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, 2022

Gregory F. Niland

American Funds Portfolio Series

5300 Robin Hood Road

Norfolk, Virginia 23513

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds
Portfolio Series^SM

Semi-annual report
for the six months ended
April 30, 2022

Invest in portfolios
designed to pursue
real-life objectives

American Funds Portfolio Series seeks to help investors meet a wide range of investment goals, including preservation of capital, income, balance and growth. Each fund in the series is an objective-based portfolio of actively managed American Funds.

American Funds, by Capital Group, is one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Here are the total returns on a $1,000 investment for periods ended March 31, 2022 (the most recent calendar quarter-end). Also shown are the expense ratios as of the series prospectus dated January 1, 2022.

	Cumulative total returns			Average annual total returns
	1 year			5 years			Lifetime (since 5/18/12)			Expense ratios

American Funds Global Growth Portfolio^SM
Class F-2 shares		–1.80	%		12.07	%		11.97	%		0.54	%
Class A shares (reflecting 5.75% maximum sales charge)		–7.67			10.49			11.04			0.79
American Funds Growth Portfolio^SM
Class F-2 shares		1.98			13.13			13.35			0.48
Class A shares (reflecting 5.75% maximum sales charge)		–4.11			11.53			12.42			0.73
American Funds Growth and Income Portfolio^SM
Class F-2 shares		5.50			10.69			10.83			0.43
Class A shares (reflecting 5.75% maximum sales charge)		–0.76			9.14			9.92			0.66
American Funds Moderate Growth and Income Portfolio^SM
Class F-2 shares		4.98			9.43			9.64			0.43
Class A shares (reflecting 5.75% maximum sales charge)		–1.25			7.88			8.74			0.66
American Funds Conservative Growth and Income Portfolio^SM
Class F-2 shares		5.93			7.12			7.55			0.40	*
Class A shares (reflecting 5.75% maximum sales charge)		–0.43			5.63			6.65			0.62	*
American Funds Tax-Aware Conservative Growth and Income Portfolio^SM
Class F-2 shares		3.67			7.79			8.28			0.41
Class A shares (reflecting 3.75% maximum sales charge)		–0.51			6.72			7.58			0.64
American Funds Preservation Portfolio^SM
Class F-2 shares		–2.49			1.70			1.45			0.38
Class A shares (reflecting 2.50% maximum sales charge)		–5.15			0.93			0.92			0.63
American Funds Tax-Exempt Preservation Portfolio^SM
Class F-2 shares		–3.36			1.42			1.76			0.40
Class A shares (reflecting 2.50% maximum sales charge)		–6.01			0.67			1.23			0.63

*	The expense ratio is restated to reflect current fees.

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

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

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Fellow investors:

Results for American Funds Portfolio Series for the periods ended April 30, 2022, are shown in the table on the next page, as well as results of each fund’s benchmarks and peer groups.

For additional information about the series, its investment results, holdings and the Portfolio Solutions Committee, visit capitalgroup.com/individual/products/american-funds-portfolio-series.html. 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

4	Investment portfolios

15	Financial statements

29	Notes to financial statements

53	Financial highlights

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

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

American Funds Portfolio Series

Results at a glance

For periods ended April 30, 2022, with all distributions reinvested

	Cummulative total returns						Average annual total returns
	6 months			1 year			5 years			Lifetime (since 5/18/12)

American Funds Global Growth Portfolio
Class F-2 shares		–21.20	%		–15.38	%		9.23	%		10.72	%
Class A shares		–21.29			–15.61			8.96			10.46
MSCI All Country World Index*^,†		–11.63			–5.44			9.46			10.30
Lipper Global Large-Cap Growth Funds Index		–21.12			–14.64			10.32			10.81

American Funds Growth Portfolio
Class F-2 shares		–21.01			–13.22			10.22			11.98
Class A shares		–21.09			–13.43			9.94			11.73
S&P 500 Index*		–9.65			0.21			13.66			14.59
MSCI All Country World ex USA Index*^,†		–11.87			–10.31			4.94			6.24
Lipper Global Multi-Cap Growth Funds Index		–23.99			–18.50			10.04			10.68

American Funds Growth and Income Portfolio
Class F-2 shares		–11.10			–5.43			8.79			9.91
Class A shares		–11.22			–5.66			8.54			9.67
S&P 500 Index*		–9.65			0.21			13.66			14.59
MSCI All Country World ex USA Index*^,†		–11.87			–10.31			4.94			6.24
Bloomberg Global Aggregate Index*		–11.69			–12.63			0.33			0.43
Lipper Mixed-Asset Target Allocation Growth Funds Index		–10.54			–5.53			8.16			9.21

American Funds Moderate Growth and Income Portfolio
Class F-2 shares		–8.85			–4.11			7.79			8.89
Class A shares		–8.97			–4.33			7.55			8.64
S&P 500 Index*		–9.65			0.21			13.66			14.59
MSCI All Country World ex USA Index*^,†		–11.87			–10.31			4.94			6.24
Bloomberg U.S. Aggregate Index*		–9.47			–8.51			1.20			1.69
Lipper Mixed-Asset Target Allocation Growth Funds Index		–10.54			–5.53			8.16			9.21

American Funds Conservative Growth and Income Portfolio
Class F-2 shares		–4.45			–0.47			6.15			7.04
Class A shares		–4.57			–0.69			5.91			6.80
S&P 500 Index*		–9.65			0.21			13.66			14.59
MSCI All Country World ex USA Index*^,†		–11.87			–10.31			4.94			6.24
Bloomberg U.S. Aggregate Index*		–9.47			–8.51			1.20			1.69
Lipper Mixed-Asset Target Allocation Moderate Funds Index		–9.15			–4.99			6.50			7.38

American Funds Tax-Aware Conservative Growth and Income Portfolio
Class F-2 shares		–6.98			–3.42			6.55			7.69
Class A shares		–7.03			–3.57			6.30			7.42
S&P 500 Index*		–9.65			0.21			13.66			14.59
MSCI All Country World ex USA Index*^,†		–11.87			–10.31			4.94			6.24
Bloomberg Municipal Bond Index*		–7.90			–7.88			1.80			2.41
Lipper Mixed-Asset Target Allocation Moderate Funds Index		–9.15			–4.99			6.50			7.38

See page 3 for footnotes.

2	American Funds Portfolio Series

Results at a glance (continued)

Cummulative
total returns

Average annual
total returns

6 months

1 year

5 years

Lifetime
(since 5/18/12)

American Funds Preservation Portfolio

Class F-2 shares

–4.12

–4.02

1.37

1.30

Class A shares

–4.23

–4.25

1.10

1.04

Bloomberg 1–5 Year U.S. Government/Credit A+ Index*

–4.52

–5.00

1.02

1.08

Lipper Short-Intermediate Investment-Grade Debt Funds Index

–4.94

–4.96

1.49

1.66

American Funds Tax-Exempt Preservation Portfolio

Class F-2 shares

–4.78

–5.04

1.04

1.61

Class A shares

–4.88

–5.25

0.80

1.34

Bloomberg Municipal Bond 1–7 Year Blend Index*

–5.17

–5.29

1.03

1.35

Lipper Short-Intermediate Municipal Debt Funds Index

–4.90

–5.03

1.02

1.15

*	Sources: Bloomberg Index Services Ltd., MSCI, S&P Dow Jones Indices LLC and Refinitiv Lipper. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
^†	Results reflect dividends net of withholding taxes.

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

American Funds Portfolio Series

American Funds Global Growth Portfolio	unaudited

Investment portfolio April 30, 2022

Growth funds 80%	Shares		Value (000)
New Perspective Fund, Class R-6		19,514,084	$	1,047,126
EuroPacific Growth Fund, Class R-6		14,887,809		782,205
The Growth Fund of America, Class R-6		13,120,840		767,307
SMALLCAP World Fund, Inc., Class R-6¹		12,002,585		760,964
The New Economy Fund, Class R-6¹		15,916,544		752,534
				4,110,136

Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		19,617,172		1,057,758

Total investment securities 100% (cost: $4,804,398,000)				5,167,894
Other assets less liabilities 0%				(1,433	)

Net assets 100%			$	5,166,461

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
New Perspective Fund, Class R-6	$	1,307,438	$	88,518	$	4,848	$	(310	)	$	(343,672	)	$	1,047,126	$	7,804	$	80,714
EuroPacific Growth Fund, Class R-6		951,568		89,338		—		—			(258,701	)		782,205		15,306		33,494
The Growth Fund of America, Class R-6		1,006,177		78,795		13,360		577			(304,882	)		767,307		3,609		73,070
SMALLCAP World Fund, Inc., Class R-6¹		957,102		149,945		—		—			(346,083	)		760,964		—		78,160
The New Economy Fund, Class R-6¹		974,307		99,840		—		—			(321,613	)		752,534		—		66,841
														4,110,136

Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		1,286,709		75,693		58,964		(7,186	)		(238,494	)		1,057,758		11,445		64,248
Total 100%							$	(6,919	)	$	(1,813,445	)	$	5,167,894	$	38,164	$	396,527

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

See notes to financial statements.

4	American Funds Portfolio Series

American Funds Growth Portfolio	unaudited

Investment portfolio April 30, 2022

Growth funds 79%	Shares		Value (000)
The Growth Fund of America, Class R-6		56,119,449	$	3,281,865
AMCAP Fund, Class R-6¹		72,739,745		2,620,813
SMALLCAP World Fund, Inc., Class R-6¹		31,266,086		1,982,270
New Perspective Fund, Class R-6		24,503,410		1,314,853
The New Economy Fund, Class R-6¹		27,297,579		1,290,630
				10,490,431

Growth-and-income funds 21%
Fundamental Investors, Class R-6		43,329,151		2,841,959

Total investment securities 100% (cost: $12,258,525,000)				13,332,390
Other assets less liabilities 0%				(3,998	)

Net assets 100%			$	13,328,392

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 79%
The Growth Fund of America, Class R-6	$	4,089,627	$	463,153	$	3,865	$	243		$	(1,267,293	)	$	3,281,865	$	14,733	$	298,335
AMCAP Fund, Class R-6¹		3,238,860		194,195		—		—			(812,242	)		2,620,813		—		79,930
SMALLCAP World Fund, Inc., Class R-6¹		2,398,656		466,931		—		—			(883,317	)		1,982,270		—		197,266
New Perspective Fund, Class R-6		1,624,092		120,297		—		—			(429,536	)		1,314,853		9,709		100,422
The New Economy Fund, Class R-6¹		1,610,079		223,074		—		—			(542,523	)		1,290,630		—		111,422
														10,490,431

Growth-and-income funds 21%
Fundamental Investors, Class R-6		3,203,947		267,150		34,295		(3,025	)		(591,818	)		2,841,959		29,760		213,456
Total 100%							$	(2,782	)	$	(4,526,729	)	$	13,332,390	$	54,202	$	1,000,831

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

See notes to financial statements.

American Funds Portfolio Series

American Funds Growth and Income Portfolio	unaudited

Investment portfolio April 30, 2022

Growth funds 14%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6¹		16,984,292	$	1,076,804
The Growth Fund of America, Class R-6		15,893,819		929,471
				2,006,275

Growth-and-income funds 50%
The Investment Company of America, Class R-6		62,074,859		2,790,886
Capital World Growth and Income Fund, Class R-6		51,330,126		2,767,720
Washington Mutual Investors Fund, Class R-6		26,492,302		1,471,647
				7,030,253

Equity-income funds 11%
Capital Income Builder, Class R-6		22,682,950		1,489,363

Balanced funds 15%
American Balanced Fund, Class R-6		70,631,928		2,138,028

Fixed income funds 10%
American Funds Strategic Bond Fund, Class R-6		68,404,447		718,931
The Bond Fund of America, Class R-6		58,735,703		711,876
				1,430,807

Total investment securities 100% (cost: $12,867,143,000)				14,094,726
Other assets less liabilities 0%				(3,822	)

Net assets 100%			$	14,090,904

6	American Funds Portfolio Series

American Funds Growth and Income Portfolio (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 14%
SMALLCAP World Fund, Inc., Class R-6¹	$	1,226,016	$	312,979	$	—	$	—		$	(462,191	)	$	1,076,804	$	—	$	100,606
The Growth Fund of America, Class R-6		1,132,490		150,347		550		67			(352,883	)		929,471		4,074		82,505
														2,006,275

Growth-and-income funds 50%
The Investment Company of America, Class R-6		3,086,460		197,900		956		1			(492,519	)		2,790,886		23,171		149,088
Capital World Growth and Income Fund, Class R-6		3,057,962		314,878		—		—			(605,120	)		2,767,720		27,951		153,467
Washington Mutual Investors Fund, Class R-6		1,554,076		42,958		33,009		738			(93,116	)		1,471,647		13,966		28,992
														7,030,253

Equity-income funds 11%
Capital Income Builder, Class R-6		1,516,797		55,921		6,341		(225	)		(76,789	)		1,489,363		34,387		—
Balanced funds 15%
American Balanced Fund, Class R-6		2,285,298		83,961		—		—			(231,231	)		2,138,028		17,316		58,685
Fixed income funds 10%
American Funds Strategic Bond Fund, Class R-6		749,012		27,899		—		—			(57,980	)		718,931		9,661		—
The Bond Fund of America, Class R-6		753,995		36,346		—		—			(78,465	)		711,876		8,146		2,990
														1,430,807
Total 100%							$	581		$	(2,450,294	)	$	14,094,726	$	138,672	$	576,333

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

See notes to financial statements.

American Funds Portfolio Series

American Funds Moderate Growth and Income Portfolio	unaudited

Investment portfolio April 30, 2022

Growth funds 9%	Shares		Value (000)
New Perspective Fund, Class R-6		11,047,655	$	592,817
SMALLCAP World Fund, Inc., Class R-6¹		9,350,428		592,817
				1,185,634

Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		35,196,230		1,955,151
Capital World Growth and Income Fund, Class R-6		22,707,946		1,224,412
				3,179,563

Equity-income funds 11%
The Income Fund of America, Class R-6		54,114,457		1,324,181

Balanced funds 40%
American Balanced Fund, Class R-6		104,650,192		3,167,761
American Funds Global Balanced Fund, Class R-6		54,719,045		1,858,259
				5,026,020

Fixed income funds 15%
The Bond Fund of America, Class R-6		105,518,993		1,278,890
American Funds Strategic Bond Fund, Class R-6		59,955,893		630,137
				1,909,027

Total investment securities 100% (cost: $11,377,423,000)				12,624,425
Other assets less liabilities 0%				(3,318	)

Net assets 100%			$	12,621,107

8	American Funds Portfolio Series

American Funds Moderate Growth and Income Portfolio (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 9%
New Perspective Fund, Class R-6	$	693,729	$	86,082	$	—	$	—		$	(186,994	)	$	592,817	$	4,141	$	42,827
SMALLCAP World Fund, Inc., Class R-6¹		679,520		167,386		—		—			(254,089	)		592,817		—		55,787
														1,185,634

Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		2,066,932		57,100		45,590		424			(123,715	)		1,955,151		18,555		38,545
Capital World Growth and Income Fund, Class R-6		1,356,105		135,794		—		—			(267,487	)		1,224,412		12,441		67,973
														3,179,563

Equity-income funds 11%
The Income Fund of America, Class R-6		1,340,883		80,321		6,539		(386	)		(90,098	)		1,324,181		23,493		50,568
Balanced funds 40%
American Balanced Fund, Class R-6		3,364,506		144,938		—		—			(341,683	)		3,167,761		25,582		86,364
American Funds Global Balanced Fund, Class R-6		2,012,616		168,084		—		—			(322,441	)		1,858,259		20,580		83,935
														5,026,020

Fixed income funds 15%
The Bond Fund of America, Class R-6		1,341,550		87,431		10,270		(312	)		(139,509	)		1,278,890		14,534		5,319
American Funds Strategic Bond Fund, Class R-6		660,934		20,021		—		—			(50,818	)		630,137		8,509		—
														1,909,027
Total 100%							$	(274	)	$	(1,776,834	)	$	12,624,425	$	127,835	$	431,318

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

See notes to financial statements.

American Funds Portfolio Series

American Funds Conservative Growth and Income Portfolio	unaudited

Investment portfolio April 30, 2022

Growth-and-income funds 20%	Shares		Value (000)
American Mutual Fund, Class R-6		14,609,539	$	738,658
Washington Mutual Investors Fund, Class R-6		13,127,158		729,214
				1,467,872

Equity-income funds 38%
The Income Fund of America, Class R-6		56,802,920		1,389,967
Capital Income Builder, Class R-6		21,135,678		1,387,769
				2,777,736

Fixed income funds 42%
The Bond Fund of America, Class R-6		96,874,786		1,174,123
American Funds Multi-Sector Income Fund, Class R-6		121,978,163		1,172,210
American High-Income Trust, Class R-6		75,492,373		730,011
				3,076,344

Total investment securities 100% (cost: $6,992,207,000)				7,321,952
Other assets less liabilities 0%				(1,788	)

Net assets 100%			$	7,320,164

10	American Funds Portfolio Series

American Funds Conservative Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 20%
American Mutual Fund, Class R-6	$	744,968	$	40,183	$	14,147	$	302		$	(32,648	)	$	738,658	$	7,707	$	22,528
Washington Mutual Investors Fund, Class R-6		748,748		49,487		24,182		636			(45,475	)		729,214		6,790		13,796
														1,467,872

Equity-income funds 38%
The Income Fund of America, Class R-6		1,460,328		84,446		60,372		288			(94,723	)		1,389,967		24,558		52,703
Capital Income Builder, Class R-6		1,460,717		69,177		71,196		146			(71,075	)		1,387,769		31,718		—
														2,777,736


Fixed income funds 42%
The Bond Fund of America, Class R-6		1,092,541		210,411		2,931		(266	)		(125,632	)		1,174,123		12,859		4,646
American Funds Multi-Sector Income Fund, Class R-6		1,092,716		210,043		—		—			(130,549	)		1,172,210		21,806		7,946
American High-Income Trust, Class R-6		726,070		66,361		—		—			(62,420	)		730,011		17,925		—
														3,076,344
Total 100%							$	1,106		$	(562,522	)	$	7,321,952	$	123,363	$	101,619

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

See notes to financial statements.

American Funds Portfolio Series

American Funds Tax-Aware Conservative Growth and Income Portfolio

Investment portfolio April 30, 2022	unaudited

Growth-and-income funds 50%	Shares		Value (000)
Capital World Growth and Income Fund, Class R-6		16,423,163	$	885,537
American Mutual Fund, Class R-6		13,773,034		696,365
Washington Mutual Investors Fund, Class R-6		12,469,617		692,687
				2,274,589

Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		76,033,971		1,153,435
The Tax-Exempt Bond Fund of America, Class R-6		55,560,962		685,067
Limited Term Tax-Exempt Bond Fund of America, Class R-6		30,678,947		462,025
				2,300,527

Total investment securities 100% (cost: $4,367,738,000)				4,575,116
Other assets less liabilities 0%				(1,021	)

Net assets 100%			$	4,574,095

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 50%
Capital World Growth and Income Fund, Class R-6	$	920,860	$	155,652	$	521	$	(22	)	$	(190,432	)	$	885,537	$	8,836	$	47,804
American Mutual Fund, Class R-6		692,116		43,869		8,995		27			(30,652	)		696,365		7,310		21,361
Washington Mutual Investors Fund, Class R-6		697,059		41,977		3,032		25			(43,342	)		692,687		6,429		13,083
														2,274,589

Tax-exempt fixed income funds 50%
American High-Income Municipal Bond Fund, Class R-6		1,129,880		154,533		4,192		(180	)		(126,606	)		1,153,435		18,445		8,842
The Tax-Exempt Bond Fund of America, Class R-6		673,014		78,512		—		—			(66,459	)		685,067		7,882		3,647
Limited Term Tax-Exempt Bond Fund of America, Class R-6		444,935		47,021		—		—			(29,931	)		462,025		2,660		2,320
														2,300,527
Total 100%							$	(150	)	$	(487,422	)	$	4,575,116	$	51,562	$	97,057

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

See notes to financial statements.

12	American Funds Portfolio Series

American Funds Preservation Portfolio	unaudited

Investment portfolio April 30, 2022

Fixed income funds 100%	Shares		Value (000)
Intermediate Bond Fund of America, Class R-6		118,492,406	$	1,538,032
Short-Term Bond Fund of America, Class R-6		115,884,595		1,119,445
American Funds Inflation Linked Bond Fund, Class R-6		13,285,214		139,229
				2,796,706

Total investment securities 100% (cost: $2,925,771,000)				2,796,706
Other assets less liabilities 0%				(570	)

Net assets 100%			$	2,796,136

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Fixed income funds 100%
Intermediate Bond Fund of America, Class R-6	$	1,649,197	$	98,539	$	114,342	$	(4,897	)	$	(90,465	)	$	1,538,032	$	13,461	$	—
Short-Term Bond Fund of America, Class R-6		1,199,435		65,980		106,431		(2,729	)		(36,810	)		1,119,445		5,491		—
American Funds Inflation Linked Bond Fund, Class R-6		149,803		20,983		21,418		(70	)		(10,069	)		139,229		5,176		—
Total 100%							$	(7,696	)	$	(137,344	)	$	2,796,706	$	24,128	$	—

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

See notes to financial statements.

American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio	unaudited

Investment portfolio April 30, 2022

Tax-exempt fixed income funds 100%	Shares		Value (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		30,509,847	$	459,479
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		20,012,121		196,919
				656,398

Total investment securities 100% (cost: $692,393,000)				656,398
Other assets less liabilities 0%				(111	)

Net assets 100%			$	656,287

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Tax-exempt fixed income funds 100%
Limited Term Tax-Exempt Bond Fund of America, Class R-6	$	547,256	$	25,018	$	81,017	$	(2,919	)	$	(28,859	)	$	459,479	$	2,920	$	2,676
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		234,538		9,779		38,134		(941	)		(8,323	)		196,919		718		536
Total 100%							$	(3,860	)	$	(37,182	)	$	656,398	$	3,638	$	3,212

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

See notes to financial statements.

14	American Funds Portfolio Series

Financial statements	unaudited

Statements of assets and liabilities at April 30, 2022	(dollars in thousands)

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	5,167,894	$	13,332,390	$	14,094,726
Receivables for:
Sales of investments		—		—		—
Sales of fund’s shares		3,492		11,192		8,451
Dividends		—		—		1,809
Total assets		5,171,386		13,343,582		14,104,986

Liabilities:
Payables for:
Purchases of investments		352		5,667		4,022
Repurchases of fund’s shares		3,128		5,525		6,178
Services provided by related parties		1,378		3,820		3,745
Trustees’ deferred compensation		30		70		78
Other		37		108		59
Total liabilities		4,925		15,190		14,082
Net assets at April 30, 2022	$	5,166,461	$	13,328,392	$	14,090,904

Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,418,506	$	11,269,550	$	12,289,648
Total distributable earnings (accumulated loss)		747,955		2,058,842		1,801,256
Net assets at April 30, 2022	$	5,166,461	$	13,328,392	$	14,090,904

Investment securities of affiliated issuers, at cost	$	4,804,398	$	12,258,525	$	12,867,143

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars in thousands)

	Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	12,624,425	$	7,321,952	$	4,575,116
Receivables for:
Sales of investments		—		660		—
Sales of fund’s shares		14,355		4,567		7,658
Dividends		3,244		9,532		5,044
Total assets		12,642,024		7,336,711		4,587,818

Liabilities:
Payables for:
Purchases of investments		8,481		9,532		8,834
Repurchases of fund’s shares		8,972		5,056		3,870
Services provided by related parties		3,359		1,899		998
Trustees’ deferred compensation		69		41		21
Other		36		19		—
Total liabilities		20,917		16,547		13,723
Net assets at April 30, 2022	$	12,621,107	$	7,320,164	$	4,574,095

Net assets consist of:
Capital paid in on shares of beneficial interest	$	10,941,490	$	6,887,812	$	4,272,127
Total distributable earnings (accumulated loss)		1,679,617		432,352		301,968
Net assets at April 30, 2022	$	12,621,107	$	7,320,164	$	4,574,095

Investment securities of affiliated issuers, at cost	$	11,377,423	$	6,992,207	$	4,367,738

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

16	American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	2,796,706		$	656,398
Receivables for:
Sales of investments		113			—
Sales of fund’s shares		4,337			822
Dividends		4,264			628
Total assets		2,805,420			657,848

Liabilities:
Payables for:
Purchases of investments		4,265			1,140
Repurchases of fund’s shares		4,446			310
Services provided by related parties		545			107
Trustees’ deferred compensation		16			4
Other		12			—
Total liabilities		9,284			1,561
Net assets at April 30, 2022	$	2,796,136		$	656,287

Net assets consist of:
Capital paid in on shares of beneficial interest	$	2,933,692		$	701,262
Total distributable earnings (accumulated loss)		(137,556	)		(44,975	)
Net assets at April 30, 2022	$	2,796,136		$	656,287

Investment securities of affiliated issuers, at cost	$	2,925,771		$	692,393

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars and shares in thousands, except per-share amounts)

		Global Growth Portfolio		Growth Portfolio			Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	2,753,882	$	7,860,447		$	9,129,080
	Shares outstanding		142,155		371,998			547,868
	Net asset value per share	$	19.37	$	21.13		$	16.66
Class C:	Net assets	$	390,334	$	1,145,443		$	1,260,347
	Shares outstanding		20,665		55,880			76,206
	Net asset value per share	$	18.89	$	20.50		$	16.54
Class T:	Net assets	$	13	$	13		$	12
	Shares outstanding		1		1			1
	Net asset value per share	$	19.40	$	21.16		$	16.67
Class F-1:	Net assets	$	57,343	$	106,500		$	195,625
	Shares outstanding		2,955		5,041			11,740
	Net asset value per share	$	19.40	$	21.13		$	16.66
Class F-2:	Net assets	$	640,835	$	1,050,034		$	1,174,291
	Shares outstanding		32,933		49,425			70,343
	Net asset value per share	$	19.46	$	21.24		$	16.69
Class F-3:	Net assets	$	217,272	$	248,204		$	281,302
	Shares outstanding		11,187		11,709			16,872
	Net asset value per share	$	19.42	$	21.20		$	16.67
Class 529-A:	Net assets	$	575,645	$	1,698,910		$	968,778
	Shares outstanding		29,780		80,566			58,172
	Net asset value per share	$	19.33	$	21.09		$	16.65
Class 529-C:	Net assets	$	42,254	$	117,414		$	76,076
	Shares outstanding		2,237		5,736			4,589
	Net asset value per share	$	18.88	$	20.47		$	16.58
Class 529-E:	Net assets	$	18,024	$	61,947		$	38,096
	Shares outstanding		938		2,967			2,293
	Net asset value per share	$	19.21	$	20.88		$	16.61
Class 529-T:	Net assets	$	16	$	17		$	15
	Shares outstanding		1		1			1
	Net asset value per share	$	19.39	$	21.15		$	16.67
Class 529-F-1:	Net assets	$	10	$	11		$	11
	Shares outstanding		1		—	*		1
	Net asset value per share	$	19.39	$	21.18		$	16.67
Class 529-F-2:	Net assets	$	95,650	$	241,272		$	114,173
	Shares outstanding		4,940		11,426			6,852
	Net asset value per share	$	19.36	$	21.12		$	16.66
Class 529-F-3:	Net assets	$	11	$	11		$	12
	Shares outstanding		1		1			1
	Net asset value per share	$	19.35	$	21.10		$	16.67
Class ABLE-A:	Net assets	$	2,035	$	6,737		$	5,315
	Shares outstanding		105		320			319
	Net asset value per share	$	19.28	$	21.04		$	16.66
Class ABLE-F-2:	Net assets	$	226	$	190		$	327
	Shares outstanding		12		9			20
	Net asset value per share	$	19.35	$	21.12		$	16.68

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

18	American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars and shares in thousands, except per-share amounts)

		Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Class R-1:	Net assets	$	4,637	$	36,849	$	21,576
	Shares outstanding		244		1,793		1,303
	Net asset value per share	$	19.01	$	20.55	$	16.56
Class R-2:	Net assets	$	102,520	$	246,821	$	172,749
	Shares outstanding		5,447		12,050		10,462
	Net asset value per share	$	18.82	$	20.48	$	16.51
Class R-2E:	Net assets	$	5,411	$	9,081	$	16,759
	Shares outstanding		283		438		1,009
	Net asset value per share	$	19.13	$	20.72	$	16.60
Class R-3:	Net assets	$	75,422	$	190,616	$	150,202
	Shares outstanding		3,928		9,122		9,052
	Net asset value per share	$	19.20	$	20.90	$	16.59
Class R-4:	Net assets	$	39,865	$	77,062	$	74,871
	Shares outstanding		2,062		3,651		4,494
	Net asset value per share	$	19.33	$	21.10	$	16.66
Class R-5:	Net assets	$	13,750	$	31,007	$	30,344
	Shares outstanding		702		1,452		1,813
	Net asset value per share	$	19.57	$	21.36	$	16.73
Class R-5E:	Net assets	$	17,424	$	42,107	$	20,923
	Shares outstanding		902		1,996		1,257
	Net asset value per share	$	19.32	$	21.09	$	16.65
Class R-6:	Net assets	$	113,882	$	157,699	$	360,020
	Shares outstanding		5,805		7,401		21,553
	Net asset value per share	$	19.62	$	21.31	$	16.70

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars and shares in thousands, except per-share amounts)

		Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio		Tax-Aware Conservative Growth and Income Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	8,240,916	$	5,269,293	$	3,332,445
	Shares outstanding		498,943		407,554		226,125
	Net asset value per share	$	16.52	$	12.93	$	14.74
Class C:	Net assets	$	1,155,143	$	667,159	$	383,873
	Shares outstanding		70,430		51,920		26,253
	Net asset value per share	$	16.40	$	12.85	$	14.62
Class T:	Net assets	$	12	$	11	$	12
	Shares outstanding		1		1		1
	Net asset value per share	$	16.53	$	12.93	$	14.74
Class F-1:	Net assets	$	115,904	$	78,094	$	281,174
	Shares outstanding		7,014		6,035		19,086
	Net asset value per share	$	16.52	$	12.94	$	14.73
Class F-2:	Net assets	$	1,144,269	$	582,923	$	469,086
	Shares outstanding		69,160		45,007		31,774
	Net asset value per share	$	16.55	$	12.95	$	14.76
Class F-3:	Net assets	$	294,797	$	106,991	$	107,505
	Shares outstanding		17,838		8,273		7,287
	Net asset value per share	$	16.53	$	12.93	$	14.75
Class 529-A:	Net assets	$	577,416	$	291,412
	Shares outstanding		34,966		22,554		Not applicable
	Net asset value per share	$	16.51	$	12.92
Class 529-C:	Net assets	$	53,347	$	30,977
	Shares outstanding		3,243		2,407		Not applicable
	Net asset value per share	$	16.45	$	12.87
Class 529-E:	Net assets	$	19,217	$	9,408
	Shares outstanding		1,167		728		Not applicable
	Net asset value per share	$	16.47	$	12.92
Class 529-T:	Net assets	$	15	$	14
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	16.52	$	12.93
Class 529-F-1:	Net assets	$	11	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	16.54	$	12.94
Class 529-F-2:	Net assets	$	87,372	$	50,844
	Shares outstanding		5,290		3,933		Not applicable
	Net asset value per share	$	16.52	$	12.93
Class 529-F-3:	Net assets	$	11	$	12
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	16.52	$	12.93
Class ABLE-A:	Net assets	$	4,511	$	2,344
	Shares outstanding		273		181		Not applicable
	Net asset value per share	$	16.52	$	12.92
Class ABLE-F-2:	Net assets	$	326	$	92
	Shares outstanding		20		7		Not applicable
	Net asset value per share	$	16.53	$	12.93

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

20	American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars and shares in thousands, except per-share amounts)

			Moderate Growth and Income Portfolio		Conservative Growth and Income Portfolio	Tax-Aware Conservative Growth and Income Portfolio
Class R-1:	Net assets	$	9,762	$	2,517
	Shares outstanding		594		196	Not applicable
	Net asset value per share	$	16.44	$	12.86
Class R-2:	Net assets	$	132,822	$	45,303
	Shares outstanding		8,098		3,527	Not applicable
	Net asset value per share	$	16.40	$	12.85
Class R-2E:	Net assets	$	7,283	$	723
	Shares outstanding		441		56	Not applicable
	Net asset value per share	$	16.51	$	12.93
Class R-3:	Net assets	$	139,887	$	43,458
	Shares outstanding		8,492		3,369	Not applicable
	Net asset value per share	$	16.47	$	12.90
Class R-4:	Net assets	$	77,042	$	34,726
	Shares outstanding		4,663		2,685	Not applicable
	Net asset value per share	$	16.52	$	12.93
Class R-5:	Net assets	$	31,703	$	9,388
	Shares outstanding		1,914		724	Not applicable
	Net asset value per share	$	16.56	$	12.96
Class R-5E:	Net assets	$	17,846	$	6,252
	Shares outstanding		1,079		484	Not applicable
	Net asset value per share	$	16.53	$	12.92
Class R-6:	Net assets	$	511,495	$	88,212
	Shares outstanding		30,887		6,806	Not applicable
	Net asset value per share	$	16.56	$	12.96

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars and shares in thousands, except per-share amounts)

		Preservation Portfolio		Tax-Exempt Preservation Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	1,800,088	$	479,529
	Shares outstanding		185,562		50,743
	Net asset value per share	$	9.70	$	9.45
Class C:	Net assets	$	121,177	$	30,212
	Shares outstanding		12,524		3,203
	Net asset value per share	$	9.68	$	9.43
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	9.71	$	9.45
Class F-1:	Net assets	$	37,020	$	5,369
	Shares outstanding		3,816		568
	Net asset value per share	$	9.70	$	9.46
Class F-2:	Net assets	$	393,700	$	121,161
	Shares outstanding		40,580		12,821
	Net asset value per share	$	9.70	$	9.45
Class F-3:	Net assets	$	72,752	$	20,006
	Shares outstanding		7,501		2,117
	Net asset value per share	$	9.70	$	9.45
Class 529-A:	Net assets	$	201,301
	Shares outstanding		20,759		Not applicable
	Net asset value per share	$	9.70
Class 529-C:	Net assets	$	14,278
	Shares outstanding		1,476		Not applicable
	Net asset value per share	$	9.68
Class 529-E:	Net assets	$	5,691
	Shares outstanding		587		Not applicable
	Net asset value per share	$	9.69
Class 529-T:	Net assets	$	11
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.71
Class 529-F-1:	Net assets	$	10
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.70
Class 529-F-2:	Net assets	$	43,241
	Shares outstanding		4,456		Not applicable
	Net asset value per share	$	9.70
Class 529-F-3:	Net assets	$	10
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.70
Class ABLE-A:	Net assets	$	838
	Shares outstanding		86		Not applicable
	Net asset value per share	$	9.71
Class ABLE-F-2:	Net assets	$	80
	Shares outstanding		8		Not applicable
	Net asset value per share	$	9.74

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

22	American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of assets and liabilities at April 30, 2022 (continued)	(dollars and shares in thousands, except per-share amounts)

			Preservation Portfolio	Tax-Exempt Preservation Portfolio
Class R-1:	Net assets	$	670
	Shares outstanding		69	Not applicable
	Net asset value per share	$	9.68
Class R-2:	Net assets	$	19,140
	Shares outstanding		1,983	Not applicable
	Net asset value per share	$	9.65
Class R-2E:	Net assets	$	604
	Shares outstanding		62	Not applicable
	Net asset value per share	$	9.70
Class R-3:	Net assets	$	28,451
	Shares outstanding		2,936	Not applicable
	Net asset value per share	$	9.69
Class R-4:	Net assets	$	13,829
	Shares outstanding		1,425	Not applicable
	Net asset value per share	$	9.70
Class R-5:	Net assets	$	7,116
	Shares outstanding		733	Not applicable
	Net asset value per share	$	9.70
Class R-5E:	Net assets	$	3,515
	Shares outstanding		362	Not applicable
	Net asset value per share	$	9.71
Class R-6:	Net assets	$	32,604
	Shares outstanding		3,359	Not applicable
	Net asset value per share	$	9.71

*	Amount less than one thousand.

See notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of operations for the six months ended April 30, 2022	(dollars in thousands)

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	38,164		$	54,202		$	138,672

*Fees and expenses:**
Distribution services		8,102			23,184			23,584
Transfer agent services		2,885			7,056			4,946
529 and ABLE plan services		234			676			362
Reports to shareholders		48			123			125
Registration statement and prospectus		292			744			732
Trustees’ compensation		7			19			19
Auditing and legal		9			22			21
Custodian		5			13			13
Other		6			14			13
Total fees and expenses before waivers/reimbursement		11,588			31,851			29,815
Less waivers/reimbursement of fees and expenses:
ABLE plan services waivers		—	^†		2			2
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursement of fees and expenses		—	^†		2			2
Total fees and expenses after waivers/reimbursement		11,588			31,849			29,813
Net investment income		26,576			22,353			108,859

Net realized gain (loss) and unrealized depreciation:
Net realized (loss) gain on sale of investments in affiliated issuers		(6,919	)		(2,782	)		581
Capital gain distributions received from affiliated issuers		396,527			1,000,831			576,333
		389,608			998,049			576,914
Net unrealized depreciation on investments in affiliated issuers		(1,813,445	)		(4,526,729	)		(2,450,294	)
Net realized gain (loss) and unrealized depreciation		(1,423,837	)		(3,528,680	)		(1,873,380	)
Net decrease in net assets resulting from operations	$	(1,397,261	)	$	(3,506,327	)	$	(1,764,521	)

See end of statements of operations for footnotes.

See notes to financial statements.

24	American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of operations for the six months ended April 30, 2022 (continued)	(dollars in thousands)

	Moderate Growth and Income Portfolio			Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	127,835		$	123,363		$	51,562

*Fees and expenses:**
Distribution services		20,646			12,196			7,532
Transfer agent services		3,562			1,775			952
529 and ABLE plan services		222			110			—
Reports to shareholders		112			63			40
Registration statement and prospectus		639			371			250
Trustees’ compensation		16			9			6
Auditing and legal		19			10			6
Custodian		11			6			4
Other		12			6			4
Total fees and expenses before waivers/reimbursement		25,239			14,546			8,794
Less waivers/reimbursement of fees and expenses:
ABLE plan services waivers		1			1			—
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursement of fees and expenses		1			1			—
Total fees and expenses after waivers/reimbursement		25,238			14,545			8,794
Net investment income		102,597			108,818			42,768

Net realized gain (loss) and unrealized depreciation:
Net realized (loss) gain on sale of investments in affiliated issuers		(274	)		1,106			(150	)
Capital gain distributions received from affiliated issuers		431,318			101,619			97,057
		431,044			102,725			96,907
Net unrealized depreciation on investments in affiliated issuers		(1,776,834	)		(562,522	)		(487,422	)
Net realized gain (loss) and unrealized depreciation		(1,345,790	)		(459,797	)		(390,515	)
Net decrease in net assets resulting from operations	$	(1,243,193	)	$	(350,979	)	$	(347,747	)

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)	unaudited

Statements of operations for the six months ended April 30, 2022 (continued)	(dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	24,128		$	3,638

*Fees and expenses:**
Distribution services		4,006			954
Transfer agent services		1,026			165
529 and ABLE plan services		77			—
Reports to shareholders		25			6
Registration statement and prospectus		126			46
Trustees’ compensation		4			1
Auditing and legal		4			1
Custodian		2			1
Other		2			1
Total fees and expenses before waivers/reimbursement		5,272			1,175
Less waivers/reimbursement of fees and expenses:
ABLE plan services waivers		—	^†		—
Miscellaneous fee reimbursement		—			4
Total waivers/reimbursement of fees and expenses		—	^†		4
Total fees and expenses after waivers/reimbursement		5,272			1,171
Net investment income		18,856			2,467

Net realized gain (loss) and unrealized depreciation:
Net realized (loss) gain on sale of investments in affiliated issuers		(7,696	)		(3,860	)
Capital gain distributions received from affiliated issuers		—			3,212
		(7,696	)		(648	)
Net unrealized depreciation on investments in affiliated issuers		(137,344	)		(37,182	)
Net realized gain (loss) and unrealized depreciation		(145,040	)		(37,830	)
Net decrease in net assets resulting from operations	$	(126,184	)	$	(35,363	)

*	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.

26	American Funds Portfolio Series

Financial statements (continued)

Statements of changes in net assets	(dollars in thousands)

	Global Growth Portfolio						Growth Portfolio						Growth and Income Portfolio
	Six months ended April 30, 2022*			Year ended October 31, 2021			Six months ended April 30, 2022*			Year ended October 31, 2021			Six months ended April 30, 2022*			Year ended October 31, 2021
Operations:
Net investment income	$	26,576		$	11,930		$	22,353		$	23,999		$	108,859		$	160,631
Net realized gain (loss)		389,608			196,266			998,049			568,851			576,914			635,365
Net unrealized (depreciation) appreciation		(1,813,445	)		1,429,294			(4,526,729	)		3,844,286			(2,450,294	)		2,572,308
Net (decrease) increase in net assets resulting from operations		(1,397,261	)		1,637,490			(3,506,327	)		4,437,136			(1,764,521	)		3,368,304

Distributions paid to shareholders		(209,667	)		(40,280	)		(542,500	)		(409,176	)		(692,276	)		(473,298	)

Net capital share transactions		291,894			609,963			1,216,610			1,663,856			1,189,734			1,662,475

Total (decrease) increase in net assets		(1,315,034	)		2,207,173			(2,832,217	)		5,691,816			(1,267,063	)		4,557,481

Net assets:
Beginning of period		6,481,495			4,274,322			16,160,609			10,468,793			15,357,967			10,800,486
End of period	$	5,166,461		$	6,481,495		$	13,328,392		$	16,160,609		$	14,090,904		$	15,357,967

	Moderate Growth and Income Portfolio						Conservative Growth and Income Portfolio						Tax-Aware Conservative Growth and Income Portfolio
	Six months ended April 30, 2022*			Year ended October 31, 2021			Six months ended April 30, 2022*			Year ended October 31, 2021			Six months ended April 30, 2022*			Year ended October 31, 2021
Operations:
Net investment income	$	102,597		$	166,985		$	108,818		$	172,521		$	42,768		$	70,497
Net realized gain (loss)		431,044			537,106			102,725			164,323			96,907			30,798
Net unrealized (depreciation) appreciation		(1,776,834	)		1,811,333			(562,522	)		805,803			(487,422	)		550,289

Net (decrease) increase in net assets resulting from operations		(1,243,193	)		2,515,424			(350,979	)		1,142,647			(347,747	)		651,584

Distributions paid to shareholders		(579,354	)		(287,626	)		(244,266	)		(312,288	)		(76,063	)		(89,994	)

Net capital share transactions		930,447			1,373,981			591,141			957,867			441,107			791,090

Total (decrease) increase in net assets		(892,100	)		3,601,779			(4,104	)		1,788,226			17,297			1,352,680

Net assets:
Beginning of period		13,513,207			9,911,428			7,324,268			5,536,042			4,556,798			3,204,118
End of period	$	12,621,107		$	13,513,207		$	7,320,164		$	7,324,268		$	4,574,095		$	4,556,798

See end of statements of changes in net assets for footnotes.

See notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)

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

	Preservation Portfolio						Tax-Exempt Preservation Portfolio
	Six months ended April 30, 2022*			Year ended October 31, 2021			Six months ended April 30, 2022*			Year ended October 31, 2021
Operations:
Net investment income	$	18,856		$	19,267		$	2,467		$	5,135
Net realized gain (loss)		(7,696	)		39,713			(648	)		3,115
Net unrealized (depreciation) appreciation		(137,344	)		(60,683	)		(37,182	)		(5,198	)
Net (decrease) increase in net assets resulting from operations		(126,184	)		(1,703	)		(35,363	)		3,052

Distributions paid to shareholders		(20,937	)		(56,307	)		(4,288	)		(7,036	)

Net capital share transactions		(54,504	)		141,254			(85,739	)		180,838

Total (decrease) increase in net assets		(201,625	)		83,244			(125,390	)		176,854

Net assets:
Beginning of period		2,997,761			2,914,517			781,677			604,823
End of period	$	2,796,136		$	2,997,761		$	656,287		$	781,677

*	Unaudited.

See notes to financial statements.

28	American Funds Portfolio Series

Notes to financial statements

unaudited

1. Organization

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

American Funds Global Growth Portfolio		Seeks long-term growth of capital.
American Funds Growth Portfolio		Seeks long-term growth of capital.
American Funds Growth and Income Portfolio		Seeks long-term growth of capital while providing current income.
American Funds Moderate Growth and Income Portfolio		Seeks current income and long-term growth of capital and income.
American Funds Conservative Growth and Income Portfolio		Seeks current income and, secondarily, long-term growth of capital.
American Funds Tax-Aware Conservative Growth and Income Portfolio		Seeks current income, a portion of which is exempt from regular federal income tax, while secondarily striving for long-term growth of capital.
American Funds Preservation Portfolio		Seeks current income, consistent with preservation of capital.
American Funds Tax-Exempt Preservation Portfolio		Seeks current income that is exempt from regular federal income tax, consistent with preservation of capital.

Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. Capital Research and Management Company (“CRMC”), the series’ investment adviser, is also the investment adviser to the underlying funds.

The Global Growth Portfolio, Growth Portfolio, Growth and Income Portfolio, Moderate Growth and Income Portfolio, Conservative Growth and Income Portfolio and Preservation Portfolio each have 23 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3), two tax-advantaged share classes for individuals with disabilities (Classes ABLE-A and ABLE-F-2) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The Tax-Aware Conservative Growth and Income Portfolio and Tax-Exempt Preservation Portfolio each have six retail share classes (Classes A, C, T, F-1, F-2 and F-3). The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Class A	Up to 2.50% for Preservation Portfolio and Tax-Exempt Preservation Portfolio; up to 3.75% for Tax-Aware Conservative Growth and Income Portfolio; up to 5.75% for all other funds	None (except 0.75% for certain redemptions within 18 months of purchase without an initial sales charge for Preservation Portfolio and Tax-Exempt Preservation Portfolio, and 1.00% for certain redemptions within 18 months of purchase without an initial sales charge for all other funds)	None
Class 529-A and ABLE-A	Up to 2.50% for Preservation Portfolio; up to 3.50% for all other funds	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years.
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2, 529-F-3 and ABLE-F-2	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

American Funds Portfolio Series

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

2. Significant accounting policies

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

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

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

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

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

3. Valuation

Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Processes and structure — The series’ board of trustees has 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 facilitated by the investment adviser’s global risk management group.

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. At April 30, 2022, all of the investment securities held by each fund were classified as Level 1.

30	American Funds Portfolio Series

4. Risk factors

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

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

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

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

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

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

Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit 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.

American Funds Portfolio Series

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.

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 and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund. 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 tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to each fund and their shareholders. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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

32	American Funds Portfolio Series

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 residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

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 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 — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of the fund’s investments in municipal securities may be adversely affected by events tied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developments and negative changes in the financial conditions of municipal securities issuers and the economy. To the extent the fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of a municipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporate securities.

Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make an underlying fund more susceptible to certain economic, political or regulatory occurrences. As a result, the underlying fund has greater risk of volatility, and greater risk of loss, from these investments.

American Funds Portfolio Series

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

As of and during the period ended April 30, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

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

34	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, 2021
Undistributed ordinary income	$	—		$	—		$	—		$	10,680
Late year ordinary loss deferral¹		(1,970	)		(24,802	)		—			—
Undistributed long-term capital gains		182,855			534,242			581,345			473,204
As of April 30, 2022
Gross unrealized appreciation on investments		473,830			1,208,346			1,448,931			1,567,840
Gross unrealized depreciation on investments		(114,179	)		(137,774	)		(222,669	)		(327,138	)
Net unrealized appreciation (depreciation) on investments		359,651			1,070,572			1,226,262			1,240,702
Cost of investments		4,808,243			12,261,818			12,868,464			11,383,723

	Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
As of October 31, 2021
Undistributed ordinary income	$	7,624		$	1,841		$	371		$	—
Undistributed tax-exempt income		—			2,779			—			150
Undistributed long-term capital gains		132,886			28,041			3,442			—
Capital loss carryforward²		—			—			—			(4,621	)
As of April 30, 2022
Gross unrealized appreciation on investments		647,400			349,189			—			44
Gross unrealized depreciation on investments		(323,166	)		(143,680	)		(132,647	)		(38,419	)
Net unrealized appreciation (depreciation) on investments		324,234			205,509			(132,647	)		(38,375	)
Cost of investments		6,997,718			4,369,607			2,929,353			694,773

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

American Funds Portfolio Series

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

Global Growth Portfolio

	Six months ended April 30, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	14,129		$	97,123		$	111,252		$	7,261		$	14,221		$	21,482
Class C		—			14,707			14,707			—			2,502			2,502
Class T		—	³		—	³		—	³		—	³		—	³		—	³
Class F-1		288			2,194			2,482			279			562			841
Class F-2		5,410			23,430			28,840			2,672			2,923			5,595
Class F-3		1,855			7,079			8,934			939			869			1,808
Class 529-A		2,747			19,788			22,535			1,369			2,796			4,165
Class 529-C		—			1,657			1,657			—			284			284
Class 529-E		40			634			674			12			95			107
Class 529-T		—	³		1			1			—	³		—	³		—	³
Class 529-F-1		—	³		—	³		—	³		—	³		—	³		—	³
Class 529-F-2		669			3,078			3,747			308			363			671
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		12			60			72			4			6			10
Class ABLE-F-2		1			5			6			—	³		—	³		—	³
Class R-1		—			162			162			—			32			32
Class R-2		—			3,792			3,792			—			610			610
Class R-2E		3			202			205			—			35			35
Class R-3		144			2,646			2,790			40			386			426
Class R-4		211			1,367			1,578			114			199			313
Class R-5E		116			529			645			54			61			115
Class R-5		112			456			568			69			69			138
Class R-6		1,042			3,978			5,020			593			553			1,146
Total	$	26,779		$	182,888		$	209,667		$	13,714		$	26,566		$	40,280

Growth Portfolio

	Six months ended April 30, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	2,527		$	311,981		$	314,508		$	30,785		$	208,109		$	238,894
Class C		—			49,137			49,137			—			37,953			37,953
Class T		—	³		1			1			—	³		—	³		—	³
Class F-1		—			4,180			4,180			566			3,947			4,513
Class F-2		3,173			42,484			45,657			5,961			27,178			33,139
Class F-3		968			9,552			10,520			1,367			5,529			6,896
Class 529-A		64			66,964			67,028			6,122			43,631			49,753
Class 529-C		—			5,103			5,103			—			4,270			4,270
Class 529-E		—			2,497			2,497			126			1,597			1,723
Class 529-T		—	³		1			1			—	³		—	³		—	³
Class 529-F-1		—	³		—	³		—	³		—	³		—	³		—	³
Class 529-F-2		642			9,885			10,527			1,185			5,760			6,945
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		10			225			235			17			101			118
Class ABLE-F-2		—	³		5			5			—	³		1			1
Class R-1		—			1,529			1,529			—			1,010			1,010
Class R-2		—			10,574			10,574			—			7,924			7,924
Class R-2E		—			480			480			4			372			376
Class R-3		—			7,774			7,774			352			5,300			5,652
Class R-4		—			3,084			3,084			360			2,403			2,763
Class R-5E		95			1,372			1,467			179			845			1,024
Class R-5		115			1,299			1,414			223			953			1,176
Class R-6		624			6,155			6,779			998			4,048			5,046
Total	$	8,218		$	534,282		$	542,500		$	48,245		$	360,931		$	409,176

See end of tables for footnotes.

36	American Funds Portfolio Series

Growth and Income Portfolio

	Six months ended April 30, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	74,246		$	375,301	$	449,547	$	122,121		$	184,686		$	306,807
Class C		5,468			55,352		60,820		10,095			33,024			43,119
Class T		—	³		1		1		—	³		—	³		—	³
Class F-1		1,567			8,104		9,671		2,937			5,318			8,255
Class F-2		10,996			47,928		58,924		17,422			22,261			39,683
Class F-3		2,679			10,681		13,360		3,512			3,383			6,895
Class 529-A		7,792			39,661		47,453		12,735			19,812			32,547
Class 529-C		301			3,364		3,665		598			2,215			2,813
Class 529-E		230			1,602		1,832		445			831			1,276
Class 529-T		—	³		1		1		—	³		—	³		—	³
Class 529-F-1		—	³		1		1		—	³		—	³		—	³
Class 529-F-2		1,066			4,474		5,540		1,492			1,876			3,368
Class 529-F-3		—	³		1		1		—	³		—	³		—	³
Class ABLE-A		41			193		234		56			68			124
Class ABLE-F-2		2			9		11		2			2			4
Class R-1		90			901		991		149			460			609
Class R-2		736			7,489		8,225		1,318			4,236			5,554
Class R-2E		102			808		910		185			409			594
Class R-3		970			6,252		7,222		1,679			3,186			4,865
Class R-4		638			3,235		3,873		1,112			1,722			2,834
Class R-5E		166			689		855		254			407			661
Class R-5		289			1,242		1,531		464			559			1,023
Class R-6		3,437			14,171		17,608		5,525			6,742			12,267
Total	$	110,816		$	581,460	$	692,276	$	182,101		$	291,197		$	473,298

Moderate Growth and Income Portfolio

	Six months ended April 30, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	70,683		$	305,934		$	376,617		$	129,928		$	56,689		$	186,617
Class C		5,715			45,848			51,563			12,745			10,109			22,854
Class T		—	³		1			1			—	³		—	³		—	³
Class F-1		1,033			4,659			5,692			2,479			1,338			3,817
Class F-2		11,299			42,898			54,197			20,363			7,737			28,100
Class F-3		2,888			10,228			13,116			4,292			1,299			5,591
Class 529-A		4,990			21,676			26,666			9,347			4,178			13,525
Class 529-C		246			2,174			2,420			647			564			1,211
Class 529-E		135			681			816			266			139			405
Class 529-T		—	³		1			1			—	³		—	³		—	³
Class 529-F-1		—	³		—	³		—	³		—	³		—	³		—	³
Class 529-F-2		843			3,165			4,008			1,347			522			1,869
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		37			142			179			51			17			68
Class ABLE-F-2		3			10			13			2			1			3
Class R-1		51			434			485			113			90			203
Class R-2		626			5,097			5,723			1,397			1,105			2,502
Class R-2E		57			416			473			140			91			231
Class R-3		1,009			5,781			6,790			2,262			1,256			3,518
Class R-4		779			3,613			4,392			1,740			821			2,561
Class R-5E		155			583			738			281			125			406
Class R-5		277			1,033			1,310			522			206			728
Class R-6		5,248			18,906			24,154			9,780			3,637			13,417
Total	$	106,074		$	473,280		$	579,354		$	197,702		$	89,924		$	287,626

See end of tables for footnotes.

American Funds Portfolio Series

Conservative Growth and Income Portfolio

	Six months ended April 30, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	81,563		$	95,785		$	177,348		$	139,822		$	85,317		$	225,139
Class C		8,223			12,830			21,053			15,749			13,261			29,010
Class T		—	³		—	³		—	³		—	³		—	³		—	³
Class F-1		1,239			1,491			2,730			2,615			1,887			4,502
Class F-2		9,278			9,944			19,222			15,035			8,406			23,441
Class F-3		1,751			1,806			3,557			2,632			1,272			3,904
Class 529-A		4,454			5,225			9,679			7,539			4,583			12,122
Class 529-C		372			598			970			735			632			1,367
Class 529-E		137			179			316			241			156			397
Class 529-T		—	³		—	³		—	³		—	³		—	³		—	³
Class 529-F-1		—	³		—	³		—	³		—	³		—	³		—	³
Class 529-F-2		843			928			1,771			1,393			776			2,169
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		35			38			73			47			23			70
Class ABLE-F-2		1			1			2			1			—	³		1
Class R-1		29			44			73			52			46			98
Class R-2		536			849			1,385			1,099			927			2,026
Class R-2E		10			15			25			16			9			25
Class R-3		593			768			1,361			1,114			766			1,880
Class R-4		536			623			1,159			1,026			699			1,725
Class R-5E		101			107			208			190			145			335
Class R-5		177			191			368			251			133			384
Class R-6		1,447			1,519			2,966			2,379			1,314			3,693
Total	$	111,325		$	132,941		$	244,266		$	191,936		$	120,352		$	312,288

Tax-Aware Conservative Growth and Income Portfolio

	Six months ended April 30, 2022									Year ended October 31, 2021
Share class	Ordinary income⁴			Long-term capital gains			Total distributions paid			Ordinary income⁴			Long-term capital gains			Total distributions paid
Class A	$	35,439		$	20,367		$	55,806		$	52,650		$	13,600		$	66,250
Class C		2,811			2,503			5,314			4,492			1,936			6,428
Class T		—	³		—	³		—	³		—	³		—	³		—	³
Class F-1		2,995			1,770			4,765			4,803			1,334			6,137
Class F-2		5,469			2,827			8,296			7,430			1,660			9,090
Class F-3		1,266			616			1,882			1,737			352			2,089
Total	$	47,980		$	28,083		$	76,063		$	71,112		$	18,882		$	89,994

See end of tables for footnotes.

38	American Funds Portfolio Series

Preservation Portfolio

	Six months ended April 30, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	11,018		$	2,222		$	13,240		$	32,981		$	1,226		$	34,207
Class C		363			158			521			2,016			117			2,133
Class T		—	³		—	³		—	³		—	³		—	³		—	³
Class F-1		254			56			310			1,103			43			1,146
Class F-2		2,995			479			3,474			8,722			285			9,007
Class F-3		588			92			680			2,278			44			2,322
Class 529-A		1,221			247			1,468			3,853			143			3,996
Class 529-C		41			19			60			235			14			249
Class 529-E		29			7			36			113			5			118
Class 529-T		—	³		—	³		—	³		—	³		—	³		—	³
Class 529-F-1		—	³		—	³		—	³		—	³		—	³		—	³
Class 529-F-2		312			52			364			826			27			853
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		5			1			6			10			—	³		10
Class ABLE-F-2		—	³		—	³		—	³		1			—	³		1
Class R-1		2			1			3			8			—	³		8
Class R-2		53			23			76			270			16			286
Class R-2E		3			1			4			13			1			14
Class R-3		129			34			163			456			20			476
Class R-4		90			18			108			309			11			320
Class R-5E		23			4			27			56			2			58
Class R-5		48			7			55			133			4			137
Class R-6		294			48			342			936			30			966
Total	$	17,468		$	3,469		$	20,937		$	54,319		$	1,988		$	56,307

Tax-Exempt Preservation Portfolio

	Six months ended April 30, 2022								Year ended October 31, 2021
Share class	Ordinary income⁴			Long-term capital gains		Total distributions paid			Ordinary income⁴			Long-term capital gains		Total distributions paid
Class A	$	2,953		$	—	$	2,953		$	4,731		$	—	$	4,731
Class C		79			—		79			140			—		140
Class T		—	³		—		—	³		—	³		—		—	³
Class F-1		36			—		36			67			—		67
Class F-2		979			—		979			1,705			—		1,705
Class F-3		241			—		241			393			—		393
Total	$	4,288		$	—	$	4,288		$	7,036		$	—	$	7,036

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

American Funds Portfolio Series

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

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Classes 529-A and ABLE-A		0.30			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A, 529-A and ABLE-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of April 30, 2022, unreimbursed expenses subject to reimbursement for the funds’ Class A, 529-A and ABLE-A shares were as follows (dollars in thousands):

	Class A		Class 529-A		Class ABLE-A
Global Growth Portfolio	$	—	$	—	$	—
Growth Portfolio		—		—		—
Growth and Income Portfolio		—		—		—
Moderate Growth and Income Portfolio		—		—		—
Conservative Growth and Income Portfolio		—		—		—
Tax-Aware Conservative Growth and Income Portfolio		1,834		Not applicable		Not applicable
Preservation Portfolio		3,014		—		—
Tax-Exempt Preservation Portfolio		1,199		Not applicable		Not applicable

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include record keeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

40	American Funds Portfolio Series

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

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

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. Virginia529 is currently waiving the portion of its fee attributable to Class ABLE shares. The waivers are expected to remain in effect until the date on which total net assets invested in ABLEAmerica reach $300 million or June 30, 2023, whichever is earlier. For the six months ended April 30, 2022, Virginia529 waived total 529 and ABLE plan service fees of $6,000 on Class ABLE shares of the funds. The waivers are reflected as ABLE plan services waivers in each fund’s statement of operations. As a result, total 529 and ABLE plan services fees of $1,681,000 were reduced to $1,675,000, both of which were equivalent to 0.057% of the average daily net assets of each 529 share class of each fund.

For the six months ended April 30, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

Global Growth Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$3,909		$1,545		Not applicable
Class C		2,309		228		Not applicable
Class T		—		—	*	Not applicable
Class F-1		86		42		Not applicable
Class F-2		Not applicable		409		Not applicable
Class F-3		Not applicable		2		Not applicable
Class 529-A		734		290		$185
Class 529-C		252		23		14
Class 529-E		51		6		6
Class 529-T		—		—	*	—	*
Class 529-F-1		—		—	*	—	*
Class 529-F-2		Not applicable		30		29
Class 529-F-3		Not applicable		—	*	—	*
Class ABLE-A		2		1		—	*
Class ABLE-F-2		Not applicable		—	*	—	*
Class R-1		25		2		Not applicable
Class R-2		447		207		Not applicable
Class R-2E		19		7		Not applicable
Class R-3		212		60		Not applicable
Class R-4		56		15		Not applicable
Class R-5E		Not applicable		13		Not applicable
Class R-5		Not applicable		4		Not applicable
Class R-6		Not applicable		1		Not applicable
Total class-specific expenses		$8,102		$2,885		$234

Growth Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$11,276		$4,025		Not applicable
Class C		6,652		615		Not applicable
Class T		—		—	*	Not applicable
Class F-1		148		69		Not applicable
Class F-2		Not applicable		633		Not applicable
Class F-3		Not applicable		3		Not applicable
Class 529-A		2,275		801		$536
Class 529-C		684		59		39
Class 529-E		173		15		20
Class 529-T		—		—	*	—	*
Class 529-F-1		—		—	*	—	*
Class 529-F-2		Not applicable		83		79
Class 529-F-3		Not applicable		—	*	—	*
Class ABLE-A		7		1		2
Class ABLE-F-2		Not applicable		—	*	—	*
Class R-1		210		20		Not applicable
Class R-2		1,071		490		Not applicable
Class R-2E		34		12		Not applicable
Class R-3		543		153		Not applicable
Class R-4		111		37		Not applicable
Class R-5E		Not applicable		29		Not applicable
Class R-5		Not applicable		9		Not applicable
Class R-6		Not applicable		2		Not applicable
Total class-specific expenses		$23,184		$7,056		$676

See end of tables for footnote.

American Funds Portfolio Series

Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$13,189		$2,907		Not applicable
Class C		6,991		425		Not applicable
Class T		—		—	*	Not applicable
Class F-1		262		119		Not applicable
Class F-2		Not applicable		645		Not applicable
Class F-3		Not applicable		3		Not applicable
Class 529-A		1,220		282		$291
Class 529-C		424		24		24
Class 529-E		102		6		12
Class 529-T		—		—	*	—	*
Class 529-F-1		—		—	*	—	*
Class 529-F-2		Not applicable		26		33
Class 529-F-3		Not applicable		—	*	—	*
Class ABLE-A		5		1		2
Class ABLE-F-2		Not applicable		—	*	—	*
Class R-1		115		8		Not applicable
Class R-2		708		306		Not applicable
Class R-2E		57		19		Not applicable
Class R-3		405		114		Not applicable
Class R-4		106		36		Not applicable
Class R-5E		Not applicable		13		Not applicable
Class R-5		Not applicable		8		Not applicable
Class R-6		Not applicable		4		Not applicable
Total class-specific expenses		$23,584		$4,946		$362

Moderate Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A	$11,984		$2,005			Not applicable
Class C		6,314		297		Not applicable
Class T		—		—	*	Not applicable
Class F-1		160		66		Not applicable
Class F-2		Not applicable		615		Not applicable
Class F-3		Not applicable		3		Not applicable
Class 529-A		705		130		$173
Class 529-C		295		13		17
Class 529-E		49		2		6
Class 529-T		—		—	*	—	*
Class 529-F-1		—		—	*	—	*
Class 529-F-2		Not applicable		18		25
Class 529-F-3		Not applicable		—	*	—	*
Class ABLE-A		5		—	*	1
Class ABLE-F-2		Not applicable		—	*	—	*
Class R-1		59		5		Not applicable
Class R-2		531		221		Not applicable
Class R-2E		29		10		Not applicable
Class R-3		393		107		Not applicable
Class R-4		122		45		Not applicable
Class R-5E		Not applicable		13		Not applicable
Class R-5		Not applicable		7		Not applicable
Class R-6		Not applicable		5		Not applicable
Total class-specific expenses		$20,646		$3,562		$222

Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$7,694		$1,105		Not applicable
Class C		3,515		147		Not applicable
Class T		—		—	*	Not applicable
Class F-1		103		43		Not applicable
Class F-2		Not applicable		284		Not applicable
Class F-3		Not applicable		1		Not applicable
Class 529-A		351		55		$83
Class 529-C		162		6		9
Class 529-E		24		1		3
Class 529-T		—		—	*	—	*
Class 529-F-1		—		—	*	—	*
Class 529-F-2		Not applicable		11		14
Class 529-F-3		Not applicable		—	*	—	*
Class ABLE-A		2		—	*	1
Class ABLE-F-2		Not applicable		—	*	—	*
Class R-1		12		1		Not applicable
Class R-2		177		73		Not applicable
Class R-2E		2		1		Not applicable
Class R-3		110		24		Not applicable
Class R-4		44		14		Not applicable
Class R-5E		Not applicable		5		Not applicable
Class R-5		Not applicable		3		Not applicable
Class R-6		Not applicable		1		Not applicable
Total class-specific expenses		$12,196		$1,775		$110

Tax-Aware Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services
Class A		$5,118		$467
Class C		2,045		56
Class T		—		—	*
Class F-1		369		180
Class F-2		Not applicable		248
Class F-3		Not applicable		1
Total class-specific expenses		$7,532		$952

See end of tables for footnote.

42	American Funds Portfolio Series

Preservation Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$2,788		$580		Not applicable
Class C		654		41		Not applicable
Class T		—		—	*	Not applicable
Class F-1		56		27		Not applicable
Class F-2		Not applicable		236		Not applicable
Class F-3		Not applicable		1		Not applicable
Class 529-A		253		61		$59
Class 529-C		76		5		4
Class 529-E		15		1		2
Class 529-T		—		—	*	—	*
Class 529-F-1		—		—	*	—	*
Class 529-F-2		Not applicable		10		12
Class 529-F-3		Not applicable		—	*	—	*
Class ABLE-A		1		—	*	—	*
Class ABLE-F-2		Not applicable		—	*	—	*
Class R-1		3		—	*	Not applicable
Class R-2		71		33		Not applicable
Class R-2E		2		1		Not applicable
Class R-3		69		19		Not applicable
Class R-4		18		6		Not applicable
Class R-5E		Not applicable		3		Not applicable
Class R-5		Not applicable		2		Not applicable
Class R-6		Not applicable		—	*	Not applicable
Total class-specific expenses		$4,006		$1,026		$77

Tax-Exempt Preservation Portfolio

Share class	Distribution services		Transfer agent services
Class A		$777		$78
Class C		169		5
Class T		—		—	*
Class F-1		8		4
Class F-2		Not applicable		78
Class F-3		Not applicable		—	*
Total class-specific expenses		$954		$165

Amount less than one thousand.

American Funds Portfolio Series

Miscellaneous fee reimbursement — CRMC reimbursed a portion of miscellaneous fees and expenses for Tax-Exempt Preservation Portfolio. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended April 30, 2022, total fees and expenses reimbursed by CRMC were $4,000. CRMC may recoup all or a portion of this reimbursement by the end of the current fiscal year. Fees and expenses in the fund’s statement of operations are presented gross of the reimbursement from CRMC.

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

	Current fees		Decrease in value of deferred amounts			Total trustees’ compensation
Global Growth Portfolio	$	8	$	(1	)	$	7
Growth Portfolio		21		(2	)		19
Growth and Income Portfolio		21		(2	)		19
Moderate Growth and Income Portfolio		18		(2	)		16
Conservative Growth and Income Portfolio		10		(1	)		9
Tax-Aware Conservative Growth and Income Portfolio		7		(1	)		6
Preservation Portfolio		4		—	*		4
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. Indemnifications

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

8. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2022, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	582,129	$	77,171
Growth Portfolio		1,734,799		38,159
Growth and Income Portfolio		1,223,190		40,857
Moderate Growth and Income Portfolio		947,157		62,399
Conservative Growth and Income Portfolio		730,107		172,827
Tax-Aware Conservative Growth and Income Portfolio		521,563		16,740
Preservation Portfolio		185,502		242,191
Tax-Exempt Preservation Portfolio		34,798		119,152

44	American Funds Portfolio Series

9. Capital share transactions

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

Global Growth Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2022

Class A	$	247,016		10,920	$	110,731			4,564		$	(221,737	)		(9,878	)	$	136,010			5,606
Class C		36,382		1,657		14,690			619			(57,858	)		(2,649	)		(6,786	)		(373	)
Class T		—		—		—			—			—			—			—			—
Class F-1		6,936		303		2,479			102			(11,580	)		(521	)		(2,165	)		(116	)
Class F-2		151,035		6,492		28,597			1,174			(129,416	)		(5,837	)		50,216			1,829
Class F-3		34,538		1,579		8,906			367			(15,823	)		(702	)		27,621			1,244
Class 529-A		61,981		2,735		22,533			931			(31,718	)		(1,414	)		52,796			2,252
Class 529-C		5,623		250		1,657			70			(10,225	)		(461	)		(2,945	)		(141	)
Class 529-E		2,093		93		674			28			(1,332	)		(62	)		1,435			59
Class 529-T		—		—		1			—	^†		—			—			1			—	^†
Class 529-F-1		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		18,090		797		3,747			154			(4,108	)		(181	)		17,729			770
Class 529-F-3		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		609		27		72			3			(83	)		(4	)		598			26
Class ABLE-F-2		120		6		7			—	^†		—			—			127			6
Class R-1		489		22		159			7			(627	)		(27	)		21			2
Class R-2		14,523		665		3,789			161			(17,351	)		(782	)		961			44
Class R-2E		697		30		205			9			(671	)		(30	)		231			9
Class R-3		13,950		628		2,756			115			(12,385	)		(551	)		4,321			192
Class R-4		5,277		235		1,576			65			(4,084	)		(179	)		2,769			121
Class R-5E		4,743		208		645			27			(970	)		(44	)		4,418			191
Class R-5		1,519		68		568			23			(784	)		(34	)		1,303			57
Class R-6		11,521		501		5,019			204			(13,307	)		(578	)		3,233			127
Total net increase (decrease)	$	617,142		27,216	$	208,811			8,623		$	(534,059	)		(23,934	)	$	291,894			11,905

Year ended October 31, 2021

Class A	$	671,469		28,902	$	21,383			978		$	(372,659	)		(16,012	)	$	320,193			13,868
Class C		91,181		4,010		2,500			116			(115,208	)		(5,052	)		(21,527	)		(926	)
Class T		—		—		—			—			—			—			—			—
Class F-1		21,260		921		840			38			(62,544	)		(2,703	)		(40,444	)		(1,744	)
Class F-2		258,656		11,034		5,550			253			(114,783	)		(4,877	)		149,423			6,410
Class F-3		94,879		4,090		1,800			82			(40,945	)		(1,774	)		55,734			2,398
Class 529-A		133,986		5,774		4,164			191			(58,007	)		(2,505	)		80,143			3,460
Class 529-C		13,786		599		284			13			(18,071	)		(793	)		(4,001	)		(181	)
Class 529-E		3,634		158		107			5			(2,281	)		(97	)		1,460			66
Class 529-T		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—		—		—	^†		—	^†		(9	)		—	^†		(9	)		—	^†
Class 529-F-2		34,735		1,487		671			31			(7,515	)		(321	)		27,891			1,197
Class 529-F-3		30		1		—	^†		—	^†		(30	)		(1	)		—	^†		—	^†
Class ABLE-A		816		35		10			1			(142	)		(6	)		684			30
Class ABLE-F-2		118		5		—	^†		—	^†		(1	)		—	^†		117			5
Class R-1		1,729		76		31			1			(2,658	)		(115	)		(898	)		(38	)
Class R-2		31,638		1,396		610			29			(31,617	)		(1,393	)		631			32
Class R-2E		1,291		56		35			2			(1,978	)		(89	)		(652	)		(31	)
Class R-3		26,701		1,160		427			20			(18,801	)		(819	)		8,327			361
Class R-4		11,337		490		313			14			(6,044	)		(257	)		5,606			247
Class R-5E		7,672		330		115			5			(3,211	)		(134	)		4,576			201
Class R-5		3,387		145		137			6			(2,080	)		(87	)		1,444			64
Class R-6		38,122		1,614		1,145			52			(18,002	)		(771	)		21,265			895
Total net increase (decrease)	$	1,446,427		62,283	$	40,122			1,837		$	(876,586	)		(37,806	)	$	609,963			26,314

See end of tables for footnotes.

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, 2022

Class A	$	1,007,937			41,021		$	312,989			11,749		$	(551,486	)		(22,509	)	$	769,440			30,261
Class C		133,149			5,595			49,070			1,894			(157,094	)		(6,583	)		25,125			906
Class T		—			—			—			—			—			—			—			—
Class F-1		20,331			831			4,170			156			(12,812	)		(526	)		11,689			461
Class F-2		194,238			7,823			45,469			1,699			(153,404	)		(6,293	)		86,303			3,229
Class F-3		46,231			1,867			10,492			393			(23,879	)		(979	)		32,844			1,281
Class 529-A		223,031			8,994			67,018			2,520			(83,120	)		(3,399	)		206,929			8,115
Class 529-C		19,628			816			5,103			197			(25,709	)		(1,064	)		(978	)		(51	)
Class 529-E		6,504			264			2,496			95			(2,555	)		(104	)		6,445			255
Class 529-T		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-1		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		44,615			1,793			10,523			395			(28,652	)		(1,216	)		26,486			972
Class 529-F-3		—			—			—	^†		1			—			—			—	^†		1
Class ABLE-A		2,085			85			236			9			(132	)		(6	)		2,189			88
Class ABLE-F-2		115			5			5			—	^†		(16	)		(1	)		104			4
Class R-1		3,678			151			1,529			59			(1,838	)		(78	)		3,369			132
Class R-2		31,600			1,330			10,568			408			(39,010	)		(1,594	)		3,158			144
Class R-2E		464			19			479			18			(3,487	)		(134	)		(2,544	)		(97	)
Class R-3		34,128			1,408			7,727			293			(28,031	)		(1,163	)		13,824			538
Class R-4		15,864			631			3,084			116			(19,554	)		(772	)		(606	)		(25	)
Class R-5E		18,111			736			1,467			55			(5,530	)		(225	)		14,048			566
Class R-5		3,323			137			1,414			53			(5,252	)		(211	)		(515	)		(21	)
Class R-6		27,742			1,101			6,779			253			(15,222	)		(611	)		19,299			743
Total net increase (decrease)	$	1,832,774			74,607		$	540,619			20,363		$	(1,156,783	)		(47,468	)	$	1,216,610			47,502

Year ended October 31, 2021

Class A	$	1,752,518			70,734		$	238,104			10,406		$	(921,918	)		(37,331	)	$	1,068,704			43,809
Class C		240,207			9,947			37,904			1,689			(289,963	)		(11,996	)		(11,852	)		(360	)
Class T		—			—			—			—			—			—			—			—
Class F-1		32,713			1,328			4,503			197			(63,709	)		(2,599	)		(26,493	)		(1,074	)
Class F-2		353,933			14,213			32,994			1,436			(188,924	)		(7,625	)		198,003			8,024
Class F-3		91,640			3,728			6,885			300			(37,454	)		(1,519	)		61,071			2,509
Class 529-A		364,788			14,777			49,738			2,178			(157,232	)		(6,343	)		257,294			10,612
Class 529-C		34,818			1,438			4,269			190			(53,650	)		(2,221	)		(14,563	)		(593	)
Class 529-E		13,761			564			1,721			76			(5,173	)		(207	)		10,309			433
Class 529-T		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-1		—	^†		—	^†		—	^†		—	^†		(37	)		(2	)		(37	)		(2	)
Class 529-F-2		74,572			2,992			6,945			304			(24,347	)		(971	)		57,170			2,325
Class 529-F-3		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		2,548			104			117			5			(246	)		(10	)		2,419			99
Class ABLE-F-2		106			5			1			—	^†		(19	)		(1	)		88			4
Class R-1		7,515			306			1,010			45			(3,960	)		(164	)		4,565			187
Class R-2		68,916			2,843			7,923			354			(70,046	)		(2,895	)		6,793			302
Class R-2E		3,175			128			377			17			(3,269	)		(139	)		283			6
Class R-3		63,701			2,601			5,648			248			(51,712	)		(2,116	)		17,637			733
Class R-4		18,059			739			2,760			121			(17,727	)		(719	)		3,092			141
Class R-5E		17,739			715			1,021			45			(12,880	)		(548	)		5,880			212
Class R-5		6,670			265			1,176			51			(5,896	)		(239	)		1,950			77
Class R-6		52,163			2,091			5,036			219			(35,657	)		(1,480	)		21,542			830
Total net increase (decrease)	$	3,199,542			129,518		$	408,133			17,881		$	(1,943,819	)		(79,125	)	$	1,663,856			68,274

See end of tables for footnotes.

46	American Funds Portfolio Series

Growth and Income Portfolio

	Sales*						Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2022

Class A	$	941,186			51,024		$	447,381			23,455		$	(557,342	)		(30,288	)	$	831,225			44,191
Class C		115,172			6,299			60,662			3,195			(177,358	)		(9,684	)		(1,524	)		(190	)
Class T		—			—			—			—			—			—			—			—
Class F-1		29,621			1,602			9,565			501			(24,417	)		(1,326	)		14,769			777
Class F-2		222,907			12,114			58,015			3,039			(176,049	)		(9,565	)		104,873			5,588
Class F-3		75,587			4,073			13,335			700			(29,465	)		(1,624	)		59,457			3,149
Class 529-A		102,248			5,519			47,444			2,489			(54,577	)		(2,941	)		95,115			5,067
Class 529-C		11,602			630			3,662			192			(18,388	)		(989	)		(3,124	)		(167	)
Class 529-E		2,966			161			1,833			96			(2,556	)		(134	)		2,243			123
Class 529-T		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-1		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-2		22,729			1,218			5,540			291			(7,709	)		(416	)		20,560			1,093
Class 529-F-3		—			—			1			—	^†		—			—			1			—	^†
Class ABLE-A		1,459			79			235			12			(219	)		(12	)		1,475			79
Class ABLE-F-2		168			9			11			1			(8	)		—	^†		171			10
Class R-1		2,039			113			991			52			(1,334	)		(75	)		1,696			90
Class R-2		18,389			1,010			8,221			433			(20,851	)		(1,143	)		5,759			300
Class R-2E		838			45			910			48			(3,572	)		(188	)		(1,824	)		(95	)
Class R-3		22,475			1,221			7,213			379			(22,005	)		(1,190	)		7,683			410
Class R-4		10,133			543			3,869			203			(12,246	)		(680	)		1,756			66
Class R-5E		6,910			374			855			45			(872	)		(47	)		6,893			372
Class R-5		5,141			276			1,531			80			(4,385	)		(231	)		2,287			125
Class R-6		55,476			3,043			17,608			922			(32,843	)		(1,784	)		40,241			2,181
Total net increase (decrease)	$	1,647,046			89,353		$	688,884			36,133		$	(1,146,196	)		(62,317	)	$	1,189,734			63,169

Year ended October 31, 2021

Class A	$	1,847,594			100,769		$	305,202			17,514		$	(963,612	)		(52,733	)	$	1,189,184			65,550
Class C		237,963			13,113			43,006			2,513			(343,690	)		(18,917	)		(62,721	)		(3,291	)
Class T		—			—			—			—			—			—			—			—
Class F-1		61,741			3,379			8,113			468			(99,465	)		(5,515	)		(29,611	)		(1,668	)
Class F-2		401,972			21,881			39,013			2,229			(211,569	)		(11,583	)		229,416			12,527
Class F-3		129,708			7,165			6,874			390			(27,849	)		(1,525	)		108,733			6,030
Class 529-A		188,752			10,314			32,543			1,870			(106,134	)		(5,781	)		115,161			6,403
Class 529-C		19,200			1,057			2,813			164			(36,044	)		(1,980	)		(14,031	)		(759	)
Class 529-E		7,399			400			1,274			73			(5,113	)		(275	)		3,560			198
Class 529-T		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-1		—	^†		—	^†		—	^†		—	^†		(118	)		(7	)		(118	)		(7	)
Class 529-F-2		35,848			1,954			3,366			192			(12,562	)		(680	)		26,652			1,466
Class 529-F-3		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		1,844			101			123			7			(356	)		(19	)		1,611			89
Class ABLE-F-2		136			7			3			—	^†		(6	)		—	^†		133			7
Class R-1		4,538			251			610			36			(3,298	)		(183	)		1,850			104
Class R-2		37,497			2,072			5,544			325			(44,455	)		(2,455	)		(1,414	)		(58	)
Class R-2E		6,432			352			594			35			(5,246	)		(287	)		1,780			100
Class R-3		49,678			2,750			4,865			281			(35,004	)		(1,925	)		19,539			1,106
Class R-4		17,606			961			2,828			163			(15,342	)		(830	)		5,092			294
Class R-5E		6,122			336			654			38			(7,747	)		(443	)		(971	)		(69	)
Class R-5		11,266			605			1,023			58			(4,899	)		(262	)		7,390			401
Class R-6		106,071			5,748			12,266			700			(57,098	)		(3,121	)		61,239			3,327
Total net increase (decrease)	$	3,171,367			173,215		$	470,715			27,056		$	(1,979,607	)		(108,521	)	$	1,662,475			91,750

See end of tables for footnotes.

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, 2022

Class A	$	843,026		46,795	$	374,666			20,282		$	(502,664	)		(27,954	)	$	715,028			39,123
Class C		97,629		5,453		51,458			2,798			(151,913	)		(8,500	)		(2,826	)		(249	)
Class T		—		—		—			—			—			—			—			—
Class F-1		10,779		594		5,657			306			(18,004	)		(1,005	)		(1,568	)		(105	)
Class F-2		191,608		10,628		53,460			2,890			(154,371	)		(8,600	)		90,697			4,918
Class F-3		72,582		4,044		13,086			708			(31,786	)		(1,789	)		53,882			2,963
Class 529-A		59,740		3,303		26,659			1,443			(47,926	)		(2,638	)		38,473			2,108
Class 529-C		6,994		388		2,421			131			(13,115	)		(723	)		(3,700	)		(204	)
Class 529-E		3,590		201		816			44			(2,275	)		(126	)		2,131			119
Class 529-T		—		—		1			—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1			—	^†		—			—			1			—	^†
Class 529-F-2		14,727		805		4,008			217			(5,900	)		(327	)		12,835			695
Class 529-F-3		—		—		1			—	^†		—			—			1			—	^†
Class ABLE-A		1,402		77		179			10			(216	)		(12	)		1,365			75
Class ABLE-F-2		142		7		12			1			(4	)		—	^†		150			8
Class R-1		1,403		79		484			26			(2,920	)		(167	)		(1,033	)		(62	)
Class R-2		13,723		775		5,717			311			(15,759	)		(876	)		3,681			210
Class R-2E		1,036		56		473			26			(4,788	)		(266	)		(3,279	)		(184	)
Class R-3		17,751		990		6,783			367			(34,669	)		(1,936	)		(10,135	)		(579	)
Class R-4		11,015		612		4,392			237			(29,861	)		(1,706	)		(14,454	)		(857	)
Class R-5E		3,994		223		738			40			(1,142	)		(64	)		3,590			199
Class R-5		9,152		506		1,309			71			(3,846	)		(207	)		6,615			370
Class R-6		63,409		3,546		24,152			1,305			(48,569	)		(2,707	)		38,992			2,144
Total net increase (decrease)	$	1,423,702		79,082	$	576,473			31,213		$	(1,069,728	)		(59,603	)	$	930,447			50,692

Year ended October 31, 2021

Class A	$	1,749,040		97,468	$	185,383			10,663		$	(874,355	)		(48,928	)	$	1,060,068			59,203
Class C		225,525		12,676		22,791			1,335			(290,496	)		(16,346	)		(42,180	)		(2,335	)
Class T		—		—		—			—			—			—			—			—
Class F-1		28,098		1,581		3,789			219			(73,640	)		(4,160	)		(41,753	)		(2,360	)
Class F-2		375,815		20,954		27,717			1,588			(216,399	)		(12,013	)		187,133			10,529
Class F-3		127,750		7,145		5,572			318			(32,209	)		(1,799	)		101,113			5,664
Class 529-A		134,435		7,521		13,517			778			(86,096	)		(4,802	)		61,856			3,497
Class 529-C		15,669		880		1,209			71			(29,791	)		(1,666	)		(12,913	)		(715	)
Class 529-E		3,059		172		406			23			(2,752	)		(154	)		713			41
Class 529-T		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—		—		—	^†		—	^†		(119	)		(7	)		(119	)		(7	)
Class 529-F-2		28,827		1,597		1,869			107			(13,035	)		(723	)		17,661			981
Class 529-F-3		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		1,612		90		68			4			(219	)		(12	)		1,461			82
Class ABLE-F-2		158		9		3			—	^†		(2	)		—	^†		159			9
Class R-1		2,051		115		204			12			(2,198	)		(124	)		57			3
Class R-2		29,970		1,691		2,500			146			(32,447	)		(1,829	)		23			8
Class R-2E		3,437		192		230			13			(4,115	)		(234	)		(448	)		(29	)
Class R-3		42,746		2,396		3,514			204			(45,542	)		(2,557	)		718			43
Class R-4		21,487		1,205		2,560			148			(33,729	)		(1,898	)		(9,682	)		(545	)
Class R-5E		6,759		382		406			24			(6,773	)		(391	)		392			15
Class R-5		5,971		329		726			42			(5,056	)		(281	)		1,641			90
Class R-6		118,156		6,589		13,416			768			(83,491	)		(4,686	)		48,081			2,671
Total net increase (decrease)	$	2,920,565		162,992	$	285,880			16,463		$	(1,832,464	)		(102,610	)	$	1,373,981			76,845

See end of tables for footnotes.

48	American Funds Portfolio Series

Conservative Growth and Income Portfolio

	Sales*						Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2022

Class A	$	614,335			44,854		$	175,121			12,641		$	(358,203	)		(26,202	)	$	431,253			31,293
Class C		73,556			5,400			20,958			1,519			(88,840	)		(6,540	)		5,674			379
Class T		—			—			—			—			—			—			—			—
Class F-1		9,505			691			2,701			195			(9,361	)		(686	)		2,845			200
Class F-2		130,065			9,539			18,727			1,351			(66,185	)		(4,854	)		82,607			6,036
Class F-3		33,068			2,422			3,552			257			(19,858	)		(1,457	)		16,762			1,222
Class 529-A		45,765			3,342			9,679			699			(30,040	)		(2,184	)		25,404			1,857
Class 529-C		5,213			382			968			70			(6,321	)		(462	)		(140	)		(10	)
Class 529-E		738			54			316			23			(879	)		(65	)		175			12
Class 529-T		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		7,076			517			1,771			128			(5,890	)		(428	)		2,957			217
Class 529-F-3		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		585			42			73			5			(152	)		(11	)		506			36
Class ABLE-F-2		60			4			2			—	^†		(1	)		—	^†		61			4
Class R-1		356			26			73			6			(53	)		(4	)		376			28
Class R-2		6,137			453			1,384			100			(7,052	)		(518	)		469			35
Class R-2E		39			3			25			2			(80	)		(6	)		(16	)		(1	)
Class R-3		9,116			668			1,361			98			(6,386	)		(470	)		4,091			296
Class R-4		4,644			341			1,154			83			(2,888	)		(214	)		2,910			210
Class R-5E		1,557			113			208			15			(494	)		(36	)		1,271			92
Class R-5		3,750			267			369			26			(1,883	)		(138	)		2,236			155
Class R-6		18,122			1,321			2,966			214			(9,388	)		(684	)		11,700			851
Total net increase (decrease)	$	963,687			70,439		$	241,408			17,432		$	(613,954	)		(44,959	)	$	591,141			42,912

Year ended October 31, 2021

Class A	$	1,148,896			84,889		$	222,004			16,969		$	(604,588	)		(44,942	)	$	766,312			56,916
Class C		163,347			12,132			28,870			2,230			(185,868	)		(13,875	)		6,349			487
Class T		—			—			—			—			—			—			—			—
Class F-1		16,428			1,215			4,450			341			(38,450	)		(2,857	)		(17,572	)		(1,301	)
Class F-2		190,057			14,029			22,902			1,746			(112,359	)		(8,373	)		100,600			7,402
Class F-3		43,547			3,242			3,903			297			(18,949	)		(1,410	)		28,501			2,129
Class 529-A		93,537			6,917			12,119			927			(56,541	)		(4,193	)		49,115			3,651
Class 529-C		11,733			871			1,365			105			(13,378	)		(994	)		(280	)		(18	)
Class 529-E		3,409			252			397			31			(1,996	)		(148	)		1,810			135
Class 529-T		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-1		—	^†		—	^†		1			—	^†		(9	)		(1	)		(8	)		(1	)
Class 529-F-2		17,561			1,295			2,167			165			(9,407	)		(698	)		10,321			762
Class 529-F-3		—			—			1			—	^†		—			—			1			—	^†
Class ABLE-A		888			66			70			5			(150	)		(11	)		808			60
Class ABLE-F-2		26			2			1			—	^†		(2	)		—	^†		25			2
Class R-1		348			26			98			8			(483	)		(37	)		(37	)		(3	)
Class R-2		11,451			855			2,025			156			(13,597	)		(1,016	)		(121	)		(5	)
Class R-2E		494			37			25			2			(107	)		(8	)		412			31
Class R-3		13,611			1,018			1,879			145			(12,828	)		(956	)		2,662			207
Class R-4		7,611			566			1,720			132			(12,404	)		(943	)		(3,073	)		(245	)
Class R-5E		1,676			124			335			26			(4,097	)		(313	)		(2,086	)		(163	)
Class R-5		3,188			240			383			29			(2,923	)		(217	)		648			52
Class R-6		33,152			2,454			3,693			282			(23,366	)		(1,737	)		13,479			999
Total net increase (decrease)	$	1,760,960			130,230		$	308,409			23,596		$	(1,111,502	)		(82,729	)	$	957,867			71,097

See end of tables for footnotes.

American Funds Portfolio Series

Tax-Aware Conservative Growth and Income Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares

Six months ended April 30, 2022

Class A	$	451,020		28,452	$	55,257		3,436	$	(174,358	)		(11,110	)	$	331,919		20,778
Class C		44,921		2,853		5,296		331		(44,068	)		(2,818	)		6,149		366
Class T		—		—		—		—		—			—			—		—
Class F-1		52,389		3,288		4,742		295		(35,918	)		(2,283	)		21,213		1,300
Class F-2		98,816		6,215		8,265		514		(44,366	)		(2,823	)		62,715		3,906
Class F-3		29,518		1,871		1,861		116		(12,268	)		(790	)		19,111		1,197
Total net increase (decrease)	$	676,664		42,679	$	75,421		4,692	$	(310,978	)		(19,824	)	$	441,107		27,547

Year ended October 31, 2021

Class A	$	788,967		50,615	$	65,483		4,293	$	(248,659	)		(16,072	)	$	605,791		38,836
Class C		92,424		5,976		6,407		425		(71,670	)		(4,673	)		27,161		1,728
Class T		—		—		—		—		—			—			—		—
Class F-1		72,487		4,663		6,112		402		(64,150	)		(4,158	)		14,449		907
Class F-2		165,325		10,606		9,051		591		(57,979	)		(3,758	)		116,397		7,439
Class F-3		34,892		2,246		2,061		135		(9,661	)		(626	)		27,292		1,755
Total net increase (decrease)	$	1,154,095		74,106	$	89,114		5,846	$	(452,119	)		(29,287	)	$	791,090		50,665

See end of tables for footnotes.

50	American Funds Portfolio Series

Preservation Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2022

Class A	$	382,375		38,108	$	13,192			1,316		$	(407,971	)		(40,718	)	$	(12,404	)		(1,294	)
Class C		16,899		1,690		519			52			(32,622	)		(3,260	)		(15,204	)		(1,518	)
Class T		—		—		—			—			—			—			—			—
Class F-1		2,945		294		304			30			(16,933	)		(1,685	)		(13,684	)		(1,361	)
Class F-2		239,177		23,974		3,469			346			(248,589	)		(25,098	)		(5,943	)		(778	)
Class F-3		26,198		2,622		675			68			(24,171	)		(2,441	)		2,702			249
Class 529-A		31,152		3,109		1,467			146			(35,447	)		(3,529	)		(2,828	)		(274	)
Class 529-C		2,821		282		59			6			(4,625	)		(461	)		(1,745	)		(173	)
Class 529-E		612		61		36			3			(1,319	)		(131	)		(671	)		(67	)
Class 529-T		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		9,608		958		363			36			(8,578	)		(852	)		1,393			142
Class 529-F-3		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		245		23		6			1			(113	)		(11	)		138			13
Class ABLE-F-2		—		—		—	^†		—	^†		(47	)		(5	)		(47	)		(5	)
Class R-1		33		3		3			—	^†		(32	)		(3	)		4			—	^†
Class R-2		3,327		335		76			8			(2,540	)		(255	)		863			88
Class R-2E		1,069		107		4			—	^†		(1,156	)		(116	)		(83	)		(9	)
Class R-3		6,502		653		163			16			(5,872	)		(585	)		793			84
Class R-4		1,490		149		108			11			(2,498	)		(251	)		(900	)		(91	)
Class R-5E		748		75		27			3			(510	)		(51	)		265			27
Class R-5		4,363		431		55			5			(2,397	)		(236	)		2,021			200
Class R-6		5,003		496		341			34			(14,518	)		(1,447	)		(9,174	)		(917	)
Total net increase (decrease)	$	734,567		73,370	$	20,867			2,081		$	(809,938	)		(81,135	)	$	(54,504	)		(5,684	)

Year ended October 31, 2021

Class A	$	973,218		94,665	$	34,054			3,310		$	(871,189	)		(84,759	)	$	136,083			13,216
Class C		52,978		5,159		2,117			206			(83,060	)		(8,101	)		(27,965	)		(2,736	)
Class T		—		—		—			—			—			—			—			—
Class F-1		28,752		2,791		1,136			110			(41,326	)		(4,016	)		(11,438	)		(1,115	)
Class F-2		271,928		26,417		9,000			875			(262,693	)		(25,536	)		18,235			1,756
Class F-3		193,305		18,813		2,319			226			(172,326	)		(16,846	)		23,298			2,193
Class 529-A		76,712		7,465		3,995			389			(73,536	)		(7,155	)		7,171			699
Class 529-C		7,365		718		249			24			(11,702	)		(1,140	)		(4,088	)		(398	)
Class 529-E		2,484		242		118			11			(3,314	)		(322	)		(712	)		(69	)
Class 529-T		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—		—		—	^†		—	^†		—	^†		—	^†		—	^†		—	^†
Class 529-F-2		16,919		1,646		853			83			(12,465	)		(1,212	)		5,307			517
Class 529-F-3		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		535		52		11			2			(223	)		(22	)		323			32
Class ABLE-F-2		125		12		1			—	^†		(5	)		—	^†		121			12
Class R-1		107		11		9			1			(422	)		(41	)		(306	)		(29	)
Class R-2		8,018		783		286			28			(13,190	)		(1,287	)		(4,886	)		(476	)
Class R-2E		146		14		14			1			(642	)		(62	)		(482	)		(47	)
Class R-3		14,849		1,446		476			46			(14,843	)		(1,446	)		482			46
Class R-4		6,721		653		320			31			(8,182	)		(796	)		(1,141	)		(112	)
Class R-5E		1,825		177		58			6			(1,325	)		(128	)		558			55
Class R-5		4,600		447		137			13			(5,108	)		(497	)		(371	)		(37	)
Class R-6		27,447		2,669		965			94			(27,347	)		(2,661	)		1,065			102
Total net increase (decrease)	$	1,688,034		164,180	$	56,118			5,456		$	(1,602,898	)		(156,027	)	$	141,254			13,609

See end of tables for footnotes.

American Funds Portfolio Series

Tax-Exempt Preservation Portfolio

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended April 30, 2022

Class A	$	93,988		9,564	$	2,921		296	$	(113,995	)		(11,685	)	$	(17,086	)		(1,825	)
Class C		1,761		180		78		8		(6,531	)		(668	)		(4,692	)		(480	)
Class T		—		—		—		—		—			—			—			—
Class F-1		903		91		36		4		(2,487	)		(254	)		(1,548	)		(159	)
Class F-2		22,509		2,282		973		99		(65,162	)		(6,636	)		(41,680	)		(4,255	)
Class F-3		6,308		636		239		24		(27,280	)		(2,768	)		(20,733	)		(2,108	)
Total net increase (decrease)	$	125,469		12,753	$	4,247		431	$	(215,455	)		(22,011	)	$	(85,739	)		(8,827	)

Year ended October 31, 2021

Class A	$	231,578		23,000	$	4,662		464	$	(134,444	)		(13,364	)	$	101,796			10,100
Class C		10,495		1,044		139		14		(12,632	)		(1,258	)		(1,998	)		(200	)
Class T		—		—		—		—		—			—			—			—
Class F-1		4,068		403		66		7		(5,643	)		(560	)		(1,509	)		(150	)
Class F-2		107,258		10,659		1,703		169		(49,800	)		(4,950	)		59,161			5,878
Class F-3		38,356		3,809		391		38		(15,359	)		(1,526	)		23,388			2,321
Total net increase (decrease)	$	391,755		38,915	$	6,961		692	$	(217,878	)		(21,658	)	$	180,838			17,949

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

52	American Funds Portfolio Series

Financial highlights

Global Growth Portfolio

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class A:
4/30/2022^6,7	$	25.43	$	.10		$	(5.35	)	$	(5.25	)	$	(.10	)	$	(.71	)	$	(.81	)	$	19.37		(21.29	)%⁸	$	2,754			.36	%⁹		.36	%⁹		.79	%⁹		.93	%⁹
10/31/2021		18.70		.06			6.84			6.90			(.06	)		(.11	)		(.17	)		25.43		37.07			3,473			.37			.37			.80			.25
10/31/2020		17.19		.14			2.24			2.38			(.16	)		(.71	)		(.87	)		18.70		14.09			2,294			.38			.38			.82			.83
10/31/2019		16.01		.17			1.82			1.99			(.16	)		(.65	)		(.81	)		17.19		13.55			2,042			.40			.40			.83			1.04
10/31/2018		17.37		.11			(.42	)		(.31	)		(.12	)		(.93	)		(1.05	)		16.01		(2.09	)		1,737			.39			.39			.83			.63
10/31/2017		14.29		.16			3.44			3.60			(.15	)		(.37	)		(.52	)		17.37		26.05			1,471			.35			.35			.79			1.02
Class C:
4/30/2022^6,7		24.81		.02			(5.23	)		(5.21	)		—			(.71	)		(.71	)		18.89		(21.59	)⁸		390			1.11	⁹		1.11	⁹		1.54	⁹		.18	⁹
10/31/2021		18.33		(.11	)		6.70			6.59			—			(.11	)		(.11	)		24.81		36.07			522			1.10			1.10			1.53			(.47	)
10/31/2020		16.87		.02			2.18			2.20			(.03	)		(.71	)		(.74	)		18.33		13.25			402			1.13			1.13			1.57			.10
10/31/2019		15.71		.05			1.81			1.86			(.05	)		(.65	)		(.70	)		16.87		12.74			384			1.15			1.15			1.58			.31
10/31/2018		17.08		(.02	)		(.42	)		(.44	)		—	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
Class T:
4/30/2022^6,7		25.49		.14			(5.36	)		(5.22	)		(.16	)		(.71	)		(.87	)		19.40		(21.18	)^8,11		—	¹²		.10	^9,11		.10	^9,11		.53	^9,11		1.21	^9,11
10/31/2021		18.74		.12			6.84			6.96			(.10	)		(.11	)		(.21	)		25.49		37.36	¹¹		—	¹²		.13	¹¹		.13	¹¹		.56	¹¹		.50	¹¹
10/31/2020		17.22		.19			2.24			2.43			(.20	)		(.71	)		(.91	)		18.74		14.39	¹¹		—	¹²		.14	¹¹		.14	¹¹		.58	¹¹		1.11	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
10/31/2017^7,13		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:
4/30/2022^6,7		25.47		.11			(5.38	)		(5.27	)		(.09	)		(.71	)		(.80	)		19.40		(21.32	)⁸		57			.38	⁹		.38	⁹		.81	⁹		.93	⁹
10/31/2021		18.73		.08			6.83			6.91			(.06	)		(.11	)		(.17	)		25.47		37.05			78			.38			.38			.81			.34
10/31/2020		17.21		.14			2.25			2.39			(.16	)		(.71	)		(.87	)		18.73		14.14			90			.38			.38			.82			.83
10/31/2019		16.02		.17			1.83			2.00			(.16	)		(.65	)		(.81	)		17.21		13.59			82			.40			.40			.83			1.07
10/31/2018		17.39		.11			(.44	)		(.33	)		(.11	)		(.93	)		(1.04	)		16.02		(2.15	)		75			.38			.38			.82			.61
10/31/2017		14.30		.15			3.45			3.60			(.14	)		(.37	)		(.51	)		17.39		26.01			58			.39			.39			.83			.99
Class F-2:
4/30/2022^6,7		25.58		.14			(5.39	)		(5.25	)		(.16	)		(.71	)		(.87	)		19.46		(21.20	)⁸		641			.12	⁹		.12	⁹		.55	⁹		1.20	⁹
10/31/2021		18.79		.12			6.88			7.00			(.10	)		(.11	)		(.21	)		25.58		37.50			795			.11			.11			.54			.49
10/31/2020		17.27		.19			2.24			2.43			(.20	)		(.71	)		(.91	)		18.79		14.36			464			.12			.12			.56			1.10
10/31/2019		16.08		.22			1.83			2.05			(.21	)		(.65	)		(.86	)		17.27		13.89			422			.14			.14			.57			1.34
10/31/2018		17.44		.14			(.42	)		(.28	)		(.15	)		(.93	)		(1.08	)		16.08		(1.88	)		395			.13			.13			.57			.84
10/31/2017		14.34		.17			3.48			3.65			(.18	)		(.37	)		(.55	)		17.44		26.37			249			.13			.13			.57			1.10
Class F-3:
4/30/2022^6,7		25.54		.14			(5.36	)		(5.22	)		(.19	)		(.71	)		(.90	)		19.42		(21.17	)⁸		217			.01	⁹		.01	⁹		.44	⁹		1.25	⁹
10/31/2021		18.76		.14			6.87			7.01			(.12	)		(.11	)		(.23	)		25.54		37.62			254			.01			.01			.44			.58
10/31/2020		17.24		.17			2.28			2.45			(.22	)		(.71	)		(.93	)		18.76		14.51			142			.02			.02			.46			.98
10/31/2019		16.06		.23			1.83			2.06			(.23	)		(.65	)		(.88	)		17.24		13.98			74			.02			.02			.45			1.41
10/31/2018		17.41		.13			(.39	)		(.26	)		(.16	)		(.93	)		(1.09	)		16.06		(1.74	)		62			.02			.02			.46			.75
10/31/2017^7,14		14.50		.06			2.85			2.91			—			—			—			17.41		20.07	⁸		15			.02	⁹		.02	⁹		.46	⁹		.51	⁹

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-A:
4/30/2022^6,7	$	25.38	$	.10		$	(5.34	)	$	(5.24	)	$	(.10	)	$	(.71	)	$	(.81	)	$	19.33		(21.30	)%⁸	$	576			.39	%⁹		.39	%⁹		.82	%⁹		.89	%⁹
10/31/2021		18.66		.05			6.84			6.89			(.06	)		(.11	)		(.17	)		25.38		37.08			699			.40			.40			.83			.22
10/31/2020		17.16		.13			2.23			2.36			(.15	)		(.71	)		(.86	)		18.66		14.03			449			.42			.42			.86			.75
10/31/2019		15.98		.16			1.83			1.99			(.16	)		(.65	)		(.81	)		17.16		13.56			346			.44			.44			.87			.99
10/31/2018		17.35		.10			(.43	)		(.33	)		(.11	)		(.93	)		(1.04	)		15.98		(2.17	)		279			.41			.41			.85			.60
10/31/2017		14.27		.15			3.44			3.59			(.14	)		(.37	)		(.51	)		17.35		26.04			218			.40			.40			.84			.96
Class 529-C:
4/30/2022^6,7		24.80		.02			(5.23	)		(5.21	)		—			(.71	)		(.71	)		18.88		(21.60	)⁸		42			1.15	⁹		1.15	⁹		1.58	⁹		.16	⁹
10/31/2021		18.33		(.12	)		6.70			6.58			—			(.11	)		(.11	)		24.80		36.02			59			1.15			1.15			1.58			(.52	)
10/31/2020		16.87		.03			2.16			2.19			(.02	)		(.71	)		(.73	)		18.33		13.17			47			1.19			1.19			1.63			.19
10/31/2019		15.71		.04			1.80			1.84			(.03	)		(.65	)		(.68	)		16.87		12.64			79			1.21			1.21			1.64			.27
10/31/2018		17.08		(.03	)		(.41	)		(.44	)		—			(.93	)		(.93	)		15.71		(2.87	)		74			1.18			1.18			1.62			(.16	)
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
Class 529-E:
4/30/2022^6,7		25.20		.07			(5.31	)		(5.24	)		(.04	)		(.71	)		(.75	)		19.21		(21.39	)⁸		18			.62	⁹		.62	⁹		1.05	⁹		.66	⁹
10/31/2021		18.54		—	¹⁰		6.78			6.78			(.01	)		(.11	)		(.12	)		25.20		36.73			22			.62			.62			1.05			—	¹⁵
10/31/2020		17.06		.10			2.21			2.31			(.12	)		(.71	)		(.83	)		18.54		13.78			15			.63			.63			1.07			.58
10/31/2019		15.89		.13			1.82			1.95			(.13	)		(.65	)		(.78	)		17.06		13.30			13			.65			.65			1.08			.80
10/31/2018		17.25		.06			(.41	)		(.35	)		(.08	)		(.93	)		(1.01	)		15.89		(2.33	)		11			.64			.64			1.08			.35
10/31/2017		14.19		.11			3.42			3.53			(.10	)		(.37	)		(.47	)		17.25		25.71			9			.64			.64			1.08			.69
Class 529-T:
4/30/2022^6,7		25.48		.13			(5.36	)		(5.23	)		(.15	)		(.71	)		(.86	)		19.39		(21.23	)^8,11		—	¹²		.15	^9,11		.15	^9,11		.58	^9,11		1.13	^9,11
10/31/2021		18.73		.10			6.85			6.95			(.09	)		(.11	)		(.20	)		25.48		37.32	¹¹		—	¹²		.18	¹¹		.18	¹¹		.61	¹¹		.44	¹¹
10/31/2020		17.21		.18			2.24			2.42			(.19	)		(.71	)		(.90	)		18.73		14.36	¹¹		—	¹²		.19	¹¹		.19	¹¹		.63	¹¹		1.02	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
10/31/2017^7,13		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:
4/30/2022^6,7		25.48		.12			(5.36	)		(5.24	)		(.14	)		(.71	)		(.85	)		19.39		(21.23	)^8,11		—	¹²		.19	^9,11		.19	^9,11		.62	^9,11		1.09	^9,11
10/31/2021		18.75		.10			6.86			6.96			(.12	)		(.11	)		(.23	)		25.48		37.32	¹¹		—	¹²		.19	¹¹		.19	¹¹		.62	¹¹		.43	¹¹
10/31/2020		17.23		.17			2.25			2.42			(.19	)		(.71	)		(.90	)		18.75		14.35	¹¹		—	¹²		.18	¹¹		.18	¹¹		.62	¹¹		.97	¹¹
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
Class 529-F-2:
4/30/2022^6,7		25.44		.13			(5.35	)		(5.22	)		(.15	)		(.71	)		(.86	)		19.36		(21.20	)⁸		96			.13	⁹		.13	⁹		.56	⁹		1.12	⁹
10/31/2021		18.70		.10			6.85			6.95			(.10	)		(.11	)		(.21	)		25.44		37.36			106			.17			.17			.60			.43
10/31/2020^7,16		18.70		—			—			—			—			—			—			18.70		—			56			—			—			—			—

See end of tables for footnotes.

54	American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-F-3:
4/30/2022^6,7	$	25.44	$	.14		$	(5.35	)	$	(5.21	)	$	(.17	)	$	(.71	)	$	(.88	)	$	19.35		(21.18	)%⁸	$	—	¹²		.07	%⁹		.07	%⁹		.50	%⁹		1.21	%⁹
10/31/2021		18.70		.19			6.78			6.97			(.12	)		(.11	)		(.23	)		25.44		37.51			—	¹²		.11			.07			.50			.79
10/31/2020^7,16		18.70		—			—			—			—			—			—			18.70		—			—	¹²		—			—			—			—
Class ABLE-A:
4/30/2022^6,7		25.34		.11			(5.32	)		(5.21	)		(.14	)		(.71	)		(.85	)		19.28		(21.25	)⁸		2			.30	⁹		.25	⁹		.68	⁹		.97	⁹
10/31/2021		18.60		.09			6.83			6.92			(.07	)		(.11	)		(.18	)		25.34		37.37			2			.24			.18			.61			.40
10/31/2020		17.12		.11			2.26			2.37			(.18	)		(.71	)		(.89	)		18.60		14.11			1			.42			.35			.79			.63
10/31/2019		16.00		.09			1.90			1.99			(.22	)		(.65	)		(.87	)		17.12		13.57			1			.43			.36			.79			.56
10/31/2018^7,17		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
Class ABLE-F-2:
4/30/2022^6,7		25.44		.11			(5.32	)		(5.21	)		(.17	)		(.71	)		(.88	)		19.35		(21.18	)⁸		—	¹²		.12	⁹		.06	⁹		.49	⁹		1.02	⁹
10/31/2021		18.70		.10			6.87			6.97			(.12	)		(.11	)		(.23	)		25.44		37.51			—	¹²		.12			.05			.48			.40
10/31/2020^7,16		18.70		—			—			—			—			—			—			18.70		—			—	¹²		—			—			—			—
Class R-1:
4/30/2022^6,7		24.95		.03			(5.26	)		(5.23	)		—			(.71	)		(.71	)		19.01		(21.55	)⁸		5			1.03	⁹		1.03	⁹		1.46	⁹		.28	⁹
10/31/2021		18.42		(.09	)		6.73			6.64			—			(.11	)		(.11	)		24.95		36.17			6			1.02			1.02			1.45			(.38	)
10/31/2020		16.95		.03			2.20			2.23			(.05	)		(.71	)		(.76	)		18.42		13.37			5			1.06			1.06			1.50			.16
10/31/2019		15.78		.05			1.82			1.87			(.05	)		(.65	)		(.70	)		16.95		12.74			5			1.10			1.10			1.53			.32
10/31/2018		17.16		(.02	)		(.41	)		(.43	)		(.02	)		(.93	)		(.95	)		15.78		(2.78	)		5			1.10			1.10			1.54			(.10	)
10/31/2017		14.08		.03			3.42			3.45			—			(.37	)		(.37	)		17.16		25.12			3			1.12			1.12			1.56			.19
Class R-2:
4/30/2022^6,7		24.72		.02			(5.21	)		(5.19	)		—			(.71	)		(.71	)		18.82		(21.59	)⁸		103			1.11	⁹		1.11	⁹		1.54	⁹		.19	⁹
10/31/2021		18.26		(.11	)		6.68			6.57			—			(.11	)		(.11	)		24.72		36.10			134			1.10			1.10			1.53			(.47	)
10/31/2020		16.82		.02			2.18			2.20			(.05	)		(.71	)		(.76	)		18.26		13.27			98			1.11			1.11			1.55			.11
10/31/2019		15.67		.05			1.80			1.85			(.05	)		(.65	)		(.70	)		16.82		12.72			89			1.12			1.12			1.55			.33
10/31/2018		17.03		(.01	)		(.42	)		(.43	)		—	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
Class R-2E:
4/30/2022^6,7		25.09		.05			(5.29	)		(5.24	)		(.01	)		(.71	)		(.72	)		19.13		(21.48	)⁸		5			.82	⁹		.82	⁹		1.25	⁹		.44	⁹
10/31/2021		18.48		(.03	)		6.75			6.72			—			(.11	)		(.11	)		25.09		36.49			7			.82			.82			1.25			(.15	)
10/31/2020		16.99		.06			2.21			2.27			(.07	)		(.71	)		(.78	)		18.48		13.57			6			.82			.82			1.26			.33
10/31/2019		15.86		.10			1.82			1.92			(.14	)		(.65	)		(.79	)		16.99		13.13			5			.83			.83			1.26			.60
10/31/2018		17.24		.02			(.41	)		(.39	)		(.06	)		(.93	)		(.99	)		15.86		(2.55	)		4			.82			.82			1.26			.10
10/31/2017		14.27		.08			3.43			3.51			(.17	)		(.37	)		(.54	)		17.24		25.48			1			.81			.81			1.25			.49

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Global Growth Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class R-3:
4/30/2022^6,7	$	25.19	$	.07		$	(5.31	)	$	(5.24	)	$	(.04	)	$	(.71	)	$	(.75	)	$	19.20		(21.42	)%⁸	$	75			.65	%⁹		.65	%⁹		1.08	%⁹		.63	%⁹
10/31/2021		18.53		(.01	)		6.79			6.78			(.01	)		(.11	)		(.12	)		25.19		36.73			94			.65			.65			1.08			(.03	)
10/31/2020		17.05		.09			2.21			2.30			(.11	)		(.71	)		(.82	)		18.53		13.72			62			.67			.67			1.11			.51
10/31/2019		15.88		.12			1.82			1.94			(.12	)		(.65	)		(.77	)		17.05		13.28			52			.67			.67			1.10			.76
10/31/2018		17.24		.06			(.42	)		(.36	)		(.07	)		(.93	)		(1.00	)		15.88		(2.37	)		45			.67			.67			1.11			.33
10/31/2017		14.19		.10			3.42			3.52			(.10	)		(.37	)		(.47	)		17.24		25.64			36			.66			.66			1.10			.65
Class R-4:
4/30/2022^6,7		25.39		.11			(5.35	)		(5.24	)		(.11	)		(.71	)		(.82	)		19.33		(21.30	)⁸		40			.33	⁹		.33	⁹		.76	⁹		.94	⁹
10/31/2021		18.67		.06			6.84			6.90			(.07	)		(.11	)		(.18	)		25.39		37.12			49			.34			.34			.77			.27
10/31/2020		17.17		.15			2.23			2.38			(.17	)		(.71	)		(.88	)		18.67		14.13			32			.35			.35			.79			.89
10/31/2019		15.99		.17			1.83			2.00			(.17	)		(.65	)		(.82	)		17.17		13.59			24			.37			.37			.80			1.05
10/31/2018		17.34		.11			(.42	)		(.31	)		(.11	)		(.93	)		(1.04	)		15.99		(2.05	)		22			.37			.37			.81			.62
10/31/2017		14.27		.15			3.44			3.59			(.15	)		(.37	)		(.52	)		17.34		26.03			17			.36			.36			.80			1.00
Class R-5E:
4/30/2022^6,7		25.40		.12			(5.33	)		(5.21	)		(.16	)		(.71	)		(.87	)		19.32		(21.22	)⁸		17			.16	⁹		.16	⁹		.59	⁹		1.07	⁹
10/31/2021		18.67		.10			6.84			6.94			(.10	)		(.11	)		(.21	)		25.40		37.39			18			.15			.15			.58			.44
10/31/2020		17.17		.16			2.25			2.41			(.20	)		(.71	)		(.91	)		18.67		14.31			9			.16			.16			.60			.91
10/31/2019		16.00		.17			1.86			2.03			(.21	)		(.65	)		(.86	)		17.17		13.89			6			.16			.16			.59			1.02
10/31/2018		17.37		.06			(.34	)		(.28	)		(.16	)		(.93	)		(1.09	)		16.00		(1.90	)		3			.17			.17			.61			.33
10/31/2017		14.26		.20			3.44			3.64			(.16	)		(.37	)		(.53	)		17.37		26.42			—	¹²		.17			.10			.54			1.33
Class R-5:
4/30/2022^6,7		25.72		.14			(5.41	)		(5.27	)		(.17	)		(.71	)		(.88	)		19.57		(21.17	)⁸		14			.06	⁹		.06	⁹		.49	⁹		1.21	⁹
10/31/2021		18.90		.13			6.91			7.04			(.11	)		(.11	)		(.22	)		25.72		37.49			17			.06			.06			.49			.55
10/31/2020		17.36		.20			2.26			2.46			(.21	)		(.71	)		(.92	)		18.90		14.47			11			.07			.07			.51			1.14
10/31/2019		16.16		.23			1.84			2.07			(.22	)		(.65	)		(.87	)		17.36		13.94			9			.08			.08			.51			1.38
10/31/2018		17.52		.17			(.44	)		(.27	)		(.16	)		(.93	)		(1.09	)		16.16		(1.83	)		8			.08			.08			.52			.99
10/31/2017		14.40		.20			3.47			3.67			(.18	)		(.37	)		(.55	)		17.52		26.46			8			.07			.07			.51			1.25
Class R-6:
4/30/2022^6,7		25.79		.14			(5.41	)		(5.27	)		(.19	)		(.71	)		(.90	)		19.62		(21.16	)⁸		114			.01	⁹		.01	⁹		.44	⁹		1.27	⁹
10/31/2021		18.94		.14			6.94			7.08			(.12	)		(.11	)		(.23	)		25.79		37.63			146			.01			.01			.44			.60
10/31/2020		17.40		.21			2.26			2.47			(.22	)		(.71	)		(.93	)		18.94		14.49			91			.02			.02			.46			1.18
10/31/2019		16.20		.22			1.85			2.07			(.22	)		(.65	)		(.87	)		17.40		13.98			79			.03			.03			.46			1.36
10/31/2018		17.55		.17			(.43	)		(.26	)		(.16	)		(.93	)		(1.09	)		16.20		(1.73	)		56			.02			.02			.46			.99
10/31/2017		14.43		.21			3.47			3.68			(.19	)		(.37	)		(.56	)		17.55		26.45			49			.03			.03			.47			1.31

See end of tables for footnotes.

56	American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class A:
4/30/2022^6,7	$	27.69	$	.04		$	(5.69	)	$	(5.65	)	$	(.01	)	$	(.90	)	$	(.91	)	$	21.13		(21.09	)%⁸	$	7,860			.36	%⁹		.36	%⁹		.73	%⁹		.36	%⁹
10/31/2021		20.30		.06			8.12			8.18			(.10	)		(.69	)		(.79	)		27.69		41.12			9,462			.36			.36			.73			.25
10/31/2020		18.76		.14			2.50			2.64			(.16	)		(.94	)		(1.10	)		20.30		14.43			6,049			.38			.38			.74			.71
10/31/2019		17.89		.16			1.70			1.86			(.16	)		(.83	)		(.99	)		18.76		11.42			4,894			.40			.40			.78			.87
10/31/2018		18.13		.12			.26			.38			(.13	)		(.49	)		(.62	)		17.89		2.02			3,973			.36			.36			.74			.65
10/31/2017		15.21		.16			3.41			3.57			(.15	)		(.50	)		(.65	)		18.13		24.39			3,364			.33			.33			.72			.97
Class C:
4/30/2022^6,7		26.98		(.05	)		(5.53	)		(5.58	)		—			(.90	)		(.90	)		20.50		(21.38	)⁸		1,145			1.10	⁹		1.10	⁹		1.47	⁹		(.38	)⁹
10/31/2021		19.86		(.12	)		7.93			7.81			—			(.69	)		(.69	)		26.98		40.02			1,483			1.10			1.10			1.47			(.47	)
10/31/2020		18.38		—	¹⁰		2.45			2.45			(.03	)		(.94	)		(.97	)		19.86		13.62			1,099			1.12			1.12			1.48			—	¹⁵
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
Class T:
4/30/2022^6,7		27.74		.08			(5.70	)		(5.62	)		(.06	)		(.90	)		(.96	)		21.16		(20.97	)^8,11		—	¹²		.09	^9,11		.09	^9,11		.46	^9,11		.65	^9,11
10/31/2021		20.34		.13			8.11			8.24			(.15	)		(.69	)		(.84	)		27.74		41.37	¹¹		—	¹²		.13	¹¹		.13	¹¹		.50	¹¹		.50	¹¹
10/31/2020		18.78		.20			2.51			2.71			(.21	)		(.94	)		(1.15	)		20.34		14.79	¹¹		—	¹²		.13	¹¹		.13	¹¹		.49	¹¹		1.03	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
10/31/2017^7,13		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:
4/30/2022^6,7		27.68		.04			(5.69	)		(5.65	)		—			(.90	)		(.90	)		21.13		(21.09	)⁸		107			.38	⁹		.38	⁹		.75	⁹		.34	⁹
10/31/2021		20.30		.08			8.09			8.17			(.10	)		(.69	)		(.79	)		27.68		41.05			127			.37			.37			.74			.31
10/31/2020		18.75		.14			2.51			2.65			(.16	)		(.94	)		(1.10	)		20.30		14.48			115			.38			.38			.74			.73
10/31/2019		17.88		.16			1.70			1.86			(.16	)		(.83	)		(.99	)		18.75		11.40			101			.39			.39			.77			.92
10/31/2018		18.11		.12			.26			.38			(.12	)		(.49	)		(.61	)		17.88		2.03			92			.38			.38			.76			.65
10/31/2017		15.20		.15			3.40			3.55			(.14	)		(.50	)		(.64	)		18.11		24.25			78			.39			.39			.78			.93
Class F-2:
4/30/2022^6,7		27.86		.08			(5.73	)		(5.65	)		(.07	)		(.90	)		(.97	)		21.24		(21.01	)⁸		1,050			.12	⁹		.12	⁹		.49	⁹		.61	⁹
10/31/2021		20.42		.12			8.16			8.28			(.15	)		(.69	)		(.84	)		27.86		41.43			1,287			.11			.11			.48			.49
10/31/2020		18.86		.18			2.53			2.71			(.21	)		(.94	)		(1.15	)		20.42		14.74			779			.12			.12			.48			.96
10/31/2019		17.98		.20			1.71			1.91			(.20	)		(.83	)		(1.03	)		18.86		11.73			614			.12			.12			.50			1.12
10/31/2018		18.21		.16			.26			.42			(.16	)		(.49	)		(.65	)		17.98		2.27			474			.12			.12			.50			.84
10/31/2017		15.27		.18			3.44			3.62			(.18	)		(.50	)		(.68	)		18.21		24.66			294			.13			.13			.52			1.11
Class F-3:
4/30/2022^6,7		27.81		.09			(5.71	)		(5.62	)		(.09	)		(.90	)		(.99	)		21.20		(20.94	)⁸		248			.01	⁹		.01	⁹		.38	⁹		.70	⁹
10/31/2021		20.38		.14			8.15			8.29			(.17	)		(.69	)		(.86	)		27.81		41.58			290			.01			.01			.38			.55
10/31/2020		18.82		.20			2.53			2.73			(.23	)		(.94	)		(1.17	)		20.38		14.89			161			.01			.01			.37			1.06
10/31/2019		17.95		.21			1.71			1.92			(.22	)		(.83	)		(1.05	)		18.82		11.81			125			.02			.02			.40			1.16
10/31/2018		18.17		.15			.30			.45			(.18	)		(.49	)		(.67	)		17.95		2.42			78			.02			.02			.40			.78
10/31/2017^7,14		15.59		.06			2.52			2.58			—			—			—			18.17		16.55	⁸		24			.02	⁹		.02	⁹		.41	⁹		.46	⁹

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-A:
4/30/2022^6,7	$	27.63	$	.04		$	(5.68	)	$	(5.64	)	$	—	¹⁰	$	(.90	)	$	(.90	)	$	21.09		(21.08	)%⁸	$	1,699			.39	%⁹		.39	%⁹		.76	%⁹		.32	%⁹
10/31/2021		20.26		.05			8.11			8.16			(.10	)		(.69	)		(.79	)		27.63		41.07			2,002			.39			.39			.76			.21
10/31/2020		18.73		.12			2.51			2.63			(.16	)		(.94	)		(1.10	)		20.26		14.37			1,253			.42			.42			.78			.64
10/31/2019		17.87		.15			1.69			1.84			(.15	)		(.83	)		(.98	)		18.73		11.33			912			.44			.44			.82			.82
10/31/2018		18.11		.11			.26			.37			(.12	)		(.49	)		(.61	)		17.87		2.00			712			.41			.41			.79			.60
10/31/2017		15.19		.14			3.42			3.56			(.14	)		(.50	)		(.64	)		18.11		24.36			567			.38			.38			.77			.87
Class 529-C:
4/30/2022^6,7		26.94		(.05	)		(5.52	)		(5.57	)		—			(.90	)		(.90	)		20.47		(21.37	)⁸		117			1.15	⁹		1.15	⁹		1.52	⁹		(.42	)⁹
10/31/2021		19.84		(.12	)		7.91			7.79			—			(.69	)		(.69	)		26.94		39.96			156			1.14			1.14			1.51			(.51	)
10/31/2020		18.36		.02			2.41			2.43			(.01	)		(.94	)		(.95	)		19.84		13.53			127			1.18			1.18			1.54			.08
10/31/2019		17.51		.02			1.67			1.69			(.01	)		(.83	)		(.84	)		18.36		10.51			196			1.19			1.19			1.57			.11
10/31/2018		17.77		(.03	)		.26			.23			—			(.49	)		(.49	)		17.51		1.22			182			1.18			1.18			1.56			(.15	)
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
Class 529-E:
4/30/2022^6,7		27.39		.01			(5.62	)		(5.61	)		—			(.90	)		(.90	)		20.88		(21.16	)⁸		62			.61	⁹		.61	⁹		.98	⁹		.11	⁹
10/31/2021		20.10		(.01	)		8.04			8.03			(.05	)		(.69	)		(.74	)		27.39		40.74			74			.61			.61			.98			(.02	)
10/31/2020		18.59		.09			2.48			2.57			(.12	)		(.94	)		(1.06	)		20.10		14.16			46			.63			.63			.99			.48
10/31/2019		17.73		.11			1.69			1.80			(.11	)		(.83	)		(.94	)		18.59		11.15			39			.64			.64			1.02			.63
10/31/2018		17.98		.07			.25			.32			(.08	)		(.49	)		(.57	)		17.73		1.73			31			.63			.63			1.01			.38
10/31/2017		15.09		.10			3.40			3.50			(.11	)		(.50	)		(.61	)		17.98		24.01			26			.64			.64			1.03			.63
Class 529-T:
4/30/2022^6,7		27.73		.07			(5.70	)		(5.63	)		(.05	)		(.90	)		(.95	)		21.15		(21.01	)^8,11		—	¹²		.15	^9,11		.15	^9,11		.52	^9,11		.58	^9,11
10/31/2021		20.33		.11			8.12			8.23			(.14	)		(.69	)		(.83	)		27.73		41.33	¹¹		—	¹²		.17	¹¹		.17	¹¹		.54	¹¹		.44	¹¹
10/31/2020		18.78		.18			2.51			2.69			(.20	)		(.94	)		(1.14	)		20.33		14.69	¹¹		—	¹²		.18	¹¹		.18	¹¹		.54	¹¹		.94	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
10/31/2017^7,13		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:
4/30/2022^6,7		27.76		.07			(5.70	)		(5.63	)		(.05	)		(.90	)		(.95	)		21.18		(20.99	)^8,11		—	¹²		.19	^9,11		.19	^9,11		.56	^9,11		.54	^9,11
10/31/2021		20.37		.10			8.14			8.24			(.16	)		(.69	)		(.85	)		27.76		41.34	¹¹		—	¹²		.18	¹¹		.18	¹¹		.55	¹¹		.41	¹¹
10/31/2020		18.82		.17			2.52			2.69			(.20	)		(.94	)		(1.14	)		20.37		14.67	¹¹		—	¹²		.18	¹¹		.18	¹¹		.54	¹¹		.89	¹¹
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
Class 529-F-2:
4/30/2022^6,7		27.69		.07			(5.68	)		(5.61	)		(.06	)		(.90	)		(.96	)		21.12		(20.98	)⁸		241			.13	⁹		.13	⁹		.50	⁹		.59	⁹
10/31/2021		20.30		.11			8.11			8.22			(.14	)		(.69	)		(.83	)		27.69		41.36			289			.16			.16			.53			.42
10/31/2020^7,16		20.30		—			—			—			—			—			—			20.30		—			165			—			—			—			—

See end of tables for footnotes.

58	American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-F-3:
4/30/2022^6,7	$	27.68	$	.08		$	(5.68	)	$	(5.60	)	$	(.08	)	$	(.90	)	$	(.98	)	$	21.10		(20.97	)%⁸	$	—	¹²		.07	%⁹		.07	%⁹		.44	%⁹		.66	%⁹
10/31/2021		20.30		.14			8.10			8.24			(.17	)		(.69	)		(.86	)		27.68		41.48			—	¹²		.11			.07			.44			.55
10/31/2020^7,16		20.30		—			—			—			—			—			—			20.30		—			—	¹²		—			—			—			—
Class ABLE-A:
4/30/2022^6,7		27.59		.05			(5.66	)		(5.61	)		(.04	)		(.90	)		(.94	)		21.04		(21.03	)⁸		7			.32	⁹		.26	⁹		.63	⁹		.42	⁹
10/31/2021		20.21		.09			8.09			8.18			(.11	)		(.69	)		(.80	)		27.59		41.33			6			.24			.18			.55			.35
10/31/2020		18.69		.11			2.53			2.64			(.18	)		(.94	)		(1.12	)		20.21		14.48			3			.41			.35			.71			.57
10/31/2019		17.88		.10			1.75			1.85			(.21	)		(.83	)		(1.04	)		18.69		11.45			1			.43			.36			.74			.53
10/31/2018^7,17		19.28		.01			(1.41	)		(1.40	)		—			—			—			17.88		(7.26	)⁸		—	¹²		.11	⁸		.09	⁸		.47	⁸		.05	⁸
Class ABLE-F-2:
4/30/2022^6,7		27.71		.07			(5.68	)		(5.61	)		(.08	)		(.90	)		(.98	)		21.12		(20.99	)⁸		—	¹²		.11	⁹		.05	⁹		.42	⁹		.59	⁹
10/31/2021		20.30		.09			8.18			8.27			(.17	)		(.69	)		(.86	)		27.71		41.63			—	¹²		.11			.04			.41			.34
10/31/2020^7,16		20.30		—			—			—			—			—			—			20.30		—			—	¹²		—			—			—			—
Class R-1:
4/30/2022^6,7		27.05		(.05	)		(5.55	)		(5.60	)		—			(.90	)		(.90	)		20.55		(21.40	)⁸		37			1.11	⁹		1.11	⁹		1.48	⁹		(.38	)⁹
10/31/2021		19.91		(.12	)		7.95			7.83			—			(.69	)		(.69	)		27.05		40.02			45			1.10			1.10			1.47			(.50	)
10/31/2020		18.44		—	¹⁰		2.46			2.46			(.05	)		(.94	)		(.99	)		19.91		13.64			29			1.11			1.11			1.47			(.03	)
10/31/2019		17.62		.02			1.69			1.71			(.06	)		(.83	)		(.89	)		18.44		10.59			23			1.11			1.11			1.49			.10
10/31/2018		17.87		(.03	)		.28			.25			(.01	)		(.49	)		(.50	)		17.62		1.31			16			1.11			1.11			1.49			(.18	)
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
Class R-2:
4/30/2022^6,7		26.96		(.04	)		(5.54	)		(5.58	)		—			(.90	)		(.90	)		20.48		(21.40	)⁸		247			1.11	⁹		1.11	⁹		1.48	⁹		(.37	)⁹
10/31/2021		19.84		(.11	)		7.92			7.81			—			(.69	)		(.69	)		26.96		40.07			321			1.09			1.09			1.46			(.47	)
10/31/2020		18.37		—	¹⁰		2.45			2.45			(.04	)		(.94	)		(.98	)		19.84		13.64			230			1.10			1.10			1.46			.02
10/31/2019		17.53		.03			1.67			1.70			(.03	)		(.83	)		(.86	)		18.37		10.60			200			1.10			1.10			1.48			.17
10/31/2018		17.78		(.02	)		.27			.25			(.01	)		(.49	)		(.50	)		17.53		1.33			162			1.10			1.10			1.48			(.09	)
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
Class R-2E:
4/30/2022^6,7		27.22		—	¹⁰		(5.60	)		(5.60	)		—			(.90	)		(.90	)		20.72		(21.26	)⁸		9			.83	⁹		.83	⁹		1.20	⁹		(.02	)⁹
10/31/2021		19.98		(.04	)		7.98			7.94			(.01	)		(.69	)		(.70	)		27.22		40.44			15			.81			.81			1.18			(.15	)
10/31/2020		18.50		.07			2.44			2.51			(.09	)		(.94	)		(1.03	)		19.98		13.89			10			.82			.82			1.18			.36
10/31/2019		17.65		.07			1.70			1.77			(.09	)		(.83	)		(.92	)		18.50		10.97			10			.82			.82			1.20			.39
10/31/2018		17.91		.04			.25			.29			(.06	)		(.49	)		(.55	)		17.65		1.57			8			.82			.82			1.20			.20
10/31/2017		15.08		.07			3.38			3.45			(.12	)		(.50	)		(.62	)		17.91		23.76			6			.81			.81			1.20			.42

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Growth Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class R-3:
4/30/2022^6,7	$	27.42	$	.01		$	(5.63	)	$	(5.62	)	$	—		$	(.90	)	$	(.90	)	$	20.90		(21.18	)%⁸	$	191		.65	%⁹		.65	%⁹		1.02	%⁹		.07	%⁹
10/31/2021		20.12		(.01	)		8.05			8.04			(.05	)		(.69	)		(.74	)		27.42		40.69			235		.65			.65			1.02			(.05	)
10/31/2020		18.61		.08			2.49			2.57			(.12	)		(.94	)		(1.06	)		20.12		14.12			158		.66			.66			1.02			.44
10/31/2019		17.75		.11			1.69			1.80			(.11	)		(.83	)		(.94	)		18.61		11.09			129		.67			.67			1.05			.61
10/31/2018		17.99		.06			.27			.33			(.08	)		(.49	)		(.57	)		17.75		1.76			107		.66			.66			1.04			.34
10/31/2017		15.11		.09			3.40			3.49			(.11	)		(.50	)		(.61	)		17.99		23.95			88		.66			.66			1.05			.58
Class R-4:
4/30/2022^6,7		27.64		.04			(5.68	)		(5.64	)		—			(.90	)		(.90	)		21.10		(21.08	)⁸		77		.35	⁹		.35	⁹		.72	⁹		.36	⁹
10/31/2021		20.27		.07			8.09			8.16			(.10	)		(.69	)		(.79	)		27.64		41.09			102		.35			.35			.72			.26
10/31/2020		18.73		.14			2.50			2.64			(.16	)		(.94	)		(1.10	)		20.27		14.47			72		.36			.36			.72			.73
10/31/2019		17.86		.16			1.70			1.86			(.16	)		(.83	)		(.99	)		18.73		11.44			60		.36			.36			.74			.92
10/31/2018		18.10		.12			.25			.37			(.12	)		(.49	)		(.61	)		17.86		2.01			54		.36			.36			.74			.66
10/31/2017		15.18		.15			3.42			3.57			(.15	)		(.50	)		(.65	)		18.10		24.40			48		.36			.36			.75			.91
Class R-5E:
4/30/2022^6,7		27.67		.06			(5.68	)		(5.62	)		(.06	)		(.90	)		(.96	)		21.09		(21.02	)⁸		42		.15	⁹		.15	⁹		.52	⁹		.53	⁹
10/31/2021		20.29		.12			8.10			8.22			(.15	)		(.69	)		(.84	)		27.67		41.36			40		.15			.15			.52			.48
10/31/2020		18.75		.16			2.53			2.69			(.21	)		(.94	)		(1.15	)		20.29		14.70			25		.16			.16			.52			.84
10/31/2019		17.88		.17			1.73			1.90			(.20	)		(.83	)		(1.03	)		18.75		11.69			16		.16			.16			.54			.97
10/31/2018		18.13		.14			.27			.41			(.17	)		(.49	)		(.66	)		17.88		2.22			9		.16			.16			.54			.75
10/31/2017		15.18		(.02	)		3.63			3.61			(.16	)		(.50	)		(.66	)		18.13		24.71			6		.17			.17			.56			(.14	)
Class R-5:
4/30/2022^6,7		28.01		.08			(5.75	)		(5.67	)		(.08	)		(.90	)		(.98	)		21.36		(20.97	)⁸		31		.06	⁹		.06	⁹		.43	⁹		.68	⁹
10/31/2021		20.52		.14			8.20			8.34			(.16	)		(.69	)		(.85	)		28.01		41.53			41		.06			.06			.43			.56
10/31/2020		18.95		.20			2.53			2.73			(.22	)		(.94	)		(1.16	)		20.52		14.78			29		.06			.06			.42			1.04
10/31/2019		18.06		.22			1.71			1.93			(.21	)		(.83	)		(1.04	)		18.95		11.78			24		.07			.07			.45			1.20
10/31/2018		18.28		.18			.26			.44			(.17	)		(.49	)		(.66	)		18.06		2.36			26		.07			.07			.45			.93
10/31/2017		15.33		.20			3.44			3.64			(.19	)		(.50	)		(.69	)		18.28		24.70			22		.07			.07			.46			1.21
Class R-6:
4/30/2022^6,7		27.95		.09			(5.74	)		(5.65	)		(.09	)		(.90	)		(.99	)		21.31		(20.94	)⁸		158		.01	⁹		.01	⁹		.38	⁹		.71	⁹
10/31/2021		20.48		.15			8.18			8.33			(.17	)		(.69	)		(.86	)		27.95		41.57			186		.01			.01			.38			.60
10/31/2020		18.91		.21			2.53			2.74			(.23	)		(.94	)		(1.17	)		20.48		14.87			119		.02			.02			.38			1.08
10/31/2019		18.03		.21			1.72			1.93			(.22	)		(.83	)		(1.05	)		18.91		11.81			132		.02			.02			.40			1.15
10/31/2018		18.25		.18			.27			.45			(.18	)		(.49	)		(.67	)		18.03		2.40			87		.02			.02			.40			.94
10/31/2017		15.30		.20			3.44			3.64			(.19	)		(.50	)		(.69	)		18.25		24.79			63		.02			.02			.41			1.21

See end of tables for footnotes.

60	American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class A:
4/30/2022^6,7	$	19.63	$	.14	$	(2.23	)	$	(2.09	)	$	(.14	)	$	(.74	)	$	(.88	)	$	16.66		(11.22	)%⁸	$	9,129			.34	%⁹		.34	%⁹		.67	%⁹		1.50	%⁹
10/31/2021		15.64		.23		4.44			4.67			(.26	)		(.42	)		(.68	)		19.63		30.44			9,886			.34			.34			.66			1.24
10/31/2020		15.29		.28		.91			1.19			(.29	)		(.55	)		(.84	)		15.64		7.92			6,851			.34			.34			.66			1.81
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29		11.02			6,248			.36			.36			.68			2.04
10/31/2018		15.06		.27		(.17	)		.10			(.26	)		(.27	)		(.53	)		14.63		.56			5,354			.35			.35			.68			1.74
10/31/2017		13.36		.27		2.02			2.29			(.27	)		(.32	)		(.59	)		15.06		17.69			4,836			.33			.33			.66			1.91
Class C:
4/30/2022^6,7		19.49		.07		(2.21	)		(2.14	)		(.07	)		(.74	)		(.81	)		16.54		(11.52	)⁸		1,261			1.07	⁹		1.07	⁹		1.40	⁹		.78	⁹
10/31/2021		15.53		.09		4.42			4.51			(.13	)		(.42	)		(.55	)		19.49		29.51			1,489			1.07			1.07			1.39			.52
10/31/2020		15.19		.16		.90			1.06			(.17	)		(.55	)		(.72	)		15.53		7.10			1,237			1.08			1.08			1.40			1.09
10/31/2019		14.54		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.19		10.20			1,262			1.09			1.09			1.41			1.31
10/31/2018		14.97		.15		(.16	)		(.01	)		(.15	)		(.27	)		(.42	)		14.54		(.18	)		1,155			1.09			1.09			1.42			1.00
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
Class T:
4/30/2022^6,7		19.63		.17		(2.22	)		(2.05	)		(.17	)		(.74	)		(.91	)		16.67		(11.05	)^8,11		—	¹²		.07	^9,11		.07	^9,11		.40	^9,11		1.80	^9,11
10/31/2021		15.64		.28		4.43			4.71			(.30	)		(.42	)		(.72	)		19.63		30.75	¹¹		—	¹²		.09	¹¹		.09	¹¹		.41	¹¹		1.50	¹¹
10/31/2020		15.29		.32		.91			1.23			(.33	)		(.55	)		(.88	)		15.64		8.21	¹¹		—	¹²		.08	¹¹		.08	¹¹		.40	¹¹		2.10	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
10/31/2017^7,13		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:
4/30/2022^6,7		19.63		.13		(2.22	)		(2.09	)		(.14	)		(.74	)		(.88	)		16.66		(11.23	)⁸		196			.38	⁹		.38	⁹		.71	⁹		1.47	⁹
10/31/2021		15.64		.22		4.44			4.66			(.25	)		(.42	)		(.67	)		19.63		30.39			215			.37			.37			.69			1.23
10/31/2020		15.29		.27		.91			1.18			(.28	)		(.55	)		(.83	)		15.64		7.88			198			.37			.37			.69			1.78
10/31/2019		14.63		.30		1.20			1.50			(.30	)		(.54	)		(.84	)		15.29		11.00			180			.38			.38			.70			2.01
10/31/2018		15.06		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.63		.53			156			.38			.38			.71			1.72
10/31/2017		13.35		.26		2.03			2.29			(.26	)		(.32	)		(.58	)		15.06		17.72			150			.39			.39			.72			1.87
Class F-2:
4/30/2022^6,7		19.66		.16		(2.23	)		(2.07	)		(.16	)		(.74	)		(.90	)		16.69		(11.10	)⁸		1,174			.12	⁹		.12	⁹		.45	⁹		1.73	⁹
10/31/2021		15.66		.27		4.45			4.72			(.30	)		(.42	)		(.72	)		19.66		30.75			1,273			.11			.11			.43			1.47
10/31/2020		15.31		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.66		8.15			818			.12			.12			.44			2.04
10/31/2019		14.65		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.31		11.27			714			.12			.12			.44			2.26
10/31/2018		15.08		.30		(.16	)		.14			(.30	)		(.27	)		(.57	)		14.65		.79			598			.12			.12			.45			1.94
10/31/2017		13.37		.29		2.04			2.33			(.30	)		(.32	)		(.62	)		15.08		18.00			385			.13			.13			.46			2.08
Class F-3:
4/30/2022^6,7		19.64		.17		(2.23	)		(2.06	)		(.17	)		(.74	)		(.91	)		16.67		(11.07	)⁸		281			.01	⁹		.01	⁹		.34	⁹		1.83	⁹
10/31/2021		15.64		.29		4.45			4.74			(.32	)		(.42	)		(.74	)		19.64		30.92			269			.01			.01			.33			1.55
10/31/2020		15.30		.33		.90			1.23			(.34	)		(.55	)		(.89	)		15.64		8.21			120			.01			.01			.33			2.15
10/31/2019		14.64		.35		1.20			1.55			(.35	)		(.54	)		(.89	)		15.30		11.40			107			.01			.01			.33			2.36
10/31/2018		15.07		.31		(.16	)		.15			(.31	)		(.27	)		(.58	)		14.64		.89			70			.01			.01			.34			2.03
10/31/2017^7,14		13.57		.19		1.50			1.69			(.19	)		—			(.19	)		15.07		12.57	⁸		28			.02	⁹		.02	⁹		.35	⁹		1.74	⁹

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class 529-A:
4/30/2022^6,7	$	19.62	$	.14	$	(2.23	)	$	(2.09	)	$	(.14	)	$	(.74	)	$	(.88	)	$	16.65		(11.23	)%⁸	$	969			.36	%⁹		.36	%⁹		.69	%⁹		1.49	%⁹
10/31/2021		15.63		.22		4.45			4.67			(.26	)		(.42	)		(.68	)		19.62		30.42			1,042			.37			.37			.69			1.22
10/31/2020		15.28		.27		.91			1.18			(.28	)		(.55	)		(.83	)		15.63		7.89			730			.38			.38			.70			1.75
10/31/2019		14.62		.29		1.21			1.50			(.30	)		(.54	)		(.84	)		15.28		10.99			591			.39			.39			.71			2.00
10/31/2018		15.05		.26		(.16	)		.10			(.26	)		(.27	)		(.53	)		14.62		.52			504			.39			.39			.72			1.70
10/31/2017		13.35		.26		2.02			2.28			(.26	)		(.32	)		(.58	)		15.05		17.64			439			.39			.39			.72			1.85
Class 529-C:
4/30/2022^6,7		19.53		.06		(2.20	)		(2.14	)		(.07	)		(.74	)		(.81	)		16.58		(11.53	)⁸		76			1.12	⁹		1.12	⁹		1.45	⁹		.71	⁹
10/31/2021		15.56		.08		4.42			4.50			(.11	)		(.42	)		(.53	)		19.53		29.42			93			1.12			1.12			1.44			.46
10/31/2020		15.20		.17		.89			1.06			(.15	)		(.55	)		(.70	)		15.56		7.09			86			1.14			1.14			1.46			1.14
10/31/2019		14.55		.18		1.20			1.38			(.19	)		(.54	)		(.73	)		15.20		10.13			164			1.15			1.15			1.47			1.26
10/31/2018		14.98		.14		(.17	)		(.03	)		(.13	)		(.27	)		(.40	)		14.55		(.27	)		155			1.15			1.15			1.48			.92
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
Class 529-E:
4/30/2022^6,7		19.57		.12		(2.22	)		(2.10	)		(.12	)		(.74	)		(.86	)		16.61		(11.31	)⁸		38			.60	⁹		.60	⁹		.93	⁹		1.26	⁹
10/31/2021		15.59		.18		4.43			4.61			(.21	)		(.42	)		(.63	)		19.57		30.14			42			.60			.60			.92			.99
10/31/2020		15.25		.24		.90			1.14			(.25	)		(.55	)		(.80	)		15.59		7.59			31			.61			.61			.93			1.55
10/31/2019		14.59		.26		1.21			1.47			(.27	)		(.54	)		(.81	)		15.25		10.77			27			.62			.62			.94			1.78
10/31/2018		15.02		.22		(.16	)		.06			(.22	)		(.27	)		(.49	)		14.59		.29			23			.62			.62			.95			1.46
10/31/2017		13.33		.23		2.00			2.23			(.22	)		(.32	)		(.54	)		15.02		17.31			21			.64			.64			.97			1.61
Class 529-T:
4/30/2022^6,7		19.63		.16		(2.22	)		(2.06	)		(.16	)		(.74	)		(.90	)		16.67		(11.07	)^8,11		—	¹²		.12	^9,11		.12	^9,11		.45	^9,11		1.73	^9,11
10/31/2021		15.64		.27		4.44			4.71			(.30	)		(.42	)		(.72	)		19.63		30.68	¹¹		—	¹²		.14	¹¹		.14	¹¹		.46	¹¹		1.45	¹¹
10/31/2020		15.29		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.64		8.15	¹¹		—	¹²		.13	¹¹		.13	¹¹		.45	¹¹		2.02	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
10/31/2017^7,13		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:
4/30/2022^6,7		19.64		.15		(2.22	)		(2.07	)		(.16	)		(.74	)		(.90	)		16.67		(11.15	)^8,11		—	¹²		.19	^9,11		.19	^9,11		.52	^9,11		1.66	^9,11
10/31/2021		15.65		.23		4.47			4.70			(.29	)		(.42	)		(.71	)		19.64		30.62	¹¹		—	¹²		.17	¹¹		.17	¹¹		.49	¹¹		1.27	¹¹
10/31/2020		15.30		.30		.92			1.22			(.32	)		(.55	)		(.87	)		15.65		8.14	¹¹		—	¹²		.14	¹¹		.14	¹¹		.46	¹¹		2.00	¹¹
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
Class 529-F-2:
4/30/2022^6,7		19.63		.16		(2.23	)		(2.07	)		(.16	)		(.74	)		(.90	)		16.66		(11.12	)⁸		114			.11	⁹		.11	⁹		.44	⁹		1.73	⁹
10/31/2021		15.64		.27		4.44			4.71			(.30	)		(.42	)		(.72	)		19.63		30.70			113			.13			.13			.45			1.45
10/31/2020^7,16		15.64		—		—			—			—			—			—			15.64		—			67			—			—			—			—

See end of tables for footnotes.

62	American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class 529-F-3:
4/30/2022^6,7	$	19.63	$	.16	$	(2.21	)	$	(2.05	)	$	(.17	)	$	(.74	)	$	(.91	)	$	16.67		(11.05	)%⁸	$	—	¹²		.07	%⁹		.07	%⁹		.40	%⁹		1.78	%⁹
10/31/2021		15.64		.28		4.44			4.72			(.31	)		(.42	)		(.73	)		19.63		30.78			—	¹²		.12			.07			.39			1.52
10/31/2020^7,16		15.64		—		—			—			—			—			—			15.64		—			—	¹²		—			—			—			—
Class ABLE-A:
4/30/2022^6,7		19.63		.14		(2.22	)		(2.08	)		(.15	)		(.74	)		(.89	)		16.66		(11.19	)⁸		5			.30	⁹		.24	⁹		.57	⁹		1.58	⁹
10/31/2021		15.63		.26		4.44			4.70			(.28	)		(.42	)		(.70	)		19.63		30.69			5			.21			.15			.47			1.41
10/31/2020		15.27		.27		.92			1.19			(.28	)		(.55	)		(.83	)		15.63		7.97			2			.39			.32			.64			1.74
10/31/2019		14.62		.27		1.23			1.50			(.31	)		(.54	)		(.85	)		15.27		11.02			1			.40			.34			.66			1.84
10/31/2018^7,17		15.52		.08		(.92	)		(.84	)		(.06	)		—			(.06	)		14.62		(5.45	)⁸		—	¹²		.11	⁸		.09	⁸		.42	⁸		.50	⁸
Class ABLE-F-2:
4/30/2022^6,7		19.64		.16		(2.21	)		(2.05	)		(.17	)		(.74	)		(.91	)		16.68		(11.05	)⁸		—	¹²		.10	⁹		.04	⁹		.37	⁹		1.80	⁹
10/31/2021		15.64		.30		4.43			4.73			(.31	)		(.42	)		(.73	)		19.64		30.86			—	¹²		.09			.03			.35			1.59
10/31/2020^7,16		15.64		—		—			—			—			—			—			15.64		—			—	¹²		—			—			—			—
Class R-1:
4/30/2022^6,7		19.51		.07		(2.21	)		(2.14	)		(.07	)		(.74	)		(.81	)		16.56		(11.51	)⁸		22			1.08	⁹		1.08	⁹		1.41	⁹		.76	⁹
10/31/2021		15.55		.09		4.42			4.51			(.13	)		(.42	)		(.55	)		19.51		29.48			24			1.09			1.09			1.41			.50
10/31/2020		15.21		.16		.91			1.07			(.18	)		(.55	)		(.73	)		15.55		7.11			17			1.10			1.10			1.42			1.04
10/31/2019		14.57		.18		1.20			1.38			(.20	)		(.54	)		(.74	)		15.21		10.14			14			1.11			1.11			1.43			1.24
10/31/2018		15.00		.14		(.15	)		(.01	)		(.15	)		(.27	)		(.42	)		14.57		(.19	)		9			1.10			1.10			1.43			.94
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
Class R-2:
4/30/2022^6,7		19.46		.07		(2.21	)		(2.14	)		(.07	)		(.74	)		(.81	)		16.51		(11.55	)⁸		173			1.09	⁹		1.09	⁹		1.42	⁹		.77	⁹
10/31/2021		15.51		.09		4.41			4.50			(.13	)		(.42	)		(.55	)		19.46		29.49			198			1.08			1.08			1.40			.51
10/31/2020		15.17		.16		.91			1.07			(.18	)		(.55	)		(.73	)		15.51		7.12			159			1.08			1.08			1.40			1.08
10/31/2019		14.52		.19		1.20			1.39			(.20	)		(.54	)		(.74	)		15.17		10.23			155			1.09			1.09			1.41			1.31
10/31/2018		14.96		.15		(.17	)		(.02	)		(.15	)		(.27	)		(.42	)		14.52		(.23	)		137			1.09			1.09			1.42			1.00
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
Class R-2E:
4/30/2022^6,7		19.56		.10		(2.22	)		(2.12	)		(.10	)		(.74	)		(.84	)		16.60		(11.42	)⁸		17			.82	⁹		.82	⁹		1.15	⁹		1.08	⁹
10/31/2021		15.59		.14		4.43			4.57			(.18	)		(.42	)		(.60	)		19.56		29.81			22			.81			.81			1.13			.78
10/31/2020		15.25		.21		.90			1.11			(.22	)		(.55	)		(.77	)		15.59		7.38			16			.81			.81			1.13			1.37
10/31/2019		14.59		.22		1.22			1.44			(.24	)		(.54	)		(.78	)		15.25		10.57			14			.81			.81			1.13			1.53
10/31/2018		15.02		.19		(.16	)		.03			(.19	)		(.27	)		(.46	)		14.59		.10			9			.82			.82			1.15			1.27
10/31/2017		13.33		.20		2.02			2.22			(.21	)		(.32	)		(.53	)		15.02		17.17			8			.80			.80			1.13			1.44

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class R-3:
4/30/2022^6,7	$	19.55	$	.11	$	(2.22	)	$	(2.11	)	$	(.11	)	$	(.74	)	$	(.85	)	$	16.59		(11.36	)%⁸	$	150		.65	%⁹		.65	%⁹		.98	%⁹		1.19	%⁹
10/31/2021		15.58		.17		4.43			4.60			(.21	)		(.42	)		(.63	)		19.55		30.03			169		.65			.65			.97			.93
10/31/2020		15.24		.23		.90			1.13			(.24	)		(.55	)		(.79	)		15.58		7.54			117		.66			.66			.98			1.50
10/31/2019		14.58		.25		1.21			1.46			(.26	)		(.54	)		(.80	)		15.24		10.72			110		.66			.66			.98			1.71
10/31/2018		15.01		.22		(.17	)		.05			(.21	)		(.27	)		(.48	)		14.58		.26			93		.66			.66			.99			1.42
10/31/2017		13.31		.22		2.02			2.24			(.22	)		(.32	)		(.54	)		15.01		17.39			82		.65			.65			.98			1.58
Class R-4:
4/30/2022^6,7		19.62		.14		(2.22	)		(2.08	)		(.14	)		(.74	)		(.88	)		16.66		(11.18	)⁸		75		.35	⁹		.35	⁹		.68	⁹		1.50	⁹
10/31/2021		15.63		.23		4.44			4.67			(.26	)		(.42	)		(.68	)		19.62		30.44			87		.35			.35			.67			1.23
10/31/2020		15.29		.28		.90			1.18			(.29	)		(.55	)		(.84	)		15.63		7.84			65		.35			.35			.67			1.83
10/31/2019		14.63		.29		1.21			1.50			(.30	)		(.54	)		(.84	)		15.29		11.02			70		.36			.36			.68			2.00
10/31/2018		15.05		.27		(.16	)		.11			(.26	)		(.27	)		(.53	)		14.63		.61			64		.36			.36			.69			1.75
10/31/2017		13.35		.26		2.02			2.28			(.26	)		(.32	)		(.58	)		15.05		17.68			74		.36			.36			.69			1.88
Class R-5E:
4/30/2022^6,7		19.61		.15		(2.21	)		(2.06	)		(.16	)		(.74	)		(.90	)		16.65		(11.09	)⁸		21		.15	⁹		.15	⁹		.48	⁹		1.66	⁹
10/31/2021		15.62		.27		4.43			4.70			(.29	)		(.42	)		(.71	)		19.61		30.71			17		.15			.15			.47			1.47
10/31/2020		15.28		.30		.91			1.21			(.32	)		(.55	)		(.87	)		15.62		8.07			15		.16			.16			.48			1.94
10/31/2019		14.62		.31		1.22			1.53			(.33	)		(.54	)		(.87	)		15.28		11.26			10		.16			.16			.48			2.12
10/31/2018		15.05		.29		(.16	)		.13			(.29	)		(.27	)		(.56	)		14.62		.76			6		.16			.16			.49			1.88
10/31/2017		13.34		.02		2.31			2.33			(.30	)		(.32	)		(.62	)		15.05		18.06			4		.17			.16			.49			.12
Class R-5:
4/30/2022^6,7		19.71		.16		(2.23	)		(2.07	)		(.17	)		(.74	)		(.91	)		16.73		(11.10	)⁸		30		.06	⁹		.06	⁹		.39	⁹		1.78	⁹
10/31/2021		15.70		.28		4.46			4.74			(.31	)		(.42	)		(.73	)		19.71		30.80			33		.06			.06			.38			1.52
10/31/2020		15.35		.32		.91			1.23			(.33	)		(.55	)		(.88	)		15.70		8.19			20		.07			.07			.39			2.12
10/31/2019		14.68		.35		1.21			1.56			(.35	)		(.54	)		(.89	)		15.35		11.37			21		.07			.07			.39			2.35
10/31/2018		15.11		.31		(.17	)		.14			(.30	)		(.27	)		(.57	)		14.68		.84			21		.07			.07			.40			2.03
10/31/2017		13.40		.30		2.03			2.33			(.30	)		(.32	)		(.62	)		15.11		18.03			18		.07			.07			.40			2.08
Class R-6:
4/30/2022^6,7		19.67		.17		(2.23	)		(2.06	)		(.17	)		(.74	)		(.91	)		16.70		(11.05	)⁸		360		.01	⁹		.01	⁹		.34	⁹		1.82	⁹
10/31/2021		15.67		.29		4.45			4.74			(.32	)		(.42	)		(.74	)		19.67		30.85			381		.01			.01			.33			1.57
10/31/2020		15.32		.33		.91			1.24			(.34	)		(.55	)		(.89	)		15.67		8.26			251		.01			.01			.33			2.15
10/31/2019		14.66		.35		1.20			1.55			(.35	)		(.54	)		(.89	)		15.32		11.38			208		.02			.02			.34			2.35
10/31/2018		15.09		.32		(.17	)		.15			(.31	)		(.27	)		(.58	)		14.66		.89			119		.02			.02			.35			2.08
10/31/2017		13.38		.31		2.03			2.34			(.31	)		(.32	)		(.63	)		15.09		18.11			83		.02			.02			.35			2.19

See end of tables for footnotes.

64	American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class A:
4/30/2022^6,7	$	18.94	$	.14	$	(1.75	)	$	(1.61	)	$	(.15	)	$	(.66	)	$	(.81	)	$	16.52		(8.97	)%⁸	$	8,241			.34	%⁹		.34	%⁹		.67	%⁹		1.59	%⁹
10/31/2021		15.57		.26		3.56			3.82			(.31	)		(.14	)		(.45	)		18.94		24.79			8,709			.34			.34			.66			1.43
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.92			6,238			.33			.33			.68			1.72
10/31/2019		14.29		.28		1.34			1.62			(.29	)		(.35	)		(.64	)		15.27		11.86			5,621			.35			.35			.72			1.93
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
Class C:
4/30/2022^6,7		18.81		.08		(1.75	)		(1.67	)		(.08	)		(.66	)		(.74	)		16.40		(9.31	)⁸		1,155			1.06	⁹		1.06	⁹		1.39	⁹		.86	⁹
10/31/2021		15.47		.13		3.53			3.66			(.18	)		(.14	)		(.32	)		18.81		23.85			1,330			1.06			1.06			1.38			.71
10/31/2020		15.17		.15		.63			.78			(.18	)		(.30	)		(.48	)		15.47		5.18			1,129			1.07			1.07			1.42			1.01
10/31/2019		14.20		.18		1.32			1.50			(.18	)		(.35	)		(.53	)		15.17		11.05			1,174			1.08			1.08			1.45			1.22
10/31/2018		14.77		.15		(.29	)		(.14	)		(.14	)		(.29	)		(.43	)		14.20		(1.00	)		1,081			1.08			1.08			1.46			1.02
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
Class T:
4/30/2022^6,7		18.95		.17		(1.76	)		(1.59	)		(.17	)		(.66	)		(.83	)		16.53		(8.84	)^8,11		—	¹²		.05	^9,11		.05	^9,11		.38	^9,11		1.88	^9,11
10/31/2021		15.58		.31		3.55			3.86			(.35	)		(.14	)		(.49	)		18.95		25.09	¹¹		—	¹²		.06	¹¹		.06	¹¹		.38	¹¹		1.71	¹¹
10/31/2020		15.28		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.58		6.20	¹¹		—	¹²		.07	¹¹		.07	¹¹		.42	¹¹		2.00	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
10/31/2017^7,13		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:
4/30/2022^6,7		18.95		.14		(1.76	)		(1.62	)		(.15	)		(.66	)		(.81	)		16.52		(9.03	)⁸		116			.37	⁹		.37	⁹		.70	⁹		1.56	⁹
10/31/2021		15.57		.25		3.57			3.82			(.30	)		(.14	)		(.44	)		18.95		24.80			135			.37			.37			.69			1.42
10/31/2020		15.27		.26		.62			.88			(.28	)		(.30	)		(.58	)		15.57		5.88			148			.37			.37			.72			1.69
10/31/2019		14.29		.28		1.33			1.61			(.28	)		(.35	)		(.63	)		15.27		11.82			152			.38			.38			.75			1.91
10/31/2018		14.86		.26		(.29	)		(.03	)		(.25	)		(.29	)		(.54	)		14.29		(.30	)		138			.38			.38			.76			1.72
10/31/2017		13.38		.23		1.74			1.97			(.23	)		(.26	)		(.49	)		14.86		15.15			140			.39			.39			.77			1.61
Class F-2:
4/30/2022^6,7		18.97		.16		(1.75	)		(1.59	)		(.17	)		(.66	)		(.83	)		16.55		(8.85	)⁸		1,144			.11	⁹		.11	⁹		.44	⁹		1.81	⁹
10/31/2021		15.59		.30		3.56			3.86			(.34	)		(.14	)		(.48	)		18.97		25.09			1,219			.11			.11			.43			1.66
10/31/2020		15.30		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.59		6.07			838			.11			.11			.46			1.95
10/31/2019		14.31		.31		1.35			1.66			(.32	)		(.35	)		(.67	)		15.30		12.16			756			.12			.12			.49			2.14
10/31/2018		14.88		.29		(.28	)		.01			(.29	)		(.29	)		(.58	)		14.31		(.03	)		611			.12			.12			.50			1.97
10/31/2017		13.40		.26		1.75			2.01			(.27	)		(.26	)		(.53	)		14.88		15.45			401			.13			.13			.51			1.87
Class F-3:
4/30/2022^6,7		18.95		.17		(1.75	)		(1.58	)		(.18	)		(.66	)		(.84	)		16.53		(8.82	)⁸		295			.01	⁹		.01	⁹		.34	⁹		1.90	⁹
10/31/2021		15.58		.31		3.56			3.87			(.36	)		(.14	)		(.50	)		18.95		25.16			282			.01			.01			.33			1.73
10/31/2020		15.28		.31		.63			.94			(.34	)		(.30	)		(.64	)		15.58		6.27			143			.01			.01			.36			2.04
10/31/2019		14.29		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.28		12.30			136			.01			.01			.38			2.23
10/31/2018		14.87		.31		(.30	)		.01			(.30	)		(.29	)		(.59	)		14.29		—			76			.01			.01			.39			2.06
10/31/2017^7,14		13.48		.17		1.38			1.55			(.16	)		—			(.16	)		14.87		11.58	⁸		44			.02	⁹		.02	⁹		.40	⁹		1.55	⁹

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class 529-A:
4/30/2022^6,7	$	18.94	$	.14	$	(1.76	)	$	(1.62	)	$	(.15	)	$	(.66	)	$	(.81	)	$	16.51		(9.02	)%⁸	$	577			.34	%⁹		.34	%⁹		.67	%⁹		1.58	%⁹
10/31/2021		15.57		.25		3.56			3.81			(.30	)		(.14	)		(.44	)		18.94		24.75			622			.36			.36			.68			1.40
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.89			457			.37			.37			.72			1.68
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27		11.90			385			.38			.38			.75			1.91
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28		(.37	)		332			.39			.39			.77			1.72
10/31/2017		13.38		.22		1.75			1.97			(.23	)		(.26	)		(.49	)		14.86		15.14			280			.42			.42			.80			1.60
Class 529-C:
4/30/2022^6,7		18.86		.07		(1.75	)		(1.68	)		(.07	)		(.66	)		(.73	)		16.45		(9.32	)⁸		53			1.11	⁹		1.11	⁹		1.44	⁹		.81	⁹
10/31/2021		15.51		.12		3.53			3.65			(.16	)		(.14	)		(.30	)		18.86		23.77			65			1.11			1.11			1.43			.66
10/31/2020		15.20		.16		.61			.77			(.16	)		(.30	)		(.46	)		15.51		5.11			65			1.12			1.12			1.47			1.03
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20		11.03			118			1.13			1.13			1.50			1.17
10/31/2018		14.79		.14		(.29	)		(.15	)		(.13	)		(.29	)		(.42	)		14.22		(1.09	)		117			1.15			1.15			1.53			.93
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
Class 529-E:
4/30/2022^6,7		18.89		.12		(1.75	)		(1.63	)		(.13	)		(.66	)		(.79	)		16.47		(9.11	)⁸		19			.59	⁹		.59	⁹		.92	⁹		1.31	⁹
10/31/2021		15.53		.21		3.55			3.76			(.26	)		(.14	)		(.40	)		18.89		24.47			20			.59			.59			.91			1.18
10/31/2020		15.24		.23		.61			.84			(.25	)		(.30	)		(.55	)		15.53		5.59			16			.59			.59			.94			1.49
10/31/2019		14.25		.25		1.34			1.59			(.25	)		(.35	)		(.60	)		15.24		11.67			15			.61			.61			.98			1.69
10/31/2018		14.83		.22		(.30	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25		(.60	)		13			.62			.62			1.00			1.48
10/31/2017		13.36		.19		1.74			1.93			(.20	)		(.26	)		(.46	)		14.83		14.88			11			.64			.64			1.02			1.40
Class 529-T:
4/30/2022^6,7		18.95		.16		(1.76	)		(1.60	)		(.17	)		(.66	)		(.83	)		16.52		(8.92	)^8,11		—	¹²		.11	^9,11		.11	^9,11		.44	^9,11		1.81	^9,11
10/31/2021		15.57		.30		3.56			3.86			(.34	)		(.14	)		(.48	)		18.95		25.11	¹¹		—	¹²		.12	¹¹		.12	¹¹		.44	¹¹		1.65	¹¹
10/31/2020		15.28		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.57		6.07	¹¹		—	¹²		.13	¹¹		.13	¹¹		.48	¹¹		1.94	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
10/31/2017^7,13		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:
4/30/2022^6,7		18.97		.16		(1.77	)		(1.61	)		(.16	)		(.66	)		(.82	)		16.54		(8.94	)^8,11		—	¹²		.18	^9,11		.18	^9,11		.51	^9,11		1.74	^9,11
10/31/2021		15.59		.26		3.60			3.86			(.34	)		(.14	)		(.48	)		18.97		25.03	¹¹		—	¹²		.16	¹¹		.16	¹¹		.48	¹¹		1.48	¹¹
10/31/2020		15.29		.30		.62			.92			(.32	)		(.30	)		(.62	)		15.59		6.14	¹¹		—	¹²		.12	¹¹		.12	¹¹		.47	¹¹		1.93	¹¹
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
Class 529-F-2:
4/30/2022^6,7		18.94		.16		(1.75	)		(1.59	)		(.17	)		(.66	)		(.83	)		16.52		(8.87	)⁸		87			.11	⁹		.11	⁹		.44	⁹		1.81	⁹
10/31/2021		15.57		.29		3.56			3.85			(.34	)		(.14	)		(.48	)		18.94		25.05			87			.12			.12			.44			1.63
10/31/2020^7,16		15.57		—		—			—			—			—			—			15.57		—			56			—			—			—			—

See end of tables for footnotes.

66	American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class 529-F-3:
4/30/2022^6,7	$	18.94	$	.17	$	(1.76	)	$	(1.59	)	$	(.17	)	$	(.66	)	$	(.83	)	$	16.52		(8.85	)%⁸	$	—	¹²		.07	%⁹		.07	%⁹		.40	%⁹		1.85	%⁹
10/31/2021		15.57		.30		3.56			3.86			(.35	)		(.14	)		(.49	)		18.94		25.11			—	¹²		.12			.07			.39			1.69
10/31/2020^7,16		15.57		—		—			—			—			—			—			15.57		—			—	¹²		—			—			—			—
Class ABLE-A:
4/30/2022^6,7		18.94		.15		(1.76	)		(1.61	)		(.15	)		(.66	)		(.81	)		16.52		(8.95	)⁸		5			.31	⁹		.25	⁹		.58	⁹		1.66	⁹
10/31/2021		15.57		.29		3.55			3.84			(.33	)		(.14	)		(.47	)		18.94		24.94			4			.22			.16			.48			1.58
10/31/2020		15.26		.26		.64			.90			(.29	)		(.30	)		(.59	)		15.57		5.96			2			.38			.32			.67			1.68
10/31/2019		14.29		.26		1.35			1.61			(.29	)		(.35	)		(.64	)		15.26		11.85			1			.40			.33			.70			1.78
10/31/2018^7,17		15.02		.07		(.73	)		(.66	)		(.07	)		—			(.07	)		14.29		(4.40	)⁸		—	¹²		.10	⁸		.08	⁸		.46	⁸		.46	⁸
Class ABLE-F-2:
4/30/2022^6,7		18.95		.17		(1.76	)		(1.59	)		(.17	)		(.66	)		(.83	)		16.53		(8.85	)⁸		—	¹²		.09	⁹		.03	⁹		.36	⁹		1.91	⁹
10/31/2021		15.57		.31		3.56			3.87			(.35	)		(.14	)		(.49	)		18.95		25.18			—	¹²		.09			.02			.34			1.70
10/31/2020^7,16		15.57		—		—			—			—			—			—			15.57		—			—	¹²		—			—			—			—
Class R-1:
4/30/2022^6,7		18.86		.07		(1.75	)		(1.68	)		(.08	)		(.66	)		(.74	)		16.44		(9.36	)⁸		10			1.10	⁹		1.10	⁹		1.43	⁹		.83	⁹
10/31/2021		15.51		.12		3.54			3.66			(.17	)		(.14	)		(.31	)		18.86		23.83			12			1.10			1.10			1.42			.67
10/31/2020		15.20		.15		.62			.77			(.16	)		(.30	)		(.46	)		15.51		5.13			10			1.11			1.11			1.46			.96
10/31/2019		14.22		.17		1.33			1.50			(.17	)		(.35	)		(.52	)		15.20		11.04			13			1.12			1.12			1.49			1.20
10/31/2018		14.80		.15		(.30	)		(.15	)		(.14	)		(.29	)		(.43	)		14.22		(1.07	)		12			1.11			1.11			1.49			.99
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
Class R-2:
4/30/2022^6,7		18.81		.08		(1.75	)		(1.67	)		(.08	)		(.66	)		(.74	)		16.40		(9.32	)⁸		133			1.07	⁹		1.07	⁹		1.40	⁹		.85	⁹
10/31/2021		15.47		.12		3.54			3.66			(.18	)		(.14	)		(.32	)		18.81		23.84			148			1.08			1.08			1.40			.69
10/31/2020		15.18		.15		.62			.77			(.18	)		(.30	)		(.48	)		15.47		5.10			122			1.08			1.08			1.43			1.00
10/31/2019		14.20		.17		1.34			1.51			(.18	)		(.35	)		(.53	)		15.18		11.11			124			1.10			1.10			1.47			1.20
10/31/2018		14.78		.15		(.29	)		(.14	)		(.15	)		(.29	)		(.44	)		14.20		(1.06	)		106			1.10			1.10			1.48			1.01
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
Class R-2E:
4/30/2022^6,7		18.93		.10		(1.76	)		(1.66	)		(.10	)		(.66	)		(.76	)		16.51		(9.23	)⁸		7			.82	⁹		.82	⁹		1.15	⁹		1.11	⁹
10/31/2021		15.56		.18		3.55			3.73			(.22	)		(.14	)		(.36	)		18.93		24.21			12			.81			.81			1.13			.98
10/31/2020		15.26		.19		.63			.82			(.22	)		(.30	)		(.52	)		15.56		5.40			10			.82			.82			1.17			1.24
10/31/2019		14.28		.21		1.34			1.55			(.22	)		(.35	)		(.57	)		15.26		11.38			11			.81			.81			1.18			1.42
10/31/2018		14.82		.16		(.27	)		(.11	)		(.14	)		(.29	)		(.43	)		14.28		(.82	)		7			.85			.85			1.23			1.10
10/31/2017		13.36		.15		1.76			1.91			(.19	)		(.26	)		(.45	)		14.82		14.74			16			.80			.80			1.18			1.08

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Moderate Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class R-3:
4/30/2022^6,7	$	18.89	$	.11	$	(1.75	)	$	(1.64	)	$	(.12	)	$	(.66	)	$	(.78	)	$	16.47		(9.15	)%⁸	$	140		.65	%⁹		.65	%⁹		.98	%⁹		1.25	%⁹
10/31/2021		15.53		.20		3.55			3.75			(.25	)		(.14	)		(.39	)		18.89		24.40			171		.65			.65			.97			1.12
10/31/2020		15.23		.22		.62			.84			(.24	)		(.30	)		(.54	)		15.53		5.60			140		.65			.65			1.00			1.41
10/31/2019		14.25		.24		1.33			1.57			(.24	)		(.35	)		(.59	)		15.23		11.54			135		.66			.66			1.03			1.62
10/31/2018		14.83		.21		(.29	)		(.08	)		(.21	)		(.29	)		(.50	)		14.25		(.64	)		119		.66			.66			1.04			1.43
10/31/2017		13.35		.19		1.74			1.93			(.19	)		(.26	)		(.45	)		14.83		14.91			105		.65			.65			1.03			1.36
Class R-4:
4/30/2022^6,7		18.94		.14		(1.76	)		(1.62	)		(.14	)		(.66	)		(.80	)		16.52		(8.99	)⁸		77		.35	⁹		.35	⁹		.68	⁹		1.55	⁹
10/31/2021		15.57		.25		3.56			3.81			(.30	)		(.14	)		(.44	)		18.94		24.75			105		.35			.35			.67			1.41
10/31/2020		15.27		.26		.63			.89			(.29	)		(.30	)		(.59	)		15.57		5.89			94		.36			.36			.71			1.73
10/31/2019		14.28		.28		1.34			1.62			(.28	)		(.35	)		(.63	)		15.27		11.90			97		.36			.36			.73			1.92
10/31/2018		14.86		.26		(.30	)		(.04	)		(.25	)		(.29	)		(.54	)		14.28		(.35	)		99		.36			.36			.74			1.75
10/31/2017		13.38		.23		1.75			1.98			(.24	)		(.26	)		(.50	)		14.86		15.24			94		.35			.35			.73			1.67
Class R-5E:
4/30/2022^6,7		18.96		.16		(1.77	)		(1.61	)		(.16	)		(.66	)		(.82	)		16.53		(8.93	)⁸		18		.16	⁹		.16	⁹		.49	⁹		1.75	⁹
10/31/2021		15.58		.29		3.57			3.86			(.34	)		(.14	)		(.48	)		18.96		25.04			17		.16			.16			.48			1.62
10/31/2020		15.28		.29		.63			.92			(.32	)		(.30	)		(.62	)		15.58		6.10			13		.16			.16			.51			1.88
10/31/2019		14.30		.30		1.34			1.64			(.31	)		(.35	)		(.66	)		15.28		12.05			14		.16			.16			.53			2.08
10/31/2018		14.87		.28		(.28	)		—	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
Class R-5:
4/30/2022^6,7		18.99		.16		(1.76	)		(1.60	)		(.17	)		(.66	)		(.83	)		16.56		(8.88	)⁸		32		.06	⁹		.06	⁹		.39	⁹		1.84	⁹
10/31/2021		15.61		.31		3.56			3.87			(.35	)		(.14	)		(.49	)		18.99		25.11			29		.06			.06			.38			1.71
10/31/2020		15.31		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.61		6.20			23		.06			.06			.41			2.00
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.21			22		.07			.07			.44			2.25
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.01			21		.07			.07			.45			2.04
10/31/2017		13.41		.27		1.74			2.01			(.27	)		(.26	)		(.53	)		14.89		15.50			19		.07			.07			.45			1.93
Class R-6:
4/30/2022^6,7		18.99		.17		(1.76	)		(1.59	)		(.18	)		(.66	)		(.84	)		16.56		(8.85	)⁸		512		.01	⁹		.01	⁹		.34	⁹		1.90	⁹
10/31/2021		15.61		.32		3.56			3.88			(.36	)		(.14	)		(.50	)		18.99		25.17			546		.01			.01			.33			1.75
10/31/2020		15.31		.32		.62			.94			(.34	)		(.30	)		(.64	)		15.61		6.25			407		.01			.01			.36			2.06
10/31/2019		14.32		.33		1.34			1.67			(.33	)		(.35	)		(.68	)		15.31		12.27			409		.02			.02			.39			2.26
10/31/2018		14.89		.31		(.29	)		.02			(.30	)		(.29	)		(.59	)		14.32		.06			288		.02			.02			.40			2.08
10/31/2017		13.40		.28		1.75			2.03			(.28	)		(.26	)		(.54	)		14.89		15.64			253		.02			.02			.40			1.96

See end of tables for footnotes.

68	American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class A:
4/30/2022^6,7	$	14.00	$	.20	$	(.81	)	$	(.61	)	$	(.21	)	$	(.25	)	$	(.46	)	$	12.93		(4.57	)%⁸	$	5,269			.34	%⁹		.34	%⁹		.63	%⁹		2.98	%⁹
10/31/2021		12.24		.36		2.08			2.44			(.41	)		(.27	)		(.68	)		14.00		20.36			5,267			.33			.33			.60			2.68
10/31/2020		12.80		.41		(.38	)		.03			(.42	)		(.17	)		(.59	)		12.24		.23			3,910			.33			.33			.60			3.26
10/31/2019		12.22		.41		.75			1.16			(.41	)		(.17	)		(.58	)		12.80		9.85			3,794			.34			.34			.63			3.28
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.27			3,225			.34			.34			.63			3.05
10/31/2017		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			3,175			.36			.36			.66			2.93
Class C:
4/30/2022^6,7		13.91		.15		(.80	)		(.65	)		(.16	)		(.25	)		(.41	)		12.85		(4.87	)⁸		667			1.05	⁹		1.05	⁹		1.34	⁹		2.27	⁹
10/31/2021		12.17		.27		2.05			2.32			(.31	)		(.27	)		(.58	)		13.91		19.44			717			1.05			1.05			1.32			1.97
10/31/2020		12.72		.31		(.36	)		(.05	)		(.33	)		(.17	)		(.50	)		12.17		(.44	)		622			1.06			1.06			1.33			2.54
10/31/2019		12.15		.32		.74			1.06			(.32	)		(.17	)		(.49	)		12.72		9.02			696			1.07			1.07			1.36			2.56
10/31/2018		12.55		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.15		(.49	)		654			1.08			1.08			1.37			2.31
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
Class T:
4/30/2022^6,7		14.00		.22		(.81	)		(.59	)		(.23	)		(.25	)		(.48	)		12.93		(4.43	)^8,11		—	¹²		.05	^9,11		.05	^9,11		.34	^9,11		3.30	^9,11
10/31/2021		12.25		.41		2.06			2.47			(.45	)		(.27	)		(.72	)		14.00		20.60	¹¹		—	¹²		.04	¹¹		.04	¹¹		.31	¹¹		3.00	¹¹
10/31/2020		12.80		.44		(.36	)		.08			(.46	)		(.17	)		(.63	)		12.25		.60	¹¹		—	¹²		.05	¹¹		.05	¹¹		.32	¹¹		3.55	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
10/31/2017^7,13		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:
4/30/2022^6,7		14.01		.20		(.81	)		(.61	)		(.21	)		(.25	)		(.46	)		12.94		(4.58	)⁸		78			.37	⁹		.37	⁹		.66	⁹		2.97	⁹
10/31/2021		12.25		.36		2.07			2.43			(.40	)		(.27	)		(.67	)		14.01		20.28			82			.37			.37			.64			2.70
10/31/2020		12.80		.40		(.37	)		.03			(.41	)		(.17	)		(.58	)		12.25		.26			87			.37			.37			.64			3.22
10/31/2019		12.23		.40		.74			1.14			(.40	)		(.17	)		(.57	)		12.80		9.70			90			.38			.38			.67			3.25
10/31/2018		12.63		.39		(.35	)		.04			(.38	)		(.06	)		(.44	)		12.23		.22			75			.38			.38			.67			3.06
10/31/2017		11.70		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.63		11.66			88			.39			.39			.69			2.91
Class F-2:
4/30/2022^6,7		14.02		.22		(.82	)		(.60	)		(.22	)		(.25	)		(.47	)		12.95		(4.45	)⁸		583			.11	⁹		.11	⁹		.40	⁹		3.20	⁹
10/31/2021		12.26		.39		2.08			2.47			(.44	)		(.27	)		(.71	)		14.02		20.58			546			.11			.11			.38			2.90
10/31/2020		12.81		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.26		.52			387			.12			.12			.39			3.48
10/31/2019		12.24		.44		.73			1.17			(.43	)		(.17	)		(.60	)		12.81		9.98			411			.12			.12			.41			3.49
10/31/2018		12.64		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.24		.50			331			.12			.12			.41			3.25
10/31/2017		11.71		.38		1.00			1.38			(.40	)		(.05	)		(.45	)		12.64		11.95			264			.13			.13			.43			3.14
Class F-3:
4/30/2022^6,7		14.00		.22		(.81	)		(.59	)		(.23	)		(.25	)		(.48	)		12.93		(4.41	)⁸		107			.01	⁹		.01	⁹		.30	⁹		3.27	⁹
10/31/2021		12.25		.40		2.07			2.47			(.45	)		(.27	)		(.72	)		14.00		20.64			99			.01			.01			.28			2.98
10/31/2020		12.80		.45		(.37	)		.08			(.46	)		(.17	)		(.63	)		12.25		.63			60			.01			.01			.28			3.58
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.19			56			.02			.02			.31			3.63
10/31/2018		12.62		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.22		.60			45			.02			.02			.31			3.41
10/31/2017^7,14		11.96		.28		.67			.95			(.29	)		—			(.29	)		12.62		8.02	⁸		20			.02	⁹		.02	⁹		.32	⁹		2.96	⁹

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class 529-A:
4/30/2022^6,7	$	13.99	$	.20	$	(.81	)	$	(.61	)	$	(.21	)	$	(.25	)	$	(.46	)	$	12.92		(4.57	)%⁸	$	292			.35	%⁹		.35	%⁹		.64	%⁹		2.97	%⁹
10/31/2021		12.24		.36		2.06			2.42			(.40	)		(.27	)		(.67	)		13.99		20.25			289			.35			.35			.62			2.66
10/31/2020		12.79		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.24		.28			209			.37			.37			.64			3.20
10/31/2019		12.21		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.79		9.83			176			.36			.36			.65			3.24
10/31/2018		12.62		.38		(.35	)		.03			(.38	)		(.06	)		(.44	)		12.21		.14			137			.40			.40			.69			3.01
10/31/2017		11.69		.35		.99			1.34			(.36	)		(.05	)		(.41	)		12.62		11.64			100			.42			.42			.72			2.86
Class 529-C:
4/30/2022^6,7		13.93		.15		(.80	)		(.65	)		(.16	)		(.25	)		(.41	)		12.87		(4.89	)⁸		31			1.11	⁹		1.11	⁹		1.40	⁹		2.22	⁹
10/31/2021		12.19		.26		2.05			2.31			(.30	)		(.27	)		(.57	)		13.93		19.35			34			1.10			1.10			1.37			1.92
10/31/2020		12.73		.32		(.37	)		(.05	)		(.32	)		(.17	)		(.49	)		12.19		(.46	)		30			1.11			1.11			1.38			2.58
10/31/2019		12.16		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.73		8.96			54			1.12			1.12			1.41			2.49
10/31/2018		12.56		.28		(.34	)		(.06	)		(.28	)		(.06	)		(.34	)		12.16		(.57	)		46			1.14			1.14			1.43			2.21
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
Class 529-E:
4/30/2022^6,7		13.98		.19		(.81	)		(.62	)		(.19	)		(.25	)		(.44	)		12.92		(4.62	)⁸		9			.59	⁹		.59	⁹		.88	⁹		2.75	⁹
10/31/2021		12.23		.33		2.07			2.40			(.38	)		(.27	)		(.65	)		13.98		20.01			10			.58			.58			.85			2.42
10/31/2020		12.79		.37		(.37	)		—	¹⁰		(.39	)		(.17	)		(.56	)		12.23		(.03	)		7			.59			.59			.86			3.01
10/31/2019		12.21		.38		.74			1.12			(.37	)		(.17	)		(.54	)		12.79		9.55			6			.59			.59			.88			3.07
10/31/2018		12.61		.35		(.34	)		.01			(.35	)		(.06	)		(.41	)		12.21		(.01	)		7			.61			.61			.90			2.76
10/31/2017		11.69		.32		.98			1.30			(.33	)		(.05	)		(.38	)		12.61		11.31			7			.64			.64			.94			2.65
Class 529-T:
4/30/2022^6,7		14.00		.22		(.81	)		(.59	)		(.23	)		(.25	)		(.48	)		12.93		(4.45	)^8,11		—	¹²		.09	^9,11		.09	^9,11		.38	^9,11		3.24	^9,11
10/31/2021		12.25		.39		2.07			2.46			(.44	)		(.27	)		(.71	)		14.00		20.52	¹¹		—	¹²		.11	¹¹		.11	¹¹		.38	¹¹		2.92	¹¹
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.54	¹¹		—	¹²		.11	¹¹		.11	¹¹		.38	¹¹		3.48	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
10/31/2017^7,13		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:
4/30/2022^6,7		14.00		.21		(.80	)		(.59	)		(.22	)		(.25	)		(.47	)		12.94		(4.42	)^8,11		—	¹²		.18	^9,11		.18	^9,11		.47	^9,11		3.15	^9,11
10/31/2021		12.25		.38		2.07			2.45			(.43	)		(.27	)		(.70	)		14.00		20.47	¹¹		—	¹²		.16	¹¹		.16	¹¹		.43	¹¹		2.84	¹¹
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.53	¹¹		—	¹²		.12	¹¹		.12	¹¹		.39	¹¹		3.46	¹¹
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
Class 529-F-2:
4/30/2022^6,7		13.99		.22		(.81	)		(.59	)		(.22	)		(.25	)		(.47	)		12.93		(4.39	)⁸		51			.11	⁹		.11	⁹		.40	⁹		3.21	⁹
10/31/2021		12.24		.39		2.06			2.45			(.43	)		(.27	)		(.70	)		13.99		20.51			52			.13			.13			.40			2.87
10/31/2020^7,16		12.24		—		—			—			—			—			—			12.24		—			36			—			—			—			—

See end of tables for footnotes.

70	American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class 529-F-3:
4/30/2022^6,7	$	13.99	$	.22	$	(.80	)	$	(.58	)	$	(.23	)	$	(.25	)	$	(.48	)	$	12.93		(4.37	)%⁸	$	—	¹²		.07	%⁹		.07	%⁹		.36	%⁹		3.25	%⁹
10/31/2021		12.24		.40		2.06			2.46			(.44	)		(.27	)		(.71	)		13.99		20.58			—	¹²		.12			.07			.34			2.95
10/31/2020^7,16		12.24		—		—			—			—			—			—			12.24		—			—	¹²		—			—			—			—
Class ABLE-A:
4/30/2022^6,7		13.99		.21		(.82	)		(.61	)		(.21	)		(.25	)		(.46	)		12.92		(4.55	)⁸		2			.30	⁹		.24	⁹		.53	⁹		3.06	⁹
10/31/2021		12.23		.38		2.07			2.45			(.42	)		(.27	)		(.69	)		13.99		20.53			2			.21			.15			.42			2.80
10/31/2020		12.78		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.23		.29			1			.38			.31			.58			3.23
10/31/2019		12.22		.40		.74			1.14			(.41	)		(.17	)		(.58	)		12.78		9.72			—	¹²		.39			.32			.61			3.17
10/31/2018^7,17		12.54		.12		(.34	)		(.22	)		(.10	)		—			(.10	)		12.22		(1.75	)⁸		—	¹²		.09	⁸		.07	⁸		.36	⁸		.91	⁸
Class ABLE-F-2:
4/30/2022^6,7		14.00		.21		(.80	)		(.59	)		(.23	)		(.25	)		(.48	)		12.93		(4.44	)⁸		—	¹²		.09	⁹		.03	⁹		.32	⁹		3.17	⁹
10/31/2021		12.24		.40		2.07			2.47			(.44	)		(.27	)		(.71	)		14.00		20.68			—	¹²		.08			.02			.29			2.91
10/31/2020^7,16		12.24		—		—			—			—			—			—			12.24		—			—	¹²		—			—			—			—
Class R-1:
4/30/2022^6,7		13.93		.15		(.81	)		(.66	)		(.16	)		(.25	)		(.41	)		12.86		(4.92	)⁸		3			1.06	⁹		1.06	⁹		1.35	⁹		2.27	⁹
10/31/2021		12.18		.26		2.07			2.33			(.31	)		(.27	)		(.58	)		13.93		19.47			2			1.09			1.09			1.36			1.97
10/31/2020		12.74		.30		(.36	)		(.06	)		(.33	)		(.17	)		(.50	)		12.18		(.54	)		2			1.13			1.13			1.40			2.45
10/31/2019		12.17		.31		.74			1.05			(.31	)		(.17	)		(.48	)		12.74		8.93			2			1.14			1.14			1.43			2.48
10/31/2018		12.57		.29		(.35	)		(.06	)		(.28	)		(.06	)		(.34	)		12.17		(.54	)		1			1.12			1.12			1.41			2.31
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
Class R-2:
4/30/2022^6,7		13.91		.15		(.80	)		(.65	)		(.16	)		(.25	)		(.41	)		12.85		(4.89	)⁸		45			1.07	⁹		1.07	⁹		1.36	⁹		2.26	⁹
10/31/2021		12.17		.26		2.06			2.32			(.31	)		(.27	)		(.58	)		13.91		19.43			49			1.07			1.07			1.34			1.97
10/31/2020		12.72		.31		(.36	)		(.05	)		(.33	)		(.17	)		(.50	)		12.17		(.44	)		43			1.08			1.08			1.35			2.52
10/31/2019		12.16		.31		.74			1.05			(.32	)		(.17	)		(.49	)		12.72		8.93			44			1.10			1.10			1.39			2.52
10/31/2018		12.56		.29		(.34	)		(.05	)		(.29	)		(.06	)		(.35	)		12.16		(.47	)		34			1.10			1.10			1.39			2.30
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
Class R-2E:
4/30/2022^6,7		14.00		.17		(.81	)		(.64	)		(.18	)		(.25	)		(.43	)		12.93		(4.79	)⁸		1			.81	⁹		.81	⁹		1.10	⁹		2.51	⁹
10/31/2021		12.25		.30		2.07			2.37			(.35	)		(.27	)		(.62	)		14.00		19.76			1			.82			.80			1.07			2.20
10/31/2020		12.79		.34		(.36	)		(.02	)		(.35	)		(.17	)		(.52	)		12.25		(.22	)		—	¹²		.83			.83			1.10			2.74
10/31/2019		12.22		.34		.75			1.09			(.35	)		(.17	)		(.52	)		12.79		9.27			1			.82			.82			1.11			2.74
10/31/2018		12.61		.32		(.34	)		(.02	)		(.31	)		(.06	)		(.37	)		12.22		(.22	)		1			.83			.83			1.12			2.53
10/31/2017		11.69		.30		.98			1.28			(.31	)		(.05	)		(.36	)		12.61		11.14			—	¹²		.79			.79			1.09			2.51

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Conservative Growth and Income Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)		expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class R-3:
4/30/2022^6,7	$	13.97	$	.18	$	(.81	)	$	(.63	)	$	(.19	)	$	(.25	)	$	(.44	)	$	12.90		(4.72	)%⁸	$	44		.62	%⁹		.62	%⁹		.91	%⁹		2.68	%⁹
10/31/2021		12.22		.32		2.07			2.39			(.37	)		(.27	)		(.64	)		13.97		19.95			43		.63			.63			.90			2.39
10/31/2020		12.77		.37		(.37	)		—	¹⁰		(.38	)		(.17	)		(.55	)		12.22		—			35		.64			.64			.91			2.94
10/31/2019		12.20		.37		.74			1.11			(.37	)		(.17	)		(.54	)		12.77		9.43			34		.66			.66			.95			2.95
10/31/2018		12.60		.34		(.34	)		—	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
Class R-4:
4/30/2022^6,7		14.00		.20		(.81	)		(.61	)		(.21	)		(.25	)		(.46	)		12.93		(4.57	)⁸		35		.34	⁹		.34	⁹		.63	⁹		2.97	⁹
10/31/2021		12.25		.37		2.05			2.42			(.40	)		(.27	)		(.67	)		14.00		20.23			35		.35			.35			.62			2.74
10/31/2020		12.80		.40		(.36	)		.04			(.42	)		(.17	)		(.59	)		12.25		.28			33		.36			.36			.63			3.24
10/31/2019		12.22		.40		.75			1.15			(.40	)		(.17	)		(.57	)		12.80		9.80			37		.37			.37			.66			3.21
10/31/2018		12.62		.38		(.34	)		.04			(.38	)		(.06	)		(.44	)		12.22		.24			31		.37			.37			.66			3.02
10/31/2017		11.70		.36		.98			1.34			(.37	)		(.05	)		(.42	)		12.62		11.62			36		.35			.35			.65			2.93
Class R-5E:
4/30/2022^6,7		13.99		.22		(.82	)		(.60	)		(.22	)		(.25	)		(.47	)		12.92		(4.48	)⁸		6		.16	⁹		.16	⁹		.45	⁹		3.17	⁹
10/31/2021		12.23		.41		2.05			2.46			(.43	)		(.27	)		(.70	)		13.99		20.56			5		.17			.17			.44			3.02
10/31/2020		12.79		.42		(.37	)		.05			(.44	)		(.17	)		(.61	)		12.23		.40			7		.17			.17			.44			3.37
10/31/2019		12.21		.42		.76			1.18			(.43	)		(.17	)		(.60	)		12.79		10.04			5		.16			.16			.45			3.36
10/31/2018		12.61		.40		(.33	)		.07			(.41	)		(.06	)		(.47	)		12.21		.46			4		.15			.15			.44			3.18
10/31/2017		11.69		.23		1.13			1.36			(.39	)		(.05	)		(.44	)		12.61		11.86			3		.16			.16			.46			1.81
Class R-5:
4/30/2022^6,7		14.03		.22		(.81	)		(.59	)		(.23	)		(.25	)		(.48	)		12.96		(4.43	)⁸		9		.06	⁹		.06	⁹		.35	⁹		3.29	⁹
10/31/2021		12.27		.40		2.07			2.47			(.44	)		(.27	)		(.71	)		14.03		20.62			8		.06			.06			.33			2.96
10/31/2020		12.83		.44		(.38	)		.06			(.45	)		(.17	)		(.62	)		12.27		.50			6		.06			.06			.33			3.56
10/31/2019		12.25		.44		.75			1.19			(.44	)		(.17	)		(.61	)		12.83		10.11			8		.07			.07			.36			3.56
10/31/2018		12.65		.42		(.34	)		.08			(.42	)		(.06	)		(.48	)		12.25		.55			7		.07			.07			.36			3.33
10/31/2017		11.72		.39		.99			1.38			(.40	)		(.05	)		(.45	)		12.65		12.00			7		.07			.07			.37			3.21
Class R-6:
4/30/2022^6,7		14.03		.22		(.81	)		(.59	)		(.23	)		(.25	)		(.48	)		12.96		(4.40	)⁸		88		.01	⁹		.01	⁹		.30	⁹		3.29	⁹
10/31/2021		12.27		.41		2.07			2.48			(.45	)		(.27	)		(.72	)		14.03		20.68			83		.01			.01			.28			3.00
10/31/2020		12.82		.45		(.37	)		.08			(.46	)		(.17	)		(.63	)		12.27		.63			61		.02			.02			.29			3.58
10/31/2019		12.24		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.82		10.17			63		.02			.02			.31			3.61
10/31/2018		12.64		.43		(.35	)		.08			(.42	)		(.06	)		(.48	)		12.24		.59			37		.02			.02			.31			3.38
10/31/2017		11.72		.40		.98			1.38			(.41	)		(.05	)		(.46	)		12.64		11.96			33		.02			.02			.32			3.25

See end of tables for footnotes.

72	American Funds Portfolio Series

Financial highlights (continued)

Tax-Aware Conservative Growth and Income Portfolio

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)			Ratio of expenses to average net assets⁴			Net effective expense ratio^5,6			Ratio of net income to average net assets
Class A:
4/30/2022^6,7	$	16.11	$	.15	$	(1.26	)	$	(1.11	)	$	(.16	)	$	(.10	)	$	(.26	)	$	14.74		(7.03	)%⁸	$	3,332			.34	%⁹		.64	%⁹		1.85	%⁹
10/31/2021		13.80		.28		2.40			2.68			(.29	)		(.08	)		(.37	)		16.11		19.58			3,309			.34			.64			1.83
10/31/2020		14.05		.31		(.04	)		.27			(.32	)		(.20	)		(.52	)		13.80		1.95			2,298			.35			.66			2.28
10/31/2019		13.22		.34		1.07			1.41			(.34	)		(.24	)		(.58	)		14.05		11.08			2,027			.35			.68			2.54
10/31/2018		13.57		.34		(.14	)		.20			(.33	)		(.22	)		(.55	)		13.22		1.43			1,555			.38			.72			2.47
10/31/2017		12.54		.34		1.13			1.47			(.33	)		(.11	)		(.44	)		13.57		12.03			1,229			.39			.73			2.63
Class C:
4/30/2022^6,7		15.99		.09		(1.25	)		(1.16	)		(.11	)		(.10	)		(.21	)		14.62		(7.41	)⁸		384			1.04	⁹		1.34	⁹		1.15	⁹
10/31/2021		13.70		.17		2.38			2.55			(.18	)		(.08	)		(.26	)		15.99		18.76			414			1.04			1.34			1.13
10/31/2020		13.94		.22		(.04	)		.18			(.22	)		(.20	)		(.42	)		13.70		1.32			331			1.05			1.36			1.58
10/31/2019		13.13		.25		1.05			1.30			(.25	)		(.24	)		(.49	)		13.94		10.24			327			1.05			1.38			1.84
10/31/2018		13.49		.24		(.14	)		.10			(.24	)		(.22	)		(.46	)		13.13		.68			268			1.08			1.42			1.77
10/31/2017		12.46		.24		1.14			1.38			(.24	)		(.11	)		(.35	)		13.49		11.32			213			1.12			1.46			1.90
Class T:
4/30/2022^6,7		16.11		.17		(1.25	)		(1.08	)		(.19	)		(.10	)		(.29	)		14.74		(6.89	)^8,11		—	¹²		.04	^9,11		.34	^9,11		2.16	^9,11
10/31/2021		13.80		.33		2.39			2.72			(.33	)		(.08	)		(.41	)		16.11		19.93	¹¹		—	¹²		.04	¹¹		.34	¹¹		2.14	¹¹
10/31/2020		14.05		.36		(.05	)		.31			(.36	)		(.20	)		(.56	)		13.80		2.26	¹¹		—	¹²		.05	¹¹		.36	¹¹		2.58	¹¹
10/31/2019		13.22		.39		1.06			1.45			(.38	)		(.24	)		(.62	)		14.05		11.40	¹¹		—	¹²		.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		.43	¹¹		2.76	¹¹
10/31/2017^7,13		12.81		.20		.74			.94			(.18	)		—			(.18	)		13.57		7.41	^8,11		—	¹²		.12	^9,11		.46	^9,11		2.72	^9,11
Class F-1:
4/30/2022^6,7		16.11		.14		(1.26	)		(1.12	)		(.16	)		(.10	)		(.26	)		14.73		(7.11	)⁸		281			.38	⁹		.68	⁹		1.81	⁹
10/31/2021		13.80		.28		2.39			2.67			(.28	)		(.08	)		(.36	)		16.11		19.53			286			.38			.68			1.79
10/31/2020		14.04		.31		(.04	)		.27			(.31	)		(.20	)		(.51	)		13.80		1.98			233			.39			.70			2.25
10/31/2019		13.22		.34		1.06			1.40			(.34	)		(.24	)		(.58	)		14.04		10.96			247			.39			.72			2.50
10/31/2018		13.57		.33		(.13	)		.20			(.33	)		(.22	)		(.55	)		13.22		1.44			188			.39			.73			2.45
10/31/2017		12.53		.34		1.15			1.49			(.34	)		(.11	)		(.45	)		13.57		12.15			134			.39			.73			2.59
Class F-2:
4/30/2022^6,7		16.14		.16		(1.26	)		(1.10	)		(.18	)		(.10	)		(.28	)		14.76		(6.98	)⁸		469			.12	⁹		.42	⁹		2.08	⁹
10/31/2021		13.82		.32		2.40			2.72			(.32	)		(.08	)		(.40	)		16.14		19.89			450			.11			.41			2.05
10/31/2020		14.07		.35		(.05	)		.30			(.35	)		(.20	)		(.55	)		13.82		2.17			282			.12			.43			2.51
10/31/2019		13.24		.38		1.06			1.44			(.37	)		(.24	)		(.61	)		14.07		11.31			272			.13			.46			2.76
10/31/2018		13.59		.37		(.14	)		.23			(.36	)		(.22	)		(.58	)		13.24		1.70			179			.13			.47			2.71
10/31/2017		12.55		.37		1.14			1.51			(.36	)		(.11	)		(.47	)		13.59		12.36			101			.14			.48			2.85
Class F-3:
4/30/2022^6,7		16.13		.17		(1.26	)		(1.09	)		(.19	)		(.10	)		(.29	)		14.75		(6.94	)⁸		108			.02	⁹		.32	⁹		2.18	⁹
10/31/2021		13.81		.34		2.40			2.74			(.34	)		(.08	)		(.42	)		16.13		20.02			98			.01			.31			2.15
10/31/2020		14.06		.36		(.05	)		.31			(.36	)		(.20	)		(.56	)		13.81		2.29			60			.02			.33			2.61
10/31/2019		13.23		.39		1.07			1.46			(.39	)		(.24	)		(.63	)		14.06		11.43			54			.02			.35			2.91
10/31/2018		13.58		.38		(.13	)		.25			(.38	)		(.22	)		(.60	)		13.23		1.80			53			.02			.36			2.81
10/31/2017^7,14		12.62		.30		.93			1.23			(.27	)		—			(.27	)		13.58		9.83	⁸		21			.02	⁹		.36	⁹		2.95	⁹

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class A:
4/30/2022^6,7	$	10.20	$	.06		$	(.49	)	$	(.43	)	$	(.06	)	$	(.01	)	$	(.07	)	$	9.70		(4.23	)%⁸	$	1,800			.37	%⁹		.37	%⁹		.62	%⁹		1.28	%⁹
10/31/2021		10.40		.06			(.06	)		—	¹⁰		(.19	)		(.01	)		(.20	)		10.20		(.07	)		1,906			.38			.38			.63			.62
10/31/2020		10.01		.13			.41			.54			(.15	)		—			(.15	)		10.40		5.39			1,805			.39			.39			.66			1.25
10/31/2019		9.70		.18			.31			.49			(.18	)		—			(.18	)		10.01		5.07			1,035			.39			.39			.68			1.82
10/31/2018		9.91		.15			(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.63	)		929			.39			.39			.69			1.52
10/31/2017		10.03		.11			(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.08			988			.42			.42			.72			1.07
Class C:
4/30/2022^6,7		10.18		.03			(.49	)		(.46	)		(.03	)		(.01	)		(.04	)		9.68		(4.54	)⁸		121			1.07	⁹		1.07	⁹		1.32	⁹		.57	⁹
10/31/2021		10.38		(.01	)		(.06	)		(.07	)		(.12	)		(.01	)		(.13	)		10.18		(.70	)		143			1.08			1.08			1.33			(.09	)
10/31/2020		10.00		.06			.40			.46			(.08	)		—			(.08	)		10.38		4.58			174			1.09			1.09			1.36			.57
10/31/2019		9.68		.11			.32			.43			(.11	)		—			(.11	)		10.00		4.43			119			1.11			1.11			1.40			1.10
10/31/2018		9.90		.08			(.22	)		(.14	)		(.08	)		—			(.08	)		9.68		(1.45	)		120			1.11			1.11			1.41			.79
10/31/2017		10.01		.04			(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.90		(.53	)		155			1.13			1.13			1.43			.37
Class T:
4/30/2022^6,7		10.20		.08			(.49	)		(.41	)		(.07	)		(.01	)		(.08	)		9.71		(3.99	)^8,11		—	¹²		.08	^9,11		.08	^9,11		.33	^9,11		1.57	^9,11
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22	¹¹		—	¹²		.09	¹¹		.09	¹¹		.34	¹¹		.91	¹¹
10/31/2020		10.01		.16			.41			.57			(.18	)		—			(.18	)		10.40		5.70	¹¹		—	¹²		.10	¹¹		.10	¹¹		.37	¹¹		1.61	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
10/31/2017^7,13		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:
4/30/2022^6,7		10.20		.06			(.49	)		(.43	)		(.06	)		(.01	)		(.07	)		9.70		(4.24	)⁸		37			.38	⁹		.38	⁹		.63	⁹		1.28	⁹
10/31/2021		10.40		.06			(.07	)		(.01	)		(.18	)		(.01	)		(.19	)		10.20		(.09	)		53			.39			.39			.64			.60
10/31/2020		10.01		.12			.42			.54			(.15	)		—			(.15	)		10.40		5.42			65			.38			.38			.65			1.17
10/31/2019		9.70		.18			.31			.49			(.18	)		—			(.18	)		10.01		5.06			22			.40			.40			.69			1.81
10/31/2018		9.91		.15			(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.64	)		21			.40			.40			.70			1.51
10/31/2017		10.03		.11			(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.09			26			.41			.41			.71			1.10
Class F-2:
4/30/2022^6,7		10.20		.08			(.50	)		(.42	)		(.07	)		(.01	)		(.08	)		9.70		(4.12	)⁸		394			.12	⁹		.12	⁹		.37	⁹		1.52	⁹
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.18			422			.13			.13			.38			.87
10/31/2020		10.01		.15			.41			.56			(.17	)		—			(.17	)		10.40		5.68			412			.12			.12			.39			1.41
10/31/2019		9.70		.21			.31			.52			(.21	)		—			(.21	)		10.01		5.36			107			.12			.12			.41			2.09
10/31/2018		9.91		.17			(.21	)		(.04	)		(.17	)		—			(.17	)		9.70		(.36	)		81			.13			.13			.43			1.78
10/31/2017		10.03		.13			(.09	)		.04			(.15	)		(.01	)		(.16	)		9.91		.36			68			.15			.15			.45			1.35
Class F-3:
4/30/2022^6,7		10.20		.08			(.49	)		(.41	)		(.08	)		(.01	)		(.09	)		9.70		(4.06	)⁸		73			.01	⁹		.01	⁹		.26	⁹		1.64	⁹
10/31/2021		10.40		.10			(.07	)		.03			(.22	)		(.01	)		(.23	)		10.20		.29			74			.02			.02			.27			1.01
10/31/2020		10.01		.15			.42			.57			(.18	)		—			(.18	)		10.40		5.77			53			.03			.03			.30			1.46
10/31/2019		9.69		.22			.31			.53			(.21	)		—			(.21	)		10.01		5.56			9			.03			.03			.32			2.17
10/31/2018		9.91		.19			(.23	)		(.04	)		(.18	)		—			(.18	)		9.69		(.37	)		2			.03			.03			.33			1.92
10/31/2017^7,14		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.

74	American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-A:
4/30/2022^6,7	$	10.20	$	.06		$	(.49	)	$	(.43	)	$	(.06	)	$	(.01	)	$	(.07	)	$	9.70		(4.23	)%⁸	$	201			.37	%⁹		.37	%⁹		.62	%⁹		1.28	%⁹
10/31/2021		10.39		.06			(.05	)		.01			(.19	)		(.01	)		(.20	)		10.20		.03			214			.37			.37			.62			.63
10/31/2020		10.00		.13			.41			.54			(.15	)		—			(.15	)		10.39		5.40			211			.39			.39			.66			1.25
10/31/2019		9.69		.18			.31			.49			(.18	)		—			(.18	)		10.00		5.07			132			.40			.40			.69			1.81
10/31/2018		9.91		.15			(.22	)		(.07	)		(.15	)		—			(.15	)		9.69		(.76	)		101			.42			.42			.72			1.51
10/31/2017		10.03		.11			(.10	)		.01			(.12	)		(.01	)		(.13	)		9.91		.07			85			.43			.43			.73			1.07
Class 529-C:
4/30/2022^6,7		10.18		.03			(.49	)		(.46	)		(.03	)		(.01	)		(.04	)		9.68		(4.55	)⁸		14			1.12	⁹		1.12	⁹		1.37	⁹		.53	⁹
10/31/2021		10.39		(.01	)		(.07	)		(.08	)		(.12	)		(.01	)		(.13	)		10.18		(.82	)		17			1.13			1.13			1.38			(.13	)
10/31/2020		10.00		.06			.40			.46			(.07	)		—			(.07	)		10.39		4.60			21			1.15			1.15			1.42			.61
10/31/2019		9.69		.10			.31			.41			(.10	)		—			(.10	)		10.00		4.27			31			1.16			1.16			1.45			1.05
10/31/2018		9.90		.07			(.21	)		(.14	)		(.07	)		—			(.07	)		9.69		(1.42	)		27			1.17			1.17			1.47			.74
10/31/2017		10.02		.03			(.09	)		(.06	)		(.05	)		(.01	)		(.06	)		9.90		(.69	)		36			1.19			1.19			1.49			.31
Class 529-E:
4/30/2022^6,7		10.19		.05			(.49	)		(.44	)		(.05	)		(.01	)		(.06	)		9.69		(4.35	)⁸		6			.59	⁹		.59	⁹		.84	⁹		1.06	⁹
10/31/2021		10.39		.04			(.07	)		(.03	)		(.16	)		(.01	)		(.17	)		10.19		(.30	)		7			.60			.60			.85			.40
10/31/2020		10.00		.11			.40			.51			(.12	)		—			(.12	)		10.39		5.16			8			.61			.61			.88			1.06
10/31/2019		9.69		.16			.31			.47			(.16	)		—			(.16	)		10.00		4.84			6			.62			.62			.91			1.59
10/31/2018		9.91		.13			(.23	)		(.10	)		(.12	)		—			(.12	)		9.69		(.96	)		4			.63			.63			.93			1.29
10/31/2017		10.02		.08			(.08	)		—	¹⁰		(.10	)		(.01	)		(.11	)		9.91		(.05	)		4			.66			.66			.96			.84
Class 529-T:
4/30/2022^6,7		10.20		.08			(.49	)		(.41	)		(.07	)		(.01	)		(.08	)		9.71		(4.02	)^8,11		—	¹²		.14	^9,11		.14	^9,11		.39	^9,11		1.51	^9,11
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.16	¹¹		—	¹²		.15	¹¹		.15	¹¹		.40	¹¹		.85	¹¹
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.63	¹¹		—	¹²		.16	¹¹		.16	¹¹		.43	¹¹		1.54	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
10/31/2017^7,13		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:
4/30/2022^6,7		10.20		.07			(.49	)		(.42	)		(.07	)		(.01	)		(.08	)		9.70		(4.15	)^8,11		—	¹²		.19	^9,11		.19	^9,11		.44	^9,11		1.46	^9,11
10/31/2021		10.40		.08			(.06	)		.02			(.21	)		(.01	)		(.22	)		10.20		.13	¹¹		—	¹²		.19	¹¹		.19	¹¹		.44	¹¹		.81	¹¹
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.64	¹¹		—	¹²		.15	¹¹		.15	¹¹		.42	¹¹		1.52	¹¹
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
Class 529-F-2:
4/30/2022^6,7		10.20		.08			(.50	)		(.42	)		(.07	)		(.01	)		(.08	)		9.70		(4.11	)⁸		43			.11	⁹		.11	⁹		.36	⁹		1.54	⁹
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.17			44			.14			.14			.39			.86
10/31/2020^7,16		10.40		—			—			—			—			—			—			10.40		—			40			—			—			—			—

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-F-3:
4/30/2022^6,7	$	10.20	$	.08		$	(.50	)	$	(.42	)	$	(.07	)	$	(.01	)	$	(.08	)	$	9.70		(4.09	)%⁸	$	—	¹²		.08	%⁹		.08	%⁹		.33	%⁹		1.57	%⁹
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22			—	¹²		.15			.09			.34			.90
10/31/2020^7,16		10.40		—			—			—			—			—			—			10.40		—			—	¹²		—			—			—			—
Class ABLE-A:
4/30/2022^6,7		10.21		.07			(.50	)		(.43	)		(.06	)		(.01	)		(.07	)		9.71		(4.20	)⁸		1			.32	⁹		.26	⁹		.51	⁹		1.38	⁹
10/31/2021		10.40		.08			(.06	)		.02			(.20	)		(.01	)		(.21	)		10.21		.17			1			.25			.19			.44			.82
10/31/2020		10.01		.13			.41			.54			(.15	)		—			(.15	)		10.40		5.39			—	¹²		.39			.33			.60			1.30
10/31/2019		9.69		.19			.31			.50			(.18	)		—			(.18	)		10.01		5.21			—	¹²		.40			.34			.63			1.89
10/31/2018^7,17		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
Class ABLE-F-2:
4/30/2022^6,7		10.21		.08			(.47	)		(.39	)		(.07	)		(.01	)		(.08	)		9.74		(3.80	)⁸		—	¹²		.09	⁹		.04	⁹		.29	⁹		1.61	⁹
10/31/2021		10.40		.10			(.06	)		.04			(.22	)		(.01	)		(.23	)		10.21		.32			—	¹²		.09			.03			.28			.96
10/31/2020^7,16		10.40		—			—			—			—			—			—			10.40		—			—	¹²		—			—			—			—
Class R-1:
4/30/2022^6,7		10.18		.03			(.49	)		(.46	)		(.03	)		(.01	)		(.04	)		9.68		(4.55	)⁸		1			1.12	⁹		1.12	⁹		1.37	⁹		.53	⁹
10/31/2021		10.39		(.02	)		(.06	)		(.08	)		(.12	)		(.01	)		(.13	)		10.18		(.83	)		1			1.16			1.16			1.41			(.16	)
10/31/2020		10.01		.04			.41			.45			(.07	)		—			(.07	)		10.39		4.50			1			1.18			1.18			1.45			.41
10/31/2019		9.69		.10			.32			.42			(.10	)		—			(.10	)		10.01		4.34			—	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
Class R-2:
4/30/2022^6,7		10.16		.03			(.50	)		(.47	)		(.03	)		(.01	)		(.04	)		9.65		(4.64	)⁸		19			1.10	⁹		1.10	⁹		1.35	⁹		.54	⁹
10/31/2021		10.37		(.01	)		(.07	)		(.08	)		(.12	)		(.01	)		(.13	)		10.16		(.80	)		19			1.12			1.12			1.37			(.12	)
10/31/2020		9.98		.06			.40			.46			(.07	)		—			(.07	)		10.37		4.66			25			1.13			1.13			1.40			.55
10/31/2019		9.67		.11			.31			.42			(.11	)		—			(.11	)		9.98		4.32			17			1.13			1.13			1.42			1.09
10/31/2018		9.89		.08			(.22	)		(.14	)		(.08	)		—			(.08	)		9.67		(1.45	)		14			1.12			1.12			1.42			.79
10/31/2017		10.00		.04			(.09	)		(.05	)		(.05	)		(.01	)		(.06	)		9.89		(.50	)		15			1.10			1.10			1.40			.40
Class R-2E:
4/30/2022^6,7		10.20		.04			(.49	)		(.45	)		(.04	)		(.01	)		(.05	)		9.70		(4.44	)⁸		1			.82	⁹		.82	⁹		1.07	⁹		.78	⁹
10/31/2021		10.40		.01			(.06	)		(.05	)		(.14	)		(.01	)		(.15	)		10.20		(.54	)		1			.86			.85			1.10			.13
10/31/2020		10.01		.08			.41			.49			(.10	)		—			(.10	)		10.40		4.95			1			.83			.83			1.10			.82
10/31/2019		9.70		.14			.30			.44			(.13	)		—			(.13	)		10.01		4.57			1			.86			.86			1.15			1.37
10/31/2018		9.91		.10			(.21	)		(.11	)		(.10	)		—			(.10	)		9.70		(1.11	)		1			.85			.85			1.15			1.02
10/31/2017		10.02		.07			(.09	)		(.02	)		(.08	)		(.01	)		(.09	)		9.91		(.27	)		2			.84			.84			1.14			.67

See end of tables for footnotes.

76	American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income (loss)		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			expenses to average net assets before waivers/ reimburse- ments⁴			expenses to average net assets after waivers/ reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class R-3:
4/30/2022^6,7	$	10.19	$	.05	$	(.49	)	$	(.44	)	$	(.05	)	$	(.01	)	$	(.06	)	$	9.69		(4.36	)%⁸	$	28			.64	%⁹		.64	%⁹		.89	%⁹		1.02	%⁹
10/31/2021		10.39		.04		(.07	)		(.03	)		(.16	)		(.01	)		(.17	)		10.19		(.35	)		29			.66			.66			.91			.34
10/31/2020		10.00		.10		.41			.51			(.12	)		—			(.12	)		10.39		5.12			29			.67			.67			.94			.99
10/31/2019		9.69		.15		.31			.46			(.15	)		—			(.15	)		10.00		4.77			19			.67			.67			.96			1.54
10/31/2018		9.91		.12		(.22	)		(.10	)		(.12	)		—			(.12	)		9.69		(1.00	)		16			.67			.67			.97			1.24
10/31/2017		10.02		.08		(.08	)		—	¹⁰		(.10	)		(.01	)		(.11	)		9.91		(.06	)		16			.67			.67			.97			.83
Class R-4:
4/30/2022^6,7		10.20		.07		(.50	)		(.43	)		(.06	)		(.01	)		(.07	)		9.70		(4.21	)⁸		14			.33	⁹		.33	⁹		.58	⁹		1.32	⁹
10/31/2021		10.40		.07		(.07	)		—	¹⁰		(.19	)		(.01	)		(.20	)		10.20		(.05	)		15			.35			.35			.60			.64
10/31/2020		10.01		.13		.41			.54			(.15	)		—			(.15	)		10.40		5.43			17			.36			.36			.63			1.31
10/31/2019		9.70		.18		.31			.49			(.18	)		—			(.18	)		10.01		5.09			12			.37			.37			.66			1.84
10/31/2018		9.91		.15		(.21	)		(.06	)		(.15	)		—			(.15	)		9.70		(.60	)		12			.37			.37			.67			1.55
10/31/2017		10.03		.11		(.09	)		.02			(.13	)		(.01	)		(.14	)		9.91		.13			11			.37			.37			.67			1.12
Class R-5E:
4/30/2022^6,7		10.21		.07		(.49	)		(.42	)		(.07	)		(.01	)		(.08	)		9.71		(4.13	)⁸		3			.16	⁹		.16	⁹		.41	⁹		1.49	⁹
10/31/2021		10.41		.08		(.06	)		.02			(.21	)		(.01	)		(.22	)		10.21		.13			3			.17			.17			.42			.82
10/31/2020		10.02		.15		.41			.56			(.17	)		—			(.17	)		10.41		5.61			3			.18			.18			.45			1.46
10/31/2019		9.70		.20		.32			.52			(.20	)		—			(.20	)		10.02		5.41			2			.18			.18			.47			2.04
10/31/2018		9.92		.18		(.23	)		(.05	)		(.17	)		—			(.17	)		9.70		(.49	)		—	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
Class R-5:
4/30/2022^6,7		10.20		.08		(.50	)		(.42	)		(.07	)		(.01	)		(.08	)		9.70		(4.08	)⁸		7			.06	⁹		.06	⁹		.31	⁹		1.57	⁹
10/31/2021		10.40		.09		(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.24			5			.07			.07			.32			.92
10/31/2020		10.01		.15		.42			.57			(.18	)		—			(.18	)		10.40		5.72			6			.08			.08			.35			1.50
10/31/2019		9.70		.21		.31			.52			(.21	)		—			(.21	)		10.01		5.40			2			.09			.09			.38			2.12
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.42	)		2			.08			.08			.38			1.80
10/31/2017		10.03		.14		(.09	)		.05			(.15	)		(.01	)		(.16	)		9.92		.52			3			.08			.08			.38			1.39
Class R-6:
4/30/2022^6,7		10.20		.08		(.48	)		(.40	)		(.08	)		(.01	)		(.09	)		9.71		(3.96	)⁸		33			.01	⁹		.01	⁹		.26	⁹		1.64	⁹
10/31/2021		10.40		.10		(.07	)		.03			(.22	)		(.01	)		(.23	)		10.20		.29			44			.02			.02			.27			.97
10/31/2020		10.01		.16		.41			.57			(.18	)		—			(.18	)		10.40		5.76			44			.03			.03			.30			1.59
10/31/2019		9.70		.22		.30			.52			(.21	)		—			(.21	)		10.01		5.45			23			.03			.03			.32			2.18
10/31/2018		9.92		.18		(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.37	)		13			.03			.03			.33			1.88
10/31/2017		10.03		.14		(.08	)		.06			(.16	)		(.01	)		(.17	)		9.92		.57			14			.04			.04			.34			1.45

See end of tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Tax-Exempt Preservation Portfolio

			(Loss) income from investment operations¹
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class A:
4/30/2022^6,7	$	9.99	$	.03		$	(.51	)	$	(.48	)	$	(.06	)	$	9.45		(4.88	)%⁸	$	480			.35	%⁹		.34	%⁹		.62	%⁹		.65	%⁹
10/31/2021		10.03		.07			(.01	)		.06			(.10	)		9.99		.60			525			.35			.35			.63			.70
10/31/2020		9.88		.13			.16			.29			(.14	)		10.03		2.98			426			.37			.36			.66			1.27
10/31/2019		9.57		.17			.31			.48			(.17	)		9.88		5.03			333			.38			.37			.70			1.71
10/31/2018		9.79		.16			(.22	)		(.06	)		(.16	)		9.57		(.59	)		307			.40			.39			.73			1.69
10/31/2017		9.90		.18			(.10	)		.08			(.19	)		9.79		.81			336			.44			.43			.77			1.89
Class C:
4/30/2022^6,7		9.97		—	¹⁰		(.52	)		(.52	)		(.02	)		9.43		(5.21	)⁸		30			1.05	⁹		1.04	⁹		1.32	⁹		(.06	)⁹
10/31/2021		10.01		—	¹⁰		—	¹⁰		—	¹⁰		(.04	)		9.97		(.05	)		37			1.05			1.05			1.33			.01
10/31/2020		9.87		.06			.15			.21			(.07	)		10.01		2.16			39			1.07			1.06			1.36			.58
10/31/2019		9.56		.10			.31			.41			(.10	)		9.87		4.28			39			1.08			1.07			1.40			1.01
10/31/2018		9.78		.10			(.23	)		(.13	)		(.09	)		9.56		(1.30	)		44			1.10			1.09			1.43			.99
10/31/2017		9.89		.12			(.11	)		.01			(.12	)		9.78		.10			54			1.14			1.13			1.47			1.20
Class T:
4/30/2022^6,7		9.99		.05			(.52	)		(.47	)		(.07	)		9.45		(4.74)	^8,11		—	¹²		.05	^9,11		.05	^9,11		.33	^9,11		.94	^9,11
10/31/2021		10.03		.10			(.01	)		.09			(.13	)		9.99		.89	¹¹		—	¹²		.05	¹¹		.05	¹¹		.33	¹¹		1.00	¹¹
10/31/2020		9.88		.16			.16			.32			(.17	)		10.03		3.28	¹¹		—	¹²		.07	¹¹		.07	¹¹		.37	¹¹		1.58	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
10/31/2017^7,13		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:
4/30/2022^6,7		10.00		.03			(.52	)		(.49	)		(.05	)		9.46		(4.90	)⁸		5			.39	⁹		.39	⁹		.67	⁹		.59	⁹
10/31/2021		10.03		.07			(.01	)		.06			(.09	)		10.00		.65			7			.40			.40			.68			.66
10/31/2020		9.88		.12			.17			.29			(.14	)		10.03		2.93			9			.39			.39			.70			1.16
10/31/2019		9.57		.16			.31			.47			(.16	)		9.88		4.95			4			.43			.41			.74			1.66
10/31/2018		9.80		.16			(.23	)		(.07	)		(.16	)		9.57		(.73	)		4			.42			.41			.75			1.66
10/31/2017		9.90		.19			(.10	)		.09			(.19	)		9.80		.93			11			.42			.41			.75			1.91
Class F-2:
4/30/2022^6,7		9.99		.04			(.51	)		(.47	)		(.07	)		9.45		(4.78	)⁸		121			.12	⁹		.12	⁹		.40	⁹		.86	⁹
10/31/2021		10.03		.09			(.01	)		.08			(.12	)		9.99		.83			171			.12			.12			.40			.92
10/31/2020		9.88		.15			.16			.31			(.16	)		10.03		3.21			112			.13			.13			.43			1.47
10/31/2019		9.57		.19			.31			.50			(.19	)		9.88		5.28			58			.14			.13			.46			1.94
10/31/2018		9.79		.19			(.22	)		(.03	)		(.19	)		9.57		(.33	)		43			.14			.13			.47			1.95
10/31/2017		9.90		.21			(.10	)		.11			(.22	)		9.79		1.09			34			.16			.15			.49			2.17
Class F-3:
4/30/2022^6,7		9.99		.05			(.52	)		(.47	)		(.07	)		9.45		(4.72	)⁸		20			.02	⁹		.01	⁹		.29	⁹		.96	⁹
10/31/2021		10.03		.10			(.01	)		.09			(.13	)		9.99		.93			42			.02			.02			.30			1.01
10/31/2020		9.88		.15			.17			.32			(.17	)		10.03		3.32			19			.04			.03			.33			1.54
10/31/2019		9.57		.20			.31			.51			(.20	)		9.88		5.37			7			.04			.03			.36			2.01
10/31/2018		9.79		.20			(.22	)		(.02	)		(.20	)		9.57		(.23	)		2			.04			.04			.38			2.03
10/31/2017^7,14		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.

78	American Funds Portfolio Series

Financial highlights (continued)

	Six months ended			Year ended October 31,
Portfolio turnover rate for all share classes	April 30, 2022^6,7,8			2021			2020			2019			2018			2017
Global Growth Portfolio		1	%		5	%		27	%		3	%		1	%		64	%
Growth Portfolio		—	¹⁸		5			30			—	¹⁸		—	¹⁸		33
Growth and Income Portfolio		—	¹⁸		18			13			1			—	¹⁸		30
Moderate Growth and Income Portfolio		—	¹⁸		11			17			1			—	¹⁸		15
Conservative Growth and Income Portfolio		2			30			23			1			2			1
Tax-Aware Conservative Growth and Income Portfolio		—	¹⁸		—	¹⁸		14			1			2			13
Preservation Portfolio		6			17			1			4			8			25
Tax-Exempt Preservation Portfolio		5			5			7			15			13			45

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges.
³	This column reflects the impact, if any, of certain waivers/reimbursements from Virginia529 and/or CRMC. During some of the years shown, Virginia529 waived a portion of ABLE plan services fees for existing Class ABLE shares. In addition, during some of the years shown CRMC reimbursed a portion of transfer agent services fees for certain share classes on some funds and reimbursed a portion of miscellaneous fees and expenses for Tax-Exempt Preservation Portfolio.
⁴	This column does not include expenses of the underlying funds in which each fund invests.
⁵	This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.
⁶	Unaudited.
⁷	Based on operations for a period that is less than a full year.
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	Amount less than .01%.
¹⁶	Class 529-F-2, 529-F-3 and ABLE-F-2 shares began investment operations on October 30, 2020.
¹⁷	Class ABLE-A shares began investment operations on July 13, 2018.
¹⁸	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

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, 2021, through April 30, 2022).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

80	American Funds Portfolio Series

Expense example (continued)

Global Growth Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	787.14	$	1.60		.36	%	$	3.50		.79	%
Class A – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.96		.79
Class C – actual return		1,000.00		784.09		4.91		1.11			6.81		1.54
Class C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.70		1.54
Class T – actual return		1,000.00		788.20		.44		.10			2.35		.53
Class T – assumed 5% return		1,000.00		1,024.30		.50		.10			2.66		.53
Class F-1 – actual return		1,000.00		786.77		1.68		.38			3.59		.81
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			4.06		.81
Class F-2 – actual return		1,000.00		787.95		.53		.12			2.44		.55
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.76		.55
Class F-3 – actual return		1,000.00		788.32		.04		.01			1.95		.44
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			2.21		.44
Class 529-A – actual return		1,000.00		786.96		1.73		.39			3.63		.82
Class 529-A – assumed 5% return		1,000.00		1,022.86		1.96		.39			4.11		.82
Class 529-C – actual return		1,000.00		784.01		5.09		1.15			6.99		1.58
Class 529-C – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.90		1.58
Class 529-E – actual return		1,000.00		786.13		2.75		.62			4.65		1.05
Class 529-E – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.26		1.05
Class 529-T – actual return		1,000.00		787.72		.66		.15			2.57		.58
Class 529-T – assumed 5% return		1,000.00		1,024.05		.75		.15			2.91		.58
Class 529-F-1 – actual return		1,000.00		787.66		.84		.19			2.75		.62
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			3.11		.62
Class 529-F-2 – actual return		1,000.00		788.05		.58		.13			2.48		.56
Class 529-F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.81		.56
Class 529-F-3 – actual return		1,000.00		788.16		.31		.07			2.22		.50
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.51		.50
Class ABLE-A – actual return		1,000.00		787.53		1.11		.25			3.01		.68
Class ABLE-A – assumed 5% return		1,000.00		1,023.55		1.25		.25			3.41		.68
Class ABLE-F-2 – actual return		1,000.00		788.24		.27		.06			2.17		.49
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.46		.49
Class R-1 – actual return		1,000.00		784.50		4.56		1.03			6.46		1.46
Class R-1 – assumed 5% return		1,000.00		1,019.69		5.16		1.03			7.30		1.46
Class R-2 – actual return		1,000.00		784.12		4.91		1.11			6.81		1.54
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.70		1.54
Class R-2E – actual return		1,000.00		785.25		3.63		.82			5.53		1.25
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			6.26		1.25
Class R-3 – actual return		1,000.00		785.82		2.88		.65			4.78		1.08
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.41		1.08
Class R-4 – actual return		1,000.00		787.00		1.46		.33			3.37		.76
Class R-4 – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.81		.76
Class R-5E – actual return		1,000.00		787.75		.71		.16			2.62		.59
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.96		.59
Class R-5 – actual return		1,000.00		788.26		.27		.06			2.17		.49
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.46		.49
Class R-6 – actual return		1,000.00		788.45		.04		.01			1.95		.44
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			2.21		.44

See end of tables for footnotes.

American Funds Portfolio Series

Expense example (continued)

Growth Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	789.08	$	1.60		.36	%	$	3.24		.73	%
Class A – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.66		.73
Class C – actual return		1,000.00		786.20		4.87		1.10			6.51		1.47
Class C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.35		1.47
Class T – actual return		1,000.00		790.35		.40		.09			2.04		.46
Class T – assumed 5% return		1,000.00		1,024.35		.45		.09			2.31		.46
Class F-1 – actual return		1,000.00		789.14		1.69		.38			3.33		.75
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.76		.75
Class F-2 – actual return		1,000.00		789.94		.53		.12			2.17		.49
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.46		.49
Class F-3 – actual return		1,000.00		790.61		.04		.01			1.69		.38
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.91		.38
Class 529-A – actual return		1,000.00		789.17		1.73		.39			3.37		.76
Class 529-A – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.81		.76
Class 529-C – actual return		1,000.00		786.27		5.09		1.15			6.73		1.52
Class 529-C – assumed 5% return		1,000.00		1,019.09		5.76		1.15			7.60		1.52
Class 529-E – actual return		1,000.00		788.37		2.70		.61			4.35		.98
Class 529-E – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.91		.98
Class 529-T – actual return		1,000.00		789.91		.67		.15			2.31		.52
Class 529-T – assumed 5% return		1,000.00		1,024.05		.75		.15			2.61		.52
Class 529-F-1 – actual return		1,000.00		790.06		.84		.19			2.49		.56
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			2.81		.56
Class 529-F-2 – actual return		1,000.00		790.20		.58		.13			2.22		.50
Class 529-F-2 – assumed 5% return		1,000.00		1,024.15		.65		.13			2.51		.50
Class 529-F-3 – actual return		1,000.00		790.30		.31		.07			1.95		.44
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.21		.44
Class ABLE-A – actual return		1,000.00		789.65		1.15		.26			2.80		.63
Class ABLE-A – assumed 5% return		1,000.00		1,023.51		1.30		.26			3.16		.63
Class ABLE-F-2 – actual return		1,000.00		790.14		.22		.05			1.86		.42
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.55		.25		.05			2.11		.42
Class R-1 – actual return		1,000.00		786.02		4.92		1.11			6.55		1.48
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.40		1.48
Class R-2 – actual return		1,000.00		786.04		4.92		1.11			6.55		1.48
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.40		1.48
Class R-2E – actual return		1,000.00		787.38		3.68		.83			5.32		1.20
Class R-2E – assumed 5% return		1,000.00		1,020.68		4.16		.83			6.01		1.20
Class R-3 – actual return		1,000.00		788.22		2.88		.65			4.52		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			5.11		1.02
Class R-4 – actual return		1,000.00		789.18		1.55		.35			3.19		.72
Class R-4 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.61		.72
Class R-5E – actual return		1,000.00		789.78		.67		.15			2.31		.52
Class R-5E – assumed 5% return		1,000.00		1,024.05		.75		.15			2.61		.52
Class R-5 – actual return		1,000.00		790.34		.27		.06			1.91		.43
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.16		.43
Class R-6 – actual return		1,000.00		790.60		.04		.01			1.69		.38
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.91		.38

See end of tables for footnotes.

82	American Funds Portfolio Series

Expense example (continued)

Growth and Income Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	887.81	$	1.59		.34	%	$	3.14		.67	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.36		.67
Class C – actual return		1,000.00		884.77		5.00		1.07			6.54		1.40
Class C – assumed 5% return		1,000.00		1,019.49		5.36		1.07			7.00		1.40
Class T – actual return		1,000.00		889.51		.33		.07			1.87		.40
Class T – assumed 5% return		1,000.00		1,024.45		.35		.07			2.01		.40
Class F-1 – actual return		1,000.00		887.66		1.78		.38			3.32		.71
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.56		.71
Class F-2 – actual return		1,000.00		888.99		.56		.12			2.11		.45
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.26		.45
Class F-3 – actual return		1,000.00		889.31		.05		.01			1.59		.34
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.71		.34
Class 529-A – actual return		1,000.00		887.71		1.68		.36			3.23		.69
Class 529-A – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.46		.69
Class 529-C – actual return		1,000.00		884.73		5.23		1.12			6.78		1.45
Class 529-C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.25		1.45
Class 529-E – actual return		1,000.00		886.87		2.81		.60			4.35		.93
Class 529-E – assumed 5% return		1,000.00		1,021.82		3.01		.60			4.66		.93
Class 529-T – actual return		1,000.00		889.28		.56		.12			2.11		.45
Class 529-T – assumed 5% return		1,000.00		1,024.20		.60		.12			2.26		.45
Class 529-F-1 – actual return		1,000.00		888.51		.89		.19			2.43		.52
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			2.61		.52
Class 529-F-2 – actual return		1,000.00		888.79		.52		.11			2.06		.44
Class 529-F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.21		.44
Class 529-F-3 – actual return		1,000.00		889.51		.33		.07			1.87		.40
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.01		.40
Class ABLE-A – actual return		1,000.00		888.14		1.12		.24			2.67		.57
Class ABLE-A – assumed 5% return		1,000.00		1,023.60		1.20		.24			2.86		.57
Class ABLE-F-2 – actual return		1,000.00		889.53		.19		.04			1.73		.37
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.60		.20		.04			1.86		.37
Class R-1 – actual return		1,000.00		884.88		5.05		1.08			6.59		1.41
Class R-1 – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.05		1.41
Class R-2 – actual return		1,000.00		884.54		5.09		1.09			6.64		1.42
Class R-2 – assumed 5% return		1,000.00		1,019.39		5.46		1.09			7.10		1.42
Class R-2E – actual return		1,000.00		885.76		3.83		.82			5.38		1.15
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.76		1.15
Class R-3 – actual return		1,000.00		886.44		3.04		.65			4.58		.98
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			4.91		.98
Class R-4 – actual return		1,000.00		888.21		1.64		.35			3.18		.68
Class R-4 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.41		.68
Class R-5E – actual return		1,000.00		889.08		.70		.15			2.25		.48
Class R-5E – assumed 5% return		1,000.00		1,024.05		.75		.15			2.41		.48
Class R-5 – actual return		1,000.00		888.98		.28		.06			1.83		.39
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.96		.39
Class R-6 – actual return		1,000.00		889.49		.05		.01			1.59		.34
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.71		.34

See end of tables for footnotes.

American Funds Portfolio Series

Expense example (continued)

Moderate Growth and Income Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	910.30	$	1.61		.34	%	$	3.17		.67	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.36		.67
Class C – actual return		1,000.00		906.89		5.01		1.06			6.57		1.39
Class C – assumed 5% return		1,000.00		1,019.54		5.31		1.06			6.95		1.39
Class T – actual return		1,000.00		911.61		.24		.05			1.80		.38
Class T – assumed 5% return		1,000.00		1,024.55		.25		.05			1.91		.38
Class F-1 – actual return		1,000.00		909.67		1.75		.37			3.31		.70
Class F-1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.51		.70
Class F-2 – actual return		1,000.00		911.46		.52		.11			2.09		.44
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.21		.44
Class F-3 – actual return		1,000.00		911.79		.05		.01			1.61		.34
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.71		.34
Class 529-A – actual return		1,000.00		909.75		1.61		.34			3.17		.67
Class 529-A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.36		.67
Class 529-C – actual return		1,000.00		906.79		5.25		1.11			6.81		1.44
Class 529-C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.20		1.44
Class 529-E – actual return		1,000.00		908.95		2.79		.59			4.35		.92
Class 529-E – assumed 5% return		1,000.00		1,021.87		2.96		.59			4.61		.92
Class 529-T – actual return		1,000.00		910.80		.52		.11			2.08		.44
Class 529-T – assumed 5% return		1,000.00		1,024.25		.55		.11			2.21		.44
Class 529-F-1 – actual return		1,000.00		910.63		.85		.18			2.42		.51
Class 529-F-1 – assumed 5% return		1,000.00		1,023.90		.90		.18			2.56		.51
Class 529-F-2 – actual return		1,000.00		911.33		.52		.11			2.09		.44
Class 529-F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.21		.44
Class 529-F-3 – actual return		1,000.00		911.49		.33		.07			1.90		.40
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			2.01		.40
Class ABLE-A – actual return		1,000.00		910.50		1.18		.25			2.75		.58
Class ABLE-A – assumed 5% return		1,000.00		1,023.55		1.25		.25			2.91		.58
Class ABLE-F-2 – actual return		1,000.00		911.50		.14		.03			1.71		.36
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.81		.36
Class R-1 – actual return		1,000.00		906.37		5.20		1.10			6.76		1.43
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.15		1.43
Class R-2 – actual return		1,000.00		906.81		5.06		1.07			6.62		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.49		5.36		1.07			7.00		1.40
Class R-2E – actual return		1,000.00		907.74		3.88		.82			5.44		1.15
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.76		1.15
Class R-3 – actual return		1,000.00		908.47		3.08		.65			4.64		.98
Class R-3 – assumed 5% return		1,000.00		1,021.57		3.26		.65			4.91		.98
Class R-4 – actual return		1,000.00		910.10		1.66		.35			3.22		.68
Class R-4 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.41		.68
Class R-5E – actual return		1,000.00		910.65		.76		.16			2.32		.49
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.46		.49
Class R-5 – actual return		1,000.00		911.25		.28		.06			1.85		.39
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.96		.39
Class R-6 – actual return		1,000.00		911.46		.05		.01			1.61		.34
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.71		.34

See end of tables for footnotes.

84	American Funds Portfolio Series

Expense example (continued)

Conservative Growth and Income Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	954.30	$	1.65		.34	%	$	3.05		.63	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.16		.63
Class C – actual return		1,000.00		951.31		5.08		1.05			6.48		1.34
Class C – assumed 5% return		1,000.00		1,019.59		5.26		1.05			6.71		1.34
Class T – actual return		1,000.00		955.68		.24		.05			1.65		.34
Class T – assumed 5% return		1,000.00		1,024.55		.25		.05			1.71		.34
Class F-1 – actual return		1,000.00		954.23		1.79		.37			3.20		.66
Class F-1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.31		.66
Class F-2 – actual return		1,000.00		955.46		.53		.11			1.94		.40
Class F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.01		.40
Class F-3 – actual return		1,000.00		955.85		.05		.01			1.45		.30
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.51		.30
Class 529-A – actual return		1,000.00		954.26		1.70		.35			3.10		.64
Class 529-A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.21		.64
Class 529-C – actual return		1,000.00		951.13		5.37		1.11			6.77		1.40
Class 529-C – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.00		1.40
Class 529-E – actual return		1,000.00		953.77		2.86		.59			4.26		.88
Class 529-E – assumed 5% return		1,000.00		1,021.87		2.96		.59			4.41		.88
Class 529-T – actual return		1,000.00		955.46		.44		.09			1.84		.38
Class 529-T – assumed 5% return		1,000.00		1,024.35		.45		.09			1.91		.38
Class 529-F-1 – actual return		1,000.00		955.77		.87		.18			2.28		.47
Class 529-F-1 – assumed 5% return		1,000.00		1,023.90		.90		.18			2.36		.47
Class 529-F-2 – actual return		1,000.00		956.06		.53		.11			1.94		.40
Class 529-F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			2.01		.40
Class 529-F-3 – actual return		1,000.00		956.26		.34		.07			1.75		.36
Class 529-F-3 – assumed 5% return		1,000.00		1,024.45		.35		.07			1.81		.36
Class ABLE-A – actual return		1,000.00		954.52		1.16		.24			2.57		.53
Class ABLE-A – assumed 5% return		1,000.00		1,023.60		1.20		.24			2.66		.53
Class ABLE-F-2 – actual return		1,000.00		955.57		.15		.03			1.55		.32
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.61		.32
Class R-1 – actual return		1,000.00		950.75		5.13		1.06			6.53		1.35
Class R-1 – assumed 5% return		1,000.00		1,019.54		5.31		1.06			6.76		1.35
Class R-2 – actual return		1,000.00		951.09		5.18		1.07			6.58		1.36
Class R-2 – assumed 5% return		1,000.00		1,019.49		5.36		1.07			6.80		1.36
Class R-2E – actual return		1,000.00		952.07		3.92		.81			5.32		1.10
Class R-2E – assumed 5% return		1,000.00		1,020.78		4.06		.81			5.51		1.10
Class R-3 – actual return		1,000.00		952.76		3.00		.62			4.41		.91
Class R-3 – assumed 5% return		1,000.00		1,021.72		3.11		.62			4.56		.91
Class R-4 – actual return		1,000.00		954.29		1.65		.34			3.05		.63
Class R-4 – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.16		.63
Class R-5E – actual return		1,000.00		955.16		.78		.16			2.18		.45
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.26		.45
Class R-5 – actual return		1,000.00		955.74		.29		.06			1.70		.35
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.76		.35
Class R-6 – actual return		1,000.00		955.96		.05		.01			1.45		.30
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.51		.30

See end of tables for footnotes.

American Funds Portfolio Series

Expense example (continued)

Tax-Aware Conservative Growth and Income Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	929.70	$	1.63		.34	%	$	3.06		.64	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.21		.64
Class C – actual return		1,000.00		925.91		4.97		1.04			6.40		1.34
Class C – assumed 5% return		1,000.00		1,019.64		5.21		1.04			6.71		1.34
Class T – actual return		1,000.00		931.05		.19		.04			1.63		.34
Class T – assumed 5% return		1,000.00		1,024.60		.20		.04			1.71		.34
Class F-1 – actual return		1,000.00		928.86		1.82		.38			3.25		.68
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.41		.68
Class F-2 – actual return		1,000.00		930.23		.57		.12			2.01		.42
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.11		.42
Class F-3 – actual return		1,000.00		930.62		.10		.02			1.53		.32
Class F-3 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.61		.32

See end of tables for footnotes.

86	American Funds Portfolio Series

Expense example (continued)

Preservation Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	957.72	$	1.80		.37	%	$	3.01		.62	%
Class A – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.11		.62
Class C – actual return		1,000.00		954.64		5.19		1.07			6.40		1.32
Class C – assumed 5% return		1,000.00		1,019.49		5.36		1.07			6.61		1.32
Class T – actual return		1,000.00		960.09		.39		.08			1.60		.33
Class T – assumed 5% return		1,000.00		1,024.40		.40		.08			1.66		.33
Class F-1 – actual return		1,000.00		957.58		1.84		.38			3.06		.63
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.16		.63
Class F-2 – actual return		1,000.00		958.85		.58		.12			1.80		.37
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			1.86		.37
Class F-3 – actual return		1,000.00		959.41		.05		.01			1.26		.26
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.30		.26
Class 529-A – actual return		1,000.00		957.71		1.80		.37			3.01		.62
Class 529-A – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.11		.62
Class 529-C – actual return		1,000.00		954.50		5.43		1.12			6.64		1.37
Class 529-C – assumed 5% return		1,000.00		1,019.24		5.61		1.12			6.85		1.37
Class 529-E – actual return		1,000.00		956.55		2.86		.59			4.07		.84
Class 529-E – assumed 5% return		1,000.00		1,021.87		2.96		.59			4.21		.84
Class 529-T – actual return		1,000.00		959.76		.68		.14			1.90		.39
Class 529-T – assumed 5% return		1,000.00		1,024.10		.70		.14			1.96		.39
Class 529-F-1 – actual return		1,000.00		958.53		.92		.19			2.14		.44
Class 529-F-1 – assumed 5% return		1,000.00		1,023.85		.95		.19			2.21		.44
Class 529-F-2 – actual return		1,000.00		958.90		.53		.11			1.75		.36
Class 529-F-2 – assumed 5% return		1,000.00		1,024.25		.55		.11			1.81		.36
Class 529-F-3 – actual return		1,000.00		959.10		.39		.08			1.60		.33
Class 529-F-3 – assumed 5% return		1,000.00		1,024.40		.40		.08			1.66		.33
Class ABLE-A – actual return		1,000.00		957.99		1.26		.26			2.48		.51
Class ABLE-A – assumed 5% return		1,000.00		1,023.51		1.30		.26			2.56		.51
Class ABLE-F-2 – actual return		1,000.00		961.96		.19		.04			1.41		.29
Class ABLE-F-2 – assumed 5% return		1,000.00		1,024.60		.20		.04			1.45		.29
Class R-1 – actual return		1,000.00		954.53		5.43		1.12			6.64		1.37
Class R-1 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			6.85		1.37
Class R-2 – actual return		1,000.00		953.56		5.33		1.10			6.54		1.35
Class R-2 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			6.76		1.35
Class R-2E – actual return		1,000.00		955.57		3.98		.82			5.19		1.07
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.36		1.07
Class R-3 – actual return		1,000.00		956.38		3.10		.64			4.32		.89
Class R-3 – assumed 5% return		1,000.00		1,021.62		3.21		.64			4.46		.89
Class R-4 – actual return		1,000.00		957.86		1.60		.33			2.82		.58
Class R-4 – assumed 5% return		1,000.00		1,023.16		1.66		.33			2.91		.58
Class R-5E – actual return		1,000.00		958.75		.78		.16			1.99		.41
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.06		.41
Class R-5 – actual return		1,000.00		959.17		.29		.06			1.51		.31
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.56		.31
Class R-6 – actual return		1,000.00		960.40		.05		.01			1.26		.26
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.30		.26

See end of tables for footnotes.

American Funds Portfolio Series

Expense example (continued)

Tax-Exempt Preservation Portfolio

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Class A – actual return	$	1,000.00	$	951.25	$	1.64		.34	%	$	3.00		.62	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.11		.62
Class C – actual return		1,000.00		947.92		5.02		1.04			6.38		1.32
Class C – assumed 5% return		1,000.00		1,019.64		5.21		1.04			6.61		1.32
Class T – actual return		1,000.00		952.63		.24		.05			1.60		.33
Class T – assumed 5% return		1,000.00		1,024.55		.25		.05			1.66		.33
Class F-1 – actual return		1,000.00		951.00		1.89		.39			3.24		.67
Class F-1 – assumed 5% return		1,000.00		1,022.86		1.96		.39			3.36		.67
Class F-2 – actual return		1,000.00		952.23		.58		.12			1.94		.40
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.01		.40
Class F-3 – actual return		1,000.00		952.79		.05		.01			1.40		.29
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.45		.29

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

88	American Funds Portfolio Series

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, 2023. 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 interactions 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 and the committee 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 each fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2021. They generally placed greater emphasis on investment results over 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 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 generally compared favorably to 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 its assets increase. In addition, they reviewed information regarding the 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 in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for other amounts paid to CRMC by the funds.

American Funds Portfolio Series

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 series’ 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 each fund, 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 to CRMC by the funds.

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.

90	American Funds Portfolio Series

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 October 1, 2020, through September 30, 2021. 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.

American Funds Portfolio Series

Office of the series

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address nearest you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

92	American Funds Portfolio Series

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

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

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

American Funds Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of American Funds Portfolio Series, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after June 30, 2022, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

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

S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^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 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

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

American Funds’ superior outcomes

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

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

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

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

ITEM 2 – Code of Ethics

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, Principal Executive Officer

	Date: June 30, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: June 30, 2022

By ___/s/ Gregory F. Niland __________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2022

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, 2022

___/s/ Walter R. Burkley_____________________

Walter R. Burkley,

Principal Executive Officer

American Funds Portfolio Series

American Funds Portfolio Series

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION

I, Gregory F. Niland, certify that:

1.	I have reviewed this report on Form N-CSR of American Funds Portfolio Series;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and

	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 30, 2022

__/s/ Gregory F. Niland____________

Gregory F. Niland, Treasurer and

Principal Financial Officer

American Funds Portfolio Series

American Funds Portfolio Series

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

1)	The Registrant's periodic report on Form N-CSR for the period ended April 30, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer	Principal Financial Officer

AMERICAN FUNDS PORTFOLIO SERIES	AMERICAN FUNDS PORTFOLIO SERIES


___/s/ Walter R. Burkley____________	_/s/ Gregory F. Niland____________
Walter R. Burkley, Principal Executive Officer	Gregory F. Niland, Treasurer

Date: June 30, 2022	Date: June 30, 2022

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AMERICAN FUNDS PORTFOLIO SERIES and will be retained by AMERICAN FUNDS PORTFOLIO SERIES and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.