N-CSRS 1 eupac_ncsrs.htm N-CSRS

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

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, 2021

 

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, 2021

 

 

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 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 with all distributions reinvested for periods ended September 30, 2021:

 

    1 year   5 years   10 years
                   
Class F-2 shares     24.64 %     12.05 %     10.52 %
Class A shares (reflecting 5.75% maximum sales charge)      17.18       10.46       9.59  

 

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 0.82% for Class A shares as of the prospectus dated June 1, 2021.

 

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, 2021, 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
   
12 Financial statements
   
16 Notes to financial statements
   
27 Financial highlights

 

Results at a glance

 

For periods ended September 30, 2021, with all distributions reinvested

 

    Cumulative
total returns
  Average annual total returns
    6 months   1 year   5 years   10 years   Lifetime
(since Class A
inception on
4/16/84)
                     
EuroPacific Growth Fund (Class F-2 shares)     4.42 %     24.64 %     12.05 %     10.52 %     11.07 %
EuroPacific Growth Fund (Class A shares)     4.29       24.33       11.78       10.24       10.84  
MSCI ACWI (All Country World Index) ex USA1,2     2.32       23.92       8.94       7.48       N/A  

 

1 The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Source: MSCI.
2 The index did not exist prior to December 31, 1987. Results reflect dividends net of withholding taxes.

 

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, 2021 unaudited
   
Industry sector diversification Percent of net assets

 

 

Country diversification by domicile   Percent of
net assets
Eurozone*     28.17 %
Japan     10.33  
China     8.21  
India     7.74  
United Kingdom     5.87  
Canada     4.90  
Brazil     4.85  
United States     3.96  
Switzerland     3.91  
Other countries     17.81  
Short-term securities & other assets less liabilities     4.25  
* Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands and Spain.
   
Common stocks 93.44%   Shares     Value
(000)
 
Information technology 19.60%                
ASML Holding NV1     9,479,994     $ 6,993,129  
Taiwan Semiconductor Manufacturing Company, Ltd.1     207,397,649       4,276,756  
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)     8,010,484       894,371  
Keyence Corp.1     4,748,009       2,844,936  
Shopify, Inc., Class A, subordinate voting shares2     1,845,706       2,502,371  
Shopify, Inc., Class A, subordinate voting shares (CAD denominated)2     139,200       188,943  
PagSeguro Digital, Ltd., Class A2     29,231,017       1,511,828  
Adyen NV1,2     462,823       1,286,908  
Nice, Ltd. (ADR)3,4     4,134,418       1,174,340  
Nice, Ltd.1,3     274,045       77,522  
Hexagon AB, Class B1     74,706,466       1,151,090  
Samsung Electronics Co., Ltd.1     14,691,315       914,370  
Edenred SA1,3     14,694,678       791,466  
Worldline SA, non-registered shares1,2,4     10,299,019       785,775  
SAP SE1     5,638,433       763,859  
Sinch AB1,2,3     37,391,960       720,558  
Nomura Research Institute, Ltd.1     19,156,019       705,986  
Tokyo Electron, Ltd.1     1,574,600       694,088  
Halma PLC1     17,931,249       684,001  
StoneCo, Ltd., Class A2     17,656,326       613,028  
Atlassian Corp. PLC, Class A2     1,394,754       545,935  
STMicroelectronics NV1     11,629,311       507,009  
Fujitsu Ltd.1     2,616,900       475,257  
Lightspeed Commerce, Inc. SV, subordinate voting shares2,4     3,557,999       343,098  
Lightspeed Commerce, Inc. SV, subordinate voting shares (CAD denominated)2     1,357,162       130,959  
Amadeus IT Group SA, Class A, non-registered shares1,2     6,629,096       435,482  
Wise PLC, Class A1,2     28,962,690       422,716  
Snowflake, Inc., Class A2     1,184,828       358,328  
ironSource Ltd., Class A2,4     14,825,000       161,148  
ironSource Ltd., Class A2     8,563,118       93,081  
OBIC Co., Ltd.1     1,274,055       243,787  
   
2 EuroPacific Growth Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
Capgemini SE1     1,169,000     $ 243,117  
Silergy Corp.1     1,501,298       220,470  
Infosys, Ltd. (ADR)     9,146,249       203,504  
Delta Electronics, Inc.1     20,627,529       185,570  
Suse SA1,2,4     4,509,672       184,869  
Dassault Systemes SE1     3,523,645       184,733  
Xero, Ltd.1,2     1,765,454       175,938  
Nemetschek SE1     1,535,720       161,410  
TeamViewer AG1,2     5,407,990       159,464  
NVIDIA Corp.     734,200       152,097  
Infineon Technologies AG1     3,635,318       149,445  
Afterpay, Ltd.1,2     1,676,121       145,003  
Nexi SpA1,2     7,612,679       142,028  
TE Connectivity, Ltd.     1,004,000       137,769  
Reply SpA1     728,877       134,274  
Kingdee International Software Group Co., Ltd.1,2     35,746,000       118,341  
MediaTek, Inc.1     3,509,000       113,107  
NXP Semiconductors NV     576,590       112,937  
SimCorp AS1     915,160       107,791  
Nuvei Corp., subordinate voting shares2     572,942       66,186  
Nuvei Corp., subordinate voting shares2,5     329,028       38,010  
ASM International NV1     263,603       102,921  
ITOCHU Techno-Solutions Corp.1     2,995,300       97,786  
Zscaler, Inc.2     342,700       89,863  
Endava PLC, Class A (ADR)2     586,331       79,653  
SUMCO Corp.1     3,644,000       73,163  
Justsystems Corp.1     1,256,248       70,888  
TELUS International (Cda), Inc., subordinate voting shares2     1,817,100       63,617  
Flat Glass Group Co., Ltd., Class H1,2,4     10,566,000       49,699  
Okta, Inc., Class A2     190,600       45,237  
TDK Corp.1     1,200,300       43,363  
AVEVA Group PLC1     729,625       35,238  
Otsuka Corp.1     587,800       30,219  
ALTEN SA, non-registered shares1     206,100       30,048  
Canva, Inc.1,2,6,7     2,062       3,514  
              37,243,397  
                 
Financials 15.42%                
AIA Group, Ltd.1     331,698,012       3,819,218  
HDFC Bank, Ltd.1     133,509,159       2,862,233  
HDFC Bank, Ltd. (ADR)     7,777,725       568,474  
UniCredit SpA1     111,182,901       1,470,678  
Kotak Mahindra Bank, Ltd.1,2     52,510,892       1,414,104  
Deutsche Bank AG1,2     89,575,190       1,148,826  
Sberbank of Russia PJSC (ADR)1     57,339,446       1,065,380  
Barclays PLC1     398,370,130       1,015,998  
Société Générale1     29,688,608       932,134  
ING Groep NV1     51,868,785       752,833  
Banco Santander, SA1     197,455,064       715,203  
ICICI Bank, Ltd.1     70,785,328       665,363  
ICICI Bank, Ltd. (ADR)     939,372       17,726  
Hong Kong Exchanges and Clearing, Ltd.1     10,600,264       643,418  
Brookfield Asset Management, Inc., Class A4     11,797,740       631,297  
Toronto-Dominion Bank (CAD denominated)     9,128,358       604,305  
KBC Groep NV1     6,296,861       565,303  
Bajaj Finserv, Ltd.1     2,316,600       554,366  
FinecoBank SpA1,2     30,321,846       549,510  
B3 SA-Brasil, Bolsa, Balcao     215,381,600       503,872  
Commerzbank AG, non-registered shares1,2,3     71,745,374       477,883  
XP, Inc., Class A2     11,278,804       453,070  
London Stock Exchange Group PLC1     4,525,692       452,151  
Aegon NV1     86,580,061       444,500  
BNP Paribas SA1     6,542,313       419,071  
HDFC Life Insurance Company, Ltd.1     43,138,945       418,633  
Banco Bilbao Vizcaya Argentaria, SA1     61,755,373       407,370  
ABN AMRO Bank NV1,4     27,997,370       402,846  
EQT AB1     9,143,850       376,634  
Futu Holdings, Ltd. (ADR)2,4     4,056,854       369,255  
   
EuroPacific Growth Fund 3
 
Common stocks (continued)   Shares     Value
(000)
 
Financials (continued)                
Axis Bank, Ltd.1,2     35,541,354     $ 366,152  
Ping An Insurance (Group) Company of China, Ltd., Class H1     51,851,500       351,840  
Macquarie Group, Ltd.1     2,468,729       323,904  
AXA SA1     11,526,460       320,666  
Aon PLC, Class A     1,058,000       302,345  
DBS Group Holdings, Ltd.1     13,599,735       301,994  
3i Group PLC1     15,522,398       267,372  
Allfunds Group PLC1,2     12,848,819       247,090  
Housing Development Finance Corp., Ltd.1     6,597,000       241,416  
Lufax Holding, Ltd. (ADR)2     34,395,331       240,079  
PICC Property and Casualty Co., Ltd., Class H1     230,336,000       222,243  
China Merchants Bank Co., Ltd., Class H1     26,880,613       213,352  
Bridgepoint Group PLC1,2     28,859,000       196,653  
Bajaj Finance, Ltd.1     1,650,000       169,386  
Capitec Bank Holdings, Ltd.1     1,373,464       165,964  
Euronext NV1     1,273,056       143,658  
QBE Insurance Group, Ltd.1     14,448,982       120,541  
Bank Mandiri (Persero) Tbk PT1     213,155,800       90,582  
DNB Bank ASA1,2     2,999,446       68,097  
TCS Group Holding PLC (GDR)1     719,253       65,486  
Discovery, Ltd.1,2     5,137,569       46,686  
Hiscox, Ltd.1     2,866,337       32,225  
Skandinaviska Enskilda Banken AB, Class A1     2,218,637       31,261  
UBS Group AG1,4     1,830,293       29,248  
Bank Central Asia Tbk PT1     9,396,600       22,984  
Brookfield Asset Management Reinsurance Partners, Ltd., Class A4     33,124       1,840  
              29,304,718  
                 
Consumer discretionary 12.65%                
MercadoLibre, Inc.2,3     2,627,779       4,413,092  
LVMH Moët Hennessy-Louis Vuitton SE1,4     5,107,951       3,652,512  
Flutter Entertainment PLC1,2,3     5,216,557       1,031,271  
Flutter Entertainment PLC (EUR denominated)1,2,3     3,838,320       753,507  
Sony Group Corp.1     11,584,760       1,290,095  
Kering SA1     1,435,755       1,021,146  
Delivery Hero SE1,2     6,892,492       882,619  
Hermès International1     578,010       798,854  
EssilorLuxottica1     3,971,378       759,393  
Entain PLC1,2     23,875,092       683,447  
Evolution AB1     4,457,899       677,638  
Prosus NV, Class N1     7,693,964       605,963  
Meituan, Class B1,2     18,714,518       584,393  
Just Eat Takeaway (GBP denominated)1,2     4,925,172       357,495  
Just Eat Takeaway (EUR denominated)1,2     1,875,809       136,691  
adidas AG1     1,553,502       489,519  
Domino’s Pizza Enterprises, Ltd.1     3,926,200       452,668  
Li Ning Co., Ltd.1     36,143,000       416,943  
Galaxy Entertainment Group, Ltd.1,2     78,034,374       393,726  
Barratt Developments PLC1     37,643,548       332,184  
Persimmon PLC1     8,753,155       311,910  
Maruti Suzuki India, Ltd.1     2,855,619       281,948  
Industria de Diseño Textil, SA1     7,473,610       271,909  
Nitori Holdings Co., Ltd.1     1,222,800       240,564  
Taylor Wimpey PLC1     107,636,907       222,301  
JD.com, Inc., Class A1,2     5,711,343       207,552  
Stellantis NV1,4     10,826,766       207,151  
Alibaba Group Holding, Ltd.1,2     10,954,445       203,753  
Booking Holdings, Inc.2     84,700       201,067  
Naspers, Ltd., Class N1     1,183,333       194,999  
Cie. Financière Richemont SA, Class A1     1,846,409       190,390  
THG PLC1,2     27,546,118       186,877  
Midea Group Co., Ltd., Class A1     15,833,363       170,591  
Pan Pacific International Holdings Corp.1     7,994,664       165,692  
ASOS PLC1,2     3,634,825       145,125  
Melco Resorts & Entertainment, Ltd. (ADR)2     13,892,505       142,259  
Ferrari NV (EUR denominated)1     641,527       134,298  
B&M European Value Retail SA1     15,257,282       121,130  
China Tourism Group Duty Free Corp., Ltd., Class A1     2,859,434       115,095  
   
4 EuroPacific Growth Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
Americanas SA, ordinary nominative shares2     20,220,789     $ 114,810  
Bandai Namco Holdings, Inc.1     1,243,753       93,400  
Coupang, Inc., Class A2     2,828,220       78,766  
Yum China Holdings, Inc.     1,268,263       73,699  
Astra International Tbk PT1     176,126,100       67,287  
Wynn Macau, Ltd.1,2     45,785,200       38,242  
Melco International Development, Ltd.1,2     30,796,000       35,982  
On Holding AG, Class A2,4     1,109,000       33,414  
Shimano, Inc.1     73,400       21,383  
JD Health International, Inc.1,2,4     1,736,050       16,569  
Lojas Americanas SA, ordinary nominative shares     15,303,273       12,393  
Trip.com Group, Ltd. (ADR)2     295,128       9,075  
              24,042,787  
                 
Health care 11.31%                
WuXi Biologics (Cayman), Inc.1,2     178,960,651       2,892,589  
Daiichi Sankyo Company, Ltd.1,3     100,432,700       2,679,325  
Olympus Corp.1     55,694,400       1,223,119  
M3, Inc.1     16,578,851       1,183,557  
Sonova Holding AG1     2,802,363       1,056,908  
AstraZeneca PLC1     7,843,212       944,202  
Novo Nordisk A/S, Class B1     8,407,581       808,684  
WuXi AppTec Co., Ltd., Class A1     31,171,300       737,404  
WuXi AppTec Co., Ltd., Class H1,4     1,147,640       26,790  
Chugai Pharmaceutical Co., Ltd.1     19,597,200       717,893  
CSL, Ltd.1     3,096,875       653,061  
Lonza Group AG1     821,852       615,724  
Sartorius Stedim Biotech SA1     1,094,880       611,143  
Siemens Healthineers AG1     8,095,237       526,758  
Aier Eye Hospital Group Co., Ltd., Class A1     57,982,009       477,285  
BeiGene, Ltd. (ADR)2     1,177,838       427,555  
BeiGene, Ltd.1,2,4     432,500       12,326  
BioNTech SE (ADR)2     1,567,000       427,775  
Fresenius SE & Co. KGaA1     8,529,558       410,095  
Grifols, SA, Class A, non-registered shares1     14,350,358       349,905  
Grifols, SA, Class B (ADR)     3,499,526       51,128  
Novartis AG1     4,859,180       398,648  
HOYA Corp.1     2,301,039       359,878  
Teva Pharmaceutical Industries, Ltd. (ADR)2     33,090,972       322,306  
Notre Dame Intermédica Participações SA     22,681,288       310,747  
Hikma Pharmaceuticals PLC1     9,158,708       301,306  
Shionogi & Co., Ltd.1     4,212,202       288,559  
Coloplast A/S, Class B1     1,692,614       265,299  
Merck KGaA1     1,139,510       247,797  
Genmab A/S1,2     547,416       239,157  
Zai Lab, Ltd.1,2     1,266,588       135,182  
Zai Lab, Ltd. (ADR)2     853,400       89,940  
Argenx SE (ADR)2     653,405       197,328  
Asahi Intecc Co., Ltd.1     6,881,300       188,792  
Alcon, Inc.1     2,263,542       183,369  
Hypera SA, ordinary nominative shares     28,584,628       168,702  
Rede D’Or Sao Luiz SA     13,225,900       164,931  
Carl Zeiss Meditec AG, non-registered shares1     616,623       118,532  
Bachem Holding AG, Class B1     152,802       116,285  
AbCellera Biologics, Inc.2,4     5,408,829       108,393  
Ambu AS, Class B, non-registered shares1,4     2,877,792       85,005  
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A1,2     1,298,070       77,262  
Ping An Healthcare and Technology Co., Ltd., Class H1,2,4     10,862,600       70,312  
CRISPR Therapeutics AG2     473,762       53,028  
Amplifon SpA1     784,417       37,381  
Koninklijke Philips NV (EUR denominated)1     834,111       36,970  
Alibaba Health Information Technology, Ltd.1,2     22,458,000       32,134  
Dechra Pharmaceuticals PLC1     446,000       29,053  
Hutchmed China, Ltd. (ADR)2     351,471       12,867  
Hangzhou Tigermed Consulting Co., Ltd., Class A1     467,123       12,517  
CanSino Biologics, Inc., Class H1,2,4     231,400       8,150  
Jiangsu Hengrui Medicine Co., Ltd., Class A1     771,600       5,993  
              21,499,049  
   
EuroPacific Growth Fund 5
 
Common stocks (continued)   Shares     Value
(000)
 
Industrials 10.17%                
Airbus SE, non-registered shares1,2     25,790,995     $ 3,386,232  
Recruit Holdings Co., Ltd.1     20,399,724       1,243,879  
Safran SA1     8,924,048       1,118,898  
Kingspan Group PLC1,3     11,244,097       1,112,230  
DSV A/S1     4,333,913       1,034,706  
Ryanair Holdings PLC (ADR)2     7,344,776       808,366  
Ryanair Holdings PLC1,2     2,061,291       38,879  
Melrose Industries PLC1,3     358,949,196       830,612  
SMC Corp.1     1,137,082       711,390  
Rentokil Initial PLC1     82,731,381       648,160  
MTU Aero Engines AG1     2,259,839       510,977  
Nidec Corp.1     4,515,979       500,981  
VAT Group AG1     1,219,704       480,519  
Nihon M&A Center Holdings, Inc.1     16,023,320       472,167  
ASSA ABLOY AB, Class B1     15,931,147       461,927  
NIBE Industrier AB, Class B1     35,376,589       444,360  
Rolls-Royce Holdings PLC1,2     203,695,191       383,219  
Spirax-Sarco Engineering PLC1     1,822,074       366,180  
Techtronic Industries Co., Ltd.1     17,614,000       345,295  
BayCurrent Consulting, Inc.1     484,978       243,573  
ABB, Ltd.1     7,113,059       237,094  
InPost SA1,2     13,733,900       226,543  
Wizz Air Holdings PLC1,2     3,180,340       211,787  
Ashtead Group PLC1     2,735,000       207,468  
Teleperformance SE1     512,000       201,450  
Contemporary Amperex Technology Co., Ltd., Class A1     2,469,960       201,013  
Deutsche Post AG1     3,187,252       200,881  
Adecco Group AG1     3,964,000       198,521  
Fluidra, SA, non-registered shares1,2     4,515,412       178,414  
Fluidra, SA, non-registered shares1     294,188       11,624  
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A1     52,173,363       183,785  
AB Volvo, Class B1     8,110,560       182,223  
ZTO Express (Cayman), Inc., Class A (ADR)     5,697,333       174,680  
Experian PLC1     3,995,681       165,984  
Epiroc AB, Class B1     8,309,760       146,823  
Epiroc AB, Class A1     864,056       17,810  
Airports of Thailand PCL, foreign registered shares1     87,288,313       157,221  
TFI International, Inc.     1,276,564       130,439  
CCR SA, ordinary nominative shares     57,060,604       122,593  
Bureau Veritas SA1     3,806,987       116,843  
Rumo SA2     35,849,900       110,530  
Diploma PLC1     2,901,016       109,080  
Schneider Electric SE1     642,000       106,739  
International Consolidated Airlines Group SA (CDI)1,2     33,077,619       79,247  
Brenntag SE1     845,916       78,909  
Centre Testing International Group Co., Ltd.1     19,467,567       76,374  
Hitachi, Ltd.1     1,210,800       71,793  
Lifco AB, Class B1     2,566,366       68,694  
IMCD NV1     256,265       48,654  
AirTAC International Group1     1,414,000       44,255  
Interpump Group SpA1     474,700       30,748  
RELX PLC1     1,027,193       29,601  
Beijer Ref AB, Class B1     1,258,979       25,001  
LIXIL Corp.1     712,900       20,716  
Komatsu, Ltd.1     801,000       19,261  
              19,335,348  
                 
Materials 6.62%                
Vale SA, ordinary nominative shares (ADR)     149,285,019       2,082,526  
Vale SA, ordinary nominative shares     102,458,709       1,434,413  
Sika AG1     6,902,805       2,183,322  
Shin-Etsu Chemical Co., Ltd.1     6,878,100       1,160,093  
Koninklijke DSM NV1     5,693,591       1,138,028  
First Quantum Minerals, Ltd.3     49,665,221       919,508  
Linde PLC     1,623,790       476,388  
Linde PLC (EUR denominated)1     1,185,299       352,425  
Rio Tinto PLC1     10,830,958       715,126  
Lundin Mining Corp.3     48,038,404       345,515  
   
6 EuroPacific Growth Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Materials (continued)                
HeidelbergCement AG1     3,951,554     $ 296,361  
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A1     31,185,423       213,984  
CRH PLC1,4     4,355,383       203,161  
Ivanhoe Mines Ltd., Class A2     31,308,835       200,222  
CCL Industries, Inc., Class B, nonvoting shares     3,594,791       186,182  
Givaudan SA1     40,127       183,273  
BASF SE1     1,775,789       135,302  
Akzo Nobel NV1     932,094       101,497  
Asian Paints, Ltd.1     1,801,530       78,167  
Yunnan Energy New Material Co., Ltd., Class A1     1,729,573       74,994  
Wacker Chemie AG1     248,360       46,608  
Air Liquide SA, non-registered shares1     177,723       28,437  
Gerdau SA (ADR)     1,663,393       8,184  
Chr. Hansen Holding A/S1     75,218       6,143  
              12,569,859  
                 
Communication services 5.86%                
Sea, Ltd., Class A (ADR)2     14,751,983       4,701,900  
Bharti Airtel, Ltd.1     108,234,729       992,279  
Tencent Holdings, Ltd.1     16,236,963       952,042  
Cellnex Telecom, SA, non-registered shares1     11,252,548       693,629  
Yandex NV, Class A2     8,687,224       692,285  
Bilibili, Inc., Class Z1,2     5,626,584       375,674  
Bilibili, Inc., Class Z (ADR)2,4     3,341,885       221,133  
SoftBank Group Corp.1     8,436,914       487,547  
Universal Music Group NV1,2     13,377,542       358,187  
Facebook, Inc., Class A2     870,000       295,269  
SoftBank Corp.1     21,074,300       286,131  
NetEase, Inc.1     15,225,600       261,553  
Nintendo Co., Ltd.1     393,000       191,178  
Ubisoft Entertainment SA1,2     3,085,274       185,059  
Vivendi SE1     9,429,549       118,938  
Scout24 AG1     1,226,106       85,107  
Playtika Holding Corp.2     2,809,063       77,614  
Koninklijke KPN NV1     21,791,527       68,340  
América Móvil, SAB de CV, Series L (ADR)     3,684,269       65,101  
Spotify Technology SA2     91,325       20,579  
Adevinta ASA1,2     801,607       13,717  
              11,143,262  
                 
Energy 5.11%                
Reliance Industries, Ltd.1     149,335,552       5,050,139  
Reliance Industries, Ltd., interim shares1     10,027,005       251,854  
Canadian Natural Resources, Ltd. (CAD denominated)4     53,489,206       1,955,696  
Neste OYJ1     10,560,925       596,047  
Cenovus Energy ,Inc.     57,243,015       577,130  
Gazprom PJSC (ADR)1     44,875,351       441,730  
TotalEnergies SE1     6,563,007       314,493  
TC Energy Corp. (CAD denominated)4     3,581,732       172,385  
Tourmaline Oil Corp.     4,031,590       140,848  
Royal Dutch Shell PLC, Class B1     5,909,785       130,927  
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR)     4,135,870       42,765  
Rosneft Oil Company PJSC (GDR)1     3,616,788       30,155  
              9,704,169  
                 
Consumer staples 4.43%                
Kweichow Moutai Co., Ltd., Class A1     5,823,182       1,649,809  
Nestlé SA1     11,728,955       1,411,215  
Danone SA1     9,209,360       628,584  
British American Tobacco PLC1     14,841,764       517,820  
Shiseido Company, Ltd.1     6,164,179       415,445  
Philip Morris International, Inc.     3,842,245       364,206  
Avenue Supermarts, Ltd.1,2     6,337,619       361,001  
Pernod Ricard SA1     1,504,699       329,058  
Anheuser-Busch InBev SA/NV1     5,326,628       300,838  
Treasury Wine Estates, Ltd.1     30,832,128       274,095  
Carlsberg A/S, Class B1     1,552,022       252,476  
Reckitt Benckiser Group PLC1     3,087,582       241,663  
   
EuroPacific Growth Fund 7
 
Common stocks (continued)   Shares     Value
(000)
 
Consumer staples (continued)                
Swedish Match AB1     17,262,503     $ 151,394  
Heineken NV1     1,412,094       146,791  
CP ALL PCL, foreign registered shares1     77,429,200       145,392  
Godrej Consumer Products, Ltd.1,2     10,323,995       141,586  
Inner Mongolia Yili Industrial Group Co., Ltd., Class A1     22,356,952       129,507  
Fomento Económico Mexicano, SAB de CV     13,765,300       119,524  
Chocoladefabriken Lindt & Sprüngli AG1     948       111,319  
Coca-Cola HBC AG (CDI)1     3,181,000       102,243  
Associated British Foods PLC1     4,059,647       100,870  
L’Oréal SA, non-registered shares1     224,862       92,806  
Unilever PLC (GBP denominated)1     1,498,419       81,002  
Kerry Group PLC, Class A1     521,356       69,801  
Dabur India, Ltd.1     7,659,423       63,629  
Ocado Group PLC1,2     2,440,690       54,284  
Uni-Charm Corp.1     1,100,364       48,803  
Foshan Haitian Flavouring and Food Co., Ltd., Class A1     2,294,670       38,998  
COSMOS Pharmaceutical Corp.1     161,400       27,526  
Yihai International Holding, Ltd.1,4     4,672,000       25,856  
China Feihe, Ltd.1     12,619,000       21,256  
              8,418,797  
                 
Utilities 1.77%                
ENN Energy Holdings, Ltd.1,3     80,499,000       1,318,238  
China Gas Holdings, Ltd.1     213,836,800       630,562  
Enel SpA1     74,292,313       570,382  
Ørsted AS1     3,151,792       415,849  
Engie SA1     19,973,004       262,136  
China Resources Gas Group, Ltd.1     27,588,253       144,798  
Iberdrola SA, non-registered shares1     2,526,261       25,231  
              3,367,196  
                 
Real estate 0.50%                
Country Garden Services Holdings Co., Ltd.1     50,371,142       395,297  
Goodman Logistics (HK), Ltd. REIT1     11,538,417       179,116  
Sunac Services Holdings, Ltd.1     79,489,450       163,544  
Ayala Land, Inc.1     183,054,907       119,487  
Longfor Group Holdings, Ltd.1     19,048,192       87,537  
KE Holdings, Inc., Class A (ADR)2     494,593       9,031  
              954,012  
                 
Total common stocks (cost: $100,277,306,000)             177,582,594  
                 
Preferred securities 2.12%                
Health care 0.85%                
Sartorius AG, nonvoting non-registered preferred shares1     2,229,681       1,419,968  
Grifols, SA, Class B, nonvoting non-registered preferred shares1     13,291,812       195,938  
              1,615,906  
                 
Energy 0.75%                
Petróleo Brasileiro SA (Petrobras), preferred nominative shares     143,624,356       718,155  
Petróleo Brasileiro SA (Petrobras), preferred nominative shares (ADR)     70,683,360       706,833  
              1,424,988  
                 
Consumer discretionary 0.37%                
Volkswagen AG, nonvoting preferred shares1     3,133,956       702,052  
                 
Information technology 0.08%                
Samsung Electronics Co., Ltd., nonvoting preferred shares1     2,590,928       151,654  
                 
Materials 0.07%                
Gerdau SA, preferred nominative shares     26,891,299       133,821  
   
8 EuroPacific Growth Fund
 
Preferred securities (continued)   Shares     Value
(000)
 
Real estate 0.00%                
Ayala Land, Inc., preferred shares1,2,6     481,283,600       8 
                 
Total preferred securities (cost: $2,337,259,000)             4,028,421  
                 
Rights & warrants 0.14%                
Health care 0.13%                
WuXi AppTec Co., Ltd., Class A, warrants, expire 20221,2,5     10,273,704     $ 243,040  
                 
Communication services 0.01%                
Bharti Airtel Ltd., rights, expire 20211,2     7,438,458       15,363  
                 
Consumer discretionary 0.00%                
Cie. Financière Richemont SA, Class A, warrants, expire 20232     3,624,798       1,711  
                 
Total rights & warrants (cost: $197,628,000)             260,114  
                 
Bonds, notes & other debt instruments 0.05% Principal amount
(000)
         
U.S. Treasury bonds & notes 0.05%                
U.S. Treasury 0.05%                
U.S. Treasury 2.625% 2021   $ 100,000       100,535  
                 
Total bonds, notes & other debt instruments (cost: $100,515,000)             100,535  
                 
Short-term securities 4.53%     Shares          
Money market investments 4.25%                
Capital Group Central Cash Fund 0.06%3,9     80,739,165       8,074,724  
                 
Money market investments purchased with collateral from securities on loan 0.28%                
Capital Group Central Cash Fund 0.06%3,9,10     1,515,893       151,604  
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%9,10     75,000,000       75,000  
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%9,10     62,152,435       62,153  
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%9,10     60,000,000       60,000  
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%9,10     59,400,000       59,400  
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%9,10     45,000,000       45,000  
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%9,10     39,600,000       39,600  
Fidelity Investments Money Market Government Portfolio, Class I 0.01%9,10     34,600,000       34,600  
              527,357  
                 
Total short-term securities (cost: $8,600,846,000)             8,602,081  
Total investment securities 100.28% (cost: $111,513,554,000)             190,573,745  
Other assets less liabilities (0.28)%             (529,916 )
                 
Net assets 100.00%           $ 190,043,829  
   
EuroPacific Growth Fund 9
 

Investments in affiliates3

 

    Value of
affiliates at
4/1/2021
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value of
affiliates at
9/30/2021
(000)
    Dividend
income
(000)
 
Common stocks 8.76%                                                        
Information technology 1.46%                                                        
Nice, Ltd. (ADR)4   $ 754,051     $ 164,702     $ 872     $ 345     $ 256,114     $ 1,174,340     $  
Nice, Ltd.1     54,803       5,034       64       26       17,723       77,522        
Edenred SA1     768,488             867       472       23,373       791,466       13,384  
Sinch AB1,2     420,959       232,857       477       270       66,949       720,558        
PagSeguro Digital, Ltd., Class A2,11     1,346,146       37,384       31,115       6,747       152,666              
                                              2,763,886          
Financials 0.25%                                                        
Commerzbank AG, non-registered shares1,2     440,362             447       69       37,899       477,883        
Consumer discretionary 3.26%                                                        
MercadoLibre, Inc.2     3,878,418       9,918       20,142       6,906       537,992       4,413,092        
Flutter Entertainment PLC1,2     1,157,395       22,858       70,438       30,613       (109,157 )     1,031,271        
Flutter Entertainment PLC (EUR denominated)1,2     786,605       35,569       832       467       (68,302 )     753,507        
ASOS PLC1,2,11     495,206             129,889       (55,156 )     (165,036 )            
Melco Resorts & Entertainment, Ltd. (ADR)2,11     568,500             246,467       (92,402 )     (87,372 )            
                                              6,197,870          
Health care 1.41%                                                        
Daiichi Sankyo Company, Ltd.1     3,191,241       12,654       201,606       48,934       (371,898 )     2,679,325       12,163  
Notre Dame Intermédica Participações SA11     465,845             131,192       (2,239 )     (21,667 )           1,224  
Teva Pharmaceutical Industries, Ltd. (ADR)2,11     647,001             208,576       (643,561 )     527,442              
                                              2,679,325          
Industrials 1.02%                                                        
Kingspan Group PLC1     634,159       362,910       960       469       115,652       1,112,230       2,598  
Melrose Industries PLC1     918,926             957       427       (87,784 )     830,612       90,156  
Nihon M&A Center Holdings, Inc.1,11     492,414       1,011       53,473       (13,973 )     46,188             1,165  
                                              1,942,842          
Materials 0.67%                                                        
First Quantum Minerals, Ltd.     1,039,289       158,860       275,955       63,745       (66,431 )     919,508       404  
Lundin Mining Corp.     103,546       331,489       130       21       (89,411 )     345,515       3,926  
Vale SA, ordinary nominative shares11     1,758,537       26,289                   (350,413 )           203,162  
Vale SA, ordinary nominative shares (ADR)11     2,778,474       129,256       303,791       (14,303 )     (507,110 )           296,745  
                                              1,265,023          
Communication services 0.00%                                                        
Square Enix Holdings Co., Ltd.11     409,233             422,787       31,468       (17,914 )           1,116  
Energy 0.00%                                                        
Canadian Natural Resources, Ltd. (CAD denominated)4,11     2,205,274       64,019       613,324       9,208       290,519             41,854  
Utilities 0.69%                                                        
ENN Energy Holdings, Ltd.1     1,234,500       110,025       37,555       1,286       9,982       1,318,238       23,923  
Total common stocks                                             16,645,067          
Short-term securities 4.33%                                                        
Money market investments 4.25%                                                        
Capital Group Central Cash Fund 0.06%9     8,994,330       10,650,577       11,570,341       (73 )     231       8,074,724       2,047  
Money market investments purchased with collateral from securities on loan 0.08%                                                        
Capital Group Central Cash Fund 0.06%9,10     18,166       133,438 12                              151,604       13 
Total short-term securities                                             8,226,328          
Total 13.09%                           $ (620,234 )   $ 140,235     $ 24,871,395     $ 693,867  
   
10 EuroPacific Growth Fund
 
1 Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $143,243,756,000, which represented 75.37% of the net assets of the fund. This amount includes $142,981,839,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
2 Security did not produce income during the last 12 months.
3 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.
4 All or a portion of this security was on loan. The total value of all such securities was $772,423,000, which represented .41% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
5 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 $281,050,000, which represented .15% of the net assets of the fund.
6 Value determined using significant unobservable inputs.
7 Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on this holding appear below.
8 Amount less than one thousand.
9 Rate represents the seven-day yield at 9/30/2021.
10 Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
11 Unaffiliated issuer at 9/30/2021.
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.
   
Private placement security   Acquisition
date 
  Cost
(000)
    Value
(000)
    Percent
of net
assets
 
Canva, Inc.   8/26/2021   $ 3,514     $ 3,514       .00 %

 

Key to abbreviations

ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
GBP = British pounds
GDR = Global Depositary Receipts

 

See notes to financial statements.

 

EuroPacific Growth Fund 11
 

Financial statements

 

Statement of assets and liabilities unaudited
at September 30, 2021 (dollars in thousands)

 

Assets:        
Investment securities, at value (includes $772,423 of investment securities on loan):                
Unaffiliated issuers (cost: $94,325,631)   $ 165,702,350          
Affiliated issuers (cost: $17,187,923)     24,871,395     $ 190,573,745  
Cash             2,633  
Cash denominated in currencies other than U.S. dollars (cost: $179,773)             179,773  
Receivables for:                
Sales of investments     484,258          
Sales of fund’s shares     203,338          
Dividends and interest     487,745          
Securities lending income     11       1,175,352  
              191,931,503  
Liabilities:                
Collateral for securities on loan             527,357  
Payables for:                
Purchases of investments     241,736          
Repurchases of fund’s shares     254,376          
Investment advisory services     67,077          
Services provided by related parties     22,245          
Trustees’ deferred compensation     5,894          
U.S. and non-U.S. taxes     757,466          
Other     11,523       1,360,317  
Net assets at September 30, 2021           $ 190,043,829  
                 
Net assets consist of:                
Capital paid in on shares of beneficial interest           $ 103,582,169  
Total distributable earnings             86,461,660  
Net assets at September 30, 2021           $ 190,043,829  

 

See notes to financial statements.

 

12 EuroPacific Growth Fund
 

Financial statements (continued)

 

Statement of assets and liabilities
at September 30, 2021 (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 (2,757,366 total shares outstanding)

 

    Net assets     Shares
outstanding
    Net asset value
per share
 
Class A   $ 28,199,265       408,633     $ 69.01  
Class C     668,105       10,051       66.47  
Class T     14       *     69.11  
Class F-1     2,338,989       34,056       68.68  
Class F-2     28,653,764       415,906       68.89  
Class F-3     20,646,130       298,545       69.16  
Class 529-A     1,759,436       25,849       68.07  
Class 529-C     75,127       1,144       65.66  
Class 529-E     66,610       990       67.26  
Class 529-T     17       *     69.07  
Class 529-F-1     12       *     68.04  
Class 529-F-2     220,320       3,193       69.00  
Class 529-F-3     13       *     68.97  
Class R-1     172,490       2,645       65.23  
Class R-2     691,090       10,493       65.86  
Class R-2E     102,732       1,515       67.81  
Class R-3     2,707,699       40,282       67.22  
Class R-4     6,023,934       89,304       67.45  
Class R-5E     2,215,721       32,340       68.51  
Class R-5     6,477,313       93,873       69.00  
Class R-6     89,025,048       1,288,547       69.09  

 

* Amount less than one thousand.

 

See notes to financial statements.

 

EuroPacific Growth Fund 13
 

Financial statements (continued)

 

Statement of operations unaudited
for the six months ended September 30, 2021 (dollars in thousands)

 

Investment income:            
Income:            
Dividends (net of non-U.S. taxes of $133,157; also includes $693,867 from affiliates)   $ 2,050,586          
Securities lending income (net of fees)     8,837          
Interest (net of non-U.S. taxes of $88)     543     $ 2,059,966  
Fees and expenses*:                
Investment advisory services     402,184          
Distribution services     64,239          
Transfer agent services     45,161          
Administrative services     29,420          
Reports to shareholders     1,538          
Registration statement and prospectus     1,428          
Trustees’ compensation     890          
Auditing and legal     115          
Custodian     14,391          
Other     853       560,219  
Net investment income             1,499,747  
                 
Net realized gain and unrealized appreciation:                
Net realized gain (loss) on:                
Investments (net of non-U.S. taxes of $100,979):                
Unaffiliated issuers     7,270,294          
Affiliated issuers     (620,234 )        
In-kind redemptions     95,520          
Currency transactions     (6,598 )     6,738,982  
Net unrealized appreciation on:                
Investments (net of non-U.S. taxes of $701,522):                
Unaffiliated issuers     49,622          
Affiliated issuers     140,235          
Currency translations     10,736       200,593  
Net realized gain and unrealized appreciation             6,939,575  
                 
Net increase in net assets resulting from operations           $ 8,439,322  

 

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

 

See notes to financial statements.

 

14 EuroPacific Growth Fund
 

Financial statements (continued)

 

Statements of changes in net assets (dollars in thousands)

 

    Six months ended
September 30,
2021*
    Year ended
March 31,
2021
 
Operations:            
Net investment income   $ 1,499,747     $ 1,400,739  
Net realized gain     6,738,982       10,681,967  
Net unrealized appreciation     200,593       63,316,517  
Net increase in net assets resulting from operations     8,439,322       75,399,223  
                 
Distributions paid to shareholders     (8,263,804 )     (644,876 )
                 
Net capital share transactions     (628,062 )     (14,580,544 )
                 
Total (decrease) increase in net assets     (452,544 )     60,173,803  
                 
Net assets:                
Beginning of period     190,496,373       130,322,570  
End of period   $ 190,043,829     $ 190,496,373  

 

* Unaudited.

 

See notes to financial statements.

 

EuroPacific Growth Fund 15
 

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.

 

16 EuroPacific Growth Fund
 

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/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 are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

 

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

 

Fixed-income class   Examples of standard inputs
All   Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities   Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies   Standard inputs and interest rate volatilities
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

 

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

 

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.

 

EuroPacific Growth Fund 17
 

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

 

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

 

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

 

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of September 30, 2021 (dollars in thousands):

 

    Investment securities  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Common stocks:                                
Information technology   $ 9,506,303     $ 27,733,580     $ 3,514     $ 37,243,397  
Financials     3,692,263       25,612,455             29,304,718  
Consumer discretionary     5,078,575       18,964,212             24,042,787  
Health care     2,334,700       19,164,349             21,499,049  
Industrials     1,346,608       17,988,740             19,335,348  
Materials     5,652,938       6,916,921             12,569,859  
Communication services     6,073,881       5,069,381             11,143,262  
Energy     2,888,824       6,815,345             9,704,169  
Consumer staples     483,730       7,935,067             8,418,797  
Utilities           3,367,196             3,367,196  
Real estate     9,031       944,981             954,012  
Preferred securities     1,558,809       2,469,612       *     4,028,421  
Rights & warrants     1,711       258,403             260,114  
Bonds, notes & other debt instruments           100,535             100,535  
Short-term securities     8,602,081                   8,602,081  
Total   $ 47,229,454     $ 143,340,777     $ 3,514     $ 190,573,745  
* Amount less than one thousand.

 

18 EuroPacific Growth Fund
 

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 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.

 

EuroPacific Growth Fund 19
 

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, 2021, the total value of securities on loan was $772,423,000, and the total value of collateral received was $810,800,000. Collateral received includes cash of $527,357,000 and U.S. government securities of $283,443,000. 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.

 

Collateral — The fund receives highly liquid assets, such as cash or U.S. government securities, as collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event the borrower cannot meet its contractual obligation. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio.

 

6. Taxation and distributions

 

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds 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, 2021, 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.

 

20 EuroPacific Growth Fund
 

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, 2021, the fund recognized $15,614,000 in reclaims (net of $1,364,000 in fees and the effect of realized gain or loss from currency translations) and $436,000 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.

 

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, 2021, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

 

Undistributed ordinary income   $ 193,800  
Undistributed long-term capital gains     8,068,441  

 

As of September 30, 2021, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

 

Gross unrealized appreciation on investments   $ 82,084,230  
Gross unrealized depreciation on investments     (3,645,533 )
Net unrealized appreciation on investments     78,438,697  
Cost of investments     112,135,048  

 

EuroPacific Growth Fund 21
 

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

 

  Six months ended September 30, 2021   Year ended March 31, 2021  
Share class   Ordinary
income
    Long-term
capital gains
    Total
distributions
paid
    Ordinary
income
    Long-term
capital gains
    Total
distributions
paid
 
Class A   $ 11,706     $ 1,209,576     $ 1,221,282     $ 49,608     $     $ 49,608  
Class C           30,600       30,600                   *
Class T     *     1       1       *           *
Class F-1     698       104,783       105,481       4,193             4,193  
Class F-2     28,426       1,161,776       1,190,202       90,941             90,941  
Class F-3     26,527       870,774       897,301       78,548             78,548  
Class 529-A     681       76,627       77,308       2,981             2,981  
Class 529-C           3,581       3,581                   *
Class 529-E           2,967       2,967       16             16  
Class 529-T     *     1       1       *           *
Class 529-F-1     *     *     *     *           *
Class 529-F-2     204       9,258       9,462       627             627  
Class 529-F-3     *     *     *     *           *
Class R-1           8,018       8,018                    
Class R-2           32,570       32,570                   *
Class R-2E           4,635       4,635                    
Class R-3           124,057       124,057                   *
Class R-4     2,446       269,331       271,777       11,634             11,634  
Class R-5E     2,071       101,275       103,346       6,935             6,935  
Class R-5     7,855       291,233       299,088       29,864             29,864  
Class R-6     114,285       3,767,842       3,882,127       369,529             369,529  
Total   $ 194,899     $ 8,068,905     $ 8,263,804     $ 644,876     $     $ 644,876  

 

* Amount less than one thousand.
Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

 

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.

 

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, 2021, the investment advisory services fees were $402,184,000, which were equivalent to an annualized rate of 0.410% of average daily net assets.

 

22 EuroPacific Growth Fund
 

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, 2021, 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 fee is 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. The quarterly fee is based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is 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. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

 

EuroPacific Growth Fund 23
 

For the six months ended September 30, 2021, 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     $35,664       $15,385       $4,384     Not applicable  
Class C     3,560       349       107     Not applicable  
Class T           *     *   Not applicable  
Class F-1     3,106       1,626       373     Not applicable  
Class F-2     Not applicable       15,717       4,291     Not applicable  
Class F-3     Not applicable       167       3,158     Not applicable  
Class 529-A     2,068       803       274     $541  
Class 529-C     412       37       12     24  
Class 529-E     174       19       10     21  
Class 529-T           *     *   *
Class 529-F-1           *     *   *
Class 529-F-2     Not applicable       101       34     66  
Class 529-F-3     Not applicable       *     *   *
Class R-1     919       91       28     Not applicable  
Class R-2     2,807       1,253       112     Not applicable  
Class R-2E     326       109       16     Not applicable  
Class R-3     7,235       2,168       435     Not applicable  
Class R-4     7,968       3,180       959     Not applicable  
Class R-5E     Not applicable       1,750       354     Not applicable  
Class R-5     Not applicable       1,667       1,052     Not applicable  
Class R-6     Not applicable       739       13,821     Not applicable  
Total class-specific expenses     $64,239       $45,161       $29,420     $652  

 

* 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 $890,000 in the fund’s statement of operations reflects $354,000 in current fees (either paid in cash or deferred) and a net increase of $536,000 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 securities from, and sold 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, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $361,952,000 and $583,634,000, respectively, which generated $197,095,000 of net realized gains 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, 2021.

 

24 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):

 

    Sales1      Reinvestments of
distributions
    Repurchases1      Net increase
(decrease)
 
Share class   Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares  
                                                 
Six months ended September 30, 2021                            
                             
Class A   $ 824,687       11,591     $ 1,194,833       16,636     $ (1,760,970 )     (24,715 )   $ 258,550       3,512  
Class C     35,186       511       30,423       439       (101,446 )     (1,472 )     (35,837 )     (522 )
Class T                                                
Class F-1     89,444       1,263       101,856       1,425       (293,649 )     (4,148 )     (102,349 )     (1,460 )
Class F-2     3,578,554       50,525       1,141,331       15,929       (2,802,900 )     (39,192 )     1,916,985       27,262  
Class F-3     1,778,559       24,927       813,476       11,314       (1,639,446 )     (22,952 )     952,589       13,289  
Class 529-A     69,427       987       77,274       1,091       (120,591 )     (1,720 )     26,110       358  
Class 529-C     4,927       72       3,580       52       (16,690 )     (245 )     (8,183 )     (121 )
Class 529-E     2,778       40       2,966       42       (5,566 )     (81 )     178       1  
Class 529-T                 1       2                  1       2 
Class 529-F-1                 1       2                  1       2 
Class 529-F-2     20,429       287       9,460       132       (16,835 )     (237 )     13,054       182  
Class 529-F-3                 1       2                  1       2 
Class R-1     8,518       126       8,017       118       (25,553 )     (378 )     (9,018 )     (134 )
Class R-2     50,405       740       32,558       474       (120,298 )     (1,769 )     (37,335 )     (555 )
Class R-2E     10,672       153       4,635       65       (17,195 )     (246 )     (1,888 )     (28 )
Class R-3     158,651       2,284       123,771       1,768       (411,078 )     (5,922 )     (128,656 )     (1,870 )
Class R-4     355,818       5,113       271,750       3,871       (866,950 )     (12,380 )     (239,382 )     (3,396 )
Class R-5E     257,550       3,599       103,344       1,450       (385,535 )     (5,445 )     (24,641 )     (396 )
Class R-5     319,159       4,489       297,696       4,149       (1,198,218 )     (16,805 )     (581,363 )     (8,167 )
Class R-6     6,723,088       94,457       3,876,478       53,967       (13,226,445 )     (185,678 )     (2,626,879 )     (37,254 )
Total net increase (decrease)   $ 14,287,852       201,164     $ 8,093,451       112,922     $ (23,009,365 )     (323,385 )   $ (628,062 )     (9,299 )

 

See end of table for footnotes.

 

EuroPacific Growth Fund 25
 
    Sales1      Reinvestments of
distributions
    Repurchases1      Net (decrease)
increase
 
Share class   Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares  
                                                 
Year ended March 31, 2021                                          
                                           
Class A   $ 1,722,526       28,666     $ 48,380       707     $ (3,917,308 )     (66,522 )   $ (2,146,402 )     (37,149 )
Class C     66,533       1,116                   (340,847 )     (6,120 )     (274,314 )     (5,004 )
Class T                                                
Class F-1     295,026       5,178       4,046       59       (1,279,542 )     (22,339 )     (980,470 )     (17,102 )
Class F-2     4,908,480       83,347       86,588       1,269       (7,287,401 )     (128,725 )     (2,292,333 )     (44,109 )
Class F-3     4,097,555       68,592       68,596       1,002       (3,940,056 )     (68,150 )     226,095       1,444  
Class 529-A     228,433       3,944       2,979       44       (248,538 )     (4,236 )     (17,126 )     (248 )
Class 529-C     12,640       221                   (136,357 )     (2,522 )     (123,717 )     (2,301 )
Class 529-E     6,803       111       16       2      (12,853 )     (222 )     (6,034 )     (111 )
Class 529-T                 2      2                  2      2 
Class 529-F-1     14,739       277       2      2      (182,816 )     (3,243 )     (168,077 )     (2,966 )
Class 529-F-23      187,641       3,212       627       9       (14,367 )     (210 )     173,901       3,011  
Class 529-F-33      10       2      2      2                  10       2 
Class R-1     15,727       275                   (56,177 )     (994 )     (40,450 )     (719 )
Class R-2     114,089       1,971                   (216,030 )     (3,764 )     (101,941 )     (1,793 )
Class R-2E     20,416       340                   (34,750 )     (599 )     (14,334 )     (259 )
Class R-3     374,200       6,498                   (1,225,713 )     (21,176 )     (851,513 )     (14,678 )
Class R-4     899,600       15,674       11,631       174       (2,853,854 )     (48,258 )     (1,942,623 )     (32,410 )
Class R-5E     461,175       7,664       6,935       102       (983,173 )     (15,821 )     (515,063 )     (8,055 )
Class R-5     952,596       16,254       29,745       436       (2,949,307 )     (48,453 )     (1,966,966 )     (31,763 )
Class R-6     13,816,701       226,384       368,202       5,385       (17,724,090 )     (301,887 )     (3,539,187 )     (70,118 )
Total net increase (decrease)   $ 28,194,890       469,724     $ 627,745       9,187     $ (43,403,179 )     (743,241 )   $ (14,580,544 )     (264,330 )

 

1 Includes exchanges between share classes of the fund.
2 Amount less than one thousand.
3 Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

 

10. Investment transactions

 

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $22,896,951,000 and $29,685,258,000, respectively, during the six months ended September 30, 2021.

 

26 EuroPacific Growth Fund
 

Financial highlights

 

          Income (loss) from                                                        
          investment operations1     Dividends and distributions                                      
Period ended   Net asset
value,
beginning
of period
    Net
investment
income
(loss)
    Net gains
(losses) 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 period
    Total return2,3     Net assets,
end of period
(in millions)
    Ratio of
expenses to
average net
assets before
reimburse-
ments4
    Ratio of
expenses to
average net
assets after
reimburse-
ments3,4
    Ratio of
net income
(loss)
to average
net assets3
 
Class A:                                                                                                        
9/30/20215,6   $ 68.98     $ .46     $ 2.62     $ 3.08     $ (.03 )   $ (3.02 )   $ (3.05 )   $ 69.01       4.29 %7    $ 28,199       .81 %8      .81 %8      1.29 %8 
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  
3/31/2017     44.28       .44       5.14       5.58       (.56 )           (.56 )     49.30       12.72       25,678       .85       .85       .95  
Class C:                                                                                                        
9/30/20215,6     66.76       .18       2.55       2.73             (3.02 )     (3.02 )     66.47       3.90 7      668       1.55 8      1.55 8      .53 8 
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  
3/31/2017     43.25       .08       5.02       5.10       (.16 )           (.16 )     48.19       11.82       1,240       1.63       1.63       .17  
Class T:                                                                                                        
9/30/20215,6     69.04       .54       2.62       3.16       (.07 )     (3.02 )     (3.09 )     69.11       4.40 7,9      10      .58 8,9      .58 8,9      1.51 8,9 
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:                                                                                                        
9/30/20215,6     68.67       .45       2.60       3.05       (.02 )     (3.02 )     (3.04 )     68.68       4.26 7      2,339       .84 8      .84 8      1.25 8 
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  
3/31/2017     44.08       .43       5.11       5.54       (.54 )           (.54 )     49.08       12.69       4,179       .87       .87       .93  
Class F-2:                                                                                                        
9/30/20215,6     68.83       .55       2.60       3.15       (.07 )     (3.02 )     (3.09 )     68.89       4.42 7      28,654       .57 8      .57 8      1.54 8 
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  
3/31/2017     44.19       .55       5.12       5.67       (.69 )           (.69 )     49.17       12.99       22,949       .60       .60       1.19  
Class F-3:                                                                                                        
9/30/20215,6     69.06       .59       2.62       3.21       (.09 )     (3.02 )     (3.11 )     69.16       4.48 7      20,646       .46 8      .46 8      1.64 8 
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  
3/31/20175,12     47.46       .24       1.62       1.86                         49.32       3.92 7      1,162       .09 7      .09 7      .50 7 
Class 529-A:                                                                                                        
9/30/20215,6     68.08       .45       2.59       3.04       (.03 )     (3.02 )     (3.05 )     68.07       4.28 7      1,759       .83 8      .83 8      1.27 8 
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  
3/31/2017     43.82       .41       5.09       5.50       (.55 )           (.55 )     48.77       12.65       1,172       .90       .90       .90  

 

See end of table for footnotes.

 

EuroPacific Growth Fund 27
 

Financial highlights (continued)

          Income (loss) from                                                        
          investment operations1      Dividends and distributions                                      
Period ended   Net asset
value,
beginning
of period
    Net
investment
income
(loss)
    Net gains
(losses) 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 period
    Total return2,3      Net assets,
end of period
(in millions)
    Ratio of
expenses to
average net
assets before
reimburse-
ments4 
    Ratio of
expenses to
average net
assets after
reimburse-
ments3,4 
    Ratio of
net income
(loss)
to average
net assets3 
 
Class 529-C:                                                                                                        
9/30/20215,6    $ 66.00     $ .16     $ 2.52     $ 2.68     $     $ (3.02 )   $ (3.02 )   $ 65.66       3.88 %7    $ 75       1.61 %8      1.61 %8      .47 %8 
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  
3/31/2017     42.90       .05       4.97       5.02       (.19 )           (.19 )     47.73       11.76       343       1.68       1.68       .12  
Class 529-E:                                                                                                        
9/30/20215,6      67.36       .36       2.56       2.92             (3.02 )     (3.02 )     67.26       4.15 7      67       1.07 8      1.07 8      1.03 8 
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  
3/31/2017     43.45       .30       5.04       5.34       (.44 )           (.44 )     48.35       12.39       60       1.13       1.13       .66  
Class 529-T:                                                                                        
9/30/20215,6      69.01       .53       2.61       3.14       (.06 )     (3.02 )     (3.08 )     69.07       4.37 7,9      10      .63 8,9      .63 8,9      1.47 8,9 
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:                                                                                        
9/30/20215,6      68.03       .51       2.59       3.10       (.07 )     (3.02 )     (3.09 )     68.04       4.37 7,9      10      .65 8,9      .65 8,9      1.46 8,9 
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  
3/31/2017     43.81       .51       5.07       5.58       (.65 )           (.65 )     48.74       12.88       102       .68       .68       1.11  
Class 529-F-2:                                                                                        
9/30/20215,6      68.94       .53       2.62       3.15       (.07 )     (3.02 )     (3.09 )     69.00       4.38 7      220       .61 8      .61 8      1.50 8 
3/31/20215,13      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:                                                                                        
9/30/20215,6      68.89       .57       2.61       3.18       (.08 )     (3.02 )     (3.10 )     68.97       4.45 7      10      .52 8      .52 8      1.59 8 
3/31/20215,13      57.39       .16       11.62       11.78       (.28 )           (.28 )     68.89       20.54 7      10      .27 7      .22 7      .23 7 
Class R-1:                                                                                        
9/30/20215,6      65.57       .18       2.50       2.68             (3.02 )     (3.02 )     65.23       3.89 7      173       1.56 8      1.56 8      .53 8 
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  
3/31/2017     42.69       .08       4.96       5.04       (.24 )           (.24 )     47.49       11.86       247       1.61       1.61       .19  

 

See end of table for footnotes.

 

28 EuroPacific Growth Fund
 

Financial highlights (continued)

          Income (loss) from                                                        
          investment operations1      Dividends and distributions                                      
Period ended   Net asset
value,
beginning
of period
    Net
investment
income
(loss)
    Net gains
(losses) 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 period
    Total return2,3      Net assets,
end of period
(in millions)
    Ratio of
expenses to
average net
assets before
reimburse-
ments4 
    Ratio of
expenses to
average net
assets after
reimburse-
ments3,4 
    Ratio of
net income
(loss)
to average
net assets3 
 
Class R-2:                                                                                                        
9/30/20215,6    $ 66.17     $ .19     $ 2.52     $ 2.71     $     $ (3.02 )   $ (3.02 )   $ 65.86       3.92 %7    $ 691       1.54 %8      1.54 %8      .54 %8 
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  
3/31/2017     43.01       .09       5.00       5.09       (.22 )           (.22 )     47.88       11.88       767       1.60       1.60       .20  
Class R-2E:                                                                                                        
9/30/20215,6      67.96       .29       2.58       2.87             (3.02 )     (3.02 )     67.81       4.06 7      103       1.26 8      1.26 8      .84 8 
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  
3/31/2017     43.79       .18       5.14       5.32       (.52 )           (.52 )     48.59       12.25       189       1.28       1.28       .40  
Class R-3:                                                                                                        
9/30/20215,6      67.33       .34       2.57       2.91             (3.02 )     (3.02 )     67.22       4.14 7      2,708       1.11 8      1.11 8      .98 8 
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  
3/31/2017     43.40       .30       5.04       5.34       (.42 )           (.42 )     48.32       12.40       4,505       1.14       1.14       .66  
Class R-4:                                                                                                        
9/30/20215,6      67.49       .45       2.56       3.01       (.03 )     (3.02 )     (3.05 )     67.45       4.29 7      6,024       .81 8      .81 8      1.29 8 
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  
3/31/2017     43.45       .43       5.03       5.46       (.56 )           (.56 )     48.35       12.70       9,854       .85       .85       .96  
Class R-5E:                                                                                                        
9/30/20215,6      68.47       .53       2.59       3.12       (.06 )     (3.02 )     (3.08 )     68.51       4.40 7      2,216       .61 8      .61 8      1.49 8 
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  
3/31/2017     44.14       .53       5.09       5.62       (.74 )           (.74 )     49.02       12.89       9       .62       .62       1.14  
Class R-5:                                                                                                        
9/30/20215,6      68.92       .57       2.61       3.18       (.08 )     (3.02 )     (3.10 )     69.00       4.44 7      6,477       .51 8      .51 8      1.58 8 
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  
3/31/2017     44.22       .58       5.13       5.71       (.71 )           (.71 )     49.22       13.07       8,721       .54       .54       1.27  
Class R-6:                                                                                                        
9/30/20215,6      69.00       .59       2.61       3.20       (.09 )     (3.02 )     (3.11 )     69.09       4.46 7      89,025       .46 8      .46 8      1.64 8 
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  
3/31/2017     44.27       .60       5.14       5.74       (.74 )           (.74 )     49.27       13.10       51,100       .50       .50       1.30  

 

See end of table for footnotes.

 

EuroPacific Growth Fund 29
 

Financial highlights (continued)

 

  Six months          
  ended
September 30,
Year ended March 31,
  20215,6,7 2021 2020 2019 2018 2017
Portfolio turnover rate for all share classes14 12% 32% 38% 35% 29% 36%

 

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 periods 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 F-3 shares began investment operations on January 27, 2017.
13 Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
14 Rates do not include the fund’s portfolio activity with respect to any Central Funds.

See notes to financial statements.

30 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, 2021, through September 30, 2021).

 

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 31
 

Expense example (continued)

 

    Beginning
account value
4/1/2021
    Ending
account value
9/30/2021
    Expenses paid
during period*
    Annualized
expense ratio
 
Class A – actual return   $ 1,000.00     $ 1,042.88     $ 4.15       .81 %
Class A – assumed 5% return     1,000.00       1,021.01       4.10       .81  
Class C – actual return     1,000.00       1,038.99       7.92       1.55  
Class C – assumed 5% return     1,000.00       1,017.30       7.84       1.55  
Class T – actual return     1,000.00       1,043.98       2.97       .58  
Class T – assumed 5% return     1,000.00       1,022.16       2.94       .58  
Class F-1 – actual return     1,000.00       1,042.56       4.30       .84  
Class F-1 – assumed 5% return     1,000.00       1,020.86       4.26       .84  
Class F-2 – actual return     1,000.00       1,044.25       2.92       .57  
Class F-2 – assumed 5% return     1,000.00       1,022.21       2.89       .57  
Class F-3 – actual return     1,000.00       1,044.80       2.36       .46  
Class F-3 – assumed 5% return     1,000.00       1,022.76       2.33       .46  
Class 529-A – actual return     1,000.00       1,042.83       4.25       .83  
Class 529-A – assumed 5% return     1,000.00       1,020.91       4.20       .83  
Class 529-C – actual return     1,000.00       1,038.83       8.23       1.61  
Class 529-C – assumed 5% return     1,000.00       1,017.00       8.14       1.61  
Class 529-E – actual return     1,000.00       1,041.52       5.48       1.07  
Class 529-E – assumed 5% return     1,000.00       1,019.70       5.42       1.07  
Class 529-T – actual return     1,000.00       1,043.72       3.23       .63  
Class 529-T – assumed 5% return     1,000.00       1,021.91       3.19       .63  
Class 529-F-1 – actual return     1,000.00       1,043.67       3.33       .65  
Class 529-F-1 – assumed 5% return     1,000.00       1,021.81       3.29       .65  
Class 529-F-2 – actual return     1,000.00       1,043.83       3.13       .61  
Class 529-F-2 – assumed 5% return     1,000.00       1,022.01       3.09       .61  
Class 529-F-3 – actual return     1,000.00       1,044.48       2.67       .52  
Class 529-F-3 – assumed 5% return     1,000.00       1,022.46       2.64       .52  
Class R-1 – actual return     1,000.00       1,038.92       7.97       1.56  
Class R-1 – assumed 5% return     1,000.00       1,017.25       7.89       1.56  
Class R-2 – actual return     1,000.00       1,039.23       7.87       1.54  
Class R-2 – assumed 5% return     1,000.00       1,017.35       7.79       1.54  
Class R-2E – actual return     1,000.00       1,040.56       6.45       1.26  
Class R-2E – assumed 5% return     1,000.00       1,018.75       6.38       1.26  
Class R-3 – actual return     1,000.00       1,041.37       5.68       1.11  
Class R-3 – assumed 5% return     1,000.00       1,019.50       5.62       1.11  
Class R-4 – actual return     1,000.00       1,042.93       4.15       .81  
Class R-4 – assumed 5% return     1,000.00       1,021.01       4.10       .81  
Class R-5E – actual return     1,000.00       1,043.97       3.13       .61  
Class R-5E – assumed 5% return     1,000.00       1,022.01       3.09       .61  
Class R-5 – actual return     1,000.00       1,044.38       2.61       .51  
Class R-5 – assumed 5% return     1,000.00       1,022.51       2.59       .51  
Class R-6 – actual return     1,000.00       1,044.64       2.36       .46  
Class R-6 – assumed 5% return     1,000.00       1,022.76       2.33       .46  

 

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

 

32 EuroPacific Growth Fund
 

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EuroPacific Growth Fund 33
 

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34 EuroPacific Growth Fund
 

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EuroPacific Growth Fund 35
 

Office of the fund

333 South Hope Street

Los Angeles, CA 90071-1406

 

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

 

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address nearest you.)

 

P.O. Box 6007

Indianapolis, IN 46206-6007

 

P.O. Box 2280

Norfolk, VA 23501-2280

 

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

 

Counsel

Dechert LLP

One Bush Street, Suite 1600

San Francisco, CA 94104-4446

 

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

 

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

 

36 EuroPacific Growth Fund
 

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

 

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

 

EuroPacific Growth Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

 

This report is for the information of shareholders of EuroPacific Growth Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2021, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

 

MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

 

American Funds Distributors, Inc., member FINRA.

 

The Capital Advantage®

 

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — has resulted in superior outcomes.

 

  Aligned with investor success
  We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.1
   
  The Capital System
  The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.
   
  American Funds’ superior outcomes
  Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.2 Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 Fund management fees have been among the lowest in the industry.4
   
  1 Investment industry experience as of December 31, 2020.
  2 Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
  3 Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
  4 On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

 

 

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. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

 

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

 

 

 

 

ITEM 2 – Code of Ethics

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 3 – Audit Committee Financial Expert

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 4 – Principal Accountant Fees and Services

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 5 – Audit Committee of Listed Registrants

 

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

 

ITEM 6 – Schedule of Investments

 

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 10 – Submission of Matters to a Vote of Security Holders

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

 

ITEM 11 – Controls and Procedures

 

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
   
(b)

There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

 

ITEM 12 – Exhibits

 

(a)(1) Not applicable for filing of semi-annual reports to shareholders.
   
(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

 

 
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  EUROPACIFIC GROWTH FUND
   
  By __/s/ Walter R. Burkley____________________
 

Walter R. Burkley,

Principal Executive Officer

   
  Date: November 30, 2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

 

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

 
Date: November 30, 2021

 

 

 

By ___/s/ Brian C. Janssen    ___________

Brian C. Janssen, Treasurer and

Principal Financial Officer

 
Date: November 30, 2021