# EDGAR Filing Document

**Accession Number:** 0001537151
**File Stem:** 0001145549-25-045928
**Filing Date:** 2025-7
**Character Count:** 801967
**Document Hash:** e05b9d8172395709bc78466b03042899
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045928.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001145549-25-045928

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 188

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FUNDS PORTFOLIO SERIES
- **CENTRAL INDEX KEY:** 0001537151

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22656
- **FILM NUMBER:** 251108391

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE STREET
- **STREET 2:** 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE STREET
- **STREET 2:** 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FUNDS PORTFOLIO RESOURCES
- **DATE OF NAME CHANGE:** 20111214

## Series and Classes Contracts Data

### American Funds Tax-Exempt Preservation Portfolio (Series ID: S000036462)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111631 | Class A      | TEPAX           |
| C000111633 | Class C      | TEPCX           |
| C000111634 | Class F-1    | TEPFX           |
| C000111635 | Class F-2    | TXEFX           |
| C000180012 | Class F-3    | TYEFX           |
| C000189507 | Class T      | TTEPX           |

### American Funds Preservation Portfolio (Series ID: S000036463)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000111636 | Class F-2      | PPEFX           |
| C000111637 | Class 529-A    | CPPAX           |
| C000111639 | Class 529-C    | CPPCX           |
| C000111640 | Class 529-E    | CPPEX           |
| C000111641 | Class 529-F-1  | CPPFX           |
| C000111642 | Class R-1      | RPPVX           |
| C000111643 | Class R-2      | RPPBX           |
| C000111644 | Class R-3      | RPPCX           |
| C000111645 | Class R-4      | RPPEX           |
| C000111646 | Class R-5      | RPPFX           |
| C000111647 | Class R-6      | RPPGX           |
| C000111648 | Class A        | PPVAX           |
| C000111650 | Class C        | PPVCX           |
| C000111651 | Class F-1      | PPVFX           |
| C000148386 | Class R-2E     | RPBEX           |
| C000164829 | Class R-5E     | RGMFX           |
| C000180013 | Class F-3      | PPFFX           |
| C000189508 | Class 529-T    | TPAPX           |
| C000189509 | Class T        | TPPPX           |
| C000204635 | Class ABLE-A   | CPPGX           |
| C000224567 | Class 529-F-2  | FPPPX           |
| C000224568 | Class 529-F-3  | FFPPX           |
| C000224569 | Class ABLE-F-2 | CPQGX           |

### American Funds Tax-Aware Conservative Growth and Income Portfolio (Series ID: S000036464)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111652 | Class A      | TAIAX           |
| C000111654 | Class C      | TAICX           |
| C000111655 | Class F-1    | TAIFX           |
| C000111656 | Class F-2    | TXIFX           |
| C000180014 | Class F-3    | TYIFX           |
| C000189510 | Class T      | TATAX           |

### American Funds Conservative Growth and Income Portfolio (Series ID: S000036465)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000111668 | Class A        | INPAX           |
| C000111670 | Class C        | INPCX           |
| C000111671 | Class F-1      | INPFX           |
| C000111672 | Class F-2      | INPEX           |
| C000111673 | Class 529-A    | CIPAX           |
| C000111675 | Class 529-C    | CIPCX           |
| C000111676 | Class 529-E    | CIPEX           |
| C000111677 | Class 529-F-1  | CIPFX           |
| C000111678 | Class R-1      | RNCAX           |
| C000111679 | Class R-2      | RINBX           |
| C000111680 | Class R-3      | RNCCX           |
| C000111681 | Class R-4      | RINEX           |
| C000111682 | Class R-5      | RINFX           |
| C000111683 | Class R-6      | RINGX           |
| C000148387 | Class R-2E     | RNBEX           |
| C000164831 | Class R-5E     | RGOFX           |
| C000180015 | Class F-3      | INPDX           |
| C000189511 | Class 529-T    | TPTPX           |
| C000189512 | Class T        | TTPPX           |
| C000204636 | Class ABLE-A   | CIPGX           |
| C000224570 | Class 529-F-3  | FPTPX           |
| C000224571 | Class 529-F-2  | FTPPX           |
| C000224572 | Class ABLE-F-2 | CIQGX           |

### American Funds Moderate Growth and Income Portfolio (Series ID: S000036466)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000111684 | Class A        | BLPAX           |
| C000111686 | Class C        | BLPCX           |
| C000111687 | Class F-1      | BLPFX           |
| C000111688 | Class F-2      | BLPEX           |
| C000111689 | Class 529-A    | CBAAX           |
| C000111691 | Class 529-C    | CBPCX           |
| C000111692 | Class 529-E    | CBAEX           |
| C000111693 | Class 529-F-1  | CBAFX           |
| C000111694 | Class R-1      | RBAAX           |
| C000111695 | Class R-2      | RBABX           |
| C000111696 | Class R-3      | RBACX           |
| C000111697 | Class R-4      | RBAEX           |
| C000111698 | Class R-5      | RBAFX           |
| C000111699 | Class R-6      | RBAGX           |
| C000148388 | Class R-2E     | RBBEX           |
| C000164832 | Class R-5E     | RGPFX           |
| C000180016 | Class F-3      | BLPDX           |
| C000189513 | Class 529-T    | TBPBX           |
| C000189514 | Class T        | TBBPX           |
| C000204637 | Class ABLE-A   | CBAGX           |
| C000224573 | Class ABLE-F-2 | CBBGX           |
| C000224574 | Class 529-F-3  | FPPBX           |
| C000224575 | Class 529-F-2  | FBBPX           |

### American Funds Growth and Income Portfolio (Series ID: S000036467)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000111700 | Class A        | GAIOX           |
| C000111702 | Class C        | GAITX           |
| C000111703 | Class F-1      | GAIFX           |
| C000111704 | Class F-2      | GAIEX           |
| C000111705 | Class 529-A    | CGNAX           |
| C000111707 | Class 529-C    | CGNCX           |
| C000111708 | Class 529-E    | CGNEX           |
| C000111709 | Class 529-F-1  | CGNFX           |
| C000111710 | Class R-1      | RGNAX           |
| C000111711 | Class R-2      | RGNBX           |
| C000111712 | Class R-3      | RAICX           |
| C000111713 | Class R-4      | RGNEX           |
| C000111714 | Class R-5      | RGNFX           |
| C000111715 | Class R-6      | RGNGX           |
| C000148389 | Class R-2E     | RBEGX           |
| C000164833 | Class R-5E     | RGQFX           |
| C000180017 | Class F-3      | GAIHX           |
| C000189515 | Class T        | TGXIX           |
| C000189516 | Class 529-T    | TGGGX           |
| C000204638 | Class ABLE-A   | CGNGX           |
| C000224576 | Class 529-F-3  | FGIIX           |
| C000224577 | Class ABLE-F-2 | CGLGX           |
| C000224578 | Class 529-F-2  | FGGIX           |

### American Funds Growth Portfolio (Series ID: S000036468)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000111716 | Class R-5      | RGWFX           |
| C000111717 | Class R-6      | RGWGX           |
| C000111718 | Class A        | GWPAX           |
| C000111720 | Class C        | GWPCX           |
| C000111721 | Class F-1      | GWPFX           |
| C000111722 | Class F-2      | GWPEX           |
| C000111723 | Class 529-A    | CGPAX           |
| C000111725 | Class 529-C    | CGPCX           |
| C000111726 | Class 529-E    | CGPEX           |
| C000111727 | Class 529-F-1  | CGPFX           |
| C000111728 | Class R-1      | RGWAX           |
| C000111729 | Class R-2      | RGWBX           |
| C000111730 | Class R-3      | RGPCX           |
| C000111731 | Class R-4      | RGWEX           |
| C000148390 | Class R-2E     | RBGEX           |
| C000164834 | Class R-5E     | RGSFX           |
| C000180018 | Class F-3      | GWPDX           |
| C000189517 | Class 529-T    | TPGTX           |
| C000189518 | Class T        | TGGPX           |
| C000204639 | Class ABLE-A   | CGQGX           |
| C000224579 | Class 529-F-3  | FPGGX           |
| C000224580 | Class ABLE-F-2 | CGRGX           |
| C000224581 | Class 529-F-2  | FGPGX           |

### American Funds Global Growth Portfolio (Series ID: S000036469)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000111732 | Class A        | PGGAX           |
| C000111734 | Class C        | GGPCX           |
| C000111735 | Class F-1      | PGGFX           |
| C000111736 | Class F-2      | PGWFX           |
| C000111737 | Class 529-A    | CPGAX           |
| C000111739 | Class 529-C    | CPGCX           |
| C000111740 | Class 529-E    | CGGEX           |
| C000111741 | Class 529-F-1  | CGGFX           |
| C000111742 | Class R-1      | RGGAX           |
| C000111743 | Class R-2      | RGGBX           |
| C000111744 | Class R-3      | RGLCX           |
| C000111745 | Class R-4      | RGGEX           |
| C000111746 | Class R-5      | RGGFX           |
| C000111747 | Class R-6      | RGGGX           |
| C000148391 | Class R-2E     | REBGX           |
| C000164835 | Class R-5E     | RGTFX           |
| C000180019 | Class F-3      | PGXFX           |
| C000189519 | Class 529-T    | TGPPX           |
| C000189520 | Class T        | TPGGX           |
| C000204640 | Class ABLE-A   | CGGGX           |
| C000224582 | Class 529-F-2  | FGGPX           |
| C000224583 | Class 529-F-3  | FGPPX           |
| C000224584 | Class ABLE-F-2 | CGHGX           |

?xml version='1.0' encoding='ASCII'? 8ddbd87cf3ea4d1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSR

------

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

#### 811-22656

#### American Funds Portfolio Series
(Exact name of registrant as specified in charter)

------

6455 Irvine Center Drive

Irvine, California 92618

(Address of principal executive offices)

Gregory F. Niland

5300 Robin Hood Rd.

Norfolk, VA 23513

(Name and address of agent for service)

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(949) 975-5000

Date of fiscal year end:

#### October 31
Date of reporting period:

#### April 30, 2025
ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Global Growth Portfolio
**Class A \| PGGAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$18 | 0.36%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| GGPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$55 | 1.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TPGGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$5 | 0.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| PGGFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$19 | 0.38%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| PGWFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$6 | 0.12%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| PGXFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-A \| CPGAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$19 | 0.39%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529A](images_2038.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ASRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-C \| CPGCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$56 | 1.14%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529C](images_2037.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-E \| CGGEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$31 | 0.63%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529E](images_2036.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ESRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-T \| TGPPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$7 | 0.15%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-1 \| CGGFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$9 | 0.18%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F1](images_2035.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-2 \| FGGPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$6 | 0.13%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F2](images_2034.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-3 \| FGPPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F3](images_2033.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-A \| CGGGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEA. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-A | &nbsp;&nbsp;$13 | 0.26%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEA](images_2056.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAZSRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-F-2 \| CGHGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEF2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-F-2 | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEF2](images_2055.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ASRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-1 \| RGGAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$52 | 1.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R1](images_2046.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2 \| RGGBX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$54 | 1.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2](images_2045.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2E \| REBGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$41 | 0.82%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2E](images_2043.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ESRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-3 \| RGLCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$32 | 0.65%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R3](images_2044.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-4 \| RGGEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$18 | 0.36%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R4](images_2042.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5E \| RGTFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$7 | 0.15%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5E](images_2040.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5 \| RGGFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$3 | 0.07%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5](images_2041.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-6 \| RGGGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Global Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5902 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 4% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R6](images_2039.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6SRX-055-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Growth Portfolio
**Class A \| GWPAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$17 | 0.35%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| GWPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at <u>(800) 421-4225</u>.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$54 | 1.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TGGPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$5 | 0.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| GWPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$19 | 0.38%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| GWPEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$5 | 0.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| GWPDX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-A \| CGPAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$19 | 0.39%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529A](images_2038.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ASRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-C \| CGPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at <u>(800) 421-4225</u>.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$57 | 1.15%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529C](images_2037.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-E \| CGPEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$31 | 0.62%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529E](images_2036.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ESRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-T \| TPGTX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$7 | 0.15%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-1 \| CGPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$9 | 0.18%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F1](images_2035.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-2 \| FGPGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$6 | 0.12%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F2](images_2034.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-3 \| FPGGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F3](images_2033.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-A \| CGQGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEA. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-A | &nbsp;&nbsp;$12 | 0.25%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEA](images_2056.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAZSRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-F-2 \| CGRGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEF2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-F-2 | &nbsp;&nbsp;$2 | 0.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEF2](images_2055.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ASRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-1 \| RGWAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$54 | 1.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R1](images_2046.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2 \| RGWBX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$54 | 1.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2](images_2045.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2E \| RBGEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$40 | 0.82%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2E](images_2043.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ESRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-3 \| RGPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$32 | 0.65%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R3](images_2044.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-4 \| RGWEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$17 | 0.34%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R4](images_2042.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5E \| RGSFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$7 | 0.15%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5E](images_2040.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5 \| RGWFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R5**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5](images_2041.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-6 \| RGWGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $19922 |
| Total number of portfolio holdings | 7 |
| Portfolio turnover rate | 0% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R6](images_2039.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6SRX-053-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Growth and Income Portfolio
**Class A \| GAIOX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$16 | 0.33%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| GAITX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$53 | 1.07%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TGXIX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| GAIFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$18 | 0.37%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| GAIEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$5 | 0.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| GAIHX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-A \| CGNAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$18 | 0.36%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529A](images_2038.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ASRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-C \| CGNCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$55 | 1.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529C](images_2037.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-E \| CGNEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$30 | 0.60%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529E](images_2036.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ESRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-T \| TGGGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$6 | 0.12%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-1 \| CGNFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$8 | 0.17%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F1](images_2035.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-2 \| FGGIX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$5 | 0.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F2](images_2034.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-3 \| FGIIX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F3](images_2033.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-A \| CGNGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEA. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-A | &nbsp;&nbsp;$12 | 0.24%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEA](images_2056.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAZSRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-F-2 \| CGLGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEF2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-F-2 | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEF2](images_2055.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ASRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-1 \| RGNAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$54 | 1.09%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R1](images_2046.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2 \| RGNBX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$54 | 1.08%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2](images_2045.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2E \| RBEGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$40 | 0.81%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2E](images_2043.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ESRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-3 \| RAICX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$32 | 0.65%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R3](images_2044.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-4 \| RGNEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$17 | 0.35%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R4](images_2042.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5E \| RGQFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$7 | 0.15%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5E](images_2040.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5 \| RGNFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$3 | 0.07%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5](images_2041.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-6 \| RGNGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $18542 |
| Total number of portfolio holdings | 11 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R6](images_2039.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6SRX-051-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Moderate Growth and Income Portfolio
**Class A \| BLPAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$16 | 0.32%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| BLPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$53 | 1.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TBBPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$2 | 0.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| BLPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$18 | 0.36%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| BLPEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$5 | 0.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| BLPDX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-A \| CBAAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$17 | 0.35%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529A](images_2038.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ASRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-C \| CBPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$55 | 1.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529C](images_2037.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-E \| CBAEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$29 | 0.59%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529E](images_2036.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ESRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-T \| TBPBX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$5 | 0.11%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-1 \| CBAFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$8 | 0.17%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F1](images_2035.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-2 \| FBBPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$5 | 0.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F2](images_2034.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-3 \| FPPBX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F3](images_2033.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-A \| CBAGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEA. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-A | &nbsp;&nbsp;$12 | 0.25%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEA](images_2056.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAZSRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-F-2 \| CBBGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEF2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-F-2 | &nbsp;&nbsp;$1 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEF2](images_2055.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ASRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-1 \| RBAAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$53 | 1.07%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R1](images_2046.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2 \| RBABX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$55 | 1.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2](images_2045.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2E \| RBBEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$40 | 0.81%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2E](images_2043.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ESRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-3 \| RBACX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$32 | 0.65%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R3](images_2044.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-4 \| RBAEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$17 | 0.35%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R4](images_2042.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5E \| RGPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$7 | 0.15%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5E](images_2040.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5 \| RBAFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$3 | 0.06%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5](images_2041.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-6 \| RBAGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Moderate Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $14260 |
| Total number of portfolio holdings | 10 |
| Portfolio turnover rate | 2% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R6](images_2039.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6SRX-050-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Conservative Growth and Income Portfolio
**Class A \| INPAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$16 0.32%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| INPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$53 1.05%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TTPPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$3 0.05%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| INPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$18 0.36%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| INPEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$6 0.11%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| INPDX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$1 0.01%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-A \| CIPAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$17 0.33%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529A](images_2038.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ASRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-C \| CIPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$55 1.10%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529C](images_2037.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-E \| CIPEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$30 0.59%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529E](images_2036.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ESRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-T \| TPTPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$5 0.09%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-1 \| CIPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$9 0.17%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F1](images_2035.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-2 \| FTPPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$6 0.11%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F2](images_2034.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-3 \| FPTPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$3 0.06%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F3](images_2033.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-A \| CIPGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEA. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-A | &nbsp;&nbsp;$12 0.23%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEA](images_2056.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAZSRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-F-2 \| CIQGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEF2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-F-2 | &nbsp;&nbsp;$2 0.03%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEF2](images_2055.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ASRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-1 \| RNCAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$54 1.07%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R1](images_2046.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2 \| RINBX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$55 1.10%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2](images_2045.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2E \| RNBEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$40 0.80%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2E](images_2043.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ESRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-3 \| RNCCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$33 0.65%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R3](images_2044.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-4 \| RINEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$17 0.34%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R4](images_2042.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5E \| RGOFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$8 0.16%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5E](images_2040.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5 \| RINFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$3 0.06%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5](images_2041.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-6 \| RINGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$1 0.01%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $8060 |
| Total number of portfolio holdings | 9 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R6](images_2039.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6SRX-047-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Tax-Aware Conservative Growth and Income Portfolio
**Class A \| TAIAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Aware Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$17 | 0.34%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5255 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-046-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| TAICX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Aware Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-C**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$52 | 1.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5255 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-046-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TATAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Aware Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$1 | 0.03%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5255 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-046-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| TAIFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Aware Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$19 | 0.38%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5255 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-046-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| TXIFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Aware Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$6 | 0.12%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5255 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-046-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| TYIFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Aware Conservative Growth and Income Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-F3**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $5255 |
| Total number of portfolio holdings | 8 |
| Portfolio turnover rate | 1% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-046-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Preservation Portfolio
**Class A \| PPVAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$20 0.39%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| PPVCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$55 1.09%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TPPPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$4 0.08%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| PPVFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$20 0.39%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| PPEFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$6 0.11%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| PPFFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$1 0.01%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-A \| CPPAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$19 0.37%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529A](images_2038.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ASRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-C \| CPPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$57 1.14%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529C](images_2037.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-E \| CPPEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$30 0.60%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529E](images_2036.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5ESRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-T \| TPAPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$8 0.15%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-1 \| CPPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$11 0.21%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F1](images_2035.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-2 \| FPPPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$6 0.12%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F2](images_2034.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class 529-F-3 \| FFPPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$4 0.08%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F3](images_2033.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-A \| CPPGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEA. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-A | &nbsp;&nbsp;$13 0.25%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEA](images_2056.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAZSRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class ABLE-F-2 \| CPQGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-ABLEF2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class ABLE-F-2 | &nbsp;&nbsp;$2 0.04%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class ABLEF2](images_2055.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ASRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-1 \| RPPVX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$54 1.07%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R1](images_2046.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2 \| RPPBX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$53 1.06%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2](images_2045.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-2E \| RPBEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$42 0.83%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R2E](images_2043.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2ESRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-3 \| RPPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$32 0.64%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R3](images_2044.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-4 \| RPPEX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$18 0.35%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R4](images_2042.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5E \| RGMFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$9 0.17%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5E](images_2040.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-5 \| RPPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$4 0.07%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R5](images_2041.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class R-6 \| RPPGX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$1 0.01%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $1878 |
| Total number of portfolio holdings | 2 |
| Portfolio turnover rate | 5% |

---

**Portfolio holdings by fund type** (percent of net assets)

\*Less than 1%.

Availability of additional information

![TSR - QR Code - American Funds_Class R6](images_2039.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6SRX-045-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Tax-Exempt Preservation Portfolio
**Class A \| TEPAX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Exempt Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$17 | 0.35%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $392 |
| Total number of portfolio holdings | 4 |
| Portfolio turnover rate | 10% |

---

**Portfolio holdings by fund type** (percent of net assets)

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2051.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAASRX-044-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class C \| TEPCX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Exempt Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$52 | 1.05%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $392 |
| Total number of portfolio holdings | 4 |
| Portfolio turnover rate | 10% |

---

**Portfolio holdings by fund type** (percent of net assets)

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2050.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCSRX-044-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class T \| TTEPX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Exempt Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$2 | 0.04%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $392 |
| Total number of portfolio holdings | 4 |
| Portfolio turnover rate | 10% |

---

**Portfolio holdings by fund type** (percent of net assets)

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2052.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTSRX-044-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-1 \| TEPFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Exempt Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$19 | 0.38%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $392 |
| Total number of portfolio holdings | 4 |
| Portfolio turnover rate | 10% |

---

**Portfolio holdings by fund type** (percent of net assets)

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2049.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1SRX-044-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-2 \| TXEFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Exempt Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$5 | 0.10%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $392 |
| Total number of portfolio holdings | 4 |
| Portfolio turnover rate | 10% |

---

**Portfolio holdings by fund type** (percent of net assets)

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2048.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2SRX-044-0625© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2026.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**Class F-3 \| TYEFX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about American Funds Tax-Exempt Preservation Portfolio (the "fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at

(800) 421-4225.

**What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$0\*0.01%<sup>†</sup> |

---

<sup>\*</sup> Amount less than $1.

<sup>†</sup> Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $392 |
| Total number of portfolio holdings | 4 |
| Portfolio turnover rate | 10% |

---

**Portfolio holdings by fund type** (percent of net assets)

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2047.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3SRX-044-0625© 2025 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 3 - Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 4 - Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

------

#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

------

#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](imgbf75d7d51.jpg)

**American Funds**<sup>®</sup> **Portfolio Series**

Financial Statements and Other Information N-CSR Items 7-11

for the six months ended April 30, 2025

Lit. No. MFGEFP2-900-0625© 2025 Capital Group. All rights reserved.

------

American Funds Global Growth Portfoliounaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 85% | Shares | Value<br> (000)<br>|
| New Perspective Fund, Class R-6 | 19210817 | $1198371 |
| The Growth Fund of America, Class R-6 | 12189468 | 866915 |
| The New Economy Fund, Class R-6 | 14708288 | 864112 |
| SMALLCAP World Fund, Inc., Class R-6 | 12898361 | 861353 |
| EuroPacific Growth Fund, Class R-6 | 8578372 | 486479 |
| New World Fund, Inc., Class R-6 | 5329153 | 425639 |
| American Funds Global Insight Fund, Class R-6 | 12850098 | 308274 |
|  |  | 5011143 |
| Growth-and-income funds 15% |  |  |
| Capital World Growth and Income Fund, Class R-6 | 13959059 | 892403 |
| **Total investment securities** 100% (cost: $4,682,003,000) |  | 5903546 |
| Other assets less liabilities 0% |  | (1431)<br>|
| **Net assets 100%** |  | $5902115 |

---

**Investments in affiliates**<sup>1</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 85%** | **Growth funds 85%** | **Growth funds 85%** | **Growth funds 85%** | **Growth funds 85%** | **Growth funds 85%** | **Growth funds 85%** | **Growth funds 85%** | **Growth funds 85%** |
| New Perspective Fund, Class R-6 | $1230277 | &nbsp;&nbsp; $63990 | &nbsp;&nbsp; $58071 | &nbsp;&nbsp; $9070 | &nbsp;&nbsp; $(46895)<br>| &nbsp;&nbsp; $1198371 | &nbsp;&nbsp; $10812 | &nbsp;&nbsp; $53215 |
| The Growth Fund of America, Class R-6 | 924142 | &nbsp;&nbsp; 80074 | &nbsp;&nbsp; 63600 | &nbsp;&nbsp; 19210 | &nbsp;&nbsp; (92911)<br>| &nbsp;&nbsp; 866915 | &nbsp;&nbsp; 6210 | &nbsp;&nbsp; 72896 |
| The New Economy Fund, Class R-6 | 924171 | &nbsp;&nbsp; 82358 | &nbsp;&nbsp; 40779 | &nbsp;&nbsp; 2431 | &nbsp;&nbsp; (104069)<br>| &nbsp;&nbsp; 864112 | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; 81131 |
| SMALLCAP World Fund, Inc., Class R-6 | 914065 | &nbsp;&nbsp; 11348 | &nbsp;&nbsp; 4613 | &nbsp;&nbsp; (1048)<br>| &nbsp;&nbsp; (58399)<br>| &nbsp;&nbsp; 861353 | &nbsp;&nbsp; 8552 | &nbsp;&nbsp; — |
| EuroPacific Growth Fund, Class R-6 | 478132 | &nbsp;&nbsp; 23285 | &nbsp;&nbsp; 6104 | &nbsp;&nbsp; (192)<br>| &nbsp;&nbsp; (8642)<br>| &nbsp;&nbsp; 486479 | &nbsp;&nbsp; 5021 | &nbsp;&nbsp; 14899 |
| New World Fund, Inc., Class R-6 | 422369 | &nbsp;&nbsp; 16252 | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; (11612)<br>| &nbsp;&nbsp; 425639 | &nbsp;&nbsp; 5118 | &nbsp;&nbsp; 11134 |
| American Funds Global Insight Fund, Class R-6 | 304776 | &nbsp;&nbsp; 3811 | &nbsp;&nbsp; 2541 | &nbsp;&nbsp; (198)<br>| &nbsp;&nbsp; 2426 | &nbsp;&nbsp; 308274 | &nbsp;&nbsp; 3811 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 5011143 |  |  |
| **Growth-and-income funds 15%** | **Growth-and-income funds 15%** | **Growth-and-income funds 15%** | **Growth-and-income funds 15%** | **Growth-and-income funds 15%** | **Growth-and-income funds 15%** | **Growth-and-income funds 15%** | **Growth-and-income funds 15%** | **Growth-and-income funds 15%** |
| Capital World Growth and Income Fund, Class R-6 | 924171 | &nbsp;&nbsp; 62760 | &nbsp;&nbsp; 45619 | &nbsp;&nbsp; 1782 | &nbsp;&nbsp; (50691)<br>| &nbsp;&nbsp; 892403 | &nbsp;&nbsp; 9317 | &nbsp;&nbsp; 53444 |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $30995 | &nbsp;&nbsp; $(370793)<br>| &nbsp;&nbsp; $5903546 | &nbsp;&nbsp; $50067 | &nbsp;&nbsp; $286719 |

---

<sup>1</sup> 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.

---

| | |
|:---|:---|
| **1** | American Funds Portfolio Series |

---

------

American Funds Growth Portfoliounaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 80% | Shares | Value<br> (000)<br>|
| The Growth Fund of America, Class R-6 | 70270157 | $4997614 |
| New Perspective Fund, Class R-6 | 48558775 | 3029096 |
| SMALLCAP World Fund, Inc., Class R-6 | 44968751 | 3003013 |
| AMCAP Fund, Class R-6 | 71275133 | 2961482 |
| The New Economy Fund, Class R-6 | 33414454 | 1963099 |
|  |  | 15954304 |
| Growth-and-income funds 20% |  |  |
| The Investment Company of America, Class R-6 | 35726773 | 1992482 |
| Fundamental Investors, Class R-6 | 25211435 | 1980106 |
|  |  | 3972588 |
| **Total investment securities** 100% (cost: $16,570,276,000) |  | 19926892 |
| Other assets less liabilities 0% |  | (4857)<br>|
| **Net assets 100%** |  | $19922035 |

---

**Investments in affiliates**<sup>1</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 80%** | **Growth funds 80%** | **Growth funds 80%** | **Growth funds 80%** | **Growth funds 80%** | **Growth funds 80%** | **Growth funds 80%** | **Growth funds 80%** | **Growth funds 80%** |
| The Growth Fund of America, Class R-6 | $5001037 | &nbsp;&nbsp; $475859 | &nbsp;&nbsp; $46193 | &nbsp;&nbsp; $2716 | &nbsp;&nbsp; $(435805)<br>| &nbsp;&nbsp; $4997614 | &nbsp;&nbsp; $35039 | &nbsp;&nbsp; $411307 |
| New Perspective Fund, Class R-6 | 2931535 | &nbsp;&nbsp; 218787 | &nbsp;&nbsp; 22308 | &nbsp;&nbsp; (1939)<br>| &nbsp;&nbsp; (96979)<br>| &nbsp;&nbsp; 3029096 | &nbsp;&nbsp; 26452 | &nbsp;&nbsp; 130645 |
| SMALLCAP World Fund, Inc., Class R-6 | 2920153 | &nbsp;&nbsp; 291402 | &nbsp;&nbsp; 2444 | &nbsp;&nbsp; (372)<br>| &nbsp;&nbsp; (205726)<br>| &nbsp;&nbsp; 3003013 | &nbsp;&nbsp; 28201 | &nbsp;&nbsp; — |
| AMCAP Fund, Class R-6 | 2957865 | &nbsp;&nbsp; 238457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (234840)<br>| &nbsp;&nbsp; 2961482 | &nbsp;&nbsp; 18680 | &nbsp;&nbsp; 166289 |
| The New Economy Fund, Class R-6 | 1994394 | &nbsp;&nbsp; 195843 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (227138)<br>| &nbsp;&nbsp; 1963099 | &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 177848 |
|  |  |  |  |  |  | &nbsp;&nbsp; 15954304 |  |  |
| **Growth-and-income funds 20%** | **Growth-and-income funds 20%** | **Growth-and-income funds 20%** | **Growth-and-income funds 20%** | **Growth-and-income funds 20%** | **Growth-and-income funds 20%** | **Growth-and-income funds 20%** | **Growth-and-income funds 20%** | **Growth-and-income funds 20%** |
| The Investment Company of America, Class R-6 | 1997511 | &nbsp;&nbsp; 162868 | &nbsp;&nbsp; 5859 | &nbsp;&nbsp; (199)<br>| &nbsp;&nbsp; (161839)<br>| &nbsp;&nbsp; 1992482 | &nbsp;&nbsp; 13767 | &nbsp;&nbsp; 149102 |
| Fundamental Investors, Class R-6 | 1986570 | &nbsp;&nbsp; 151498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (157962)<br>| &nbsp;&nbsp; 1980106 | &nbsp;&nbsp; 16963 | &nbsp;&nbsp; 134535 |
|  |  |  |  |  |  | &nbsp;&nbsp; 3972588 |  |  |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $206 | &nbsp;&nbsp; $(1520289)<br>| &nbsp;&nbsp; $19926892 | &nbsp;&nbsp; $141790 | &nbsp;&nbsp; $1169726 |

---

<sup>1</sup> 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<sub>2</sub>

------

American Funds Growth and Income Portfoliounaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 20% | Shares | Value<br> (000)<br>|
| SMALLCAP World Fund, Inc., Class R-6 | 21460182 | $1433111 |
| The Growth Fund of America, Class R-6 | 18085270 | 1286224 |
| American Funds Global Insight Fund, Class R-6 | 38449689 | 922408 |
|  |  | 3641743 |
| Growth-and-income funds 45% |  |  |
| The Investment Company of America, Class R-6 | 65572421 | 3656974 |
| Capital World Growth and Income Fund, Class R-6 | 43605992 | 2787731 |
| Washington Mutual Investors Fund, Class R-6 | 30555726 | 1861455 |
|  |  | 8306160 |
| Equity-income funds 10% |  |  |
| Capital Income Builder, Class R-6 | 26141786 | 1888744 |
| Balanced funds 10% |  |  |
| American Balanced Fund, Class R-6 | 54751743 | 1865392 |
| Fixed income funds 15% |  |  |
| American Funds Strategic Bond Fund, Class R-6 | 101977878 | 954513 |
| The Bond Fund of America, Class R-6 | 84051809 | 953147 |
| American Funds Multi-Sector Income Fund, Class R-6 | 100999969 | 936270 |
|  |  | 2843930 |
| **Total investment securities** 100% (cost: $15,413,601,000) |  | 18545969 |
| Other assets less liabilities 0% |  | (4351)<br>|
| **Net assets 100%** |  | $18541618 |

---

---

| | |
|:---|:---|
| **3** | American Funds Portfolio Series |

---

------

American Funds Growth and Income Portfolio (continued)

**Investments in affiliates**<sup>1</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 20%** | **Growth funds 20%** | **Growth funds 20%** | **Growth funds 20%** | **Growth funds 20%** | **Growth funds 20%** | **Growth funds 20%** | **Growth funds 20%** | **Growth funds 20%** |
| SMALLCAP World Fund, Inc., Class R-6 | $1446613 | &nbsp;&nbsp; $83791 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(97293)<br>| &nbsp;&nbsp; $1433111 | &nbsp;&nbsp; $13609 | &nbsp;&nbsp; $— |
| The Growth Fund of America, Class R-6 | 1311023 | &nbsp;&nbsp; 116510 | &nbsp;&nbsp; 28787 | &nbsp;&nbsp; 4432 | &nbsp;&nbsp; (116954)<br>| &nbsp;&nbsp; 1286224 | &nbsp;&nbsp; 9146 | &nbsp;&nbsp; 107364 |
| American Funds Global Insight Fund, Class R-6 | 898681 | &nbsp;&nbsp; 16568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7159 | &nbsp;&nbsp; 922408 | &nbsp;&nbsp; 11239 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 3641743 |  |  |
| **Growth-and-income funds 45%** | **Growth-and-income funds 45%** | **Growth-and-income funds 45%** | **Growth-and-income funds 45%** | **Growth-and-income funds 45%** | **Growth-and-income funds 45%** | **Growth-and-income funds 45%** | **Growth-and-income funds 45%** | **Growth-and-income funds 45%** |
| The Investment Company of America, Class R-6 | 3712325 | &nbsp;&nbsp; 306197 | &nbsp;&nbsp; 65046 | &nbsp;&nbsp; 5423 | &nbsp;&nbsp; (301925)<br>| &nbsp;&nbsp; 3656974 | &nbsp;&nbsp; 25328 | &nbsp;&nbsp; 276256 |
| Capital World Growth and Income Fund, Class R-6 | 2734187 | &nbsp;&nbsp; 199920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (146376)<br>| &nbsp;&nbsp; 2787731 | &nbsp;&nbsp; 28041 | &nbsp;&nbsp; 158855 |
| Washington Mutual Investors Fund, Class R-6 | 1861320 | &nbsp;&nbsp; 91121 | &nbsp;&nbsp; 11145 | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; (80989)<br>| &nbsp;&nbsp; 1861455 | &nbsp;&nbsp; 16428 | &nbsp;&nbsp; 74693 |
|  |  |  |  |  |  | &nbsp;&nbsp; 8306160 |  |  |
| **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** |
| Capital Income Builder, Class R-6 | 1834965 | &nbsp;&nbsp; 104027 | &nbsp;&nbsp; 49927 | &nbsp;&nbsp; (589)<br>| &nbsp;&nbsp; 268 | &nbsp;&nbsp; 1888744 | &nbsp;&nbsp; 40059 | &nbsp;&nbsp; 42538 |
| **Balanced funds 10%** | **Balanced funds 10%** | **Balanced funds 10%** | **Balanced funds 10%** | **Balanced funds 10%** | **Balanced funds 10%** | **Balanced funds 10%** | **Balanced funds 10%** | **Balanced funds 10%** |
| American Balanced Fund, Class R-6 | 1850323 | &nbsp;&nbsp; 119095 | &nbsp;&nbsp; 4779 | &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; (99159)<br>| &nbsp;&nbsp; 1865392 | &nbsp;&nbsp; 29027 | &nbsp;&nbsp; 90069 |
| **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** |
| American Funds Strategic Bond Fund, Class R-6<sup>2</sup>  | 908913 | &nbsp;&nbsp; 46604 | &nbsp;&nbsp; 35377 | &nbsp;&nbsp; (3366)<br>| &nbsp;&nbsp; 37739 | &nbsp;&nbsp; 954513 | &nbsp;&nbsp; (213)<br>| &nbsp;&nbsp; — |
| The Bond Fund of America, Class R-6 | 911660 | &nbsp;&nbsp; 42439 | &nbsp;&nbsp; 6148 | &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; 5233 | &nbsp;&nbsp; 953147 | &nbsp;&nbsp; 21115 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, <br> Class R-6<br>| 913811 | &nbsp;&nbsp; 37491 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15032)<br>| &nbsp;&nbsp; 936270 | &nbsp;&nbsp; 30033 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2843930 |  |  |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $6923 | &nbsp;&nbsp; $(807329)<br>| &nbsp;&nbsp; $18545969 | &nbsp;&nbsp; $223812 | &nbsp;&nbsp; $749775 |

---

<sup>1</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>2</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

American Funds Portfolio Series<sub>4</sub>

------

American Funds Moderate Growth and Income Portfoliounaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 10% | Shares | Value<br> (000)<br>|
| New Perspective Fund, Class R-6 | 11581619 | $722461 |
| SMALLCAP World Fund, Inc., Class R-6 | 10505080 | 701529 |
|  |  | 1423990 |
| Growth-and-income funds 25% |  |  |
| Washington Mutual Investors Fund, Class R-6 | 35006751 | 2132611 |
| Capital World Growth and Income Fund, Class R-6 | 22453455 | 1435450 |
|  |  | 3568061 |
| Equity-income funds 10% |  |  |
| The Income Fund of America, Class R-6 | 56630239 | 1433878 |
| Balanced funds 40% |  |  |
| American Balanced Fund, Class R-6 | 104609999 | 3564063 |
| American Funds Global Balanced Fund, Class R-6 | 57392526 | 2148776 |
|  |  | 5712839 |
| Fixed income funds 15% |  |  |
| American Funds Multi-Sector Income Fund, Class R-6 | 76635884 | 710415 |
| The Bond Fund of America, Class R-6 | 62430562 | 707962 |
| American Funds Strategic Bond Fund, Class R-6 | 75427663 | 706003 |
|  |  | 2124380 |
| **Total investment securities** 100% (cost: $11,831,298,000) |  | 14263148 |
| Other assets less liabilities 0% |  | (3510)<br>|
| **Net assets 100%** |  | $14259638 |

---

---

| | |
|:---|:---|
| **5** | American Funds Portfolio Series |

---

------

American Funds Moderate Growth and Income Portfolio (continued)

**Investments in affiliates**<sup>1</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth funds 10%** | **Growth funds 10%** | **Growth funds 10%** | **Growth funds 10%** | **Growth funds 10%** | **Growth funds 10%** | **Growth funds 10%** | **Growth funds 10%** | **Growth funds 10%** |
| New Perspective Fund, Class R-6 | $733963 | &nbsp;&nbsp; $38115 | &nbsp;&nbsp; $26723 | &nbsp;&nbsp; $1162 | &nbsp;&nbsp; $(24056)<br>| &nbsp;&nbsp; $722461 | &nbsp;&nbsp; $6418 | &nbsp;&nbsp; $31697 |
| SMALLCAP World Fund, Inc., Class R-6 | 699396 | &nbsp;&nbsp; 47766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (45633)<br>| &nbsp;&nbsp; 701529 | &nbsp;&nbsp; 6575 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1423990 |  |  |
| **Growth-and-income funds 25%** | **Growth-and-income funds 25%** | **Growth-and-income funds 25%** | **Growth-and-income funds 25%** | **Growth-and-income funds 25%** | **Growth-and-income funds 25%** | **Growth-and-income funds 25%** | **Growth-and-income funds 25%** | **Growth-and-income funds 25%** |
| Washington Mutual Investors Fund, Class R-6 | 2174662 | &nbsp;&nbsp; 110909 | &nbsp;&nbsp; 62371 | &nbsp;&nbsp; 13449 | &nbsp;&nbsp; (104038)<br>| &nbsp;&nbsp; 2132611 | &nbsp;&nbsp; 18899 | &nbsp;&nbsp; 86386 |
| Capital World Growth and Income Fund, Class R-6 | 1449022 | &nbsp;&nbsp; 98422 | &nbsp;&nbsp; 35802 | &nbsp;&nbsp; 756 | &nbsp;&nbsp; (76948)<br>| &nbsp;&nbsp; 1435450 | &nbsp;&nbsp; 14693 | &nbsp;&nbsp; 83729 |
|  |  |  |  |  |  | &nbsp;&nbsp; 3568061 |  |  |
| **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** | **Equity-income funds 10%** |
| The Income Fund of America, Class R-6 | 1459592 | &nbsp;&nbsp; 71495 | &nbsp;&nbsp; 75639 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; (21793)<br>| &nbsp;&nbsp; 1433878 | &nbsp;&nbsp; 39868 | &nbsp;&nbsp; 31626 |
| **Balanced funds 40%** | **Balanced funds 40%** | **Balanced funds 40%** | **Balanced funds 40%** | **Balanced funds 40%** | **Balanced funds 40%** | **Balanced funds 40%** | **Balanced funds 40%** | **Balanced funds 40%** |
| American Balanced Fund, Class R-6 | 3611293 | &nbsp;&nbsp; 230118 | &nbsp;&nbsp; 86814 | &nbsp;&nbsp; 3154 | &nbsp;&nbsp; (193688)<br>| &nbsp;&nbsp; 3564063 | &nbsp;&nbsp; 55950 | &nbsp;&nbsp; 174168 |
| American Funds Global Balanced Fund, Class R-6 | 2143231 | &nbsp;&nbsp; 98624 | &nbsp;&nbsp; 21725 | &nbsp;&nbsp; (1092)<br>| &nbsp;&nbsp; (70262)<br>| &nbsp;&nbsp; 2148776 | &nbsp;&nbsp; 23763 | &nbsp;&nbsp; 73310 |
|  |  |  |  |  |  | &nbsp;&nbsp; 5712839 |  |  |
| **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** | **Fixed income funds 15%** |
| American Funds Multi-Sector Income Fund, <br> Class R-6<br>| 698956 | &nbsp;&nbsp; 22860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11401)<br>| &nbsp;&nbsp; 710415 | &nbsp;&nbsp; 22860 | &nbsp;&nbsp; — |
| The Bond Fund of America, Class R-6 | 687692 | &nbsp;&nbsp; 22535 | &nbsp;&nbsp; 6081 | &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; 3851 | &nbsp;&nbsp; 707962 | &nbsp;&nbsp; 15782 | &nbsp;&nbsp; — |
| American Funds Strategic Bond Fund, Class R-6<sup>2</sup>  | 686861 | &nbsp;&nbsp; 24891 | &nbsp;&nbsp; 31705 | &nbsp;&nbsp; (3003)<br>| &nbsp;&nbsp; 28959 | &nbsp;&nbsp; 706003 | &nbsp;&nbsp; (627)<br>| &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2124380 |  |  |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $14614 | &nbsp;&nbsp; $(515009)<br>| &nbsp;&nbsp; $14263148 | &nbsp;&nbsp; $204181 | &nbsp;&nbsp; $480916 |

---

<sup>1</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>2</sup> A portion of the fund's income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and/or dividend income amounts reflect the return of capital distribution. 

Refer to the notes to financial statements.

American Funds Portfolio Series<sub>6</sub>

------

American Funds Conservative Growth and Income Portfoliounaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 27% | Shares | Value<br> (000)<br>|
| Washington Mutual Investors Fund, Class R-6 | 13038033 | $794277 |
| American Mutual Fund, Class R-6 | 14397969 | 793472 |
| Capital World Growth and Income Fund, Class R-6 | 8751949 | 559512 |
|  |  | 2147261 |
| Equity-income funds 30% |  |  |
| Capital Income Builder, Class R-6 | 16947126 | 1224430 |
| The Income Fund of America, Class R-6 | 48148578 | 1219122 |
|  |  | 2443552 |
| Fixed income funds 43% |  |  |
| The Bond Fund of America, Class R-6 | 107775562 | 1222175 |
| American Funds Multi-Sector Income Fund, Class R-6 | 130147084 | 1206464 |
| American High-Income Trust, Class R-6 | 82772039 | 797922 |
| American Funds Emerging Markets Bond Fund, Class R-6 | 31746949 | 244769 |
|  |  | 3471330 |
| **Total investment securities** 100% (cost: $7,586,184,000) |  | 8062143 |
| Other assets less liabilities 0% |  | (2012)<br>|
| **Net assets 100%** |  | $8060131 |

---

---

| | |
|:---|:---|
| **7** | American Funds Portfolio Series |

---

------

American Funds Conservative Growth and Income Portfolio (continued)

**Investments in affiliates**<sup>1</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 27%** | **Growth-and-income funds 27%** | **Growth-and-income funds 27%** | **Growth-and-income funds 27%** | **Growth-and-income funds 27%** | **Growth-and-income funds 27%** | **Growth-and-income funds 27%** | **Growth-and-income funds 27%** | **Growth-and-income funds 27%** |
| Washington Mutual Investors Fund, Class R-6 | $787687 | &nbsp;&nbsp; $62823 | &nbsp;&nbsp; $23231 | &nbsp;&nbsp; $2303 | &nbsp;&nbsp; $(35305)<br>| &nbsp;&nbsp; $794277 | &nbsp;&nbsp; $6880 | &nbsp;&nbsp; $31257 |
| American Mutual Fund, Class R-6 | 789920 | &nbsp;&nbsp; 58026 | &nbsp;&nbsp; 7748 | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; (49146)<br>| &nbsp;&nbsp; 793472 | &nbsp;&nbsp; 8421 | &nbsp;&nbsp; 33496 |
| Capital World Growth and Income Fund, Class R-6 | 551164 | &nbsp;&nbsp; 46322 | &nbsp;&nbsp; 9167 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; (28895)<br>| &nbsp;&nbsp; 559512 | &nbsp;&nbsp; 5564 | &nbsp;&nbsp; 31628 |
|  |  |  |  |  |  | &nbsp;&nbsp; 2147261 |  |  |
| **Equity-income funds 30%** | **Equity-income funds 30%** | **Equity-income funds 30%** | **Equity-income funds 30%** | **Equity-income funds 30%** | **Equity-income funds 30%** | **Equity-income funds 30%** | **Equity-income funds 30%** | **Equity-income funds 30%** |
| Capital Income Builder, Class R-6 | 1181270 | &nbsp;&nbsp; 58273 | &nbsp;&nbsp; 15558 | &nbsp;&nbsp; (58)<br>| &nbsp;&nbsp; 503 | &nbsp;&nbsp; 1224430 | &nbsp;&nbsp; 25510 | &nbsp;&nbsp; 27081 |
| The Income Fund of America, Class R-6 | 1183411 | &nbsp;&nbsp; 58185 | &nbsp;&nbsp; 4802 | &nbsp;&nbsp; (81)<br>| &nbsp;&nbsp; (17591)<br>| &nbsp;&nbsp; 1219122 | &nbsp;&nbsp; 32511 | &nbsp;&nbsp; 25673 |
|  |  |  |  |  |  | &nbsp;&nbsp; 2443552 |  |  |
| **Fixed income funds 43%** | **Fixed income funds 43%** | **Fixed income funds 43%** | **Fixed income funds 43%** | **Fixed income funds 43%** | **Fixed income funds 43%** | **Fixed income funds 43%** | **Fixed income funds 43%** | **Fixed income funds 43%** |
| The Bond Fund of America, Class R-6 | 1166099 | &nbsp;&nbsp; 59904 | &nbsp;&nbsp; 10490 | &nbsp;&nbsp; (145)<br>| &nbsp;&nbsp; 6807 | &nbsp;&nbsp; 1222175 | &nbsp;&nbsp; 27125 | &nbsp;&nbsp; — |
| American Funds Multi-Sector Income Fund, Class R-6 | 1175847 | &nbsp;&nbsp; 53761 | &nbsp;&nbsp; 3768 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; (19381)<br>| &nbsp;&nbsp; 1206464 | &nbsp;&nbsp; 38616 | &nbsp;&nbsp; — |
| American High-Income Trust, Class R-6 | 791695 | &nbsp;&nbsp; 32932 | &nbsp;&nbsp; 13455 | &nbsp;&nbsp; (453)<br>| &nbsp;&nbsp; (12797)<br>| &nbsp;&nbsp; 797922 | &nbsp;&nbsp; 26177 | &nbsp;&nbsp; — |
| American Funds Emerging Markets Bond Fund, <br> Class R-6<br>| 232105 | &nbsp;&nbsp; 14558 | &nbsp;&nbsp; 649 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1245)<br>| &nbsp;&nbsp; 244769 | &nbsp;&nbsp; 8039 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 3471330 |  |  |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $4079 | &nbsp;&nbsp; $(157050)<br>| &nbsp;&nbsp; $8062143 | &nbsp;&nbsp; $178843 | &nbsp;&nbsp; $149135 |

---

<sup>1</sup> 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<sub>8</sub>

------

American Funds Tax-Aware Conservative Growth and Income Portfolio unaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 51% | Shares | Value<br> (000)<br>|
| Capital Group Dividend Value ETF | 23815272 | $832106 |
| Capital World Growth and Income Fund, Class R-6 | 12415045 | 793694 |
| Capital Group Dividend Growers ETF | 17291935 | 541237 |
| American Mutual Fund, Class R-6 | 9467489 | 521753 |
|  |  | 2688790 |
| Tax-exempt fixed income funds 49% |  |  |
| American High-Income Municipal Bond Fund, Class R-6 | 87571765 | 1306571 |
| Capital Group Municipal Income ETF | 39294907 | 1045245 |
| Capital Group Short Duration Municipal Income ETF | 7632734 | 197535 |
|  |  | 2549351 |
| Short-term securities 0% |  |  |
| **Money market investments** | **Money market investments** | **Money market investments** |
| Capital Group Central Cash Fund 4.28%<sup>1</sup>  | 138477 | 13846 |
| **Total investment securities** 100% (cost: $4,778,479,000) |  | 5251987 |
| Other assets less liabilities 0% |  | 2713 |
| **Net assets 100%** |  | $5254700 |

---

**Investments in affiliates**<sup>2</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Growth-and-income funds 51%** | **Growth-and-income funds 51%** | **Growth-and-income funds 51%** | **Growth-and-income funds 51%** | **Growth-and-income funds 51%** | **Growth-and-income funds 51%** | **Growth-and-income funds 51%** | **Growth-and-income funds 51%** | **Growth-and-income funds 51%** |
| Capital Group Dividend Value ETF | $839047 | &nbsp;&nbsp; $22062 | &nbsp;&nbsp; $5195 | &nbsp;&nbsp; $(68)<br>| &nbsp;&nbsp; $(23740)<br>| &nbsp;&nbsp; $832106 | &nbsp;&nbsp; $6873 | &nbsp;&nbsp; $— |
| Capital World Growth and Income Fund, Class R-6 | 779494 | &nbsp;&nbsp; 71547 | &nbsp;&nbsp; 15886 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; (41896)<br>| &nbsp;&nbsp; 793694 | &nbsp;&nbsp; 7967 | &nbsp;&nbsp; 45240 |
| Capital Group Dividend Growers ETF | 520358 | &nbsp;&nbsp; 13280 | &nbsp;&nbsp; 12647 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 19957 | &nbsp;&nbsp; 541237 | &nbsp;&nbsp; 5245 | &nbsp;&nbsp; — |
| American Mutual Fund, Class R-6 | 526157 | &nbsp;&nbsp; 29954 | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; (31797)<br>| &nbsp;&nbsp; 521753 | &nbsp;&nbsp; 5639 | &nbsp;&nbsp; 22449 |
|  |  |  |  |  |  | &nbsp;&nbsp; 2688790 |  |  |
| **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** | **Tax-exempt fixed income funds 49%** |
| American High-Income Municipal Bond Fund, <br> Class R-6<br>| 1304241 | &nbsp;&nbsp; 55524 | &nbsp;&nbsp; 14663 | &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; (38337)<br>| &nbsp;&nbsp; 1306571 | &nbsp;&nbsp; 28716 | &nbsp;&nbsp; — |
| Capital Group Municipal Income ETF | 1034544 | &nbsp;&nbsp; 48972 | &nbsp;&nbsp; 21206 | &nbsp;&nbsp; (619)<br>| &nbsp;&nbsp; (16446)<br>| &nbsp;&nbsp; 1045245 | &nbsp;&nbsp; 18091 | &nbsp;&nbsp; — |
| Capital Group Short Duration Municipal Income ETF | 189831 | &nbsp;&nbsp; 10272 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; (1318)<br>| &nbsp;&nbsp; 197535 | &nbsp;&nbsp; 3129 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2549351 |  |  |
| **Short-term securities 0%** | **Short-term securities 0%** | **Short-term securities 0%** | **Short-term securities 0%** | **Short-term securities 0%** | **Short-term securities 0%** | **Short-term securities 0%** | **Short-term securities 0%** | **Short-term securities 0%** |
| **Money market investments** |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.28% <sup>1</sup> | 13625 | &nbsp;&nbsp; 97047 | &nbsp;&nbsp; 96822 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 13846 | &nbsp;&nbsp; 309 | &nbsp;&nbsp; — |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp; $(133578)<br>| &nbsp;&nbsp; $5251987 | &nbsp;&nbsp; $75969 | &nbsp;&nbsp; $67689 |

---

<sup>1</sup> Rate represents the seven-day yield at 4/30/2025. <br> <sup>2</sup> 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.

---

| | |
|:---|:---|
| **9** | American Funds Portfolio Series |

---

------

American Funds Preservation Portfoliounaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Fixed income funds 100% | Shares | Value<br> (000)<br>|
| Short-Term Bond Fund of America, Class R-6 | 107274006 | $1033049 |
| Intermediate Bond Fund of America, Class R-6 | 66605331 | 845221 |
|  |  | 1878270 |
| **Total investment securities** 100% (cost: $1,951,995,000) |  | 1878270 |
| Other assets less liabilities 0% |  | (425)<br>|
| **Net assets 100%** |  | $1877845 |

---

**Investments in affiliates**<sup>1</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Fixed income funds 100%** | **Fixed income funds 100%** | **Fixed income funds 100%** | **Fixed income funds 100%** | **Fixed income funds 100%** | **Fixed income funds 100%** | **Fixed income funds 100%** | **Fixed income funds 100%** | **Fixed income funds 100%** |
| Short-Term Bond Fund of America, Class R-6 | $1032646 | &nbsp;&nbsp; $52083 | &nbsp;&nbsp; $61156 | &nbsp;&nbsp; $(1752)<br>| &nbsp;&nbsp; $11228 | &nbsp;&nbsp; $1033049 | &nbsp;&nbsp; $22077 | &nbsp;&nbsp; $— |
| Intermediate Bond Fund of America, Class R-6 | 844892 | &nbsp;&nbsp; 44462 | &nbsp;&nbsp; 58002 | &nbsp;&nbsp; (1758)<br>| &nbsp;&nbsp; 15627 | &nbsp;&nbsp; 845221 | &nbsp;&nbsp; 18120 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1878270 |  |  |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $(3510)<br>| &nbsp;&nbsp; $26855 | &nbsp;&nbsp; $1878270 | &nbsp;&nbsp; $40197 | &nbsp;&nbsp; $— |

---

<sup>1</sup> 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<sub>10</sub>

------

American Funds Tax-Exempt Preservation Portfoliounaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Tax-exempt fixed income funds 99% | Shares | Value<br> (000)<br>|
| Limited Term Tax-Exempt Bond Fund of America, Class R-6 | 10295224 | $156797 |
| Capital Group Short Duration Municipal Income ETF | 4523039 | 117056 |
| American Funds Short-Term Tax-Exempt Bond Fund, Class R-6 | 11658966 | 115657 |
|  |  | 389510 |
| Short-term securities 1% |  |  |
| **Money market investments** | **Money market investments** | **Money market investments** |
| Capital Group Central Cash Fund 4.28%<sup>1</sup>  | 18732 | 1873 |
| **Total investment securities** 100% (cost: $398,291,000) |  | 391383 |
| Other assets less liabilities 0% |  | 397 |
| **Net assets 100%** |  | $391780 |

---

**Investments in affiliates**<sup>2</sup>

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>11/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>4/30/2025 <br>(000)<br>| Dividend <br>income <br>(000)<br>| Capital gain <br>distributions <br>received <br>(000)<br>|
| **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** | **Tax-exempt fixed income funds 99%** |
| Limited Term Tax-Exempt Bond Fund of America, <br> Class R-6<br>| $161377 | &nbsp;&nbsp; $16263 | &nbsp;&nbsp; $19837 | &nbsp;&nbsp; $(500)<br>| &nbsp;&nbsp; $(506)<br>| &nbsp;&nbsp; $156797 | &nbsp;&nbsp; $2332 | &nbsp;&nbsp; $— |
| Capital Group Short Duration Municipal Income ETF | 120573 | &nbsp;&nbsp; 12631 | &nbsp;&nbsp; 15369 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (768)<br>| &nbsp;&nbsp; 117056 | &nbsp;&nbsp; 1901 | &nbsp;&nbsp; — |
| American Funds Short-Term Tax-Exempt Bond Fund, <br> Class R-6<br>| 119030 | &nbsp;&nbsp; 11970 | &nbsp;&nbsp; 14877 | &nbsp;&nbsp; (134)<br>| &nbsp;&nbsp; (332)<br>| &nbsp;&nbsp; 115657 | &nbsp;&nbsp; 1723 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 389510 |  |  |
| **Short-term securities 1%** | **Short-term securities 1%** | **Short-term securities 1%** | **Short-term securities 1%** | **Short-term securities 1%** | **Short-term securities 1%** | **Short-term securities 1%** | **Short-term securities 1%** | **Short-term securities 1%** |
| **Money market investments** |  |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.28% <sup>1</sup> | 1828 | &nbsp;&nbsp; 15430 | &nbsp;&nbsp; 15384 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1873 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; — |
| **Total 100%** |  |  |  | &nbsp;&nbsp; $(646)<br>| &nbsp;&nbsp; $(1606)<br>| &nbsp;&nbsp; $391383 | &nbsp;&nbsp; $6001 | &nbsp;&nbsp; $— |

---

<sup>1</sup> Rate represents the seven-day yield at 4/30/2025. <br> <sup>2</sup> 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.

---

| | |
|:---|:---|
| **11** | American Funds Portfolio Series |

---

------

Financial statementsunaudited

**Statements of assets and liabilities** at April 30, 2025 (dollars in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Global Growth** <br>**Portfolio**<br>| &nbsp;&nbsp; <br>**Growth** <br>**Portfolio**<br>| &nbsp;&nbsp; <br>**Growth and Income** <br>**Portfolio**<br>|
| **Assets:** |  |  |  |
| Investment securities of affiliated issuers, at value | &nbsp;&nbsp;&nbsp; $5903546 | &nbsp;&nbsp;&nbsp; $19926892 | &nbsp;&nbsp;&nbsp; $18545969 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables for: |  |  |  |
| Sales of investments | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 2608 |
| Sales of fund's shares | &nbsp;&nbsp;&nbsp; 1999 | &nbsp;&nbsp;&nbsp; 10762 | &nbsp;&nbsp;&nbsp; 7743 |
| Dividends | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8654 |
| Total assets | &nbsp;&nbsp;&nbsp; 5906014 | &nbsp;&nbsp;&nbsp; 19937891 | &nbsp;&nbsp;&nbsp; 18564974 |
| **Liabilities:** |  |  |  |
| Payables for: |  |  |  |
| Purchases of investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8654 |
| Repurchases of fund's shares | &nbsp;&nbsp;&nbsp; 2452 | &nbsp;&nbsp;&nbsp; 10943 | &nbsp;&nbsp;&nbsp; 10343 |
| Services provided by related parties | &nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp; 4632 | &nbsp;&nbsp;&nbsp; 4148 |
| Trustees' deferred compensation | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 137 |
| Other | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 74 |
| Total liabilities | &nbsp;&nbsp;&nbsp; 3899 | &nbsp;&nbsp;&nbsp; 15856 | &nbsp;&nbsp;&nbsp; 23356 |
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $5902115 | &nbsp;&nbsp;&nbsp; $19922035 | &nbsp;&nbsp;&nbsp; $18541618 |
| **Net assets consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp;&nbsp; $4372526 | &nbsp;&nbsp;&nbsp; $15416557 | &nbsp;&nbsp;&nbsp; $14654202 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp; 1529589 | &nbsp;&nbsp;&nbsp; 4505478 | &nbsp;&nbsp;&nbsp; 3887416 |
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $5902115 | &nbsp;&nbsp;&nbsp; $19922035 | &nbsp;&nbsp;&nbsp; $18541618 |
| Investment securities of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp; $4682003 | &nbsp;&nbsp;&nbsp; $16570276 | &nbsp;&nbsp;&nbsp; $15413601 |

---

Refer to the notes to financial statements.

American Funds Portfolio Series<sub>12</sub>

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Moderate** <br>**Growth and Income** <br>**Portfolio**<br>| &nbsp;&nbsp; **Conservative** <br>**Growth and Income** <br>**Portfolio**<br>| &nbsp;&nbsp; **Tax-Aware** <br>**Conservative** <br>**Growth and Income** <br>**Portfolio**<br>|
| **Assets:** |  |  |  |
| Investment securities of affiliated issuers, at value | &nbsp;&nbsp;&nbsp; $14263148 | &nbsp;&nbsp;&nbsp; $8062143 | &nbsp;&nbsp;&nbsp; $5251987 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50 |
| Receivables for: |  |  |  |
| Sales of investments | &nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Sales of fund's shares | &nbsp;&nbsp;&nbsp; 5486 | &nbsp;&nbsp;&nbsp; 4903 | &nbsp;&nbsp;&nbsp; 2116 |
| Dividends | &nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp;&nbsp; 17044 | &nbsp;&nbsp;&nbsp; 8837 |
| Total assets | &nbsp;&nbsp;&nbsp; 14276504 | &nbsp;&nbsp;&nbsp; 8084090 | &nbsp;&nbsp;&nbsp; 5262990 |
| **Liabilities:** |  |  |  |
| Payables for: |  |  |  |
| Purchases of investments | &nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp;&nbsp; 18026 | &nbsp;&nbsp;&nbsp; 5040 |
| Repurchases of fund's shares | &nbsp;&nbsp;&nbsp; 6931 | &nbsp;&nbsp;&nbsp; 3926 | &nbsp;&nbsp;&nbsp; 2125 |
| Services provided by related parties | &nbsp;&nbsp;&nbsp; 3271 | &nbsp;&nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 1087 |
| Trustees' deferred compensation | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 38 |
| Other | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp;&nbsp; 16866 | &nbsp;&nbsp;&nbsp; 23959 | &nbsp;&nbsp;&nbsp; 8290 |
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $14259638 | &nbsp;&nbsp;&nbsp; $8060131 | &nbsp;&nbsp;&nbsp; $5254700 |
| **Net assets consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp;&nbsp; $11330600 | &nbsp;&nbsp;&nbsp; $7420833 | &nbsp;&nbsp;&nbsp; $4700395 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp; 2929038 | &nbsp;&nbsp;&nbsp; 639298 | &nbsp;&nbsp;&nbsp; 554305 |
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $14259638 | &nbsp;&nbsp;&nbsp; $8060131 | &nbsp;&nbsp;&nbsp; $5254700 |
| Investment securities of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp; $11831298 | &nbsp;&nbsp;&nbsp; $7586184 | &nbsp;&nbsp;&nbsp; $4778479 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **13** | American Funds Portfolio Series |

---

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Preservation** <br>**Portfolio**<br>| &nbsp;&nbsp; **Tax-Exempt** <br>**Preservation** <br>**Portfolio**<br>|
| **Assets:** |  |  |
| Investment securities of affiliated issuers, at value | &nbsp;&nbsp;&nbsp; $1878270 | &nbsp;&nbsp;&nbsp; $391383 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49 |
| Receivables for: |  |  |
| Sales of investments | &nbsp;&nbsp;&nbsp; 2457 | &nbsp;&nbsp;&nbsp; 405 |
| Sales of fund's shares | &nbsp;&nbsp;&nbsp; 2989 | &nbsp;&nbsp;&nbsp; 183 |
| Dividends | &nbsp;&nbsp;&nbsp; 6687 | &nbsp;&nbsp;&nbsp; 1008 |
| Total assets | &nbsp;&nbsp;&nbsp; 1890403 | &nbsp;&nbsp;&nbsp; 393028 |
| **Liabilities:** |  |  |
| Payables for: |  |  |
| Purchases of investments | &nbsp;&nbsp;&nbsp; 6687 | &nbsp;&nbsp;&nbsp; 669 |
| Repurchases of fund's shares | &nbsp;&nbsp;&nbsp; 5444 | &nbsp;&nbsp;&nbsp; 500 |
| Services provided by related parties | &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 73 |
| Trustees' deferred compensation | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 6 |
| Other | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp;&nbsp; 12558 | &nbsp;&nbsp;&nbsp; 1248 |
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $1877845 | &nbsp;&nbsp;&nbsp; $391780 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp;&nbsp; $2076193 | &nbsp;&nbsp;&nbsp; $432276 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp; (198348)<br>| &nbsp;&nbsp;&nbsp; (40496)<br>|
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $1877845 | &nbsp;&nbsp;&nbsp; $391780 |
| Investment securities of affiliated issuers, at cost | &nbsp;&nbsp;&nbsp; $1951995 | &nbsp;&nbsp;&nbsp; $398291 |

---

\*

Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Portfolio Series<sub>14</sub>

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; <br>**Global Growth** <br>**Portfolio**<br>| &nbsp;&nbsp; <br>**Growth** <br>**Portfolio**<br>| &nbsp;&nbsp; <br>**Growth and Income** <br>**Portfolio**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |
| **Class A:** | Net assets | &nbsp;&nbsp;&nbsp; $3201079 | &nbsp;&nbsp;&nbsp; $11880745 | &nbsp;&nbsp;&nbsp; $12300180 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 143453 | &nbsp;&nbsp;&nbsp; 485627 | &nbsp;&nbsp;&nbsp; 648584 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.31 | &nbsp;&nbsp;&nbsp; $24.46 | &nbsp;&nbsp;&nbsp; $18.96 |
| **Class C:** | Net assets | &nbsp;&nbsp;&nbsp; $312319 | &nbsp;&nbsp;&nbsp; $1157632 | &nbsp;&nbsp;&nbsp; $1018892 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 14411 | &nbsp;&nbsp;&nbsp; 49456 | &nbsp;&nbsp;&nbsp; 54151 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $21.67 | &nbsp;&nbsp;&nbsp; $23.41 | &nbsp;&nbsp;&nbsp; $18.82 |
| **Class T:** | Net assets | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $14 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.35 | &nbsp;&nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp; $18.97 |
| **Class F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $53696 | &nbsp;&nbsp;&nbsp; $130963 | &nbsp;&nbsp;&nbsp; $216086 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp; 11392 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp; $24.48 | &nbsp;&nbsp;&nbsp; $18.97 |
| **Class F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $567063 | &nbsp;&nbsp;&nbsp; $1606488 | &nbsp;&nbsp;&nbsp; $1566022 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 25278 | &nbsp;&nbsp;&nbsp; 65225 | &nbsp;&nbsp;&nbsp; 82400 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.43 | &nbsp;&nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $19.01 |
| **Class F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $262214 | &nbsp;&nbsp;&nbsp; $316851 | &nbsp;&nbsp;&nbsp; $355134 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 11717 | &nbsp;&nbsp;&nbsp; 12898 | &nbsp;&nbsp;&nbsp; 18713 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.38 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $18.98 |
| **Class 529-A:** | Net assets | &nbsp;&nbsp;&nbsp; $782446 | &nbsp;&nbsp;&nbsp; $2805838 | &nbsp;&nbsp;&nbsp; $1393041 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 35165 | &nbsp;&nbsp;&nbsp; 114998 | &nbsp;&nbsp;&nbsp; 73506 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.25 | &nbsp;&nbsp;&nbsp; $24.40 | &nbsp;&nbsp;&nbsp; $18.95 |
| **Class 529-C:** | Net assets | &nbsp;&nbsp;&nbsp; $30996 | &nbsp;&nbsp;&nbsp; $108166 | &nbsp;&nbsp;&nbsp; $63121 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1432 | &nbsp;&nbsp;&nbsp; 4636 | &nbsp;&nbsp;&nbsp; 3346 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $21.65 | &nbsp;&nbsp;&nbsp; $23.33 | &nbsp;&nbsp;&nbsp; $18.87 |
| **Class 529-E:** | Net assets | &nbsp;&nbsp;&nbsp; $22602 | &nbsp;&nbsp;&nbsp; $99410 | &nbsp;&nbsp;&nbsp; $46156 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp; 4125 | &nbsp;&nbsp;&nbsp; 2442 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.09 | &nbsp;&nbsp;&nbsp; $24.10 | &nbsp;&nbsp;&nbsp; $18.90 |
| **Class 529-T:** | Net assets | &nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp; $23 | &nbsp;&nbsp;&nbsp; $20 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.34 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $18.97 |
| **Class 529-F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $14 | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $15 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.34 | &nbsp;&nbsp;&nbsp; $24.54 | &nbsp;&nbsp;&nbsp; $18.98 |
| **Class 529-F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $165107 | &nbsp;&nbsp;&nbsp; $495058 | &nbsp;&nbsp;&nbsp; $216658 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 7407 | &nbsp;&nbsp;&nbsp; 20250 | &nbsp;&nbsp;&nbsp; 11425 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.29 | &nbsp;&nbsp;&nbsp; $24.45 | &nbsp;&nbsp;&nbsp; $18.96 |
| **Class 529-F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $14 | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $15 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.28 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $18.97 |
| **Class ABLE-A:** | Net assets | &nbsp;&nbsp;&nbsp; $5067 | &nbsp;&nbsp;&nbsp; $21920 | &nbsp;&nbsp;&nbsp; $15053 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp; 793 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.21 | &nbsp;&nbsp;&nbsp; $24.37 | &nbsp;&nbsp;&nbsp; $19.00 |
| **Class ABLE-F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $582 | &nbsp;&nbsp;&nbsp; $1367 | &nbsp;&nbsp;&nbsp; $1299 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 68 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.32 | &nbsp;&nbsp;&nbsp; $24.48 | &nbsp;&nbsp;&nbsp; $19.02 |
| **Class R-1:** | Net assets | &nbsp;&nbsp;&nbsp; $4794 | &nbsp;&nbsp;&nbsp; $53647 | &nbsp;&nbsp;&nbsp; $24447 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; 2285 | &nbsp;&nbsp;&nbsp; 1298 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $21.85 | &nbsp;&nbsp;&nbsp; $23.48 | &nbsp;&nbsp;&nbsp; $18.83 |
| **Class R-2:** | Net assets | &nbsp;&nbsp;&nbsp; $111558 | &nbsp;&nbsp;&nbsp; $267130 | &nbsp;&nbsp;&nbsp; $214733 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 5169 | &nbsp;&nbsp;&nbsp; 11423 | &nbsp;&nbsp;&nbsp; 11442 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $21.58 | &nbsp;&nbsp;&nbsp; $23.39 | &nbsp;&nbsp;&nbsp; $18.77 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **15** | American Funds Portfolio Series |

---

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; <br> **Global Growth**<br> **Portfolio**<br>| &nbsp;&nbsp; <br> **Growth**<br> **Portfolio**<br>| &nbsp;&nbsp; <br>**Growth and Income**<br> **Portfolio**<br>|
| **Class R-2E:** | Net assets | &nbsp;&nbsp;&nbsp; $4432 | &nbsp;&nbsp;&nbsp; $11657 | &nbsp;&nbsp;&nbsp; $17949 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 950 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.05 | &nbsp;&nbsp;&nbsp; $23.85 | &nbsp;&nbsp;&nbsp; $18.89 |
| **Class R-3:** | Net assets | &nbsp;&nbsp;&nbsp; $105215 | &nbsp;&nbsp;&nbsp; $326678 | &nbsp;&nbsp;&nbsp; $225489 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 4765 | &nbsp;&nbsp;&nbsp; 13537 | &nbsp;&nbsp;&nbsp; 11948 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp; $24.13 | &nbsp;&nbsp;&nbsp; $18.87 |
| **Class R-4:** | Net assets | &nbsp;&nbsp;&nbsp; $55164 | &nbsp;&nbsp;&nbsp; $112371 | &nbsp;&nbsp;&nbsp; $86321 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 2478 | &nbsp;&nbsp;&nbsp; 4599 | &nbsp;&nbsp;&nbsp; 4552 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.26 | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $18.96 |
| **Class R-5:** | Net assets | &nbsp;&nbsp;&nbsp; $22502 | &nbsp;&nbsp;&nbsp; $46780 | &nbsp;&nbsp;&nbsp; $43504 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp; 1887 | &nbsp;&nbsp;&nbsp; 2283 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp; $24.79 | &nbsp;&nbsp;&nbsp; $19.06 |
| **Class R-5E:** | Net assets | &nbsp;&nbsp;&nbsp; $32566 | &nbsp;&nbsp;&nbsp; $95090 | &nbsp;&nbsp;&nbsp; $46262 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1464 | &nbsp;&nbsp;&nbsp; 3895 | &nbsp;&nbsp;&nbsp; 2443 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.24 | &nbsp;&nbsp;&nbsp; $24.41 | &nbsp;&nbsp;&nbsp; $18.94 |
| **Class R-6:** | Net assets | &nbsp;&nbsp;&nbsp; $162649 | &nbsp;&nbsp;&nbsp; $384176 | &nbsp;&nbsp;&nbsp; $691207 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 7185 | &nbsp;&nbsp;&nbsp; 15542 | &nbsp;&nbsp;&nbsp; 36344 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $22.64 | &nbsp;&nbsp;&nbsp; $24.72 | &nbsp;&nbsp;&nbsp; $19.02 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **16** |

---

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Moderate** <br>**Growth and Income** <br>**Portfolio**<br>| &nbsp;&nbsp; **Conservative** <br>**Growth and Income** <br>**Portfolio**<br>| &nbsp;&nbsp; **Tax-Aware** <br>**Conservative** <br>**Growth and Income** <br>**Portfolio**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |  |
| **Class A:** | Net assets | &nbsp;&nbsp;&nbsp; $9740493 | &nbsp;&nbsp;&nbsp; $5770618 | &nbsp;&nbsp;&nbsp; $3890147 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 536281 | &nbsp;&nbsp;&nbsp; 432806 | &nbsp;&nbsp;&nbsp; 248284 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $13.33 | &nbsp;&nbsp;&nbsp; $15.67 |
| **Class C:** | Net assets | &nbsp;&nbsp;&nbsp; $775538 | &nbsp;&nbsp;&nbsp; $444804 | &nbsp;&nbsp;&nbsp; $297194 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 42998 | &nbsp;&nbsp;&nbsp; 33571 | &nbsp;&nbsp;&nbsp; 19127 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.04 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $15.54 |
| **Class T:** | Net assets | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $12 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.17 | &nbsp;&nbsp;&nbsp; $13.34 | &nbsp;&nbsp;&nbsp; $15.67 |
| **Class F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $102783 | &nbsp;&nbsp;&nbsp; $123707 | &nbsp;&nbsp;&nbsp; $287173 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 5655 | &nbsp;&nbsp;&nbsp; 9270 | &nbsp;&nbsp;&nbsp; 18335 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.17 | &nbsp;&nbsp;&nbsp; $13.34 | &nbsp;&nbsp;&nbsp; $15.66 |
| **Class F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $1295798 | &nbsp;&nbsp;&nbsp; $767375 | &nbsp;&nbsp;&nbsp; $615410 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 71206 | &nbsp;&nbsp;&nbsp; 57441 | &nbsp;&nbsp;&nbsp; 39200 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.20 | &nbsp;&nbsp;&nbsp; $13.36 | &nbsp;&nbsp;&nbsp; $15.70 |
| **Class F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $337167 | &nbsp;&nbsp;&nbsp; $161129 | &nbsp;&nbsp;&nbsp; $164764 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 18552 | &nbsp;&nbsp;&nbsp; 12081 | &nbsp;&nbsp;&nbsp; 10504 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.17 | &nbsp;&nbsp;&nbsp; $13.34 | &nbsp;&nbsp;&nbsp; $15.69 |
| **Class 529-A:** | Net assets | &nbsp;&nbsp;&nbsp; $670313 | &nbsp;&nbsp;&nbsp; $345052 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 36912 | &nbsp;&nbsp;&nbsp; 25899 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $13.32 |  |
| **Class 529-C:** | Net assets | &nbsp;&nbsp;&nbsp; $34266 | &nbsp;&nbsp;&nbsp; $23135 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1893 | &nbsp;&nbsp;&nbsp; 1743 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.10 | &nbsp;&nbsp;&nbsp; $13.27 |  |
| **Class 529-E:** | Net assets | &nbsp;&nbsp;&nbsp; $18247 | &nbsp;&nbsp;&nbsp; $8172 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp; 613 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.12 | &nbsp;&nbsp;&nbsp; $13.32 |  |
| **Class 529-T:** | Net assets | &nbsp;&nbsp;&nbsp; $18 | &nbsp;&nbsp;&nbsp; $16 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.17 | &nbsp;&nbsp;&nbsp; $13.34 |  |
| **Class 529-F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $14 | &nbsp;&nbsp;&nbsp; $13 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.19 | &nbsp;&nbsp;&nbsp; $13.34 |  |
| **Class 529-F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $114455 | &nbsp;&nbsp;&nbsp; $64503 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 6302 | &nbsp;&nbsp;&nbsp; 4840 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $13.33 |  |
| **Class 529-F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $14 | &nbsp;&nbsp;&nbsp; $14 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $13.33 |  |
| **Class ABLE-A:** | Net assets | &nbsp;&nbsp;&nbsp; $12469 | &nbsp;&nbsp;&nbsp; $6044 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp; 453 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.19 | &nbsp;&nbsp;&nbsp; $13.34 |  |
| **Class ABLE-F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $1121 | &nbsp;&nbsp;&nbsp; $413 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 31 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.21 | &nbsp;&nbsp;&nbsp; $13.36 |  |
| **Class R-1:** | Net assets | &nbsp;&nbsp;&nbsp; $10132 | &nbsp;&nbsp;&nbsp; $3509 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 265 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.08 | &nbsp;&nbsp;&nbsp; $13.25 |  |
| **Class R-2:** | Net assets | &nbsp;&nbsp;&nbsp; $131444 | &nbsp;&nbsp;&nbsp; $45485 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 7293 | &nbsp;&nbsp;&nbsp; 3436 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.02 | &nbsp;&nbsp;&nbsp; $13.24 |  |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **17** | American Funds Portfolio Series |

---

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Moderate**<br> **Growth and Income**<br> **Portfolio**<br>| &nbsp;&nbsp; **Conservative**<br> **Growth and Income**<br> **Portfolio**<br>| &nbsp;&nbsp; **Tax-Aware**<br> **Conservative**<br> **Growth and Income**<br> **Portfolio**<br>|
| **Class R-2E:** | Net assets | &nbsp;&nbsp;&nbsp; $8315 | &nbsp;&nbsp;&nbsp; $2289 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 172 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $13.32 |  |
| **Class R-3:** | Net assets | &nbsp;&nbsp;&nbsp; $156448 | &nbsp;&nbsp;&nbsp; $49876 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 8640 | &nbsp;&nbsp;&nbsp; 3751 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $13.30 |  |
| **Class R-4:** | Net assets | &nbsp;&nbsp;&nbsp; $83079 | &nbsp;&nbsp;&nbsp; $36056 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 4572 | &nbsp;&nbsp;&nbsp; 2703 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.17 | &nbsp;&nbsp;&nbsp; $13.34 |  |
| **Class R-5:** | Net assets | &nbsp;&nbsp;&nbsp; $42899 | &nbsp;&nbsp;&nbsp; $16512 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp; 1235 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.22 | &nbsp;&nbsp;&nbsp; $13.37 |  |
| **Class R-5E:** | Net assets | &nbsp;&nbsp;&nbsp; $32135 | &nbsp;&nbsp;&nbsp; $12669 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1768 | &nbsp;&nbsp;&nbsp; 951 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.18 | &nbsp;&nbsp;&nbsp; $13.32 |  |
| **Class R-6:** | Net assets | &nbsp;&nbsp;&nbsp; $692477 | &nbsp;&nbsp;&nbsp; $178729 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 38015 | &nbsp;&nbsp;&nbsp; 13369 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $18.22 | &nbsp;&nbsp;&nbsp; $13.37 |  |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **18** |

---

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; <br>**Preservation** <br>**Portfolio**<br>| &nbsp;&nbsp; **Tax-Exempt** <br>**Preservation** <br>**Portfolio**<br>|
| Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized | Shares of beneficial interest issued and outstanding <br>(no stated par value) — unlimited shares authorized |  |  |
| **Class A:** | Net assets | &nbsp;&nbsp;&nbsp; $1260503 | &nbsp;&nbsp;&nbsp; $324788 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 132149 | &nbsp;&nbsp;&nbsp; 34011 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.55 |
| **Class C:** | Net assets | &nbsp;&nbsp;&nbsp; $47517 | &nbsp;&nbsp;&nbsp; $8679 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 4994 | &nbsp;&nbsp;&nbsp; 910 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $9.54 |
| **Class T:** | Net assets | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $10 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.55 |
| **Class F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $16265 | &nbsp;&nbsp;&nbsp; $1692 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp; 177 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.56 |
| **Class F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $148323 | &nbsp;&nbsp;&nbsp; $51509 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 15548 | &nbsp;&nbsp;&nbsp; 5394 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.55 |
| **Class F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $45029 | &nbsp;&nbsp;&nbsp; $5102 |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 4722 | &nbsp;&nbsp;&nbsp; 534 |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $9.55 |
| **Class 529-A:** | Net assets | &nbsp;&nbsp;&nbsp; $181513 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 19039 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.53 |  |
| **Class 529-C:** | Net assets | &nbsp;&nbsp;&nbsp; $8926 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 938 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.51 |  |
| **Class 529-E:** | Net assets | &nbsp;&nbsp;&nbsp; $4470 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 469 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.53 |  |
| **Class 529-T:** | Net assets | &nbsp;&nbsp;&nbsp; $12 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 |  |
| **Class 529-F-1:** | Net assets | &nbsp;&nbsp;&nbsp; $10 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 |  |
| **Class 529-F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $59046 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 6189 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 |  |
| **Class 529-F-3:** | Net assets | &nbsp;&nbsp;&nbsp; $11 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 |  |
| **Class ABLE-A:** | Net assets | &nbsp;&nbsp;&nbsp; $1644 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 172 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.56 |  |
| **Class ABLE-F-2:** | Net assets | &nbsp;&nbsp;&nbsp; $280 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 29 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.60 |  |
| **Class R-1:** | Net assets | &nbsp;&nbsp;&nbsp; $838 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 88 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.51 |  |
| **Class R-2:** | Net assets | &nbsp;&nbsp;&nbsp; $17895 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1886 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.49 |  |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **19** | American Funds Portfolio Series |

---

------

Financial statements (continued)unaudited

**Statements of assets and liabilities** at April 30, 2025 (continued)(dollars and shares in thousands, except per-share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; <br>**Preservation**<br> **Portfolio**<br>| &nbsp;&nbsp; **Tax-Exempt**<br> **Preservation**<br> **Portfolio**<br>|
| **Class R-2E:** | Net assets | &nbsp;&nbsp;&nbsp; $216 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 23 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.55 |  |
| **Class R-3:** | Net assets | &nbsp;&nbsp;&nbsp; $25827 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 2711 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.53 |  |
| **Class R-4:** | Net assets | &nbsp;&nbsp;&nbsp; $12226 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 1282 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 |  |
| **Class R-5:** | Net assets | &nbsp;&nbsp;&nbsp; $3867 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 405 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 |  |
| **Class R-5E:** | Net assets | &nbsp;&nbsp;&nbsp; $3820 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 400 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.55 |  |
| **Class R-6:** | Net assets | &nbsp;&nbsp;&nbsp; $39597 |  |
|  | Shares outstanding | &nbsp;&nbsp;&nbsp; 4149 | Not applicable |
|  | Net asset value per share | &nbsp;&nbsp;&nbsp; $9.54 |  |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **20** |

---

------

Financial statements (continued)unaudited

**Statements of operations** for the six months ended April 30, 2025 (dollars in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Global Growth** <br>**Portfolio**<br>| &nbsp;&nbsp; <br>**Growth** <br>**Portfolio**<br>| &nbsp;&nbsp; <br>**Growth and Income** <br>**Portfolio**<br>|
| **Investment income:** |  |  |  |
| Income: |  |  |  |
| Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp; $50067 | &nbsp;&nbsp;&nbsp; $141790 | &nbsp;&nbsp;&nbsp; $223812 |
| Fees and expenses\*: |  |  |  |
| Distribution services | &nbsp;&nbsp;&nbsp; 7758 | &nbsp;&nbsp;&nbsp; 27960 | &nbsp;&nbsp;&nbsp; 25760 |
| Transfer agent services | &nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp;&nbsp; 9327 | &nbsp;&nbsp;&nbsp; 6038 |
| 529 and ABLE plan services | &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp; 465 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 176 |
| Registration statement and prospectus | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp; 565 |
| Trustees' compensation | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 23 |
| Auditing and legal | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Custodian | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 15 |
| Other | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 12 |
| Total fees and expenses before waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 11292 | &nbsp;&nbsp;&nbsp; 39152 | &nbsp;&nbsp;&nbsp; 33064 |
| Less waivers and/or reimbursements of fees and <br> expenses:<br>|  |  |  |
| ABLE plan services waivers | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4 |
| Total fees and expenses after waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 11291 | &nbsp;&nbsp;&nbsp; 39146 | &nbsp;&nbsp;&nbsp; 33060 |
| Net investment income | &nbsp;&nbsp;&nbsp; 38776 | &nbsp;&nbsp;&nbsp; 102644 | &nbsp;&nbsp;&nbsp; 190752 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |
| Net realized gain (loss) on sale of investments in <br> affiliated issuers<br>| &nbsp;&nbsp;&nbsp; 30995 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 6923 |
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp;&nbsp; 286719 | &nbsp;&nbsp;&nbsp; 1169726 | &nbsp;&nbsp;&nbsp; 749775 |
|  | &nbsp;&nbsp;&nbsp; 317714 | &nbsp;&nbsp;&nbsp; 1169932 | &nbsp;&nbsp;&nbsp; 756698 |
| Net unrealized appreciation (depreciation) on <br> investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp; (370793)<br>| &nbsp;&nbsp;&nbsp; (1520289)<br>| &nbsp;&nbsp;&nbsp; (807329)<br>|
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp;&nbsp; (53079)<br>| &nbsp;&nbsp;&nbsp; (350357)<br>| &nbsp;&nbsp;&nbsp; (50631)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; $(14303)<br>| &nbsp;&nbsp;&nbsp; $(247713)<br>| &nbsp;&nbsp;&nbsp; $140121 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **21** | American Funds Portfolio Series |

---

------

Financial statements (continued)unaudited

**Statements of operations** for the six months ended April 30, 2025 (continued)(dollars in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Moderate** <br>**Growth and Income** <br>**Portfolio**<br>| &nbsp;&nbsp; **Conservative** <br>**Growth and Income** <br>**Portfolio**<br>| &nbsp;&nbsp; **Tax-Aware** <br>**Conservative** <br>**Growth and Income** <br>**Portfolio**<br>|
| **Investment income:** |  |  |  |
| Income: |  |  |  |
| Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp; $204181 | &nbsp;&nbsp;&nbsp; $178843 | &nbsp;&nbsp;&nbsp; $75969 |
| Fees and expenses\*: |  |  |  |
| Distribution services | &nbsp;&nbsp;&nbsp; 19142 | &nbsp;&nbsp;&nbsp; 11031 | &nbsp;&nbsp;&nbsp; 7710 |
| Transfer agent services | &nbsp;&nbsp;&nbsp; 3869 | &nbsp;&nbsp;&nbsp; 2032 | &nbsp;&nbsp;&nbsp; 1075 |
| 529 and ABLE plan services | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; — |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 50 |
| Registration statement and prospectus | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 163 |
| Trustees' compensation | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 7 |
| Auditing and legal | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Custodian | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4 |
| Other | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3 |
| Total fees and expenses before waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 23791 | &nbsp;&nbsp;&nbsp; 13492 | &nbsp;&nbsp;&nbsp; 9014 |
| Less waivers and/or reimbursements of fees and <br> expenses:<br>|  |  |  |
| ABLE plan services waivers | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Total fees and expenses after waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 23788 | &nbsp;&nbsp;&nbsp; 13490 | &nbsp;&nbsp;&nbsp; 9014 |
| Net investment income | &nbsp;&nbsp;&nbsp; 180393 | &nbsp;&nbsp;&nbsp; 165353 | &nbsp;&nbsp;&nbsp; 66955 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |  |
| Net realized gain (loss) on sale of investments in <br> affiliated issuers<br>| &nbsp;&nbsp;&nbsp; 14614 | &nbsp;&nbsp;&nbsp; 4079 | &nbsp;&nbsp;&nbsp; (14)<br>|
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp;&nbsp; 480916 | &nbsp;&nbsp;&nbsp; 149135 | &nbsp;&nbsp;&nbsp; 67689 |
|  | &nbsp;&nbsp;&nbsp; 495530 | &nbsp;&nbsp;&nbsp; 153214 | &nbsp;&nbsp;&nbsp; 67675 |
| Net unrealized appreciation (depreciation) on <br> investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp; (515009)<br>| &nbsp;&nbsp;&nbsp; (157050)<br>| &nbsp;&nbsp;&nbsp; (133578)<br>|
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp;&nbsp; (19479)<br>| &nbsp;&nbsp;&nbsp; (3836)<br>| &nbsp;&nbsp;&nbsp; (65903)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; $160914 | &nbsp;&nbsp;&nbsp; $161517 | &nbsp;&nbsp;&nbsp; $1052 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **22** |

---

------

Financial statements (continued)unaudited

**Statements of operations** for the six months ended April 30, 2025 (continued)(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Preservation** <br>**Portfolio**<br>| &nbsp;&nbsp; **Tax-Exempt** <br>**Preservation** <br>**Portfolio**<br>|
| **Investment income:** |  |  |
| Income: |  |  |
| Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp; $40197 | &nbsp;&nbsp;&nbsp; $6001 |
| Fees and expenses\*: |  |  |
| Distribution services | &nbsp;&nbsp;&nbsp; 2510 | &nbsp;&nbsp;&nbsp; 538 |
| Transfer agent services | &nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp; 93 |
| 529 and ABLE plan services | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; — |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 4 |
| Registration statement and prospectus | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 10 |
| Trustees' compensation | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Auditing and legal | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Custodian | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Other | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Total fees and expenses before waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 3401 | &nbsp;&nbsp;&nbsp; 646 |
| Less waivers and/or reimbursements of fees and <br> expenses:<br>|  |  |
| ABLE plan services waivers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total fees and expenses after waivers and/or <br> reimbursements<br>| &nbsp;&nbsp;&nbsp; 3401 | &nbsp;&nbsp;&nbsp; 646 |
| Net investment income | &nbsp;&nbsp;&nbsp; 36796 | &nbsp;&nbsp;&nbsp; 5355 |
| **Net realized gain (loss) and unrealized appreciation** <br> **(depreciation):**<br>|  |  |
| Net realized gain (loss) on sale of investments in <br> affiliated issuers<br>| &nbsp;&nbsp;&nbsp; (3510)<br>| &nbsp;&nbsp;&nbsp; (646)<br>|
| Capital gain distributions received from affiliated issuers | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; (3510)<br>| &nbsp;&nbsp;&nbsp; (646)<br>|
| Net unrealized appreciation (depreciation) on <br> investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp; 26855 | &nbsp;&nbsp;&nbsp; (1606)<br>|
| Net realized gain (loss) and unrealized appreciation <br> (depreciation)<br>| &nbsp;&nbsp;&nbsp; 23345 | &nbsp;&nbsp;&nbsp; (2252)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; $60141 | &nbsp;&nbsp;&nbsp; $3103 |

---

\*

Additional information related to class-specific fees and expenses is included in the notes to financial statements.

<sup>†</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **23** | American Funds Portfolio Series |

---

------

Financial statements (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Global Growth** <br>**Portfolio** | <br>**Global Growth** <br>**Portfolio** | <br>**Growth** <br>**Portfolio** | <br>**Growth** <br>**Portfolio** | <br>**Growth and Income** <br>**Portfolio** | <br>**Growth and Income** <br>**Portfolio** |
|  | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $38776 | $47274 | $102644 | $84954 | $190752 | $325256 |
| Net realized gain (loss) | 317714 | 263266 | 1169932 | 1112430 | 756698 | 573964 |
| Net unrealized appreciation (depreciation) | (370793)<br>| 1225047 | (1520289)<br>| 4080284 | (807329)<br>| 3209627 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (14303)<br>| 1535587 | (247713)<br>| 5277668 | 140121 | 4108847 |
| **Distributions paid to shareholders** | (252158)<br>| (51975)<br>| (1130361)<br>| (255782)<br>| (725155)<br>| (448654)<br>|
| **Net capital share transactions** | 47952 | (230187)<br>| 1516171 | 764797 | 747234 | 538045 |
| **Total increase (decrease) in net assets** | (218509)<br>| 1253425 | 138097 | 5786683 | 162200 | 4198238 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 6120624 | 4867199 | 19783938 | 13997255 | 18379418 | 14181180 |
| End of period | $5902115 | $6120624 | $19922035 | $19783938 | $18541618 | $18379418 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Moderate** <br>**Growth and Income** <br>**Portfolio** | **Moderate** <br>**Growth and Income** <br>**Portfolio** | **Conservative** <br>**Growth and Income** <br>**Portfolio** | **Conservative** <br>**Growth and Income** <br>**Portfolio** | **Tax-Aware** <br>**Conservative** <br>**Growth and Income** <br>**Portfolio** | **Tax-Aware** <br>**Conservative** <br>**Growth and Income** <br>**Portfolio** |
|  | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $180393 | $308582 | $165353 | $295962 | $66955 | $120305 |
| Net realized gain (loss) | 495530 | 204840 | 153214 | 111473 | 67675 | 145288 |
| Net unrealized appreciation (depreciation) | (515009)<br>| 2357437 | (157050)<br>| 975946 | (133578)<br>| 683752 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 160914 | 2870859 | 161517 | 1383381 | 1052 | 949345 |
| **Distributions paid to shareholders** | (376768)<br>| (312660)<br>| (260473)<br>| (360544)<br>| (202947)<br>| (195014)<br>|
| **Net capital share transactions** | 134351 | (26575)<br>| 301652 | 52658 | 244038 | 218724 |
| **Total increase (decrease) in net assets** | (81503)<br>| 2531624 | 202696 | 1075495 | 42143 | 973055 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 14341141 | 11809517 | 7857435 | 6781940 | 5212557 | 4239502 |
| End of period | $14259638 | $14341141 | $8060131 | $7857435 | $5254700 | $5212557 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **24** |

---

------

Financial statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Preservation** <br>**Portfolio** | <br>**Preservation** <br>**Portfolio** | **Tax-Exempt** <br>**Preservation** <br>**Portfolio** | **Tax-Exempt** <br>**Preservation** <br>**Portfolio** |
|  | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 | Six months <br>ended <br>April 30,<br>2025\* | Year ended <br> October 31,<br>2024 |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $36796 | $76790 | $5355 | $9920 |
| Net realized gain (loss) | (3510)<br>| (18549)<br>| (646)<br>| (8203)<br>|
| Net unrealized appreciation (depreciation) | 26855 | 73522 | (1606)<br>| 26346 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| 60141 | 131763 | 3103 | 28063 |
| **Distributions paid to shareholders** | (36643)<br>| (76677)<br>| (5327)<br>| (9652)<br>|
| **Net capital share transactions** | (22756)<br>| (216588)<br>| (9329)<br>| (73410)<br>|
| **Total increase (decrease) in net assets** | 742 | (161502)<br>| (11553)<br>| (54999)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | 1877103 | 2038605 | 403333 | 458332 |
| End of period | $1877845 | $1877103 | $391780 | $403333 |

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\*

Unaudited.

Refer to the notes to financial statements.

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|:---|:---|
| **25** | American Funds Portfolio Series |

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Notes to financial statementsunaudited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

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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:

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| | |
|:---|:---|
| 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 | &nbsp;&nbsp; Seeks current income, a portion of which is exempt from regular federal <br>income tax, while secondarily striving for long-term growth of capital.<br>|
| American Funds Preservation Portfolio | Seeks current income, consistent with preservation of capital. |
| American Funds Tax-Exempt Preservation Portfolio | &nbsp;&nbsp; Seeks current income that is exempt from regular federal income tax, <br>consistent with preservation of capital.<br>|

---

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:

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

---

\*

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

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| | |
|:---|:---|
| American Funds Portfolio Series | **26** |

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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**

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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 ("FASB"). 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.

**Operating segments** — In the reporting period, the funds early adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each fund's financial position or the results of its operations. Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

**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. Distributions received by the funds that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

**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 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 per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. The Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series ("Central Funds"), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF's portfolio securities. The underlying securities are valued based on the policies and procedures in CCF's statement of additional information. The net asset value of each share class of each fund is calculated based on the reported net asset values or official closing prices of the underlying funds and exchange-traded funds ("ETFs") in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund's statement of additional information. ETFs are generally valued at market prices which are based on the official closing price of, or the last reported sale price on, the principal exchange on which such underlying funds are traded, as of the close of business on the day the ETF is being valued or, lacking any sales, at the last available bid price.

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| | |
|:---|:---|
| **27** | American Funds Portfolio Series |

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**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies each fund's assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of April 30, 2025, all of the investment securities held by each fund were classified as Level 1.

**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 does 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 determining the overall asset allocation of the fund or 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; levels of public debt and deficits; changes in inflation rates; 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), bank failures 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.

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| | |
|:---|:---|
| American Funds Portfolio Series | **28** |

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**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 the issuer's 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**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.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 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.

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|:---|:---|
| **29** | American Funds Portfolio Series |

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**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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.

**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, more vulnerable to market manipulation, and 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. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. 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.

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| | |
|:---|:---|
| American Funds Portfolio Series | **30** |

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**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce an underlying fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.

**Liquidity risk** — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile 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.

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|:---|:---|
| **31** | American Funds Portfolio Series |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Taxation and distributions**

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**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; net capital losses and amortization of premiums and discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global** <br>**Growth** <br>**Portfolio**<br>| **Growth** <br>**Portfolio**<br>| **Growth and** <br>**Income** <br>**Portfolio**<br>| **Moderate** <br>**Growth and** <br>**Income** <br>**Portfolio**<br>|
| **As of October 31, 2024** |  |  |  |  |
| Undistributed ordinary income | $— | $— | $10977 | $20644 |
| Late year ordinary loss deferral<sup>1</sup> <br>| (2311)<br>| (25068)<br>|  |  |
| Undistributed long-term capital gains | 212514 | 1041314 | 528275 | 191792 |
| Capital loss carryforward utilized | 33292 |  |  |  |
| **As of April 30, 2025** |  |  |  |  |
| Gross unrealized appreciation on investments | 1219061 | 3378253 | 3351431 | 2744137 |
| Gross unrealized depreciation on investments | (4717)<br>| (31486)<br>| (226658)<br>| (325903)<br>|
| Net unrealized appreciation (depreciation) on investments | 1214344 | 3346767 | 3124773 | 2418234 |
| Cost of investments | 4689202 | 16580125 | 15421196 | 11844914 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative** <br>**Growth and** <br>**Income** <br>**Portfolio**<br>| **Tax-Aware** <br>**Conservative** <br>**Growth and** <br>**Income** <br>**Portfolio**<br>| **Preservation** <br>**Portfolio**<br>| **Tax-Exempt** <br>**Preservation** <br>**Portfolio**<br>|
| **As of October 31, 2024** |  |  |  |  |
| Undistributed ordinary income | $19952 | $10788 | $2873 | $— |
| Undistributed tax-exempt income |  | 10225 |  | 607 |
| Undistributed long-term capital gains | 96896 | 132154 |  |  |
| Capital loss carryforward<sup>2</sup> <br>|  |  | (120622)<br>| (32735)<br>|
| **As of April 30, 2025** |  |  |  |  |
| Gross unrealized appreciation on investments | 892043 | 576376 |  | 44 |
| Gross unrealized depreciation on investments | (427574)<br>| (107437)<br>| (77811)<br>| (7887)<br>|
| Net unrealized appreciation (depreciation) on investments | 464469 | 468939 | (77811)<br>| (7843)<br>|
| Cost of investments | 7597674 | 4783048 | 1956081 | 399226 |

---

<sup>1</sup>

This deferral is considered incurred in the subsequent year.

<sup>2</sup>

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforwards remains.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **32** |

---

------

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

**Global Growth Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class A | &nbsp;&nbsp; $21757 | $115024 | $136781 | &nbsp;&nbsp;&nbsp;&nbsp; $28689 | $— | $28689 |
| Class C | &nbsp;&nbsp; — | 12191 | 12191 | &nbsp;&nbsp;&nbsp;&nbsp; 829 |  | 829 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 364 | 1975 | 2339 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |  | 457 |
| Class F-2 | &nbsp;&nbsp; 5376 | 20942 | 26318 | &nbsp;&nbsp;&nbsp;&nbsp; 6913 |  | 6913 |
| Class F-3 | &nbsp;&nbsp; 2770 | 9639 | 12409 | &nbsp;&nbsp;&nbsp;&nbsp; 3041 |  | 3041 |
| Class 529-A | &nbsp;&nbsp; 4969 | 27497 | 32466 | &nbsp;&nbsp;&nbsp;&nbsp; 6316 |  | 6316 |
| Class 529-C | &nbsp;&nbsp; — | 1226 | 1226 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |  | 52 |
| Class 529-E | &nbsp;&nbsp; 96 | 824 | 920 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |  | 148 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>3</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 1429 | 5603 | 7032 | &nbsp;&nbsp;&nbsp;&nbsp; 1579 |  | 1579 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class ABLE-A | &nbsp;&nbsp; 35 | 168 | 203 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |  | 35 |
| Class ABLE-F-2 | &nbsp;&nbsp; 6 | 22 | 28 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |  | 5 |
| Class R-1 | &nbsp;&nbsp; 1 | 181 | 182 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |  | 19 |
| Class R-2 | &nbsp;&nbsp; — | 4192 | 4192 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |  | 367 |
| Class R-2E | &nbsp;&nbsp; — | 146 | 146 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |  | 35 |
| Class R-3 | &nbsp;&nbsp; 419 | 3712 | 4131 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |  | 648 |
| Class R-4 | &nbsp;&nbsp; 380 | 1982 | 2362 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |  | 497 |
| Class R-5E | &nbsp;&nbsp; 285 | 1139 | 1424 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |  | 311 |
| Class R-5 | &nbsp;&nbsp; 130 | 477 | 607 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |  | 184 |
| Class R-6 | &nbsp;&nbsp; 1607 | 5592 | 7199 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |  | 1850 |
| Total | &nbsp;&nbsp; $39624 | $212534 | $252158 | &nbsp;&nbsp;&nbsp;&nbsp; $51975 | $— | $51975 |

---

**Growth Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class A | &nbsp;&nbsp; $54432 | $620038 | $674470 | &nbsp;&nbsp;&nbsp;&nbsp; $67951 | $89222 | $157173 |
| Class C | &nbsp;&nbsp; — | 65773 | 65773 | &nbsp;&nbsp;&nbsp;&nbsp; 101 | 10886 | 10987 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 549 | 6539 | 7088 | &nbsp;&nbsp;&nbsp;&nbsp; 723 | 965 | 1688 |
| Class F-2 | &nbsp;&nbsp; 11166 | 83135 | 94301 | &nbsp;&nbsp;&nbsp;&nbsp; 11421 | 11261 | 22682 |
| Class F-3 | &nbsp;&nbsp; 2507 | 16684 | 19191 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 | 2353 | 4958 |
| Class 529-A | &nbsp;&nbsp; 11940 | 145321 | 157261 | &nbsp;&nbsp;&nbsp;&nbsp; 14630 | 20163 | 34793 |
| Class 529-C | &nbsp;&nbsp; — | 6246 | 6246 | &nbsp;&nbsp;&nbsp;&nbsp; — | 1045 | 1045 |
| Class 529-E | &nbsp;&nbsp; 235 | 5352 | 5587 | &nbsp;&nbsp;&nbsp;&nbsp; 388 | 747 | 1135 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>3</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 3185 | 24431 | 27616 | &nbsp;&nbsp;&nbsp;&nbsp; 3104 | 3080 | 6184 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class ABLE-A | &nbsp;&nbsp; 106 | 1040 | 1146 | &nbsp;&nbsp;&nbsp;&nbsp; 101 | 120 | 221 |
| Class ABLE-F-2 | &nbsp;&nbsp; 8 | 61 | 69 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 5 | 10 |
| Class R-1 | &nbsp;&nbsp; — | 2879 | 2879 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | 412 | 443 |
| Class R-2 | &nbsp;&nbsp; — | 14915 | 14915 | &nbsp;&nbsp;&nbsp;&nbsp; 213 | 2318 | 2531 |
| Class R-2E | &nbsp;&nbsp; — | 659 | 659 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 117 | 164 |
| Class R-3 | &nbsp;&nbsp; 610 | 16581 | 17191 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 | 2349 | 3560 |
| Class R-4 | &nbsp;&nbsp; 553 | 6120 | 6673 | &nbsp;&nbsp;&nbsp;&nbsp; 679 | 872 | 1551 |
| Class R-5E | &nbsp;&nbsp; 621 | 4894 | 5515 | &nbsp;&nbsp;&nbsp;&nbsp; 631 | 641 | 1272 |
| Class R-5 | &nbsp;&nbsp; 292 | 2069 | 2361 | &nbsp;&nbsp;&nbsp;&nbsp; 358 | 337 | 695 |
| Class R-6 | &nbsp;&nbsp; 2798 | 18618 | 21416 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 | 2225 | 4690 |
| Total | &nbsp;&nbsp; $89002 | $1041359 | $1130361 | &nbsp;&nbsp;&nbsp;&nbsp; $106664 | $149118 | $255782 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **33** | American Funds Portfolio Series |

---

------

**Growth and Income Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class A | &nbsp;&nbsp; $131903 | $350255 | $482158 | &nbsp;&nbsp;&nbsp;&nbsp; $218501 | $82762 | $301263 |
| Class C | &nbsp;&nbsp; 7526 | 30924 | 38450 | &nbsp;&nbsp;&nbsp;&nbsp; 13468 | 8699 | 22167 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 2266 | 6115 | 8381 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 | 1525 | 5372 |
| Class F-2 | &nbsp;&nbsp; 18499 | 44458 | 62957 | &nbsp;&nbsp;&nbsp;&nbsp; 29568 | 9884 | 39452 |
| Class F-3 | &nbsp;&nbsp; 4436 | 10300 | 14736 | &nbsp;&nbsp;&nbsp;&nbsp; 7322 | 2335 | 9657 |
| Class 529-A | &nbsp;&nbsp; 14689 | 39399 | 54088 | &nbsp;&nbsp;&nbsp;&nbsp; 23842 | 9152 | 32994 |
| Class 529-C | &nbsp;&nbsp; 442 | 1889 | 2331 | &nbsp;&nbsp;&nbsp;&nbsp; 789 | 522 | 1311 |
| Class 529-E | &nbsp;&nbsp; 446 | 1369 | 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 782 | 349 | 1131 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 2487 | 5904 | 8391 | &nbsp;&nbsp;&nbsp;&nbsp; 3837 | 1270 | 5107 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class ABLE-A | &nbsp;&nbsp; 156 | 396 | 552 | &nbsp;&nbsp;&nbsp;&nbsp; 217 | 75 | 292 |
| Class ABLE-F-2 | &nbsp;&nbsp; 14 | 34 | 48 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 5 | 23 |
| Class R-1 | &nbsp;&nbsp; 173 | 704 | 877 | &nbsp;&nbsp;&nbsp;&nbsp; 266 | 162 | 428 |
| Class R-2 | &nbsp;&nbsp; 1604 | 6525 | 8129 | &nbsp;&nbsp;&nbsp;&nbsp; 2796 | 1731 | 4527 |
| Class R-2E | &nbsp;&nbsp; 149 | 518 | 667 | &nbsp;&nbsp;&nbsp;&nbsp; 322 | 177 | 499 |
| Class R-3 | &nbsp;&nbsp; 2033 | 6279 | 8312 | &nbsp;&nbsp;&nbsp;&nbsp; 3256 | 1459 | 4715 |
| Class R-4 | &nbsp;&nbsp; 906 | 2422 | 3328 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 | 638 | 2252 |
| Class R-5E | &nbsp;&nbsp; 532 | 1297 | 1829 | &nbsp;&nbsp;&nbsp;&nbsp; 828 | 272 | 1100 |
| Class R-5 | &nbsp;&nbsp; 419 | 877 | 1296 | &nbsp;&nbsp;&nbsp;&nbsp; 619 | 208 | 827 |
| Class R-6 | &nbsp;&nbsp; 8194 | 18616 | 26810 | &nbsp;&nbsp;&nbsp;&nbsp; 11887 | 3650 | 15537 |
| Total | &nbsp;&nbsp; $196874 | $528281 | $725155 | &nbsp;&nbsp;&nbsp;&nbsp; $323779 | $124875 | $448654 |

---

**Moderate Growth and Income Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class A | &nbsp;&nbsp; $126948 | $131015 | $257963 | &nbsp;&nbsp;&nbsp;&nbsp; $210026 | $4027 | $214053 |
| Class C | &nbsp;&nbsp; 7648 | 11142 | 18790 | &nbsp;&nbsp;&nbsp;&nbsp; 13912 | 422 | 14334 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 1349 | 1425 | 2774 | &nbsp;&nbsp;&nbsp;&nbsp; 2378 | 48 | 2426 |
| Class F-2 | &nbsp;&nbsp; 18125 | 17287 | 35412 | &nbsp;&nbsp;&nbsp;&nbsp; 29783 | 522 | 30305 |
| Class F-3 | &nbsp;&nbsp; 5102 | 4753 | 9855 | &nbsp;&nbsp;&nbsp;&nbsp; 8493 | 143 | 8636 |
| Class 529-A | &nbsp;&nbsp; 8635 | 8990 | 17625 | &nbsp;&nbsp;&nbsp;&nbsp; 14293 | 278 | 14571 |
| Class 529-C | &nbsp;&nbsp; 322 | 485 | 807 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | 18 | 603 |
| Class 529-E | &nbsp;&nbsp; 219 | 254 | 473 | &nbsp;&nbsp;&nbsp;&nbsp; 381 | 8 | 389 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>3</sup><br>| 1 |
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 1634 | 1558 | 3192 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 | 45 | 2659 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class ABLE-A | &nbsp;&nbsp; 151 | 151 | 302 | &nbsp;&nbsp;&nbsp;&nbsp; 209 | 4 | 213 |
| Class ABLE-F-2 | &nbsp;&nbsp; 14 | 12 | 26 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | — <br><sup>3</sup><br>| 16 |
| Class R-1 | &nbsp;&nbsp; 95 | 138 | 233 | &nbsp;&nbsp;&nbsp;&nbsp; 164 | 5 | 169 |
| Class R-2 | &nbsp;&nbsp; 1246 | 1828 | 3074 | &nbsp;&nbsp;&nbsp;&nbsp; 2089 | 61 | 2150 |
| Class R-2E | &nbsp;&nbsp; 86 | 109 | 195 | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 5 | 171 |
| Class R-3 | &nbsp;&nbsp; 1749 | 2047 | 3796 | &nbsp;&nbsp;&nbsp;&nbsp; 2935 | 68 | 3003 |
| Class R-4 | &nbsp;&nbsp; 1108 | 1163 | 2271 | &nbsp;&nbsp;&nbsp;&nbsp; 1827 | 34 | 1861 |
| Class R-5E | &nbsp;&nbsp; 468 | 449 | 917 | &nbsp;&nbsp;&nbsp;&nbsp; 686 | 11 | 697 |
| Class R-5 | &nbsp;&nbsp; 493 | 426 | 919 | &nbsp;&nbsp;&nbsp;&nbsp; 756 | 13 | 769 |
| Class R-6 | &nbsp;&nbsp; 9510 | 8634 | 18144 | &nbsp;&nbsp;&nbsp;&nbsp; 15377 | 257 | 15634 |
| Total | &nbsp;&nbsp; $184902 | $191866 | $376768 | &nbsp;&nbsp;&nbsp;&nbsp; $306691 | $5969 | $312660 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **34** |

---

------

**Conservative Growth and Income Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class A | &nbsp;&nbsp; $118304 | $70005 | $188309 | &nbsp;&nbsp;&nbsp;&nbsp; $217147 | $47415 | $264562 |
| Class C | &nbsp;&nbsp; 7780 | 5645 | 13425 | &nbsp;&nbsp;&nbsp;&nbsp; 15642 | 4476 | 20118 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 2263 | 1303 | 3566 | &nbsp;&nbsp;&nbsp;&nbsp; 3606 | 754 | 4360 |
| Class F-2 | &nbsp;&nbsp; 16039 | 8868 | 24907 | &nbsp;&nbsp;&nbsp;&nbsp; 26925 | 5499 | 32424 |
| Class F-3 | &nbsp;&nbsp; 3488 | 1886 | 5374 | &nbsp;&nbsp;&nbsp;&nbsp; 5268 | 997 | 6265 |
| Class 529-A | &nbsp;&nbsp; 7020 | 4145 | 11165 | &nbsp;&nbsp;&nbsp;&nbsp; 12290 | 2616 | 14906 |
| Class 529-C | &nbsp;&nbsp; 397 | 290 | 687 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | 207 | 957 |
| Class 529-E | &nbsp;&nbsp; 157 | 100 | 257 | &nbsp;&nbsp;&nbsp;&nbsp; 309 | 72 | 381 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>3</sup><br>| 1 |
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 1400 | 797 | 2197 | &nbsp;&nbsp;&nbsp;&nbsp; 2448 | 487 | 2935 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>3</sup><br>| 1 |
| Class ABLE-A | &nbsp;&nbsp; 114 | 65 | 179 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | 36 | 214 |
| Class ABLE-F-2 | &nbsp;&nbsp; 8 | 5 | 13 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 2 | 16 |
| Class R-1 | &nbsp;&nbsp; 58 | 41 | 99 | &nbsp;&nbsp;&nbsp;&nbsp; 91 | 24 | 115 |
| Class R-2 | &nbsp;&nbsp; 752 | 550 | 1302 | &nbsp;&nbsp;&nbsp;&nbsp; 1389 | 382 | 1771 |
| Class R-2E | &nbsp;&nbsp; 37 | 23 | 60 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | 21 | 91 |
| Class R-3 | &nbsp;&nbsp; 911 | 568 | 1479 | &nbsp;&nbsp;&nbsp;&nbsp; 1661 | 394 | 2055 |
| Class R-4 | &nbsp;&nbsp; 725 | 427 | 1152 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 | 289 | 1584 |
| Class R-5E | &nbsp;&nbsp; 202 | 110 | 312 | &nbsp;&nbsp;&nbsp;&nbsp; 377 | 80 | 457 |
| Class R-5 | &nbsp;&nbsp; 308 | 154 | 462 | &nbsp;&nbsp;&nbsp;&nbsp; 439 | 80 | 519 |
| Class R-6 | &nbsp;&nbsp; 3601 | 1927 | 5528 | &nbsp;&nbsp;&nbsp;&nbsp; 5712 | 1100 | 6812 |
| Total | &nbsp;&nbsp; $163564 | $96909 | $260473 | &nbsp;&nbsp;&nbsp;&nbsp; $295613 | $64931 | $360544 |

---

**Tax-Aware Conservative Growth and Income Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<sup>4</sup> <br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<sup>4</sup> <br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>|
| Class A | &nbsp;&nbsp; $52377 | $97421 | $149798 | &nbsp;&nbsp;&nbsp;&nbsp; $83318 | $61441 | $144759 |
| Class C | &nbsp;&nbsp; 3100 | 7892 | 10992 | &nbsp;&nbsp;&nbsp;&nbsp; 5185 | 5865 | 11050 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 3836 | 7261 | 11097 | &nbsp;&nbsp;&nbsp;&nbsp; 5889 | 4556 | 10445 |
| Class F-2 | &nbsp;&nbsp; 9000 | 15510 | 24510 | &nbsp;&nbsp;&nbsp;&nbsp; 13565 | 8935 | 22500 |
| Class F-3 | &nbsp;&nbsp; 2464 | 4086 | 6550 | &nbsp;&nbsp;&nbsp;&nbsp; 3798 | 2462 | 6260 |
| Total | &nbsp;&nbsp; $70777 | $132170 | $202947 | &nbsp;&nbsp;&nbsp;&nbsp; $111755 | $83259 | $195014 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **35** | American Funds Portfolio Series |

---

------

**Preservation Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class A | &nbsp;&nbsp; $24555 | $— | $24555 | &nbsp;&nbsp;&nbsp;&nbsp; $51418 | $— | $51418 |
| Class C | &nbsp;&nbsp; 786 |  | 786 | &nbsp;&nbsp;&nbsp;&nbsp; 1980 |  | 1980 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 321 |  | 321 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |  | 763 |
| Class F-2 | &nbsp;&nbsp; 3217 |  | 3217 | &nbsp;&nbsp;&nbsp;&nbsp; 7006 |  | 7006 |
| Class F-3 | &nbsp;&nbsp; 971 |  | 971 | &nbsp;&nbsp;&nbsp;&nbsp; 2538 |  | 2538 |
| Class 529-A | &nbsp;&nbsp; 3422 |  | 3422 | &nbsp;&nbsp;&nbsp;&nbsp; 6713 |  | 6713 |
| Class 529-C | &nbsp;&nbsp; 139 |  | 139 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |  | 278 |
| Class 529-E | &nbsp;&nbsp; 77 |  | 77 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |  | 154 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 |  | 1 |
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 1176 |  | 1176 | &nbsp;&nbsp;&nbsp;&nbsp; 1945 |  | 1945 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class ABLE-A | &nbsp;&nbsp; 31 |  | 31 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |  | 54 |
| Class ABLE-F-2 | &nbsp;&nbsp; 5 |  | 5 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |  | 8 |
| Class R-1 | &nbsp;&nbsp; 13 |  | 13 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |  | 20 |
| Class R-2 | &nbsp;&nbsp; 290 |  | 290 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |  | 598 |
| Class R-2E | &nbsp;&nbsp; 4 |  | 4 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |  | 7 |
| Class R-3 | &nbsp;&nbsp; 481 |  | 481 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |  | 994 |
| Class R-4 | &nbsp;&nbsp; 220 |  | 220 | &nbsp;&nbsp;&nbsp;&nbsp; 438 |  | 438 |
| Class R-5E | &nbsp;&nbsp; 80 |  | 80 | &nbsp;&nbsp;&nbsp;&nbsp; 134 |  | 134 |
| Class R-5 | &nbsp;&nbsp; 73 |  | 73 | &nbsp;&nbsp;&nbsp;&nbsp; 184 |  | 184 |
| Class R-6 | &nbsp;&nbsp; 782 |  | 782 | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |  | 1444 |
| Total | &nbsp;&nbsp; $36643 | $— | $36643 | &nbsp;&nbsp;&nbsp;&nbsp; $76677 | $— | $76677 |

---

**Tax-Exempt Preservation Portfolio** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<sup>4</sup> <br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<sup>4</sup> <br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class A | &nbsp;&nbsp; $4310 | $— | $4310 | &nbsp;&nbsp;&nbsp;&nbsp; $7772 | $— | $7772 |
| Class C | &nbsp;&nbsp; 91 |  | 91 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |  | 201 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 24 |  | 24 | &nbsp;&nbsp;&nbsp;&nbsp; 44 |  | 44 |
| Class F-2 | &nbsp;&nbsp; 817 |  | 817 | &nbsp;&nbsp;&nbsp;&nbsp; 1460 |  | 1460 |
| Class F-3 | &nbsp;&nbsp; 85 |  | 85 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |  | 175 |
| Total | &nbsp;&nbsp; $5327 | $— | $5327 | &nbsp;&nbsp;&nbsp;&nbsp; $9652 | $— | $9652 |

---

<sup>3</sup>

Amount less than one thousand.

<sup>4</sup>

Ordinary income may include both taxable and tax-exempt income.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **36** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Fees and transactions with related parties**

------

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the series' shares, and American Funds Service Company® ("AFS"), the series' transfer agent. CRMC, CCG 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 CCG for paying service fees, to firms that have entered into agreements with CCG 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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Classes 529-A and ABLE-A | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Classes C, 529-C and R-1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2E | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Classes 529-E and R-3 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

For Class A, 529-A and ABLE-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of April 30, 2025, 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 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Growth Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth and Income Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Moderate Growth and Income Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Conservative Growth and Income Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax-Aware Conservative Growth and Income Portfolio | 73000 | Not applicable | Not applicable |
| Preservation Portfolio | 2041000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax-Exempt Preservation Portfolio | 118000 | 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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

---

| | |
|:---|:---|
| **37** | 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 Commonwealth Savers Plan (formerly, Virginia529) for its oversight and administration of the CollegeAmerica 529 college savings plan and ABLEAmerica® tax-advantaged savings program. Commonwealth Savers Plan is not considered a related party to any of the funds.

The quarterly fees are 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 $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. Commonwealth Savers Plan 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, 2028, whichever is earlier. For the six months ended April 30, 2025, Commonwealth Savers Plan waived total 529 and ABLE plan service fees of $16,000 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 $2,111,000, which were equivalent to an annualized rate of 0.054%, were reduced to $2,095,000, which were equivalent to an annualized rate of 0.053% of the average daily net assets of each 529 and ABLE share class of each fund.

For the six months ended April 30, 2025, the class-specific expenses of each fund under these agreements were as follows

(dollars in thousands):

**Global Growth Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>| **529 and ABLE** <br> **plan services**<br>|
| Class A | $4080 | &nbsp;&nbsp; $1691 | Not applicable |
| Class C | 1658 | &nbsp;&nbsp; 173 | Not applicable |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class F-1 | 70 | &nbsp;&nbsp; 35 | Not applicable |
| Class F-2 | Not applicable | &nbsp;&nbsp; 329 | Not applicable |
| Class F-3 | Not applicable | &nbsp;&nbsp; 3 | Not applicable |
| Class 529-A | 923 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; $212 |
| Class 529-C | 162 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 9 |
| Class 529-E | 58 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6 |
| Class 529-T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-1 |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-2 | Not applicable | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 44 |
| Class 529-F-3 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class ABLE-A | 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Class ABLE-F-2 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class R-1 | 24 | &nbsp;&nbsp; 2 | Not applicable |
| Class R-2 | 430 | &nbsp;&nbsp; 197 | Not applicable |
| Class R-2E | 13 | &nbsp;&nbsp; 4 | Not applicable |
| Class R-3 | 265 | &nbsp;&nbsp; 77 | Not applicable |
| Class R-4 | 70 | &nbsp;&nbsp; 28 | Not applicable |
| Class R-5E | Not applicable | &nbsp;&nbsp; 23 | Not applicable |
| Class R-5 | Not applicable | &nbsp;&nbsp; 5 | Not applicable |
| Class R-6 | Not applicable | &nbsp;&nbsp; 2 | Not applicable |
| Total class-specific <br> expenses<br>| $7758 | &nbsp;&nbsp; $3026 | &nbsp;&nbsp; $272 |

---

Refer to the end of the table(s) for footnote(s).

**Growth Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>| **529 and ABLE** <br> **plan services**<br>|
| Class A | $15130 | &nbsp;&nbsp; $5572 | Not applicable |
| Class C | 6081 | &nbsp;&nbsp; 564 | Not applicable |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class F-1 | 162 | &nbsp;&nbsp; 76 | Not applicable |
| Class F-2 | Not applicable | &nbsp;&nbsp; 783 | Not applicable |
| Class F-3 | Not applicable | &nbsp;&nbsp; 4 | Not applicable |
| Class 529-A | 3433 | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; $766 |
| Class 529-C | 571 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 31 |
| Class 529-E | 254 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 27 |
| Class 529-T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-1 |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-2 | Not applicable | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 131 |
| Class 529-F-3 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class ABLE-A | 21 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
| Class ABLE-F-2 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class R-1 | 270 | &nbsp;&nbsp; 25 | Not applicable |
| Class R-2 | 1039 | &nbsp;&nbsp; 467 | Not applicable |
| Class R-2E | 37 | &nbsp;&nbsp; 13 | Not applicable |
| Class R-3 | 814 | &nbsp;&nbsp; 224 | Not applicable |
| Class R-4 | 148 | &nbsp;&nbsp; 50 | Not applicable |
| Class R-5E | Not applicable | &nbsp;&nbsp; 67 | Not applicable |
| Class R-5 | Not applicable | &nbsp;&nbsp; 12 | Not applicable |
| Class R-6 | Not applicable | &nbsp;&nbsp; 4 | Not applicable |
| Total class-specific <br> expenses<br>| $27960 | &nbsp;&nbsp; $9327 | &nbsp;&nbsp; $961 |

---

---

| | |
|:---|:---|
| American Funds Portfolio Series | **38** |

---

------

**Growth and Income Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>| **529 and ABLE** <br> **plan services**<br>|
| Class A | $16355 | &nbsp;&nbsp; $3678 | Not applicable |
| Class C | 5314 | &nbsp;&nbsp; 321 | Not applicable |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class F-1 | 270 | &nbsp;&nbsp; 125 | Not applicable |
| Class F-2 | Not applicable | &nbsp;&nbsp; 811 | Not applicable |
| Class F-3 | Not applicable | &nbsp;&nbsp; 4 | Not applicable |
| Class 529-A | 1685 | &nbsp;&nbsp; 387 | &nbsp;&nbsp; $374 |
| Class 529-C | 324 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 |
| Class 529-E | 119 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 13 |
| Class 529-T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-1 |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-2 | Not applicable | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 57 |
| Class 529-F-3 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class ABLE-A | 15 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4 |
| Class ABLE-F-2 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class R-1 | 122 | &nbsp;&nbsp; 10 | Not applicable |
| Class R-2 | 838 | &nbsp;&nbsp; 356 | Not applicable |
| Class R-2E | 54 | &nbsp;&nbsp; 19 | Not applicable |
| Class R-3 | 556 | &nbsp;&nbsp; 161 | Not applicable |
| Class R-4 | 108 | &nbsp;&nbsp; 39 | Not applicable |
| Class R-5E | Not applicable | &nbsp;&nbsp; 32 | Not applicable |
| Class R-5 | Not applicable | &nbsp;&nbsp; 11 | Not applicable |
| Class R-6 | Not applicable | &nbsp;&nbsp; 7 | Not applicable |
| Total class-specific <br> expenses<br>| $25760 | &nbsp;&nbsp; $6038 | &nbsp;&nbsp; $465 |

---

**Moderate Growth and Income Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>| **529 and ABLE** <br> **plan services**<br>|
| Class A | $12834 | &nbsp;&nbsp; $2329 | Not applicable |
| Class C | 4067 | &nbsp;&nbsp; 197 | Not applicable |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class F-1 | 131 | &nbsp;&nbsp; 56 | Not applicable |
| Class F-2 | Not applicable | &nbsp;&nbsp; 672 | Not applicable |
| Class F-3 | Not applicable | &nbsp;&nbsp; 4 | Not applicable |
| Class 529-A | 805 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; $180 |
| Class 529-C | 176 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 |
| Class 529-E | 47 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5 |
| Class 529-T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-1 |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-2 | Not applicable | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 31 |
| Class 529-F-3 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class ABLE-A | 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 |
| Class ABLE-F-2 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class R-1 | 50 | &nbsp;&nbsp; 4 | Not applicable |
| Class R-2 | 503 | &nbsp;&nbsp; 227 | Not applicable |
| Class R-2E | 25 | &nbsp;&nbsp; 8 | Not applicable |
| Class R-3 | 384 | &nbsp;&nbsp; 108 | Not applicable |
| Class R-4 | 107 | &nbsp;&nbsp; 38 | Not applicable |
| Class R-5E | Not applicable | &nbsp;&nbsp; 25 | Not applicable |
| Class R-5 | Not applicable | &nbsp;&nbsp; 10 | Not applicable |
| Class R-6 | Not applicable | &nbsp;&nbsp; 7 | Not applicable |
| Total class-specific <br> expenses<br>| $19142 | &nbsp;&nbsp; $3869 | &nbsp;&nbsp; $229 |

---

**Conservative Growth and Income Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>| **529 and ABLE** <br> **plan services**<br>|
| Class A | $7754 | &nbsp;&nbsp; $1263 | Not applicable |
| Class C | 2257 | &nbsp;&nbsp; 101 | Not applicable |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class F-1 | 137 | &nbsp;&nbsp; 58 | Not applicable |
| Class F-2 | Not applicable | &nbsp;&nbsp; 377 | Not applicable |
| Class F-3 | Not applicable | &nbsp;&nbsp; 2 | Not applicable |
| Class 529-A | 392 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; $91 |
| Class 529-C | 116 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
| Class 529-E | 21 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| Class 529-T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-1 |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-2 | Not applicable | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 18 |
| Class 529-F-3 | Not applicable | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>|
| Class ABLE-A | 5 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 2 |
| Class ABLE-F-2 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class R-1 | 17 | &nbsp;&nbsp; 1 | Not applicable |
| Class R-2 | 165 | &nbsp;&nbsp; 76 | Not applicable |
| Class R-2E | 6 | &nbsp;&nbsp; 2 | Not applicable |
| Class R-3 | 118 | &nbsp;&nbsp; 34 | Not applicable |
| Class R-4 | 43 | &nbsp;&nbsp; 14 | Not applicable |
| Class R-5E | Not applicable | &nbsp;&nbsp; 8 | Not applicable |
| Class R-5 | Not applicable | &nbsp;&nbsp; 4 | Not applicable |
| Class R-6 | Not applicable | &nbsp;&nbsp; 2 | Not applicable |
| Total class-specific <br> expenses<br>| $11031 | &nbsp;&nbsp; $2032 | &nbsp;&nbsp; $119 |

---

Refer to the end of the table(s) for footnote(s).

**Tax-Aware Conservative Growth and Income Portfolio** 

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>|
| Class A | $5815 | &nbsp;&nbsp; $517 |
| Class C | 1536 | &nbsp;&nbsp; 41 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 359 | &nbsp;&nbsp; 174 |
| Class F-2 | Not applicable | &nbsp;&nbsp; 341 |
| Class F-3 | Not applicable | &nbsp;&nbsp; 2 |
| Total class-specific <br> expenses<br>| $7710 | &nbsp;&nbsp; $1075 |

---

---

| | |
|:---|:---|
| **39** | American Funds Portfolio Series |

---

------

**Preservation Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>| **529 and ABLE** <br> **plan services**<br>|
| Class A | $1854 | &nbsp;&nbsp; $509 | Not applicable |
| Class C | 241 | &nbsp;&nbsp; 20 | Not applicable |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class F-1 | 20 | &nbsp;&nbsp; 11 | Not applicable |
| Class F-2 | Not applicable | &nbsp;&nbsp; 74 | Not applicable |
| Class F-3 | Not applicable | &nbsp;&nbsp; 1 | Not applicable |
| Class 529-A | 194 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; $46 |
| Class 529-C | 43 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| Class 529-E | 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Class 529-T |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-1 |  | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class 529-F-2 | Not applicable | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Class 529-F-3 | Not applicable | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>|
| Class ABLE-A | 2 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 1 |
| Class ABLE-F-2 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; —<br> \*<br>|
| Class R-1 | 4 | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class R-2 | 65 | &nbsp;&nbsp; 27 | Not applicable |
| Class R-2E | 1 | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Class R-3 | 63 | &nbsp;&nbsp; 19 | Not applicable |
| Class R-4 | 13 | &nbsp;&nbsp; 5 | Not applicable |
| Class R-5E | Not applicable | &nbsp;&nbsp; 3 | Not applicable |
| Class R-5 | Not applicable | &nbsp;&nbsp; 1 | Not applicable |
| Class R-6 | Not applicable | &nbsp;&nbsp; —<br> \*<br>| Not applicable |
| Total class-specific <br> expenses<br>| $2510 | &nbsp;&nbsp; $756 | &nbsp;&nbsp; $65 |

---

**Tax-Exempt Preservation Portfolio**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution** <br> **services**<br>| **Transfer agent** <br> **services**<br>|
| Class A | $488 | &nbsp;&nbsp; $63 |
| Class C | 48 | &nbsp;&nbsp; 2 |
| Class T |  | &nbsp;&nbsp; —<br> \*<br>|
| Class F-1 | 2 | &nbsp;&nbsp; 1 |
| Class F-2 | Not applicable | &nbsp;&nbsp; 27 |
| Class F-3 | Not applicable | &nbsp;&nbsp; —<br> \*<br>|
| Total class-specific <br> expenses<br>| $538 | &nbsp;&nbsp; $93 |

---

\*

Amount less than one thousand.

**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** | &nbsp;&nbsp;&nbsp; **Decrease in value of** <br>**deferred amounts**<br>| &nbsp;&nbsp;&nbsp; **Total trustees'** <br>**compensation**<br>|
| Global Growth Portfolio | $8 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8 |
| Growth Portfolio | 27 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Growth and Income Portfolio | 24 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Moderate Growth and Income Portfolio  | 19 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Conservative Growth and Income Portfolio  | 10 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Tax-Aware Conservative Growth and Income Portfolio | 7 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Preservation Portfolio | 2 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Tax-Exempt Preservation Portfolio | 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

\*

Amount less than one thousand.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any of the funds in the series.

**Investment in CCF** — The series holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund's short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

---

| | |
|:---|:---|
| American Funds Portfolio Series | **40** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 six months ended April 30, 2025, as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Global Growth Portfolio | $343879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $222638 |
| Growth Portfolio | 1734714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76803 |
| Growth and Income Portfolio | 1163764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183836 |
| Moderate Growth and Income Portfolio  | 765735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333392 |
| Conservative Growth and Income Portfolio  | 444783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88218 |
| Tax-Aware Conservative Growth and Income Portfolio | 251610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73553 |
| Preservation Portfolio | 96545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119158 |
| Tax-Exempt Preservation Portfolio | 40863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50082 |

---

---

| | |
|:---|:---|
| **41** | American Funds Portfolio Series |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Capital share transactions**

------

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

**Global Growth Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | $158191 | 6931 | &nbsp;&nbsp;&nbsp; $136056 | 5944 | &nbsp;&nbsp;&nbsp; $(255895)<br>| (11145)<br>| &nbsp;&nbsp;&nbsp; $38352 | 1730 |
| Class C | 21527 | 973 | &nbsp;&nbsp;&nbsp; 12175 | 546 | &nbsp;&nbsp;&nbsp; (52491)<br>| (2363)<br>| &nbsp;&nbsp;&nbsp; (18789)<br>| (844)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 2838 | 125 | &nbsp;&nbsp;&nbsp; 2327 | 102 | &nbsp;&nbsp;&nbsp; (6069)<br>| (267)<br>| &nbsp;&nbsp;&nbsp; (904)<br>| (40)<br>|
| Class F-2 | 53396 | 2308 | &nbsp;&nbsp;&nbsp; 26044 | 1133 | &nbsp;&nbsp;&nbsp; (111515)<br>| (4775)<br>| &nbsp;&nbsp;&nbsp; (32075)<br>| (1334)<br>|
| Class F-3 | 16118 | 691 | &nbsp;&nbsp;&nbsp; 12319 | 537 | &nbsp;&nbsp;&nbsp; (34943)<br>| (1503)<br>| &nbsp;&nbsp;&nbsp; (6506)<br>| (275)<br>|
| Class 529-A | 51161 | 2233 | &nbsp;&nbsp;&nbsp; 32465 | 1423 | &nbsp;&nbsp;&nbsp; (46748)<br>| (2031)<br>| &nbsp;&nbsp;&nbsp; 36878 | 1625 |
| Class 529-C | 3448 | 154 | &nbsp;&nbsp;&nbsp; 1226 | 56 | &nbsp;&nbsp;&nbsp; (7047)<br>| (316)<br>| &nbsp;&nbsp;&nbsp; (2373)<br>| (106)<br>|
| Class 529-E | 1322 | 57 | &nbsp;&nbsp;&nbsp; 919 | 41 | &nbsp;&nbsp;&nbsp; (2531)<br>| (109)<br>| &nbsp;&nbsp;&nbsp; (290)<br>| (11)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 18403 | 800 | &nbsp;&nbsp;&nbsp; 7032 | 308 | &nbsp;&nbsp;&nbsp; (11290)<br>| (487)<br>| &nbsp;&nbsp;&nbsp; 14145 | 621 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class ABLE-A | 712 | 31 | &nbsp;&nbsp;&nbsp; 203 | 9 | &nbsp;&nbsp;&nbsp; (257)<br>| (11)<br>| &nbsp;&nbsp;&nbsp; 658 | 29 |
| Class ABLE-F-2 | 87 | 4 | &nbsp;&nbsp;&nbsp; 28 | 1 | &nbsp;&nbsp;&nbsp; (117)<br>| (5)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| — <br><sup>†</sup><br>|
| Class R-1 | 199 | 9 | &nbsp;&nbsp;&nbsp; 181 | 8 | &nbsp;&nbsp;&nbsp; (438)<br>| (20)<br>| &nbsp;&nbsp;&nbsp; (58)<br>| (3)<br>|
| Class R-2 | 9379 | 422 | &nbsp;&nbsp;&nbsp; 4190 | 189 | &nbsp;&nbsp;&nbsp; (13129)<br>| (591)<br>| &nbsp;&nbsp;&nbsp; 440 | 20 |
| Class R-2E | 768 | 34 | &nbsp;&nbsp;&nbsp; 146 | 6 | &nbsp;&nbsp;&nbsp; (241)<br>| (10)<br>| &nbsp;&nbsp;&nbsp; 673 | 30 |
| Class R-3 | 10536 | 465 | &nbsp;&nbsp;&nbsp; 4131 | 182 | &nbsp;&nbsp;&nbsp; (10877)<br>| (479)<br>| &nbsp;&nbsp;&nbsp; 3790 | 168 |
| Class R-4 | 3793 | 166 | &nbsp;&nbsp;&nbsp; 2360 | 103 | &nbsp;&nbsp;&nbsp; (5647)<br>| (244)<br>| &nbsp;&nbsp;&nbsp; 506 | 25 |
| Class R-5E | 4315 | 191 | &nbsp;&nbsp;&nbsp; 1423 | 62 | &nbsp;&nbsp;&nbsp; (4353)<br>| (190)<br>| &nbsp;&nbsp;&nbsp; 1385 | 63 |
| Class R-5 | 10152 | 428 | &nbsp;&nbsp;&nbsp; 606 | 26 | &nbsp;&nbsp;&nbsp; (2275)<br>| (95)<br>| &nbsp;&nbsp;&nbsp; 8483 | 359 |
| Class R-6 | 15096 | 655 | &nbsp;&nbsp;&nbsp; 7199 | 310 | &nbsp;&nbsp;&nbsp; (18659)<br>| (795)<br>| &nbsp;&nbsp;&nbsp; 3636 | 170 |
| Total net increase (decrease) | $381441 | 16677 | &nbsp;&nbsp;&nbsp; $251033 | 10986 | &nbsp;&nbsp;&nbsp; $(584522)<br>| (25436)<br>| &nbsp;&nbsp;&nbsp; $47952 | 2227 |
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | $303466 | 14046 | &nbsp;&nbsp;&nbsp; $28504 | 1386 | &nbsp;&nbsp;&nbsp; $(463878)<br>| (21296)<br>| &nbsp;&nbsp;&nbsp; $(131908)<br>| (5864)<br>|
| Class C | 40604 | 1934 | &nbsp;&nbsp;&nbsp; 828 | 42 | &nbsp;&nbsp;&nbsp; (105471)<br>| (5019)<br>| &nbsp;&nbsp;&nbsp; (64039)<br>| (3043)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 12046 | 555 | &nbsp;&nbsp;&nbsp; 454 | 22 | &nbsp;&nbsp;&nbsp; (13502)<br>| (624)<br>| &nbsp;&nbsp;&nbsp; (1002)<br>| (47)<br>|
| Class F-2 | 108465 | 4951 | &nbsp;&nbsp;&nbsp; 6833 | 331 | &nbsp;&nbsp;&nbsp; (159061)<br>| (7257)<br>| &nbsp;&nbsp;&nbsp; (43763)<br>| (1975)<br>|
| Class F-3 | 39121 | 1807 | &nbsp;&nbsp;&nbsp; 3027 | 147 | &nbsp;&nbsp;&nbsp; (28766)<br>| (1317)<br>| &nbsp;&nbsp;&nbsp; 13382 | 637 |
| Class 529-A | 80577 | 3729 | &nbsp;&nbsp;&nbsp; 6314 | 308 | &nbsp;&nbsp;&nbsp; (85225)<br>| (3933)<br>| &nbsp;&nbsp;&nbsp; 1666 | 104 |
| Class 529-C | 6317 | 301 | &nbsp;&nbsp;&nbsp; 52 | 3 | &nbsp;&nbsp;&nbsp; (11916)<br>| (571)<br>| &nbsp;&nbsp;&nbsp; (5547)<br>| (267)<br>|
| Class 529-E | 2286 | 106 | &nbsp;&nbsp;&nbsp; 148 | 7 | &nbsp;&nbsp;&nbsp; (1761)<br>| (81)<br>| &nbsp;&nbsp;&nbsp; 673 | 32 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 31571 | 1458 | &nbsp;&nbsp;&nbsp; 1576 | 77 | &nbsp;&nbsp;&nbsp; (23260)<br>| (1061)<br>| &nbsp;&nbsp;&nbsp; 9887 | 474 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class ABLE-A | 1134 | 53 | &nbsp;&nbsp;&nbsp; 35 | 1 | &nbsp;&nbsp;&nbsp; (307)<br>| (14)<br>| &nbsp;&nbsp;&nbsp; 862 | 40 |
| Class ABLE-F-2 | 147 | 7 | &nbsp;&nbsp;&nbsp; 5 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (24)<br>| (1)<br>| &nbsp;&nbsp;&nbsp; 128 | 6 |
| Class R-1 | 566 | 26 | &nbsp;&nbsp;&nbsp; 19 | 1 | &nbsp;&nbsp;&nbsp; (810)<br>| (37)<br>| &nbsp;&nbsp;&nbsp; (225)<br>| (10)<br>|
| Class R-2 | 18546 | 883 | &nbsp;&nbsp;&nbsp; 366 | 18 | &nbsp;&nbsp;&nbsp; (29716)<br>| (1414)<br>| &nbsp;&nbsp;&nbsp; (10804)<br>| (513)<br>|
| Class R-2E | 629 | 29 | &nbsp;&nbsp;&nbsp; 35 | 1 | &nbsp;&nbsp;&nbsp; (3826)<br>| (172)<br>| &nbsp;&nbsp;&nbsp; (3162)<br>| (142)<br>|
| Class R-3 | 21609 | 1006 | &nbsp;&nbsp;&nbsp; 648 | 32 | &nbsp;&nbsp;&nbsp; (20022)<br>| (940)<br>| &nbsp;&nbsp;&nbsp; 2235 | 98 |
| Class R-4 | 7925 | 369 | &nbsp;&nbsp;&nbsp; 497 | 25 | &nbsp;&nbsp;&nbsp; (8121)<br>| (373)<br>| &nbsp;&nbsp;&nbsp; 301 | 21 |
| Class R-5E | 8966 | 414 | &nbsp;&nbsp;&nbsp; 311 | 15 | &nbsp;&nbsp;&nbsp; (6865)<br>| (317)<br>| &nbsp;&nbsp;&nbsp; 2412 | 112 |
| Class R-5 | 1602 | 73 | &nbsp;&nbsp;&nbsp; 183 | 9 | &nbsp;&nbsp;&nbsp; (4578)<br>| (212)<br>| &nbsp;&nbsp;&nbsp; (2793)<br>| (130)<br>|
| Class R-6 | 34739 | 1569 | &nbsp;&nbsp;&nbsp; 1850 | 89 | &nbsp;&nbsp;&nbsp; (35079)<br>| (1579)<br>| &nbsp;&nbsp;&nbsp; 1510 | 79 |
| Total net increase (decrease) | $720316 | 33316 | &nbsp;&nbsp;&nbsp; $51685 | 2514 | &nbsp;&nbsp;&nbsp; $(1002188)<br>| (46218)<br>| &nbsp;&nbsp;&nbsp; $(230187)<br>| (10388)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **42** |

---

------

**Growth Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | $990009 | 38725 | &nbsp;&nbsp; $671406 | 26033 | &nbsp;&nbsp; $(822617)<br>| (32177)<br>| &nbsp;&nbsp; $838798 | 32581 |
| Class C | 124286 | 5079 | &nbsp;&nbsp; 65700 | 2657 | &nbsp;&nbsp; (171819)<br>| (7021)<br>| &nbsp;&nbsp; 18167 | 715 |
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 23756 | 932 | &nbsp;&nbsp; 7048 | 273 | &nbsp;&nbsp; (15687)<br>| (623)<br>| &nbsp;&nbsp; 15117 | 582 |
| Class F-2 | 243308 | 9348 | &nbsp;&nbsp; 86049 | 3317 | &nbsp;&nbsp; (168419)<br>| (6514)<br>| &nbsp;&nbsp; 160938 | 6151 |
| Class F-3 | 43648 | 1682 | &nbsp;&nbsp; 19138 | 740 | &nbsp;&nbsp; (46951)<br>| (1810)<br>| &nbsp;&nbsp; 15835 | 612 |
| Class 529-A | 251729 | 9773 | &nbsp;&nbsp; 157223 | 6113 | &nbsp;&nbsp; (160108)<br>| (6237)<br>| &nbsp;&nbsp; 248844 | 9649 |
| Class 529-C | 16004 | 653 | &nbsp;&nbsp; 6246 | 253 | &nbsp;&nbsp; (23155)<br>| (943)<br>| &nbsp;&nbsp; (905)<br>| (37)<br>|
| Class 529-E | 8426 | 329 | &nbsp;&nbsp; 5587 | 220 | &nbsp;&nbsp; (7453)<br>| (294)<br>| &nbsp;&nbsp; 6560 | 255 |
| Class 529-T |  |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 78831 | 3037 | &nbsp;&nbsp; 27616 | 1072 | &nbsp;&nbsp; (32134)<br>| (1239)<br>| &nbsp;&nbsp; 74313 | 2870 |
| Class 529-F-3 |  |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class ABLE-A | 3946 | 154 | &nbsp;&nbsp; 1145 | 44 | &nbsp;&nbsp; (807)<br>| (31)<br>| &nbsp;&nbsp; 4284 | 167 |
| Class ABLE-F-2 | 402 | 15 | &nbsp;&nbsp; 69 | 3 | &nbsp;&nbsp; (59)<br>| (2)<br>| &nbsp;&nbsp; 412 | 16 |
| Class R-1 | 3941 | 160 | &nbsp;&nbsp; 2879 | 116 | &nbsp;&nbsp; (3050)<br>| (119)<br>| &nbsp;&nbsp; 3770 | 157 |
| Class R-2 | 35691 | 1450 | &nbsp;&nbsp; 14907 | 604 | &nbsp;&nbsp; (37528)<br>| (1528)<br>| &nbsp;&nbsp; 13070 | 526 |
| Class R-2E | 1022 | 42 | &nbsp;&nbsp; 659 | 26 | &nbsp;&nbsp; (1535)<br>| (59)<br>| &nbsp;&nbsp; 146 | 9 |
| Class R-3 | 46779 | 1859 | &nbsp;&nbsp; 17153 | 674 | &nbsp;&nbsp; (30417)<br>| (1206)<br>| &nbsp;&nbsp; 33515 | 1327 |
| Class R-4 | 12093 | 472 | &nbsp;&nbsp; 6671 | 259 | &nbsp;&nbsp; (15083)<br>| (599)<br>| &nbsp;&nbsp; 3681 | 132 |
| Class R-5E | 15985 | 627 | &nbsp;&nbsp; 5514 | 215 | &nbsp;&nbsp; (11672)<br>| (464)<br>| &nbsp;&nbsp; 9827 | 378 |
| Class R-5 | 13916 | 525 | &nbsp;&nbsp; 2359 | 90 | &nbsp;&nbsp; (7198)<br>| (277)<br>| &nbsp;&nbsp; 9077 | 338 |
| Class R-6 | 81862 | 3153 | &nbsp;&nbsp; 21415 | 823 | &nbsp;&nbsp; (42558)<br>| (1647)<br>| &nbsp;&nbsp; 60719 | 2329 |
| Total net increase (decrease) | $1995634 | 78015 | &nbsp;&nbsp; $1118787 | 43532 | &nbsp;&nbsp; $(1598250)<br>| (62790)<br>| &nbsp;&nbsp; $1516171 | 58757 |
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | $1562888 | 65200 | &nbsp;&nbsp; $156475 | 6970 | &nbsp;&nbsp; $(1285736)<br>| (53287)<br>| &nbsp;&nbsp; $433627 | 18883 |
| Class C | 192219 | 8360 | &nbsp;&nbsp; 10976 | 507 | &nbsp;&nbsp; (329516)<br>| (14317)<br>| &nbsp;&nbsp; (126321)<br>| (5450)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 26852 | 1115 | &nbsp;&nbsp; 1676 | 74 | &nbsp;&nbsp; (26944)<br>| (1113)<br>| &nbsp;&nbsp; 1584 | 76 |
| Class F-2 | 334163 | 13844 | &nbsp;&nbsp; 22314 | 989 | &nbsp;&nbsp; (248233)<br>| (10296)<br>| &nbsp;&nbsp; 108244 | 4537 |
| Class F-3 | 65853 | 2677 | &nbsp;&nbsp; 4944 | 220 | &nbsp;&nbsp; (49894)<br>| (2053)<br>| &nbsp;&nbsp; 20903 | 844 |
| Class 529-A | 401367 | 16809 | &nbsp;&nbsp; 34788 | 1553 | &nbsp;&nbsp; (244525)<br>| (10153)<br>| &nbsp;&nbsp; 191630 | 8209 |
| Class 529-C | 25047 | 1092 | &nbsp;&nbsp; 1045 | 48 | &nbsp;&nbsp; (39819)<br>| (1739)<br>| &nbsp;&nbsp; (13727)<br>| (599)<br>|
| Class 529-E | 12688 | 540 | &nbsp;&nbsp; 1134 | 51 | &nbsp;&nbsp; (7872)<br>| (331)<br>| &nbsp;&nbsp; 5950 | 260 |
| Class 529-T |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 98026 | 4048 | &nbsp;&nbsp; 6181 | 276 | &nbsp;&nbsp; (44715)<br>| (1862)<br>| &nbsp;&nbsp; 59492 | 2462 |
| Class 529-F-3 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class ABLE-A | 4956 | 210 | &nbsp;&nbsp; 221 | 10 | &nbsp;&nbsp; (958)<br>| (40)<br>| &nbsp;&nbsp; 4219 | 180 |
| Class ABLE-F-2 | 490 | 21 | &nbsp;&nbsp; 10 | — <br><sup>†</sup><br>| &nbsp;&nbsp; (74)<br>| (3)<br>| &nbsp;&nbsp; 426 | 18 |
| Class R-1 | 5648 | 242 | &nbsp;&nbsp; 443 | 20 | &nbsp;&nbsp; (3909)<br>| (173)<br>| &nbsp;&nbsp; 2182 | 89 |
| Class R-2 | 48264 | 2108 | &nbsp;&nbsp; 2531 | 117 | &nbsp;&nbsp; (62859)<br>| (2733)<br>| &nbsp;&nbsp; (12064)<br>| (508)<br>|
| Class R-2E | 3253 | 141 | &nbsp;&nbsp; 164 | 8 | &nbsp;&nbsp; (5810)<br>| (236)<br>| &nbsp;&nbsp; (2393)<br>| (87)<br>|
| Class R-3 | 72331 | 3070 | &nbsp;&nbsp; 3550 | 160 | &nbsp;&nbsp; (57166)<br>| (2423)<br>| &nbsp;&nbsp; 18715 | 807 |
| Class R-4 | 21527 | 887 | &nbsp;&nbsp; 1551 | 69 | &nbsp;&nbsp; (18885)<br>| (774)<br>| &nbsp;&nbsp; 4193 | 182 |
| Class R-5E | 26479 | 1103 | &nbsp;&nbsp; 1268 | 57 | &nbsp;&nbsp; (16208)<br>| (671)<br>| &nbsp;&nbsp; 11539 | 489 |
| Class R-5 | 5496 | 226 | &nbsp;&nbsp; 695 | 31 | &nbsp;&nbsp; (10203)<br>| (405)<br>| &nbsp;&nbsp; (4012)<br>| (148)<br>|
| Class R-6 | 106078 | 4320 | &nbsp;&nbsp; 4690 | 207 | &nbsp;&nbsp; (50158)<br>| (2059)<br>| &nbsp;&nbsp; 60610 | 2468 |
| Total net increase (decrease) | $3013625 | 126013 | &nbsp;&nbsp; $254656 | 11367 | &nbsp;&nbsp; $(2503484)<br>| (104668)<br>| &nbsp;&nbsp; $764797 | 32712 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **43** | American Funds Portfolio Series |

---

------

**Growth and Income Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | $866126 | 44671 | &nbsp;&nbsp; $479355 | 24926 | &nbsp;&nbsp; $(847042)<br>| (43826)<br>| &nbsp;&nbsp; $498439 | 25771 |
| Class C | 93038 | 4830 | &nbsp;&nbsp; 38390 | 2010 | &nbsp;&nbsp; (168470)<br>| (8795)<br>| &nbsp;&nbsp; (37042)<br>| (1955)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 25545 | 1316 | &nbsp;&nbsp; 8263 | 430 | &nbsp;&nbsp; (25187)<br>| (1296)<br>| &nbsp;&nbsp; 8621 | 450 |
| Class F-2 | 189790 | 9738 | &nbsp;&nbsp; 61832 | 3210 | &nbsp;&nbsp; (171280)<br>| (8827)<br>| &nbsp;&nbsp; 80342 | 4121 |
| Class F-3 | 39499 | 2033 | &nbsp;&nbsp; 14700 | 764 | &nbsp;&nbsp; (48944)<br>| (2514)<br>| &nbsp;&nbsp; 5255 | 283 |
| Class 529-A | 115839 | 5958 | &nbsp;&nbsp; 54076 | 2815 | &nbsp;&nbsp; (98658)<br>| (5085)<br>| &nbsp;&nbsp; 71257 | 3688 |
| Class 529-C | 9468 | 490 | &nbsp;&nbsp; 2330 | 122 | &nbsp;&nbsp; (14094)<br>| (728)<br>| &nbsp;&nbsp; (2296)<br>| (116)<br>|
| Class 529-E | 2465 | 127 | &nbsp;&nbsp; 1815 | 95 | &nbsp;&nbsp; (5118)<br>| (265)<br>| &nbsp;&nbsp; (838)<br>| (43)<br>|
| Class 529-T |  |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 27252 | 1400 | &nbsp;&nbsp; 8391 | 437 | &nbsp;&nbsp; (14900)<br>| (766)<br>| &nbsp;&nbsp; 20743 | 1071 |
| Class 529-F-3 |  |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class ABLE-A | 2379 | 122 | &nbsp;&nbsp; 552 | 29 | &nbsp;&nbsp; (705)<br>| (37)<br>| &nbsp;&nbsp; 2226 | 114 |
| Class ABLE-F-2 | 219 | 11 | &nbsp;&nbsp; 48 | 2 | &nbsp;&nbsp; (64)<br>| (3)<br>| &nbsp;&nbsp; 203 | 10 |
| Class R-1 | 2377 | 123 | &nbsp;&nbsp; 878 | 46 | &nbsp;&nbsp; (1868)<br>| (97)<br>| &nbsp;&nbsp; 1387 | 72 |
| Class R-2 | 19214 | 1003 | &nbsp;&nbsp; 8120 | 426 | &nbsp;&nbsp; (32132)<br>| (1685)<br>| &nbsp;&nbsp; (4798)<br>| (256)<br>|
| Class R-2E | 1668 | 87 | &nbsp;&nbsp; 667 | 35 | &nbsp;&nbsp; (1777)<br>| (91)<br>| &nbsp;&nbsp; 558 | 31 |
| Class R-3 | 27072 | 1413 | &nbsp;&nbsp; 8304 | 434 | &nbsp;&nbsp; (23897)<br>| (1242)<br>| &nbsp;&nbsp; 11479 | 605 |
| Class R-4 | 9529 | 494 | &nbsp;&nbsp; 3327 | 173 | &nbsp;&nbsp; (9265)<br>| (477)<br>| &nbsp;&nbsp; 3591 | 190 |
| Class R-5E | 6844 | 354 | &nbsp;&nbsp; 1828 | 95 | &nbsp;&nbsp; (5447)<br>| (285)<br>| &nbsp;&nbsp; 3225 | 164 |
| Class R-5 | 15821 | 801 | &nbsp;&nbsp; 1292 | 67 | &nbsp;&nbsp; (2437)<br>| (126)<br>| &nbsp;&nbsp; 14676 | 742 |
| Class R-6 | 116557 | 5980 | &nbsp;&nbsp; 26811 | 1391 | &nbsp;&nbsp; (73165)<br>| (3784)<br>| &nbsp;&nbsp; 70203 | 3587 |
| Total net increase (decrease) | $1570702 | 80951 | &nbsp;&nbsp; $720982 | 37507 | &nbsp;&nbsp; $(1544450)<br>| (79929)<br>| &nbsp;&nbsp; $747234 | 38529 |
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | $1441265 | 78705 | &nbsp;&nbsp; $299292 | 16544 | &nbsp;&nbsp; $(1373672)<br>| (74931)<br>| &nbsp;&nbsp; $366885 | 20318 |
| Class C | 151436 | 8355 | &nbsp;&nbsp; 22125 | 1247 | &nbsp;&nbsp; (336262)<br>| (18566)<br>| &nbsp;&nbsp; (162701)<br>| (8964)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 35153 | 1920 | &nbsp;&nbsp; 5185 | 287 | &nbsp;&nbsp; (44408)<br>| (2427)<br>| &nbsp;&nbsp; (4070)<br>| (220)<br>|
| Class F-2 | 385421 | 21041 | &nbsp;&nbsp; 38729 | 2131 | &nbsp;&nbsp; (316410)<br>| (17334)<br>| &nbsp;&nbsp; 107740 | 5838 |
| Class F-3 | 82690 | 4534 | &nbsp;&nbsp; 9625 | 530 | &nbsp;&nbsp; (62270)<br>| (3399)<br>| &nbsp;&nbsp; 30045 | 1665 |
| Class 529-A | 196416 | 10731 | &nbsp;&nbsp; 32988 | 1825 | &nbsp;&nbsp; (165614)<br>| (9045)<br>| &nbsp;&nbsp; 63790 | 3511 |
| Class 529-C | 16543 | 907 | &nbsp;&nbsp; 1312 | 74 | &nbsp;&nbsp; (26437)<br>| (1452)<br>| &nbsp;&nbsp; (8582)<br>| (471)<br>|
| Class 529-E | 5446 | 298 | &nbsp;&nbsp; 1131 | 63 | &nbsp;&nbsp; (7850)<br>| (428)<br>| &nbsp;&nbsp; (1273)<br>| (67)<br>|
| Class 529-T |  |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 46372 | 2529 | &nbsp;&nbsp; 5105 | 281 | &nbsp;&nbsp; (28105)<br>| (1529)<br>| &nbsp;&nbsp; 23372 | 1281 |
| Class 529-F-3 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class ABLE-A | 3480 | 190 | &nbsp;&nbsp; 292 | 16 | &nbsp;&nbsp; (1026)<br>| (56)<br>| &nbsp;&nbsp; 2746 | 150 |
| Class ABLE-F-2 | 495 | 27 | &nbsp;&nbsp; 24 | 1 | &nbsp;&nbsp; (43)<br>| (2)<br>| &nbsp;&nbsp; 476 | 26 |
| Class R-1 | 3220 | 177 | &nbsp;&nbsp; 427 | 24 | &nbsp;&nbsp; (3060)<br>| (169)<br>| &nbsp;&nbsp; 587 | 32 |
| Class R-2 | 34847 | 1925 | &nbsp;&nbsp; 4524 | 256 | &nbsp;&nbsp; (56860)<br>| (3115)<br>| &nbsp;&nbsp; (17489)<br>| (934)<br>|
| Class R-2E | 3489 | 196 | &nbsp;&nbsp; 499 | 28 | &nbsp;&nbsp; (11182)<br>| (605)<br>| &nbsp;&nbsp; (7194)<br>| (381)<br>|
| Class R-3 | 48938 | 2701 | &nbsp;&nbsp; 4712 | 263 | &nbsp;&nbsp; (34853)<br>| (1907)<br>| &nbsp;&nbsp; 18797 | 1057 |
| Class R-4 | 16709 | 908 | &nbsp;&nbsp; 2252 | 125 | &nbsp;&nbsp; (23949)<br>| (1304)<br>| &nbsp;&nbsp; (4988)<br>| (271)<br>|
| Class R-5E | 12970 | 713 | &nbsp;&nbsp; 1099 | 61 | &nbsp;&nbsp; (8039)<br>| (438)<br>| &nbsp;&nbsp; 6030 | 336 |
| Class R-5 | 3625 | 196 | &nbsp;&nbsp; 827 | 45 | &nbsp;&nbsp; (4350)<br>| (237)<br>| &nbsp;&nbsp; 102 | 4 |
| Class R-6 | 219615 | 11817 | &nbsp;&nbsp; 15536 | 852 | &nbsp;&nbsp; (111380)<br>| (6047)<br>| &nbsp;&nbsp; 123771 | 6622 |
| Total net increase (decrease) | $2708130 | 147870 | &nbsp;&nbsp; $445685 | 24653 | &nbsp;&nbsp; $(2615770)<br>| (142991)<br>| &nbsp;&nbsp; $538045 | 29532 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **44** |

---

------

**Moderate Growth and Income Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | $570800 | 31092 | &nbsp;&nbsp; $256102 | 14071 | &nbsp;&nbsp; $(727423)<br>| (39666)<br>| &nbsp;&nbsp; $99479 | 5497 |
| Class C | 57358 | 3146 | &nbsp;&nbsp; 18761 | 1037 | &nbsp;&nbsp; (134802)<br>| (7420)<br>| &nbsp;&nbsp; (58683)<br>| (3237)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 6726 | 366 | &nbsp;&nbsp; 2764 | 152 | &nbsp;&nbsp; (13091)<br>| (713)<br>| &nbsp;&nbsp; (3601)<br>| (195)<br>|
| Class F-2 | 152522 | 8295 | &nbsp;&nbsp; 34352 | 1884 | &nbsp;&nbsp; (153076)<br>| (8347)<br>| &nbsp;&nbsp; 33798 | 1832 |
| Class F-3 | 26898 | 1471 | &nbsp;&nbsp; 9832 | 540 | &nbsp;&nbsp; (50675)<br>| (2753)<br>| &nbsp;&nbsp; (13945)<br>| (742)<br>|
| Class 529-A | 55904 | 3035 | &nbsp;&nbsp; 17619 | 968 | &nbsp;&nbsp; (63531)<br>| (3459)<br>| &nbsp;&nbsp; 9992 | 544 |
| Class 529-C | 5134 | 280 | &nbsp;&nbsp; 807 | 44 | &nbsp;&nbsp; (8885)<br>| (485)<br>| &nbsp;&nbsp; (2944)<br>| (161)<br>|
| Class 529-E | 828 | 45 | &nbsp;&nbsp; 473 | 26 | &nbsp;&nbsp; (2036)<br>| (111)<br>| &nbsp;&nbsp; (735)<br>| (40)<br>|
| Class 529-T |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 15271 | 831 | &nbsp;&nbsp; 3192 | 175 | &nbsp;&nbsp; (15811)<br>| (866)<br>| &nbsp;&nbsp; 2652 | 140 |
| Class 529-F-3 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class ABLE-A | 2125 | 116 | &nbsp;&nbsp; 302 | 17 | &nbsp;&nbsp; (656)<br>| (36)<br>| &nbsp;&nbsp; 1771 | 97 |
| Class ABLE-F-2 | 283 | 15 | &nbsp;&nbsp; 26 | 1 | &nbsp;&nbsp; (19)<br>| (1)<br>| &nbsp;&nbsp; 290 | 15 |
| Class R-1 | 939 | 51 | &nbsp;&nbsp; 233 | 13 | &nbsp;&nbsp; (1258)<br>| (69)<br>| &nbsp;&nbsp; (86)<br>| (5)<br>|
| Class R-2 | 11193 | 615 | &nbsp;&nbsp; 3074 | 170 | &nbsp;&nbsp; (16692)<br>| (916)<br>| &nbsp;&nbsp; (2425)<br>| (131)<br>|
| Class R-2E | 612 | 33 | &nbsp;&nbsp; 195 | 11 | &nbsp;&nbsp; (414)<br>| (23)<br>| &nbsp;&nbsp; 393 | 21 |
| Class R-3 | 18443 | 1009 | &nbsp;&nbsp; 3793 | 209 | &nbsp;&nbsp; (15632)<br>| (857)<br>| &nbsp;&nbsp; 6604 | 361 |
| Class R-4 | 6875 | 373 | &nbsp;&nbsp; 2271 | 125 | &nbsp;&nbsp; (13364)<br>| (726)<br>| &nbsp;&nbsp; (4218)<br>| (228)<br>|
| Class R-5E | 5098 | 278 | &nbsp;&nbsp; 915 | 51 | &nbsp;&nbsp; (6408)<br>| (360)<br>| &nbsp;&nbsp; (395)<br>| (31)<br>|
| Class R-5 | 12931 | 694 | &nbsp;&nbsp; 917 | 50 | &nbsp;&nbsp; (1248)<br>| (67)<br>| &nbsp;&nbsp; 12600 | 677 |
| Class R-6 | 123848 | 6756 | &nbsp;&nbsp; 18144 | 995 | &nbsp;&nbsp; (88188)<br>| (4802)<br>| &nbsp;&nbsp; 53804 | 2949 |
| Total net increase (decrease) | $1073788 | 58501 | &nbsp;&nbsp; $373772 | 20539 | &nbsp;&nbsp; $(1313209)<br>| (71677)<br>| &nbsp;&nbsp; $134351 | 7363 |
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | $1085299 | 62233 | &nbsp;&nbsp; $212337 | 12155 | &nbsp;&nbsp; $(1189449)<br>| (68200)<br>| &nbsp;&nbsp; $108187 | 6188 |
| Class C | 103646 | 5977 | &nbsp;&nbsp; 14304 | 831 | &nbsp;&nbsp; (300880)<br>| (17440)<br>| &nbsp;&nbsp; (182930)<br>| (10632)<br>|
| Class T |  |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  |
| Class F-1 | 13952 | 799 | &nbsp;&nbsp; 2412 | 138 | &nbsp;&nbsp; (25048)<br>| (1444)<br>| &nbsp;&nbsp; (8684)<br>| (507)<br>|
| Class F-2 | 241913 | 13855 | &nbsp;&nbsp; 29499 | 1684 | &nbsp;&nbsp; (247631)<br>| (14184)<br>| &nbsp;&nbsp; 23781 | 1355 |
| Class F-3 | 60544 | 3468 | &nbsp;&nbsp; 8613 | 492 | &nbsp;&nbsp; (55642)<br>| (3197)<br>| &nbsp;&nbsp; 13515 | 763 |
| Class 529-A | 104450 | 5995 | &nbsp;&nbsp; 14562 | 834 | &nbsp;&nbsp; (116833)<br>| (6694)<br>| &nbsp;&nbsp; 2179 | 135 |
| Class 529-C | 10426 | 600 | &nbsp;&nbsp; 602 | 35 | &nbsp;&nbsp; (16835)<br>| (971)<br>| &nbsp;&nbsp; (5807)<br>| (336)<br>|
| Class 529-E | 2339 | 135 | &nbsp;&nbsp; 388 | 22 | &nbsp;&nbsp; (4304)<br>| (248)<br>| &nbsp;&nbsp; (1577)<br>| (91)<br>|
| Class 529-T |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 25864 | 1486 | &nbsp;&nbsp; 2659 | 152 | &nbsp;&nbsp; (22276)<br>| (1273)<br>| &nbsp;&nbsp; 6247 | 365 |
| Class 529-F-3 |  |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class ABLE-A | 3129 | 180 | &nbsp;&nbsp; 213 | 12 | &nbsp;&nbsp; (1018)<br>| (58)<br>| &nbsp;&nbsp; 2324 | 134 |
| Class ABLE-F-2 | 329 | 19 | &nbsp;&nbsp; 17 | 1 | &nbsp;&nbsp; (129)<br>| (7)<br>| &nbsp;&nbsp; 217 | 13 |
| Class R-1 | 1220 | 71 | &nbsp;&nbsp; 169 | 10 | &nbsp;&nbsp; (2604)<br>| (151)<br>| &nbsp;&nbsp; (1215)<br>| (70)<br>|
| Class R-2 | 22156 | 1279 | &nbsp;&nbsp; 2143 | 124 | &nbsp;&nbsp; (33864)<br>| (1949)<br>| &nbsp;&nbsp; (9565)<br>| (546)<br>|
| Class R-2E | 1348 | 78 | &nbsp;&nbsp; 170 | 10 | &nbsp;&nbsp; (4224)<br>| (243)<br>| &nbsp;&nbsp; (2706)<br>| (155)<br>|
| Class R-3 | 28426 | 1640 | &nbsp;&nbsp; 2998 | 173 | &nbsp;&nbsp; (39993)<br>| (2316)<br>| &nbsp;&nbsp; (8569)<br>| (503)<br>|
| Class R-4 | 21471 | 1226 | &nbsp;&nbsp; 1861 | 106 | &nbsp;&nbsp; (17813)<br>| (1021)<br>| &nbsp;&nbsp; 5519 | 311 |
| Class R-5E | 12179 | 695 | &nbsp;&nbsp; 697 | 40 | &nbsp;&nbsp; (7490)<br>| (430)<br>| &nbsp;&nbsp; 5386 | 305 |
| Class R-5 | 2408 | 137 | &nbsp;&nbsp; 766 | 44 | &nbsp;&nbsp; (4545)<br>| (262)<br>| &nbsp;&nbsp; (1371)<br>| (81)<br>|
| Class R-6 | 122707 | 7037 | &nbsp;&nbsp; 15630 | 891 | &nbsp;&nbsp; (109843)<br>| (6294)<br>| &nbsp;&nbsp; 28494 | 1634 |
| Total net increase (decrease) | $1863806 | 106910 | &nbsp;&nbsp; $310040 | 17754 | &nbsp;&nbsp; $(2200421)<br>| (126382)<br>| &nbsp;&nbsp; $(26575)<br>| (1718)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **45** | American Funds Portfolio Series |

---

------

**Conservative Growth and Income Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | $442959 | 33064 | &nbsp;&nbsp;&nbsp; $186028 | 14054 | &nbsp;&nbsp;&nbsp; $(481688)<br>| (35969)<br>| &nbsp;&nbsp;&nbsp; $147299 | 11149 |
| Class C | 42079 | 3161 | &nbsp;&nbsp;&nbsp; 13368 | 1016 | &nbsp;&nbsp;&nbsp; (70166)<br>| (5272)<br>| &nbsp;&nbsp;&nbsp; (14719)<br>| (1095)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 36320 | 2710 | &nbsp;&nbsp;&nbsp; 3537 | 267 | &nbsp;&nbsp;&nbsp; (17773)<br>| (1327)<br>| &nbsp;&nbsp;&nbsp; 22084 | 1650 |
| Class F-2 | 156271 | 11642 | &nbsp;&nbsp;&nbsp; 24153 | 1820 | &nbsp;&nbsp;&nbsp; (102833)<br>| (7665)<br>| &nbsp;&nbsp;&nbsp; 77591 | 5797 |
| Class F-3 | 31501 | 2338 | &nbsp;&nbsp;&nbsp; 5365 | 405 | &nbsp;&nbsp;&nbsp; (22475)<br>| (1677)<br>| &nbsp;&nbsp;&nbsp; 14391 | 1066 |
| Class 529-A | 44794 | 3342 | &nbsp;&nbsp;&nbsp; 11162 | 844 | &nbsp;&nbsp;&nbsp; (46257)<br>| (3457)<br>| &nbsp;&nbsp;&nbsp; 9699 | 729 |
| Class 529-C | 4270 | 319 | &nbsp;&nbsp;&nbsp; 687 | 52 | &nbsp;&nbsp;&nbsp; (5188)<br>| (390)<br>| &nbsp;&nbsp;&nbsp; (231)<br>| (19)<br>|
| Class 529-E | 1270 | 95 | &nbsp;&nbsp;&nbsp; 257 | 19 | &nbsp;&nbsp;&nbsp; (1799)<br>| (133)<br>| &nbsp;&nbsp;&nbsp; (272)<br>| (19)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 15607 | 1160 | &nbsp;&nbsp;&nbsp; 2197 | 166 | &nbsp;&nbsp;&nbsp; (16394)<br>| (1216)<br>| &nbsp;&nbsp;&nbsp; 1410 | 110 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class ABLE-A | 1097 | 82 | &nbsp;&nbsp;&nbsp; 179 | 13 | &nbsp;&nbsp;&nbsp; (221)<br>| (16)<br>| &nbsp;&nbsp;&nbsp; 1055 | 79 |
| Class ABLE-F-2 | 82 | 6 | &nbsp;&nbsp;&nbsp; 13 | 1 | &nbsp;&nbsp;&nbsp; (85)<br>| (6)<br>| &nbsp;&nbsp;&nbsp; 10 | 1 |
| Class R-1 | 479 | 36 | &nbsp;&nbsp;&nbsp; 99 | 8 | &nbsp;&nbsp;&nbsp; (105)<br>| (8)<br>| &nbsp;&nbsp;&nbsp; 473 | 36 |
| Class R-2 | 6045 | 458 | &nbsp;&nbsp;&nbsp; 1301 | 99 | &nbsp;&nbsp;&nbsp; (5708)<br>| (428)<br>| &nbsp;&nbsp;&nbsp; 1638 | 129 |
| Class R-2E | 569 | 43 | &nbsp;&nbsp;&nbsp; 59 | 4 | &nbsp;&nbsp;&nbsp; (32)<br>| (2)<br>| &nbsp;&nbsp;&nbsp; 596 | 45 |
| Class R-3 | 9550 | 714 | &nbsp;&nbsp;&nbsp; 1479 | 112 | &nbsp;&nbsp;&nbsp; (6363)<br>| (480)<br>| &nbsp;&nbsp;&nbsp; 4666 | 346 |
| Class R-4 | 5062 | 378 | &nbsp;&nbsp;&nbsp; 1146 | 87 | &nbsp;&nbsp;&nbsp; (3707)<br>| (280)<br>| &nbsp;&nbsp;&nbsp; 2501 | 185 |
| Class R-5E | 5462 | 419 | &nbsp;&nbsp;&nbsp; 312 | 23 | &nbsp;&nbsp;&nbsp; (2016)<br>| (151)<br>| &nbsp;&nbsp;&nbsp; 3758 | 291 |
| Class R-5 | 5061 | 376 | &nbsp;&nbsp;&nbsp; 435 | 33 | &nbsp;&nbsp;&nbsp; (1133)<br>| (84)<br>| &nbsp;&nbsp;&nbsp; 4363 | 325 |
| Class R-6 | 48760 | 3622 | &nbsp;&nbsp;&nbsp; 5527 | 417 | &nbsp;&nbsp;&nbsp; (28948)<br>| (2150)<br>| &nbsp;&nbsp;&nbsp; 25339 | 1889 |
| Total net increase (decrease) | $857238 | 63965 | &nbsp;&nbsp;&nbsp; $257305 | 19440 | &nbsp;&nbsp;&nbsp; $(812891)<br>| (60711)<br>| &nbsp;&nbsp;&nbsp; $301652 | 22694 |
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | $605765 | 46642 | &nbsp;&nbsp;&nbsp; $261160 | 20160 | &nbsp;&nbsp;&nbsp; $(871813)<br>| (67389)<br>| &nbsp;&nbsp;&nbsp; $(4888)<br>| (587)<br>|
| Class C | 61756 | 4787 | &nbsp;&nbsp;&nbsp; 20038 | 1559 | &nbsp;&nbsp;&nbsp; (161952)<br>| (12630)<br>| &nbsp;&nbsp;&nbsp; (80158)<br>| (6284)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 32732 | 2513 | &nbsp;&nbsp;&nbsp; 4336 | 334 | &nbsp;&nbsp;&nbsp; (23383)<br>| (1797)<br>| &nbsp;&nbsp;&nbsp; 13685 | 1050 |
| Class F-2 | 194072 | 14909 | &nbsp;&nbsp;&nbsp; 31329 | 2413 | &nbsp;&nbsp;&nbsp; (186879)<br>| (14405)<br>| &nbsp;&nbsp;&nbsp; 38522 | 2917 |
| Class F-3 | 55213 | 4200 | &nbsp;&nbsp;&nbsp; 6252 | 482 | &nbsp;&nbsp;&nbsp; (31116)<br>| (2397)<br>| &nbsp;&nbsp;&nbsp; 30349 | 2285 |
| Class 529-A | 90777 | 7011 | &nbsp;&nbsp;&nbsp; 14900 | 1150 | &nbsp;&nbsp;&nbsp; (78139)<br>| (6039)<br>| &nbsp;&nbsp;&nbsp; 27538 | 2122 |
| Class 529-C | 8414 | 652 | &nbsp;&nbsp;&nbsp; 957 | 74 | &nbsp;&nbsp;&nbsp; (11682)<br>| (910)<br>| &nbsp;&nbsp;&nbsp; (2311)<br>| (184)<br>|
| Class 529-E | 2125 | 165 | &nbsp;&nbsp;&nbsp; 380 | 29 | &nbsp;&nbsp;&nbsp; (2920)<br>| (227)<br>| &nbsp;&nbsp;&nbsp; (415)<br>| (33)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 19118 | 1481 | &nbsp;&nbsp;&nbsp; 2935 | 227 | &nbsp;&nbsp;&nbsp; (16046)<br>| (1238)<br>| &nbsp;&nbsp;&nbsp; 6007 | 470 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class ABLE-A | 1284 | 99 | &nbsp;&nbsp;&nbsp; 214 | 17 | &nbsp;&nbsp;&nbsp; (615)<br>| (48)<br>| &nbsp;&nbsp;&nbsp; 883 | 68 |
| Class ABLE-F-2 | 137 | 11 | &nbsp;&nbsp;&nbsp; 16 | 1 | &nbsp;&nbsp;&nbsp; (14)<br>| (1)<br>| &nbsp;&nbsp;&nbsp; 139 | 11 |
| Class R-1 | 857 | 68 | &nbsp;&nbsp;&nbsp; 115 | 9 | &nbsp;&nbsp;&nbsp; (633)<br>| (50)<br>| &nbsp;&nbsp;&nbsp; 339 | 27 |
| Class R-2 | 7541 | 586 | &nbsp;&nbsp;&nbsp; 1768 | 137 | &nbsp;&nbsp;&nbsp; (11097)<br>| (862)<br>| &nbsp;&nbsp;&nbsp; (1788)<br>| (139)<br>|
| Class R-2E | 606 | 46 | &nbsp;&nbsp;&nbsp; 91 | 7 | &nbsp;&nbsp;&nbsp; (1405)<br>| (108)<br>| &nbsp;&nbsp;&nbsp; (708)<br>| (55)<br>|
| Class R-3 | 11177 | 867 | &nbsp;&nbsp;&nbsp; 2052 | 159 | &nbsp;&nbsp;&nbsp; (13597)<br>| (1050)<br>| &nbsp;&nbsp;&nbsp; (368)<br>| (24)<br>|
| Class R-4 | 5139 | 393 | &nbsp;&nbsp;&nbsp; 1576 | 122 | &nbsp;&nbsp;&nbsp; (7938)<br>| (617)<br>| &nbsp;&nbsp;&nbsp; (1223)<br>| (102)<br>|
| Class R-5E | 3503 | 274 | &nbsp;&nbsp;&nbsp; 457 | 35 | &nbsp;&nbsp;&nbsp; (3847)<br>| (296)<br>| &nbsp;&nbsp;&nbsp; 113 | 13 |
| Class R-5 | 4660 | 359 | &nbsp;&nbsp;&nbsp; 517 | 40 | &nbsp;&nbsp;&nbsp; (2409)<br>| (187)<br>| &nbsp;&nbsp;&nbsp; 2768 | 212 |
| Class R-6 | 55237 | 4230 | &nbsp;&nbsp;&nbsp; 6811 | 524 | &nbsp;&nbsp;&nbsp; (37877)<br>| (2924)<br>| &nbsp;&nbsp;&nbsp; 24171 | 1830 |
| Total net increase (decrease) | $1160113 | 89293 | &nbsp;&nbsp;&nbsp; $355907 | 27479 | &nbsp;&nbsp;&nbsp; $(1463362)<br>| (113175)<br>| &nbsp;&nbsp;&nbsp; $52658 | 3597 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **46** |

---

------

**Tax-Aware Conservative Growth and Income Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | $296330 | 18523 | &nbsp;&nbsp;&nbsp; $148239 | 9411 | &nbsp;&nbsp;&nbsp; $(259837)<br>| (16343)<br>| &nbsp;&nbsp;&nbsp; $184732 | 11591 |
| Class C | 22307 | 1405 | &nbsp;&nbsp;&nbsp; 10982 | 703 | &nbsp;&nbsp;&nbsp; (39637)<br>| (2507)<br>| &nbsp;&nbsp;&nbsp; (6348)<br>| (399)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 40977 | 2555 | &nbsp;&nbsp;&nbsp; 11061 | 703 | &nbsp;&nbsp;&nbsp; (35541)<br>| (2242)<br>| &nbsp;&nbsp;&nbsp; 16497 | 1016 |
| Class F-2 | 77220 | 4805 | &nbsp;&nbsp;&nbsp; 24311 | 1541 | &nbsp;&nbsp;&nbsp; (62000)<br>| (3894)<br>| &nbsp;&nbsp;&nbsp; 39531 | 2452 |
| Class F-3 | 15006 | 938 | &nbsp;&nbsp;&nbsp; 6486 | 411 | &nbsp;&nbsp;&nbsp; (11866)<br>| (745)<br>| &nbsp;&nbsp;&nbsp; 9626 | 604 |
| Total net increase (decrease) | $451840 | 28226 | &nbsp;&nbsp;&nbsp; $201079 | 12769 | &nbsp;&nbsp;&nbsp; $(408881)<br>| (25731)<br>| &nbsp;&nbsp;&nbsp; $244038 | 15264 |
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | $486633 | 31128 | &nbsp;&nbsp;&nbsp; $143298 | 9343 | &nbsp;&nbsp;&nbsp; $(460015)<br>| (29782)<br>| &nbsp;&nbsp;&nbsp; $169916 | 10689 |
| Class C | 42745 | 2767 | &nbsp;&nbsp;&nbsp; 11031 | 729 | &nbsp;&nbsp;&nbsp; (90637)<br>| (5888)<br>| &nbsp;&nbsp;&nbsp; (36861)<br>| (2392)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 61395 | 3899 | &nbsp;&nbsp;&nbsp; 10418 | 680 | &nbsp;&nbsp;&nbsp; (62768)<br>| (4066)<br>| &nbsp;&nbsp;&nbsp; 9045 | 513 |
| Class F-2 | 135189 | 8668 | &nbsp;&nbsp;&nbsp; 22346 | 1452 | &nbsp;&nbsp;&nbsp; (99862)<br>| (6486)<br>| &nbsp;&nbsp;&nbsp; 57673 | 3634 |
| Class F-3 | 33747 | 2169 | &nbsp;&nbsp;&nbsp; 6198 | 403 | &nbsp;&nbsp;&nbsp; (20994)<br>| (1363)<br>| &nbsp;&nbsp;&nbsp; 18951 | 1209 |
| Total net increase (decrease) | $759709 | 48631 | &nbsp;&nbsp;&nbsp; $193291 | 12607 | &nbsp;&nbsp;&nbsp; $(734276)<br>| (47585)<br>| &nbsp;&nbsp;&nbsp; $218724 | 13653 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **47** | American Funds Portfolio Series |

---

------

**Preservation Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | &nbsp;&nbsp; $219851 | &nbsp;&nbsp; 23283 | &nbsp;&nbsp;&nbsp; $24471 | &nbsp;&nbsp; 2597 | &nbsp;&nbsp;&nbsp; $(264326)<br>| &nbsp;&nbsp; (28011)<br>| &nbsp;&nbsp;&nbsp; $(20004)<br>| &nbsp;&nbsp; (2131)<br>|
| Class C | &nbsp;&nbsp; 6130 | &nbsp;&nbsp; 649 | &nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; (12330)<br>| &nbsp;&nbsp; (1310)<br>| &nbsp;&nbsp;&nbsp; (5417)<br>| &nbsp;&nbsp; (577)<br>|
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 1146 | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; (2473)<br>| &nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp; (1010)<br>| &nbsp;&nbsp; (107)<br>|
| Class F-2 | &nbsp;&nbsp; 35121 | &nbsp;&nbsp; 3720 | &nbsp;&nbsp;&nbsp; 3213 | &nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp; (47761)<br>| &nbsp;&nbsp; (5059)<br>| &nbsp;&nbsp;&nbsp; (9427)<br>| &nbsp;&nbsp; (998)<br>|
| Class F-3 | &nbsp;&nbsp; 5292 | &nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 963 | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; (7903)<br>| &nbsp;&nbsp; (838)<br>| &nbsp;&nbsp;&nbsp; (1648)<br>| &nbsp;&nbsp; (175)<br>|
| Class 529-A | &nbsp;&nbsp; 30224 | &nbsp;&nbsp; 3201 | &nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp; (27955)<br>| &nbsp;&nbsp; (2969)<br>| &nbsp;&nbsp;&nbsp; 5689 | &nbsp;&nbsp; 595 |
| Class 529-C | &nbsp;&nbsp; 3029 | &nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (2503)<br>| &nbsp;&nbsp; (266)<br>| &nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp; 70 |
| Class 529-E | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; (742)<br>| &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp; 21 |
| Class 529-T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Class 529-F-1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 13143 | &nbsp;&nbsp; 1393 | &nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; (8020)<br>| &nbsp;&nbsp; (852)<br>| &nbsp;&nbsp;&nbsp; 6298 | &nbsp;&nbsp; 666 |
| Class 529-F-3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Class ABLE-A | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (197)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp; 17 |
| Class ABLE-F-2 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 3 |
| Class R-1 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp; 9 |
| Class R-2 | &nbsp;&nbsp; 3441 | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; (3906)<br>| &nbsp;&nbsp; (416)<br>| &nbsp;&nbsp;&nbsp; (175)<br>| &nbsp;&nbsp; (20)<br>|
| Class R-2E | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Class R-3 | &nbsp;&nbsp; 3230 | &nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; (5480)<br>| &nbsp;&nbsp; (581)<br>| &nbsp;&nbsp;&nbsp; (1770)<br>| &nbsp;&nbsp; (188)<br>|
| Class R-4 | &nbsp;&nbsp; 2691 | &nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; (1498)<br>| &nbsp;&nbsp; (159)<br>| &nbsp;&nbsp;&nbsp; 1413 | &nbsp;&nbsp; 149 |
| Class R-5E | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (753)<br>| &nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp; 5 |
| Class R-5 | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (1914)<br>| &nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp; (893)<br>| &nbsp;&nbsp; (96)<br>|
| Class R-6 | &nbsp;&nbsp; 19054 | &nbsp;&nbsp; 2018 | &nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; (16840)<br>| &nbsp;&nbsp; (1781)<br>| &nbsp;&nbsp;&nbsp; 2996 | &nbsp;&nbsp; 320 |
| Total net increase (decrease) | &nbsp;&nbsp; $345385 | &nbsp;&nbsp; 36581 | &nbsp;&nbsp;&nbsp; $36537 | &nbsp;&nbsp; 3877 | &nbsp;&nbsp;&nbsp; $(404678)<br>| &nbsp;&nbsp; (42894)<br>| &nbsp;&nbsp;&nbsp; $(22756)<br>| &nbsp;&nbsp; (2436)<br>|
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | &nbsp;&nbsp; $335619 | &nbsp;&nbsp; 35717 | &nbsp;&nbsp;&nbsp; $51252 | &nbsp;&nbsp; 5463 | &nbsp;&nbsp;&nbsp; $(544382)<br>| &nbsp;&nbsp; (58037)<br>| &nbsp;&nbsp;&nbsp; $(157511)<br>| &nbsp;&nbsp; (16857)<br>|
| Class C | &nbsp;&nbsp; 7613 | &nbsp;&nbsp; 813 | &nbsp;&nbsp;&nbsp; 1972 | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; (31845)<br>| &nbsp;&nbsp; (3405)<br>| &nbsp;&nbsp;&nbsp; (22260)<br>| &nbsp;&nbsp; (2381)<br>|
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; (7001)<br>| &nbsp;&nbsp; (744)<br>| &nbsp;&nbsp;&nbsp; (5543)<br>| &nbsp;&nbsp; (589)<br>|
| Class F-2 | &nbsp;&nbsp; 59261 | &nbsp;&nbsp; 6305 | &nbsp;&nbsp;&nbsp; 6997 | &nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp; (96475)<br>| &nbsp;&nbsp; (10284)<br>| &nbsp;&nbsp;&nbsp; (30217)<br>| &nbsp;&nbsp; (3233)<br>|
| Class F-3 | &nbsp;&nbsp; 15924 | &nbsp;&nbsp; 1697 | &nbsp;&nbsp;&nbsp; 2521 | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; (34153)<br>| &nbsp;&nbsp; (3623)<br>| &nbsp;&nbsp;&nbsp; (15708)<br>| &nbsp;&nbsp; (1657)<br>|
| Class 529-A | &nbsp;&nbsp; 56305 | &nbsp;&nbsp; 5993 | &nbsp;&nbsp;&nbsp; 6708 | &nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; (61452)<br>| &nbsp;&nbsp; (6539)<br>| &nbsp;&nbsp;&nbsp; 1561 | &nbsp;&nbsp; 169 |
| Class 529-C | &nbsp;&nbsp; 4212 | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; (5897)<br>| &nbsp;&nbsp; (630)<br>| &nbsp;&nbsp;&nbsp; (1408)<br>| &nbsp;&nbsp; (150)<br>|
| Class 529-E | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (1615)<br>| &nbsp;&nbsp; (172)<br>| &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp; (13)<br>|
| Class 529-T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Class 529-F-1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 23407 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp;&nbsp; 1944 | &nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; (16126)<br>| &nbsp;&nbsp; (1716)<br>| &nbsp;&nbsp;&nbsp; 9225 | &nbsp;&nbsp; 981 |
| Class 529-F-3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp; — <br><sup>†</sup><br>|
| Class ABLE-A | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (331)<br>| &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp; 26 |
| Class ABLE-F-2 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp; 12 |
| Class R-1 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (201)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 5 |
| Class R-2 | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; (5904)<br>| &nbsp;&nbsp; (630)<br>| &nbsp;&nbsp;&nbsp; (1567)<br>| &nbsp;&nbsp; (168)<br>|
| Class R-2E | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (412)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp; (34)<br>|
| Class R-3 | &nbsp;&nbsp; 6180 | &nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp; 994 | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; (7577)<br>| &nbsp;&nbsp; (808)<br>| &nbsp;&nbsp;&nbsp; (403)<br>| &nbsp;&nbsp; (44)<br>|
| Class R-4 | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; (2410)<br>| &nbsp;&nbsp; (256)<br>| &nbsp;&nbsp;&nbsp; (766)<br>| &nbsp;&nbsp; (81)<br>|
| Class R-5E | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (552)<br>| &nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp; 89 |
| Class R-5 | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (1887)<br>| &nbsp;&nbsp; (199)<br>| &nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp; 68 |
| Class R-6 | &nbsp;&nbsp; 16906 | &nbsp;&nbsp; 1798 | &nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; (11791)<br>| &nbsp;&nbsp; (1256)<br>| &nbsp;&nbsp;&nbsp; 6559 | &nbsp;&nbsp; 696 |
| Total net increase (decrease) | &nbsp;&nbsp; $537010 | &nbsp;&nbsp; 57151 | &nbsp;&nbsp;&nbsp; $76454 | &nbsp;&nbsp; 8152 | &nbsp;&nbsp;&nbsp; $(830052)<br>| &nbsp;&nbsp; (88464)<br>| &nbsp;&nbsp;&nbsp; $(216588)<br>| &nbsp;&nbsp; (23161)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **48** |

---

------

**Tax-Exempt Preservation Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Sales\*** | <br>**Sales\*** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Class A | &nbsp;&nbsp; $32750 | &nbsp;&nbsp; 3413 | &nbsp;&nbsp;&nbsp; $4270 | &nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp; $(40678)<br>| &nbsp;&nbsp; (4237)<br>| &nbsp;&nbsp;&nbsp; $(3658)<br>| &nbsp;&nbsp; (378)<br>|
| Class C | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (2207)<br>| &nbsp;&nbsp; (230)<br>| &nbsp;&nbsp;&nbsp; (1623)<br>| &nbsp;&nbsp; (169)<br>|
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (248)<br>| &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (172)<br>| &nbsp;&nbsp; (18)<br>|
| Class F-2 | &nbsp;&nbsp; 30723 | &nbsp;&nbsp; 3193 | &nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; (33831)<br>| &nbsp;&nbsp; (3514)<br>| &nbsp;&nbsp;&nbsp; (2294)<br>| &nbsp;&nbsp; (237)<br>|
| Class F-3 | &nbsp;&nbsp; 649 | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (2315)<br>| &nbsp;&nbsp; (241)<br>| &nbsp;&nbsp;&nbsp; (1582)<br>| &nbsp;&nbsp; (165)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $64668 | &nbsp;&nbsp; 6730 | &nbsp;&nbsp;&nbsp; $5282 | &nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; $(79279)<br>| &nbsp;&nbsp; (8248)<br>| &nbsp;&nbsp;&nbsp; $(9329)<br>| &nbsp;&nbsp; (967)<br>|
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Class A | &nbsp;&nbsp; $44091 | &nbsp;&nbsp; 4615 | &nbsp;&nbsp;&nbsp; $7719 | &nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp; $(104900)<br>| &nbsp;&nbsp; (11007)<br>| &nbsp;&nbsp;&nbsp; $(53090)<br>| &nbsp;&nbsp; (5584)<br>|
| Class C | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; (7560)<br>| &nbsp;&nbsp; (792)<br>| &nbsp;&nbsp;&nbsp; (6779)<br>| &nbsp;&nbsp; (710)<br>|
| Class T | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class F-1 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (456)<br>| &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp; (35)<br>|
| Class F-2 | &nbsp;&nbsp; 14569 | &nbsp;&nbsp; 1528 | &nbsp;&nbsp;&nbsp; 1451 | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; (29031)<br>| &nbsp;&nbsp; (3047)<br>| &nbsp;&nbsp;&nbsp; (13011)<br>| &nbsp;&nbsp; (1367)<br>|
| Class F-3 | &nbsp;&nbsp; 2980 | &nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (3342)<br>| &nbsp;&nbsp; (351)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp; (19)<br>|
| Total net increase (decrease) | &nbsp;&nbsp; $62295 | &nbsp;&nbsp; 6526 | &nbsp;&nbsp;&nbsp; $9584 | &nbsp;&nbsp; 1004 | &nbsp;&nbsp;&nbsp; $(145289)<br>| &nbsp;&nbsp; (15245)<br>| &nbsp;&nbsp;&nbsp; $(73410)<br>| &nbsp;&nbsp; (7715)<br>|

---

\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

---

| | |
|:---|:---|
| **49** | American Funds Portfolio Series |

---

------

Financial highlights

**Global Growth Portfolio**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $23.34 | $.15 | $(.21)<br>| $(.06)<br>| $(.15)<br>| $(.82)<br>| $(.97)<br>| $22.31 | (.35 )%<sup>8</sup><br>| $3201 | .36 %<sup>9</sup><br>| .36 %<sup>9</sup><br>| .81 %<sup>9</sup><br>| 1.30 %<sup>9</sup><br>|
| 10/31/2024 | 17.86 | .18 | 5.50 | 5.68 | (.20)<br>|  | (.20)<br>| 23.34 | 31.92 | 3307 | .36 | .36 | .80 | .83 |
| 10/31/2023 | 17.43 | .14 | 1.62 | 1.76 | (.14)<br>| (1.19)<br>| (1.33)<br>| 17.86 | 10.74 | 2635 | .37 | .37 | .81 | .75 |
| 10/31/2022 | 25.43 | .12 | (7.31)<br>| (7.19)<br>| (.10)<br>| (.71)<br>| (.81)<br>| 17.43 | (29.17)<br>| 2449 | .36 | .36 | .80 | .57 |
| 10/31/2021 | 18.70 | .06 | 6.84 | 6.90 | (.06)<br>| (.11)<br>| (.17)<br>| 25.43 | 37.07 | 3473 | .37 | .37 | .80 | .25 |
| 10/31/2020 | 17.19 | .14 | 2.24 | 2.38 | (.16)<br>| (.71)<br>| (.87)<br>| 18.70 | 14.09 | 2294 | .38 | .38 | .82 | .83 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 22.62 | .06 | (.19)<br>| (.13)<br>|  | (.82)<br>| (.82)<br>| 21.67 | (.68 )<sup>8</sup><br>| 312 | 1.11 <br><sup>9</sup><br>| 1.11 <br><sup>9</sup><br>| 1.56 <br><sup>9</sup><br>| .57 <br><sup>9</sup><br>|
| 10/31/2024 | 17.32 | .03 | 5.32 | 5.35 | (.05)<br>|  | (.05)<br>| 22.62 | 30.90 | 345 | 1.11 | 1.11 | 1.55 | .12 |
| 10/31/2023 | 16.92 | — <br><sup>10</sup><br>| 1.59 | 1.59 |  | (1.19)<br>| (1.19)<br>| 17.32 | 9.97 | 317 | 1.13 | 1.13 | 1.57 | .02 |
| 10/31/2022 | 24.81 | (.03)<br>| (7.15)<br>| (7.18)<br>|  | (.71)<br>| (.71)<br>| 16.92 | (29.77)<br>| 328 | 1.12 | 1.12 | 1.56 | (.17)<br>|
| 10/31/2021 | 18.33 | (.11)<br>| 6.70 | 6.59 |  | (.11)<br>| (.11)<br>| 24.81 | 36.07 | 522 | 1.10 | 1.10 | 1.53 | (.47)<br>|
| 10/31/2020 | 16.87 | .02 | 2.18 | 2.20 | (.03)<br>| (.71)<br>| (.74)<br>| 18.33 | 13.25 | 402 | 1.13 | 1.13 | 1.57 | .10 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.40 | .18 | (.20)<br>| (.02)<br>| (.21)<br>| (.82)<br>| (1.03)<br>| 22.35 | (.19 )<sup>811</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>911</sup><br>| .11 <br><sup>911</sup><br>| .56 <br><sup>911</sup><br>| 1.58 <br><sup>911</sup><br>|
| 10/31/2024 | 17.91 | .23 | 5.51 | 5.74 | (.25)<br>|  | (.25)<br>| 23.40 | 32.23 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .12 <br><sup>11</sup><br>| .12 <br><sup>11</sup><br>| .56 <br><sup>11</sup><br>| 1.06 <br><sup>11</sup><br>|
| 10/31/2023 | 17.47 | .20 | 1.62 | 1.82 | (.19)<br>| (1.19)<br>| (1.38)<br>| 17.91 | 11.10 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .09 <br><sup>11</sup><br>| .09 <br><sup>11</sup><br>| .53 <br><sup>11</sup><br>| 1.07 <br><sup>11</sup><br>|
| 10/31/2022 | 25.49 | .17 | (7.32)<br>| (7.15)<br>| (.16)<br>| (.71)<br>| (.87)<br>| 17.47 | (29.02 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>11</sup><br>| .11 <br><sup>11</sup><br>| .55 <br><sup>11</sup><br>| .84 <br><sup>11</sup><br>|
| 10/31/2021 | 18.74 | .12 | 6.84 | 6.96 | (.10)<br>| (.11)<br>| (.21)<br>| 25.49 | 37.36 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .13 <br><sup>11</sup><br>| .13 <br><sup>11</sup><br>| .56 <br><sup>11</sup><br>| .50 <br><sup>11</sup><br>|
| 10/31/2020 | 17.22 | .19 | 2.24 | 2.43 | (.20)<br>| (.71)<br>| (.91)<br>| 18.74 | 14.39 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .14 <br><sup>11</sup><br>| .14 <br><sup>11</sup><br>| .58 <br><sup>11</sup><br>| 1.11 <br><sup>11</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.39 | .15 | (.20)<br>| (.05)<br>| (.15)<br>| (.82)<br>| (.97)<br>| 22.37 | (.32 )<sup>8</sup><br>| 54 | .38 <br><sup>9</sup><br>| .38 <br><sup>9</sup><br>| .83 <br><sup>9</sup><br>| 1.29 <br><sup>9</sup><br>|
| 10/31/2024 | 17.90 | .17 | 5.51 | 5.68 | (.19)<br>|  | (.19)<br>| 23.39 | 31.86 | 57 | .38 | .38 | .82 | .78 |
| 10/31/2023 | 17.45 | .14 | 1.63 | 1.77 | (.13)<br>| (1.19)<br>| (1.32)<br>| 17.90 | 10.78 | 45 | .38 | .38 | .82 | .78 |
| 10/31/2022 | 25.47 | .12 | (7.34)<br>| (7.22)<br>| (.09)<br>| (.71)<br>| (.80)<br>| 17.45 | (29.23)<br>| 49 | .39 | .39 | .83 | .58 |
| 10/31/2021 | 18.73 | .08 | 6.83 | 6.91 | (.06)<br>| (.11)<br>| (.17)<br>| 25.47 | 37.05 | 78 | .38 | .38 | .81 | .34 |
| 10/31/2020 | 17.21 | .14 | 2.25 | 2.39 | (.16)<br>| (.71)<br>| (.87)<br>| 18.73 | 14.14 | 90 | .38 | .38 | .82 | .83 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.48 | .18 | (.20)<br>| (.02)<br>| (.21)<br>| (.82)<br>| (1.03)<br>| 22.43 | (.20 )<sup>8</sup><br>| 567 | .12 <br><sup>9</sup><br>| .12 <br><sup>9</sup><br>| .57 <br><sup>9</sup><br>| 1.56 <br><sup>9</sup><br>|
| 10/31/2024 | 17.97 | .24 | 5.51 | 5.75 | (.24)<br>|  | (.24)<br>| 23.48 | 32.21 | 625 | .11 | .11 | .55 | 1.08 |
| 10/31/2023 | 17.52 | .19 | 1.63 | 1.82 | (.18)<br>| (1.19)<br>| (1.37)<br>| 17.97 | 11.09 | 514 | .12 | .12 | .56 | 1.02 |
| 10/31/2022 | 25.58 | .18 | (7.37)<br>| (7.19)<br>| (.16)<br>| (.71)<br>| (.87)<br>| 17.52 | (29.06)<br>| 485 | .12 | .12 | .56 | .85 |
| 10/31/2021 | 18.79 | .12 | 6.88 | 7.00 | (.10)<br>| (.11)<br>| (.21)<br>| 25.58 | 37.50 | 795 | .11 | .11 | .54 | .49 |
| 10/31/2020 | 17.27 | .19 | 2.24 | 2.43 | (.20)<br>| (.71)<br>| (.91)<br>| 18.79 | 14.36 | 464 | .12 | .12 | .56 | 1.10 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.44 | .19 | (.19)<br>| — <br><sup>10</sup><br>| (.24)<br>| (.82)<br>| (1.06)<br>| 22.38 | (.13 )<sup>8</sup><br>| 262 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .46 <br><sup>9</sup><br>| 1.67 <br><sup>9</sup><br>|
| 10/31/2024 | 17.93 | .25 | 5.52 | 5.77 | (.26)<br>|  | (.26)<br>| 23.44 | 32.41 | 281 | .01 | .01 | .45 | 1.15 |
| 10/31/2023 | 17.50 | .21 | 1.62 | 1.83 | (.21)<br>| (1.19)<br>| (1.40)<br>| 17.93 | 11.15 | 204 | .01 | .01 | .45 | 1.14 |
| 10/31/2022 | 25.54 | .18 | (7.32)<br>| (7.14)<br>| (.19)<br>| (.71)<br>| (.90)<br>| 17.50 | (28.96)<br>| 197 | .01 | .01 | .45 | .90 |
| 10/31/2021 | 18.76 | .14 | 6.87 | 7.01 | (.12)<br>| (.11)<br>| (.23)<br>| 25.54 | 37.62 | 254 | .01 | .01 | .44 | .58 |
| 10/31/2020 | 17.24 | .17 | 2.28 | 2.45 | (.22)<br>| (.71)<br>| (.93)<br>| 18.76 | 14.51 | 142 | .02 | .02 | .46 | .98 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **50** |

---

------

Financial highlights (continued)

**Global Growth Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $23.27 | $.14 | $(.19)<br>| $(.05)<br>| $(.15)<br>| $(.82)<br>| $(.97)<br>| $22.25 | (.33 )%<sup>8</sup><br>| $782 | .39 %<sup>9</sup><br>| .39 %<sup>9</sup><br>| .84 %<sup>9</sup><br>| 1.25 %<sup>9</sup><br>|
| 10/31/2024 | 17.81 | .17 | 5.48 | 5.65 | (.19)<br>|  | (.19)<br>| 23.27 | 31.86 | 781 | .40 | .40 | .84 | .77 |
| 10/31/2023 | 17.38 | .13 | 1.62 | 1.75 | (.13)<br>| (1.19)<br>| (1.32)<br>| 17.81 | 10.73 | 595 | .42 | .42 | .86 | .70 |
| 10/31/2022 | 25.38 | .11 | (7.30)<br>| (7.19)<br>| (.10)<br>| (.71)<br>| (.81)<br>| 17.38 | (29.24)<br>| 523 | .40 | .40 | .84 | .52 |
| 10/31/2021 | 18.66 | .05 | 6.84 | 6.89 | (.06)<br>| (.11)<br>| (.17)<br>| 25.38 | 37.08 | 699 | .40 | .40 | .83 | .22 |
| 10/31/2020 | 17.16 | .13 | 2.23 | 2.36 | (.15)<br>| (.71)<br>| (.86)<br>| 18.66 | 14.03 | 449 | .42 | .42 | .86 | .75 |
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 22.61 | .06 | (.20)<br>| (.14)<br>|  | (.82)<br>| (.82)<br>| 21.65 | (.73 )<sup>8</sup><br>| 31 | 1.14 <br><sup>9</sup><br>| 1.14 <br><sup>9</sup><br>| 1.59 <br><sup>9</sup><br>| .54 <br><sup>9</sup><br>|
| 10/31/2024 | 17.30 | .01 | 5.33 | 5.34 | (.03)<br>|  | (.03)<br>| 22.61 | 30.89 | 35 | 1.16 | 1.16 | 1.60 | .05 |
| 10/31/2023 | 16.92 | (.01)<br>| 1.58 | 1.57 |  | (1.19)<br>| (1.19)<br>| 17.30 | 9.84 | 31 | 1.19 | 1.19 | 1.63 | (.03)<br>|
| 10/31/2022 | 24.80 | (.04)<br>| (7.13)<br>| (7.17)<br>|  | (.71)<br>| (.71)<br>| 16.92 | (29.74)<br>| 34 | 1.16 | 1.16 | 1.60 | (.20)<br>|
| 10/31/2021 | 18.33 | (.12)<br>| 6.70 | 6.58 |  | (.11)<br>| (.11)<br>| 24.80 | 36.02 | 59 | 1.15 | 1.15 | 1.58 | (.52)<br>|
| 10/31/2020 | 16.87 | .03 | 2.16 | 2.19 | (.02)<br>| (.71)<br>| (.73)<br>| 18.33 | 13.17 | 47 | 1.19 | 1.19 | 1.63 | .19 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.09 | .12 | (.20)<br>| (.08)<br>| (.10)<br>| (.82)<br>| (.92)<br>| 22.09 | (.43 )<sup>8</sup><br>| 23 | .63 <br><sup>9</sup><br>| .63 <br><sup>9</sup><br>| 1.08 <br><sup>9</sup><br>| 1.03 <br><sup>9</sup><br>|
| 10/31/2024 | 17.67 | .12 | 5.45 | 5.57 | (.15)<br>|  | (.15)<br>| 23.09 | 31.61 | 24 | .63 | .63 | 1.07 | .54 |
| 10/31/2023 | 17.26 | .09 | 1.60 | 1.69 | (.09)<br>| (1.19)<br>| (1.28)<br>| 17.67 | 10.41 | 18 | .64 | .64 | 1.08 | .48 |
| 10/31/2022 | 25.20 | .06 | (7.25)<br>| (7.19)<br>| (.04)<br>| (.71)<br>| (.75)<br>| 17.26 | (29.37)<br>| 16 | .63 | .63 | 1.07 | .30 |
| 10/31/2021 | 18.54 | — <br><sup>10</sup><br>| 6.78 | 6.78 | (.01)<br>| (.11)<br>| (.12)<br>| 25.20 | 36.73 | 22 | .62 | .62 | 1.05 | — <br><sup>13</sup><br>|
| 10/31/2020 | 17.06 | .10 | 2.21 | 2.31 | (.12)<br>| (.71)<br>| (.83)<br>| 18.54 | 13.78 | 15 | .63 | .63 | 1.07 | .58 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.39 | .17 | (.20)<br>| (.03)<br>| (.20)<br>| (.82)<br>| (1.02)<br>| 22.34 | (.24 )<sup>811</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>911</sup><br>| .15 <br><sup>911</sup><br>| .60 <br><sup>911</sup><br>| 1.49 <br><sup>911</sup><br>|
| 10/31/2024 | 17.90 | .22 | 5.51 | 5.73 | (.24)<br>|  | (.24)<br>| 23.39 | 32.17 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>11</sup><br>| .17 <br><sup>11</sup><br>| .61 <br><sup>11</sup><br>| 1.00 <br><sup>11</sup><br>|
| 10/31/2023 | 17.46 | .18 | 1.63 | 1.81 | (.18)<br>| (1.19)<br>| (1.37)<br>| 17.90 | 11.04 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .16 <br><sup>11</sup><br>| .16 <br><sup>11</sup><br>| .60 <br><sup>11</sup><br>| .96 <br><sup>11</sup><br>|
| 10/31/2022 | 25.48 | .16 | (7.32)<br>| (7.16)<br>| (.15)<br>| (.71)<br>| (.86)<br>| 17.46 | (29.07 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .16 <br><sup>11</sup><br>| .16 <br><sup>11</sup><br>| .60 <br><sup>11</sup><br>| .78 <br><sup>11</sup><br>|
| 10/31/2021 | 18.73 | .10 | 6.85 | 6.95 | (.09)<br>| (.11)<br>| (.20)<br>| 25.48 | 37.32 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .61 <br><sup>11</sup><br>| .44 <br><sup>11</sup><br>|
| 10/31/2020 | 17.21 | .18 | 2.24 | 2.42 | (.19)<br>| (.71)<br>| (.90)<br>| 18.73 | 14.36 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .63 <br><sup>11</sup><br>| 1.02 <br><sup>11</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.38 | .17 | (.19)<br>| (.02)<br>| (.20)<br>| (.82)<br>| (1.02)<br>| 22.34 | (.21 )<sup>811</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>911</sup><br>| .18 <br><sup>911</sup><br>| .63 <br><sup>911</sup><br>| 1.46 <br><sup>911</sup><br>|
| 10/31/2024 | 17.89 | .21 | 5.51 | 5.72 | (.23)<br>|  | (.23)<br>| 23.38 | 32.14 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .63 <br><sup>11</sup><br>| .98 <br><sup>11</sup><br>|
| 10/31/2023 | 17.46 | .17 | 1.62 | 1.79 | (.17)<br>| (1.19)<br>| (1.36)<br>| 17.89 | 10.94 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .63 <br><sup>11</sup><br>| .92 <br><sup>11</sup><br>|
| 10/31/2022 | 25.48 | .15 | (7.32)<br>| (7.17)<br>| (.14)<br>| (.71)<br>| (.85)<br>| 17.46 | (29.07 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .20 <br><sup>11</sup><br>| .20 <br><sup>11</sup><br>| .64 <br><sup>11</sup><br>| .73 <br><sup>11</sup><br>|
| 10/31/2021 | 18.75 | .10 | 6.86 | 6.96 | (.12)<br>| (.11)<br>| (.23)<br>| 25.48 | 37.32 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .62 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>|
| 10/31/2020 | 17.23 | .17 | 2.25 | 2.42 | (.19)<br>| (.71)<br>| (.90)<br>| 18.75 | 14.35 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .62 <br><sup>11</sup><br>| .97 <br><sup>11</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.34 | .17 | (.19)<br>| (.02)<br>| (.21)<br>| (.82)<br>| (1.03)<br>| 22.29 | (.20 )<sup>8</sup><br>| 165 | .13 <br><sup>9</sup><br>| .13 <br><sup>9</sup><br>| .58 <br><sup>9</sup><br>| 1.50 <br><sup>9</sup><br>|
| 10/31/2024 | 17.86 | .22 | 5.51 | 5.73 | (.25)<br>|  | (.25)<br>| 23.34 | 32.25 | 158 | .13 | .13 | .57 | 1.01 |
| 10/31/2023 | 17.43 | .18 | 1.62 | 1.80 | (.18)<br>| (1.19)<br>| (1.37)<br>| 17.86 | 11.06 | 113 | .11 | .11 | .55 | .98 |
| 10/31/2022 | 25.44 | .15 | (7.30)<br>| (7.15)<br>| (.15)<br>| (.71)<br>| (.86)<br>| 17.43 | (29.05)<br>| 91 | .13 | .13 | .57 | .76 |
| 10/31/2021 | 18.70 | .10 | 6.85 | 6.95 | (.10)<br>| (.11)<br>| (.21)<br>| 25.44 | 37.36 | 106 | .17 | .17 | .60 | .43 |
| 10/31/2020<sup>6,14</sup> <br>| 18.70 |  |  |  |  |  |  | 18.70 |  | 56 |  |  |  |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **51** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Global Growth Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $23.34 | $.18 | $(.20)<br>| $(.02)<br>| $(.22)<br>| $(.82)<br>| $(1.04)<br>| $22.28 | (.19 )%<sup>8</sup><br>| $— <br><sup>12</sup><br>| .06 %<sup>9</sup><br>| .06 %<sup>9</sup><br>| .51 %<sup>9</sup><br>| 1.59 %<sup>9</sup><br>|
| 10/31/2024 | 17.86 | .24 | 5.49 | 5.73 | (.25)<br>|  | (.25)<br>| 23.34 | 32.29 | — <br><sup>12</sup><br>| .06 | .06 | .50 | 1.10 |
| 10/31/2023 | 17.43 | .19 | 1.62 | 1.81 | (.19)<br>| (1.19)<br>| (1.38)<br>| 17.86 | 11.11 | — <br><sup>12</sup><br>| .08 | .08 | .52 | 1.04 |
| 10/31/2022 | 25.44 | .17 | (7.30)<br>| (7.13)<br>| (.17)<br>| (.71)<br>| (.88)<br>| 17.43 | (29.00)<br>| — <br><sup>12</sup><br>| .08 | .08 | .52 | .86 |
| 10/31/2021 | 18.70 | .19 | 6.78 | 6.97 | (.12)<br>| (.11)<br>| (.23)<br>| 25.44 | 37.51 | — <br><sup>12</sup><br>| .11 | .07 | .50 | .79 |
| 10/31/2020<sup>6,14</sup> <br>| 18.70 |  |  |  |  |  |  | 18.70 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.24 | .15 | (.19)<br>| (.04)<br>| (.17)<br>| (.82)<br>| (.99)<br>| 22.21 | (.27 )<sup>8</sup><br>| 5 | .31 <br><sup>9</sup><br>| .26 <br><sup>9</sup><br>| .71 <br><sup>9</sup><br>| 1.35 <br><sup>9</sup><br>|
| 10/31/2024 | 17.78 | .18 | 5.49 | 5.67 | (.21)<br>|  | (.21)<br>| 23.24 | 32.06 | 5 | .31 | .25 | .69 | .84 |
| 10/31/2023 | 17.35 | .15 | 1.63 | 1.78 | (.16)<br>| (1.19)<br>| (1.35)<br>| 17.78 | 10.93 | 3 | .31 | .25 | .69 | .80 |
| 10/31/2022 | 25.34 | .12 | (7.26)<br>| (7.14)<br>| (.14)<br>| (.71)<br>| (.85)<br>| 17.35 | (29.13)<br>| 2 | .30 | .24 | .68 | .62 |
| 10/31/2021 | 18.60 | .09 | 6.83 | 6.92 | (.07)<br>| (.11)<br>| (.18)<br>| 25.34 | 37.37 | 2 | .24 | .18 | .61 | .40 |
| 10/31/2020 | 17.12 | .11 | 2.26 | 2.37 | (.18)<br>| (.71)<br>| (.89)<br>| 18.60 | 14.11 | 1 | .42 | .35 | .79 | .63 |
| **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.36 | .18 | (.19)<br>| (.01)<br>| (.21)<br>| (.82)<br>| (1.03)<br>| 22.32 | (.14 )<sup>8</sup><br>| 1 | .12 <br><sup>9</sup><br>| .06 <br><sup>9</sup><br>| .51 <br><sup>9</sup><br>| 1.58 <br><sup>9</sup><br>|
| 10/31/2024 | 17.87 | .22 | 5.51 | 5.73 | (.24)<br>|  | (.24)<br>| 23.36 | 32.27 | 1 | .12 | .07 | .51 | 1.02 |
| 10/31/2023 | 17.44 | .17 | 1.64 | 1.81 | (.19)<br>| (1.19)<br>| (1.38)<br>| 17.87 | 11.08 | — <br><sup>12</sup><br>| .13 | .07 | .51 | .91 |
| 10/31/2022 | 25.44 | .14 | (7.26)<br>| (7.12)<br>| (.17)<br>| (.71)<br>| (.88)<br>| 17.44 | (28.96)<br>| — <br><sup>12</sup><br>| .12 | .06 | .50 | .70 |
| 10/31/2021 | 18.70 | .10 | 6.87 | 6.97 | (.12)<br>| (.11)<br>| (.23)<br>| 25.44 | 37.51 | — <br><sup>12</sup><br>| .12 | .05 | .48 | .40 |
| 10/31/2020<sup>6,14</sup> <br>| 18.70 |  |  |  |  |  |  | 18.70 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 22.80 | .07 | (.20)<br>| (.13)<br>| — <br><sup>10</sup><br>| (.82)<br>| (.82)<br>| 21.85 | (.66 )<sup>8</sup><br>| 5 | 1.05 <br><sup>9</sup><br>| 1.05 <br><sup>9</sup><br>| 1.50 <br><sup>9</sup><br>| .62 <br><sup>9</sup><br>|
| 10/31/2024 | 17.48 | .03 | 5.37 | 5.40 | (.08)<br>|  | (.08)<br>| 22.80 | 30.97 | 5 | 1.05 | 1.05 | 1.49 | .13 |
| 10/31/2023 | 17.04 | .02 | 1.61 | 1.63 |  | (1.19)<br>| (1.19)<br>| 17.48 | 10.14 | 4 | .98 | .98 | 1.42 | .12 |
| 10/31/2022 | 24.95 | (.01)<br>| (7.19)<br>| (7.20)<br>|  | (.71)<br>| (.71)<br>| 17.04 | (29.68)<br>| 4 | 1.02 | 1.02 | 1.46 | (.07)<br>|
| 10/31/2021 | 18.42 | (.09)<br>| 6.73 | 6.64 |  | (.11)<br>| (.11)<br>| 24.95 | 36.17 | 6 | 1.02 | 1.02 | 1.45 | (.38)<br>|
| 10/31/2020 | 16.95 | .03 | 2.20 | 2.23 | (.05)<br>| (.71)<br>| (.76)<br>| 18.42 | 13.37 | 5 | 1.06 | 1.06 | 1.50 | .16 |
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 22.53 | .06 | (.19)<br>| (.13)<br>|  | (.82)<br>| (.82)<br>| 21.58 | (.68 )<sup>8</sup><br>| 112 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.55 <br><sup>9</sup><br>| .56 <br><sup>9</sup><br>|
| 10/31/2024 | 17.26 | .03 | 5.31 | 5.34 | (.07)<br>|  | (.07)<br>| 22.53 | 30.96 | 116 | 1.09 | 1.09 | 1.53 | .12 |
| 10/31/2023 | 16.87 | .01 | 1.57 | 1.58 |  | (1.19)<br>| (1.19)<br>| 17.26 | 9.94 | 98 | 1.10 | 1.10 | 1.54 | .03 |
| 10/31/2022 | 24.72 | (.03)<br>| (7.11)<br>| (7.14)<br>|  | (.71)<br>| (.71)<br>| 16.87 | (29.71)<br>| 92 | 1.10 | 1.10 | 1.54 | (.16)<br>|
| 10/31/2021 | 18.26 | (.11)<br>| 6.68 | 6.57 |  | (.11)<br>| (.11)<br>| 24.72 | 36.10 | 134 | 1.10 | 1.10 | 1.53 | (.47)<br>|
| 10/31/2020 | 16.82 | .02 | 2.18 | 2.20 | (.05)<br>| (.71)<br>| (.76)<br>| 18.26 | 13.27 | 98 | 1.11 | 1.11 | 1.55 | .11 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 22.97 | .09 | (.19)<br>| (.10)<br>|  | (.82)<br>| (.82)<br>| 22.05 | (.54 )<sup>8</sup><br>| 4 | .82 <br><sup>9</sup><br>| .82 <br><sup>9</sup><br>| 1.27 <br><sup>9</sup><br>| .78 <br><sup>9</sup><br>|
| 10/31/2024 | 17.58 | .10 | 5.40 | 5.50 | (.11)<br>|  | (.11)<br>| 22.97 | 31.38 | 4 | .81 | .81 | 1.25 | .49 |
| 10/31/2023 | 17.17 | .05 | 1.61 | 1.66 | (.06)<br>| (1.19)<br>| (1.25)<br>| 17.58 | 10.25 | 5 | .81 | .81 | 1.25 | .30 |
| 10/31/2022 | 25.09 | .02 | (7.22)<br>| (7.20)<br>| (.01)<br>| (.71)<br>| (.72)<br>| 17.17 | (29.52)<br>| 5 | .82 | .82 | 1.26 | .10 |
| 10/31/2021 | 18.48 | (.03)<br>| 6.75 | 6.72 |  | (.11)<br>| (.11)<br>| 25.09 | 36.49 | 7 | .82 | .82 | 1.25 | (.15)<br>|
| 10/31/2020 | 16.99 | .06 | 2.21 | 2.27 | (.07)<br>| (.71)<br>| (.78)<br>| 18.48 | 13.57 | 6 | .82 | .82 | 1.26 | .33 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **52** |

---

------

Financial highlights (continued)

**Global Growth Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $23.07 | $.11 | $(.19)<br>| $(.08)<br>| $(.09)<br>| $(.82)<br>| $(.91)<br>| $22.08 | (.45 )%<sup>8</sup><br>| $105 | .65 %<sup>9</sup><br>| .65 %<sup>9</sup><br>| 1.10 %<sup>9</sup><br>| .98 %<sup>9</sup><br>|
| 10/31/2024 | 17.67 | .11 | 5.44 | 5.55 | (.15)<br>|  | (.15)<br>| 23.07 | 31.50 | 106 | .65 | .65 | 1.09 | .50 |
| 10/31/2023 | 17.25 | .08 | 1.61 | 1.69 | (.08)<br>| (1.19)<br>| (1.27)<br>| 17.67 | 10.46 | 79 | .65 | .65 | 1.09 | .45 |
| 10/31/2022 | 25.19 | .06 | (7.25)<br>| (7.19)<br>| (.04)<br>| (.71)<br>| (.75)<br>| 17.25 | (29.40)<br>| 68 | .65 | .65 | 1.09 | .28 |
| 10/31/2021 | 18.53 | (.01)<br>| 6.79 | 6.78 | (.01)<br>| (.11)<br>| (.12)<br>| 25.19 | 36.73 | 94 | .65 | .65 | 1.08 | (.03)<br>|
| 10/31/2020 | 17.05 | .09 | 2.21 | 2.30 | (.11)<br>| (.71)<br>| (.82)<br>| 18.53 | 13.72 | 62 | .67 | .67 | 1.11 | .51 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.28 | .15 | (.19)<br>| (.04)<br>| (.16)<br>| (.82)<br>| (.98)<br>| 22.26 | (.30 )<sup>8</sup><br>| 55 | .36 <br><sup>9</sup><br>| .36 <br><sup>9</sup><br>| .81 <br><sup>9</sup><br>| 1.30 <br><sup>9</sup><br>|
| 10/31/2024 | 17.82 | .18 | 5.48 | 5.66 | (.20)<br>|  | (.20)<br>| 23.28 | 31.92 | 57 | .35 | .35 | .79 | .81 |
| 10/31/2023 | 17.39 | .14 | 1.62 | 1.76 | (.14)<br>| (1.19)<br>| (1.33)<br>| 17.82 | 10.82 | 43 | .36 | .36 | .80 | .76 |
| 10/31/2022 | 25.39 | .12 | (7.30)<br>| (7.18)<br>| (.11)<br>| (.71)<br>| (.82)<br>| 17.39 | (29.20)<br>| 38 | .33 | .33 | .77 | .58 |
| 10/31/2021 | 18.67 | .06 | 6.84 | 6.90 | (.07)<br>| (.11)<br>| (.18)<br>| 25.39 | 37.12 | 49 | .34 | .34 | .77 | .27 |
| 10/31/2020 | 17.17 | .15 | 2.23 | 2.38 | (.17)<br>| (.71)<br>| (.88)<br>| 18.67 | 14.13 | 32 | .35 | .35 | .79 | .89 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.29 | .17 | (.20)<br>| (.03)<br>| (.20)<br>| (.82)<br>| (1.02)<br>| 22.24 | (.22 )<sup>8</sup><br>| 33 | .15 <br><sup>9</sup><br>| .15 <br><sup>9</sup><br>| .60 <br><sup>9</sup><br>| 1.50 <br><sup>9</sup><br>|
| 10/31/2024 | 17.82 | .22 | 5.49 | 5.71 | (.24)<br>|  | (.24)<br>| 23.29 | 32.22 | 33 | .15 | .15 | .59 | .99 |
| 10/31/2023 | 17.40 | .16 | 1.63 | 1.79 | (.18)<br>| (1.19)<br>| (1.37)<br>| 17.82 | 10.98 | 23 | .15 | .15 | .59 | .88 |
| 10/31/2022 | 25.40 | .14 | (7.27)<br>| (7.13)<br>| (.16)<br>| (.71)<br>| (.87)<br>| 17.40 | (29.05)<br>| 17 | .16 | .16 | .60 | .72 |
| 10/31/2021 | 18.67 | .10 | 6.84 | 6.94 | (.10)<br>| (.11)<br>| (.21)<br>| 25.40 | 37.39 | 18 | .15 | .15 | .58 | .44 |
| 10/31/2020 | 17.17 | .16 | 2.25 | 2.41 | (.20)<br>| (.71)<br>| (.91)<br>| 18.67 | 14.31 | 9 | .16 | .16 | .60 | .91 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.64 | .14 | (.16)<br>| (.02)<br>| (.22)<br>| (.82)<br>| (1.04)<br>| 22.58 | (.19 )<sup>8</sup><br>| 22 | .07 <br><sup>9</sup><br>| .07 <br><sup>9</sup><br>| .52 <br><sup>9</sup><br>| 1.25 <br><sup>9</sup><br>|
| 10/31/2024 | 18.08 | .27 | 5.54 | 5.81 | (.25)<br>|  | (.25)<br>| 23.64 | 32.35 | 15 | .06 | .06 | .50 | 1.23 |
| 10/31/2023 | 17.63 | .19 | 1.64 | 1.83 | (.19)<br>| (1.19)<br>| (1.38)<br>| 18.08 | 11.12 | 14 | .06 | .06 | .50 | 1.05 |
| 10/31/2022 | 25.72 | .18 | (7.39)<br>| (7.21)<br>| (.17)<br>| (.71)<br>| (.88)<br>| 17.63 | (28.99)<br>| 12 | .06 | .06 | .50 | .86 |
| 10/31/2021 | 18.90 | .13 | 6.91 | 7.04 | (.11)<br>| (.11)<br>| (.22)<br>| 25.72 | 37.49 | 17 | .06 | .06 | .49 | .55 |
| 10/31/2020 | 17.36 | .20 | 2.26 | 2.46 | (.21)<br>| (.71)<br>| (.92)<br>| 18.90 | 14.47 | 11 | .07 | .07 | .51 | 1.14 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 4/30/2025<sup>6,7</sup> <br>| 23.70 | .19 | (.19)<br>| — <br><sup>10</sup><br>| (.24)<br>| (.82)<br>| (1.06)<br>| 22.64 | (.13 )<sup>8</sup><br>| 163 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .46 <br><sup>9</sup><br>| 1.63 <br><sup>9</sup><br>|
| 10/31/2024 | 18.13 | .26 | 5.57 | 5.83 | (.26)<br>|  | (.26)<br>| 23.70 | 32.38 | 166 | .01 | .01 | .45 | 1.16 |
| 10/31/2023 | 17.68 | .20 | 1.65 | 1.85 | (.21)<br>| (1.19)<br>| (1.40)<br>| 18.13 | 11.15 | 126 | .01 | .01 | .45 | 1.10 |
| 10/31/2022 | 25.79 | .19 | (7.40)<br>| (7.21)<br>| (.19)<br>| (.71)<br>| (.90)<br>| 17.68 | (28.95)<br>| 106 | .01 | .01 | .45 | .92 |
| 10/31/2021 | 18.94 | .14 | 6.94 | 7.08 | (.12)<br>| (.11)<br>| (.23)<br>| 25.79 | 37.63 | 146 | .01 | .01 | .44 | .60 |
| 10/31/2020 | 17.40 | .21 | 2.26 | 2.47 | (.22)<br>| (.71)<br>| (.93)<br>| 18.94 | 14.49 | 91 | .02 | .02 | .46 | 1.18 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **53** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Growth Portfolio**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $26.18 | $.13 | $(.37)<br>| $(.24)<br>| $(.12)<br>| $(1.36)<br>| $(1.48)<br>| $24.46 | (1.20 )%<sup>8</sup><br>| $11881 | .35 %<sup>9</sup><br>| .35 %<sup>9</sup><br>| .73 %<sup>9</sup><br>| 1.05 %<sup>9</sup><br>|
| 10/31/2024 | 19.36 | .12 | 7.06 | 7.18 | (.16)<br>| (.20)<br>| (.36)<br>| 26.18 | 37.40 | 11859 | .35 | .35 | .72 | .51 |
| 10/31/2023 | 19.25 | .09 | 1.77 | 1.86 | (.06)<br>| (1.69)<br>| (1.75)<br>| 19.36 | 10.73 | 8407 | .37 | .37 | .75 | .44 |
| 10/31/2022 | 27.69 | .04 | (7.57)<br>| (7.53)<br>| (.01)<br>| (.90)<br>| (.91)<br>| 19.25 | (28.11)<br>| 7384 | .36 | .36 | .73 | .16 |
| 10/31/2021 | 20.30 | .06 | 8.12 | 8.18 | (.10)<br>| (.69)<br>| (.79)<br>| 27.69 | 41.12 | 9462 | .36 | .36 | .73 | .25 |
| 10/31/2020 | 18.76 | .14 | 2.50 | 2.64 | (.16)<br>| (.94)<br>| (1.10)<br>| 20.30 | 14.43 | 6049 | .38 | .38 | .74 | .71 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 25.08 | .04 | (.35)<br>| (.31)<br>|  | (1.36)<br>| (1.36)<br>| 23.41 | (1.52 )<sup>8</sup><br>| 1158 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.48 <br><sup>9</sup><br>| .31 <br><sup>9</sup><br>|
| 10/31/2024 | 18.57 | (.05)<br>| 6.76 | 6.71 | — <br><sup>10</sup><br>| (.20)<br>| (.20)<br>| 25.08 | 36.34 | 1223 | 1.10 | 1.10 | 1.47 | (.20)<br>|
| 10/31/2023 | 18.60 | (.06)<br>| 1.72 | 1.66 |  | (1.69)<br>| (1.69)<br>| 18.57 | 9.91 | 1006 | 1.12 | 1.12 | 1.50 | (.29)<br>|
| 10/31/2022 | 26.98 | (.12)<br>| (7.36)<br>| (7.48)<br>|  | (.90)<br>| (.90)<br>| 18.60 | (28.67)<br>| 1011 | 1.11 | 1.11 | 1.48 | (.58)<br>|
| 10/31/2021 | 19.86 | (.12)<br>| 7.93 | 7.81 |  | (.69)<br>| (.69)<br>| 26.98 | 40.02 | 1483 | 1.10 | 1.10 | 1.47 | (.47)<br>|
| 10/31/2020 | 18.38 | — <br><sup>10</sup><br>| 2.45 | 2.45 | (.03)<br>| (.94)<br>| (.97)<br>| 19.86 | 13.62 | 1099 | 1.12 | 1.12 | 1.48 | — <br><sup>13</sup><br>|
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.25 | .17 | (.37)<br>| (.20)<br>| (.18)<br>| (1.36)<br>| (1.54)<br>| 24.51 | (1.04 )<sup>811</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>911</sup><br>| .10 <br><sup>911</sup><br>| .48 <br><sup>911</sup><br>| 1.35 <br><sup>911</sup><br>|
| 10/31/2024 | 19.42 | .19 | 7.05 | 7.24 | (.21)<br>| (.20)<br>| (.41)<br>| 26.25 | 37.67 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>11</sup><br>| .10 <br><sup>11</sup><br>| .47 <br><sup>11</sup><br>| .78 <br><sup>11</sup><br>|
| 10/31/2023 | 19.30 | .15 | 1.77 | 1.92 | (.11)<br>| (1.69)<br>| (1.80)<br>| 19.42 | 11.08 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .09 <br><sup>11</sup><br>| .09 <br><sup>11</sup><br>| .47 <br><sup>11</sup><br>| .76 <br><sup>11</sup><br>|
| 10/31/2022 | 27.74 | .10 | (7.58)<br>| (7.48)<br>| (.06)<br>| (.90)<br>| (.96)<br>| 19.30 | (27.91 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>11</sup><br>| .10 <br><sup>11</sup><br>| .47 <br><sup>11</sup><br>| .44 <br><sup>11</sup><br>|
| 10/31/2021 | 20.34 | .13 | 8.11 | 8.24 | (.15)<br>| (.69)<br>| (.84)<br>| 27.74 | 41.37 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .13 <br><sup>11</sup><br>| .13 <br><sup>11</sup><br>| .50 <br><sup>11</sup><br>| .50 <br><sup>11</sup><br>|
| 10/31/2020 | 18.78 | .20 | 2.51 | 2.71 | (.21)<br>| (.94)<br>| (1.15)<br>| 20.34 | 14.79 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .13 <br><sup>11</sup><br>| .13 <br><sup>11</sup><br>| .49 <br><sup>11</sup><br>| 1.03 <br><sup>11</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.19 | .13 | (.37)<br>| (.24)<br>| (.11)<br>| (1.36)<br>| (1.47)<br>| 24.48 | (1.18 )<sup>8</sup><br>| 131 | .38 <br><sup>9</sup><br>| .38 <br><sup>9</sup><br>| .76 <br><sup>9</sup><br>| 1.01 <br><sup>9</sup><br>|
| 10/31/2024 | 19.38 | .12 | 7.04 | 7.16 | (.15)<br>| (.20)<br>| (.35)<br>| 26.19 | 37.29 | 125 | .37 | .37 | .74 | .50 |
| 10/31/2023 | 19.25 | .09 | 1.78 | 1.87 | (.05)<br>| (1.69)<br>| (1.74)<br>| 19.38 | 10.75 | 91 | .37 | .37 | .75 | .45 |
| 10/31/2022 | 27.68 | .03 | (7.56)<br>| (7.53)<br>|  | (.90)<br>| (.90)<br>| 19.25 | (28.11)<br>| 95 | .38 | .38 | .75 | .15 |
| 10/31/2021 | 20.30 | .08 | 8.09 | 8.17 | (.10)<br>| (.69)<br>| (.79)<br>| 27.68 | 41.05 | 127 | .37 | .37 | .74 | .31 |
| 10/31/2020 | 18.75 | .14 | 2.51 | 2.65 | (.16)<br>| (.94)<br>| (1.10)<br>| 20.30 | 14.48 | 115 | .38 | .38 | .74 | .73 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.37 | .17 | (.37)<br>| (.20)<br>| (.18)<br>| (1.36)<br>| (1.54)<br>| 24.63 | (1.04 )<sup>8</sup><br>| 1606 | .11 <br><sup>9</sup><br>| .11 <br><sup>9</sup><br>| .49 <br><sup>9</sup><br>| 1.30 <br><sup>9</sup><br>|
| 10/31/2024 | 19.50 | .18 | 7.10 | 7.28 | (.21)<br>| (.20)<br>| (.41)<br>| 26.37 | 37.70 | 1558 | .10 | .10 | .47 | .76 |
| 10/31/2023 | 19.38 | .14 | 1.78 | 1.92 | (.11)<br>| (1.69)<br>| (1.80)<br>| 19.50 | 11.01 | 1064 | .11 | .11 | .49 | .71 |
| 10/31/2022 | 27.86 | .09 | (7.60)<br>| (7.51)<br>| (.07)<br>| (.90)<br>| (.97)<br>| 19.38 | (27.92)<br>| 967 | .12 | .12 | .49 | .41 |
| 10/31/2021 | 20.42 | .12 | 8.16 | 8.28 | (.15)<br>| (.69)<br>| (.84)<br>| 27.86 | 41.43 | 1287 | .11 | .11 | .48 | .49 |
| 10/31/2020 | 18.86 | .18 | 2.53 | 2.71 | (.21)<br>| (.94)<br>| (1.15)<br>| 20.42 | 14.74 | 779 | .12 | .12 | .48 | .96 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.32 | .18 | (.37)<br>| (.19)<br>| (.20)<br>| (1.36)<br>| (1.56)<br>| 24.57 | (.99 )<sup>8</sup><br>| 317 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .39 <br><sup>9</sup><br>| 1.40 <br><sup>9</sup><br>|
| 10/31/2024 | 19.46 | .21 | 7.08 | 7.29 | (.23)<br>| (.20)<br>| (.43)<br>| 26.32 | 37.84 | 323 | .01 | .01 | .38 | .87 |
| 10/31/2023 | 19.35 | .17 | 1.76 | 1.93 | (.13)<br>| (1.69)<br>| (1.82)<br>| 19.46 | 11.12 | 223 | .01 | .01 | .39 | .85 |
| 10/31/2022 | 27.81 | .11 | (7.58)<br>| (7.47)<br>| (.09)<br>| (.90)<br>| (.99)<br>| 19.35 | (27.84)<br>| 237 | .01 | .01 | .38 | .51 |
| 10/31/2021 | 20.38 | .14 | 8.15 | 8.29 | (.17)<br>| (.69)<br>| (.86)<br>| 27.81 | 41.58 | 290 | .01 | .01 | .38 | .55 |
| 10/31/2020 | 18.82 | .20 | 2.53 | 2.73 | (.23)<br>| (.94)<br>| (1.17)<br>| 20.38 | 14.89 | 161 | .01 | .01 | .37 | 1.06 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **54** |

---

------

Financial highlights (continued)

**Growth Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $26.11 | $.13 | $(.37)<br>| $(.24)<br>| $(.11)<br>| $(1.36)<br>| $(1.47)<br>| $24.40 | (1.19 )%<sup>8</sup><br>| $2806 | .39 %<sup>9</sup><br>| .39 %<sup>9</sup><br>| .77 %<sup>9</sup><br>| 1.00 %<sup>9</sup><br>|
| 10/31/2024 | 19.32 | .11 | 7.03 | 7.14 | (.15)<br>| (.20)<br>| (.35)<br>| 26.11 | 37.27 | 2750 | .39 | .39 | .76 | .46 |
| 10/31/2023 | 19.21 | .08 | 1.77 | 1.85 | (.05)<br>| (1.69)<br>| (1.74)<br>| 19.32 | 10.70 | 1876 | .41 | .41 | .79 | .39 |
| 10/31/2022 | 27.63 | .03 | (7.55)<br>| (7.52)<br>| — <br><sup>10</sup><br>| (.90)<br>| (.90)<br>| 19.21 | (28.12)<br>| 1604 | .40 | .40 | .77 | .12 |
| 10/31/2021 | 20.26 | .05 | 8.11 | 8.16 | (.10)<br>| (.69)<br>| (.79)<br>| 27.63 | 41.07 | 2002 | .39 | .39 | .76 | .21 |
| 10/31/2020 | 18.73 | .12 | 2.51 | 2.63 | (.16)<br>| (.94)<br>| (1.10)<br>| 20.26 | 14.37 | 1253 | .42 | .42 | .78 | .64 |
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 25.01 | .03 | (.35)<br>| (.32)<br>|  | (1.36)<br>| (1.36)<br>| 23.33 | (1.56 )<sup>8</sup><br>| 108 | 1.15 <br><sup>9</sup><br>| 1.15 <br><sup>9</sup><br>| 1.53 <br><sup>9</sup><br>| .26 <br><sup>9</sup><br>|
| 10/31/2024 | 18.53 | (.06)<br>| 6.74 | 6.68 |  | (.20)<br>| (.20)<br>| 25.01 | 36.25 | 117 | 1.15 | 1.15 | 1.52 | (.25)<br>|
| 10/31/2023 | 18.57 | (.07)<br>| 1.72 | 1.65 |  | (1.69)<br>| (1.69)<br>| 18.53 | 9.87 | 98 | 1.18 | 1.18 | 1.56 | (.35)<br>|
| 10/31/2022 | 26.94 | (.13)<br>| (7.34)<br>| (7.47)<br>|  | (.90)<br>| (.90)<br>| 18.57 | (28.67)<br>| 101 | 1.16 | 1.16 | 1.53 | (.62)<br>|
| 10/31/2021 | 19.84 | (.12)<br>| 7.91 | 7.79 |  | (.69)<br>| (.69)<br>| 26.94 | 39.96 | 156 | 1.14 | 1.14 | 1.51 | (.51)<br>|
| 10/31/2020 | 18.36 | .02 | 2.41 | 2.43 | (.01)<br>| (.94)<br>| (.95)<br>| 19.84 | 13.53 | 127 | 1.18 | 1.18 | 1.54 | .08 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 25.78 | .10 | (.36)<br>| (.26)<br>| (.06)<br>| (1.36)<br>| (1.42)<br>| 24.10 | (1.29 )<sup>8</sup><br>| 99 | .62 <br><sup>9</sup><br>| .62 <br><sup>9</sup><br>| 1.00 <br><sup>9</sup><br>| .79 <br><sup>9</sup><br>|
| 10/31/2024 | 19.08 | .06 | 6.95 | 7.01 | (.11)<br>| (.20)<br>| (.31)<br>| 25.78 | 37.01 | 100 | .61 | .61 | .98 | .25 |
| 10/31/2023 | 18.99 | .03 | 1.76 | 1.79 | (.01)<br>| (1.69)<br>| (1.70)<br>| 19.08 | 10.47 | 69 | .63 | .63 | 1.01 | .18 |
| 10/31/2022 | 27.39 | (.02)<br>| (7.48)<br>| (7.50)<br>|  | (.90)<br>| (.90)<br>| 18.99 | (28.30)<br>| 59 | .61 | .61 | .98 | (.09)<br>|
| 10/31/2021 | 20.10 | (.01)<br>| 8.04 | 8.03 | (.05)<br>| (.69)<br>| (.74)<br>| 27.39 | 40.74 | 74 | .61 | .61 | .98 | (.02)<br>|
| 10/31/2020 | 18.59 | .09 | 2.48 | 2.57 | (.12)<br>| (.94)<br>| (1.06)<br>| 20.10 | 14.16 | 46 | .63 | .63 | .99 | .48 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.23 | .16 | (.36)<br>| (.20)<br>| (.17)<br>| (1.36)<br>| (1.53)<br>| 24.50 | (1.05 )<sup>811</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>911</sup><br>| .15 <br><sup>911</sup><br>| .53 <br><sup>911</sup><br>| 1.25 <br><sup>911</sup><br>|
| 10/31/2024 | 19.40 | .17 | 7.06 | 7.23 | (.20)<br>| (.20)<br>| (.40)<br>| 26.23 | 37.62 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>11</sup><br>| .15 <br><sup>11</sup><br>| .52 <br><sup>11</sup><br>| .72 <br><sup>11</sup><br>|
| 10/31/2023 | 19.29 | .13 | 1.77 | 1.90 | (.10)<br>| (1.69)<br>| (1.79)<br>| 19.40 | 10.96 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .16 <br><sup>11</sup><br>| .16 <br><sup>11</sup><br>| .54 <br><sup>11</sup><br>| .66 <br><sup>11</sup><br>|
| 10/31/2022 | 27.73 | .08 | (7.57)<br>| (7.49)<br>| (.05)<br>| (.90)<br>| (.95)<br>| 19.29 | (27.96 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>11</sup><br>| .15 <br><sup>11</sup><br>| .52 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>|
| 10/31/2021 | 20.33 | .11 | 8.12 | 8.23 | (.14)<br>| (.69)<br>| (.83)<br>| 27.73 | 41.33 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>11</sup><br>| .17 <br><sup>11</sup><br>| .54 <br><sup>11</sup><br>| .44 <br><sup>11</sup><br>|
| 10/31/2020 | 18.78 | .18 | 2.51 | 2.69 | (.20)<br>| (.94)<br>| (1.14)<br>| 20.33 | 14.69 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .54 <br><sup>11</sup><br>| .94 <br><sup>11</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.27 | .16 | (.37)<br>| (.21)<br>| (.16)<br>| (1.36)<br>| (1.52)<br>| 24.54 | (1.07 )<sup>811</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>911</sup><br>| .18 <br><sup>911</sup><br>| .56 <br><sup>911</sup><br>| 1.23 <br><sup>911</sup><br>|
| 10/31/2024 | 19.43 | .17 | 7.06 | 7.23 | (.19)<br>| (.20)<br>| (.39)<br>| 26.27 | 37.57 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .55 <br><sup>11</sup><br>| .70 <br><sup>11</sup><br>|
| 10/31/2023 | 19.31 | .12 | 1.78 | 1.90 | (.09)<br>| (1.69)<br>| (1.78)<br>| 19.43 | 10.96 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .57 <br><sup>11</sup><br>| .62 <br><sup>11</sup><br>|
| 10/31/2022 | 27.76 | .08 | (7.58)<br>| (7.50)<br>| (.05)<br>| (.90)<br>| (.95)<br>| 19.31 | (27.97 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .20 <br><sup>11</sup><br>| .20 <br><sup>11</sup><br>| .57 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>|
| 10/31/2021 | 20.37 | .10 | 8.14 | 8.24 | (.16)<br>| (.69)<br>| (.85)<br>| 27.76 | 41.34 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .55 <br><sup>11</sup><br>| .41 <br><sup>11</sup><br>|
| 10/31/2020 | 18.82 | .17 | 2.52 | 2.69 | (.20)<br>| (.94)<br>| (1.14)<br>| 20.37 | 14.67 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .54 <br><sup>11</sup><br>| .89 <br><sup>11</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.19 | .16 | (.36)<br>| (.20)<br>| (.18)<br>| (1.36)<br>| (1.54)<br>| 24.45 | (1.06 )<sup>8</sup><br>| 495 | .12 <br><sup>9</sup><br>| .12 <br><sup>9</sup><br>| .50 <br><sup>9</sup><br>| 1.25 <br><sup>9</sup><br>|
| 10/31/2024 | 19.37 | .17 | 7.06 | 7.23 | (.21)<br>| (.20)<br>| (.41)<br>| 26.19 | 37.68 | 455 | .13 | .13 | .50 | .71 |
| 10/31/2023 | 19.26 | .13 | 1.78 | 1.91 | (.11)<br>| (1.69)<br>| (1.80)<br>| 19.37 | 11.02 | 289 | .12 | .12 | .50 | .68 |
| 10/31/2022 | 27.69 | .09 | (7.56)<br>| (7.47)<br>| (.06)<br>| (.90)<br>| (.96)<br>| 19.26 | (27.94)<br>| 232 | .13 | .13 | .50 | .40 |
| 10/31/2021 | 20.30 | .11 | 8.11 | 8.22 | (.14)<br>| (.69)<br>| (.83)<br>| 27.69 | 41.36 | 289 | .16 | .16 | .53 | .42 |
| 10/31/2020<sup>6,14</sup> <br>| 20.30 |  |  |  |  |  |  | 20.30 |  | 165 |  |  |  |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **55** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Growth Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $26.18 | $.17 | $(.37)<br>| $(.20)<br>| $(.19)<br>| $(1.36)<br>| $(1.55)<br>| $24.43 | (1.05 )%<sup>8</sup><br>| $— <br><sup>12</sup><br>| .06 %<sup>9</sup><br>| .06 %<sup>9</sup><br>| .44 %<sup>9</sup><br>| 1.35 %<sup>9</sup><br>|
| 10/31/2024 | 19.36 | .20 | 7.03 | 7.23 | (.21)<br>| (.20)<br>| (.41)<br>| 26.18 | 37.75 | — <br><sup>12</sup><br>| .06 | .06 | .43 | .82 |
| 10/31/2023 | 19.25 | .15 | 1.77 | 1.92 | (.12)<br>| (1.69)<br>| (1.81)<br>| 19.36 | 11.10 | — <br><sup>12</sup><br>| .07 | .07 | .45 | .74 |
| 10/31/2022 | 27.68 | .10 | (7.55)<br>| (7.45)<br>| (.08)<br>| (.90)<br>| (.98)<br>| 19.25 | (27.90)<br>| — <br><sup>12</sup><br>| .07 | .07 | .44 | .46 |
| 10/31/2021 | 20.30 | .14 | 8.10 | 8.24 | (.17)<br>| (.69)<br>| (.86)<br>| 27.68 | 41.48 | — <br><sup>12</sup><br>| .11 | .07 | .44 | .55 |
| 10/31/2020<sup>6,14</sup> <br>| 20.30 |  |  |  |  |  |  | 20.30 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.08 | .14 | (.35)<br>| (.21)<br>| (.14)<br>| (1.36)<br>| (1.50)<br>| 24.37 | (1.10 )<sup>8</sup><br>| 22 | .31 <br><sup>9</sup><br>| .25 <br><sup>9</sup><br>| .63 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>|
| 10/31/2024 | 19.29 | .13 | 7.03 | 7.16 | (.17)<br>| (.20)<br>| (.37)<br>| 26.08 | 37.48 | 19 | .31 | .25 | .62 | .55 |
| 10/31/2023 | 19.18 | .10 | 1.78 | 1.88 | (.08)<br>| (1.69)<br>| (1.77)<br>| 19.29 | 10.90 | 11 | .32 | .26 | .64 | .50 |
| 10/31/2022 | 27.59 | .05 | (7.52)<br>| (7.47)<br>| (.04)<br>| (.90)<br>| (.94)<br>| 19.18 | (28.02)<br>| 7 | .31 | .25 | .62 | .23 |
| 10/31/2021 | 20.21 | .09 | 8.09 | 8.18 | (.11)<br>| (.69)<br>| (.80)<br>| 27.59 | 41.33 | 6 | .24 | .18 | .55 | .35 |
| 10/31/2020 | 18.69 | .11 | 2.53 | 2.64 | (.18)<br>| (.94)<br>| (1.12)<br>| 20.21 | 14.48 | 3 | .41 | .35 | .71 | .57 |
| **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.22 | .17 | (.36)<br>| (.19)<br>| (.19)<br>| (1.36)<br>| (1.55)<br>| 24.48 | (1.03 )<sup>8</sup><br>| 1 | .11 <br><sup>9</sup><br>| .05 <br><sup>9</sup><br>| .43 <br><sup>9</sup><br>| 1.30 <br><sup>9</sup><br>|
| 10/31/2024 | 19.38 | .16 | 7.09 | 7.25 | (.21)<br>| (.20)<br>| (.41)<br>| 26.22 | 37.79 | 1 | .11 | .05 | .42 | .66 |
| 10/31/2023 | 19.27 | .13 | 1.79 | 1.92 | (.12)<br>| (1.69)<br>| (1.81)<br>| 19.38 | 11.07 | — <br><sup>12</sup><br>| .12 | .06 | .44 | .64 |
| 10/31/2022 | 27.71 | .09 | (7.55)<br>| (7.46)<br>| (.08)<br>| (.90)<br>| (.98)<br>| 19.27 | (27.91)<br>| — <br><sup>12</sup><br>| .11 | .05 | .42 | .41 |
| 10/31/2021 | 20.30 | .09 | 8.18 | 8.27 | (.17)<br>| (.69)<br>| (.86)<br>| 27.71 | 41.63 | — <br><sup>12</sup><br>| .11 | .04 | .41 | .34 |
| 10/31/2020<sup>6,14</sup> <br>| 20.30 |  |  |  |  |  |  | 20.30 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 25.15 | .04 | (.35)<br>| (.31)<br>|  | (1.36)<br>| (1.36)<br>| 23.48 | (1.52 )<sup>8</sup><br>| 54 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.48 <br><sup>9</sup><br>| .30 <br><sup>9</sup><br>|
| 10/31/2024 | 18.64 | (.05)<br>| 6.78 | 6.73 | (.02)<br>| (.20)<br>| (.22)<br>| 25.15 | 36.29 | 54 | 1.10 | 1.10 | 1.47 | (.22)<br>|
| 10/31/2023 | 18.66 | (.05)<br>| 1.72 | 1.67 |  | (1.69)<br>| (1.69)<br>| 18.64 | 9.94 | 38 | 1.10 | 1.10 | 1.48 | (.28)<br>|
| 10/31/2022 | 27.05 | (.12)<br>| (7.37)<br>| (7.49)<br>|  | (.90)<br>| (.90)<br>| 18.66 | (28.63)<br>| 34 | 1.10 | 1.10 | 1.47 | (.57)<br>|
| 10/31/2021 | 19.91 | (.12)<br>| 7.95 | 7.83 |  | (.69)<br>| (.69)<br>| 27.05 | 40.02 | 45 | 1.10 | 1.10 | 1.47 | (.50)<br>|
| 10/31/2020 | 18.44 | — <br><sup>10</sup><br>| 2.46 | 2.46 | (.05)<br>| (.94)<br>| (.99)<br>| 19.91 | 13.64 | 29 | 1.11 | 1.11 | 1.47 | (.03)<br>|
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 25.06 | .04 | (.35)<br>| (.31)<br>|  | (1.36)<br>| (1.36)<br>| 23.39 | (1.52 )<sup>8</sup><br>| 267 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.48 <br><sup>9</sup><br>| .31 <br><sup>9</sup><br>|
| 10/31/2024 | 18.57 | (.04)<br>| 6.75 | 6.71 | (.02)<br>| (.20)<br>| (.22)<br>| 25.06 | 36.34 | 273 | 1.09 | 1.09 | 1.46 | (.18)<br>|
| 10/31/2023 | 18.59 | (.05)<br>| 1.72 | 1.67 |  | (1.69)<br>| (1.69)<br>| 18.57 | 9.98 | 212 | 1.09 | 1.09 | 1.47 | (.27)<br>|
| 10/31/2022 | 26.96 | (.12)<br>| (7.35)<br>| (7.47)<br>|  | (.90)<br>| (.90)<br>| 18.59 | (28.65)<br>| 197 | 1.10 | 1.10 | 1.47 | (.55)<br>|
| 10/31/2021 | 19.84 | (.11)<br>| 7.92 | 7.81 |  | (.69)<br>| (.69)<br>| 26.96 | 40.07 | 321 | 1.09 | 1.09 | 1.46 | (.47)<br>|
| 10/31/2020 | 18.37 | — <br><sup>10</sup><br>| 2.45 | 2.45 | (.04)<br>| (.94)<br>| (.98)<br>| 19.84 | 13.64 | 230 | 1.10 | 1.10 | 1.46 | .02 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 25.50 | .08 | (.37)<br>| (.29)<br>|  | (1.36)<br>| (1.36)<br>| 23.85 | (1.41 )<sup>8</sup><br>| 12 | .82 <br><sup>9</sup><br>| .82 <br><sup>9</sup><br>| 1.20 <br><sup>9</sup><br>| .61 <br><sup>9</sup><br>|
| 10/31/2024 | 18.89 | .01 | 6.88 | 6.89 | (.08)<br>| (.20)<br>| (.28)<br>| 25.50 | 36.75 | 12 | .80 | .80 | 1.17 | .06 |
| 10/31/2023 | 18.84 | — <br><sup>10</sup><br>| 1.74 | 1.74 |  | (1.69)<br>| (1.69)<br>| 18.89 | 10.24 | 11 | .81 | .81 | 1.19 | (.01)<br>|
| 10/31/2022 | 27.22 | (.05)<br>| (7.43)<br>| (7.48)<br>|  | (.90)<br>| (.90)<br>| 18.84 | (28.41)<br>| 9 | .82 | .82 | 1.19 | (.24)<br>|
| 10/31/2021 | 19.98 | (.04)<br>| 7.98 | 7.94 | (.01)<br>| (.69)<br>| (.70)<br>| 27.22 | 40.44 | 15 | .81 | .81 | 1.18 | (.15)<br>|
| 10/31/2020 | 18.50 | .07 | 2.44 | 2.51 | (.09)<br>| (.94)<br>| (1.03)<br>| 19.98 | 13.89 | 10 | .82 | .82 | 1.18 | .36 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **56** |

---

------

Financial highlights (continued)

**Growth Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $25.81 | $.09 | $(.36)<br>| $(.27)<br>| $(.05)<br>| $(1.36)<br>| $(1.41)<br>| $24.13 | (1.32 )%<sup>8</sup><br>| $327 | .65 %<sup>9</sup><br>| .65 %<sup>9</sup><br>| 1.03 %<sup>9</sup><br>| .74 %<sup>9</sup><br>|
| 10/31/2024 | 19.11 | .05 | 6.96 | 7.01 | (.11)<br>| (.20)<br>| (.31)<br>| 25.81 | 36.95 | 315 | .64 | .64 | 1.01 | .22 |
| 10/31/2023 | 19.01 | .03 | 1.76 | 1.79 | — <br><sup>10</sup><br>| (1.69)<br>| (1.69)<br>| 19.11 | 10.45 | 218 | .65 | .65 | 1.03 | .15 |
| 10/31/2022 | 27.42 | (.03)<br>| (7.48)<br>| (7.51)<br>|  | (.90)<br>| (.90)<br>| 19.01 | (28.31)<br>| 180 | .65 | .65 | 1.02 | (.12)<br>|
| 10/31/2021 | 20.12 | (.01)<br>| 8.05 | 8.04 | (.05)<br>| (.69)<br>| (.74)<br>| 27.42 | 40.69 | 235 | .65 | .65 | 1.02 | (.05)<br>|
| 10/31/2020 | 18.61 | .08 | 2.49 | 2.57 | (.12)<br>| (.94)<br>| (1.06)<br>| 20.12 | 14.12 | 158 | .66 | .66 | 1.02 | .44 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.15 | .14 | (.38)<br>| (.24)<br>| (.12)<br>| (1.36)<br>| (1.48)<br>| 24.43 | (1.19 )<sup>8</sup><br>| 112 | .34 <br><sup>9</sup><br>| .34 <br><sup>9</sup><br>| .72 <br><sup>9</sup><br>| 1.06 <br><sup>9</sup><br>|
| 10/31/2024 | 19.34 | .13 | 7.04 | 7.17 | (.16)<br>| (.20)<br>| (.36)<br>| 26.15 | 37.40 | 117 | .34 | .34 | .71 | .52 |
| 10/31/2023 | 19.23 | .09 | 1.77 | 1.86 | (.06)<br>| (1.69)<br>| (1.75)<br>| 19.34 | 10.76 | 83 | .34 | .34 | .72 | .47 |
| 10/31/2022 | 27.64 | .04 | (7.55)<br>| (7.51)<br>|  | (.90)<br>| (.90)<br>| 19.23 | (28.08)<br>| 76 | .34 | .34 | .71 | .17 |
| 10/31/2021 | 20.27 | .07 | 8.09 | 8.16 | (.10)<br>| (.69)<br>| (.79)<br>| 27.64 | 41.09 | 102 | .35 | .35 | .72 | .26 |
| 10/31/2020 | 18.73 | .14 | 2.50 | 2.64 | (.16)<br>| (.94)<br>| (1.10)<br>| 20.27 | 14.47 | 72 | .36 | .36 | .72 | .73 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.15 | .16 | (.37)<br>| (.21)<br>| (.17)<br>| (1.36)<br>| (1.53)<br>| 24.41 | (1.08 )<sup>8</sup><br>| 95 | .15 <br><sup>9</sup><br>| .15 <br><sup>9</sup><br>| .53 <br><sup>9</sup><br>| 1.24 <br><sup>9</sup><br>|
| 10/31/2024 | 19.34 | .17 | 7.04 | 7.21 | (.20)<br>| (.20)<br>| (.40)<br>| 26.15 | 37.66 | 92 | .15 | .15 | .52 | .70 |
| 10/31/2023 | 19.24 | .12 | 1.78 | 1.90 | (.11)<br>| (1.69)<br>| (1.80)<br>| 19.34 | 10.96 | 58 | .15 | .15 | .53 | .62 |
| 10/31/2022 | 27.67 | .08 | (7.55)<br>| (7.47)<br>| (.06)<br>| (.90)<br>| (.96)<br>| 19.24 | (27.95)<br>| 42 | .15 | .15 | .52 | .34 |
| 10/31/2021 | 20.29 | .12 | 8.10 | 8.22 | (.15)<br>| (.69)<br>| (.84)<br>| 27.67 | 41.36 | 40 | .15 | .15 | .52 | .48 |
| 10/31/2020 | 18.75 | .16 | 2.53 | 2.69 | (.21)<br>| (.94)<br>| (1.15)<br>| 20.29 | 14.70 | 25 | .16 | .16 | .52 | .84 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.54 | .16 | (.36)<br>| (.20)<br>| (.19)<br>| (1.36)<br>| (1.55)<br>| 24.79 | (1.03 )<sup>8</sup><br>| 47 | .06 <br><sup>9</sup><br>| .06 <br><sup>9</sup><br>| .44 <br><sup>9</sup><br>| 1.25 <br><sup>9</sup><br>|
| 10/31/2024 | 19.62 | .20 | 7.14 | 7.34 | (.22)<br>| (.20)<br>| (.42)<br>| 26.54 | 37.78 | 41 | .06 | .06 | .43 | .84 |
| 10/31/2023 | 19.49 | .15 | 1.79 | 1.94 | (.12)<br>| (1.69)<br>| (1.81)<br>| 19.62 | 11.08 | 33 | .06 | .06 | .44 | .76 |
| 10/31/2022 | 28.01 | .11 | (7.65)<br>| (7.54)<br>| (.08)<br>| (.90)<br>| (.98)<br>| 19.49 | (27.89)<br>| 30 | .06 | .06 | .43 | .48 |
| 10/31/2021 | 20.52 | .14 | 8.20 | 8.34 | (.16)<br>| (.69)<br>| (.85)<br>| 28.01 | 41.53 | 41 | .06 | .06 | .43 | .56 |
| 10/31/2020 | 18.95 | .20 | 2.53 | 2.73 | (.22)<br>| (.94)<br>| (1.16)<br>| 20.52 | 14.78 | 29 | .06 | .06 | .42 | 1.04 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 4/30/2025<sup>6,7</sup> <br>| 26.47 | .18 | (.37)<br>| (.19)<br>| (.20)<br>| (1.36)<br>| (1.56)<br>| 24.72 | (.99 )<sup>8</sup><br>| 384 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .39 <br><sup>9</sup><br>| 1.36 <br><sup>9</sup><br>|
| 10/31/2024 | 19.57 | .20 | 7.13 | 7.33 | (.23)<br>| (.20)<br>| (.43)<br>| 26.47 | 37.83 | 350 | .01 | .01 | .38 | .81 |
| 10/31/2023 | 19.45 | .15 | 1.79 | 1.94 | (.13)<br>| (1.69)<br>| (1.82)<br>| 19.57 | 11.11 | 210 | .01 | .01 | .39 | .77 |
| 10/31/2022 | 27.95 | .11 | (7.62)<br>| (7.51)<br>| (.09)<br>| (.90)<br>| (.99)<br>| 19.45 | (27.84)<br>| 161 | .01 | .01 | .38 | .51 |
| 10/31/2021 | 20.48 | .15 | 8.18 | 8.33 | (.17)<br>| (.69)<br>| (.86)<br>| 27.95 | 41.57 | 186 | .01 | .01 | .38 | .60 |
| 10/31/2020 | 18.91 | .21 | 2.53 | 2.74 | (.23)<br>| (.94)<br>| (1.17)<br>| 20.48 | 14.87 | 119 | .02 | .02 | .38 | 1.08 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **57** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Growth and Income Portfolio**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $19.57 | $.20 | $(.04)<br>| $.16 | $(.21)<br>| $(.56)<br>| $(.77)<br>| $18.96 | .77 %<sup>8</sup><br>| $12300 | .33 %<sup>9</sup><br>| .33 %<sup>9</sup><br>| .66 %<sup>9</sup><br>| 2.07 %<sup>9</sup><br>|
| 10/31/2024 | 15.59 | .36 | 4.12 | 4.48 | (.36)<br>| (.14)<br>| (.50)<br>| 19.57 | 28.99 | 12189 | .33 | .33 | .66 | 1.94 |
| 10/31/2023 | 15.38 | .33 | .87 | 1.20 | (.33)<br>| (.66)<br>| (.99)<br>| 15.59 | 8.10 | 9394 | .33 | .33 | .67 | 2.08 |
| 10/31/2022 | 19.63 | .27 | (3.51)<br>| (3.24)<br>| (.27)<br>| (.74)<br>| (1.01)<br>| 15.38 | (17.38)<br>| 8590 | .34 | .34 | .67 | 1.58 |
| 10/31/2021 | 15.64 | .23 | 4.44 | 4.67 | (.26)<br>| (.42)<br>| (.68)<br>| 19.63 | 30.44 | 9886 | .34 | .34 | .66 | 1.24 |
| 10/31/2020 | 15.29 | .28 | .91 | 1.19 | (.29)<br>| (.55)<br>| (.84)<br>| 15.64 | 7.92 | 6851 | .34 | .34 | .66 | 1.81 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.42 | .13 | (.03)<br>| .10 | (.14)<br>| (.56)<br>| (.70)<br>| 18.82 | .45 <br><sup>8</sup><br>| 1019 | 1.07 <br><sup>9</sup><br>| 1.07 <br><sup>9</sup><br>| 1.40 <br><sup>9</sup><br>| 1.35 <br><sup>9</sup><br>|
| 10/31/2024 | 15.48 | .22 | 4.08 | 4.30 | (.22)<br>| (.14)<br>| (.36)<br>| 19.42 | 27.98 | 1090 | 1.07 | 1.07 | 1.40 | 1.23 |
| 10/31/2023 | 15.27 | .21 | .87 | 1.08 | (.21)<br>| (.66)<br>| (.87)<br>| 15.48 | 7.34 | 1007 | 1.08 | 1.08 | 1.42 | 1.35 |
| 10/31/2022 | 19.49 | .14 | (3.49)<br>| (3.35)<br>| (.13)<br>| (.74)<br>| (.87)<br>| 15.27 | (17.98)<br>| 1097 | 1.07 | 1.07 | 1.40 | .84 |
| 10/31/2021 | 15.53 | .09 | 4.42 | 4.51 | (.13)<br>| (.42)<br>| (.55)<br>| 19.49 | 29.51 | 1489 | 1.07 | 1.07 | 1.39 | .52 |
| 10/31/2020 | 15.19 | .16 | .90 | 1.06 | (.17)<br>| (.55)<br>| (.72)<br>| 15.53 | 7.10 | 1237 | 1.08 | 1.08 | 1.40 | 1.09 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.58 | .23 | (.04)<br>| .19 | (.24)<br>| (.56)<br>| (.80)<br>| 18.97 | .91 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .06 <br><sup>911</sup><br>| .06 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.38 <br><sup>911</sup><br>|
| 10/31/2024 | 15.60 | .41 | 4.11 | 4.52 | (.40)<br>| (.14)<br>| (.54)<br>| 19.58 | 29.30 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .07 <br><sup>11</sup><br>| .07 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 2.22 <br><sup>11</sup><br>|
| 10/31/2023 | 15.38 | .38 | .88 | 1.26 | (.38)<br>| (.66)<br>| (1.04)<br>| 15.60 | 8.47 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .39 <br><sup>11</sup><br>| 2.39 <br><sup>11</sup><br>|
| 10/31/2022 | 19.63 | .32 | (3.52)<br>| (3.20)<br>| (.31)<br>| (.74)<br>| (1.05)<br>| 15.38 | (17.15 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .07 <br><sup>11</sup><br>| .07 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 1.86 <br><sup>11</sup><br>|
| 10/31/2021 | 15.64 | .28 | 4.43 | 4.71 | (.30)<br>| (.42)<br>| (.72)<br>| 19.63 | 30.75 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .09 <br><sup>11</sup><br>| .09 <br><sup>11</sup><br>| .41 <br><sup>11</sup><br>| 1.50 <br><sup>11</sup><br>|
| 10/31/2020 | 15.29 | .32 | .91 | 1.23 | (.33)<br>| (.55)<br>| (.88)<br>| 15.64 | 8.21 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .08 <br><sup>11</sup><br>| .08 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 2.10 <br><sup>11</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.57 | .20 | (.03)<br>| .17 | (.21)<br>| (.56)<br>| (.77)<br>| 18.97 | .80 <br><sup>8</sup><br>| 216 | .37 <br><sup>9</sup><br>| .37 <br><sup>9</sup><br>| .70 <br><sup>9</sup><br>| 2.03 <br><sup>9</sup><br>|
| 10/31/2024 | 15.59 | .35 | 4.12 | 4.47 | (.35)<br>| (.14)<br>| (.49)<br>| 19.57 | 28.93 | 214 | .37 | .37 | .70 | 1.91 |
| 10/31/2023 | 15.38 | .33 | .87 | 1.20 | (.33)<br>| (.66)<br>| (.99)<br>| 15.59 | 8.05 | 174 | .37 | .37 | .71 | 2.05 |
| 10/31/2022 | 19.63 | .26 | (3.51)<br>| (3.25)<br>| (.26)<br>| (.74)<br>| (1.00)<br>| 15.38 | (17.41)<br>| 175 | .38 | .38 | .71 | 1.54 |
| 10/31/2021 | 15.64 | .22 | 4.44 | 4.66 | (.25)<br>| (.42)<br>| (.67)<br>| 19.63 | 30.39 | 215 | .37 | .37 | .69 | 1.23 |
| 10/31/2020 | 15.29 | .27 | .91 | 1.18 | (.28)<br>| (.55)<br>| (.83)<br>| 15.64 | 7.88 | 198 | .37 | .37 | .69 | 1.78 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.61 | .22 | (.03)<br>| .19 | (.23)<br>| (.56)<br>| (.79)<br>| 19.01 | .93 <br><sup>8</sup><br>| 1566 | .11 <br><sup>9</sup><br>| .11 <br><sup>9</sup><br>| .44 <br><sup>9</sup><br>| 2.30 <br><sup>9</sup><br>|
| 10/31/2024 | 15.62 | .39 | 4.14 | 4.53 | (.40)<br>| (.14)<br>| (.54)<br>| 19.61 | 29.27 | 1535 | .11 | .11 | .44 | 2.14 |
| 10/31/2023 | 15.40 | .37 | .88 | 1.25 | (.37)<br>| (.66)<br>| (1.03)<br>| 15.62 | 8.39 | 1132 | .11 | .11 | .45 | 2.31 |
| 10/31/2022 | 19.66 | .31 | (3.52)<br>| (3.21)<br>| (.31)<br>| (.74)<br>| (1.05)<br>| 15.40 | (17.21)<br>| 1077 | .12 | .12 | .45 | 1.81 |
| 10/31/2021 | 15.66 | .27 | 4.45 | 4.72 | (.30)<br>| (.42)<br>| (.72)<br>| 19.66 | 30.75 | 1273 | .11 | .11 | .43 | 1.47 |
| 10/31/2020 | 15.31 | .31 | .91 | 1.22 | (.32)<br>| (.55)<br>| (.87)<br>| 15.66 | 8.15 | 818 | .12 | .12 | .44 | 2.04 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.58 | .23 | (.03)<br>| .20 | (.24)<br>| (.56)<br>| (.80)<br>| 18.98 | .99 <br><sup>8</sup><br>| 355 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .34 <br><sup>9</sup><br>| 2.41 <br><sup>9</sup><br>|
| 10/31/2024 | 15.60 | .41 | 4.12 | 4.53 | (.41)<br>| (.14)<br>| (.55)<br>| 19.58 | 29.37 | 361 | .01 | .01 | .34 | 2.26 |
| 10/31/2023 | 15.39 | .39 | .86 | 1.25 | (.38)<br>| (.66)<br>| (1.04)<br>| 15.60 | 8.44 | 262 | .01 | .01 | .35 | 2.42 |
| 10/31/2022 | 19.64 | .33 | (3.52)<br>| (3.19)<br>| (.32)<br>| (.74)<br>| (1.06)<br>| 15.39 | (17.09)<br>| 252 | .01 | .01 | .34 | 1.91 |
| 10/31/2021 | 15.64 | .29 | 4.45 | 4.74 | (.32)<br>| (.42)<br>| (.74)<br>| 19.64 | 30.92 | 269 | .01 | .01 | .33 | 1.55 |
| 10/31/2020 | 15.30 | .33 | .90 | 1.23 | (.34)<br>| (.55)<br>| (.89)<br>| 15.64 | 8.21 | 120 | .01 | .01 | .33 | 2.15 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **58** |

---

------

Financial highlights (continued)

**Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $19.56 | $.20 | $(.04)<br>| $.16 | $(.21)<br>| $(.56)<br>| $(.77)<br>| $18.95 | .76 %<sup>8</sup><br>| $1393 | .36 %<sup>9</sup><br>| .36 %<sup>9</sup><br>| .69 %<sup>9</sup><br>| 2.04 %<sup>9</sup><br>|
| 10/31/2024 | 15.58 | .35 | 4.12 | 4.47 | (.35)<br>| (.14)<br>| (.49)<br>| 19.56 | 28.96 | 1365 | .37 | .37 | .70 | 1.90 |
| 10/31/2023 | 15.37 | .32 | .88 | 1.20 | (.33)<br>| (.66)<br>| (.99)<br>| 15.58 | 8.06 | 1033 | .38 | .38 | .72 | 2.03 |
| 10/31/2022 | 19.62 | .27 | (3.52)<br>| (3.25)<br>| (.26)<br>| (.74)<br>| (1.00)<br>| 15.37 | (17.40)<br>| 925 | .36 | .36 | .69 | 1.56 |
| 10/31/2021 | 15.63 | .22 | 4.45 | 4.67 | (.26)<br>| (.42)<br>| (.68)<br>| 19.62 | 30.42 | 1042 | .37 | .37 | .69 | 1.22 |
| 10/31/2020 | 15.28 | .27 | .91 | 1.18 | (.28)<br>| (.55)<br>| (.83)<br>| 15.63 | 7.89 | 730 | .38 | .38 | .70 | 1.75 |
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.47 | .12 | (.03)<br>| .09 | (.13)<br>| (.56)<br>| (.69)<br>| 18.87 | .42 <br><sup>8</sup><br>| 63 | 1.11 <br><sup>9</sup><br>| 1.11 <br><sup>9</sup><br>| 1.44 <br><sup>9</sup><br>| 1.30 <br><sup>9</sup><br>|
| 10/31/2024 | 15.52 | .21 | 4.09 | 4.30 | (.21)<br>| (.14)<br>| (.35)<br>| 19.47 | 27.91 | 67 | 1.12 | 1.12 | 1.45 | 1.16 |
| 10/31/2023 | 15.30 | .20 | .88 | 1.08 | (.20)<br>| (.66)<br>| (.86)<br>| 15.52 | 7.32 | 61 | 1.14 | 1.14 | 1.48 | 1.28 |
| 10/31/2022 | 19.53 | .13 | (3.50)<br>| (3.37)<br>| (.12)<br>| (.74)<br>| (.86)<br>| 15.30 | (18.05)<br>| 65 | 1.13 | 1.13 | 1.46 | .78 |
| 10/31/2021 | 15.56 | .08 | 4.42 | 4.50 | (.11)<br>| (.42)<br>| (.53)<br>| 19.53 | 29.42 | 93 | 1.12 | 1.12 | 1.44 | .46 |
| 10/31/2020 | 15.20 | .17 | .89 | 1.06 | (.15)<br>| (.55)<br>| (.70)<br>| 15.56 | 7.09 | 86 | 1.14 | 1.14 | 1.46 | 1.14 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.50 | .17 | (.03)<br>| .14 | (.18)<br>| (.56)<br>| (.74)<br>| 18.90 | .69 <br><sup>8</sup><br>| 46 | .60 <br><sup>9</sup><br>| .60 <br><sup>9</sup><br>| .93 <br><sup>9</sup><br>| 1.82 <br><sup>9</sup><br>|
| 10/31/2024 | 15.54 | .31 | 4.10 | 4.41 | (.31)<br>| (.14)<br>| (.45)<br>| 19.50 | 28.62 | 48 | .60 | .60 | .93 | 1.68 |
| 10/31/2023 | 15.33 | .29 | .87 | 1.16 | (.29)<br>| (.66)<br>| (.95)<br>| 15.54 | 7.84 | 40 | .60 | .60 | .94 | 1.80 |
| 10/31/2022 | 19.57 | .23 | (3.51)<br>| (3.28)<br>| (.22)<br>| (.74)<br>| (.96)<br>| 15.33 | (17.60)<br>| 35 | .60 | .60 | .93 | 1.33 |
| 10/31/2021 | 15.59 | .18 | 4.43 | 4.61 | (.21)<br>| (.42)<br>| (.63)<br>| 19.57 | 30.14 | 42 | .60 | .60 | .92 | .99 |
| 10/31/2020 | 15.25 | .24 | .90 | 1.14 | (.25)<br>| (.55)<br>| (.80)<br>| 15.59 | 7.59 | 31 | .61 | .61 | .93 | 1.55 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.58 | .22 | (.04)<br>| .18 | (.23)<br>| (.56)<br>| (.79)<br>| 18.97 | .88 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .12 <br><sup>911</sup><br>| .12 <br><sup>911</sup><br>| .45 <br><sup>911</sup><br>| 2.29 <br><sup>911</sup><br>|
| 10/31/2024 | 15.60 | .39 | 4.12 | 4.51 | (.39)<br>| (.14)<br>| (.53)<br>| 19.58 | 29.22 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .13 <br><sup>11</sup><br>| .13 <br><sup>11</sup><br>| .46 <br><sup>11</sup><br>| 2.15 <br><sup>11</sup><br>|
| 10/31/2023 | 15.38 | .37 | .88 | 1.25 | (.37)<br>| (.66)<br>| (1.03)<br>| 15.60 | 8.40 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .13 <br><sup>11</sup><br>| .13 <br><sup>11</sup><br>| .47 <br><sup>11</sup><br>| 2.28 <br><sup>11</sup><br>|
| 10/31/2022 | 19.63 | .31 | (3.52)<br>| (3.21)<br>| (.30)<br>| (.74)<br>| (1.04)<br>| 15.38 | (17.19 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>11</sup><br>| .11 <br><sup>11</sup><br>| .44 <br><sup>11</sup><br>| 1.80 <br><sup>11</sup><br>|
| 10/31/2021 | 15.64 | .27 | 4.44 | 4.71 | (.30)<br>| (.42)<br>| (.72)<br>| 19.63 | 30.68 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .14 <br><sup>11</sup><br>| .14 <br><sup>11</sup><br>| .46 <br><sup>11</sup><br>| 1.45 <br><sup>11</sup><br>|
| 10/31/2020 | 15.29 | .31 | .91 | 1.22 | (.32)<br>| (.55)<br>| (.87)<br>| 15.64 | 8.15 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .13 <br><sup>11</sup><br>| .13 <br><sup>11</sup><br>| .45 <br><sup>11</sup><br>| 2.02 <br><sup>11</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.58 | .22 | (.04)<br>| .18 | (.22)<br>| (.56)<br>| (.78)<br>| 18.98 | .90 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>911</sup><br>| .17 <br><sup>911</sup><br>| .50 <br><sup>911</sup><br>| 2.23 <br><sup>911</sup><br>|
| 10/31/2024 | 15.60 | .38 | 4.12 | 4.50 | (.38)<br>| (.14)<br>| (.52)<br>| 19.58 | 29.15 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .51 <br><sup>11</sup><br>| 2.09 <br><sup>11</sup><br>|
| 10/31/2023 | 15.38 | .36 | .88 | 1.24 | (.36)<br>| (.66)<br>| (1.02)<br>| 15.60 | 8.34 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>11</sup><br>| .17 <br><sup>11</sup><br>| .51 <br><sup>11</sup><br>| 2.24 <br><sup>11</sup><br>|
| 10/31/2022 | 19.64 | .30 | (3.53)<br>| (3.23)<br>| (.29)<br>| (.74)<br>| (1.03)<br>| 15.38 | (17.29 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .52 <br><sup>11</sup><br>| 1.73 <br><sup>11</sup><br>|
| 10/31/2021 | 15.65 | .23 | 4.47 | 4.70 | (.29)<br>| (.42)<br>| (.71)<br>| 19.64 | 30.62 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>11</sup><br>| .17 <br><sup>11</sup><br>| .49 <br><sup>11</sup><br>| 1.27 <br><sup>11</sup><br>|
| 10/31/2020 | 15.30 | .30 | .92 | 1.22 | (.32)<br>| (.55)<br>| (.87)<br>| 15.65 | 8.14 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .14 <br><sup>11</sup><br>| .14 <br><sup>11</sup><br>| .46 <br><sup>11</sup><br>| 2.00 <br><sup>11</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.57 | .22 | (.04)<br>| .18 | (.23)<br>| (.56)<br>| (.79)<br>| 18.96 | .89 <br><sup>8</sup><br>| 217 | .11 <br><sup>9</sup><br>| .11 <br><sup>9</sup><br>| .44 <br><sup>9</sup><br>| 2.28 <br><sup>9</sup><br>|
| 10/31/2024 | 15.59 | .39 | 4.13 | 4.52 | (.40)<br>| (.14)<br>| (.54)<br>| 19.57 | 29.26 | 203 | .11 | .11 | .44 | 2.14 |
| 10/31/2023 | 15.38 | .37 | .87 | 1.24 | (.37)<br>| (.66)<br>| (1.03)<br>| 15.59 | 8.35 | 141 | .10 | .10 | .44 | 2.28 |
| 10/31/2022 | 19.63 | .31 | (3.51)<br>| (3.20)<br>| (.31)<br>| (.74)<br>| (1.05)<br>| 15.38 | (17.18)<br>| 110 | .11 | .11 | .44 | 1.81 |
| 10/31/2021 | 15.64 | .27 | 4.44 | 4.71 | (.30)<br>| (.42)<br>| (.72)<br>| 19.63 | 30.70 | 113 | .13 | .13 | .45 | 1.45 |
| 10/31/2020<sup>6,14</sup> <br>| 15.64 |  |  |  |  |  |  | 15.64 |  | 67 |  |  |  |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **59** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $19.58 | $.23 | $(.04)<br>| $.19 | $(.24)<br>| $(.56)<br>| $(.80)<br>| $18.97 | .91 %<sup>8</sup><br>| $— <br><sup>12</sup><br>| .06 %<sup>9</sup><br>| .06 %<sup>9</sup><br>| .39 %<sup>9</sup><br>| 2.35 %<sup>9</sup><br>|
| 10/31/2024 | 15.60 | .41 | 4.12 | 4.53 | (.41)<br>| (.14)<br>| (.55)<br>| 19.58 | 29.30 | — <br><sup>12</sup><br>| .06 | .06 | .39 | 2.21 |
| 10/31/2023 | 15.38 | .37 | .88 | 1.25 | (.37)<br>| (.66)<br>| (1.03)<br>| 15.60 | 8.45 | — <br><sup>12</sup><br>| .07 | .07 | .41 | 2.34 |
| 10/31/2022 | 19.63 | .32 | (3.52)<br>| (3.20)<br>| (.31)<br>| (.74)<br>| (1.05)<br>| 15.38 | (17.15)<br>| — <br><sup>12</sup><br>| .07 | .07 | .40 | 1.85 |
| 10/31/2021 | 15.64 | .28 | 4.44 | 4.72 | (.31)<br>| (.42)<br>| (.73)<br>| 19.63 | 30.78 | — <br><sup>12</sup><br>| .12 | .07 | .39 | 1.52 |
| 10/31/2020<sup>6,14</sup> <br>| 15.64 |  |  |  |  |  |  | 15.64 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.60 | .21 | (.04)<br>| .17 | (.21)<br>| (.56)<br>| (.77)<br>| 19.00 | .85 <br><sup>8</sup><br>| 15 | .30 <br><sup>9</sup><br>| .24 <br><sup>9</sup><br>| .57 <br><sup>9</sup><br>| 2.14 <br><sup>9</sup><br>|
| 10/31/2024 | 15.61 | .36 | 4.13 | 4.49 | (.36)<br>| (.14)<br>| (.50)<br>| 19.60 | 29.06 | 13 | .30 | .24 | .57 | 1.98 |
| 10/31/2023 | 15.38 | .34 | .89 | 1.23 | (.34)<br>| (.66)<br>| (1.00)<br>| 15.61 | 8.28 | 8 | .30 | .25 | .59 | 2.11 |
| 10/31/2022 | 19.63 | .28 | (3.51)<br>| (3.23)<br>| (.28)<br>| (.74)<br>| (1.02)<br>| 15.38 | (17.32)<br>| 6 | .29 | .23 | .56 | 1.67 |
| 10/31/2021 | 15.63 | .26 | 4.44 | 4.70 | (.28)<br>| (.42)<br>| (.70)<br>| 19.63 | 30.69 | 5 | .21 | .15 | .47 | 1.41 |
| 10/31/2020 | 15.27 | .27 | .92 | 1.19 | (.28)<br>| (.55)<br>| (.83)<br>| 15.63 | 7.97 | 2 | .39 | .32 | .64 | 1.74 |
| **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.62 | .23 | (.04)<br>| .19 | (.23)<br>| (.56)<br>| (.79)<br>| 19.02 | .95 <br><sup>8</sup><br>| 1 | .09 <br><sup>9</sup><br>| .04 <br><sup>9</sup><br>| .37 <br><sup>9</sup><br>| 2.34 <br><sup>9</sup><br>|
| 10/31/2024 | 15.62 | .39 | 4.15 | 4.54 | (.40)<br>| (.14)<br>| (.54)<br>| 19.62 | 29.37 | 1 | .09 | .04 | .37 | 2.12 |
| 10/31/2023 | 15.39 | .37 | .89 | 1.26 | (.37)<br>| (.66)<br>| (1.03)<br>| 15.62 | 8.48 | — <br><sup>12</sup><br>| .10 | .04 | .38 | 2.33 |
| 10/31/2022 | 19.64 | .32 | (3.52)<br>| (3.20)<br>| (.31)<br>| (.74)<br>| (1.05)<br>| 15.39 | (17.15)<br>| — <br><sup>12</sup><br>| .09 | .04 | .37 | 1.89 |
| 10/31/2021 | 15.64 | .30 | 4.43 | 4.73 | (.31)<br>| (.42)<br>| (.73)<br>| 19.64 | 30.86 | — <br><sup>12</sup><br>| .09 | .03 | .35 | 1.59 |
| 10/31/2020<sup>6,14</sup> <br>| 15.64 |  |  |  |  |  |  | 15.64 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.44 | .13 | (.04)<br>| .09 | (.14)<br>| (.56)<br>| (.70)<br>| 18.83 | .40 <br><sup>8</sup><br>| 25 | 1.09 <br><sup>9</sup><br>| 1.09 <br><sup>9</sup><br>| 1.42 <br><sup>9</sup><br>| 1.33 <br><sup>9</sup><br>|
| 10/31/2024 | 15.50 | .21 | 4.09 | 4.30 | (.22)<br>| (.14)<br>| (.36)<br>| 19.44 | 27.96 | 24 | 1.09 | 1.09 | 1.42 | 1.18 |
| 10/31/2023 | 15.28 | .21 | .88 | 1.09 | (.21)<br>| (.66)<br>| (.87)<br>| 15.50 | 7.37 | 19 | 1.10 | 1.10 | 1.44 | 1.31 |
| 10/31/2022 | 19.51 | .14 | (3.50)<br>| (3.36)<br>| (.13)<br>| (.74)<br>| (.87)<br>| 15.28 | (18.01)<br>| 20 | 1.08 | 1.08 | 1.41 | .84 |
| 10/31/2021 | 15.55 | .09 | 4.42 | 4.51 | (.13)<br>| (.42)<br>| (.55)<br>| 19.51 | 29.48 | 24 | 1.09 | 1.09 | 1.41 | .50 |
| 10/31/2020 | 15.21 | .16 | .91 | 1.07 | (.18)<br>| (.55)<br>| (.73)<br>| 15.55 | 7.11 | 17 | 1.10 | 1.10 | 1.42 | 1.04 |
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.37 | .13 | (.03)<br>| .10 | (.14)<br>| (.56)<br>| (.70)<br>| 18.77 | .46 <br><sup>8</sup><br>| 215 | 1.08 <br><sup>9</sup><br>| 1.08 <br><sup>9</sup><br>| 1.41 <br><sup>9</sup><br>| 1.35 <br><sup>9</sup><br>|
| 10/31/2024 | 15.44 | .22 | 4.07 | 4.29 | (.22)<br>| (.14)<br>| (.36)<br>| 19.37 | 28.02 | 227 | 1.07 | 1.07 | 1.40 | 1.23 |
| 10/31/2023 | 15.24 | .21 | .87 | 1.08 | (.22)<br>| (.66)<br>| (.88)<br>| 15.44 | 7.32 | 195 | 1.08 | 1.08 | 1.42 | 1.34 |
| 10/31/2022 | 19.46 | .14 | (3.49)<br>| (3.35)<br>| (.13)<br>| (.74)<br>| (.87)<br>| 15.24 | (18.01)<br>| 184 | 1.08 | 1.08 | 1.41 | .83 |
| 10/31/2021 | 15.51 | .09 | 4.41 | 4.50 | (.13)<br>| (.42)<br>| (.55)<br>| 19.46 | 29.49 | 198 | 1.08 | 1.08 | 1.40 | .51 |
| 10/31/2020 | 15.17 | .16 | .91 | 1.07 | (.18)<br>| (.55)<br>| (.73)<br>| 15.51 | 7.12 | 159 | 1.08 | 1.08 | 1.40 | 1.08 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.49 | .15 | (.03)<br>| .12 | (.16)<br>| (.56)<br>| (.72)<br>| 18.89 | .58 <br><sup>8</sup><br>| 18 | .81 <br><sup>9</sup><br>| .81 <br><sup>9</sup><br>| 1.14 <br><sup>9</sup><br>| 1.59 <br><sup>9</sup><br>|
| 10/31/2024 | 15.53 | .28 | 4.09 | 4.37 | (.27)<br>| (.14)<br>| (.41)<br>| 19.49 | 28.36 | 18 | .81 | .81 | 1.14 | 1.56 |
| 10/31/2023 | 15.32 | .26 | .87 | 1.13 | (.26)<br>| (.66)<br>| (.92)<br>| 15.53 | 7.65 | 20 | .81 | .81 | 1.15 | 1.61 |
| 10/31/2022 | 19.56 | .20 | (3.52)<br>| (3.32)<br>| (.18)<br>| (.74)<br>| (.92)<br>| 15.32 | (17.79)<br>| 16 | .81 | .81 | 1.14 | 1.14 |
| 10/31/2021 | 15.59 | .14 | 4.43 | 4.57 | (.18)<br>| (.42)<br>| (.60)<br>| 19.56 | 29.81 | 22 | .81 | .81 | 1.13 | .78 |
| 10/31/2020 | 15.25 | .21 | .90 | 1.11 | (.22)<br>| (.55)<br>| (.77)<br>| 15.59 | 7.38 | 16 | .81 | .81 | 1.13 | 1.37 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **60** |

---

------

Financial highlights (continued)

**Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $19.48 | $.17 | $(.04)<br>| $.13 | $(.18)<br>| $(.56)<br>| $(.74)<br>| $18.87 | .62 %<sup>8</sup><br>| $226 | .65 %<sup>9</sup><br>| .65 %<sup>9</sup><br>| .98 %<sup>9</sup><br>| 1.74 %<sup>9</sup><br>|
| 10/31/2024 | 15.52 | .30 | 4.10 | 4.40 | (.30)<br>| (.14)<br>| (.44)<br>| 19.48 | 28.61 | 221 | .65 | .65 | .98 | 1.62 |
| 10/31/2023 | 15.31 | .28 | .87 | 1.15 | (.28)<br>| (.66)<br>| (.94)<br>| 15.52 | 7.80 | 160 | .65 | .65 | .99 | 1.74 |
| 10/31/2022 | 19.55 | .22 | (3.51)<br>| (3.29)<br>| (.21)<br>| (.74)<br>| (.95)<br>| 15.31 | (17.67)<br>| 139 | .65 | .65 | .98 | 1.26 |
| 10/31/2021 | 15.58 | .17 | 4.43 | 4.60 | (.21)<br>| (.42)<br>| (.63)<br>| 19.55 | 30.03 | 169 | .65 | .65 | .97 | .93 |
| 10/31/2020 | 15.24 | .23 | .90 | 1.13 | (.24)<br>| (.55)<br>| (.79)<br>| 15.58 | 7.54 | 117 | .66 | .66 | .98 | 1.50 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.57 | .20 | (.04)<br>| .16 | (.21)<br>| (.56)<br>| (.77)<br>| 18.96 | .76 <br><sup>8</sup><br>| 86 | .35 <br><sup>9</sup><br>| .35 <br><sup>9</sup><br>| .68 <br><sup>9</sup><br>| 2.06 <br><sup>9</sup><br>|
| 10/31/2024 | 15.59 | .36 | 4.11 | 4.47 | (.35)<br>| (.14)<br>| (.49)<br>| 19.57 | 28.97 | 85 | .34 | .34 | .67 | 1.94 |
| 10/31/2023 | 15.37 | .33 | .88 | 1.21 | (.33)<br>| (.66)<br>| (.99)<br>| 15.59 | 8.16 | 72 | .34 | .34 | .68 | 2.06 |
| 10/31/2022 | 19.62 | .27 | (3.52)<br>| (3.25)<br>| (.26)<br>| (.74)<br>| (1.00)<br>| 15.37 | (17.40)<br>| 69 | .34 | .34 | .67 | 1.57 |
| 10/31/2021 | 15.63 | .23 | 4.44 | 4.67 | (.26)<br>| (.42)<br>| (.68)<br>| 19.62 | 30.44 | 87 | .35 | .35 | .67 | 1.23 |
| 10/31/2020 | 15.29 | .28 | .90 | 1.18 | (.29)<br>| (.55)<br>| (.84)<br>| 15.63 | 7.84 | 65 | .35 | .35 | .67 | 1.83 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.55 | .22 | (.04)<br>| .18 | (.23)<br>| (.56)<br>| (.79)<br>| 18.94 | .86 <br><sup>8</sup><br>| 46 | .15 <br><sup>9</sup><br>| .15 <br><sup>9</sup><br>| .48 <br><sup>9</sup><br>| 2.27 <br><sup>9</sup><br>|
| 10/31/2024 | 15.57 | .38 | 4.13 | 4.51 | (.39)<br>| (.14)<br>| (.53)<br>| 19.55 | 29.26 | 45 | .14 | .14 | .47 | 2.09 |
| 10/31/2023 | 15.36 | .36 | .87 | 1.23 | (.36)<br>| (.66)<br>| (1.02)<br>| 15.57 | 8.31 | 30 | .15 | .15 | .49 | 2.22 |
| 10/31/2022 | 19.61 | .30 | (3.51)<br>| (3.21)<br>| (.30)<br>| (.74)<br>| (1.04)<br>| 15.36 | (17.23)<br>| 22 | .15 | .15 | .48 | 1.76 |
| 10/31/2021 | 15.62 | .27 | 4.43 | 4.70 | (.29)<br>| (.42)<br>| (.71)<br>| 19.61 | 30.71 | 17 | .15 | .15 | .47 | 1.47 |
| 10/31/2020 | 15.28 | .30 | .91 | 1.21 | (.32)<br>| (.55)<br>| (.87)<br>| 15.62 | 8.07 | 15 | .16 | .16 | .48 | 1.94 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.66 | .21 | (.01)<br>| .20 | (.24)<br>| (.56)<br>| (.80)<br>| 19.06 | .96 <br><sup>8</sup><br>| 44 | .07 <br><sup>9</sup><br>| .07 <br><sup>9</sup><br>| .40 <br><sup>9</sup><br>| 2.22 <br><sup>9</sup><br>|
| 10/31/2024 | 15.66 | .41 | 4.14 | 4.55 | (.41)<br>| (.14)<br>| (.55)<br>| 19.66 | 29.32 | 30 | .06 | .06 | .39 | 2.22 |
| 10/31/2023 | 15.44 | .38 | .88 | 1.26 | (.38)<br>| (.66)<br>| (1.04)<br>| 15.66 | 8.43 | 24 | .06 | .06 | .40 | 2.36 |
| 10/31/2022 | 19.71 | .32 | (3.54)<br>| (3.22)<br>| (.31)<br>| (.74)<br>| (1.05)<br>| 15.44 | (17.17)<br>| 24 | .06 | .06 | .39 | 1.88 |
| 10/31/2021 | 15.70 | .28 | 4.46 | 4.74 | (.31)<br>| (.42)<br>| (.73)<br>| 19.71 | 30.80 | 33 | .06 | .06 | .38 | 1.52 |
| 10/31/2020 | 15.35 | .32 | .91 | 1.23 | (.33)<br>| (.55)<br>| (.88)<br>| 15.70 | 8.19 | 20 | .07 | .07 | .39 | 2.12 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 4/30/2025<sup>6,7</sup> <br>| 19.62 | .23 | (.03)<br>| .20 | (.24)<br>| (.56)<br>| (.80)<br>| 19.02 | .98 <br><sup>8</sup><br>| 691 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .34 <br><sup>9</sup><br>| 2.38 <br><sup>9</sup><br>|
| 10/31/2024 | 15.63 | .41 | 4.13 | 4.54 | (.41)<br>| (.14)<br>| (.55)<br>| 19.62 | 29.38 | 643 | .01 | .01 | .34 | 2.23 |
| 10/31/2023 | 15.41 | .38 | .88 | 1.26 | (.38)<br>| (.66)<br>| (1.04)<br>| 15.63 | 8.50 | 409 | .01 | .01 | .35 | 2.38 |
| 10/31/2022 | 19.67 | .33 | (3.53)<br>| (3.20)<br>| (.32)<br>| (.74)<br>| (1.06)<br>| 15.41 | (17.11)<br>| 348 | .01 | .01 | .34 | 1.90 |
| 10/31/2021 | 15.67 | .29 | 4.45 | 4.74 | (.32)<br>| (.42)<br>| (.74)<br>| 19.67 | 30.85 | 381 | .01 | .01 | .33 | 1.57 |
| 10/31/2020 | 15.32 | .33 | .91 | 1.24 | (.34)<br>| (.55)<br>| (.89)<br>| 15.67 | 8.26 | 251 | .01 | .01 | .33 | 2.15 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **61** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Moderate Growth and Income Portfolio**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $18.44 | $.23 | $(.02)<br>| $.21 | $(.24)<br>| $(.25)<br>| $(.49)<br>| $18.16 | 1.12 %<sup>8</sup><br>| $9741 | .32 %<sup>9</sup><br>| .32 %<sup>9</sup><br>| .66 %<sup>9</sup><br>| 2.54 %<sup>9</sup><br>|
| 10/31/2024 | 15.15 | .40 | 3.30 | 3.70 | (.40)<br>| (.01)<br>| (.41)<br>| 18.44 | 24.58 | 9788 | .32 | .32 | .66 | 2.29 |
| 10/31/2023 | 15.28 | .34 | .43 | .77 | (.32)<br>| (.58)<br>| (.90)<br>| 15.15 | 5.17 | 7949 | .32 | .32 | .66 | 2.17 |
| 10/31/2022 | 18.94 | .28 | (2.99)<br>| (2.71)<br>| (.29)<br>| (.66)<br>| (.95)<br>| 15.28 | (15.02)<br>| 7690 | .33 | .33 | .66 | 1.64 |
| 10/31/2021 | 15.57 | .26 | 3.56 | 3.82 | (.31)<br>| (.14)<br>| (.45)<br>| 18.94 | 24.79 | 8709 | .34 | .34 | .66 | 1.43 |
| 10/31/2020 | 15.27 | .26 | .63 | .89 | (.29)<br>| (.30)<br>| (.59)<br>| 15.57 | 5.92 | 6238 | .33 | .33 | .68 | 1.72 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.31 | .16 | (.01)<br>| .15 | (.17)<br>| (.25)<br>| (.42)<br>| 18.04 | .81 <br><sup>8</sup><br>| 776 | 1.06 <br><sup>9</sup><br>| 1.06 <br><sup>9</sup><br>| 1.40 <br><sup>9</sup><br>| 1.81 <br><sup>9</sup><br>|
| 10/31/2024 | 15.05 | .27 | 3.27 | 3.54 | (.27)<br>| (.01)<br>| (.28)<br>| 18.31 | 23.61 | 847 | 1.06 | 1.06 | 1.40 | 1.59 |
| 10/31/2023 | 15.17 | .22 | .45 | .67 | (.21)<br>| (.58)<br>| (.79)<br>| 15.05 | 4.47 | 856 | 1.06 | 1.06 | 1.40 | 1.44 |
| 10/31/2022 | 18.81 | .15 | (2.97)<br>| (2.82)<br>| (.16)<br>| (.66)<br>| (.82)<br>| 15.17 | (15.67)<br>| 992 | 1.06 | 1.06 | 1.39 | .91 |
| 10/31/2021 | 15.47 | .13 | 3.53 | 3.66 | (.18)<br>| (.14)<br>| (.32)<br>| 18.81 | 23.85 | 1330 | 1.06 | 1.06 | 1.38 | .71 |
| 10/31/2020 | 15.17 | .15 | .63 | .78 | (.18)<br>| (.30)<br>| (.48)<br>| 15.47 | 5.18 | 1129 | 1.07 | 1.07 | 1.42 | 1.01 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.45 | .26 | (.03)<br>| .23 | (.26)<br>| (.25)<br>| (.51)<br>| 18.17 | 1.26 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>911</sup><br>| .05 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 2.82 <br><sup>911</sup><br>|
| 10/31/2024 | 15.16 | .45 | 3.30 | 3.75 | (.45)<br>| (.01)<br>| (.46)<br>| 18.45 | 24.89 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 2.57 <br><sup>11</sup><br>|
| 10/31/2023 | 15.28 | .39 | .44 | .83 | (.37)<br>| (.58)<br>| (.95)<br>| 15.16 | 5.55 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .02 <br><sup>11</sup><br>| .02 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 2.49 <br><sup>11</sup><br>|
| 10/31/2022 | 18.95 | .33 | (3.00)<br>| (2.67)<br>| (.34)<br>| (.66)<br>| (1.00)<br>| 15.28 | (14.82 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 1.93 <br><sup>11</sup><br>|
| 10/31/2021 | 15.58 | .31 | 3.55 | 3.86 | (.35)<br>| (.14)<br>| (.49)<br>| 18.95 | 25.09 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .06 <br><sup>11</sup><br>| .06 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 1.71 <br><sup>11</sup><br>|
| 10/31/2020 | 15.28 | .31 | .62 | .93 | (.33)<br>| (.30)<br>| (.63)<br>| 15.58 | 6.20 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .07 <br><sup>11</sup><br>| .07 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 2.00 <br><sup>11</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.45 | .23 | (.02)<br>| .21 | (.24)<br>| (.25)<br>| (.49)<br>| 18.17 | 1.10 <br><sup>8</sup><br>| 103 | .36 <br><sup>9</sup><br>| .36 <br><sup>9</sup><br>| .70 <br><sup>9</sup><br>| 2.50 <br><sup>9</sup><br>|
| 10/31/2024 | 15.16 | .39 | 3.30 | 3.69 | (.39)<br>| (.01)<br>| (.40)<br>| 18.45 | 24.50 | 108 | .36 | .36 | .70 | 2.26 |
| 10/31/2023 | 15.28 | .33 | .45 | .78 | (.32)<br>| (.58)<br>| (.90)<br>| 15.16 | 5.18 | 96 | .36 | .36 | .70 | 2.13 |
| 10/31/2022 | 18.95 | .27 | (3.00)<br>| (2.73)<br>| (.28)<br>| (.66)<br>| (.94)<br>| 15.28 | (15.11)<br>| 104 | .37 | .37 | .70 | 1.60 |
| 10/31/2021 | 15.57 | .25 | 3.57 | 3.82 | (.30)<br>| (.14)<br>| (.44)<br>| 18.95 | 24.80 | 135 | .37 | .37 | .69 | 1.42 |
| 10/31/2020 | 15.27 | .26 | .62 | .88 | (.28)<br>| (.30)<br>| (.58)<br>| 15.57 | 5.88 | 148 | .37 | .37 | .72 | 1.69 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.48 | .25 | (.02)<br>| .23 | (.26)<br>| (.25)<br>| (.51)<br>| 18.20 | 1.23 <br><sup>8</sup><br>| 1296 | .11 <br><sup>9</sup><br>| .11 <br><sup>9</sup><br>| .45 <br><sup>9</sup><br>| 2.75 <br><sup>9</sup><br>|
| 10/31/2024 | 15.18 | .44 | 3.31 | 3.75 | (.44)<br>| (.01)<br>| (.45)<br>| 18.48 | 24.84 | 1282 | .11 | .11 | .45 | 2.50 |
| 10/31/2023 | 15.30 | .37 | .45 | .82 | (.36)<br>| (.58)<br>| (.94)<br>| 15.18 | 5.45 | 1033 | .11 | .11 | .45 | 2.38 |
| 10/31/2022 | 18.97 | .31 | (2.99)<br>| (2.68)<br>| (.33)<br>| (.66)<br>| (.99)<br>| 15.30 | (14.86)<br>| 1031 | .11 | .11 | .44 | 1.86 |
| 10/31/2021 | 15.59 | .30 | 3.56 | 3.86 | (.34)<br>| (.14)<br>| (.48)<br>| 18.97 | 25.09 | 1219 | .11 | .11 | .43 | 1.66 |
| 10/31/2020 | 15.30 | .30 | .61 | .91 | (.32)<br>| (.30)<br>| (.62)<br>| 15.59 | 6.07 | 838 | .11 | .11 | .46 | 1.95 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.45 | .26 | (.02)<br>| .24 | (.27)<br>| (.25)<br>| (.52)<br>| 18.17 | 1.28 <br><sup>8</sup><br>| 337 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .35 <br><sup>9</sup><br>| 2.85 <br><sup>9</sup><br>|
| 10/31/2024 | 15.16 | .45 | 3.30 | 3.75 | (.45)<br>| (.01)<br>| (.46)<br>| 18.45 | 24.93 | 356 | .01 | .01 | .35 | 2.59 |
| 10/31/2023 | 15.28 | .39 | .44 | .83 | (.37)<br>| (.58)<br>| (.95)<br>| 15.16 | 5.56 | 281 | .01 | .01 | .35 | 2.49 |
| 10/31/2022 | 18.95 | .33 | (3.00)<br>| (2.67)<br>| (.34)<br>| (.66)<br>| (1.00)<br>| 15.28 | (14.79)<br>| 285 | .01 | .01 | .34 | 1.95 |
| 10/31/2021 | 15.58 | .31 | 3.56 | 3.87 | (.36)<br>| (.14)<br>| (.50)<br>| 18.95 | 25.16 | 282 | .01 | .01 | .33 | 1.73 |
| 10/31/2020 | 15.28 | .31 | .63 | .94 | (.34)<br>| (.30)<br>| (.64)<br>| 15.58 | 6.27 | 143 | .01 | .01 | .36 | 2.04 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **62** |

---

------

Financial highlights (continued)

**Moderate Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $18.44 | $.23 | $(.02)<br>| $.21 | $(.24)<br>| $(.25)<br>| $(.49)<br>| $18.16 | 1.11 %<sup>8</sup><br>| $670 | .35 %<sup>9</sup><br>| .35 %<sup>9</sup><br>| .69 %<sup>9</sup><br>| 2.51 %<sup>9</sup><br>|
| 10/31/2024 | 15.15 | .39 | 3.30 | 3.69 | (.39)<br>| (.01)<br>| (.40)<br>| 18.44 | 24.53 | 670 | .35 | .35 | .69 | 2.26 |
| 10/31/2023 | 15.27 | .33 | .45 | .78 | (.32)<br>| (.58)<br>| (.90)<br>| 15.15 | 5.20 | 549 | .36 | .36 | .70 | 2.13 |
| 10/31/2022 | 18.94 | .27 | (2.99)<br>| (2.72)<br>| (.29)<br>| (.66)<br>| (.95)<br>| 15.27 | (15.10)<br>| 532 | .35 | .35 | .68 | 1.62 |
| 10/31/2021 | 15.57 | .25 | 3.56 | 3.81 | (.30)<br>| (.14)<br>| (.44)<br>| 18.94 | 24.75 | 622 | .36 | .36 | .68 | 1.40 |
| 10/31/2020 | 15.27 | .26 | .63 | .89 | (.29)<br>| (.30)<br>| (.59)<br>| 15.57 | 5.89 | 457 | .37 | .37 | .72 | 1.68 |
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.37 | .16 | (.01)<br>| .15 | (.17)<br>| (.25)<br>| (.42)<br>| 18.10 | .78 <br><sup>8</sup><br>| 34 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.44 <br><sup>9</sup><br>| 1.76 <br><sup>9</sup><br>|
| 10/31/2024 | 15.10 | .27 | 3.27 | 3.54 | (.26)<br>| (.01)<br>| (.27)<br>| 18.37 | 23.54 | 38 | 1.11 | 1.11 | 1.45 | 1.52 |
| 10/31/2023 | 15.22 | .22 | .43 | .65 | (.19)<br>| (.58)<br>| (.77)<br>| 15.10 | 4.38 | 36 | 1.12 | 1.12 | 1.46 | 1.38 |
| 10/31/2022 | 18.86 | .14 | (2.97)<br>| (2.83)<br>| (.15)<br>| (.66)<br>| (.81)<br>| 15.22 | (15.68)<br>| 46 | 1.11 | 1.11 | 1.44 | .85 |
| 10/31/2021 | 15.51 | .12 | 3.53 | 3.65 | (.16)<br>| (.14)<br>| (.30)<br>| 18.86 | 23.77 | 65 | 1.11 | 1.11 | 1.43 | .66 |
| 10/31/2020 | 15.20 | .16 | .61 | .77 | (.16)<br>| (.30)<br>| (.46)<br>| 15.51 | 5.11 | 65 | 1.12 | 1.12 | 1.47 | 1.03 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.39 | .21 | (.02)<br>| .19 | (.21)<br>| (.25)<br>| (.46)<br>| 18.12 | 1.04 <br><sup>8</sup><br>| 18 | .59 <br><sup>9</sup><br>| .59 <br><sup>9</sup><br>| .93 <br><sup>9</sup><br>| 2.29 <br><sup>9</sup><br>|
| 10/31/2024 | 15.11 | .35 | 3.29 | 3.64 | (.35)<br>| (.01)<br>| (.36)<br>| 18.39 | 24.23 | 19 | .59 | .59 | .93 | 2.03 |
| 10/31/2023 | 15.24 | .30 | .43 | .73 | (.28)<br>| (.58)<br>| (.86)<br>| 15.11 | 4.89 | 17 | .60 | .60 | .94 | 1.90 |
| 10/31/2022 | 18.89 | .23 | (2.98)<br>| (2.75)<br>| (.24)<br>| (.66)<br>| (.90)<br>| 15.24 | (15.24)<br>| 18 | .59 | .59 | .92 | 1.37 |
| 10/31/2021 | 15.53 | .21 | 3.55 | 3.76 | (.26)<br>| (.14)<br>| (.40)<br>| 18.89 | 24.47 | 20 | .59 | .59 | .91 | 1.18 |
| 10/31/2020 | 15.24 | .23 | .61 | .84 | (.25)<br>| (.30)<br>| (.55)<br>| 15.53 | 5.59 | 16 | .59 | .59 | .94 | 1.49 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.45 | .25 | (.02)<br>| .23 | (.26)<br>| (.25)<br>| (.51)<br>| 18.17 | 1.23 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>911</sup><br>| .11 <br><sup>911</sup><br>| .45 <br><sup>911</sup><br>| 2.74 <br><sup>911</sup><br>|
| 10/31/2024 | 15.16 | .44 | 3.29 | 3.73 | (.43)<br>| (.01)<br>| (.44)<br>| 18.45 | 24.81 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>11</sup><br>| .11 <br><sup>11</sup><br>| .45 <br><sup>11</sup><br>| 2.49 <br><sup>11</sup><br>|
| 10/31/2023 | 15.28 | .38 | .44 | .82 | (.36)<br>| (.58)<br>| (.94)<br>| 15.16 | 5.50 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .07 <br><sup>11</sup><br>| .07 <br><sup>11</sup><br>| .41 <br><sup>11</sup><br>| 2.41 <br><sup>11</sup><br>|
| 10/31/2022 | 18.95 | .31 | (2.99)<br>| (2.68)<br>| (.33)<br>| (.66)<br>| (.99)<br>| 15.28 | (14.88 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>11</sup><br>| .11 <br><sup>11</sup><br>| .44 <br><sup>11</sup><br>| 1.85 <br><sup>11</sup><br>|
| 10/31/2021 | 15.57 | .30 | 3.56 | 3.86 | (.34)<br>| (.14)<br>| (.48)<br>| 18.95 | 25.11 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .12 <br><sup>11</sup><br>| .12 <br><sup>11</sup><br>| .44 <br><sup>11</sup><br>| 1.65 <br><sup>11</sup><br>|
| 10/31/2020 | 15.28 | .30 | .61 | .91 | (.32)<br>| (.30)<br>| (.62)<br>| 15.57 | 6.07 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .13 <br><sup>11</sup><br>| .13 <br><sup>11</sup><br>| .48 <br><sup>11</sup><br>| 1.94 <br><sup>11</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.47 | .25 | (.03)<br>| .22 | (.25)<br>| (.25)<br>| (.50)<br>| 18.19 | 1.20 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>911</sup><br>| .17 <br><sup>911</sup><br>| .51 <br><sup>911</sup><br>| 2.68 <br><sup>911</sup><br>|
| 10/31/2024 | 15.18 | .43 | 3.29 | 3.72 | (.42)<br>| (.01)<br>| (.43)<br>| 18.47 | 24.70 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>11</sup><br>| .17 <br><sup>11</sup><br>| .51 <br><sup>11</sup><br>| 2.43 <br><sup>11</sup><br>|
| 10/31/2023 | 15.30 | .36 | .45 | .81 | (.35)<br>| (.58)<br>| (.93)<br>| 15.18 | 5.38 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>11</sup><br>| .17 <br><sup>11</sup><br>| .51 <br><sup>11</sup><br>| 2.31 <br><sup>11</sup><br>|
| 10/31/2022 | 18.97 | .30 | (3.00)<br>| (2.70)<br>| (.31)<br>| (.66)<br>| (.97)<br>| 15.30 | (14.92 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .51 <br><sup>11</sup><br>| 1.78 <br><sup>11</sup><br>|
| 10/31/2021 | 15.59 | .26 | 3.60 | 3.86 | (.34)<br>| (.14)<br>| (.48)<br>| 18.97 | 25.03 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .16 <br><sup>11</sup><br>| .16 <br><sup>11</sup><br>| .48 <br><sup>11</sup><br>| 1.48 <br><sup>11</sup><br>|
| 10/31/2020 | 15.29 | .30 | .62 | .92 | (.32)<br>| (.30)<br>| (.62)<br>| 15.59 | 6.14 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .12 <br><sup>11</sup><br>| .12 <br><sup>11</sup><br>| .47 <br><sup>11</sup><br>| 1.93 <br><sup>11</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.44 | .25 | (.02)<br>| .23 | (.26)<br>| (.25)<br>| (.51)<br>| 18.16 | 1.23 <br><sup>8</sup><br>| 115 | .10 <br><sup>9</sup><br>| .10 <br><sup>9</sup><br>| .44 <br><sup>9</sup><br>| 2.75 <br><sup>9</sup><br>|
| 10/31/2024 | 15.15 | .43 | 3.31 | 3.74 | (.44)<br>| (.01)<br>| (.45)<br>| 18.44 | 24.83 | 114 | .11 | .11 | .45 | 2.48 |
| 10/31/2023 | 15.27 | .37 | .45 | .82 | (.36)<br>| (.58)<br>| (.94)<br>| 15.15 | 5.46 | 88 | .11 | .11 | .45 | 2.37 |
| 10/31/2022 | 18.94 | .31 | (2.99)<br>| (2.68)<br>| (.33)<br>| (.66)<br>| (.99)<br>| 15.27 | (14.89)<br>| 83 | .11 | .11 | .44 | 1.86 |
| 10/31/2021 | 15.57 | .29 | 3.56 | 3.85 | (.34)<br>| (.14)<br>| (.48)<br>| 18.94 | 25.05 | 87 | .12 | .12 | .44 | 1.63 |
| 10/31/2020<sup>6,14</sup> <br>| 15.57 |  |  |  |  |  |  | 15.57 |  | 56 |  |  |  |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **63** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Moderate Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $18.44 | $.25 | $(.02)<br>| $.23 | $(.26)<br>| $(.25)<br>| $(.51)<br>| $18.16 | 1.26 %<sup>8</sup><br>| $— <br><sup>12</sup><br>| .06 %<sup>9</sup><br>| .06 %<sup>9</sup><br>| .40 %<sup>9</sup><br>| 2.79 %<sup>9</sup><br>|
| 10/31/2024 | 15.15 | .44 | 3.30 | 3.74 | (.44)<br>| (.01)<br>| (.45)<br>| 18.44 | 24.88 | — <br><sup>12</sup><br>| .06 | .06 | .40 | 2.54 |
| 10/31/2023 | 15.27 | .38 | .44 | .82 | (.36)<br>| (.58)<br>| (.94)<br>| 15.15 | 5.50 | — <br><sup>12</sup><br>| .07 | .07 | .41 | 2.41 |
| 10/31/2022 | 18.94 | .32 | (3.00)<br>| (2.68)<br>| (.33)<br>| (.66)<br>| (.99)<br>| 15.27 | (14.86)<br>| — <br><sup>12</sup><br>| .07 | .07 | .40 | 1.89 |
| 10/31/2021 | 15.57 | .30 | 3.56 | 3.86 | (.35)<br>| (.14)<br>| (.49)<br>| 18.94 | 25.11 | — <br><sup>12</sup><br>| .12 | .07 | .39 | 1.69 |
| 10/31/2020<sup>6,14</sup> <br>| 15.57 |  |  |  |  |  |  | 15.57 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.46 | .23 | (.01)<br>| .22 | (.24)<br>| (.25)<br>| (.49)<br>| 18.19 | 1.19 <br><sup>8</sup><br>| 13 | .30 <br><sup>9</sup><br>| .25 <br><sup>9</sup><br>| .59 <br><sup>9</sup><br>| 2.56 <br><sup>9</sup><br>|
| 10/31/2024 | 15.16 | .40 | 3.31 | 3.71 | (.40)<br>| (.01)<br>| (.41)<br>| 18.46 | 24.65 | 11 | .30 | .25 | .59 | 2.30 |
| 10/31/2023 | 15.28 | .34 | .45 | .79 | (.33)<br>| (.58)<br>| (.91)<br>| 15.16 | 5.27 | 7 | .30 | .24 | .58 | 2.19 |
| 10/31/2022 | 18.94 | .29 | (2.99)<br>| (2.70)<br>| (.30)<br>| (.66)<br>| (.96)<br>| 15.28 | (14.99)<br>| 5 | .30 | .24 | .57 | 1.72 |
| 10/31/2021 | 15.57 | .29 | 3.55 | 3.84 | (.33)<br>| (.14)<br>| (.47)<br>| 18.94 | 24.94 | 4 | .22 | .16 | .48 | 1.58 |
| 10/31/2020 | 15.26 | .26 | .64 | .90 | (.29)<br>| (.30)<br>| (.59)<br>| 15.57 | 5.96 | 2 | .38 | .32 | .67 | 1.68 |
| **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.48 | .25 | (.01)<br>| .24 | (.26)<br>| (.25)<br>| (.51)<br>| 18.21 | 1.30 <br><sup>8</sup><br>| 1 | .08 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .37 <br><sup>9</sup><br>| 2.74 <br><sup>9</sup><br>|
| 10/31/2024 | 15.18 | .44 | 3.31 | 3.75 | (.44)<br>| (.01)<br>| (.45)<br>| 18.48 | 24.87 | 1 | .09 | .03 | .37 | 2.49 |
| 10/31/2023 | 15.29 | .38 | .45 | .83 | (.36)<br>| (.58)<br>| (.94)<br>| 15.18 | 5.55 | 1 | .09 | .03 | .37 | 2.42 |
| 10/31/2022 | 18.95 | .33 | (3.00)<br>| (2.67)<br>| (.33)<br>| (.66)<br>| (.99)<br>| 15.29 | (14.80)<br>| — <br><sup>12</sup><br>| .09 | .03 | .36 | 1.96 |
| 10/31/2021 | 15.57 | .31 | 3.56 | 3.87 | (.35)<br>| (.14)<br>| (.49)<br>| 18.95 | 25.18 | — <br><sup>12</sup><br>| .09 | .02 | .34 | 1.70 |
| 10/31/2020<sup>6,14</sup> <br>| 15.57 |  |  |  |  |  |  | 15.57 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.36 | .16 | (.02)<br>| .14 | (.17)<br>| (.25)<br>| (.42)<br>| 18.08 | .76 <br><sup>8</sup><br>| 10 | 1.07 <br><sup>9</sup><br>| 1.07 <br><sup>9</sup><br>| 1.41 <br><sup>9</sup><br>| 1.80 <br><sup>9</sup><br>|
| 10/31/2024 | 15.09 | .27 | 3.28 | 3.55 | (.27)<br>| (.01)<br>| (.28)<br>| 18.36 | 23.61 | 10 | 1.06 | 1.06 | 1.40 | 1.57 |
| 10/31/2023 | 15.21 | .22 | .45 | .67 | (.21)<br>| (.58)<br>| (.79)<br>| 15.09 | 4.46 | 9 | 1.08 | 1.08 | 1.42 | 1.42 |
| 10/31/2022 | 18.86 | .15 | (2.99)<br>| (2.84)<br>| (.15)<br>| (.66)<br>| (.81)<br>| 15.21 | (15.73)<br>| 9 | 1.09 | 1.09 | 1.42 | .88 |
| 10/31/2021 | 15.51 | .12 | 3.54 | 3.66 | (.17)<br>| (.14)<br>| (.31)<br>| 18.86 | 23.83 | 12 | 1.10 | 1.10 | 1.42 | .67 |
| 10/31/2020 | 15.20 | .15 | .62 | .77 | (.16)<br>| (.30)<br>| (.46)<br>| 15.51 | 5.13 | 10 | 1.11 | 1.11 | 1.46 | .96 |
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.30 | .16 | (.02)<br>| .14 | (.17)<br>| (.25)<br>| (.42)<br>| 18.02 | .74 <br><sup>8</sup><br>| 131 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.44 <br><sup>9</sup><br>| 1.77 <br><sup>9</sup><br>|
| 10/31/2024 | 15.04 | .27 | 3.27 | 3.54 | (.27)<br>| (.01)<br>| (.28)<br>| 18.30 | 23.63 | 136 | 1.08 | 1.08 | 1.42 | 1.55 |
| 10/31/2023 | 15.17 | .22 | .44 | .66 | (.21)<br>| (.58)<br>| (.79)<br>| 15.04 | 4.40 | 120 | 1.08 | 1.08 | 1.42 | 1.42 |
| 10/31/2022 | 18.81 | .15 | (2.97)<br>| (2.82)<br>| (.16)<br>| (.66)<br>| (.82)<br>| 15.17 | (15.67)<br>| 123 | 1.07 | 1.07 | 1.40 | .90 |
| 10/31/2021 | 15.47 | .12 | 3.54 | 3.66 | (.18)<br>| (.14)<br>| (.32)<br>| 18.81 | 23.84 | 148 | 1.08 | 1.08 | 1.40 | .69 |
| 10/31/2020 | 15.18 | .15 | .62 | .77 | (.18)<br>| (.30)<br>| (.48)<br>| 15.47 | 5.10 | 122 | 1.08 | 1.08 | 1.43 | 1.00 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.43 | .18 | (.01)<br>| .17 | (.19)<br>| (.25)<br>| (.44)<br>| 18.16 | .93 <br><sup>8</sup><br>| 8 | .81 <br><sup>9</sup><br>| .81 <br><sup>9</sup><br>| 1.15 <br><sup>9</sup><br>| 2.02 <br><sup>9</sup><br>|
| 10/31/2024 | 15.15 | .32 | 3.28 | 3.60 | (.31)<br>| (.01)<br>| (.32)<br>| 18.43 | 23.88 | 8 | .81 | .81 | 1.15 | 1.87 |
| 10/31/2023 | 15.27 | .26 | .45 | .71 | (.25)<br>| (.58)<br>| (.83)<br>| 15.15 | 4.75 | 9 | .81 | .81 | 1.15 | 1.66 |
| 10/31/2022 | 18.93 | .20 | (3.00)<br>| (2.80)<br>| (.20)<br>| (.66)<br>| (.86)<br>| 15.27 | (15.49)<br>| 9 | .81 | .81 | 1.14 | 1.15 |
| 10/31/2021 | 15.56 | .18 | 3.55 | 3.73 | (.22)<br>| (.14)<br>| (.36)<br>| 18.93 | 24.21 | 12 | .81 | .81 | 1.13 | .98 |
| 10/31/2020 | 15.26 | .19 | .63 | .82 | (.22)<br>| (.30)<br>| (.52)<br>| 15.56 | 5.40 | 10 | .82 | .82 | 1.17 | 1.24 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **64** |

---

------

Financial highlights (continued)

**Moderate Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets** |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $18.39 | $.20 | $(.02)<br>| $.18 | $(.21)<br>| $(.25)<br>| $(.46)<br>| $18.11 | .97 %<sup>8</sup><br>| $157 | .65 %<sup>9</sup><br>| .65 %<sup>9</sup><br>| .99 %<sup>9</sup><br>| 2.19 %<sup>9</sup><br>|
| 10/31/2024 | 15.11 | .35 | 3.28 | 3.63 | (.34)<br>| (.01)<br>| (.35)<br>| 18.39 | 24.17 | 152 | .65 | .65 | .99 | 1.99 |
| 10/31/2023 | 15.24 | .29 | .43 | .72 | (.27)<br>| (.58)<br>| (.85)<br>| 15.11 | 4.83 | 133 | .65 | .65 | .99 | 1.84 |
| 10/31/2022 | 18.89 | .22 | (2.98)<br>| (2.76)<br>| (.23)<br>| (.66)<br>| (.89)<br>| 15.24 | (15.30)<br>| 129 | .65 | .65 | .98 | 1.31 |
| 10/31/2021 | 15.53 | .20 | 3.55 | 3.75 | (.25)<br>| (.14)<br>| (.39)<br>| 18.89 | 24.40 | 171 | .65 | .65 | .97 | 1.12 |
| 10/31/2020 | 15.23 | .22 | .62 | .84 | (.24)<br>| (.30)<br>| (.54)<br>| 15.53 | 5.60 | 140 | .65 | .65 | 1.00 | 1.41 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.45 | .23 | (.02)<br>| .21 | (.24)<br>| (.25)<br>| (.49)<br>| 18.17 | 1.11 <br><sup>8</sup><br>| 83 | .35 <br><sup>9</sup><br>| .35 <br><sup>9</sup><br>| .69 <br><sup>9</sup><br>| 2.53 <br><sup>9</sup><br>|
| 10/31/2024 | 15.16 | .39 | 3.31 | 3.70 | (.40)<br>| (.01)<br>| (.41)<br>| 18.45 | 24.53 | 89 | .34 | .34 | .68 | 2.23 |
| 10/31/2023 | 15.28 | .34 | .44 | .78 | (.32)<br>| (.58)<br>| (.90)<br>| 15.16 | 5.20 | 68 | .35 | .35 | .69 | 2.14 |
| 10/31/2022 | 18.94 | .27 | (2.99)<br>| (2.72)<br>| (.28)<br>| (.66)<br>| (.94)<br>| 15.28 | (15.06)<br>| 70 | .35 | .35 | .68 | 1.60 |
| 10/31/2021 | 15.57 | .25 | 3.56 | 3.81 | (.30)<br>| (.14)<br>| (.44)<br>| 18.94 | 24.75 | 105 | .35 | .35 | .67 | 1.41 |
| 10/31/2020 | 15.27 | .26 | .63 | .89 | (.29)<br>| (.30)<br>| (.59)<br>| 15.57 | 5.89 | 94 | .36 | .36 | .71 | 1.73 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.46 | .25 | (.03)<br>| .22 | (.25)<br>| (.25)<br>| (.50)<br>| 18.18 | 1.21 <br><sup>8</sup><br>| 32 | .15 <br><sup>9</sup><br>| .15 <br><sup>9</sup><br>| .49 <br><sup>9</sup><br>| 2.71 <br><sup>9</sup><br>|
| 10/31/2024 | 15.17 | .42 | 3.31 | 3.73 | (.43)<br>| (.01)<br>| (.44)<br>| 18.46 | 24.75 | 33 | .15 | .15 | .49 | 2.42 |
| 10/31/2023 | 15.29 | .36 | .45 | .81 | (.35)<br>| (.58)<br>| (.93)<br>| 15.17 | 5.41 | 23 | .15 | .15 | .49 | 2.32 |
| 10/31/2022 | 18.96 | .30 | (2.99)<br>| (2.69)<br>| (.32)<br>| (.66)<br>| (.98)<br>| 15.29 | (14.91)<br>| 18 | .16 | .16 | .49 | 1.80 |
| 10/31/2021 | 15.58 | .29 | 3.57 | 3.86 | (.34)<br>| (.14)<br>| (.48)<br>| 18.96 | 25.04 | 17 | .16 | .16 | .48 | 1.62 |
| 10/31/2020 | 15.28 | .29 | .63 | .92 | (.32)<br>| (.30)<br>| (.62)<br>| 15.58 | 6.10 | 13 | .16 | .16 | .51 | 1.88 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.49 | .24 | — <br><sup>10</sup><br>| .24 | (.26)<br>| (.25)<br>| (.51)<br>| 18.22 | 1.31 <br><sup>8</sup><br>| 43 | .06 <br><sup>9</sup><br>| .06 <br><sup>9</sup><br>| .40 <br><sup>9</sup><br>| 2.66 <br><sup>9</sup><br>|
| 10/31/2024 | 15.20 | .45 | 3.29 | 3.74 | (.44)<br>| (.01)<br>| (.45)<br>| 18.49 | 24.81 | 31 | .06 | .06 | .40 | 2.58 |
| 10/31/2023 | 15.32 | .39 | .44 | .83 | (.37)<br>| (.58)<br>| (.95)<br>| 15.20 | 5.50 | 27 | .06 | .06 | .40 | 2.45 |
| 10/31/2022 | 18.99 | .32 | (2.99)<br>| (2.67)<br>| (.34)<br>| (.66)<br>| (1.00)<br>| 15.32 | (14.80)<br>| 27 | .06 | .06 | .39 | 1.91 |
| 10/31/2021 | 15.61 | .31 | 3.56 | 3.87 | (.35)<br>| (.14)<br>| (.49)<br>| 18.99 | 25.11 | 29 | .06 | .06 | .38 | 1.71 |
| 10/31/2020 | 15.31 | .31 | .62 | .93 | (.33)<br>| (.30)<br>| (.63)<br>| 15.61 | 6.20 | 23 | .06 | .06 | .41 | 2.00 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 4/30/2025<sup>6,7</sup> <br>| 18.49 | .26 | (.01)<br>| .25 | (.27)<br>| (.25)<br>| (.52)<br>| 18.22 | 1.33 <br><sup>8</sup><br>| 692 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .35 <br><sup>9</sup><br>| 2.82 <br><sup>9</sup><br>|
| 10/31/2024 | 15.19 | .45 | 3.31 | 3.76 | (.45)<br>| (.01)<br>| (.46)<br>| 18.49 | 24.95 | 648 | .01 | .01 | .35 | 2.58 |
| 10/31/2023 | 15.31 | .39 | .44 | .83 | (.37)<br>| (.58)<br>| (.95)<br>| 15.19 | 5.55 | 508 | .01 | .01 | .35 | 2.46 |
| 10/31/2022 | 18.99 | .33 | (3.01)<br>| (2.68)<br>| (.34)<br>| (.66)<br>| (1.00)<br>| 15.31 | (14.82)<br>| 483 | .01 | .01 | .34 | 1.95 |
| 10/31/2021 | 15.61 | .32 | 3.56 | 3.88 | (.36)<br>| (.14)<br>| (.50)<br>| 18.99 | 25.17 | 546 | .01 | .01 | .33 | 1.75 |
| 10/31/2020 | 15.31 | .32 | .62 | .94 | (.34)<br>| (.30)<br>| (.64)<br>| 15.61 | 6.25 | 407 | .01 | .01 | .36 | 2.06 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **65** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Conservative Growth and Income Portfolio**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $13.51 | $.28 | $(.01)<br>| $.27 | $(.28)<br>| $(.17)<br>| $(.45)<br>| $13.33 | 2.01 %<sup>8</sup><br>| $5771 | .32 %<sup>9</sup><br>| .32 %<sup>9</sup><br>| .62 %<sup>9</sup><br>| 4.21 %<sup>9</sup><br>|
| 10/31/2024 | 11.73 | .52 | 1.89 | 2.41 | (.52)<br>| (.11)<br>| (.63)<br>| 13.51 | 20.89 | 5695 | .31 | .31 | .60 | 3.98 |
| 10/31/2023 | 12.03 | .47 | (.12)<br>| .35 | (.47)<br>| (.18)<br>| (.65)<br>| 11.73 | 2.81 | 4953 | .32 | .32 | .60 | 3.86 |
| 10/31/2022 | 14.00 | .40 | (1.72)<br>| (1.32)<br>| (.40)<br>| (.25)<br>| (.65)<br>| 12.03 | (9.81)<br>| 4994 | .33 | .33 | .62 | 3.05 |
| 10/31/2021 | 12.24 | .36 | 2.08 | 2.44 | (.41)<br>| (.27)<br>| (.68)<br>| 14.00 | 20.36 | 5267 | .33 | .33 | .60 | 2.68 |
| 10/31/2020 | 12.80 | .41 | (.38)<br>| .03 | (.42)<br>| (.17)<br>| (.59)<br>| 12.24 | .23 | 3910 | .33 | .33 | .60 | 3.26 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.42 | .23 | — <br><sup>10</sup><br>| .23 | (.23)<br>| (.17)<br>| (.40)<br>| 13.25 | 1.72 <br><sup>8</sup><br>| 445 | 1.05 <br><sup>9</sup><br>| 1.05 <br><sup>9</sup><br>| 1.35 <br><sup>9</sup><br>| 3.48 <br><sup>9</sup><br>|
| 10/31/2024 | 11.66 | .42 | 1.87 | 2.29 | (.42)<br>| (.11)<br>| (.53)<br>| 13.42 | 19.92 | 465 | 1.05 | 1.05 | 1.34 | 3.26 |
| 10/31/2023 | 11.96 | .38 | (.13)<br>| .25 | (.37)<br>| (.18)<br>| (.55)<br>| 11.66 | 2.04 | 478 | 1.06 | 1.06 | 1.34 | 3.12 |
| 10/31/2022 | 13.91 | .30 | (1.70)<br>| (1.40)<br>| (.30)<br>| (.25)<br>| (.55)<br>| 11.96 | (10.40)<br>| 581 | 1.05 | 1.05 | 1.34 | 2.33 |
| 10/31/2021 | 12.17 | .27 | 2.05 | 2.32 | (.31)<br>| (.27)<br>| (.58)<br>| 13.91 | 19.44 | 717 | 1.05 | 1.05 | 1.32 | 1.97 |
| 10/31/2020 | 12.72 | .31 | (.36)<br>| (.05)<br>| (.33)<br>| (.17)<br>| (.50)<br>| 12.17 | (.44)<br>| 622 | 1.06 | 1.06 | 1.33 | 2.54 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.51 | .30 | — <br><sup>10</sup><br>| .30 | (.30)<br>| (.17)<br>| (.47)<br>| 13.34 | 2.22 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>911</sup><br>| .05 <br><sup>911</sup><br>| .35 <br><sup>911</sup><br>| 4.50 <br><sup>911</sup><br>|
| 10/31/2024 | 11.73 | .55 | 1.89 | 2.44 | (.55)<br>| (.11)<br>| (.66)<br>| 13.51 | 21.19 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 4.24 <br><sup>11</sup><br>|
| 10/31/2023 | 12.04 | .51 | (.14)<br>| .37 | (.50)<br>| (.18)<br>| (.68)<br>| 11.73 | 2.99 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 4.13 <br><sup>11</sup><br>|
| 10/31/2022 | 14.00 | .44 | (1.71)<br>| (1.27)<br>| (.44)<br>| (.25)<br>| (.69)<br>| 12.04 | (9.47 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 3.34 <br><sup>11</sup><br>|
| 10/31/2021 | 12.25 | .41 | 2.06 | 2.47 | (.45)<br>| (.27)<br>| (.72)<br>| 14.00 | 20.60 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .04 <br><sup>11</sup><br>| .04 <br><sup>11</sup><br>| .31 <br><sup>11</sup><br>| 3.00 <br><sup>11</sup><br>|
| 10/31/2020 | 12.80 | .44 | (.36)<br>| .08 | (.46)<br>| (.17)<br>| (.63)<br>| 12.25 | .60 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>11</sup><br>| .05 <br><sup>11</sup><br>| .32 <br><sup>11</sup><br>| 3.55 <br><sup>11</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.52 | .28 | (.01)<br>| .27 | (.28)<br>| (.17)<br>| (.45)<br>| 13.34 | 1.99 <br><sup>8</sup><br>| 124 | .36 <br><sup>9</sup><br>| .36 <br><sup>9</sup><br>| .66 <br><sup>9</sup><br>| 4.15 <br><sup>9</sup><br>|
| 10/31/2024 | 11.74 | .50 | 1.90 | 2.40 | (.51)<br>| (.11)<br>| (.62)<br>| 13.52 | 20.80 | 103 | .37 | .37 | .66 | 3.88 |
| 10/31/2023 | 12.04 | .47 | (.13)<br>| .34 | (.46)<br>| (.18)<br>| (.64)<br>| 11.74 | 2.75 | 77 | .37 | .37 | .65 | 3.80 |
| 10/31/2022 | 14.01 | .39 | (1.72)<br>| (1.33)<br>| (.39)<br>| (.25)<br>| (.64)<br>| 12.04 | (9.83)<br>| 75 | .37 | .37 | .66 | 3.02 |
| 10/31/2021 | 12.25 | .36 | 2.07 | 2.43 | (.40)<br>| (.27)<br>| (.67)<br>| 14.01 | 20.28 | 82 | .37 | .37 | .64 | 2.70 |
| 10/31/2020 | 12.80 | .40 | (.37)<br>| .03 | (.41)<br>| (.17)<br>| (.58)<br>| 12.25 | .26 | 87 | .37 | .37 | .64 | 3.22 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.53 | .29 | — <br><sup>10</sup><br>| .29 | (.29)<br>| (.17)<br>| (.46)<br>| 13.36 | 2.19 <br><sup>8</sup><br>| 767 | .11 <br><sup>9</sup><br>| .11 <br><sup>9</sup><br>| .41 <br><sup>9</sup><br>| 4.41 <br><sup>9</sup><br>|
| 10/31/2024 | 11.75 | .54 | 1.89 | 2.43 | (.54)<br>| (.11)<br>| (.65)<br>| 13.53 | 21.09 | 699 | .11 | .11 | .40 | 4.17 |
| 10/31/2023 | 12.05 | .50 | (.13)<br>| .37 | (.49)<br>| (.18)<br>| (.67)<br>| 11.75 | 3.02 | 573 | .11 | .11 | .39 | 4.07 |
| 10/31/2022 | 14.02 | .43 | (1.72)<br>| (1.29)<br>| (.43)<br>| (.25)<br>| (.68)<br>| 12.05 | (9.59)<br>| 574 | .11 | .11 | .40 | 3.27 |
| 10/31/2021 | 12.26 | .39 | 2.08 | 2.47 | (.44)<br>| (.27)<br>| (.71)<br>| 14.02 | 20.58 | 546 | .11 | .11 | .38 | 2.90 |
| 10/31/2020 | 12.81 | .43 | (.36)<br>| .07 | (.45)<br>| (.17)<br>| (.62)<br>| 12.26 | .52 | 387 | .12 | .12 | .39 | 3.48 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.51 | .30 | — <br><sup>10</sup><br>| .30 | (.30)<br>| (.17)<br>| (.47)<br>| 13.34 | 2.25 <br><sup>8</sup><br>| 161 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .31 <br><sup>9</sup><br>| 4.52 <br><sup>9</sup><br>|
| 10/31/2024 | 11.73 | .55 | 1.90 | 2.45 | (.56)<br>| (.11)<br>| (.67)<br>| 13.51 | 21.24 | 149 | .01 | .01 | .30 | 4.26 |
| 10/31/2023 | 12.04 | .51 | (.14)<br>| .37 | (.50)<br>| (.18)<br>| (.68)<br>| 11.73 | 3.04 | 102 | .01 | .01 | .29 | 4.17 |
| 10/31/2022 | 14.00 | .44 | (1.71)<br>| (1.27)<br>| (.44)<br>| (.25)<br>| (.69)<br>| 12.04 | (9.44)<br>| 106 | .01 | .01 | .30 | 3.35 |
| 10/31/2021 | 12.25 | .40 | 2.07 | 2.47 | (.45)<br>| (.27)<br>| (.72)<br>| 14.00 | 20.64 | 99 | .01 | .01 | .28 | 2.98 |
| 10/31/2020 | 12.80 | .45 | (.37)<br>| .08 | (.46)<br>| (.17)<br>| (.63)<br>| 12.25 | .63 | 60 | .01 | .01 | .28 | 3.58 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **66** |

---

------

Financial highlights (continued)

**Conservative Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $13.50 | $.28 | $(.01)<br>| $.27 | $(.28)<br>| $(.17)<br>| $(.45)<br>| $13.32 | 2.00 %<sup>8</sup><br>| $345 | .33 %<sup>9</sup><br>| .33 %<sup>9</sup><br>| .63 %<sup>9</sup><br>| 4.20 %<sup>9</sup><br>|
| 10/31/2024 | 11.72 | .51 | 1.89 | 2.40 | (.51)<br>| (.11)<br>| (.62)<br>| 13.50 | 20.86 | 340 | .35 | .35 | .64 | 3.92 |
| 10/31/2023 | 12.03 | .47 | (.14)<br>| .33 | (.46)<br>| (.18)<br>| (.64)<br>| 11.72 | 2.69 | 270 | .36 | .36 | .64 | 3.82 |
| 10/31/2022 | 13.99 | .40 | (1.71)<br>| (1.31)<br>| (.40)<br>| (.25)<br>| (.65)<br>| 12.03 | (9.75)<br>| 267 | .34 | .34 | .63 | 3.03 |
| 10/31/2021 | 12.24 | .36 | 2.06 | 2.42 | (.40)<br>| (.27)<br>| (.67)<br>| 13.99 | 20.25 | 289 | .35 | .35 | .62 | 2.66 |
| 10/31/2020 | 12.79 | .40 | (.36)<br>| .04 | (.42)<br>| (.17)<br>| (.59)<br>| 12.24 | .28 | 209 | .37 | .37 | .64 | 3.20 |
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.44 | .23 | — <br><sup>10</sup><br>| .23 | (.23)<br>| (.17)<br>| (.40)<br>| 13.27 | 1.70 <br><sup>8</sup><br>| 23 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.40 <br><sup>9</sup><br>| 3.44 <br><sup>9</sup><br>|
| 10/31/2024 | 11.68 | .41 | 1.87 | 2.28 | (.41)<br>| (.11)<br>| (.52)<br>| 13.44 | 19.84 | 24 | 1.10 | 1.10 | 1.39 | 3.19 |
| 10/31/2023 | 11.98 | .38 | (.13)<br>| .25 | (.37)<br>| (.18)<br>| (.55)<br>| 11.68 | 1.99 | 23 | 1.11 | 1.11 | 1.39 | 3.07 |
| 10/31/2022 | 13.93 | .30 | (1.71)<br>| (1.41)<br>| (.29)<br>| (.25)<br>| (.54)<br>| 11.98 | (10.44)<br>| 26 | 1.11 | 1.11 | 1.40 | 2.27 |
| 10/31/2021 | 12.19 | .26 | 2.05 | 2.31 | (.30)<br>| (.27)<br>| (.57)<br>| 13.93 | 19.35 | 34 | 1.10 | 1.10 | 1.37 | 1.92 |
| 10/31/2020 | 12.73 | .32 | (.37)<br>| (.05)<br>| (.32)<br>| (.17)<br>| (.49)<br>| 12.19 | (.46)<br>| 30 | 1.11 | 1.11 | 1.38 | 2.58 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.49 | .26 | — <br><sup>10</sup><br>| .26 | (.26)<br>| (.17)<br>| (.43)<br>| 13.32 | 1.94 <br><sup>8</sup><br>| 8 | .59 <br><sup>9</sup><br>| .59 <br><sup>9</sup><br>| .89 <br><sup>9</sup><br>| 3.94 <br><sup>9</sup><br>|
| 10/31/2024 | 11.72 | .48 | 1.88 | 2.36 | (.48)<br>| (.11)<br>| (.59)<br>| 13.49 | 20.48 | 8 | .59 | .59 | .88 | 3.69 |
| 10/31/2023 | 12.02 | .44 | (.13)<br>| .31 | (.43)<br>| (.18)<br>| (.61)<br>| 11.72 | 2.52 | 8 | .59 | .59 | .87 | 3.57 |
| 10/31/2022 | 13.98 | .37 | (1.72)<br>| (1.35)<br>| (.36)<br>| (.25)<br>| (.61)<br>| 12.02 | (9.99)<br>| 9 | .59 | .59 | .88 | 2.80 |
| 10/31/2021 | 12.23 | .33 | 2.07 | 2.40 | (.38)<br>| (.27)<br>| (.65)<br>| 13.98 | 20.01 | 10 | .58 | .58 | .85 | 2.42 |
| 10/31/2020 | 12.79 | .37 | (.37)<br>| — <br><sup>10</sup><br>| (.39)<br>| (.17)<br>| (.56)<br>| 12.23 | (.03)<br>| 7 | .59 | .59 | .86 | 3.01 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.51 | .30 | (.01)<br>| .29 | (.29)<br>| (.17)<br>| (.46)<br>| 13.34 | 2.21 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .09 <br><sup>911</sup><br>| .09 <br><sup>911</sup><br>| .39 <br><sup>911</sup><br>| 4.44 <br><sup>911</sup><br>|
| 10/31/2024 | 11.73 | .54 | 1.90 | 2.44 | (.55)<br>| (.11)<br>| (.66)<br>| 13.51 | 21.14 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>11</sup><br>| .10 <br><sup>11</sup><br>| .39 <br><sup>11</sup><br>| 4.18 <br><sup>11</sup><br>|
| 10/31/2023 | 12.04 | .50 | (.14)<br>| .36 | (.49)<br>| (.18)<br>| (.67)<br>| 11.73 | 2.95 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>11</sup><br>| .10 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 4.07 <br><sup>11</sup><br>|
| 10/31/2022 | 14.00 | .43 | (1.71)<br>| (1.28)<br>| (.43)<br>| (.25)<br>| (.68)<br>| 12.04 | (9.51 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .09 <br><sup>11</sup><br>| .09 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 3.29 <br><sup>11</sup><br>|
| 10/31/2021 | 12.25 | .39 | 2.07 | 2.46 | (.44)<br>| (.27)<br>| (.71)<br>| 14.00 | 20.52 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>11</sup><br>| .11 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 2.92 <br><sup>11</sup><br>|
| 10/31/2020 | 12.80 | .43 | (.36)<br>| .07 | (.45)<br>| (.17)<br>| (.62)<br>| 12.25 | .54 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .11 <br><sup>11</sup><br>| .11 <br><sup>11</sup><br>| .38 <br><sup>11</sup><br>| 3.48 <br><sup>11</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.51 | .29 | — <br><sup>10</sup><br>| .29 | (.29)<br>| (.17)<br>| (.46)<br>| 13.34 | 2.16 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .17 <br><sup>911</sup><br>| .17 <br><sup>911</sup><br>| .47 <br><sup>911</sup><br>| 4.36 <br><sup>911</sup><br>|
| 10/31/2024 | 11.74 | .53 | 1.88 | 2.41 | (.53)<br>| (.11)<br>| (.64)<br>| 13.51 | 20.93 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .47 <br><sup>11</sup><br>| 4.10 <br><sup>11</sup><br>|
| 10/31/2023 | 12.04 | .49 | (.13)<br>| .36 | (.48)<br>| (.18)<br>| (.66)<br>| 11.74 | 2.94 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .46 <br><sup>11</sup><br>| 3.99 <br><sup>11</sup><br>|
| 10/31/2022 | 14.00 | .42 | (1.71)<br>| (1.29)<br>| (.42)<br>| (.25)<br>| (.67)<br>| 12.04 | (9.60 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .18 <br><sup>11</sup><br>| .18 <br><sup>11</sup><br>| .47 <br><sup>11</sup><br>| 3.20 <br><sup>11</sup><br>|
| 10/31/2021 | 12.25 | .38 | 2.07 | 2.45 | (.43)<br>| (.27)<br>| (.70)<br>| 14.00 | 20.47 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .16 <br><sup>11</sup><br>| .16 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 2.84 <br><sup>11</sup><br>|
| 10/31/2020 | 12.80 | .43 | (.36)<br>| .07 | (.45)<br>| (.17)<br>| (.62)<br>| 12.25 | .53 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .12 <br><sup>11</sup><br>| .12 <br><sup>11</sup><br>| .39 <br><sup>11</sup><br>| 3.46 <br><sup>11</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.50 | .29 | — <br><sup>10</sup><br>| .29 | (.29)<br>| (.17)<br>| (.46)<br>| 13.33 | 2.20 <br><sup>8</sup><br>| 64 | .11 <br><sup>9</sup><br>| .11 <br><sup>9</sup><br>| .41 <br><sup>9</sup><br>| 4.43 <br><sup>9</sup><br>|
| 10/31/2024 | 11.73 | .54 | 1.88 | 2.42 | (.54)<br>| (.11)<br>| (.65)<br>| 13.50 | 21.04 | 64 | .11 | .11 | .40 | 4.16 |
| 10/31/2023 | 12.03 | .50 | (.13)<br>| .37 | (.49)<br>| (.18)<br>| (.67)<br>| 11.73 | 3.04 | 50 | .10 | .10 | .38 | 4.07 |
| 10/31/2022 | 13.99 | .43 | (1.71)<br>| (1.28)<br>| (.43)<br>| (.25)<br>| (.68)<br>| 12.03 | (9.54)<br>| 47 | .11 | .11 | .40 | 3.27 |
| 10/31/2021 | 12.24 | .39 | 2.06 | 2.45 | (.43)<br>| (.27)<br>| (.70)<br>| 13.99 | 20.51 | 52 | .13 | .13 | .40 | 2.87 |
| 10/31/2020<sup>6,14</sup> <br>| 12.24 |  |  |  |  |  |  | 12.24 |  | 36 |  |  |  |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **67** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Conservative Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $13.50 | $.30 | $— <br><sup>10</sup><br>| $.30 | $(.30)<br>| $(.17)<br>| $(.47)<br>| $13.33 | 2.22 %<sup>8</sup><br>| $— <br><sup>12</sup><br>| .06 %<sup>9</sup><br>| .06 %<sup>9</sup><br>| .36 %<sup>9</sup><br>| 4.47 %<sup>9</sup><br>|
| 10/31/2024 | 11.73 | .55 | 1.88 | 2.43 | (.55)<br>| (.11)<br>| (.66)<br>| 13.50 | 21.09 | — <br><sup>12</sup><br>| .07 | .07 | .36 | 4.21 |
| 10/31/2023 | 12.03 | .50 | (.12)<br>| .38 | (.50)<br>| (.18)<br>| (.68)<br>| 11.73 | 3.06 | — <br><sup>12</sup><br>| .07 | .07 | .35 | 4.10 |
| 10/31/2022 | 13.99 | .43 | (1.71)<br>| (1.28)<br>| (.43)<br>| (.25)<br>| (.68)<br>| 12.03 | (9.50)<br>| — <br><sup>12</sup><br>| .07 | .07 | .36 | 3.31 |
| 10/31/2021 | 12.24 | .40 | 2.06 | 2.46 | (.44)<br>| (.27)<br>| (.71)<br>| 13.99 | 20.58 | — <br><sup>12</sup><br>| .12 | .07 | .34 | 2.95 |
| 10/31/2020<sup>6,14</sup> <br>| 12.24 |  |  |  |  |  |  | 12.24 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.51 | .28 | — <br><sup>10</sup><br>| .28 | (.28)<br>| (.17)<br>| (.45)<br>| 13.34 | 2.11 <br><sup>8</sup><br>| 6 | .29 <br><sup>9</sup><br>| .23 <br><sup>9</sup><br>| .53 <br><sup>9</sup><br>| 4.26 <br><sup>9</sup><br>|
| 10/31/2024 | 11.73 | .52 | 1.89 | 2.41 | (.52)<br>| (.11)<br>| (.63)<br>| 13.51 | 20.91 | 5 | .29 | .24 | .53 | 4.00 |
| 10/31/2023 | 12.02 | .48 | (.12)<br>| .36 | (.47)<br>| (.18)<br>| (.65)<br>| 11.73 | 2.93 | 4 | .30 | .24 | .52 | 3.89 |
| 10/31/2022 | 13.99 | .41 | (1.72)<br>| (1.31)<br>| (.41)<br>| (.25)<br>| (.66)<br>| 12.02 | (9.77)<br>| 3 | .29 | .23 | .52 | 3.14 |
| 10/31/2021 | 12.23 | .38 | 2.07 | 2.45 | (.42)<br>| (.27)<br>| (.69)<br>| 13.99 | 20.53 | 2 | .21 | .15 | .42 | 2.80 |
| 10/31/2020 | 12.78 | .40 | (.36)<br>| .04 | (.42)<br>| (.17)<br>| (.59)<br>| 12.23 | .29 | 1 | .38 | .31 | .58 | 3.23 |
| **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.53 | .30 | — <br><sup>10</sup><br>| .30 | (.30)<br>| (.17)<br>| (.47)<br>| 13.36 | 2.20 <br><sup>8</sup><br>| — <br><sup>12</sup><br>| .08 <br><sup>9</sup><br>| .03 <br><sup>9</sup><br>| .33 <br><sup>9</sup><br>| 4.49 <br><sup>9</sup><br>|
| 10/31/2024 | 11.74 | .54 | 1.91 | 2.45 | (.55)<br>| (.11)<br>| (.66)<br>| 13.53 | 21.23 | — <br><sup>12</sup><br>| .08 | .03 | .32 | 4.16 |
| 10/31/2023 | 12.04 | .51 | (.14)<br>| .37 | (.49)<br>| (.18)<br>| (.67)<br>| 11.74 | 3.05 | — <br><sup>12</sup><br>| .09 | .03 | .31 | 4.12 |
| 10/31/2022 | 14.00 | .43 | (1.71)<br>| (1.28)<br>| (.43)<br>| (.25)<br>| (.68)<br>| 12.04 | (9.49)<br>| — <br><sup>12</sup><br>| .08 | .03 | .32 | 3.42 |
| 10/31/2021 | 12.24 | .40 | 2.07 | 2.47 | (.44)<br>| (.27)<br>| (.71)<br>| 14.00 | 20.68 | — <br><sup>12</sup><br>| .08 | .02 | .29 | 2.91 |
| 10/31/2020<sup>6,14</sup> <br>| 12.24 |  |  |  |  |  |  | 12.24 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.42 | .23 | — <br><sup>10</sup><br>| .23 | (.23)<br>| (.17)<br>| (.40)<br>| 13.25 | 1.74 <br><sup>8</sup><br>| 4 | 1.07 <br><sup>9</sup><br>| 1.07 <br><sup>9</sup><br>| 1.37 <br><sup>9</sup><br>| 3.46 <br><sup>9</sup><br>|
| 10/31/2024 | 11.66 | .42 | 1.87 | 2.29 | (.42)<br>| (.11)<br>| (.53)<br>| 13.42 | 19.95 | 3 | 1.07 | 1.07 | 1.36 | 3.26 |
| 10/31/2023 | 11.97 | .38 | (.13)<br>| .25 | (.38)<br>| (.18)<br>| (.56)<br>| 11.66 | 1.97 | 2 | 1.07 | 1.07 | 1.35 | 3.09 |
| 10/31/2022 | 13.93 | .30 | (1.71)<br>| (1.41)<br>| (.30)<br>| (.25)<br>| (.55)<br>| 11.97 | (10.45)<br>| 2 | 1.06 | 1.06 | 1.35 | 2.34 |
| 10/31/2021 | 12.18 | .26 | 2.07 | 2.33 | (.31)<br>| (.27)<br>| (.58)<br>| 13.93 | 19.47 | 2 | 1.09 | 1.09 | 1.36 | 1.97 |
| 10/31/2020 | 12.74 | .30 | (.36)<br>| (.06)<br>| (.33)<br>| (.17)<br>| (.50)<br>| 12.18 | (.54)<br>| 2 | 1.13 | 1.13 | 1.40 | 2.45 |
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.41 | .23 | — <br><sup>10</sup><br>| .23 | (.23)<br>| (.17)<br>| (.40)<br>| 13.24 | 1.71 <br><sup>8</sup><br>| 45 | 1.10 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 1.40 <br><sup>9</sup><br>| 3.43 <br><sup>9</sup><br>|
| 10/31/2024 | 11.65 | .41 | 1.88 | 2.29 | (.42)<br>| (.11)<br>| (.53)<br>| 13.41 | 19.92 | 44 | 1.09 | 1.09 | 1.38 | 3.22 |
| 10/31/2023 | 11.96 | .38 | (.14)<br>| .24 | (.37)<br>| (.18)<br>| (.55)<br>| 11.65 | 1.95 | 40 | 1.09 | 1.09 | 1.37 | 3.07 |
| 10/31/2022 | 13.91 | .30 | (1.70)<br>| (1.40)<br>| (.30)<br>| (.25)<br>| (.55)<br>| 11.96 | (10.44)<br>| 39 | 1.08 | 1.08 | 1.37 | 2.31 |
| 10/31/2021 | 12.17 | .26 | 2.06 | 2.32 | (.31)<br>| (.27)<br>| (.58)<br>| 13.91 | 19.43 | 49 | 1.07 | 1.07 | 1.34 | 1.97 |
| 10/31/2020 | 12.72 | .31 | (.36)<br>| (.05)<br>| (.33)<br>| (.17)<br>| (.50)<br>| 12.17 | (.44)<br>| 43 | 1.08 | 1.08 | 1.35 | 2.52 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.50 | .24 | — <br><sup>10</sup><br>| .24 | (.25)<br>| (.17)<br>| (.42)<br>| 13.32 | 1.79 <br><sup>8</sup><br>| 2 | .80 <br><sup>9</sup><br>| .80 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 3.65 <br><sup>9</sup><br>|
| 10/31/2024 | 11.72 | .47 | 1.87 | 2.34 | (.45)<br>| (.11)<br>| (.56)<br>| 13.50 | 20.27 | 2 | .81 | .81 | 1.10 | 3.60 |
| 10/31/2023 | 12.04 | .41 | (.13)<br>| .28 | (.42)<br>| (.18)<br>| (.60)<br>| 11.72 | 2.24 | 2 | .80 | .80 | 1.08 | 3.35 |
| 10/31/2022 | 14.00 | .34 | (1.72)<br>| (1.38)<br>| (.33)<br>| (.25)<br>| (.58)<br>| 12.04 | (10.18)<br>| 1 | .78 | .78 | 1.07 | 2.56 |
| 10/31/2021 | 12.25 | .30 | 2.07 | 2.37 | (.35)<br>| (.27)<br>| (.62)<br>| 14.00 | 19.76 | 1 | .82 | .80 | 1.07 | 2.20 |
| 10/31/2020 | 12.79 | .34 | (.36)<br>| (.02)<br>| (.35)<br>| (.17)<br>| (.52)<br>| 12.25 | (.22)<br>| — <br><sup>12</sup><br>| .83 | .83 | 1.10 | 2.74 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **68** |

---

------

Financial highlights (continued)

**Conservative Growth and Income Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $13.47 | $.26 | $— <br><sup>10</sup><br>| $.26 | $(.26)<br>| $(.17)<br>| $(.43)<br>| $13.30 | 1.93 %<sup>8</sup><br>| $50 | .65 %<sup>9</sup><br>| .65 %<sup>9</sup><br>| .95 %<sup>9</sup><br>| 3.88 %<sup>9</sup><br>|
| 10/31/2024 | 11.70 | .47 | 1.89 | 2.36 | (.48)<br>| (.11)<br>| (.59)<br>| 13.47 | 20.47 | 46 | .63 | .63 | .92 | 3.65 |
| 10/31/2023 | 12.01 | .43 | (.13)<br>| .30 | (.43)<br>| (.18)<br>| (.61)<br>| 11.70 | 2.40 | 40 | .64 | .64 | .92 | 3.55 |
| 10/31/2022 | 13.97 | .36 | (1.71)<br>| (1.35)<br>| (.36)<br>| (.25)<br>| (.61)<br>| 12.01 | (10.03)<br>| 42 | .63 | .63 | .92 | 2.74 |
| 10/31/2021 | 12.22 | .32 | 2.07 | 2.39 | (.37)<br>| (.27)<br>| (.64)<br>| 13.97 | 19.95 | 43 | .63 | .63 | .90 | 2.39 |
| 10/31/2020 | 12.77 | .37 | (.37)<br>| — <br><sup>10</sup><br>| (.38)<br>| (.17)<br>| (.55)<br>| 12.22 |  | 35 | .64 | .64 | .91 | 2.94 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.51 | .28 | — <br><sup>10</sup><br>| .28 | (.28)<br>| (.17)<br>| (.45)<br>| 13.34 | 2.08 <br><sup>8</sup><br>| 36 | .34 <br><sup>9</sup><br>| .34 <br><sup>9</sup><br>| .64 <br><sup>9</sup><br>| 4.20 <br><sup>9</sup><br>|
| 10/31/2024 | 11.74 | .51 | 1.88 | 2.39 | (.51)<br>| (.11)<br>| (.62)<br>| 13.51 | 20.75 | 34 | .34 | .34 | .63 | 3.96 |
| 10/31/2023 | 12.04 | .47 | (.13)<br>| .34 | (.46)<br>| (.18)<br>| (.64)<br>| 11.74 | 2.78 | 31 | .34 | .34 | .62 | 3.81 |
| 10/31/2022 | 14.00 | .40 | (1.71)<br>| (1.31)<br>| (.40)<br>| (.25)<br>| (.65)<br>| 12.04 | (9.74)<br>| 31 | .34 | .34 | .63 | 3.04 |
| 10/31/2021 | 12.25 | .37 | 2.05 | 2.42 | (.40)<br>| (.27)<br>| (.67)<br>| 14.00 | 20.23 | 35 | .35 | .35 | .62 | 2.74 |
| 10/31/2020 | 12.80 | .40 | (.36)<br>| .04 | (.42)<br>| (.17)<br>| (.59)<br>| 12.25 | .28 | 33 | .36 | .36 | .63 | 3.24 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.49 | .28 | .01 | .29 | (.29)<br>| (.17)<br>| (.46)<br>| 13.32 | 2.17 <br><sup>8</sup><br>| 13 | .16 <br><sup>9</sup><br>| .16 <br><sup>9</sup><br>| .46 <br><sup>9</sup><br>| 4.25 <br><sup>9</sup><br>|
| 10/31/2024 | 11.72 | .53 | 1.89 | 2.42 | (.54)<br>| (.11)<br>| (.65)<br>| 13.49 | 21.01 | 9 | .14 | .14 | .43 | 4.13 |
| 10/31/2023 | 12.02 | .49 | (.12)<br>| .37 | (.49)<br>| (.18)<br>| (.67)<br>| 11.72 | 2.99 | 8 | .14 | .14 | .42 | 4.00 |
| 10/31/2022 | 13.99 | .42 | (1.72)<br>| (1.30)<br>| (.42)<br>| (.25)<br>| (.67)<br>| 12.02 | (9.65)<br>| 7 | .16 | .16 | .45 | 3.25 |
| 10/31/2021 | 12.23 | .41 | 2.05 | 2.46 | (.43)<br>| (.27)<br>| (.70)<br>| 13.99 | 20.56 | 5 | .17 | .17 | .44 | 3.02 |
| 10/31/2020 | 12.79 | .42 | (.37)<br>| .05 | (.44)<br>| (.17)<br>| (.61)<br>| 12.23 | .40 | 7 | .17 | .17 | .44 | 3.37 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.55 | .29 | — <br><sup>10</sup><br>| .29 | (.30)<br>| (.17)<br>| (.47)<br>| 13.37 | 2.14 <br><sup>8</sup><br>| 17 | .06 <br><sup>9</sup><br>| .06 <br><sup>9</sup><br>| .36 <br><sup>9</sup><br>| 4.40 <br><sup>9</sup><br>|
| 10/31/2024 | 11.76 | .54 | 1.91 | 2.45 | (.55)<br>| (.11)<br>| (.66)<br>| 13.55 | 21.22 | 12 | .06 | .06 | .35 | 4.16 |
| 10/31/2023 | 12.07 | .51 | (.14)<br>| .37 | (.50)<br>| (.18)<br>| (.68)<br>| 11.76 | 2.98 | 8 | .06 | .06 | .34 | 4.12 |
| 10/31/2022 | 14.03 | .44 | (1.72)<br>| (1.28)<br>| (.43)<br>| (.25)<br>| (.68)<br>| 12.07 | (9.46)<br>| 10 | .06 | .06 | .35 | 3.33 |
| 10/31/2021 | 12.27 | .40 | 2.07 | 2.47 | (.44)<br>| (.27)<br>| (.71)<br>| 14.03 | 20.62 | 8 | .06 | .06 | .33 | 2.96 |
| 10/31/2020 | 12.83 | .44 | (.38)<br>| .06 | (.45)<br>| (.17)<br>| (.62)<br>| 12.27 | .50 | 6 | .06 | .06 | .33 | 3.56 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 4/30/2025<sup>6,7</sup> <br>| 13.54 | .30 | — <br><sup>10</sup><br>| .30 | (.30)<br>| (.17)<br>| (.47)<br>| 13.37 | 2.24 <br><sup>8</sup><br>| 179 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .31 <br><sup>9</sup><br>| 4.52 <br><sup>9</sup><br>|
| 10/31/2024 | 11.76 | .55 | 1.90 | 2.45 | (.56)<br>| (.11)<br>| (.67)<br>| 13.54 | 21.19 | 155 | .01 | .01 | .30 | 4.25 |
| 10/31/2023 | 12.06 | .51 | (.13)<br>| .38 | (.50)<br>| (.18)<br>| (.68)<br>| 11.76 | 3.12 | 113 | .01 | .01 | .29 | 4.13 |
| 10/31/2022 | 14.03 | .44 | (1.72)<br>| (1.28)<br>| (.44)<br>| (.25)<br>| (.69)<br>| 12.06 | (9.49)<br>| 82 | .01 | .01 | .30 | 3.36 |
| 10/31/2021 | 12.27 | .41 | 2.07 | 2.48 | (.45)<br>| (.27)<br>| (.72)<br>| 14.03 | 20.68 | 83 | .01 | .01 | .28 | 3.00 |
| 10/31/2020 | 12.82 | .45 | (.37)<br>| .08 | (.46)<br>| (.17)<br>| (.63)<br>| 12.27 | .63 | 61 | .02 | .02 | .29 | 3.58 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **69** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Tax-Aware Conservative Growth and Income Portfolio**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets**<sup>4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)** | **Ratio of** <br>**expenses to** <br>**average** <br>**net assets**<sup>4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets** |
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| 4/30/2025<sup>6,7</sup> <br>| $16.28 | $.20 | $(.19)<br>| $.01 | $(.20)<br>| $(.42)<br>| $(.62)<br>| $15.67 | 0.09 %<sup>8</sup><br>| $3890 | .34 %<sup>9</sup><br>| .67 %<sup>9</sup><br>| 2.56 %<sup>9</sup><br>|
| 10/31/2024 | 13.84 | .39 | 2.68 | 3.07 | (.36)<br>| (.27)<br>| (.63)<br>| 16.28 | 22.59 | 3854 | .32 | .64 | 2.50 |
| 10/31/2023 | 13.80 | .36 | .32 | .68 | (.35)<br>| (.29)<br>| (.64)<br>| 13.84 | 4.92 | 3127 | .34 | .64 | 2.48 |
| 10/31/2022 | 16.11 | .31 | (2.20)<br>| (1.89)<br>| (.32)<br>| (.10)<br>| (.42)<br>| 13.80 | (11.98)<br>| 3127 | .34 | .63 | 2.04 |
| 10/31/2021 | 13.80 | .28 | 2.40 | 2.68 | (.29)<br>| (.08)<br>| (.37)<br>| 16.11 | 19.58 | 3309 | .34 | .64 | 1.83 |
| 10/31/2020 | 14.05 | .31 | (.04)<br>| .27 | (.32)<br>| (.20)<br>| (.52)<br>| 13.80 | 1.95 | 2298 | .35 | .66 | 2.28 |
| **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** | **Class C:** |
| 4/30/2025<sup>6,7</sup> <br>| 16.15 | .15 | (.19)<br>| (.04)<br>| (.15)<br>| (.42)<br>| (.57)<br>| 15.54 | (0.26 )<sup>8</sup><br>| 297 | 1.04 <br><sup>9</sup><br>| 1.37 <br><sup>9</sup><br>| 1.85 <br><sup>9</sup><br>|
| 10/31/2024 | 13.73 | .28 | 2.66 | 2.94 | (.25)<br>| (.27)<br>| (.52)<br>| 16.15 | 21.74 | 315 | 1.04 | 1.36 | 1.79 |
| 10/31/2023 | 13.70 | .25 | .32 | .57 | (.25)<br>| (.29)<br>| (.54)<br>| 13.73 | 4.13 | 301 | 1.04 | 1.34 | 1.79 |
| 10/31/2022 | 15.99 | .20 | (2.18)<br>| (1.98)<br>| (.21)<br>| (.10)<br>| (.31)<br>| 13.70 | (12.58)<br>| 342 | 1.04 | 1.33 | 1.33 |
| 10/31/2021 | 13.70 | .17 | 2.38 | 2.55 | (.18)<br>| (.08)<br>| (.26)<br>| 15.99 | 18.76 | 414 | 1.04 | 1.34 | 1.13 |
| 10/31/2020 | 13.94 | .22 | (.04)<br>| .18 | (.22)<br>| (.20)<br>| (.42)<br>| 13.70 | 1.32 | 331 | 1.05 | 1.36 | 1.58 |
| **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** | **Class T:** |
| 4/30/2025<sup>6,7</sup> <br>| 16.29 | .23 | (.20)<br>| .03 | (.23)<br>| (.42)<br>| (.65)<br>| 15.67 | 0.18 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .03 <br><sup>911</sup><br>| .36 <br><sup>911</sup><br>| 2.87 <br><sup>911</sup><br>|
| 10/31/2024 | 13.84 | .44 | 2.69 | 3.13 | (.41)<br>| (.27)<br>| (.68)<br>| 16.29 | 23.02 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .03 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 2.80 <br><sup>11</sup><br>|
| 10/31/2023 | 13.81 | .41 | .31 | .72 | (.40)<br>| (.29)<br>| (.69)<br>| 13.84 | 5.18 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .01 <br><sup>11</sup><br>| .31 <br><sup>11</sup><br>| 2.82 <br><sup>11</sup><br>|
| 10/31/2022 | 16.11 | .35 | (2.19)<br>| (1.84)<br>| (.36)<br>| (.10)<br>| (.46)<br>| 13.81 | (11.65 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .04 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 2.33 <br><sup>11</sup><br>|
| 10/31/2021 | 13.80 | .33 | 2.39 | 2.72 | (.33)<br>| (.08)<br>| (.41)<br>| 16.11 | 19.93 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .04 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| 2.14 <br><sup>11</sup><br>|
| 10/31/2020 | 14.05 | .36 | (.05)<br>| .31 | (.36)<br>| (.20)<br>| (.56)<br>| 13.80 | 2.26 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .05 <br><sup>11</sup><br>| .36 <br><sup>11</sup><br>| 2.58 <br><sup>11</sup><br>|
| **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** | **Class F-1:** |
| 4/30/2025<sup>6,7</sup> <br>| 16.28 | .20 | (.20)<br>| — <br><sup>10</sup><br>| (.20)<br>| (.42)<br>| (.62)<br>| 15.66 | 0.01 <br><sup>8</sup><br>| 287 | .38 <br><sup>9</sup><br>| .71 <br><sup>9</sup><br>| 2.52 <br><sup>9</sup><br>|
| 10/31/2024 | 13.83 | .38 | 2.69 | 3.07 | (.35)<br>| (.27)<br>| (.62)<br>| 16.28 | 22.61 | 282 | .38 | .70 | 2.45 |
| 10/31/2023 | 13.80 | .35 | .32 | .67 | (.35)<br>| (.29)<br>| (.64)<br>| 13.83 | 4.80 | 233 | .38 | .68 | 2.45 |
| 10/31/2022 | 16.11 | .30 | (2.20)<br>| (1.90)<br>| (.31)<br>| (.10)<br>| (.41)<br>| 13.80 | (12.02)<br>| 241 | .39 | .68 | 1.98 |
| 10/31/2021 | 13.80 | .28 | 2.39 | 2.67 | (.28)<br>| (.08)<br>| (.36)<br>| 16.11 | 19.53 | 286 | .38 | .68 | 1.79 |
| 10/31/2020 | 14.04 | .31 | (.04)<br>| .27 | (.31)<br>| (.20)<br>| (.51)<br>| 13.80 | 1.98 | 233 | .39 | .70 | 2.25 |
| **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** |
| 4/30/2025<sup>6,7</sup> <br>| 16.32 | .22 | (.20)<br>| .02 | (.22)<br>| (.42)<br>| (.64)<br>| 15.70 | 0.14 <br><sup>8</sup><br>| 616 | .12 <br><sup>9</sup><br>| .45 <br><sup>9</sup><br>| 2.77 <br><sup>9</sup><br>|
| 10/31/2024 | 13.86 | .42 | 2.71 | 3.13 | (.40)<br>| (.27)<br>| (.67)<br>| 16.32 | 22.95 | 600 | .11 | .43 | 2.71 |
| 10/31/2023 | 13.83 | .39 | .32 | .71 | (.39)<br>| (.29)<br>| (.68)<br>| 13.86 | 5.07 | 459 | .12 | .42 | 2.70 |
| 10/31/2022 | 16.14 | .34 | (2.20)<br>| (1.86)<br>| (.35)<br>| (.10)<br>| (.45)<br>| 13.83 | (11.76)<br>| 439 | .12 | .41 | 2.26 |
| 10/31/2021 | 13.82 | .32 | 2.40 | 2.72 | (.32)<br>| (.08)<br>| (.40)<br>| 16.14 | 19.89 | 450 | .11 | .41 | 2.05 |
| 10/31/2020 | 14.07 | .35 | (.05)<br>| .30 | (.35)<br>| (.20)<br>| (.55)<br>| 13.82 | 2.17 | 282 | .12 | .43 | 2.51 |
| **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** |
| 4/30/2025<sup>6,7</sup> <br>| 16.30 | .23 | (.19)<br>| .04 | (.23)<br>| (.42)<br>| (.65)<br>| 15.69 | 0.25 <br><sup>8</sup><br>| 165 | .01 <br><sup>9</sup><br>| .34 <br><sup>9</sup><br>| 2.89 <br><sup>9</sup><br>|
| 10/31/2024 | 13.85 | .44 | 2.69 | 3.13 | (.41)<br>| (.27)<br>| (.68)<br>| 16.30 | 23.02 | 162 | .01 | .33 | 2.82 |
| 10/31/2023 | 13.82 | .40 | .32 | .72 | (.40)<br>| (.29)<br>| (.69)<br>| 13.85 | 5.18 | 120 | .01 | .31 | 2.81 |
| 10/31/2022 | 16.13 | .36 | (2.20)<br>| (1.84)<br>| (.37)<br>| (.10)<br>| (.47)<br>| 13.82 | (11.67)<br>| 115 | .01 | .30 | 2.37 |
| 10/31/2021 | 13.81 | .34 | 2.40 | 2.74 | (.34)<br>| (.08)<br>| (.42)<br>| 16.13 | 20.02 | 98 | .01 | .31 | 2.15 |
| 10/31/2020 | 14.06 | .36 | (.05)<br>| .31 | (.36)<br>| (.20)<br>| (.56)<br>| 13.81 | 2.29 | 60 | .02 | .33 | 2.61 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **70** |

---

------

Financial highlights (continued)

**Preservation Portfolio**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| **Net asset** <br>**value,** <br>**end** <br>**of year** | **Total return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net** <br>**effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $9.42 | $.19 | $.12 | $.31 | $(.19)<br>| $— | $(.19)<br>| $9.54 | 3.29 %<sup>8</sup><br>| $1260 | .39 %<sup>9</sup><br>| .39 %<sup>9</sup><br>| .66 %<sup>9</sup><br>| 3.99 %<sup>9</sup><br>|
| 10/31/2024 | 9.16 | .37 | .26 | .63 | (.37)<br>|  | (.37)<br>| 9.42 | 6.98 | 1265 | .39 | .39 | .66 | 3.94 |
| 10/31/2023 | 9.28 | .30 | (.12)<br>| .18 | (.30)<br>|  | (.30)<br>| 9.16 | 1.95 | 1385 | .39 | .39 | .66 | 3.26 |
| 10/31/2022 | 10.20 | .15 | (.91)<br>| (.76)<br>| (.15)<br>| (.01)<br>| (.16)<br>| 9.28 | (7.49)<br>| 1666 | .37 | .37 | .63 | 1.57 |
| 10/31/2021 | 10.40 | .06 | (.06)<br>| — <br><sup>10</sup><br>| (.19)<br>| (.01)<br>| (.20)<br>| 10.20 | (.07)<br>| 1906 | .38 | .38 | .63 | .62 |
| 10/31/2020 | 10.01 | .13 | .41 | .54 | (.15)<br>|  | (.15)<br>| 10.40 | 5.39 | 1805 | .39 | .39 | .66 | 1.25 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.40 | .15 | .12 | .27 | (.15)<br>|  | (.15)<br>| 9.52 | 2.94 <br><sup>8</sup><br>| 48 | 1.09 <br><sup>9</sup><br>| 1.09 <br><sup>9</sup><br>| 1.36 <br><sup>9</sup><br>| 3.29 <br><sup>9</sup><br>|
| 10/31/2024 | 9.14 | .30 | .26 | .56 | (.30)<br>|  | (.30)<br>| 9.40 | 6.24 | 52 | 1.09 | 1.09 | 1.36 | 3.24 |
| 10/31/2023 | 9.26 | .24 | (.12)<br>| .12 | (.24)<br>|  | (.24)<br>| 9.14 | 1.23 | 73 | 1.08 | 1.08 | 1.35 | 2.55 |
| 10/31/2022 | 10.18 | .08 | (.90)<br>| (.82)<br>| (.09)<br>| (.01)<br>| (.10)<br>| 9.26 | (8.12)<br>| 104 | 1.07 | 1.07 | 1.33 | .85 |
| 10/31/2021 | 10.38 | (.01)<br>| (.06)<br>| (.07)<br>| (.12)<br>| (.01)<br>| (.13)<br>| 10.18 | (.70)<br>| 143 | 1.08 | 1.08 | 1.33 | (.09)<br>|
| 10/31/2020 | 10.00 | .06 | .40 | .46 | (.08)<br>|  | (.08)<br>| 10.38 | 4.58 | 174 | 1.09 | 1.09 | 1.36 | .57 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.54 | 3.45 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .08 <br><sup>911</sup><br>| .08 <br><sup>911</sup><br>| .35 <br><sup>911</sup><br>| 4.30 <br><sup>911</sup><br>|
| 10/31/2024 | 9.17 | .40 | .25 | .65 | (.40)<br>|  | (.40)<br>| 9.42 | 7.21 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .08 <br><sup>11</sup><br>| .08 <br><sup>11</sup><br>| .35 <br><sup>11</sup><br>| 4.25 <br><sup>11</sup><br>|
| 10/31/2023 | 9.29 | .34 | (.13)<br>| .21 | (.33)<br>|  | (.33)<br>| 9.17 | 2.31 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .03 <br><sup>11</sup><br>| .03 <br><sup>11</sup><br>| .30 <br><sup>11</sup><br>| 3.63 <br><sup>11</sup><br>|
| 10/31/2022 | 10.20 | .18 | (.90)<br>| (.72)<br>| (.18)<br>| (.01)<br>| (.19)<br>| 9.29 | (7.12 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .07 <br><sup>11</sup><br>| .07 <br><sup>11</sup><br>| .33 <br><sup>11</sup><br>| 1.87 <br><sup>11</sup><br>|
| 10/31/2021 | 10.40 | .09 | (.06)<br>| .03 | (.22)<br>| (.01)<br>| (.23)<br>| 10.20 | .22 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .09 <br><sup>11</sup><br>| .09 <br><sup>11</sup><br>| .34 <br><sup>11</sup><br>| .91 <br><sup>11</sup><br>|
| 10/31/2020 | 10.01 | .16 | .41 | .57 | (.18)<br>|  | (.18)<br>| 10.40 | 5.70 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>11</sup><br>| .10 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 1.61 <br><sup>11</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .19 | .12 | .31 | (.19)<br>|  | (.19)<br>| 9.54 | 3.29 <br><sup>8</sup><br>| 16 | .39 <br><sup>9</sup><br>| .39 <br><sup>9</sup><br>| .66 <br><sup>9</sup><br>| 3.99 <br><sup>9</sup><br>|
| 10/31/2024 | 9.17 | .37 | .25 | .62 | (.37)<br>|  | (.37)<br>| 9.42 | 6.86 | 17 | .39 | .39 | .66 | 3.94 |
| 10/31/2023 | 9.28 | .30 | (.11)<br>| .19 | (.30)<br>|  | (.30)<br>| 9.17 | 2.05 | 22 | .38 | .38 | .65 | 3.25 |
| 10/31/2022 | 10.20 | .15 | (.91)<br>| (.76)<br>| (.15)<br>| (.01)<br>| (.16)<br>| 9.28 | (7.51)<br>| 32 | .38 | .38 | .64 | 1.54 |
| 10/31/2021 | 10.40 | .06 | (.07)<br>| (.01)<br>| (.18)<br>| (.01)<br>| (.19)<br>| 10.20 | (.09)<br>| 53 | .39 | .39 | .64 | .60 |
| 10/31/2020 | 10.01 | .12 | .42 | .54 | (.15)<br>|  | (.15)<br>| 10.40 | 5.42 | 65 | .38 | .38 | .65 | 1.17 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.54 | 3.44 <br><sup>8</sup><br>| 148 | .11 <br><sup>9</sup><br>| .11 <br><sup>9</sup><br>| .38 <br><sup>9</sup><br>| 4.28 <br><sup>9</sup><br>|
| 10/31/2024 | 9.16 | .40 | .26 | .66 | (.40)<br>|  | (.40)<br>| 9.42 | 7.28 | 156 | .11 | .11 | .38 | 4.22 |
| 10/31/2023 | 9.28 | .33 | (.12)<br>| .21 | (.33)<br>|  | (.33)<br>| 9.16 | 2.22 | 181 | .12 | .12 | .39 | 3.50 |
| 10/31/2022 | 10.20 | .18 | (.92)<br>| (.74)<br>| (.17)<br>| (.01)<br>| (.18)<br>| 9.28 | (7.27)<br>| 314 | .12 | .12 | .38 | 1.81 |
| 10/31/2021 | 10.40 | .09 | (.07)<br>| .02 | (.21)<br>| (.01)<br>| (.22)<br>| 10.20 | .18 | 422 | .13 | .13 | .38 | .87 |
| 10/31/2020 | 10.01 | .15 | .41 | .56 | (.17)<br>|  | (.17)<br>| 10.40 | 5.68 | 412 | .12 | .12 | .39 | 1.41 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.54 | 3.49 <br><sup>8</sup><br>| 45 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .28 <br><sup>9</sup><br>| 4.37 <br><sup>9</sup><br>|
| 10/31/2024 | 9.16 | .41 | .26 | .67 | (.41)<br>|  | (.41)<br>| 9.42 | 7.39 | 46 | .01 | .01 | .28 | 4.33 |
| 10/31/2023 | 9.28 | .34 | (.12)<br>| .22 | (.34)<br>|  | (.34)<br>| 9.16 | 2.34 | 60 | .01 | .01 | .28 | 3.64 |
| 10/31/2022 | 10.20 | .19 | (.91)<br>| (.72)<br>| (.19)<br>| (.01)<br>| (.20)<br>| 9.28 | (7.16)<br>| 64 | .01 | .01 | .27 | 1.93 |
| 10/31/2021 | 10.40 | .10 | (.07)<br>| .03 | (.22)<br>| (.01)<br>| (.23)<br>| 10.20 | .29 | 74 | .02 | .02 | .27 | 1.01 |
| 10/31/2020 | 10.01 | .15 | .42 | .57 | (.18)<br>|  | (.18)<br>| 10.40 | 5.77 | 53 | .03 | .03 | .30 | 1.46 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **71** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Preservation Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $9.41 | $.19 | $.12 | $.31 | $(.19)<br>| $— | $(.19)<br>| $9.53 | 3.31 %<sup>8</sup><br>| $182 | .37 %<sup>9</sup><br>| .37 %<sup>9</sup><br>| .64 %<sup>9</sup><br>| 4.01 %<sup>9</sup><br>|
| 10/31/2024 | 9.16 | .37 | .25 | .62 | (.37)<br>|  | (.37)<br>| 9.41 | 6.89 | 174 | .38 | .38 | .65 | 3.96 |
| 10/31/2023 | 9.28 | .31 | (.13)<br>| .18 | (.30)<br>|  | (.30)<br>| 9.16 | 1.96 | 167 | .38 | .38 | .65 | 3.27 |
| 10/31/2022 | 10.20 | .15 | (.91)<br>| (.76)<br>| (.15)<br>| (.01)<br>| (.16)<br>| 9.28 | (7.49)<br>| 181 | .37 | .37 | .63 | 1.57 |
| 10/31/2021 | 10.39 | .06 | (.05)<br>| .01 | (.19)<br>| (.01)<br>| (.20)<br>| 10.20 | .03 | 214 | .37 | .37 | .62 | .63 |
| 10/31/2020 | 10.00 | .13 | .41 | .54 | (.15)<br>|  | (.15)<br>| 10.39 | 5.40 | 211 | .39 | .39 | .66 | 1.25 |
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.39 | .15 | .12 | .27 | (.15)<br>|  | (.15)<br>| 9.51 | 2.93 <br><sup>8</sup><br>| 9 | 1.14 <br><sup>9</sup><br>| 1.14 <br><sup>9</sup><br>| 1.41 <br><sup>9</sup><br>| 3.25 <br><sup>9</sup><br>|
| 10/31/2024 | 9.14 | .30 | .25 | .55 | (.30)<br>|  | (.30)<br>| 9.39 | 6.10 | 8 | 1.12 | 1.12 | 1.39 | 3.21 |
| 10/31/2023 | 9.26 | .23 | (.12)<br>| .11 | (.23)<br>|  | (.23)<br>| 9.14 | 1.18 | 9 | 1.14 | 1.14 | 1.41 | 2.50 |
| 10/31/2022 | 10.18 | .08 | (.91)<br>| (.83)<br>| (.08)<br>| (.01)<br>| (.09)<br>| 9.26 | (8.17)<br>| 12 | 1.13 | 1.13 | 1.39 | .81 |
| 10/31/2021 | 10.39 | (.01)<br>| (.07)<br>| (.08)<br>| (.12)<br>| (.01)<br>| (.13)<br>| 10.18 | (.82)<br>| 17 | 1.13 | 1.13 | 1.38 | (.13)<br>|
| 10/31/2020 | 10.00 | .06 | .40 | .46 | (.07)<br>|  | (.07)<br>| 10.39 | 4.60 | 21 | 1.15 | 1.15 | 1.42 | .61 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.41 | .18 | .12 | .30 | (.18)<br>|  | (.18)<br>| 9.53 | 3.19 <br><sup>8</sup><br>| 4 | .60 <br><sup>9</sup><br>| .60 <br><sup>9</sup><br>| .87 <br><sup>9</sup><br>| 3.78 <br><sup>9</sup><br>|
| 10/31/2024 | 9.16 | .35 | .25 | .60 | (.35)<br>|  | (.35)<br>| 9.41 | 6.66 | 4 | .60 | .60 | .87 | 3.74 |
| 10/31/2023 | 9.28 | .28 | (.12)<br>| .16 | (.28)<br>|  | (.28)<br>| 9.16 | 1.73 | 4 | .60 | .60 | .87 | 3.05 |
| 10/31/2022 | 10.19 | .13 | (.90)<br>| (.77)<br>| (.13)<br>| (.01)<br>| (.14)<br>| 9.28 | (7.61)<br>| 5 | .59 | .59 | .85 | 1.34 |
| 10/31/2021 | 10.39 | .04 | (.07)<br>| (.03)<br>| (.16)<br>| (.01)<br>| (.17)<br>| 10.19 | (.30)<br>| 7 | .60 | .60 | .85 | .40 |
| 10/31/2020 | 10.00 | .11 | .40 | .51 | (.12)<br>|  | (.12)<br>| 10.39 | 5.16 | 8 | .61 | .61 | .88 | 1.06 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.54 | 3.42 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>911</sup><br>| .15 <br><sup>911</sup><br>| .42 <br><sup>911</sup><br>| 4.24 <br><sup>911</sup><br>|
| 10/31/2024 | 9.17 | .39 | .25 | .64 | (.39)<br>|  | (.39)<br>| 9.42 | 7.13 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>11</sup><br>| .15 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 4.19 <br><sup>11</sup><br>|
| 10/31/2023 | 9.29 | .33 | (.12)<br>| .21 | (.33)<br>|  | (.33)<br>| 9.17 | 2.24 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>11</sup><br>| .10 <br><sup>11</sup><br>| .37 <br><sup>11</sup><br>| 3.55 <br><sup>11</sup><br>|
| 10/31/2022 | 10.20 | .18 | (.91)<br>| (.73)<br>| (.17)<br>| (.01)<br>| (.18)<br>| 9.29 | (7.19 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .14 <br><sup>11</sup><br>| .14 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| 1.80 <br><sup>11</sup><br>|
| 10/31/2021 | 10.40 | .09 | (.07)<br>| .02 | (.21)<br>| (.01)<br>| (.22)<br>| 10.20 | .16 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>11</sup><br>| .15 <br><sup>11</sup><br>| .40 <br><sup>11</sup><br>| .85 <br><sup>11</sup><br>|
| 10/31/2020 | 10.01 | .16 | .40 | .56 | (.17)<br>|  | (.17)<br>| 10.40 | 5.63 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .16 <br><sup>11</sup><br>| .16 <br><sup>11</sup><br>| .43 <br><sup>11</sup><br>| 1.54 <br><sup>11</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .11 | .31 | (.19)<br>|  | (.19)<br>| 9.54 | 3.38 <br><sup>811</sup><br>| — <br><sup>12</sup><br>| .21 <br><sup>911</sup><br>| .21 <br><sup>911</sup><br>| .48 <br><sup>911</sup><br>| 4.18 <br><sup>911</sup><br>|
| 10/31/2024 | 9.16 | .39 | .26 | .65 | (.39)<br>|  | (.39)<br>| 9.42 | 7.19 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .21 <br><sup>11</sup><br>| .21 <br><sup>11</sup><br>| .48 <br><sup>11</sup><br>| 4.13 <br><sup>11</sup><br>|
| 10/31/2023 | 9.28 | .32 | (.12)<br>| .20 | (.32)<br>|  | (.32)<br>| 9.16 | 2.13 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .21 <br><sup>11</sup><br>| .21 <br><sup>11</sup><br>| .48 <br><sup>11</sup><br>| 3.45 <br><sup>11</sup><br>|
| 10/31/2022 | 10.20 | .17 | (.91)<br>| (.74)<br>| (.17)<br>| (.01)<br>| (.18)<br>| 9.28 | (7.33 )<sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .45 <br><sup>11</sup><br>| 1.75 <br><sup>11</sup><br>|
| 10/31/2021 | 10.40 | .08 | (.06)<br>| .02 | (.21)<br>| (.01)<br>| (.22)<br>| 10.20 | .13 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .19 <br><sup>11</sup><br>| .19 <br><sup>11</sup><br>| .44 <br><sup>11</sup><br>| .81 <br><sup>11</sup><br>|
| 10/31/2020 | 10.01 | .16 | .40 | .56 | (.17)<br>|  | (.17)<br>| 10.40 | 5.64 <br><sup>11</sup><br>| — <br><sup>12</sup><br>| .15 <br><sup>11</sup><br>| .15 <br><sup>11</sup><br>| .42 <br><sup>11</sup><br>| 1.52 <br><sup>11</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.54 | 3.43 <br><sup>8</sup><br>| 59 | .12 <br><sup>9</sup><br>| .12 <br><sup>9</sup><br>| .39 <br><sup>9</sup><br>| 4.27 <br><sup>9</sup><br>|
| 10/31/2024 | 9.17 | .40 | .25 | .65 | (.40)<br>|  | (.40)<br>| 9.42 | 7.17 | 52 | .11 | .11 | .38 | 4.23 |
| 10/31/2023 | 9.29 | .33 | (.12)<br>| .21 | (.33)<br>|  | (.33)<br>| 9.17 | 2.25 | 42 | .10 | .10 | .37 | 3.56 |
| 10/31/2022 | 10.20 | .18 | (.90)<br>| (.72)<br>| (.18)<br>| (.01)<br>| (.19)<br>| 9.29 | (7.16)<br>| 39 | .11 | .11 | .37 | 1.83 |
| 10/31/2021 | 10.40 | .09 | (.07)<br>| .02 | (.21)<br>| (.01)<br>| (.22)<br>| 10.20 | .17 | 44 | .14 | .14 | .39 | .86 |
| 10/31/2020<sup>6,14</sup> <br>| 10.40 |  |  |  |  |  |  | 10.40 |  | 40 |  |  |  |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **72** |

---

------

Financial highlights (continued)

**Preservation Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $9.42 | $.20 | $.12 | $.32 | $(.20)<br>| $— | $(.20)<br>| $9.54 | 3.45 %<sup>8</sup><br>| $— <br><sup>12</sup><br>| .08 %<sup>9</sup><br>| .08 %<sup>9</sup><br>| .35 %<sup>9</sup><br>| 4.30 %<sup>9</sup><br>|
| 10/31/2024 | 9.17 | .40 | .25 | .65 | (.40)<br>|  | (.40)<br>| 9.42 | 7.21 | — <br><sup>12</sup><br>| .08 | .08 | .35 | 4.26 |
| 10/31/2023 | 9.29 | .33 | (.12)<br>| .21 | (.33)<br>|  | (.33)<br>| 9.17 | 2.26 | — <br><sup>12</sup><br>| .09 | .09 | .36 | 3.57 |
| 10/31/2022 | 10.20 | .18 | (.90)<br>| (.72)<br>| (.18)<br>| (.01)<br>| (.19)<br>| 9.29 | (7.13)<br>| — <br><sup>12</sup><br>| .08 | .08 | .34 | 1.86 |
| 10/31/2021 | 10.40 | .09 | (.06)<br>| .03 | (.22)<br>| (.01)<br>| (.23)<br>| 10.20 | .22 | — <br><sup>12</sup><br>| .15 | .09 | .34 | .90 |
| 10/31/2020<sup>6,14</sup> <br>| 10.40 |  |  |  |  |  |  | 10.40 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  | **Class ABLE-A:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.44 | .19 | .12 | .31 | (.19)<br>|  | (.19)<br>| 9.56 | 3.33 <br><sup>8</sup><br>| 2 | .30 <br><sup>9</sup><br>| .25 <br><sup>9</sup><br>| .52 <br><sup>9</sup><br>| 4.14 <br><sup>9</sup><br>|
| 10/31/2024 | 9.18 | .38 | .26 | .64 | (.38)<br>|  | (.38)<br>| 9.44 | 7.06 | 1 | .31 | .25 | .52 | 4.09 |
| 10/31/2023 | 9.29 | .32 | (.12)<br>| .20 | (.31)<br>|  | (.31)<br>| 9.18 | 2.14 | 1 | .31 | .25 | .52 | 3.41 |
| 10/31/2022 | 10.21 | .17 | (.92)<br>| (.75)<br>| (.16)<br>| (.01)<br>| (.17)<br>| 9.29 | (7.42)<br>| 1 | .30 | .25 | .51 | 1.71 |
| 10/31/2021 | 10.40 | .08 | (.06)<br>| .02 | (.20)<br>| (.01)<br>| (.21)<br>| 10.21 | .17 | 1 | .25 | .19 | .44 | .82 |
| 10/31/2020 | 10.01 | .13 | .41 | .54 | (.15)<br>|  | (.15)<br>| 10.40 | 5.39 | — <br><sup>12</sup><br>| .39 | .33 | .60 | 1.30 |
| **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  | **Class ABLE-F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.47 | .20 | .13 | .33 | (.20)<br>|  | (.20)<br>| 9.60 | 3.53 <br><sup>8</sup><br>| — <br><sup>12</sup><br>| .10 <br><sup>9</sup><br>| .04 <br><sup>9</sup><br>| .31 <br><sup>9</sup><br>| 4.34 <br><sup>9</sup><br>|
| 10/31/2024 | 9.21 | .41 | .25 | .66 | (.40)<br>|  | (.40)<br>| 9.47 | 7.26 | — <br><sup>12</sup><br>| .10 | .04 | .31 | 4.32 |
| 10/31/2023 | 9.32 | .34 | (.12)<br>| .22 | (.33)<br>|  | (.33)<br>| 9.21 | 2.35 | — <br><sup>12</sup><br>| .10 | .04 | .31 | 3.60 |
| 10/31/2022 | 10.21 | .19 | (.89)<br>| (.70)<br>| (.18)<br>| (.01)<br>| (.19)<br>| 9.32 | (6.94)<br>| — <br><sup>12</sup><br>| .09 | .03 | .29 | 1.93 |
| 10/31/2021 | 10.40 | .10 | (.06)<br>| .04 | (.22)<br>| (.01)<br>| (.23)<br>| 10.21 | .32 | — <br><sup>12</sup><br>| .09 | .03 | .28 | .96 |
| 10/31/2020<sup>6,14</sup> <br>| 10.40 |  |  |  |  |  |  | 10.40 |  | — <br><sup>12</sup><br>|  |  |  |  |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.40 | .15 | .12 | .27 | (.16)<br>|  | (.16)<br>| 9.51 | 2.86 <br><sup>8</sup><br>| 1 | 1.07 <br><sup>9</sup><br>| 1.07 <br><sup>9</sup><br>| 1.34 <br><sup>9</sup><br>| 3.32 <br><sup>9</sup><br>|
| 10/31/2024 | 9.14 | .31 | .26 | .57 | (.31)<br>|  | (.31)<br>| 9.40 | 6.32 | 1 | 1.04 | 1.04 | 1.31 | 3.29 |
| 10/31/2023 | 9.26 | .24 | (.12)<br>| .12 | (.24)<br>|  | (.24)<br>| 9.14 | 1.28 | 1 | 1.05 | 1.05 | 1.32 | 2.59 |
| 10/31/2022 | 10.18 | .08 | (.91)<br>| (.83)<br>| (.08)<br>| (.01)<br>| (.09)<br>| 9.26 | (8.13)<br>| 1 | 1.11 | 1.11 | 1.37 | .84 |
| 10/31/2021 | 10.39 | (.02)<br>| (.06)<br>| (.08)<br>| (.12)<br>| (.01)<br>| (.13)<br>| 10.18 | (.83)<br>| 1 | 1.16 | 1.16 | 1.41 | (.16)<br>|
| 10/31/2020 | 10.01 | .04 | .41 | .45 | (.07)<br>|  | (.07)<br>| 10.39 | 4.50 | 1 | 1.18 | 1.18 | 1.45 | .41 |
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.37 | .15 | .13 | .28 | (.16)<br>|  | (.16)<br>| 9.49 | 2.97 <br><sup>8</sup><br>| 18 | 1.06 <br><sup>9</sup><br>| 1.06 <br><sup>9</sup><br>| 1.33 <br><sup>9</sup><br>| 3.32 <br><sup>9</sup><br>|
| 10/31/2024 | 9.12 | .30 | .26 | .56 | (.31)<br>|  | (.31)<br>| 9.37 | 6.17 | 18 | 1.08 | 1.08 | 1.35 | 3.26 |
| 10/31/2023 | 9.24 | .24 | (.12)<br>| .12 | (.24)<br>|  | (.24)<br>| 9.12 | 1.26 | 19 | 1.08 | 1.08 | 1.35 | 2.58 |
| 10/31/2022 | 10.16 | .08 | (.90)<br>| (.82)<br>| (.09)<br>| (.01)<br>| (.10)<br>| 9.24 | (8.13)<br>| 18 | 1.09 | 1.09 | 1.35 | .86 |
| 10/31/2021 | 10.37 | (.01)<br>| (.07)<br>| (.08)<br>| (.12)<br>| (.01)<br>| (.13)<br>| 10.16 | (.80)<br>| 19 | 1.12 | 1.12 | 1.37 | (.12)<br>|
| 10/31/2020 | 9.98 | .06 | .40 | .46 | (.07)<br>|  | (.07)<br>| 10.37 | 4.66 | 25 | 1.13 | 1.13 | 1.40 | .55 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.43 | .17 | .12 | .29 | (.17)<br>|  | (.17)<br>| 9.55 | 3.06 <br><sup>8</sup><br>| — <br><sup>12</sup><br>| .83 <br><sup>9</sup><br>| .83 <br><sup>9</sup><br>| 1.10 <br><sup>9</sup><br>| 3.55 <br><sup>9</sup><br>|
| 10/31/2024 | 9.16 | .33 | .26 | .59 | (.32)<br>|  | (.32)<br>| 9.43 | 6.55 | — <br><sup>12</sup><br>| .89 | .85 | 1.12 | 3.47 |
| 10/31/2023 | 9.28 | .27 | (.13)<br>| .14 | (.26)<br>|  | (.26)<br>| 9.16 | 1.49 | 1 | .82 | .82 | 1.09 | 2.86 |
| 10/31/2022 | 10.20 | .10 | (.90)<br>| (.80)<br>| (.11)<br>| (.01)<br>| (.12)<br>| 9.28 | (7.91)<br>| 1 | .82 | .82 | 1.08 | 1.06 |
| 10/31/2021 | 10.40 | .01 | (.06)<br>| (.05)<br>| (.14)<br>| (.01)<br>| (.15)<br>| 10.20 | (.54)<br>| 1 | .86 | .85 | 1.10 | .13 |
| 10/31/2020 | 10.01 | .08 | .41 | .49 | (.10)<br>|  | (.10)<br>| 10.40 | 4.95 | 1 | .83 | .83 | 1.10 | .82 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **73** | American Funds Portfolio Series |

---

------

Financial highlights (continued)

**Preservation Portfolio** (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| <br>**Year ended**  | **Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| **Net asset**<br> **value,**<br> **end**<br> **of year** | **Total return**<sup>2,3</sup> | **Net assets,**<br> **end of year**<br> **(in millions)**  | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup> | **Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup> | **Net**<br> **effective**<br> **expense**<br> **ratio**<sup>3,5</sup> | **Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup> |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| $9.41 | $.17 | $.12 | $.29 | $(.17)<br>| $— | $(.17)<br>| $9.53 | 3.17 %<sup>8</sup><br>| $26 | .64 %<sup>9</sup><br>| .64 %<sup>9</sup><br>| .91 %<sup>9</sup><br>| 3.74 %<sup>9</sup><br>|
| 10/31/2024 | 9.15 | .35 | .26 | .61 | (.35)<br>|  | (.35)<br>| 9.41 | 6.74 | 27 | .63 | .63 | .90 | 3.70 |
| 10/31/2023 | 9.27 | .28 | (.12)<br>| .16 | (.28)<br>|  | (.28)<br>| 9.15 | 1.69 | 27 | .64 | .64 | .91 | 3.01 |
| 10/31/2022 | 10.19 | .13 | (.92)<br>| (.79)<br>| (.12)<br>| (.01)<br>| (.13)<br>| 9.27 | (7.74)<br>| 29 | .64 | .64 | .90 | 1.31 |
| 10/31/2021 | 10.39 | .04 | (.07)<br>| (.03)<br>| (.16)<br>| (.01)<br>| (.17)<br>| 10.19 | (.35)<br>| 29 | .66 | .66 | .91 | .34 |
| 10/31/2020 | 10.00 | .10 | .41 | .51 | (.12)<br>|  | (.12)<br>| 10.39 | 5.12 | 29 | .67 | .67 | .94 | .99 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .19 | .12 | .31 | (.19)<br>|  | (.19)<br>| 9.54 | 3.32 <br><sup>8</sup><br>| 12 | .35 <br><sup>9</sup><br>| .35 <br><sup>9</sup><br>| .62 <br><sup>9</sup><br>| 4.03 <br><sup>9</sup><br>|
| 10/31/2024 | 9.17 | .37 | .26 | .63 | (.38)<br>|  | (.38)<br>| 9.42 | 6.92 | 11 | .34 | .34 | .61 | 3.99 |
| 10/31/2023 | 9.29 | .31 | (.12)<br>| .19 | (.31)<br>|  | (.31)<br>| 9.17 | 2.00 | 11 | .34 | .34 | .61 | 3.32 |
| 10/31/2022 | 10.20 | .16 | (.91)<br>| (.75)<br>| (.15)<br>| (.01)<br>| (.16)<br>| 9.29 | (7.36)<br>| 13 | .33 | .33 | .59 | 1.60 |
| 10/31/2021 | 10.40 | .07 | (.07)<br>| — <br><sup>10</sup><br>| (.19)<br>| (.01)<br>| (.20)<br>| 10.20 | (.05)<br>| 15 | .35 | .35 | .60 | .64 |
| 10/31/2020 | 10.01 | .13 | .41 | .54 | (.15)<br>|  | (.15)<br>| 10.40 | 5.43 | 17 | .36 | .36 | .63 | 1.31 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.43 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.55 | 3.40 <br><sup>8</sup><br>| 4 | .17 <br><sup>9</sup><br>| .17 <br><sup>9</sup><br>| .44 <br><sup>9</sup><br>| 4.22 <br><sup>9</sup><br>|
| 10/31/2024 | 9.17 | .39 | .26 | .65 | (.39)<br>|  | (.39)<br>| 9.43 | 7.23 | 4 | .16 | .16 | .43 | 4.18 |
| 10/31/2023 | 9.29 | .32 | (.12)<br>| .20 | (.32)<br>|  | (.32)<br>| 9.17 | 2.17 | 3 | .17 | .17 | .44 | 3.45 |
| 10/31/2022 | 10.21 | .18 | (.92)<br>| (.74)<br>| (.17)<br>| (.01)<br>| (.18)<br>| 9.29 | (7.29)<br>| 4 | .16 | .16 | .42 | 1.80 |
| 10/31/2021 | 10.41 | .08 | (.06)<br>| .02 | (.21)<br>| (.01)<br>| (.22)<br>| 10.21 | .13 | 3 | .17 | .17 | .42 | .82 |
| 10/31/2020 | 10.02 | .15 | .41 | .56 | (.17)<br>|  | (.17)<br>| 10.41 | 5.61 | 3 | .18 | .18 | .45 | 1.46 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.54 | 3.46 <br><sup>8</sup><br>| 4 | .07 <br><sup>9</sup><br>| .07 <br><sup>9</sup><br>| .34 <br><sup>9</sup><br>| 4.31 <br><sup>9</sup><br>|
| 10/31/2024 | 9.17 | .40 | .25 | .65 | (.40)<br>|  | (.40)<br>| 9.42 | 7.22 | 5 | .06 | .06 | .33 | 4.28 |
| 10/31/2023 | 9.29 | .33 | (.12)<br>| .21 | (.33)<br>|  | (.33)<br>| 9.17 | 2.28 | 4 | .06 | .06 | .33 | 3.56 |
| 10/31/2022 | 10.20 | .18 | (.90)<br>| (.72)<br>| (.18)<br>| (.01)<br>| (.19)<br>| 9.29 | (7.11)<br>| 6 | .06 | .06 | .32 | 1.87 |
| 10/31/2021 | 10.40 | .09 | (.06)<br>| .03 | (.22)<br>| (.01)<br>| (.23)<br>| 10.20 | .24 | 5 | .07 | .07 | .32 | .92 |
| 10/31/2020 | 10.01 | .15 | .42 | .57 | (.18)<br>|  | (.18)<br>| 10.40 | 5.72 | 6 | .08 | .08 | .35 | 1.50 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.42 | .20 | .12 | .32 | (.20)<br>|  | (.20)<br>| 9.54 | 3.49 <br><sup>8</sup><br>| 40 | .01 <br><sup>9</sup><br>| .01 <br><sup>9</sup><br>| .28 <br><sup>9</sup><br>| 4.37 <br><sup>9</sup><br>|
| 10/31/2024 | 9.17 | .41 | .25 | .66 | (.41)<br>|  | (.41)<br>| 9.42 | 7.28 | 36 | .01 | .01 | .28 | 4.33 |
| 10/31/2023 | 9.29 | .34 | (.12)<br>| .22 | (.34)<br>|  | (.34)<br>| 9.17 | 2.34 | 29 | .01 | .01 | .28 | 3.63 |
| 10/31/2022 | 10.20 | .19 | (.90)<br>| (.71)<br>| (.19)<br>| (.01)<br>| (.20)<br>| 9.29 | (7.06)<br>| 32 | .01 | .01 | .27 | 1.92 |
| 10/31/2021 | 10.40 | .10 | (.07)<br>| .03 | (.22)<br>| (.01)<br>| (.23)<br>| 10.20 | .29 | 44 | .02 | .02 | .27 | .97 |
| 10/31/2020 | 10.01 | .16 | .41 | .57 | (.18)<br>|  | (.18)<br>| 10.40 | 5.76 | 44 | .03 | .03 | .30 | 1.59 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Portfolio Series | **74** |

---

------

Financial highlights (continued)

**Tax-Exempt Preservation Portfolio**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends** <br>**(from net** <br>**investment** <br>**income)** | **Net asset** <br>**value, end** <br>**of year** | **Total** <br>**return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| <br>**Year ended**  | **Net asset** <br>**value,** <br>**beginning** <br>**of year** | **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)** | **Net asset** <br>**value, end** <br>**of year** | **Total** <br>**return**<sup>2,3</sup>  | **Net assets,** <br>**end of year** <br>**(in millions)**  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup>  | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup>  | **Net effective** <br>**expense** <br>**ratio**<sup>3,5</sup>  | **Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</sup>  |
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 4/30/2025<sup>6,7</sup> <br>| $9.60 | &nbsp;&nbsp; $.13 | &nbsp;&nbsp; $(.05)<br>| &nbsp;&nbsp; $.08 | &nbsp;&nbsp; $(.13)<br>| &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; .80 %<sup>8</sup><br>| &nbsp;&nbsp; $325 | &nbsp;&nbsp; .35 %<sup>9</sup><br>| &nbsp;&nbsp; .35 %<sup>9</sup><br>| &nbsp;&nbsp; .61 %<sup>9</sup><br>| 2.66 %<sup>9</sup><br>|
| 10/31/2024 | 9.22 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; (.22)<br>| 9.60 | 6.50 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .61 | 2.31 |
| 10/31/2023 | 9.26 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.18)<br>| 9.22 | 1.45 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .58 | 1.86 |
| 10/31/2022 | 9.99 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.62)<br>| &nbsp;&nbsp; (.11)<br>| 9.26 | &nbsp;&nbsp; (6.24)<br>| &nbsp;&nbsp; 459 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .91 |
| 10/31/2021 | 10.03 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.10)<br>| 9.99 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .35 | &nbsp;&nbsp; .63 | &nbsp;&nbsp; .70 |
| 10/31/2020 | 9.88 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.14)<br>| 10.03 | 2.98 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; .37 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; .66 | 1.27 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.59 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; .04 | &nbsp;&nbsp; (.09)<br>| 9.54 | &nbsp;&nbsp; .44 <br><sup>8</sup><br>| &nbsp;&nbsp; 9 | 1.05 <br><sup>9</sup><br>| 1.05 <br><sup>9</sup><br>| 1.31 <br><sup>9</sup><br>| 1.95 <br><sup>9</sup><br>|
| 10/31/2024 | 9.20 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .54 | &nbsp;&nbsp; (.15)<br>| 9.59 | 5.85 | &nbsp;&nbsp; 10 | 1.04 | 1.04 | 1.30 | 1.59 |
| 10/31/2023 | 9.24 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.11)<br>| 9.20 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; 16 | 1.04 | 1.04 | 1.28 | 1.15 |
| 10/31/2022 | 9.97 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.69)<br>| &nbsp;&nbsp; (.04)<br>| 9.24 | &nbsp;&nbsp; (6.91)<br>| &nbsp;&nbsp; 25 | 1.04 | 1.04 | 1.31 | &nbsp;&nbsp; .19 |
| 10/31/2021 | 10.01 | &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; — <br><sup>10</sup><br>| &nbsp;&nbsp; (.04)<br>| 9.97 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; 37 | 1.05 | 1.05 | 1.33 | &nbsp;&nbsp; .01 |
| 10/31/2020 | 9.87 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.07)<br>| 10.01 | 2.16 | &nbsp;&nbsp; 39 | 1.07 | 1.06 | 1.36 | &nbsp;&nbsp; .58 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.61 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.14)<br>| 9.55 | &nbsp;&nbsp; .85 <br><sup>811</sup><br>| &nbsp;&nbsp; — <br><sup>12</sup><br>| &nbsp;&nbsp; .04 <br><sup>911</sup><br>| &nbsp;&nbsp; .04 <br><sup>911</sup><br>| &nbsp;&nbsp; .30 <br><sup>911</sup><br>| 2.97 <br><sup>911</sup><br>|
| 10/31/2024 | 9.22 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; (.25)<br>| 9.61 | 6.98 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>12</sup><br>| &nbsp;&nbsp; .01 <br><sup>11</sup><br>| &nbsp;&nbsp; .01 <br><sup>11</sup><br>| &nbsp;&nbsp; .27 <br><sup>11</sup><br>| 2.65 <br><sup>11</sup><br>|
| 10/31/2023 | 9.26 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.21)<br>| 9.22 | 1.79 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>12</sup><br>| &nbsp;&nbsp; .01 <br><sup>11</sup><br>| &nbsp;&nbsp; .01 <br><sup>11</sup><br>| &nbsp;&nbsp; .25 <br><sup>11</sup><br>| 2.20 <br><sup>11</sup><br>|
| 10/31/2022 | 9.99 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; (.14)<br>| 9.26 | &nbsp;&nbsp; (5.97 )<sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>12</sup><br>| &nbsp;&nbsp; .05 <br><sup>11</sup><br>| &nbsp;&nbsp; .05 <br><sup>11</sup><br>| &nbsp;&nbsp; .32 <br><sup>11</sup><br>| 1.21 <br><sup>11</sup><br>|
| 10/31/2021 | 10.03 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.13)<br>| 9.99 | &nbsp;&nbsp; .89 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>12</sup><br>| &nbsp;&nbsp; .05 <br><sup>11</sup><br>| &nbsp;&nbsp; .05 <br><sup>11</sup><br>| &nbsp;&nbsp; .33 <br><sup>11</sup><br>| 1.00 <br><sup>11</sup><br>|
| 10/31/2020 | 9.88 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.17)<br>| 10.03 | 3.28 <br><sup>11</sup><br>| &nbsp;&nbsp; — <br><sup>12</sup><br>| &nbsp;&nbsp; .07 <br><sup>11</sup><br>| &nbsp;&nbsp; .07 <br><sup>11</sup><br>| &nbsp;&nbsp; .37 <br><sup>11</sup><br>| 1.58 <br><sup>11</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.62 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.12)<br>| 9.56 | &nbsp;&nbsp; .67 <br><sup>8</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; .38 <br><sup>9</sup><br>| &nbsp;&nbsp; .38 <br><sup>9</sup><br>| &nbsp;&nbsp; .64 <br><sup>9</sup><br>| 2.62 <br><sup>9</sup><br>|
| 10/31/2024 | 9.23 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; (.21)<br>| 9.62 | 6.56 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .65 | 2.27 |
| 10/31/2023 | 9.27 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .13 | &nbsp;&nbsp; (.17)<br>| 9.23 | 1.40 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .63 | 1.80 |
| 10/31/2022 | 10.00 | &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (.10)<br>| 9.27 | &nbsp;&nbsp; (6.30)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; .79 |
| 10/31/2021 | 10.03 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.09)<br>| 10.00 | &nbsp;&nbsp; .65 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; .66 |
| 10/31/2020 | 9.88 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .29 | &nbsp;&nbsp; (.14)<br>| 10.03 | 2.93 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .70 | 1.16 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.60 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.14)<br>| 9.55 | &nbsp;&nbsp; .92 <br><sup>8</sup><br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; .10 <br><sup>9</sup><br>| &nbsp;&nbsp; .10 <br><sup>9</sup><br>| &nbsp;&nbsp; .36 <br><sup>9</sup><br>| 2.88 <br><sup>9</sup><br>|
| 10/31/2024 | 9.22 | &nbsp;&nbsp; .24 | &nbsp;&nbsp; .38 | &nbsp;&nbsp; .62 | &nbsp;&nbsp; (.24)<br>| 9.60 | 6.76 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .37 | 2.55 |
| 10/31/2023 | 9.26 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; (.04)<br>| &nbsp;&nbsp; .16 | &nbsp;&nbsp; (.20)<br>| 9.22 | 1.69 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; .35 | 2.08 |
| 10/31/2022 | 9.99 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (.13)<br>| 9.26 | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .39 | 1.08 |
| 10/31/2021 | 10.03 | &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.12)<br>| 9.99 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .12 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; .92 |
| 10/31/2020 | 9.88 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; (.16)<br>| 10.03 | 3.21 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .13 | &nbsp;&nbsp; .43 | 1.47 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 4/30/2025<sup>6,7</sup> <br>| 9.61 | &nbsp;&nbsp; .14 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; .08 | &nbsp;&nbsp; (.14)<br>| 9.55 | &nbsp;&nbsp; .86 <br><sup>8</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; .01 <br><sup>9</sup><br>| &nbsp;&nbsp; .01 <br><sup>9</sup><br>| &nbsp;&nbsp; .27 <br><sup>9</sup><br>| 2.97 <br><sup>9</sup><br>|
| 10/31/2024 | 9.22 | &nbsp;&nbsp; .25 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .64 | &nbsp;&nbsp; (.25)<br>| 9.61 | 6.97 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .27 | 2.65 |
| 10/31/2023 | 9.26 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.21)<br>| 9.22 | 1.80 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .25 | 2.16 |
| 10/31/2022 | 9.99 | &nbsp;&nbsp; .11 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; (.14)<br>| 9.26 | &nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .28 | 1.14 |
| 10/31/2021 | 10.03 | &nbsp;&nbsp; .10 | &nbsp;&nbsp; (.01)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.13)<br>| 9.99 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .02 | &nbsp;&nbsp; .30 | 1.01 |
| 10/31/2020 | 9.88 | &nbsp;&nbsp; .15 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; .32 | &nbsp;&nbsp; (.17)<br>| 10.03 | 3.32 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; .03 | &nbsp;&nbsp; .33 | 1.54 |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| **75** | American Funds Portfolio Series |

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Financial highlights (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes**<sup>15</sup>  | **Six months ended** <br>**April 30, 2025**<sup>6,7,8</sup>  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
| **Portfolio turnover rate for all share classes**<sup>15</sup>  | **Six months ended** <br>**April 30, 2025**<sup>6,7,8</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Global Growth Portfolio | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| Growth Portfolio | &nbsp;&nbsp; — <br><sup>16</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| Growth and Income Portfolio | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Moderate Growth and Income Portfolio | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| Conservative Growth and Income Portfolio | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Tax-Aware Conservative Growth and Income Portfolio | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; <sup>—</sup> <br><sup>16</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Preservation Portfolio | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Tax-Exempt Preservation Portfolio | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |

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<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>5</sup> 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. 

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> Unaudited.

<sup>8</sup> Not annualized.

<sup>9</sup> Annualized.

<sup>10</sup> Amount less than $.01.

<sup>11</sup> 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. 

<sup>12</sup> Amount less than $1 million.

<sup>13</sup> Amount less than .01%.

<sup>14</sup> Class 529-F-2, 529-F-3 and ABLE-F-2 shares began investment operations on October 30, 2020.

<sup>15</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

<sup>16</sup> Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

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| | |
|:---|:---|
| American Funds Portfolio Series | **76** |

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Changes in and disagreements with accountants

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None

Matters submitted for shareholder vote

------

None

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

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| | |
|:---|:---|
| **77** | American Funds Portfolio Series |

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Approval of Investment Advisory and Service Agreement

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The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2026. The board approved the agreement following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

&nbsp;&nbsp;&nbsp;&nbsp;

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund's shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund's total expenses generally compared favorably to those of other similar funds included in the comparable Lipper category.

The board and the committee also reviewed the fee schedule of the funds (including the fees and total expenses of the underlying American Funds in which the funds invest) to those of other relevant funds. The board and the committee noted CRMC's prior elimination of the entire advisory fee payable by the funds under the agreement. The board and committee also considered the breakpoint discounts in each underlying fund's advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the underlying American Funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the underlying funds and the other clients. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund's shareholders receive reasonable value in return for other amounts paid to CRMC by the funds.

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| | |
|:---|:---|
| American Funds Portfolio Series | **78** |

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4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with each fund and the underlying American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the series' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the underlying funds' advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's expense structure reflected a reasonable sharing of benefits between CRMC and the funds' shareholders.

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| | |
|:---|:---|
| **79** | American Funds Portfolio Series |

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#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
None

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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

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#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.

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#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included as part of the material filed under Item 7 of this Form under Approval of Investment Advisory and Service Agreement.

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#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. 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 Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

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#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

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#### ITEM 19 - Exhibits
(a)(1) Not applicable for filing of semi-annual reports to shareholders.

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**American Funds Portfolio Series**

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: July 07, 2025

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

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: July 07, 2025

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: July 07, 2025

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## Ex-99.Cert

**CERTIFICATION**

**I, Michael W. Stockton, certify that:**

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: July 07, 2025

<u>/s/ Michael W. Stockton</u> Michael W. Stockton,

Executive Vice President and Principal Executive Officer

American Funds Portfolio Series

**CERTIFICATION**

I, **Gregory F. Niland**, certify that:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: July 07, 2025

<u>/s/ Gregory F. Niland</u> Gregory F. Niland,

Treasurer and Principal Financial Officer

American Funds Portfolio Series

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## Exhibit 99.906

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

MICHAEL W. STOCKTON, Executive Vice President and Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of American Funds Portfolio Series (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer

**American Funds Portfolio Series**

<u>/s/ Michael W. Stockton</u>

Michael W. Stockton, Executive Vice President and Principal Executive Officer

Date: July 07, 2025

Principal Financial Officer

**American Funds Portfolio Series**

<u>/s/ Gregory F. Niland</u>

Gregory F. Niland, Treasurer and Principal Financial Officer

Date: July 07, 2025

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

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

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