(.01	)		7			.61			.61			.90			2.76
10/31/2017		11.69		.32		.98			1.30			(.33	)		(.05	)		(.38	)		12.61		11.31			7			.64			.64			.94			2.65
10/31/2016		11.53		.32		.25			.57			(.36	)		(.05	)		(.41	)		11.69		5.05			6			.68			.66			.96			2.81
10/31/2015		11.97		.35		(.41	)		(.06	)		(.34	)		(.04	)		(.38	)		11.53		(.56	)		6			.77			.67			.97			3.00
Class 529-T:
4/30/20206,7		12.80		.23		(.78	)		(.55	)		(.24	)		(.17	)		(.41	)		11.84		(4.43	)8,11		—	12		.11	9,11		.11	9,11		.38	9,11		3.73	9,11
10/31/2019		12.22		.44		.74			1.18			(.43	)		(.17	)		(.60	)		12.80		10.08	11		—	12		.11	11		.11	11		.40	11		3.51	11
10/31/2018		12.62		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.22		.46	11		—	12		.15	11		.15	11		.44	11		3.24	11
10/31/20176,13		12.11		.19		.51			.70			(.19	)		—			(.19	)		12.62		5.79	8,11		—	12		.19	9,11		.19	9,11		.49	9,11		2.77	9,11
Class 529-F-1:
4/30/20206,7		12.80		.23		(.78	)		(.55	)		(.24	)		(.17	)		(.41	)		11.84		(4.43	)8		33			.12	9		.12	9		.39	9		3.73	9
10/31/2019		12.23		.43		.74			1.17			(.43	)		(.17	)		(.60	)		12.80		9.99			32			.12			.12			.41			3.46
10/31/2018		12.63		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.23		.47			20			.14			.14			.43			3.29
10/31/2017		11.70		.38		.99			1.37			(.39	)		(.05	)		(.44	)		12.63		11.89			10			.18			.18			.48			3.13
10/31/2016		11.55		.38		.23			.61			(.41	)		(.05	)		(.46	)		11.70		5.45			9			.21			.20			.50			3.26
10/31/2015		11.99		.41		(.42	)		(.01	)		(.39	)		(.04	)		(.43	)		11.55		(.11	)		6			.30			.20			.50			3.50
Class ABLE-A:
4/30/20206,7		12.78		.22		(.78	)		(.56	)		(.23	)		(.17	)		(.40	)		11.82		(4.55	)8		1			.40	9		.33	9		.60	9		3.51	9
10/31/2019		12.22		.40		.74			1.14			(.41	)		(.17	)		(.58	)		12.78		9.72			—	12		.39			.32			.61			3.17
10/31/20186,15		12.54		.12		(.34	)		(.22	)		(.10	)		—			(.10	)		12.22		(1.75	)8		—	12		.09	8		.07	8		.36	8		.91	8

See end of tables for footnotes.

American Funds Portfolio Series 61

Financial highlights (continued)

Conservative Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-1:
4/30/20206,7	$	12.74	$	.17	$	(.78	)	$	(.61	)	$	(.18	)	$	(.17	)	$	(.35	)	$	11.78		(4.94	)%8	$	2			1.13	%9		1.13	%9		1.40	%9		2.72	%9
10/31/2019		12.17		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.74		8.93			2			1.14			1.14			1.43			2.48
10/31/2018		12.57		.29		(.35	)		(.06	)		(.28	)		(.06	)		(.34	)		12.17		(.54	)		1			1.12			1.12			1.41			2.31
10/31/2017		11.65		.26		.99			1.25			(.28	)		(.05	)		(.33	)		12.57		10.82			2			1.11			1.11			1.41			2.15
10/31/2016		11.50		.27		.24			.51			(.31	)		(.05	)		(.36	)		11.65		4.50			2			1.15			1.13			1.43			2.33
10/31/2015		11.94		.30		(.42	)		(.12	)		(.28	)		(.04	)		(.32	)		11.50		(1.03	)		1			1.22			1.12			1.42			2.56
Class R-2:
4/30/20206,7		12.72		.17		(.77	)		(.60	)		(.18	)		(.17	)		(.35	)		11.77		(4.86	)8		41			1.09	9		1.09	9		1.36	9		2.76	9
10/31/2019		12.16		.31		.74			1.05			(.32	)		(.17	)		(.49	)		12.72		8.93			44			1.10			1.10			1.39			2.52
10/31/2018		12.56		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.16		(.47	)		34			1.10			1.10			1.39			2.30
10/31/2017		11.64		.27		.98			1.25			(.28	)		(.05	)		(.33	)		12.56		10.88			32			1.09			1.09			1.39			2.19
10/31/2016		11.50		.27		.23			.50			(.31	)		(.05	)		(.36	)		11.64		4.44			27			1.17			1.15			1.45			2.33
10/31/2015		11.94		.30		(.41	)		(.11	)		(.29	)		(.04	)		(.33	)		11.50		(.99	)		22			1.24			1.14			1.44			2.55
Class R-2E:
4/30/20206,7		12.79		.19		(.78	)		(.59	)		(.20	)		(.17	)		(.37	)		11.83		(4.76	)8		1			.82	9		.82	9		1.09	9		3.05	9
10/31/2019		12.22		.34		.75			1.09			(.35	)		(.17	)		(.52	)		12.79		9.27			1			.82			.82			1.11			2.74
10/31/2018		12.61		.32		(.34	)		(.02	)		(.31	)		(.06	)		(.37	)		12.22		(.22	)		1			.83			.83			1.12			2.53
10/31/2017		11.69		.30		.98			1.28			(.31	)		(.05	)		(.36	)		12.61		11.14			—	12		.79			.79			1.09			2.51
10/31/2016		11.54		.19		.42			.61			(.41	)		(.05	)		(.46	)		11.69		5.39			—	12		.68			.67			.97			1.65
10/31/2015		11.98		.41		(.43	)		(.02	)		(.38	)		(.04	)		(.42	)		11.54		(.18	)11		—	12		.36	11		.25	11		.55	11		3.46	11
Class R-3:
4/30/20206,7		12.77		.20		(.78	)		(.58	)		(.21	)		(.17	)		(.38	)		11.81		(4.71	)8		33			.64	9		.64	9		.91	9		3.20	9
10/31/2019		12.20		.37		.74			1.11			(.37	)		(.17	)		(.54	)		12.77		9.43			34			.66			.66			.95			2.95
10/31/2018		12.60		.34		(.34	)		—	10		(.34	)		(.06	)		(.40	)		12.20		(.05	)		30			.66			.66			.95			2.74
10/31/2017		11.68		.32		.98			1.30			(.33	)		(.05	)		(.38	)		12.60		11.32			31			.65			.65			.95			2.66
10/31/2016		11.53		.32		.24			.56			(.36	)		(.05	)		(.41	)		11.68		4.98			25			.71			.69			.99			2.79
10/31/2015		11.97		.35		(.41	)		(.06	)		(.34	)		(.04	)		(.38	)		11.53		(.56	)		18			.78			.68			.98			2.99
Class R-4:
4/30/20206,7		12.80		.22		(.78	)		(.56	)		(.23	)		(.17	)		(.40	)		11.84		(4.55	)8		34			.36	9		.36	9		.63	9		3.49	9
10/31/2019		12.22		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.80		9.80			37			.37			.37			.66			3.21
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.24			31			.37			.37			.66			3.02
10/31/2017		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			36			.35			.35			.65			2.93
10/31/2016		11.55		.35		.24			.59			(.39	)		(.05	)		(.44	)		11.70		5.28			31			.40			.38			.68			3.07
10/31/2015		11.99		.38		(.41	)		(.03	)		(.37	)		(.04	)		(.41	)		11.55		(.27	)		19			.46			.36			.66			3.26
Class R-5E:
4/30/20206,7		12.79		.22		(.77	)		(.55	)		(.24	)		(.17	)		(.41	)		11.83		(4.46	)8		7			.17	9		.17	9		.44	9		3.57	9
10/31/2019		12.21		.42		.76			1.18			(.43	)		(.17	)		(.60	)		12.79		10.04			5			.16			.16			.45			3.36
10/31/2018		12.61		.40		(.33	)		.07			(.41	)		(.06	)		(.47	)		12.21		.46			4			.15			.15			.44			3.18
10/31/2017		11.69		.23		1.13			1.36			(.39	)		(.05	)		(.44	)		12.61		11.86			3			.16			.16			.46			1.81
10/31/20166,16		11.47		.42		.27			.69			(.42	)		(.05	)		(.47	)		11.69		6.14	8		—	12		.26	9		.25	9		.55	9		3.77	9

62 American Funds Portfolio Series

Conservative Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-5:
4/30/20206,7	$	12.83	$	.24	$	(.78	)	$	(.54	)	$	(.25	)	$	(.17	)	$	(.42	)	$	11.87		(4.39	)%8	$	6		.06	%9		.06	%9		.33	%9		3.82	%9
10/31/2019		12.25		.44		.75			1.19			(.44	)		(.17	)		(.61	)		12.83		10.11			8		.07			.07			.36			3.56
10/31/2018		12.65		.42		(.34	)		.08			(.42	)		(.06	)		(.48	)		12.25		.55			7		.07			.07			.36			3.33
10/31/2017		11.72		.39		.99			1.38			(.40	)		(.05	)		(.45	)		12.65		12.00			7		.07			.07			.37			3.21
10/31/2016		11.57		.39		.24			.63			(.43	)		(.05	)		(.48	)		11.72		5.56			4		.10			.08			.38			3.35
10/31/2015		12.00		.42		(.41	)		.01			(.40	)		(.04	)		(.44	)		11.57		.09			3		.18			.08			.38			3.58
Class R-6:
4/30/20206,7		12.82		.24		(.78	)		(.54	)		(.25	)		(.17	)		(.42	)		11.86		(4.38	)8		64		.02	9		.02	9		.29	9		3.80	9
10/31/2019		12.24		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.82		10.17			63		.02			.02			.31			3.61
10/31/2018		12.64		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.24		.59			37		.02			.02			.31			3.38
10/31/2017		11.72		.40		.98			1.38			(.41	)		(.05	)		(.46	)		12.64		11.96			33		.02			.02			.32			3.25
10/31/2016		11.56		.40		.24			.64			(.43	)		(.05	)		(.48	)		11.72		5.71			25		.04			.03			.33			3.43
10/31/2015		12.00		.43		(.42	)		.01			(.41	)		(.04	)		(.45	)		11.56		.05			17		.13			.03			.33			3.64

See end of tables for footnotes.

American Funds Portfolio Series 63

Financial highlights (continued)

Tax-Aware Conservative Growth and Income Portfolio

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/20206,7	$	14.05	$	.16	$	(.93	)	$	(.77	)	$	(.16	)	$	(.20	)	$	(.36	)	$	12.92		(5.61	)%8	$	2,072			.36	%9		.36	%9		.67	%9		2.37	%9
10/31/2019		13.22		.34		1.07			1.41			(.34	)		(.24	)		(.58	)		14.05		11.08			2,027			.35			.35			.68			2.54
10/31/2018		13.57		.34		(.14	)		.20			(.33	)		(.22	)		(.55	)		13.22		1.43			1,555			.38			.38			.72			2.47
10/31/2017		12.54		.34		1.13			1.47			(.33	)		(.11	)		(.44	)		13.57		12.03			1,229			.39			.39			.73			2.63
10/31/2016		12.40		.33		.22			.55			(.33	)		(.08	)		(.41	)		12.54		4.52			889			.43			.42			.78			2.69
10/31/2015		12.48		.34		(.07	)		.27			(.32	)		(.03	)		(.35	)		12.40		2.22			649			.53			.43			.79			2.74
Class C:
4/30/20206,7		13.94		.11		(.91	)		(.80	)		(.11	)		(.20	)		(.31	)		12.83		(5.85	)8		323			1.06	9		1.06	9		1.37	9		1.67	9
10/31/2019		13.13		.25		1.05			1.30			(.25	)		(.24	)		(.49	)		13.94		10.24			327			1.05			1.05			1.38			1.84
10/31/2018		13.49		.24		(.14	)		.10			(.24	)		(.22	)		(.46	)		13.13		.68			268			1.08			1.08			1.42			1.77
10/31/2017		12.46		.24		1.14			1.38			(.24	)		(.11	)		(.35	)		13.49		11.32			213			1.12			1.12			1.46			1.90
10/31/2016		12.34		.24		.21			.45			(.25	)		(.08	)		(.33	)		12.46		3.70			155			1.14			1.13			1.49			1.97
10/31/2015		12.43		.25		(.06	)		.19			(.25	)		(.03	)		(.28	)		12.34		1.50			101			1.23			1.13			1.49			2.04
Class T:
4/30/20206,7		14.05		.18		(.93	)		(.75	)		(.18	)		(.20	)		(.38	)		12.92		(5.46	)8,11		—	12		.06	9,11		.06	9,11		.37	9,11		2.67	9,11
10/31/2019		13.22		.39		1.06			1.45			(.38	)		(.24	)		(.62	)		14.05		11.40	11		—	12		.05	11		.05	11		.38	11		2.85	11
10/31/2018		13.57		.38		(.14	)		.24			(.37	)		(.22	)		(.59	)		13.22		1.72	11		—	12		.09	11		.09	11		.43	11		2.76	11
10/31/20176,13		12.81		.20		.74			.94			(.18	)		—			(.18	)		13.57		7.41	8,11		—	12		.12	9,11		.12	9,11		.46	9,11		2.72	9,11
Class F-1:
4/30/20206,7		14.04		.16		(.92	)		(.76	)		(.16	)		(.20	)		(.36	)		12.92		(5.56	)8		236			.40	9		.40	9		.71	9		2.33	9
10/31/2019		13.22		.34		1.06			1.40			(.34	)		(.24	)		(.58	)		14.04		10.96			247			.39			.39			.72			2.50
10/31/2018		13.57		.33		(.13	)		.20			(.33	)		(.22	)		(.55	)		13.22		1.44			188			.39			.39			.73			2.45
10/31/2017		12.53		.34		1.15			1.49			(.34	)		(.11	)		(.45	)		13.57		12.15			134			.39			.39			.73			2.59
10/31/2016		12.40		.33		.21			.54			(.33	)		(.08	)		(.41	)		12.53		4.47			39			.41			.40			.76			2.69
10/31/2015		12.48		.34		(.06	)		.28			(.33	)		(.03	)		(.36	)		12.40		2.24			22			.50			.40			.76			2.76
Class F-2:
4/30/20206,7		14.07		.18		(.93	)		(.75	)		(.18	)		(.20	)		(.38	)		12.94		(5.50	)8		250			.14	9		.14	9		.45	9		2.59	9
10/31/2019		13.24		.38		1.06			1.44			(.37	)		(.24	)		(.61	)		14.07		11.31			272			.13			.13			.46			2.76
10/31/2018		13.59		.37		(.14	)		.23			(.36	)		(.22	)		(.58	)		13.24		1.70			179			.13			.13			.47			2.71
10/31/2017		12.55		.37		1.14			1.51			(.36	)		(.11	)		(.47	)		13.59		12.36			101			.14			.14			.48			2.85
10/31/2016		12.42		.37		.20			.57			(.36	)		(.08	)		(.44	)		12.55		4.72			62			.15			.14			.50			2.95
10/31/2015		12.50		.37		(.06	)		.31			(.36	)		(.03	)		(.39	)		12.42		2.49			34			.25			.15			.51			3.01
Class F-3:
4/30/20206,7		14.06		.19		(.93	)		(.74	)		(.19	)		(.20	)		(.39	)		12.93		(5.45	)8		52			.03	9		.03	9		.34	9		2.71	9
10/31/2019		13.23		.39		1.07			1.46			(.39	)		(.24	)		(.63	)		14.06		11.43			54			.02			.02			.35			2.91
10/31/2018		13.58		.38		(.13	)		.25			(.38	)		(.22	)		(.60	)		13.23		1.80			53			.02			.02			.36			2.81
10/31/20176,14		12.62		.30		.93			1.23			(.27	)		—			(.27	)		13.58		9.83	8		21			.02	9		.02	9		.36	9		2.95	9

64 American Funds Portfolio Series

Preservation Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/20206,7	$	10.01	$	.09	$	.29		$	.38		$	(.10	)	$	—		$	(.10	)	$	10.29		3.78	%8	$	1,284			.41	%9		.41	%9		.68	%9		1.73	%9
10/31/2019		9.70		.18		.31			.49			(.18	)		—			(.18	)		10.01		5.07			1,035			.39			.39			.68			1.82
10/31/2018		9.91		.15		(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.63	)		929			.39			.39			.69			1.52
10/31/2017		10.03		.11		(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.08			988			.42			.42			.72			1.07
10/31/2016		9.95		.10		.09			.19			(.11	)		—			(.11	)		10.03		1.90			803			.42			.41			.71			1.05
10/31/2015		9.95		.11		—	10		.11			(.11	)		—			(.11	)		9.95		1.08			582			.51			.41			.71			1.09
Class C:
4/30/20206,7		10.00		.05		.29			.34			(.06	)		—			(.06	)		10.28		3.44	8		141			1.11	9		1.11	9		1.38	9		1.03	9
10/31/2019		9.68		.11		.32			.43			(.11	)		—			(.11	)		10.00		4.43			119			1.11			1.11			1.40			1.10
10/31/2018		9.90		.08		(.22	)		(.14	)		(.08	)		—			(.08	)		9.68		(1.45	)		120			1.11			1.11			1.41			.79
10/31/2017		10.01		.04		(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.90		(.53	)		155			1.13			1.13			1.43			.37
10/31/2016		9.93		.03		.09			.12			(.04	)		—			(.04	)		10.01		1.18			175			1.15			1.14			1.44			.32
10/31/2015		9.94		.04		(.01	)		.03			(.04	)		—			(.04	)		9.93		.28			130			1.23			1.13			1.43			.36
Class T:
4/30/20206,7		10.01		.10		.29			.39			(.11	)		—			(.11	)		10.29		3.94	8,11		—	12		.10	9,11		.10	9,11		.37	9,11		2.02	9,11
10/31/2019		9.70		.21		.31			.52			(.21	)		—			(.21	)		10.01		5.38	11		—	12		.10	11		.10	11		.39	11		2.11	11
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.45	)11		—	12		.10	11		.10	11		.40	11		1.81	11
10/31/20176,13		9.91		.07		.02			.09			(.08	)		—			(.08	)		9.92		.89	8,11		—	12		.14	9,11		.14	9,11		.44	9,11		1.31	9,11
Class F-1:
4/30/20206,7		10.01		.09		.29			.38			(.10	)		—			(.10	)		10.29		3.79	8		32			.40	9		.40	9		.67	9		1.74	9
10/31/2019		9.70		.18		.31			.49			(.18	)		—			(.18	)		10.01		5.06			22			.40			.40			.69			1.81
10/31/2018		9.91		.15		(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.64	)		21			.40			.40			.70			1.51
10/31/2017		10.03		.11		(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.09			26			.41			.41			.71			1.10
10/31/2016		9.95		.10		.09			.19			(.11	)		—			(.11	)		10.03		1.90			27			.42			.41			.71			1.04
10/31/2015		9.96		.11		(.01	)		.10			(.11	)		—			(.11	)		9.95		1.00			20			.50			.40			.70			1.11
Class F-2:
4/30/20206,7		10.01		.10		.29			.39			(.11	)		—			(.11	)		10.29		3.92	8		184			.13	9		.13	9		.40	9		2.02	9
10/31/2019		9.70		.21		.31			.52			(.21	)		—			(.21	)		10.01		5.36			107			.12			.12			.41			2.09
10/31/2018		9.91		.17		(.21	)		(.04	)		(.17	)		—			(.17	)		9.70		(.36	)		81			.13			.13			.43			1.78
10/31/2017		10.03		.13		(.09	)		.04			(.15	)		(.01	)		(.16	)		9.91		.36			68			.15			.15			.45			1.35
10/31/2016		9.95		.13		.08			.21			(.13	)		—			(.13	)		10.03		2.18			49			.15			.14			.44			1.31
10/31/2015		9.95		.13		—	10		.13			(.13	)		—			(.13	)		9.95		1.33			21			.25			.15			.45			1.34
Class F-3:
4/30/20206,7		10.01		.11		.28			.39			(.11	)		—			(.11	)		10.29		3.97	8		24			.04	9		.04	9		.31	9		2.15	9
10/31/2019		9.69		.22		.31			.53			(.21	)		—			(.21	)		10.01		5.56			9			.03			.03			.32			2.17
10/31/2018		9.91		.19		(.23	)		(.04	)		(.18	)		—			(.18	)		9.69		(.37	)		2			.03			.03			.33			1.92
10/31/20176,14		9.88		.11		.03			.14			(.11	)		—			(.11	)		9.91		1.38	8		1			.04	9		.04	9		.34	9		1.40	9

See end of tables for footnotes.

American Funds Portfolio Series 65

Financial highlights (continued)

Preservation Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class 529-A:
4/30/20206,7	$	10.00	$	.09	$	.30		$	.39		$	(.10	)	$	—		$	(.10	)	$	10.29		3.89	%8	$	160			.41	%9		.41	%9		.68	%9		1.73	%9
10/31/2019		9.69		.18		.31			.49			(.18	)		—			(.18	)		10.00		5.07			132			.40			.40			.69			1.81
10/31/2018		9.91		.15		(.22	)		(.07	)		(.15	)		—			(.15	)		9.69		(.76	)		101			.42			.42			.72			1.51
10/31/2017		10.03		.11		(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.07			85			.43			.43			.73			1.07
10/31/2016		9.94		.10		.09			.19			(.10	)		—			(.10	)		10.03		1.97			77			.45			.43			.73			1.03
10/31/2015		9.95		.10		(.01	)		.09			(.10	)		—			(.10	)		9.94		.93			56			.57			.47			.77			1.03
Class 529-C:
4/30/20206,7		10.00		.05		.29			.34			(.06	)		—			(.06	)		10.28		3.40	8		35			1.16	9		1.16	9		1.43	9		.97	9
10/31/2019		9.69		.10		.31			.41			(.10	)		—			(.10	)		10.00		4.27			31			1.16			1.16			1.45			1.05
10/31/2018		9.90		.07		(.21	)		(.14	)		(.07	)		—			(.07	)		9.69		(1.42	)		27			1.17			1.17			1.47			.74
10/31/2017		10.02		.03		(.09	)		(.06	)		(.05	)		(.01	)		(.06	)		9.90		(.69	)		36			1.19			1.19			1.49			.31
10/31/2016		9.94		.02		.09			.11			(.03	)		—			(.03	)		10.02		1.10			34			1.23			1.22			1.52			.24
10/31/2015		9.95		.03		(.01	)		.02			(.03	)		—			(.03	)		9.94		.19			25			1.32			1.22			1.52			.27
Class 529-E:
4/30/20206,7		10.00		.08		.29			.37			(.09	)		—			(.09	)		10.28		3.67	8		7			.62	9		.62	9		.89	9		1.51	9
10/31/2019		9.69		.16		.31			.47			(.16	)		—			(.16	)		10.00		4.84			6			.62			.62			.91			1.59
10/31/2018		9.91		.13		(.23	)		(.10	)		(.12	)		—			(.12	)		9.69		(.96	)		4			.63			.63			.93			1.29
10/31/2017		10.02		.08		(.08	)		—	10		(.10	)		(.01	)		(.11	)		9.91		(.05	)		4			.66			.66			.96			.84
10/31/2016		9.94		.08		.08			.16			(.08	)		—			(.08	)		10.02		1.64			3			.69			.68			.98			.78
10/31/2015		9.95		.08		(.01	)		.07			(.08	)		—			(.08	)		9.94		.70			3			.79			.69			.99			.81
Class 529-T:
4/30/20206,7		10.01		.10		.29			.39			(.11	)		—			(.11	)		10.29		3.90	8,11		—	12		.17	9,11		.17	9,11		.44	9,11		1.95	9,11
10/31/2019		9.70		.20		.31			.51			(.20	)		—			(.20	)		10.01		5.31	11		—	12		.17	11		.17	11		.46	11		2.04	11
10/31/2018		9.92		.17		(.22	)		(.05	)		(.17	)		—			(.17	)		9.70		(.51	)11		—	12		.17	11		.17	11		.47	11		1.74	11
10/31/20176,13		9.91		.07		.01			.08			(.07	)		—			(.07	)		9.92		.84	8,11		—	12		.21	9,11		.21	9,11		.51	9,11		1.24	9,11
Class 529-F-1:
4/30/20206,7		10.01		.10		.29			.39			(.11	)		—			(.11	)		10.29		3.91	8		32			.17	9		.17	9		.44	9		1.96	9
10/31/2019		9.69		.20		.32			.52			(.20	)		—			(.20	)		10.01		5.42			29			.17			.17			.46			2.05
10/31/2018		9.91		.17		(.22	)		(.05	)		(.17	)		—			(.17	)		9.69		(.51	)		21			.17			.17			.47			1.75
10/31/2017		10.03		.13		(.10	)		.03			(.14	)		(.01	)		(.15	)		9.91		.31			17			.20			.20			.50			1.30
10/31/2016		9.94		.12		.10			.22			(.13	)		—			(.13	)		10.03		2.19			14			.23			.22			.52			1.24
10/31/2015		9.95		.13		(.01	)		.12			(.13	)		—			(.13	)		9.94		1.17			10			.32			.22			.52			1.28
Class ABLE-A:
4/30/20206,7		10.01		.09		.29			.38			(.10	)		—			(.10	)		10.29		3.79	8		—	12		.42	9		.35	9		.62	9		1.78	9
10/31/2019		9.69		.19		.31			.50			(.18	)		—			(.18	)		10.01		5.21			—	12		.40			.34			.63			1.89
10/31/20186,15		9.74		.05		(.04	)		.01			(.06	)		—			(.06	)		9.69		.14	8,11		—	12		.10	8,11		.08	8,11		.38	8,11		.52	8,11

66 American Funds Portfolio Series

Preservation Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-1:
4/30/20206,7	$	10.01	$	.05	$	.29		$	.34		$	(.06	)	$	—		$	(.06	)	$	10.29		3.36	%8	$	—	12		1.21	%9		1.21	%9		1.48	%9		.91	%9
10/31/2019		9.69		.10		.32			.42			(.10	)		—			(.10	)		10.01		4.34			—	12		1.18			1.18			1.47			1.02
10/31/2018		9.91		.07		(.22	)		(.15	)		(.07	)		—			(.07	)		9.69		(1.51	)		—	12		1.15			1.15			1.45			.70
10/31/2017		10.02		.04		(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.91		(.58	)		1			1.14			1.14			1.44			.39
10/31/2016		9.94		.03		.09			.12			(.04	)		—			(.04	)		10.02		1.17			2			1.16			1.15			1.45			.31
10/31/2015		9.95		.04		(.01	)		.03			(.04	)		—			(.04	)		9.94		.28			1			1.24			1.14			1.44			.37
Class R-2:
4/30/20206,7		9.98		.05		.29			.34			(.06	)		—			(.06	)		10.26		3.42	8		21			1.15	9		1.15	9		1.42	9		1.00	9
10/31/2019		9.67		.11		.31			.42			(.11	)		—			(.11	)		9.98		4.32			17			1.13			1.13			1.42			1.09
10/31/2018		9.89		.08		(.22	)		(.14	)		(.08	)		—			(.08	)		9.67		(1.45	)		14			1.12			1.12			1.42			.79
10/31/2017		10.00		.04		(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.89		(.50	)		15			1.10			1.10			1.40			.40
10/31/2016		9.93		.03		.08			.11			(.04	)		—			(.04	)		10.00		1.07			17			1.20			1.18			1.48			.27
10/31/2015		9.94		.04		(.01	)		.03			(.04	)		—			(.04	)		9.93		.28			14			1.25			1.15			1.45			.36
Class R-2E:
4/30/20206,7		10.01		.07		.29			.36			(.08	)		—			(.08	)		10.29		3.58	8		1			.86	9		.86	9		1.13	9		1.33	9
10/31/2019		9.70		.14		.30			.44			(.13	)		—			(.13	)		10.01		4.57			1			.86			.86			1.15			1.37
10/31/2018		9.91		.10		(.21	)		(.11	)		(.10	)		—			(.10	)		9.70		(1.11	)		1			.85			.85			1.15			1.02
10/31/2017		10.02		.07		(.09	)		(.02	)		(.08	)		(.01	)		(.09	)		9.91		(.27	)		2			.84			.84			1.14			.67
10/31/2016		9.95		.07		.08			.15			(.08	)		—			(.08	)		10.02		1.53			3			.81			.81			1.11			.69
10/31/2015		9.96		.12		(.01	)		.11			(.12	)		—			(.12	)		9.95		1.12	11		—	12		.38	11		.27	11		.57	11		1.22	11
Class R-3:
4/30/20206,7		10.00		.07		.29			.36			(.08	)		—			(.08	)		10.28		3.65	8		25			.68	9		.68	9		.95	9		1.47	9
10/31/2019		9.69		.15		.31			.46			(.15	)		—			(.15	)		10.00		4.77			19			.67			.67			.96			1.54
10/31/2018		9.91		.12		(.22	)		(.10	)		(.12	)		—			(.12	)		9.69		(1.00	)		16			.67			.67			.97			1.24
10/31/2017		10.02		.08		(.08	)		—	10		(.10	)		(.01	)		(.11	)		9.91		(.06	)		16			.67			.67			.97			.83
10/31/2016		9.94		.07		.09			.16			(.08	)		—			(.08	)		10.02		1.60			15			.73			.71			1.01			.74
10/31/2015		9.95		.08		(.01	)		.07			(.08	)		—			(.08	)		9.94		.70			13			.80			.70			1.00			.80
Class R-4:
4/30/20206,7		10.01		.09		.29			.38			(.10	)		—			(.10	)		10.29		3.81	8		14			.36	9		.36	9		.63	9		1.78	9
10/31/2019		9.70		.18		.31			.49			(.18	)		—			(.18	)		10.01		5.09			12			.37			.37			.66			1.84
10/31/2018		9.91		.15		(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.60	)		12			.37			.37			.67			1.55
10/31/2017		10.03		.11		(.09	)		.02			(.13	)		(.01	)		(.14	)		9.91		.13			11			.37			.37			.67			1.12
10/31/2016		9.95		.11		.08			.19			(.11	)		—			(.11	)		10.03		1.92			10			.41			.40			.70			1.06
10/31/2015		9.96		.11		(.01	)		.10			(.11	)		—			(.11	)		9.95		1.01			6			.48			.38			.68			1.13
Class R-5E:
4/30/20206,7		10.02		.10		.29			.39			(.11	)		—			(.11	)		10.30		3.89	8		2			.19	9		.19	9		.46	9		1.95	9
10/31/2019		9.70		.20		.32			.52			(.20	)		—			(.20	)		10.02		5.41			2			.18			.18			.47			2.04
10/31/2018		9.92		.18		(.23	)		(.05	)		(.17	)		—			(.17	)		9.70		(.49	)		—	12		.17			.17			.47			1.81
10/31/2017		10.04		.14		(.10	)		.04			(.15	)		(.01	)		(.16	)		9.92		.39			—	12		.18			.11			.41			1.40
10/31/20166,16		9.91		.11		.13			.24			(.11	)		—			(.11	)		10.04		2.48	8		—	12		.28	9		.27	9		.57	9		1.19	9

See end of tables for footnotes.

American Funds Portfolio Series 67

Financial highlights (continued)

Preservation Portfolio

			Income (loss) from investment operations1								Dividends and distributions																Ratio of			Ratio of
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-5:
4/30/20206,7	$	10.01	$	.10	$	.29		$	.39		$	(.11	)	$	—		$	(.11	)	$	10.29		3.94	%8	$	3		.10	%9		.10	%9		.37	%9		2.05	%9
10/31/2019		9.70		.21		.31			.52			(.21	)		—			(.21	)		10.01		5.40			2		.09			.09			.38			2.12
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.42	)		2		.08			.08			.38			1.80
10/31/2017		10.03		.14		(.09	)		.05			(.15	)		(.01	)		(.16	)		9.92		.52			3		.08			.08			.38			1.39
10/31/2016		9.95		.14		.08			.22			(.14	)		—			(.14	)		10.03		2.21			1		.11			.10			.40			1.35
10/31/2015		9.96		.14		(.01	)		.13			(.14	)		—			(.14	)		9.95		1.28			1		.20			.10			.40			1.40
Class R-6:
4/30/20206,7		10.01		.11		.28			.39			(.11	)		—			(.11	)		10.29		3.97	8		29		.04	9		.04	9		.31	9		2.10	9
10/31/2019		9.70		.22		.30			.52			(.21	)		—			(.21	)		10.01		5.45			23		.03			.03			.32			2.18
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.37	)		13		.03			.03			.33			1.88
10/31/2017		10.03		.14		(.08	)		.06			(.16	)		(.01	)		(.17	)		9.92		.57			14		.04			.04			.34			1.45
10/31/2016		9.95		.14		.08			.22			(.14	)		—			(.14	)		10.03		2.27			11		.06			.04			.34			1.41
10/31/2015		9.96		.14		(.01	)		.13			(.14	)		—			(.14	)		9.95		1.34			7		.15			.05			.35			1.45

68 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

			(Loss) income from investment operations1
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimbursements4			Ratio of expenses to average net assets after waivers/ reimbursements3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
4/30/20206,7	$	9.88	$	.07	$	(.10	)	$	(.03	)	$	(.09	)	$	9.76		(.34	)%8	$	346			.39	%9		.37	%9		.68	%9		1.47	%9
10/31/2019		9.57		.17		.31			.48			(.17	)		9.88		5.03			333			.38			.37			.70			1.71
10/31/2018		9.79		.16		(.22	)		(.06	)		(.16	)		9.57		(.59	)		307			.40			.39			.73			1.69
10/31/2017		9.90		.18		(.10	)		.08			(.19	)		9.79		.81			336			.44			.43			.77			1.89
10/31/2016		9.91		.22		(.01	)		.21			(.22	)		9.90		2.08			338			.47			.44			.74			2.21
10/31/2015		9.99		.24		(.09	)		.15			(.23	)		9.91		1.55			223			.55			.44			.75			2.43
Class C:
4/30/20206,7		9.87		.04		(.11	)		(.07	)		(.05	)		9.75		(.69	)8		38			1.09	9		1.07	9		1.38	9		.77	9
10/31/2019		9.56		.10		.31			.41			(.10	)		9.87		4.28			39			1.08			1.07			1.40			1.01
10/31/2018		9.78		.10		(.23	)		(.13	)		(.09	)		9.56		(1.30	)		44			1.10			1.09			1.43			.99
10/31/2017		9.89		.12		(.11	)		.01			(.12	)		9.78		.10			54			1.14			1.13			1.47			1.20
10/31/2016		9.89		.15		—	10		.15			(.15	)		9.89		1.48			64			1.17			1.14			1.44			1.51
10/31/2015		9.98		.17		(.09	)		.08			(.17	)		9.89		.76			51			1.25			1.14			1.45			1.73
Class T:
4/30/20206,7		9.88		.09		(.11	)		(.02	)		(.10	)		9.76		(.19	)8,11		—	12		.09	9,11		.07	9,11		.38	9,11		1.77	9,11
10/31/2019		9.57		.20		.31			.51			(.20	)		9.88		5.34	11		—	12		.08	11		.07	11		.40	11		2.01	11
10/31/2018		9.79		.19		(.22	)		(.03	)		(.19	)		9.57		(.31	)11		—	12		.11	11		.10	11		.44	11		1.98	11
10/31/20176,13		9.76		.11		.04			.15			(.12	)		9.79		1.50	8,11		—	12		.14	9,11		.12	9,11		.46	9,11		1.95	9,11
Class F-1:
4/30/20206,7		9.88		.07		(.09	)		(.02	)		(.09	)		9.77		(.26	)8		5			.43	9		.41	9		.72	9		1.42	9
10/31/2019		9.57		.16		.31			.47			(.16	)		9.88		4.95			4			.43			.41			.74			1.66
10/31/2018		9.80		.16		(.23	)		(.07	)		(.16	)		9.57		(.73	)		4			.42			.41			.75			1.66
10/31/2017		9.90		.19		(.10	)		.09			(.19	)		9.80		.93			11			.42			.41			.75			1.91
10/31/2016		9.91		.22		(.01	)		.21			(.22	)		9.90		2.13			11			.43			.40			.70			2.23
10/31/2015		9.99		.24		(.08	)		.16			(.24	)		9.91		1.58			5			.52			.41			.72			2.46
Class F-2:
4/30/20206,7		9.88		.08		(.10	)		(.02	)		(.10	)		9.76		(.23	)8		63			.16	9		.13	9		.44	9		1.70	9
10/31/2019		9.57		.19		.31			.50			(.19	)		9.88		5.28			58			.14			.13			.46			1.94
10/31/2018		9.79		.19		(.22	)		(.03	)		(.19	)		9.57		(.33	)		43			.14			.13			.47			1.95
10/31/2017		9.90		.21		(.10	)		.11			(.22	)		9.79		1.09			34			.16			.15			.49			2.17
10/31/2016		9.91		.25		(.02	)		.23			(.24	)		9.90		2.37			34			.18			.15			.45			2.50
10/31/2015		9.99		.27		(.09	)		.18			(.26	)		9.91		1.83			24			.27			.16			.47			2.71
Class F-3:
4/30/20206,7		9.88		.09		(.11	)		(.02	)		(.10	)		9.76		(.17	)8		10			.06	9		.03	9		.34	9		1.80	9
10/31/2019		9.57		.20		.31			.51			(.20	)		9.88		5.37			7			.04			.03			.36			2.01
10/31/2018		9.79		.20		(.22	)		(.02	)		(.20	)		9.57		(.23	)		2			.04			.04			.38			2.03
10/31/20176,14		9.69		.15		.11			.26			(.16	)		9.79		2.70	8		1			.03	9		.01	9		.35	9		2.02	9

See end of tables for footnotes.

American Funds Portfolio Series 69

Financial highlights (continued)

	Six months ended			Year ended October 31,
Portfolio turnover rate for all share classes	April 30, 20206,7,8			2019			2018			2017			2016			2015
Global Growth Portfolio		7	%		3	%		1	%		64	%		2	%		2	%
Growth Portfolio		7			—	17		—	17		33			—	17		—	17
Growth and Income Portfolio		4			1			—	17		30			—	17		—	17
Moderate Growth and Income Portfolio		5			1			—	17		15			—	17		13
Conservative Growth and Income Portfolio		7			1			2			1			8			—	17
Tax-Aware Conservative Growth and Income Portfolio		5			1			2			13			—	17		1
Preservation Portfolio		1			4			8			25			2			2
Tax-Exempt Preservation Portfolio		6			15			13			45			6			8

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges.
3	This column reflects the impact, if any, of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC reduced fees for investment advisory services and/or reimbursed a portion of miscellaneous fees and expenses for Tax-Exempt Preservation Portfolio. Additionally during the periods shown, Virginia529 waived ABLE plan service fees for Class ABLE-A shares.
4	This column does not include expenses of the underlying funds in which each fund invests.
5	This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.
6	Based on operations for a period that is less than a full year.
7	Unaudited.
8	Not annualized.
9	Annualized.
10	Amount less than $.01.
11	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
12	Amount less than $1 million.
13	Class T and 529-T shares, as applicable, began investment operations on April 7, 2017.
14	Class F-3 shares began investment operations on January 27, 2017.
15	Class ABLE-A shares began investment operations on July 13, 2018.
16	Class R-5E shares began investment operations on November 20, 2015.
17	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

70 American Funds Portfolio Series

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including distribution and service (12b-1) fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2019, through April 30, 2020).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

American Funds Portfolio Series 71

Global Growth Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	953.62	$	1.94		.40	%	$	4.08		.84	%
Class A – assumed 5% return		1,000.00		1,022.87		2.01		.40			4.22		.84
Class C – actual return		1,000.00		949.60		5.53		1.14			7.66		1.58
Class C – assumed 5% return		1,000.00		1,019.19		5.72		1.14			7.92		1.58
Class T – actual return		1,000.00		954.70		.68		.14			2.82		.58
Class T – assumed 5% return		1,000.00		1,024.17		.70		.14			2.92		.58
Class F-1 – actual return		1,000.00		953.74		1.89		.39			4.03		.83
Class F-1 – assumed 5% return		1,000.00		1,022.92		1.96		.39			4.17		.83
Class F-2 – actual return		1,000.00		954.96		.63		.13			2.77		.57
Class F-2 – assumed 5% return		1,000.00		1,024.22		.65		.13			2.87		.57
Class F-3 – actual return		1,000.00		955.92		.10		.02			2.24		.46
Class F-3 – assumed 5% return		1,000.00		1,024.76		.10		.02			2.31		.46
Class 529-A – actual return		1,000.00		953.32		2.09		.43			4.23		.87
Class 529-A – assumed 5% return		1,000.00		1,022.73		2.16		.43			4.37		.87
Class 529-C – actual return		1,000.00		950.15		5.77		1.19			7.90		1.63
Class 529-C – assumed 5% return		1,000.00		1,018.95		5.97		1.19			8.17		1.63
Class 529-E – actual return		1,000.00		952.46		3.11		.64			5.24		1.08
Class 529-E – assumed 5% return		1,000.00		1,021.68		3.22		.64			5.42		1.08
Class 529-T – actual return		1,000.00		954.95		.92		.19			3.06		.63
Class 529-T – assumed 5% return		1,000.00		1,023.92		.96		.19			3.17		.63
Class 529-F-1 – actual return		1,000.00		955.01		.97		.20			3.11		.64
Class 529-F-1 – assumed 5% return		1,000.00		1,023.87		1.01		.20			3.22		.64
Class ABLE-A – actual return		1,000.00		953.95		1.85		.38			3.98		.82
Class ABLE-A – assumed 5% return		1,000.00		1,022.97		1.91		.38			4.12		.82
Class R-1 – actual return		1,000.00		950.30		5.19		1.07			7.32		1.51
Class R-1 – assumed 5% return		1,000.00		1,019.54		5.37		1.07			7.57		1.51
Class R-2 – actual return		1,000.00		950.31		5.43		1.12			7.56		1.56
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.62		1.12			7.82		1.56
Class R-2E – actual return		1,000.00		951.29		4.03		.83			6.16		1.27
Class R-2E – assumed 5% return		1,000.00		1,020.74		4.17		.83			6.37		1.27
Class R-3 – actual return		1,000.00		951.88		3.30		.68			5.44		1.12
Class R-3 – assumed 5% return		1,000.00		1,021.48		3.42		.68			5.62		1.12
Class R-4 – actual return		1,000.00		953.61		1.75		.36			3.89		.80
Class R-4 – assumed 5% return		1,000.00		1,023.07		1.81		.36			4.02		.80
Class R-5E – actual return		1,000.00		954.53		.83		.17			2.96		.61
Class R-5E – assumed 5% return		1,000.00		1,024.02		.86		.17			3.07		.61
Class R-5 – actual return		1,000.00		955.14		.34		.07			2.48		.51
Class R-5 – assumed 5% return		1,000.00		1,024.52		.35		.07			2.56		.51
Class R-6 – actual return		1,000.00		955.70		.10		.02			2.24		.46
Class R-6 – assumed 5% return		1,000.00		1,024.76		.10		.02			2.31		.46

72 American Funds Portfolio Series

Growth Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	979.15	$	1.87		.38	%	$	3.69		.75	%
Class A – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.77		.75
Class C – actual return		1,000.00		975.40		5.55		1.13			7.37		1.50
Class C – assumed 5% return		1,000.00		1,019.24		5.67		1.13			7.52		1.50
Class T – actual return		1,000.00		980.82		.64		.13			2.46		.50
Class T – assumed 5% return		1,000.00		1,024.22		.65		.13			2.51		.50
Class F-1 – actual return		1,000.00		979.58		1.92		.39			3.74		.76
Class F-1 – assumed 5% return		1,000.00		1,022.92		1.96		.39			3.82		.76
Class F-2 – actual return		1,000.00		979.99		.64		.13			2.46		.50
Class F-2 – assumed 5% return		1,000.00		1,024.22		.65		.13			2.51		.50
Class F-3 – actual return		1,000.00		980.93		.10		.02			1.92		.39
Class F-3 – assumed 5% return		1,000.00		1,024.76		.10		.02			1.96		.39
Class 529-A – actual return		1,000.00		978.84		2.07		.42			3.89		.79
Class 529-A – assumed 5% return		1,000.00		1,022.77		2.11		.42			3.97		.79
Class 529-C – actual return		1,000.00		975.10		5.79		1.18			7.61		1.55
Class 529-C – assumed 5% return		1,000.00		1,019.00		5.92		1.18			7.77		1.55
Class 529-E – actual return		1,000.00		978.03		3.10		.63			4.92		1.00
Class 529-E – assumed 5% return		1,000.00		1,021.73		3.17		.63			5.02		1.00
Class 529-T – actual return		1,000.00		979.95		.89		.18			2.71		.55
Class 529-T – assumed 5% return		1,000.00		1,023.97		.91		.18			2.77		.55
Class 529-F-1 – actual return		1,000.00		980.10		.94		.19			2.76		.56
Class 529-F-1 – assumed 5% return		1,000.00		1,023.92		.96		.19			2.82		.56
Class ABLE-A – actual return		1,000.00		979.36		1.82		.37			3.64		.74
Class ABLE-A – assumed 5% return		1,000.00		1,023.02		1.86		.37			3.72		.74
Class R-1 – actual return		1,000.00		975.46		5.45		1.11			7.27		1.48
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.57		1.11			7.42		1.48
Class R-2 – actual return		1,000.00		975.41		5.40		1.10			7.22		1.47
Class R-2 – assumed 5% return		1,000.00		1,019.39		5.52		1.10			7.37		1.47
Class R-2E – actual return		1,000.00		976.44		4.03		.82			5.85		1.19
Class R-2E – assumed 5% return		1,000.00		1,020.79		4.12		.82			5.97		1.19
Class R-3 – actual return		1,000.00		977.85		3.25		.66			5.07		1.03
Class R-3 – assumed 5% return		1,000.00		1,021.58		3.32		.66			5.17		1.03
Class R-4 – actual return		1,000.00		979.21		1.77		.36			3.59		.73
Class R-4 – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.67		.73
Class R-5E – actual return		1,000.00		980.26		.79		.16			2.61		.53
Class R-5E – assumed 5% return		1,000.00		1,024.07		.81		.16			2.66		.53
Class R-5 – actual return		1,000.00		980.58		.30		.06			2.12		.43
Class R-5 – assumed 5% return		1,000.00		1,024.57		.30		.06			2.16		.43
Class R-6 – actual return		1,000.00		980.98		.10		.02			1.92		.39
Class R-6 – assumed 5% return		1,000.00		1,024.76		.10		.02			1.96		.39

See end of tables for footnotes.

American Funds Portfolio Series 73

Growth and Income Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	978.89	$	1.77		.36	%	$	3.39		.69	%
Class A – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.47		.69
Class C – actual return		1,000.00		974.95		5.35		1.09			6.97		1.42
Class C – assumed 5% return		1,000.00		1,019.44		5.47		1.09			7.12		1.42
Class T – actual return		1,000.00		980.27		.39		.08			2.02		.41
Class T – assumed 5% return		1,000.00		1,024.47		.40		.08			2.06		.41
Class F-1 – actual return		1,000.00		978.08		1.87		.38			3.49		.71
Class F-1 – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.57		.71
Class F-2 – actual return		1,000.00		980.06		.59		.12			2.22		.45
Class F-2 – assumed 5% return		1,000.00		1,024.27		.60		.12			2.26		.45
Class F-3 – actual return		1,000.00		979.94		.10		.02			1.72		.35
Class F-3 – assumed 5% return		1,000.00		1,024.76		.10		.02			1.76		.35
Class 529-A – actual return		1,000.00		978.71		1.92		.39			3.54		.72
Class 529-A – assumed 5% return		1,000.00		1,022.92		1.96		.39			3.62		.72
Class 529-C – actual return		1,000.00		975.32		5.60		1.14			7.22		1.47
Class 529-C – assumed 5% return		1,000.00		1,019.19		5.72		1.14			7.37		1.47
Class 529-E – actual return		1,000.00		977.52		3.00		.61			4.62		.94
Class 529-E – assumed 5% return		1,000.00		1,021.83		3.07		.61			4.72		.94
Class 529-T – actual return		1,000.00		980.02		.64		.13			2.26		.46
Class 529-T – assumed 5% return		1,000.00		1,024.22		.65		.13			2.31		.46
Class 529-F-1 – actual return		1,000.00		979.29		.74		.15			2.36		.48
Class 529-F-1 – assumed 5% return		1,000.00		1,024.12		.75		.15			2.41		.48
Class ABLE-A – actual return		1,000.00		978.79		1.72		.35			3.35		.68
Class ABLE-A – assumed 5% return		1,000.00		1,023.12		1.76		.35			3.42		.68
Class R-1 – actual return		1,000.00		974.98		5.40		1.10			7.02		1.43
Class R-1 – assumed 5% return		1,000.00		1,019.39		5.52		1.10			7.17		1.43
Class R-2 – actual return		1,000.00		974.92		5.30		1.08			6.92		1.41
Class R-2 – assumed 5% return		1,000.00		1,019.49		5.42		1.08			7.07		1.41
Class R-2E – actual return		1,000.00		975.82		4.03		.82			5.65		1.15
Class R-2E – assumed 5% return		1,000.00		1,020.79		4.12		.82			5.77		1.15
Class R-3 – actual return		1,000.00		976.56		3.24		.66			4.87		.99
Class R-3 – assumed 5% return		1,000.00		1,021.58		3.32		.66			4.97		.99
Class R-4 – actual return		1,000.00		978.22		1.77		.36			3.39		.69
Class R-4 – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.47		.69
Class R-5E – actual return		1,000.00		979.21		.79		.16			2.41		.49
Class R-5E – assumed 5% return		1,000.00		1,024.07		.81		.16			2.46		.49
Class R-5 – actual return		1,000.00		979.77		.34		.07			1.97		.40
Class R-5 – assumed 5% return		1,000.00		1,024.52		.35		.07			2.01		.40
Class R-6 – actual return		1,000.00		980.65		.10		.02			1.72		.35
Class R-6 – assumed 5% return		1,000.00		1,024.76		.10		.02			1.76		.35

74 American Funds Portfolio Series

Moderate Growth and Income Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	979.93	$	1.72		.35	%	$	3.30		.67	%
Class A – assumed 5% return		1,000.00		1,023.12		1.76		.35			3.37		.67
Class C – actual return		1,000.00		976.69		5.26		1.07			6.83		1.39
Class C – assumed 5% return		1,000.00		1,019.54		5.37		1.07			6.97		1.39
Class T – actual return		1,000.00		981.27		.39		.08			1.97		.40
Class T – assumed 5% return		1,000.00		1,024.47		.40		.08			2.01		.40
Class F-1 – actual return		1,000.00		980.40		1.87		.38			3.45		.70
Class F-1 – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.52		.70
Class F-2 – actual return		1,000.00		981.06		.59		.12			2.17		.44
Class F-2 – assumed 5% return		1,000.00		1,024.27		.60		.12			2.21		.44
Class F-3 – actual return		1,000.00		981.60		.05		.01			1.63		.33
Class F-3 – assumed 5% return		1,000.00		1,024.81		.05		.01			1.66		.33
Class 529-A – actual return		1,000.00		979.78		1.82		.37			3.40		.69
Class 529-A – assumed 5% return		1,000.00		1,023.02		1.86		.37			3.47		.69
Class 529-C – actual return		1,000.00		976.44		5.50		1.12			7.08		1.44
Class 529-C – assumed 5% return		1,000.00		1,019.29		5.62		1.12			7.22		1.44
Class 529-E – actual return		1,000.00		978.61		2.95		.60			4.53		.92
Class 529-E – assumed 5% return		1,000.00		1,021.88		3.02		.60			4.62		.92
Class 529-T – actual return		1,000.00		981.01		.64		.13			2.22		.45
Class 529-T – assumed 5% return		1,000.00		1,024.22		.65		.13			2.26		.45
Class 529-F-1 – actual return		1,000.00		981.00		.64		.13			2.22		.45
Class 529-F-1 – assumed 5% return		1,000.00		1,024.22		.65		.13			2.26		.45
Class ABLE-A – actual return		1,000.00		980.49		1.67		.34			3.25		.66
Class ABLE-A – assumed 5% return		1,000.00		1,023.17		1.71		.34			3.32		.66
Class R-1 – actual return		1,000.00		976.27		5.50		1.12			7.08		1.44
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.62		1.12			7.22		1.44
Class R-2 – actual return		1,000.00		975.97		5.36		1.09			6.93		1.41
Class R-2 – assumed 5% return		1,000.00		1,019.44		5.47		1.09			7.07		1.41
Class R-2E – actual return		1,000.00		977.39		4.03		.82			5.60		1.14
Class R-2E – assumed 5% return		1,000.00		1,020.79		4.12		.82			5.72		1.14
Class R-3 – actual return		1,000.00		978.87		3.25		.66			4.82		.98
Class R-3 – assumed 5% return		1,000.00		1,021.58		3.32		.66			4.92		.98
Class R-4 – actual return		1,000.00		980.46		1.77		.36			3.35		.68
Class R-4 – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.42		.68
Class R-5E – actual return		1,000.00		981.45		.79		.16			2.36		.48
Class R-5E – assumed 5% return		1,000.00		1,024.07		.81		.16			2.41		.48
Class R-5 – actual return		1,000.00		981.37		.34		.07			1.92		.39
Class R-5 – assumed 5% return		1,000.00		1,024.52		.35		.07			1.96		.39
Class R-6 – actual return		1,000.00		981.64		.10		.02			1.68		.34
Class R-6 – assumed 5% return		1,000.00		1,024.76		.10		.02			1.71		.34

See end of tables for footnotes.

American Funds Portfolio Series 75

Conservative Growth and Income Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	954.60	$	1.65		.34	%	$	2.96		.61	%
Class A – assumed 5% return		1,000.00		1,023.17		1.71		.34			3.07		.61
Class C – actual return		1,000.00		951.43		5.14		1.06			6.45		1.33
Class C – assumed 5% return		1,000.00		1,019.59		5.32		1.06			6.67		1.33
Class T – actual return		1,000.00		956.04		.24		.05			1.56		.32
Class T – assumed 5% return		1,000.00		1,024.61		.25		.05			1.61		.32
Class F-1 – actual return		1,000.00		954.41		1.85		.38			3.16		.65
Class F-1 – assumed 5% return		1,000.00		1,022.97		1.91		.38			3.27		.65
Class F-2 – actual return		1,000.00		955.67		.63		.13			1.94		.40
Class F-2 – assumed 5% return		1,000.00		1,024.22		.65		.13			2.01		.40
Class F-3 – actual return		1,000.00		956.20		.10		.02			1.41		.29
Class F-3 – assumed 5% return		1,000.00		1,024.76		.10		.02			1.46		.29
Class 529-A – actual return		1,000.00		954.43		1.80		.37			3.11		.64
Class 529-A – assumed 5% return		1,000.00		1,023.02		1.86		.37			3.22		.64
Class 529-C – actual return		1,000.00		951.20		5.43		1.12			6.74		1.39
Class 529-C – assumed 5% return		1,000.00		1,019.29		5.62		1.12			6.97		1.39
Class 529-E – actual return		1,000.00		953.39		2.87		.59			4.18		.86
Class 529-E – assumed 5% return		1,000.00		1,021.93		2.97		.59			4.32		.86
Class 529-T – actual return		1,000.00		955.75		.53		.11			1.85		.38
Class 529-T – assumed 5% return		1,000.00		1,024.32		.55		.11			1.91		.38
Class 529-F-1 – actual return		1,000.00		955.68		.58		.12			1.90		.39
Class 529-F-1 – assumed 5% return		1,000.00		1,024.27		.60		.12			1.96		.39
Class ABLE-A – actual return		1,000.00		954.52		1.60		.33			2.92		.60
Class ABLE-A – assumed 5% return		1,000.00		1,023.22		1.66		.33			3.02		.60
Class R-1 – actual return		1,000.00		950.61		5.48		1.13			6.79		1.40
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.67		1.13			7.02		1.40
Class R-2 – actual return		1,000.00		951.39		5.29		1.09			6.60		1.36
Class R-2 – assumed 5% return		1,000.00		1,019.44		5.47		1.09			6.82		1.36
Class R-2E – actual return		1,000.00		952.36		3.98		.82			5.29		1.09
Class R-2E – assumed 5% return		1,000.00		1,020.79		4.12		.82			5.47		1.09
Class R-3 – actual return		1,000.00		952.94		3.11		.64			4.42		.91
Class R-3 – assumed 5% return		1,000.00		1,021.68		3.22		.64			4.57		.91
Class R-4 – actual return		1,000.00		954.47		1.75		.36			3.06		.63
Class R-4 – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.17		.63
Class R-5E – actual return		1,000.00		955.41		.83		.17			2.14		.44
Class R-5E – assumed 5% return		1,000.00		1,024.02		.86		.17			2.21		.44
Class R-5 – actual return		1,000.00		956.06		.29		.06			1.60		.33
Class R-5 – assumed 5% return		1,000.00		1,024.57		.30		.06			1.66		.33
Class R-6 – actual return		1,000.00		956.25		.10		.02			1.41		.29
Class R-6 – assumed 5% return		1,000.00		1,024.76		.10		.02			1.46		.29

76 American Funds Portfolio Series

Tax-Aware Conservative Growth and Income Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	943.90	$	1.74		.36	%	$	3.24		.67	%
Class A – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.37		.67
Class C – actual return		1,000.00		941.49		5.12		1.06			6.61		1.37
Class C – assumed 5% return		1,000.00		1,019.59		5.32		1.06			6.87		1.37
Class T – actual return		1,000.00		945.36		.29		.06			1.79		.37
Class T – assumed 5% return		1,000.00		1,024.57		.30		.06			1.86		.37
Class F-1 – actual return		1,000.00		944.37		1.93		.40			3.43		.71
Class F-1 – assumed 5% return		1,000.00		1,022.87		2.01		.40			3.57		.71
Class F-2 – actual return		1,000.00		945.02		.68		.14			2.18		.45
Class F-2 – assumed 5% return		1,000.00		1,024.17		.70		.14			2.26		.45
Class F-3 – actual return		1,000.00		945.55		.15		.03			1.64		.34
Class F-3 – assumed 5% return		1,000.00		1,024.71		.15		.03			1.71		.34

See end of tables for footnotes.

American Funds Portfolio Series 77

Preservation Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,037.84	$	2.08		.41	%	$	3.45		.68	%
Class A – assumed 5% return		1,000.00		1,022.82		2.06		.41			3.42		.68
Class C – actual return		1,000.00		1,034.37		5.61		1.11			6.98		1.38
Class C – assumed 5% return		1,000.00		1,019.34		5.57		1.11			6.92		1.38
Class T – actual return		1,000.00		1,039.36		.51		.10			1.88		.37
Class T – assumed 5% return		1,000.00		1,024.37		.50		.10			1.86		.37
Class F-1 – actual return		1,000.00		1,037.88		2.03		.40			3.39		.67
Class F-1 – assumed 5% return		1,000.00		1,022.87		2.01		.40			3.37		.67
Class F-2 – actual return		1,000.00		1,039.21		.66		.13			2.03		.40
Class F-2 – assumed 5% return		1,000.00		1,024.22		.65		.13			2.01		.40
Class F-3 – actual return		1,000.00		1,039.73		.20		.04			1.57		.31
Class F-3 – assumed 5% return		1,000.00		1,024.66		.20		.04			1.56		.31
Class 529-A – actual return		1,000.00		1,038.88		2.08		.41			3.45		.68
Class 529-A – assumed 5% return		1,000.00		1,022.82		2.06		.41			3.42		.68
Class 529-C – actual return		1,000.00		1,034.03		5.87		1.16			7.23		1.43
Class 529-C – assumed 5% return		1,000.00		1,019.10		5.82		1.16			7.17		1.43
Class 529-E – actual return		1,000.00		1,036.75		3.14		.62			4.51		.89
Class 529-E – assumed 5% return		1,000.00		1,021.78		3.12		.62			4.47		.89
Class 529-T – actual return		1,000.00		1,039.03		.86		.17			2.23		.44
Class 529-T – assumed 5% return		1,000.00		1,024.02		.86		.17			2.21		.44
Class 529-F-1 – actual return		1,000.00		1,039.06		.86		.17			2.23		.44
Class 529-F-1 – assumed 5% return		1,000.00		1,024.02		.86		.17			2.21		.44
Class ABLE-A – actual return		1,000.00		1,037.86		1.77		.35			3.14		.62
Class ABLE-A – assumed 5% return		1,000.00		1,023.12		1.76		.35			3.12		.62
Class R-1 – actual return		1,000.00		1,033.60		6.12		1.21			7.48		1.48
Class R-1 – assumed 5% return		1,000.00		1,018.85		6.07		1.21			7.42		1.48
Class R-2 – actual return		1,000.00		1,034.24		5.82		1.15			7.18		1.42
Class R-2 – assumed 5% return		1,000.00		1,019.14		5.77		1.15			7.12		1.42
Class R-2E – actual return		1,000.00		1,035.79		4.35		.86			5.72		1.13
Class R-2E – assumed 5% return		1,000.00		1,020.59		4.32		.86			5.67		1.13
Class R-3 – actual return		1,000.00		1,036.52		3.44		.68			4.81		.95
Class R-3 – assumed 5% return		1,000.00		1,021.48		3.42		.68			4.77		.95
Class R-4 – actual return		1,000.00		1,038.06		1.82		.36			3.19		.63
Class R-4 – assumed 5% return		1,000.00		1,023.07		1.81		.36			3.17		.63
Class R-5E – actual return		1,000.00		1,038.92		.96		.19			2.33		.46
Class R-5E – assumed 5% return		1,000.00		1,023.92		.96		.19			2.31		.46
Class R-5 – actual return		1,000.00		1,039.42		.51		.10			1.88		.37
Class R-5 – assumed 5% return		1,000.00		1,024.37		.50		.10			1.86		.37
Class R-6 – actual return		1,000.00		1,039.69		.20		.04			1.57		.31
Class R-6 – assumed 5% return		1,000.00		1,024.66		.20		.04			1.56		.31

78 American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Beginning account value 11/1/2019		Ending account value 4/30/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized  expense ratio4
Class A – actual return	$	1,000.00	$	996.60	$	1.84		.37	%	$	3.38		.68	%
Class A – assumed 5% return		1,000.00		1,023.02		1.86		.37			3.42		.68
Class C – actual return		1,000.00		993.14		5.30		1.07			6.84		1.38
Class C – assumed 5% return		1,000.00		1,019.54		5.37		1.07			6.92		1.38
Class T – actual return		1,000.00		998.09		.35		.07			1.89		.38
Class T – assumed 5% return		1,000.00		1,024.52		.35		.07			1.91		.38
Class F-1 – actual return		1,000.00		997.41		2.04		.41			3.58		.72
Class F-1 – assumed 5% return		1,000.00		1,022.82		2.06		.41			3.62		.72
Class F-2 – actual return		1,000.00		997.73		.65		.13			2.19		.44
Class F-2 – assumed 5% return		1,000.00		1,024.22		.65		.13			2.21		.44
Class F-3 – actual return		1,000.00		998.25		.15		.03			1.69		.34
Class F-3 – assumed 5% return		1,000.00		1,024.71		.15		.03			1.71		.34

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (to reflect the one-half year period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. The annualized weighted average expense ratio of the underlying funds for the period reflects the net actual expense ratio of each underlying fund for the period, annualized and weighted for the fund’s relative average investment therein during the period.

American Funds Portfolio Series 79

Approval of Investment Advisory and Service Agreement

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2021. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2019. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain of the reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund’s total expenses are competitive with those of other similar funds included in the comparable Lipper category.

The board and the committee also reviewed the fee schedule of the funds (including the fees and total expenses of the underlying American Funds in which the funds invest) to those of other relevant funds. The board and the committee noted CRMC’s prior elimination of the entire advisory fee payable by the funds under the agreement. The board and committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as fund assets increase. In addition, they reviewed information regarding the

80 American Funds Portfolio Series

effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the underlying American Funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the underlying funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as the risks assumed by the adviser, and that each fund’s shareholders receive reasonable value in return for the other amounts paid by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with each fund and the underlying American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the funds’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the underlying American Funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid by each fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the underlying funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s expense structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.

American Funds Portfolio Series 81

Liquidity Risk Management Program

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period December 1, 2018, through September 30, 2019. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

82 American Funds Portfolio Series

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American Funds Portfolio Series 83

Office of the series

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address near you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

Morgan, Lewis & Bockius LLP

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

84 American Funds Portfolio Series

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

“Proxy Voting Guidelines for American Funds Portfolio Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

Visit the Capital Group website for more information on the securities held by the underlying funds in the American Funds Portfolio Series’ portfolios.

American Funds Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of American Funds Portfolio Series, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after June 30, 2020, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2020 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 of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM — 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 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 funds have beaten their Lipper peer indexes in 92% of 10-year periods and 99% of 20-year periods.² Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

1	Portfolio manager experience as of December 31, 2019.
2	Based on Class F-2 share results for rolling periods through December 31, 2019. 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. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3	Based on Class F-2 share results as of December 31, 2019. Fifteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.2. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 65% of the time, based on the 20-year period ended December 31, 2019, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

Companies

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s 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)	Not applicable for filing of semi-annual reports to shareholders.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

AMERICAN FUNDS PORTFOLIO  SERIES

By __/s/ Walter R. Burkley____________________

Walter R. Burkley, Executive Vice President and

Principal Executive Officer

Date: June 30, 2020

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, Executive Vice President and

Principal Executive Officer

Date: June 30, 2020

By ___/s/ Gregory F. Niland    __________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2020

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: June 30, 2020

___/s/ Walter R. Burkley_____________________

Walter R. Burkley, Executive Vice President and

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: June 30, 2020

__/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, Executive Vice President and Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of American Funds Portfolio Series (the "Registrant"), each certify to the best of her or his knowledge that:

1)	The Registrant's periodic report on Form N-CSR for the period ended April 30, 2020 (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, Executive Vice President	Gregory F. Niland, Treasurer
Date: June 30, 2020	Date: June 30, 2020

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.