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Form N-CSRS EUROPACIFIC GROWTH FUND For: Sep 30

November 30, 2022 12:29 PM EST

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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: 811-03734

 

EuroPacific Growth Fund

(Exact Name of Registrant as Specified in Charter)

 

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

 

Registrant's telephone number, including area code: (949) 975-5000

 

Date of fiscal year end: March 31

 

Date of reporting period: September 30, 2022

 

Brian C. Janssen

EuroPacific Growth Fund

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

 
 

 

ITEM 1 – Reports to Stockholders

 

EuroPacific Growth Fund®

 

Semi-annual report
for the six months ended
September 30, 2022

 

 

 

Tap into the growth
potential of
international equities

 

 

EuroPacific Growth Fund seeks to provide you with long-term growth of capital.

 

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

 

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

 

Here are the average annual total returns on a $1,000 investment for periods ended September 30, 2022 (the most recent calendar quarter-end):

 

    1 year   5 years   10 years
             
Class F-2 shares     –32.94 %     –0.34 %     4.41 %
Class A shares (reflecting 5.75% maximum sales charge)      –36.95       –1.75       3.55  

 

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

 

The total annual fund operating expense ratio is 0.57% for Class F-2 shares and 0.80% for Class A shares as of the prospectus dated June 1, 2022.

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com for more information.

 

Investing outside the United States may be subject to risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

 

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

 

Fellow investors:

 

Results for EuroPacific Growth Fund for the periods ended September 30, 2022, are shown in the table below, as well as results of the fund’s benchmark.

 

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/AEPGX. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

 

Contents

 

1 Results at a glance
2 Investment portfolio
11 Financial statements
15 Notes to financial statements
25 Financial highlights

 

Results at a glance

 

For periods ended September 30, 2022, with all distributions reinvested

 

    Cumulative total returns   Average annual total returns
    6 months   1 year   5 years   10 years   Lifetime1
                     
EuroPacific Growth Fund (Class F-2 shares)     –22.68 %     –32.94 %     –0.34 %     4.41 %     9.62 %
EuroPacific Growth Fund (Class A shares)     –22.77       –33.10       –0.58       4.16       9.39  
MSCI ACWI (All Country World Index) ex USA2,3     –22.27       –25.17       –0.81       3.01       7.61  

 

1 Lifetime returns are as of April 16, 1984, the inception date of Class A shares.
2 The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Source: MSCI.
3 From April 16, 1984, through December 31, 1987, the MSCI EAFE (Europe, Australasia, Far East) Index was used because the MSCI ACWI (All Country World Index) ex USA did not yet exist. Since January 1, 1988, the MSCI ACWI ex USA has been used. The MSCI EAFE Index reflects dividends net of withholding taxes. The MSCI ACWI ex USA reflects dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.

 

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

EuroPacific Growth Fund 1
 
Investment portfolio September 30, 2022 unaudited
   
Sector diversification Percent of net assets

 

 

Country diversification by domicile   Percent of
net assets
Eurozone*     22.58 %
Japan     10.34  
India     8.62  
Canada     7.07  
China     5.90  
United Kingdom     4.49  
Switzerland     4.18  
Denmark     3.95  
Hong Kong     3.29  
Other countries     18.34  
Short-term securities & other assets less liabilities     11.24  
* Countries using the euro as a common currency; those represented in the fund’s portfolio are Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands and Spain.
   
Common stocks 87.75%   Shares     Value
(000)
 
Information technology 14.09%                
ASML Holding NV     6,863,381     $ 2,846,870  
Taiwan Semiconductor Manufacturing Company, Ltd.     178,281,649       2,343,385  
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)     7,025,216       481,649  
Shopify, Inc., Class A, subordinate voting shares1     40,339,731       1,086,752  
SK hynix, Inc.     18,435,762       1,057,810  
Nice, Ltd. (ADR)1,2,3     4,270,878       803,950  
Nice, Ltd.1,2     272,274       51,458  
Keyence Corp.     2,161,790       717,721  
Hexagon AB, Class B     66,064,128       612,498  
Edenred SA2     12,941,426       594,829  
SAP SE     6,529,113       538,226  
Tokyo Electron, Ltd.     2,068,831       512,224  
Adyen NV1     385,305       479,338  
Halma PLC     16,508,618       371,723  
Dassault Systemes SE     10,520,808       361,639  
Nomura Research Institute, Ltd.     13,685,819       336,365  
Capgemini SE     1,718,060       274,564  
Worldline SA, non-registered shares1,3     6,944,679       271,573  
STMicroelectronics NV (EUR denominated)     8,782,203       270,971  
Amadeus IT Group SA, Class A, non-registered shares1     5,672,681       262,582  
Atlassian Corp. PLC, Class A1     1,236,431       260,380  
Constellation Software, Inc.     136,589       190,058  
Samsung Electronics Co., Ltd.     5,110,419       187,774  
OBIC Co., Ltd.     1,388,155       184,051  
Infosys, Ltd. (ADR)     7,112,870       120,705  
Infosys, Ltd.     2,745,225       47,041  
MediaTek, Inc.     8,077,000       140,573  
Fujitsu, Ltd.     1,192,800       128,634  
TELUS International (Cda), Inc., subordinate voting shares1,3     4,273,325       111,790  
Reply SpA     995,035       103,801  
EPAM Systems, Inc.1     272,800       98,805  
ASM International NV     437,836       97,961  
PagSeguro Digital, Ltd., Class A1     6,896,776       91,244  
NXP Semiconductors NV     572,861       84,503  
Infineon Technologies AG     3,611,813       80,040  
Kingdee International Software Group Co., Ltd.1     59,007,000       76,293  
Nuvei Corp., subordinate voting shares1     2,683,545       72,521  
Suse SA1,3     4,349,605       64,111  
SUMCO Corp.     4,696,400       54,570  
Microsoft Corp.     227,751       53,043  
Disco Corp.3     233,700       50,927  
Endava PLC, Class A (ADR)1     582,540       46,970  
Flat Glass Group Co., Ltd., Class H3     16,446,000       39,889  
Canva, Inc.1,4,5     37,779       39,180  
   
2 EuroPacific Growth Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
TDK Corp.     1,202,600     $ 36,494  
Silergy Corp.     2,760,872       36,191  
Tata Consultancy Services, Ltd.     947,759       34,655  
Nemetschek SE     574,521       27,666  
Block, Inc., Class A (CDI)1     322,973       16,726  
ALTEN SA, non-registered shares     150,307       16,457  
BE Semiconductor Industries NV     196,248       8,352  
Bechtle AG, non-registered shares     209,833       7,635  
Sinch AB1,3     3,873,581       5,079  
              16,890,246  
                 
Health care 12.55%                
Novo Nordisk A/S, Class B     35,128,139       3,501,362  
Daiichi Sankyo Company, Ltd.     95,015,310       2,643,029  
WuXi Biologics (Cayman), Inc.1     197,997,478       1,186,291  
AstraZeneca PLC     10,782,950       1,185,802  
Olympus Corp.     47,144,750       907,340  
Siemens Healthineers AG     14,450,627       625,954  
CSL, Ltd.     3,076,851       557,903  
Lonza Group AG     988,812       480,868  
Shionogi & Co., Ltd.     6,961,802       336,792  
Sonova Holding AG     1,474,544       324,266  
WuXi AppTec Co., Ltd., Class A     31,171,300       312,019  
WuXi AppTec Co., Ltd., Class H     1,140,140       9,081  
Novartis AG     4,075,702       310,704  
Bayer AG     6,383,431       294,582  
Argenx SE (ADR)1     726,953       256,651  
Hypera SA, ordinary nominative shares     29,270,999       240,111  
Genmab A/S1     592,059       190,844  
Roche Holding AG, nonvoting non-registered shares     455,027       148,366  
Roche Holding AG (ADR)     697,816       28,345  
BeiGene, Ltd. (ADR)1     1,182,067       159,366  
BeiGene, Ltd.1,3     531,200       5,463  
HOYA Corp.     1,544,500       148,496  
Grifols, SA, Class A, non-registered shares1     14,197,988       121,551  
Grifols, SA, Class B (ADR)1     3,476,898       21,418  
M3, Inc.     4,940,890       136,243  
Teva Pharmaceutical Industries, Ltd. (ADR)1     15,612,999       125,997  
Merck KGaA     767,709       125,293  
Coloplast A/S, Class B     1,045,086       105,658  
BioNTech SE (ADR)3     569,058       76,754  
Carl Zeiss Meditec AG, non-registered shares     712,610       75,044  
Rede D’Or Sao Luiz SA     13,225,900       72,868  
bioMérieux SA     623,683       49,145  
Ambu AS, Class B, non-registered shares3     5,524,920       47,743  
Sartorius Stedim Biotech SA     144,745       44,247  
Innovent Biologics, Inc.1     13,831,500       43,081  
Asahi Intecc Co., Ltd.     2,045,900       32,371  
Hapvida Participações e Investimentos SA1     18,229,387       25,582  
Dechra Pharmaceuticals PLC     859,658       24,912  
Hangzhou Tigermed Consulting Co., Ltd., Class A     1,394,613       17,907  
Bachem Holding AG     236,429       14,708  
Straumann Holding AG     140,564       12,793  
Amplifon SpA     414,343       10,851  
DiaSorin Italia SpA     71,074       7,942  
              15,045,743  
                 
Industrials 11.73%                
Airbus SE, non-registered shares     23,362,743       2,018,360  
Recruit Holdings Co., Ltd.     56,763,244       1,638,370  
Safran SA     9,576,751       870,762  
DSV A/S     6,118,346       709,154  
SMC Corp.     1,502,634       606,197  
Kingspan Group PLC2     10,345,672       462,241  
Rentokil Initial PLC     73,167,719       386,355  
Techtronic Industries Co., Ltd.     37,845,822       357,546  
MTU Aero Engines AG     2,193,497       331,006  
Melrose Industries PLC2     294,867,375       329,228  
   
EuroPacific Growth Fund 3
 
Common stocks (continued)   Shares     Value
(000)
 
Industrials (continued)                
Canadian Pacific Railway, Ltd.3     4,794,426     $ 319,884  
ASSA ABLOY AB, Class B     15,345,279       286,763  
Trane Technologies PLC     1,940,565       281,013  
Brenntag SE     4,386,190       267,647  
VAT Group AG     1,203,146       242,899  
NIBE Industrier AB, Class B     26,313,598       233,636  
Rheinmetall AG     1,501,058       232,503  
Daikin Industries, Ltd.     1,495,800       231,131  
Siemens AG     2,215,372       219,263  
TFI International, Inc.     2,259,242       204,416  
Mitsui & Co., Ltd.3     9,504,200       203,903  
Grab Holdings, Ltd., Class A1,3     68,206,618       179,383  
ABB, Ltd.     6,234,752       160,551  
Shenzhen Inovance Technology Co., Ltd., Class A     19,602,976       158,347  
Ashtead Group PLC     3,292,914       147,015  
Nidec Corp.     2,521,179       142,023  
Teleperformance SE     553,840       139,923  
Spirax-Sarco Engineering PLC     1,212,233       139,250  
ZTO Express (Cayman), Inc., Class A (ADR)     5,660,495       136,022  
Grupo Aeroportuario del Pacífico, SAB de CV, Class B     10,668,764       134,846  
CCR SA, ordinary nominative shares     57,060,604       132,540  
Diploma PLC     5,095,140       130,635  
Epiroc AB, Class B     7,811,023       98,243  
Epiroc AB, Class A     2,243,264       32,087  
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A     36,160,697       125,315  
Thales SA     1,131,378       124,791  
Rumo SA     35,849,900       122,815  
Schneider Electric SE     1,020,301       114,469  
BayCurrent Consulting, Inc.3     427,878       109,912  
Adecco Group AG     3,938,370       108,148  
AutoStore Holdings, Ltd.1,3     98,189,646       106,706  
DCC PLC     1,981,926       103,109  
Experian PLC     3,450,614       101,162  
Checkout Payments Group, Ltd., Series D1,4,5     479,280       94,351  
Airports of Thailand PCL, foreign registered shares1     44,386,013       84,945  
Fluidra, SA, non-registered shares     4,612,132       68,759  
Larsen & Toubro, Ltd.     2,653,790       59,800  
IMCD NV     496,093       58,876  
Ryanair Holdings PLC (ADR)1     984,793       57,532  
Centre Testing International Group Co., Ltd.     19,467,567       55,839  
Hitachi, Ltd.     1,257,400       53,241  
Interpump Group SpA     1,361,790       44,049  
AirTAC International Group     1,721,923       39,392  
RS Group PLC     3,658,833       39,045  
InPost SA1     6,680,296       39,012  
Wizz Air Holdings PLC1     1,911,703       33,622  
BAE Systems PLC     3,753,938       32,981  
Carel Industries SpA     1,506,900       28,159  
Indutrade AB     1,049,227       16,921  
LIXIL Corp.3     1,043,500       15,121  
Beijer Ref AB, Class B     1,231,331       15,095  
Komatsu, Ltd.3     795,800       14,391  
Atlas Copco AB, Class B     1,658,037       13,719  
Deutsche Post AG     295,633       8,996  
TOMRA Systems ASA     426,297       7,490  
RELX PLC     131,000       3,198  
              14,064,103  
                 
Financials 11.05%                
AIA Group, Ltd.     241,986,012       2,009,103  
Kotak Mahindra Bank, Ltd.     79,667,723       1,763,357  
HDFC Bank, Ltd.     49,194,894       852,445  
HDFC Bank, Ltd. (ADR)     4,476,017       261,489  
ICICI Bank, Ltd.     85,842,532       899,214  
ICICI Bank, Ltd. (ADR)     933,298       19,571  
Aon PLC, Class A     1,869,491       500,781  
B3 SA-Brasil, Bolsa, Balcao     180,993,366       437,859  
DBS Group Holdings, Ltd.     16,066,035       371,446  
   
4 EuroPacific Growth Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Financials (continued)                
Aegon NV     88,492,143     $ 351,677  
Brookfield Asset Management, Inc., Class A     8,320,164       340,211  
CaixaBank, SA     103,001,265       331,911  
London Stock Exchange Group PLC     3,640,760       307,002  
FinecoBank SpA     23,918,862       293,989  
KBC Groep NV     6,263,443       293,810  
Banco Bilbao Vizcaya Argentaria, SA     57,382,671       257,738  
Ping An Insurance (Group) Company of China, Ltd., Class H     41,211,000       204,914  
Ping An Insurance (Group) Company of China, Ltd., Class A     7,054,193       41,203  
Hong Kong Exchanges and Clearing, Ltd.     7,080,822       240,416  
Toronto-Dominion Bank (CAD denominated)     3,887,118       238,402  
Bajaj Finance, Ltd.     2,635,688       235,226  
Bajaj Finserv, Ltd.     10,560,000       216,117  
Canadian Imperial Bank of Commerce (CAD denominated)3     4,936,550       216,067  
ING Groep NV     23,515,730       201,631  
ABN AMRO Bank NV     18,517,227       165,976  
Tokio Marine Holdings, Inc.     9,150,000       162,628  
Bank Central Asia Tbk PT     289,969,800       161,872  
HDFC Life Insurance Company, Ltd.     24,589,184       160,013  
AXA SA     6,862,865       150,261  
Bank Mandiri (Persero) Tbk PT     236,775,800       145,178  
Nu Holdings, Ltd., Class A1     29,979,844       131,911  
EQT AB     6,704,908       128,989  
UniCredit SpA     12,568,355       127,093  
Euronext NV     1,976,561       125,073  
Futu Holdings, Ltd. (ADR)1,3     3,179,696       118,571  
China Merchants Bank Co., Ltd., Class H     18,365,400       84,970  
China Merchants Bank Co., Ltd., Class A     6,029,314       28,466  
Capitec Bank Holdings, Ltd.     1,287,807       110,391  
XP, Inc., Class A1     3,603,820       68,509  
East Money Information Co., Ltd., Class A     26,255,753       64,805  
Bridgepoint Group PLC     28,672,401       59,752  
Allfunds Group PLC     7,319,281       53,654  
DNB Bank ASA     2,980,051       47,180  
Macquarie Group, Ltd.     434,682       42,184  
Discovery, Ltd.1     5,951,263       34,364  
Hiscox, Ltd.     2,847,803       27,842  
Hana Financial Group, Inc.     1,121,092       27,535  
Erste Group Bank AG     1,173,808       25,705  
Skandinaviska Enskilda Banken AB, Class A     2,204,292       20,924  
Antin Infrastructure Partners SA     997,610       20,739  
Hang Seng Bank, Ltd.     1,305,800       19,732  
Resona Holdings, Inc.     4,908,200       17,921  
Partners Group Holding AG     19,610       15,754  
Standard Bank Group, Ltd.     1,730,902       13,656  
TCS Group Holding PLC (GDR)1,4     1,061,209       6 
Sberbank of Russia PJSC1,4,5     48,140,292       6 
              13,247,227  
                 
Consumer discretionary 10.69%                
LVMH Moët Hennessy-Louis Vuitton SE     5,026,520       2,954,764  
MercadoLibre, Inc.1     1,423,116       1,178,027  
Flutter Entertainment PLC1,2     9,596,540       1,048,369  
Galaxy Entertainment Group, Ltd.     142,070,374       829,525  
Sony Group Corp.     12,162,460       782,804  
Kering SA     1,465,374       648,016  
Hermès International     537,833       632,146  
Evolution AB     7,734,327       609,097  
EssilorLuxottica     3,084,079       417,879  
Coupang, Inc., Class A1,3     23,671,961       394,612  
Ferrari NV (EUR denominated)     1,555,189       290,070  
Li Ning Co., Ltd.     37,220,500       282,847  
JD.com, Inc., Class A     7,486,949       189,055  
JD.com, Inc., Class A (ADR)     1,424,849       71,670  
Pan Pacific International Holdings Corp.     14,708,400       258,456  
Maruti Suzuki India, Ltd.     2,112,119       228,776  
Entain PLC     17,224,496       206,844  
Midea Group Co., Ltd., Class A     26,189,603       181,976  
   
EuroPacific Growth Fund 5
 
Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
Mercedes-Benz Group AG     3,541,196     $ 181,088  
Cie. Financière Richemont SA, Class A     1,913,984       179,595  
Booking Holdings, Inc.1     100,872       165,754  
Domino’s Pizza Enterprises, Ltd.     4,200,987       137,537  
Alibaba Group Holding, Ltd. (ADR)1     1,263,245       101,047  
Alibaba Group Holding, Ltd.1     3,489,000       34,998  
Industria de Diseño Textil, SA     6,330,207       130,753  
InterContinental Hotels Group PLC     2,298,700       110,281  
Stellantis NV3     7,185,603       84,907  
B&M European Value Retail SA     21,950,297       74,536  
Prosus NV, Class N     1,305,291       68,024  
adidas AG     545,943       63,357  
Las Vegas Sands Corp.1     1,505,522       56,487  
Americanas SA, ordinary nominative shares     17,707,162       55,737  
D’Ieteren Group     339,936       47,700  
Astra International Tbk PT     80,668,500       34,802  
Nitori Holdings Co., Ltd.     293,300       24,544  
JD Health International, Inc.1     3,250,800       18,531  
IDP Education, Ltd.3     791,456       13,243  
Melco International Development, Ltd.1     17,158,000       13,212  
Li Auto, Inc., Class A1     493,800       5,712  
Li Auto, Inc., Class A (ADR)1     240,846       5,542  
Melco Resorts & Entertainment, Ltd. (ADR)1     158,647       1,052  
              12,813,372  
                 
Energy 8.68%                
Reliance Industries, Ltd.     129,508,881       3,745,822  
Canadian Natural Resources, Ltd. (CAD denominated)     49,362,455       2,297,756  
Cenovus Energy, Inc. (CAD denominated)     64,559,186       991,744  
TotalEnergies SE3     15,071,038       709,392  
Woodside Energy Group, Ltd.     31,073,949       632,154  
Aker BP ASA     19,741,891       566,076  
Tourmaline Oil Corp.     7,783,465       404,514  
Neste OYJ     8,854,862       384,045  
TC Energy Corp. (CAD denominated)3     9,455,229       380,851  
Equinor ASA     3,520,201       116,109  
INPEX Corp.     12,342,200       115,794  
BP PLC     8,885,375       42,253  
MEG Energy Corp.1     1,671,369       18,706  
Gazprom PJSC (ADR)1,4     39,657,268       6 
Rosneft Oil Co. PJSC4,5     3,432,340       6 
              10,405,216  
                 
Materials 7.15%                
Vale SA, ordinary nominative shares (ADR)     64,615,511       860,679  
Vale SA, ordinary nominative shares     41,220,504       550,488  
Fortescue Metals Group, Ltd.     117,393,977       1,258,158  
Sika AG     5,925,879       1,186,647  
First Quantum Minerals, Ltd.2     50,518,018       857,601  
Linde PLC     2,059,423       555,200  
Linde PLC (EUR denominated)3     796,626       217,851  
Shin-Etsu Chemical Co., Ltd.     4,747,200       471,414  
Koninklijke DSM NV     3,628,522       411,546  
CCL Industries, Inc., Class B, nonvoting shares     6,330,501       306,867  
Lundin Mining Corp.2     47,727,793       241,170  
Glencore PLC     42,790,309       225,956  
Ivanhoe Mines, Ltd., Class A1     31,106,396       200,192  
HeidelbergCement AG     4,609,856       184,656  
CRH PLC     4,327,222       138,563  
JSR Corp.     7,010,836       133,601  
Sociedad Química y Minera de Chile SA, Class B (ADR)     1,422,163       129,061  
Givaudan SA     39,868       120,199  
Croda International PLC     1,493,126       106,660  
Wacker Chemie AG     893,153       92,410  
OCI NV     2,401,842       88,318  
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A     22,290,051       82,824  
BASF SE     1,527,188       59,184  
   
6 EuroPacific Growth Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Materials (continued)                
Yunnan Energy New Material Co., Ltd., Class A     1,729,573     $ 42,443  
Air Liquide SA, non-registered shares     274,164       31,218  
Asian Paints, Ltd.     301,000       12,346  
              8,565,252  
                 
Consumer staples 6.29%                
Nestlé SA     15,036,907       1,628,191  
Kweichow Moutai Co., Ltd., Class A     5,316,871       1,398,534  
British American Tobacco PLC     19,408,662       694,042  
Philip Morris International, Inc.     7,676,523       637,228  
Danone SA     9,644,049       454,398  
Seven & i Holdings Co., Ltd.     9,193,400       369,289  
Avenue Supermarts, Ltd.1     5,870,943       315,294  
Treasury Wine Estates, Ltd.     30,068,743       242,101  
Anheuser-Busch InBev SA/NV     5,292,188       239,408  
Reckitt Benckiser Group PLC     3,437,414       227,184  
Kobe Bussan Co., Ltd.     6,812,000       163,031  
Carlsberg A/S, Class B     1,345,349       156,975  
Godrej Consumer Products, Ltd.1     10,323,995       114,771  
CP ALL PCL, foreign registered shares     76,928,600       114,238  
Ajinomoto Co., Inc.     3,890,100       105,982  
L’Oréal SA, non-registered shares     291,680       92,876  
Fomento Económico Mexicano, SAB de CV     13,765,300       86,271  
Pernod Ricard SA     432,011       78,964  
Inner Mongolia Yili Industrial Group Co., Ltd., Class A     11,705,052       54,350  
Dabur India, Ltd.     7,659,423       53,668  
Kerry Group PLC, Class A     598,516       53,171  
Shiseido Company, Ltd.     1,507,600       52,770  
Chocoladefabriken Lindt & Sprüngli AG     471       46,700  
Uni-Charm Corp.     1,418,364       46,362  
Foshan Haitian Flavouring and Food Co., Ltd., Class A     2,845,134       33,075  
Proya Cosmetics Co., Ltd., Class A     1,036,422       23,799  
COSMOS Pharmaceutical Corp.     201,200       19,852  
Ocado Group PLC1     3,581,000       18,595  
Imperial Brands PLC     575,480       11,875  
Coca-Cola HBC AG (CDI)     196,300       4,131  
              7,537,125  
                 
Communication services 3.91%                
Sea, Ltd., Class A (ADR)1     27,077,379       1,517,687  
Bharti Airtel, Ltd.     119,026,273       1,162,514  
Bharti Airtel, Ltd., interim shares     5,244,406       25,745  
Tencent Holdings, Ltd.     13,460,297       454,581  
Deutsche Telekom AG     14,322,652       245,520  
NetEase, Inc.     15,987,000       242,773  
SoftBank Group Corp.     5,718,900       194,272  
Nintendo Co., Ltd.     3,905,000       158,124  
Cellnex Telecom, SA, non-registered shares     4,237,981       130,663  
Ubisoft Entertainment SA1     4,686,021       128,654  
Informa PLC     20,298,559       116,942  
Universal Music Group NV     3,853,180       72,633  
Publicis Groupe SA     1,487,000       70,362  
Nippon Telegraph and Telephone Corp.     2,501,200       67,477  
Vivendi SE     4,823,272       37,384  
Vodafone Group PLC     17,123,447       19,286  
Spotify Technology SA1     219,240       18,920  
SoftBank Corp.3     1,743,400       17,435  
Viaplay Group AB, Class B1     365,984       7,150  
Adevinta ASA1     607,761       3,566  
Yandex NV, Class A1,4     11,166,532       6 
              4,691,688  
   
EuroPacific Growth Fund 7
 
Common stocks (continued)   Shares     Value
(000)
 
Utilities 1.13%                
ENN Energy Holdings, Ltd.2     74,389,850     $ 989,862  
RWE AG     4,485,344       165,037  
Engie SA     11,944,726       137,052  
Iberdrola, SA, non-registered shares     2,509,928       23,333  
Ørsted AS     275,928       21,956  
Enel SpA     3,466,081       14,204  
              1,351,444  
                 
Real estate 0.48%                
ESR Group, Ltd.     139,974,400       353,068  
Goodman Logistics (HK), Ltd. REIT     17,142,853       171,282  
Ayala Land, Inc.     116,734,007       45,230  
Longfor Group Holdings, Ltd.3     3,795,000       10,755  
              580,335  
                 
Total common stocks (cost: $91,114,708,000)             105,191,751  
                 
Preferred securities 0.92%                
Health care 0.41%                
Sartorius AG, nonvoting non-registered preferred shares     1,185,679       414,121  
Grifols, SA, Class B, nonvoting non-registered preferred shares1     13,205,869       82,605  
              496,726  
                 
Consumer discretionary 0.39%                
Dr. Ing. hc F. Porsche AG., nonvoting non-registered shares1     4,053,372       327,732  
Porsche Automobil Holding SE, nonvoting preferred shares     2,376,759       135,389  
              463,121  
                 
Financials 0.10%                
Itaú Unibanco Holding SA, preferred nominative shares     23,280,413       121,099  
                 
Materials 0.02%                
Gerdau SA, preferred nominative shares     5,190,000       23,514  
                 
Information technology 0.00%                
Canva, Inc., Series A, noncumulative preferred shares1,4,5     3,308       3,431  
Canva, Inc., Series A-3, noncumulative preferred shares1,4,5     133       138  
Canva, Inc., Series A-4, noncumulative preferred shares1,4,5     11       11  
Canva, Inc., Series A-5, noncumulative preferred shares1,4,5     9       9  
              3,589  
                 
Total preferred securities (cost: $1,123,729,000)             1,108,049  
                 
Rights & warrants 0.09%                
Health care 0.09%                
WuXi AppTec Co., Ltd., Class A, warrants, expire 20221,7     10,273,704       102,838  
                 
Consumer discretionary 0.00%                
Compagnie Financière Richemont SA, Class A, warrants, expire 20231     3,601,360       1,606  
                 
Total rights & warrants (cost: $197,628,000)             104,444  
                 
Short-term securities 11.77%                
Money market investments 11.21%                
Capital Group Central Cash Fund 2.81%2,8     134,343,437       13,433,000  
   
8 EuroPacific Growth Fund
 
Short-term securities (continued)   Shares     Value
(000)
 
Money market investments purchased with collateral from securities on loan 0.56%                
Capital Group Central Cash Fund 2.81%2,8,9     2,348,715     $ 234,848  
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%8,9     160,900,000       160,900  
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%8,9     134,100,000       134,100  
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 2.88%8,9     53,722,617       53,723  
Dreyfus Treasury Obligations Cash Management, Institutional Shares 2.85%8,9     46,900,000       46,900  
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 2.80%8,9     26,800,000       26,800  
BlackRock Liquidity Funds – FedFund, Institutional Shares 2.76%8,9     13,400,000       13,400  
              670,671  
                 
Total short-term securities (cost: $14,103,775,000)             14,103,671  
Total investment securities 100.53% (cost: $106,539,840,000)             120,507,915  
Other assets less liabilities (0.53)%             (632,221 )
                 
Net assets 100.00%           $ 119,875,694  

 

Investments in affiliates2

 

    Value of
affiliates at
4/1/2022
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
(depreciation)
appreciation
(000)
    Value of
affiliates at
9/30/2022
(000)
    Dividend
income
(000)
 
Common stocks 4.49%                                                        
Information technology 1.21%                                                        
Nice, Ltd. (ADR)1,3   $ 939,629     $     $ 3,919     $ 1,073     $ (132,833 )   $ 803,950     $  
Nice, Ltd.1     59,878             249       72       (8,243 )     51,458        
Edenred SA     642,713             2,917       1,403       (46,370 )     594,829       12,497  
Halma PLC10     656,097             83,723       (21,997 )     (178,654 )           2,746  
                                              1,450,237          
Industrials 0.66%                                                        
Kingspan Group PLC     1,313,155             194,004       (159,764 )     (497,146 )     462,241       2,849  
Melrose Industries PLC     479,499             2,388       (171 )     (147,712 )     329,228       6,681  
BayCurrent Consulting, Inc.3,10     320,713       6,642       139,592       (39,036 )     (38,815 )           480  
                                              791,469          
Financials 0.00%                                                        
Commerzbank AG, non-registered shares11     546,771             504,468       46,150       (88,453 )            
UniCredit SpA10     1,308,485       12,365       994,853       (176,951 )     (21,953 )           70,309  
                                                       
Consumer discretionary 0.87%                                                        
Flutter Entertainment PLC1     1,036,681       119,416       45,083       (33,350 )     (29,295 )     1,048,369        
Materials 0.92%                                                        
First Quantum Minerals, Ltd.     1,730,787       24,035       4,948       4,406       (896,679 )     857,601       6,451  
Lundin Mining Corp.     485,938             1,591       (174 )     (243,003 )     241,170       6,675  
                                              1,098,771          
Consumer staples 0.00%                                                        
Swedish Match AB11     699,563       86,835       1,057,547       260,613       10,536             9,789  
Utilities 0.83%                                                        
ENN Energy Holdings, Ltd.     1,066,324       66,123       16,102       482       (126,965 )     989,862       19,211  
Total common stocks                                             5,378,708          
Short-term securities 11.40%                                                        
Money market investments 11.21%                                                        
Capital Group Central Cash Fund 2.81%8     16,166,512       7,374,114       10,105,496       (1,621 )     (509 )     13,433,000       112,217  
   
EuroPacific Growth Fund 9
 

Investments in affiliates2 (continued)

 

    Value of
affiliates at
4/1/2022
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
(depreciation)
appreciation
(000)
    Value of
affiliates at
9/30/2022
(000)
    Dividend
income
(000)
 
Money market investments purchased with collateral from securities on loan 0.19%                                                        
Capital Group Central Cash Fund 2.81%8,9   $ 221,737     $ 13,111 12                            $ 234,848     $ 13 
Total short-term securities                                             13,667,848          
Total 15.89%                           $ (118,865 )   $ (2,446,094 )   $ 19,046,556     $ 249,905  

 

Restricted securities5

 

    Acquisition
date(s)
  Cost
(000)
    Value
(000)
    Percent
of net
assets
 
Checkout Payments Group, Ltd., Series D1,4   1/11/2022   $ 148,840     $ 94,351       .08 %
Canva, Inc.1,4   8/26/2021-11/4/2021     64,403       39,180       .03  
Canva, Inc., Series A, noncumulative preferred shares1,4   11/4/2021     5,639       3,431       .00  
Canva, Inc., Series A-3, noncumulative preferred shares1,4   11/4/2021     227       138       .00  
Canva, Inc., Series A-4, noncumulative preferred shares1,4   11/4/2021     19       11       .00  
Canva, Inc., Series A-5, noncumulative preferred shares1,4   11/4/2021     15       9       .00  
Sberbank of Russia PJSC1,4   6/14/2022     116,953       6      .00  
Rosneft Oil Co. PJSC4   8/2/2022     17,507       6      .00  
Total       $ 353,603     $ 137,120       .11 %
   
1 Security did not produce income during the last 12 months.
2 Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
3 All or a portion of this security was on loan. The total value of all such securities was $848,778,000, which represented .71% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
4 Value determined using significant unobservable inputs.
5 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $137,120,000, which represented .11% of the net assets of the fund.
6 Amount less than one thousand.
7 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $102,838,000, which represented .09% of the net assets of the fund.
8 Rate represents the seven-day yield at 9/30/2022.
9 Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10 Affiliated issuer during the reporting period but no longer an affiliate at 9/30/2022. Refer to the investment portfolio for the security value at 9/30/2022.
11 Affiliated issuer during the reporting period but no longer held at 9/30/2022.
12 Represents net activity. Refer to Note 5 for more information on securities lending.
13 Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

 

Key to abbreviations

ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
GDR = Global Depositary Receipts
REIT = Real Estate Investment Trust

 

Refer to the notes to financial statements.

 

10 EuroPacific Growth Fund
 

Financial statements

 

Statement of assets and liabilities unaudited
at September 30, 2022 (dollars in thousands)

 

Assets:                
Investment securities, at value (includes $848,778 of investment securities on loan):                
Unaffiliated issuers (cost: $87,182,138)   $ 101,461,359          
Affiliated issuers (cost: $19,357,702)     19,046,556     $ 120,507,915  
Cash             2,361  
Cash denominated in currencies other than U.S. dollars (cost: $123,022)             121,576  
Receivables for:                
Sales of investments     885,340          
Sales of fund’s shares     224,165          
Dividends     364,568          
Other     *     1,474,073  
              122,105,925  
Liabilities:                
Collateral for securities on loan             670,671  
Payables for:                
Purchases of investments     755,695          
Repurchases of fund’s shares     255,003          
Investment advisory services     44,222          
Services provided by related parties     11,518          
Trustees’ deferred compensation     4,498          
U.S. and non-U.S. taxes     472,453          
Other     16,171       1,559,560  
Net assets at September 30, 2022           $ 119,875,694  
                 
Net assets consist of:                
Capital paid in on shares of beneficial interest           $ 105,650,769  
Total distributable earnings             14,224,925  
Net assets at September 30, 2022           $ 119,875,694  

 

* Amount less than one thousand.

 

Refer to the notes to financial statements.

 

EuroPacific Growth Fund 11
 

Financial statements (continued)

 

Statement of assets and liabilities
at September 30, 2022 (continued)
unaudited
   
  (dollars and shares in thousands, except per-share amounts)

 

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,748,950 total shares outstanding)

 

    Net assets     Shares
outstanding
    Net asset value
per share
 
Class A   $ 17,206,001       394,323     $ 43.63  
Class C     343,625       8,201       41.90  
Class T     9       *     43.73  
Class F-1     1,294,233       29,808       43.42  
Class F-2     17,226,281       395,307       43.58  
Class F-3     13,400,847       306,222       43.76  
Class 529-A     1,098,363       25,542       43.00  
Class 529-C     36,545       883       41.37  
Class 529-E     40,926       964       42.45  
Class 529-T     11       *     43.70  
Class 529-F-1     8       *     42.99  
Class 529-F-2     149,739       3,430       43.66  
Class 529-F-3     8       *     43.63  
Class R-1     101,568       2,473       41.07  
Class R-2     492,018       11,867       41.46  
Class R-2E     52,319       1,221       42.85  
Class R-3     1,525,128       35,951       42.42  
Class R-4     3,346,441       78,559       42.60  
Class R-5E     827,255       19,088       43.34  
Class R-5     3,712,908       85,051       43.66  
Class R-6     59,021,461       1,350,060       43.72  

 

* Amount less than one thousand.

 

Refer to the notes to financial statements.

 

12 EuroPacific Growth Fund
 

Financial statements (continued)

 

Statement of operations unaudited
for the six months ended September 30, 2022 (dollars in thousands)

 

Investment income:                
Income:                
Dividends (net of non-U.S. taxes of $187,597; also includes $249,905 from affiliates)   $ 2,259,596          
Interest from unaffiliated issuers     9,149          
Securities lending income (net of fees)     6,900     $ 2,275,645  
Fees and expenses*:                
Investment advisory services     295,520          
Distribution services     41,982          
Transfer agent services     34,485          
Administrative services     21,297          
529 plan services     460          
Reports to shareholders     1,521          
Registration statement and prospectus     681          
Trustees’ compensation     (304 )        
Auditing and legal     252          
Custodian     6,754          
Other     115       402,763  
Net investment income             1,872,882  
 
Net realized loss and unrealized depreciation:                
Net realized (loss) gain on:                
Investments (net of non-U.S. taxes of $90,803):                
Unaffiliated issuers     (989,564 )        
Affiliated issuers     (118,865 )        
In-kind redemptions     201,914          
Currency transactions     (36,166 )     (942,681 )
Net unrealized depreciation on:                
Investments (net of non-U.S. taxes of $409,376):                
Unaffiliated issuers     (34,577,110 )        
Affiliated issuers     (2,446,094 )        
Currency translations     (19,127 )     (37,042,331 )
Net realized loss and unrealized depreciation             (37,985,012 )
Net decrease in net assets resulting from operations           $ (36,112,130 )

 

* Additional information related to class-specific fees and expenses is included in the notes to financial statements.

 

Refer to the notes to financial statements.

 

EuroPacific Growth Fund 13
 

Financial statements (continued)

 

Statements of changes in net assets

 

(dollars in thousands)

 

    Six months ended
September 30, 2022*
    Year ended
March 31, 2022
 
Operations:                
Net investment income   $ 1,872,882     $ 2,033,816  
Net realized (loss) gain     (942,681 )     8,855,447  
Net unrealized depreciation     (37,042,331 )     (27,565,578 )
Net decrease in net assets resulting from operations     (36,112,130 )     (16,676,315 )
                 
Distributions paid to shareholders     (754,141 )     (17,664,307 )
                 
Net capital share transactions     (6,993,235 )     7,579,449  
                 
Total decrease in net assets     (43,859,506 )     (26,761,173 )
                 
Net assets:                
Beginning of period     163,735,200       190,496,373  
End of period   $ 119,875,694     $ 163,735,200  

 

*Unaudited.

 

Refer to the notes to financial statements.

 

14 EuroPacific Growth Fund
 
Notes to financial statements unaudited

 

1. Organization

 

EuroPacific Growth Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide long-term growth of capital. Shareholders approved a proposal to reorganize the fund from a Massachusetts business trust to a Delaware statutory trust. The reorganization may be completed in the next year; however, the fund reserves the right to delay the implementation.

 

The fund has 21 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) 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 fund’s share classes are described further in the following table:

 

Share class   Initial sales charge   Contingent deferred sales
charge upon redemption
  Conversion feature
Classes A and 529-A   Up to 5.75% for Class A; up to 3.50% for Class 529-A   None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)   None
Classes C and 529-C   None   1.00% for redemptions within one year of purchase   Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E   None   None   None
Classes T and 529-T*   Up to 2.50%   None   None
Classes F-1, F-2, F-3, 529-F-1,
529-F-2 and 529-F-3
  None   None   None
Classes R-1, R-2, R-2E, R-3, R-4,
R-5E, R-5 and R-6
  None   None   None
* Class T and 529-T shares are not available for purchase.

 

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class 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, transfer agent and administrative 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.

 

2. Significant accounting policies

 

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s 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 fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

 

Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

 

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 based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

 

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.

 

EuroPacific Growth Fund 15
 

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

 

In-kind redemptions — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. Realized gains or losses resulting from redemptions of shares in-kind are reflected separately in the fund’s statement of operations.

 

3. Valuation

 

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. 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.

 

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, including depositary receipts, 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 evaluated prices obtained from third-party 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
Mortgage-backed; asset-backed obligations   Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

 

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.

 

16 EuroPacific Growth Fund
 

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 the fund’s investment adviser and approved by the 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, dealer or broker quotes, 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 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 designated 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 team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The 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 September 30, 2022 (dollars in thousands):

 

    Investment securities  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Common stocks:                                
Information technology   $ 3,502,370     $ 13,348,696     $ 39,180     $ 16,890,246  
Health care     1,007,092       14,038,651             15,045,743  
Industrials     1,568,451       12,401,301       94,351       14,064,103  
Financials     2,333,371       10,913,856       *     13,247,227  
Consumer discretionary     2,029,928       10,783,444             12,813,372  
Energy     4,093,571       6,311,645       *     10,405,216  
Materials     3,701,258       4,863,994             8,565,252  
Consumer staples     723,499       6,813,626             7,537,125  
Communication services     1,536,607       3,155,081       *     4,691,688  
Utilities           1,351,444             1,351,444  
Real estate           580,335             580,335  
Preferred securities     144,613       959,847       3,589       1,108,049  
Rights & warrants     1,606       102,838             104,444  
Short-term securities     14,103,671                   14,103,671  
Total   $ 34,746,037     $ 85,624,758     $ 137,120     $ 120,507,915  

 

* Amount less than one thousand.

 

EuroPacific Growth Fund 17
 

4. Risk factors

 

Investing in the fund may involve certain risks including, but not limited to, those described below.

 

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline —sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

 

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

 

Issuer risks — The prices of, and the income generated by, securities held by the fund 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 government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

 

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

 

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls 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 accounting and auditing practices and standards and different regulatory, legal and reporting 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 the fund. 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 and accounting and auditing practices and standards 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 there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the 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.

 

18 EuroPacific Growth Fund
 

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is 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 the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

 

5. Certain investment techniques

 

Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

 

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

 

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.

 

As of September 30, 2022, the total value of securities on loan was $848,778,000, and the total value of collateral received was $891,908,000. Collateral received includes cash of $670,671,000 and U.S. government securities of $221,237,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

 

6. Taxation and distributions

 

Federal income taxation — The 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 taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

 

As of and during the period ended September 30, 2022, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

 

The 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.

 

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended September 30, 2022, the fund recognized $37,575,000 in reclaims (net of $3,770,000 in fees and the effect of realized gain or loss from currency translations) and $8,564,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

 

EuroPacific Growth Fund 19
 

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 currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; cost of investments sold; non-U.S. taxes on capital gains and income on certain investments. 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 fund for financial reporting purposes.

 

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of March 31, 2022, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

 

Undistributed long-term capital gains   $ 753,830  

 

As of September 30, 2022, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

 

Gross unrealized appreciation on investments   $ 28,211,753  
Gross unrealized depreciation on investments     (14,655,149 )
Net unrealized appreciation on investments     13,556,604  
Cost of investments     106,951,311  

 

Distributions paid were characterized for tax purposes as follows (dollars in thousands):

 

    Six months ended September 30, 2022     Year ended March 31, 2022  
Share class   Ordinary
income
    Long-term
capital gains
    Total
distributions
paid
    Ordinary
income
    Long-term
capital gains
    Total
distributions
paid
 
Class A   $     $ 108,574     $ 108,574     $ 379,270     $ 2,176,076     $ 2,555,346  
Class C           2,357       2,357       4,842       53,621       58,463  
Class T           *     *     *     1       1  
Class F-1           8,324       8,324       29,775       183,750       213,525  
Class F-2           110,961       110,961       462,312       2,162,399       2,624,711  
Class F-3           83,944       83,944       353,834       1,588,219       1,942,053  
Class 529-A           7,046       7,046       23,708       137,994       161,702  
Class 529-C           258       258       484       6,131       6,615  
Class 529-E           263       263       748       5,290       6,038  
Class 529-T           *     *     *     1       1  
Class 529-F-1           *     *     *     1       1  
Class 529-F-2           933       933       3,489       16,985       20,474  
Class 529-F-3           *     *     *     1       1  
Class R-1           670       670       1,296       14,076       15,372  
Class R-2           3,164       3,164       6,324       59,377       65,701  
Class R-2E           337       337       772       7,713       8,485  
Class R-3           10,136       10,136       29,143       217,926       247,069  
Class R-4           21,713       21,713       80,743       476,494       557,237  
Class R-5E           5,108       5,108       22,902       152,421       175,323  
Class R-5           23,881       23,881       104,737       508,732       613,469  
Class R-6           366,472       366,472       1,527,217       6,865,503       8,392,720  
Total   $     $ 754,141     $ 754,141     $ 3,031,596     $ 14,632,711     $ 17,664,307  

 

* Amount less than one thousand.

 

7. Fees and transactions with related parties

 

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

 

20 EuroPacific Growth Fund
 

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.690% on the first $500 million of daily net assets and decreasing to 0.392% on such assets in excess of $186 billion. For the six months ended September 30, 2022, the investment advisory services fees were $295,520,000, which were equivalent to an annualized rate of 0.416% of average daily net assets.

 

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

 

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, 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 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

 

Share class   Currently approved limits   Plan limits  
Class A     0.25 %        0.25 %  
Class 529-A     0.25       0.50    
Classes C, 529-C and R-1     1.00       1.00    
Class R-2     0.75       1.00    
Class R-2E     0.60       0.85    
Classes 529-E and R-3     0.50       0.75    
Classes T, F-1, 529-T, 529-F-1 and R-4     0.25       0.50    

 

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of September 30, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

 

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

 

Administrative services — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. 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 fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC’s provision of administrative services.

 

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

 

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. For the six months ended September 30, 2022, the 529 plan services fees were $460,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

 

EuroPacific Growth Fund 21
 

For the six months ended September 30, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

 

Share class   Distribution
services
    Transfer agent
services
    Administrative
services
    529 plan
services
 
Class A     $23,742       $13,530       $3,063       Not applicable  
Class C     2,089       267       64       Not applicable  
Class T           *     *     Not applicable  
Class F-1     1,902       1,131       236       Not applicable  
Class F-2     Not applicable       11,711       3,148       Not applicable  
Class F-3     Not applicable       131       2,370       Not applicable  
Class 529-A     1,458       731       195       $381  
Class 529-C     231       26       7       14  
Class 529-E     121       16       7       14  
Class 529-T           *     *     *
Class 529-F-1           *     *     *
Class 529-F-2     Not applicable       52       26       51  
Class 529-F-3     Not applicable       *     *     *
Class R-1     591       61       18       Not applicable  
Class R-2     2,119       893       85       Not applicable  
Class R-2E     186       64       9       Not applicable  
Class R-3     4,590       1,421       277       Not applicable  
Class R-4     4,953       2,033       598       Not applicable  
Class R-5E     Not applicable       752       145       Not applicable  
Class R-5     Not applicable       1,091       673       Not applicable  
Class R-6     Not applicable       575       10,376       Not applicable  
Total class-specific expenses     $41,982       $34,485       $21,297       $460  

 

* 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 fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $(304,000) in the fund’s statement of operations reflects $326,000 in current fees (either paid in cash or deferred) and a net decrease of $630,000 in the value of the deferred amounts.

 

Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

 

Investment in CCF — The fund 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.

 

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended September 30, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $669,580,000 and $557,118,000, respectively, which generated $239,472,000 of net realized losses from such sales.

 

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended September 30, 2022.

 

22 EuroPacific Growth Fund
 

8. Indemnifications

 

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

 

9. Capital share transactions

 

Capital share transactions in the fund were as follows (dollars and shares in thousands):

 

    Sales*     Reinvestments of
distributions
    Repurchases*     Net (decrease)
increase
 
Share class   Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares  
                                 
Six months ended September 30, 2022                                
                                 
Class A   $ 427,545       8,504     $ 106,245       2,185     $ (1,453,834 )     (29,071 )   $ (920,044 )     (18,382 )
Class C     15,774       324       2,343       50       (74,105 )     (1,528 )     (55,988 )     (1,154 )
Class T                                                
Class F-1     57,053       1,145       7,984       165       (237,084 )     (4,704 )     (172,047 )     (3,394 )
Class F-2     2,278,081       45,244       106,741       2,199       (4,572,768 )     (91,364 )     (2,187,946 )     (43,921 )
Class F-3     1,684,852       33,624       77,479       1,591       (2,299,530 )     (45,966 )     (537,199 )     (10,751 )
Class 529-A     39,994       809       7,044       147       (97,111 )     (1,971 )     (50,073 )     (1,015 )
Class 529-C     3,144       66       258       6       (10,433 )     (219 )     (7,031 )     (147 )
Class 529-E     1,429       29       263       6       (3,319 )     (68 )     (1,627 )     (33 )
Class 529-T                                                
Class 529-F-1                                                
Class 529-F-2     12,406       247       932       19       (14,207 )     (289 )     (869 )     (23 )
Class 529-F-3                                                
Class R-1     7,920       165       670       15       (10,286 )     (217 )     (1,696 )     (37 )
Class R-2     64,299       1,352       3,163       68       (64,848 )     (1,345 )     2,614       75  
Class R-2E     4,789       96       338       7       (7,969 )     (161 )     (2,842 )     (58 )
Class R-3     137,194       2,821       10,126       214       (322,525 )     (6,585 )     (175,205 )     (3,550 )
Class R-4     275,880       5,708       21,710       457       (612,201 )     (12,378 )     (314,611 )     (6,213 )
Class R-5E     94,189       1,888       5,107       106       (129,288 )     (2,562 )     (29,992 )     (568 )
Class R-5     217,451       4,347       23,835       490       (576,610 )     (11,569 )     (335,324 )     (6,732 )
Class R-6     4,410,282       88,145       365,997       7,520       (6,979,634 )     (138,754 )     (2,203,355 )     (43,089 )
Total net increase (decrease)   $ 9,732,282       194,514     $ 740,235       15,245     $ (17,465,752 )     (348,751 )   $ (6,993,235 )     (138,992 )

 

Refer to the end of the table for footnotes.

 

EuroPacific Growth Fund 23
 
    Sales*     Reinvestments of
distributions
    Repurchases*     Net increase
(decrease)
 
Share class   Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares  
                                                 
Year ended March 31, 2022                                
                                                 
Class A   $ 1,510,156       22,455     $ 2,498,661       37,306     $ (3,485,028 )     (52,177 )   $ 523,789       7,584  
Class C     60,819       930       58,095       893       (196,515 )     (3,041 )     (77,601 )     (1,218 )
Class T                                                
Class F-1     215,350       3,301       205,842       3,081       (576,850 )     (8,696 )     (155,658 )     (2,314 )
Class F-2     6,707,320       101,234       2,515,237       37,782       (5,828,773 )     (88,432 )     3,393,784       50,584  
Class F-3     4,091,977       62,337       1,753,389       26,214       (3,735,246 )     (56,834 )     2,110,120       31,717  
Class 529-A     139,072       2,102       161,650       2,448       (230,815 )     (3,484 )     69,907       1,066  
Class 529-C     9,418       147       6,612       102       (31,165 )     (484 )     (15,135 )     (235 )
Class 529-E     5,367       82       6,036       92       (10,912 )     (166 )     491       8  
Class 529-T                 2                         2        
Class 529-F-1                 1                         1        
Class 529-F-2     42,065       629       20,471       307       (33,063 )     (494 )     29,473       442  
Class 529-F-3                 1                         1        
Class R-1     18,521       297       15,369       241       (51,064 )     (807 )     (17,174 )     (269 )
Class R-2     195,248       3,137       65,666       1,023       (220,268 )     (3,416 )     40,646       744  
Class R-2E     20,070       302       8,485       128       (45,787 )     (694 )     (17,232 )     (264 )
Class R-3     372,564       5,843       246,654       3,767       (798,276 )     (12,261 )     (179,058 )     (2,651 )
Class R-4     814,070       12,570       557,185       8,506       (1,897,697 )     (29,004 )     (526,442 )     (7,928 )
Class R-5E     422,372       6,258       175,319       2,600       (1,466,064 )     (21,938 )     (868,373 )     (13,080 )
Class R-5     785,967       11,955       610,571       9,119       (2,119,199 )     (31,331 )     (722,661 )     (10,257 )
Class R-6     15,271,684       230,520       8,380,326       125,434       (19,661,441 )     (288,606 )     3,990,569       67,348  
Total net increase (decrease)   $ 30,682,040       464,099     $ 17,285,572       259,043     $ (40,388,163 )     (601,865 )   $ 7,579,449       121,277  

 

* Includes exchanges between share classes of the fund.
Amount less than one thousand.

 

10. Investment transactions

 

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $24,218,034,000 and $28,017,762,000, respectively, during the six months ended September 30, 2022.

 

24 EuroPacific Growth Fund
 

Financial highlights

 

          (Loss) income from
investment operations1
    Dividends and distributions                                      
Year ended   Net asset
value,
beginning
of year
    Net
investment
income
(loss)
    Net (losses)
gains on
securities
(both
realized and
unrealized)
    Total from
investment
operations
    Dividends
(from net
investment
income)
    Distributions
(from capital
gains)
    Total
dividends
and
distributions
    Net asset
value,
end
of year
    Total return2,3     Net assets,
end of
year
(in millions)
    Ratio of
expenses
to average net
assets before
reimbursement4
    Ratio of
expenses
to average net
assets after
reimbursement3,4
    Ratio of
net income
(loss)
to average
net assets3
 
Class A:                                                                                                        
9/30/20225,6   $ 56.81     $ .60     $ (13.51 )   $ (12.91 )   $     $ (.27 )   $ (.27 )   $ 43.63       (22.77 )%7    $ 17,206       .82 %8      .82 %8      2.38 %8 
3/31/2022     68.98       .57       (6.39 )     (5.82 )     (.94 )     (5.41 )     (6.35 )     56.81       (9.65 )     23,445       .80       .80       .85  
3/31/2021     43.13       .34       25.63       25.97       (.12 )           (.12 )     68.98       60.22       27,945       .83       .83       .58  
3/31/2020     50.99       .53       (6.84 )     (6.31 )     (.58 )     (.97 )     (1.55 )     43.13       (13.03 )     19,075       .84       .84       1.02  
3/31/2019     56.66       .71       (3.52 )     (2.81 )     (.62 )     (2.24 )     (2.86 )     50.99       (4.97 )     24,704       .83       .83       1.37  
3/31/2018     49.30       .47       9.51       9.98       (.49 )     (2.13 )     (2.62 )     56.66       20.74       29,067       .82       .82       .86  
Class C:                                                                                                        
9/30/20225,6     54.77       .40       (13.00 )     (12.60 )           (.27 )     (.27 )     41.90       (23.06 )7      344       1.56 8      1.56 8      1.64 8 
3/31/2022     66.76       .07       (6.15 )     (6.08 )     (.50 )     (5.41 )     (5.91 )     54.77       (10.32 )     512       1.55       1.55       .11  
3/31/2021     41.98       (.09 )     24.87       24.78                         66.76       59.03       706       1.56       1.56       (.15 )
3/31/2020     49.70       .15       (6.69 )     (6.54 )     (.21 )     (.97 )     (1.18 )     41.98       (13.68 )     654       1.58       1.58       .30  
3/31/2019     55.32       .31       (3.41 )     (3.10 )     (.28 )     (2.24 )     (2.52 )     49.70       (5.70 )     1,015       1.60       1.60       .62  
3/31/2018     48.19       .04       9.29       9.33       (.07 )     (2.13 )     (2.20 )     55.32       19.82       1,350       1.60       1.60       .08  
Class T:                                                                                                        
9/30/20225,6     56.86       .67       (13.53 )     (12.86 )           (.27 )     (.27 )     43.73       (22.67 )7,9      10      .56 8,9      .56 8,9      2.63 8,9 
3/31/2022     69.04       .73       (6.40 )     (5.67 )     (1.10 )     (5.41 )     (6.51 )     56.86       (9.45 )9      10      .57 9      .57 9      1.09 9 
3/31/2021     43.13       .49       25.65       26.14       (.23 )           (.23 )     69.04       60.61 9      10      .58 9      .58 9      .82 9 
3/31/2020     50.99       .65       (6.82 )     (6.17 )     (.72 )     (.97 )     (1.69 )     43.13       (12.82 )9      10      .59 9      .59 9      1.25 9 
3/31/2019     56.69       .83       (3.54 )     (2.71 )     (.75 )     (2.24 )     (2.99 )     50.99       (4.76 )9      10      .59 9      .59 9      1.60 9 
3/31/20185,11     49.19       .58       9.63       10.21       (.58 )     (2.13 )     (2.71 )     56.69       21.27 7,9      10      .60 8,9      .60 8,9      1.07 8,9 
Class F-1:                                                                                                        
9/30/20225,6     56.53       .59       (13.43 )     (12.84 )           (.27 )     (.27 )     43.42       (22.76 )7      1,294       .84 8      .84 8      2.36 8 
3/31/2022     68.67       .55       (6.38 )     (5.83 )     (.90 )     (5.41 )     (6.31 )     56.53       (9.71 )     1,877       .84       .84       .81  
3/31/2021     42.93       .33       25.51       25.84       (.10 )           (.10 )     68.67       60.21       2,439       .84       .84       .56  
3/31/2020     50.75       .53       (6.82 )     (6.29 )     (.56 )     (.97 )     (1.53 )     42.93       (13.05 )     2,259       .85       .85       1.02  
3/31/2019     56.40       .74       (3.57 )     (2.83 )     (.58 )     (2.24 )     (2.82 )     50.75       (5.01 )     3,232       .87       .87       1.43  
3/31/2018     49.08       .45       9.46       9.91       (.46 )     (2.13 )     (2.59 )     56.40       20.69       4,385       .86       .86       .83  
Class F-2:                                                                                                        
9/30/20225,6     56.66       .67       (13.48 )     (12.81 )           (.27 )     (.27 )     43.58       (22.68 )7      17,226       .57 8      .57 8      2.64 8 
3/31/2022     68.83       .73       (6.38 )     (5.65 )     (1.11 )     (5.41 )     (6.52 )     56.66       (9.44 )     24,887       .57       .57       1.08  
3/31/2021     43.00       .50       25.56       26.06       (.23 )           (.23 )     68.83       60.61       26,751       .57       .57       .83  
3/31/2020     50.83       .66       (6.81 )     (6.15 )     (.71 )     (.97 )     (1.68 )     43.00       (12.80 )     18,607       .59       .59       1.27  
3/31/2019     56.52       .82       (3.52 )     (2.70 )     (.75 )     (2.24 )     (2.99 )     50.83       (4.75 )     24,585       .59       .59       1.58  
3/31/2018     49.17       .61       9.48       10.09       (.61 )     (2.13 )     (2.74 )     56.52       21.05       25,826       .59       .59       1.11  
Class F-3:                                                                                                        
9/30/20225,6     56.87       .69       (13.53 )     (12.84 )           (.27 )     (.27 )     43.76       (22.63 )7      13,401       .46 8      .46 8      2.74 8 
3/31/2022     69.06       .80       (6.40 )     (5.60 )     (1.18 )     (5.41 )     (6.59 )     56.87       (9.34 )     18,026       .46       .46       1.19  
3/31/2021     43.12       .56       25.66       26.22       (.28 )           (.28 )     69.06       60.78       19,700       .46       .46       .94  
3/31/2020     50.98       .70       (6.82 )     (6.12 )     (.77 )     (.97 )     (1.74 )     43.12       (12.70 )     12,239       .47       .47       1.34  
3/31/2019     56.68       .82       (3.48 )     (2.66 )     (.80 )     (2.24 )     (3.04 )     50.98       (4.65 )     11,993       .49       .49       1.60  
3/31/2018     49.32       .59       9.58       10.17       (.68 )     (2.13 )     (2.81 )     56.68       21.15       9,473       .49       .49       1.06  
Class 529-A:                                                                                                      
9/30/20225,6     56.00       .58       (13.31 )     (12.73 )           (.27 )     (.27 )     43.00       (22.78 )7      1,098       .85 8      .85 8      2.35 8 
3/31/2022     68.08       .55       (6.29 )     (5.74 )     (.93 )     (5.41 )     (6.34 )     56.00       (9.67 )     1,487       .83       .83       .83  
3/31/2021     42.58       .32       25.30       25.62       (.12 )           (.12 )     68.08       60.16       1,736       .85       .85       .55  
3/31/2020     50.35       .51       (6.75 )     (6.24 )     (.56 )     (.97 )     (1.53 )     42.58       (13.05 )     1,096       .87       .87       .98  
3/31/2019     56.00       .67       (3.49 )     (2.82 )     (.59 )     (2.24 )     (2.83 )     50.35       (5.04 )     1,376       .89       .89       1.31  
3/31/2018     48.77       .44       9.40       9.84       (.48 )     (2.13 )     (2.61 )     56.00       20.71       1,525       .87       .87       .81  

 

Refer to the end of the table for footnotes.

 

EuroPacific Growth Fund 25
 

Financial highlights (continued)

 

          (Loss) income from
investment operations1
    Dividends and distributions                                      
Year ended   Net asset
value,
beginning
of year
    Net
investment
income
(loss)
    Net (losses)
gains on
securities
(both
realized and
unrealized)
    Total from
investment
operations
    Dividends
(from net
investment
income)
    Distributions
(from capital
gains)
    Total
dividends
and
distributions
    Net asset
value,
end
of year
    Total return2,3     Net assets,
end of
year
(in millions)
    Ratio of
expenses
to average net
assets before
reimbursement4
    Ratio of
expenses
to average net
assets after
reimbursement3,4
    Ratio of
net income
(loss)
to average
net assets3
 
Class 529-C:                                                                                                        
9/30/20225,6   $ 54.10     $ .38     $ (12.84 )   $ (12.46 )   $     $ (.27 )   $ (.27 )   $ 41.37       (23.09 )%7    $ 37       1.63 %8      1.63 %8      1.58 %8 
3/31/2022     66.00       .04       (6.08 )     (6.04 )     (.45 )     (5.41 )     (5.86 )     54.10       (10.37 )     56       1.60       1.60       .06  
3/31/2021     41.51       (.08 )     24.57       24.49                         66.00       59.00       83       1.60       1.60       (.15 )
3/31/2020     49.18       .13       (6.62 )     (6.49 )     (.21 )     (.97 )     (1.18 )     41.51       (13.72 )     148       1.61       1.61       .26  
3/31/2019     54.79       .29       (3.38 )     (3.09 )     (.28 )     (2.24 )     (2.52 )     49.18       (5.72 )     219       1.64       1.64       .59  
3/31/2018     47.73       .01       9.21       9.22       (.03 )     (2.13 )     (2.16 )     54.79       19.76       278       1.65       1.65       .03  
Class 529-E:                                                                                                        
9/30/20225,6     55.34       .52       (13.14 )     (12.62 )           (.27 )     (.27 )     42.45       (22.88 )7      41       1.08 8      1.08 8      2.12 8 
3/31/2022     67.36       .39       (6.23 )     (5.84 )     (.77 )     (5.41 )     (6.18 )     55.34       (9.90 )     55       1.07       1.07       .59  
3/31/2021     42.15       .19       25.04       25.23       (.02 )           (.02 )     67.36       59.81       67       1.07       1.07       .34  
3/31/2020     49.87       .39       (6.70 )     (6.31 )     (.44 )     (.97 )     (1.41 )     42.15       (13.24 )     46       1.09       1.09       .77  
3/31/2019     55.50       .55       (3.44 )     (2.89 )     (.50 )     (2.24 )     (2.74 )     49.87       (5.24 )     60       1.11       1.11       1.09  
3/31/2018     48.35       .31       9.31       9.62       (.34 )     (2.13 )     (2.47 )     55.50       20.41       71       1.11       1.11       .57  
Class 529-T:                                                                                                        
9/30/20225,6     56.83       .65       (13.51 )     (12.86 )           (.27 )     (.27 )     43.70       (22.68 )7,9      10      .61 8,9      .61 8,9      2.58 8,9 
3/31/2022     69.01       .69       (6.39 )     (5.70 )     (1.07 )     (5.41 )     (6.48 )     56.83       (9.49 )9      10      .62 9      .62 9      1.03 9 
3/31/2021     43.12       .46       25.64       26.10       (.21 )           (.21 )     69.01       60.54 9      10      .63 9      .63 9      .77 9 
3/31/2020     50.98       .63       (6.83 )     (6.20 )     (.69 )     (.97 )     (1.66 )     43.12       (12.87 )9      10      .64 9      .64 9      1.19 9 
3/31/2019     56.68       .79       (3.53 )     (2.74 )     (.72 )     (2.24 )     (2.96 )     50.98       (4.82 )9      10      .65 9      .65 9      1.52 9 
3/31/20185,11     49.19       .56       9.62       10.18       (.56 )     (2.13 )     (2.69 )     56.68       21.22 7,9      10      .64 8,9      .64 8,9      1.03 8,9 
Class 529-F-1:                                                                                                    
9/30/20225,6     55.93       .63       (13.30 )     (12.67 )           (.27 )     (.27 )     42.99       (22.71 )7,9      10      .65 8,9      .65 8,9      2.54 8,9 
3/31/2022     68.03       .66       (6.29 )     (5.63 )     (1.06 )     (5.41 )     (6.47 )     55.93       (9.52 )9      10      .65 9      .65 9      1.00 9 
3/31/2021     42.54       .56       25.20       25.76       (.27 )           (.27 )     68.03       60.52 9      10      .63 9      .63 9      1.07 9 
3/31/2020     50.32       .62       (6.75 )     (6.13 )     (.68 )     (.97 )     (1.65 )     42.54       (12.86 )     126       .64       .64       1.20  
3/31/2019     55.99       .76       (3.47 )     (2.71 )     (.72 )     (2.24 )     (2.96 )     50.32       (4.81 )     145       .66       .66       1.50  
3/31/2018     48.74       .56       9.40       9.96       (.58 )     (2.13 )     (2.71 )     55.99       20.96       134       .65       .65       1.02  
Class 529-F-2:                                                                                                    
9/30/20225,6     56.77       .66       (13.50 )     (12.84 )           (.27 )     (.27 )     43.66       (22.67 )7      150       .58 8      .58 8      2.62 8 
3/31/2022     68.94       .71       (6.39 )     (5.68 )     (1.08 )     (5.41 )     (6.49 )     56.77       (9.46 )     196       .59       .59       1.06  
3/31/20215,12     57.39       .13       11.63       11.76       (.21 )           (.21 )     68.94       20.50 7      208       .25 7      .25 7      .19 7 
Class 529-F-3:                                                                                                    
9/30/20225,6     56.72       .67       (13.49 )     (12.82 )           (.27 )     (.27 )     43.63       (22.66 )7      10      .53 8      .53 8      2.67 8 
3/31/2022     68.89       .76       (6.38 )     (5.62 )     (1.14 )     (5.41 )     (6.55 )     56.72       (9.38 )     10      .52       .52       1.13  
3/31/20215,12     57.39       .16       11.62       11.78       (.28 )           (.28 )     68.89       20.54 7      10      .27 7      .22 7      .23 7 
Class R-1:                                                                                                        
9/30/20225,6     53.68       .39       (12.73 )     (12.34 )           (.27 )     (.27 )     41.07       (23.04 )7      102       1.55 8      1.55 8      1.65 8 
3/31/2022     65.57       .07       (6.04 )     (5.97 )     (.51 )     (5.41 )     (5.92 )     53.68       (10.34 )     135       1.56       1.56       .10  
3/31/2021     41.23       (.09 )     24.43       24.34                         65.57       59.03       182       1.57       1.57       (.16 )
3/31/2020     48.86       .14       (6.56 )     (6.42 )     (.24 )     (.97 )     (1.21 )     41.23       (13.68 )     144       1.58       1.58       .29  
3/31/2019     54.46       .31       (3.37 )     (3.06 )     (.30 )     (2.24 )     (2.54 )     48.86       (5.71 )     209       1.60       1.60       .61  
3/31/2018     47.49       .05       9.14       9.19       (.09 )     (2.13 )     (2.22 )     54.46       19.82       263       1.60       1.60       .09  

 

Refer to the end of the table for footnotes.

 

26 EuroPacific Growth Fund
 

Financial highlights (continued)

 

          (Loss) income from
investment operations1
    Dividends and distributions                                      
Year ended   Net asset
value,
beginning
of year
    Net
investment
income
(loss)
    Net (losses)
gains on
securities
(both
realized and
unrealized)
    Total from
investment
operations
    Dividends
(from net
investment
income)
    Distributions
(from capital
gains)
    Total
dividends
and
distributions
    Net asset
value,
end
of year
    Total return2,3     Net assets,
end of
year
(in millions)
    Ratio of
expenses
to average net
assets before
reimbursement4
    Ratio of
expenses
to average net
assets after
reimbursement3,4
    Ratio of
net income
(loss)
to average
net assets3
 
Class R-2:                                                                                                        
9/30/20225,6   $ 54.18     $ .40     $ (12.85 )   $ (12.45 )   $     $ (.27 )   $ (.27 )   $ 41.46       (23.03 )%7    $ 492       1.53 %8      1.53 %8      1.68 %8 
3/31/2022     66.17       .07       (6.08 )     (6.01 )     (.57 )     (5.41 )     (5.98 )     54.18       (10.32 )     639       1.55       1.55       .11  
3/31/2021     41.60       (.08 )     24.65       24.57                         66.17       59.03       731       1.55       1.55       (.14 )
3/31/2020     49.30       .14       (6.61 )     (6.47 )     (.26 )     (.97 )     (1.23 )     41.60       (13.65 )     534       1.57       1.57       .28  
3/31/2019     54.93       .31       (3.39 )     (3.08 )     (.31 )     (2.24 )     (2.55 )     49.30       (5.71 )     690       1.60       1.60       .61  
3/31/2018     47.88       .06       9.21       9.27       (.09 )     (2.13 )     (2.22 )     54.93       19.84       818       1.58       1.58       .11  
Class R-2E:                                                                                                        
9/30/20225,6     55.91       .48       (13.27 )     (12.79 )           (.27 )     (.27 )     42.85       (22.93 )7      52       1.26 8      1.26 8      1.95 8 
3/31/2022     67.96       .27       (6.31 )     (6.04 )     (.60 )     (5.41 )     (6.01 )     55.91       (10.09 )     71       1.27       1.27       .40  
3/31/2021     42.60       .08       25.28       25.36                         67.96       59.50       105       1.27       1.27       .14  
3/31/2020     50.42       .29       (6.76 )     (6.47 )     (.38 )     (.97 )     (1.35 )     42.60       (13.40 )     77       1.28       1.28       .56  
3/31/2019     55.76       .77       (3.74 )     (2.97 )     (.13 )     (2.24 )     (2.37 )     50.42       (5.46 )     89       1.31       1.31       1.47  
3/31/2018     48.59       .20       9.38       9.58       (.28 )     (2.13 )     (2.41 )     55.76       20.19       254       1.29       1.29       .38  
Class R-3:                                                                                                        
9/30/20225,6     55.32       .52       (13.15 )     (12.63 )           (.27 )     (.27 )     42.42       (22.88 )7      1,525       1.11 8      1.11 8      2.10 8 
3/31/2022     67.33       .36       (6.22 )     (5.86 )     (.74 )     (5.41 )     (6.15 )     55.32       (9.93 )     2,185       1.11       1.11       .55  
3/31/2021     42.15       .17       25.01       25.18                         67.33       59.74       2,838       1.12       1.12       .29  
3/31/2020     49.86       .38       (6.70 )     (6.32 )     (.42 )     (.97 )     (1.39 )     42.15       (13.28 )     2,395       1.13       1.13       .75  
3/31/2019     55.48       .55       (3.45 )     (2.90 )     (.48 )     (2.24 )     (2.72 )     49.86       (5.26 )     3,446       1.14       1.14       1.08  
3/31/2018     48.32       .30       9.31       9.61       (.32 )     (2.13 )     (2.45 )     55.48       20.36       4,631       1.14       1.14       .56  
Class R-4:                                                                                                        
9/30/20225,6     55.46       .59       (13.18 )     (12.59 )           (.27 )     (.27 )     42.60       (22.75 )7      3,346       .81 8      .81 8      2.40 8 
3/31/2022     67.49       .56       (6.25 )     (5.69 )     (.93 )     (5.41 )     (6.34 )     55.46       (9.67 )     4,701       .81       .81       .85  
3/31/2021     42.19       .34       25.08       25.42       (.12 )           (.12 )     67.49       60.24       6,256       .81       .81       .60  
3/31/2020     49.91       .54       (6.71 )     (6.17 )     (.58 )     (.97 )     (1.55 )     42.19       (13.03 )     5,278       .82       .82       1.04  
3/31/2019     55.52       .69       (3.46 )     (2.77 )     (.60 )     (2.24 )     (2.84 )     49.91       (4.99 )     7,715       .84       .84       1.37  
3/31/2018     48.35       .46       9.32       9.78       (.48 )     (2.13 )     (2.61 )     55.52       20.76       10,278       .83       .83       .85  
Class R-5E:                                                                                                        
9/30/20225,6     56.37       .65       (13.41 )     (12.76 )           (.27 )     (.27 )     43.34       (22.69 )7      827       .61 8      .61 8      2.58 8 
3/31/2022     68.47       .76       (6.41 )     (5.65 )     (1.04 )     (5.41 )     (6.45 )     56.37       (9.49 )     1,108       .62       .62       1.12  
3/31/2021     42.77       .47       25.44       25.91       (.21 )           (.21 )     68.47       60.54       2,241       .61       .61       .81  
3/31/2020     50.58       .62       (6.76 )     (6.14 )     (.70 )     (.97 )     (1.67 )     42.77       (12.82 )     1,745       .62       .62       1.20  
3/31/2019     56.29       .62       (3.33 )     (2.71 )     (.76 )     (2.24 )     (3.00 )     50.58       (4.78 )     1,511       .63       .63       1.24  
3/31/2018     49.02       .59       9.45       10.04       (.64 )     (2.13 )     (2.77 )     56.29       21.01       603       .62       .62       1.06  
Class R-5:                                                                                                        
9/30/20225,6     56.74       .68       (13.49 )     (12.81 )           (.27 )     (.27 )     43.66       (22.65 )7      3,713       .51 8      .51 8      2.70 8 
3/31/2022     68.92       .78       (6.40 )     (5.62 )     (1.15 )     (5.41 )     (6.56 )     56.74       (9.40 )     5,208       .51       .51       1.16  
3/31/2021     43.04       .53       25.61       26.14       (.26 )           (.26 )     68.92       60.74       7,032       .51       .51       .90  
3/31/2020     50.88       .70       (6.82 )     (6.12 )     (.75 )     (.97 )     (1.72 )     43.04       (12.75 )     5,759       .52       .52       1.33  
3/31/2019     56.57       .89       (3.57 )     (2.68 )     (.77 )     (2.24 )     (3.01 )     50.88       (4.71 )     7,283       .54       .54       1.72  
3/31/2018     49.22       .64       9.48       10.12       (.64 )     (2.13 )     (2.77 )     56.57       21.09       8,944       .53       .53       1.16  
Class R-6:                                                                                                        
9/30/20225,6     56.81       .69       (13.51 )     (12.82 )           (.27 )     (.27 )     43.72       (22.62 )7      59,022       .46 8     .46 8      2.74 8
3/31/2022     69.00       .80       (6.40 )     (5.60 )     (1.18 )     (5.41 )     (6.59 )     56.81       (9.35 )     79,147       .46       .46       1.19  
3/31/2021     43.08       .56       25.64       26.20       (.28 )           (.28 )     69.00       60.78       91,476       .46       .46       .94  
3/31/2020     50.93       .71       (6.82 )     (6.11 )     (.77 )     (.97 )     (1.74 )     43.08       (12.70 )     60,141       .47       .47       1.36  
3/31/2019     56.63       .86       (3.52 )     (2.66 )     (.80 )     (2.24 )     (3.04 )     50.93       (4.66 )     68,234       .49       .49       1.68  
3/31/2018     49.27       .65       9.51       10.16       (.67 )     (2.13 )     (2.80 )     56.63       21.17       68,770       .49       .49       1.18  

 

Refer to the end of the table for footnotes.

 

EuroPacific Growth Fund 27
 

Financial highlights (continued)

 

    Six months ended   Year ended March 31,
    September 30, 20225,6,7   2022   2021   2020   2019   2018
Portfolio turnover rate for all share classes13     19%       29 %     32 %     38 %     35 %     29 %

 

1 Based on average shares outstanding.
2 Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3 This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
4 Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5 Based on operations for a period that is less than a full year.
6 Unaudited.
7 Not annualized.
8 Annualized.
9 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.
10 Amount less than $1 million.
11 Class T and 529-T shares began investment operations on April 7, 2017.
12 Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
13 Rates do not include the fund’s portfolio activity with respect to any Central Funds.

 

Refer to the notes to financial statements.

 

28 EuroPacific Growth Fund
 
Expense example unaudited

 

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (April 1, 2022, through September 30, 2022).

 

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

 

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

 

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

 

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

EuroPacific Growth Fund 29
 

Expense example (continued)

 

    Beginning
account value
4/1/2022
    Ending
account value
9/30/2022
    Expenses paid
during period*
    Annualized
expense ratio
 
Class A – actual return   $ 1,000.00     $ 772.25     $ 3.64       .82 %
Class A – assumed 5% return     1,000.00       1,020.96       4.15       .82  
Class C – actual return     1,000.00       769.37       6.92       1.56  
Class C – assumed 5% return     1,000.00       1,017.25       7.89       1.56  
Class T – actual return     1,000.00       773.32       2.49       .56  
Class T – assumed 5% return     1,000.00       1,022.26       2.84       .56  
Class F-1 – actual return     1,000.00       772.35       3.73       .84  
Class F-1 – assumed 5% return     1,000.00       1,020.86       4.26       .84  
Class F-2 – actual return     1,000.00       773.19       2.53       .57  
Class F-2 – assumed 5% return     1,000.00       1,022.21       2.89       .57  
Class F-3 – actual return     1,000.00       773.72       2.05       .46  
Class F-3 – assumed 5% return     1,000.00       1,022.76       2.33       .46  
Class 529-A – actual return     1,000.00       772.15       3.78       .85  
Class 529-A – assumed 5% return     1,000.00     &nb