American Funds Portfolio Series^SM

Part B
Statement of Additional Information

January 1, 2023

This document is not a prospectus but should be read in conjunction with the current prospectus of American Funds Portfolio Series (the “series”) dated January 1, 2023. Except where the context indicates otherwise, all references herein to the “fund” apply to each of the funds listed below. You may obtain a prospectus from your financial professional, by calling American Funds Service Company^® at (800) 421-4225 or by writing to the series at the following address:

American Funds Portfolio Series
Attention: Secretary

6455 Irvine Center Drive
Irvine, California 92618

Certain privileges and/or services described below may not be available to all shareholders (including shareholders who purchase shares at net asset value through eligible retirement plans) depending on the shareholder’s investment dealer or retirement plan recordkeeper. Please see your financial professional, investment dealer, plan recordkeeper or employer for more information.

Class
A

Class
C

Class
T

Class
F-1

Class
F-2

Class
F-3

Class
529-A

Class
529-C

Class
529-E

Class
529-T

Class
529-F-1

American Funds^® Global
Growth Portfolio

PGGAX

GGPCX

TPGGX

PGGFX

PGWFX

PGXFX

CPGAX

CPGCX

CGGEX

TGPPX

CGGFX

American Funds^®Growth Portfolio

GWPAX

GWPCX

TGGPX

GWPFX

GWPEX

GWPDX

CGPAX

CGPCX

CGPEX

TPGTX

CGPFX

American Funds^® Growth and
Income Portfolio

GAIOX

GAITX

TGXIX

GAIFX

GAIEX

GAIHX

CGNAX

CGNCX

CGNEX

TGGGX

CGNFX

American Funds^® Moderate
Growth and Income Portfolio

BLPAX

BLPCX

TBBPX

BLPFX

BLPEX

BLPDX

CBAAX

CBPCX

CBAEX

TBPBX

CBAFX

American Funds^® Conservative
Growth and Income Portfolio

INPAX

INPCX

TTPPX

INPFX

INPEX

INPDX

CIPAX

CIPCX

CIPEX

TPTPX

CIPFX

American Funds^® Tax-Aware
Conservative Growth and
Income Portfolio

TAIAX

TAICX

TATAX

TAIFX

TXIFX

TYIFX

N/A

American Funds^®
Preservation Portfolio

PPVAX

PPVCX

TPPPX

PPVFX

PPEFX

PPFFX

CPPAX

CPPCX

CPPEX

TPAPX

CPPFX

American Funds^® Tax-Exempt
Preservation Portfolio

TEPAX

TEPCX

TTEPX

TEPFX

TXEFX

TYEFX

N/A

Class
529-F-2

Class
529-F-3

Class
ABLE-A

Class
ABLE-F2

Class
R-1

Class
R-2

Class
R-2E

Class
R-3

Class
R-4

Class
R-5E

Class
R-5

Class
R-6

American Funds Global
Growth Portfolio

FGGPX

FGPPX

CGGGX

CGHGX

RGGAX

RGGBX

REBGX

RGLCX

RGGEX

RGTFX

RGGFX

RGGGX

American Funds Growth
Portfolio

FGPGX

FPGGX

CGQGX

CGRGX

RGWAX

RGWBX

RBGEX

RGPCX

RGWEX

RGSFX

RGWFX

RGWGX

American Funds Growth and
Income Portfolio

FGGIX

FGIIX

CGNGX

CGLGX

RGNAX

RGNBX

RBEGX

RAICX

RGNEX

RGQFX

RGNFX

RGNGX

American Funds Moderate
Growth and Income Portfolio

FBBPX

FPPBX

CBAGX

CBBGX

RBAAX

RBABX

RBBEX

RBACX

RBAEX

RGPFX

RBAFX

RBAGX

American Funds Conservative
Growth and Income Portfolio

FTPPX

FPTPX

CIPGX

CIQGX

RNCAX

RINBX

RNBEX

RNCCX

RINEX

RGOFX

RINFX

RINGX

American Funds Tax-Aware
Conservative Growth and
Income Portfolio

N/A

American Funds
Preservation Portfolio

FPPPX

FFPPX

CPPGX

CPQGX

RPPVX

RPPBX

RPBEX

RPPCX

RPPEX

RGMFX

RPPFX

RPPGX

American Funds Tax-Exempt
Preservation Portfolio

N/A

American Funds Portfolio Series — Page 1

Table of Contents

Item

Page no.

Description of certain securities, investment techniques and risks

3

Fund policies

38

Management of the series

40

Execution of portfolio transactions

91

Disclosure of portfolio holdings

92

Price of shares

94

Taxes and distributions

97

Purchase and exchange of shares

101

Sales charges

106

Sales charge reductions and waivers

109

Selling shares

114

Shareholder account services and privileges

115

General information

118

Appendix

134

Investment portfolio
Financial statements

American Funds Portfolio Series — Page 2

Description of certain securities, investment techniques and risks

The descriptions below are intended to supplement the material in the prospectus under “Investment objectives, strategies and risks” and “Information regarding underlying funds,” which provide information about the series, the funds and the underlying funds.

The funds

The following descriptions of securities, investment techniques and risks apply to each of the funds.

Investment techniques relating to the funds in the series — In addition to its investments in the underlying funds, a portion of each fund’s assets, which will normally be less than 20%, may be held in cash or cash equivalents, including but not limited to obligations of banks, such as time deposits, or invested in high-quality taxable short-term securities of up to one year in maturity. Such investments may include: (a) obligations of the U.S. Treasury; (b) obligations of agencies and instrumentalities of the U.S. government; (c) money market instruments, such as certificates of deposit issued by domestic banks, corporate commercial paper, and bankers' acceptances; and (d) repurchase agreements.

Each fund may take temporary defensive measures in response to adverse market, economic, political, or other conditions as determined by the adviser. Such measures could include, but are not limited to, investments in cash (including foreign currency) or cash equivalents, including, but not limited to, obligations of banks (including certificates of deposit, bankers’ acceptances, time deposits and repurchase agreements), commercial paper, short-term notes, U.S. Government Securities and related repurchase agreements. There is no limit on the extent to which each fund may take temporary defensive measures. In taking such measures, each fund may fail to achieve its investment objective.

Investment techniques relating to the underlying funds — Because the following is a combined summary of investment strategies of all of the underlying funds, certain matters described herein will only apply to your fund to the extent it is invested in an underlying fund that engages in such a strategy. Unless a strategy or policy described below is specifically prohibited by the investment restrictions explained in the fund’s prospectus or the “Fund policies” section of this SAI, or by applicable law, each fund in the series may invest in underlying funds which engage in each of the practices described below.

The underlying funds may experience difficulty liquidating certain portfolio securities during significant market declines or periods of heavy redemptions.

Cash and cash equivalents — In addition to its investments in the underlying funds, a portion of the fund’s assets may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (a) commercial paper; (b) short-term bank obligations (for example, certificates of deposit, bankers’ acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (c) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (d) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed, in one year or less; (e) higher quality corporate bonds and notes that mature, or that may be redeemed, in one year or less; and (f) shares of money market funds. Cash and cash equivalents may be denominated in U.S. dollars, non-U.S. currencies or multinational currency units.

There is no limit on the extent to which the fund may take temporary defensive measures. In taking such measures, the fund may fail to achieve its investment objective.

American Funds Portfolio Series — Page 3

Allocation – The funds consist of allocations of funds selected solely from proprietary funds managed by the investment adviser. No other funds or investments were considered in the construction of any fund.

The underlying funds

The following is a combined summary of investment strategies of all the underlying funds. Certain matters described below will only apply to a fund in the series to the extent such fund is invested in an underlying fund that engages in such a strategy. Unless a strategy or policy described below is specifically prohibited by the investment restrictions explained in a fund’s prospectus or the “Fund policies” section of this statement of additional information, or by applicable law, each fund in the series may invest in underlying funds, which engage in each of the practices described below. The value of the fund will fluctuate as the values of the underlying funds change.

Market conditions – The value of, and the income generated by, the securities in which the underlying funds invest may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the underlying funds to liquidate its holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also adversely impact issuers, markets and economies, including in ways that cannot necessarily be foreseen. The underlying funds could be negatively impacted if the value of a portfolio holding were harmed by such conditions or events.

Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Market disruptions may exacerbate political, social, and economic risks. Additionally, market disruptions may result in increased market volatility; regulatory trading halts; closure of domestic or foreign exchanges, markets, or governments; or market participants operating pursuant to business continuity plans for indeterminate periods of time. Such events can be highly disruptive to economies and markets and significantly impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the fund’s investments and operation of the fund. These events could disrupt businesses that are integral to the fund’s operations or impair the ability of employees of fund service providers to perform essential tasks on behalf of the fund.

Governmental and quasi-governmental authorities may take a number of actions designed to support local and global economies and the financial markets in response to economic disruptions. Such actions may include a variety of significant fiscal and monetary policy changes, including, for example, direct capital infusions into companies, new monetary programs and significantly lower interest rates. These actions may result in significant expansion of public debt and may result in greater market risk. Additionally, an unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets.

American Funds Portfolio Series — Page 4

Equity securities — An underlying fund may invest in equity securities. Equity securities represent an ownership position in a company. Equity securities held by an underlying fund typically consist of common stocks and may also include securities with equity conversion or purchase rights. The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic and other conditions. For example, prices of these securities can be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Holders of equity securities are not creditors of the issuer. If an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer’s assets, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid.

There may be little trading in the secondary market for particular equity securities, which may adversely affect an underlying fund’s ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

Debt instruments — An underlying fund may invest in debt securities. Debt securities, also known as “fixed income securities,” are used by issuers to borrow money. Bonds, notes, debentures, asset-backed securities (including those backed by mortgages), and loan participations and assignments are common types of debt securities. Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values and their values accrete over time to face value at maturity. Some debt securities bear interest at rates that are not fixed, but that vary with changes in specified market rates or indices. The market prices of debt securities fluctuate depending on such factors as interest rates, credit quality and maturity. In general, market prices of debt securities decline when interest rates rise and increase when interest rates fall. These fluctuations will generally be greater for longer-term debt securities than for shorter-term debt securities. Prices of these securities can also be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or they may pay only a small fraction of the amount owed. Direct indebtedness of countries, particularly developing countries, also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Credit ratings for debt securities provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The rating of an issuer is a rating agency’s view of past and future potential developments related to the issuer and may not necessarily reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a rating is assigned and updated. The investment adviser considers these ratings of securities as one of many criteria in making its investment decisions.

Bond rating agencies may assign modifiers (such as +/–) to ratings categories to signify the relative position of a credit within the rating category. Investment policies that are based on ratings categories should be read to include any security within that category, without giving consideration to the modifier except where otherwise provided. See the Appendix to this statement of additional information for more information about credit ratings.

Securities with equity and debt characteristics — Certain securities have a combination of equity and debt characteristics. Such securities may at times behave more like equity than debt or vice versa.

Preferred stock — Preferred stock represents an equity interest in an issuer that generally entitles the holder to receive, in preference to common stockholders and the holders of certain other stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the issuer. Preferred stocks may pay fixed or adjustable rates of return, and preferred stock

American Funds Portfolio Series — Page 5

dividends may be cumulative or non-cumulative and participating or non-participating. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer’s common stockholders, while prior unpaid dividends on non-cumulative preferred stock are forfeited. Participating preferred stock may be entitled to a dividend exceeding the issuer’s declared dividend in certain cases, while non-participating preferred stock is entitled only to the stipulated dividend. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. As with debt securities, the prices and yields of preferred stocks often move with changes in interest rates and the issuer’s credit quality. Additionally, a company’s preferred stock typically pays dividends only after the company makes required payments to holders of its bonds and other debt. Accordingly, the price of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the issuing company’s financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

Convertible securities — A convertible security is a debt obligation, preferred stock or other security that may be converted, within a specified period of time and at a stated conversion rate, into common stock or other equity securities of the same or a different issuer. The conversion may occur automatically upon the occurrence of a predetermined event or at the option of either the issuer or the security holder. Under certain circumstances, a convertible security may also be called for redemption or conversion by the issuer after a particular date and at predetermined price specified upon issue. If a convertible security held by an underlying fund is called for redemption or conversion, the underlying fund could be required to tender the security for redemption, convert it into the underlying common stock, or sell it to a third party.

The holder of a convertible security is generally entitled to participate in the capital appreciation resulting from a market price increase in the issuer’s common stock and to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in an issuer’s capital structure and, therefore, normally entail less risk than the issuer’s common stock. However, convertible securities may also be subordinate to any senior debt obligations of the issuer, and, therefore, an issuer’s convertible securities may entail more risk than such senior debt obligations. Convertible securities usually offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of a convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and, accordingly, convertible securities are subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may cushion the security against declines in the price of the underlying asset but may also cause the price of the security to fluctuate based upon changes in interest rates and the credit quality of the issuer. As with a straight fixed income security, the price of a convertible security tends to increase when interest rates decline and decrease when interest rates rise. Like the price of a common stock, the price of a convertible security also tends to increase as the price of the underlying stock rises and to decrease as the price of the underlying stock declines.

Hybrid securities — A hybrid security is a type of security that also has equity and debt characteristics. Like equities, which have no final maturity, a hybrid security may be perpetual. On the other hand, like debt securities, a hybrid security may be callable at the option of the issuer on a date specified at issue. Additionally, like common equities, which may stop paying

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dividends at virtually any time without violating any contractual terms or conditions, hybrids typically allow for issuers to withhold payment of interest until a later date or to suspend coupon payments entirely without triggering an event of default. Hybrid securities are normally at the bottom of an issuer’s debt capital structure because holders of an issuer’s hybrid securities are structurally subordinated to the issuer’s senior creditors. In bankruptcy, hybrid security holders should only get paid after all senior creditors of the issuer have been paid but before any disbursements are made to the issuer’s equity holders. Accordingly, hybrid securities may be more sensitive to economic changes than more senior debt securities. Such securities may also be viewed as more equity-like by the market when the issuer or its parent company experiences financial difficulties.

Contingent convertible securities, which are also known as contingent capital securities, are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain trigger events. One type of contingent convertible security has characteristics designed to absorb losses, by providing that the liquidation value of the security may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer’s capital level below a specified threshold, the liquidation value of the security may be reduced in whole or in part. The write-down of the security’s par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security’s par value. Such securities may, but are not required to, provide for circumstances under which the liquidation value of the security may be adjusted back up to par, such as an improvement in capitalization or earnings. Another type of contingent convertible security provides for mandatory conversion of the security into common shares of the issuer under certain circumstances. The mandatory conversion might relate, for example, to the issuer’s failure to maintain a capital minimum. Since the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all) and conversion would deepen the subordination of the investor, effectively worsening the investor’s standing in the case of the issuer’s insolvency. An automatic write-down or conversion event with respect to a contingent convertible security will typically be triggered by a reduction in the issuer’s capital level, but may also be triggered by regulatory actions, such as a change in regulatory capital requirements, or by other factors.

Warrants and rights — Warrants and rights may be acquired by an underlying fund in connection with other securities or separately. Warrants generally entitle, but do not obligate, their holder to purchase other equity or fixed income securities at a specified price at a later date. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing holders of its stock to provide those holders the right to purchase additional shares of stock at a later date. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuing company. Additionally, a warrant or right ceases to have value if it is not exercised prior to its expiration date. As a result, warrants and rights may be considered more speculative than certain other types of investments. Changes in the value of a warrant or right do not necessarily correspond to changes in the value of its underlying security. The price of a warrant or right may be more volatile than the price of its underlying security, and they therefore present greater potential for capital appreciation and capital loss. The effective price paid for warrants or rights added to the subscription price of the related security may exceed the value of the subscribed security’s market price, such as when there is no movement in the price of the underlying security. The market for warrants or rights may be very limited and it may be difficult to sell them promptly at an acceptable price.

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Investing in smaller capitalization stocks — An underlying fund may invest in the stocks of smaller capitalization companies. Investing in smaller capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. For example, smaller companies often have limited product lines, limited operating histories, limited markets or financial resources, may be dependent on one or a few key persons for management and can be more susceptible to losses. Also, their securities may be less liquid or illiquid (and therefore have to be sold at a discount from current prices or sold in small lots over an extended period of time), may be followed by fewer investment research analysts and may be subject to wider price swings, thus creating a greater chance of loss than securities of larger capitalization companies.

Investing in private companies — An underlying fund may invest in companies that have not publicly offered their securities. Investing in private companies can involve greater risks than those associated with investing in publicly traded companies. For example, the securities of a private company may be subject to the risk that market conditions, developments within the company, investor perception, or regulatory decisions may delay or prevent the company from ultimately offering its securities to the public. Furthermore, these investments are generally considered to be illiquid until a company’s public offering and are often subject to additional contractual restrictions on resale that would prevent an underlying fund from selling its company shares for a period of time following the public offering.

Investments in private companies can offer an underlying fund significant growth opportunities at attractive prices. However, these investments can pose greater risk, and, consequently, there is no guarantee that positive results can be achieved in the future.

Investing outside the U.S. — Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 are domiciled, operate or generate revenue. These issuers may also be more susceptible to actions of foreign governments such as the imposition of price controls, sanctions, or punitive taxes that could adversely impact the value of these securities. To the extent an underlying fund invests in securities that are denominated in currencies other than the U.S. dollar, 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. Securities markets in certain countries may be more volatile or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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 the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

Additional costs could be incurred in connection with an underlying fund’s investment activities outside the United States. Brokerage commissions may be higher outside the United States, and an underlying fund will bear certain expenses in connection with its currency transactions. Furthermore, increased custodian costs may be associated with maintaining assets in certain jurisdictions.

American Funds Portfolio Series — Page 8

limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. An underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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.

In countries where direct foreign investment is limited or prohibited, an underlying fund may invest in operating companies based in such countries through an offshore intermediary entity that, based on contractual agreements, seeks to replicate the rights and obligations of direct equity ownership in such operating company. Because the contractual arrangements do not in fact bestow an underlying fund with actual equity ownership in the operating company, these investment structures may limit the underlying fund’s rights as an investor and create significant additional risks. For example, local government authorities may determine that such structures do not comply with applicable laws and regulations, including those relating to restrictions on foreign ownership. In such event, the intermediary entity and/or the operating company may be subject to penalties, revocation of business and operating licenses or forfeiture of foreign ownership interests, and an underlying fund’s economic interests in the underlying operating company and its rights as an investor may not be recognized, resulting in a loss to the underlying fund and its shareholders. In addition, exerting control through contractual arrangements may be less effective than direct equity ownership, and a company may incur substantial costs to enforce the terms of such arrangements, including those relating to the distribution of the underlying funds among the entities. These special investment structures may also be disregarded for tax purposes by local tax authorities, resulting in increased tax liabilities, and an underlying fund’s control over – and distributions due from – such structures may be jeopardized if the individuals who hold the equity interest in such structures breach the terms of the agreements. While these structures may be widely used to circumvent limits on foreign ownership in certain jurisdictions, there is no assurance that they will be upheld by local regulatory authorities or that disputes regarding the same will be resolved consistently.

Although there is no universally accepted definition, the investment adviser generally considers an emerging market to be a market that is in the earlier stages of its industrialization cycle with a low per capita gross domestic product (“GDP”) and a low market capitalization to GDP ratio relative to those in the United States and the European Union, and would include markets commonly referred to as “frontier markets.”

In determining the domicile of an issuer, the underlying fund’s investment adviser will generally look to the domicile determination of a leading provider of global indexes, such as Morgan Stanley Capital International. However, the adviser in its discretion also may take into account such factors as where the issuer’s securities are listed and where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations, generates revenues and/or has credit risk exposure.

Certain risk factors related to emerging markets

Currency fluctuations — Certain emerging markets’ currencies have experienced and in the future may experience significant declines against the U.S. dollar. For example, if the U.S.

American Funds Portfolio Series — Page 9

dollar appreciates against foreign currencies, the value of the underlying fund’s emerging markets securities holdings would generally depreciate and vice versa. Further, the fund may lose money due to losses and other expenses incurred in converting various currencies to purchase and sell securities valued in currencies other than the U.S. dollar, as well as from currency restrictions, exchange control regulation and currency devaluations.

Government regulation — Certain developing countries lack uniform accounting, auditing and financial reporting and disclosure standards, have less governmental supervision of financial markets than in the United States, and may not honor legal rights or protections enjoyed by investors in the United States. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some developing countries. While an underlying fund will only invest in markets where these restrictions are considered acceptable by the investment adviser, a country could impose new or additional repatriation restrictions after the underlying fund’s investment. If this happened, the underlying fund’s response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to the underlying fund’s liquidity needs and other factors. Further, some attractive equity securities may not be available to the underlying fund if foreign shareholders already hold the maximum amount legally permissible.

While government involvement in the private sector varies in degree among developing countries, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any developing country, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of the underlying fund’s investments.

Fluctuations in inflation rates — Rapid fluctuations in inflation rates may have negative impacts on the economies and securities markets of certain emerging market countries.

Less developed securities markets — Emerging markets may be less well-developed and regulated than other markets. These markets have lower trading volumes than the securities markets of more developed countries and may be unable to respond effectively to increases in trading volume. Consequently, these markets may be substantially less liquid than those of more developed countries, and the securities of issuers located in these markets may have limited marketability. These factors may make prompt liquidation of substantial portfolio holdings difficult or impossible at times.

Settlement risks — Settlement systems in developing countries are generally less well organized than those of developed markets. Supervisory authorities may also be unable to apply standards comparable to those in developed markets. Thus, there may be risks that settlement may be delayed and that cash or securities belonging to the underlying fund may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that delivery of a security be made before payment is received. In such cases, default by a broker or bank (the “counterparty”) through whom the transaction is effected might cause the underlying fund to suffer a loss. An underlying fund will seek, where possible, to use counterparties whose financial status is such that this risk is reduced. However, there can be no certainty that the underlying fund will be successful in eliminating this risk, particularly as counterparties operating in developing countries frequently lack the standing or financial resources of those in developed countries. There may also be a danger that, because of uncertainties in the

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operation of settlement systems in individual markets, competing claims may arise with respect to securities held by or to be transferred to the underlying fund.

Limited market information — An underlying fund may encounter problems assessing investment opportunities in certain emerging markets in light of limitations on available information and different accounting, auditing and financial reporting standards. For example, due to jurisdictional limitations, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors of U.S. reporting companies, may be unable to inspect the audit work and practices of PCAOB-registered auditing firms in certain developing countries. As a result, there is greater risk that financial records and information relating to an issuer’s operations in developing countries will be incomplete or misleading, which may negatively impact the fund’s investments in such company. When faced with limited market information, the underlying fund’s investment adviser will seek alternative sources of information, and to the extent the investment adviser is not satisfied with the sufficiency or accuracy of the information obtained with respect to a particular market or security, the underlying fund will not invest in such market or security.

Taxation — Taxation of dividends, interest and capital gains received by an underlying fund varies among developing countries and, in some cases, is comparatively high. In addition, developing countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that an underlying fund could become subject in the future to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

Fraudulent securities — Securities purchased by an underlying fund may subsequently be found to be fraudulent or counterfeit, resulting in a loss to the underlying fund.

Remedies — Developing countries may offer less protection to investors than U.S. markets and, in the event of investor harm, there may be substantially less recourse available to an underlying fund and its shareholders. In addition, as a matter of law or practicality, an underlying fund and its shareholders - as well as U.S. regulators - may encounter substantial difficulties in obtaining and enforcing judgments and other actions against non-U.S. individuals and companies.

Investing through Stock Connect — An underlying fund may invest in China A-shares of certain Chinese companies listed and traded on the Shanghai Stock Exchange (“SSE”) and on the Shenzhen Stock Exchange (“SZSE”, and together, the “Exchanges”) through the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program, respectively (together, “Stock Connect”). Stock Connect is a securities trading and clearing program developed by the Exchange of Hong Kong, the Exchanges and the China Securities Depository and Clearing Corporation Limited. Stock Connect facilitates foreign investment in the People’s Republic of China (“PRC”) via brokers in Hong Kong. Persons investing through Stock Connect are subject to PRC regulations and Exchange listing rules, among others. These could include limitations on or suspension of trading. These regulations are relatively new and subject to changes which could adversely impact an underlying fund’s rights with respect to the securities. For example, a stock may be recalled from the scope of securities traded on the SSE or SZSE eligible for trading via Stock Connect for various reasons, and in such event the stock can be sold but is restricted from being bought. In such event, the investment adviser’s ability to implement an underlying fund’s investment strategies may be adversely affected. As Stock Connect is still relatively new, investments made through Stock Connect are subject to relatively new trading, clearance and settlement procedures and there are no assurances that the necessary systems to run the program will function properly. In addition, Stock Connect is subject to aggregate and daily quota limitations on purchases and permitted price fluctuations. As a result, an underlying fund may experience delays in transacting via Stock Connect and there can be no assurance that a liquid market on the Exchanges will exist. Since Stock Connect only operates on days when both the

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Chinese and Hong Kong markets are open for trading, and banking services are available in both markets on the corresponding settlement days, an underlying fund’s ownership interest in securities traded through Stock Connect may not be reflected directly and an underlying fund may be subject to the risk of price fluctuations in China A-shares when Stock Connect is not open to trading. Changes in Chinese tax rules may also adversely affect an underlying fund’s performance. An underlying fund’s shares are held in an omnibus account and registered in nominee name. Please also see the sections on risks relating to investing outside the U.S. and investing in emerging markets.

Obligations backed by the “full faith and credit” of the U.S. government — U.S. government obligations include the following types of securities:

U.S. Treasury securities — U.S. Treasury securities include direct obligations of the U.S. Treasury, such as Treasury bills, notes and bonds. For these securities, the payment of principal and interest is unconditionally guaranteed by the U.S. government, and thus they are of high credit quality. Such securities are subject to variations in market value due to fluctuations in interest rates and in government policies, but, if held to maturity, are expected to be paid in full (either at maturity or thereafter).

Federal agency securities — The securities of certain U.S. government agencies and government-sponsored entities are guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government. Such agencies and entities include, but are not limited to, the Federal Financing Bank (“FFB”), the Government National Mortgage Association (“Ginnie Mae”), the U.S. Department of Veterans Affairs (“VA”), the Federal Housing Administration (“FHA”), the Export-Import Bank of the United States (“Exim Bank”), the U.S. International Development Finance Corporation (“DFC”), the Commodity Credit Corporation (“CCC”) and the U.S. Small Business Administration (“SBA”).

Other federal agency obligations — Additional federal agency securities are neither direct obligations of, nor guaranteed by, the U.S. government. These obligations include securities issued by certain U.S. government agencies and government-sponsored entities. However, they generally involve some form of federal sponsorship: some operate under a congressional charter; some are backed by collateral consisting of “full faith and credit” obligations as described above; some are supported by the issuer’s right to borrow from the Treasury; and others are supported only by the credit of the issuing government agency or entity. These agencies and entities include, but are not limited to: the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”), the Tennessee Valley Authority and the Federal Farm Credit Bank System.

In 2008, Freddie Mac and Fannie Mae were placed into conservatorship by their new regulator, the Federal Housing Finance Agency (“FHFA”). Simultaneously, the U.S. Treasury made a commitment of indefinite duration to maintain the positive net worth of both firms. As conservator, the FHFA has the authority to repudiate any contract either firm has entered into prior to the FHFA’s appointment as conservator (or receiver should either firm go into default) if the FHFA, in its sole discretion determines that performance of the contract is burdensome and repudiation would promote the orderly administration of Fannie Mae’s or Freddie Mac’s affairs. While the FHFA has indicated that it does not intend to repudiate the guaranty obligations of either entity, doing so could adversely affect holders of their mortgage-backed securities. For example, if a contract were repudiated, the liability for any direct compensatory damages would accrue to the entity’s conservatorship estate and could only be satisfied to the extent the estate had available assets. As a result, if interest payments on Fannie Mae or Freddie Mac mortgage-backed securities held by the fund were reduced because underlying borrowers failed to make payments or such payments were not advanced by a loan servicer, the fund’s only recourse might be against the conservatorship estate, which might not have sufficient assets to offset any shortfalls.

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The FHFA, in its capacity as conservator, has the power to transfer or sell any asset or liability of Fannie Mae or Freddie Mac. The FHFA has indicated it has no current intention to do this; however, should it do so a holder of a Fannie Mae or Freddie Mac mortgage-backed security would have to rely on another party for satisfaction of the guaranty obligations and would be exposed to the credit risk of that party.

Certain rights provided to holders of mortgage-backed securities issued by Fannie Mae or Freddie Mac under their operative documents may not be enforceable against the FHFA, or enforcement may be delayed during the course of the conservatorship or any future receivership. For example, the operative documents may provide that upon the occurrence of an event of default by Fannie Mae or Freddie Mac, holders of a requisite percentage of the mortgage-backed security may replace the entity as trustee. However, under the Federal Housing Finance Regulatory Reform Act of 2008, holders may not enforce this right if the event of default arises solely because a conservator or receiver has been appointed.

Pass-through securities — An underlying fund may invest in various debt obligations backed by pools of mortgages, corporate loans or other assets including, but not limited to, residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. Principal and interest payments made on the underlying asset pools backing these obligations are typically passed through to investors, net of any fees paid to any insurer or any guarantor of the securities. Pass-through securities may have either fixed or adjustable coupons. The risks of an investment in these obligations depend in part on the type of the collateral securing the obligations and the class of the instrument in which the fund invests. These securities include:

Mortgage-backed securities — These securities may be issued by U.S. government agencies and government-sponsored entities, such as Ginnie Mae, Fannie Mae and Freddie Mac, and by private entities. The payment of interest and principal on mortgage-backed obligations issued by U.S. government agencies may be guaranteed by the full faith and credit of the U.S. government (in the case of Ginnie Mae), or may be guaranteed by the issuer (in the case of Fannie Mae and Freddie Mac). However, these guarantees do not apply to the market prices and yields of these securities, which vary with changes in interest rates.

Mortgage-backed securities issued by private entities are structured similarly to those issued by U.S. government agencies. However, these securities and the underlying mortgages are not guaranteed by any government agencies and the underlying mortgages are not subject to the same underwriting requirements. These securities generally are structured with one or more types of credit enhancements such as insurance or letters of credit issued by private companies. Borrowers on the underlying mortgages are usually permitted to prepay their underlying mortgages. Prepayments can alter the effective maturity of these instruments. In addition, delinquencies, losses or defaults by borrowers can adversely affect the prices and volatility of these securities. Such delinquencies and losses can be exacerbated by declining or flattening housing and property values. This, along with other outside pressures, such as bankruptcies and financial difficulties experienced by mortgage loan originators, decreased investor demand for mortgage loans and mortgage-related securities and increased investor demand for yield, can adversely affect the value and liquidity of mortgage-backed securities.

Adjustable rate mortgage-backed securities — Adjustable rate mortgage-backed securities (“ARMS”) have interest rates that reset at periodic intervals. Acquiring ARMS permits the fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMS are based. Such ARMS generally have higher current yield and lower price fluctuations than is the case with more traditional fixed income debt securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the fund can reinvest the proceeds of such prepayments at rates higher than

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those at which they were previously invested. Mortgages underlying most ARMS, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the fund, when holding an ARMS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMS behave more like fixed income securities and less like adjustable rate securities and are subject to the risks associated with fixed income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities.

Collateralized mortgage obligations (CMOs) — CMOs are also backed by a pool of mortgages or mortgage loans, which are divided into two or more separate bond issues. CMOs issued by U.S. government agencies are backed by agency mortgages, while privately issued CMOs may be backed by either government agency mortgages or private mortgages. Payments of principal and interest are passed through to each bond issue at varying schedules resulting in bonds with different coupons, effective maturities and sensitivities to interest rates. Some CMOs may be structured in a way that when interest rates change, the impact of changing prepayment rates on the effective maturities of certain issues of these securities is magnified. CMOs may be less liquid or may exhibit greater price volatility than other types of mortgage or asset-backed securities.

Commercial mortgage-backed securities — These securities are backed by mortgages on commercial property, such as hotels, office buildings, retail stores, hospitals and other commercial buildings. These securities may have a lower prepayment uncertainty than other mortgage-related securities because commercial mortgage loans generally prohibit or impose penalties on prepayments of principal. In addition, commercial mortgage-related securities often are structured with some form of credit enhancement to protect against potential losses on the underlying mortgage loans. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans, including the effects of local and other economic conditions on real estate markets, the ability of tenants to make rental payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid or exhibit greater price volatility than other types of mortgage or asset-backed securities and may be more difficult to value.

Asset-backed securities — These securities are backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans or participations in pools of leases. Credit support for these securities may be based on the underlying assets and/or provided through credit enhancements by a third party. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and at times the financial condition of the issuer. Obligors of the underlying assets also may make prepayments that can change effective maturities of the asset-backed securities. These securities may be less liquid and more difficult to value than other securities.

Collateralized bond obligations (CBOs) and collateralized loan obligations (CLOs) — A CBO is a trust typically backed by a diversified pool of fixed-income securities, which may include high risk, lower rated securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including lower rated loans. CBOs and CLOs may charge management fees and administrative expenses.

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For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest and highest yielding portion is the “equity” tranche which bears the bulk of any default by the bonds or loans in the trust and is constructed to protect the other, more senior tranches from default. Since they are partially protected from defaults, the more senior tranches typically have higher ratings and lower yields than the underlying securities in the trust and can be rated investment grade. Despite the protection from the equity tranche, the more senior tranches can still experience substantial losses due to actual defaults of the underlying assets, increased sensitivity to defaults due to impairment of the collateral or the more junior tranches, market anticipation of defaults, as well as potential general aversions to CBO or CLO securities as a class. Normally, these securities are privately offered and sold, and thus, are not registered under the securities laws. CBOs and CLOs may be less liquid, may exhibit greater price volatility and may be more difficult to value than other securities.

“IOs” and “POs” are issued in portions or tranches with varying maturities and characteristics. Some tranches may only receive the interest paid on the underlying mortgages (IOs) and others may only receive the principal payments (POs). The values of IOs and POs are extremely sensitive to interest rate fluctuations and prepayment rates, and IOs are also subject to the risk of early repayment of the underlying mortgages that will substantially reduce or eliminate interest payments.

Municipal bonds — Municipal bonds are debt obligations that are exempt from federal, state and/or local income taxes. Opinions relating to the validity of municipal bonds, exclusion of municipal bond interest from an investor’s gross income for federal income tax purposes and, where applicable, state and local income tax, are rendered by bond counsel to the issuing authorities at the time of issuance.

The two principal classifications of municipal bonds are general obligation bonds and limited obligation or revenue bonds. General obligation bonds are secured by the issuer’s pledge of its full faith and credit including, if available, its taxing power for the payment of principal and interest. Issuers of general obligation bonds include states, counties, cities, towns and various regional or special districts. The proceeds of these obligations are used to fund a wide range of public facilities, such as the construction or improvement of schools, highways and roads, water and sewer systems and facilities for a variety of other public purposes. Lease revenue bonds or certificates of participation in leases are payable from annual lease rental payments from a state or locality. Annual rental payments are payable to the extent such rental payments are appropriated annually.

Typically, the only security for a limited obligation or revenue bond is the net revenue derived from a particular facility or class of facilities financed thereby or, in some cases, from the proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety of revenue-producing public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities. Although the security behind these bonds varies widely, many provide additional security in the form of a debt service reserve fund which may also be used to make principal and interest payments on the issuer's obligations. In addition, some revenue obligations (as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution.

Revenue bonds also include, for example, pollution control, health care and housing bonds, which, although nominally issued by municipal authorities, are generally not secured by the taxing power of the municipality but by the revenues of the authority derived from payments by the private entity which owns or operates the facility financed with the proceeds of the bonds. Obligations of housing finance authorities have a wide range of security features, including reserve funds and insured or subsidized mortgages, as well as the net revenues from housing or other public projects. Many of these bonds do not generally constitute the pledge of the credit of the issuer of such bonds. The credit quality of such revenue bonds is usually directly related to the credit standing of the user of the facility being financed

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or of an institution which provides a guarantee, letter of credit or other credit enhancement for the bond issue.

Municipal inflation-indexed bonds — An underlying fund may invest in inflation-indexed bonds issued by municipalities. Interest payments are made to bondholders semi-annually and are made up of two components: a fixed “real coupon” or spread, and a variable coupon linked to an inflation index. Accordingly, payments will increase or decrease each period as a result of changes in the inflation index. In a period of deflation payments may decrease to zero, but in any event will not be less than zero.

Insured municipal bonds — An underlying fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. The insurance for such bonds may be purchased by the bond issuer, the fund or any other party, and is usually purchased from private, non-governmental insurance companies. Insurance that covers a municipal bond is expected to protect the fund against losses caused by a bond issuer’s failure to make interest or principal payments. However, insurance does not guarantee the market value of the bond or the prices of the fund‘s shares. Also, the investment adviser cannot be certain that the insurance company will make payments it guarantees. The market value of the bond could drop if a bond's insurer fails to fulfill its obligations. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. When rating agencies lower or withdraw the credit rating of the insurer, the insurance may be providing little or no enhancement of credit or resale value to the municipal bond.

U.S. Territories and Commonwealth obligations — An underlying fund may invest in obligations of the territories and Commonwealths of the United States, such as Puerto Rico, the U.S. Virgin Islands, Guam and their agencies and authorities (“territories and Commonwealth”), to the extent such obligations are exempt from federal income taxes. Adverse political and economic conditions and developments affecting any territory or Commonwealth may, in turn, negatively affect the value of the funds’ holdings in such obligations. Territories and Commonwealths face significant fiscal challenges, including persistent government deficits, underfunded retirement systems, sizable debt service obligations and a high unemployment rate. A restructuring of some or all of the debt or a decline in market prices of the territories’ and Commonwealths’ debt obligations, may affect the funds’ investment in these securities. If the economic situation in the territories and Commonwealths persists or worsens, the volatility, credit quality and performance of the fund could be adversely affected.

Zero coupon bonds — Municipalities may issue zero coupon securities which are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or a specified date when the securities begin paying current interest. They are issued and traded at a discount from their face amount or par value, which discount varies depending on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security, and the perceived credit quality of the issuer.

Pre-refunded/Escrowed to maturity bonds — From time to time, a municipality may refund a bond that it has already issued prior to, or in the case of escrowed to maturity bonds on, the original bond’s call or maturity date by issuing a second bond, the proceeds of which are typically used to purchase securities of the U.S. government (including its agencies and instrumentalities). The U.S. government securities are placed in an escrow account. The original bonds then become "pre-refunded" or "escrowed to maturity" and while the security is still tax-exempt, the proceeds of the escrow account act as collateral and the original bonds are considered high-quality in nature as a result. The principal and interest payments on the escrowed securities are then used to pay off the original bondholders on the call or maturity date. The escrow account securities do not guarantee the price movement of the bond before maturity. Investment in pre-refunded and escrowed to maturity bonds held by the fund may subject the fund to interest rate risk, market risk and credit risk. For purposes of diversification, pre-refunded and escrowed to maturity bonds will be treated as U.S. governmental issues.

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Derivatives — In pursuing its investment objective, the underlying fund may invest in derivative instruments. A derivative is a financial instrument, the value of which depends on, or is otherwise derived from, another underlying variable. Most often, the variable underlying a derivative is the price of a traded asset, such as a traditional cash security (e.g., a stock or bond), a currency or a commodity; however, the value of a derivative can be dependent on almost any variable, from the level of an index or a specified rate to the occurrence (or non-occurrence) of a credit event with respect to a specified reference asset. In addition to investing in forward currency contracts and currency options, as described under “Currency transactions,” the underlying fund may take positions in futures contracts and options on futures contracts and swaps, each of which is a derivative instrument described in greater detail below.

Derivative instruments may be distinguished by the manner in which they trade: some are standardized instruments that trade on an organized exchange while others are individually negotiated and traded in the over-the-counter (OTC) market. Derivatives also range broadly in complexity, from simple derivatives to more complex instruments. As a general matter, however, all derivatives — regardless of the manner in which they trade or their relative complexities — entail certain risks, some of which are different from, and potentially greater than, the risks associated with investing directly in traditional cash securities.

As is the case with traditional cash securities, derivative instruments are generally subject to counterparty credit risk; however, in some cases, derivatives may pose counterparty risks greater than those posed by cash securities. The use of derivatives involves the risk that a loss may be sustained by the underlying fund as a result of the failure of the underlying fund’s counterparty to make required payments or otherwise to comply with its contractual obligations. For some derivatives, though, the value of — and, in effect, the return on — the instrument may be dependent on both the individual credit of the underlying fund’s counterparty and on the credit of one or more issuers of any underlying assets. If the underlying fund does not correctly evaluate the creditworthiness of its counterparty and, where applicable, of issuers of any underlying reference assets, the underlying fund’s investment in a derivative instrument may result in losses. Further, if an underlying fund’s counterparty were to default on its obligations, the underlying fund’s contractual remedies against such counterparty may be subject to applicable bankruptcy and insolvency laws, which could affect the underlying fund’s rights as a creditor and delay or impede the underlying fund’s ability to receive the net amount of payments that it is contractually entitled to receive. Derivative instruments are subject to additional risks, including operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

The value of some derivative instruments in which the underlying fund invests may be particularly sensitive to changes in prevailing interest rates, currency exchange rates or other market conditions. Like the underlying fund’s other investments, the ability of the underlying fund to successfully utilize such derivative instruments may depend in part upon the ability of the underlying fund’s investment adviser to accurately forecast interest rates and other economic factors. The success of the underlying fund’s derivative investment strategy will also depend on the investment adviser’s ability to assess and predict the impact of market or economic developments on the derivative instruments in which the underlying fund invests, in some cases without having had the benefit of observing the performance of a derivative under all possible market conditions. If the investment adviser incorrectly forecasts such factors and has taken positions in derivative instruments contrary to prevailing market trends, or if the investment adviser incorrectly predicts the impact of developments on a derivative instrument, the underlying fund could suffer losses.

Certain derivatives may also be subject to liquidity and valuation risks. The potential lack of a liquid secondary market for a derivative (and, particularly, for an OTC derivative, including swaps and OTC options) may cause difficulty in valuing or selling the instrument. If a derivative transaction is particularly large or if the relevant market is illiquid, as is often the case with many privately-negotiated

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OTC derivatives, the underlying fund may not be able to initiate a transaction or to liquidate a position at an advantageous time or price. Particularly when there is no liquid secondary market for the underlying fund’s derivative positions, the underlying fund may encounter difficulty in valuing such illiquid positions. The value of a derivative instrument does not always correlate perfectly with its underlying asset, rate or index, and many derivatives, and OTC derivatives in particular, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the underlying fund.

Because certain derivative instruments may obligate the underlying fund to make one or more potential future payments, which could significantly exceed the value of the underlying fund’s initial investments in such instruments, derivative instruments may also have a leveraging effect on the underlying fund’s portfolio. Certain derivatives have the potential for unlimited loss, irrespective of the size of the underlying fund’s investment in the instrument. When an underlying fund leverages its portfolio, investments in that underlying fund will tend to be more volatile, resulting in larger gains or losses in response to market changes.

The underlying fund’s compliance with the SEC’s rule applicable to the underlying fund’s use of derivatives may limit the ability of the underlying fund to use derivatives as part of its investment strategy. The rule deems an underlying fund that uses derivatives only in a limited manner as a limited derivatives user and requires that such underlying fund adopt and implement written policies and procedures reasonably designed to manage the underlying fund’s derivatives risks. The rule also requires that an underlying fund that uses derivatives in more than a limited manner adopt a derivatives risk management program, appoint a derivatives risk manager and comply with an outer limit on leverage based on value at risk, or “VaR”. VaR is an estimate of an instrument’s or portfolio’s potential losses over a given time horizon (i.e., 20 trading days) and at a specified confidence level (i.e., 99%). VaR will not provide, and is not intended to provide, an estimate of an instrument’s or portfolio’s maximum potential loss amount. For example, a VaR of 5% with a specified confidence level of 99% would mean that a VaR model estimates that 99% of the time an underlying fund would not be expected to lose more than 5% of its total assets over the given time period. However, 1% of the time, the underlying fund would be expected to lose more than 5% of its total assets, and in such a scenario the VaR model does not provide an estimate of the extent of this potential loss. The derivatives rule may not be effective in limiting the underlying fund’s risk of loss, as measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the underlying fund’s derivatives or other investments. An underlying fund is generally required to satisfy the rule’s outer limit on leverage by limiting the underlying fund’s VaR to 200% of the VaR of a designated reference portfolio that does not utilize derivatives each business day. If an underlying fund does not have an appropriate designated reference portfolio in light of the underlying fund’s investments, investment objectives and strategy, an underlying fund must satisfy the rule’s outer limit on leverage by limiting the underlying fund’s VaR to 20% of the value of the underlying fund’s net assets each business day.

Options — The underlying fund may invest in option contracts, including options on futures and options on currencies, as described in more detail under “Futures and Options on Futures” and “Currency Transactions,” respectively. An option contract is a contract that gives the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

By purchasing a put option, the underlying fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price, which is also referred to as the

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strike price. In return for this right, the underlying fund pays the current market price, or the option premium, for the option. The underlying fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the underlying fund will lose the entire amount of the option premium paid. If the option is exercised, the underlying fund completes the sale of the underlying instrument (or cash settles) at the strike price. The underlying fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

As a buyer of a put option, the underlying fund can expect to realize a gain if the price of the underlying currency or instrument falls substantially. However, if the price of the underlying currency or instrument does not fall enough to offset the cost of purchasing the option, the underlying fund can expect to suffer a loss, albeit a loss limited to the amount of the option premium plus any applicable transaction costs.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified strike price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the strike price for the option’s underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the strike price while the option is outstanding, regardless of price changes.

If the price of the underlying currency or instrument rises, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If the price of the underlying currency or instrument remains the same over time, it is likely that the writer would also profit because it should be able to close out the option at a lower price. This is because an option’s value decreases with time as the currency or instrument approaches its expiration date. If the price of the underlying currency or instrument falls, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing the underlying currency or instrument directly, however, because the premium received for writing the option should mitigate the effects of the decline.

Writing a call option obligates the writer to, upon exercise of the option, deliver the option’s underlying currency or instrument in return for the strike price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Several risks are associated with transactions in options on currencies, securities and other instruments (referred to as the “underlying instruments”). For example, there may be significant differences between the underlying instruments and options markets that could result in an imperfect correlation between these markets, which could cause a given

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transaction not to achieve its objectives. When a put or call option on a particular underlying instrument is purchased to hedge against price movements in a related underlying instrument, for example, the price to close out the put or call option may move more or less than the price of the related underlying instrument.

Options prices can diverge from the prices of their underlying instruments for a number of reasons. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in the volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices in the same way. Imperfect correlation may also result from differing levels of demand in the options markets and the markets for the underlying instruments, from structural differences in how options and underlying instruments are traded, or from imposition of daily price fluctuation limits or trading halts. The underlying fund may purchase or sell options contracts with a greater or lesser value than the underlying instruments it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the underlying instruments, although this may not be successful. If price changes in the underlying fund’s options positions are less correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

There is no assurance that a liquid market will exist for any particular options contract at any particular time. Options may have relatively low trading volumes and liquidity if their strike prices are not close to the current prices of the underlying instruments. In addition, exchanges may establish daily price fluctuation limits for exchange-traded options contracts and may halt trading if a contract’s price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible to enter into new positions or to close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions and could potentially require the underlying fund to hold a position until delivery or expiration regardless of changes in its value.

Combined positions involve purchasing and writing options in combination with each other, or in combination with futures or forward contracts, in order to adjust the risk and return profile of the underlying fund’s overall position. For example, purchasing a put option and writing a call option on the same underlying instrument could construct a combined position with risk and return characteristics similar to selling a futures contract (but with leverage embedded). Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower strike price to reduce the risk of the written call option in the event of a substantial price increase. Because such combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

Futures and options on futures — The underlying fund may enter into futures contracts and options on futures contracts to seek to manage the underlying fund’s interest rate sensitivity by increasing or decreasing the duration of the underlying fund or a portion of the underlying fund’s portfolio. A futures contract is an agreement to buy or sell a security or other financial instrument (the “reference asset”) for a set price on a future date. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. Futures contracts and options on futures contracts are standardized, exchange-traded contracts, and, when such contracts are bought or sold, the underlying fund will incur brokerage fees and will be required to maintain margin deposits.

Unlike when the underlying fund purchases or sells a security, such as a stock or bond, no price is paid or received by the underlying fund upon the purchase or sale of a futures

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contract. When the underlying fund enters into a futures contract, the underlying fund is required to deposit with its futures broker, known as a futures commission merchant (FCM), a specified amount of liquid assets in a segregated account in the name of the FCM at the applicable derivatives clearinghouse or exchange. This amount, known as initial margin, is set by the futures exchange on which the contract is traded and may be significantly modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the underlying fund upon termination of the contract, assuming all contractual obligations have been satisfied. Additionally, on a daily basis, the underlying fund pays or receives cash, or variation margin, equal to the daily change in value of the futures contract. Variation margin does not represent a borrowing or loan by the underlying fund but is instead a settlement between the underlying fund and the FCM of the amount one party would owe the other if the futures contract expired. In computing daily net asset value, the underlying fund will mark-to-market its open futures positions. An underlying fund is also required to deposit and maintain margin with an FCM with respect to put and call options on futures contracts written by the underlying fund. Such margin deposits will vary depending on the nature of the underlying futures contract (and related initial margin requirements), the current market value of the option, and other futures positions held by the underlying fund. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of the underlying fund, the underlying fund may be entitled to return of margin owed to it only in proportion to the amount received by the FCM’s other customers, potentially resulting in losses to the underlying fund. An event of bankruptcy or insolvency at a clearinghouse or exchange holding initial margin could also result in losses for the underlying fund.

When the underlying fund invests in futures contracts and options on futures contracts and deposits margin with an FCM, the underlying fund becomes subject to so-called “fellow customer” risk – that is, the risk that one or more customers of the FCM will default on their obligations and that the resulting losses will be so great that the FCM will default on its obligations and margin posted by one customer, such as the underlying fund, will be used to cover a loss caused by a different defaulting customer. Applicable rules generally prohibit the use of one customer’s funds to meet the obligations of another customer and limit the ability of an FCM to use margin posed by non-defaulting customers to satisfy losses caused by defaulting customers. As a general matter, an FCM is required to use its own funds to meet a defaulting customer’s obligations. While a customer’s loss would likely need to be substantial before non-defaulting customers would be exposed to loss on account of fellow customer risk, applicable rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud or other causes. If the loss is so great that, notwithstanding the application of an FCM’s own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the FCM could default and be placed into bankruptcy. Under these circumstances, bankruptcy law provides that non-defaulting customers will share pro rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another FCM more difficult.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the reference asset, in practice, most futures contracts are usually closed out before the delivery date by offsetting purchases or sales of matching futures contracts. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical reference asset and the same delivery date. If the offsetting purchase price is less than the original sale price (in each case taking into account transaction costs, including brokerage fees), the underlying fund realizes a gain; if it is more, the underlying fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price (in each case

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taking into account transaction costs, including brokerage fees), the underlying fund realizes a gain; if it is less, the underlying fund realizes a loss.

The underlying fund may purchase and write call and put options on futures. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract, and the writer is assigned the opposite short position. The opposite is true in the case of a put option. A call option is “in the money” if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is “in the money” if the exercise price exceeds the value of the futures contract that is the subject of the option. See also “Options” above for a general description of investment techniques and risks relating to options.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying reference asset. Purchasing futures contracts will, therefore, tend to increase the underlying fund’s exposure to positive and negative price fluctuations in the reference asset, much as if the underlying fund had purchased the reference asset directly. When the underlying fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market for the reference asset. Accordingly, selling futures contracts will tend to offset both positive and negative market price changes, much as if the reference asset had been sold.

There is no assurance that a liquid market will exist for any particular futures or futures options contract at any particular time. Futures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract’s price moves upward or downward more than the limit in a given day. On volatile trading days, when the price fluctuation limit is reached and a trading halt is imposed, it may be impossible to enter into new positions or close out existing positions. If the market for a futures contract is not liquid because of price fluctuation limits or other market conditions, the underlying fund may be prevented from promptly liquidating unfavorable futures positions and the underlying fund could be required to continue to hold a position until delivery or expiration regardless of changes in its value, potentially subjecting the underlying fund to substantial losses. Additionally, the underlying fund may not be able to take other actions or enter into other transactions to limit or reduce its exposure to the position. Under such circumstances, the underlying fund would remain obligated to meet margin requirements until the position is cleared. As a result, the underlying fund’s access to other assets posted as margin for its futures positions could also be impaired.

Although futures exchanges generally operate similarly in the United States and abroad, foreign futures exchanges may follow trading, settlement and margin procedures that are different than those followed by futures exchanges in the United States. Futures and futures options contracts traded outside the United States may not involve a clearing mechanism or related guarantees and may involve greater risk of loss than U.S.-traded contracts, including potentially greater risk of losses due to insolvency of a futures broker, exchange member, or other party that may owe initial or variation margin to the underlying fund. Margin requirements on foreign futures exchanges may be different than those of futures exchanges in the United States, and, because initial and variation margin payments may be measured in foreign currency, a futures or futures options contract traded outside the United States may also involve the risk of foreign currency fluctuations.

Swaps — The underlying fund may enter into swaps, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return.

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Swaps can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. For example, standardized interest rate swaps and credit default swap indices are traded on SEFs and cleared. Other forms of swaps, such as total return swaps, are entered into on a bilateral basis. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the underlying fund enters into bilaterally negotiated swap transactions, the underlying fund will enter into swaps only with counterparties that meet certain credit standards and have agreed to specific collateralization procedures; however, if the counterparty’s creditworthiness deteriorates rapidly and the counterparty defaults on its obligations under the swap or declares bankruptcy, the underlying fund may lose any amount it expected to receive from the counterparty. In addition, bilateral swaps are subject to certain regulatory margin requirements that mandate the posting and collection of minimum margin amounts, which may result in the underlying fund and its counterparties posting higher margin amounts for bilateral swaps than would otherwise be the case.

The term of a swap can be days, months or years and certain swaps may be less liquid than others. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Swaps can take different forms. The underlying fund may enter into the following types of swaps:

Interest rate swaps — An underlying fund may enter into interest rate swaps to seek to manage the interest rate sensitivity of the underlying fund by increasing or decreasing the duration of the underlying fund or a portion of the underlying fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, an underlying fund’s current obligation or right under the swap is generally equal to the net amount to be paid or received under the swap based on the relative value of the position held by each party.

In addition to the risks of entering into swaps discussed above, the use of interest rate swaps involves the risk of losses if interest rates change.

Total return swaps — The underlying fund may enter into total return swaps in order to gain exposure to a market or security without owning or taking physical custody of such security or investing directly in such market. A total return swap is an agreement in which one party agrees to make periodic payments to the other party based on the change in market value of the assets underlying the contract during the specified term

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in exchange for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. The asset underlying the contract may be a single security, a basket of securities or a securities index. Like other swaps, the use of total return swaps involves certain risks, including potential losses if a counterparty defaults on its payment obligations to the underlying fund or the underlying assets do not perform as anticipated. There is no guarantee that entering into a total return swap will deliver returns in excess of the interest costs involved and, accordingly, the underlying fund’s performance may be lower than would have been achieved by investing directly in the underlying assets.

Credit default swap indices — In order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks, an underlying fund may invest in credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”). A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party — the protection buyer — is obligated to pay the other party — the protection seller — a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits. Also, if a restructuring credit event occurs in an iTraxx index, the underlying fund as protection buyer may receive a single name credit default swap (CDS) contract representing the relevant constituent.

An underlying fund may enter into a CDSI transaction as either protection buyer or protection seller. If the underlying fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the underlying fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the underlying fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the underlying fund, coupled with the periodic payments previously received by the underlying fund, may be less than the full notional value that the underlying fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the underlying fund. Furthermore, as a protection seller, the underlying fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction.

The use of CDSI, like all other swaps, is subject to certain risks, including the risk that an underlying fund’s counterparty will default on its obligations. If such a default were to occur, any contractual remedies that the underlying fund might have may be subject to applicable bankruptcy laws, which could delay or limit the underlying fund’s recovery. Thus, if an underlying fund’s counterparty to a CDSI transaction defaults on its obligation to make payments thereunder, the underlying fund may lose such payments altogether or collect only a portion thereof, which collection could involve substantial costs or delays.

Additionally, when an underlying fund invests in a CDSI as a protection seller, the underlying fund will be indirectly exposed to the creditworthiness of issuers of the underlying reference obligations in the index. If the investment adviser to the

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underlying fund does not correctly evaluate the creditworthiness of issuers of the underlying instruments on which the CDSI is based, the investment could result in losses to the underlying fund.

Currency transactions — An underlying fund may enter into currency transactions on a spot (i.e., cash) basis at the prevailing rate in the currency exchange market to provide for the purchase or sale of a currency needed to purchase a security denominated in such currency. In addition, an underlying fund may enter into forward currency contracts and may purchase and sell options on currencies to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Some forward currency contracts, called non-deliverable forwards or NDFs, do not call for physical delivery of the currency and are instead settled through cash payments. Forward currency contracts are typically privately negotiated and traded in the interbank market between large commercial banks (or other currency traders) and their customers. Although forward contracts entered into by an underlying fund will typically involve the purchase or sale of a currency against the U.S. dollar, the underlying fund also may purchase or sell a non-U.S. currency against another non-U.S. currency.

An underlying fund may also purchase or write put and call options on foreign currencies on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options, to the extent not exercised, will expire and the underlying fund, as the purchaser, would experience a loss to the extent of the premium paid for the option. Instead of purchasing a call option to hedge against an anticipated increase in the dollar cost of securities to be acquired, the underlying fund could write a put option on the relevant currency, which, if exchange rates move in the manner projected, will expire unexercised and allow the underlying fund to hedge such increased cost up to the amount of the premium. As in the case of other types of options, however, writing a currency option will provide a hedge only up to the amount of the premium, and only if exchange rates move in the expected direction. If this does not occur, the option may be exercised and the underlying fund would be required to purchase or sell the underlying currency at a loss that may not be offset by the amount of the premium. Through the writing of options on foreign currencies, the underlying fund also may be required to forego all or a portion of the benefit that might otherwise have been obtained from favorable movements in exchange rates. OTC options are bilateral contracts that are individually negotiated and they are generally less liquid than exchange-traded options. Although this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options generally involve credit risk to the counterparty, whereas for exchange-traded options, credit risk is mutualized through the involvement of the applicable clearing house. Currency options traded on exchanges may be subject to position limits, which may limit the ability of the underlying fund to reduce currency risk using such options. To the extent that the U.S. options markets are closed while the markets for the underlying currencies remain open, substantial price and rate movements may take place in the currency markets that cannot be reflected in the U.S. options markets. See also “Options” for a general description of investment techniques and risks relating to options.

Currency exchange rates generally are determined by forces of supply and demand in the foreign exchange markets and the relative merits of investment in different countries as viewed from an international perspective. Currency exchange rates, as well as foreign currency transactions, can also be affected unpredictably by intervention by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Such intervention or other events could prevent an underlying fund from entering into foreign currency transactions, force an

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underlying fund to exit such transactions at an unfavorable time or price or result in penalties to an underlying fund, any of which may result in losses to an underlying fund.

Generally, an underlying fund will not attempt to protect against all potential changes in exchange rates and the use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities. If the value of the underlying securities declines or the amount of an underlying fund’s commitment increases because of changes in exchange rates, the underlying fund may need to provide additional cash or securities to satisfy its commitment under the forward contract. An underlying fund is also subject to the risk that it may be delayed or prevented from obtaining payments owed to it under the forward contract as a result of the insolvency or bankruptcy of the counterparty with which it entered into the forward contract or the failure of the counterparty to comply with the terms of the contract.

The realization of gains or losses on foreign currency transactions will usually be a function of the investment adviser’s ability to accurately estimate currency market movements. Entering into forward currency transactions may change the underlying fund’s exposure to currency exchange rates and could result in losses to the underlying fund if currencies do not perform as expected by the fund’s investment adviser. For example, if the underlying fund’s investment adviser increases a fund’s exposure to a foreign currency using forward contracts and that foreign currency’s value declines, the underlying fund may incur a loss. In addition, while entering into forward currency transactions could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency. See also the “Derivatives” section under "Description of certain securities, investment techniques and risks" for a general description of investment techniques and risks relating to derivatives, including certain currency forwards and currency options.

Forward currency contracts may give rise to leverage, or exposure to potential gains and losses in excess of the initial amount invested. Leverage magnifies gains and losses and could cause an underlying fund to be subject to more volatility than if it had not been leveraged, thereby resulting in a heightened risk of loss. Forward currency contracts are considered derivatives. Accordingly, under the SEC’s rule applicable to an underlying fund’s use of derivatives, the underlying fund’s obligations with respect to these instruments will depend on the underlying fund’s aggregate usage of and exposure to derivatives, and the underlying fund’s usage of forward currency contracts is subject to written policies and procedures reasonably designed to manage the underlying fund’s derivatives risk.

Forward currency transactions also may affect the character and timing of income, gain, or loss recognized by the underlying fund for U.S. tax purposes. The use of forward currency contracts could result in the application of the mark-to-market provisions of the Internal Revenue Code of 1986, as amended (the "Code") and may cause an increase (or decrease) in the amount of taxable dividends paid by an underlying fund.

Indirect exposure to cryptocurrencies – Cryptocurrencies are currencies which exist in a digital form and may act as a store of wealth, a medium of exchange or an investment asset. There are thousands of cryptocurrencies, such as bitcoin. Although the underlying funds have no current intention of directly investing in cryptocurrencies, some issuers have begun to accept cryptocurrency for payment of services, use cryptocurrencies as reserve assets or invest in cryptocurrencies, and the underlying funds may invest in securities of such issuers. An underlying fund may also invest in securities of issuers which provide cryptocurrency-related services.

Cryptocurrencies are subject to fluctuations in value. Cryptocurrencies are not backed by any government, corporation or other identified body. Rather, the value of a cryptocurrency is determined by other factors, such as the perceived future prospects or the supply and demand for such cryptocurrency in the global market for the trading of cryptocurrency. Such trading markets are

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unregulated and may be more exposed to operational or technical issues as well as fraud or manipulation in comparison to established, regulated exchanges for securities, derivatives and traditional currencies. The value of a cryptocurrency may decline precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a loss of confidence in its network or a change in user preference to other cryptocurrencies. An issuer that owns cryptocurrencies may experience custody issues, and may lose its cryptocurrency holdings through theft, hacking, or technical glitches in the applicable blockchain. An underlying fund may experience losses as a result of the decline in value of its securities of issuers that own cryptocurrencies or which provide cryptocurrency-related services. If an issuer that owns cryptocurrencies intends to pay a dividend using such holdings or to otherwise make a distribution of such holdings to its stockholders, such dividends or distributions may face regulatory, operational and technical issues.

Factors affecting the further development of cryptocurrency include, but are not limited to: continued worldwide growth of, or possible cessation of or reversal in, the adoption and use of cryptocurrencies and other digital assets; the developing regulatory environment relating to cryptocurrencies, including the characterization of cryptocurrencies as currencies, commodities, or securities, the tax treatment of cryptocurrencies, and government and quasi-government regulation or restrictions on, or regulation of access to and operation of, cryptocurrency networks and the exchanges on which cryptocurrencies trade, including anti-money laundering regulations and requirements; perceptions regarding the environmental impact of a cryptocurrency; changes in consumer demographics and public preferences; general economic conditions; maintenance and development of open-source software protocols; the availability and popularity of other forms or methods of buying and selling goods and services; the use of the networks supporting digital assets, such as those for developing smart contracts and distributed applications; and general risks tied to the use of information technologies, including cyber risks. A hack or failure of one cryptocurrency may lead to a loss in confidence in, and thus decreased usage and/or value of, other cryptocurrencies.

Forward commitment, when issued and delayed delivery transactions — An underlying fund may enter into commitments to purchase or sell securities at a future date. When an underlying fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement. If the other party to such a transaction fails to deliver or pay for the securities, the underlying fund could miss a favorable price or yield opportunity, or could experience a loss.

Certain underlying funds may enter into roll transactions, such as a mortgage dollar roll where an underlying fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price. During the period between the sale and repurchase (the “roll period”), an underlying fund forgoes principal and interest paid on the mortgage-backed securities. An underlying fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”), if any, as well as by the interest earned on the cash proceeds of the initial sale. An underlying fund could suffer a loss if the contracting party fails to perform the future transaction and an underlying fund is therefore unable to buy back the mortgage-backed securities it initially sold. An underlying fund also takes the risk that the mortgage-backed securities that it repurchases at a later date will have less favorable market characteristics than the securities originally sold (e.g., greater prepayment risk). These transactions are accounted for as purchase and sale transactions, which contribute to an underlying fund’s portfolio turnover rate.

With to be announced (TBA) transactions, the particular securities (i.e., specified mortgage pools) to be delivered or received are not identified at the trade date, but are “to be announced” at a later settlement date. However, securities to be delivered must meet specified criteria, including face value, coupon rate and maturity, and be within industry-accepted “good delivery” standards.

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An underlying fund will not use these transactions for the purpose of leveraging. Although these transactions will not be entered into for leveraging purposes, the underlying fund temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject to market risk). Should market values of the underlying fund’s portfolio securities decline while the underlying fund is in a leveraged position, greater depreciation of its net assets would likely occur than if it were not in such a position. An underlying fund will not borrow money to settle these transactions and, therefore, will liquidate other portfolio securities in advance of settlement if necessary to generate additional cash to meet its obligations. After a transaction is entered into, an underlying fund may still dispose of or renegotiate the transaction. Additionally, prior to receiving delivery of securities as part of a transaction, an underlying fund may sell such securities.

Repurchase agreements — An underlying fund may enter into repurchase agreements, or “repos”, under which the underlying fund buys a security and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased constitutes collateral for the repurchase obligation, a repo may be considered a loan by an underlying fund that is collateralized by the security purchased. Repos permit an underlying fund to maintain liquidity and earn income over periods of time as short as overnight.

The seller must maintain with a custodian collateral equal to at least the repurchase price, including accrued interest. In tri-party repos, a third party custodian, called a clearing bank, facilitates repo clearing and settlement, including by providing collateral management services. However, as an alternative to tri-party repos, an underlying fund could enter into bilateral repos, where the parties themselves are responsible for settling transactions.

An underlying fund will only enter into repos involving securities of the type in which it could otherwise invest. If the seller under the repo defaults, the underlying fund may incur a loss if the value of the collateral securing the repo has declined and may incur disposition costs and delays in connection with liquidating the collateral. If bankruptcy proceedings are commenced with respect to the seller, realization of the collateral by the underlying fund may be delayed or limited.

An underlying fund may also enter into “roll” transactions. A “roll” transaction involves the sale of mortgage-backed or other securities together with a commitment to purchase similar, but not identical, securities at a later date. An underlying fund assumes the risk of price and yield fluctuations during the time of the commitment.

Under the SEC’s rule applicable to the underlying fund's use of derivatives, when issued, forward-settling and nonstandard settlement cycle securities, as well as TBAs and roll transactions, will be treated as derivatives unless the fund intends to physically settle these transactions and the transactions will settle within 35 days of their respective trade dates.

Inflation-linked bonds — An underlying fund may invest in inflation-linked bonds issued by governments, their agencies or instrumentalities and corporations.

The principal amount of an inflation-linked bond is adjusted in response to changes in the level of an inflation index, such as the Consumer Price Index for Urban Consumers (“CPURNSA”). If the index measuring inflation falls, the principal value or coupon of these securities will be adjusted downward. Consequently, the interest payable on these securities will be reduced. Also, if the principal value of these securities is adjusted according to the rate of inflation, the adjusted principal value repaid at maturity may be less than the original principal. In the case of U.S. Treasury Inflation-Protected Securities (“TIPS”), currently the only inflation-linked security that is issued by the U.S Treasury, the principal amounts are adjusted daily based upon changes in the rate of inflation (as currently represented by the non-seasonally adjusted CPURNSA, calculated with a three-month lag). TIPS may pay interest semi-annually, equal to a fixed percentage of the inflation-adjusted principal amount. The

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interest rate on these bonds is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal amount that has been adjusted for inflation. The current market value of TIPS is not guaranteed and will fluctuate. However, the U.S. government guarantees that, at maturity, principal will be repaid at the higher of the original face value of the security (in the event of deflation) or the inflation adjusted value.

Other non-U.S. sovereign governments also issue inflation-linked securities that are tied to their own local consumer price indexes and that offer similar deflationary protection. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Corporations also periodically issue inflation-linked securities tied to CPURNSA or similar inflationary indexes. While TIPS and non-U.S. sovereign inflation-linked securities are currently the largest part of the inflation-linked market, an underlying fund may invest in corporate inflation-linked securities.

The value of inflation-linked securities is expected to change in response to the changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. If inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in value of the inflation-linked securities. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-linked securities. There can be no assurance, however, that the value of inflation-linked securities will be directly correlated to the changes in interest rates. If interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the security’s inflation measure.

The interest rate for inflation-linked bonds is fixed at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise and fall as the principal amount of the bonds adjusts in response to movements of the consumer price index. For example, typically interest income would rise during a period of inflation and fall during a period of deflation.

The market for inflation-linked securities may be less developed or liquid, and more volatile, than certain other securities markets. There is a limited number of inflation-linked securities currently available for an underlying fund to purchase, making the market less liquid and more volatile than the U.S. Treasury and agency markets.

Maturity — The maturity of a debt instrument is normally its ultimate maturity date unless it is likely that a maturity shortening device (such as a call, put, refunding or redemption provision) will cause the debt instrument to be repaid. The investment adviser seeks to anticipate movements in interest rates and may adjust the maturity distribution of an underlying fund’s portfolio accordingly. Keeping in mind the underlying fund’s objective, the investment adviser may increase the underlying fund’s exposure to price volatility when it appears likely to increase current income without undue risk of capital losses. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates in making investment selections for the underlying fund. Under normal market conditions, longer term securities yield more than shorter term securities, but are subject to greater price fluctuations.

Reinsurance related notes and bonds — An underlying fund may invest in reinsurance related notes and bonds. These instruments, which are typically issued by special purpose reinsurance companies, transfer an element of insurance risk to the note or bond holders. For example, such a note or bond could provide that the reinsurance company would not be required to repay all or a portion of the principal value of the note or bond if losses due to a catastrophic event under the policy (such as a major hurricane) exceed certain dollar thresholds. Consequently, an underlying fund may lose the entire amount of its investment in such bonds or notes if such an event occurs and losses exceed certain dollar thresholds. In this instance, investors would have no recourse against the insurance

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company. These instruments may be issued with fixed or variable interest rates and rated in a variety of credit quality categories by the rating agencies.

Variable and floating rate obligations — The interest rates payable on certain securities and other instruments in which an underlying fund may invest may not be fixed but may fluctuate based upon changes in market interest rates or credit ratings. Variable and floating rate obligations bear coupon rates that are adjusted at designated intervals, based on the then current market interest rates or credit ratings. The rate adjustment features tend to limit the extent to which the market value of the obligations will fluctuate. When an underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares.

The London Interbank Offered Rate (“LIBOR”) is one of the most widely used interest rate benchmarks and is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On July 27, 2017, the U.K. Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. On March 5, 2021, the FCA and ICE Benchmark Administration, Limited (IBA), the administrator of LIBOR, announced that the publication of the one-week and two-month USD LIBOR maturities and non-USD LIBOR maturities will cease immediately after December 31, 2021, with the remaining USD LIBOR maturities ceasing immediately after June 30, 2023. As a result, LIBOR may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on certain loans, bonds, derivatives and other instruments in the fund’s portfolio.

Public and private sector industry initiatives have been underway to identify new or alternative reference rates to be used in place of LIBOR. In the US, the Alternative Reference Rates Committee (ARCC), a group of market participants convened to help ensure a successful transition away from USD LIBOR, has identified the Secured Overnight Financing Rate (“SOFR”), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as its preferred alternative rate. Working groups and regulators in other countries have suggested other alternative rates for their markets. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. This, in turn, may affect the value or return on certain of the underlying funds’ investments, result in costs incurred in connection with closing out positions and entering into new trades and reduce the effectiveness of related fund transactions such as hedges. Relatedly, there are outstanding contracts governing bonds and other instruments which reference LIBOR that are due to mature beyond the LIBOR cessation date. These “legacy contracts” will need to be transitioned to an alternative reference rate, and a failure to do so may adversely impact the security (for example, under existing contract language the instrument could fall back to a fixed rate or have no fallback rate) and create contractual uncertainty, as well as market and litigation risk. Although there are ongoing efforts among certain government entities and other organizations to address these uncertainties, the ultimate effectiveness of such efforts is not yet known. These risks may also apply with respect to potential changes in connection with other interbank offering rates (e.g., Euribor) and other indices, rates and values that may be used as “benchmarks” and are the subject of recent regulatory reform.

Lower rated debt securities — Lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, are described by the rating agencies as speculative and involve greater risk of default or price changes due to changes in the issuer’s creditworthiness than higher rated debt securities, or they may already be in default. Such securities are sometimes referred to as “junk bonds” or high yield bonds. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. It may be more difficult to dispose of, and to determine the value of, lower rated debt securities. Investment

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grade bonds in the ratings categories A or Baa/BBB also may be more susceptible to changes in market or economic conditions than bonds rated in the highest rating categories.

Certain additional risk factors relating to debt securities are discussed below:

Sensitivity to interest rate and economic changes — Debt securities may be sensitive to economic changes, political and corporate developments, and interest rate changes. In addition, during an economic downturn or a period of rising interest rates, issuers that are highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities and derivative instruments. As discussed under “Market conditions” above in this statement of additional information, governments and quasi-governmental authorities may take actions to support local and global economies and financial markets during periods of economic crisis, including direct capital infusions into companies, new monetary programs and significantly lower interest rates. Such actions may expose fixed income markets to heightened volatility and may reduce liquidity for certain investments, which could cause the value of an underlying fund’s portfolio to decline.

Payment expectations — Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market, an underlying fund may have to replace the security with a lower yielding security, resulting in decreased income to investors. If the issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings, an underlying fund may incur losses or expenses in seeking recovery of amounts owed to it.

Liquidity and valuation — There may be little trading in the secondary market for particular debt securities, which may affect adversely an underlying fund’s ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of debt securities.

Depositary receipts — Depositary receipts are securities that evidence ownership interests in, and represent the right to receive, a security or a pool of securities that have been deposited with a bank or trust depository. An underlying fund may invest in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”), and other similar securities. For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a non-U.S. entity. For other depositary receipts, the depository may be a non-U.S. or a U.S. entity, and the underlying securities may be issued by a non-U.S. or a U.S. entity. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. Other depositary receipts, such as EDRs and GDRs, may be issued in bearer form, may be denominated in either U.S. dollars or in non-U.S. currencies, and are primarily designed for use in securities markets outside the United States. ADRs, EDRs and GDRs can be sponsored by the issuing bank or trust company or the issuer of the underlying securities. Although the issuing bank or trust company may impose charges for the collection of dividends and the conversion of such securities into the underlying securities, generally no fees are imposed on the purchase or sale of these securities other than transaction fees ordinarily involved with trading stock. Such securities may be less liquid or may trade at a lower price than the underlying securities of the issuer. Additionally, the issuers of securities underlying depositary receipts may not be obligated to timely disclose information that is considered material under the securities laws of the United States. Therefore, less information may be available regarding these issuers than about the issuers of other securities and there may not be a correlation between such information and the market value of the depositary receipts.

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Options on U.S. Treasury Securities – An underlying fund may purchase put and call options on U.S. Treasury securities (“Treasury securities”). A put (call) option gives the underlying fund as purchaser of the option the right (but not the obligation) to sell (buy) a specified amount of Treasury securities at the exercise price until the expiration of the option. The value of a put (call) option on Treasury securities generally increases (decreases) with an increase (decrease) in prevailing interest rates. Accordingly, the underlying fund would purchase puts (calls) in anticipation of, or to protect against, an increase in interest rates. These options are listed on an exchange or traded over-the-counter (“OTC options”). Exchange-traded options have standardized exercise prices and expiration dates; OTC options are two-party contracts with negotiated exercise prices and expiration dates. OTC options differ from exchange-traded options in that OTC options are transacted with dealers directly and not through a clearing corporation (which guarantees performance). Consequently, there is a risk of non-performance by the dealer. Since no exchange is involved, OTC options are valued on the basis of a quote provided by the dealer. In the case of OTC options, there can be no assurance that a liquid secondary market will exist for any particular option at any specific time.

Loan assignments and participations — An underlying fund may invest in loans or other forms of indebtedness that represent interests in amounts owed by corporations or other borrowers (collectively “borrowers”). The investment adviser defines debt securities to include investments in loans, such as loan assignments and participations. Loans may be originated by the borrower in order to address its working capital needs, as a result of a reorganization of the borrower’s assets and liabilities (recapitalizations), to merge with or acquire another company (mergers and acquisitions), to take control of another company (leveraged buy-outs), to provide temporary financing (bridge loans), or for other corporate purposes. Most corporate loans are variable or floating rate obligations.

Some loans may be secured in whole or in part by assets or other collateral. In other cases, loans may be unsecured or may become undersecured by declines in the value of assets or other collateral securing such loan. The greater the value of the assets securing the loan the more the lender is protected against loss in the case of nonpayment of principal or interest. Loans made to highly leveraged borrowers may be especially vulnerable to adverse changes in economic or market conditions and may involve a greater risk of default.

Some loans may represent revolving credit facilities or delayed funding loans, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the underlying fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid).

Some loans may represent debtor-in-possession financings (commonly known as “DIP financings”). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors’ claims). There is a risk that the entity will not emerge from Chapter 11 and will be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the underlying fund’s only recourse will be against the collateral securing the DIP financing.

The investment adviser generally makes investment decisions based on publicly available information, but may rely on non-public information if necessary. Borrowers may offer to provide lenders with material, non-public information regarding a specific loan or the borrower in general. The investment adviser generally chooses not to receive this information. As a result, the investment adviser may be at a disadvantage compared to other investors that may receive such information. The investment adviser’s decision not to receive material, non-public information may impact the investment adviser’s ability to assess a borrower’s requests for amendments or waivers of provisions in the loan agreement. However, the investment adviser may on a case-by-case basis decide to receive such information when

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it deems prudent. In these situations the investment adviser may be restricted from trading the loan or buying or selling other debt and equity securities of the borrower while it is in possession of such material, non-public information, even if such loan or other security is declining in value.

An underlying fund normally acquires loan obligations through an assignment from another lender, but also may acquire loan obligations by purchasing participation interests from lenders or other holders of the interests. When the underlying fund purchases assignments, it acquires direct contractual rights against the borrower on the loan. An underlying fund acquires the right to receive principal and interest payments directly from the borrower and to enforce its rights as a lender directly against the borrower. However, because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by a underlying fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. Loan assignments are often administered by a financial institution that acts as agent for the holders of the loan, and the underlying fund may be required to receive approval from the agent and/or borrower prior to the purchase of a loan. Risks may also arise due to the inability of the agent to meet its obligations under the loan agreement.

Loan participations are loans or other direct debt instruments that are interests in amounts owed by the borrower to another party. They may represent amounts owed to lenders or lending syndicates, to suppliers of goods or services, or to other parties. An underlying fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing participations, the underlying fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. In addition, the underlying fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation and the underlying fund will have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies. As a result, the underlying fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, a underlying fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Loan assignments and participations are generally subject to legal or contractual restrictions on resale and are not currently listed on any securities exchange or automatic quotation system. Risks may arise due to delayed settlements of loan assignments and participations. The investment adviser expects that most loan assignments and participations purchased for an underlying fund will trade on a secondary market. However, although secondary markets for investments in loans are growing among institutional investors, a limited number of investors may be interested in a specific loan. It is possible that loan participations, in particular, could be sold only to a limited number of institutional investors. If there is no active secondary market for a particular loan, it may be difficult for the investment adviser to sell the fund’s interest in such loan at a price that is acceptable to it and to obtain pricing information on such loan.

Investments in loan participations and assignments present the possibility that an underlying fund could be held liable as a co-lender under emerging legal theories of lender liability. In addition, if the loan is foreclosed, an underlying fund could be part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. In addition, some loan participations and assignments may not be rated by major rating agencies and may not be protected by securities laws.

Unfunded commitment agreements — An underlying fund may enter into unfunded commitment agreements to make certain investments, including unsettled bank loan purchase transactions. Under the SEC’s rule applicable to an underlying fund’s use of derivatives, unfunded commitment agreements are not derivatives transactions. An underlying fund will only enter into such unfunded commitment agreements if an underlying fund reasonably believes, at the time it enters into such

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agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements as they come due.

Real estate investment trusts — Real estate investment trusts ("REITs"), which primarily invest in real estate or real estate-related loans, may issue equity or debt securities. Equity REITs own real estate properties, while mortgage REITs hold construction, development and/or long-term mortgage loans. The values of REITs may be affected by changes in the value of the underlying property of the trusts, the creditworthiness of the issuer, property taxes, interest rates, tax laws and regulatory requirements, such as those relating to the environment. Both types of REITs are dependent upon management skill and the cash flows generated by their holdings, the real estate market in general and the possibility of failing to qualify for any applicable pass-through tax treatment or failing to maintain any applicable exemptive status afforded under relevant laws.

Cash and cash equivalents — An underlying fund may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (a) shares of money market or similar funds managed by the investment adviser or its affiliates; (b) shares of other money market funds; (c) commercial paper; (d) short-term bank obligations (for example, certificates of deposit, bankers’ acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (e) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (f) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed, in one year or less; and (g) higher quality corporate bonds and notes that mature, or that may be redeemed, in one year or less. Cash and cash equivalents may be denominated in U.S. dollars, non-U.S. currencies or multinational currency units.

Commercial paper — An underlying fund may purchase commercial paper. Commercial paper refers to short-term promissory notes issued by a corporation to finance its current operations. Such securities normally have maturities of thirteen months or less and, though commercial paper is often unsecured, commercial paper may be supported by letters of credit, surety bonds or other forms of collateral. Maturing commercial paper issuances are usually repaid by the issuer from the proceeds of new commercial paper issuances. As a result, investment in commercial paper is subject to rollover risk, or the risk that the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligations and commercial paper may become illiquid or suffer from reduced liquidity in these or other situations.

Commercial paper in which an underlying fund may invest includes commercial paper issued in reliance on the exemption from registration afforded by Section 4(a)(2) of the 1933 Act. Section 4(a)(2) commercial paper has substantially the same price and liquidity characteristics as commercial paper generally, except that the resale of Section 4(a)(2) commercial paper is limited to institutional investors who agree that they are purchasing the paper for investment purposes and not with a view to public distribution. Technically, such a restriction on resale renders Section 4(a)(2) commercial paper a restricted security under the 1933 Act. In practice, however, Section 4(a)(2) commercial paper typically can be resold as easily as any other unrestricted security held by the fund. Accordingly, Section 4(a)(2) commercial paper has been generally determined to be liquid under procedures adopted by the underlying fund’s board of trustees.

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Restricted or illiquid securities — An underlying fund may purchase securities subject to restrictions on resale. Restricted securities may only be sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”), or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. Difficulty in selling such securities may result in a loss to the underlying fund or cause it to incur additional administrative costs.

Some underlying fund holdings (including some restricted securities) may be deemed illiquid if the underlying fund expects that a reasonable portion of the holding cannot be sold in seven calendar days or less without the sale significantly changing the market value of the investment. The determination of whether a holding is considered illiquid is made by the underlying fund’s adviser under a liquidity risk management program adopted by the underlying fund’s board and administered by the underlying fund’s adviser. The underlying fund may incur significant additional costs in disposing of illiquid securities.

Investments in registered open-end investment companies and unit investment trusts — An underlying fund may not acquire securities of open-end investment companies or investment unit trusts registered under the Investment Company Act of 1940 in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the Investment Company Act.

Cybersecurity risks — With the increased use of technologies such as the Internet to conduct business, the fund and each of the underlying funds have become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Cybersecurity breaches may involve, among other things, “ransomware” attacks, injection of computer viruses or malicious software code, or the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices that are used directly or indirectly by the fund or its service providers through “hacking” or other means. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to a fund’s systems, networks or devices. For example, denial-of-service attacks on the investment adviser’s or an affiliate’s website could effectively render a fund’s network services unavailable to fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may, among other things, cause a fund to lose proprietary information, suffer data corruption or lose operational capacity, or may result in the misappropriation, unauthorized release or other misuse of a fund’s assets or sensitive information (including shareholder personal information or other confidential information), the inability of fund shareholders to transact business, or the destruction of a fund’s physical infrastructure, equipment or operating systems. These, in turn, could cause the fund to violate applicable privacy and other laws and incur or suffer regulatory penalties, reputational damage, additional costs (including compliance costs) associated with corrective measures and/or financial loss. While the fund, each of the underlying funds and their investment adviser have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for.

In addition, cybersecurity failures by or breaches of a fund’s or an underlying fund’s third-party service providers (including, but not limited to, a fund’s investment adviser, subadviser, transfer agent, custodian, administrators and other financial intermediaries, as applicable) may disrupt the business operations of the service providers and of the fund, potentially resulting in financial losses, the inability of fund shareholders to transact business with the fund and of the fund to process transactions, the inability of the fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other

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compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The fund, each underlying fund and their respective shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that a fund will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the fund’s third-party service providers in the future, particularly as a fund cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which the underlying funds invest, which may cause an underlying fund’s investments in such issuers to lose value.

Inflation/Deflation risk — The underlying fund may be subject to inflation and deflation risk. Inflation risk is the risk that the present value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the underlying funds’ assets can decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the underlying funds’ assets.

Affiliated investment companies — An underlying fund may purchase shares of certain other investment companies managed by the investment adviser or its affiliates (“Central Funds”). The risks of owning another investment company are similar to the risks of investing directly in the securities in which that investment company invests. Investments in other investment companies could allow the underlying fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the underlying fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the underlying fund’s performance. Any investment in another investment company will be consistent with the underlying fund’s objective(s) and applicable regulatory limitations. Central Funds do not charge management fees. As a result, the underlying fund does not bear additional management fees when investing in Central Funds, but the underlying fund does bear its proportionate share of Central Fund expenses.

* * * * * *

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Portfolio turnover — Portfolio changes will be made without regard to the length of time particular investments may have been held. Short-term trading profits are not the fund’s objective, and changes in its investments are generally accomplished gradually, though short-term transactions may occasionally be made.

The fund’s portfolio turnover rate would equal 100% if each security in the fund’s portfolio were replaced once per year. See “Financial Highlights” in the prospectus for the fund’s annual portfolio turnover rate for each of the last five fiscal years where available.


	Fiscal year	Portfolio turnover rate
American Funds Global Growth Portfolio	2022	5%
American Funds Global Growth Portfolio	2021	5
American Funds Growth Portfolio	2022	2
American Funds Growth Portfolio	2021	5
American Funds Growth and Income Portfolio	2022	7
American Funds Growth and Income Portfolio	2021	18
American Funds Moderate Growth and Income Portfolio	2022	2
American Funds Moderate Growth and Income Portfolio	2021	11
American Funds Conservative Growth and Income Portfolio	2022	4
American Funds Conservative Growth and Income Portfolio	2021	30
American Funds Tax-Aware Conservative Growth and Income Portfolio	2022	4
	2021	*
American Funds Preservation Portfolio	2022	20
American Funds Preservation Portfolio	2021	17
American Funds Tax-Exempt Preservation Portfolio	2022	20
American Funds Tax-Exempt Preservation Portfolio	2021	5

* Amount is either less than 1% or there is no turnover.

Any increase (or decrease) in turnover was due to increased (or decreased) trading activity during the period.

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Fund policies

All percentage limitations in the following fund policies are considered at the time securities are purchased and are based on each fund’s net assets unless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess occurs immediately after, and is caused by, an acquisition by the fund. In managing a fund, the fund’s investment adviser may apply more restrictive policies than those listed below.

Fundamental policies — The series has adopted the following policies with respect to each fund, which may not be changed without approval by holders of a majority of the fund’s outstanding shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the “1940 Act”), as the vote of the lesser of (a) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (b) more than 50% of the outstanding voting securities.

1. Except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (“SEC”), SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction, a fund may not:

a. Borrow money;

b. Issue senior securities;

c. Underwrite the securities of other issuers;

d. Purchase or sell real estate or commodities;

e. Make loans; or

f. Purchase the securities of any issuer if, as a result of such purchase, such fund’s investments would be concentrated in any particular industry.

2. A fund may not invest in companies for the purpose of exercising control or management.

In addition, the American Funds Tax-Exempt Preservation Portfolio has adopted the following fundamental policy:

3. The fund will maintain its status as a tax-exempt fund consistent with (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction.

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Additional information about each fund‘s policies — The information below is not part of the funds’ fundamental or nonfundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the funds. Information is also provided regarding the fund’s current intention with respect to certain investment practices permitted by the 1940 Act.

For purposes of fundamental policy 1a, each fund may borrow money in amounts of up to 33-1/3% of its total assets from banks for any purpose. Additionally, each fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). The percentage limitations in this policy are considered at the time of borrowing and thereafter.

For purposes of fundamental policy 1b, a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of a fund at the time the loan is made (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, a fund is permitted to enter into derivatives and certain other transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, in accordance with current SEC rules and interpretations.

For purposes of fundamental policy 1c, the policy will not apply to a fund to the extent such fund may be deemed an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objectives and strategies.

For purposes of fundamental policy 1e, each fund may not lend more than 33-1/3% of its total assets, provided that this limitation shall not apply to the funds’ purchase of debt obligations.

For purposes of fundamental policy 1f, each fund may not invest more than 25% of its total assets in the securities of issuers in a particular industry. For purposes of calculating compliance with restrictions on industry concentrations, each fund will look through to the securities held by the underlying funds in which it invests. This policy does not apply to investments in securities of the U.S. government, its agencies or government sponsored enterprises or repurchase agreements with respect thereto. Each fund may, however, invest substantially all of its assets in one or more investment companies managed by Capital Research and Management Company.

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Management of the series

Board of trustees and officers

Independent trustees¹

The series’ nominating and governance committee and board select independent trustees with a view toward constituting a board that, as a body, possesses the qualifications, skills, attributes and experience to appropriately oversee the actions of the series’ service providers, decide upon matters of general policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills, attributes and experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience, education and skills.

The series seeks independent trustees who have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively in the context of the series’ board and committee structure and who have the ability and willingness to dedicate sufficient time to effectively fulfill their duties and responsibilities.

Each independent trustee has a significant record of accomplishments in governance, business, not-for-profit organizations, government service, academia, law, accounting or other professions. Although no single list could identify all experience upon which the series’ independent trustees draw in connection with their service, the following table summarizes key experience for each independent trustee. These references to the qualifications, attributes and skills of the trustees are pursuant to the disclosure requirements of the SEC, and shall not be deemed to impose any greater responsibility or liability on any trustee or the board as a whole. Notwithstanding the accomplishments listed below, none of the independent trustees is considered an “expert” within the meaning of the federal securities laws with respect to information in the series’ registration statement.

American Funds Portfolio Series — Page 40


Name, year of birth and position with series (year first elected as a trustee²)	Principal occupation(s) during the past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee during the past five years	Other relevant experience
Francisco G. Cigarroa, MD, 1957 Trustee (2021)	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	88	None	· Corporate board experience · Service on boards of community and nonprofit organizations · MD
Nariman Farvardin, 1956 Trustee (2018)	President, Stevens Institute of Technology	93	None	· Senior management experience, educational institution · Corporate board experience · Professor, electrical and computer engineering · Service on advisory boards and councils for educational, nonprofit and governmental organizations · MS, PhD, electrical engineering
Jennifer C. Feikin, 1968 Trustee (2022)	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California	97	Hertz Global Holdings, Inc.	· Senior corporate management experience · Corporate board experience · Business consulting experience · Service on advisory and trustee boards for charitable and nonprofit organizations · JD
Leslie Stone Heisz, 1961 Trustee (2022)	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	97	Director, Edwards Lifesciences; Trustee, Public Storage	· Senior corporate management experience, investment banking · Business consulting experience · Corporate board experience · Service on advisory and trustee boards for charitable and nonprofit organizations · MBA

American Funds Portfolio Series — Page 41


Name, year of birth and position with series (year first elected as a trustee²)	Principal occupation(s) during the past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee during the past five years	Other relevant experience
Mary Davis Holt, 1950 Trustee (2015–2016; 2017)	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	89	None	· Service as chief operations officer, global media company · Senior corporate management experience · Corporate board experience · Service on advisory and trustee boards for educational, business and nonprofit organizations · MBA
Merit E. Janow, 1958 Trustee (2012)	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	99	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated Former director of Trimble Inc. (software, hardware and services technology) (until 2021)	· Service with Office of the U.S. Trade Representative and U.S. Department of Justice · Corporate board experience · Service on advisory and trustee boards for charitable, educational and nonprofit organizations · Experience as corporate lawyer · JD
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive) (2012)	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina	93	None	· Former U.S. Secretary of Education, U.S. Department of Education · Former Assistant to the President for Domestic Policy, The White House · Former senior advisor to the Governor of Texas · Service on advisory and trustee boards for charitable and nonprofit organizations

American Funds Portfolio Series — Page 42


Name, year of birth and position with series (year first elected as a trustee²)	Principal occupation(s) during the past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee during the past five years	Other relevant experience
Alexandra Trower, 1964 Trustee (2018)	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	88	None	· Service on trustee boards for charitable and nonprofit organizations · Senior corporate management experience · Branding
Paul S. Williams, 1959 Trustee (2020)	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	88	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. Former director of Essendant, Inc. (business products wholesaler) (until 2019); Romeo Power, Inc. (manufacturer of batteries for electric vehicles) (until 2022)	· Senior corporate management experience · Corporate board experience · Corporate governance experience · Service on trustee boards for charitable and educational nonprofit organizations · Securities law expertise · JD

American Funds Portfolio Series — Page 43

Interested trustee(s)^4,5

Interested trustees have similar qualifications, skills and attributes as the independent trustees. Interested trustees are senior executive officers and/or directors of Capital Research and Management Company or its affiliates. Such management roles with the series‘ service providers also permit the interested trustees to make a significant contribution to the series’ board.


Name, year of birth and position with series (year first elected as a trustee/officer²)	Principal occupation(s) during the past five years and positions held with affiliated entities or the Principal Underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee during the past five years
Michael C. Gitlin 1970 Trustee (2019)	Partner – Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.*	88	None
Bradley J. Vogt, 1965 Trustee (2012)	Partner – Capital Research Global Investors, Capital Research and Management Company; Partner – Capital Research Global Investors, Capital Bank and Trust Company*	30	None

American Funds Portfolio Series — Page 44

Other officers⁵


Name, year of birth and position with series (year first elected as an officer²)	Principal occupation(s) during the past five years and positions held with affiliated entities or the Principal Underwriter of the series
Samir Mathur, 1965 President (2020)	Partner – Capital Solutions Group, Capital Research and Management Company
Walt Burkley, 1966 Principal Executive Officer (2012)	Senior Vice President and Senior Counsel – Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company*; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President (2021)	Senior Vice President – Fund Business Management Group, Capital Research and Management Company
Alan N. Berro, 1960 Senior Vice President (2012)	Partner – Capital World Investors, Capital Research and Management Company; Partner – Capital World Investors, Capital Bank and Trust Company; Director, The Capital Group Companies, Inc.
Michelle J. Black, 1971 Senior Vice President (2020)	Partner – Capital Solutions Group, Capital Research and Management Company
Wesley K. Phoa, 1966 Senior Vice President (2012)	Partner – Capital Fixed Income Investors, Capital Bank and Trust Company*; Partner – Capital Solutions Group, Capital Research and Management Company

John R. Queen, 1965 Senior Vice President (2020)	Partner – Capital Fixed Income Investors, Capital Research and Management Company; Senior Vice President, Capital Group Private Client Services, Inc.*
William L. Robbins, 1968 Senior Vice President (2020)	Partner – Capital International Investors, Capital Research and Management Company; Partner – Capital International Investors, Capital Bank and Trust Company; Chair and Director, Capital Group International, Inc.

Andrew B. Suzman, 1967 Senior Vice President (2012)	Partner – Capital World Investors, Capital Research and Management Company; Partner – Capital World Investors, Capital Bank and Trust Company*

Maria Manotok, 1974 Vice President (2012)	Senior Vice President and Senior Counsel – Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.; Senior Vice President, Secretary and Director, Capital Group Companies Global; Senior Vice President, Secretary and Director, Capital Group International, Inc.*

Steven I. Koszalka, 1964 Secretary (2012)	Vice President – Fund Business Management Group, Capital Research and Management Company

Gregory F. Niland, 1971 Treasurer (2012)	Vice President – Investment Operations, Capital Research and Management Company

Susan K. Countess, 1966 Assistant Secretary (2014)	Associate – Fund Business Management Group, Capital Research and Management Company

Sandra Chuon, 1972 Assistant Treasurer (2019)	Vice President – Investment Operations, Capital Research and Management Company

Brian C. Janssen, 1972 Assistant Treasurer (2015)	Senior Vice President – Investment Operations, Capital Research and Management Company

* Company affiliated with Capital Research and Management Company.

¹ The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the 1940 Act.

² Trustees and officers of the series serve until their resignation, removal or retirement.

³ This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a director/trustee of a public company or a registered investment company. Unless otherwise noted, all directorships/trusteeships are current.

⁴ The term interested trustee refers to a trustee who is an “interested person” of the series within the meaning of the 1940 Act, on the basis of his or her affiliation with the series’ investment adviser, Capital Research and Management Company, or affiliated entities (including the series’ principal underwriter).

⁵ All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.

The address for all trustees and officers of the series is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.

American Funds Portfolio Series — Page 45

Fund shares owned by trustees as of December 31, 2021:


Name	Dollar range^1,2 of fund shares owned in series	Aggregate dollar range¹ of shares owned in all funds overseen by trustee in same family of investment companies as the series	Dollar range^1,2of independent trustees deferred compensation³allocated to series	Aggregate dollar range^1,2of independent trustees deferred compensation³allocated to all funds overseen by trustee in same family of investment companies as the series
Independent trustees
Francisco G. Cigarroa	None	None	$10,001 – $50,000	Over $100,000
Nariman Farvardin	$50,001 – $100,000	Over $100,000	Over $100,000	Over $100,000
Jennifer C. Feikin⁴	N/A	Over $100,000	N/A	N/A
Leslie Stone Heisz⁵	N/A	Over $100,000	N/A	N/A
Mary Davis Holt	None	Over $100,000	N/A	N/A
Merit E. Janow	None	Over $100,000	N/A	$50,001 – $100,000
Margaret Spellings	None	Over $100,000	N/A	Over $100,000
Alexandra Trower	None	Over $100,000	Over $100,000	Over $100,000
Paul S. Williams	$50,001 – $100,000	Over $100,000	N/A	Over $100,000


Name	Dollar range^1,2 of fund shares owned in series	Aggregate dollar range¹ of shares owned² in all funds overseen by trustee in same family of investment companies as the series

Interested trustees

Michael C. Gitlin	Over $100,000	Over $100,000

Bradley J. Vogt	Over $100,000	Over $100,000

¹ Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; and Over $100,000. The amounts listed for interested trustees include shares owned through The Capital Group Companies, Inc. retirement plan and 401(k) plan.

² N/A indicates that the listed individual, as of December 31, 2021, was not a trustee of a particular fund, did not allocate deferred compensation to the fund or did not participate in the deferred compensation plan.

³ Eligible trustees may defer their compensation under a nonqualified deferred compensation plan. Amounts deferred by the trustee accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustee.

⁴ Ms. Feikin was elected to the board effective December 5, 2022.

⁵ Ms. Heisz was elected to the board effective December 5, 2022.

American Funds Portfolio Series — Page 46

Trustee compensation — No compensation is paid by the series to any officer or trustee who is a director, officer or employee of the investment adviser or its affiliates. Except for the independent trustees listed in the “Board of trustees and officers — Independent trustees” table under the “Management of the series” section in this statement of additional information, all other officers and trustees of the series are directors, officers or employees of the investment adviser or its affiliates. The board typically meets either individually or jointly with the boards of one or more other such funds with substantially overlapping board membership (in each case referred to as a “board cluster”). The series typically pays each independent trustee an annual retainer fee based primarily on the total number of board clusters which that independent trustee serves. Board and committee chairs receive additional fees for their services.

The series and the other funds served by each independent trustee each pay a portion of these fees.

No pension or retirement benefits are accrued as part of series expenses. Generally, independent trustees may elect, on a voluntary basis, to defer all or a portion of their fees through a deferred compensation plan in effect for the series. The series also reimburses certain expenses of the independent trustees.

Trustee compensation earned during the fiscal year ended October 31, 2022:


Name	Aggregate compensation (including voluntarily deferred compensation¹) from the series	Total compensation (including voluntarily deferred compensation¹) from all funds managed by Capital Research and Management Company or its affiliates
Francisco G. Cigarroa²	$23,294	$324,750
James G. Ellis (retired December 31, 2022)	18,085	505,375
Nariman Farvardin²	14,810	465,482
Jennifer C. Feikin (service began December 5, 2022)	N/A	166,000
Leslie Stone Heisz (service began December 5, 2022)	N/A	166,625
Mary Davis Holt	16,661	373,250
R. Clark Hooper² (retired December 31, 2021)	4,802	123,044
Merit E. Janow²	14,095	503,476
Margaret Spellings²	17,337	504,476
Alexandra Trower²	23,844	332,750
Paul S. Williams²	23,329	325,250

¹ Amounts may be deferred by eligible trustees under a nonqualified deferred compensation plan adopted by the series in 2012. Deferred amounts accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustees. Compensation shown in this table for the fiscal year ended October 31, 2022 does not include earnings on amounts deferred in previous fiscal years. See footnote 2 to this table for more information.

² Since the deferred compensation plan’s adoption, the total amount of deferred compensation accrued by the series (plus earnings thereon) through the end of the 2022 fiscal year for participating trustees is as follows: Francisco G. Cigarroa ($15,793), Nariman Farvardin ($79,917), R. Clark Hooper ($37,592), Merit E. Janow ($5,173), Margaret Spellings ($38,015), Alexandra Trower ($97,942) and Paul S. Williams ($17,290). Amounts deferred and accumulated earnings thereon are not funded and are general unsecured liabilities of the series until paid to the trustees.

American Funds Portfolio Series — Page 47

Series organization and the board of trustees — The series, an open-end, diversified management investment company, was organized as a Delaware statutory trust on January 4, 2012. All series operations are supervised by the series' board of trustees which meets periodically and performs duties required by applicable state and federal laws.

Delaware law charges trustees with the duty of managing the business affairs of the trust. Trustees are considered to be fiduciaries of the trust and owe duties of care and loyalty to the trust and its shareholders.

Independent board members are paid certain fees for services rendered to the series as described above. They may elect to defer all or a portion of these fees through a deferred compensation plan in effect for the series.

The series currently consists of separate funds which have separate assets and liabilities, and invest in separate investment portfolios. The board of trustees may create additional funds in the future. Income, direct liabilities and direct operating expenses of a fund will be allocated directly to that fund and general liabilities and expenses of the series will be allocated among the funds in proportion to the total net assets of each fund.

Each fund has several different classes of shares. Shares of each class represent an interest in the same investment portfolio. Each class has pro rata rights as to voting, redemption, dividends and liquidation, except that each class bears different distribution expenses and may bear different transfer agent fees and other expenses properly attributable to the particular class as approved by the board of trustees and set forth in the series’ rule 18f-3 Plan. Each class’ shareholders have exclusive voting rights with respect to the respective class’ rule 12b-1 plans adopted in connection with the distribution of shares and on other matters in which the interests of one class are different from interests in another class. Shares of all classes of the series vote together on matters that affect all classes in substantially the same manner. Each class votes as a class on matters that affect that class alone. Note that 529 college savings plan account owners invested in Class 529 shares and 529A ABLE savings plan account owners invested in Class ABLE shares are not shareholders of the fund and, accordingly, do not have the rights of a shareholder, such as the right to vote proxies relating to fund shares. As the legal owner of the fund’s Class 529 and Class ABLE shares, Virginia College Savings Plan^SM (Virginia529^SM) will vote any proxies relating to the fund’s Class 529 and Class ABLE shares. In addition, the trustees have the authority to establish new series and classes of shares, and to split or combine outstanding shares into a greater or lesser number, without shareholder approval.

The series does not hold annual meetings of shareholders. However, significant matters that require shareholder approval, such as certain elections of board members or a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders have one vote per share owned.

The series’ declaration of trust and by-laws, as well as separate indemnification agreements with independent trustees, provide in effect that, subject to certain conditions, the series will indemnify its officers and trustees against liabilities or expenses actually and reasonably incurred by them relating to their service to the series. However, trustees are not protected from liability by reason of their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office.

Certain trustees and officers of the series may also serve in similar positions with some of the underlying funds. Thus, if the interests of one of the funds in the series and the underlying funds were ever to diverge, it is possible that an issue could arise and affect how the trustees and officers fulfill their fiduciary duties to that fund. The series has been structured to minimize these concerns. However, conceivably, a situation could occur where proper action for one of the funds in the series could be

American Funds Portfolio Series — Page 48

adverse to the interests of an underlying fund, or the reverse. If such a possibility arises, the trustees and officers of the affected funds and Capital Research and Management Company will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential issue.

Removal of trustees by shareholders — At any meeting of shareholders, duly called and at which a quorum is present, shareholders may, by the affirmative vote of the holders of two-thirds of the votes entitled to be cast, remove any trustee from office and may elect a successor or successors to fill any resulting vacancies for the unexpired terms of removed trustees. In addition, the trustees of the series will promptly call a meeting of shareholders for the purpose of voting upon the removal of any trustees when requested in writing to do so by the record holders of at least 10% of the outstanding shares.

Leadership structure — The board’s chair is currently an independent trustee who is not an “interested person” of the series within the meaning of the 1940 Act. The board has determined that an independent chair facilitates oversight and enhances the effectiveness of the board. The independent chair’s duties include, without limitation, generally presiding at meetings of the board, approving board meeting schedules and agendas, leading meetings of the independent trustees in executive session, facilitating communication with committee chairs, and serving as the principal independent trustee contact for series management and counsel to the independent trustees and the series.

Risk oversight — Day-to-day management of the series, including risk management, is the responsibility of the series’ contractual service providers, including the series’ investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible for specific portions of the series’ operations, including the processes and associated risks relating to the series‘ investments, integrity of cash movements, financial reporting, operations and compliance. The board of trustees oversees the service providers’ discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard, the board receives reports regarding the operations of the series’ service providers, including risks. For example, the board receives reports from investment professionals regarding risks related to the series‘ investments and trading. The board also receives compliance reports from the series’ and the investment adviser’s chief compliance officers addressing certain areas of risk.

Committees of the series’ board, which are comprised of independent board members, none of whom is an “interested person” of the fund within the meaning of the 1940 Act, as well as joint committees of independent board members of funds managed by Capital Research and Management Company, also explore risk management procedures in particular areas and then report back to the full board. For example, the series’ audit committee oversees the processes and certain attendant risks relating to financial reporting, valuation of series assets, and related controls. Similarly, a joint review and advisory committee oversees certain risk controls relating to the fund’s transfer agency services.

Not all risks that may affect the series can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve each series‘ objectives. As a result of the foregoing and other factors, the ability of the series’ service providers to eliminate or mitigate risks is subject to limitations.

Committees of the board of trustees — The series has an audit committee comprised of Francisco G. Cigarroa, Leslie Stone Heisz, Mary Davis Holt and Paul S. Williams. The committee provides oversight regarding the series’ accounting and financial reporting policies and practices, its internal controls and the internal controls of the series’ principal service providers. The committee acts as a liaison between the series’ independent registered public accounting firm and the full board of trustees. The audit committee held five meetings during the 2022 fiscal year.

American Funds Portfolio Series — Page 49

The series has a contracts committee comprised of all of its independent board members. The committee’s principal function is to request, review and consider the information deemed necessary to evaluate the terms of certain agreements between the series and its investment adviser or the investment adviser’s affiliates, such as the Investment Advisory and Service Agreement, Principal Underwriting Agreement, Administrative Services Agreement and Plans of Distribution adopted pursuant to rule 12b-1 under the 1940 Act, that the series may enter into, renew or continue, and to make its recommendations to the full board of trustees on these matters. The contracts committee held one meeting during the 2022 fiscal year.

The series has a nominating and governance committee comprised of Nariman Farvardin, Jennifer C. Feikin, Merit E. Janow, Margaret Spellings and Alexandra Trower. 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. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other 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 series, addressed to the series’ 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 committee. The nominating and governance committee held two meetings during the 2022 fiscal year.

The independent board members of the series have oversight responsibility for the series and certain other funds managed by the investment adviser. As part of their oversight responsibility for these funds, each independent board member sits on one of three fund review committees comprised solely of independent board members. The three committees are divided by portfolio type. Each committee functions independently and is not a decision making body. The purpose of the committees is to assist the board of each series in the oversight of the investment management services provided by the investment adviser. In addition to regularly monitoring and reviewing investment results, investment activities and strategies used to manage the fund’s assets, the committees also receive reports from the investment adviser’s Principal Investment Officers for the funds, portfolio managers and other investment personnel concerning efforts to achieve the fund’s investment objectives. Each committee reports to the full board of the series.

Proxy voting procedures and principles — The series’ investment adviser, in consultation with the series’ board, has adopted Proxy Voting Procedures and Principles (the “Principles”) for funds in the series as well as their underlying funds with respect to voting proxies of securities held by such funds. The series and its investment adviser, Capital Research and Management Company, are committed to acting in the best interests of the shareholders of each fund in the series. Each fund in the series will principally invest in other American Funds. If an underlying fund has a shareholder meeting, the investment adviser will generally engage an independent, third-party fiduciary to vote the proxy. In the unlikely event that a fund should have to vote a proxy that is not a proxy of an underlying fund, the fund will vote in accordance with the Principles.

Information regarding how the series and each underlying fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will be available on or about September 1 of such year (a) without charge, upon request by calling American Funds Service Company at (800) 421-4225, (b) on the Capital Group website at capitalgroup.com and (c) on the SEC’s website at sec.gov. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service Company or visiting the Capital Group website.

American Funds Portfolio Series — Page 50

Principal fund shareholders — The following tables identify those investors who own of record, or are known by the series to own beneficially, 5% or more of any class of its shares as of the opening of business on December 1, 2022. Unless otherwise indicated, the ownership percentages below represent ownership of record rather than beneficial ownership.

American Funds Global Growth Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	14.76%
		CLASS C	13.56
		CLASS F-1	7.21
		CLASS F-2	13.75
		CLASS F-3	11.80
		CLASS 529-C	6.56
		CLASS R-1	7.26

EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	13.28
		CLASS 529-A	10.40


NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	5.54
		CLASS F-1	15.15
		CLASS F-2	23.47
		CLASS F-3	10.84

WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	5.24
		CLASS C	10.94
		CLASS 529-A	5.96
		CLASS 529-C	6.00

RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS C	9.83
		CLASS F-2	7.73
		CLASS 529-A	5.50
		CLASS 529-C	7.08
		CLASS 529-F-2	5.18

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS C	5.93
		CLASS F-1	6.44
		CLASS F-2	6.89

MORGAN STANLEY SMITH BARNEY LLC FOR THE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS C	5.35
		CLASS 529-A	11.58
		CLASS 529-C	16.08
		CLASS 529-E	11.35

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	27.75

American Funds Portfolio Series — Page 51


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS OMNIBUS ACCOUNT OMAHA NE	RECORD	CLASS F-1	11.44
		CLASS F-2	13.83
		CLASS F-3	16.78

CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	29.52


LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS OMNIBUS ACCOUNT FT WASHINGTON PA	RECORD	CLASS F-3	18.80



CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	5.79


CAPITAL RESEARCH & MANAGEMENT COMPANY CORPORATE ACCOUNT LOS ANGELES CA	RECORD	CLASS 529-F-1	100.00
		CLASS 529-F-3	100.00

VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #1 BELMONT NC	BENEFICIAL	CLASS ABLE-F2	15.73


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #2 LA CANADA CA	BENEFICIAL	CLASS ABLE-F2	10.18


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #3 RICHMOND VA	BENEFICIAL	CLASS ABLE-F2	9.76


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #4 FRISCO TX	BENEFICIAL	CLASS ABLE-F2	9.16


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #5 FOOTHILL RNCH CA	BENEFICIAL	CLASS ABLE-F2	8.34


RETIREMENT PLAN #1 SOMERSET NJ	BENEFICIAL	CLASS R-1	13.39
RETIREMENT PLAN #1 SOMERSET NJ
401K PLAN GREENWOOD VLG CO	BENEFICIAL	CLASS R-2E	25.82
401K PLAN GREENWOOD VLG CO
ADP ACCESS PRODUCT 401K PLAN BOSTON MA	RECORD BENEFICIAL	CLASS R-2E	14.94
	RECORD BENEFICIAL

SCI-TEK CONSULTANTS INC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	9.21


WURKWEL VENTURES LLC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	5.98

American Funds Portfolio Series — Page 52


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
CUMMINGS LAW FIRM LLC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	5.58


TRIPLE S ALARM COMPANY INC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	5.28
	RECORD BENEFICIAL

RETIREMENT PLAN #2 GREENWOOD VLG CO	BENEFICIAL	CLASS R-2E	5.04
RETIREMENT PLAN #2 GREENWOOD VLG CO
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY 401K PLAN HARTFORD CT	RECORD BENEFICIAL	CLASS R-4	16.41
	RECORD BENEFICIAL


COMPTON WEALTH ADVISORY GROUP 401K PLAN VIRGINIA BEACH VA	RECORD BENEFICIAL	CLASS R-5	6.67
	RECORD BENEFICIAL

THE CAPITAL GROUP COMPANIES INC RETIREMENT PLAN LOS ANGELES CA	RECORD BENEFICIAL	CLASS R-6	42.87


EMPOWER TRUST COMPANY LLC EMPLOYEE BENEFITS CLIENTS 401K GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-6	7.93
	RECORD BENEFICIAL

NATIONAL FINANCIAL SERVICES LLC 401K PLAN JERSEY CITY NJ	RECORD BENEFICIAL	CLASS R-6	6.83

American Funds Growth Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	17.96%
		CLASS C	15.87
		CLASS F-1	7.73
		CLASS F-2	9.90
		CLASS F-3	9.58
		CLASS 529-A	5.20
		CLASS 529-F-2	11.80

EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	15.60
		CLASS 529-A	17.49
		CLASS 529-C	9.12

NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	5.73
		CLASS C	5.13
		CLASS F-1	18.27
		CLASS F-2	19.86
		CLASS F-3	7.79

American Funds Portfolio Series — Page 53


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	5.13
		CLASS C	12.60
		CLASS 529-A	6.86
		CLASS 529-C	6.11

RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS C	9.67
		CLASS F-2	9.78
		CLASS 529-A	7.41
		CLASS 529-C	12.82
		CLASS 529-F-2	11.45

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS C	6.74
		CLASS F-1	7.41
		CLASS F-2	9.92

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	21.34



TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS OMNIBUS ACCOUNT OMAHA NE	RECORD	CLASS F-1	11.06
		CLASS F-2	18.12
		CLASS F-3	16.21

CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	33.25


LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS OMNIBUS ACCOUNT FT WASHINGTON PA	RECORD	CLASS F-3	11.13



CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	11.07


MORGAN STANLEY SMITH BARNEY LLC FOR THE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS 529-A	8.40
		CLASS 529-C	10.70
		CLASS 529-E	9.03

CAPITAL RESEARCH & MANAGEMENT COMPANY CORPORATE ACCOUNT LOS ANGELES CA	RECORD	CLASS 529-F-1	100.00
		CLASS 529-F-3	100.00
		CLASS ABLE-F2	5.15

VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #1 NORTH ANDOVER MA	BENEFICIAL	CLASS ABLE-F2	12.05


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #2 YAKIMA WA	BENEFICIAL	CLASS ABLE-F2	9.22

American Funds Portfolio Series — Page 54


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #3 WILLIAMSBURG VA	BENEFICIAL	CLASS ABLE-F2	6.37


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #4 RENO NV	BENEFICIAL	CLASS ABLE-F2	6.37


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #5 LEXINGTON MA	BENEFICIAL	CLASS ABLE-F2	6.23


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #6 ENCINITAS CA	BENEFICIAL	CLASS ABLE-F2	5.75


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #7 E BROOKFIELD MA	BENEFICIAL	CLASS ABLE-F2	5.01


ROCHESTER CITY SCHOOL DISTRICT (NY) 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	13.59
	RECORD BENEFICIAL

PITTSFORD CSD (NY) 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	8.17
	RECORD BENEFICIAL

OP JENKINS FURNITURE CO 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	20.61


401K PLAN #1 GREENWOOD VLG CO	BENEFICIAL	CLASS R-2E	15.07
401K PLAN #1 GREENWOOD VLG CO
LUCCI ELECTRIC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	10.37


OAK CLIFF DENTAL CARE 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	8.31
	RECORD BENEFICIAL

SHAMROCK ENVIRONMENTAL CORPORATION RETIREMENT PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	7.20
	RECORD BENEFICIAL

SKI HAUS INTERNATIONAL INC 401K PSP GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	5.22


WATERLOO CONTRACTORS INC 401K PLAN GREENWOOD VILLAGE CO	RECORD BENEFICIAL	CLASS R-2E	5.13
	RECORD BENEFICIAL

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - REINVEST AC #4 SAN FRANCISCO CA	RECORD	CLASS R-5	11.53



401K PLAN #2 SAN DIEGO CA	BENEFICIAL	CLASS R-5	6.75
401K PLAN #2 SAN DIEGO CA

American Funds Portfolio Series — Page 55


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
THE CAPITAL GROUP COMPANIES INC RETIREMENT PLAN LOS ANGELES CA	RECORD BENEFICIAL	CLASS R-6	37.56
	RECORD BENEFICIAL

American Funds Growth and Income Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	16.08%
		CLASS 529-A	14.19
		CLASS 529-C	9.35

PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	13.15
		CLASS C	14.11
		CLASS F-1	6.02
		CLASS F-2	12.02
		CLASS F-3	9.97
		CLASS R-1	8.02
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	6.20
		CLASS C	5.80
		CLASS F-1	20.15
		CLASS F-2	24.33
		CLASS F-3	18.77

WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	5.96
		CLASS C	13.68
		CLASS 529-A	6.23
		CLASS 529-C	7.35

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS A	5.38
		CLASS C	7.08
		CLASS F-2	12.17

RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS C	8.62
		CLASS F-2	11.27
		CLASS 529-A	7.21
		CLASS 529-C	12.63
		CLASS 529-F-2	10.45

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	30.26



TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS OMNIBUS ACCOUNT OMAHA NE	RECORD	CLASS F-1	5.78
		CLASS F-2	5.66

American Funds Portfolio Series — Page 56


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	25.49


LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS OMNIBUS ACCOUNT FT WASHINGTON PA	RECORD	CLASS F-3	20.78



CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	11.05


MORGAN STANLEY SMITH BARNEY LLC FOR THE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS 529-A	8.00
		CLASS 529-C	11.75
		CLASS 529-E	5.57

CAPITAL RESEARCH & MANAGEMENT COMPANY CORPORATE ACCOUNT LOS ANGELES CA	RECORD	CLASS 529-F-1	100.00
		CLASS 529-F-3	100.00

VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #1 MEDIA PA	BENEFICIAL	CLASS ABLE-F2	14.61


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #2 FRANKLIN TN	BENEFICIAL	CLASS ABLE-F2	10.82


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #3 RLLNG HLS EST CA	BENEFICIAL	CLASS ABLE-F2	8.73


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #4 MILLPORT AL	BENEFICIAL	CLASS ABLE-F2	7.37


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #5 ALEXANDRIA VA	BENEFICIAL	CLASS ABLE-F2	6.80


ROCHESTER CITY SCHOOL DISTRICT (NY) 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	11.76
	RECORD BENEFICIAL

CORNING-PAINTED POST SCH DISTRICT 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	6.54
	RECORD BENEFICIAL

RETIREMENT PLAN #1 GREENWOOD VLG CO	BENEFICIAL	CLASS R-2E	16.88
RETIREMENT PLAN #1 GREENWOOD VLG CO
ADP ACCESS PRODUCT 401K PLAN BOSTON MA	RECORD BENEFICIAL	CLASS R-2E	15.08
	RECORD BENEFICIAL

METRO FIRE EQUIPMENT 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	13.03

American Funds Portfolio Series — Page 57


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
401K PLAN GREENWOOD VLG CO	BENEFICIAL	CLASS R-2E	8.11
401K PLAN GREENWOOD VLG CO
PRAIRIE ESTATES GENETICS LLC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	7.83


DEMBERT & HOYNE 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	6.27
	RECORD BENEFICIAL

SHAMROCK ENVIRONMENTAL CORPORATION RETIREMENT PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	5.59
	RECORD BENEFICIAL

RETIREMENT PLAN #2 SEBASTIAN FL	BENEFICIAL	CLASS R-4	5.00
RETIREMENT PLAN #2 SEBASTIAN FL
CLASSIC CHEVROLET 401k PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5	8.01
	RECORD BENEFICIAL

DOWN EAST COMMUNITY HOSPITAL 401K RETIREMENT PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5	7.46
	RECORD BENEFICIAL

THE CAPITAL GROUP COMPANIES INC RETIREMENT PLAN LOS ANGELES CA	RECORD BENEFICIAL	CLASS R-6	12.61
	RECORD BENEFICIAL

EMPOWER TRUST COMPANY, LLC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-6	11.29
	RECORD BENEFICIAL

NATIONAL FINANCIAL SERVICES LLC 401K PLAN JERSEY CITY NJ	RECORD BENEFICIAL	CLASS R-6	10.68
	RECORD BENEFICIAL

American Funds Moderate Growth and Income Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	14.53%
		CLASS 529-A	14.65
		CLASS 529-C	10.16

PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	11.99
		CLASS C	16.01
		CLASS F-1	10.67
		CLASS F-2	16.05
		CLASS F-3	11.90
		CLASS 529-F-2	8.65
		CLASS R-1	8.33

American Funds Portfolio Series — Page 58


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE

NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	6.99
		CLASS C	6.97
		CLASS F-1	11.34
		CLASS F-2	22.42
		CLASS F-3	22.93

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS A	6.30
		CLASS C	7.56
		CLASS F-1	10.87
		CLASS F-2	9.77

WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	6.30
		CLASS C	14.23
		CLASS 529-A	5.29
		CLASS 529-C	9.71

RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS C	8.43
		CLASS F-2	10.70
		CLASS 529-A	5.90
		CLASS 529-C	11.22
		CLASS 529-F-2	9.18

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	10.64



TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS OMNIBUS ACCOUNT OMAHA NE	RECORD	CLASS F-1	10.14



MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CU OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS F-2	5.52
		CLASS 529-A	7.33
		CLASS 529-C	9.11
		CLASS 529-E	6.83

CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	28.33


LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS OMNIBUS ACCOUNT FT WASHINGTON PA	RECORD	CLASS F-3	14.75



CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	12.56

American Funds Portfolio Series — Page 59


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
CAPITAL RESEARCH & MANAGEMENT COMPANY CORPORATE ACCOUNT LOS ANGELES CA	RECORD	CLASS 529-F-1	100.00
		CLASS 529-F-3	100.00

VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #1 LOOKOUT MTN TN	BENEFICIAL	CLASS ABLE-F2	14.29


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #2 MT PLEASANT SC	BENEFICIAL	CLASS ABLE-F2	13.87


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #3 LIVINGSTON NJ	BENEFICIAL	CLASS ABLE-F2	12.67


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #4 RLLNG HLS EST CA	BENEFICIAL	CLASS ABLE-F2	8.42


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #5 ALEXANDRIA VA	BENEFICIAL	CLASS ABLE-F2	8.29


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #6 SAINT JOHNS FL	BENEFICIAL	CLASS ABLE-F2	7.67


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #7 FORT WORTH TX	BENEFICIAL	CLASS ABLE-F2	7.60


WILLBANKS METALS INC 401K PLAN PITTSBURGH PA	RECORD BENEFICIAL	CLASS R-1	5.74
	RECORD BENEFICIAL

NEUROSURGICAL ASSOC OF CENTRAL NY RETIREMENT PLAN SYRACUSE NY	RECORD BENEFICIAL	CLASS R-1	5.38
	RECORD BENEFICIAL

PRE FAB BUILDERS INC 401K PLAN PITTSBURGH PA	RECORD BENEFICIAL	CLASS R-1	5.12
	RECORD BENEFICIAL

ADP ACCESS PRODUCT 401K PLAN BOSTON MA	RECORD BENEFICIAL	CLASS R-2E	57.38
	RECORD BENEFICIAL

DEMBERT & HOYNE RETIREMENT PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	11.07
	RECORD BENEFICIAL

RETIREMENT PLAN GREENWOOD VLG CO	BENEFICIAL	CLASS R-3	5.12
RETIREMENT PLAN GREENWOOD VLG CO
EMPOWER TRUST COMPANY, LLC 401K PLAN #1 GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-4	6.22
	RECORD BENEFICIAL

EMPOWER TRUST COMPANY, LLC 401K PLAN #2 GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-4	5.41
	RECORD BENEFICIAL	CLASS R-6	8.98

American Funds Portfolio Series — Page 60


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
LEWRIGHT FAMILY COSMETIC DENTISTRY RETIREMENT PLAN SAN ANGELO TX	RECORD BENEFICIAL	CLASS R-4	5.38
	RECORD BENEFICIAL

LEWIS & KNOPF RETIREMENT PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5	15.27
	RECORD BENEFICIAL

LABWARE HOLDINGS, INC 401K PLAN FARGO ND	RECORD BENEFICIAL	CLASS R-5	10.40
	RECORD BENEFICIAL

CLASSIC CHEVROLET 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5	7.97
	RECORD BENEFICIAL

TEXAS A&M UNIV ORP 403B PLAN SHELTON CT	RECORD BENEFICIAL	CLASS R-5	7.62
	RECORD BENEFICIAL

THOMPSON CONSULTING GROUP INC 401K PLAN TACOMA WA	RECORD BENEFICIAL	CLASS R-5	7.48
	RECORD BENEFICIAL

THE RFA GROUP 401K PLAN FARGO ND	RECORD BENEFICIAL	CLASS R-5E	6.47
	RECORD BENEFICIAL

EMPOWER TRUST COMPANY, LLC 401K PLAN #3 GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-6	26.53
	RECORD BENEFICIAL

NATIONAL FINANCIAL SERVICES LLC 401K PLAN JERSEY CITY NJ	RECORD BENEFICIAL	CLASS R-6	5.30
	RECORD BENEFICIAL

American Funds Conservative Growth and Income Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	18.94%
		CLASS 529-A	20.12
		CLASS 529-C	23.75

PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	9.06
		CLASS C	13.24
		CLASS F-1	9.77
		CLASS F-2	11.61
		CLASS F-3	11.34
		CLASS 529-F-2	12.06
		CLASS R-1	18.05

American Funds Portfolio Series — Page 61


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS A	6.74
		CLASS C	9.14
		CLASS F-1	8.72
		CLASS F-2	14.04

NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	6.16
		CLASS C	7.37
		CLASS F-1	18.98
		CLASS F-2	17.47
		CLASS F-3	16.85

WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	5.59
		CLASS C	14.40
		CLASS F-1	6.62
		CLASS 529-C	10.00
		CLASS R-1	11.33

RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS C	6.92
		CLASS F-2	11.08
		CLASS 529-A	5.35
		CLASS 529-C	14.81
		CLASS 529-F-2	9.31

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	9.82



MORGAN STANLEY SMITH BARNEY LLC FOR THE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS F-2	7.02
		CLASS 529-A	6.14
		CLASS R-4	5.69

TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS OMNIBUS ACCOUNT OMAHA NE	RECORD	CLASS F-2	6.13
		CLASS F-3	7.44


CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	18.93


CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	18.49


LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS OMNIBUS ACCOUNT FT WASHINGTON PA	RECORD	CLASS F-3	14.28

American Funds Portfolio Series — Page 62


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT JACKSONVILLE FL	RECORD	CLASS 529-E	5.78



CAPITAL RESEARCH & MANAGEMENT COMPANY CORPORATE ACCOUNT LOS ANGELES CA	RECORD	CLASS 529-F-1	100.00
		CLASS 529-F-3	100.00
		CLASS ABLE-F2	6.37

VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #1 TALLAHASSEE FL	BENEFICIAL	CLASS ABLE-F2	33.52


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #2 SAN DIEGO CA	BENEFICIAL	CLASS ABLE-F2	15.70


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #3 MISSOURI CITY TX	BENEFICIAL	CLASS ABLE-F2	8.43


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #4 EUGENE OR	BENEFICIAL	CLASS ABLE-F2	6.02


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #5 EUGENE OR	BENEFICIAL	CLASS ABLE-F2	5.08


CLEVELAND DERMATOLOGY GROUP LLC 401K PLAN LYNDHURST OH	RECORD BENEFICIAL	CLASS R-1	9.70
	RECORD BENEFICIAL

401K PLAN #1 REDDING CA	BENEFICIAL	CLASS R-1	8.17
401K PLAN #1 REDDING CA
VICTOR CSD (NY) 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	6.85
	RECORD BENEFICIAL

DAVIS SERVICES INC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	32.11


ADP ACCESS PRODUCT 401K PLAN BOSTON MA	RECORD BENEFICIAL	CLASS R-2E	26.20
	RECORD BENEFICIAL

401K PLAN #2 GREENWOOD VLG CO	BENEFICIAL	CLASS R-2E	15.17
401K PLAN #2 GREENWOOD VLG CO
CASH N CARRY FLOORING 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	6.41


GEOSCIENCE EARTH AND MARINE 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	5.76
	RECORD BENEFICIAL

American Funds Portfolio Series — Page 63


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT G-2 NY 401K LINCOLN NE	RECORD BENEFICIAL	CLASS R-4	12.54
	RECORD BENEFICIAL

AMERICAN ENTERPRISE INVESTMENT SVC FBO #41999970 OMNIBUS ACCOUNT MINNEAPOLIS MN	RECORD	CLASS R-4	7.68



CLASSIC CHEVROLET 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5	28.89
	RECORD BENEFICIAL

HEALTHY SOLUTIONS INC RETIREMENT PLAN OVERLAND PARK KS	RECORD BENEFICIAL	CLASS R-5	8.60
	RECORD BENEFICIAL

401K PLAN #3 RAPID CITY SD	BENEFICIAL	CLASS R-5	8.10
401K PLAN #3 RAPID CITY SD
TEXAS A&M UNIV ORP 403B PLAN SHELTON CT	RECORD BENEFICIAL	CLASS R-5	6.93
	RECORD BENEFICIAL

HARRIS GINSBERG LLP 401K PLAN GREENWOOD VILLAGE CO	RECORD BENEFICIAL	CLASS R-5E	13.02


MASSARO FAMILY FARM RETIREMENT PLAN CHOWCHILLA CA	RECORD BENEFICIAL	CLASS R-5E	12.39
	RECORD BENEFICIAL

COLUMBIA MOTOR PARTS INC RETIREMENT PLAN WASHINGTON BORO PA	RECORD BENEFICIAL	CLASS R-5E	6.18
	RECORD BENEFICIAL

CUT-ALL TOOLS INC 401K PLAN CANTON MA	RECORD BENEFICIAL	CLASS R-5E	6.00
	RECORD BENEFICIAL

THE CAPITAL GROUP COMPANIES INC RETIREMENT PLAN LOS ANGELES CA	RECORD BENEFICIAL	CLASS R-6	20.36
	RECORD BENEFICIAL

NATIONAL FINANCIAL SERVICES LLC 401K PLAN JERSEY CITY NJ	RECORD BENEFICIAL	CLASS R-6	13.05
	RECORD BENEFICIAL

EMPOWER TRUST COMPANY, LLC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-6	7.31
	RECORD BENEFICIAL

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY 401K PLAN HARTFORD CT	RECORD BENEFICIAL	CLASS R-6	5.52
	RECORD BENEFICIAL

American Funds Portfolio Series — Page 64

American Funds Tax-Aware Conservative Growth and Income Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	48.00%
		CLASS C	11.27


PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	6.26
		CLASS C	18.95
		CLASS F-2	12.80
		CLASS F-3	27.45

NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	5.23
		CLASS C	6.22
		CLASS F-1	59.65
		CLASS F-2	24.99
		CLASS F-3	9.31

WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	5.07
		CLASS C	12.36


LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS A	5.02
		CLASS C	10.11
		CLASS F-2	13.54

MORGAN STANLEY SMITH BARNEY LLC FOR THE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS C	6.42
		CLASS F-2	7.56


RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS C	5.67
		CLASS F-2	12.11


CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	30.09



CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	23.79


CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	16.79


TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS OMNIBUS ACCOUNT OMAHA NE	RECORD	CLASS F-3	10.61

American Funds Portfolio Series — Page 65


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS OMNIBUS ACCOUNT FT WASHINGTON PA	RECORD	CLASS F-3	5.58

American Funds Preservation Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	40.89%
		CLASS 529-A	20.32
		CLASS 529-C	17.91

WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	5.96
		CLASS C	15.19
		CLASS F-2	12.42
		CLASS 529-C	7.40

PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	5.78
		CLASS C	11.01
		CLASS F-1	6.74
		CLASS F-2	10.35
		CLASS F-3	11.53
		CLASS 529-F-2	9.49
		CLASS R-1	10.20

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS C	6.95
		CLASS F-1	7.04
		CLASS F-2	16.70

NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS C	5.97
		CLASS F-1	22.37
		CLASS F-2	23.06
		CLASS F-3	17.49

CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	12.75



RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS F-2	10.98
		CLASS 529-C	6.77
		CLASS 529-F-2	9.13

CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	41.88

American Funds Portfolio Series — Page 66


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	19.23


MORGAN STANLEY SMITH BARNEY LLC FOR THE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS 529-A	5.04
		CLASS 529-C	14.05
		CLASS 529-E	13.22

CAPITAL RESEARCH & MANAGEMENT COMPANY CORPORATE ACCOUNT LOS ANGELES CA	RECORD	CLASS 529-F-1	100.00
		CLASS 529-F-3	100.00
		CLASS ABLE-F2	10.25

VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #1 REISTERSTOWN MD	BENEFICIAL	CLASS ABLE-A	5.74


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #2 SAN BRUNO CA	BENEFICIAL	CLASS ABLE-F2	36.31


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #3 MOORPARK CA	BENEFICIAL	CLASS ABLE-F2	17.56


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #4 CARLSBAD CA	BENEFICIAL	CLASS ABLE-F2	8.10


VCSP/COLLEGEAMERICA INDIVIDUAL INVESTOR #5 FOOTHILL RNCH CA	BENEFICIAL	CLASS ABLE-F2	7.41


SEATTLE SCHOOL DISTRICT (WA) 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	39.07
	RECORD BENEFICIAL

DUNES RADIOLOGY SERVICES RETIREMENT PLAN N SIOUX CITY SD	RECORD BENEFICIAL	CLASS R-1	18.54
	RECORD BENEFICIAL

WAYNE CENTRAL SCHOOL DISTRICT (NY) 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	9.59
	RECORD BENEFICIAL

SCHAUMBURG SD #54 (IL) 403B PLAN DENVER CO	RECORD BENEFICIAL	CLASS R-1	5.62
	RECORD BENEFICIAL

AUTO WHEEL & RIM SERVICE CO RETIREMENT PLAN EVANSVILLE IN	RECORD BENEFICIAL	CLASS R-2	5.65
	RECORD BENEFICIAL

EMPOWER TRUST COMPANY, LLC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	37.61
	RECORD BENEFICIAL

TIGER NATURAL GAS 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	22.78
	RECORD BENEFICIAL

American Funds Portfolio Series — Page 67


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
FUNTASTIC FURS INC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	9.70


RETIREMENT PLAN #1 GREENWOOD VLG CO	BENEFICIAL	CLASS R-2E	5.71
RETIREMENT PLAN #1 GREENWOOD VLG CO
DEMPSTER POURED FOUNDATIONS LLC 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-2E	5.60
	RECORD BENEFICIAL

DOWNEY & DOWNEY PA 401K PLAN JUPITER FL	RECORD BENEFICIAL	CLASS R-4	12.27
	RECORD BENEFICIAL

AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT G-2 LINCOLN NE	RECORD BENEFICIAL	CLASS R-4	7.10
	RECORD BENEFICIAL

THE NEFCO HOLDING COMPANY I INC 401K PLAN GREENWOOD VILLAGE CO	RECORD BENEFICIAL	CLASS R-4	6.31
	RECORD BENEFICIAL

INTERCITY LINES, INC 401K PLAN FARGO ND	RECORD BENEFICIAL	CLASS R-4	6.22
	RECORD BENEFICIAL

UBS WM USA OMNIBUS ACCOUNT WEEHAWKEN NJ	RECORD	CLASS R-4	5.99


HENRY BROS CO 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-4	5.20
	RECORD BENEFICIAL

CLASSIC CHEVROLET 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5	24.16
	RECORD BENEFICIAL

401K PLAN #1 FINKSBURG MD	BENEFICIAL	CLASS R-5	15.84
401K PLAN #1 FINKSBURG MD
RETIREMENT PLAN #2 HARDWICK MA	BENEFICIAL	CLASS R-5	14.09
RETIREMENT PLAN #2 HARDWICK MA
RETIREMENT PLAN #3 HARDWICK MA	BENEFICIAL	CLASS R-5	8.01
RETIREMENT PLAN #3 HARDWICK MA
RETIREMENT PLAN #4 NEWTON MA	BENEFICIAL	CLASS R-5	7.95
RETIREMENT PLAN #4 NEWTON MA
CCMA 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5	5.57
	RECORD BENEFICIAL

SAGE ECO LANDSCAPES & NURSERY 401K PLAN LOS OSOS CA	RECORD BENEFICIAL	CLASS R-5	5.21
	RECORD BENEFICIAL

401K PLAN #2 GREENWOOD VILLAGE CO	BENEFICIAL	CLASS R-5E	11.92
401K PLAN #2 GREENWOOD VILLAGE CO	BENEFICIAL

American Funds Portfolio Series — Page 68


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
ALS THERAPY DEVELOPMENT FOUNDATION 403B PLAN GREENWOOD VILLAGE CO	RECORD BENEFICIAL	CLASS R-5E	11.49
	RECORD BENEFICIAL

ADVANCED MEDICAL GROUP INC 401K PLAN SAMMAMISH WA	RECORD BENEFICIAL	CLASS R-5E	11.36
	RECORD BENEFICIAL

HORTON COMPANIES 401K PLAN GREENWOOD VLG CO	RECORD BENEFICIAL	CLASS R-5E	8.12


THE CAPITAL GROUP COMPANIES INC RETIREMENT PLAN LOS ANGELES CA	RECORD BENEFICIAL	CLASS R-6	61.37
	RECORD BENEFICIAL

American Funds Tax-Exempt Preservation Portfolio


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS OMNIBUS ACCOUNT SAINT LOUIS MO	RECORD	CLASS A	42.03%
		CLASS C	9.54


NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	7.43
		CLASS C	5.40
		CLASS F-1	32.13
		CLASS F-2	14.18
		CLASS F-3	7.19

LPL FINANCIAL --OMNIBUS CUSTOMER ACCOUNT-- SAN DIEGO CA	RECORD	CLASS A	6.42
		CLASS C	6.42
		CLASS F-2	9.71

WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER SAINT LOUIS MO	RECORD	CLASS A	6.17
		CLASS C	12.95


PERSHING LLC OMNIBUS ACCOUNT JERSEY CITY NJ	RECORD	CLASS A	5.91
		CLASS C	12.93
		CLASS F-2	7.24
		CLASS F-3	18.69

MORGAN STANLEY SMITH BARNEY LLC FOR THE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT NEW YORK NY	RECORD	CLASS C	13.25
		CLASS F-2	14.88

American Funds Portfolio Series — Page 69


NAME AND ADDRESS	OWNERSHIP	OWNERSHIP PERCENTAGE
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCOUNT ST PETERSBURG FL	RECORD	CLASS C	5.81
		CLASS F-2	8.38


CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FOR EXCLUSIVE BENEFIT OF CUSTOMERS - RIA ACCT #1 SAN FRANCISCO CA	RECORD	CLASS F-1	21.98



MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS OMNIBUS ACCOUNT JACKSONVILLE FL	RECORD	CLASS F-1	15.47



UBS WM USA OMNIBUS ACCOUNT WEEHAWKEN NJ	RECORD	CLASS F-2	23.20


RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS MINNEAPOLIS MN	RECORD	CLASS F-2	7.17



CHARLES SCHWAB & CO INC OMNIBUS ACCOUNT #2 SAN FRANCISCO CA	RECORD	CLASS F-3	41.67


TD AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS OMNIBUS ACCOUNT OMAHA NE	RECORD	CLASS F-3	11.13



CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS #3 SAN FRANCISCO CA	RECORD	CLASS F-3	7.74


GWP US ADVISORS ACCOUNT OAKS PA	RECORD	CLASS F-3	5.85

Because Class T and Class 529-T shares are not currently offered to the public, Capital Research and Management Company, the fund’s investment adviser, owns 100% of the fund‘s outstanding Class T and Class 529-T shares.

As of December 1, 2022, the officers and trustees of the series, as a group, owned beneficially or of record less than 1% of the outstanding shares of the series.

Unless otherwise noted, references in this statement of additional information to Class F shares, Class R shares or Class 529 shares refer to all F share classes, all R share classes or all 529 share classes, respectively.

American Funds Portfolio Series — Page 70

Investment adviser — Capital Research and Management Company, the series’ investment adviser, founded in 1931, maintains research facilities in the United States and abroad (Geneva, Hong Kong, London, Los Angeles, Mumbai, New York, San Francisco, Singapore, Tokyo, Toronto and Washington, D.C.). These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South Hope Street, Los Angeles, CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc., a holding company for several investment management subsidiaries. Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital World Investors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another. Portfolio managers in Capital International Investors rely on a research team that also provides investment services to institutional clients and other accounts advised by affiliates of Capital Research and Management Company. The investment adviser, which is deemed under the Commodity Exchange Act (the “CEA”) to be the operator of the fund, has claimed an exclusion from the definition of the term commodity pool operator under the CEA with respect to the series and, therefore, is not subject to registration or regulation as such under the CEA with respect to the series.

The investment adviser has adopted policies and procedures that address issues that may arise as a result of an investment professional’s management of the fund and other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities. The investment adviser believes that its policies and procedures are reasonably designed to address these issues.

Compensation of investment professionals — The series is managed by a Portfolio Solutions Committee consisting of investment professionals employed by Capital Research and Management Company. The investment professionals serving on the Portfolio Solutions Committee are paid competitive salaries by Capital Research and Management Company. In addition, they may receive bonuses based on qualitative considerations, such as an individual’s contribution to the organization, which would include service on the Portfolio Solutions Committee and service as a portfolio manager to an underlying fund. Members of the Portfolio Solutions Committee may also serve as portfolio managers on underlying funds in which the series invests and to that extent, a quantitative component of their bonus is based on their individual portfolio results within those funds. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual’s portfolio results, contributions to the organization and other factors.

Investment professional fund holdings and other managed accounts — As described below, investment professionals may personally own shares of the funds. In addition, investment professionals may manage portions of other mutual funds or accounts advised by Capital Research and Management Company or its affiliates.

American Funds Portfolio Series — Page 71

The following table reflects information as of October 31, 2022:


Investment professional	Dollar range of fund shares owned¹	Number of other registered investment companies (RICs) for which investment professional manages (assets of RICs in billions)²		Number of other pooled investment vehicles (PIVs) that investment professional manages (assets of PIVs in billions)²		Number of other accounts that investment professional manages (assets of other accounts in billions)^2,3
Samir Mathur	Over $1,000,000	11	$230.2	1	$8.14	None
Alan N. Berro	Over $1,000,000	17	$383.0	3	$3.41	None
Michelle J. Black	$50,001 – $100,000	11	$230.2	1	$8.14	None
Wesley K. Phoa	$100,001 – $500,000	11	$230.2	1	$8.14	None
John R. Queen	$500,001 – $1,000,000	13	$372.0	3	$2.60	80	$0.33
William R. Robbins	$100,001 – $500,000	14	$134.2	2	$1.33	1,690	$20.50
Andrew B. Suzman	Over $1,000,000	12	$260.1	2	$2.60	None

¹ Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000.

² Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the investment professional also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

³ Personal brokerage accounts of portfolio managers and their families are not reflected.

The fund’s investment adviser has adopted policies and procedures to mitigate material conflicts of interest that may arise in connection with a portfolio manager’s management of the fund, on the one hand, and investments in the other pooled investment vehicles and other accounts, on the other hand, such as material conflicts relating to the allocation of investment opportunities that may be suitable for both the fund and such other accounts.

American Funds Portfolio Series — Page 72

Investment Advisory and Service Agreement — The Investment Advisory and Service Agreement (the “Agreement”) between the series and the investment adviser will continue in effect until April 30, 2023, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (a) the board of trustees, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the series, and (b) the vote of a majority of trustees who are not parties to the Agreement or interested persons (as defined in the 1940 Act) of any such party, in accordance with applicable laws and regulations. The Agreement provides that the investment adviser has no liability to the series for its acts or omissions in the performance of its obligations to the series not involving willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations under the Agreement. The Agreement also provides that either party has the right to terminate it, without penalty, upon 60 days’ written notice to the other party, and that the Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act). In addition, the Agreement provides that the investment adviser may delegate all, or a portion of, its investment management responsibilities to one or more subsidiary advisers approved by the series’ board, pursuant to an agreement between the investment adviser and such subsidiary. Any such subsidiary adviser will be paid solely by the investment adviser out of its fees.

In addition to providing investment advisory services, the investment adviser furnishes the services and pays the compensation and travel expenses of persons to perform the series’ executive, administrative, clerical and bookkeeping functions, and provides suitable office space, necessary small office equipment and utilities, general purpose accounting forms, supplies and postage used at the series’ offices. The series will pay all expenses not assumed by the investment adviser, including, but not limited to: custodian, stock transfer and dividend disbursing fees and expenses; shareholder recordkeeping and administrative expenses; costs of the designing, printing and mailing of reports, prospectuses, proxy statements and notices to its shareholders; taxes; expenses of the issuance and redemption of fund shares (including stock certificates, registration and qualification fees and expenses); expenses pursuant to the series’ plans of distribution (described below); legal and auditing expenses; compensation, fees and expenses paid to independent trustees; association dues; costs of stationery and forms prepared exclusively for the series; and costs of assembling and storing shareholder account data.

Since each fund pursues its investment objective by investing in other mutual funds, you will bear your proportionate share of a fund's operating expenses and also, indirectly, the operating expenses of the underlying funds in which the fund invests.

The following table provides the annual advisory fee rates for each of the potential underlying funds excluding any waivers or reimbursements as disclosed in each fund’s most recent prospectus.

American Funds Portfolio Series — Page 73


Underlying American Funds	Annual fee rate
American High-Income Municipal Bond Fund	0.24%
American High-Income Trust	0.26
American Balanced Fund	0.21
AMCAP Fund	0.29
American Funds Inflation Linked Bond Fund	0.25
American Funds Mortgage Fund	0.20
American Funds Multi-Sector Income Fund	0.33
American Funds Strategic Bond Fund	0.28
American Mutual Fund	0.23
The Bond Fund of America	0.16
Capital Income Builder	0.22
EuroPacific Growth Fund	0.41
Fundamental Investors	0.24
American Funds Global Balanced Fund	0.44
The Growth Fund of America	0.26
U.S. Government Securities Fund	0.20
Intermediate Bond Fund of America	0.19
The Investment Company of America	0.23
The Income Fund of America	0.22
International Growth and Income Fund	0.48
Limited Term Tax-Exempt Bond Fund of America	0.18
The New Economy Fund	0.37
New Perspective Fund	0.37
New World Fund	0.51
SMALLCAP World Fund	0.61
Short-Term Bond Fund of America	0.25
American Funds Short-Term Tax-Exempt Bond Fund	0.20
The Tax-Exempt Bond Fund of America	0.18
Capital World Bond Fund	0.43
Capital World Growth and Income Fund	0.37
Washington Mutual Investors Fund	0.22

American Funds Portfolio Series — Page 74

Administrative services — The investment adviser and its affiliates provide certain administrative services for shareholders of the series’ Class A, C, T, F, R, 529 and ABLE shares. Administrative services are provided by the investment adviser and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to series shareholders.

These services are provided pursuant to an Administrative Services Agreement (the “Administrative Agreement”) between the series and the investment adviser relating to the series’ Class A, C, T, F, R, 529 and ABLE shares. The Administrative Agreement will continue in effect until April 30, 2023, unless sooner renewed or terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved by the vote of a majority of the members of the series’ board who are not parties to the Administrative Agreement or interested persons (as defined in the 1940 Act) of any such party. The series may terminate the Administrative Agreement at any time by vote of a majority of independent board members. The investment adviser has the right to terminate the Administrative Agreement upon 60 days’ written notice to the series. The Administrative Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act). The funds are not assessed an administrative services fee for administrative services provided to the series. However, the investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets from the R-6 shares of the underlying funds (which could be increased as described in the current prospectus of the applicable underlying funds) for its provision of administrative services. Administrative services fees are paid monthly and accrued daily.

American Funds Portfolio Series — Page 75

Principal Underwriter and plans of distribution — American Funds Distributors, Inc. (the “Principal Underwriter”) is the principal underwriter of the series’ shares. The Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.

The Principal Underwriter receives revenues relating to sales of the fund’s shares, as follows:

· For Class A, 529-A and ABLE-A shares, the Principal Underwriter receives commission revenue consisting of the balance of the Class A, 529-A and ABLE-A sales charge remaining after the allowances by the Principal Underwriter to investment dealers.

· For Class C and 529-C shares, the Principal Underwriter receives any contingent deferred sales charges that apply during the first year after purchase.

In addition, the fund reimburses the Principal Underwriter for advancing immediate service fees to qualified dealers and financial professionals upon the sale of Class C and 529-C shares. The fund also reimburses the Principal Underwriter for service fees (and, in the case of Class 529-E shares, commissions) paid on a quarterly basis to intermediaries, such as qualified dealers or financial professionals, in connection with investments in Class T, F-1, 529-E, 529-T, 529-F-1, R-1, R-2, R-2E, R-3 and R-4 shares.

Commissions, revenue or service fees retained by the Principal Underwriter after allowances or compensation to dealers were:

American Funds Global Growth Portfolio

Fiscal year

Commissions,
revenue
or fees retained

Allowance or
compensation
to dealers

Class A

2022

2021

2020

$1,242,000

1,743,000

1,147,000

$6,187,000

8,396,000

5,598,000

Class C

2022

2021

2020

97,000

—

53,000

507,000

778,000

553,000

Class 529-A

2022

2021

2020

290,000

325,000

247,000

1,096,000

1,233,000

1,097,000

Class 529-C

2022

2021

2020

13,000

—

76,000

96,000

78,000

Class ABLE-A

2022

2021

2020

4,000

3,000

15,000

12,000

13,000

American Funds Portfolio Series — Page 76

American Funds Growth Portfolio

Fiscal year

Commissions,
revenue
or fees retained

Allowance or
compensation
to dealers

Class A

2022

2021

2020

$6,025,000

6,245,000

4,472,000

$30,234,000

30,641,000

22,294,000

Class C

2022

2021

2020

22,000

119,000

168,000

1,971,000

2,105,000

1,824,000

Class 529-A

2022

2021

2020

1,158,000

1,091,000

835,000

4,362,000

4,113,000

3,790,000

Class 529-C

2022

2021

2020

—

12,000

16,000

250,000

249,000

228,000

Class ABLE-A

2022

2021

2020

14,000

12,000

7,000

51,000

41,000

29,000

American Funds Growth and Income Portfolio

Fiscal year

Commissions,
revenue
or fees retained

Allowance or
compensation
to dealers

Class A

2022

2021

2020

$4,290,000

4,949,000

3,522,000

$20,197,000

22,650,000

16,455,000

Class C

2022

2021

2020

250,000

—

192,000

1,630,000

2,048,000

1,628,000

Class 529-A

2022

2021

2020

428,000

410,000

320,000

1,586,000

1,517,000

1,384,000

Class 529-C

2022

2021

2020

—

12,000

15,000

146,000

143,000

152,000

Class ABLE-A

2022

2021

2020

11,000

7,000

6,000

39,000

25,000

27,000

American Funds Portfolio Series — Page 77

American Funds Moderate Growth and Income Portfolio

Fiscal year

Commissions,
revenue
or fees retained

Allowance or
compensation
to dealers

Class A

2022

2021

2020

$3,187,000

4,076,000

2,897,000

$14,172,000

17,819,000

13,002,000

Class C

2022

2021

2020

372,000

—

123,000

1,324,000

1,961,000

1,521,000

Class 529-A

2022

2021

2020

163,000

181,000

155,000

624,000

671,000

669,000

Class 529-C

2022

2021

2020

5,000

4,000

12,000

88,000

101,000

114,000

Class ABLE-A

2022

2021

2020

9,000

8,000

4,000

35,000

30,000

20,000

American Funds Conservative Growth and Income Portfolio

Fiscal year

Commissions,
revenue
or fees retained

Allowance or
compensation
to dealers

Class A

2022

2021

2020

$1,979,000

2,395,000

1,609,000

$ 8,524,000

10,087,000

6,861,000

Class C

2022

2021

2020

344,000

—

141,000

941,000

1,351,000

879,000

Class 529-A

2022

2021

2020

59,000

64,000

57,000

233,000

247,000

234,000

Class 529-C

2022

2021

2020

2,000

3,000

16,000

59,000

61,000

66,000

Class ABLE-A

2022

2021

2020

5,000

4,000

2,000

17,000

13,000

American Funds Tax-Aware Conservative Growth and Income Portfolio


	Fiscal year	Commissions, revenue or fees retained	Allowance or compensation to dealers
Class A	2022 2021 2020	$1,353,000 1,798,000 1,258,000	$5,258,000 6,955,000 4,901,000
Class C	2022 2021 2020	222,000 — 142,000	619,000 865,000 743,000

American Funds Portfolio Series — Page 78

American Funds Preservation Portfolio

Fiscal year

Commissions,
revenue
or fees retained

Allowance or
compensation
to dealers

Class A

2022

2021

2020

$382,000

616,000

603,000

$1,435,000

2,444,000

2,314,000

Class C

2022

2021

2020

60,000

111,000

—

127,000

296,000

405,000

Class 529-A

2022

2021

2020

18,000

22,000

20,000

67,000

92,000

77,000

Class 529-C

2022

2021

2020

—

10,000

3,000

27,000

31,000

43,000

Class ABLE-A

2022

2021

2020

2,000

1,000

5,000

7,000

3,000

American Funds Tax-Exempt Preservation Portfolio


	Fiscal year	Commissions, revenue or fees retained	Allowance or compensation to dealers
Class A	2022 2021 2020	$58,000 111,000 101,000	$191,000 408,000 403,000
Class C	2022 2021 2020	28,000 11,000 —	16,000 92,000 96,000

American Funds Portfolio Series — Page 79

Plans of distribution — The series has adopted plans of distribution (the “Plans”) pursuant to rule 12b-1 under the 1940 Act. The Plans permit the series to expend amounts to finance any activity primarily intended to result in the sale of fund shares, provided the series’ board of trustees has approved the category of expenses for which payment is being made.

Each Plan is specific to a particular share class of the series. As the series has not adopted a Plan for Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 or R-6, no 12b-1 fees are paid from Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 or R-6 share assets and the following disclosure is not applicable to these share classes.

Payments under the Plans may be made for service-related and/or distribution-related expenses. Service-related expenses include paying service fees to qualified dealers. Distribution-related expenses include commissions paid to qualified dealers. The amounts actually paid under the Plans for the past fiscal year, expressed as a percentage of the fund’s average daily net assets attributable to the applicable share class, are disclosed in the prospectus under “Fees and expenses of the fund.” Further information regarding the amounts available under each Plan is in the “Plans of Distribution” section of the prospectus.

Following is a brief description of the Plans:

Class A, 529-A and ABLE-A — For Class A, 529-A and ABLE-A shares, up to .25% of the series’ average daily net assets attributable to such shares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid to the Principal Underwriter for distribution-related expenses. The series may annually expend up to .30% for Class A shares and up to .50% for Class 529-A and ABLE-A shares under the applicable Plan; however, for Class 529-A and ABLE-A shares, the board of trustees has approved payments to the Principal Underwriter of up to .30% of the fund’s average daily net assets, in the aggregate, for paying service- and distribution-related expenses.

Distribution-related expenses for Class A, 529-A and ABLE-A shares include dealer commissions and wholesaler compensation paid on sales of shares of $1 million or more purchased without a sales charge. Commissions on these “no load” purchases (which are described in further detail under the “Sales Charges” section of this statement of additional information) in excess of the Class A, 529-A and ABLE-A Plan limitations and not reimbursed to the Principal Underwriter during the most recent fiscal quarter are recoverable for 15 months, provided that the reimbursement of such commissions does not cause the series to exceed the annual expense limit. After 15 months, these commissions are not recoverable. As of the fund’s most recently completed fiscal year, unreimbursed expenses that remained subject to reimbursement under the Plan for Class A shares totaled $1,363,000 or less than 1% of Class A net assets for American Funds Tax-Aware Conservative Growth and Income Portfolio, $2,925,000 or less than 1% of Class A net assets for American Funds Preservation Portfolio and $698,000 or less than 1% of Class A net assets for American Funds Tax-Exempt Preservation Portfolio.

Class T and 529-T — For Class T and 529-T shares, the fund may annually expend up to .50% under the applicable Plan; however, the fund’s board of trustees has approved payments to the Principal Underwriter of up to .25% of the fund’s average daily net assets attributable to Class T and 529-T shares for paying service-related expenses.

American Funds Portfolio Series — Page 80

Other share classes — The Plans for each of the other share classes that have adopted Plans provide for payments to the Principal Underwriter for paying service-related and distribution-related expenses of up to the following amounts of the fund’s average daily net assets attributable to such shares:


Share class	Service related payments¹	Distribution related payments¹	Total allowable under the Plans²
Class C	0.25%	0.75%	1.00%
Class F-1	0.25	—	0.50
Class 529-C	0.25	0.75	1.00
Class 529-E	0.25	0.25	0.75
Class 529-F-1	0.25	—	0.50
Class R-1	0.25	0.75	1.00
Class R-2	0.25	0.50	1.00
Class R-2E	0.25	0.35	0.85
Class R-3	0.25	0.25	0.75
Class R-4	0.25	—	0.50

¹ Amounts in these columns represent the amounts approved by the board of trustees under the applicable Plan.

² The series may annually expend the amounts set forth in this column under the current Plans with the approval of the board of trustees.

Payment of service fees — For purchases of less than $1 million, payment of service fees to investment dealers generally begins accruing immediately after establishment of an account in Class A, C, 529-A, 529-C or ABLE-A shares. For purchases of $1 million or more, payment of service fees to investment dealers generally begins accruing 12 months after establishment of an account in Class A or 529-A shares. Service fees are not paid on certain investments made at net asset value including accounts established by registered representatives and their family members as described in the “Sales charges” section of the prospectus.

American Funds Portfolio Series — Page 81

During the 2022 fiscal year, 12b-1 expenses accrued and paid, and if applicable, unpaid, were:

American Funds Global Growth Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$7,021,000	$489,000
Class C	4,085,000	336,000
Class T	—	—
Class F-1	152,000	12,000
Class F-3	—	—
Class 529-A	1,401,000	111,000
Class 529-C	443,000	36,000
Class 529-E	94,000	8,000
Class 529-T	—	—
Class 529-F-1	—	—*
Class 529-F-2	—	—
Class 529-F-3	—	—
Class ABLE-A	4,000	—*
Class ABLE-F-2	—	—
Class R-1	44,000	10,000
Class R-2	810,000	63,000
Class R-2E	34,000	4,000
Class R-3	388,000	31,000
Class R-4	104,000	9,000

* Amount less than $1,000.

American Funds Portfolio Series — Page 82

American Funds Growth Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$20,745,000	$1,553,000
Class C	11,993,000	976,000
Class T	—	—
Class F-1	272,000	25,000
Class F-3	—	—
Class 529-A	4,295,000	332,000
Class 529-C	1,223,000	102,000
Class 529-E	324,000	30,000
Class 529-T	—	—
Class 529-F-1	—	—*
Class 529-F-2	—	—
Class 529-F-3	—	—
Class ABLE-A	14,000	1,000
Class ABLE-F-2	—	—
Class R-1	387,000	31,000
Class R-2	1,930,000	174,000
Class R-2E	61,000	9,000
Class R-3	1,001,000	83,000
Class R-4	207,000	19,000

* Amount less than $1,000.

American Funds Portfolio Series — Page 83

American Funds Growth and Income Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$24,659,000	$1,839,000
Class C	12,855,000	1,022,000
Class T	—	—
Class F-1	493,000	41,000
Class F-3	—	—
Class 529-A	2,359,000	187,000
Class 529-C	774,000	64,000
Class 529-E	194,000	16,000
Class 529-T	—	—
Class 529-F-1	—	—*
Class 529-F-2	—	—
Class 529-F-3	—	—
Class ABLE-A	10,000	1,000
Class ABLE-F-2	—	—
Class R-1	219,000	17,000
Class R-2	1,345,000	126,000
Class R-2E	106,000	14,000
Class R-3	764,000	65,000
Class R-4	196,000	19,000

* Amount less than $1,000.

American Funds Portfolio Series — Page 84

American Funds Moderate Growth and Income Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$22,271,000	$1,705,000
Class C	11,688,000	905,000
Class T	—	—
Class F-1	298,000	25,000
Class F-3	—	—
Class 529-A	1,386,000	99,000
Class 529-C	539,000	43,000
Class 529-E	95,000	8,000
Class 529-T	—	—
Class 529-F-1	—	—*
Class 529-F-2	—	—
Class 529-F-3	—	—
Class ABLE-A	9,000	1,000
Class ABLE-F-2	—	—
Class R-1	104,000	11,000
Class R-2	1,012,000	94,000
Class R-2E	49,000	5,000
Class R-3	731,000	87,000
Class R-4	213,000	17,000

* Amount less than $1,000.

American Funds Portfolio Series — Page 85

American Funds Conservative Growth and Income Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$14,470,000	$1,178,000
Class C	6,645,000	521,000
Class T	—	—
Class F-1	197,000	18,000
Class F-3	—	—
Class 529-A	685,000	54,000
Class 529-C	306,000	24,000
Class 529-E	47,000	4,000
Class 529-T	—	—
Class 529-F-1	—	—*
Class 529-F-2	—	—
Class 529-F-3	—	—
Class ABLE-A	5,000	—*
Class ABLE-F-2	—	—
Class R-1	24,000	2,000
Class R-2	332,000	43,000
Class R-2E	4,000	1,000
Class R-3	216,000	21,000
Class R-4	85,000	8,000

* Amount less than $1,000.

American Funds Tax-Aware Conservative Growth and Income Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$10,034,000	$544,000
Class C	3,878,000	309,000
Class T	—	—
Class F-1	697,000	52,000
Class F-3	—	—

American Funds Portfolio Series — Page 86

American Funds Preservation Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$5,440,000	$267,000
Class C	1,222,000	100,000
Class T	—	—
Class F-1	99,000	9,000
Class F-3	—	—
Class 529-A	484,000	38,000
Class 529-C	143,000	14,000
Class 529-E	28,000	2,000
Class 529-T	—	—
Class 529-F-1	—	—
Class 529-F-2	—	—
Class 529-F-3	—	—
Class ABLE-A	2,000	—*
Class ABLE-F-2	—	—
Class R-1	7,000	1,000
Class R-2	144,000	13,000
Class R-2E	4,000	—*
Class R-3	141,000	25,000
Class R-4	34,000	7,000

* Amount less than $1,000.

American Funds Tax-Exempt Preservation Portfolio


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$1,503,000	$74,000
Class C	310,000	26,000
Class T	—	—
Class F-1	13,000	1,000
Class F-3	—	—

Approval of the Plans — As required by rule 12b-1 and the 1940 Act, the Plans (together with the Principal Underwriting Agreement) have been approved by the full board of trustees and separately by a majority of the independent trustees of the series who have no direct or indirect financial interest in the operation of the Plans or the Principal Underwriting Agreement. In addition, the selection and nomination of independent trustees of the series are committed to the discretion of the independent trustees during the existence of the Plans.

Potential benefits of the Plans to the series and its shareholders include enabling shareholders to obtain advice and other services from a financial professional at a reasonable cost, the likelihood that the Plans will stimulate sales of the series benefiting the investment process through growth or stability of assets and the ability of shareholders to choose among various alternatives in paying for sales and service. The Plans may not be amended to materially increase the amount spent for distribution

American Funds Portfolio Series — Page 87

without shareholder approval. Plan expenses are reviewed quarterly by the board of trustees and the Plans must be renewed annually by the board of trustees.

A portion of the series’ 12b-1 expense is paid to financial professionals to compensate them for providing ongoing services. If you have questions regarding your investment in the fund or need assistance with your account, please contact your financial professional. If you need a financial professional, please call American Funds Distributors at (800) 421-4120 for assistance.

Fee to Virginia529 — Class 529 shares are offered to certain American Funds by Virginia529 through CollegeAmerica and Class ABLE shares are offered to certain American Funds by Virginia529 through ABLEAmerica, a tax-advantaged savings program for individuals with disabilities. As compensation for its oversight and administration of the CollegeAmerica and ABLEAmerica savings plans, Virginia529 is entitled to receive a quarterly fee based on the combined net assets invested in Class 529 shares and Class ABLE shares across all American Funds. The quarterly fee is accrued daily and calculated at the annual rate of .09% on the first $20 billion of net assets invested in American Funds Class 529 shares and Class ABLE shares, .05% on net assets between $20 billion and $75 billion and .03% on net assets over $75 billion. The fee for any given calendar quarter is accrued and calculated on the basis of average net assets of American Funds Class 529 and Class ABLE shares for the last month of the prior calendar quarter. Virginia529 is currently waiving that portion of its fee attributable to Class ABLE shares. Such waiver is expected to remain in effect until the earlier of (a) the date on which total net assets invested in Class ABLE shares reach $300 million and (b) June 30, 2028.

American Funds Portfolio Series — Page 88

Other compensation to dealers — As of March 31, 2022, the top dealers (or their affiliates) that American Funds Distributors anticipates will receive additional compensation (as described in the prospectus) include:


Advisor Group
FSC Securities Corporation

Ladenburg, Thalmann & Co., Inc.

Royal Alliance Associates, Inc.
SagePoint Financial, Inc.
Securities America, Inc.

Triad Advisors LLC
Woodbury Financial Services, Inc.
American Portfolios Financial Services, Inc.
Ameriprise

Ameriprise Financial Services LLC

Ameriprise Financial Services, Inc.
Cambridge

Cambridge Investment Research, Inc.
Cetera Financial Group
Cetera Advisor Networks LLC
Cetera Advisors LLC
Cetera Financial Specialists LLC
Cetera Investment Services LLC
First Allied Securities Inc.
Charles Schwab Network
Charles Schwab & Co., Inc.
Charles Schwab Trust Bank
Commonwealth
Commonwealth Financial Network
D.A. Davidson & Co.
Edward Jones
Equitable Advisors
Equitable Advisors LLC
Fidelity
Fidelity Investments
Fidelity Retirement Network
National Financial Services LLC
Hefren-Tillotson
Hefren-Tillotson, Inc.
HTK
Hornor, Townsend & Kent, LLC
J.P. Morgan Chase Banc One
J.P. Morgan Securities LLC
JP Morgan Chase Bank, N.A.
Janney Montgomery Scott
Janney Montgomery Scott LLC

American Funds Portfolio Series — Page 89


Kestra Securities

Grove Point Investments LLC

Kestra Investment Services LLC

Lincoln Network
Lincoln Financial Advisors Corporation
Lincoln Financial Securities Corporation
LPL Group
LPL Financial LLC
Private Advisor Group, LLC
Merrill

Bank of America Private Bank
Merrill Lynch, Pierce, Fenner & Smith Incorporated
MML Investors Services

MML Distributors LLC
MML Investors Services, LLC
The MassMutual Trust Company FSB
Morgan Stanley Wealth Management
Northwestern Mutual
Northwestern Mutual Investment Services, LLC
Park Avenue Securities LLC
Raymond James Group
Raymond James & Associates, Inc.
Raymond James Financial Services Inc.
RBC
RBC Capital Markets LLC
Robert W. Baird
Robert W. Baird & Co, Incorporated
Stifel, Nicolaus & Co
Stifel, Nicolaus & Company, Incorporated
U.S. Bancorp Investments, Inc.
U.S. Bancorp Investments, Inc.
US Bank NA
UBS
UBS Financial Services, Inc.
UBS Securities, LLC
Voya Financial
Voya Financial Advisors, Inc.

Voya Financial Advisors LLC

Wells Fargo Network
Wells Fargo Advisors Financial Network, LLC

Wells Fargo Advisors LLC (WBS)
Wells Fargo Advisors Private Client Group
Wells Fargo Bank, N.A.
Wells Fargo Clearing Services LLC
Wells Fargo Securities, LLC

American Funds Portfolio Series — Page 90

Execution of portfolio transactions

The series does not incur any brokerage commissions for purchasing shares of the underlying funds. However, the series may incur brokerage commissions and/or investment dealer concessions when purchasing short-term debt securities for the funds. Portfolio transactions for the series may be executed as part of concurrent authorizations to purchase or sell the same security for other funds served by the investment adviser, or for trusts or other accounts served by affiliated companies of the investment adviser. When such concurrent authorizations occur, the objective is to allocate the executions in an equitable manner.

For information regarding the policies with respect to the execution of portfolio transactions of the underlying funds, please see the statement of additional information for each underlying fund.

American Funds Portfolio Series — Page 91

Disclosure of portfolio holdings

The fund’s investment adviser, on behalf of the fund, has adopted policies and procedures with respect to the disclosure of information about fund portfolio securities. These policies and procedures have been reviewed by the fund’s board of trustees, and compliance will be periodically assessed by the board in connection with reporting from the fund’s Chief Compliance Officer.

Under these policies and procedures, the fund’s complete list of portfolio holdings available for public disclosure, dated as of the end of each calendar month, is permitted to be posted on the Capital Group website by the 10th day after such calendar month. In practice, the publicly disclosed portfolio is typically posted on the Capital Group website within 30 days after the end of the calendar month. The publicly disclosed portfolio may exclude certain securities when deemed to be in the best interest of the fund as permitted by applicable regulations. In addition, the fund’s list of top 10 equity portfolio holdings measured by percentage of net assets, dated as of the end of each calendar month, is permitted to be posted on the Capital Group website no earlier than the 10th day after such month. Such portfolio holdings information may be disclosed to any person pursuant to an ongoing arrangement to disclose portfolio holdings information to such person no earlier than one day after the day on which the information is posted on the Capital Group website.

Certain intermediaries are provided additional information about the fund’s management team, including information on the fund’s portfolio securities they have selected. This information is provided to larger intermediaries that require the information to make the fund available for investment on the firm’s platform. Intermediaries receiving the information are required to keep it confidential and use it only to analyze the fund.

The fund’s custodian, outside counsel, auditor, financial printers, proxy voting service providers, pricing information vendors, consultants or agents operating under a contract with the investment adviser or its affiliates, co-litigants (such as in connection with a bankruptcy proceeding related to a fund holding) and certain other third parties described below, each of which requires portfolio holdings information for legitimate business and fund oversight purposes, may receive fund portfolio holdings information earlier. See the “General information” section in this statement of additional information for further information about the fund’s custodian, outside counsel and auditor.

Holdings may also be disclosed more frequently to certain statistical and data collection agencies including Morningstar, Lipper, Inc., Value Line, Vickers Stock Research, Bloomberg and Thomson Financial Research.

Affiliated persons of the fund, including officers of the fund and employees of the investment adviser and its affiliates, who receive portfolio holdings information are subject to restrictions and limitations on the use and handling of such information pursuant to applicable codes of ethics, including requirements not to trade in securities based on confidential and proprietary investment information, to maintain the confidentiality of such information, and to pre-clear securities trades and report securities transactions activity, as applicable. For more information on these restrictions and limitations, please see the “Code of ethics” section in this statement of additional information and the Code of Ethics. Third-party service providers of the fund and other entities, as described in this statement of additional information, receiving such information are subject to confidentiality obligations and obligations that would prohibit them from trading in securities based on such information. When portfolio holdings information is disclosed other than through the Capital Group website to persons not affiliated with the fund, such persons will be bound by agreements (including confidentiality agreements) or fiduciary or other obligations that restrict and limit their use of the information to legitimate business uses only. None of the fund, its investment adviser or any of their affiliates receives compensation or other consideration in connection with the disclosure of information about portfolio securities.

American Funds Portfolio Series — Page 92

Subject to board policies, the authority to disclose a fund’s portfolio holdings, and to establish policies with respect to such disclosure, resides with the appropriate investment-related committees of the fund’s investment adviser. In exercising their authority, the committees determine whether disclosure of information about the fund’s portfolio securities is appropriate and in the best interest of fund shareholders. The investment adviser has implemented policies and procedures to address conflicts of interest that may arise from the disclosure of fund holdings. For example, the investment adviser’s code of ethics specifically requires, among other things, the safeguarding of information about fund holdings and contains prohibitions designed to prevent the personal use of confidential, proprietary investment information in a way that would conflict with fund transactions. In addition, the investment adviser believes that its current policy of not selling portfolio holdings information and not disclosing such information to unaffiliated third parties until such holdings have been made public on the Capital Group website (other than to certain fund service providers and other third parties for legitimate business and fund oversight purposes) helps reduce potential conflicts of interest between fund shareholders and the investment adviser and its affiliates.

The fund’s investment adviser and its affiliates provide investment advice to clients other than the fund that have investment objectives that may be substantially similar to those of the fund. These clients also may have portfolios consisting of holdings substantially similar to those of the fund and generally have access to current portfolio holdings information for their accounts. These clients do not owe the fund’s investment adviser or the fund a duty of confidentiality with respect to disclosure of their portfolio holdings.

American Funds Portfolio Series — Page 93

Price of shares

Shares are purchased at the offering price or sold at the net asset value price next determined after the purchase or sell order is received by the series or the Transfer Agent provided that your request contains all information and legal documentation necessary to process the transaction. The Transfer Agent may accept written orders for the sale of fund shares on a future date. These orders are subject to the Transfer Agent’s policies, which generally allow shareholders to provide a written request to sell shares at the net asset value on a specified date no more than five business days after receipt of the order by the Transfer Agent. Any request to sell shares on a future date will be rejected if the request is not in writing, if the requested transaction date is more than five business days after the Transfer Agent receives the request or if the request does not contain all information and legal documentation necessary to process the transaction.

The offering or net asset value price is effective for orders received prior to the time of determination of the net asset value and, in the case of orders placed with dealers or their authorized designees, accepted by the Principal Underwriter, the Transfer Agent, a dealer or any of their designees. In the case of orders sent directly to a fund in the series or the Transfer Agent, an investment dealer should be indicated. The dealer is responsible for promptly transmitting purchase and sell orders to the Principal Underwriter.

Prices that appear in the newspaper do not always indicate prices at which you will be purchasing and redeeming shares of each fund, since such prices generally reflect the previous day's closing price, while purchases and redemptions are made at the next calculated price. The price you pay for shares, the offering price, is based on the net asset value per share, which 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. If the New York Stock Exchange makes a scheduled (e.g. the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of each fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining each fund’s net asset value.

Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day. The New York Stock Exchange is currently closed on weekends and on the following holidays: New Year's Day; Martin Luther King Jr. Day; Presidents' Day; Good Friday; Memorial Day; Juneteenth National Independence Day; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. Each share class of each fund has a separately calculated net asset value (and share price).

Orders received by the investment dealer or authorized designee, the Transfer Agent or the series after the time of the determination of the net asset value will be entered at the next calculated offering price. Note that investment dealers or other intermediaries may have their own rules about share transactions and may have earlier cut-off times than those of the series. For more information about how to purchase through your intermediary, contact your intermediary directly.

As noted in the prospectus, the principal assets of the funds consist of investments in the underlying funds. These investments are reflected in the net assets of each fund on the day of the investment. All portfolio securities of the funds are valued, and the net asset values per share for each share class are determined, as indicated below.

American Funds Portfolio Series — Page 94

Underlying funds are priced based on the net asset value of each underlying fund, calculated 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. Equity securities, including depositary receipts, exchange-traded funds, and certain convertible preferred stocks that trade on an exchange or market, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued.

Fixed income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more inputs that may include, among other things, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities, spreads and other relationships observed in the markets among comparable securities and proprietary pricing models such as yield measures calculated using factors such as cash flows, prepayment information, default rates, delinquency and loss assumptions, financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific deal information and other reference data.

Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor.

Futures contracts are generally valued at the official settlement price of, or the last reported sale price on, the principal exchange or market on which such instruments are traded, as of the close of business on the day the contracts are being valued or, lacking any sales, at the last available bid price.

Swaps, including interest rate swaps, total return swaps and positions in credit default swap indices, are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Options are valued using market quotations or valuations provided by one or more pricing vendors. Similar to futures, options may also be valued at the official settlement price if listed on an exchange.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are valued at fair value as determined in good faith under fair value guidelines adopted by the investment adviser and approved by the series’ board. Subject to board oversight, each underlying fund’s board has designated the series' investment adviser to make fair valuation determinations, which are directed by a valuation committee established by the series’ investment adviser. The board receives periodic reports describing fair-valued securities and the valuation methods used.

Certain short-term securities, such as variable rate demand notes or repurchase agreements involving securities fully collateralized by cash or U.S. government securities, are valued at par.

Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars, prior to the next determination of the net asset value of the fund’s shares, at the exchange rates obtained from a third-party pricing vendor.

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Each class of shares represents interests in the same portfolio of investments and is identical in all respects to each other class, except for differences relating to distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, the designation of each class of shares, conversion features and exchange privileges. Expenses attributable to the fund, but not to a particular class of shares, are borne by each class pro rata based on the relative aggregate net assets of the classes. Expenses directly attributable to a class of shares are borne by that class of shares. Liabilities attributable to particular share classes, such as liabilities for repurchases of fund shares, are deducted from total assets attributable to such share classes.

Net assets so obtained for each share class are then divided by the total number of shares outstanding of that share class, and the result, rounded to the nearest cent, is the net asset value per share for that class.

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Taxes and distributions

Disclaimer: Some of the following information may not apply to certain shareholders, including those holding fund shares in a tax-favored account, such as a retirement plan or education savings account. Shareholders should consult their tax advisors about the application of federal, state and local tax law in light of their particular situation.

Taxation as a regulated investment company — Each fund intends to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to qualify as a regulated investment company, and avoid being subject to federal income taxes, each fund intends to distribute substantially all of its net investment income and realized net capital gains on a fiscal year basis, and intends to comply with other tests applicable to regulated investment companies under Subchapter M.

The Code includes savings provisions allowing each fund to cure inadvertent failures of certain qualification tests required under Subchapter M. However, should each fund fail to qualify under Subchapter M, each fund would be subject to federal, and possibly state, corporate taxes on its taxable income and gains.

Amounts not distributed by each fund on a timely basis in accordance with a calendar year distribution requirement may be subject to a nondeductible 4% excise tax. Unless an applicable exception applies, to avoid the tax, each fund must distribute during each calendar year an amount equal to the sum of (a) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (b) at least 98.2% of its capital gains in excess of its capital losses for the twelve month period ending on October 31, and (c) all ordinary income and capital gains for previous years that were not distributed during such years and on which the fund paid no U.S. federal income tax.

Dividends paid by the fund from ordinary income or from an excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income dividends. Shareholders of the fund that are individuals and meet certain holding period requirements with respect to their fund shares may be eligible for reduced tax rates on “qualified dividend income,” if any, distributed by the fund to such shareholders. In the event the fund's distribution of net investment income exceeds its earnings and profits for tax purposes, a portion of such distribution may be classified as return of capital. Returns of capital distributions decrease your cost basis and are not taxable until your cost basis has been reduced to zero. If your cost basis is zero, returns of capital distributions are treated as capital gains.

Each fund may declare a capital gain distribution consisting of the excess of net realized long-term capital gains over net realized short-term capital losses. Net capital gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund.

Each fund may retain a portion of net capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholders of the fund. Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and would increase the basis in their shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.

Distributions of net capital gain that the fund properly reports as a capital gain distribution generally will be taxable as long-term capital gain, regardless of the length of time the shares of the fund have been held by a shareholder. Any loss realized upon the redemption of shares held at the time of redemption for six months or less from the date of their purchase will be treated as a long-term capital

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loss to the extent of any capital gain distributions (including any undistributed amounts treated as distributed capital gains, as described above) during such six-month period.

Capital gain distributions by each fund result in a reduction in the net asset value of the fund’s shares. Investors should consider the tax implications of buying shares just prior to a capital gain distribution. The price of shares purchased at that time includes the amount of the forthcoming distribution. Those purchasing just prior to a distribution will subsequently receive a partial return of their investment capital upon payment of the distribution, which will be taxable to them.

Certain distributions reported by each fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the fund’s business interest income over the sum of the fund’s (i) business interest expense and (ii) other deductions properly allocable to the fund’s business interest income.

Individuals (and certain other non-corporate entities) are generally eligible for a 20% deduction with respect to taxable ordinary REIT dividends. Applicable Treasury regulations allow the fund to pass through to its shareholders such taxable ordinary REIT dividends. Accordingly, individual (and certain other non-corporate) shareholders of the fund that have received such taxable ordinary REIT dividends may be able to take advantage of this 20% deduction with respect to any such amounts passed through.

Redemptions and exchanges of fund shares — Redemptions of shares, including exchanges for shares of other American Funds, may result in federal, state and local tax consequences (gain or loss) to the shareholder.

Any loss realized on a redemption or exchange of shares of the fund will be disallowed to the extent substantially identical shares are reacquired within the 61-day period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss disallowed under this rule will be added to the shareholder’s tax basis in the new shares purchased.

If a shareholder exchanges or otherwise disposes of shares of the fund within 90 days of having acquired such shares, and if, as a result of having acquired those shares, the shareholder subsequently pays a reduced or no sales charge for shares of the fund, or of a different fund acquired before January 31^st of the year following the year the shareholder exchanged or otherwise disposed of the original fund shares, the sales charge previously incurred in acquiring the fund’s shares will not be taken into account (to the extent such previous sales charges do not exceed the reduction in sales charges) for the purposes of determining the amount of gain or loss on the exchange, but will be treated as having been incurred in the acquisition of such other fund(s).

Foreign tax credit — By meeting certain requirements of the Code, a fund is permitted to pass through to shareholders the foreign taxes on earnings from investments outside the United States held by the underlying funds. Shareholders may claim a credit or deduction for their share of foreign taxes distributed by a fund that passes through the foreign tax credit.

Tax consequences applicable to the Tax-Aware Conservative Growth and Income Portfolio and Tax-Exempt Preservation Portfolio — Interest on the municipal securities purchased by an underlying fund is believed to be free from regular federal income tax based on opinions issued by bond counsel. However, there is no guarantee that the opinion is correct or that the IRS will agree with the opinion. If

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interest on a municipal security is not free from regular federal income tax, then the interest on that security would become taxable. If this were to happen, dividends derived from this interest may be taxable to shareholders.

By meeting certain requirements of the Code, a fund is permitted to pass through to shareholders the interest earned on municipal securities held by the underlying funds as exempt-interest dividends. These exempt-interest dividends are not subject to regular federal income tax when they are distributed to fund shareholders. Exempt-interest dividends paid by the fund will be reported to both the IRS and shareholders of the fund. In addition, to the extent that exempt-interest dividends are derived from interest on obligations of a state or its political subdivisions, or from interest on qualifying U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands or Guam), they also may be exempt from that state's personal income taxes.

Private activity bonds are bonds that, although federally tax-exempt, are used for purposes other than those generally performed by governmental units and that benefit non-governmental entities. Interest on certain private activity bonds, while exempt from regular federal income tax, is a preference item for taxpayers when determining their alternative minimum tax under the Code and under the income tax provisions of several states.

The price of a bond purchased after its original issuance may reflect market discount which, depending on the particular circumstances, may result in the fund recognizing taxable ordinary income. In determining whether a bond is purchased with market discount, certain de minimis rules apply.

Tax consequences of investing in derivatives — An underlying fund may enter into transactions involving derivatives, such as futures, swaps, options and forward contracts. Special tax rules may apply to these types of transactions that could defer losses to such an underlying fund, accelerate the underlying fund’s income, alter the holding period of certain securities or change the classification of capital gains. These tax rules may therefore impact the amount, timing and character of underlying fund distributions.

Discount — Certain bonds acquired by the fund, such as zero coupon bonds, may be treated as bonds that were originally issued at a discount. Original issue discount represents interest for federal income tax purposes and is generally defined as the difference between the price at which a bond was issued (or the price at which it was deemed issued for federal income tax purposes) and its stated redemption price at maturity. Original issue discount is treated for federal income tax purposes as tax exempt income earned by a fund over the term of the bond, and therefore is subject to the distribution requirements of the Internal Revenue Code. The annual amount of income earned on such a bond by a fund generally is determined on the basis of a constant yield to maturity which takes into account the semiannual compounding of accrued interest (including original issue discount). Certain bonds acquired by the fund may also provide for contingent interest and/or principal. In such a case, rules similar to those for original issue discount bonds would require the accrual of income based on an assumed yield that may exceed the actual interest payments on the bond.

Some of the bonds may be acquired by a fund on the secondary market at a discount which exceeds the original issue discount, if any, on such bonds. This additional discount constitutes market discount for federal income tax purposes. Any gain recognized on the disposition of any bond having market discount generally will be treated as taxable ordinary income to the extent it does not exceed the accrued market discount on such bond (unless a fund elects to include market discount in income in the taxable years to which it is attributable). Realized accrued market discount on obligations that pay tax-exempt interest is nonetheless taxable. Generally, market discount accrues on a daily basis for each day the bond is held by a fund at a constant rate over the time remaining to the bond's maturity. In the case of any debt instrument having a fixed maturity date of not more than one year from date of issue,

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the gain realized on disposition will be treated as short-term capital gain. Some of the bonds acquired by a fund with a fixed maturity date of one year or less from the date of their issuance may be treated as having original issue discount or, in certain cases, “acquisition discount” (generally, the excess of a bond’s stated redemption price at maturity over its acquisition price). A fund will be required to include any such original issue discount or acquisition discount in taxable ordinary income. The rate at which such acquisition discount and market discount accrues, and thus included in a fund’s investment company taxable income, will depend upon which of the permitted accrual methods the fund elects.

Other tax considerations — After the end of each calendar year, individual shareholders holding fund shares in taxable accounts will receive a statement of the federal income tax status of all distributions. Shareholders of the fund also may be subject to state and local taxes on distributions received from the fund.

For fund shares acquired on or after January 1, 2012, the fund is required to report cost basis information for redemptions, including exchanges, to both shareholders and the IRS.

Shareholders may obtain more information about cost basis online at capitalgroup.com/costbasis.

Under the backup withholding provisions of the Code, the fund generally will be required to withhold federal income tax on all payments made to a shareholder if the shareholder either does not furnish the fund with the shareholder’s correct taxpayer identification number or fails to certify that the shareholder is not subject to backup withholding. Backup withholding also applies if the IRS notifies the shareholder or the fund that the taxpayer identification number provided by the shareholder is incorrect or that the shareholder has previously failed to properly report interest or dividend income.

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons (i.e., U.S. citizens and legal residents and U.S. corporations, partnerships, trusts and estates). Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the fund, including the possibility that such a shareholder may be subject to U.S. withholding taxes.

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Unless otherwise noted or unless the context otherwise requires, all references in the following pages to Class A, C, T or F shares also refer to the corresponding Class 529-A and ABLE-A, 529-C, 529-T, 529-F or ABLE-F shares, as applicable. Class 529 and ABLE shareholders should also refer to the applicable program description for information on policies and services specifically relating to these accounts. Shareholders holding shares through an eligible retirement plan should contact their plan’s administrator or recordkeeper for information regarding purchases, sales and exchanges.

Purchase and exchange of shares

Purchases by individuals — As described in the prospectus, you may generally open an account and purchase fund shares by contacting a financial professional or investment dealer authorized to sell the fund’s shares. You may make investments by any of the following means:

Contacting your financial professional — Deliver or mail a check to your financial professional.

By mail — For initial investments, you may mail a check, made payable to the fund, directly to the address indicated on the account application. Please indicate an investment dealer on the account application. You may make additional investments by filling out the “Account Additions” form at the bottom of a recent transaction confirmation and mailing the form, along with a check made payable to the fund, using the envelope provided with your confirmation.

The amount of time it takes for us to receive regular U.S. postal mail may vary and there is no assurance that we will receive such mail on the day you expect. Mailing addresses for regular U.S. postal mail can be found in the prospectus. To send investments or correspondence to us via overnight mail or courier service, use either of the following addresses:

American Funds

12711 North Meridian Street

Carmel, IN 46032-9181

American Funds

5300 Robin Hood Road

Norfolk, VA 23513-2407

By telephone — Calling American Funds Service Company. Please see the “Shareholder account services and privileges” section of this statement of additional information for more information regarding this service.

By Internet — Using capitalgroup.com. Please see the “Shareholder account services and privileges” section of this statement of additional information for more information regarding this service.

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By wire — If you are making a wire transfer, instruct your bank to wire funds to:

Wells Fargo Bank

ABA Routing No. 121000248

Account No. 4600-076178

Your bank should include the following information when wiring funds:

For credit to the account of:

American Funds Service Company

(fund’s name)

For further credit to:

(shareholder’s fund account number)

(shareholder’s name)

You may contact American Funds Service Company at (800) 421-4225 if you have questions about making wire transfers.

Other purchase information — Class 529 shares may be purchased only through CollegeAmerica by investors establishing qualified higher education savings accounts and Class ABLE shares may be purchased only through ABLEAmerica by investors establishing qualified 529A ABLE savings accounts. Class 529-E shares may be purchased only by investors participating in CollegeAmerica through an eligible employer plan. American Funds state tax-exempt funds are qualified for sale only in certain jurisdictions, and tax-exempt funds in general should not serve as retirement plan investments. In addition, the fund and the Principal Underwriter reserve the right to reject any purchase order.

Class R-5 and R-6 shares may be made available to certain charitable foundations organized and maintained by The Capital Group Companies, Inc. or its affiliates. Class R-6 shares are also available to corporate investment accounts established by The Capital Group Companies, Inc. and its affiliates.

Class R-5 and R-6 shares may also be made available to Virginia529 for use in the Virginia Education Savings Trust and the Virginia Prepaid Education Program and other registered investment companies approved by the fund’s investment adviser or distributor. Class R-6 shares are also available to other post employment benefits plans.

Purchase minimums and maximums — All investments are subject to the purchase minimums and maximums described in the prospectus. As noted in the prospectus, purchase minimums may be waived or reduced in certain cases.

In the case of American Funds non-tax-exempt funds, the initial purchase minimum of $25 may be waived for the following account types:

· Payroll deduction retirement plan accounts (such as, but not limited to, 403(b), 401(k), SIMPLE IRA, SARSEP and deferred compensation plan accounts); and

· Employer-sponsored CollegeAmerica accounts.

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The following account types may be established without meeting the initial purchase minimum:

· Retirement accounts that are funded with employer contributions; and

· Accounts that are funded with monies set by court decree.

The following account types may be established without meeting the initial purchase minimum, but shareholders wishing to invest in two or more funds must meet the normal initial purchase minimum of each fund:

· Accounts that are funded with (a) transfers of assets, (b) rollovers from retirement plans, (c) rollovers from 529 college savings plans or 529A ABLE savings plans or (d) required minimum distribution automatic exchanges; and

· American Funds U.S. Government Money Market Fund accounts registered in the name of clients of Capital Group Private Client Services.

Certain accounts held on the fund’s books, known as omnibus accounts, contain multiple underlying accounts that are invested in shares of the fund. These underlying accounts are maintained by entities such as financial intermediaries and are subject to the applicable initial purchase minimums as described in the prospectus and this statement of additional information. However, in the case where the entity maintaining these accounts aggregates the accounts’ purchase orders for fund shares, such accounts are not required to meet the fund’s minimum amount for subsequent purchases.

Exchanges — With the exception of Class T shares, for which rights of exchange are not generally available, you may only exchange shares without a sales charge into other American Funds within the same share class; however, Class A, C, T or F shares may also generally be exchanged without a sales charge for the corresponding 529 (or, if applicable, ABLE) share class. Clients of Capital Group Private Client Services may exchange the shares of the fund for those of any other fund(s) managed by Capital Research and Management Company or its affiliates.

Notwithstanding the above, exchanges from Class A shares of American Funds U.S. Government Money Market Fund may be made to Class C shares of other American Funds for dollar cost averaging purposes.

Exchange purchases are subject to the minimum investment requirements of the fund purchased and no sales charge generally applies. However, exchanges of shares from American Funds U.S. Government Money Market Fund are subject to applicable sales charges, unless the American Funds U.S. Government Money Market Fund shares were acquired by an exchange from a fund having a sales charge, or by reinvestment or cross-reinvestment of dividends or capital gain distributions.

Exchanges of Class F shares generally may only be made through fee-based programs of investment firms that have special agreements with the fund’s distributor and certain registered investment advisors.

You may exchange shares of other classes by contacting your financial professional by calling American Funds Service Company at (800) 421-4225 or using capitalgroup.com, or faxing (see “American Funds Service Company service areas” in the prospectus for the appropriate fax numbers) the Transfer Agent. For more information, see “Shareholder account services and privileges” in this statement of additional information. These transactions have the same tax consequences as ordinary sales and purchases.

Shares held in employer-sponsored retirement plans may be exchanged into other American Funds by contacting your plan administrator or recordkeeper. Exchange redemptions and purchases are

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processed simultaneously at the share prices next determined after the exchange order is received (see “Price of shares” in this statement of additional information).

Conversion — Class C shares of the fund automatically convert to Class A shares in the month of the 8-year anniversary of the purchase date. Class 529-C shares of the fund automatically convert to Class 529-A shares in the month of the 5-year anniversary of the purchase date. The board of trustees of the fund reserves the right at any time, without shareholder approval, to amend the conversion features of the Class C and Class 529-C shares, including without limitation, providing for conversion into a different share class or for no conversion. In making its decision, the board of trustees will consider, among other things, the effect of any such amendment on shareholders.

Frequent trading of fund shares — As noted in the prospectus, all transactions in fund shares are subject to the series’ and American Funds Distributors’ right to restrict potentially abusive trading. In addition, certain redemptions may trigger a restriction under the fund’s “frequent trading policy.” Under this policy, systematic redemptions will not trigger a restriction and systematic purchases will not be prevented if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase. For purposes of this policy, systematic redemptions include, for example, regular periodic automatic redemptions and statement of intention escrow share redemptions. Systematic purchases include, for example, regular periodic automatic purchases and automatic reinvestments of dividends and capital gain distributions. Generally, purchases and redemptions will not be considered “systematic” unless the transaction is prescheduled for a specific date.

Potentially abusive activity — American Funds Service Company will monitor for the types of activity that could potentially be harmful to the American Funds — for example, short-term trading activity in multiple funds. When identified, American Funds Service Company will request that the shareholder discontinue the activity. If the activity continues, American Funds Service Company will freeze the shareholder account to prevent all activity other than redemptions of fund shares.

Moving between share classes

If you wish to “move” your investment between share classes (within the same fund or between different funds), we generally will process your request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about how sales charges are handled for various scenarios.

Exchanging Class C shares for Class A or Class T shares — If you exchange Class C shares for Class A or Class T shares, you are still responsible for paying any Class C contingent deferred sales charges and applicable Class A or Class T sales charges.

Exchanging Class C shares for Class F shares — If you are part of a qualified fee-based program or approved self-directed platform and you wish to exchange your Class C shares for Class F shares to be held in the program, you are still responsible for paying any applicable Class C contingent deferred sales charges.

Exchanging Class F shares for Class A shares — You can exchange Class F shares held in a qualified fee-based program for Class A shares without paying an initial Class A sales charge if you are leaving or have left the fee-based program. Your financial intermediary can also convert Class F-1 shares to Class A shares without a sales charge if they are held in a brokerage account and they were initially transferred to the account or converted from Class C shares. You can exchange Class F shares received in a conversion from Class C shares for Class A shares at any time without paying an initial Class A sales charge if you notify American Funds Service Company of the conversion when you make your request. If you have already

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redeemed your Class F shares, the foregoing requirements apply and you must purchase Class A shares within 90 days after redeeming your Class F shares to receive the Class A shares without paying an initial Class A sales charge.

Exchanging Class A or Class T shares for Class F shares — If you are part of a qualified fee-based program or approved self-directed platform and you wish to exchange your Class A or Class T shares for Class F shares to be held in the program, any Class A or Class T sales charges (including contingent deferred sales charges) that you paid or are payable will not be credited back to your account.

Exchanging Class A shares for Class R shares — Provided it is eligible to invest in Class R shares, a retirement plan currently invested in Class A shares may exchange its shares for Class R shares. Any Class A sales charges that the retirement plan previously paid will not be credited back to the plan’s account. No contingent deferred sales charge will be assessed as part of the share class conversion.

Moving between Class F shares — If you are part of a qualified fee-based program that offers Class F shares, you may exchange your Class F shares for any other Class F shares to be held in the program. For example, if you hold Class F-2 shares, you may exchange your shares for Class F-1 or Class F-3 shares to be held in the program.

Moving between other share classes — If you desire to move your investment between share classes and the particular scenario is not described in this statement of additional information, please contact American Funds Service Company at (800) 421-4225 for more information.

Non-reportable transactions — Automatic conversions described in the prospectus will be non-reportable for tax purposes. In addition, an exchange of shares from one share class of a fund to another share class of the same fund will be treated as a non-reportable exchange for tax purposes, provided that the exchange request is received in writing by American Funds Service Company and processed as a single transaction. However, a movement between a 529 share class and a non-529 share class of the same fund and a movement between an ABLE share class and a non-ABLE share class of the same fund will be reportable.

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Sales charges

Class A purchases

Purchases by certain 403(b) plans

A 403(b) plan may not invest in American Funds Class A or C shares unless such plan was invested in Class A or C shares before January 1, 2009.

Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an individual-type plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an employer-sponsored plan for sales charge purposes. Participant accounts of a 403(b) plan that was established on or after January 1, 2009, are treated as accounts of an employer-sponsored plan for sales charge purposes.

Purchases by SEP plans and SIMPLE IRA plans

Participant accounts in a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small Employers IRA (SIMPLE IRA) will be aggregated at the plan level for Class A sales charge purposes if an employer adopts a prototype plan produced by American Funds Distributors, Inc. or (a) the employer or plan sponsor submits all contributions for all participating employees in a single contribution transmittal or the contributions are identified as related to the same plan; (b) each transmittal is accompanied by checks or wire transfers and generally must be submitted through the transfer agent’s automated contribution system if held on the fund’s books; and (c) if the fund is expected to carry separate accounts in the name of each plan participant and (i) the employer or plan sponsor notifies the funds’ transfer agent or the intermediary holding the account that the separate accounts of all plan participants should be linked and (ii) all new participant accounts are established by submitting the appropriate documentation on behalf of each new participant. Participant accounts in a SEP or SIMPLE plan that are eligible to aggregate their assets at the plan level may not also aggregate the assets with their individual accounts.

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Other purchases

In addition, American Funds Class A and Class 529-A shares may be offered at net asset value to companies exchanging securities with the fund through a merger, acquisition or exchange offer and to certain individuals meeting the criteria described above who invested in Class A and Class 529-A shares before Class F-2, Class 529-F-2 and Class ABLE-F-2 shares were made available under this privilege.

Transfers to CollegeAmerica — A transfer from the Virginia Prepaid Education ProgramSM or the Virginia Education Savings TrustSM to a CollegeAmerica account will be made with no sales charge. No commission will be paid to the dealer on such a transfer. Investment dealers will be compensated solely with an annual service fee that begins to accrue immediately.

Class F-2, Class 529-F-2 and Class ABLE-F-2 purchases

If requested, American Funds Class F-2, Class 529-F-2 and Class ABLE-F-2 shares will be sold to:


	(1)	current or retired directors, trustees, officers and advisory board members of, and certain lawyers who provide services to the funds managed by Capital Research and Management Company, current or retired employees of The Capital Group Companies, Inc. and its affiliated companies, certain family members of the above persons, and trusts or plans primarily for such persons; and
	(2)	The Capital Group Companies, Inc. and its affiliated companies.

Once an account in Class F-2, Class 529-F-2 or Class ABLE-F-2 is established under this privilege, additional investments can be made in Class F-2, Class 529-F-2 or Class ABLE-F-2 for the life of the account. Depending on the financial intermediary holding your account, these privileges may be unavailable. Investors should consult their financial intermediary for further information.

Moving between accounts — American Funds investments by certain account types may be moved to other account types without incurring additional Class A sales charges. These transactions include:

· redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

· required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

· death distributions paid to a beneficiary’s account that are used by the beneficiary to purchase fund shares in a different account.

Investors may not move investments from a Capital Bank & Trust Company SIMPLE IRA Plus to a Capital Bank & Trust Company SIMPLE IRA unless it is part of a plan transfer or to a current employer’s Capital Bank & Trust Company SIMPLE IRA plan.

These privileges are generally available only if your account is held directly with the fund’s transfer agent or if the financial intermediary holding your account has the systems, policies and procedures to support providing the privileges on its systems. Investors should consult their financial intermediary for further information.

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Loan repayments — Repayments on loans taken from a retirement plan are not subject to sales charges if American Funds Service Company is notified of the repayment.

Dealer commissions and compensation — Commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to initial sales charges. These purchases consist of a) purchases of $1 million or more and b) purchases by employer-sponsored defined contribution-type retirement plans investing $1 million or more or with 100 or more eligible employees. For all of the funds in the American Funds Portfolio Series except American Funds Preservation Portfolio and American Funds Tax Exempt Preservation Portfolio, commissions on such investments (other than IRA rollover assets that roll over at no sales charge under the fund’s IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: 1.00% on amounts of less than $10 million, .50% on amounts of at least $10 million but less than $25 million and .25% on amounts of at least $25 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $10 million (but less than $25 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of .50%.

Commissions (up to .75%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to initial sales charges. These purchases consist of a) purchases of $500,000 or more and b) purchases by employer-sponsored defined contribution-type retirement plans investing $500,000 or more or with 100 or more eligible employees. Only with respect to American Funds Preservation Portfolio and American Funds Tax-Exempt Preservation Portfolio, commissions on such investments (other than IRA rollover assets that roll over at no sales charge under the fund’s IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: .75% on amounts of less than $4 million, .50% on amounts of at least $4 million but less than $10 million and .25% on amounts of at least $10 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $4 million (but less than $10 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of .50%.

Commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class 529-A/ABLE-A share purchases not subject to initial sales charges. These purchases consist of a) purchases of $1 million or more and b) purchases by employer-sponsored defined contribution-type retirement plans investing $1 million or more or with 100 or more eligible employees. For all of the funds in the American Funds Portfolio Series except American Funds Tax-Aware Conservative Growth and Income Portfolio and American Funds Tax Exempt Preservation Portfolio, commissions on such investments (other than 529/ABLE rollover assets that roll over at no sales charge under the fund’s 529/ABLE rollover policy as described in the prospectus) are paid to dealers at the following rates: 1.00% on amounts of less than $4 million, .50% on amounts of at least $4 million but less than $10 million and .25% on amounts of at least $10 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $4 million (but less than $10 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of .50%.

A dealer concession of up to 1% may be paid by the fund under its Class A plan of distribution to reimburse the Principal Underwriter in connection with dealer and wholesaler compensation paid by it with respect to investments made with no initial sales charge.

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Sales charge reductions and waivers

Reducing your Class A sales charge — As described in the prospectus, there are various ways to reduce your sales charge when purchasing Class A shares. Additional information about Class A sales charge reductions is provided below.

Statement of intention — By establishing a statement of intention (the "Statement"), you enter into a nonbinding commitment to purchase shares of American Funds (excluding American Funds U.S. Government Money Market Fund) over a 13-month period and receive the same sales charge (expressed as a percentage of your purchases) as if all shares had been purchased at once, unless the Statement is upgraded as described below.

The Statement period starts on the date on which your first purchase made toward satisfying the Statement is processed. Your accumulated holdings (as described in the paragraph below titled “Rights of accumulation”) eligible to be aggregated as of the day immediately before the start of the Statement period may be credited toward satisfying the Statement.

You may revise the commitment you have made in your Statement upward at any time during the Statement period. If your prior commitment has not been met by the time of the revision, the Statement period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised Statement. If your prior commitment has been met by the time of the revision, your original Statement will be considered met and a new Statement will be established.

The Statement will be considered completed if the shareholder dies within the 13-month Statement period. Commissions to dealers will not be adjusted or paid on the difference between the Statement amount and the amount actually invested before the shareholder’s death.

When a shareholder elects to use a Statement, shares equal to 5% of the dollar amount specified in the Statement may be held in escrow in the shareholder’s account out of the initial purchase (or subsequent purchases, if necessary) by the Transfer Agent. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder’s account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified Statement period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder’s account at the time a purchase was made during the Statement period will receive a corresponding commission adjustment if appropriate.

In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a Statement.

Shareholders purchasing shares at a reduced sales charge under a Statement indicate their acceptance of these terms and those in the prospectus with their first purchase.

The Statement period may be extended in cases where the fund’s distributor determines it is appropriate to do so; for example in periods when there are extenuating circumstances such as a natural disaster that may limit an individual’s ability to meet the investment required under the Statement.

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Aggregation — Qualifying investments for aggregation include those made by you and your “immediate family” as defined in the prospectus, if all parties are purchasing shares for their own accounts and/or:

· individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales charges” in this statement of additional information);

· SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by American Funds Distributors, Inc.;

· business accounts solely controlled by you or your immediate family (for example, you own the entire business);

· trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s own accounts);

· endowments or foundations established and controlled by you or your immediate family; or

· 529 and 529A accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

· for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

· made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

· for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares;

· for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations;

· for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales charges” in this statement of additional information), or made for participant accounts of two or more such plans, in each case of a single employer or affiliated employers as defined in the 1940 Act; or

· for a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype plan produced by American Funds Distributors, Inc.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the

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customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

Concurrent purchases — As described in the prospectus, you may reduce your Class A sales charge by combining purchases of all classes of shares in American Funds. Shares of American Funds U.S. Government Money Market Fund purchased through an exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

Rights of accumulation — Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all share classes of American Funds to determine your sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Subject to your investment dealer’s or recordkeeper’s capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existing holdings (the “market value”) as of the day prior to your American Funds investment or (b) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the “cost value”). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals. You must contact your financial professional or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your American Funds Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your American Funds investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

You may not purchase Class C or 529-C shares if such combined holdings cause you to be eligible to purchase Class A, 529-A or ABLE-A shares at the $1 million or more sales charge discount rate (i.e. at net asset value).

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If you make a gift of American Funds Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your American Funds and applicable American Legacy accounts.

Reducing your Class T sales charge — As described in the prospectus, the initial sales charge you pay each time you buy Class T shares may differ depending upon the amount you invest and may be reduced for larger purchases. Additionally, Class T shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge. Sales charges on Class T shares are applied on a transaction-by-transaction basis, and, accordingly, Class T shares are not eligible for any other sales charge waivers or reductions, including through the aggregation of Class T shares concurrently purchased by other related accounts or in other American Funds. The sales charge applicable to Class T shares may not be reduced by establishing a statement of intention, and rights of accumulation are not available for Class T shares.

CDSC waivers for Class A and C shares — As noted in the prospectus, a contingent deferred sales charge (“CDSC”) will be waived for redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Transfer Agent of the other joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Transfer Agent is notified of the death of a joint tenant will be subject to a CDSC.

In addition, a CDSC will be waived for the following types of transactions, if they do not exceed 12% of the value of an “account” (defined below) annually (the “12% limit”):

· Required minimum distributions taken from retirement accounts in accordance with IRS regulations.

· Redemptions through an automatic withdrawal plan (“AWP”) (see “Automatic withdrawals” under “Shareholder account services and privileges” in this statement of additional information). For each AWP payment, assets that are not subject to a CDSC, such as shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular AWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through an AWP will also count toward the 12% limit. In the case of an AWP, the 12% limit is calculated at the time an automatic redemption is first made, and is recalculated at the time each additional automatic redemption is made. Shareholders who establish an AWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.

For purposes of this paragraph, “account” means your investment in the applicable class of shares of the particular fund from which you are making the redemption.

The CDSC on American Funds Class A shares may be waived in cases where the fund’s transfer agent determines the benefit to the fund of collecting the CDSC would be outweighed by the cost of applying it.

CDSC waivers are allowed only in the cases listed here and in the prospectus. For example, CDSC waivers will not be allowed on redemptions of Class 529-C shares due to termination of CollegeAmerica; a determination by the Internal Revenue Service that CollegeAmerica does not qualify as a qualified tuition program under the Code; proposal or enactment of law that eliminates or

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limits the tax-favored status of CollegeAmerica; or elimination of the fund by Virginia529 as an option for additional investment within CollegeAmerica.

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Selling shares

The methods for selling (redeeming) shares are described more fully in the prospectus. If you wish to sell your shares by contacting American Funds Service Company directly, any such request must be signed by the registered shareholders. To contact American Funds Service Company via overnight mail or courier service, see “Purchase and exchange of shares.”

A signature guarantee may be required for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchange or the Financial Industry Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agent reserves the right to require a signature guarantee on any redemptions.

Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts. You must include with your written request any shares you wish to sell that are in certificate form.

If you sell Class A or C shares and request a specific dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any applicable CDSC, equals the dollar amount requested.

If you hold multiple American Funds and a CDSC applies to the shares you are redeeming, the CDSC will be calculated based on the applicable class of shares of the particular fund from which you are making the redemption.

Redemption proceeds will not be mailed until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified or cashier’s checks) for shares purchased have cleared (normally seven business days from the purchase date). Except for delays relating to clearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), the fund typically expects to pay redemption proceeds one business day following receipt and acceptance of a redemption order. Interest will not accrue or be paid on amounts that represent uncashed distribution or redemption checks.

You may request that redemption proceeds of $1,000 or more from American Funds U.S. Government Money Market Fund be wired to your bank by writing American Funds Service Company. A signature guarantee is required on all requests to wire funds and you may be subject to a fee for the transaction.

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Shareholder account services and privileges

The following services and privileges are generally available to all shareholders. However, certain services and privileges described in the prospectus and this statement of additional information may not be available for Class 529 or ABLE shareholders or if your account is held with an investment dealer or through an employer-sponsored retirement plan.

Automatic investment plan — An automatic investment plan enables you to make monthly or quarterly investments in American Funds through automatic debits from your bank account. To set up a plan, you must fill out an account application and specify the amount that you would like to invest and the date on which you would like your investments to occur. The plan will begin within 30 days after your account application is received. Your bank account will be debited on the day or a few days before your investment is made, depending on the bank’s capabilities. The Transfer Agent will then invest your money into the fund you specified on or around the date you specified. If the date you specified falls on a weekend or holiday, your money will be invested on the following business day. However, if the following business day falls in the next month, your money will be invested on the business day immediately preceding the weekend or holiday. If your bank account cannot be debited due to insufficient funds, a stop-payment or the closing of the account, the plan may be terminated and the related investment reversed. You may change the amount of the investment or discontinue the plan at any time by contacting the Transfer Agent.

Automatic reinvestment — Dividends and capital gain distributions are reinvested in additional shares of the same class and fund at net asset value unless you indicate otherwise on the account application. You also may elect to have dividends and/or capital gain distributions paid in cash by informing the fund, the Transfer Agent or your investment dealer. Dividends and capital gain distributions paid to retirement plan shareholders or shareholders of the 529 and ABLE share classes will be automatically reinvested.

If you have elected to receive dividends and/or capital gain distributions in cash, and the postal or other delivery service is unable to deliver checks to your address of record, or you do not respond to mailings from American Funds Service Company with regard to uncashed distribution checks, your distribution option may be automatically converted to having all dividends and other distributions reinvested in additional shares.

Cross-reinvestment of dividends and distributions — For all share classes, except Class T shares and the 529 and ABLE classes of shares, you may cross-reinvest dividends and capital gains (distributions) into other American Funds in the same share class at net asset value, subject to the following conditions:

(1) the aggregate value of your account(s) in the fund(s) paying distributions equals or exceeds $5,000 (this is waived if the value of the account in the fund receiving the distributions equals or exceeds that fund’s minimum initial investment requirement);

(2) if the value of the account of the fund receiving distributions is below the minimum initial investment requirement, distributions must be automatically reinvested; and

(3) if you discontinue the cross-reinvestment of distributions, the value of the account of the fund receiving distributions must equal or exceed the minimum initial investment requirement. If you do not meet this requirement within 90 days of notification, the fund has the right to automatically redeem the account.

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Depending on the financial intermediary holding your account, your reinvestment privileges may be unavailable or differ from those described in this statement of additional information. Investors should consult their financial intermediary for further information.

Automatic exchanges — For all share classes other than Class T shares, you may automatically exchange shares of the same class in amounts of $50 or more among any American Funds on any day (or preceding business day if the day falls on a nonbusiness day) of each month you designate.

Automatic withdrawals — Depending on the type of account, for all share classes except R shares, you may automatically withdraw shares from any of the American Funds. You can make automatic withdrawals of $50 or more. You can designate the day of each period for withdrawals and request that checks be sent to you or someone else. Withdrawals may also be electronically deposited to your bank account. The Transfer Agent will withdraw your money from the fund you specify on or around the date you specify. If the date you specified falls on a weekend or holiday, the redemption will take place on the previous business day. However, if the previous business day falls in the preceding month, the redemption will take place on the following business day after the weekend or holiday. You should consult with your financial professional or intermediary to determine if your account is eligible for automatic withdrawals.

Withdrawal payments are not to be considered as dividends, yield or income. Generally, automatic investments may not be made into a shareholder account from which there are automatic withdrawals. Withdrawals of amounts exceeding reinvested dividends and distributions and increases in share value would reduce the aggregate value of the shareholder’s account. The Transfer Agent arranges for the redemption by the fund of sufficient shares, deposited by the shareholder with the Transfer Agent, to provide the withdrawal payment specified.

Redemption proceeds from an automatic withdrawal plan are not eligible for reinvestment without a sales charge.

Account statements — Your account is opened in accordance with your registration instructions. Transactions in the account, such as additional investments, will be reflected on regular confirmation statements from the Transfer Agent. Dividend and capital gain reinvestments, purchases through automatic investment plans and certain retirement plans, as well as automatic exchanges and withdrawals, will be confirmed at least quarterly.

American Funds Service Company and capitalgroup.com — You may check your share balance, the price of your shares or your most recent account transaction; redeem shares (up to $125,000 per American Funds shareholder each day); or exchange shares by calling American Funds Service Company at (800) 421-4225 or using capitalgroup.com. Redemptions and exchanges through American Funds Service Company and capitalgroup.com are subject to the conditions noted above and in “Telephone and Internet purchases, redemptions and exchanges” below. You will need your fund number (see the list of American Funds under the “General information — fund numbers” section in this statement of additional information), personal identification number (generally the last four digits of your Social Security number or other tax identification number associated with your account) and account number.

Generally, all shareholders are automatically eligible to use these services. However, if you are not currently authorized to do so, please contact American Funds Service Company for assistance. Once you establish this privilege, you, your financial professional or any person with your account information may use these services.

Telephone and Internet purchases, redemptions and exchanges — By using the telephone or the Internet (including capitalgroup.com), or fax purchase, redemption and/or exchange options, you

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agree to hold the series, the Transfer Agent, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges. Generally, all shareholders are automatically eligible to use these services. However, you may elect to opt out of these services by writing the Transfer Agent (you may also reinstate them at any time by writing the Transfer Agent). If the Transfer Agent does not employ reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine, it and/or the series may be liable for losses due to unauthorized or fraudulent instructions. In the event that shareholders are unable to reach the series by telephone because of technical difficulties, market conditions or a natural disaster, redemption and exchange requests may be made in writing only.

Redemption of shares — The series’ declaration of trust permits the series to direct the Transfer Agent to redeem the shares of any shareholder for their then current net asset value per share if at such time the shareholder of record owns shares having an aggregate net asset value of less than the minimum initial investment amount required of new shareholders as set forth in the series’ current registration statement under the 1940 Act, and subject to such further terms and conditions as the board of trustees of the series may from time to time adopt.

While payment of redemptions normally will be in cash, the series’ declaration of trust permits payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the series’ board of trustees. For example, redemptions could be made in this manner if the board determined that making payments wholly in cash over a particular period would be unfair and/or harmful to other fund shareholders of one or more funds in the series.

Share certificates — Shares are credited to your account. The fund does not issue share certificates.

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General information

Custodian of assets — Shares of underlying funds owned by all funds are recorded only on the books of the funds' transfer agent, American Funds Service Company. Other securities and cash owned by all funds, including proceeds from the sale of shares of the funds and of such other securities in the funds’ portfolio, are held by JP Morgan Chase Bank N.A., 270 Park Avenue, New York, NY 10017-2070, as custodian. If the funds hold securities of issuers outside the U.S., the custodian may hold these securities pursuant to subcustodial arrangements in banks outside the U.S. or branches of U.S. banks outside the U.S.

Transfer agent services — American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records of shareholder accounts, processes purchases and redemptions of the fund’s shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based on the number of accounts serviced or a percentage of fund assets, contained in a Shareholder Services Agreement between the series and American Funds Service Company.

In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds Service Company or its affiliates and the third parties receive compensation according to such agreements. Compensation for transfer agency and shareholder services, whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected in the expenses of the funds as disclosed in the prospectus.

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During the 2022 fiscal year, transfer agent fees, gross of any payments made by American Funds Service Company to third parties were:

American Funds Global Growth Portfolio


	Transfer agent fee
Class A	$3,127,000
Class C	447,000
Class T	—*
Class F-1	77,000
Class F-2	736,000
Class F-3	5,000
Class 529-A	597,000
Class 529-C	45,000
Class 529-E	11,000
Class 529-T	—*
Class 529-F-1	—*
Class 529-F-2	60,000
Class 529-F-3	—*
Class ABLE-A	1,000
Class ABLE- F-2	—*
Class R-1	4,000
Class R-2	370,000
Class R-2E	12,000
Class R-3	110,000
Class R-4	30,000
Class R-5E	26,000
Class R-5	7,000
Class R-6	2,000

* Amount less than $1,000.

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American Funds Growth Portfolio


	Transfer agent fee
Class A	$8,315,000
Class C	1,227,000
Class T	—*
Class F-1	133,000
Class F-2	1,179,000
Class F-3	5,000
Class 529-A	1,663,000
Class 529-C	117,000
Class 529-E	31,000
Class 529-T	—*
Class 529-F-1	—*
Class 529-F-2	158,000
Class 529-F-3	—*
Class ABLE-A	3,000
Class ABLE- F-2	—*
Class R-1	37,000
Class R-2	866,000
Class R-2E	21,000
Class R-3	283,000
Class R-4	70,000
Class R-5E	58,000
Class R-5	16,000
Class R-6	4,000

* Amount less than $1,000.

American Funds Portfolio Series — Page 120

American Funds Growth and Income Portfolio


	Transfer agent fee
Class A	$5,948,000
Class C	834,000
Class T	—*
Class F-1	234,000
Class F-2	1,264,000
Class F-3	6,000
Class 529-A	580,000
Class 529-C	46,000
Class 529-E	12,000
Class 529-T	—*
Class 529-F-1	—*
Class 529-F-2	51,000
Class 529-F-3	—*
Class ABLE-A	2,000
Class ABLE- F-2	—*
Class R-1	17,000
Class R-2	577,000
Class R-2E	36,000
Class R-3	214,000
Class R-4	68,000
Class R-5E	28,000
Class R-5	15,000
Class R-6	7,000

* Amount less than $1,000.

American Funds Portfolio Series — Page 121

American Funds Moderate Growth and Income Portfolio


	Transfer agent fee
Class A	$4,066,000
Class C	578,000
Class T	—*
Class F-1	127,000
Class F-2	1,203,000
Class F-3	5,000
Class 529-A	261,000
Class 529-C	25,000
Class 529-E	5,000
Class 529-T	—*
Class 529-F-1	—*
Class 529-F-2	36,000
Class 529-F-3	—*
Class ABLE-A	1,000
Class ABLE- F-2	—*
Class R-1	9,000
Class R-2	419,000
Class R-2E	17,000
Class R-3	200,000
Class R-4	79,000
Class R-5E	26,000
Class R-5	14,000
Class R-6	9,000

* Amount less than $1,000.

American Funds Conservative Growth and Income Portfolio


	Transfer agent fee
Class A	$2,258,000
Class C	290,000
Class T	—*
Class F-1	85,000
Class F-2	596,000
Class F-3	2,000
Class 529-A	112,000
Class 529-C	12,000
Class 529-E	2,000
Class 529-T	—*
Class 529-F-1	—*
Class 529-F-2	21,000
Class 529-F-3	—*
Class ABLE-A	1,000
Class ABLE- F-2	—*
Class R-1	2,000
Class R-2	140,000
Class R-2E	2,000
Class R-3	51,000
Class R-4	27,000
Class R-5E	9,000
Class R-5	5,000
Class R-6	2,000

* Amount less than $1,000.

American Funds Portfolio Series — Page 122

American Funds Tax-Aware Conservative Growth and Income Portfolio


	Transfer agent fee
Class A	$955,000
Class C	112,000
Class T	—*
Class F-1	352,000
Class F-2	506,000
Class F-3	2,000

* Amount less than $1,000.

American Funds Preservation Portfolio


	Transfer agent fee
Class A	$1,163,000
Class C	79,000
Class T	—*
Class F-1	49,000
Class F-2	452,000
Class F-3	2,000
Class 529-A	122,000
Class 529-C	9,000
Class 529-E	1,000
Class 529-T	—*
Class 529-F-1	—*
Class 529-F-2	19,000
Class 529-F-3	—*
Class ABLE-A	—*
Class ABLE- F-2	—*
Class R-1	1,000
Class R-2	64,000
Class R-2E	1,000
Class R-3	38,000
Class R-4	12,000
Class R-5E	5,000
Class R-5	3,000
Class R-6	1,000

* Amount less than $1,000.

American Funds Tax-Exempt Preservation Portfolio


	Transfer agent fee
Class A	$154,000
Class C	10,000
Class T	—*
Class F-1	7,000
Class F-2	137,000
Class F-3	—*

* Amount less than $1,000.

American Funds Portfolio Series — Page 123

Independent registered public accounting firm — Deloitte & Touche LLP, 695 Town Center Drive, Costa Mesa, CA 92626, serves as the series’ independent registered public accounting firm, providing audit services and review of certain documents to be filed with the SEC. Deloitte Tax LLP prepares tax returns for the fund. The financial statements included in this statement of additional information that are from the series' annual report have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The selection of the series’ independent registered public accounting firm is reviewed and determined annually by the board of trustees.

Independent legal counsel — Morgan, Lewis & Bockius LLP, One Federal Street, Boston, MA 02110-1726, serves as independent legal counsel (“counsel”) for the series and for independent trustees in their capacities as such. A determination with respect to the independence of the series’ counsel will be made at least annually by the independent trustees of the series, as prescribed by applicable 1940 Act rules.

Prospectuses, reports to shareholders and proxy statements — The series’ fiscal year ends on October 31. Shareholders are provided updated summary prospectuses annually and at least semi-annually with reports showing the series’ investment portfolio or summary investment portfolio, financial statements and other information. Shareholders may request a copy of the fund’s current prospectus at no cost by calling (800) 421-4225 or by sending an email request to [email protected]. Shareholders may also access each fund’s current summary prospectus, prospectus, statement of additional information and shareholder reports at capitalgroup.com/prospectus. The series’ annual financial statements are audited by the series’ independent registered public accounting firm, Deloitte & Touche LLP. In addition, shareholders may also receive proxy statements for each fund. In an effort to reduce the volume of mail shareholders receive from the series when a household owns more than one account, the Transfer Agent has taken steps to eliminate duplicate mailings of summary prospectuses, shareholder reports and proxy statements. To receive additional copies of a summary prospectus, report or proxy statement, shareholders should contact the Transfer Agent.

Shareholders may also elect to receive updated summary prospectuses, annual reports and semi-annual reports electronically by signing up for electronic delivery on our website, capitalgroup.com. Shareholders who elect to receive documents electronically will receive such documents in electronic form and will not receive documents in paper form by mail. A shareholder who elects electronic delivery is able to cancel this service at any time and return to receiving updated summary prospectuses and other reports in paper form by mail.

Summary prospectuses, prospectuses, annual reports and semi-annual reports that are mailed to shareholders by the Capital Group organization are printed with ink containing soy and/or vegetable oil on paper containing recycled fibers.

Codes of ethics — The series and Capital Research and Management Company and its affiliated companies, including the series’ Principal Underwriter, have adopted codes of ethics that allow for personal investments, including securities in which the series may invest from time to time. These codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of private placement securities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification of compliance with codes of ethics; blackout periods on personal investing for certain investment personnel; ban on short-term trading profits for investment personnel; limitations on service as a director of publicly traded companies; disclosure of personal securities transactions; and policies regarding political contributions.

American Funds Portfolio Series — Page 124

American Funds Global Growth Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$17.43
Maximum offering price per share (100/94.25 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$18.49

American Funds Growth Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$19.25
Maximum offering price per share (100/94.25 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$20.42

American Funds Growth and Income Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$15.38
Maximum offering price per share (100/94.25 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$16.32

American Funds Moderate Growth and Income Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$15.28
Maximum offering price per share (100/94.25 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$16.21

American Funds Conservative Growth and Income Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$12.03
Maximum offering price per share (100/94.25 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$12.76

American Funds Portfolio Series — Page 125

American Funds Tax-Aware Conservative Growth and Income Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$13.80
Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$14.34

American Funds Preservation Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$9.28
Maximum offering price per share (100/97.50 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$9.52

American Funds Tax-Exempt Preservation Portfolio

Determination of net asset value, redemption price and maximum offering price per share for Class A shares — October 31, 2022


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$9.26
Maximum offering price per share (100/97.50 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$9.50

Other information — The series reserves the right to modify the privileges described in this statement of additional information at any time.

The series’ financial statements, including the investment portfolio and the report of the series’ independent registered public accounting firm contained in the annual report, are included in this statement of additional information.

American Funds Portfolio Series — Page 126

Fund numbers — Here are the fund numbers for use when making share transactions:


	Fund numbers
Fund	Class A	Class C	Class T	Class F-1	Class F-2	Class F-3
Stock and stock/fixed income funds
AMCAP Fund^®	002	302	43002	402	602	702
American Balanced Fund^®	011	311	43011	411	611	711
American Funds^® Developing World Growth and Income Fund	30100	33100	43100	34100	36100	37100
American Funds^® Global Balanced Fund	037	337	43037	437	637	737
American Funds^® Global Insight Fund	30122	33122	43122	34122	36122	37122
American Funds^® International Vantage Fund	30123	33123	43123	34123	36123	37123
American Mutual Fund^®	003	303	43003	403	603	703
Capital Income Builder^®	012	312	43012	412	612	712
Capital World Growth and Income Fund^®	033	333	43033	433	633	733
EuroPacific Growth Fund^®	016	316	43016	416	616	716
Fundamental Investors^®	010	310	43010	410	610	710
The Growth Fund of America^®	005	305	43005	405	605	705
The Income Fund of America^®	006	306	43006	406	606	706
International Growth and Income Fund	034	334	43034	434	634	734
The Investment Company of America^®	004	304	43004	404	604	704
The New Economy Fund^®	014	314	43014	414	614	714
New Perspective Fund^®	007	307	43007	407	607	707
New World Fund^®	036	336	43036	436	636	736
SMALLCAP World Fund^®	035	335	43035	435	635	735
Washington Mutual Investors Fund	001	301	43001	401	601	701
Fixed income funds
American Funds Emerging Markets Bond Fund^®	30114	33114	43114	34114	36114	37114
American Funds Corporate Bond Fund^®	032	332	43032	432	632	732
American Funds Inflation Linked Bond Fund^®	060	360	43060	460	660	760
American Funds Mortgage Fund^®	042	342	43042	442	642	742
American Funds^® Multi-Sector Income Fund	30126	33126	43126	34126	36126	37126
American Funds Short-Term Tax-Exempt Bond Fund^®	039	N/A	43039	439	639	739
American Funds^® Strategic Bond Fund	30112	33112	43112	34112	36112	37112
American Funds Tax-Exempt Fund of New York^®	041	341	43041	441	641	741
American High-Income Municipal Bond Fund^®	040	340	43040	440	640	740
American High-Income Trust^®	021	321	43021	421	621	721
The Bond Fund of America^®	008	308	43008	408	608	708
Capital World Bond Fund^®	031	331	43031	431	631	731
Intermediate Bond Fund of America^®	023	323	43023	423	623	723
Limited Term Tax-Exempt Bond Fund of America^®	043	343	43043	443	643	743
Short-Term Bond Fund of America^®	048	348	43048	448	648	748
The Tax-Exempt Bond Fund of America^®	019	319	43019	419	619	719
The Tax-Exempt Fund of California^®	020	320	43020	420	620	720
U.S. Government Securities Fund^®	022	322	43022	422	622	722
Money market fund
American Funds^® U.S. Government Money Market Fund	059	359	43059	459	659	759

American Funds Portfolio Series — Page 127


	Fund numbers
Fund	Class 529-A	Class 529-C	Class 529-E	Class 529-T	Class 529-F-1	Class 529-F-2	Class 529-F-3	Class ABLE-A	Class ABLE-F-2
Stock and stock/fixed income funds
AMCAP Fund	1002	1302	1502	46002	1402	1602	1702	N/A	N/A
American Balanced Fund	1011	1311	1511	46011	1411	1611	1711	N/A	N/A
American Funds Developing World Growth and Income Fund	10100	13100	15100	46100	14100	16100	17100	N/A	N/A
American Funds Global Balanced Fund	1037	1337	1537	46037	1437	1637	1737	N/A	N/A
American Funds Global Insight Fund	10122	13122	15122	46122	14122	16122	17122	N/A	N/A
American Funds International Vantage Fund	10123	13123	15123	46123	14123	16123	17123	N/A	N/A
American Mutual Fund	1003	1303	1503	46003	1403	1603	1703	N/A	N/A
Capital Income Builder	1012	1312	1512	46012	1412	1612	1712	N/A	N/A
Capital World Growth and Income Fund	1033	1333	1533	46033	1433	1633	1733	N/A	N/A
EuroPacific Growth Fund	1016	1316	1516	46016	1416	1616	1716	N/A	N/A
Fundamental Investors	1010	1310	1510	46010	1410	1610	1710	N/A	N/A
The Growth Fund of America	1005	1305	1505	46005	1405	1605	1705	N/A	N/A
The Income Fund of America	1006	1306	1506	46006	1406	1606	1706	N/A	N/A
International Growth and Income Fund	1034	1334	1534	46034	1434	1634	1734	N/A	N/A
The Investment Company of America	1004	1304	1504	46004	1404	1604	1704	N/A	N/A
The New Economy Fund	1014	1314	1514	46014	1414	1614	1714	N/A	N/A
New Perspective Fund	1007	1307	1507	46007	1407	1607	1707	N/A	N/A
New World Fund	1036	1336	1536	46036	1436	1636	1736	N/A	N/A
SMALLCAP World Fund	1035	1335	1535	46035	1435	1635	1735	N/A	N/A
Washington Mutual Investors Fund	1001	1301	1501	46001	1401	1601	1701	N/A	N/A
Fixed income funds
American Funds Emerging Markets Bond Fund	10114	13114	15114	46114	14114	16114	17114	N/A	N/A
American Funds Corporate Bond Fund	1032	1332	1532	46032	1432	1632	1732	N/A	N/A
American Funds Inflation Linked Bond Fund	1060	1360	1560	46060	1460	1660	1760	N/A	N/A
American Funds Mortgage Fund	1042	1342	1542	46042	1442	1642	1742	N/A	N/A
American Funds Multi-Sector Income Fund	10126	13126	15126	46126	14126	16126	17126	N/A	N/A
American Funds Strategic Bond Fund	10112	13112	15112	46112	14112	16112	17112	N/A	N/A
American High-Income Trust	1021	1321	1521	46021	1421	1621	1721	N/A	N/A
The Bond Fund of America	1008	1308	1508	46008	1408	1608	1708	N/A	N/A
Capital World Bond Fund	1031	1331	1531	46031	1431	1631	1731	N/A	N/A
Intermediate Bond Fund of America	1023	1323	1523	46023	1423	1623	1723	N/A	N/A
Short-Term Bond Fund of America	1048	1348	1548	46048	1448	1648	1748	N/A	N/A
U.S. Government Securities Fund	1022	1322	1522	46022	1422	1622	1722	N/A	N/A
Money market fund
American Funds U.S. Government Money Market Fund	1059	1359	1559	46059	1459	1659	1759	48059	60059

American Funds Portfolio Series — Page 128


	Fund numbers
Fund	Class R-1	Class R-2	Class R-2E	Class R-3	Class R-4	Class R-5E	Class R-5	Class R-6
Stock and stock/fixed income funds
AMCAP Fund	2102	2202	4102	2302	2402	2702	2502	2602
American Balanced Fund	2111	2211	4111	2311	2411	2711	2511	2611
American Funds Developing World Growth and Income Fund	21100	22100	41100	23100	24100	27100	25100	26100
American Funds Global Balanced Fund	2137	2237	4137	2337	2437	2737	2537	2637
American Funds Global Insight Fund	21122	22122	41122	23122	24122	27122	25122	26122
American Funds International Vantage Fund	21123	22123	41123	23123	24123	27123	25123	26123
American Mutual Fund	2103	2203	4103	2303	2403	2703	2503	2603
Capital Income Builder	2112	2212	4112	2312	2412	2712	2512	2612
Capital World Growth and Income Fund	2133	2233	4133	2333	2433	2733	2533	2633
EuroPacific Growth Fund	2116	2216	4116	2316	2416	2716	2516	2616
Fundamental Investors	2110	2210	4110	2310	2410	2710	2510	2610
The Growth Fund of America	2105	2205	4105	2305	2405	2705	2505	2605
The Income Fund of America	2106	2206	4106	2306	2406	2706	2506	2606
International Growth and Income Fund	2134	2234	41034	2334	2434	27034	2534	2634
The Investment Company of America	2104	2204	4104	2304	2404	2704	2504	2604
The New Economy Fund	2114	2214	4114	2314	2414	2714	2514	2614
New Perspective Fund	2107	2207	4107	2307	2407	2707	2507	2607
New World Fund	2136	2236	4136	2336	2436	2736	2536	2636
SMALLCAP World Fund	2135	2235	4135	2335	2435	2735	2535	2635
Washington Mutual Investors Fund	2101	2201	4101	2301	2401	2701	2501	2601
Fixed income funds
American Funds Emerging Markets Bond Fund	21114	22114	41114	23114	24114	27114	25114	26114
American Funds Corporate Bond Fund	2132	2232	4132	2332	2432	2732	2532	2632
American Funds Inflation Linked Bond Fund	2160	2260	4160	2360	2460	2760	2560	2660
American Funds Mortgage Fund	2142	2242	4142	2342	2442	2742	2542	2642
American Funds Multi-Sector Income Fund	21126	22126	41126	23126	24126	27126	25126	26126
American Funds Strategic Bond Fund	21112	22112	41112	23112	24112	27112	25112	26112
American High-Income Trust	2121	2221	4121	2321	2421	2721	2521	2621
The Bond Fund of America	2108	2208	4108	2308	2408	2708	2508	2608
Capital World Bond Fund	2131	2231	4131	2331	2431	2731	2531	2631
Intermediate Bond Fund of America	2123	2223	4123	2323	2423	2723	2523	2623
Short-Term Bond Fund of America	2148	2248	4148	2348	2448	2748	2548	2648
U.S. Government Securities Fund	2122	2222	4122	2322	2422	2722	2522	2622
Money market fund
American Funds U.S. Government Money Market Fund	2159	2259	4159	2359	2459	2759	2559	2659

American Funds Portfolio Series — Page 129


	Fund numbers
Fund	Class A	Class C	Class T	Class F-1	Class F-2	Class F-3
American Funds Target Date Retirement Series^®
American Funds^® 2065 Target Date Retirement Fund	30185	33185	43185	34185	36185	37185
American Funds 2060 Target Date Retirement Fund^®	083	383	43083	483	683	783
American Funds 2055 Target Date Retirement Fund^®	082	382	43082	482	682	782
American Funds 2050 Target Date Retirement Fund^®	069	369	43069	469	669	769
American Funds 2045 Target Date Retirement Fund^®	068	368	43068	468	668	768
American Funds 2040 Target Date Retirement Fund^®	067	367	43067	467	667	767
American Funds 2035 Target Date Retirement Fund^®	066	366	43066	466	36066	766
American Funds 2030 Target Date Retirement Fund^®	065	365	43065	465	665	765
American Funds 2025 Target Date Retirement Fund^®	064	364	43064	464	664	764
American Funds 2020 Target Date Retirement Fund^®	063	363	43063	463	663	763
American Funds 2015 Target Date Retirement Fund^®	062	362	43062	462	662	762
American Funds 2010 Target Date Retirement Fund^®	061	361	43061	461	661	761


	Fund numbers
Fund	Class R-1	Class R-2	Class R-2E	Class R-3	Class R-4	Class R-5E	Class R-5	Class R-6
American Funds Target Date Retirement Series^®
American Funds^® 2065 Target Date Retirement Fund	21185	22185	41185	23185	24185	27185	25185	26185
American Funds 2060 Target Date Retirement Fund^®	2183	2283	4183	2383	2483	2783	2583	2683
American Funds 2055 Target Date Retirement Fund^®	2182	2282	4182	2382	2482	2782	2582	2682
American Funds 2050 Target Date Retirement Fund^®	2169	2269	4169	2369	2469	2769	2569	2669
American Funds 2045 Target Date Retirement Fund^®	2168	2268	4168	2368	2468	2768	2568	2668
American Funds 2040 Target Date Retirement Fund^®	2167	2267	4167	2367	2467	2767	2567	2667
American Funds 2035 Target Date Retirement Fund^®	2166	2266	4166	2366	2466	2766	2566	2666
American Funds 2030 Target Date Retirement Fund^®	2165	2265	4165	2365	2465	2765	2565	2665
American Funds 2025 Target Date Retirement Fund^®	2164	2264	4164	2364	2464	2764	2564	2664
American Funds 2020 Target Date Retirement Fund^®	2163	2263	4163	2363	2463	2763	2563	2663
American Funds 2015 Target Date Retirement Fund^®	2162	2262	4162	2362	2462	2762	2562	2662
American Funds 2010 Target Date Retirement Fund^®	2161	2261	4161	2361	2461	2761	2561	2661

American Funds Portfolio Series — Page 130


	Fund numbers
Fund	Class 529-A	Class 529-C	Class 529-E	Class 529-T	Class 529-F-1	Class 529-F-2	Class 529-F-3
American Funds College Target Date Series^®
American Funds^® College 2039 Fund	10136	13136	15136	46136	14136	16136	17136
American Funds^® College 2036 Fund	10125	13125	15125	46125	14125	16125	17125
American Funds College 2033 Fund^®	10103	13103	15103	46103	14103	16103	17103
American Funds College 2030 Fund^®	1094	1394	1594	46094	1494	1694	1794
American Funds College 2027 Fund^®	1093	1393	1593	46093	1493	1693	1793
American Funds College 2024 Fund^®	1092	1392	1592	46092	1492	1692	1792
American Funds College Enrollment Fund^®	1088	1388	1588	46088	1488	1688	1788

American Funds Portfolio Series — Page 131


	Fund numbers
Fund	Class A	Class C	Class T	Class F-1	Class F-2	Class F-3
American Funds^® Portfolio Series
American Funds^® Global Growth Portfolio	055	355	43055	455	655	755
American Funds^® Growth Portfolio	053	353	43053	453	653	753
American Funds^® Growth and Income Portfolio	051	351	43051	451	651	751
American Funds^® Moderate Growth and Income Portfolio	050	350	43050	450	650	750
American Funds^® Conservative Growth and Income Portfolio	047	347	43047	447	647	747
American Funds^® Tax-Aware Conservative Growth and Income Portfolio	046	346	43046	446	646	746
American Funds^® Preservation Portfolio	045	345	43045	445	645	745
American Funds^® Tax-Exempt Preservation Portfolio	044	344	43044	444	644	744


	Fund numbers
Fund	Class 529-A	Class 529-C	Class 529-E	Class 529-T	Class 529-F-1	Class 529-F-2	Class 529-F-3	Class ABLE-A	Class ABLE-F-2
American Funds Global Growth Portfolio	1055	1355	1555	46055	1455	1655	1755	48055	60055
American Funds Growth Portfolio	1053	1353	1553	46053	1453	1653	1753	48053	60053
American Funds Growth and Income Portfolio	1051	1351	1551	46051	1451	1651	1751	48051	60051
American Funds Moderate Growth and Income Portfolio	1050	1350	1550	46050	1450	1650	1750	48050	60050
American Funds Conservative Growth and Income Portfolio	1047	1347	1547	46047	1447	1647	1747	48047	60047
American Funds Tax-Aware Conservative Growth and Income Portfolio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
American Funds Preservation Portfolio	1045	1345	1545	46045	1445	1645	1745	48045	60045
American Funds Tax-Exempt Preservation Portfolio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A


	Fund numbers
Fund	Class R-1	Class R-2	Class R-2E	Class R-3	Class R-4	Class R-5E	Class R-5	Class R-6
American Funds Global Growth Portfolio	2155	2255	4155	2355	2455	2755	2555	2655
American Funds Growth Portfolio	2153	2253	4153	2353	2453	2753	2553	2653
American Funds Growth and Income Portfolio	2151	2251	4151	2351	2451	2751	2551	2651
American Funds Moderate Growth and Income Portfolio	2150	2250	4150	2350	2450	2750	2550	2650
American Funds Conservative Growth and Income Portfolio	2147	2247	4147	2347	2447	2747	2547	2647
American Funds Tax-Aware Conservative Growth and Income Portfolio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
American Funds Preservation Portfolio	2145	2245	4145	2345	2445	2745	2545	2645
American Funds Tax-Exempt Preservation Portfolio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

American Funds Portfolio Series — Page 132


	Fund numbers
Fund	Class A	Class C	Class T	Class F-1	Class F-2	Class F-3
American Funds^® Retirement Income Portfolio Series
American Funds^® Retirement Income Portfolio – Conservative	30109	33109	43109	34109	36109	37109
American Funds^® Retirement Income Portfolio – Moderate	30110	33110	43110	34110	36110	37110
American Funds^® Retirement Income Portfolio – Enhanced	30111	33111	43111	34111	36111	37111


	Fund numbers
Fund	Class R-1	Class R-2	Class R-2E	Class R-3	Class R-4	Class R-5E	Class R-5	Class R-6
American Funds Retirement Income Portfolio – Conservative	21109	22109	41109	23109	24109	27109	25109	26109
American Funds Retirement Income Portfolio – Moderate	21110	22110	41110	23110	24110	27110	25110	26110
American Funds Retirement Income Portfolio – Enhanced	21111	22111	41111	23111	24111	27111	25111	26111

American Funds Portfolio Series — Page 133

Appendix

The following descriptions of debt security ratings are based on information provided by Moody’s Investors Service, Standard & Poor’s Ratings Services and Fitch Ratings, Inc.

Description of bond ratings

Moody’s
Long-term rating scale

Aaa
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A
Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Baa
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B
Obligations rated B are considered speculative and are subject to high credit risk.

Caa
Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk.

Ca
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

American Funds Portfolio Series — Page 134

Standard & Poor’s
Long-term issue credit ratings

AAA
An obligation rated AAA has the highest rating assigned by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

AA
An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.

A
An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.

BBB
An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

BB, B, CCC, CC, and C

Obligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB
An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation.

B
An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation.

CCC
An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC
An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but Standard & Poor’s expects default to be a virtual certainty, regardless of the anticipated time to default.

American Funds Portfolio Series — Page 135

C
An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D
An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor’s believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation’s rating is lowered to D if it is subject to a distressed exchange offer.

Plus (+) or minus (–)

The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that Standard & Poor’s does not rate a particular obligation as a matter of policy.

American Funds Portfolio Series — Page 136

Fitch Ratings, Inc.
Long-term credit ratings

AAA
Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA
Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A
High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

BBB
Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

BB
Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

B
Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC
Substantial credit risk. Default is a real possibility.

CC
Very high levels of credit risk. Default of some kind appears probable.

C
Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C category rating for an issuer include:

· The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;

· The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

· Fitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

American Funds Portfolio Series — Page 137

RD
Restricted default. RD ratings indicate an issuer that in Fitch Ratings’ opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

· The selective payment default on a specific class or currency of debt;

· The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

· The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

· Execution of a distressed debt exchange on one or more material financial obligations.

D
Default. D ratings indicate an issuer that in Fitch Ratings’ opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer’s financial obligations or local commercial practice.

Note: The modifiers “+” or “–” may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA long-term rating category, or to categories below B.

American Funds Portfolio Series — Page 138

Description of commercial paper ratings

Moody’s

Global short-term rating scale

P-1

Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2

Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3

Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Standard & Poor’s

Commercial paper ratings (highest three ratings)

A-1

A short-term obligation rated A-1 is rated in the highest category by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitment on these obligations is extremely strong.

A-2

A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory.

A-3

A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

American Funds Portfolio Series — Page 139

American Funds Global Growth Portfolio

Investment portfolio October 31, 2022

Growth funds 80%	Shares		Value (000)
New Perspective Fund, Class R-6		18,974,824	$	904,150
SMALLCAP World Fund, Inc., Class R-6¹		11,916,990		680,818
The New Economy Fund, Class R-6¹		15,588,792		676,709
EuroPacific Growth Fund, Class R-6		14,707,274		674,770
The Growth Fund of America, Class R-6		12,753,852		674,041
				3,610,488

Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		18,584,675		906,561

Total investment securities 100% (cost: $4,627,105,000)				4,517,049
Other assets less liabilities 0%				(1,064	)

Net assets 100%			$	4,515,985

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
New Perspective Fund, Class R-6	$	1,307,438	$	88,818	$	31,981	$	(8,290	)	$	(451,835	)	$	904,150	$	7,804	$	80,714
SMALLCAP World Fund, Inc., Class R-6¹		957,102		157,329		12,163		(7,075	)		(414,375	)		680,818		—		78,160
The New Economy Fund, Class R-6¹		974,307		101,895		16,512		(6,678	)		(376,303	)		676,709		—		66,841
EuroPacific Growth Fund, Class R-6		951,568		99,828		19,284		(7,943	)		(349,399	)		674,770		15,278		37,463
The Growth Fund of America, Class R-6		1,006,177		81,019		36,779		(5,384	)		(370,992	)		674,041		3,609		73,070
														3,610,488
Growth-and-income funds 20%
Capital World Growth and Income Fund, Class R-6		1,286,709		90,823		126,799		(20,079	)		(324,093	)		906,561		23,571		64,248
Total 100%							$	(55,449	)	$	(2,286,997	)	$	4,517,049	$	50,262	$	400,496

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.

Refer to the notes to financial statements.

14	American Funds Portfolio Series

American Funds Growth Portfolio

Investment portfolio October 31, 2022

Growth funds 80%	Shares		Value (000)
The Growth Fund of America, Class R-6		58,444,069	$	3,088,769
AMCAP Fund, Class R-6¹		80,855,529		2,475,796
SMALLCAP World Fund, Inc., Class R-6¹		32,759,014		1,871,523
New Perspective Fund, Class R-6		25,853,948		1,231,941
The New Economy Fund, Class R-6¹		28,286,528		1,227,918
				9,895,947

Growth-and-income funds 20%
Fundamental Investors, Class R-6		42,210,616		2,533,481

Total investment securities 100% (cost: $12,725,757,000)				12,429,428
Other assets less liabilities 0%				(3,564	)

Net assets 100%			$	12,425,864

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80%
The Growth Fund of America, Class R-6	$	4,089,627	$	608,267	$	23,705	$	(7,953	)	$	(1,577,467	)	$	3,088,769	$	14,733	$	298,335
AMCAP Fund, Class R-6¹		3,238,860		454,290		9,406		(949	)		(1,206,999	)		2,475,796		—		245,862
SMALLCAP World Fund, Inc., Class R-6¹		2,398,656		554,030		—		—			(1,081,163	)		1,871,523		—		197,266
New Perspective Fund, Class R-6		1,624,092		187,772		—		—			(579,923	)		1,231,941		9,709		100,422
The New Economy Fund, Class R-6¹		1,610,079		270,080		2,583		(215	)		(649,443	)		1,227,918		—		111,422
														9,895,947
Growth-and-income funds 20%
Fundamental Investors, Class R-6		3,203,947		384,053		218,204		(34,387	)		(801,928	)		2,533,481		48,685		265,387
Total 100%							$	(43,504	)	$	(5,896,923	)	$	12,429,428	$	73,127	$	1,218,694

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.

Refer to the notes to financial statements.

American Funds Portfolio Series

American Funds Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth funds 15%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6¹		18,355,391	$	1,048,644
The Growth Fund of America, Class R-6		17,287,256		913,631
				1,962,275

Growth-and-income funds 51%
The Investment Company of America, Class R-6		64,229,429		2,661,025
Capital World Growth and Income Fund, Class R-6		54,175,932		2,642,702
Washington Mutual Investors Fund, Class R-6		26,135,544		1,356,958
				6,660,685

Equity-income funds 10%
Capital Income Builder, Class R-6		21,742,622		1,314,776

Balanced funds 10%
American Balanced Fund, Class R-6		46,702,126		1,317,000

Fixed income funds 14%
American Funds Multi-Sector Income Fund, Class R-6		72,917,216		637,296
The Bond Fund of America, Class R-6		57,078,782		633,004
American Funds Strategic Bond Fund, Class R-6		66,987,835		632,365
				1,902,665

Total investment securities 100% (cost: $13,060,137,000)				13,157,401
Other assets less liabilities 0%				(3,510	)

Net assets 100%			$	13,153,891

16	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 loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 15%
SMALLCAP World Fund, Inc., Class R-6¹	$	1,226,016	$	392,741	$	—	$	—		$	(570,113	)	$	1,048,644	$	—	$	100,606
The Growth Fund of America, Class R-6		1,132,490		229,731		4,965		(1,479	)		(442,146	)		913,631		4,074		82,505
														1,962,275
Growth-and-income funds 51%
The Investment Company of America, Class R-6		3,086,460		303,036		16,666		(2,845	)		(708,960	)		2,661,025		46,917		184,564
Capital World Growth and Income Fund, Class R-6		3,057,962		457,199		1,108		(73	)		(871,278	)		2,642,702		61,218		153,467
Washington Mutual Investors Fund, Class R-6		1,554,076		96,190		105,100		(2,993	)		(185,215	)		1,356,958		26,872		69,318
														6,660,685
Equity-income funds 10%
Capital Income Builder, Class R-6		1,516,797		89,640		99,237		(8,965	)		(183,459	)		1,314,776		55,101		—
Balanced funds 10%
American Balanced Fund, Class R-6		2,285,298		126,566		733,896		(29,989	)		(330,979	)		1,317,000		31,759		71,222
Fixed income funds 14%
American Funds Multi-Sector Income Fund, Class R-6		—		684,294		15,329		(695	)		(30,974	)		637,296		10,291		—
The Bond Fund of America, Class R-6		753,995		66,997		49,879		(6,192	)		(131,917	)		633,004		19,191		3,873
American Funds Strategic Bond Fund, Class R-6		749,012		54,858		41,801		(4,132	)		(125,572	)		632,365		19,120		—
														1,902,665
Total 100%							$	(57,363	)	$	(3,580,613	)	$	13,157,401	$	274,543	$	665,555

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.

Refer to the notes to financial statements.

American Funds Portfolio Series

American Funds Moderate Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth funds 9%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6¹		9,546,133	$	545,370
New Perspective Fund, Class R-6		11,317,035		539,257
				1,084,627

Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		35,123,214		1,823,597
Capital World Growth and Income Fund, Class R-6		23,239,452		1,133,621
				2,957,218

Equity-income funds 11%
The Income Fund of America, Class R-6		53,361,044		1,215,031

Balanced funds 40%
American Balanced Fund, Class R-6		105,002,892		2,961,082
American Funds Global Balanced Fund, Class R-6		55,500,819		1,717,750
				4,678,832

Fixed income funds 15%
The Bond Fund of America, Class R-6		103,475,771		1,147,546
American Funds Strategic Bond Fund, Class R-6		60,791,334		573,870
				1,721,416

Total investment securities 100% (cost: $11,409,924,000)				11,657,124
Other assets less liabilities 0%				(3,161	)

Net assets 100%			$	11,653,963

18	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 loss (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 9%
SMALLCAP World Fund, Inc., Class R-6¹	$	679,520	$	179,218	$	—	$	—		$	(313,368	)	$	545,370	$	—	$	55,787
New Perspective Fund, Class R-6		693,729		99,631		—		—			(254,103	)		539,257		4,141		42,827
														1,084,627
Growth-and-income funds 25%
Washington Mutual Investors Fund, Class R-6		2,066,932		127,698		121,724		(4,126	)		(245,183	)		1,823,597		35,894		91,805
Capital World Growth and Income Fund, Class R-6		1,356,105		162,778		—		—			(385,262	)		1,133,621		27,015		67,973
														2,957,218
Equity-income funds 11%
The Income Fund of America, Class R-6		1,340,883		99,929		43,417		(3,718	)		(178,646	)		1,215,031		43,101		50,568
Balanced funds 40%
American Balanced Fund, Class R-6		3,364,506		189,414		33,243		(4,618	)		(554,977	)		2,961,082		51,469		104,940
American Funds Global Balanced Fund, Class R-6		2,012,616		193,320		—		—			(488,186	)		1,717,750		37,301		83,935
														4,678,832
Fixed income funds 15%
The Bond Fund of America, Class R-6		1,341,550		108,988		55,145		(6,461	)		(241,386	)		1,147,546		34,522		6,887
American Funds Strategic Bond Fund, Class R-6		660,934		28,461		—		—			(115,525	)		573,870		16,949		—
														1,721,416
Total 100%							$	(18,923	)	$	(2,776,636	)	$	11,657,124	$	250,392	$	504,722

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.

Refer to the notes to financial statements.

American Funds Portfolio Series

American Funds Conservative Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth-and-income funds 21%	Shares		Value (000)
American Mutual Fund, Class R-6		14,462,772	$	708,531
Washington Mutual Investors Fund, Class R-6		13,642,712		708,330
				1,416,861

Equity-income funds 38%
The Income Fund of America, Class R-6		58,128,542		1,323,587
Capital Income Builder, Class R-6		21,690,228		1,311,608
				2,635,195

Fixed income funds 41%
American Funds Multi-Sector Income Fund, Class R-6		124,304,666		1,086,423
The Bond Fund of America, Class R-6		96,847,972		1,074,044
American High-Income Trust, Class R-6		75,958,137		685,142
				2,845,609

Total investment securities 100% (cost: $7,092,595,000)				6,897,665
Other assets less liabilities 0%				(1,947	)

Net assets 100%			$	6,895,718

20	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 (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 21%
American Mutual Fund, Class R-6	$	744,968	$	47,297	$	29,018	$	(143	)	$	(54,573	)	$	708,531	$	14,821	$	22,528
Washington Mutual Investors Fund, Class R-6		748,748		84,003		32,662		(295	)		(91,464	)		708,330		13,394		33,914
														1,416,861
Equity-income funds 38%
The Income Fund of America, Class R-6		1,460,328		116,074		61,032		256			(192,039	)		1,323,587		45,531		52,703
Capital Income Builder, Class R-6		1,460,717		109,222		76,636		(55	)		(181,640	)		1,311,608		51,834		—
														2,635,195
Fixed income funds 41%
American Funds Multi-Sector Income Fund, Class R-6		1,092,716		246,237		14,523		(1,826	)		(236,181	)		1,086,423		49,994		8,093
The Bond Fund of America, Class R-6		1,092,541		256,295		49,134		(3,066	)		(222,592	)		1,074,044		31,263		6,090
American High-Income Trust, Class R-6		726,070		96,469		25,533		(3,156	)		(108,708	)		685,142		39,282		—
														2,845,609
Total 100%							$	(8,285	)	$	(1,087,197	)	$	6,897,665	$	246,119	$	123,328

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

Refer to the notes to financial statements.

American Funds Portfolio Series

American Funds Tax-Aware Conservative Growth and Income Portfolio

Investment portfolio October 31, 2022

Growth-and-income funds 51%	Shares		Value (000)
Capital World Growth and Income Fund, Class R-6		17,721,791	$	864,469
Washington Mutual Investors Fund, Class R-6		12,772,015		663,123
American Mutual Fund, Class R-6		13,532,564		662,961
				2,190,553

Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund, Class R-6		74,771,288		1,030,347
The Tax-Exempt Bond Fund of America, Class R-6		53,983,583		623,510
Limited Term Tax-Exempt Bond Fund of America, Class R-6		28,601,601		420,444
				2,074,301

Total investment securities 100% (cost: $4,354,933,000)				4,264,854
Other assets less liabilities 0%				(967	)

Net assets 100%			$	4,263,887

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 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 51%
Capital World Growth and Income Fund, Class R-6	$	920,860	$	222,264	$	550	$	(23	)	$	(278,082	)	$	864,469	$	19,714	$	47,803
Washington Mutual Investors Fund, Class R-6		697,059		67,580		14,104		(766	)		(86,646	)		663,123		12,607		31,894
American Mutual Fund, Class R-6		692,116		50,539		27,900		(710	)		(51,084	)		662,961		13,980		21,361
														2,190,553
Tax-exempt fixed income funds 49%
American High-Income Municipal Bond Fund, Class R-6		1,129,880		184,572		52,387		(6,075	)		(225,643	)		1,030,347		39,529		8,842
The Tax-Exempt Bond Fund of America, Class R-6		673,014		89,650		29,566		(4,010	)		(105,578	)		623,510		16,763		3,647
Limited Term Tax-Exempt Bond Fund of America, Class R-6		444,935		52,668		36,477		(2,836	)		(37,846	)		420,444		6,242		2,320
														2,074,301
Total 100%							$	(14,420	)	$	(784,879	)	$	4,264,854	$	108,835	$	115,867

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

Refer to the notes to financial statements.

22	American Funds Portfolio Series

American Funds Preservation Portfolio

Investment portfolio October 31, 2022

Fixed income funds 100%	Shares		Value (000)
Short-Term Bond Fund of America, Class R-6		134,158,939	$	1,261,094
Intermediate Bond Fund of America, Class R-6		92,651,806		1,134,985
American Funds Inflation Linked Bond Fund, Class R-6		13,081,888		126,109
				2,522,188

Total investment securities 100% (cost: $2,730,969,000)				2,522,188
Other assets less liabilities 0%				(571	)

Net assets 100%			$	2,521,617

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 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Fixed income funds 100%
Short-Term Bond Fund of America, Class R-6	$	1,199,435	$	382,050	$	246,457	$	(7,907	)	$	(66,027	)	$	1,261,094	$	17,686	$	—
Intermediate Bond Fund of America, Class R-6		1,649,197		141,027		489,112		(35,573	)		(130,554	)		1,134,985		31,774		—
American Funds Inflation Linked Bond Fund, Class R-6		149,803		29,315		32,080		(450	)		(20,479	)		126,109		5,176		—
Total 100%							$	(43,930	)	$	(217,060	)	$	2,522,188	$	54,636	$	—

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

Refer to the notes to financial statements.

American Funds Portfolio Series

American Funds Tax-Exempt Preservation Portfolio

Investment portfolio October 31, 2022

Tax-exempt fixed income funds 100%	Shares		Value (000)
Limited Term Tax-Exempt Bond Fund of America, Class R-6		24,487,298	$	359,963
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		24,783,597		240,153
				600,116

Total investment securities 100% (cost: $642,191,000)				600,116
Other assets less liabilities 0%				(104	)

Net assets 100%			$	600,012

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 10/31/2022 (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	$	50,584	$	197,792	$	(8,903	)	$	(31,182	)	$	359,963	$	6,119	$	2,677
American Funds Short-Term Tax-Exempt Bond Fund, Class R-6		234,538		85,660		66,539		(1,426	)		(12,080	)		240,153		2,346		535
Total 100%							$	(10,329	)	$	(43,262	)	$	600,116	$	8,465	$	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.

Refer to the notes to financial statements.

24	American Funds Portfolio Series

Financial statements

Statements of assets and liabilities
at October 31, 2022

(dollars in thousands)

	Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	4,517,049	$	12,429,428	$	13,157,401
Receivables for:
Sales of investments		1,233		—		—
Sales of fund’s shares		2,220		9,512		7,468
Dividends		—		—		4,435
Total assets		4,520,502		12,438,940		13,169,304

Liabilities:
Payables for:
Purchases of investments		—		1,099		6,197
Repurchases of fund’s shares		3,247		8,253		5,534
Services provided by related parties		1,209		3,561		3,555
Trustees’ deferred compensation		27		63		70
Other		34		100		57
Total liabilities		4,517		13,076		15,413
Net assets at October 31, 2022	$	4,515,985	$	12,425,864	$	13,153,891

Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,327,028	$	11,663,148	$	12,497,142
Total distributable earnings (accumulated loss)		188,957		762,716		656,749
Net assets at October 31, 2022	$	4,515,985	$	12,425,864	$	13,153,891

Investment securities of affiliated issuers, at cost	$	4,627,105	$	12,725,757	$	13,060,137

Refer to the notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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	$	11,657,124	$	6,897,665		$	4,264,854
Receivables for:
Sales of investments		—		—			2,402
Sales of fund’s shares		8,268		4,403			2,733
Dividends		2,422		11,816			5,899
Total assets		11,667,814		6,913,884			4,275,888

Liabilities:
Payables for:
Purchases of investments		4,286		12,119			5,899
Repurchases of fund’s shares		6,366		4,081			5,178
Services provided by related parties		3,102		1,911			905
Trustees’ deferred compensation		63		37			19
Other		34		18			—
Total liabilities		13,851		18,166			12,001
Net assets at October 31, 2022	$	11,653,963	$	6,895,718		$	4,263,887

Net assets consist of:
Capital paid in on shares of beneficial interest	$	10,969,395	$	6,985,357		$	4,265,282
Total distributable earnings (accumulated loss)		684,568		(89,639	)		(1,395	)
Net assets at October 31, 2022	$	11,653,963	$	6,895,718		$	4,263,887

Investment securities of affiliated issuers, at cost	$	11,409,924	$	7,092,595		$	4,354,933

Refer to the notes to financial statements.

26	American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued)

(dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	2,522,188		$	600,116
Receivables for:
Sales of investments		2,333			41
Sales of fund’s shares		1,957			397
Dividends		3,919			948
Total assets		2,530,397			601,502

Liabilities:
Payables for:
Purchases of investments		3,918			948
Repurchases of fund’s shares		4,334			438
Services provided by related parties		502			100
Trustees’ deferred compensation		14			4
Other		12			—
Total liabilities		8,780			1,490
Net assets at October 31, 2022	$	2,521,617		$	600,012

Net assets consist of:
Capital paid in on shares of beneficial interest	$	2,775,688		$	657,431
Total distributable earnings (accumulated loss)		(254,071	)		(57,419	)
Net assets at October 31, 2022	$	2,521,617		$	600,012

Investment securities of affiliated issuers, at cost	$	2,730,969		$	642,191

Refer to the notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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	$	2,449,003	$	7,384,079	$	8,590,224
	Shares outstanding		140,545		383,602		558,625
	Net asset value per share	$	17.43	$	19.25	$	15.38
Class C:	Net assets	$	328,183	$	1,011,019	$	1,097,062
	Shares outstanding		19,391		54,347		71,860
	Net asset value per share	$	16.92	$	18.60	$	15.27
Class T:	Net assets	$	12	$	12	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.47	$	19.30	$	15.38
Class F-1:	Net assets	$	48,554	$	94,803	$	174,617
	Shares outstanding		2,782		4,926		11,355
	Net asset value per share	$	17.45	$	19.25	$	15.38
Class F-2:	Net assets	$	485,537	$	967,259	$	1,077,167
	Shares outstanding		27,707		49,914		69,924
	Net asset value per share	$	17.52	$	19.38	$	15.40
Class F-3:	Net assets	$	196,824	$	237,161	$	251,768
	Shares outstanding		11,246		12,259		16,364
	Net asset value per share	$	17.50	$	19.35	$	15.39
Class 529-A:	Net assets	$	523,404	$	1,603,813	$	925,383
	Shares outstanding		30,111		83,509		60,213
	Net asset value per share	$	17.38	$	19.21	$	15.37
Class 529-C:	Net assets	$	33,669	$	100,656	$	65,442
	Shares outstanding		1,990		5,420		4,276
	Net asset value per share	$	16.92	$	18.57	$	15.30
Class 529-E:	Net assets	$	16,351	$	59,429	$	35,191
	Shares outstanding		948		3,129		2,295
	Net asset value per share	$	17.26	$	18.99	$	15.33
Class 529-T:	Net assets	$	14	$	15	$	14
	Shares outstanding		1		1		1
	Net asset value per share	$	17.46	$	19.29	$	15.38
Class 529-F-1:	Net assets	$	9	$	10	$	10
	Shares outstanding		1		1		1
	Net asset value per share	$	17.46	$	19.31	$	15.38
Class 529-F-2:	Net assets	$	90,932	$	232,057	$	110,253
	Shares outstanding		5,216		12,049		7,171
	Net asset value per share	$	17.43	$	19.26	$	15.38
Class 529-F-3:	Net assets	$	10	$	10	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	17.43	$	19.25	$	15.38
Class ABLE-A:	Net assets	$	2,046	$	7,100	$	5,625
	Shares outstanding		118		370		366
	Net asset value per share	$	17.35	$	19.18	$	15.38
Class ABLE-F-2:	Net assets	$	228	$	190	$	326
	Shares outstanding		13		10		21
	Net asset value per share	$	17.44	$	19.27	$	15.39
Class R-1:	Net assets	$	3,726	$	34,254	$	19,661
	Shares outstanding		219		1,836		1,286
	Net asset value per share	$	17.04	$	18.66	$	15.28
Class R-2:	Net assets	$	91,549	$	196,842	$	184,395
	Shares outstanding		5,427		10,587		12,099
	Net asset value per share	$	16.87	$	18.59	$	15.24

Refer to the notes to financial statements.

28	American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued)

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

			Global Growth Portfolio		Growth Portfolio		Growth and Income Portfolio
Class R-2E:	Net assets	$	4,899	$	8,622	$	15,717
	Shares outstanding		285		458		1,026
	Net asset value per share	$	17.17	$	18.84	$	15.32
Class R-3:	Net assets	$	67,678	$	179,892	$	138,498
	Shares outstanding		3,924		9,463		9,044
	Net asset value per share	$	17.25	$	19.01	$	15.31
Class R-4:	Net assets	$	37,992	$	76,152	$	69,188
	Shares outstanding		2,184		3,960		4,500
	Net asset value per share	$	17.39	$	19.23	$	15.37
Class R-5:	Net assets	$	12,150	$	30,415	$	23,892
	Shares outstanding		689		1,560		1,547
	Net asset value per share	$	17.63	$	19.49	$	15.44
Class R-5E:	Net assets	$	16,730	$	41,480	$	21,516
	Shares outstanding		961		2,156		1,401
	Net asset value per share	$	17.40	$	19.24	$	15.36
Class R-6:	Net assets	$	106,485	$	160,594	$	347,920
	Shares outstanding		6,024		8,258		22,571
	Net asset value per share	$	17.68	$	19.45	$	15.41

Refer to the notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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	$	7,689,558	$	4,994,140	$	3,126,440
	Shares outstanding		503,395		415,032		226,481
	Net asset value per share	$	15.28	$	12.03	$	13.80
Class C:	Net assets	$	992,294	$	581,215	$	342,090
	Shares outstanding		65,399		48,591		24,972
	Net asset value per share	$	15.17	$	11.96	$	13.70
Class T:	Net assets	$	11	$	10	$	11
	Shares outstanding		1		1		1
	Net asset value per share	$	15.28	$	12.04	$	13.81
Class F-1:	Net assets	$	104,331	$	74,777	$	240,844
	Shares outstanding		6,827		6,209		17,453
	Net asset value per share	$	15.28	$	12.04	$	13.80
Class F-2:	Net assets	$	1,031,301	$	574,212	$	439,146
	Shares outstanding		67,401		47,638		31,758
	Net asset value per share	$	15.30	$	12.05	$	13.83
Class F-3:	Net assets	$	284,478	$	106,237	$	115,356
	Shares outstanding		18,614		8,826		8,348
	Net asset value per share	$	15.28	$	12.04	$	13.82
Class 529-A:	Net assets	$	532,026	$	267,352
	Shares outstanding		34,835		22,233		Not applicable
	Net asset value per share	$	15.27	$	12.03
Class 529-C:	Net assets	$	45,489	$	26,141
	Shares outstanding		2,989		2,182		Not applicable
	Net asset value per share	$	15.22	$	11.98
Class 529-E:	Net assets	$	17,636	$	8,776
	Shares outstanding		1,157		730		Not applicable
	Net asset value per share	$	15.24	$	12.02
Class 529-T:	Net assets	$	14	$	13
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.28	$	12.04
Class 529-F-1:	Net assets	$	10	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.30	$	12.04
Class 529-F-2:	Net assets	$	82,728	$	46,893
	Shares outstanding		5,416		3,898		Not applicable
	Net asset value per share	$	15.27	$	12.03
Class 529-F-3:	Net assets	$	11	$	11
	Shares outstanding		1		1		Not applicable
	Net asset value per share	$	15.27	$	12.03
Class ABLE-A:	Net assets	$	4,655	$	2,510
	Shares outstanding		305		209		Not applicable
	Net asset value per share	$	15.28	$	12.02
Class ABLE-F-2:	Net assets	$	341	$	168
	Shares outstanding		22		14		Not applicable
	Net asset value per share	$	15.29	$	12.04
Class R-1:	Net assets	$	9,310	$	2,076
	Shares outstanding		612		173		Not applicable
	Net asset value per share	$	15.21	$	11.97
Class R-2:	Net assets	$	123,312	$	39,230
	Shares outstanding		8,128		3,280		Not applicable
	Net asset value per share	$	15.17	$	11.96

Refer to the notes to financial statements.

30	American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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-2E:	Net assets	$	8,542	$	865
	Shares outstanding		559		72		Not applicable
	Net asset value per share	$	15.27	$	12.04
Class R-3:	Net assets	$	128,752	$	41,759
	Shares outstanding		8,451		3,478		Not applicable
	Net asset value per share	$	15.24	$	12.01
Class R-4:	Net assets	$	70,216	$	31,108
	Shares outstanding		4,595		2,584		Not applicable
	Net asset value per share	$	15.28	$	12.04
Class R-5:	Net assets	$	27,199	$	9,372
	Shares outstanding		1,776		777		Not applicable
	Net asset value per share	$	15.32	$	12.07
Class R-5E:	Net assets	$	18,395	$	6,574
	Shares outstanding		1,203		547		Not applicable
	Net asset value per share	$	15.29	$	12.02
Class R-6:	Net assets	$	483,354	$	82,268
	Shares outstanding		31,562		6,821		Not applicable
	Net asset value per share	$	15.31	$	12.06

Refer to the notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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	$	1,665,649	$	459,524
	Shares outstanding		179,437		49,630
	Net asset value per share	$	9.28	$	9.26
Class C:	Net assets	$	104,242	$	25,041
	Shares outstanding		11,259		2,709
	Net asset value per share	$	9.26	$	9.24
Class T:	Net assets	$	9	$	9
	Shares outstanding		1		1
	Net asset value per share	$	9.29	$	9.26
Class F-1:	Net assets	$	32,546	$	3,064
	Shares outstanding		3,505		330
	Net asset value per share	$	9.28	$	9.27
Class F-2:	Net assets	$	313,712	$	97,829
	Shares outstanding		33,792		10,566
	Net asset value per share	$	9.28	$	9.26
Class F-3:	Net assets	$	63,614	$	14,545
	Shares outstanding		6,854		1,571
	Net asset value per share	$	9.28	$	9.26
Class 529-A:	Net assets	$	181,541
	Shares outstanding		19,564		Not applicable
	Net asset value per share	$	9.28
Class 529-C:	Net assets	$	11,811
	Shares outstanding		1,276		Not applicable
	Net asset value per share	$	9.26
Class 529-E:	Net assets	$	4,800
	Shares outstanding		518		Not applicable
	Net asset value per share	$	9.28
Class 529-T:	Net assets	$	10
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.29
Class 529-F-1:	Net assets	$	9
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.28
Class 529-F-2:	Net assets	$	39,543
	Shares outstanding		4,259		Not applicable
	Net asset value per share	$	9.29
Class 529-F-3:	Net assets	$	9
	Shares outstanding		1		Not applicable
	Net asset value per share	$	9.29
Class ABLE-A:	Net assets	$	851
	Shares outstanding		92		Not applicable
	Net asset value per share	$	9.29
Class ABLE-F-2:	Net assets	$	91
	Shares outstanding		10		Not applicable
	Net asset value per share	$	9.32
Class R-1:	Net assets	$	704
	Shares outstanding		76		Not applicable
	Net asset value per share	$	9.26
Class R-2:	Net assets	$	18,358
	Shares outstanding		1,987		Not applicable
	Net asset value per share	$	9.24

Refer to the notes to financial statements.

32	American Funds Portfolio Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued)

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

			Preservation Portfolio	Tax-Exempt Preservation Portfolio
Class R-2E:	Net assets	$	585
	Shares outstanding		63	Not applicable
	Net asset value per share	$	9.28
Class R-3:	Net assets	$	28,712
	Shares outstanding		3,096	Not applicable
	Net asset value per share	$	9.27
Class R-4:	Net assets	$	12,761
	Shares outstanding		1,374	Not applicable
	Net asset value per share	$	9.29
Class R-5:	Net assets	$	5,844
	Shares outstanding		629	Not applicable
	Net asset value per share	$	9.29
Class R-5E:	Net assets	$	3,689
	Shares outstanding		397	Not applicable
	Net asset value per share	$	9.29
Class R-6:	Net assets	$	32,527
	Shares outstanding		3,502	Not applicable
	Net asset value per share	$	9.29

Refer to the notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022

(dollars in thousands)

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	50,262		$	73,127		$	274,543

*Fees and expenses:**
Distribution services		14,580			42,452			43,974
Transfer agent services		5,667			14,186			9,939
529 and ABLE plan services		440			1,281			708
Reports to shareholders		94			245			254
Registration statement and prospectus		349			892			888
Trustees’ compensation		7			17			16
Auditing and legal		19			50			50
Custodian		9			24			24
Other		6			14			13
Total fees and expenses before waivers		21,171			59,161			55,866
Less waivers of fees and expenses:
ABLE plan services waivers		1			4			3
Total fees and expenses after waivers		21,170			59,157			55,863
Net investment income		29,092			13,970			218,680

Net realized gain (loss) and unrealized depreciation:
Net realized loss on sale of investments in affiliated issuers		(55,449	)		(43,504	)		(57,363	)
Capital gain distributions received from affiliated issuers		400,496			1,218,694			665,555
		345,047			1,175,190			608,192
Net unrealized depreciation on investments in affiliated issuers		(2,286,997	)		(5,896,923	)		(3,580,613	)
Net realized gain (loss) and unrealized depreciation		(1,941,950	)		(4,721,733	)		(2,972,421	)

Net decrease in net assets resulting from operations	$	(1,912,858	)	$	(4,707,763	)	$	(2,753,741	)

Refer to the end of the statements of operations for footnote.

Refer to the notes to financial statements.

34	American Funds Portfolio Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 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	$	250,392		$	246,119		$	108,835

*Fees and expenses:**
Distribution services		38,395			23,016			14,609
Transfer agent services		7,080			3,617			1,927
529 and ABLE plan services		433			219			—
Reports to shareholders		227			130			82
Registration statement and prospectus		778			451			301
Trustees’ compensation		14			8			5
Auditing and legal		45			25			16
Custodian		22			12			8
Other		12			6			4
Total fees and expenses before waivers		47,006			27,484			16,952
Less waivers of fees and expenses:
ABLE plan services waivers		3			1			—
Total fees and expenses after waivers		47,003			27,483			16,952
Net investment income		203,389			218,636			91,883

Net realized gain (loss) and unrealized depreciation:
Net realized loss on sale of investments in affiliated issuers		(18,923	)		(8,285	)		(14,420	)
Capital gain distributions received from affiliated issuers		504,722			123,328			115,867
		485,799			115,043			101,447
Net unrealized depreciation on investments in affiliated issuers		(2,776,636	)		(1,087,197	)		(784,879	)
Net realized gain (loss) and unrealized depreciation		(2,290,837	)		(972,154	)		(683,432	)

Net decrease in net assets resulting from operations	$	(2,087,448	)	$	(753,518	)	$	(591,549	)

Refer to the end of the statements of operations for footnote.

Refer to the notes to financial statements.

American Funds Portfolio Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022 (continued)

(dollars in thousands)

	Preservation Portfolio			Tax-Exempt Preservation Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	54,636		$	8,465

*Fees and expenses:**
Distribution services		7,748			1,826
Transfer agent services		2,021			308
529 and ABLE plan services		153			—
Reports to shareholders		51			12
Registration statement and prospectus		156			53
Trustees’ compensation		3			1
Auditing and legal		10			3
Custodian		5			1
Other		3			1
Total fees and expenses before waivers		10,150			2,205
Less waivers of fees and expenses:
ABLE plan services waivers		1			—
Total fees and expenses after waivers		10,149			2,205
Net investment income		44,487			6,260

Net realized gain (loss) and unrealized depreciation:
Net realized loss on sale of investments in affiliated issuers		(43,930	)		(10,329	)
Capital gain distributions received from affiliated issuers		—			3,212
		(43,930	)		(7,117	)
Net unrealized depreciation on investments in affiliated issuers		(217,060	)		(43,262	)
Net realized gain (loss) and unrealized depreciation		(260,990	)		(50,379	)

Net decrease in net assets resulting from operations	$	(216,503	)	$	(44,119	)

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

36	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
	Year ended October 31,						Year ended October 31,						Year ended October 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	29,092		$	11,930		$	13,970		$	23,999		$	218,680		$	160,631
Net realized gain (loss)		345,047			196,266			1,175,190			568,851			608,192			635,365
Net unrealized (depreciation) appreciation		(2,286,997	)		1,429,294			(5,896,923	)		3,844,286			(3,580,613	)		2,572,308
Net (decrease) increase in net assets resulting from operations		(1,912,858	)		1,637,490			(4,707,763	)		4,437,136			(2,753,741	)		3,368,304

Distributions paid to shareholders		(209,663	)		(40,280	)		(542,513	)		(409,176	)		(793,796	)		(473,298	)

Net capital share transactions		157,011			609,963			1,515,531			1,663,856			1,343,461			1,662,475

Total (decrease) increase in net assets		(1,965,510	)		2,207,173			(3,734,745	)		5,691,816			(2,204,076	)		4,557,481

Net assets:
Beginning of year		6,481,495			4,274,322			16,160,609			10,468,793			15,357,967			10,800,486
End of year	$	4,515,985		$	6,481,495		$	12,425,864		$	16,160,609		$	13,153,891		$	15,357,967

		Moderate Growth and Income Portfolio						Conservative Growth and Income Portfolio						Tax-Aware Conservative Growth and Income Portfolio
		Year ended October 31,						Year ended October 31,						Year ended October 31,
		2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	203,389		$	166,985		$	218,636		$	172,521		$	91,883		$	70,497
Net realized gain (loss)		485,799			537,106			115,043			164,323			101,447			30,798
Net unrealized (depreciation) appreciation		(2,776,636	)		1,811,333			(1,087,197	)		805,803			(784,879	)		550,289
Net (decrease) increase in net assets resulting from operations		(2,087,448	)		2,515,424			(753,518	)		1,142,647			(591,549	)		651,584

Distributions paid to shareholders		(684,200	)		(287,626	)		(350,341	)		(312,288	)		(123,562	)		(89,994	)

Net capital share transactions		912,404			1,373,981			675,309			957,867			422,200			791,090

Total (decrease) increase in net assets		(1,859,244	)		3,601,779			(428,550	)		1,788,226			(292,911	)		1,352,680

Net assets:
Beginning of year		13,513,207			9,911,428			7,324,268			5,536,042			4,556,798			3,204,118
End of year	$	11,653,963		$	13,513,207		$	6,895,718		$	7,324,268		$	4,263,887		$	4,556,798

Refer to the 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
	Year ended October 31,						Year ended October 31,
	2022			2021			2022			2021
Operations:
Net investment income	$	44,487		$	19,267		$	6,260		$	5,135
Net realized gain (loss)		(43,930	)		39,713			(7,117	)		3,115
Net unrealized (depreciation) appreciation		(217,060	)		(60,683	)		(43,262	)		(5,198	)
Net (decrease) increase in net assets resulting from operations		(216,503	)		(1,703	)		(44,119	)		3,052

Distributions paid to shareholders		(46,764	)		(56,307	)		(7,974	)		(7,036	)

Net capital share transactions		(212,877	)		141,254			(129,572	)		180,838

Total (decrease) increase in net assets		(476,144	)		83,244			(181,665	)		176,854

Net assets:
Beginning of year		2,997,761			2,914,517			781,677			604,823
End of year	$	2,521,617		$	2,997,761		$	600,012		$	781,677

Refer to the notes to financial statements.

38	American Funds Portfolio Series

Notes to financial statements

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 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 “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 team. 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. As of October 31, 2022, all of the investment securities held by each fund were classified as Level 1.

40	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 or companies; 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 financial condition or credit rating, 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 quality of these securities.

American Funds Portfolio Series

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

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. 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 assessing 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, sanctions, 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 regulatory, legal, accounting, auditing, financial reporting and recordkeeping 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, which could impact the liquidity of each fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

42	American Funds Portfolio Series

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 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 such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. 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.

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.

American Funds Portfolio Series

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 or difficult to determine, 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 to try to limit losses, 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.

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 cause the underlying fund to lose significantly more than 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. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

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 year ended October 31, 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.

44	American Funds Portfolio Series

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; deferred expenses; net capital losses and amortization of premiums and discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as distributions for tax purposes.

Additional tax basis disclosures for each fund as of October 31, 2022, were as follows (dollars in thousands):

	Global Growth Portfolio			Growth Portfolio			Growth and Income Portfolio			Moderate Growth and Income Portfolio
Undistributed ordinary income	$	—		$	—		$	6,321		$	3,120
Late year ordinary loss deferral¹		—			(19,182	)		—			—
Undistributed long-term capital gains		306,388			1,093,035			563,927			442,499
Gross unrealized appreciation on investments		212,705			148,525			665,326			845,647
Gross unrealized depreciation on investments		(330,108	)		(459,599	)		(578,755	)		(606,635	)
Net unrealized (depreciation) appreciation on investments		(117,403	)		(311,074	)		86,571			239,012
Cost of investments		4,634,452			12,740,502			13,070,830			11,418,112
Reclassification from total distributable earnings/accumulated loss to capital paid in on shares of beneficial interest		43,405			94,677			53,767			45,948

		Conservative Growth and Income Portfolio			Tax-Aware Conservative Growth and Income Portfolio			Preservation Portfolio			Tax-Exempt Preservation Portfolio
Undistributed ordinary income	$	13,686		$	2,756		$	1,166		$	—
Undistributed tax-exempt income		—			3,881			—			273
Undistributed long-term capital gains		102,413			86,815			—			—
Capital loss carryforward²		—			—			(41,318	)		(13,688	)
Gross unrealized appreciation on investments		417,224			218,179			—			—
Gross unrealized depreciation on investments		(622,924	)		(313,009	)		(213,905	)		(44,000	)
Net unrealized (depreciation) appreciation on investments		(205,700	)		(94,830	)		(213,905	)		(44,000	)
Cost of investments		7,103,365			4,359,684			2,736,093			644,116
Reclassification from total distributable earnings/accumulated loss to capital paid in on shares of beneficial interest		13,377			12,062			369			2

¹	This deferral is 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 future 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

	Year ended October 31, 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	$	14,122		$	97,123		$	111,245		$	7,261		$	14,221		$	21,482
Class C		—			14,710			14,710			—			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	$	26,772		$	182,891		$	209,663		$	13,714		$	26,566		$	40,280

Growth Portfolio

	Year ended October 31, 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	$	2,540		$	311,981		$	314,521		$	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	$	8,231		$	534,282		$	542,513		$	48,245		$	360,931		$	409,176

Refer to the end of the tables for footnotes.

46	American Funds Portfolio Series

Growth and Income Portfolio

	Year ended October 31, 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	$	142,571		$	375,301	$	517,872	$	122,121		$	184,686		$	306,807
Class C		10,033			55,352		65,385		10,095			33,024			43,119
Class T		—	³		1		1		—	³		—	³		—	³
Class F-1		2,954			8,104		11,058		2,937			5,318			8,255
Class F-2		21,007			47,928		68,935		17,422			22,261			39,683
Class F-3		5,171			10,681		15,852		3,512			3,383			6,895
Class 529-A		14,983			39,661		54,644		12,735			19,812			32,547
Class 529-C		550			3,364		3,914		598			2,215			2,813
Class 529-E		467			1,602		2,069		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		2,052			4,474		6,526		1,492			1,876			3,368
Class 529-F-3		—	³		1		1		—	³		—	³		—	³
Class ABLE-A		85			193		278		56			68			124
Class ABLE-F-2		5			9		14		2			2			4
Class R-1		172			901		1,073		149			460			609
Class R-2		1,399			7,489		8,888		1,318			4,236			5,554
Class R-2E		190			808		998		185			409			594
Class R-3		1,856			6,252		8,108		1,679			3,186			4,865
Class R-4		1,188			3,235		4,423		1,112			1,722			2,834
Class R-5E		352			689		1,041		254			407			661
Class R-5		541			1,242		1,783		464			559			1,023
Class R-6		6,760			14,171		20,931		5,525			6,742			12,267
Total	$	212,336		$	581,460	$	793,796	$	182,101		$	291,197		$	473,298

Moderate Growth and Income Portfolio

	Year ended October 31, 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	$	141,308		$	305,934		$	447,242		$	129,928		$	56,689		$	186,617
Class C		11,052			45,848			56,900			12,745			10,109			22,854
Class T		—	³		1			1			—	³		—	³		—	³
Class F-1		1,968			4,659			6,627			2,479			1,338			3,817
Class F-2		22,127			42,898			65,025			20,363			7,737			28,100
Class F-3		5,922			10,228			16,150			4,292			1,299			5,591
Class 529-A		9,805			21,676			31,481			9,347			4,178			13,525
Class 529-C		480			2,174			2,654			647			564			1,211
Class 529-E		273			681			954			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		1,690			3,165			4,855			1,347			522			1,869
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		79			142			221			51			17			68
Class ABLE-F-2		6			10			16			2			1			3
Class R-1		93			434			527			113			90			203
Class R-2		1,278			5,097			6,375			1,397			1,105			2,502
Class R-2E		101			416			517			140			91			231
Class R-3		1,979			5,781			7,760			2,262			1,256			3,518
Class R-4		1,416			3,613			5,029			1,740			821			2,561
Class R-5E		329			583			912			281			125			406
Class R-5		569			1,033			1,602			522			206			728
Class R-6		10,445			18,906			29,351			9,780			3,637			13,417
Total	$	210,920		$	473,280		$	684,200		$	197,702		$	89,924		$	287,626

Refer to the end of the tables for footnotes.

American Funds Portfolio Series

Conservative Growth and Income Portfolio

	Year ended October 31, 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	$	159,456		$	95,785		$	255,241		$	139,822		$	85,317		$	225,139
Class C		15,289			12,830			28,119			15,749			13,261			29,010
Class T		—	³		—	³		—	³		—	³		—	³		—	³
Class F-1		2,373			1,491			3,864			2,615			1,887			4,502
Class F-2		18,797			9,944			28,741			15,035			8,406			23,441
Class F-3		3,519			1,806			5,325			2,632			1,272			3,904
Class 529-A		8,654			5,225			13,879			7,539			4,583			12,122
Class 529-C		684			598			1,282			735			632			1,367
Class 529-E		263			179			442			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		1,621			928			2,549			1,393			776			2,169
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		72			38			110			47			23			70
Class ABLE-F-2		4			1			5			1			—	³		1
Class R-1		56			44			100			52			46			98
Class R-2		992			849			1,841			1,099			927			2,026
Class R-2E		19			15			34			16			9			25
Class R-3		1,172			768			1,940			1,114			766			1,880
Class R-4		1,030			623			1,653			1,026			699			1,725
Class R-5E		203			107			310			190			145			335
Class R-5		337			191			528			251			133			384
Class R-6		2,859			1,519			4,378			2,379			1,314			3,693
Total	$	217,400		$	132,941		$	350,341		$	191,936		$	120,352		$	312,288

Tax-Aware Conservative Growth and Income Portfolio

	Year ended October 31, 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	$	70,733		$	20,367		$	91,100		$	52,650		$	13,600		$	66,250
Class C		5,452			2,503			7,955			4,492			1,936			6,428
Class T		—	³		—	³		—	³		—	³		—	³		—	³
Class F-1		5,738			1,770			7,508			4,803			1,334			6,137
Class F-2		10,857			2,827			13,684			7,430			1,660			9,090
Class F-3		2,699			616			3,315			1,737			352			2,089
Total	$	95,479		$	28,083		$	123,562		$	71,112		$	18,882		$	89,994

Refer to the end of the tables for footnotes.

48	American Funds Portfolio Series

Preservation Portfolio

	Year ended October 31, 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	$	27,756		$	2,222		$	29,978		$	32,981		$	1,226		$	34,207
Class C		1,043			158			1,201			2,016			117			2,133
Class T		—	³		—	³		—	³		—	³		—	³		—	³
Class F-1		585			56			641			1,103			43			1,146
Class F-2		6,876			479			7,355			8,722			285			9,007
Class F-3		1,380			92			1,472			2,278			44			2,322
Class 529-A		3,067			247			3,314			3,853			143			3,996
Class 529-C		116			19			135			235			14			249
Class 529-E		73			7			80			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		766			52			818			826			27			853
Class 529-F-3		—	³		—	³		—	³		—	³		—	³		—	³
Class ABLE-A		14			1			15			10			—	³		10
Class ABLE-F-2		1			—	³		1			1			—	³		1
Class R-1		6			1			7			8			—	³		8
Class R-2		172			23			195			270			16			286
Class R-2E		7			1			8			13			1			14
Class R-3		368			34			402			456			20			476
Class R-4		218			18			236			309			11			320
Class R-5E		60			4			64			56			2			58
Class R-5		116			7			123			133			4			137
Class R-6		671			48			719			936			30			966
Total	$	43,295		$	3,469		$	46,764		$	54,319		$	1,988		$	56,307

Tax-Exempt Preservation Portfolio

	Year ended October 31, 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	$	5,744			$—	$	5,744		$	4,731			$—	$	4,731
Class C		140			—		140			140			—		140
Class T		—	³		—		—	³		—	³		—		—	³
Class F-1		57			—		57			67			—		67
Class F-2		1,674			—		1,674			1,705			—		1,705
Class F-3		359			—		359			393			—		393
Total	$	7,974			$—	$	7,974		$	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 of each fund 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 October 31, 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		1,363		Not applicable		Not applicable
Preservation Portfolio		2,925		—		—
Tax-Exempt Preservation Portfolio		698		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.

50	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 of each fund 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 any of the funds.

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 year ended October 31, 2022, Virginia529 waived total 529 and ABLE plan service fees of $13,000 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 $3,234,000 were reduced to $3,221,000, both of which were equivalent to 0.058% of the average daily net assets of each 529 share class of each fund.

For the year ended October 31, 2022, the class-specific expenses of each fund under these agreements were as follows (dollars in thousands):

Global Growth Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$7,021	$3,127		Not applicable
Class C	4,085	447		Not applicable
Class T	—	—	*	Not applicable
Class F-1	152	77		Not applicable
Class F-2	Not applicable	736		Not applicable
Class F-3	Not applicable	5		Not applicable
Class 529-A	1,401	597		$345
Class 529-C	443	45		26
Class 529-E	94	11		11
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	60		57
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	4	1		1
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	44	4		Not applicable
Class R-2	810	370		Not applicable
Class R-2E	34	12		Not applicable
Class R-3	388	110		Not applicable
Class R-4	104	30		Not applicable
Class R-5E	Not applicable	26		Not applicable
Class R-5	Not applicable	7		Not applicable
Class R-6	Not applicable	2		Not applicable
Total class-specific expenses	$14,580	$5,667		$440

Growth Portfolio

Share class	Distribution services	Transfer agent services		529 and ABLE plan services
Class A	$20,745	$8,315		Not applicable
Class C	11,993	1,227		Not applicable
Class T	—	—	*	Not applicable
Class F-1	272	133		Not applicable
Class F-2	Not applicable	1,179		Not applicable
Class F-3	Not applicable	5		Not applicable
Class 529-A	4,295	1,663		$1,021
Class 529-C	1,223	117		71
Class 529-E	324	31		37
Class 529-T	—	—	*	—	*
Class 529-F-1	—	—	*	—	*
Class 529-F-2	Not applicable	158		148
Class 529-F-3	Not applicable	—	*	—	*
Class ABLE-A	14	3		4
Class ABLE-F-2	Not applicable	—	*	—	*
Class R-1	387	37		Not applicable
Class R-2	1,930	866		Not applicable
Class R-2E	61	21		Not applicable
Class R-3	1,001	283		Not applicable
Class R-4	207	70		Not applicable
Class R-5E	Not applicable	58		Not applicable
Class R-5	Not applicable	16		Not applicable
Class R-6	Not applicable	4		Not applicable
Total class-specific expenses	$42,452	$14,186		$1,281

Refer to the end of the 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		$24,659		$5,948			Not applicable
Class C		12,855		834			Not applicable
Class T		—		—	*		Not applicable
Class F-1		493		234			Not applicable
Class F-2		Not applicable		1,264			Not applicable
Class F-3		Not applicable		6			Not applicable
Class 529-A		2,359		580			$571
Class 529-C		774		46			45
Class 529-E		194		12			23
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		51			66
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		10		2			3
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		219		17			Not applicable
Class R-2		1,345		577			Not applicable
Class R-2E		106		36			Not applicable
Class R-3		764		214			Not applicable
Class R-4		196		68			Not applicable
Class R-5E		Not applicable		28			Not applicable
Class R-5		Not applicable		15			Not applicable
Class R-6		Not applicable		7			Not applicable
Total class-specific expenses		$43,974		$9,939			$708

Moderate Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$22,271		$4,066			Not applicable
Class C		11,688		578			Not applicable
Class T		—		—	*		Not applicable
Class F-1		298		127			Not applicable
Class F-2		Not applicable		1,203			Not applicable
Class F-3		Not applicable		5			Not applicable
Class 529-A		1,386		261			$337
Class 529-C		539		25			31
Class 529-E		95		5			11
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		36			51
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		9		1			3
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		104		9			Not applicable
Class R-2		1,012		419			Not applicable
Class R-2E		49		17			Not applicable
Class R-3		731		200			Not applicable
Class R-4		213		79			Not applicable
Class R-5E		Not applicable		26			Not applicable
Class R-5		Not applicable		14			Not applicable
Class R-6		Not applicable		9			Not applicable
Total class-specific expenses		$38,395		$7,080			$433

Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$14,470		$2,258			Not applicable
Class C		6,645		290			Not applicable
Class T		—		—	*		Not applicable
Class F-1		197		85			Not applicable
Class F-2		Not applicable		596			Not applicable
Class F-3		Not applicable		2			Not applicable
Class 529-A		685		112			$166
Class 529-C		306		12			18
Class 529-E		47		2			5
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		21			29
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		5		1			1
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		24		2			Not applicable
Class R-2		332		140			Not applicable
Class R-2E		4		2			Not applicable
Class R-3		216		51			Not applicable
Class R-4		85		27			Not applicable
Class R-5E		Not applicable		9			Not applicable
Class R-5		Not applicable		5			Not applicable
Class R-6		Not applicable		2			Not applicable
Total class-specific expenses		$23,016		$3,617			$219

Tax-Aware Conservative Growth and Income Portfolio

Share class	Distribution services		Transfer agent services
Class A		$10,034		$955
Class C		3,878		112
Class T		—		—	*
Class F-1		697		352
Class F-2		Not applicable		506
Class F-3		Not applicable		2
Total class-specific expenses		$14,609		$1,927

Refer to the end of the tables for footnote.

52	American Funds Portfolio Series

Preservation Portfolio

Share class	Distribution services		Transfer agent services			529 and ABLE plan services
Class A		$5,440		$1,163			Not applicable
Class C		1,222		79			Not applicable
Class T		—		—	*		Not applicable
Class F-1		99		49			Not applicable
Class F-2		Not applicable		452			Not applicable
Class F-3		Not applicable		2			Not applicable
Class 529-A		484		122			$116
Class 529-C		143		9			8
Class 529-E		28		1			3
Class 529-T		—		—	*		—	*
Class 529-F-1		—		—	*		—	*
Class 529-F-2		Not applicable		19			25
Class 529-F-3		Not applicable		—	*		—	*
Class ABLE-A		2		—	*		1
Class ABLE-F-2		Not applicable		—	*		—	*
Class R-1		7		1			Not applicable
Class R-2		144		64			Not applicable
Class R-2E		4		1			Not applicable
Class R-3		141		38			Not applicable
Class R-4		34		12			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		$7,748		$2,021			$153

Tax-Exempt Preservation Portfolio

Share class	Distribution services		Transfer agent services
Class A		$1,503		$154
Class C		310		10
Class T		—		—	*
Class F-1		13		7
Class F-2		Not applicable		137
Class F-3		Not applicable		—	*
Total class-specific expenses		$1,826		$308

American Funds Portfolio Series

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in 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	$12	$(5)	$7
Growth Portfolio	31	(14)	17
Growth and Income Portfolio	31	(15)	16
Moderate Growth and Income Portfolio	28	(14)	14
Conservative Growth and Income Portfolio	16	(8)	8
Tax-Aware Conservative Growth and Income Portfolio	10	(5)	5
Preservation Portfolio	6	(3)	3
Tax-Exempt Preservation Portfolio	2	(1)	1

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 engaged in purchases and sales of investment securities of affiliated issuers during the year ended October 31, 2022, as follows (dollars in thousands):

	Purchases		Sales
Global Growth Portfolio	$	619,712	$	243,518
Growth Portfolio		2,458,492		253,897
Growth and Income Portfolio		2,501,251		1,067,980
Moderate Growth and Income Portfolio		1,189,437		253,529
Conservative Growth and Income Portfolio		955,598		288,539
Tax-Aware Conservative Growth and Income Portfolio		667,273		160,983
Preservation Portfolio		552,392		767,648
Tax-Exempt Preservation Portfolio		136,243		264,330

54	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

Year ended October 31, 2022

Class A	$	403,820		19,578	$	110,724			4,564		$	(406,723	)		(20,146	)	$	107,821			3,996
Class C		57,086		2,833		14,693			619			(101,051	)		(5,099	)		(29,272	)		(1,647	)
Class T		—		—		—			—			—			—			—			—
Class F-1		9,472		443		2,479			102			(17,297	)		(834	)		(5,346	)		(289	)
Class F-2		194,522		8,879		28,597			1,174			(268,507	)		(13,450	)		(45,388	)		(3,397	)
Class F-3		66,244		3,294		8,906			367			(46,230	)		(2,358	)		28,920			1,303
Class 529-A		97,322		4,678		22,533			931			(60,982	)		(3,026	)		58,873			2,583
Class 529-C		8,722		426		1,657			70			(17,654	)		(884	)		(7,275	)		(388	)
Class 529-E		3,008		144		674			28			(2,091	)		(103	)		1,591			69
Class 529-T		—		—		1			—	^†		—			—			1			—	^†
Class 529-F-1		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		27,473		1,315		3,747			155			(8,545	)		(424	)		22,675			1,046
Class 529-F-3		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		933		45		72			3			(189	)		(9	)		816			39
Class ABLE-F-2		159		8		7			—	^†		(14	)		(1	)		152			7
Class R-1		837		42		159			7			(1,385	)		(72	)		(389	)		(23	)
Class R-2		25,032		1,263		3,789			161			(28,096	)		(1,400	)		725			24
Class R-2E		943		44		205			8			(876	)		(41	)		272			11
Class R-3		23,130		1,144		2,756			115			(21,682	)		(1,071	)		4,204			188
Class R-4		9,221		457		1,576			65			(5,878	)		(279	)		4,919			243
Class R-5E		7,145		341		645			26			(2,280	)		(117	)		5,510			250
Class R-5		2,200		106		568			23			(1,693	)		(85	)		1,075			44
Class R-6		21,622		1,060		5,019			205			(19,514	)		(919	)		7,127			346
Total net increase (decrease)	$	958,891		46,100	$	208,807			8,623		$	(1,010,687	)		(50,318	)	$	157,011			4,405

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

Refer to the end of the 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

Year ended October 31, 2022

Class A	$	1,678,199			74,828		$	313,002			11,749		$	(990,092	)		(44,712	)	$	1,001,109			41,865
Class C		216,977			9,953			49,070			1,894			(270,249	)		(12,474	)		(4,202	)		(627	)
Class T		—			—			—			—			—			—			—			—
Class F-1		29,749			1,301			4,170			157			(24,491	)		(1,112	)		9,428			346
Class F-2		317,469			14,045			45,469			1,699			(266,807	)		(12,026	)		96,131			3,718
Class F-3		86,974			3,926			10,492			393			(54,010	)		(2,488	)		43,456			1,831
Class 529-A		351,096			15,443			67,018			2,520			(153,219	)		(6,905	)		264,895			11,058
Class 529-C		30,928			1,404			5,103			197			(43,157	)		(1,968	)		(7,126	)		(367	)
Class 529-E		12,394			566			2,496			95			(5,304	)		(244	)		9,586			417
Class 529-T		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-1		—			—			—	^†		1			—			—			—	^†		1
Class 529-F-2		70,662			3,106			10,523			396			(42,633	)		(1,907	)		38,552			1,595
Class 529-F-3		—			—			—	^†		1			—			—			—	^†		1
Class ABLE-A		3,193			140			236			9			(249	)		(11	)		3,180			138
Class ABLE-F-2		148			6			5			—	^†		(32	)		(1	)		121			5
Class R-1		6,317			287			1,529			59			(3,607	)		(171	)		4,239			175
Class R-2		55,368			2,564			10,568			408			(88,634	)		(4,291	)		(22,698	)		(1,319	)
Class R-2E		1,108			53			479			18			(3,761	)		(148	)		(2,174	)		(77	)
Class R-3		59,426			2,711			7,727			293			(46,847	)		(2,125	)		20,306			879
Class R-4		27,370			1,223			3,084			116			(25,020	)		(1,055	)		5,434			284
Class R-5E		25,364			1,102			1,467			55			(9,555	)		(431	)		17,276			726
Class R-5		9,258			434			1,414			52			(9,032	)		(399	)		1,640			87
Class R-6		56,496			2,553			6,779			252			(26,898	)		(1,205	)		36,377			1,600
Total net increase (decrease)	$	3,038,496			135,645		$	540,632			20,364		$	(2,063,597	)		(93,673	)	$	1,515,531			62,336

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

Refer to the end of the tables for footnotes.

56	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

Year ended October 31, 2022

Class A	$	1,574,846			90,967		$	515,269			27,891		$	(1,088,981	)		(63,910	)	$	1,001,134			54,948
Class C		183,989			10,670			65,213			3,494			(319,201	)		(18,700	)		(69,999	)		(4,536	)
Class T		—			—			—			—			—			—			—			—
Class F-1		39,964			2,248			10,893			588			(42,062	)		(2,444	)		8,795			392
Class F-2		351,850			20,174			67,856			3,681			(319,653	)		(18,686	)		100,053			5,169
Class F-3		103,666			5,830			15,817			862			(68,069	)		(4,051	)		51,414			2,641
Class 529-A		175,531			10,131			54,634			2,959			(103,020	)		(5,982	)		127,145			7,108
Class 529-C		18,860			1,090			3,911			209			(30,924	)		(1,779	)		(8,153	)		(480	)
Class 529-E		5,125			297			2,069			112			(4,896	)		(284	)		2,298			125
Class 529-T		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-1		—			—			1			—	^†		—			—			1			—	^†
Class 529-F-2		34,732			1,976			6,525			355			(15,698	)		(919	)		25,559			1,412
Class 529-F-3		—			—			1			—	^†		—			—			1			—	^†
Class ABLE-A		2,343			134			278			15			(409	)		(23	)		2,212			126
Class ABLE-F-2		201			11			14			1			(19	)		(1	)		196			11
Class R-1		3,360			196			1,074			57			(2,973	)		(180	)		1,461			73
Class R-2		57,632			3,623			8,884			477			(36,752	)		(2,163	)		29,764			1,937
Class R-2E		2,040			121			998			54			(4,597	)		(253	)		(1,559	)		(78	)
Class R-3		37,985			2,210			8,099			437			(38,732	)		(2,245	)		7,352			402
Class R-4		15,908			910			4,419			239			(18,464	)		(1,077	)		1,863			72
Class R-5E		10,043			574			1,042			57			(1,936	)		(115	)		9,149			516
Class R-5		6,891			386			1,783			96			(10,339	)		(623	)		(1,665	)		(141	)
Class R-6		91,013			5,274			20,931			1,138			(55,505	)		(3,213	)		56,439			3,199
Total net increase (decrease)	$	2,715,979			156,822		$	789,712			42,722		$	(2,162,230	)		(126,648	)	$	1,343,461			72,896

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

Refer to the end of the 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

Year ended October 31, 2022

Class A	$	1,364,871		79,834	$	444,777			24,881		$	(1,024,522	)		(61,140	)	$	785,126			43,575
Class C		149,197		8,734		56,783			3,150			(287,217	)		(17,164	)		(81,237	)		(5,280	)
Class T		—		—		—			—			—			—			—			—
Class F-1		16,552		961		6,590			367			(27,699	)		(1,620	)		(4,557	)		(292	)
Class F-2		302,781		17,646		64,120			3,588			(302,709	)		(18,075	)		64,192			3,159
Class F-3		106,864		6,204		16,112			907			(56,793	)		(3,372	)		66,183			3,739
Class 529-A		95,718		5,572		31,472			1,759			(90,881	)		(5,354	)		36,309			1,977
Class 529-C		13,362		793		2,654			147			(23,761	)		(1,398	)		(7,745	)		(458	)
Class 529-E		4,888		283		953			53			(3,871	)		(227	)		1,970			109
Class 529-T		—		—		1			—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1			—	^†		—			—			1			—	^†
Class 529-F-2		23,350		1,346		4,855			273			(13,353	)		(798	)		14,852			821
Class 529-F-3		—		—		1			—	^†		—			—			1			—	^†
Class ABLE-A		2,033		117		221			13			(391	)		(23	)		1,863			107
Class ABLE-F-2		182		10		16			1			(6	)		(1	)		192			10
Class R-1		2,799		170		527			29			(4,111	)		(243	)		(785	)		(44	)
Class R-2		24,157		1,440		6,368			354			(26,357	)		(1,554	)		4,168			240
Class R-2E		3,751		232		516			28			(5,752	)		(326	)		(1,485	)		(66	)
Class R-3		28,944		1,704		7,752			431			(47,426	)		(2,755	)		(10,730	)		(620	)
Class R-4		19,169		1,138		5,029			279			(39,890	)		(2,342	)		(15,692	)		(925	)
Class R-5E		6,749		398		912			51			(2,145	)		(126	)		5,516			323
Class R-5		11,222		635		1,597			90			(8,376	)		(493	)		4,443			232
Class R-6		114,843		6,791		29,350			1,645			(94,375	)		(5,617	)		49,818			2,819
Total net increase (decrease)	$	2,291,432		134,008	$	680,607			38,046		$	(2,059,635	)		(122,628	)	$	912,404			49,426

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

Refer to the end of the tables for footnotes.

58	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

Year ended October 31, 2022

Class A	$	1,005,498			76,377		$	251,837		19,026		$	(734,234	)		(56,632	)	$	523,101			38,771
Class C		114,993			8,750			27,985		2,107			(178,324	)		(13,807	)		(35,346	)		(2,950	)
Class T		—			—			—		—			—			—			—			—
Class F-1		20,976			1,613			3,822		288			(19,797	)		(1,527	)		5,001			374
Class F-2		258,438			19,847			28,003		2,121			(170,712	)		(13,301	)		115,729			8,667
Class F-3		52,048			3,946			5,317		404			(33,785	)		(2,575	)		23,580			1,775
Class 529-A		69,807			5,271			13,877		1,049			(62,431	)		(4,784	)		21,253			1,536
Class 529-C		8,515			648			1,281		96			(12,754	)		(979	)		(2,958	)		(235	)
Class 529-E		1,485			113			442		33			(1,733	)		(132	)		194			14
Class 529-T		—			—			1		—	^†		—			—			1			—	^†
Class 529-F-1		—			—			1		—	^†		—			—			1			—	^†
Class 529-F-2		12,615			968			2,549		192			(12,766	)		(978	)		2,398			182
Class 529-F-3		—			—			1		—	^†		—			—			1			—	^†
Class ABLE-A		1,048			80			111		8			(318	)		(24	)		841			64
Class ABLE-F-2		145			11			4		—	^†		(1	)		—	^†		148			11
Class R-1		628			48			100		8			(619	)		(51	)		109			5
Class R-2		10,065			771			1,840		139			(14,589	)		(1,122	)		(2,684	)		(212	)
Class R-2E		369			30			33		3			(231	)		(18	)		171			15
Class R-3		14,859			1,130			1,940		146			(11,374	)		(871	)		5,425			405
Class R-4		7,517			570			1,645		124			(7,528	)		(585	)		1,634			109
Class R-5E		3,414			262			311		24			(1,667	)		(131	)		2,058			155
Class R-5		5,013			368			527		40			(2,649	)		(200	)		2,891			208
Class R-6		29,213			2,213			4,378		331			(21,830	)		(1,678	)		11,761			866
Total net increase (decrease)	$	1,616,646			123,016		$	346,005		26,139		$	(1,287,342	)		(99,395	)	$	675,309			49,760

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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series

Tax-Aware Conservative Growth and Income Portfolio

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

Year ended October 31, 2022

Class A	$	732,697		48,166	$	90,169		5,956	$	(483,988	)		(32,988	)	$	338,878			21,134
Class C		66,666		4,384		7,931		522		(86,431	)		(5,821	)		(11,834	)		(915	)
Class T		—		—		—		—		—			—			—			—
Class F-1		65,567		4,206		7,469		491		(75,079	)		(5,030	)		(2,043	)		(333	)
Class F-2		179,351		11,866		13,627		900		(130,281	)		(8,876	)		62,697			3,890
Class F-3		58,930		3,914		3,270		218		(27,698	)		(1,874	)		34,502			2,258
Total net increase (decrease)	$	1,103,211		72,536	$	122,466		8,087	$	(803,477	)		(54,589	)	$	422,200			26,034

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

Refer to the end of the tables for footnotes.

60	American Funds Portfolio Series

Preservation Portfolio

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

Year ended October 31, 2022

Class A	$	649,055			65,972		$	29,873			3,062		$	(749,538	)		(76,453	)	$	(70,610	)		(7,419	)
Class C		28,549			2,915			1,196			122			(57,052	)		(5,820	)		(27,307	)		(2,783	)
Class T		—			—			—			—			—			—			—			—
Class F-1		7,108			728			630			64			(24,386	)		(2,464	)		(16,648	)		(1,672	)
Class F-2		380,087			38,657			7,343			752			(458,377	)		(46,975	)		(70,947	)		(7,566	)
Class F-3		40,791			4,141			1,462			150			(45,587	)		(4,689	)		(3,334	)		(398	)
Class 529-A		53,599			5,453			3,313			339			(71,209	)		(7,261	)		(14,297	)		(1,469	)
Class 529-C		4,981			508			134			14			(8,774	)		(895	)		(3,659	)		(373	)
Class 529-E		1,159			118			80			8			(2,582	)		(262	)		(1,343	)		(136	)
Class 529-T		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		14,720			1,492			817			84			(16,050	)		(1,631	)		(513	)		(55	)
Class 529-F-3		—			—			—	^†		—	^†		—			—			—	^†		—	^†
Class ABLE-A		398			40			14			2			(224	)		(23	)		188			19
Class ABLE-F-2		(33	)		(3	)		1			—	^†		(1	)		—	^†		(33	)		(3	)
Class R-1		172			18			7			1			(110	)		(12	)		69			7
Class R-2		6,661			684			195			20			(5,933	)		(612	)		923			92
Class R-2E		1,099			109			8			1			(1,183	)		(118	)		(76	)		(8	)
Class R-3		11,987			1,228			401			41			(10,080	)		(1,025	)		2,308			244
Class R-4		2,479			253			236			24			(4,111	)		(419	)		(1,396	)		(142	)
Class R-5E		1,630			168			64			7			(1,109	)		(113	)		585			62
Class R-5		4,532			448			123			13			(3,634	)		(365	)		1,021			96
Class R-6		11,587			1,183			719			73			(20,114	)		(2,030	)		(7,808	)		(774	)
Total net increase (decrease)	$	1,220,561			124,112		$	46,616			4,777		$	(1,480,054	)		(151,167	)	$	(212,877	)		(22,278	)

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

Refer to the end of the 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

Year ended October 31, 2022

Class A	$	184,768		19,174	$	5,689		591	$	(217,800	)		(22,703	)	$	(27,343	)		(2,938	)
Class C		2,719		281		139		14		(12,187	)		(1,269	)		(9,329	)		(974	)
Class T		—		—		—		—		—			—			—			—
Class F-1		958		97		55		5		(4,797	)		(499	)		(3,784	)		(397	)
Class F-2		57,048		5,963		1,666		173		(121,899	)		(12,646	)		(63,185	)		(6,510	)
Class F-3		11,222		1,160		355		37		(37,508	)		(3,851	)		(25,931	)		(2,654	)
Total net increase (decrease)	$	256,715		26,675	$	7,904		820	$	(394,191	)		(40,968	)	$	(129,572	)		(13,473	)

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.

62	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:
10/31/2022	$	25.43		$	.12		$	(7.31	)	$	(7.19	)		$	(.10	)	$	(.71	)	$	(.81	)	$	17.43		(29.17	)%	$	2,449			.36	%		.36	%		.80	%		.57	%
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
Class C:
10/31/2022		24.81			(.03	)		(7.15	)		(7.18	)			—			(.71	)		(.71	)		16.92		(29.77	)		328			1.12			1.12			1.56			(.17	)
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	)			—	⁷		(.93	)		(.93	)		15.71		(2.85	)		350			1.12			1.12			1.56			(.11	)
Class T:
10/31/2022		25.49			.17			(7.32	)		(7.15	)			(.16	)		(.71	)		(.87	)		17.47		(29.02	)⁸		—	⁹		.11	⁸		.11	⁸		.55	⁸		.84	⁸
10/31/2021		18.74			.12			6.84			6.96				(.10	)		(.11	)		(.21	)		25.49		37.36	⁸		—	⁹		.13	⁸		.13	⁸		.56	⁸		.50	⁸
10/31/2020		17.22			.19			2.24			2.43				(.20	)		(.71	)		(.91	)		18.74		14.39	⁸		—	⁹		.14	⁸		.14	⁸		.58	⁸		1.11	⁸
10/31/2019		16.04			.22			1.82			2.04				(.21	)		(.65	)		(.86	)		17.22		13.87	⁸		—	⁹		.15	⁸		.15	⁸		.58	⁸		1.35	⁸
10/31/2018		17.40			.17			(.45	)		(.28	)			(.15	)		(.93	)		(1.08	)		16.04		(1.86	)⁸		—	⁹		.10	⁸		.10	⁸		.54	⁸		.99	⁸
Class F-1:
10/31/2022		25.47			.12			(7.34	)		(7.22	)			(.09	)		(.71	)		(.80	)		17.45		(29.23	)		49			.39			.39			.83			.58
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
Class F-2:
10/31/2022		25.58			.18			(7.37	)		(7.19	)			(.16	)		(.71	)		(.87	)		17.52		(29.06	)		485			.12			.12			.56			.85
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
Class F-3:
10/31/2022		25.54			.18			(7.32	)		(7.14	)			(.19	)		(.71	)		(.90	)		17.50		(28.96	)		197			.01			.01			.45			.90
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

Refer to the end of the 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:
10/31/2022	$	25.38		$	.11		$	(7.30	)	$	(7.19	)	$	(.10	)	$	(.71	)	$	(.81	)	$	17.38	(29.24	)%	$	523			.40	%		.40	%	.84	%	.52	%
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
Class 529-C:
10/31/2022		24.80			(.04	)		(7.13	)		(7.17	)		—			(.71	)		(.71	)		16.92	(29.74	)		34			1.16			1.16		1.60		(.20	)
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	)
Class 529-E:
10/31/2022		25.20			.06			(7.25	)		(7.19	)		(.04	)		(.71	)		(.75	)		17.26	(29.37	)		16			.63			.63		1.07		.30
10/31/2021		18.54			—	⁷		6.78			6.78			(.01	)		(.11	)		(.12	)		25.20	36.73			22			.62			.62		1.05		—	¹⁰
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
Class 529-T:
10/31/2022		25.48			.16			(7.32	)		(7.16	)		(.15	)		(.71	)		(.86	)		17.46	(29.07	)⁸		—	⁹		.16	⁸		.16	⁸	.60	⁸	.78	⁸
10/31/2021		18.73			.10			6.85			6.95			(.09	)		(.11	)		(.20	)		25.48	37.32	⁸		—	⁹		.18	⁸		.18	⁸	.61	⁸	.44	⁸
10/31/2020		17.21			.18			2.24			2.42			(.19	)		(.71	)		(.90	)		18.73	14.36	⁸		—	⁹		.19	⁸		.19	⁸	.63	⁸	1.02	⁸
10/31/2019		16.03			.21			1.82			2.03			(.20	)		(.65	)		(.85	)		17.21	13.80	⁸		—	⁹		.19	⁸		.19	⁸	.62	⁸	1.27	⁸
10/31/2018		17.39			.15			(.44	)		(.29	)		(.14	)		(.93	)		(1.07	)		16.03	(1.92	)⁸		—	⁹		.17	⁸		.17	⁸	.61	⁸	.89	⁸
Class 529-F-1:
10/31/2022		25.48			.15			(7.32	)		(7.17	)		(.14	)		(.71	)		(.85	)		17.46	(29.07	)⁸		—	⁹		.20	⁸		.20	⁸	.64	⁸	.73	⁸
10/31/2021		18.75			.10			6.86			6.96			(.12	)		(.11	)		(.23	)		25.48	37.32	⁸		—	⁹		.19	⁸		.19	⁸	.62	⁸	.43	⁸
10/31/2020		17.23			.17			2.25			2.42			(.19	)		(.71	)		(.90	)		18.75	14.35	⁸		—	⁹		.18	⁸		.18	⁸	.62	⁸	.97	⁸
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
Class 529-F-2:
10/31/2022		25.44			.15			(7.30	)		(7.15	)		(.15	)		(.71	)		(.86	)		17.43	(29.05	)		91			.13			.13		.57		.76
10/31/2021		18.70			.10			6.85			6.95			(.10	)		(.11	)		(.21	)		25.44	37.36			106			.17			.17		.60		.43
10/31/2020^11,12		18.70			—			—			—			—			—			—			18.70	—			56			—			—		—		—

Refer to the end of the tables for footnotes.

64	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:
10/31/2022	$	25.44		$	.17		$	(7.30	)	$	(7.13	)		$	(.17	)	$	(.71	)	$	(.88	)	$	17.43	(29.00	)%	$	—	⁹		.08	%		.08	%	.52	%	.86	%
10/31/2021		18.70			.19			6.78			6.97				(.12	)		(.11	)		(.23	)		25.44	37.51			—	⁹		.11			.07		.50		.79
10/31/2020^11,12		18.70			—			—			—				—			—			—			18.70	—			—	⁹		—			—		—		—
Class ABLE-A:
10/31/2022		25.34			.12			(7.26	)		(7.14	)			(.14	)		(.71	)		(.85	)		17.35	(29.13	)		2			.30			.24		.68		.62
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
10/31/2018^11,13		17.48			.01			(1.49	)		(1.48	)			—			—			—			16.00	(8.47	)^8,14		—	⁹		.08	^8,14		.06	^8,14	.50	^8,14	.04	^8,14
Class ABLE-F-2:
10/31/2022		25.44			.14			(7.26	)		(7.12	)			(.17	)		(.71	)		(.88	)		17.44	(28.96	)		—	⁹		.12			.06		.50		.70
10/31/2021		18.70			.10			6.87			6.97				(.12	)		(.11	)		(.23	)		25.44	37.51			—	⁹		.12			.05		.48		.40
10/31/2020^11,12		18.70			—			—			—				—			—			—			18.70	—			—	⁹		—			—		—		—
Class R-1:
10/31/2022		24.95			(.01	)		(7.19	)		(7.20	)			—			(.71	)		(.71	)		17.04	(29.68	)		4			1.02			1.02		1.46		(.07	)
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	)
Class R-2:
10/31/2022		24.72			(.03	)		(7.11	)		(7.14	)			—			(.71	)		(.71	)		16.87	(29.71	)		92			1.10			1.10		1.54		(.16	)
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	)			—	⁷		(.93	)		(.93	)		15.67	(2.79	)		74			1.11			1.11		1.55		(.08	)
Class R-2E:
10/31/2022		25.09			.02			(7.22	)		(7.20	)			(.01	)		(.71	)		(.72	)		17.17	(29.52	)		5			.82			.82		1.26		.10
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

Refer to the end of the 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:
10/31/2022	$	25.19	$	.06		$	(7.25	)	$	(7.19	)	$	(.04	)	$	(.71	)	$	(.75	)	$	17.25	(29.40	)%	$	68		.65	%		.65	%	1.09	%	.28	%
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
Class R-4:
10/31/2022		25.39		.12			(7.30	)		(7.18	)		(.11	)		(.71	)		(.82	)		17.39	(29.20	)		38		.33			.33		.77		.58
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
Class R-5E:
10/31/2022		25.40		.14			(7.27	)		(7.13	)		(.16	)		(.71	)		(.87	)		17.40	(29.05	)		17		.16			.16		.60		.72
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
Class R-5:
10/31/2022		25.72		.18			(7.39	)		(7.21	)		(.17	)		(.71	)		(.88	)		17.63	(28.99	)		12		.06			.06		.50		.86
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
Class R-6:
10/31/2022		25.79		.19			(7.40	)		(7.21	)		(.19	)		(.71	)		(.90	)		17.68	(28.95	)		106		.01			.01		.45		.92
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

Refer to the end of the tables for footnotes.


66	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:
10/31/2022	$	27.69		$	.04		$	(7.57	)	$	(7.53	)		$	(.01	)	$	(.90	)	$	(.91	)	$	19.25	(28.11	)%	$	7,384			.36	%		.36	%	.73	%	.16	%
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
Class C:
10/31/2022		26.98			(.12	)		(7.36	)		(7.48	)			—			(.90	)		(.90	)		18.60	(28.67	)		1,011			1.11			1.11		1.48		(.58	)
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			—	⁷		2.45			2.45				(.03	)		(.94	)		(.97	)		19.86	13.62			1,099			1.12			1.12		1.48		—	¹⁰
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				—	⁷		(.49	)		(.49	)		17.54	1.34			858			1.12			1.12		1.50		(.09	)
Class T:
10/31/2022		27.74			.10			(7.58	)		(7.48	)			(.06	)		(.90	)		(.96	)		19.30	(27.91	)⁸		—	⁹		.10	⁸		.10	⁸	.47	⁸	.44	⁸
10/31/2021		20.34			.13			8.11			8.24				(.15	)		(.69	)		(.84	)		27.74	41.37	⁸		—	⁹		.13	⁸		.13	⁸	.50	⁸	.50	⁸
10/31/2020		18.78			.20			2.51			2.71				(.21	)		(.94	)		(1.15	)		20.34	14.79	⁸		—	⁹		.13	⁸		.13	⁸	.49	⁸	1.03	⁸
10/31/2019		17.92			.21			1.68			1.89				(.20	)		(.83	)		(1.03	)		18.78	11.66	⁸		—	⁹		.14	⁸		.14	⁸	.52	⁸	1.19	⁸
10/31/2018		18.15			.18			.25			.43				(.17	)		(.49	)		(.66	)		17.92	2.30	⁸		—	⁹		.10	⁸		.10	⁸	.48	⁸	.96	⁸
Class F-1:
10/31/2022		27.68			.03			(7.56	)		(7.53	)			—			(.90	)		(.90	)		19.25	(28.11	)		95			.38			.38		.75		.15
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
Class F-2:
10/31/2022		27.86			.09			(7.60	)		(7.51	)			(.07	)		(.90	)		(.97	)		19.38	(27.92	)		967			.12			.12		.49		.41
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
Class F-3:
10/31/2022		27.81			.11			(7.58	)		(7.47	)			(.09	)		(.90	)		(.99	)		19.35	(27.84	)		237			.01			.01		.38		.51
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

Refer to the end of the tables for footnotes.


American Funds Portfolio Series	67

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:
10/31/2022	$	27.63	$	.03		$	(7.55	)	$	(7.52	)		$	—	⁷	$	(.90	)	$	(.90	)	$	19.21		(28.12	)%	$	1,604			.40	%		.40	%		.77	%		.12	%
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
Class 529-C:
10/31/2022		26.94		(.13	)		(7.34	)		(7.47	)			—			(.90	)		(.90	)		18.57		(28.67	)		101			1.16			1.16			1.53			(.62	)
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	)
Class 529-E:
10/31/2022		27.39		(.02	)		(7.48	)		(7.50	)			—			(.90	)		(.90	)		18.99		(28.30	)		59			.61			.61			.98			(.09	)
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
Class 529-T:
10/31/2022		27.73		.08			(7.57	)		(7.49	)			(.05	)		(.90	)		(.95	)		19.29		(27.96	)⁸		—	⁹		.15	⁸		.15	⁸		.52	⁸		.38	⁸
10/31/2021		20.33		.11			8.12			8.23				(.14	)		(.69	)		(.83	)		27.73		41.33	⁸		—	⁹		.17	⁸		.17	⁸		.54	⁸		.44	⁸
10/31/2020		18.78		.18			2.51			2.69				(.20	)		(.94	)		(1.14	)		20.33		14.69	⁸		—	⁹		.18	⁸		.18	⁸		.54	⁸		.94	⁸
10/31/2019		17.91		.20			1.69			1.89				(.19	)		(.83	)		(1.02	)		18.78		11.64	⁸		—	⁹		.18	⁸		.18	⁸		.56	⁸		1.12	⁸
10/31/2018		18.14		.16			.26			.42				(.16	)		(.49	)		(.65	)		17.91		2.25	⁸		—	⁹		.17	⁸		.17	⁸		.55	⁸		.88	⁸
Class 529-F-1:
10/31/2022		27.76		.08			(7.58	)		(7.50	)			(.05	)		(.90	)		(.95	)		19.31		(27.97	)⁸		—	⁹		.20	⁸		.20	⁸		.57	⁸		.34	⁸
10/31/2021		20.37		.10			8.14			8.24				(.16	)		(.69	)		(.85	)		27.76		41.34	⁸		—	⁹		.18	⁸		.18	⁸		.55	⁸		.41	⁸
10/31/2020		18.82		.17			2.52			2.69				(.20	)		(.94	)		(1.14	)		20.37		14.67	⁸		—	⁹		.18	⁸		.18	⁸		.54	⁸		.89	⁸
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
Class 529-F-2:
10/31/2022		27.69		.09			(7.56	)		(7.47	)			(.06	)		(.90	)		(.96	)		19.26		(27.94	)		232			.13			.13			.50			.40
10/31/2021		20.30		.11			8.11			8.22				(.14	)		(.69	)		(.83	)		27.69		41.36			289			.16			.16			.53			.42
10/31/2020^11,12		20.30		—			—			—				—			—			—			20.30		—			165			—			—			—			—

Refer to the end of the tables for footnotes.


68	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:
10/31/2022	$	27.68	$	.10		$	(7.55	)	$	(7.45	)	$	(.08	)	$	(.90	)	$	(.98	)	$	19.25		(27.90	)%	$	—	⁹		.07	%		.07	%		.44	%		.46	%
10/31/2021		20.30		.14			8.10			8.24			(.17	)		(.69	)		(.86	)		27.68		41.48			—	⁹		.11			.07			.44			.55
10/31/2020^11,12		20.30		—			—			—			—			—			—			20.30		—			—	⁹		—			—			—			—
Class ABLE-A:
10/31/2022		27.59		.05			(7.52	)		(7.47	)		(.04	)		(.90	)		(.94	)		19.18		(28.02	)		7			.31			.25			.62			.23
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
10/31/2018^11,13		19.28		.01			(1.41	)		(1.40	)		—			—			—			17.88		(7.26	)¹⁴		—	⁹		.11	¹⁴		.09	¹⁴		.47	¹⁴		.05	¹⁴
Class ABLE-F-2:
10/31/2022		27.71		.09			(7.55	)		(7.46	)		(.08	)		(.90	)		(.98	)		19.27		(27.91	)		—	⁹		.11			.05			.42			.41
10/31/2021		20.30		.09			8.18			8.27			(.17	)		(.69	)		(.86	)		27.71		41.63			—	⁹		.11			.04			.41			.34
10/31/2020^11,12		20.30		—			—			—			—			—			—			20.30		—			—	⁹		—			—			—			—
Class R-1:
10/31/2022		27.05		(.12	)		(7.37	)		(7.49	)		—			(.90	)		(.90	)		18.66		(28.63	)		34			1.10			1.10			1.47			(.57	)
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		—	⁷		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	)
Class R-2:
10/31/2022		26.96		(.12	)		(7.35	)		(7.47	)		—			(.90	)		(.90	)		18.59		(28.65	)		197			1.10			1.10			1.47			(.55	)
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		—	⁷		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	)
Class R-2E:
10/31/2022		27.22		(.05	)		(7.43	)		(7.48	)		—			(.90	)		(.90	)		18.84		(28.41	)		9			.82			.82			1.19			(.24	)
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

Refer to the end of the 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:
10/31/2022	$	27.42	$	(.03	)	$	(7.48	)	$	(7.51	)	$	—		$	(.90	)	$	(.90	)	$	19.01		(28.31	)%	$	180		.65	%		.65	%		1.02	%		(.12	)%
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
Class R-4:
10/31/2022		27.64		.04			(7.55	)		(7.51	)		—			(.90	)		(.90	)		19.23		(28.08	)		76		.34			.34			.71			.17
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
Class R-5E:
10/31/2022		27.67		.08			(7.55	)		(7.47	)		(.06	)		(.90	)		(.96	)		19.24		(27.95	)		42		.15			.15			.52			.34
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
Class R-5:
10/31/2022		28.01		.11			(7.65	)		(7.54	)		(.08	)		(.90	)		(.98	)		19.49		(27.89	)		30		.06			.06			.43			.48
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
Class R-6:
10/31/2022		27.95		.11			(7.62	)		(7.51	)		(.09	)		(.90	)		(.99	)		19.45		(27.84	)		161		.01			.01			.38			.51
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

Refer to the end of the tables for footnotes.

70	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:
10/31/2022	$	19.63	$	.27	$	(3.51	)	$	(3.24	)	$	(.27	)	$	(.74	)	$	(1.01	)	$	15.38		(17.38	)%	$	8,590			.34	%		.34	%		.67	%		1.58	%
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
Class C:
10/31/2022		19.49		.14		(3.49	)		(3.35	)		(.13	)		(.74	)		(.87	)		15.27		(17.98	)		1,097			1.07			1.07			1.40			.84
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
Class T:
10/31/2022		19.63		.32		(3.52	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.38		(17.15	)⁸		—	⁹		.07	⁸		.07	⁸		.40	⁸		1.86	⁸
10/31/2021		15.64		.28		4.43			4.71			(.30	)		(.42	)		(.72	)		19.63		30.75	⁸		—	⁹		.09	⁸		.09	⁸		.41	⁸		1.50	⁸
10/31/2020		15.29		.32		.91			1.23			(.33	)		(.55	)		(.88	)		15.64		8.21	⁸		—	⁹		.08	⁸		.08	⁸		.40	⁸		2.10	⁸
10/31/2019		14.63		.34		1.20			1.54			(.34	)		(.54	)		(.88	)		15.29		11.33	⁸		—	⁹		.08	⁸		.08	⁸		.40	⁸		2.35	⁸
10/31/2018		15.06		.31		(.17	)		.14			(.30	)		(.27	)		(.57	)		14.63		.82	⁸		—	⁹		.08	⁸		.08	⁸		.41	⁸		2.02	⁸
Class F-1:
10/31/2022		19.63		.26		(3.51	)		(3.25	)		(.26	)		(.74	)		(1.00	)		15.38		(17.41	)		175			.38			.38			.71			1.54
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
Class F-2:
10/31/2022		19.66		.31		(3.52	)		(3.21	)		(.31	)		(.74	)		(1.05	)		15.40		(17.21	)		1,077			.12			.12			.45			1.81
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
Class F-3:
10/31/2022		19.64		.33		(3.52	)		(3.19	)		(.32	)		(.74	)		(1.06	)		15.39		(17.09	)		252			.01			.01			.34			1.91
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

Refer to the end of the 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:
10/31/2022	$	19.62	$	.27	$	(3.52	)	$	(3.25	)	$	(.26	)	$	(.74	)	$	(1.00	)	$	15.37		(17.40	)%	$	925			.36	%		.36	%		.69	%		1.56	%
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
Class 529-C:
10/31/2022		19.53		.13		(3.50	)		(3.37	)		(.12	)		(.74	)		(.86	)		15.30		(18.05	)		65			1.13			1.13			1.46			.78
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
Class 529-E:
10/31/2022		19.57		.23		(3.51	)		(3.28	)		(.22	)		(.74	)		(.96	)		15.33		(17.60	)		35			.60			.60			.93			1.33
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
Class 529-T:
10/31/2022		19.63		.31		(3.52	)		(3.21	)		(.30	)		(.74	)		(1.04	)		15.38		(17.19	)⁸		—	⁹		.11	⁸		.11	⁸		.44	⁸		1.80	⁸
10/31/2021		15.64		.27		4.44			4.71			(.30	)		(.42	)		(.72	)		19.63		30.68	⁸		—	⁹		.14	⁸		.14	⁸		.46	⁸		1.45	⁸
10/31/2020		15.29		.31		.91			1.22			(.32	)		(.55	)		(.87	)		15.64		8.15	⁸		—	⁹		.13	⁸		.13	⁸		.45	⁸		2.02	⁸
10/31/2019		14.63		.33		1.21			1.54			(.34	)		(.54	)		(.88	)		15.29		11.26	⁸		—	⁹		.14	⁸		.14	⁸		.46	⁸		2.26	⁸
10/31/2018		15.06		.30		(.17	)		.13			(.29	)		(.27	)		(.56	)		14.63		.75	⁸		—	⁹		.15	⁸		.15	⁸		.48	⁸		1.94	⁸

Class 529-F-1:
10/31/2022		19.64		.30		(3.53	)		(3.23	)		(.29	)		(.74	)		(1.03	)		15.38		(17.29	)⁸		—	⁹		.19	⁸		.19	⁸		.52	⁸		1.73	⁸
10/31/2021		15.65		.23		4.47			4.70			(.29	)		(.42	)		(.71	)		19.64		30.62	⁸		—	⁹		.17	⁸		.17	⁸		.49	⁸		1.27	⁸
10/31/2020		15.30		.30		.92			1.22			(.32	)		(.55	)		(.87	)		15.65		8.14	⁸		—	⁹		.14	⁸		.14	⁸		.46	⁸		2.00	⁸
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

Class 529-F-2:
10/31/2022		19.63		.31		(3.51	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.38		(17.18	)		110			.11			.11			.44			1.81
10/31/2021		15.64		.27		4.44			4.71			(.30	)		(.42	)		(.72	)		19.63		30.70			113			.13			.13			.45			1.45
10/31/2020^11,12		15.64		—		—			—			—			—			—			15.64		—			67			—			—			—			—

Refer to the end of the tables for footnotes.

72	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:
10/31/2022	$	19.63	$	.32	$	(3.52	)	$	(3.20	)	$	(.31	)	$	(.74	)	$	(1.05	)	$	15.38		(17.15	)%	$	—	⁹		.07	%		.07	%		.40	%		1.85	%
10/31/2021		15.64		.28		4.44			4.72			(.31	)		(.42	)		(.73	)		19.63		30.78			—	⁹		.12			.07			.39			1.52
10/31/2020^11,12		15.64		—		—			—			—			—			—			15.64		—			—	⁹		—			—			—			—
Class ABLE-A:
10/31/2022		19.63		.28		(3.51	)		(3.23	)		(.28	)		(.74	)		(1.02	)		15.38		(17.32	)		6			.29			.23			.56			1.67
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
10/31/2018^11,13		15.52		.08		(.92	)		(.84	)		(.06	)		—			(.06	)		14.62		(5.45	)¹⁴		—	⁹		.11	¹⁴		.09	¹⁴		.42	¹⁴		.50	¹⁴
Class ABLE-F-2:
10/31/2022		19.64		.32		(3.52	)		(3.20	)		(.31	)		(.74	)		(1.05	)		15.39		(17.15	)		—	⁹		.09			.04			.37			1.89
10/31/2021		15.64		.30		4.43			4.73			(.31	)		(.42	)		(.73	)		19.64		30.86			—	⁹		.09			.03			.35			1.59
10/31/2020^11,12		15.64		—		—			—			—			—			—			15.64		—			—	⁹		—			—			—			—
Class R-1:
10/31/2022		19.51		.14		(3.50	)		(3.36	)		(.13	)		(.74	)		(.87	)		15.28		(18.01	)		20			1.08			1.08			1.41			.84
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
Class R-2:
10/31/2022		19.46		.14		(3.49	)		(3.35	)		(.13	)		(.74	)		(.87	)		15.24		(18.01	)		184			1.08			1.08			1.41			.83
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
Class R-2E:
10/31/2022		19.56		.20		(3.52	)		(3.32	)		(.18	)		(.74	)		(.92	)		15.32		(17.79	)		16			.81			.81			1.14			1.14
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

Refer to the end of the 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:
10/31/2022	$	19.55	$	.22	$	(3.51	)	$	(3.29	)	$	(.21	)	$	(.74	)	$	(.95	)	$	15.31		(17.67	)%	$	139		.65	%		.65	%		.98	%		1.26	%
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
Class R-4:
10/31/2022		19.62		.27		(3.52	)		(3.25	)		(.26	)		(.74	)		(1.00	)		15.37		(17.40	)		69		.34			.34			.67			1.57
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
Class R-5E:
10/31/2022		19.61		.30		(3.51	)		(3.21	)		(.30	)		(.74	)		(1.04	)		15.36		(17.23	)		22		.15			.15			.48			1.76
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
Class R-5:
10/31/2022		19.71		.32		(3.54	)		(3.22	)		(.31	)		(.74	)		(1.05	)		15.44		(17.17	)		24		.06			.06			.39			1.88
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
Class R-6:
10/31/2022		19.67		.33		(3.53	)		(3.20	)		(.32	)		(.74	)		(1.06	)		15.41		(17.11	)		348		.01			.01			.34			1.90
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

Refer to the end of the tables for footnotes.

74	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:
10/31/2022	$	18.94	$	.28	$	(2.99	)	$	(2.71	)	$	(.29	)	$	(.66	)	$	(.95	)	$	15.28		(15.02	)%	$	7,690			.33	%		.33	%		.66	%		1.64	%
10/31/2021		15.57		.26		3.56			3.82			(.31	)		(.14	)		(.45	)		18.94		24.7	⁹		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
Class C:
10/31/2022		18.81		.15		(2.97	)		(2.82	)		(.16	)		(.66	)		(.82	)		15.17		(15.67	)		992			1.06			1.06			1.39			.91
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
Class T:
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.34	)		(.66	)		(1.00	)		15.28		(14.82	)⁸		—	⁹		.05	⁸		.05	⁸		.38	⁸		1.93	⁸
10/31/2021		15.58		.31		3.55			3.86			(.35	)		(.14	)		(.49	)		18.95		25.09	⁸		—	⁹		.06	⁸		.06	⁸		.38	⁸		1.71	⁸
10/31/2020		15.28		.31		.62			.93			(.33	)		(.30	)		(.63	)		15.58		6.20	⁸		—	⁹		.07	⁸		.07	⁸		.42	⁸		2.00	⁸
10/31/2019		14.29		.33		1.33			1.66			(.32	)		(.35	)		(.67	)		15.28		12.22	⁸		—	⁹		.08	⁸		.08	⁸		.45	⁸		2.22	⁸
10/31/2018		14.87		.30		(.30	)		—	⁷		(.29	)		(.29	)		(.58	)		14.29		(.08	)⁸		—	⁹		.08	⁸		.08	⁸		.46	⁸		2.03	⁸
Class F-1:
10/31/2022		18.95		.27		(3.00	)		(2.73	)		(.28	)		(.66	)		(.94	)		15.28		(15.11	)		104			.37			.37			.70			1.60
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
Class F-2:
10/31/2022		18.97		.31		(2.99	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.30		(14.86	)		1,031			.11			.11			.44			1.86
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
Class F-3:
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.34	)		(.66	)		(1.00	)		15.28		(14.79	)		285			.01			.01			.34			1.95
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

Refer to the end of the 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:
10/31/2022	$	18.94	$	.27	$	(2.99	)	$	(2.72	)	$	(.29	)	$	(.66	)	$	(.95	)	$	15.27		(15.10	)%	$	532			.35	%		.35	%		.68	%		1.62	%
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
Class 529-C:
10/31/2022		18.86		.14		(2.97	)		(2.83	)		(.15	)		(.66	)		(.81	)		15.22		(15.68	)		46			1.11			1.11			1.44			.85
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
Class 529-E:
10/31/2022		18.89		.23		(2.98	)		(2.75	)		(.24	)		(.66	)		(.90	)		15.24		(15.24	)		18			.59			.59			.92			1.37
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
Class 529-T:
10/31/2022		18.95		.31		(2.99	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.28		(14.88	)⁸		—	⁹		.11	⁸		.11	⁸		.44	⁸		1.85	⁸
10/31/2021		15.57		.30		3.56			3.86			(.34	)		(.14	)		(.48	)		18.95		25.11	⁸		—	⁹		.12	⁸		.12	⁸		.44	⁸		1.65	⁸
10/31/2020		15.28		.30		.61			.91			(.32	)		(.30	)		(.62	)		15.57		6.07	⁸		—	⁹		.13	⁸		.13	⁸		.48	⁸		1.94	⁸
10/31/2019		14.29		.32		1.34			1.66			(.32	)		(.35	)		(.67	)		15.28		12.16	⁸		—	⁹		.13	⁸		.13	⁸		.50	⁸		2.16	⁸
10/31/2018		14.87		.29		(.30	)		(.01	)		(.28	)		(.29	)		(.57	)		14.29		(.13	)⁸		—	⁹		.14	⁸		.14	⁸		.52	⁸		1.96	⁸
Class 529-F-1:
10/31/2022		18.97		.30		(3.00	)		(2.70	)		(.31	)		(.66	)		(.97	)		15.30		(14.92	)⁸		—	⁹		.18	⁸		.18	⁸		.51	⁸		1.78	⁸
10/31/2021		15.59		.26		3.60			3.86			(.34	)		(.14	)		(.48	)		18.97		25.03	⁸		—	⁹		.16	⁸		.16	⁸		.48	⁸		1.48	⁸
10/31/2020		15.29		.30		.62			.92			(.32	)		(.30	)		(.62	)		15.59		6.14	⁸		—	⁹		.12	⁸		.12	⁸		.47	⁸		1.93	⁸
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
Class 529-F-2:
10/31/2022		18.94		.31		(2.99	)		(2.68	)		(.33	)		(.66	)		(.99	)		15.27		(14.89	)		83			.11			.11			.44			1.86
10/31/2021		15.57		.29		3.56			3.85			(.34	)		(.14	)		(.48	)		18.94		25.05			87			.12			.12			.44			1.63
10/31/2020^11,12		15.57		—		—			—			—			—			—			15.57		—			56			—			—			—			—

Refer to the end of the tables for footnotes.

76	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:
10/31/2022	$	18.94	$	.32	$	(3.00	)	$	(2.68	)	$	(.33	)	$	(.66	)	$	(.99	)	$	15.27		(14.86	)%	$	—	⁹		.07	%		.07	%		.40	%		1.89	%
10/31/2021		15.57		.30		3.56			3.86			(.35	)		(.14	)		(.49	)		18.94		25.11			—	⁹		.12			.07			.39			1.69
10/31/2020^11,12		15.57		—		—			—			—			—			—			15.57		—			—	⁹		—			—			—			—
Class ABLE-A:
10/31/2022		18.94		.29		(2.99	)		(2.70	)		(.30	)		(.66	)		(.96	)		15.28		(14.99	)		5			.30			.24			.57			1.72
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
10/31/2018^11,13		15.02		.07		(.73	)		(.66	)		(.07	)		—			(.07	)		14.29		(4.40	)¹⁴		—	⁹		.10	¹⁴		.08	¹⁴		.46	¹⁴		.46	¹⁴
Class ABLE-F-2:
10/31/2022		18.95		.33		(3.00	)		(2.67	)		(.33	)		(.66	)		(.99	)		15.29		(14.80	)		—	⁹		.09			.03			.36			1.96
10/31/2021		15.57		.31		3.56			3.87			(.35	)		(.14	)		(.49	)		18.95		25.18			—	⁹		.09			.02			.34			1.70
10/31/2020^11,12		15.57		—		—			—			—			—			—			15.57		—			—	⁹		—			—			—			—
Class R-1:
10/31/2022		18.86		.15		(2.99	)		(2.84	)		(.15	)		(.66	)		(.81	)		15.21		(15.73	)		9			1.09			1.09			1.42			.88
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
Class R-2:
10/31/2022		18.81		.15		(2.97	)		(2.82	)		(.16	)		(.66	)		(.82	)		15.17		(15.67	)		123			1.07			1.07			1.40			.90
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
Class R-2E:
10/31/2022		18.93		.20		(3.00	)		(2.80	)		(.20	)		(.66	)		(.86	)		15.27		(15.49	)		9			.81			.81			1.14			1.15
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

Refer to the end of the 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:
10/31/2022	$	18.89	$	.22	$	(2.98	)	$	(2.76	)	$	(.23	)	$	(.66	)	$	(.89	)	$	15.24		(15.30	)%	$	129		.65	%		.65	%		.98	%		1.31	%
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
Class R-4:
10/31/2022		18.94		.27		(2.99	)		(2.72	)		(.28	)		(.66	)		(.94	)		15.28		(15.06	)		70		.35			.35			.68			1.60
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
Class R-5E:
10/31/2022		18.96		.30		(2.99	)		(2.69	)		(.32	)		(.66	)		(.98	)		15.29		(14.91	)		18		.16			.16			.49			1.80
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	)		—	⁷		(.28	)		(.29	)		(.57	)		14.30		(.06	)		10		.15			.15			.53			1.84
Class R-5:
10/31/2022		18.99		.32		(2.99	)		(2.67	)		(.34	)		(.66	)		(1.00	)		15.32		(14.80	)		27		.06			.06			.39			1.91
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
Class R-6:
10/31/2022		18.99		.33		(3.01	)		(2.68	)		(.34	)		(.66	)		(1.00	)		15.31		(14.82	)		483		.01			.01			.34			1.95
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

Refer to the end of the tables for footnotes.

78	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:
10/31/2022	$	14.00	$	.40	$	(1.72	)	$	(1.32	)	$	(.40	)	$	(.25	)	$	(.65	)	$	12.03		(9.81	)%	$	4,994			.33	%		.33	%		.62	%		3.05	%
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
Class C:
10/31/2022		13.91		.30		(1.70	)		(1.40	)		(.30	)		(.25	)		(.55	)		11.96		(10.40	)		581			1.05			1.05			1.34			2.33
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
Class T:
10/31/2022		14.00		.44		(1.71	)		(1.27	)		(.44	)		(.25	)		(.69	)		12.04		(9.47	)⁸		—	⁹		.05	⁸		.05	⁸		.34	⁸		3.34	⁸
10/31/2021		12.25		.41		2.06			2.47			(.45	)		(.27	)		(.72	)		14.00		20.60	⁸		—	⁹		.04	⁸		.04	⁸		.31	⁸		3.00	⁸
10/31/2020		12.80		.44		(.36	)		.08			(.46	)		(.17	)		(.63	)		12.25		.60	⁸		—	⁹		.05	⁸		.05	⁸		.32	⁸		3.55	⁸
10/31/2019		12.22		.45		.74			1.19			(.44	)		(.17	)		(.61	)		12.80		10.15	⁸		—	⁹		.05	⁸		.05	⁸		.34	⁸		3.59	⁸
10/31/2018		12.62		.42		(.35	)		.07			(.41	)		(.06	)		(.47	)		12.22		.52	⁸		—	⁹		.08	⁸		.08	⁸		.37	⁸		3.32	⁸
Class F-1:
10/31/2022		14.01		.39		(1.72	)		(1.33	)		(.39	)		(.25	)		(.64	)		12.04		(9.83	)		75			.37			.37			.66			3.02
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
Class F-2:
10/31/2022		14.02		.43		(1.72	)		(1.29	)		(.43	)		(.25	)		(.68	)		12.05		(9.59	)		574			.11			.11			.40			3.27
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
Class F-3:
10/31/2022		14.00		.44		(1.71	)		(1.27	)		(.44	)		(.25	)		(.69	)		12.04		(9.44	)		106			.01			.01			.30			3.35
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

Refer to the end of the 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:
10/31/2022	$	13.99	$	.40	$	(1.71	)	$	(1.31	)	$	(.40	)	$	(.25	)	$	(.65	)	$	12.03		(9.75	)%	$	267			.34	%		.34	%		.63	%		3.03	%
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
Class 529-C:
10/31/2022		13.93		.30		(1.71	)		(1.41	)		(.29	)		(.25	)		(.54	)		11.98		(10.44	)		26			1.11			1.11			1.40			2.27
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
Class 529-E:
10/31/2022		13.98		.37		(1.72	)		(1.35	)		(.36	)		(.25	)		(.61	)		12.02		(9.99	)		9			.59			.59			.88			2.80
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	)		—	⁷		(.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
Class 529-T:
10/31/2022		14.00		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.04		(9.51	)⁸		—	⁹		.09	⁸		.09	⁸		.38	⁸		3.29	⁸
10/31/2021		12.25		.39		2.07			2.46			(.44	)		(.27	)		(.71	)		14.00		20.52	⁸		—	⁹		.11	⁸		.11	⁸		.38	⁸		2.92	⁸
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.54	⁸		—	⁹		.11	⁸		.11	⁸		.38	⁸		3.48	⁸
10/31/2019		12.22		.44		.74			1.18			(.43	)		(.17	)		(.60	)		12.80		10.08	⁸		—	⁹		.11	⁸		.11	⁸		.40	⁸		3.51	⁸
10/31/2018		12.62		.41		(.34	)		.07			(.41	)		(.06	)		(.47	)		12.22		.46	⁸		—	⁹		.15	⁸		.15	⁸		.44	⁸		3.24	⁸
Class 529-F-1:
10/31/2022		14.00		.42		(1.71	)		(1.29	)		(.42	)		(.25	)		(.67	)		12.04		(9.60	)⁸		—	⁹		.18	⁸		.18	⁸		.47	⁸		3.20	⁸
10/31/2021		12.25		.38		2.07			2.45			(.43	)		(.27	)		(.70	)		14.00		20.47	⁸		—	⁹		.16	⁸		.16	⁸		.43	⁸		2.84	⁸
10/31/2020		12.80		.43		(.36	)		.07			(.45	)		(.17	)		(.62	)		12.25		.53	⁸		—	⁹		.12	⁸		.12	⁸		.39	⁸		3.46	⁸
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
Class 529-F-2:
10/31/2022		13.99		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.03		(9.54	)		47			.11			.11			.40			3.27
10/31/2021		12.24		.39		2.06			2.45			(.43	)		(.27	)		(.70	)		13.99		20.51			52			.13			.13			.40			2.87
10/31/2020^11,12		12.24		—		—			—			—			—			—			12.24		—			36			—			—			—			—

Refer to the end of the tables for footnotes.

80	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:
10/31/2022	$	13.99	$	.43	$	(1.71	)	$	(1.28	)	$	(.43	)	$	(.25	)	$	(.68	)	$	12.03		(9.50	)%	$	—	⁹		.07	%		.07	%		.36	%		3.31	%
10/31/2021		12.24		.40		2.06			2.46			(.44	)		(.27	)		(.71	)		13.99		20.58			—	⁹		.12			.07			.34			2.95
10/31/2020^11,12		12.24		—		—			—			—			—			—			12.24		—			—	⁹		—			—			—			—
Class ABLE-A:
10/31/2022		13.99		.41		(1.72	)		(1.31	)		(.41	)		(.25	)		(.66	)		12.02		(9.77	)		3			.29			.23			.52			3.14
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			—	⁹		.39			.32			.61			3.17
10/31/2018^11,13		12.54		.12		(.34	)		(.22	)		(.10	)		—			(.10	)		12.22		(1.75	)¹⁴		—	⁹		.09	¹⁴		.07	¹⁴		.36	¹⁴		.91	¹⁴
Class ABLE-F-2:
10/31/2022		14.00		.43		(1.71	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.04		(9.49	)		—	⁹		.08			.03			.32			3.42
10/31/2021		12.24		.40		2.07			2.47			(.44	)		(.27	)		(.71	)		14.00		20.68			—	⁹		.08			.02			.29			2.91
10/31/2020^11,12		12.24		—		—			—			—			—			—			12.24		—			—	⁹		—			—			—			—
Class R-1:
10/31/2022		13.93		.30		(1.71	)		(1.41	)		(.30	)		(.25	)		(.55	)		11.97		(10.45	)		2			1.06			1.06			1.35			2.34
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
Class R-2:
10/31/2022		13.91		.30		(1.70	)		(1.40	)		(.30	)		(.25	)		(.55	)		11.96		(10.44	)		39			1.08			1.08			1.37			2.31
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
Class R-2E:
10/31/2022		14.00		.34		(1.72	)		(1.38	)		(.33	)		(.25	)		(.58	)		12.04		(10.18	)		1			.78			.78			1.07			2.56
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	)		—	⁹		.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

Refer to the end of the 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:
10/31/2022	$	13.97	$	.36	$	(1.71	)	$	(1.35	)	$	(.36	)	$	(.25	)	$	(.61	)	$	12.01		(10.03	)%	$	42		.63	%		.63	%		.92	%		2.74	%
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	)		—	⁷		(.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	)		—	⁷		(.34	)		(.06	)		(.40	)		12.20		(.05	)		30		.66			.66			.95			2.74
Class R-4:
10/31/2022		14.00		.40		(1.71	)		(1.31	)		(.40	)		(.25	)		(.65	)		12.04		(9.74	)		31		.34			.34			.63			3.04
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
Class R-5E:
10/31/2022		13.99		.42		(1.72	)		(1.30	)		(.42	)		(.25	)		(.67	)		12.02		(9.65	)		7		.16			.16			.45			3.25
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
Class R-5:
10/31/2022		14.03		.44		(1.72	)		(1.28	)		(.43	)		(.25	)		(.68	)		12.07		(9.46	)		10		.06			.06			.35			3.33
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
Class R-6:
10/31/2022		14.03		.44		(1.72	)		(1.28	)		(.44	)		(.25	)		(.69	)		12.06		(9.49	)		82		.01			.01			.30			3.36
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

Refer to the end of the tables for footnotes.

82	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:
10/31/2022	$	16.11	$	.31	$	(2.20	)	$	(1.89	)	$	(.32	)	$	(.10	)	$	(.42	)	$	13.80		(11.98	)%	$	3,127			.34	%		.63	%		2.04	%
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
Class C:
10/31/2022		15.99		.20		(2.18	)		(1.98	)		(.21	)		(.10	)		(.31	)		13.70		(12.58	)		342			1.04			1.33			1.33
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
Class T:
10/31/2022		16.11		.35		(2.19	)		(1.84	)		(.36	)		(.10	)		(.46	)		13.81		(11.65	)⁸		—	⁹		.04	⁸		.33	⁸		2.33	⁸
10/31/2021		13.80		.33		2.39			2.72			(.33	)		(.08	)		(.41	)		16.11		19.93	⁸		—	⁹		.04	⁸		.34	⁸		2.14	⁸
10/31/2020		14.05		.36		(.05	)		.31			(.36	)		(.20	)		(.56	)		13.80		2.26	⁸		—	⁹		.05	⁸		.36	⁸		2.58	⁸
10/31/2019		13.22		.39		1.06			1.45			(.38	)		(.24	)		(.62	)		14.05		11.40	⁸		—	⁹		.05	⁸		.38	⁸		2.85	⁸
10/31/2018		13.57		.38		(.14	)		.24			(.37	)		(.22	)		(.59	)		13.22		1.72	⁸		—	⁹		.09	⁸		.43	⁸		2.76	⁸
Class F-1:
10/31/2022		16.11		.30		(2.20	)		(1.90	)		(.31	)		(.10	)		(.41	)		13.80		(12.02	)		241			.39			.68			1.98
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
Class F-2:
10/31/2022		16.14		.34		(2.20	)		(1.86	)		(.35	)		(.10	)		(.45	)		13.83		(11.76	)		439			.12			.41			2.26
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
Class F-3:
10/31/2022		16.13		.36		(2.20	)		(1.84	)		(.37	)		(.10	)		(.47	)		13.82		(11.67	)		115			.01			.30			2.37
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments⁴			Ratio of expenses to average net assets after waivers/ reimburse- ments^3,4
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)									Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class A:
10/31/2022	$	10.20	$	.15		$	(.91	)	$	(.76	)	$	(.15	)	$	(.01	)	$	(.16	)	$	9.28		(7.49	)%	$	1,666			.37	%		.37	%		.63	%		1.57	%
10/31/2021		10.40		.06			(.06	)		—	⁷		(.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
Class C:
10/31/2022		10.18		.08			(.90	)		(.82	)		(.09	)		(.01	)		(.10	)		9.26		(8.12	)		104			1.07			1.07			1.33			.85
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
Class T:
10/31/2022		10.20		.18			(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.12	)⁸		—	⁹		.07	⁸		.07	⁸		.33	⁸		1.87	⁸
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22	⁸		—	⁹		.09	⁸		.09	⁸		.34	⁸		.91	⁸
10/31/2020		10.01		.16			.41			.57			(.18	)		—			(.18	)		10.40		5.70	⁸		—	⁹		.10	⁸		.10	⁸		.37	⁸		1.61	⁸
10/31/2019		9.70		.21			.31			.52			(.21	)		—			(.21	)		10.01		5.38	⁸		—	⁹		.10	⁸		.10	⁸		.39	⁸		2.11	⁸
10/31/2018		9.92		.18			(.22	)		(.04	)		(.18	)		—			(.18	)		9.70		(.45	)⁸		—	⁹		.10	⁸		.10	⁸		.40	⁸		1.81	⁸
Class F-1:
10/31/2022		10.20		.15			(.91	)		(.76	)		(.15	)		(.01	)		(.16	)		9.28		(7.51	)		32			.38			.38			.64			1.54
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
Class F-2:
10/31/2022		10.20		.18			(.92	)		(.74	)		(.17	)		(.01	)		(.18	)		9.28		(7.27	)		314			.12			.12			.38			1.81
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
Class F-3:
10/31/2022		10.20		.19			(.91	)		(.72	)		(.19	)		(.01	)		(.20	)		9.28		(7.16	)		64			.01			.01			.27			1.93
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

Refer to the end of the tables for footnotes.

84	American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments⁴			Ratio of expenses to average net assets after waivers/ reimburse- ments^3,4
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)									Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-A:
10/31/2022	$	10.20	$	.15		$	(.91	)	$	(.76	)	$	(.15	)	$	(.01	)	$	(.16	)	$	9.28		(7.49	)%	$	181			.37	%		.37	%		.63	%		1.57	%
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
Class 529-C:
10/31/2022		10.18		.08			(.91	)		(.83	)		(.08	)		(.01	)		(.09	)		9.26		(8.17	)		12			1.13			1.13			1.39			.81
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
Class 529-E:
10/31/2022		10.19		.13			(.90	)		(.77	)		(.13	)		(.01	)		(.14	)		9.28		(7.61	)		5			.59			.59			.85			1.34
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
Class 529-T:
10/31/2022		10.20		.18			(.91	)		(.73	)		(.17	)		(.01	)		(.18	)		9.29		(7.19	)⁸		—	⁹		.14	⁸		.14	⁸		.40	⁸		1.80	⁸
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.16	⁸		—	⁹		.15	⁸		.15	⁸		.40	⁸		.85	⁸
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.63	⁸		—	⁹		.16	⁸		.16	⁸		.43	⁸		1.54	⁸
10/31/2019		9.70		.20			.31			.51			(.20	)		—			(.20	)		10.01		5.31	⁸		—	⁹		.17	⁸		.17	⁸		.46	⁸		2.04	⁸
10/31/2018		9.92		.17			(.22	)		(.05	)		(.17	)		—			(.17	)		9.70		(.51	)⁸		—	⁹		.17	⁸		.17	⁸		.47	⁸		1.74	⁸
Class 529-F-1:
10/31/2022		10.20		.17			(.91	)		(.74	)		(.17	)		(.01	)		(.18	)		9.28		(7.33	)⁸		—	⁹		.19	⁸		.19	⁸		.45	⁸		1.75	⁸
10/31/2021		10.40		.08			(.06	)		.02			(.21	)		(.01	)		(.22	)		10.20		.13	⁸		—	⁹		.19	⁸		.19	⁸		.44	⁸		.81	⁸
10/31/2020		10.01		.16			.40			.56			(.17	)		—			(.17	)		10.40		5.64	⁸		—	⁹		.15	⁸		.15	⁸		.42	⁸		1.52	⁸
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
Class 529-F-2:
10/31/2022		10.20		.18			(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.16	)		39			.11			.11			.37			1.83
10/31/2021		10.40		.09			(.07	)		.02			(.21	)		(.01	)		(.22	)		10.20		.17			44			.14			.14			.39			.86
10/31/2020^11,12		10.40		—			—			—			—			—			—			10.40		—			40			—			—			—			—

Refer to the end of the tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations¹									Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments⁴			Ratio of expenses to average net assets after waivers/ reimburse- ments^3,4
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)									Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class 529-F-3:
10/31/2022	$	10.20	$	.18		$	(.90	)	$	(.72	)	$	(.18	)	$	(.01	)	$	(.19	)	$	9.29		(7.13	)%	$	—	⁹		.08	%		.08	%		.34	%		1.86	%
10/31/2021		10.40		.09			(.06	)		.03			(.22	)		(.01	)		(.23	)		10.20		.22			—	⁹		.15			.09			.34			.90
10/31/2020^11,12		10.40		—			—			—			—			—			—			10.40		—			—	⁹		—			—			—			—
Class ABLE-A:
10/31/2022		10.21		.17			(.92	)		(.75	)		(.16	)		(.01	)		(.17	)		9.29		(7.42	)		1			.30			.25			.51			1.71
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			—	⁹		.39			.33			.60			1.30
10/31/2019		9.69		.19			.31			.50			(.18	)		—			(.18	)		10.01		5.21			—	⁹		.40			.34			.63			1.89
10/31/2018^11,13		9.74		.05			(.04	)		.01			(.06	)		—			(.06	)		9.69		.14	^8,14		—	⁹		.10	^8,14		.08	^8,14		.38	^8,14		.52	^8,14
Class ABLE-F-2:
10/31/2022		10.21		.19			(.89	)		(.70	)		(.18	)		(.01	)		(.19	)		9.32		(6.94	)		—	⁹		.09			.03			.29			1.93
10/31/2021		10.40		.10			(.06	)		.04			(.22	)		(.01	)		(.23	)		10.21		.32			—	⁹		.09			.03			.28			.96
10/31/2020^11,12		10.40		—			—			—			—			—			—			10.40		—			—	⁹		—			—			—			—
Class R-1:
10/31/2022		10.18		.08			(.91	)		(.83	)		(.08	)		(.01	)		(.09	)		9.26		(8.13	)		1			1.11			1.11			1.37			.84
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			—	⁹		1.18			1.18			1.47			1.02
10/31/2018		9.91		.07			(.22	)		(.15	)		(.07	)		—			(.07	)		9.69		(1.51	)		—	⁹		1.15			1.15			1.45			.70
Class R-2:
10/31/2022		10.16		.08			(.90	)		(.82	)		(.09	)		(.01	)		(.10	)		9.24		(8.13	)		18			1.09			1.09			1.35			.86
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
Class R-2E:
10/31/2022		10.20		.10			(.90	)		(.80	)		(.11	)		(.01	)		(.12	)		9.28		(7.91	)		1			.82			.82			1.08			1.06
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

Refer to the end of the tables for footnotes.

86	American Funds Portfolio Series

Financial highlights (continued)

Preservation Portfolio (continued)

			(Loss) income from investment operations¹								Dividends and distributions																	Ratio of expenses to average net assets before waivers/ reimburse- ments⁴			Ratio of expenses to average net assets after waivers/ reimburse- ments^3,4
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)									Net effective expense ratio^3,5,6			Ratio of net income (loss) to average net assets³
Class R-3:
10/31/2022	$	10.19	$	.13	$	(.92	)	$	(.79	)	$	(.12	)	$	(.01	)	$	(.13	)	$	9.27		(7.74	)%	$	29			.64	%		.64	%		.90	%		1.31	%
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
Class R-4:
10/31/2022		10.20		.16		(.91	)		(.75	)		(.15	)		(.01	)		(.16	)		9.29		(7.36	)		13			.33			.33			.59			1.60
10/31/2021		10.40		.07		(.07	)		—	⁷		(.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
Class R-5E:
10/31/2022		10.21		.18		(.92	)		(.74	)		(.17	)		(.01	)		(.18	)		9.29		(7.29	)		4			.16			.16			.42			1.80
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	)		—	⁹		.17			.17			.47			1.81
Class R-5:
10/31/2022		10.20		.18		(.90	)		(.72	)		(.18	)		(.01	)		(.19	)		9.29		(7.11	)		6			.06			.06			.32			1.87
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
Class R-6:
10/31/2022		10.20		.19		(.90	)		(.71	)		(.19	)		(.01	)		(.20	)		9.29		(7.06	)		32			.01			.01			.27			1.92
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

Refer to the end of the tables for footnotes.

American Funds Portfolio Series

Financial highlights (continued)

Tax-Exempt Preservation Portfolio

			(Loss) income from investment operations¹																				Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4
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)			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)									Net effective expense ratio^3,5,6			Ratio of net income to average net assets³
Class A:
10/31/2022	$	9.99	$	.09		$	(.71	)	$	(.62	)	$	(.11	)	$	9.26		(6.24	)%	$	459			.34	%		.34	%		.61	%		.91	%
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
Class C:
10/31/2022		9.97		.02			(.71	)		(.69	)		(.04	)		9.24		(6.91	)		25			1.04			1.04			1.31			.19
10/31/2021		10.01		—	⁷		—	⁷		—	⁷		(.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
Class T:
10/31/2022		9.99		.12			(.71	)		(.59	)		(.14	)		9.26		(5.97	)⁸		—	⁹		.05	⁸		.05	⁸		.32	⁸		1.21	⁸
10/31/2021		10.03		.10			(.01	)		.09			(.13	)		9.99		.89	⁸		—	⁹		.05	⁸		.05	⁸		.33	⁸		1.00	⁸
10/31/2020		9.88		.16			.16			.32			(.17	)		10.03		3.28	⁸		—	⁹		.07	⁸		.07	⁸		.37	⁸		1.58	⁸
10/31/2019		9.57		.20			.31			.51			(.20	)		9.88		5.34	⁸		—	⁹		.08	⁸		.07	⁸		.40	⁸		2.01	⁸
10/31/2018		9.79		.19			(.22	)		(.03	)		(.19	)		9.57		(.31	)⁸		—	⁹		.11	⁸		.10	⁸		.44	⁸		1.98	⁸
Class F-1:
10/31/2022		10.00		.08			(.71	)		(.63	)		(.10	)		9.27		(6.30	)		3			.39			.39			.66			.79
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
Class F-2:
10/31/2022		9.99		.10			(.70	)		(.60	)		(.13	)		9.26		(6.04	)		98			.12			.12			.39			1.08
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
Class F-3:
10/31/2022		9.99		.11			(.70	)		(.59	)		(.14	)		9.26		(5.93	)		15			.01			.01			.28			1.14
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

Refer to the end of the tables for footnotes.

88	American Funds Portfolio Series

Financial highlights (continued)

	Year ended October 31,
Portfolio turnover rate for all share classes	2022			2021			2020			2019			2018
Global Growth Portfolio		5	%		5	%		27	%		3	%		1	%
Growth Portfolio		2			5			30			—	¹⁵		—	¹⁵
Growth and Income Portfolio		7			18			13			1			—	¹⁵
Moderate Growth and Income Portfolio		2			11			17			1			—	¹⁵
Conservative Growth and Income Portfolio		4			30			23			1			2
Tax-Aware Conservative Growth and Income Portfolio		4			—	¹⁵		14			1			2
Preservation Portfolio		20			17			1			4			8
Tax-Exempt Preservation Portfolio		20			5			7			15			13

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. Refer to the expense example for further information regarding fees and expenses.
⁶	Unaudited.
⁷	Amount less than $.01.
⁸	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.
⁹	Amount less than $1 million.
¹⁰	Amount less than .01%.
¹¹	Based on operations for a period that is less than a full year.
¹²	Class 529-F-2, 529-F-3 and ABLE-F-2 shares began investment operations on October 30, 2020.
¹³	Class ABLE-A shares began investment operations on July 13, 2018.
¹⁴	Not annualized.
¹⁵	Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Portfolio Series

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of American Funds Portfolio Series:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the American Funds Portfolio Series (the “Funds”) comprising the American Funds Global Growth Portfolio, American Funds Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Moderate Growth and Income Portfolio, American Funds Conservative Growth and Income Portfolio, American Funds Tax-Aware Conservative Growth and Income Portfolio, American Funds Preservation Portfolio, and American Funds Tax-Exempt Preservation Portfolio, including the investment portfolios, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of October 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California
December 8, 2022

We have served as the auditor of one or more American Funds investment companies since 1956.

90	American Funds Portfolio Series


Description of certain securities, investment techniques and risks	3
Fund policies	38
Management of the series	40
Execution of portfolio transactions	91
Disclosure of portfolio holdings	92
Price of shares	94
Taxes and distributions	97
Purchase and exchange of shares	101
Sales charges	106
Sales charge reductions and waivers	109
Selling shares	114
Shareholder account services and privileges	115
General information	118
Appendix	134