EUPAC Fund
Investment portfolio
June 30, 2026
unaudited
 
Common stocks 95.94%
Information technology 23.46%
 
Shares
Value
(000)
Taiwan Semiconductor Manufacturing Co., Ltd.
136,543,202
$10,484,968
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
1,589,378
759,039
SK hynix, Inc.
4,086,149
7,209,255
ASML Holding NV
1,711,576
3,394,469
Samsung Electronics Co., Ltd.
8,025,505
1,754,512
Tokyo Electron, Ltd.
2,888,448
1,396,835
SAP SE
7,280,582
1,114,968
ARM Holdings PLC (ADR) (a)
1,960,364
695,086
Kioxia Holdings Corp. (a)
1,133,800
643,706
Shopify, Inc., Class A, subordinate voting shares (a)
4,714,730
538,328
NEC Corp.
19,827,956
481,355
Keyence Corp.
931,951
469,542
Murata Manufacturing Co., Ltd.
5,853,100
421,842
Fujitsu, Ltd.
20,839,890
415,886
Delta Electronics, Inc.
6,418,886
397,295
Halma PLC
7,180,733
375,147
MediaTek, Inc.
2,654,000
362,405
Disco Corp.
626,800
318,561
Baidu, Inc., Class A (a)
19,271,200
274,421
Zhongji Innolight Co., Ltd., Class A
912,368
172,540
Kokusai Electric Corp.
2,291,900
156,487
Elite Material Co., Ltd.
905,993
155,041
Infineon Technologies AG
1,649,093
153,954
TDK Corp.
6,759,700
150,986
Telefonaktiebolaget LM Ericsson, Class B
12,735,743
142,158
Advantest Corp.
698,200
141,927
eMemory Technology, Inc.
1,161,000
107,570
Accton Technology Corp.
1,036,000
81,919
Canva Australia Holdings Pty, Ltd. (a)(b)(c)
37,779
62,190
LITE-ON Technology Corp.
7,213,000
50,710
Xiaomi Corp., Class B (a)
12,451,000
34,526
Nokia Corp.
2,163,032
28,634
OBIC Co., Ltd.
984,000
23,071
Lenovo Group, Ltd. (d)
6,404,000
19,132
Nemetschek SE
154,021
9,316
 
32,997,781
Industrials 17.43%
 
 
 
Airbus SE, non-registered shares
7,972,691
1,774,538
Rolls-Royce Holdings PLC
68,207,535
1,309,596
Safran SA
3,180,054
1,257,273
Vestas Wind Systems AS
38,986,641
1,101,521
Bombardier, Inc., Class B (a)
4,718,674
1,086,435
Recruit Holdings Co., Ltd.
15,167,146
1,055,777
International Consolidated Airlines Group SA (CDI)
158,083,473
1,003,083
Siemens AG
3,111,510
999,823
EUPAC Fund — Page 1 of 13
unaudited
Common stocks (continued)
Industrials (continued)
 
Shares
Value
(000)
Hitachi, Ltd.
30,587,749
$850,020
Prysmian SpA
4,624,106
776,779
Kingspan Group PLC
7,282,186
666,085
Deutsche Post AG
10,174,013
617,357
Schneider Electric SE (d)
1,697,801
557,021
Deutsche Lufthansa AG (d)
46,968,830
537,414
MTU Aero Engines AG
1,236,865
514,433
Techtronic Industries Co., Ltd.
29,269,998
488,652
BAE Systems PLC
19,604,744
479,613
ABB, Ltd.
4,299,776
466,530
DSV A/S
1,895,751
450,025
Ryanair Holdings PLC (ADR)
4,090,945
264,889
Ryanair Holdings PLC
5,717,252
178,994
Taisei Corp. (d)
4,780,700
423,698
Trane Technologies PLC
756,144
371,388
Sunbelt Rentals Holdings, Inc. (CDI) (d)
4,715,509
344,152
Mitsui & Co., Ltd.
12,099,100
336,975
Adani Ports & Special Economic Zone, Ltd.
17,086,122
328,718
Rentokil Initial PLC
56,277,335
318,613
Contemporary Amperex Technology Co., Ltd., Class A
5,327,189
309,722
Hanwha Aerospace Co., Ltd.
472,831
304,563
Marubeni Corp. (d)
9,872,091
287,473
Leonardo SpA
4,689,607
251,482
Innio NV (a)
5,616,626
222,138
Kubota Corp. (d)
13,231,000
221,510
Larsen & Toubro, Ltd.
4,635,188
204,174
Volvo AB, Class B
5,790,533
196,861
Fujikura, Ltd.
4,773,500
185,300
Rheinmetall AG, non-registered shares
160,954
182,187
Melrose Industries PLC
26,185,795
165,124
Compagnie de Saint-Gobain SA, non-registered shares
1,819,003
164,683
WEG SA
17,839,707
162,110
Vinci SA
1,099,012
160,737
Daikin Industries, Ltd.
1,044,300
158,628
Siemens Energy AG
805,397
152,645
Mitsubishi Heavy Industries, Ltd.
6,631,300
150,991
Nordex SE, non-registered shares (a)
2,819,178
148,837
RELX PLC
4,696,032
147,915
Bouygues SA
2,607,211
145,468
Weichai Power Co., Ltd., Class A
33,777,648
137,015
Legrand SA
740,921
125,061
Saab AB, Class B
2,375,049
123,209
Mitsubishi Electric Corp.
3,235,200
118,639
Babcock International Group PLC
9,148,637
115,546
IHI Corp.
6,642,322
112,233
Diploma PLC
1,136,706
107,569
Thales SA
349,086
89,689
Komatsu, Ltd.
2,222,800
87,002
Weir Group PLC (The)
2,682,134
85,589
Kandenko Co., Ltd.
2,006,400
83,894
ITOCHU Corp. (d)
7,290,825
83,834
Sungrow Power Supply Co., Ltd., Class A
3,569,106
83,641
Shenzhen Inovance Technology Co., Ltd., Class A
8,378,825
82,281
Singapore Technologies Engineering, Ltd.
9,899,801
79,878
Mitsubishi Corp.
2,609,300
70,188
EUPAC Fund — Page 2 of 13
unaudited
Common stocks (continued)
Industrials (continued)
 
Shares
Value
(000)
Epiroc AB, Class A (d)
2,103,089
$57,697
AtkinsRealis Group, Inc.
734,261
45,601
Rumo SA
17,466,739
45,441
Aselsan Elektronik Sanayi ve Ticaret AS
5,902,000
43,638
SECOM Co., Ltd.
1,066,000
42,361
SGH, Ltd.
1,214,521
39,407
Kawasaki Heavy Industries, Ltd. (d)
1,876,800
34,181
Localiza Rent a Car SA, ordinary nominative shares
3,937,868
31,687
ASSA ABLOY AB, Class B
825,684
29,167
Bureau Veritas SA
935,802
28,666
Ebara Corp. (d)
700,500
27,472
Didi Global, Inc. (ADR) (a)
5,861,500
19,636
Randstad NV, non-registered shares (d)
291,931
8,414
 
24,520,586
Financials 16.18%
 
 
 
UniCredit SpA
22,137,984
1,980,625
Mizuho Financial Group, Inc.
20,168,486
968,471
KB Financial Group, Inc.
8,837,302
908,770
AIA Group, Ltd.
94,929,095
870,685
Banco Bilbao Vizcaya Argentaria SA
33,375,892
837,269
3i Group PLC
23,326,471
769,865
BNP Paribas SA (d)
5,705,235
666,811
Erste Group Bank AG
4,817,708
645,444
Japan Post Bank Co., Ltd.
33,753,000
642,968
Skandinaviska Enskilda Banken AB, Class A
31,858,801
634,067
Banco Santander SA
39,702,305
549,247
Brookfield Corp., Class A
10,514,739
447,823
Brookfield Corp., Class A (CAD denominated)
2,376,078
101,376
Resona Holdings, Inc.
41,220,684
537,637
BAWAG Group AG
2,659,868
533,305
NatWest Group PLC
60,116,197
529,863
Standard Chartered PLC (GBP denominated)
19,546,640
529,807
Shinhan Financial Group Co., Ltd.
8,032,234
497,700
HSBC Holdings PLC (GBP denominated)
21,044,002
399,740
HSBC Holdings PLC (HKD denominated)
3,933,600
74,774
ING Groep NV
14,541,758
460,063
FinecoBank SpA
16,992,641
426,309
Hana Financial Group, Inc.
5,054,422
374,630
Munchener Ruckversicherungs-Gesellschaft AG
664,509
370,955
Aviva PLC
42,533,346
366,987
Nu Holdings, Ltd., Class A (a)
27,230,354
363,798
ICICI Bank, Ltd.
23,723,399
345,504
Axis Bank, Ltd.
23,758,470
340,025
Aon PLC, Class A
1,023,643
339,532
Kotak Mahindra Bank, Ltd.
74,411,330
309,207
State Bank of India
27,084,883
296,309
Adyen NV (a)
316,550
295,625
MS&AD Insurance Group Holdings, Inc.
10,522,900
274,828
Tokio Marine Holdings, Inc.
6,033,275
267,157
Deutsche Boerse AG
963,861
263,006
ICG PLC
11,283,000
252,944
Abu Dhabi Commercial Bank PJSC
61,738,344
244,124
Banco Comercial Portugues, SA
174,443,847
206,500
T&D Holdings, Inc.
6,673,800
197,698
EUPAC Fund — Page 3 of 13
unaudited
Common stocks (continued)
Financials (continued)
 
Shares
Value
(000)
OTP Bank PLC
1,246,830
$184,250
Great-West Lifeco, Inc.
2,632,599
167,748
BPER Banca SpA
10,478,898
164,479
CVC Capital Partners PLC (d)
10,538,498
153,139
CaixaBank SA, non-registered shares
10,752,217
152,613
Bank Central Asia Tbk PT
475,312,200
148,026
Wise Group PLC, Class A (CDI) (a)
11,682,685
140,190
Wise Group PLC, Class A (a)
614,900
7,324
Abu Dhabi Islamic Bank PJSC
26,105,915
146,755
PICC Property and Casualty Co., Ltd., Class H
77,580,000
142,350
KBC Groep NV
1,010,139
137,783
Saudi National Bank (The)
13,300,142
136,957
Banco BPM SpA
7,441,340
128,525
DBS Group Holdings, Ltd.
2,538,310
128,253
AXA SA (d)
2,450,876
122,830
Danske Bank AS
2,107,469
113,070
ABN AMRO Bank NV (FDR)
2,584,882
109,937
UBS Group AG
2,176,584
107,825
People’s Insurance Co. (Group) of China, Ltd. (The), Class H
176,539,000
105,935
Banco BTG Pactual SA, units
9,836,539
103,066
Grupo Financiero Banorte, SAB de CV, Series O
9,523,739
100,517
Eurobank SA
20,986,669
100,288
Bajaj Finance, Ltd.
7,809,828
83,394
Euronext NV
507,711
81,225
Capitec Bank Holdings, Ltd.
269,489
78,084
London Stock Exchange Group PLC
677,530
73,367
Hiscox, Ltd.
2,607,990
63,910
Credicorp, Ltd.
148,335
57,788
Canadian Imperial Bank of Commerce (CAD denominated) (d)
487,546
56,144
Allianz SE
117,087
55,411
Checkout Payments Group, Ltd., Class B (a)(b)(c)
479,280
42,416
Hong Kong Exchanges and Clearing, Ltd.
908,700
42,234
Cholamandalam Investment and Finance Co., Ltd.
2,201,334
41,884
Deutsche Bank AG
1,169,783
39,608
Samsung Fire & Marine Insurance Co., Ltd.
82,274
32,947
Intact Financial Corp.
123,700
25,530
Sampo Oyj, Class A
2,102,233
22,096
Poste Italiane SpA (d)
631,277
20,649
Shriram Finance, Ltd.
1,800,993
20,065
Sberbank of Russia PJSC (b)
48,140,292
—
(e)
 
22,760,060
Materials 9.66%
 
 
 
First Quantum Minerals, Ltd. (a)(f)
53,134,924
1,451,399
Vale SA (ADR), ordinary nominative shares
46,576,432
700,510
Vale SA, ordinary nominative shares
43,815,715
661,017
Grupo Mexico, SAB de CV, Series B
95,913,158
1,087,281
Lundin Mining Corp. (f)
43,937,270
1,070,666
Barrick Mining Corp. (CAD denominated)
16,775,518
616,847
Barrick Mining Corp.
6,190,089
227,362
BASF SE
14,811,708
791,759
Agnico Eagle Mines, Ltd. (CAD denominated)
4,288,848
666,378
Heidelberg Materials AG, non-registered shares
3,296,739
628,872
Ivanhoe Mines, Ltd., Class A (a)(d)
42,913,187
336,165
Ivanhoe Mines, Ltd., Class A (a)(c)
25,725,343
201,522
EUPAC Fund — Page 4 of 13
unaudited
Common stocks (continued)
Materials (continued)
 
Shares
Value
(000)
Glencore PLC
77,344,144
$527,540
Anglo American PLC
9,834,557
481,671
Resonac Holdings Co., Ltd. (d)
3,457,200
385,504
ArcelorMittal SA
5,741,173
345,217
Nutrien, Ltd. (CAD denominated) (d)
3,158,277
198,972
Nutrien, Ltd.
1,662,676
104,665
Shin-Etsu Chemical Co., Ltd.
6,286,764
274,150
Syensqo SA (d)
3,186,787
235,330
Valterra Platinum, Ltd. (GBP denominated) (d)
3,191,435
214,877
Valterra Platinum, Ltd. (ZAR denominated)
157,230
10,542
Antofagasta PLC
4,198,348
213,240
Mitsui Kinzoku Co., Ltd.
776,900
208,030
CRH PLC
1,720,272
184,069
Amcor PLC
3,739,767
162,119
Mitsubishi Chemical Group Corp.
20,827,000
144,704
JX Advanced Metals Corp. (d)
5,202,200
143,902
Pan American Silver Corp.
2,798,125
125,328
Air Liquide SA (d)
614,750
121,741
Saudi Basic Industries Corp., non-registered shares
7,711,884
105,827
Anhui Conch Cement Co., Ltd., Class H
47,583,500
101,956
Buzzi SpA (d)
1,911,196
97,852
LG Chem, Ltd.
520,988
94,644
Baoshan Iron & Steel Co., Ltd., Class A
105,691,088
84,740
KGHM Polska Miedz SA
912,683
80,566
Wheaton Precious Metals Corp.
715,187
80,330
Smurfit Westrock PLC
1,577,108
72,957
Sumitomo Metal Mining Co., Ltd.
1,463,900
68,412
Nippon Sanso Holdings Corp.
1,781,591
65,733
Southern Copper Corp.
330,268
57,552
Impala Platinum Holdings, Ltd.
3,229,841
33,780
Zijin Mining Group Co., Ltd., Class A
8,622,341
32,016
Linde PLC
58,186
30,195
Akzo Nobel NV (d)
439,888
29,835
MMG, Ltd. (a)
30,432,000
27,167
 
13,584,941
Consumer discretionary 6.87%
 
 
 
MercadoLibre, Inc. (a)
587,228
996,755
Compagnie Financiere Richemont SA, Class A
3,392,715
787,264
Amadeus IT Group SA, Class A, non-registered shares
10,364,936
595,267
Industria de Diseno Textil SA
7,598,513
478,891
Alibaba Group Holding, Ltd.
36,171,100
432,133
Alibaba Group Holding, Ltd. (ADR)
478,097
45,888
Midea Group Co., Ltd., Class A
36,924,445
410,812
Ryohin Keikaku Co., Ltd.
17,221,114
376,228
InterContinental Hotels Group PLC
2,061,489
355,576
Compagnie Generale des Etablissements Michelin
9,059,486
349,929
LVMH Moet Hennessy-Louis Vuitton SE
616,770
341,548
Flutter Entertainment PLC (a)
3,304,093
337,579
Fast Retailing Co., Ltd.
643,100
328,899
Nitori Holdings Co., Ltd. (d)
20,253,300
301,026
Moncler SpA
4,322,521
250,799
H World Group, Ltd. (ADR)
4,721,609
196,985
H World Group, Ltd.
92,900
390
Sea, Ltd., Class A (ADR) (a)
2,025,088
194,064
EUPAC Fund — Page 5 of 13
unaudited
Common stocks (continued)
Consumer discretionary (continued)
 
Shares
Value
(000)
Kering SA
668,699
$190,140
Sony Group Corp.
9,370,400
187,901
Zensho Holdings Co., Ltd. (d)
3,107,105
154,146
Maruti Suzuki India, Ltd.
1,027,678
153,726
Barratt Redrow PLC
41,073,514
153,262
Compass Group PLC
4,491,375
145,114
Trip.com Group, Ltd. (ADR) (a)
3,503,859
139,594
Trip.com Group, Ltd. (a)
107,250
4,259
Mercedes-Benz Group AG
2,833,461
142,220
Hyundai Motor Co.
438,070
141,050
Dollarama, Inc.
956,738
126,567
Panasonic Holdings Corp.
3,701,100
103,918
PDD Holdings, Inc. (ADR) (a)
1,341,080
102,298
Ferrari NV (EUR denominated)
275,361
102,050
BYD Co., Ltd., Class H
10,797,200
99,994
Toyota Motor Corp. (d)
5,643,200
94,638
Honda Motor Co., Ltd.
9,711,200
87,976
Li Ning Co., Ltd.
46,348,000
87,381
Aristocrat Leisure, Ltd.
2,031,442
86,545
Sumitomo Electric Industries, Ltd.
4,450,800
82,156
Booking Holdings, Inc.
432,125
77,022
Shenzhou International Group Holdings, Ltd.
13,076,500
65,863
Prosus NV, Class N
1,347,111
58,552
NEXT PLC
250,257
48,296
Gildan Activewear, Inc.
871,020
44,907
Shimano, Inc. (d)
378,700
40,446
Hyundai Mobis Co., Ltd.
87,635
28,507
Stellantis NV (a)
4,433,573
25,231
Galaxy Entertainment Group, Ltd.
6,107,625
22,999
ASICS Corp.
845,400
22,990
Coupang, Inc., Class A (a)
1,117,239
19,406
Fuyao Glass Industry Group Co., Ltd., Class A
2,345,300
17,475
Meituan, Class B (a)
1,712,200
15,101
Laopu Gold Co., Ltd., Class H (d)
174,700
7,776
Metaplanet, Inc. (a)(d)
3,855,700
4,738
 
9,664,277
Health care 5.92%
 
 
 
AstraZeneca PLC (GBP denominated)
9,864,640
1,845,462
Novo Nordisk AS, Class B
36,203,561
1,736,858
Argenx SE (ADR) (a)
1,024,240
950,259
Argenx SE, non-registered shares (a)
506,272
469,627
EssilorLuxottica SA
3,058,690
573,849
Fresenius SE & Co. KGaA
12,445,922
568,359
Roche Holding AG, nonvoting shares
900,457
370,648
Chugai Pharmaceutical Co., Ltd.
6,088,900
281,911
Siemens Healthineers AG
5,349,268
209,043
Innovent Biologics, Inc. (a)
20,115,000
205,004
BeOne Medicines, Ltd. (ADR) (a)
700,821
199,713
Sandoz Group AG
1,702,227
153,826
Takeda Pharmaceutical Co., Ltd.
4,697,500
148,306
Haleon PLC
26,467,702
122,130
Bayer AG
1,882,469
104,070
WuXi AppTec Co., Ltd., Class H
4,429,600
87,098
Zealand Pharma AS (a)
1,835,275
81,366
EUPAC Fund — Page 6 of 13
unaudited
Common stocks (continued)
Health care (continued)
 
Shares
Value
(000)
Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H (d)
8,358,600
$61,836
Eurofins Scientific SE, non-registered shares
507,217
39,763
Koninklijke Philips NV
1,048,914
28,501
Asahi Intecc Co., Ltd. (d)
1,105,900
25,952
Daiichi Sankyo Co., Ltd.
1,338,154
21,475
Rede D’Or Sao Luiz SA
3,107,328
20,893
Max Healthcare Institute, Ltd.
1,642,872
19,715
 
8,325,664
Communication services 4.66%
 
 
 
SoftBank Group Corp.
69,688,688
2,614,554
Tencent Holdings, Ltd.
17,648,766
972,610
NetEase, Inc.
21,885,873
563,332
Orange
25,310,215
477,406
Bharti Airtel, Ltd.
18,757,925
367,613
BT Group PLC
131,384,049
331,327
Spotify Technology SA (a)
643,571
295,483
Nintendo Co., Ltd.
6,793,639
285,296
Singapore Telecommunications, Ltd.
62,521,500
214,241
MTN Group, Ltd.
11,447,281
159,337
Publicis Groupe SA
1,342,965
132,736
Millicom International Cellular SA
610,516
55,410
Advanced Info Service PCL, foreign registered shares
2,684,809
29,809
Swisscom AG
33,397
25,774
Deutsche Telekom AG
893,699
24,357
 
6,549,285
Consumer staples 3.85%
 
 
 
Nestle SA
9,138,617
938,482
British American Tobacco PLC
14,899,677
918,984
Ajinomoto Co., Inc.
18,443,773
670,928
Philip Morris International, Inc.
3,547,331
641,748
L’Oreal SA, non-registered shares
866,183
380,020
Imperial Brands PLC
9,799,748
362,336
Anheuser-Busch InBev SA/NV
4,273,062
352,300
Danone SA
4,079,321
334,558
KT&G Corp.
2,058,567
225,775
Diageo PLC
8,240,114
165,625
Avenue Supermarts, Ltd. (a)
3,032,812
141,092
Carlsberg A/S, Class B
757,561
99,406
Shiseido Co., Ltd. (d)
4,561,600
73,767
Marks and Spencer Group PLC
12,081,616
59,649
JBS NV (BDR)
2,932,327
34,564
Kweichow Moutai Co., Ltd., Class A
140,879
24,588
 
5,423,822
Utilities 3.75%
 
 
 
SSE PLC
36,573,024
1,182,012
Engie SA (d)
33,215,067
1,047,322
RWE AG
7,865,039
509,563
Iberdrola SA, non-registered shares
17,929,855
447,499
E.ON SE
18,368,778
378,986
Public Power Corp. SA (a)
11,155,433
293,656
Kansai Electric Power Co., Inc. (d)
20,167,800
283,445
Gulf Development PCL, foreign registered shares
130,130,626
243,014
EUPAC Fund — Page 7 of 13
unaudited
Common stocks (continued)
Utilities (continued)
 
Shares
Value
(000)
Adani Green Energy, Ltd. (a)
12,995,852
$206,647
Enel SpA
13,426,116
154,260
Veolia Environnement SA
3,615,583
150,590
Orsted AS (a)
6,530,206
146,822
Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares
17,707,095
101,667
Snam SpA
13,077,715
94,128
National Grid PLC
1,860,486
30,804
 
5,270,415
Energy 3.73%
 
 
 
Cenovus Energy, Inc. (CAD denominated)
72,716,972
1,804,273
Cenovus Energy, Inc.
2,865,718
71,099
Shell PLC (GBP denominated)
13,016,571
504,188
Shell PLC (EUR denominated)
8,357,113
322,893
Canadian Natural Resources, Ltd. (CAD denominated)
16,876,529
667,802
TotalEnergies SE (EUR denominated)
7,917,267
615,020
Tourmaline Oil Corp. (d)
6,273,613
262,313
Reliance Industries, Ltd.
15,696,215
216,037
SLB, Ltd.
4,266,601
198,354
Equinor ASA
5,911,520
185,758
Santos, Ltd.
31,114,098
154,474
Neste OYJ
3,666,392
119,185
Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares
7,071,322
114,273
Subsea 7 SA (a)
156,801
5,353
Rosneft Oil Co. PJSC (b)
3,432,340
—
(e)
 
5,241,022
Real estate 0.43%
 
 
 
China Resources Land, Ltd.
45,712,500
175,520
Mitsubishi Estate Co., Ltd.
5,079,400
129,280
Henderson Land Development Co., Ltd.
38,995,000
123,746
Sun Hung Kai Properties, Ltd.
7,846,000
113,072
Goodman Logistics (HK), Ltd. REIT
3,262,336
70,722
 
612,340
Total common stocks (cost: $78,888,025,000)
134,950,193
Preferred securities 0.26%
Consumer discretionary 0.12%
 
 
 
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares (d)
3,331,218
165,665
TVS Motor Co., Ltd., 6.00% cumulative preferred shares (a)
7,411,340
813
 
166,478
Financials 0.12%
 
 
 
Itau Unibanco Holding SA, preferred nominative shares
20,097,336
164,211
Information technology 0.02%
 
 
 
Wayve Technologies, Ltd, Series D, preferred shares (a)(b)(c)
56,066
29,962
Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares (a)(b)(c)
3,308
5,445
Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares (a)(b)(c)
133
219
EUPAC Fund — Page 8 of 13
unaudited
Preferred securities (continued)
Information technology (continued)
 
Shares
Value
(000)
Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares (a)(b)(c)
11
$18
Canva Australia Holdings Pty, Ltd., Series A-5, noncumulative preferred shares (a)(b)(c)
9
15
 
35,659
Total preferred securities (cost: $400,131,000)
366,348
Rights & warrants 0.00%
Information technology 0.00%
 
 
 
Constellation Software, Inc., warrants, expire 3/31/2040 (a)(b)
76,328
—
(e)
Total rights & warrants (cost: $0)
—
(e)
Short-term securities 3.74%
Money market investments 3.53%
 
 
 
Capital Group Central Cash Fund 3.70% (f)(g)
49,688,975
4,968,401
Money market investments purchased with collateral from securities on loan 0.21%
 
 
 
Capital Group Central Cash Fund 3.70% (f)(g)(h)
825,972
82,589
Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.52% (g)(h)
41,300,000
41,300
BlackRock Liquidity Funds – FedFund, Institutional Shares 3.54% (g)(h)
38,300,000
38,300
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 3.56% (g)(h)
38,300,000
38,300
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.57% (g)(h)
26,826,911
26,827
Goldman Sachs Financial Square Government Fund, Institutional Shares 3.53% (g)(h)
23,600,000
23,600
State Street Institutional U.S. Government Money Market Fund, Premier Class 3.58% (g)(h)
20,600,000
20,600
Fidelity Investments Money Market Government Portfolio, Class I 3.53% (g)(h)
17,700,000
17,700
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 3.55% (g)(h)
5,900,000
5,900
 
295,116
Total short-term securities (cost: $5,263,534,000)
5,263,517
Total investment securities 99.94% (cost: $84,551,690,000)
140,580,058
Other assets less liabilities 0.06%
82,452
Net assets 100.00%
$140,662,510
Investments in affiliates (f)
 
 
Value at
4/1/2026
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
6/30/2026
(000)
Dividend
or interest
income
(000)
Common stocks 1.79%
Industrials 0.00%
Melrose Industries PLC (i)
$495,977
$—
$299,363
$(40,092
)
$8,602
$—
$—
Materials 1.79%
First Quantum Minerals, Ltd. (a)
1,198,184
102,473
16,599
(2,293
)
169,634
1,451,399
—
Lundin Mining Corp.
1,133,103
—
43,190
2,103
(21,350
)
1,070,666
869
 
2,522,065
EUPAC Fund — Page 9 of 13
unaudited
Investments in affiliates (f) (continued)
 
Value at
4/1/2026
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
6/30/2026
(000)
Dividend
or interest
income
(000)
Energy 0.00%
Cenovus Energy, Inc. (i)
$76,027
$—
$—
$—
$(4,928
)
$—
$451
Cenovus Energy, Inc. (CAD denominated) (i)
2,525,845
—
606,033
372,014
(487,553
)
—
11,557
 
—
Total common stocks
2,522,065
Short-term securities 3.59%
Money market investments 3.53%
Capital Group Central Cash Fund 3.70% (g)
5,442,338
4,877,023
5,351,064
(188
)
292
4,968,401
54,445
Money market investments purchased with collateral
from securities on loan 0.06%
Capital Group Central Cash Fund 3.70% (g)(h)
87,814
5,225
(j)
82,589
—
(k)
Total short-term securities
5,050,990
Total 5.38%
$331,544
$(335,303
)
$7,573,055
$67,322
Restricted securities (c)
 
 
Acquisition
date(s)
Cost
(000)
Value
(000)
Percent
of net
assets
Ivanhoe Mines, Ltd., Class A (a)
12/18/2023
$230,721
$201,522
0.14
%
Canva Australia Holdings Pty, Ltd. (a)(b)
8/26/2021-11/4/2021
64,403
62,190
0.05
Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred
shares (a)(b)
11/4/2021
5,639
5,445
—
(l)
Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative
preferred shares (a)(b)
11/4/2021
227
219
—
(l)
Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative
preferred shares (a)(b)
11/4/2021
19
18
—
(l)
Canva Australia Holdings Pty, Ltd., Series A-5, noncumulative
preferred shares (a)(b)
11/4/2021
15
15
—
(l)
Checkout Payments Group, Ltd., Class B (a)(b)
1/11/2022
148,840
42,416
0.03
Wayve Technologies, Ltd, Series D, preferred shares (a)(b)
2/11/2026
30,000
29,962
0.02
Total
 
$479,864
$341,787
0.24
%
 
(a)
Non-income producing.
(b)
Value determined using significant unobservable inputs.
(c)
Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.
(d)
All or a portion of this security was on loan. 
(e)
Amount less than one thousand.
(f)
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.
(g)
Rate represents the seven-day yield at 6/30/2026.
(h)
Security purchased with cash collateral from securities on loan.
(i)
Affiliated issuer during the reporting period but no longer an affiliate at 6/30/2026. Refer to the investment portfolio for the security value at 6/30/2026.
(j)
Represents net activity.
(k)
Dividend income is included with securities lending income and is not shown in this table.
(l)
Amount less than 0.01%.
EUPAC Fund — Page 10 of 13
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers. 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.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security. 
Fixed-income class
Examples of standard inputs
All
Benchmark yields, transactions, bids, offers, quotations from dealers and
trading systems, new issues, spreads and other relationships observed in
the markets among comparable securities; and proprietary pricing
models such as yield measures calculated using factors such as cash flows,
financial or collateral performance and other reference data (collectively
referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities
Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies
Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations
Standard inputs and cash flows, prepayment information, default rates,
delinquency and loss assumptions, collateral characteristics, credit
enhancements and specific deal information
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
EUPAC Fund — Page 11 of 13
unaudited
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.
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 fund’s valuation levels as of June 30, 2026, were as follows (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Common stocks:
Information technology
$1,992,453
$30,943,138
$62,190
$32,997,781
Industrials
2,249,325
22,271,261
—
24,520,586
Financials
1,770,646
20,946,998
42,416
22,760,060
Materials
8,035,334
5,549,607
—
13,584,941
Consumer discretionary
2,281,065
7,383,212
—
9,664,277
Health care
1,170,865
7,154,799
—
8,325,664
Communication services
350,893
6,198,392
—
6,549,285
Consumer staples
676,312
4,747,510
—
5,423,822
Utilities
101,667
5,168,748
—
5,270,415
Energy
3,118,114
2,122,908
—
*
5,241,022
Real estate
—
612,340
—
612,340
Preferred securities
165,024
165,665
35,659
366,348
Rights & warrants
—
—
—
*
—
*
Short-term securities
5,263,517
—
—
5,263,517
Total
$27,175,215
$113,264,578
$140,265
$140,580,058
*
Amount less than one thousand. 
Key to abbreviation(s)
ADR = American Depositary Receipts
BDR = Brazilian Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
FDR = Fiduciary Depositary Receipts
GBP = British pounds
HKD = Hong Kong dollars
REIT = Real Estate Investment Trust
ZAR = South African rand
EUPAC Fund — Page 12 of 13
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Capital Client Group, Inc., member FINRA.
© 2026 Capital Group. All rights reserved.
MFGEFP1-016-0826
EUPAC Fund — Page 13 of 13