American Funds® International Vantage Fund
Investment portfolio
July 31, 2022
unaudited
| Common stocks 88.93% Information technology 15.58% | Shares | Value (000) | |
| ASML Holding NV1 | 55,143 | $31,661 | |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 271,075 | 23,985 | |
| Keyence Corp.1 | 47,220 | 18,739 | |
| Hamamatsu Photonics KK1 | 368,100 | 16,715 | |
| SAP SE1 | 149,622 | 13,868 | |
| STMicroelectronics NV (EUR denominated)1 | 323,626 | 12,313 | |
| OBIC Co., Ltd.1 | 72,200 | 11,519 | |
| Amadeus IT Group SA, Class A, non-registered shares1,2 | 133,926 | 7,815 | |
| Fujitsu, Ltd.1 | 42,600 | 5,963 | |
| Nokia Corp.1 | 933,737 | 4,888 | |
| Adyen NV1,2 | 2,698 | 4,867 | |
| Tokyo Electron, Ltd.1 | 10,800 | 3,745 | |
| Nice, Ltd. (ADR)2 | 17,350 | 3,713 | |
| Atlassian Corp. PLC, Class A2 | 17,208 | 3,602 | |
| Dye & Durham, Ltd. | 222,112 | 3,271 | |
| Reply SpA1 | 20,125 | 2,654 | |
| Worldline SA, non-registered shares1,2 | 45,404 | 2,010 | |
| Dassault Systemes SE1 | 45,304 | 1,942 | |
| AVEVA Group PLC1 | 31,406 | 908 | |
| 174,178 | |||
| Industrials 14.18% | |||
| Safran SA1 | 191,637 | 21,116 | |
| ABB, Ltd.1 | 656,585 | 19,978 | |
| SMC Corp.1 | 30,600 | 15,144 | |
| TFI International, Inc. (CAD denominated) | 142,040 | 14,187 | |
| Airbus SE, non-registered shares1 | 128,067 | 13,849 | |
| RELX PLC1 | 287,000 | 8,493 | |
| DSV A/S1 | 47,459 | 7,977 | |
| Epiroc AB, Class A1 | 440,146 | 7,830 | |
| MTU Aero Engines AG1 | 36,684 | 7,057 | |
| Recruit Holdings Co., Ltd.1 | 186,800 | 7,016 | |
| DKSH Holding AG1 | 80,890 | 6,643 | |
| Daikin Industries, Ltd.1 | 35,600 | 6,262 | |
| Mitsubishi Corp.1 | 206,200 | 6,140 | |
| Jardine Matheson Holdings, Ltd.1 | 102,100 | 5,400 | |
| Nidec Corp.1 | 71,900 | 5,002 | |
| ASSA ABLOY AB, Class B1 | 119,210 | 2,815 | |
| Hitachi, Ltd.1 | 35,700 | 1,812 | |
| Ryanair Holdings PLC (ADR)2 | 24,214 | 1,768 | |
| 158,489 | |||
| Health care 12.51% | |||
| Novo Nordisk A/S, Class B1 | 353,186 | 41,538 | |
| AstraZeneca PLC1 | 255,803 | 33,625 | |
| Genmab A/S1,2 | 48,061 | 17,113 | |
American Funds International Vantage Fund — Page 1 of 7
unaudited
| Common stocks (continued) Health care (continued) | Shares | Value (000) | |
| Straumann Holding AG1 | 77,090 | $10,440 | |
| Shionogi & Co., Ltd.1 | 197,100 | 10,105 | |
| BeiGene, Ltd. (ADR)2 | 47,550 | 7,992 | |
| Roche Holding AG, nonvoting non-registered shares1 | 15,102 | 5,015 | |
| Daiichi Sankyo Company, Ltd.1 | 169,200 | 4,482 | |
| Terumo Corp.1 | 108,000 | 3,693 | |
| Innovent Biologics, Inc.1,2 | 730,000 | 3,071 | |
| HOYA Corp.1 | 14,200 | 1,426 | |
| Asahi Intecc Co., Ltd.1 | 38,600 | 714 | |
| Hutchmed China, Ltd.1,2 | 228,651 | 583 | |
| 139,797 | |||
| Consumer staples 11.37% | |||
| British American Tobacco PLC1 | 478,403 | 18,802 | |
| Nestlé SA1 | 150,245 | 18,453 | |
| L’Oréal SA, non-registered shares1 | 45,448 | 17,167 | |
| Carlsberg A/S, Class B1 | 121,772 | 15,770 | |
| Anheuser-Busch InBev SA/NV1 | 261,920 | 14,031 | |
| Reckitt Benckiser Group PLC1 | 162,518 | 13,193 | |
| Danone SA1 | 177,568 | 9,791 | |
| Pernod Ricard SA1 | 36,884 | 7,259 | |
| Uni-Charm Corp.1 | 145,400 | 5,287 | |
| Imperial Brands PLC1 | 193,895 | 4,265 | |
| Diageo PLC1 | 41,300 | 1,963 | |
| Unilever PLC (GBP denominated)1 | 22,300 | 1,086 | |
| 127,067 | |||
| Financials 10.18% | |||
| AIA Group, Ltd.1 | 2,489,700 | 25,128 | |
| London Stock Exchange Group PLC1 | 241,118 | 23,531 | |
| DBS Group Holdings, Ltd.1 | 597,680 | 13,651 | |
| HDFC Bank, Ltd. (ADR) | 211,629 | 13,290 | |
| Euronext NV1 | 138,509 | 11,274 | |
| DNB Bank ASA1 | 436,846 | 8,582 | |
| Aon PLC, Class A | 20,100 | 5,850 | |
| Partners Group Holding AG1 | 2,627 | 2,861 | |
| Deutsche Boerse AG1 | 14,488 | 2,526 | |
| ING Groep NV1 | 214,800 | 2,088 | |
| Hong Kong Exchanges and Clearing, Ltd.1 | 42,500 | 1,952 | |
| UniCredit SpA1 | 125,571 | 1,244 | |
| Banco Bilbao Vizcaya Argentaria, SA1 | 248,240 | 1,130 | |
| Allfunds Group PLC1 | 80,062 | 675 | |
| 113,782 | |||
| Consumer discretionary 9.92% | |||
| Kering SA1 | 37,849 | 21,717 | |
| EssilorLuxottica1 | 117,370 | 18,414 | |
| LVMH Moët Hennessy-Louis Vuitton SE1 | 19,225 | 13,373 | |
| Industria de Diseño Textil, SA1 | 548,420 | 13,321 | |
| Hermès International1 | 9,549 | 13,073 | |
| MercadoLibre, Inc.2 | 11,178 | 9,096 | |
| Cie. Financière Richemont SA, Class A1 | 63,364 | 7,666 | |
| adidas AG1 | 33,273 | 5,710 | |
American Funds International Vantage Fund — Page 2 of 7
unaudited
| Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
| Nitori Holdings Co., Ltd.1 | 43,100 | $4,549 | |
| B&M European Value Retail SA1 | 769,021 | 3,988 | |
| 110,907 | |||
| Materials 5.91% | |||
| Givaudan SA1 | 3,791 | 13,270 | |
| Shin-Etsu Chemical Co., Ltd.1 | 101,500 | 13,017 | |
| Air Liquide SA, non-registered shares1 | 79,192 | 10,914 | |
| Sika AG1 | 37,324 | 9,237 | |
| Asahi Kasei Corp.1 | 628,500 | 5,056 | |
| Sociedad Química y Minera de Chile SA, Class B (ADR) | 46,234 | 4,548 | |
| BHP Group, Ltd. (CDI)1 | 162,515 | 4,473 | |
| Vale SA, ordinary nominative shares (ADR) | 150,037 | 2,020 | |
| Rio Tinto PLC1 | 32,122 | 1,933 | |
| Kansai Paint Co., Ltd.1 | 110,120 | 1,581 | |
| 66,049 | |||
| Communication services 3.70% | |||
| Koninklijke KPN NV1,3 | 3,032,681 | 9,986 | |
| Nippon Telegraph and Telephone Corp.1 | 327,600 | 9,360 | |
| Tencent Holdings, Ltd.1 | 231,300 | 9,099 | |
| BT Group PLC1 | 2,010,533 | 3,969 | |
| NetEase, Inc.1 | 189,900 | 3,528 | |
| América Móvil, SAB de CV, Series L (ADR) | 137,356 | 2,600 | |
| Viaplay Group AB, Class B1,2 | 75,170 | 2,225 | |
| Adevinta ASA1,2 | 85,089 | 642 | |
| 41,409 | |||
| Utilities 2.81% | |||
| Iberdrola SA, non-registered shares1,2 | 1,016,347 | 10,828 | |
| Engie SA1 | 743,766 | 9,211 | |
| Enel SpA1 | 1,273,438 | 6,435 | |
| Ørsted AS1 | 42,363 | 4,928 | |
| 31,402 | |||
| Energy 2.17% | |||
| TotalEnergies SE1 | 286,999 | 14,640 | |
| INPEX Corp.1 | 285,300 | 3,267 | |
| Galp Energia, SGPS, SA, Class B1 | 289,795 | 3,061 | |
| BP PLC1 | 541,422 | 2,652 | |
| Woodside Energy Group, Ltd. (CDI)1,2 | 29,366 | 670 | |
| 24,290 | |||
| Real estate 0.60% | |||
| Link REIT1 | 522,900 | 4,383 | |
| Altus Group, Ltd. | 57,124 | 2,345 | |
| 6,728 | |||
| Total common stocks (cost: $702,487,000) | 994,098 | ||
American Funds International Vantage Fund — Page 3 of 7
unaudited
| Preferred securities 0.51% Health care 0.51% | Shares | Value (000) | |
| Sartorius AG, nonvoting non-registered preferred shares1 | 12,944 | $5,761 | |
| Total preferred securities (cost: $2,184,000) | 5,761 | ||
| Rights & warrants 0.01% Consumer discretionary 0.01% | |||
| Compagnie Financière Richemont SA, Class A, warrants, expire 20232 | 147,960 | 108 | |
| Total rights & warrants (cost: $0) | 108 | ||
| Short-term securities 11.44% Money market investments 10.60% | |||
| Capital Group Central Cash Fund 1.71%4,5 | 1,185,595 | 118,512 | |
| Money market investments purchased with collateral from securities on loan 0.84% | |||
| Capital Group Central Cash Fund 1.71%4,5,6 | 42,446 | 4,243 | |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.88%4,6 | 1,043,742 | 1,044 | |
| Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.60%4,6 | 1,043,741 | 1,044 | |
| State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.85%4,6 | 1,043,741 | 1,044 | |
| BlackRock Liquidity Funds – FedFund, Institutional Shares 1.73%4,6 | 1,043,742 | 1,043 | |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 1.87%4,6 | 957,277 | 957 | |
| 9,375 | |||
| Total short-term securities (cost: $127,922,000) | 127,887 | ||
| Total investment securities 100.89% (cost: $832,593,000) | 1,127,854 | ||
| Other assets less liabilities (0.89)% | (10,004) | ||
| Net assets 100.00% | $1,117,850 | ||
Investments in affiliates5
| Value of affiliates at 11/1/2021 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized depreciation (000) | Value of affiliates at 7/31/2022 (000) | Dividend income (000) | ||||
| Short-term securities 10.98% | ||||||||||
| Money market investments 10.60% | ||||||||||
| Capital Group Central Cash Fund 1.71%4 | $107,988 | $386,248 | $375,671 | $(15) | $(38) | $118,512 | $398 | |||
| Money market investments purchased with collateral from securities on loan 0.38% | ||||||||||
| Capital Group Central Cash Fund 1.71%4,6 | 2,577 | 1,6667 | 4,243 | —8 | ||||||
| Total short-term securities | 122,755 | |||||||||
| Total 10.98% | $(15) | $(38) | $122,755 | $398 | ||||||
American Funds International Vantage Fund — Page 4 of 7
unaudited
| 1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $901,592,000, which represented 80.65% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
| 2 | Security did not produce income during the last 12 months. |
| 3 | All or a portion of this security was on loan. The total value of all such securities was $9,908,000, which represented .89% of the net assets of the fund. |
| 4 | Rate represents the seven-day yield at 7/31/2022. |
| 5 | Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended. |
| 6 | Security purchased with cash collateral from securities on loan. |
| 7 | Represents net activity. |
| 8 | Dividend income is included with securities lending income and is not shown in this table. |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share 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. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
| Fixed-income class | Examples of standard inputs |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. 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.
American Funds International Vantage Fund — Page 5 of 7
unaudited
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs 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. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. 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. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of July 31, 2022 (dollars in thousands):
| Investment securities | |||||||
| Level 1 | Level 2 | Level 3 | Total | ||||
| Assets: | |||||||
| Common stocks: | |||||||
| Information technology | $34,571 | $139,607 | $— | $174,178 | |||
| Industrials | 15,955 | 142,534 | — | 158,489 | |||
| Health care | 7,992 | 131,805 | — | 139,797 | |||
| Consumer staples | — | 127,067 | — | 127,067 | |||
| Financials | 19,140 | 94,642 | — | 113,782 | |||
| Consumer discretionary | 9,096 | 101,811 | — | 110,907 | |||
| Materials | 6,568 | 59,481 | — | 66,049 | |||
| Communication services | 2,600 | 38,809 | — | 41,409 | |||
| Utilities | — | 31,402 | — | 31,402 | |||
| Energy | — | 24,290 | — | 24,290 | |||
| Real estate | 2,345 | 4,383 | — | 6,728 | |||
| Preferred securities | — | 5,761 | — | 5,761 | |||
| Rights & warrants | 108 | — | — | 108 | |||
| Short-term securities | 127,887 | — | — | 127,887 | |||
| Total | $226,262 | $901,592 | $— | $1,127,854 | |||
American Funds International Vantage Fund — Page 6 of 7
unaudited
| Key to abbreviations |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest |
| EUR = Euros |
| GBP = British pounds |
| REIT = Real Estate Investment Trust |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2022 Capital Group. All rights reserved.
| MFGEFP3-123-0922O-S89833 | American Funds International Vantage Fund — Page 7 of 7 |