N-CSR 1 eupac_ncsr.htm N-CSR

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: March 31, 2022

Brian C. Janssen

EuroPacific Growth Fund

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

EuroPacific Growth Fund^®

Annual report
for the year ended
March 31, 2022

Tap into the growth
potential of
international equities

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

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

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

See page 4 for Class F-2 and Class A share results with relevant sales charges deducted and fund expenses. For other share class results, visit capitalgroup.com and americanfundsretirement.com.

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.

Contents

1	Letter to investors

4	The value of a long-term perspective

6	Investment portfolio

16	Financial statements

42	Board of trustees and other officers

Fellow investors:

As international markets struggled with a war in Ukraine, high inflation and an ongoing pandemic, EuroPacific Growth Fund declined in value and trailed its benchmark index. Over longer time frames, the fund’s results compare favorably to the benchmark as shown in the chart below.

The fund’s Class F-2 shares fell 9.44% for the fiscal year ended March 31, 2022. That result compares with a 1.48% loss for the MSCI ACWI (All Country World Index) ex USA, which reflects the returns of more than 40 developed and developing country stock markets. The fund’s Class F-2 share results include a dividend of $1.04 per share paid in December 2021.

Equity markets recede

International markets declined in the face of heightened geopolitical tensions as Russia built up a military presence along the Ukrainian border and ultimately invaded the country on February 24, 2022.

The war exacerbated issues that were already pressuring markets, including global supply-chain disruptions, sharply higher inflation and rising interest rates. Unprecedented sanctions levied against Russia by the United States, the European Union and others sent Russian stocks, bonds and the ruble plummeting. The MSCI Europe Index fell on worries about a wider conflict in the region and the potential loss of Russian oil and gas imports to fuel the European economy.

Oil prices soared above $130 a barrel at times, feeding into higher global inflation. In the eurozone, for example, inflation climbed to 7.5% in March, the highest level since the euro currency was launched 20 years ago. In response to several months of higher inflation readings, the European Central Bank signaled that it will end its bond-buying stimulus program and consider hiking rates later in the year. Others, including the U.S. Federal Reserve and the Bank of

Results at a glance

For periods ended March 31, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 4/16/84)

EuroPacific Growth Fund (Class F-2 shares)¹		–9.44	%		7.90	%		7.21	%		10.50	%
EuroPacific Growth Fund (Class A shares)		–9.65			7.63			6.95			10.27
MSCI ACWI (All Country World Index) ex USA^2,3		–1.48			6.76			5.55			8.43

¹	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. Please see capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
²	Market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Source: MSCI.
³	From April 16, 1984, through December 31, 1987, the MSCI EAFE (Europe, Australasia, Far East) Index was used because the MSCI ACWI (All Country World Index) ex USA did not yet exist. Since January 1, 1988, the MSCI ACWI ex USA has been used. The MSCI EAFE Index reflects dividends net of withholding taxes. The MSCI ACWI ex USA reflects dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.


EuroPacific Growth Fund	1

England, also moved to reduce stimulus measures and raise rates in a bid to tame rising consumer prices. In one notable exception, the Bank of Japan held steady as core inflation in Japan remained relatively low through the end of March.

Emerging markets struggled during the 12-month period, weighed down by a sharp decline in Chinese stocks. China shares tumbled more than 30% amid a government crackdown on the technology sector and signs of slowing economic growth. Compounding those problems, a surge of new COVID-19 infections triggered harsh lockdowns in the world’s second largest economy. Meanwhile, India’s stock market rallied, lifted by strong economic growth. Brazilian stocks also posted impressive gains, boosted by rising commodity prices. Major commodity-producing nations and commodity-linked equities generally performed better than the overall market.

Sector returns mixed

Consumer discretionary stocks experienced the biggest declines, hurt by worries about higher consumer prices and a potential war-induced recession. The communication services sector fell sharply as interactive media and entertainment companies came under pressure following a strong rally during the height of the COVID-19 crisis. Real estate stocks also suffered big declines, particularly in China amid a property-market downturn and a debt-induced crisis at one of the country’s largest real estate development companies. As the crisis widened, several Chinese real estate companies defaulted on dollar-denominated bonds.

In contrast, energy stocks soared as higher oil and gas prices translated directly to the bottom line of the world’s largest energy-producing companies. Exploration firms benefited from expectations that oil and gas prices will remain elevated, especially if the war in Ukraine drags on. The materials sector also enjoyed significant gains as prices for raw materials skyrocketed on worries that international sanctions will curb the flow of Russian commodities. Russia is one of the world’s largest producers of oil, natural gas and key metals used to manufacture many high-tech products.

Inside the portfolio

Select investments in the energy and materials sectors produced solid results for the fund. Two of the largest contributors were Canadian Natural Resources, the Calgary-based oil and gas giant, and Reliance Industries, India’s largest company with vast operations in energy, retail, media and telecommunications. Both companies benefited from the rise in oil and gas prices. Reliance also experienced significant growth in its mobile and e-commerce subsidiary, Jio Platforms. In the materials sector, shares of Brazil’s Vale and Canada’s First Quantum Minerals rallied along with the spike in prices for iron ore, nickel and copper.

Three information technology stocks were among the fund’s largest detractors: Canadian e-commerce firm Shopify and Brazilian payment processors StoneCo and PagSeguro Digital. The IT sector came under pressure as the threat of rising interest rates caused investors to rethink lofty valuations among tech companies that have generated strong returns in recent years. In the communication services sector, Sea Ltd. was another large detractor. The Singapore-based internet platform provider dealt with a number of setbacks, including a slowdown in user growth and gaming revenues, as well as India’s decision to ban Sea’s most popular game, Free Fire.

Among consumer discretionary stocks, shares of Flutter Entertainment declined as the Ireland-based online betting company faced tighter gambling

2	EuroPacific Growth Fund

restrictions and unfavorable sports results in some markets. Also weighing on the fund’s results were several stocks in the financial and health care sectors, including Hong Kong-based insurer AIA Group and Chinese biotech firm WuXi Biologics. The fund’s exposure to Russian stocks was minimal throughout the fiscal year, representing less than 1% of the portfolio — an underweight position relative to the index. On a country basis, the largest detractors were the United Kingdom, Singapore and Japan.

Looking ahead

The outlook for international equity markets has shifted primarily due to higher global inflation and the desire of central bankers around the world to raise interest rates in response. The war in Ukraine has added geopolitical uncertainty into the equation and underscored the strained relationships between Western democracies and Eastern autocratic governments. At the same time, global economic growth is slowing, and recession risks are growing in a number of key markets, including Europe and China. Indeed, we are navigating one of the most complex investing environments in recent years.

Against this difficult backdrop, investor sentiment is also changing. Investors are increasingly recognizing the value of companies that produce tangible products — from oil and gas to copper and nickel to tractors and trucks. Over the past decade, many of these old-economy companies were overlooked in favor of the high-flying new-economy titans engaged in software, internet and e-commerce activities. That’s changing. It doesn’t mean digitally focused companies won’t do well going forward. We think they will. But it could mean that some of those venerable hard-hat companies will be rewarded with valuations that more fully reflect their crucial role in the global economy.

We believe a balanced and well-diversified portfolio makes sense in any environment, but particularly in this one, which has been characterized by heightened uncertainty and extreme volatility at times. In last year’s annual letter, we reminded investors to keep an eye on valuations and prepare for healthy market corrections from time to time. One of those corrections appears to be underway, but that’s no reason to be discouraged. We remain confident that we have the right people in place all over the world to monitor developments and make decisions based on deep, company-specific fundamental research, which has always formed the basis of our long-term investment approach.

Thank you for your commitment to the fund, and we look forward to reporting to you again in six months.

Sincerely,

Gerald Du Manoir
Co-President

Carl M. Kawaja
Co-President

Christopher Thomsen
Co-President

May 10, 2022

For current information about the fund, visit capitalgroup.com.

EuroPacific Growth Fund

The value of a long-term perspective

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425.² 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.

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. Please see capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

The results shown are before taxes on fund distributions and sale of fund shares.

¹	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
²	The maximum initial sales charge was 8.50% prior to July 1, 1988.
³	For the period April 16, 1984, commencement of operations, through March 31, 1985.
⁴	The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
⁵	From April 16, 1984, through December 31, 1987, the MSCI EAFE (Europe, Australasia, Far East) Index was used because the MSCI ACWI (All Country World Index) ex USA did not yet exist. Since January 1, 1988, the MSCI ACWI ex USA has been used. The MSCI EAFE Index reflects dividends net of withholding taxes. The MSCI ACWI ex USA reflects dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.


4	EuroPacific Growth Fund

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in Class F-2 and Class A shares of EuroPacific Growth Fund grew from April 16, 1984, to March 31, 2022. As you can see, the investment grew to $442,871 or $385,123, respectively.

EuroPacific Growth Fund

Investment portfolio March 31, 2022

Sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
Eurozone*		27.10	%
Japan		9.13
India		7.70
Canada		6.05
China		5.61
Switzerland		5.13
Brazil		4.89
United Kingdom		4.76
United States		3.63
Other countries		16.24
Short-term securities & other assets less liabilities		9.76

*	Countries using the euro as a common currency; those represented in the fund’s portfolio are Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands and Spain.

Common stocks 88.65%	Shares		Value (000)
Information technology 17.63%
ASML Holding NV¹		8,155,772	$	5,439,896
Taiwan Semiconductor Manufacturing Company, Ltd.¹		209,525,649		4,331,824
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		7,995,332		833,594
Keyence Corp.¹		4,058,190		1,886,766
Tokyo Electron, Ltd.¹		2,266,600		1,163,841
Nice, Ltd. (ADR)^2,3,4		4,290,542		939,629
Nice, Ltd.^1,2,3		273,527		59,878
Hexagon AB, Class B¹		71,045,977		996,753
SK hynix, Inc.¹		10,022,566		959,391
Shopify, Inc., Class A, subordinate voting shares³		1,118,618		756,141
Nomura Research Institute, Ltd.¹		22,338,119		730,574
Adyen NV^1,3		366,766		724,572
SAP SE¹		6,484,563		723,569
STMicroelectronics NV¹		16,173,589		702,600
Halma PLC^1,2		20,099,962		656,097
Edenred SA^1,2		13,001,010		642,713
Samsung Electronics Co., Ltd.¹		10,971,127		626,755
Dassault Systemes SE¹		9,765,028		481,172
Fujitsu, Ltd.¹		3,041,100		453,374
Nemetschek SE¹		4,257,543		413,007
Atlassian Corp. PLC, Class A³		1,399,660		411,262
Amadeus IT Group SA, Class A, non-registered shares^1,3		5,631,364		366,805
PagSeguro Digital, Ltd., Class A³		17,707,871		355,043
Capgemini SE¹		1,296,000		288,286
Worldline SA, non-registered shares^1,3,4		5,924,986		256,867
OBIC Co., Ltd.¹		1,467,055		219,821
MediaTek, Inc.¹		6,702,000		208,961
NVIDIA Corp.		732,811		199,955
Nuvei Corp., subordinate voting shares³		2,501,374		188,081
Infosys, Ltd. (ADR)		7,145,619		177,854
Wise PLC, Class A^1,3,4		26,178,552		169,530
Reply SpA¹		967,964		159,344
Suse SA^1,3,4		4,501,141		145,184
Zscaler, Inc.³		595,630		143,714
TE Connectivity, Ltd.		1,002,101		131,255
Kingdee International Software Group Co., Ltd.^1,3		59,279,000		130,812
Infineon Technologies AG¹		3,628,442		123,960
Silergy Corp.¹		1,027,298		121,002
ASM International NV¹		307,775		111,568
NXP Semiconductors NV		575,499		106,513
Constellation Software Inc.		54,200		92,649
ironSource, Ltd., Class A^3,4		19,074,536		91,558
Flat Glass Group Co., Ltd., Class H^1,3,4		22,546,000		86,764
ITOCHU Techno-Solutions Corp.¹		3,321,900		84,846

6	EuroPacific Growth Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Block, Inc., Class A (CDI)^1,3		627,356	$	82,756
Endava PLC, Class A (ADR)³		585,222		77,852
SUMCO Corp.¹		4,718,000		77,412
Lightspeed Commerce, Inc., subordinate voting shares (CAD denominated)^3,4		2,352,207		71,743
Lightspeed Commerce, Inc., subordinate voting shares³		57,950		1,766
TELUS International (Cda), Inc., subordinate voting shares³		2,937,582		72,588
Microsoft Corp.		228,800		70,541
JustSystems Corp.¹		1,253,848		58,944
Canva, Inc.^1,3,5,6		37,779		57,674
ALTEN SA, non-registered shares¹		356,709		53,821
TDK Corp.¹		1,449,100		52,321
Otsuka Corp.¹		1,448,200		51,427
Okta, Inc., Class A³		305,300		46,088
Sinch AB^1,3,4		6,580,534		44,557
Nexi SpA^1,3		3,160,316		36,505
AVEVA Group PLC¹		737,769		23,555
StoneCo, Ltd., Class A³		1,892,149		22,138
Hundsun Technologies, Inc., Class A¹		2,050,904		14,325
BE Semiconductor Industries NV¹		157,999		13,450
MongoDB, Inc., Class A³		27,800		12,332
Bechtle AG, non-registered shares¹		210,798		11,896
SimCorp AS¹		153,602		11,188
				28,858,659

Financials 14.48%
AIA Group, Ltd.¹		247,316,812		2,589,267
HDFC Bank, Ltd.¹		96,886,630		1,869,994
HDFC Bank, Ltd. (ADR)		6,335,393		388,550
Kotak Mahindra Bank, Ltd.¹		60,405,823		1,389,053
UniCredit SpA^1,2		121,190,094		1,308,485
Deutsche Bank AG^1,3		87,191,114		1,113,351
Société Générale¹		29,632,450		792,719
CaixaBank, SA^1,3		230,006,342		775,212
ICICI Bank, Ltd.¹		72,707,558		696,914
ICICI Bank, Ltd. (ADR)		937,595		17,758
B3 SA-Brasil, Bolsa, Balcao		215,381,600		710,693
Toronto-Dominion Bank (CAD denominated)		8,047,897		638,540
Aon PLC, Class A		1,878,098		611,565
Brookfield Asset Management, Inc., Class A		10,558,527		597,296
Commerzbank AG, non-registered shares^1,2,3		71,609,664		546,771
Hong Kong Exchanges and Clearing, Ltd.¹		10,579,064		498,559
KBC Groep NV¹		6,906,201		496,691
ING Groep NV¹		46,173,152		482,545
Bajaj Finserv, Ltd.¹		2,129,792		473,179
Aegon NV¹		88,899,570		469,165
FinecoBank SpA¹		30,321,846		460,522
DBS Group Holdings, Ltd.¹		17,314,435		455,202
Banco Santander, SA¹		132,680,726		450,181
Banco Bilbao Vizcaya Argentaria, SA¹		77,679,081		444,151
ABN AMRO Bank NV^1,4		31,267,548		400,007
AXA SA¹		13,381,658		390,797
China Merchants Bank Co., Ltd., Class H¹		47,663,100		372,600
BNP Paribas SA¹		6,512,852		370,824
XP, Inc., Class A³		11,257,470		338,850
Ping An Insurance (Group) Company of China, Ltd., Class H¹		40,032,500		282,453
Ping An Insurance (Group) Company of China, Ltd., Class A¹		7,054,193		53,370
London Stock Exchange Group PLC¹		3,116,863		325,637
Macquarie Group, Ltd.¹		1,861,008		279,949
HDFC Life Insurance Company, Ltd.¹		39,538,945		279,564
EQT AB¹		6,735,777		263,777
Bajaj Finance, Ltd.¹		2,635,688		250,575
Canadian Imperial Bank of Commerce		2,013,500		244,410
Capitec Bank Holdings, Ltd.¹		1,293,737		206,697
3i Group PLC¹		9,694,700		175,367
Euronext NV¹		1,883,335		171,015
Bridgepoint Group PLC^1,3		28,804,412		132,378
Allfunds Group PLC^1,3		11,252,030		128,455
Bank Mandiri (Persero) Tbk PT¹		213,155,800		116,960

EuroPacific Growth Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Nu Holdings, Ltd., Class A^3,4		14,429,816	$	111,398
DNB Bank ASA¹		2,993,772		67,780
Discovery, Ltd.^1,3		5,386,651		66,894
East Money Information Co., Ltd., Class A^1,3		16,844,600		66,665
Bank Central Asia Tbk PT¹		117,304,700		64,991
Erste Group Bank AG¹		1,094,843		39,708
Hiscox, Ltd.¹		2,860,915		36,883
Antin Infrastructure Partners SA^1,3		997,610		31,821
Lufax Holding, Ltd. (ADR)³		5,429,871		30,244
Hang Seng Bank, Ltd.¹		1,311,800		25,233
Skandinaviska Enskilda Banken AB, Class A¹		2,214,441		23,978
Futu Holdings, Ltd. (ADR)^3,4		694,026		22,598
Partners Group Holding AG¹		14,720		18,288
Standard Bank Group, Ltd.^1,3		1,342,675		16,705
Intesa Sanpaolo SpA¹		6,860,000		15,680
Brookfield Asset Management Reinsurance Partners, Ltd., Class A⁴		30,967		1,771
Sberbank of Russia PJSC (ADR)^1,5		12,035,073		—	⁷
TCS Group Holding PLC (GDR)^1,3,5		1,061,209		—	⁷
				23,700,685

Industrials 11.53%
Airbus SE, non-registered shares^1,3		24,123,647		2,915,911
Kingspan Group PLC^1,2		13,510,964		1,313,155
Safran SA¹		9,569,649		1,124,723
Recruit Holdings Co., Ltd.¹		22,697,424		993,631
SMC Corp.¹		1,611,482		900,034
DSV A/S¹		4,279,801		818,369
Ryanair Holdings PLC (ADR)³		7,412,883		645,811
Ryanair Holdings PLC^1,3		2,061,291		30,761
MTU Aero Engines AG¹		2,320,971		539,270
Melrose Industries PLC^1,2		296,224,978		479,499
VAT Group AG¹		1,203,963		459,071
ASSA ABLOY AB, Class B¹		16,459,012		443,793
Rentokil Initial PLC¹		62,327,258		429,286
Trane Technologies PLC		2,425,800		370,420
Brenntag SE¹		4,406,384		356,296
AutoStore Holdings, Ltd.^1,3,4		94,657,587		344,688
BayCurrent Consulting, Inc.^1,2		884,578		320,713
Spirax-Sarco Engineering PLC¹		1,949,027		319,392
Schneider Electric SE^1,3		1,816,991		303,358
Techtronic Industries Co., Ltd.¹		18,617,000		299,916
Nidec Corp.¹		3,550,579		281,297
Grab Holdings, Ltd., Class A^3,4		77,326,621		270,643
NIBE Industrier AB, Class B¹		24,187,450		266,568
Daikin Industries, Ltd.¹		1,452,700		264,500
ABB, Ltd.¹		8,046,901		260,346
Teleperformance SE^1,3		607,691		231,725
TFI International, Inc.		2,095,144		223,154
Ashtead Group PLC¹		3,480,324		219,393
Canadian Pacific Railway, Ltd.⁴		2,542,500		209,858
Epiroc AB, Class B¹		8,294,042		149,296
Epiroc AB, Class A¹		2,150,075		46,009
Aena SME, SA, non-registered shares^1,3		1,090,000		180,565
Adecco Group AG¹		3,956,502		179,075
Shenzhen Inovance Technology Co., Ltd., Class A¹		19,602,976		175,462
Grupo Aeroportuario del Pacífico, SAB de CV, Class B³		10,668,764		173,044
CCR SA, ordinary nominative shares		57,060,604		164,193
Fluidra, SA, non-registered shares¹		5,676,571		162,876
Diploma PLC¹		4,416,018		151,862
Checkout Payments Group, Ltd., Series D^1,3,5,6		479,280		148,840
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A¹		56,437,397		146,967
ZTO Express (Cayman), Inc., Class A (ADR)		5,686,556		142,164
Rumo SA³		35,849,900		139,678
Experian PLC¹		3,466,500		133,686
Lifco AB, Class B¹		4,240,400		107,611
Siemens AG¹		755,700		104,712
Hitachi, Ltd.¹		1,998,200		100,127
IMCD NV¹		582,579		99,055

8	EuroPacific Growth Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Deutsche Post AG¹		2,038,800	$	97,900
Airports of Thailand PCL, foreign registered shares^1,3		44,590,313		88,210
Interpump Group SpA¹		1,597,750		80,338
Wizz Air Holdings PLC^1,3		1,920,504		72,191
Centre Testing International Group Co., Ltd.¹		19,467,567		60,145
Thales SA^1,3		475,865		60,090
AirTAC International Group^1,3		1,721,923		55,521
InPost SA^1,3		6,711,053		42,183
Carel Industries SpA¹		1,276,025		32,578
Indutrade AB¹		1,054,058		26,472
Beijer Ref AB, Class B¹		1,237,000		22,384
Contemporary Amperex Technology Co., Ltd., Class A¹		262,720		21,050
LIXIL Corp.¹		1,048,200		19,506
Komatsu, Ltd.¹		799,500		19,185
TOMRA Systems ASA^1,3		376,200		19,174
Atlas Copco AB, Class B¹		363,566		16,488
				18,874,218

Consumer discretionary 10.77%
LVMH Moët Hennessy-Louis Vuitton SE^1,4		5,093,911		3,627,219
MercadoLibre, Inc.³		1,771,298		2,106,924
Sony Group Corp.¹		12,047,060		1,243,389
Flutter Entertainment PLC^1,2,3		9,037,749		1,036,681
Hermès International¹		631,585		895,829
Evolution AB¹		7,794,332		795,448
Kering SA¹		1,256,864		793,958
Galaxy Entertainment Group, Ltd.¹		113,503,374		674,583
Entain PLC^1,3		28,968,116		621,323
EssilorLuxottica¹		3,098,278		565,575
Cie. Financière Richemont SA, Class A¹		3,765,712		477,675
Ferrari NV (EUR denominated)^1,3,4		1,667,678		364,693
Li Ning Co., Ltd.¹		36,332,000		311,401
Booking Holdings, Inc.³		129,140		303,279
Maruti Suzuki India, Ltd.¹		2,855,619		283,258
Domino’s Pizza Enterprises, Ltd.^1,4		4,202,264		273,797
Barratt Developments PLC¹		37,572,343		256,346
Mercedes-Benz Group AG^1,3		3,557,500		249,867
Pan Pacific International Holdings Corp.¹		14,776,100		236,989
Industria de Diseño Textil, SA¹		10,691,836		232,642
JD.com, Inc., Class A^1,3		7,628,071		223,410
Midea Group Co., Ltd., Class A¹		24,389,154		218,155
Persimmon PLC¹		6,867,000		193,143
Coupang, Inc., Class A^3,4		10,095,488		178,488
Stellantis NV^1,4		10,202,000		165,093
Americanas SA, ordinary nominative shares		23,112,556		158,499
Americanas SA, subscription receipts³		145,386		981
B&M European Value Retail SA¹		22,051,358		154,491
Meituan, Class B^1,3		6,273,938		123,632
Prosus NV, Class N¹		1,863,837		98,667
InterContinental Hotels Group PLC¹		1,345,869		91,138
ASOS PLC^1,3		3,627,950		76,408
Alibaba Group Holding, Ltd.^1,3		5,450,017		74,596
China Tourism Group Duty Free Corp., Ltd., Class A¹		2,859,434		73,413
Bandai Namco Holdings, Inc.¹		935,953		70,903
adidas AG¹		247,929		57,895
On Holding AG, Class A^3,4		2,086,172		52,655
Nitori Holdings Co., Ltd.¹		383,300		48,135
Melco Resorts & Entertainment, Ltd. (ADR)³		5,942,138		45,398
D’Ieteren Group^1,3		226,049		37,847
Astra International Tbk PT¹		80,668,500		36,854
Wynn Macau, Ltd.^1,3		42,766,000		31,020
Shimano, Inc.¹		111,600		25,527
JD Health International, Inc.^1,3,4		3,265,800		19,871
IDP Education, Ltd.¹		795,100		18,544
Melco International Development, Ltd.^1,3		17,237,000		15,794
				17,641,433

EuroPacific Growth Fund

Common stocks (continued)	Shares		Value (000)
Health care 9.67%
Daiichi Sankyo Company, Ltd.¹		90,150,310	$	1,977,757
WuXi Biologics (Cayman), Inc.^1,3		188,578,978		1,529,794
Novo Nordisk A/S, Class B¹		12,548,019		1,389,651
Sonova Holding AG¹		2,809,410		1,171,807
AstraZeneca PLC¹		8,518,787		1,129,687
Olympus Corp.^1,4		54,457,400		1,034,603
Lonza Group AG¹		1,124,935		814,997
Siemens Healthineers AG¹		10,856,211		673,179
CSL, Ltd.¹		3,091,017		613,866
WuXi AppTec Co., Ltd., Class A¹		31,171,300		547,193
WuXi AppTec Co., Ltd., Class H¹		1,145,440		17,916
M3, Inc.^1,4		11,704,451		423,602
Sartorius Stedim Biotech SA¹		1,016,955		416,796
Coloplast A/S, Class B¹		2,501,390		378,842
Novartis AG¹		4,094,467		359,091
Hapvida Participacoes e Investimentos SA³		118,932,551		295,767
Shionogi & Co., Ltd.¹		4,224,802		259,461
Grifols, SA, Class A, non-registered shares¹		11,319,975		204,773
Grifols, SA, Class B (ADR)		3,492,906		40,797
Merck KGaA¹		1,137,354		238,195
Hypera SA, ordinary nominative shares		28,584,628		232,409
BeiGene, Ltd. (ADR)³		1,187,510		223,965
BeiGene, Ltd., Class H^1,3		533,600		7,883
Argenx SE (ADR)³		730,300		230,271
Genmab A/S^1,3		594,785		215,468
Alcon, Inc.¹		2,259,260		178,466
HOYA Corp.¹		1,551,600		177,056
Rede D’Or Sao Luiz SA		13,225,900		138,619
Bachem Holding AG, Class B¹		219,378		120,384
Carl Zeiss Meditec AG, non-registered shares¹		715,891		116,080
Bayer AG¹		1,477,422		101,081
BioNTech SE (ADR)^3,4		571,678		97,505
ResMed, Inc.		383,797		93,075
Chugai Pharmaceutical Co., Ltd.¹		2,427,300		81,177
Dechra Pharmaceuticals PLC¹		1,112,257		58,892
Ambu AS, Class B, non-registered shares^1,4		3,730,013		54,779
Zai Lab, Ltd.^1,3,4		8,545,880		38,804
CRISPR Therapeutics AG^3,4		472,866		29,682
Asahi Intecc Co., Ltd.¹		1,516,000		29,663
Amplifon SpA¹		414,343		18,501
Hangzhou Tigermed Consulting Co., Ltd., Class A¹		1,007,323		16,974
Straumann Holding AG¹		9,413		15,062
bioMérieux SA¹		139,563		14,875
DiaSorin SpA^1,3		92,319		14,455
Hutchmed China, Ltd. (ADR)³		350,806		6,637
CanSino Biologics, Inc., Class H^1,3,4		354,400		5,670
				15,835,207

Materials 9.02%
Vale SA, ordinary nominative shares (ADR)		108,878,806		2,176,487
Vale SA, ordinary nominative shares		95,758,777		1,922,799
Sika AG¹		6,982,694		2,300,496
First Quantum Minerals, Ltd.²		49,994,067		1,730,787
Linde PLC		2,588,259		826,768
Linde PLC (EUR denominated)^1,4		1,183,057		381,229
Shin-Etsu Chemical Co., Ltd.¹		5,616,900		855,933
Koninklijke DSM NV¹		4,639,739		829,211
Fortescue Metals Group, Ltd.¹		46,600,781		715,128
Lundin Mining Corp.²		47,947,537		485,938
Ivanhoe Mines, Ltd., Class A³		31,249,613		291,461
CCL Industries, Inc., Class B, nonvoting shares		6,359,647		286,913
HeidelbergCement AG¹		4,631,080		264,857
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A¹		29,232,051		206,190
Rio Tinto PLC¹		2,229,973		176,895
CRH PLC¹		4,347,145		174,058
Givaudan SA¹		40,052		164,871
Akzo Nobel NV¹		1,872,231		160,855
Croda International PLC¹		1,500,000		154,158

10	EuroPacific Growth Fund

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Wacker Chemie AG^1,3		802,244	$	137,717
Glencore PLC^1,3		18,326,500		119,100
Anglo American Platinum, Ltd.¹		768,700		105,558
OCI NV^1,3		1,941,000		68,339
BASF SE¹		1,166,224		66,504
Yunnan Energy New Material Co., Ltd., Class A¹		1,729,573		59,416
Asian Paints, Ltd.¹		831,597		33,595
Air Liquide SA, non-registered shares¹		177,387		31,032
Sociedad Química y Minera de Chile SA, Class B (ADR)³		222,900		19,080
JSR Corp.^1,3		508,500		14,993
Gerdau SA (ADR)		1,660,246		10,675
				14,771,043

Energy 6.35%
Reliance Industries, Ltd.¹		147,367,746		5,100,704
Canadian Natural Resources, Ltd.		45,505,374		2,817,719
Cenovus Energy, Inc.		44,868,502		747,958
TotalEnergies SE¹		12,646,206		641,653
TC Energy Corp. (CAD denominated)⁴		4,822,000		271,967
Neste OYJ¹		5,410,526		246,487
Tourmaline Oil Corp.		3,773,877		173,879
Lundin Energy AB¹		3,125,477		132,503
Woodside Petroleum Ltd.^1,3		4,622,400		110,287
Equinor ASA^1,3		2,632,000		98,761
Aker BP ASA^1,3,4		769,494		28,672
BP PLC¹		4,340,531		21,212
Gazprom PJSC (ADR)^1,5		39,657,268		—	⁷
Rosneft Oil Company PJSC (GDR)^1,5		3,432,340		—	⁷
				10,391,802

Consumer staples 5.13%
Nestlé SA¹		13,124,983		1,703,896
Kweichow Moutai Co., Ltd., Class A¹		5,217,868		1,407,596
British American Tobacco PLC¹		19,709,076		824,360
Swedish Match AB^1,2		93,001,673		699,563
Danone SA¹		9,231,390		508,538
Philip Morris International, Inc.		3,915,677		367,839
Anheuser-Busch InBev SA/NV¹		5,316,553		318,883
Avenue Supermarts, Ltd.^1,3		5,870,943		308,348
Reckitt Benckiser Group PLC¹		3,453,241		263,955
Treasury Wine Estates, Ltd.¹		30,773,808		263,601
Carlsberg A/S, Class B¹		1,510,266		184,395
Kobe Bussan Co., Ltd.¹		5,307,300		163,031
CP ALL PCL, foreign registered shares¹		77,282,800		150,366
Heineken NV^1,4		1,520,461		144,959
Inner Mongolia Yili Industrial Group Co., Ltd., Class A¹		22,356,952		129,813
L’Oréal SA, non-registered shares¹		293,023		117,287
Fomento Económico Mexicano, SAB de CV		13,765,300		114,441
Chocoladefabriken Lindt & Sprüngli AG¹		946		114,271
Godrej Consumer Products, Ltd.^1,3		10,323,995		101,488
Pernod Ricard SA¹		434,000		95,186
Shiseido Company, Ltd.¹		1,871,000		94,824
Kerry Group PLC, Class A¹		601,271		67,182
Coca-Cola HBC AG (CDI)¹		2,977,000		62,083
Dabur India, Ltd.¹		7,659,423		54,029
Uni-Charm Corp.¹		1,424,864		50,672
Ocado Group PLC^1,3		2,572,566		39,323
Foshan Haitian Flavouring and Food Co., Ltd., Class A¹		2,294,670		31,553
COSMOS Pharmaceutical Corp.¹		202,100		24,548
				8,406,030

Communication services 2.70%
Bharti Airtel, Ltd.^1,3		115,520,078		1,145,822
Bharti Airtel, Ltd., interim shares^1,3		7,438,458		38,696
Sea, Ltd., Class A (ADR)³		7,643,749		915,645
Tencent Holdings, Ltd.¹		11,898,997		561,340
Cellnex Telecom, SA, non-registered shares¹		6,511,588		312,114
Universal Music Group NV¹		11,463,306		304,323

EuroPacific Growth Fund

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
NetEase, Inc.¹		16,060,700	$	289,537
SoftBank Group Corp.¹		5,745,200		258,403
Nintendo Co., Ltd.¹		392,300		197,940
Ubisoft Entertainment SA^1,3		3,236,276		142,472
Vivendi SE¹		4,845,479		63,241
Playtika Holding Corp.³		2,803,749		54,196
Informa PLC^1,3		5,685,795		44,623
Spotify Technology SA³		220,249		33,262
Vodafone Group PLC¹		17,202,285		28,223
Adevinta ASA^1,3		2,543,226		23,172
Nordic Entertainment Group AB, Class B^1,3		367,670		14,818
Yandex NV, Class A^1,3,5		11,166,532		—	⁷
				4,427,827

Utilities 0.86%
ENN Energy Holdings, Ltd.^1,2		71,551,250		1,066,324
Engie SA¹		12,767,844		167,366
Enel SpA¹		15,033,271		100,393
Ørsted AS^1,3		387,353		48,776
Iberdrola SA, non-registered shares^1,3		2,521,483		27,445
				1,410,304

Real estate 0.51%
Goodman Logistics (HK), Ltd. REIT¹		15,471,781		262,785
ESR Cayman, Ltd.^1,3		83,614,200		258,853
Country Garden Services Holdings Co., Ltd.¹		32,790,498		139,335
Longfor Group Holdings, Ltd.^1,4		19,012,192		97,020
Ayala Land, Inc.¹		116,734,007		78,906
				836,899

Total common stocks (cost: $95,067,571,000)				145,154,107

Preferred securities 1.48%
Energy 0.60%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		95,709,756		672,434
Petróleo Brasileiro SA (Petrobras), preferred nominative shares (ADR)		21,806,302		304,852
				977,286

Health care 0.55%
Sartorius AG, nonvoting non-registered preferred shares¹		1,691,624		751,266
Grifols, SA, Class B, nonvoting non-registered preferred shares¹		13,266,670		157,164
				908,430

Consumer discretionary 0.17%
Porsche Automobil Holding SE, nonvoting preferred^1,3		2,895,151		280,481

Materials 0.11%
Gerdau SA, preferred nominative shares		26,891,299		174,021

Financials 0.05%
Itaú Unibanco Holding SA, preferred nominative³		13,276,200		76,628

Information technology 0.00%
Canva, Inc., Series A, noncumulative preferred shares^1,3,5,6		3,308		5,050
Canva, Inc., Series A-3, noncumulative preferred shares^1,3,5,6		133		203
Canva, Inc., Series A-4, noncumulative preferred shares^1,3,5,6		11		17
Canva, Inc., Series A-5, noncumulative preferred shares^1,3,5,6		9		14
				5,284

Real estate 0.00%
Ayala Land, Inc., preferred shares^1,5		481,283,600		—	⁷

Total preferred securities (cost: $1,349,339,000)				2,422,130

12	EuroPacific Growth Fund

Rights & warrants 0.11%	Shares		Value (000)
Health care 0.11%
WuXi AppTec Co., Ltd., Class A, warrants, expire 2022^1,3,8		10,273,704	$	180,349

Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 2023³		3,617,942		2,858

Total rights & warrants (cost: $197,628,000)				183,207

Short-term securities 10.37%
Money market investments 9.88%
Capital Group Central Cash Fund 0.32%^2,9		161,665,123		16,166,512

Money market investments purchased with collateral from securities on loan 0.49%
Capital Group Central Cash Fund 0.32%^2,9,10		2,217,375		221,737
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.25%^9,10		153,592,836		153,593
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.25%^9,10		147,300,000		147,300
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.23%^9,10		135,000,000		135,000
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.23%^9,10		57,200,000		57,200
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%^9,10		49,100,000		49,100
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.19%^9,10		28,600,000		28,600
Fidelity Investments Money Market Government Portfolio, Class I 0.12%^9,10		12,200,000		12,200
				804,730

Total short-term securities (cost: $16,970,838,000)				16,971,242
Total investment securities 100.61% (cost: $113,585,376,000)				164,730,686
Other assets less liabilities (0.61)%				(995,486	)

Net assets 100.00%			$	163,735,200

Investments in affiliates²

										Net
	Value of						Net			unrealized			Value of
	affiliates at						realized			(depreciation)			affiliates at		Dividend
	4/1/2021		Additions		Reductions		gain (loss)			appreciation			3/31/2022		income
	(000)		(000)		(000)		(000)			(000)			(000)		(000)
Common stocks 6.90%
Information technology 1.41%
Nice, Ltd. (ADR)^3,4	$	754,051	$	212,539	$	3,003	$	1,351		$	(25,309	)	$	939,629	$	—
Nice, Ltd.^1,3		54,803		5,034		205		94			152			59,878		—
Halma PLC¹		587,608		77,186		1,973		1,475			(8,199	)		656,097		4,509
Edenred SA¹		768,488		—		77,410		(13,360	)		(35,005	)		642,713		13,384
PagSeguro Digital, Ltd., Class A^3,11		1,346,146		42,370		257,976		(170,102	)		(605,395	)		—		—
Sinch AB^1,3,4,11		420,959		232,857		412,458		(84,065	)		(112,736	)		—		—
														2,298,317
Financials 1.13%
UniCredit SpA¹		1,181,958		148,037		14,504		(4,907	)		(2,099	)		1,308,485		16,003
Commerzbank AG, non-registered shares^1,3		440,362		—		1,369		317			107,461			546,771		—
														1,855,256

EuroPacific Growth Fund

Investments in affiliates²(continued)

											Net
	Value of							Net			unrealized			Value of
	affiliates at							realized			(depreciation)			affiliates at		Dividend
	4/1/2021		Additions			Reductions		gain (loss)			appreciation			3/31/2022		income
	(000)		(000)			(000)		(000)			(000)			(000)		(000)
Industrials 1.29%
Kingspan Group PLC¹	$	634,159	$	735,642		$	101,454	$	(14,391	)	$	59,199		$	1,313,155	$	6,557
Melrose Industries PLC¹		918,926		28,591			149,601		(103,676	)		(214,741	)		479,499		90,156
BayCurrent Consulting, Inc.¹		—		301,742			396		143			19,224			320,713		1,543
Nihon M&A Center Holdings, Inc.^1,12		492,414		1,010			310,699		(216,026	)		33,301			—		1,451
															2,113,367
Consumer discretionary 0.63%
Flutter Entertainment PLC^1,3		1,157,395		440,672			72,393		31,878			(520,871	)		1,036,681		—
Flutter Entertainment PLC (EUR denominated)^1,3,12		786,605		35,569			420,076		1,251			(403,349	)		—		—
ASOS PLC^1,3,11		495,206		—			130,157		(55,020	)		(233,621	)		—		—
Entain PLC^1,3,11		423,504		281,524			37,342		(9,131	)		(37,232	)		—		—
Melco Resorts & Entertainment, Ltd. (ADR)^3,11		568,500		—			327,983		(168,760	)		(26,359	)		—		—
MercadoLibre, Inc.^3,11		3,878,418		197,541			1,200,477		685,365			(1,453,923	)		—		—
															1,036,681
Health care 0.00%
Daiichi Sankyo Company, Ltd.^1,11		3,191,241		188,033			563,493		92,373			(930,397	)		—		22,067
Notre Dame Intermédica Participações SA¹²		465,845		—			425,993		(14,040	)		(25,812	)		—		8,194
Teva Pharmaceutical Industries, Ltd. (ADR)^3,12		647,001		—			506,430		(989,022	)		848,451			—		—
															—
Materials 1.36%
First Quantum Minerals, Ltd.		1,039,289		316,012			386,173		82,091			679,568			1,730,787		404
Lundin Mining Corp.		103,546		331,489			810		(28	)		51,741			485,938		18,366
Vale SA, ordinary nominative shares¹¹		1,758,537		41,593			134,558		1,314			255,913			—		276,357
Vale SA, ordinary nominative shares (ADR)¹¹		2,778,474		213,008			920,414		(81,802	)		187,221			—		379,616
															2,216,725
Energy 0.00%
Canadian Natural Resources, Ltd.¹¹		2,205,274		64,019			1,073,991		266,247			1,356,170			—		93,542
Consumer staples 0.43%
Swedish Match AB¹		—		710,440			376		35			(10,536	)		699,563		1,058
Communication services 0.00%
Square Enix Holdings Co., Ltd.¹²		409,233		—			422,787		31,468			(17,914	)		—		1,116
Utilities 0.65%
ENN Energy Holdings, Ltd.¹		1,234,500		133,999			231,875		42,788			(113,088	)		1,066,324		30,089
Total common stocks															11,286,233
Short-term securities 10.01%
Money market investments 9.88%
Capital Group Central Cash Fund 0.32%⁹		8,994,330		25,788,352			18,615,317		(253	)		(600	)		16,166,512		8,292
Money market investments purchased with collateral from securities on loan 0.13%
Capital Group Central Cash Fund 0.32%^9,10		18,166		203,571	¹³										221,737		—	¹⁴
Total short-term securities															16,388,249
Total 16.91%								$	(686,393	)	$	(1,178,785	)	$	27,674,482	$	972,704

14	EuroPacific Growth Fund

Private placement securities⁶

							Percent
		Acquisition	Cost		Value		of net
		date(s)	(000)		(000)		assets
Checkout Payments Group, Ltd., Series D		1/11/2022	$	148,840	$	148,840		.09	%
Canva, Inc.	8/26/2021-11/4/2021			64,403		57,674		.04
Canva, Inc., Series A, noncumulative preferred shares		11/4/2021		5,639		5,050		.00
Canva, Inc., Series A-3, noncumulative preferred shares		11/4/2021		227		203		.00
Canva, Inc., Series A-4, noncumulative preferred shares		11/4/2021		19		17		.00
Canva, Inc., Series A-5, noncumulative preferred shares		11/4/2021		15		14		.00
Total private placement securities			$	219,143	$	211,798		.13	%

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $118,190,952,000, which represented 72.18% of the net assets of the fund. This amount includes $117,798,805,000 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	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
³	Security did not produce income during the last 12 months.
⁴	All or a portion of this security was on loan. The total value of all such securities was $1,052,473,000, which represented .64% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁵	Value determined using significant unobservable inputs.
⁶	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.
⁷	Amount less than one thousand.
⁸	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 $180,349,000, which represented .11% of the net assets of the fund.
⁹	Rate represents the seven-day yield at 3/31/2022.
¹⁰	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹¹	Affiliated issuer during the reporting period but no longer an affiliate at 3/31/2022. Refer to the investment portfolio for the security value at 3/31/2022.
¹²	Affiliated issuer during the reporting period but no longer held at 3/31/2022.
¹³	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁴	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

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

See notes to financial statements.

EuroPacific Growth Fund

Financial statements

Statement of assets and liabilities at March 31, 2022
	(dollars in thousands)

Assets:
Investment securities, at value (includes $1,052,473 of investment securities on loan):
Unaffiliated issuers (cost: $88,186,404)	$	137,056,204
Affiliated issuers (cost: $25,398,972)		27,674,482	$	164,730,686
Cash				2,310
Cash denominated in currencies other than U.S. dollars (cost: $5,782)				5,779
Receivables for:
Sales of investments		537,715
Sales of fund’s shares		323,071
Dividends		344,703
Securities lending income		46
Other		4,708		1,210,243
				165,949,018
Liabilities:
Collateral for securities on loan				804,730
Payables for:
Purchases of investments		407,814
Repurchases of fund’s shares		295,186
Investment advisory services		55,986
Services provided by related parties		15,882
Trustees’ deferred compensation		5,160
U.S. and non-U.S. taxes		624,212
Other		4,848		1,409,088
Net assets at March 31, 2022			$	163,735,200

Net assets consist of:
Capital paid in on shares of beneficial interest			$	112,644,004
Total distributable earnings				51,091,196
Net assets at March 31, 2022			$	163,735,200

See notes to financial statements.

16	EuroPacific Growth Fund

Financial statements (continued)

Statement of assets and liabilities at March 31, 2022 (continued)
	(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (2,887,942 total shares outstanding)

			Shares			Net asset value
	Net assets		outstanding			per share
Class A	$	23,444,535		412,705		$	56.81
Class C		512,322		9,355			54.77
Class T		12		—	*		56.86
Class F-1		1,877,024		33,202			56.53
Class F-2		24,886,966		439,228			56.66
Class F-3		18,025,818		316,973			56.87
Class 529-A		1,487,063		26,557			56.00
Class 529-C		55,738		1,030			54.10
Class 529-E		55,169		997			55.34
Class 529-T		15		—	*		56.83
Class 529-F-1		10		—	*		55.93
Class 529-F-2		195,989		3,453			56.77
Class 529-F-3		11		—	*		56.72
Class R-1		134,732		2,510			53.68
Class R-2		638,952		11,792			54.18
Class R-2E		71,529		1,279			55.91
Class R-3		2,185,071		39,501			55.32
Class R-4		4,701,527		84,772			55.46
Class R-5E		1,107,944		19,656			56.37
Class R-5		5,208,106		91,783			56.74
Class R-6		79,146,667		1,393,149			56.81

*	Amount less than one thousand.

See notes to financial statements.

EuroPacific Growth Fund

Financial statements (continued)

Statement of operations for the year ended March 31, 2022
	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $201,324; also includes $972,704 from affiliates)	$	3,083,123
Securities lending income (net of fees)		15,265
Interest (net of non-U.S. taxes of $88)		486		$	3,098,874
*Fees and expenses:**
Investment advisory services		770,498
Distribution services		120,879
Transfer agent services		83,617
Administrative services		56,261
529 plan services		1,219
Reports to shareholders		3,200
Registration statement and prospectus		2,107
Trustees’ compensation		630
Auditing and legal		343
Custodian		25,919
Other		385			1,065,058
Net investment income					2,033,816

Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $194,533):
Unaffiliated issuers		9,300,186
Affiliated issuers		(686,393	)
In-kind redemptions		257,891
Currency transactions		(16,237	)		8,855,447
Net unrealized (depreciation) appreciation on:
Investments (net of non-U.S. taxes of $563,407):
Unaffiliated issuers		(26,408,124	)
Affiliated issuers		(1,178,785	)
Currency translations		21,331			(27,565,578	)
Net realized gain and unrealized depreciation					(18,710,131	)

Net decrease in net assets resulting from operations				$	(16,676,315	)

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

Statements of changes in net assets
	(dollars in thousands)

	Year ended March 31,
	2022			2021
Operations:
Net investment income	$	2,033,816		$	1,400,739
Net realized gain		8,855,447			10,681,967
Net unrealized (depreciation) appreciation		(27,565,578	)		63,316,517
Net (decrease) increase in net assets resulting from operations		(16,676,315	)		75,399,223

Distributions paid to shareholders		(17,664,307	)		(644,876	)

Net capital share transactions		7,579,449			(14,580,544	)

Total (decrease) increase in net assets		(26,761,173	)		60,173,803

Net assets:
Beginning of year		190,496,373			130,322,570
End of year	$	163,735,200		$	190,496,373

See notes to financial statements.

18	EuroPacific Growth Fund

Notes to financial statements

1. Organization

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

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

*	Class T and 529-T shares are not available for purchase.

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

2. Significant accounting policies

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

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

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

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

EuroPacific Growth Fund

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.

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

20	EuroPacific Growth Fund

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 March 31, 2022 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	4,802,296	$	23,998,689	$	57,674		$	28,858,659
Financials		3,713,673		19,987,012		—	*		23,700,685
Industrials		2,338,965		16,386,413		148,840			18,874,218
Consumer discretionary		2,846,224		14,795,209		—			17,641,433
Health care		1,388,727		14,446,480		—			15,835,207
Materials		7,750,908		7,020,135		—			14,771,043
Energy		4,011,523		6,380,279		—	*		10,391,802
Consumer staples		482,280		7,923,750		—			8,406,030
Communication services		1,003,103		3,424,724		—	*		4,427,827
Utilities		—		1,410,304		—			1,410,304
Real estate		—		836,899		—			836,899
Preferred securities		1,227,935		1,188,911		5,284			2,422,130
Rights & warrants		2,858		180,349		—			183,207
Short-term securities		16,971,242		—		—			16,971,242
Total	$	46,539,734	$	117,979,154	$	211,798		$	164,730,686

*	Amount less than one thousand.

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, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

22	EuroPacific Growth Fund

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Certain investment techniques

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

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

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

As of March 31, 2022, the total value of securities on loan was $1,052,473,000, and the total value of collateral received was $1,104,667,000. Collateral received includes cash of $804,730,000 and U.S. government securities of $299,937,000. 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 regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended March 31, 2022, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

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 year ended March 31, 2022, the fund recognized $14,611,000 in reclaims (net of $2,367,000 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 fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended March 31, 2022, the fund reclassified $854,324,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of March 31, 2022, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed long-term capital gains	$	753,830
Gross unrealized appreciation on investments		57,474,597
Gross unrealized depreciation on investments		(6,907,156	)
Net unrealized appreciation on investments		50,567,441
Cost of investments		114,163,245

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

	Year ended March 31, 2022							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	$	379,270		$	2,176,076	$	2,555,346	$	49,608		$	—	$	49,608
Class C		4,842			53,621		58,463		—			—		—	*
Class T		—	*		1		1		—	*		—		—	*
Class F-1		29,775			183,750		213,525		4,193			—		4,193
Class F-2		462,312			2,162,399		2,624,711		90,941			—		90,941
Class F-3		353,834			1,588,219		1,942,053		78,548			—		78,548
Class 529-A		23,708			137,994		161,702		2,981			—		2,981
Class 529-C		484			6,131		6,615		—			—		—	*
Class 529-E		748			5,290		6,038		16			—		16
Class 529-T		—	*		1		1		—	*		—		—	*
Class 529-F-1		—	*		1		1		—	*		—		—	*
Class 529-F-2^†		3,489			16,985		20,474		627			—		627
Class 529-F-3^†		—	*		1		1		—	*		—		—	*
Class R-1		1,296			14,076		15,372		—			—		—
Class R-2		6,324			59,377		65,701		—			—		—	*
Class R-2E		772			7,713		8,485		—			—		—
Class R-3		29,143			217,926		247,069		—			—		—	*
Class R-4		80,743			476,494		557,237		11,634			—		11,634
Class R-5E		22,902			152,421		175,323		6,935			—		6,935
Class R-5		104,737			508,732		613,469		29,864			—		29,864
Class R-6		1,527,217			6,865,503		8,392,720		369,529			—		369,529
Total	$	3,031,596		$	14,632,711	$	17,664,307	$	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.

24	EuroPacific Growth Fund

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 year ended March 31, 2022, the investment advisory services fees were $770,498,000, which were equivalent to an annualized rate of 0.411% of average daily net assets.

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

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.25% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of March 31, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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

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

EuroPacific Growth Fund

Prior to January 1, 2022, the quarterly fees were 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. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended March 31, 2022, the 529 plan services fees were $1,219,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

For the year ended March 31, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$67,856		$27,378			$8,312		Not applicable
Class C		6,553		611			197		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		5,775		3,136			693		Not applicable
Class F-2		Not applicable		30,054			8,361		Not applicable
Class F-3		Not applicable		330			6,092		Not applicable
Class 529-A		3,884		1,473			521		$1,011
Class 529-C		740		64			22		43
Class 529-E		328		33			20		38
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2		Not applicable		163			65		127
Class 529-F-3		Not applicable		—	*		—	*	—	*
Class R-1		1,696		172			51		Not applicable
Class R-2		5,331		2,409			213		Not applicable
Class R-2E		584		203			29		Not applicable
Class R-3		13,394		4,103			806		Not applicable
Class R-4		14,738		6,002			1,775		Not applicable
Class R-5E		Not applicable		2,957			563		Not applicable
Class R-5		Not applicable		3,082			1,936		Not applicable
Class R-6		Not applicable		1,447			26,605		Not applicable
Total class-specific expenses		$120,879		$83,617			$56,261		$1,219

*	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 $630,000 in the fund’s statement of operations reflects $694,000 in current fees (either paid in cash or deferred) and a net decrease of $64,000 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 year ended March 31, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,717,252,000 and $2,203,547,000, respectively, which generated $193,877,000 of net realized losses from such sales.

26	EuroPacific Growth Fund

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 year ended March 31, 2022.

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

Year ended March 31, 2022

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

See end of table for footnotes.

EuroPacific Growth Fund

	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 $52,158,592,000 and $67,407,311,000, respectively, during the year ended March 31, 2022.

28	EuroPacific Growth Fund

Financial highlights

			(Loss) income from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimbursement⁴			Ratio of expenses to average net assets after reimbursement^3,4			Ratio of net income (loss) to average net assets³
Class A:
3/31/2022	$	68.98	$	.57		$	(6.39	)	$	(5.82	)	$	(.94	)	$	(5.41	)	$	(6.35	)	$	56.81		(9.65	)%	$	23,445			.80	%		.80	%		.85	%
3/31/2021		43.13		.34			25.63			25.97			(.12	)		—			(.12	)		68.98		60.22			27,945			.83			.83			.58
3/31/2020		50.99		.53			(6.84	)		(6.31	)		(.58	)		(.97	)		(1.55	)		43.13		(13.03	)		19,075			.84			.84			1.02
3/31/2019		56.66		.71			(3.52	)		(2.81	)		(.62	)		(2.24	)		(2.86	)		50.99		(4.97	)		24,704			.83			.83			1.37
3/31/2018		49.30		.47			9.51			9.98			(.49	)		(2.13	)		(2.62	)		56.66		20.74			29,067			.82			.82			.86
Class C:
3/31/2022		66.76		.07			(6.15	)		(6.08	)		(.50	)		(5.41	)		(5.91	)		54.77		(10.32	)		512			1.55			1.55			.11
3/31/2021		41.98		(.09	)		24.87			24.78			—			—			—			66.76		59.03			706			1.56			1.56			(.15	)
3/31/2020		49.70		.15			(6.69	)		(6.54	)		(.21	)		(.97	)		(1.18	)		41.98		(13.68	)		654			1.58			1.58			.30
3/31/2019		55.32		.31			(3.41	)		(3.10	)		(.28	)		(2.24	)		(2.52	)		49.70		(5.70	)		1,015			1.60			1.60			.62
3/31/2018		48.19		.04			9.29			9.33			(.07	)		(2.13	)		(2.20	)		55.32		19.82			1,350			1.60			1.60			.08
Class T:
3/31/2022		69.04		.73			(6.40	)		(5.67	)		(1.10	)		(5.41	)		(6.51	)		56.86		(9.45	)⁵		—	⁶		.57	⁵		.57	⁵		1.09	⁵
3/31/2021		43.13		.49			25.65			26.14			(.23	)		—			(.23	)		69.04		60.61	⁵		—	⁶		.58	⁵		.58	⁵		.82	⁵
3/31/2020		50.99		.65			(6.82	)		(6.17	)		(.72	)		(.97	)		(1.69	)		43.13		(12.82	)⁵		—	⁶		.59	⁵		.59	⁵		1.25	⁵
3/31/2019		56.69		.83			(3.54	)		(2.71	)		(.75	)		(2.24	)		(2.99	)		50.99		(4.76	)⁵		—	⁶		.59	⁵		.59	⁵		1.60	⁵
3/31/2018^7,8		49.19		.58			9.63			10.21			(.58	)		(2.13	)		(2.71	)		56.69		21.27	^5,9		—	⁶		.60	^5,10		.60	^5,10		1.07	^5,10
Class F-1:
3/31/2022		68.67		.55			(6.38	)		(5.83	)		(.90	)		(5.41	)		(6.31	)		56.53		(9.71	)		1,877			.84			.84			.81
3/31/2021		42.93		.33			25.51			25.84			(.10	)		—			(.10	)		68.67		60.21			2,439			.84			.84			.56
3/31/2020		50.75		.53			(6.82	)		(6.29	)		(.56	)		(.97	)		(1.53	)		42.93		(13.05	)		2,259			.85			.85			1.02
3/31/2019		56.40		.74			(3.57	)		(2.83	)		(.58	)		(2.24	)		(2.82	)		50.75		(5.01	)		3,232			.87			.87			1.43
3/31/2018		49.08		.45			9.46			9.91			(.46	)		(2.13	)		(2.59	)		56.40		20.69			4,385			.86			.86			.83
Class F-2:
3/31/2022		68.83		.73			(6.38	)		(5.65	)		(1.11	)		(5.41	)		(6.52	)		56.66		(9.44	)		24,887			.57			.57			1.08
3/31/2021		43.00		.50			25.56			26.06			(.23	)		—			(.23	)		68.83		60.61			26,751			.57			.57			.83
3/31/2020		50.83		.66			(6.81	)		(6.15	)		(.71	)		(.97	)		(1.68	)		43.00		(12.80	)		18,607			.59			.59			1.27
3/31/2019		56.52		.82			(3.52	)		(2.70	)		(.75	)		(2.24	)		(2.99	)		50.83		(4.75	)		24,585			.59			.59			1.58
3/31/2018		49.17		.61			9.48			10.09			(.61	)		(2.13	)		(2.74	)		56.52		21.05			25,826			.59			.59			1.11
Class F-3:
3/31/2022		69.06		.80			(6.40	)		(5.60	)		(1.18	)		(5.41	)		(6.59	)		56.87		(9.34	)		18,026			.46			.46			1.19
3/31/2021		43.12		.56			25.66			26.22			(.28	)		—			(.28	)		69.06		60.78			19,700			.46			.46			.94
3/31/2020		50.98		.70			(6.82	)		(6.12	)		(.77	)		(.97	)		(1.74	)		43.12		(12.70	)		12,239			.47			.47			1.34
3/31/2019		56.68		.82			(3.48	)		(2.66	)		(.80	)		(2.24	)		(3.04	)		50.98		(4.65	)		11,993			.49			.49			1.60
3/31/2018		49.32		.59			9.58			10.17			(.68	)		(2.13	)		(2.81	)		56.68		21.15			9,473			.49			.49			1.06
Class 529-A:
3/31/2022		68.08		.55			(6.29	)		(5.74	)		(.93	)		(5.41	)		(6.34	)		56.00		(9.67	)		1,487			.83			.83			.83
3/31/2021		42.58		.32			25.30			25.62			(.12	)		—			(.12	)		68.08		60.16			1,736			.85			.85			.55
3/31/2020		50.35		.51			(6.75	)		(6.24	)		(.56	)		(.97	)		(1.53	)		42.58		(13.05	)		1,096			.87			.87			.98
3/31/2019		56.00		.67			(3.49	)		(2.82	)		(.59	)		(2.24	)		(2.83	)		50.35		(5.04	)		1,376			.89			.89			1.31
3/31/2018		48.77		.44			9.40			9.84			(.48	)		(2.13	)		(2.61	)		56.00		20.71			1,525			.87			.87			.81

See end of table for footnotes.

EuroPacific Growth Fund

Financial highlights (continued)

			(Loss) income from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimbursement⁴			Ratio of expenses to average net assets after reimbursement^3,4			Ratio of net income (loss) to average net assets³
Class 529-C:
3/31/2022	$	66.00	$	.04		$	(6.08	)	$	(6.04	)	$	(.45	)	$	(5.41	)	$	(5.86	)	$	54.10		(10.37	)%	$	56			1.60	%		1.60	%		.06	%
3/31/2021		41.51		(.08	)		24.57			24.49			—			—			—			66.00		59.00			83			1.60			1.60			(.15	)
3/31/2020		49.18		.13			(6.62	)		(6.49	)		(.21	)		(.97	)		(1.18	)		41.51		(13.72	)		148			1.61			1.61			.26
3/31/2019		54.79		.29			(3.38	)		(3.09	)		(.28	)		(2.24	)		(2.52	)		49.18		(5.72	)		219			1.64			1.64			.59
3/31/2018		47.73		.01			9.21			9.22			(.03	)		(2.13	)		(2.16	)		54.79		19.76			278			1.65			1.65			.03
Class 529-E:
3/31/2022		67.36		.39			(6.23	)		(5.84	)		(.77	)		(5.41	)		(6.18	)		55.34		(9.90	)		55			1.07			1.07			.59
3/31/2021		42.15		.19			25.04			25.23			(.02	)		—			(.02	)		67.36		59.81			67			1.07			1.07			.34
3/31/2020		49.87		.39			(6.70	)		(6.31	)		(.44	)		(.97	)		(1.41	)		42.15		(13.24	)		46			1.09			1.09			.77
3/31/2019		55.50		.55			(3.44	)		(2.89	)		(.50	)		(2.24	)		(2.74	)		49.87		(5.24	)		60			1.11			1.11			1.09
3/31/2018		48.35		.31			9.31			9.62			(.34	)		(2.13	)		(2.47	)		55.50		20.41			71			1.11			1.11			.57
Class 529-T:
3/31/2022		69.01		.69			(6.39	)		(5.70	)		(1.07	)		(5.41	)		(6.48	)		56.83		(9.49	)⁵		—	⁶		.62	⁵		.62	⁵		1.03	⁵
3/31/2021		43.12		.46			25.64			26.10			(.21	)		—			(.21	)		69.01		60.54	⁵		—	⁶		.63	⁵		.63	⁵		.77	⁵
3/31/2020		50.98		.63			(6.83	)		(6.20	)		(.69	)		(.97	)		(1.66	)		43.12		(12.87	)⁵		—	⁶		.64	⁵		.64	⁵		1.19	⁵
3/31/2019		56.68		.79			(3.53	)		(2.74	)		(.72	)		(2.24	)		(2.96	)		50.98		(4.82	)⁵		—	⁶		.65	⁵		.65	⁵		1.52	⁵
3/31/2018^7,8		49.19		.56			9.62			10.18			(.56	)		(2.13	)		(2.69	)		56.68		21.22	^5,9		—	⁶		.64	^5,10		.64	^5,10		1.03	^5,10
Class 529-F-1:
3/31/2022		68.03		.66			(6.29	)		(5.63	)		(1.06	)		(5.41	)		(6.47	)		55.93		(9.52	)⁵		—	⁶		.65	⁵		.65	⁵		1.00	⁵
3/31/2021		42.54		.56			25.20			25.76			(.27	)		—			(.27	)		68.03		60.52	⁵		—	⁶		.63	⁵		.63	⁵		1.07	⁵
3/31/2020		50.32		.62			(6.75	)		(6.13	)		(.68	)		(.97	)		(1.65	)		42.54		(12.86	)		126			.64			.64			1.20
3/31/2019		55.99		.76			(3.47	)		(2.71	)		(.72	)		(2.24	)		(2.96	)		50.32		(4.81	)		145			.66			.66			1.50
3/31/2018		48.74		.56			9.40			9.96			(.58	)		(2.13	)		(2.71	)		55.99		20.96			134			.65			.65			1.02
Class 529-F-2:
3/31/2022		68.94		.71			(6.39	)		(5.68	)		(1.08	)		(5.41	)		(6.49	)		56.77		(9.46	)		196			.59			.59			1.06
3/31/2021^7,11		57.39		.13			11.63			11.76			(.21	)		—			(.21	)		68.94		20.50	⁹		208			.25	⁹		.25	⁹		.19	⁹
Class 529-F-3:
3/31/2022		68.89		.76			(6.38	)		(5.62	)		(1.14	)		(5.41	)		(6.55	)		56.72		(9.38	)		—	⁶		.52			.52			1.13
3/31/2021^7,11		57.39		.16			11.62			11.78			(.28	)		—			(.28	)		68.89		20.54	⁹		—	⁶		.27	⁹		.22	⁹		.23	⁹
Class R-1:
3/31/2022		65.57		.07			(6.04	)		(5.97	)		(.51	)		(5.41	)		(5.92	)		53.68		(10.34	)		135			1.56			1.56			.10
3/31/2021		41.23		(.09	)		24.43			24.34			—			—			—			65.57		59.03			182			1.57			1.57			(.16	)
3/31/2020		48.86		.14			(6.56	)		(6.42	)		(.24	)		(.97	)		(1.21	)		41.23		(13.68	)		144			1.58			1.58			.29
3/31/2019		54.46		.31			(3.37	)		(3.06	)		(.30	)		(2.24	)		(2.54	)		48.86		(5.71	)		209			1.60			1.60			.61
3/31/2018		47.49		.05			9.14			9.19			(.09	)		(2.13	)		(2.22	)		54.46		19.82			263			1.60			1.60			.09

See end of table for footnotes.

30	EuroPacific Growth Fund

Financial highlights (continued)

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

	Year ended March 31,
	2022	2021	2020	2019	2018
Portfolio turnover rate for all share classes¹²	29%	32%	38%	35%	29%

See end of table for footnotes.

EuroPacific Growth Fund

Financial highlights (continued)

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

See notes to financial statements.

32	EuroPacific Growth Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of EuroPacific Growth Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of EuroPacific Growth Fund (the “Fund”), including the investment portfolio, as of March 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California
May 10, 2022

We have served as the auditor of one or more American Funds investment companies since 1956.

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 (October 1, 2021, through March 31, 2022).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

34	EuroPacific Growth Fund

Expense example (continued)

	Beginning account value 10/1/2021		Ending account value 3/31/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	866.35	$	3.68		.79	%
Class A – assumed 5% return		1,000.00		1,020.99		3.98		.79
Class C – actual return		1,000.00		863.12		7.15		1.54
Class C – assumed 5% return		1,000.00		1,017.25		7.75		1.54
Class T – actual return		1,000.00		867.40		2.56		.55
Class T – assumed 5% return		1,000.00		1,022.19		2.77		.55
Class F-1 – actual return		1,000.00		865.98		3.95		.85
Class F-1 – assumed 5% return		1,000.00		1,020.69		4.28		.85
Class F-2 – actual return		1,000.00		867.29		2.61		.56
Class F-2 – assumed 5% return		1,000.00		1,022.14		2.82		.56
Class F-3 – actual return		1,000.00		867.72		2.14		.46
Class F-3 – assumed 5% return		1,000.00		1,022.64		2.32		.46
Class 529-A – actual return		1,000.00		866.26		3.82		.82
Class 529-A – assumed 5% return		1,000.00		1,020.84		4.13		.82
Class 529-C – actual return		1,000.00		862.84		7.38		1.59
Class 529-C – assumed 5% return		1,000.00		1,017.00		8.00		1.59
Class 529-E – actual return		1,000.00		865.13		4.93		1.06
Class 529-E – assumed 5% return		1,000.00		1,019.65		5.34		1.06
Class 529-T – actual return		1,000.00		867.17		2.84		.61
Class 529-T – assumed 5% return		1,000.00		1,021.89		3.07		.61
Class 529-F-1 – actual return		1,000.00		866.92		3.07		.66
Class 529-F-1 – assumed 5% return		1,000.00		1,021.64		3.33		.66
Class 529-F-2 – actual return		1,000.00		867.33		2.65		.57
Class 529-F-2 – assumed 5% return		1,000.00		1,022.09		2.87		.57
Class 529-F-3 – actual return		1,000.00		867.59		2.42		.52
Class 529-F-3 – assumed 5% return		1,000.00		1,022.34		2.62		.52
Class R-1 – actual return		1,000.00		862.96		7.25		1.56
Class R-1 – assumed 5% return		1,000.00		1,017.15		7.85		1.56
Class R-2 – actual return		1,000.00		862.87		7.20		1.55
Class R-2 – assumed 5% return		1,000.00		1,017.20		7.80		1.55
Class R-2E – actual return		1,000.00		864.09		5.90		1.27
Class R-2E – assumed 5% return		1,000.00		1,018.60		6.39		1.27
Class R-3 – actual return		1,000.00		864.98		5.16		1.11
Class R-3 – assumed 5% return		1,000.00		1,019.40		5.59		1.11
Class R-4 – actual return		1,000.00		866.17		3.77		.81
Class R-4 – assumed 5% return		1,000.00		1,020.89		4.08		.81
Class R-5E – actual return		1,000.00		866.97		2.93		.63
Class R-5E – assumed 5% return		1,000.00		1,021.79		3.18		.63
Class R-5 – actual return		1,000.00		867.55		2.33		.50
Class R-5 – assumed 5% return		1,000.00		1,022.44		2.52		.50
Class R-6 – actual return		1,000.00		867.77		2.14		.46
Class R-6 – assumed 5% return		1,000.00		1,022.64		2.32		.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).

EuroPacific Growth Fund

Tax information

unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended March 31, 2022:

Long-term capital gains	$	14,976,616,000
Foreign taxes	$	0.13 per share
Foreign source income	$	1.22 per share
Qualified dividend income		100%
Section 163(j) interest dividends	$	7,536,000
Corporate dividends received deduction	$	21,845,000
U.S. government income that may be exempt from state taxation	$	2,775,000

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2022, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

36	EuroPacific Growth Fund

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through January 31, 2023. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through June 30, 2021. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses were generally competitive with those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

EuroPacific Growth Fund

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that since 2019, CRMC has borne the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed to the fund by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

38	EuroPacific Growth Fund

Liquidity Risk Management Program

unaudited

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

EuroPacific Growth Fund

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40	EuroPacific Growth Fund

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EuroPacific Growth Fund

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the fund²	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee³	Other directorships⁴ held by trustee
Vanessa C. L. Chang, 1952	2005	Former Director, EL & EL Investments (real estate)	22	Edison International/Southern California Edison; Transocean Ltd. (offshore drilling contractor)
Pablo R. González Guajardo, 1967	2014	CEO, Kimberly-Clark de México, SAB de CV	22	América Móvil, SAB de CV (telecommunications company); Grupo Lala, SAB de CV (dairy company); Grupo Sanborns, SAB de CV (retail stores and restaurants); Kimberly- Clark de México, SAB de CV (consumer staples)
Martin E. Koehler, 1957	2015	Independent management consultant	6	None
Pascal Millaire, 1983	2019	CEO and Director, CyberCube Analytics, Inc. (cyber risk software for insurers); former Vice President and General Manager, Symantec Corporation (cybersecurity company)	3	None
William I. Miller, 1956 Chair of the Board (Independent and Non-Executive)	1992	President, The Wallace Foundation	3	Cummins, Inc.
Josette Sheeran, 1954	2015	President and Director, Canoo Inc.; Executive Chair, The McCain Institute; Professor of Practice, Arizona State University; President Emeritus and former CEO, Asia Society; former United Nations Special Envoy for Haiti	7	None
Christopher E. Stone, 1956	2020	Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government; former President, Open Society Foundations	9	None
Amy Zegart, PhD, 1967	2019	Senior Fellow, Hoover Institution, Stanford University; Senior Fellow, Freeman Spogli Institute, Stanford University	6	Kratos Defense & Security Solutions

Interested trustees^5,6

Name, year of birth and position with fund	Year first elected a trustee or officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee³	Other directorships⁴ held by trustee
Carl M. Kawaja, 1964 Co-President and Trustee	2003	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company⁷; Chairman and Director, Capital Research and Management Company	3	None
Joanna F. Jonsson, 1963 Trustee	2019	Partner — Capital World Investors, Capital Research and Management Company; Vice Chair, President and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁷	3	None

The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

42	EuroPacific Growth Fund

Other officers⁶

Name, year of birth and position with fund	Year first elected an officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Gerald Du Manoir, 1966 Co-President	2020	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company⁷; Vice President, Capital Guardian (Canada), Inc.⁷
Christopher Thomsen, 1970 Co-President	2015	Partner — Capital Research Global Investors, Capital Research Company⁷
Walt Burkley, 1966 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company⁷; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2013	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Noriko Honda Chen, 1967 Senior Vice President	2020	Partner — Capital International Investors, Capital Research and Management Company; President and Director, Capital Research Company⁷; Director, The Capital Group Companies, Inc.⁷
Nicholas J. Grace, 1966 Senior Vice President	2004	Partner — Capital Research Global Investors, Capital Research Company⁷
Jonathan Knowles, PhD, 1961 Senior Vice President	2012	Partner — Capital World Investors, Capital International, Inc.⁷
Lawrence Kymisis, 1970 Senior Vice President	2019	Partner — Capital World Investors, Capital Research Company⁷
Harold H. La, 1970 Senior Vice President	2022	Partner — Capital Research Global Investors, Capital International, Inc.⁷
Sung Lee, 1966 Senior Vice President	2003	Partner — Capital Research Global Investors, Capital International, Inc.⁷; Director, The Capital Group Companies, Inc.⁷
Lara Pellini, 1975 Senior Vice President	2015	Partner — Capital World Investors, Capital Research Company⁷; Director, The Capital Group Companies, Inc.⁷
Andrew B. Suzman, 1967 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company⁷
Leo Hee, 1971 Vice President	2014	Partner — Capital World Investors, Capital International, Inc.⁷
Jennifer L. Butler, 1966 Secretary	2013	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Brian C. Janssen, 1972 Treasurer	2010	Senior Vice President — Investment Operations, Capital Research and Management Company
Michael R. Tom, 1988 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Gregory F. Niland, 1971 Assistant Treasurer	2016	Vice President — Investment Operations, Capital Research and Management Company

¹	The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
²	Trustees and officers of the fund serve until their resignation, removal or retirement.
³	Funds managed by Capital Research and Management Company or its affiliates.
⁴	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
⁵	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
⁶	All of the trustees and/or officers listed, with the exception of Lawrence Kymisis, are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
⁷	Company affiliated with Capital Research and Management Company.

EuroPacific Growth Fund

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

44	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 June 30, 2022, 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.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

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 System^SM— 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 90% of 10-year periods and 99% of 20-year periods.²Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

	¹	Investment industry experience as of December 31, 2021.
	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, 2021. 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, 2021. 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. S&P 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 63% of the time, based on the 20-year period ended December 31, 2021, 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

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, Los Angeles, California 90071.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that Pablo R. González Guajardo, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

		EUPAC

Registrant:

a) Audit Fees:
Audit	2021	263,000
	2022	132,000

b) Audit-Related Fees:
	2021	31,000
	2022	31,000

c) Tax Fees:
	2021	51,000
	2022	23,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.

d) All Other Fees:
	2021	None
	2022	None

	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a) Audit Fees:
	Not Applicable

b) Audit-Related Fees:
	2021	1,532,000
	2022	1,595,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.

c) Tax Fees:

	2021	19,000
	2022	1,000
	The tax fees consist of consulting services relating to the Registrant’s investments.


d) All Other Fees:
	2021	2,000
	2022	None
	The other fees consist of subscription services related to an accounting research tool.


	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $1,635,000 for fiscal year 2021 and $1,650,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

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)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.

(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: May 31, 2022

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: May 31, 2022

By ___/s/ Brian C. Janssen__________________

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: May 31, 2022