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American Funds Portfolio Series
American Funds® Global Growth Portfolio
Investment portfolio
July 31, 2023
unaudited
Fund investments
Growth funds 80%
Shares
Value
(000)
New Perspective Fund, Class R-6
18,993,902
$1,085,122
The Growth Fund of America, Class R-6
12,929,011
821,768
The New Economy Fund, Class R-6
15,321,859
821,099
SMALLCAP World Fund, Inc., Class R-6
12,106,658
818,652
EuroPacific Growth Fund, Class R-6
9,644,621
544,246
New World Fund, Inc., Class R-6
3,516,688
271,066
 
4,361,953
Growth-and-income funds 20%
 
 
Capital World Growth and Income Fund, Class R-6
18,400,775
1,089,694
Total investment securities 100% (cost: $4,524,603,000)
5,451,647
Other assets less liabilities 0%
(1,355
)
Net assets 100%
$5,450,292
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
loss
(000)
Net
unrealized
appreciation
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 80%
New Perspective Fund, Class R-6
$904,150
$40,738
$42,360
$(9,096
)
$191,690
$1,085,122
$10,812
$29,737
The Growth Fund of America, Class R-6
674,041
41,144
37,679
(7,475
)
151,737
821,768
4,576
23,573
The New Economy Fund, Class R-6
676,709
2,194
15,735
(4,130
)
162,061
821,099
2,193
—
SMALLCAP World Fund, Inc., Class R-6
680,818
26,392
14,458
(6,444
)
132,344
818,652
2,309
—
EuroPacific Growth Fund, Class R-6
674,770
19,666
291,555
(47,724
)
189,089
544,246
13,167
—
New World Fund, Inc., Class R-6
—
258,476
—
—
12,590
271,066
—
—
 
4,361,953
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6
906,561
33,746
41,697
(6,504
)
197,588
1,089,694
18,558
—
Total 100%
$(81,373
)
$1,037,099
$5,451,647
$51,615
$53,310
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 1 of 11
American Funds® Growth Portfolio
Investment portfolio
July 31, 2023
unaudited
 
Fund investments
Growth funds 80%
Shares
Value
(000)
The Growth Fund of America, Class R-6
61,600,578
$3,915,333
AMCAP Fund, Class R-6
81,363,755
3,080,432
SMALLCAP World Fund, Inc., Class R-6
33,912,644
2,293,173
The New Economy Fund, Class R-6
28,434,685
1,523,815
New Perspective Fund, Class R-6
26,635,645
1,521,694
 
12,334,447
Growth-and-income funds 20%
 
 
Fundamental Investors, Class R-6
43,606,048
3,066,813
Total investment securities 100% (cost: $13,064,461,000)
15,401,260
Other assets less liabilities 0%
(4,007
)
Net assets 100%
$15,397,253
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
loss
(000)
Net
unrealized
appreciation
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 80%
The Growth Fund of America, Class R-6
$3,088,769
$189,575
$33,911
$(5,511
)
$676,411
$3,915,333
$21,083
$108,600
AMCAP Fund, Class R-6
2,475,796
21,802
3,737
(784
)
587,355
3,080,432
16,770
—
SMALLCAP World Fund, Inc., Class R-6
1,871,523
123,365
50,050
(24,450
)
372,785
2,293,173
6,356
—
The New Economy Fund, Class R-6
1,227,918
6,831
—
—
289,066
1,523,815
3,980
—
New Perspective Fund, Class R-6
1,231,941
61,591
24,118
(7,017
)
259,297
1,521,694
14,783
40,661
 
12,334,447
Growth-and-income funds 20%
Fundamental Investors, Class R-6
2,533,481
177,692
85,406
(7,168
)
448,214
3,066,813
39,649
62,554
Total 100%
$(44,930
)
$2,633,128
$15,401,260
$102,621
$211,815
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 2 of 11
American Funds® Growth and Income Portfolio
Investment portfolio
July 31, 2023
unaudited
 
Fund investments
Growth funds 16%
Shares
Value
(000)
SMALLCAP World Fund, Inc., Class R-6
18,318,670
$1,238,708
The Growth Fund of America, Class R-6
18,456,616
1,173,103
 
2,411,811
Growth-and-income funds 51%
 
 
The Investment Company of America, Class R-6
64,602,041
3,175,836
Capital World Growth and Income Fund, Class R-6
53,037,780
3,140,897
Washington Mutual Investors Fund, Class R-6
27,578,758
1,541,377
 
7,858,110
Equity-income funds 9%
 
 
Capital Income Builder, Class R-6
22,409,136
1,471,160
Balanced funds 10%
 
 
American Balanced Fund, Class R-6
47,674,910
1,486,027
Fixed income funds 14%
 
 
American Funds Multi-Sector Income Fund, Class R-6
77,893,960
708,056
The Bond Fund of America, Class R-6
62,172,745
702,552
American Funds Strategic Bond Fund, Class R-6
75,546,692
700,318
 
2,110,926
Total investment securities 100% (cost: $13,363,671,000)
15,338,034
Other assets less liabilities 0%
(3,911
)
Net assets 100%
$15,334,123
American Funds Portfolio Series — Page 3 of 11
unaudited
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
(loss) gain
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 16%
SMALLCAP World Fund, Inc., Class R-6
$1,048,644
$3,564
$6,088
$(2,861
)
$195,449
$1,238,708
$3,565
$—
The Growth Fund of America, Class R-6
913,631
60,099
1,556
(233
)
201,162
1,173,103
6,194
31,907
 
2,411,811
Growth-and-income funds 51%
The Investment Company of America, Class R-6
2,661,025
122,352
111,503
(11,714
)
515,676
3,175,836
36,734
85,618
Capital World Growth and Income Fund, Class R-6
2,642,702
53,777
112,045
(20,267
)
576,730
3,140,897
53,778
—
Washington Mutual Investors Fund, Class R-6
1,356,958
86,114
10,236
(336
)
108,877
1,541,377
24,551
55,446
 
7,858,110
Equity-income funds 9%
Capital Income Builder, Class R-6
1,314,776
58,613
16,706
(58
)
114,535
1,471,160
42,105
—
Balanced funds 10%
American Balanced Fund, Class R-6
1,317,000
28,679
—
—
140,348
1,486,027
21,378
—
Fixed income funds 14%
American Funds Multi-Sector Income Fund,
Class R-6
637,296
45,054
—
—
25,706
708,056
30,890
—
The Bond Fund of America, Class R-6
633,004
58,255
—
—
11,293
702,552
18,515
—
American Funds Strategic Bond Fund, Class R-6
632,365
81,106
482
6
(12,677
)
700,318
31,438
—
 
2,110,926
Total 100%
$(35,463
)
$1,877,099
$15,338,034
$269,148
$172,971
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 4 of 11
American Funds® Moderate Growth and Income Portfolio
Investment portfolio
July 31, 2023
unaudited
 
Fund investments
Growth funds 10%
Shares
Value
(000)
SMALLCAP World Fund, Inc., Class R-6
9,713,722
$656,842
New Perspective Fund, Class R-6
11,466,246
655,067
 
1,311,909
Growth-and-income funds 25%
 
 
Washington Mutual Investors Fund, Class R-6
34,794,395
1,944,659
Capital World Growth and Income Fund, Class R-6
22,004,530
1,303,108
 
3,247,767
Equity-income funds 10%
 
 
The Income Fund of America, Class R-6
55,134,811
1,282,436
Balanced funds 40%
 
 
American Balanced Fund, Class R-6
103,064,671
3,212,526
American Funds Global Balanced Fund, Class R-6
54,365,564
1,918,017
 
5,130,543
Fixed income funds 15%
 
 
American Funds Multi-Sector Income Fund, Class R-6
69,136,212
628,448
The Bond Fund of America, Class R-6
54,481,732
615,643
American Funds Strategic Bond Fund, Class R-6
66,263,612
614,264
 
1,858,355
Total investment securities 100% (cost: $11,277,529,000)
12,831,010
Other assets less liabilities 0%
(3,162
)
Net assets 100%
$12,827,848
American Funds Portfolio Series — Page 5 of 11
unaudited
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
loss
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 10%
SMALLCAP World Fund, Inc., Class R-6
$545,370
$13,460
$3,943
$(1,552
)
$103,507
$656,842
$1,861
$—
New Perspective Fund, Class R-6
539,257
31,090
26,925
(5,343
)
116,988
655,067
6,505
17,893
 
1,311,909
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6
1,823,597
104,447
124,028
(1,372
)
142,015
1,944,659
32,161
71,994
Capital World Growth and Income Fund,
Class R-6
1,133,621
23,150
92,244
(11,981
)
250,562
1,303,108
23,150
—
 
3,247,767
Equity-income funds 10%
The Income Fund of America, Class R-6
1,215,031
94,542
54,923
(2,405
)
30,191
1,282,436
35,197
42,599
Balanced funds 40%
American Balanced Fund, Class R-6
2,961,082
47,416
104,542
(8,216
)
316,786
3,212,526
47,416
—
American Funds Global Balanced Fund, Class R-6
1,717,750
26,786
65,188
(10,654
)
249,323
1,918,017
26,786
—
 
5,130,543
Fixed income funds 15%
American Funds Multi-Sector Income Fund,
Class R-6
—
624,321
—
—
4,127
628,448
3,481
—
The Bond Fund of America, Class R-6
1,147,546
56,045
614,336
(77,244
)
103,632
615,643
30,682
—
American Funds Strategic Bond Fund, Class R-6
573,870
51,892
615
(34
)
(10,849
)
614,264
28,070
—
 
1,858,355
Total 100%
$(118,801
)
$1,306,282
$12,831,010
$235,309
$132,486
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 6 of 11
American Funds® Conservative Growth and Income Portfolio
Investment portfolio
July 31, 2023
unaudited
 
Fund investments
Growth-and-income funds 20%
Shares
Value
(000)
Washington Mutual Investors Fund, Class R-6
13,249,052
$740,489
American Mutual Fund, Class R-6
14,504,956
739,463
 
1,479,952
Equity-income funds 38%
 
 
The Income Fund of America, Class R-6
60,072,475
1,397,286
Capital Income Builder, Class R-6
21,262,071
1,395,855
 
2,793,141
Fixed income funds 42%
 
 
American Funds Multi-Sector Income Fund, Class R-6
128,434,338
1,167,468
The Bond Fund of America, Class R-6
100,719,958
1,138,135
American High-Income Trust, Class R-6
79,124,643
731,112
 
3,036,715
Total investment securities 100% (cost: $7,188,061,000)
7,309,808
Other assets less liabilities 0%
(1,683
)
Net assets 100%
$7,308,125
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
loss
(000)
Net
unrealized
appreciation
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 20%
Washington Mutual Investors Fund, Class R-6
$708,330
$40,607
$62,647
$(2,199
)
$56,398
$740,489
$12,573
$28,035
American Mutual Fund, Class R-6
708,531
32,943
31,004
(834
)
29,827
739,463
12,970
19,973
 
1,479,952
Equity-income funds 38%
The Income Fund of America, Class R-6
1,323,587
90,141
45,860
(3,127
)
32,545
1,397,286
39,059
47,085
Capital Income Builder, Class R-6
1,311,608
41,075
69,254
(3,332
)
115,758
1,395,855
41,073
—
 
2,793,141
Fixed income funds 42%
American Funds Multi-Sector Income Fund, Class R-6
1,086,423
59,656
22,254
(1,153
)
44,796
1,167,468
51,921
—
The Bond Fund of America, Class R-6
1,074,044
69,349
25,226
(361
)
20,329
1,138,135
30,974
—
American High-Income Trust, Class R-6
685,142
42,824
13,685
(193
)
17,024
731,112
34,879
—
 
3,036,715
Total 100%
$(11,199
)
$316,677
$7,309,808
$223,449
$95,093
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 7 of 11
American Funds® Tax-Aware Conservative Growth and Income Portfolio
Investment portfolio
July 31, 2023
unaudited
 
Fund investments
Growth-and-income funds 51%
Shares
Value
(000)
Capital World Growth and Income Fund, Class R-6
15,896,864
$941,412
Washington Mutual Investors Fund, Class R-6
12,678,991
708,629
American Mutual Fund, Class R-6
13,817,340
704,408
 
2,354,449
Tax-exempt fixed income funds 49%
 
 
American High-Income Municipal Bond Fund, Class R-6
77,455,854
1,137,051
The Tax-Exempt Bond Fund of America, Class R-6
55,346,643
675,229
Limited Term Tax-Exempt Bond Fund of America, Class R-6
29,618,677
446,650
 
2,258,930
Total investment securities 100% (cost: $4,311,838,000)
4,613,379
Other assets less liabilities 0%
(1,039
)
Net assets 100%
$4,612,340
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
(loss) gain
(000)
Net
unrealized
appreciation
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 51%
Capital World Growth and Income Fund, Class R-6
$864,469
$16,897
$115,425
$(19,912
)
$195,383
$941,412
$16,897
$—
Washington Mutual Investors Fund, Class R-6
663,123
43,886
49,429
(2,480
)
53,529
708,629
11,705
26,265
American Mutual Fund, Class R-6
662,961
40,394
26,281
(920
)
28,254
704,408
12,054
18,539
 
2,354,449
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund,
Class R-6
1,030,347
50,149
10,886
(582
)
68,023
1,137,051
32,992
—
The Tax-Exempt Bond Fund of America, Class R-6
623,510
24,124
7,430
(608
)
35,633
675,229
14,397
—
Limited Term Tax-Exempt Bond Fund of America,
Class R-6
420,444
16,421
1,021
8
10,798
446,650
7,004
—
 
2,258,930
Total 100%
$(24,494
)
$391,620
$4,613,379
$95,049
$44,804
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 8 of 11
American Funds® Preservation Portfolio
Investment portfolio
July 31, 2023
unaudited
 
Fund investments
Fixed income funds 100%
Shares
Value
(000)
Short-Term Bond Fund of America, Class R-6
127,010,675
$1,193,900
Intermediate Bond Fund of America, Class R-6
79,287,951
976,828
 
2,170,728
Total investment securities 100% (cost: $2,325,361,000)
2,170,728
Other assets less liabilities 0%
(489
)
Net assets 100%
$2,170,239
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
loss
(000)
Net
unrealized
appreciation
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Fixed income funds 100%
Short-Term Bond Fund of America, Class R-6
$1,261,094
$143,956
$211,888
$(11,579
)
$12,317
$1,193,900
$27,802
$—
Intermediate Bond Fund of America, Class R-6
1,134,985
30,651
197,697
(18,418
)
27,307
976,828
27,026
—
American Funds Inflation Linked Bond Fund,
Class R-62
126,109
8,574
128,777
(20,431
)
14,525
—
7,576
—
Total 100%
$(50,428
)
$54,149
$2,170,728
$62,404
$—
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
2
Affiliated issuer during the reporting period but no longer held at 7/31/2023.
American Funds Portfolio Series — Page 9 of 11
American Funds® Tax-Exempt Preservation Portfolio
Investment portfolio
July 31, 2023
unaudited
 
Fund investments
Tax-exempt fixed income funds 100%
Shares
Value
(000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6
20,270,195
$305,674
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6
20,772,989
203,783
 
509,457
Total investment securities 100% (cost: $532,159,000)
509,457
Other assets less liabilities 0%
(108
)
Net assets 100%
$509,349
Investments in affiliates1
 
 
Value of
affiliates at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
loss
(000)
Net
unrealized
appreciation
(000)
Value of
affiliates at
7/31/2023
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6
$359,963
$15,110
$78,814
$(4,770
)
$14,185
$305,674
$5,335
$—
American Funds Short-Term Tax-Exempt Bond Fund,
Class R-6
240,153
10,700
50,160
(2,098
)
5,188
203,783
3,541
—
Total 100%
$(6,868
)
$19,373
$509,457
$8,876
$—
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 10 of 11
unaudited
Valuation disclosures
Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.
Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of July 31, 2023,
all of the investment securities held by each fund were classified as Level 1.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at capitalgroup.com. Fund shares offered through American Funds Distributors, Inc.
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.
American Funds Distributors, Inc., member FINRA.
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MFGEFP3-900-0923O-S96480
American Funds Portfolio Series — Page 11 of 11