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American Funds Portfolio Series
American Funds® Global Growth Portfolio
Investment portfolio
January 31, 2024
unaudited
Fund investments
Growth funds 80%
Shares
Value
(000)
New Perspective Fund, Class R-6
20,089,650
$1,128,637
The New Economy Fund, Class R-6
15,382,151
848,633
The Growth Fund of America, Class R-6
13,170,261
847,243
SMALLCAP World Fund, Inc., Class R-6
12,328,584
822,070
EuroPacific Growth Fund, Class R-6
10,118,674
552,986
New World Fund, Inc., Class R-6
3,624,091
268,146
 
4,467,715
Growth-and-income funds 20%
 
 
Capital World Growth and Income Fund, Class R-6
18,670,024
1,128,416
Total investment securities 100% (cost: $4,654,950,000)
5,596,131
Other assets less liabilities 0%
(1,448
)
Net assets 100%
$5,594,683
Investments in affiliates1
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 80%
New Perspective Fund, Class R-6
$976,775
$60,329
$1,187
$(113
)
$92,833
$1,128,637
$13,335
$46,994
The New Economy Fund, Class R-6
740,419
34,590
18,479
(2,438
)
94,541
848,633
4,595
29,996
The Growth Fund of America, Class R-6
733,573
60,771
32,598
(1,229
)
86,726
847,243
7,053
53,718
SMALLCAP World Fund, Inc., Class R-6
709,981
9,043
6,567
(2,162
)
111,775
822,070
8,158
—
EuroPacific Growth Fund, Class R-6
482,551
22,535
—
—
47,900
552,986
8,685
10,266
New World Fund, Inc., Class R-6
241,350
7,904
—
—
18,892
268,146
4,379
3,214
 
4,467,715
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6
983,843
24,728
1,365
(14
)
121,224
1,128,416
7,487
17,240
Total 100%
$(5,956
)
$573,891
$5,596,131
$53,692
$161,428
 
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 12
American Funds® Growth Portfolio
Investment portfolio
January 31, 2024
unaudited
 
Fund investments
Growth funds 80%
Shares
Value
(000)
The Growth Fund of America, Class R-6
65,704,630
$4,226,779
AMCAP Fund, Class R-6
84,588,777
3,342,948
SMALLCAP World Fund, Inc., Class R-6
37,021,692
2,468,607
The New Economy Fund, Class R-6
30,145,732
1,663,140
New Perspective Fund, Class R-6
29,445,503
1,654,248
 
13,355,722
Growth-and-income funds 20%
 
 
Fundamental Investors, Class R-6
45,957,689
3,321,822
Total investment securities 100% (cost: $14,045,985,000)
16,677,544
Other assets less liabilities 0%
(4,588
)
Net assets 100%
$16,672,956
Investments in affiliates1
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 80%
The Growth Fund of America, Class R-6
$3,538,187
$297,855
$22,767
$(2,264
)
$415,768
$4,226,779
$34,568
$263,287
AMCAP Fund, Class R-6
2,784,018
116,052
—
—
442,878
3,342,948
18,300
83,754
SMALLCAP World Fund, Inc., Class R-6
2,072,849
75,712
1,599
(553
)
322,198
2,468,607
24,108
—
The New Economy Fund, Class R-6
1,404,619
82,647
—
—
175,874
1,663,140
8,803
57,463
New Perspective Fund, Class R-6
1,381,789
140,900
—
—
131,559
1,654,248
19,289
67,979
 
13,355,722
Growth-and-income funds 20%
Fundamental Investors, Class R-6
2,819,741
155,422
—
—
346,659
3,321,822
16,849
116,581
Total 100%
$(2,817
)
$1,834,936
$16,677,544
$121,917
$589,064
 
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 12
American Funds® Growth and Income Portfolio
Investment portfolio
January 31, 2024
unaudited
 
Fund investments
Growth funds 15%
Shares
Value
(000)
SMALLCAP World Fund, Inc., Class R-6
18,818,188
$1,254,797
The Growth Fund of America, Class R-6
19,314,972
1,242,532
 
2,497,329
Growth-and-income funds 51%
 
 
The Investment Company of America, Class R-6
65,556,407
3,345,343
Capital World Growth and Income Fund, Class R-6
54,516,067
3,294,951
Washington Mutual Investors Fund, Class R-6
28,483,630
1,645,784
 
8,286,078
Equity-income funds 10%
 
 
Capital Income Builder, Class R-6
23,651,589
1,560,532
Balanced funds 10%
 
 
American Balanced Fund, Class R-6
48,683,491
1,569,556
Fixed income funds 14%
 
 
The Bond Fund of America, Class R-6
66,481,967
760,554
American Funds Multi-Sector Income Fund, Class R-6
81,617,666
759,860
American Funds Strategic Bond Fund, Class R-6
81,380,455
756,838
 
2,277,252
Total investment securities 100% (cost: $13,862,425,000)
16,190,747
Other assets less liabilities 0%
(4,216
)
Net assets 100%
$16,186,531
American Funds Portfolio Series — Page 3 of 12
unaudited
Investments in affiliates1
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 15%
SMALLCAP World Fund, Inc., Class R-6
$1,069,341
$19,947
$—
$—
$165,509
$1,254,797
$12,387
$—
The Growth Fund of America, Class R-6
1,057,847
88,555
27,124
(3,033
)
126,287
1,242,532
10,277
78,278
 
2,497,329
Growth-and-income funds 51%
The Investment Company of America, Class R-6
2,915,837
131,750
57,867
(1,026
)
356,649
3,345,343
18,936
112,815
Capital World Growth and Income Fund, Class R-6
2,869,180
72,135
—
—
353,636
3,294,951
21,841
50,293
Washington Mutual Investors Fund, Class R-6
1,445,064
44,133
—
—
156,587
1,645,784
10,694
33,439
 
8,286,078
Equity-income funds 10%
Capital Income Builder, Class R-6
1,387,292
43,010
—
—
130,230
1,560,532
22,509
1,692
Balanced funds 10%
American Balanced Fund, Class R-6
1,393,045
25,267
—
—
151,244
1,569,556
22,949
—
Fixed income funds 14%
The Bond Fund of America, Class R-6
682,305
29,417
—
—
48,832
760,554
8,081
—
American Funds Multi-Sector Income Fund,
Class R-6
683,141
21,825
—
—
54,894
759,860
12,144
—
American Funds Strategic Bond Fund, Class R-62
681,878
29,341
8,764
—
54,383
756,838
(2,097
)
—
 
2,277,252
Total 100%
$(4,059
)
$1,598,251
$16,190,747
$137,721
$276,517
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
2
A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or
dividend income amounts reflect the return of capital distribution.
American Funds Portfolio Series — Page 4 of 12
American Funds® Moderate Growth and Income Portfolio
Investment portfolio
January 31, 2024
unaudited
 
Fund investments
Growth funds 10%
Shares
Value
(000)
New Perspective Fund, Class R-6
11,895,644
$668,297
SMALLCAP World Fund, Inc., Class R-6
9,674,795
645,116
 
1,313,413
Growth-and-income funds 25%
 
 
Washington Mutual Investors Fund, Class R-6
34,253,912
1,979,191
Capital World Growth and Income Fund, Class R-6
21,931,931
1,325,566
 
3,304,757
Equity-income funds 10%
 
 
The Income Fund of America, Class R-6
56,019,553
1,307,496
Balanced funds 40%
 
 
American Balanced Fund, Class R-6
102,303,747
3,298,273
American Funds Global Balanced Fund, Class R-6
54,419,507
1,969,986
 
5,268,259
Fixed income funds 15%
 
 
American Funds Multi-Sector Income Fund, Class R-6
70,190,630
653,475
The Bond Fund of America, Class R-6
56,258,089
643,593
American Funds Strategic Bond Fund, Class R-6
69,139,510
642,997
 
1,940,065
Total investment securities 100% (cost: $11,302,500,000)
13,133,990
Other assets less liabilities 0%
(3,324
)
Net assets 100%
$13,130,666
American Funds Portfolio Series — Page 5 of 12
unaudited
Investments in affiliates1
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 10%
New Perspective Fund, Class R-6
$587,390
$35,906
$10,683
$(1,622
)
$57,306
$668,297
$7,937
$27,970
SMALLCAP World Fund, Inc., Class R-6
563,974
7,156
13,323
(2,772
)
90,081
645,116
6,459
—
 
1,313,413
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6
1,775,078
53,419
40,826
2,996
188,524
1,979,191
12,944
40,475
Capital World Growth and Income Fund, Class R-6
1,185,586
29,372
34,312
(971
)
145,891
1,325,566
8,893
20,478
 
3,304,757
Equity-income funds 10%
The Income Fund of America, Class R-6
1,188,005
20,156
3,572
(227
)
103,134
1,307,496
20,156
—
Balanced funds 40%
American Balanced Fund, Class R-6
2,959,115
48,651
29,911
(1,238
)
321,656
3,298,273
48,651
—
American Funds Global Balanced Fund, Class R-6
1,776,912
9,594
14,851
(360
)
198,691
1,969,986
9,594
—
 
5,268,259
Fixed income funds 15%
American Funds Multi-Sector Income Fund,
Class R-6
597,383
10,552
2,336
23
47,853
653,475
10,552
—
The Bond Fund of America, Class R-6
590,971
10,506
—
—
42,116
643,593
6,937
—
American Funds Strategic Bond Fund, Class R-62
588,030
15,753
7,602
—
3
46,816
642,997
(1,904
)
—
 
1,940,065
Total 100%
$(4,171
)
$1,242,068
$13,133,990
$130,219
$88,923
 
1
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
2
A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or
dividend income amounts reflect the return of capital distribution.
3
Amount less than one thousand.
American Funds Portfolio Series — Page 6 of 12
American Funds® Conservative Growth and Income Portfolio
Investment portfolio
January 31, 2024
unaudited
 
Fund investments
Growth-and-income funds 20%
Shares
Value
(000)
American Mutual Fund, Class R-6
14,310,761
$735,287
Washington Mutual Investors Fund, Class R-6
12,694,003
733,459
 
1,468,746
Equity-income funds 38%
 
 
Capital Income Builder, Class R-6
21,140,046
1,394,821
The Income Fund of America, Class R-6
59,760,936
1,394,820
 
2,789,641
Fixed income funds 42%
 
 
American Funds Multi-Sector Income Fund, Class R-6
126,984,655
1,182,227
The Bond Fund of America, Class R-6
102,865,454
1,176,781
American High-Income Trust, Class R-6
77,892,313
739,198
 
3,098,206
Total investment securities 100% (cost: $7,118,757,000)
7,356,593
Other assets less liabilities 0%
(2,025
)
Net assets 100%
$7,354,568
Investments in affiliates1
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 20%
American Mutual Fund, Class R-6
$678,886
$18,565
$23,982
$9
$61,809
$735,287
$6,794
$11,770
Washington Mutual Investors Fund, Class R-6
674,112
20,102
32,992
33
72,204
733,459
4,871
15,232
 
1,468,746
Equity-income funds 38%
Capital Income Builder, Class R-6
1,288,687
23,519
37,232
(1,030
)
120,877
1,394,821
20,444
1,537
The Income Fund of America, Class R-6
1,286,667
22,632
25,634
(875
)
112,030
1,394,820
21,689
—
 
2,789,641
Fixed income funds 42%
American Funds Multi-Sector Income Fund,
Class R-6
1,088,378
19,137
12,242
(1,222
)
88,176
1,182,227
19,136
—
The Bond Fund of America, Class R-6
1,085,616
18,042
4,127
34
77,216
1,176,781
12,705
—
American High-Income Trust, Class R-6
681,356
12,852
3,515
43
48,462
739,198
12,852
—
 
3,098,206
Total 100%
$(3,008
)
$580,774
$7,356,593
$98,491
$28,539
 
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 12
American Funds® Tax-Aware Conservative Growth and Income Portfolio
Investment portfolio
January 31, 2024
unaudited
 
Fund investments
Growth-and-income funds 50%
Shares
Value
(000)
Capital World Growth and Income Fund, Class R-6
15,477,048
$935,433
Capital Group Dividend Value ETF
23,415,616
699,893
American Mutual Fund, Class R-6
9,118,128
468,489
Washington Mutual Investors Fund, Class R-6
4,096,007
236,667
 
2,340,482
Tax-exempt fixed income funds 49%
 
 
American High-Income Municipal Bond Fund, Class R-6
77,549,769
1,161,696
The Tax-Exempt Bond Fund of America, Class R-6
55,624,819
691,417
Limited Term Tax-Exempt Bond Fund of America, Class R-6
28,363,516
434,245
 
2,287,358
Short-term securities 1%
 
 
Capital Group Central Cash Fund 5.44%1
221,035
22,103
Total short-term securities (cost: $22,103,000)
22,103
Total investment securities 100% (cost: $4,305,691,000)
4,649,943
Other assets less liabilities 0%
(1,180
)
Net assets 100%
$4,648,763
American Funds Portfolio Series — Page 8 of 12
unaudited
Investments in affiliates2
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 50%
Capital World Growth and Income Fund, Class R-6
$844,029
$20,823
$32,358
$175
$102,764
$935,433
$6,305
$14,518
Capital Group Dividend Value ETF
634,695
—
28,036
1,962
91,272
699,893
3,942
—
American Mutual Fund, Class R-6
424,635
11,728
6,753
679
38,200
468,489
4,292
7,436
Washington Mutual Investors Fund, Class R-6
211,403
6,433
3,997
253
22,575
236,667
1,559
4,874
 
2,340,482
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund,
Class R-6
1,061,757
15,187
14,195
(646
)
99,593
1,161,696
12,843
—
The Tax-Exempt Bond Fund of America, Class R-6
637,724
5,732
622
4
48,579
691,417
5,732
—
Limited Term Tax-Exempt Bond Fund of America,
Class R-6
404,507
11,802
—
—
17,936
434,245
2,627
—
 
2,287,358
Short-term securities 1%
Money market investments
Capital Group Central Cash Fund 5.44%1
21,668
22,365
21,930
1
(1
)
22,103
287
—
Total 100%
$2,428
$420,918
$4,649,943
$37,587
$26,828
 
1
Rate represents the seven-day yield at 1/31/2024.
2
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 9 of 12
American Funds® Preservation Portfolio
Investment portfolio
January 31, 2024
unaudited
 
Fund investments
Fixed income funds 100%
Shares
Value
(000)
Short-Term Bond Fund of America, Class R-6
115,512,952
$1,100,838
Intermediate Bond Fund of America, Class R-6
71,801,259
901,824
 
2,002,662
Total investment securities 100% (cost: $2,108,044,000)
2,002,662
Other assets less liabilities 0%
(481
)
Net assets 100%
$2,002,181
Investments in affiliates1
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Fixed income funds 100%
Short-Term Bond Fund of America, Class R-6
$1,121,586
$12,027
$52,830
$(2,191
)
$22,246
$1,100,838
$11,464
$—
Intermediate Bond Fund of America, Class R-6
917,662
9,718
65,835
(6,196
)
46,475
901,824
9,531
—
Total 100%
$(8,387
)
$68,721
$2,002,662
$20,995
$—
 
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 12
American Funds® Tax-Exempt Preservation Portfolio
Investment portfolio
January 31, 2024
unaudited
 
Fund investments
Tax-exempt fixed income funds 100%
Shares
Value
(000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6
17,287,965
$264,679
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6
17,787,551
176,452
 
441,131
Total investment securities 100% (cost: $453,747,000)
441,131
Other assets less liabilities 0%
(90
)
Net assets 100%
$441,041
Investments in affiliates1
 
 
Value at
11/1/2023
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2024
(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
$275,058
$3,071
$25,313
$(1,418
)
$13,281
$264,679
$1,680
$—
American Funds Short-Term Tax-Exempt Bond Fund,
Class R-6
183,372
2,608
14,932
(348
)
5,752
176,452
1,130
—
Total 100%
$(1,766
)
$19,033
$441,131
$2,810
$—
 
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 11 of 12
unaudited
Valuation disclosures
Security valuation — The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. The net asset value of each share class of each fund is calculated based on the reported net asset values or official closing prices of the underlying funds and exchange-traded funds ("ETFs") in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. ETFs are generally valued at market prices which are based on the official closing price of, or the last reported sale price on, the principal exchange on which such underlying funds are traded, as of the close of business on the day the ETF is being valued or, lacking any sales, at the last available bid price.
Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
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 January 31,
2024, 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.
© 2024 Capital Group. All rights reserved.
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American Funds Portfolio Series — Page 12 of 12