American Funds Portfolio Series
American Funds Global Growth Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Growth funds 85%
Shares
Value
(000)
New Perspective Fund, Class R-6
20,345,186
$1,474,619
The New Economy Fund, Class R-6 (a)
14,849,596
1,134,064
SMALLCAP World Fund, Inc., Class R-6
14,003,616
1,106,566
The Growth Fund of America, Class R-6
13,458,924
1,091,250
EUPAC Fund, Class R-6
9,649,735
616,811
New World Fund, Inc., Class R-6
5,518,659
544,967
American Funds Global Insight Fund, Class R-6
12,769,373
372,099
 
6,340,376
Growth-and-income funds 15%
 
 
Capital World Growth and Income Fund, Class R-6
15,281,185
1,147,923
Total investment securities 100% (cost: $5,154,803,000)
7,488,299
Other assets less liabilities 0%
(2,055
)
Net assets 100%
$7,486,244
Investments in affiliates (b)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 85%
New Perspective Fund, Class R-6
$1,426,715
$96,190
$
$
$(48,286
)
$1,474,619
$18,602
$73,538
The New Economy Fund, Class R-6 (a)
1,113,836
99,204
43,508
9,772
(45,240
)
1,134,064
99,204
SMALLCAP World Fund, Inc., Class R-6
1,035,546
64,784
6,236
1,106,566
10,417
39,874
The Growth Fund of America, Class R-6
1,081,524
116,970
(107,244
)
1,091,250
5,882
100,131
EUPAC Fund, Class R-6
579,295
59,233
4,678
605
(17,644
)
616,811
17,394
41,839
New World Fund, Inc., Class R-6
509,993
29,608
2,517
426
7,457
544,967
7,313
22,295
American Funds Global Insight Fund, Class R-6
356,993
4,231
10,875
372,099
4,231
 
6,340,376
Growth-and-income funds 15%
Capital World Growth and Income Fund, Class R-6
1,083,424
96,377
13,183
758
(19,453
)
1,147,923
7,137
89,239
Total 100%
$11,561
$(213,299
)
$7,488,299
$70,976
$466,120
(a)
Non-income producing.
(b)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 1 of 13

American Funds Growth Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Growth funds 80%
Shares
Value
(000)
The Growth Fund of America, Class R-6
78,058,852
$6,329,012
SMALLCAP World Fund, Inc., Class R-6
49,081,730
3,878,438
New Perspective Fund, Class R-6
53,173,200
3,853,994
AMCAP Fund, Class R-6 (a)
79,096,664
3,761,837
The New Economy Fund, Class R-6 (a)
35,102,847
2,680,804
 
20,504,085
Growth-and-income funds 20%
 
 
Fundamental Investors, Class R-6
27,675,592
2,642,466
The Investment Company of America, Class R-6
39,811,134
2,535,969
 
5,178,435
Total investment securities 100% (cost: $18,782,041,000)
25,682,520
Other assets less liabilities 0%
(7,126
)
Net assets 100%
$25,675,394
Investments in affiliates (b)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 80%
The Growth Fund of America, Class R-6
$6,286,537
$666,046
$
$
$(623,571
)
$6,329,012
$34,200
$582,236
SMALLCAP World Fund, Inc., Class R-6
3,653,028
203,949
21,461
3,878,438
36,756
140,692
New Perspective Fund, Class R-6
3,714,388
266,027
(126,421
)
3,853,994
48,751
192,728
AMCAP Fund, Class R-6 (a)
3,727,877
181,921
(147,961
)
3,761,837
161,822
The New Economy Fund, Class R-6 (a)
2,629,009
236,257
100,075
14,503
(98,890
)
2,680,804
236,258
 
20,504,085
Growth-and-income funds 20%
Fundamental Investors, Class R-6
2,497,498
143,761
1,207
2,642,466
6,298
137,461
The Investment Company of America, Class R-6
2,468,373
217,876
(150,280
)
2,535,969
7,428
197,604
 
5,178,435
Total 100%
$14,503
$(1,124,455
)
$25,682,520
$133,433
$1,648,801
(a)
Non-income producing.
(b)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 2 of 13

American Funds Growth and Income Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Growth funds 20%
Shares
Value
(000)
SMALLCAP World Fund, Inc., Class R-6
22,389,779
$1,769,240
The Growth Fund of America, Class R-6
19,194,435
1,556,285
American Funds Global Insight Fund, Class R-6
38,239,169
1,114,290
 
4,439,815
Growth-and-income funds 45%
 
 
The Investment Company of America, Class R-6
70,314,768
4,479,050
Capital World Growth and Income Fund, Class R-6
44,534,864
3,345,459
Washington Mutual Investors Fund, Class R-6
33,828,501
2,246,551
 
10,071,060
Equity-income funds 10%
 
 
Capital Income Builder, Class R-6
28,329,936
2,248,264
Balanced funds 10%
 
 
American Balanced Fund, Class R-6
58,173,166
2,239,667
Fixed income funds 15%
 
 
American Funds Multi-Sector Income Fund, Class R-6
119,415,980
1,132,063
The Bond Fund of America, Class R-6
98,903,729
1,131,459
American Funds Strategic Bond Fund, Class R-6
120,221,012
1,128,875
 
3,392,397
Total investment securities 100% (cost: $16,972,626,000)
22,391,203
Other assets less liabilities 0%
(6,067
)
Net assets 100%
$22,385,136
American Funds Portfolio Series — Page 3 of 13

unaudited
Investments in affiliates (a)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 20%
SMALLCAP World Fund, Inc., Class R-6
$1,696,637
$100,471
$38,822
$(5,115
)
$16,069
$1,769,240
$17,105
$65,476
The Growth Fund of America, Class R-6
1,602,416
157,072
44,865
3,869
(162,207
)
1,556,285
8,714
148,357
American Funds Global Insight Fund, Class R-6
1,087,742
12,892
19,714
3,654
29,716
1,114,290
12,892
 
4,439,815
Growth-and-income funds 45%
The Investment Company of America, Class R-6
4,431,623
366,950
50,129
2,834
(272,228
)
4,479,050
13,295
353,656
Capital World Growth and Income Fund, Class R-6
3,351,493
295,538
243,321
26,869
(85,120
)
3,345,459
21,886
273,652
Washington Mutual Investors Fund, Class R-6
2,158,387
110,039
(21,875
)
2,246,551
10,284
95,534
 
10,071,060
Equity-income funds 10%
Capital Income Builder, Class R-6
2,103,194
132,180
12,890
2,248,264
26,513
96,122
Balanced funds 10%
American Balanced Fund, Class R-6
2,179,588
144,463
45,733
3,942
(42,593
)
2,239,667
26,610
117,853
Fixed income funds 15%
American Funds Multi-Sector Income Fund,
Class R-6
1,031,507
102,842
(2,286
)
1,132,063
16,517
The Bond Fund of America, Class R-6
1,028,539
106,542
(3,622
)
1,131,459
11,389
American Funds Strategic Bond Fund, Class R-6
1,025,491
104,350
(966
)
1,128,875
10,802
 
3,392,397
Total 100%
$36,053
$(532,222
)
$22,391,203
$176,007
$1,150,650
(a)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 4 of 13

American Funds Moderate Growth and Income Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Growth funds 10%
Shares
Value
(000)
New Perspective Fund, Class R-6
11,718,705
$849,372
SMALLCAP World Fund, Inc., Class R-6
10,613,287
838,662
 
1,688,034
Growth-and-income funds 25%
 
 
Washington Mutual Investors Fund, Class R-6
37,460,713
2,487,766
Capital World Growth and Income Fund, Class R-6
22,421,595
1,684,310
 
4,172,076
Equity-income funds 10%
 
 
The Income Fund of America, Class R-6
62,351,280
1,688,473
Balanced funds 40%
 
 
American Balanced Fund, Class R-6
108,347,623
4,171,382
American Funds Global Balanced Fund, Class R-6
60,773,899
2,511,178
 
6,682,560
Fixed income funds 15%
 
 
American Funds Multi-Sector Income Fund, Class R-6
83,445,088
791,059
The Bond Fund of America, Class R-6
69,003,010
789,395
American Funds Strategic Bond Fund, Class R-6
84,067,565
789,394
 
2,369,848
Total investment securities 100% (cost: $12,686,857,000)
16,600,991
Other assets less liabilities 0%
(4,202
)
Net assets 100%
$16,596,789
American Funds Portfolio Series — Page 5 of 13

unaudited
Investments in affiliates (a)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 10%
New Perspective Fund, Class R-6
$831,105
$53,583
$7,101
$990
$(29,205
)
$849,372
$10,818
$42,765
SMALLCAP World Fund, Inc., Class R-6
818,696
39,383
24,098
(3,786
)
8,467
838,662
8,158
31,226
 
1,688,034
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6
2,422,692
117,882
28,690
2,234
(26,352
)
2,487,766
11,457
106,424
Capital World Growth and Income Fund, Class R-6
1,636,079
145,176
67,850
7,430
(36,525
)
1,684,310
10,751
134,425
 
4,172,076
Equity-income funds 10%
The Income Fund of America, Class R-6
1,573,743
126,034
1,389
(38
)
(9,877
)
1,688,473
30,068
91,577
Balanced funds 40%
American Balanced Fund, Class R-6
4,043,407
266,030
65,999
7,609
(79,665
)
4,171,382
49,002
217,028
American Funds Global Balanced Fund, Class R-6
2,426,840
110,854
8,637
793
(18,672
)
2,511,178
18,630
92,224
 
6,682,560
Fixed income funds 15%
American Funds Multi-Sector Income Fund,
Class R-6
773,368
19,333
(1,642
)
791,059
12,381
The Bond Fund of America, Class R-6
772,572
19,544
(2,721
)
789,395
8,548
American Funds Strategic Bond Fund, Class R-6
770,303
19,874
(783
)
789,394
8,125
 
2,369,848
Total 100%
$15,232
$(196,975
)
$16,600,991
$167,938
$715,669
(a)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 6 of 13

American Funds Conservative Growth and Income Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Growth-and-income funds 27%
Shares
Value
(000)
American Mutual Fund, Class R-6
15,463,485
$939,871
Washington Mutual Investors Fund, Class R-6
14,095,326
936,070
Capital World Growth and Income Fund, Class R-6
8,922,016
670,222
 
2,546,163
Equity-income funds 30%
 
 
The Income Fund of America, Class R-6
52,720,729
1,427,678
Capital Income Builder, Class R-6
17,976,827
1,426,641
 
2,854,319
Fixed income funds 43%
 
 
American Funds Multi-Sector Income Fund, Class R-6
147,733,615
1,400,515
The Bond Fund of America, Class R-6
122,324,187
1,399,389
American High-Income Trust, Class R-6
93,562,856
928,143
American Funds Emerging Markets Bond Fund, Class R-6
33,634,713
277,486
 
4,005,533
Total investment securities 100% (cost: $8,385,954,000)
9,406,015
Other assets less liabilities 0%
(2,438
)
Net assets 100%
$9,403,577
American Funds Portfolio Series — Page 7 of 13

unaudited
Investments in affiliates (a)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 27%
American Mutual Fund, Class R-6
$902,046
$58,404
$2,110
$(63
)
$(18,406
)
$939,871
$5,428
$50,969
Washington Mutual Investors Fund, Class R-6
904,440
48,620
7,865
249
(9,374
)
936,070
4,318
40,114
Capital World Growth and Income Fund, Class R-6
644,609
62,877
25,940
1,910
(13,234
)
670,222
4,239
53,005
 
2,546,163
Equity-income funds 30%
The Income Fund of America, Class R-6
1,341,780
109,853
15,059
(542
)
(8,354
)
1,427,678
25,679
78,209
Capital Income Builder, Class R-6
1,344,623
81,470
7,501
(179
)
8,228
1,426,641
16,956
61,475
 
2,854,319
Fixed income funds 43%
American Funds Multi-Sector Income Fund,
Class R-6
1,353,597
49,793
(2,875
)
1,400,515
21,721
The Bond Fund of America, Class R-6
1,352,091
52,038
(4,740
)
1,399,389
15,001
American High-Income Trust, Class R-6
902,483
23,826
1,834
928,143
15,002
American Funds Emerging Markets Bond Fund,
Class R-6
269,039
4,446
4,001
277,486
4,322
 
4,005,533
Total 100%
$1,375
$(42,920
)
$9,406,015
$112,666
$283,772
(a)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 8 of 13

American Funds Tax-Aware Conservative Growth and Income Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Growth funds 3%
Shares
Value
(000)
Capital Group Global Equity ETF
5,873,518
$190,889
Growth-and-income funds 49%
 
 
Capital Group Dividend Value ETF
22,897,020
1,027,389
Capital World Growth and Income Fund, Class R-6
11,308,035
849,460
Capital Group Dividend Growers ETF
17,252,788
629,382
Capital Group Conservative Equity ETF
9,907,537
308,025
Capital Group Core Equity ETF
6,044,336
247,516
 
3,061,772
Tax-exempt fixed income funds 48%
 
 
Capital Group Municipal High-Income ETF
59,310,426
1,513,602
Capital Group Municipal Income ETF
46,326,040
1,277,672
Capital Group Short Duration Municipal Income ETF
8,504,893
225,380
 
3,016,654
Short-term securities 0%
 
 
Capital Group Central Cash Fund 3.62% (a)
162,711
16,271
Total short-term securities (cost: $16,269,000)
16,271
Total investment securities 100% (cost: $5,301,319,000)
6,285,586
Other assets less liabilities 0%
7,624
Net assets 100%
$6,293,210
American Funds Portfolio Series — Page 9 of 13

unaudited
Investments in affiliates (b)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 3%
Capital Group Global Equity ETF
$
$186,211
$
$
$4,678
$190,889
$446
$
Growth-and-income funds 49%
Capital Group Dividend Value ETF
972,785
4,389
257
39
50,433
1,027,389
4,396
Capital World Growth and Income Fund, Class R-6
912,281
5,988
46,129
3,938
(26,618
)
849,460
5,989
74,881
Capital Group Dividend Growers ETF
598,538
3,157
27,687
629,382
3,160
Capital Group Conservative Equity ETF
295,995
1,362
10,668
308,025
1,364
Capital Group Core Equity ETF
242,714
636
4,166
247,516
636
 
3,061,772
Tax-exempt fixed income funds 48%
Capital Group Municipal High-Income ETF
1,496,891
17,276
(565
)
1,513,602
15,129
Capital Group Municipal Income ETF
1,257,723
11,137
8,812
1,277,672
10,327
Capital Group Short Duration Municipal Income ETF
222,152
1,783
1,445
225,380
1,647
 
3,016,654
Short-term securities 0%
Money market investments
Capital Group Central Cash Fund 3.62% (a)
14,314
133,668
131,707
(1
)
(3
)
16,271
177
Total 100%
$3,976
$80,703
$6,285,586
$43,271
$74,881
(a)
Rate represents the seven-day yield at 1/31/2026.
(b)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 10 of 13

American Funds Preservation Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Fixed income funds 100%
Shares
Value
(000)
Short-Term Bond Fund of America, Class R-6
106,993,051
$1,030,343
Intermediate Bond Fund of America, Class R-6
66,222,151
843,008
 
1,873,351
Total investment securities 100% (cost: $1,944,040,000)
1,873,351
Other assets less liabilities 0%
(474
)
Net assets 100%
$1,872,877
Investments in affiliates (a)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Fixed income funds 100%
Short-Term Bond Fund of America, Class R-6
$1,034,619
$18,080
$23,424
$(51
)
$1,119
$1,030,343
$10,454
$
Intermediate Bond Fund of America, Class R-6
846,449
15,202
18,648
3
2
843,008
8,784
 
1,873,351
Total 100%
$(48
)
$1,121
$1,873,351
$19,238
$
(a)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
American Funds Portfolio Series — Page 11 of 13

American Funds Tax-Exempt Preservation Portfolio
Investment portfolio
January 31, 2026
unaudited
Fund investments
Tax-exempt fixed income funds 99%
Shares
Value
(000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6
10,070,826
$158,716
Capital Group Short Duration Municipal Income ETF
4,471,915
118,506
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6
11,559,111
117,094
 
394,316
Short-term securities 1%
 
 
Capital Group Central Cash Fund 3.62% (a)
19,233
1,923
Total short-term securities (cost: $1,923,000)
1,923
Total investment securities 100% (cost: $392,465,000)
396,239
Other assets less liabilities 0%
474
Net assets 100%
$396,713
Investments in affiliates (b)
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Tax-exempt fixed income funds 99%
Limited Term Tax-Exempt Bond Fund of America,
Class R-6
$157,982
$5,328
$5,596
$20
$982
$158,716
$1,185
$
Capital Group Short Duration Municipal Income ETF
117,974
3,391
3,614
11
744
118,506
868
American Funds Short-Term Tax-Exempt Bond Fund,
Class R-6
116,550
3,439
3,470
5
570
117,094
884
 
394,316
Short-term securities 1%
Money market investments
Capital Group Central Cash Fund 3.62% (a)
1,976
5,434
5,487
(c)
(c)
1,923
19
Total 100%
$36
$2,296
$396,239
$2,956
$
(a)
Rate represents the seven-day yield at 1/31/2026.
(b)
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
(c)
Amount less than one thousand.
American Funds Portfolio Series — Page 12 of 13

unaudited
Valuation disclosures
Security valuation — The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. The net asset value of each share class of each fund is calculated based on the reported net asset values or official closing prices of the underlying funds and exchange-traded funds ("ETFs") in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. ETFs are generally valued at market prices which are based on the official closing price of, or the last reported sale price on, the principal exchange on which such underlying funds are traded, as of the close of business on the day the ETF is being valued or, lacking any sales, at the last available bid price.
Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of January 31,
2026, all of the investment securities held by each fund were classified as Level 1.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at capitalgroup.com. Fund shares offered through Capital Client Group, Inc.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Capital Client Group, Inc., member FINRA.
© 2026 Capital Group. All rights reserved.
MFGEFP1-900-0326
American Funds Portfolio Series — Page 13 of 13