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To divide and distribute portions of something. A noun or pronoun can be used between "portion" and "out." We have to portion out the stew if we're going to feed all these guests. Instead of receiving the lottery winnings in one lump sum, I asked them to portion it out to me for the next 20 years.
portion something out
to give out shares of something. Who will portion the cake out? She portioned out the chocolate carefully, making sure every one got an equal share.
To divide something into parts or shares for distribution: The charity raises money and then portions it out among the most needy places. We portioned out the equipment according to how much weight each person could carry.