# EDGAR Filing Document

**Accession Number:** 0000719603
**File Stem:** 0000051931-26-000586
**Filing Date:** 2026-5
**Character Count:** 1185774
**Document Hash:** 2bc8751a41a7fcd429fa342b0d622c7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051931-26-000586.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000051931-26-000586

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 38

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EUPAC FUND
- **CENTRAL INDEX KEY:** 0000719603

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03734
- **FILM NUMBER:** 261040698

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EUROPACIFIC GROWTH FUND
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EUPAC FUND
- **CENTRAL INDEX KEY:** 0000719603

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-83847
- **FILM NUMBER:** 261040697

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EUROPACIFIC GROWTH FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### EUPAC FUND (Series ID: S000009618)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026328 | Class A       | AEPGX           |
| C000026329 | Class R-1     | RERAX           |
| C000026330 | Class R-2     | RERBX           |
| C000026331 | Class R-3     | RERCX           |
| C000026332 | Class R-4     | REREX           |
| C000026333 | Class R-5     | RERFX           |
| C000026335 | Class C       | AEPCX           |
| C000026336 | Class F-1     | AEGFX           |
| C000026337 | Class 529-A   | CEUAX           |
| C000026339 | Class 529-C   | CEUCX           |
| C000026340 | Class 529-E   | CEUEX           |
| C000026341 | Class 529-F-1 | CEUFX           |
| C000066830 | Class F-2     | AEPFX           |
| C000077411 | Class R-6     | RERGX           |
| C000148435 | Class R-2E    | REEBX           |
| C000164824 | Class R-5E    | RERHX           |
| C000179990 | Class F-3     | FEUPX           |
| C000189494 | Class 529-T   | TEUGX           |
| C000189495 | Class T       | TEUPX           |
| C000221169 | Class 529-F-2 | FUEPX           |
| C000221170 | Class 529-F-3 | FEPUX           |

?xml version='1.0' encoding='ASCII'?

SEC File Nos. 002-83847

811-03734

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A**

Registration Statement

Under

the Securities Act of 1933

Post-Effective Amendment No. 76

and

Registration Statement

Under

the Investment Company Act of 1940

Amendment No. 76

**EUPAC FUND**

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street

Los Angeles, California 90071-1406

(Address of Principal Executive Offices)

Registrant's telephone number, including area code:

(213) 486-9200

***Michael R. Tom, Secretary***

***EUPAC Fund***

*333 South Hope Street*

*Los Angeles, California 90071-1406*

*(Name and Address of Agent for Service)*

Copies to:

***Mark D. Perlow***

***Dechert LLP***

*45 Fremont Street, 26th Floor*

*San Francisco, California 94105-2223*

*(Counsel for the Registrant)*

Approximate date of proposed public offering:

It is proposed that this filing become effective on June 1, 2026, pursuant to paragraph (b) of Rule 485.

---

| | |
|:---|:---|
| **EUPAC Fund™**<br> Prospectus<br> June 1, 2026 | ![](graphicsimage_001.jpg) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Class | A | C | T | F-1 | F-2 | F-3 | 529-A | 529-C | 529-E | 529-T | 529-F-1 |
|  | AEPGX | AEPCX | TEUPX | AEGFX | AEPFX | FEUPX | CEUAX | CEUCX | CEUEX | TEUGX | CEUFX |
| &nbsp;&nbsp;Class | 529-F-2 | 529-F-3 | R-1 | R-2 | R-2E | R-3 | R-4 | R-5E | R-5 | R-6 |  |
|  | FUEPX | FEPUX | RERAX | RERBX | REEBX | RERCX | REREX | RERHX | RERFX | RERGX |  |

---

Table of contents

---

| | |
|:---|:---|
| Investment objective | 1 |
| Fees and expenses of the fund | 1 |
| Principal investment strategies | 3 |
| Principal risks | 4 |
| Investment results | 6 |
| Management | 8 |
| Purchase and sale of fund shares | 8 |
| Tax information | 8 |
| Payments to broker-dealers and other financial intermediaries | 8 |
| Investment objective, strategies and risks | 9 |
| Management and organization | 16 |
| Shareholder information | 19 |
| Purchase, exchange and sale of shares | 20 |
| How to sell shares | 25 |
| Distributions and taxes | 29 |
| Choosing a share class | 30 |
| Sales charges | 32 |
| Sales charge reductions and waivers | 36 |
| Rollovers from retirement plans to IRAs | 43 |
| Plans of distribution | 45 |
| Other compensation to dealers | 46 |
| Fund expenses | 48 |
| Financial highlights | 50 |
| Appendix | 56 |

---

**The U.S. Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.**

------

Investment objective The fund's investment objective is to provide you with long-term growth of capital.

Fees and expenses of the fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2, F-3, 529-F-2 or 529-F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds and Capital Group KKR Public-Private+ Funds (collectively "Capital Group Funds") ($250,000 for Class 529-A shares). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 36 of the prospectus and on page 76 of the fund's statement of additional information, and in the sales charge waiver appendix to the prospectus.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** | **Shareholder fees** **(fees paid directly from your investment)** |
| Share class: | A | 529-A | **C and** <br>**529-C** | 529-E | **T and**<br>**529-T** | All F and 529-F share classes | **All R**<br>**share<br>classes** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% | 3.50% |  |  | 2.50% |  |  |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) | 1.00<sup>\*</sup> | 1.00<sup>\*</sup> | 1.00% |  |  |  |  |
| Maximum sales charge (load) imposed on reinvested dividends |  |  |  |  |  |  |  |
| Redemption or exchange fees |  |  |  |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** | **Annual fund operating expenses** **(expenses that you pay each year as a percentage of the net asset value of your investment)** |
| Share class: | A | C | T | F-1 | F-2 | F-3 | 529-A |
| Management fees | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| Distribution and/or service (12b-1) fees | 0.24 | 1.00 | 0.25 | 0.25 |  |  | 0.23 |
| Other expenses | 0.17 | 0.16 | 0.16 | 0.19 | 0.17 | 0.05 | 0.21 |
| Total annual fund operating expenses | 0.83 | 1.58 | 0.83 | 0.86 | 0.59 | 0.47 | 0.86 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | 529-C | 529-E | 529-T | 529-F-1 | 529-F-2 | 529-F-3 | R-1 |
| Management fees | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| Distribution and/or service (12b-1) fees | 1.00 | 0.50 | 0.25 | 0.25 |  |  | 1.00 |
| Other expenses | 0.21 | 0.17 | 0.20 | 0.24 | 0.17 | 0.11 | 0.15 |
| Total annual fund operating expenses | 1.63 | 1.09 | 0.87 | 0.91 | 0.59 | 0.53 | 1.57 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | R-2 | R-2E | R-3 | R-4 | R-5E | R-5 | R-6 |
| Management fees | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| Distribution and/or service (12b-1) fees | 0.75 | 0.60 | 0.50 | 0.25 |  |  |  |
| Other expenses | 0.40 | 0.25 | 0.20 | 0.15 | 0.20 | 0.10 | 0.05 |
| Total annual fund operating expenses | 1.57 | 1.27 | 1.12 | 0.82 | 0.62 | 0.52 | 0.47 |

---

<sup>\*</sup>A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold.

1&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2, F-3, 529-F-2 or 529-F-3 shares of the fund, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | A | C | T | F-1 | F-2 | F-3 | 529-A | 529-C | 529-E | 529-T | 529-F-1 | 529-F-2 | 529-F-3 | R-1 |
| 1 year | $655 | $261 | $333 | $88 | $60 | $48 | $435 | $266 | $111 | $337 | $93 | $60 | $54 | $160 |
| 3 years | 825 | 499 | 508 | 274 | 189 | 151 | 615 | 514 | 347 | 521 | 290 | 189 | 170 | 496 |
| 5 years | 1009 | 860 | 699 | 477 | 329 | 263 | 810 | 887 | 601 | 720 | 504 | 329 | 296 | 855 |
| 10 years | 1541 | 1677 | 1250 | 1061 | 738 | 591 | 1374 | 1449 | 1329 | 1296 | 1120 | 738 | 665 | 1867 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Share class: | R-2 | R-2E | R-3 | R-4 | R-5E | R-5 | R-6 | For the share classes listed to the right, you would pay the following if you did not redeem your shares: | Share class: | C | 529-C |
| 1 year | $160 | $129 | $114 | $84 | $63 | $53 | $48 | For the share classes listed to the right, you would pay the following if you did not redeem your shares: | 1 year | $161 | $166 |
| 3 years | 496 | 403 | 356 | 262 | 199 | 167 | 151 | For the share classes listed to the right, you would pay the following if you did not redeem your shares: | 3 years | 499 | 514 |
| 5 years | 855 | 697 | 617 | 455 | 346 | 291 | 263 | For the share classes listed to the right, you would pay the following if you did not redeem your shares: | 5 years | 860 | 887 |
| 10 years | 1867 | 1534 | 1363 | 1014 | 774 | 653 | 591 | For the share classes listed to the right, you would pay the following if you did not redeem your shares: | 10 years | 1677 | 1449 |

---

**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 50% of the average value of its portfolio.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 2

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Principal investment strategies The fund invests primarily in common stocks in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation.

Normally the fund will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. A country will be considered part of Europe if it is part of the MSCI European indexes, and part of the Pacific Basin if any of its borders touches the Pacific Ocean. In determining the domicile of an issuer, the fund's investment adviser will generally look to the determination of MSCI Inc. (MSCI) for equity securities and Bloomberg for debt securities. In certain limited circumstances (including where relevant data is unavailable or the nature of a holding warrants special considerations), the adviser may also take into account additional factors, as applicable, including where the issuer's securities are listed; where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations, generates revenues and/or has credit risk exposure; and the source of guarantees, if any, of such securities. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets.

The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

3&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

*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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; 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), bank failures 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 the issuer's financial condition or credit rating, 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

*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 United States* — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 4

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certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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, which could impact the liquidity of the fund's portfolio. The risks of investing outside the United States 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 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 such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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, more vulnerable to market manipulation, and 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.

*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.

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

5&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Investment results The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Prior to October 30, 2020, certain fees, such as 12b-1 fees, were not charged on Class 529-F-1 shares. If these expenses had been deducted, results would have been lower. Updated information on the fund's investment results can be obtained by visiting capitalgroup.com.

![](graphicsimage_002.jpg)

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 6

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** **For the periods ended December 31, 2025:** | **Average annual total returns** **For the periods ended December 31, 2025:** | **Average annual total returns** **For the periods ended December 31, 2025:** | **Average annual total returns** **For the periods ended December 31, 2025:** | **Average annual total returns** **For the periods ended December 31, 2025:** | **Average annual total returns** **For the periods ended December 31, 2025:** |
| Share class | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **F–2** - Before taxes | 8/1/2008 | 29.03% | 4.47% | 8.34% | 6.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;- After taxes on distributions |  | 24.90 | 2.88 | 7.28 | N/A |
| &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | &nbsp;&nbsp;- After taxes on distributions and sale of fund shares | 19.63 | 3.39 | 6.79 | N/A |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share classes** (before taxes) | Inception date | 1 year | 5 years | 10 years | Lifetime |
| **A** (with maximum sales charge) | 4/16/1984 | 21.31% | 2.98% | 7.43% | 9.97% |
| C | 3/15/2001 | 26.78 | 3.44 | 7.42 | 6.74 |
| F–1 | 3/15/2001 | 28.66 | 4.18 | 8.04 | 6.99 |
| F–3 | 1/27/2017 | 29.18 | 4.59 | N/A | 8.77 |
| **529–A** (with maximum sales charge) | 2/15/2002 | 24.18 | 3.44 | 7.65 | 7.48 |
| 529–C | 2/15/2002 | 26.70 | 3.39 | 7.62 | 7.44 |
| 529–E | 3/7/2002 | 28.40 | 3.95 | 7.79 | 7.14 |
| 529–F–1 | 9/16/2002 | 28.92 | 4.37 | 8.25 | 8.66 |
| 529–F–2 | 10/30/2020 | 29.01 | 4.46 | N/A | 8.24 |
| 529–F–3 | 10/30/2020 | 29.11 | 4.52 | N/A | 8.31 |
| R–1 | 6/17/2002 | 27.76 | 3.45 | 7.26 | 6.93 |
| R–2 | 5/31/2002 | 27.76 | 3.46 | 7.28 | 6.73 |
| R–2E | 8/29/2014 | 28.14 | 3.75 | 7.59 | 6.10 |
| R–3 | 5/21/2002 | 28.35 | 3.91 | 7.75 | 7.16 |
| R–4 | 6/7/2002 | 28.71 | 4.22 | 8.08 | 7.64 |
| R-5E | 11/20/2015 | 28.97 | 4.43 | 8.29 | 7.88 |
| R–5 | 5/15/2002 | 29.12 | 4.53 | 8.40 | 7.82 |
| R–6 | 5/1/2009 | 29.18 | 4.59 | 8.46 | 8.83 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | **Lifetime**<br>**(from <br>Class F-2 inception)** |
| MSCI All Country World ex USA Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes) | 32.39% | 7.91% | 8.41% | 5.09% |

---

After-tax returns are shown only for Class F-2 shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k) plan, individual retirement account (IRA) or 529 college savings plan.

7&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Management

**Investment adviser** Capital Research and Management Company

 **Portfolio managers** The individuals primarily responsible for the portfolio management of the fund are:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio manager** <br> **in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Gerald Du Manoir** Co-President | 2020 | Partner – Capital International Investors |
| **Nicholas J. Grace** | 2002 | Partner – Capital Research Global Investors |
| **Dawid Justus** Co-President | 2026 | Partner – Capital Research Global Investors |
| **Carl M. Kawaja** Co-President | 2001 | Partner – Capital World Investors |
| **Lawrence Kymisis** | 2013 | Partner – Capital World Investors |
| **Sung Lee** | 2002 | Partner – Capital Research Global Investors |
| **Samir Parekh** | 2021 | Partner – Capital International Investors |
| **Lara Pellini** | 2015 | Partner – Capital World Investors |
| A**ndrew B. Suzman** | 2007 | Partner – Capital World Investors |
| **Arun Swaminathan** | 2020 | Partner – Capital World Investors |
| **Tomonori Tani** | 2018 | Partner – Capital World Investors |
| **Lisa Thompson** | 2025 | Partner – Capital International Investors |

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Purchase and sale of fund shares The minimum amount to establish an account for all share classes is normally $250 and the minimum to add to an account is $50. For a payroll deduction retirement plan account, payroll deduction savings plan account or employer-sponsored 529 account, the minimum is $25 to establish or add to an account. For accounts with Class F-3 shares held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial professional or by writing to American Funds Service Company<sup>®</sup> at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at capitalgroup.com. Please contact your plan administrator or recordkeeper to sell (redeem) shares from your retirement plan.

Tax information Dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-favored (in which case you may be taxed later, upon withdrawal of your investment from such account).

Payments to broker-dealers and other financial intermediaries If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund's distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial professional to recommend the fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 8

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Investment objective, strategies and risks The fund's investment objective is to provide you with long-term growth of capital. While it has no present intention to do so, the fund's board may change the fund's investment objective without shareholder approval upon 60 days' written notice to shareholders.

The fund is designed for investors seeking capital appreciation and diversification through investments in common stocks and other equity-type securities (including depositary receipts), consistent with the fund's investment objective. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

The following describes certain strategies that the investment adviser uses in pursuit of the fund's investment objective and the corresponding risks:

The fund invests primarily in common stocks in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation.

Normally, the fund will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. This policy is subject to change only upon 60 days' notice to shareholders. A country will be considered part of Europe if it is part of the MSCI European indexes, and part of the Pacific Basin if any of its borders touches the Pacific Ocean. In determining the domicile of an issuer, the fund's investment adviser will generally look to the determination of MSCI Inc. (MSCI) for equity securities and Bloomberg for debt securities. In certain limited circumstances (including where relevant data is unavailable or the nature of a holding warrants special considerations), the adviser may also take into account additional factors, as applicable, including where the issuer's securities are listed; where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations, generates revenues and/or has credit risk exposure; and the source of guarantees, if any, of such securities. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets.

To manage cash flows into or out of the fund effectively, the fund may also invest in futures contracts referencing stock indices to equitize some or all of its cash and cash equivalents. Futures contracts are a type of derivative. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index.

The fund may also hold cash, cash equivalents and fixed-income securities, including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The percentage of the fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of fund shares. The investment adviser may determine that it is appropriate to invest a substantial portion of the fund's assets in such instruments in response to certain circumstances, such as periods of market turmoil. For temporary defensive purposes, the fund may invest without limitation in such instruments. A larger percentage of such holdings could moderate the fund's investment results in a period of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of the fund's loss in a period of falling market prices and provide liquidity to make additional investments or to meet redemptions.

9&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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The fund may invest in certain other funds managed by the investment adviser or its affiliates ("Central Funds") to more effectively invest in a diversified set of securities in a specific asset class such as money market instruments, bonds and other securities. Shares of Central Funds are only offered for purchase to the fund's investment adviser and its affiliates and other funds, investment vehicles and accounts managed by the fund's investment adviser and its affiliates. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses. The investment results of the portions of the fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The fund may also lend portfolio securities to brokers, dealers and other institutions that provide cash or U.S. Treasury securities as collateral in an amount at least equal to the value of the securities loaned.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

The investment adviser may consider environmental, social and governance ("ESG") factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, executive compensation, shareholder dilution).

The following are principal risks associated with investing in the fund.

*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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; 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), bank failures 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.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 10

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*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 the issuer's financial condition or credit rating, 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. To the extent that the market prices of securities of issuers in the same or related industries or sectors tend to move in the same direction at the same time, and these issuers make up a sizeable portion of the market, events affecting one issuer, industry or sector or the securities markets generally may have a larger impact. If such issuers represent a substantial portion of major market indices, or the economy, a downturn in the prices of their securities may have a disproportionate adverse effect on the overall market, even if other segments of the market perform well. The fund's portfolio managers invest in issuers based on their level of investment conviction. At times, the fund may invest more significantly in a single issuer, which could increase the fund's volatility and the risk of loss arising from the factors described above.

*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 United States* — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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, sanctions, 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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, which could impact the liquidity of the fund's portfolio. The risks of investing outside the United States 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

11&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems 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 such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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, more vulnerable to market manipulation, and 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.

*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.

The following are additional risks associated with investing in the fund.

*Exposure to country, region, industry or sector* — Subject to the fund's investment limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.

*Investing in depositary receipts* — Depositary receipts are securities that evidence ownership interests in, and represent the right to receive, a security or a pool of securities that have been deposited with a bank or trust depository. Such securities may be less liquid or may trade at a lower price than the underlying securities of the issuer. Additionally, receipt of corporate information about the underlying issuer and proxy disclosure may not be timely and there may not be a correlation between such information and the market value of the depositary receipts.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 12

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*Liquidity risk* — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

*Investing in derivatives* — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund's returns and increase the fund's price volatility. The fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

*Investing in futures contracts* — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund's investment adviser to accurately forecast market and economic factors (such as interest rates) and to assess and predict the impact of such market and economic factors on the futures in which the fund invests. If the investment adviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the futures in which it invests, the fund could suffer losses.

13&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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*Lending of portfolio securities —* Securities lending involves risks, including the risk that the loaned securities may not be returned in a timely manner or at all, which would interfere with the fund's ability to vote proxies or settle transactions, and/or the risk of a counterparty default. Additionally, the fund may lose money from the reinvestment of collateral received on loaned securities in investments that decline in value, default or do not perform as expected.

*Cybersecurity breaches* — The fund may be subject to operational and information security risks through breaches in cybersecurity. Cybersecurity breaches can result from deliberate attacks or unintentional events, including "ransomware" attacks, the injection of computer viruses or malicious software code, the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices, or external attacks such as denial-of-service attacks on the investment adviser's or an affiliate's website that could render the fund's network services unavailable to intended end-users. These breaches may, among other things, lead to the unauthorized release of confidential information, misuse of the fund's assets or sensitive information, the disruption of the fund's operational capacity, the inability of fund shareholders to transact business, or the destruction of the fund's physical infrastructure, equipment or operating systems. These events could cause the fund to violate applicable privacy and other laws and could subject the fund to reputational damage, additional costs associated with corrective measures and/or financial loss. The fund may also be subject to additional risks if its third-party service providers, such as the fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries, experience similar cybersecurity breaches and potential outcomes. Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value.

*Large shareholder transactions risk* — The fund may experience adverse effects when shareholders, including other funds or accounts advised by the investment adviser, purchase or redeem, individually or in the aggregate, large amounts of shares relative to the size of the fund. For example, when the investment adviser changes allocations in other funds and accounts it manages, such changes may result in shareholder transactions in the fund that are large relative to the size of the fund. Such large shareholder redemptions may cause the fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's net asset value and liquidity. Similarly, large fund share purchases may adversely affect the fund's performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio. These risks are heightened when the fund is small.

In addition to the principal investment strategies described above, the fund has other investment practices that are described in the statement of additional information, which includes a description of other risks related to the fund's principal investment strategies and other investment practices. The fund's investment results will depend on the ability of the fund's investment adviser to navigate the risks discussed above as well as those described in the statement of additional information.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 14

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**Fund comparative indexes** The investment results table in this prospectus shows how the fund's average annual total returns compare with a broad measure of market results and, if applicable, other measures of market results that reflect the fund's investment universe. The 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 net of withholding taxes. 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.

**Fund results** All fund results in this prospectus reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results reflect any fee waivers and/or expense reimbursements in effect during the periods presented.

**Portfolio holdings** Portfolio holdings information for the fund is available on our website at capitalgroup.com. A description of the fund's policies and procedures regarding disclosure of information about its portfolio holdings is available in the statement of additional information.

15&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Management and organization

**Investment adviser** Capital Research and Management Company, an experienced investment management organization founded in 1931, serves as the investment adviser to the fund and other funds, including the American Funds. Capital Research and Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071. Capital Research and Management Company manages the investment portfolio and business affairs of the fund. The total management fee paid by the fund to its investment adviser for the most recent fiscal year, as a percentage of average net assets, appears in the Annual Fund Operating Expenses table under "Fees and expenses of the fund." Please see the statement of additional information for further details. A discussion regarding the basis for approval of the fund's Investment Advisory and Service Agreement by the fund's board of trustees is contained in the fund's report in Form N-CSR/S for the fiscal period ended September 30, 2025.

Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital International Investors, Capital Research Global Investors and Capital World Investors — make investment decisions independently of one another.

The equity investment divisions may, in the future, be incorporated as wholly owned subsidiaries of Capital Research and Management Company. In that event, Capital Research and Management Company would continue to be the investment adviser, and day-to-day investment management of equity assets would continue to be carried out through one or more of these subsidiaries. Although not currently contemplated, Capital Research and Management Company could incorporate its fixed income investment division in the future and engage it to provide day-to-day investment management of fixed income assets. Capital Research and Management Company and each of the funds it advises have received an exemptive order from the U.S. Securities and Exchange Commission that allows Capital Research and Management Company to use, upon approval of the fund's board, its management subsidiaries and affiliates to provide day-to-day investment management services to the fund, including making changes to the management subsidiaries and affiliates providing such services. The fund's shareholders have approved this arrangement; however, there is no assurance that Capital Research and Management Company will incorporate its investment divisions or exercise any authority granted to it under the exemptive order.

In addition, shareholders approved a proposal to reorganize the fund into a Delaware statutory trust. The reorganization may be completed in the next 12 months; however, the fund reserves the right to delay the implementation.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 16

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**The Capital System<sup>TM</sup>** Capital Research and Management Company uses a system of multiple portfolio managers in managing mutual fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers. In addition, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio. Investment decisions are subject to a fund's objective(s), policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions. The table below shows the investment experience and role in management of the fund for each of the fund's primary portfolio managers.

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| | | | |
|:---|:---|:---|:---|
| Portfolio manager | **Investment**<br>**experience** | **Portfolio manager** <br> **in this fund since:** | **Role in**<br>**management<br>of the fund** |
| **Gerald Du Manoir** | Investment professional since 1990 (all with Capital Research and Management Company or affiliate) | 2020 | Serves as an equity portfolio manager |
| **Nicholas J. Grace** | Investment professional since 1989 (with Capital Research and Management Company or affiliate since 1993) | 2002, and previously an investment analyst for the fund since 1994 | Serves as an equity portfolio manager |
| **Dawid Justus** | Investment professional since 1999 (with Capital Research and Management Company or affiliate since 2005) | 2026 | Serves as an equity portfolio manager |
| **Carl M. Kawaja** | Investment professional since 1987 (with Capital Research and Management Company or affiliate since 1991) | 2001, and previously an investment analyst for the fund since 1993 | Serves as an equity portfolio manager |
| **Lawrence Kymisis** | Investment professional since 1995 (with Capital Research and Management Company or affiliate since 2003) | 2013 | Serves as an equity portfolio manager |
| **Sung Lee** | Investment professional since 1994 (all with Capital Research and Management Company or affiliate) | 2002, and previously an investment analyst for the fund since 1997 | Serves as an equity portfolio manager |

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17&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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| | | | |
|:---|:---|:---|:---|
| Portfolio manager | **Investment**<br>**experience** | **Portfolio manager** <br> **in this fund since:** | **Role in**<br>**management<br>of the fund** |
| Samir Parekh | Investment professional since 2001 (with Capital Research and Management Company or affiliate since 2006) | 2021, and previously an investment analyst for the fund since 2020 | Serves as an equity portfolio manager |
| **Lara Pellini** | Investment professional since 2001 (all with Capital Research and Management Company or affiliate) | 2015, and previously an investment analyst for the fund since 2005 | Serves as an equity portfolio manager |
| **Andrew B. Suzman** | Investment professional since 1993 (all with Capital Research and Management Company or affiliate) | 2007, and previously an investment analyst for the fund since 1994 | Serves as an equity portfolio manager |
| **Arun Swaminathan** | Investment professional since 2009 (all with Capital Research and Management Company or affiliate) | 2020, and previously an investment analyst for the fund since 2017 | Serves as an equity portfolio manager |
| **Tomonori Tani** | Investment professional since 1998 (with Capital Research and Management Company or affiliate since 2004) | 2018, and previously an investment analyst for the fund since 2017 | Serves as an equity portfolio manager |
| **Lisa Thompson** | Investment professional since 1988 (with Capital Research and Management Company or affiliate since 1994) | 2025 | Serves as an equity portfolio manager |

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Information regarding the portfolio managers' compensation, their ownership of securities in the fund and other accounts they manage is in the statement of additional information.

**Certain privileges and/or services described on the following pages of this prospectus and in the statement of additional information may not be available to you, depending on your investment dealer or retirement plan recordkeeper. Please see your financial professional or retirement plan recordkeeper for more information.**

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 18

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Shareholder information

**Shareholder services** American Funds Service Company, the fund's transfer agent, offers a wide range of services that you can use to alter your investment program should your needs or circumstances change. These services may be terminated or modified at any time upon 60 days' prior written notice.

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**A more detailed description of policies and services is included in the fund's statement of additional information and the owner's guide sent to new American Funds shareholders entitled *Welcome*. Class 529 shareholders should also refer to the applicable program description for information on policies and services relating specifically to their account(s).** These documents are available by writing to or calling American Funds Service Company.

19&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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**Unless otherwise noted or unless the context requires otherwise, references on the following pages to (i) Class A, C, T or F shares also refer to the corresponding Class 529-A, 529-C, 529-T or 529-F shares, (ii) Class F shares refer to Class F-1, F-2 and F-3 shares and (iii) Class R shares refer to Class R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6 shares.**

Purchase, exchange and sale of shares The fund's transfer agent, on behalf of the fund and Capital Client Group, Inc., the fund's distributor, is required by law to obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your identity or such other person's identity. If you do not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal activity, the fund and Capital Client Group, Inc. reserve the right to close your account or take such other action they deem reasonable or required by law.

When purchasing shares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated, your money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper instructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the net asset value (plus any applicable sales charge, in the case of Class A or Class T shares) next determined after investment instructions are received and accepted by the transfer agent. If investment instructions are not received, your money will be invested in Class A shares (or, if you are investing through a financial intermediary who offers only Class T shares, in Class T shares) of American Funds<sup>®</sup> U.S. Government Money Market Fund on the third business day after receipt of your investment.

If the amount of your cash investment is $10,000 or less, no fund is designated, and you made a cash investment (excluding exchanges) within the last 16 months, your money will be invested in the same proportion and in the same fund or funds and in the same class of shares in which your last cash investment was made. If you only have one open fund, the money will be invested into such fund on the day received if the investment is otherwise in good order.

Different procedures may apply to certain employer-sponsored arrangements, including, but not limited to, SEP plans, SIMPLE IRA plans and CollegeAmerica accounts.

**Valuing shares** The net asset value of each share class of the fund is the value of a single share of that class. Net asset value is computed by adding a class's share of the value of a fund's investments, cash and other assets, subtracting the class's share of the fund's liabilities allocated to the class, and dividing the result by the number of shares of that class that are outstanding. Realized investment income and gain is included in the fund's net asset value until the ex-dividend date, when the declared dividend amount is treated as a fund liability. 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. If the New York Stock Exchange makes a scheduled (e.g., the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of the fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 20

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the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining the fund's net asset value.

Equity securities are valued primarily on the basis of market quotations, and debt securities are valued primarily on the basis of prices from third-party pricing services due to the lack of market quotations. Futures contracts are valued primarily on the basis of settlement prices. The fund's portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations are not readily available, including procedures to determine the representativeness of third-party vendor prices, or in the event market quotations or third-party vendor prices are not considered reliable. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of the investment adviser, materially affect the value of any of the fund's equity securities that trade principally in those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures will be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended to result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available to short-term investors.

Because the fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price its shares, the values of securities held in the fund may change on days when you will not be able to purchase or redeem fund shares.

Your shares will be purchased at the net asset value (plus any applicable sales charge, in the case of Class A or Class T shares) or sold at the net asset value next determined after American Funds Service Company receives your request, provided that your request contains all information and legal documentation necessary to process the transaction. Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day. A contingent deferred sales charge may apply at the time you sell certain Class A and C shares.

**Purchase of Class A and C shares** You may generally open an account and purchase Class A and C shares by contacting any financial professional (who may impose transaction charges in addition to those described in this prospectus) authorized to sell the fund's shares. You may purchase additional shares in various ways, including through your financial professional and by mail, telephone, the Internet and bank wire.

**Automatic conversion of Class C and Class 529-C shares** Class C shares automatically convert to Class A shares in the month of the 8-year anniversary of the purchase date. Class 529-C shares automatically convert to Class 529-A shares, in the month of the 5-year anniversary of the purchase date. The Internal Revenue Service currently takes the position that such automatic conversions are not taxable. Should its position change, the automatic conversion feature may be suspended. If this were to happen, you would have the option of converting your Class C shares to Class A shares or your Class 529-C shares to Class 529-A shares at the anniversary date described above. This exchange would be based on the relative net asset values of the two classes in question, without the** 

21&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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imposition of a sales charge or fee, but you might face certain tax consequences as a result.

**Purchase of Class F shares** You may generally open an account and purchase Class F shares only through fee-based programs of investment dealers that have special agreements with the fund's distributor, through financial intermediaries that have been approved by, and that have special agreements with, the fund's distributor to offer Class F shares to self-directed investment brokerage accounts that may charge a transaction fee, through certain registered investment advisors and through other intermediaries approved by the fund's distributor. These intermediaries typically charge ongoing fees for services they provide. Intermediary fees are not paid by the fund and normally range from .75% to 1.50% of assets annually, depending on the services offered.

Class F-2, F-3, 529-F-2 and 529-F-3 shares may also be available on brokerage platforms of firms that have agreements with the fund's distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class F-2, F-3, 529-F-2 or 529-F-3 shares in these programs may be required to pay a commission and/or other forms of compensation to the broker. Shares of the fund are available in other share classes that have different fees and expenses.

In addition, upon approval by an officer of the fund's investment adviser, Class F-3 shares (but not Class 529-F-3 shares) are available to institutional investors, which include, but are not limited to, charitable organizations, governmental institutions, corporations and financial intermediaries. For accounts held and serviced by the fund's transfer agent the minimum investment amount is $1 million.

**Purchase of Class 529 shares** Class 529 shares may be purchased only through an account established with a 529 college savings plan managed by Capital Research and Management Company. You may open this type of account and purchase Class 529 shares by contacting any financial professional (who may impose transaction charges in addition to those described in this prospectus) authorized to sell such an account. You may purchase additional shares in various ways, including through your financial professional and by mail, telephone, the Internet and bank wire.**

Class 529-E shares may be purchased only by employees participating through an eligible employer plan.

Accounts holding Class 529 shares are subject to a $10 account setup fee and an annual $10 account maintenance fee. These fees are waived until further notice.

Investors residing in any state may purchase Class 529 shares through an account established with a 529 college savings plan managed by Capital Research and Management Company. Class 529-A, 529-C, 529-T and 529-F shares are structured similarly to the corresponding Class A, C, T and F shares.

**Purchase of Class R shares** Class R shares are generally available only to retirement plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, and to nonqualified deferred compensation plans and certain voluntary employee benefit association and post-retirement benefit plans. Class R shares also are generally available only to retirement plans for which plan level or omnibus accounts are held on the books of the fund. Class R-5E, R-5 and R-6 shares are generally available only to fee-based programs or through retirement plan intermediaries. Class R-3 and Class R-5E shares are

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 22

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available through the American Funds SIMPLE IRA Plus Program and other similar programs. In addition, Class R-5 and R-6 shares are available for investment by other registered investment companies and collective investment trusts approved by the fund's investment adviser or distributor. Except as otherwise provided in this prospectus, Class R shares are generally not available for purchase to retail nonretirement accounts; traditional and Roth individual retirement accounts (IRAs); Coverdell Education Savings Accounts; SEPs, SARSEPs and SIMPLE IRAs held in brokerage accounts; and 529 college savings plans. Class R-6 shares are available to employer-sponsored SEPs, SARSEPs and SIMPLE IRAs held in fee-based programs that are serviced through retirement plan recordkeepers.

**Purchases by employer-sponsored retirement plans** Eligible retirement plans generally may open an account and purchase Class A or R shares by contacting any investment dealer (who may impose transaction charges in addition to those described in this prospectus) authorized to sell these classes of the fund's shares. Some or all R share classes may not be available through certain investment dealers. Additional shares may be purchased through a plan's administrator or recordkeeper.**

Class A shares are generally not available for retirement plans using the PlanPremier<sup>®</sup> or Recordkeeper Direct<sup>®</sup> recordkeeping programs. These programs are proprietary recordkeeping solutions for small retirement plans.

Employer-sponsored retirement plans that are eligible to purchase Class R shares may instead purchase Class A shares and pay the applicable Class A sales charge, provided that their recordkeepers can properly apply a sales charge on plan investments. These plans are not eligible to make initial purchases at the net asset value breakpoint in Class A shares and thereby invest in Class A shares without a sales charge, nor are they eligible to establish a statement of intention that qualifies them to purchase Class A shares without a sales charge. More information about statements of intention can be found under "Sales charge reductions and waivers" in this prospectus. Plans investing in Class A shares with a sales charge may purchase additional Class A shares in accordance with the sales charge table in this prospectus.

Employer-sponsored retirement plans that invested in American Funds Class A shares without any sales charge before April 1, 2004, and that continue to meet the eligibility requirements in effect as of that date for purchasing Class A shares at net asset value, may continue to purchase American Funds Class A shares without any initial or contingent deferred sales charge.

A 403(b) plan may not invest in American Funds Class A or C shares unless it was invested in Class A or C shares before January 1, 2009.

**Purchase minimums and maximums** Purchase minimums described in this prospectus may be waived in certain cases. Minimums are currently waived for purchases of Class F-2 and F-3 shares held under fee-based programs. In addition, the fund reserves the right to redeem the shares of any shareholder for their then current net asset value per share if the shareholder's aggregate investment in the fund falls below the fund's minimum initial investment amount. See the statement of additional information for details.

For accounts established with an automatic investment plan, the initial purchase minimum of $250 may be waived if the purchases (including purchases through

23&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

------

exchanges from another fund) made under the plan are sufficient to reach $250 within five months of account establishment.

The effective purchase maximums for Class 529-A, 529-C, 529-E, 529-T and 529-F shares will reflect the maximum applicable contribution limits under state law. See the applicable program description for more information.

If you have significant Capital Group Funds holdings, you may not be eligible to invest in Class C or 529-C shares. Specifically, you may not purchase Class C or 529-C shares if you are eligible to purchase Class A or 529-A shares at net asset value. See "Sales charge reductions and waivers" in this prospectus and the statement of additional information for more details regarding sales charge discounts.

**Exchange** Except for Class T shares or as otherwise described in this prospectus, you may exchange your shares for shares of the same class of other Capital Group Funds without a sales charge. Class A, C, T or F shares of any American Fund (other than American Funds U.S. Government Money Market Fund, as described below) may be exchanged for the corresponding 529 share class without a sales charge. **Exchanges from Class A, C, T or F shares to the corresponding 529 share class, particularly in the case of Uniform Gifts to Minors Act or Uniform Transfers to Minors Act custodial accounts, may result in significant legal and tax consequences, as described in the applicable program description. Please consult your financial professional before making such an exchange.**

Except as indicated above, Class T shares are not eligible for exchange privileges. Accordingly, an exchange of your Class T shares for Class T shares of any other American Funds will normally be subject to any applicable sales charges.

Exchanges of shares from American Funds U.S. Government Money Market Fund initially purchased without a sales charge to shares of other Capital Group Funds will be subject to the appropriate sales charge applicable to the other fund, unless the American Funds U.S. Government Money Market Fund shares were acquired by an exchange from a fund having a sales charge or by reinvestment or cross-reinvestment of dividends or capital gain distributions. For purposes of computing the contingent deferred sales charge on Class C shares, the length of time you have owned your shares will be measured from the first day of the month in which shares were purchased and will not be affected by any permitted exchange.

Exchanges have the same tax consequences as ordinary sales and purchases. For example, to the extent you exchange shares held in a taxable account that are worth more now than what you paid for them, the gain will be subject to taxation.

See "Transactions by telephone, fax or the Internet" in the section "How to sell shares" of this prospectus for information regarding electronic exchanges.

Please see the statement of additional information for details and limitations on moving investments in certain share classes to different share classes and on moving investments held in certain accounts to different accounts.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 24

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How to sell shares

You may sell (redeem) shares in any of the following ways:

**Employer-sponsored retirement plans**

Shares held in eligible retirement plans may be sold through the plan's administrator or recordkeeper.

**Through your dealer or financial advisor (certain charges may apply)**

&nbsp;&nbsp;&nbsp;&nbsp;·Shares held for you in your dealer's name must be sold through the dealer.

&nbsp;&nbsp;&nbsp;&nbsp;·Class F shares must be sold through intermediaries such as dealers or financial advisors.

#### Writing to American Funds Service Company
&nbsp;&nbsp;&nbsp;&nbsp;·Requests must be signed by the registered shareholder(s).

&nbsp;&nbsp;&nbsp;&nbsp;·A signature guarantee is required if the redemption is:

—more than $250,000;

—made payable to someone other than the registered shareholder(s); or

—sent to an address other than the address of record or to an address of record that has been changed within the previous 10 days.

&nbsp;&nbsp;&nbsp;&nbsp;·American Funds Service Company reserves the right to require signature guarantee(s) on any redemption.

&nbsp;&nbsp;&nbsp;&nbsp;·Additional documentation may be required for redemptions of shares held in corporate, partnership or fiduciary accounts.

#### Telephoning or faxing American Funds Service Company
&nbsp;&nbsp;&nbsp;&nbsp;·Redemptions by telephone or fax are limited to $250,000 per American Funds shareholder each day.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be made payable to the registered shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be mailed to an address of record that has been used with the account for at least 10 days.

**Self service using the Internet (capitalgroup.com) or Interactive Voice Response (IVR)**

&nbsp;&nbsp;&nbsp;&nbsp;·Redemptions by IVR or the Internet (capitalgroup.com) are limited to $125,000 per American Funds shareholder each day.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be made payable to the registered shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;·Checks must be mailed to an address of record that has been used with the account for at least 10 days.

The fund typically expects to remit redemption proceeds one business day following receipt and acceptance of a redemption order, regardless of the method the fund uses to make such payment (e.g., check, wire or automated clearing house transfer). However, payment may take longer than one business day and may take up to seven days as generally permitted by the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the fund may be permitted to pay redemption proceeds beyond seven days under certain limited circumstances. In addition, if you recently purchased shares and subsequently request a redemption of those shares, the fund will pay the available redemption proceeds once a sufficient period of time has passed to

25&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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reasonably ensure that checks or drafts, including certified or cashier's checks, for the shares purchased have cleared (normally seven business days from the purchase date).

Under normal conditions, the fund typically expects to meet shareholder redemptions from a reserve of highly liquid assets, such as cash or cash equivalents. The fund may use additional methods to meet shareholder redemptions, if they become necessary. These methods may include, but are not limited to, the sale of portfolio assets, the use of overdraft protection afforded by the fund's custodian bank, borrowing from a line of credit or from other funds advised by the investment adviser or its affiliates, and making payment with fund securities or other fund assets rather than in cash (as further discussed in the following paragraph).

Although payment of redemptions normally will be in cash, the fund's declaration of trust permits payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund's board of trustees. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. In general, in-kind redemptions to affiliated shareholders will as closely as practicable represent the affiliated shareholder's pro rata share of the fund's securities, subject to certain exceptions. Securities distributed in-kind to unaffiliated shareholders will be selected by the investment adviser in a manner the investment adviser deems to be fair and reasonable to the fund's shareholders, taking into account relevant market conditions and limitations. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities.

**Transactions by telephone, fax or the Internet** Generally, you are automatically eligible to redeem or exchange shares by telephone, fax or the Internet, unless you notify us in writing that you do not want any or all of these services. You may reinstate these services at any time.**

Unless you decide not to have telephone, fax or Internet services on your account(s), you agree to hold the fund, American Funds Service Company, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges, provided that American Funds Service Company employs reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine. If reasonable procedures are not employed, American Funds Service Company and/or the fund may be liable for losses due to unauthorized or fraudulent instructions.

**Frequent trading of fund shares** The fund and Capital Client Group, Inc. reserve the right to reject any purchase order for any reason. The fund is not designed to serve as a vehicle for frequent trading. Frequent trading of fund shares may lead to increased costs to the fund and less efficient management of the fund's portfolio, potentially resulting in dilution of the value of the shares held by long-term shareholders. Accordingly, purchases, including those that are part of exchange activity, that the fund or Capital** 

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 26

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Client Group, Inc. has determined could involve actual or potential harm to the fund may be rejected.

The fund, through its transfer agent, American Funds Service Company, maintains surveillance procedures that are designed to detect frequent trading in fund shares. Under these procedures, various analytics are used to evaluate factors that may be indicative of frequent trading. For example, transactions in fund shares that exceed certain monetary thresholds may be scrutinized. American Funds Service Company also may review transactions that occur close in time to other transactions in the same account or in multiple accounts under common ownership or influence. Trading activity that is identified through these procedures or as a result of any other information available to the fund will be evaluated to determine whether such activity might constitute frequent trading. These procedures may be modified from time to time as appropriate to improve the detection of frequent trading, to facilitate monitoring for frequent trading in particular retirement plans or other accounts and to comply with applicable laws.

Under the fund's frequent trading policy, certain trading activity will not be treated as frequent trading, such as:

· transactions in Class 529 shares;

· purchases and redemptions by investment companies managed or sponsored by the fund's investment adviser or its affiliates, including reallocations and transactions allowing the investment company to meet its redemptions and purchases;

· retirement plan contributions, loans and distributions (including hardship withdrawals) identified as such on the retirement plan recordkeeper's system;

· purchases and redemptions in community foundation accounts;

· purchase transactions involving in-kind transfers of shares of the fund, rollovers, Roth IRA conversions and IRA recharacterizations, if the entity maintaining the shareholder account is able to identify the transaction as one of these types of transactions;

· transactions by certain intermediaries in accordance with established hedging programs approved by the fund's investment adviser;

· fund share redemptions by certain counterparties approved by the fund's investment adviser to facilitate non pro-rata redemptions in-kind; and

· systematic redemptions and purchases, if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase.

Generally, purchases and redemptions will not be considered "systematic" unless the transaction is prescheduled for a specific date.

American Funds Service Company will work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts and bank trust companies) to apply their own procedures, provided that American Funds Service Company believes the intermediary's procedures are reasonably designed to enforce the frequent trading policies of the fund. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you.

If American Funds Service Company identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the

27&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. If American Funds Service Company is not satisfied that the intermediary has taken appropriate action, American Funds Service Company may terminate the intermediary's ability to transact in fund shares.

There is no guarantee that all instances of frequent trading in fund shares will be prevented.

**Notwithstanding the fund's surveillance procedures described above, all transactions in fund shares remain subject to the right of the fund, Capital Client Group, Inc. and American Funds Service Company to restrict potentially abusive trading generally, including the types of transactions described above that will not be prevented. See the statement of additional information for more information about how American Funds Service Company may address other potentially abusive trading activity in American Funds.**

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 28

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Distributions and taxes

**Dividends and distributions** The fund intends to distribute dividends to you, usually in June and December.

Capital gains, if any, are usually distributed in June and December. When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment.

You may elect to reinvest dividends and/or capital gain distributions to purchase additional shares of this fund or other American Funds, or you may elect to receive them in cash. Dividends and capital gain distributions for 529 share classes and retirement plan shareholders will be reinvested automatically.

**Taxes on dividends and distributions** For federal tax purposes, dividends and distributions of short-term capital gains are taxable as ordinary income. If you are an individual and meet certain holding period requirements with respect to your fund shares, you may be eligible for reduced tax rates on "qualified dividend income," if any, distributed by the fund to you. The fund's distributions of net long-term capital gains are taxable as long-term capital gains. Any dividends or capital gain distributions you receive from the fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash.

Dividends and capital gain distributions that are automatically reinvested in a tax-favored retirement or education savings account do not result in federal or state income tax at the time of reinvestment.

**Taxes on transactions** Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

Exchanges within a tax-favored retirement plan account will not result in a capital gain or loss for federal or state income tax purposes. With limited exceptions, distributions from a retirement plan account are taxable as ordinary income.

**Shareholder fees** Fees borne directly by the fund normally have the effect of reducing a shareholder's taxable income on distributions.

**Please see your tax advisor for more information. Holders of Class 529 shares should refer to the applicable program description for more information regarding the tax consequences of selling Class 529 shares.**

29&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Choosing a share class The fund offers different classes of shares through this prospectus. The services or share classes available to you may vary depending upon how you wish to purchase shares of the fund.

Each share class represents an investment in the same portfolio of securities, but each class has its own sales charge and expense structure, allowing you to choose the class that best fits your situation. For example, while Class F-1 shares are subject to 12b-1 fees and subtransfer agency fees payable to third-party service providers, Class F-2 shares are subject only to subtransfer agency fees payable to third-party service providers (and not 12b-1 fees) and Class F-3 shares are not subject to any such additional fees. The different fee structures allow the investor to choose how to pay for advisory platform expenses. Class R shares offer different levels of 12b-1 and recordkeeping fees so that a plan can choose the class that best meets the cost associated with obtaining investment related services and participant level recordkeeping for the plan. **When you purchase shares of the fund for an individual-type account, you should choose a share class. If none is chosen, your investment will be made in Class A shares or, in the case of a 529 plan investment, Class 529-A shares (or, if you are investing through a financial intermediary who offers only Class T and 529-T shares, your investment will be made in Class T or Class 529-T shares, as applicable).**

Factors you should consider when choosing a class of shares include:

· how long you expect to own the shares;

· how much you intend to invest;

· total expenses associated with owning shares of each class;

· whether you qualify for any reduction or waiver of sales charges (for example, Class A or 529-A or Class T or 529-T shares may be a less expensive option over time, particularly if you qualify for a sales charge reduction or waiver);

· whether you want or need the flexibility to effect exchanges among Capital Group Funds without the imposition of a sales charge (for example, while Class A shares offer such exchange privileges, Class T shares do not);

· whether you plan to take any distributions in the near future (for example, the contingent deferred sales charge will not be waived if you sell your Class 529-C shares to cover higher education expenses); and

· availability of share classes:

—Class C shares are not available to retirement plans that do not currently invest in such shares and that are eligible to invest in Class R shares, including retirement plans established under Internal Revenue Code Sections 401(a) (including 401(k) plans), 403(b) or 457;

—Class F and 529-F shares are available, as applicable, (i) to fee-based programs of investment dealers that have special agreements with the fund's distributor, (ii) to financial intermediaries that have been approved by, and that have special agreements with, the fund's distributor to offer Class F and 529-F shares to self-directed investment brokerage accounts that may charge a transaction fee, (iii) to certain registered investment advisors and (iv) to other intermediaries approved by the fund's distributor;

—Class F-3 shares (but not Class 529-F-3 shares) are also available to institutional investors, which include, but are not limited to, charitable organizations, governmental institutions, corporations and financial intermediaries. For accounts

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 30

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held and serviced by the fund's transfer agent the minimum investment amount is $1 million; and

—Class R shares are available (i) to retirement plans established under Internal Revenue Code Sections 401(a) (including 401(k) plans), 403(b) or 457, (ii) to nonqualified deferred compensation plans and certain voluntary employee benefit association and post-retirement benefit plans, (iii) to certain institutional investors (including, but not limited to, certain charitable organizations), (iv) to certain registered investment companies approved by the fund's investment adviser or distributor and (v) to other institutional-type accounts.

#### Each investor's financial considerations are different. You should speak with your financial professional to help you decide which share class is best for you.
31&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Sales charges

**Class A and 529-A shares** The initial sales charge you pay each time you buy Class A or 529-A shares differs depending upon the amount you invest and may be reduced or eliminated for larger purchases as indicated below. The "offering price," the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

Class A shares

---

| | | | |
|:---|:---|:---|:---|
|  | **Sales charge as a** <br>**percentage of:** | **Sales charge as a** <br>**percentage of:** |  |
| Investment | Offering price | **Net amount**<br>**invested** | **Dealer commission**<br>**as a percentage<br>of offering price** |
| Less than $25,000 | 5.75% | 6.10% | 5.00% |
| $25,000 but less than $50,000 | 5.00 | 5.26 | 4.25 |
| $50,000 but less than $100,000 | 4.50 | 4.71 | 3.75 |
| $100,000 but less than $250,000 | 3.50 | 3.63 | 2.75 |
| $250,000 but less than $500,000 | 2.50 | 2.56 | 2.00 |
| $500,000 but less than $750,000 | 2.00 | 2.04 | 1.60 |
| $750,000 but less than $1 million | 1.50 | 1.52 | 1.20 |
| $1 million or more and certain other investments described below |  |  | see below |

---

Class 529-A shares

---

| | | | |
|:---|:---|:---|:---|
|  | **Sales charge as a** <br>**percentage of:** | **Sales charge as a** <br>**percentage of:** |  |
| Investment | Offering price | **Net amount**<br>**invested** | **Dealer commission**<br>**as a percentage<br>of offering price** |
| Less than $250,000 | 3.50% | 3.63% | 2.75% |
| $250,000 but less than $500,000 | 2.50 | 2.56 | 2.00 |
| $500,000 but less than $750,000 | 2.00 | 2.04 | 1.60 |
| $750,000 but less than $1 million | 1.50 | 1.52 | 1.20 |
| $1 million or more and certain other<br>investments described below |  |  | see below |

---

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares. Similarly, any contingent deferred sales charge paid by you on investments in Class A or 529-A shares may be higher or lower than the 1% charge described below due to rounding.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 32

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**Except as provided below, investments in Class A shares of $1 million or more will be subject to a 1% contingent deferred sales charge if the shares are sold within 18 months of purchase.** The contingent deferred sales charge is based on the original purchase cost or the current market value of the shares being sold, whichever is less.

**Class A share purchases not subject to sales charges** The following investments are not subject to any initial or contingent deferred sales charge if American Funds Service Company is properly notified of the nature of the investment:**

· investments made by accounts that are part of qualified fee-based programs that purchased Class A shares before the discontinuation of the relevant investment dealer's load-waived Class A share program with American Funds and that continue to be held through fee-based programs;

· rollover investments from retirement plans to IRAs that are described in the "Rollovers from retirement plans to IRAs" section of this prospectus;

· investments made by accounts held at American Funds Service Company that are no longer associated with a financial professional may invest in Class A shares without a sales charge. This includes retirement plans investing in Class A shares, where the plan is no longer associated with a financial professional. SIMPLE IRAs and 403(b) custodial accounts that are aggregated at the plan level for Class A sales charge purposes are not eligible to invest without a sales charge under this policy; and

· Investments made by accounts held through banks and bank trust companies that charge a fee for custodial services and do not have a financial professional assigned to the account.

The distributor may pay dealers a commission of up to 1% on investments made in Class A shares with no initial sales charge. The fund may reimburse the distributor for these payments through its plans of distribution (see "Plans of distribution" in this prospectus).

A transfer from the Virginia Prepaid Education Program<sup>SM</sup> or the Virginia Education Savings Trust<sup>SM</sup> to a CollegeAmerica<sup>®</sup> account will be made with no sales charge. No commission will be paid to the dealer on such a transfer. Investment dealers will be compensated solely with an annual service fee that begins to accrue immediately.

If requested, American Funds Class A shares will be sold at net asset value to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, "Eligible Persons") (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with Capital Client Group, Inc. (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the supervised persons of currently registered investment advisory firms ("RIAs") and assistants directly employed by such RIAs, retired supervised persons of RIAs with respect to accounts established while a supervised person

33&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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(collectively, "Eligible Persons") (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the funds, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)insurance company separate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)accounts managed by subsidiaries of The Capital Group Companies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)an individual or entity with a substantial business relationship with The Capital Group Companies, Inc. or its affiliates, or an individual or entity related or relating to such individual or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts whose underlying investments are managed by any affiliate of The Capital Group Companies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)full-time employees of banks that have sales agreements with Capital Client Group, Inc. who are solely dedicated to directly supporting the sale of mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)current or former clients of Capital Group Private Client Services and their family members who purchase their shares through Capital Group Private Client Services or American Funds Service Company.

Shares are offered at net asset value to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established under this net asset value privilege, additional investments can be made at net asset value for the life of the account. Depending on the financial intermediary holding your account, these privileges may be unavailable. Investors should consult their financial intermediary for further information.

Certain other investors may qualify to purchase shares without a sales charge, such as employees of The Capital Group Companies, Inc. and its affiliates. Please see the statement of additional information for further details.

**Class C shares** Class C shares are sold without any initial sales charge. Capital Client Group, Inc. pays 1% of the amount invested to dealers who sell Class C shares. A contingent deferred sales charge of 1% applies if Class C shares are sold within one year of purchase. The contingent deferred sales charge is eliminated one year after purchase.**

Any contingent deferred sales charge paid by you on sales of Class C shares, expressed as a percentage of the applicable redemption amount, may be higher or lower than the percentages described above due to rounding.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 34

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**Class T shares** The initial sales charge you pay each time you buy Class T shares differs depending upon the amount you invest and may be reduced for larger purchases as indicated below. The "offering price," the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

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| | | |
|:---|:---|:---|
|  | **Sales charge as a** <br>**percentage of:** | **Sales charge as a** <br>**percentage of:** |
| Investment | Offering price | **Net amount**<br>**invested** |
| Less than $250,000 | 2.50% | 2.56% |
| $250,000 but less than $500,000 | 2.00 | 2.04 |
| $500,000 but less than $1 million | 1.50 | 1.52 |
| $1 million or more | 1.00 | 1.01 |

---

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares.

**Class 529-E and Class F shares** Class 529-E and Class F shares (including Class 529-F shares) are sold without any initial or contingent deferred sales charge.

**Class R shares** Class R shares are sold without any initial or contingent deferred sales charge. The distributor will pay dealers annually asset-based compensation of up to 1.00% for sales of Class R-1 shares, up to .75% for Class R-2 shares, up to .60% for Class R-2E shares, up to .50% for Class R-3 shares and up to .25% for Class R-4 shares. No dealer compensation is paid from fund assets on sales of Class R-5E, R-5 or R-6 shares. The fund may reimburse the distributor for these payments through its plans of distribution.**

See "Plans of distribution" in this prospectus for ongoing compensation paid to your financial professional for all share classes.

**Contingent deferred sales charges** Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a contingent deferred sales charge. In addition, the contingent deferred sales charge may be waived in certain circumstances. See "Contingent deferred sales charge waivers" in the "Sales charge reductions and waivers" section of this prospectus. For purposes of determining the contingent deferred sales charge, if you sell only some of your shares, shares that are not subject to any contingent deferred sales charge will be sold first, followed by shares that you have owned the longest.

35&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Sales charge reductions and waivers **To receive a reduction in your Class A initial sales charge, you must let your financial professional or American Funds Service Company know at the time you purchase shares that you qualify for such a reduction. If you do not let your financial professional or American Funds Service Company know that you are eligible for a reduction, you may not receive the sales charge discount to which you are otherwise entitled.** In order to determine your eligibility to receive a sales charge discount, it may be necessary for you to provide your financial professional or American Funds Service Company with information and records (including account statements) of all relevant accounts invested in eligible shares of Capital Group Funds. You may need to invest directly through American Funds Service Company in order to receive the sales charge waivers described in this prospectus. Investors should consult their financial intermediary for further information. Certain financial intermediaries that distribute shares of American Funds may impose different sales charge waivers than those described in this prospectus. Such variations in sales charge waivers are described in an appendix to this prospectus titled "Sales charge waivers." Note that such sales charge waivers and discounts offered through a particular intermediary, as set forth in the appendix to this prospectus, are implemented and administered solely by that intermediary. Please contact the applicable intermediary to ensure that you understand the steps you must take in order to qualify for any available waivers or discounts.

**In addition to the information in this prospectus, you may obtain more information about share classes, sales charges and sales charge reductions and waivers through a link on the home page of our website at capitalgroup.com, from the statement of additional information or from your financial professional.**

**Reducing your Class A initial sales charge** Consistent with the policies described in this prospectus, you and your "immediate family" (your spouse — or equivalent, if recognized under local law, your children under the age of 21 or disabled adult dependents covered by ABLE accounts) may combine all of your Capital Group Funds investments to reduce Class A sales charges. In addition, two or more retirement plans of an employer or an employer's affiliates may combine all of their Capital Group Funds investments to reduce Class A sales charges. However, for this purpose, investments representing direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Following are different ways that you may qualify for a reduced Class A sales charge:**

**Aggregating accounts** To receive a reduced Class A sales charge, investments in Capital Group Funds made by you and your immediate family (see above) may be aggregated if made for your own account(s) and/or certain other accounts, such as:

&nbsp;&nbsp;&nbsp;&nbsp;·individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Rollovers from retirement plans to IRAs" below);

&nbsp;&nbsp;&nbsp;&nbsp;·SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by Capital Client Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;·business accounts solely controlled by you or your immediate family (for example, you own the entire business);

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 36

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&nbsp;&nbsp;&nbsp;&nbsp;·trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor's death the trust account may be aggregated with such beneficiary's own accounts; for trusts with multiple primary beneficiaries, upon the trustor's death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each primary beneficiary's separate trust account may then be aggregated with such beneficiary's own accounts);

&nbsp;&nbsp;&nbsp;&nbsp;·endowments or foundations established and controlled by you or your immediate family; or

&nbsp;&nbsp;&nbsp;&nbsp;·529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

&nbsp;&nbsp;&nbsp;&nbsp;·for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;·made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;·for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;·for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations;

&nbsp;&nbsp;&nbsp;&nbsp;·for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Rollovers from retirement plans to IRAs" below), or made for participant accounts of two or more such plans, in each case of a single employer or affiliated employers as defined in the 1940 Act; or

&nbsp;&nbsp;&nbsp;&nbsp;·for a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype plan produced by Capital Client Group, Inc.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

Investments made through employer-sponsored retirement plan accounts will not be aggregated with individual-type accounts.

**Concurrent purchases** You may reduce your Class A sales charge by combining simultaneous purchases (including, upon your request, purchases for gifts) of all eligible classes of shares in Capital Group Funds. Shares of American Funds U.S. Government Money Market Fund purchased through an exchange, reinvestment or

37&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

**Rights of accumulation** Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all eligible share classes of Capital Group Funds to determine your sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Subject to your investment dealer's or recordkeeper's capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existing holdings (the "market value") as of the day prior to your American Funds investment or (b) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the "cost value"). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals. You must contact your financial professional or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your American Funds Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your American Funds investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

You may not purchase Class C or 529-C shares if such combined holdings cause you to be eligible to purchase Class A or 529-A shares at the $1 million or more sales charge discount rate (i.e., at net asset value).

If you make a gift of American Funds Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your Capital Group Funds and applicable American Legacy accounts.

You should retain any records necessary to substantiate the historical amounts you have invested.

**Statement of intention** You may reduce your Class A sales charge by establishing a statement of intention. A statement of intention is a nonbinding commitment that allows you to combine all purchases of all eligible Capital Group Funds share classes

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 38

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(excluding American Funds U.S. Government Money Market Fund) that you intend to make over a 13-month period to determine the applicable sales charge; however, purchases made under a right of reinvestment, appreciation of your holdings, and reinvested dividends and capital gains do not count as purchases made during the statement period. Your accumulated holdings (as described and calculated under "Rights of accumulation" above) eligible to be aggregated as of the day immediately before the start of the statement period may be credited toward satisfying the statement. A portion of your account may be held in escrow to cover additional Class A sales charges that may be due if your total purchases over the statement period do not qualify you for the applicable sales charge reduction. Employer-sponsored retirement plans are restricted from establishing statements of intention. See the discussion regarding employer-sponsored retirement plans under "Purchase, exchange and sale of shares" in this prospectus for more information.

The statement of intention period starts on the date on which your first purchase made toward satisfying the statement of intention is processed. Your accumulated holdings (as described above under "Rights of accumulation") eligible to be aggregated as of the day immediately before the start of the statement of intention period may be credited toward satisfying the statement of intention.

You may revise the commitment you have made in your statement of intention upward at any time during the statement of intention period. If your prior commitment has not been met by the time of the revision, the statement of intention period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised statement of intention. If your prior commitment has been met by the time of the revision, your original statement of intention will be considered met and a new statement of intention will be established.

The statement of intention will be considered completed if the shareholder dies within the 13-month statement of intention period. Commissions to dealers will not be adjusted or paid on the difference between the statement of intention amount and the amount actually invested before the shareholder's death.

When a shareholder elects to use a statement of intention, shares equal to 5% of the dollar amount specified in the statement of intention may be held in escrow in the shareholder's account out of the initial purchase (or subsequent purchases, if necessary) by American Funds Service Company. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder's account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified statement of intention period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder's account at the time a purchase was made during the statement period will receive a corresponding commission adjustment if appropriate.

In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a statement of intention.

39&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Shareholders purchasing shares at a reduced sales charge under a statement of intention indicate their acceptance of these terms and those in the prospectus with their first purchase.

**Reducing your Class T initial sales charge** Consistent with the policies described in this prospectus, the initial sales charge you pay each time you buy Class T shares may differ depending upon the amount you invest and may be reduced for larger purchases. Additionally, Class T shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge. Sales charges on Class T shares are applied on a transaction-by-transaction basis, and, accordingly, Class T shares are not eligible for any other sales charge waivers or reductions, including through the aggregation of Class T shares concurrently purchased by other related accounts or in other American Funds. The sales charge applicable to Class T shares may not be reduced by establishing a statement of intention, and rights of accumulation are not available for Class T shares.**

**Right of reinvestment** If you notify American Funds Service Company prior to the time of reinvestment, you may reinvest proceeds from a redemption, dividend payment or capital gain distribution without a sales charge in the same fund or other Capital Group Funds, provided that the reinvestment occurs within 90 days after the date of the redemption, dividend payment or distribution and is made into the same account from which you redeemed the shares or received the dividend payment or distribution. If the account has been closed, you may reinvest without a sales charge if the new receiving account has the same registration as the closed account and the reinvestment is made within 90 days after the date of redemption, dividend payment or distribution.

Proceeds from a redemption and all dividend payments and capital gain distributions will be reinvested in the same share class from which the original redemption, dividend payment or distribution was made. Any contingent deferred sales charge on Class A or C shares will be credited to your account. Redemption proceeds of Class A shares representing direct purchases in American Funds U.S. Government Money Market Fund that are reinvested in other Capital Group Funds will be subject to a sales charge.

Proceeds will be reinvested at the next calculated net asset value after your request is received by American Funds Service Company, provided that your request contains all information and legal documentation necessary to process the transaction. For purposes of this "right of reinvestment policy," automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. This paragraph does not apply to certain rollover investments as described under "Rollovers from retirement plans to IRAs" in this prospectus. Depending on the financial intermediary holding your account, your reinvestment privileges may be unavailable or differ from those described in this prospectus. Investors should consult their financial intermediary for further information.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 40

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**Contingent deferred sales charge waivers** The contingent deferred sales charge on Class A and C shares will be waived in the following cases:**

· permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent deferred sales charge would apply to the initial shares purchased;

· tax-free returns of excess contributions to IRAs;

· redemptions due to death or postpurchase disability of the shareholder (this generally excludes accounts registered in the names of trusts and other entities);

· in the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies American Funds Service Company of the other joint tenant's death and removes the decedent's name from the account, may redeem shares from the account without incurring a contingent deferred sales charge; however, redemptions made after American Funds Service Company is notified of the death of a joint tenant will be subject to a contingent deferred sales charge;

· for 529 share classes only, redemptions due to a beneficiary's death, postpurchase disability or receipt of a scholarship (to the extent of the scholarship award);

· redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document;

· shares redeemed at the discretion of American Funds Service Company for accounts that do not meet the fund's minimum investment requirements, as described in this prospectus; and

· the following types of transactions, if they do not exceed 12% of the value of an account annually:

—required minimum distributions taken from retirement accounts in accordance with IRS regulations; and

—redemptions through an automatic withdrawal plan ("AWP") (see "Automatic withdrawals" under "Shareholder account services and privileges" in the statement of additional information). For each AWP payment, assets that are not subject to a contingent deferred sales charge, such as shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a contingent deferred sales charge to cover a particular AWP payment, shares subject to the lowest contingent deferred sales charge will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through an AWP will also count toward the 12% limit. In the case of an AWP, the 12% limit is calculated at the time an automatic redemption is first made, and is recalculated at the time each additional automatic redemption is made. Shareholders who establish an AWP should be aware that the amount of a payment not subject to a contingent deferred sales charge may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.

For purposes of this paragraph, "account" means your investment in the applicable class of shares of the particular fund from which you are making the redemption.

41&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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The contingent deferred sales charge on American Funds Class A shares may be waived in cases where the fund's transfer agent determines the benefit to the fund of collecting the contingent deferred sales charge would be outweighed by the cost of applying it.

Contingent deferred sales charge waivers are allowed only in the cases listed here and in the statement of additional information. For example, contingent deferred sales charge waivers will not be allowed on redemptions of Class 529-C shares due to termination of CollegeAmerica; a determination by the Internal Revenue Service that CollegeAmerica does not qualify as a qualified tuition program under the Code; proposal or enactment of law that eliminates or limits the tax-favored status of CollegeAmerica; or elimination of the fund by Commonwealth Savers Plan<sup>SM</sup> (formerly, Virginia529) as an option for additional investment within CollegeAmerica.

To have your Class A or C contingent deferred sales charge waived, you must inform your financial professional or American Funds Service Company at the time you redeem shares that you qualify for such a waiver.

**Other sales charge waivers** Purchases of Class A shares through a self-clearing broker-dealer firm generally incur a sales charge. However, self-clearing broker-dealer firms may extend the 90 day right of reinvestment to allow reinvestment in Class A shares without a sales charge in cases where fund shareholders request reinvestment of a required minimum distribution from an Individual Retirement Account if such requirement is waived by regulation or legislation ("waived RMD reinvestment"), provided that the self-clearing broker-dealer firm has specific language in this prospectus to such effect. If a self-clearing firm does not have their own policies listed in the prospectus, waived RMD reinvestments are not available without a sales charge. Firm specific language is located in the appendix to the prospectus. A self-clearing broker-dealer firm is a firm that holds some or all of the assets in your account, executes trades for the assets held on its platform internally rather than through the fund's transfer agent or a third-party clearing firm and provides account statements and tax reporting to you. The largest broker-dealer firms are typically self-clearing. For all other broker-dealer firms, shares purchased through a waived RMD reinvestment are available at net asset value. For accounts held with the fund's transfer agent, waived RMD reinvestments in Class A shares are not subject to sales charges.

Purchases of Class 529-A shares through (i) a rollover from another 529 plan or (ii) a recontribution of a refunded qualified education expense are not subject to sales charges.

If you have any questions, ask your financial professional whether Class A or 529-A shares purchased through these policies are available without a sales charge. Recontributions or waived RMD investments distributed from Class 529-C or Class C shares will be reinvested in the same share class from which the distribution was made. In addition, any contingent deferred sales charge paid on Class 529-A/Class A and Class 529-C/Class C share distributions under these policies will be credited to your account when reinvested.

Waivers of all or a portion of the contingent deferred sales charge on Class C and 529-C shares and the sales charge on Class A and 529-A shares will be granted for transactions requested by financial intermediaries as a result of (i) pending or anticipated regulatory matters that require investor accounts to be moved to a different share class or (ii) conversions of IRAs from brokerage to advisory accounts investing in Class F shares in

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 42

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cases where new investments in brokerage IRA accounts have been restricted by the intermediary.

**Rollovers from CollegeAmerica to Roth IRAs** Proceeds of a CollegeAmerica plan account may be rolled over in a direct trustee-to-trustee transfer to the plan beneficiary's Capital Bank and Trust Roth IRA and invested in Class A shares without a sales charge, provided that such rollover is intended to satisfy the requirements of the Internal Revenue Code. If you hold CollegeAmerica or Roth IRA accounts through a financial intermediary its policies may differ.

Rollovers from retirement plans to IRAs Assets from retirement plans may be invested in Class A, C or F shares through an IRA rollover, subject to the other provisions of this prospectus. Class C shares are not available if the assets are being rolled over from investments held in American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs.

Rollovers to IRAs from retirement plans that are rolled into Class A shares will be subject to applicable sales charges. The following rollovers to Class A shares will be made without a sales charge:

· rollovers to IRAs with Capital Bank and Trust Company as custodian if the assets were invested in any fund managed by the investment adviser or its affiliates at the time of distribution;

· rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian;

· rollovers to IRAs with Capital Bank and Trust Company as custodian from investments held in American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs; and

· rollovers to IRAs with Capital Bank and Trust Company as custodian if at the time of distribution the assets were invested in any fund or account with a name that includes American Funds, Capital Group, or the name of a fund managed by the investment adviser or its affiliates and such fund or account was established pursuant to an agreement with the investment adviser or its affiliates.

IRA rollover assets that roll over without a sales charge as described above will not be subject to a contingent deferred sales charge, and investment dealers will be compensated solely with an annual service fee that begins to accrue immediately. All other rollovers invested in Class A shares, as well as future contributions to the IRA, will be subject to sales charges and to the terms and conditions generally applicable to Class A share investments as described in this prospectus and in the statement of additional information.

**Purchases by SEP plans and SIMPLE IRA plans** Participant accounts in a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small Employers IRA (SIMPLE IRA) will be aggregated at the plan level for Class A sales charge purposes if an employer adopts a prototype plan produced by Capital Client Group, Inc. or (a) the employer or plan sponsor submits all contributions for all participating employees in a single contribution transmittal or the contributions are identified as related to the same plan; (b) each transmittal is accompanied by checks or wire transfers and generally must be submitted through the transfer agent's automated contribution system if held on the fund's books; and (c) if the fund is expected to carry separate accounts in the name of each plan participant and (i) the employer or plan sponsor notifies the funds' transfer agent or the intermediary holding the account that the separate accounts of all plan participants should be linked and (ii) all new participant

43&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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accounts are established by submitting the appropriate documentation on behalf of each new participant. Participant accounts in a SEP or SIMPLE plan that are eligible to aggregate their assets at the plan level may not also aggregate the assets with their individual accounts.

**Purchases by certain 403(b) plans** A 403(b) plan may not invest in American Funds Class A or C shares unless such plan was invested in Class A or C shares before January 1, 2009.

Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an individual-type plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an employer-sponsored plan for sales charge purposes. Participant accounts of a 403(b) plan that was established on or after January 1, 2009, are treated as accounts of an employer-sponsored plan for sales charge purposes.

**Moving between accounts** American Funds investments by certain account types may be moved to other account types without incurring additional Class A sales charges. These transactions include:

· redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

· required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

· death distributions paid to a beneficiary's account that are used by the beneficiary to purchase fund shares in a different account.

These privileges are generally available only if your account is held directly with the fund's transfer agent or if the financial intermediary holding your account has the systems, policies and procedures to support providing the privileges on its systems. Investors should consult their financial intermediary for further information.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 44

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Plans of distribution The fund has plans of distribution, or "12b-1 plans," for certain share classes under which it may finance activities intended primarily to sell shares, provided that the categories of expenses are approved in advance by the fund's board of trustees. The plans provide for payments, based on annualized percentages of average daily net assets, of:

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| | |
|:---|:---|
| Up to: | Share class(es) |
| 0.25% | Class A shares |
| 0.50% | Class T, F-1, 529-A, 529-T, 529-F-1 and R-4 shares |
| 0.75% | Class 529-E and R-3 shares |
| 0.85% | Class R-2E shares |
| 1.00% | Class C, 529-C, R-1 and R-2 shares |

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For all share classes indicated above, up to .25% may be used to pay service fees to qualified dealers for providing certain shareholder services. The amount remaining for each share class, if any, may be used for distribution expenses.

The 12b-1 fees paid by each applicable share class of the fund, as a percentage of average net assets for the most recent fiscal year, are indicated in the Annual Fund Operating Expenses table under "Fees and expenses of the fund" in this prospectus. Since these fees are paid out of the fund's assets on an ongoing basis, over time they may cost you more than paying other types of sales charges or service fees and reduce the return on your investment. The higher fees for Class C shares may cost you more over time than paying the initial sales charge for Class A or T shares.

45&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Other compensation to dealers Capital Client Group, Inc., at its expense, provides additional compensation to investment dealers. These payments may be made, at the discretion of Capital Client Group, Inc., to no more than the top 60 dealers (or their affiliates) with which it has a substantive distribution relationship involving the sale of American Funds. The amount will typically be determined using a formula applied consistently to dealers based on their assets under management. The level of payments made to a qualifying firm under the formula will not exceed .035% of eligible American Funds assets attributable to that dealer. Eligible assets are all American Funds assets other than Class R shares, Class F-3 shares, Class F shares held in IRAs and shares held in certain retirement accounts. Dealers may direct Capital Client Group, Inc. to exclude additional assets. In addition to the asset-based payment, Capital Client Group, Inc. provides $5 million to certain firms based on their engagement with Capital Client Group, Inc. and the level of American Funds assets under management at each such firm to recognize the commitment each of those firms has made to collaborating with Capital Client Group, Inc. on achieving advisor training and education objectives. In the prior calendar year, Capital Client Group, Inc. paid this amount to the following firms:

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| | |
|:---|:---|
| Edward Jones | Morgan Stanley Wealth Management |
| LPL Financial LLC | Raymond James Group |
| Merrill Lynch, Pierce, Fenner & Smith | Wells Fargo Advisors |

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Capital Client Group, Inc. compensates the firms to support various efforts, including, among other things, to:

· help defray the costs incurred by qualifying dealers in connection with efforts to educate financial professionals about American Funds so that they can make recommendations and provide services that are suitable and meet shareholder needs;

· help defray the costs associated with the dealer firms' provision of account related services and activities and support the dealer firms' distribution activities;

· support meetings, conferences or other training and educational events hosted by the firm, and obtain relevant data regarding financial professional activities to facilitate Capital Client Group, Inc.'s training and education activities; and

· make the American Funds available through firm distribution platforms and related sales infrastructure.

Capital Client Group, Inc. will, on an annual basis, determine the advisability of continuing these payments. Firms receiving additional compensation payments must sign a letter acknowledging the purpose of the payment and generally requiring the firms to (1) perform the due diligence necessary to include American Funds on their platform, (2) not provide financial professionals, branch managers or associated persons with any financial incentives to promote the sales of one approved fund group over another approved group, (3) provide opportunities for their clients to obtain individualized advice, (4) provide Capital Client Group, Inc. broad access to their financial professionals and product platforms and work together on mutual business objectives, and (5) work with the fund's transfer agent to promote operational efficiencies and to facilitate necessary communication between American Funds and the firm's clients who own shares of American Funds.

Separately, Capital Client Group, Inc. makes payments to certain financial intermediaries and other firms for services including:

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 46

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· making the American Funds available through firm distribution platforms including self-directed platforms for the public as well as clearing, custody and recordkeeping services for other intermediaries and related sales infrastructure;

· account maintenance and support, statement preparation, transaction processing and operational improvements; and

· training, education and marketing opportunities, support for transaction fees, technology costs and data (including fees to obtain information on financial professionals to better tailor training, education and marketing opportunities).

A list of firms anticipated to receive additional compensation (as described above) in an amount exceeding $100,000 based on prior payments is included in the statement of additional information.

Capital Client Group, Inc. pays certain recordkeepers for product services, platform consideration, participation at recordkeeper-sponsored events and co-branding and other marketing services. A list of recordkeepers anticipated to receive additional compensation (as described above) in an amount exceeding $100,000 based on prior payments is included in the statement of additional information.

If investment advisers, distributors or other affiliates of mutual funds pay additional compensation or other incentives to investment dealers in differing amounts, dealer firms and their financial professionals may have financial incentives for recommending a particular mutual fund over other mutual funds or investments, creating a potential conflict of interest. You should consult with your financial professional and review carefully any disclosure by your financial professional's firm as to compensation received.

47&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Fund expenses Note that, unless otherwise stated, references to Class A, C, T and F shares in this "Fund expenses" section do not include the corresponding Class 529 shares.

In periods of market volatility, assets of the fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in the Annual Fund Operating Expenses table under "Fees and expenses of the fund" in this prospectus.

For all share classes, "Other expenses" items in the Annual Fund Operating Expenses table in this prospectus include fees for administrative services provided by the fund's investment adviser and its affiliates. Administrative services are provided by the investment adviser 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 Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund's investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class A, C, T, F, R and 529 shares (which could be increased as noted above) for its provision of administrative services.

The "Other expenses" items in the Annual Fund Operating Expenses table also include custodial, legal and transfer agent (and, if applicable, subtransfer agent/recordkeeping) payments and various other expenses applicable to all share classes.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 48

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**Subtransfer agency and recordkeeping fees** Subtransfer agent/recordkeeping payments may be made to third parties (including affiliates of the fund's investment adviser) that provide subtransfer agent, recordkeeping and/or shareholder services with respect to certain shareholder accounts in lieu of the transfer agent providing such services. The amount paid for subtransfer agent/recordkeeping services varies depending on the share class and services provided, and typically ranges from $3 to $18 per account. Although Class F-3 and Class 529-F-3 shares are not subject to any subtransfer agency or recordkeeping fees, Class F-1 and F-2 shares (and the corresponding Class 529 shares) are subject to subtransfer agency fees of up to .12% of fund assets.

For employer-sponsored retirement plans, the amount paid for subtransfer agent/ recordkeeping services varies depending on the share class selected. The table below shows the maximum payments to entities providing these services to retirement plans.

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| | |
|:---|:---|
|  | Payments |
| &nbsp;&nbsp;Class A | 0.05% of assets or<br>$12 per participant position<sup>\*</sup> |
| &nbsp;&nbsp;Class R-1 | 0.10% of assets |
| &nbsp;&nbsp;Class R-2 | 0.35% of assets |
| &nbsp;&nbsp;Class R-2E | 0.20% of assets |
| &nbsp;&nbsp;Class R-3 | 0.15% of assets |
| &nbsp;&nbsp;Class R-4 | 0.10% of assets |
| &nbsp;&nbsp;Class R-5E | 0.15% of assets |
| &nbsp;&nbsp;Class R-5 | 0.05% of assets |
| &nbsp;&nbsp;Class R-6 |  |

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<sup>\*</sup> Payment amount depends on the date services commenced.

**Fee to Commonwealth Savers Plan** For Class 529 shares, an expense of up to a maximum of .09% paid to a state or states for oversight and administrative services is included as an "Other expenses" item.

49&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Financial highlights The Financial Highlights table is intended to help you understand the fund's results for the past five fiscal years (or, if shorter, the period of operations). Certain information reflects financial results for a single share of a particular class. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and capital gain distributions). The information in the Financial Highlights table has been audited by Deloitte & Touche LLP, whose current report, along with the fund's financial statements, is included in the statement of additional information, which is available upon request.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total<br>return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets<sup>3</sup> | Ratio of<br>net income<br>(loss) to<br>average<br>net assets |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | $55.08 | $.88 | $11.07 | $11.95 | $(1.83) | $(6.46) | $(8.29) | $58.74 | 21.87% | $20150 | .82% | 1.43% |
| 3/31/2025 | 58.78 | .61 | (.72) | (.11) | (.65) | (2.94) | (3.59) | 55.08 | (.05) | 18644 | .83 | 1.05 |
| 3/31/2024 | 53.82 | .65 | 6.26 | 6.91 | (.89) | (1.06) | (1.95) | 58.78 | 13.07 | 21055 | .84 | 1.21 |
| 3/31/2023 | 56.81 | .80 | (2.94) | (2.14) | (.58) | (.27) | (.85) | 53.82 | (3.62) | 20320 | .84 | 1.60 |
| 3/31/2022 | 68.98 | .57 | (6.39) | (5.82) | (.94) | (5.41) | (6.35) | 56.81 | (9.65) | 23445 | .80 | .85 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 52.88 | .42 | 10.58 | 11.00 | (1.45) | (6.46) | (7.91) | 55.97 | 20.96 | 208 | 1.57 | .71 |
| 3/31/2025 | 56.53 | .19 | (.70) | (.51) | (.20) | (2.94) | (3.14) | 52.88 | (.78) | 230 | 1.56 | .34 |
| 3/31/2024 | 51.79 | .25 | 6.02 | 6.27 | (.47) | (1.06) | (1.53) | 56.53 | 12.23 | 307 | 1.59 | .48 |
| 3/31/2023 | 54.77 | .43 | (2.86) | (2.43) | (.28) | (.27) | (.55) | 51.79 | (4.35) | 371 | 1.58 | .89 |
| 3/31/2022 | 66.76 | .07 | (6.15) | (6.08) | (.50) | (5.41) | (5.91) | 54.77 | (10.32) | 512 | 1.55 | .11 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 55.15 | 1.03 | 11.10 | 12.13 | (1.95) | (6.46) | (8.41) | 58.87 | 22.18<sup>4</sup> | —<sup>5</sup> | .57<sup>4</sup> | 1.68<sup>4</sup> |
| 3/31/2025 | 58.86 | .75 | (.72) | .03 | (.80) | (2.94) | (3.74) | 55.15 | .22<sup>4</sup> | —<sup>5</sup> | .58<sup>4</sup> | 1.30<sup>4</sup> |
| 3/31/2024 | 53.89 | .81 | 6.27 | 7.08 | (1.05) | (1.06) | (2.11) | 58.86 | 13.36<sup>4</sup> | —<sup>5</sup> | .56<sup>4</sup> | 1.48<sup>4</sup> |
| 3/31/2023 | 56.86 | .93 | (2.95) | (2.02) | (.68) | (.27) | (.95) | 53.89 | (3.37)<sup>4</sup> | —<sup>5</sup> | .57<sup>4</sup> | 1.84<sup>4</sup> |
| 3/31/2022 | 69.04 | .73 | (6.40) | (5.67) | (1.10) | (5.41) | (6.51) | 56.86 | (9.45)<sup>4</sup> | —<sup>5</sup> | .57<sup>4</sup> | 1.09<sup>4</sup> |

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<br> EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 50

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total<br>return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets<sup>3</sup> | Ratio of<br>net income<br>(loss) to<br>average<br>net assets |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | $54.80 | $.86 | $11.01 | $11.87 | $(1.81) | $(6.46) | $(8.27) | $58.40 | 21.84% | $1197 | .86% | 1.41% |
| 3/31/2025 | 58.50 | .60 | (.73) | (.13) | (.63) | (2.94) | (3.57) | 54.80 | (.07) | 1149 | .86 | 1.04 |
| 3/31/2024 | 53.56 | .65 | 6.23 | 6.88 | (.88) | (1.06) | (1.94) | 58.50 | 13.02 | 1382 | .86 | 1.21 |
| 3/31/2023 | 56.53 | .80 | (2.93) | (2.13) | (.57) | (.27) | (.84) | 53.56 | (3.61) | 1489 | .85 | 1.61 |
| 3/31/2022 | 68.67 | .55 | (6.38) | (5.83) | (.90) | (5.41) | (6.31) | 56.53 | (9.71) | 1877 | .84 | .81 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 54.95 | 1.02 | 11.05 | 12.07 | (1.94) | (6.46) | (8.40) | 58.62 | 22.16 | 20114 | .58 | 1.67 |
| 3/31/2025 | 58.66 | .76 | (.73) | .03 | (.80) | (2.94) | (3.74) | 54.95 | .22 | 19160 | .57 | 1.32 |
| 3/31/2024 | 53.71 | .79 | 6.27 | 7.06 | (1.05) | (1.06) | (2.11) | 58.66 | 13.36 | 21872 | .57 | 1.47 |
| 3/31/2023 | 56.66 | .95 | (2.95) | (2.00) | (.68) | (.27) | (.95) | 53.71 | (3.36) | 19982 | .57 | 1.89 |
| 3/31/2022 | 68.83 | .73 | (6.38) | (5.65) | (1.11) | (5.41) | (6.52) | 56.66 | (9.44) | 24887 | .57 | 1.08 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 55.19 | 1.10 | 11.09 | 12.19 | (1.99) | (6.46) | (8.45) | 58.93 | 22.30 | 16420 | .47 | 1.79 |
| 3/31/2025 | 58.90 | .82 | (.73) | .09 | (.86) | (2.94) | (3.80) | 55.19 | .31 | 15220 | .47 | 1.42 |
| 3/31/2024 | 53.93 | .86 | 6.27 | 7.13 | (1.10) | (1.06) | (2.16) | 58.90 | 13.50 | 16782 | .46 | 1.58 |
| 3/31/2023 | 56.87 | 1.00 | (2.95) | (1.95) | (.72) | (.27) | (.99) | 53.93 | (3.25) | 15313 | .46 | 1.98 |
| 3/31/2022 | 69.06 | .80 | (6.40) | (5.60) | (1.18) | (5.41) | (6.59) | 56.87 | (9.34) | 18026 | .46 | 1.19 |
| **Class 529-A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 54.18 | .84 | 10.90 | 11.74 | (1.82) | (6.46) | (8.28) | 57.64 | 21.83 | 1363 | .86 | 1.39 |
| 3/31/2025 | 57.89 | .59 | (.73) | (.14) | (.63) | (2.94) | (3.57) | 54.18 | (.06) | 1209 | .85 | 1.03 |
| 3/31/2024 | 53.03 | .63 | 6.17 | 6.80 | (.88) | (1.06) | (1.94) | 57.89 | 13.04 | 1355 | .87 | 1.18 |
| 3/31/2023 | 56.00 | .78 | (2.91) | (2.13) | (.57) | (.27) | (.84) | 53.03 | (3.66) | 1325 | .87 | 1.57 |
| 3/31/2022 | 68.08 | .55 | (6.29) | (5.74) | (.93) | (5.41) | (6.34) | 56.00 | (9.67) | 1487 | .83 | .83 |
| **Class 529-C:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 52.21 | .37 | 10.47 | 10.84 | (1.46) | (6.46) | (7.92) | 55.13 | 20.90 | 21 | 1.62 | .64 |
| 3/31/2025 | 55.84 | .18 | (.70) | (.52) | (.17) | (2.94) | (3.11) | 52.21 | (.81) | 20 | 1.59 | .32 |
| 3/31/2024 | 51.16 | .23 | 5.93 | 6.16 | (.42) | (1.06) | (1.48) | 55.84 | 12.19 | 29 | 1.63 | .45 |
| 3/31/2023 | 54.10 | .40 | (2.83) | (2.43) | (.24) | (.27) | (.51) | 51.16 | (4.40) | 38 | 1.64 | .84 |
| 3/31/2022 | 66.00 | .04 | (6.08) | (6.04) | (.45) | (5.41) | (5.86) | 54.10 | (10.37) | 56 | 1.60 | .06 |

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<br> 51&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total<br>return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets<sup>3</sup> | Ratio of<br>net income<br>(loss) to<br>average<br>net assets |
| **Class 529-E:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | $53.44 | $.69 | $10.74 | $11.43 | $(1.70) | $(6.46) | $(8.16) | $56.71 | 21.54% | $46 | 1.09% | 1.16% |
| 3/31/2025 | 57.14 | .45 | (.71) | (.26) | (.50) | (2.94) | (3.44) | 53.44 | (.28) | 43 | 1.08 | .81 |
| 3/31/2024 | 52.37 | .50 | 6.09 | 6.59 | (.76) | (1.06) | (1.82) | 57.14 | 12.78 | 50 | 1.10 | .96 |
| 3/31/2023 | 55.34 | .66 | (2.87) | (2.21) | (.49) | (.27) | (.76) | 52.37 | (3.86) | 49 | 1.09 | 1.34 |
| 3/31/2022 | 67.36 | .39 | (6.23) | (5.84) | (.77) | (5.41) | (6.18) | 55.34 | (9.90) | 55 | 1.07 | .59 |
| **Class 529-T:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 55.12 | .99 | 11.09 | 12.08 | (1.92) | (6.46) | (8.38) | 58.82 | 22.12<sup>4</sup> | —<sup>5</sup> | .63<sup>4</sup> | 1.60<sup>4</sup> |
| 3/31/2025 | 58.83 | .72 | (.72) | —<sup>6</sup> | (.77) | (2.94) | (3.71) | 55.12 | .15<sup>4</sup> | —<sup>5</sup> | .62<sup>4</sup> | 1.25<sup>4</sup> |
| 3/31/2024 | 53.87 | .77 | 6.27 | 7.04 | (1.02) | (1.06) | (2.08) | 58.83 | 13.33<sup>4</sup> | —<sup>5</sup> | .62<sup>4</sup> | 1.42<sup>4</sup> |
| 3/31/2023 | 56.83 | .90 | (2.93) | (2.03) | (.66) | (.27) | (.93) | 53.87 | (3.41)<sup>4</sup> | —<sup>5</sup> | .62<sup>4</sup> | 1.80<sup>4</sup> |
| 3/31/2022 | 69.01 | .69 | (6.39) | (5.70) | (1.07) | (5.41) | (6.48) | 56.83 | (9.49)<sup>4</sup> | —<sup>5</sup> | .62<sup>4</sup> | 1.03<sup>4</sup> |
| **Class 529-F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 54.10 | .94 | 10.90 | 11.84 | (1.91) | (6.46) | (8.37) | 57.57 | 22.08<sup>4</sup> | —<sup>5</sup> | .66<sup>4</sup> | 1.56<sup>4</sup> |
| 3/31/2025 | 57.82 | .68 | (.71) | (.03) | (.75) | (2.94) | (3.69) | 54.10 | .10<sup>4</sup> | —<sup>5</sup> | .67<sup>4</sup> | 1.20<sup>4</sup> |
| 3/31/2024 | 52.98 | .73 | 6.16 | 6.89 | (.99) | (1.06) | (2.05) | 57.82 | 13.25<sup>4</sup> | —<sup>5</sup> | .68<sup>4</sup> | 1.36<sup>4</sup> |
| 3/31/2023 | 55.93 | .86 | (2.89) | (2.03) | (.65) | (.27) | (.92) | 52.98 | (3.48)<sup>4</sup> | —<sup>5</sup> | .66<sup>4</sup> | 1.75<sup>4</sup> |
| 3/31/2022 | 68.03 | .66 | (6.29) | (5.63) | (1.06) | (5.41) | (6.47) | 55.93 | (9.52)<sup>4</sup> | —<sup>5</sup> | .65<sup>4</sup> | 1.00<sup>4</sup> |
| **Class 529-F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 55.06 | 1.01 | 11.08 | 12.09 | (1.94) | (6.46) | (8.40) | 58.75 | 22.16 | 281 | .58 | 1.63 |
| 3/31/2025 | 58.77 | .74 | (.72) | .02 | (.79) | (2.94) | (3.73) | 55.06 | .21 | 215 | .59 | 1.29 |
| 3/31/2024 | 53.81 | .80 | 6.27 | 7.07 | (1.05) | (1.06) | (2.11) | 58.77 | 13.36 | 211 | .57 | 1.47 |
| 3/31/2023 | 56.77 | .93 | (2.94) | (2.01) | (.68) | (.27) | (.95) | 53.81 | (3.37) | 187 | .58 | 1.86 |
| 3/31/2022 | 68.94 | .71 | (6.39) | (5.68) | (1.08) | (5.41) | (6.49) | 56.77 | (9.46) | 196 | .59 | 1.06 |
| **Class 529-F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 54.99 | 1.07 | 11.05 | 12.12 | (1.97) | (6.46) | (8.43) | 58.68 | 22.25 | —<sup>5</sup> | .52 | 1.74 |
| 3/31/2025 | 58.71 | .81 | (.75) | .06 | (.84) | (2.94) | (3.78) | 54.99 | .26 | —<sup>5</sup> | .52 | 1.42 |
| 3/31/2024 | 53.76 | .92 | 6.15 | 7.07 | (1.06) | (1.06) | (2.12) | 58.71 | 13.42 | —<sup>5</sup> | .53 | 1.69 |
| 3/31/2023 | 56.72 | .94 | (2.93) | (1.99) | (.70) | (.27) | (.97) | 53.76 | (3.35) | —<sup>5</sup> | .53 | 1.88 |
| 3/31/2022 | 68.89 | .76 | (6.38) | (5.62) | (1.14) | (5.41) | (6.55) | 56.72 | (9.38) | —<sup>5</sup> | .52 | 1.13 |

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<br> EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 52

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total<br>return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets<sup>3</sup> | Ratio of<br>net income<br>(loss) to<br>average<br>net assets |
| **Class R-1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | $51.61 | $.39 | $10.36 | $10.75 | $(1.51) | $(6.46) | $(7.97) | $54.39 | 20.98% | $98 | 1.57% | .69% |
| 3/31/2025 | 55.30 | .18 | (.68) | (.50) | (.25) | (2.94) | (3.19) | 51.61 | (.78) | 93 | 1.56 | .33 |
| 3/31/2024 | 50.73 | .25 | 5.89 | 6.14 | (.51) | (1.06) | (1.57) | 55.30 | 12.25 | 106 | 1.56 | .50 |
| 3/31/2023 | 53.68 | .42 | (2.79) | (2.37) | (.31) | (.27) | (.58) | 50.73 | (4.30) | 111 | 1.56 | .89 |
| 3/31/2022 | 65.57 | .07 | (6.04) | (5.97) | (.51) | (5.41) | (5.92) | 53.68 | (10.34) | 135 | 1.56 | .10 |
| **Class R-2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 52.04 | .39 | 10.45 | 10.84 | (1.51) | (6.46) | (7.97) | 54.91 | 20.98 | 669 | 1.57 | .68 |
| 3/31/2025 | 55.75 | .17 | (.67) | (.50) | (.27) | (2.94) | (3.21) | 52.04 | (.76) | 637 | 1.56 | .31 |
| 3/31/2024 | 51.18 | .24 | 5.96 | 6.20 | (.57) | (1.06) | (1.63) | 55.75 | 12.25 | 680 | 1.56 | .47 |
| 3/31/2023 | 54.18 | .43 | (2.81) | (2.38) | (.35) | (.27) | (.62) | 51.18 | (4.28) | 611 | 1.52 | .89 |
| 3/31/2022 | 66.17 | .07 | (6.08) | (6.01) | (.57) | (5.41) | (5.98) | 54.18 | (10.32) | 639 | 1.55 | .11 |
| **Class R-2E:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 54.02 | .59 | 10.85 | 11.44 | (1.61) | (6.46) | (8.07) | 57.39 | 21.34 | 70 | 1.27 | .98 |
| 3/31/2025 | 57.73 | .34 | (.70) | (.36) | (.41) | (2.94) | (3.35) | 54.02 | (.48) | 64 | 1.27 | .61 |
| 3/31/2024 | 52.90 | .42 | 6.15 | 6.57 | (.68) | (1.06) | (1.74) | 57.73 | 12.59 | 67 | 1.27 | .78 |
| 3/31/2023 | 55.91 | .58 | (2.90) | (2.32) | (.42) | (.27) | (.69) | 52.90 | (4.03) | 63 | 1.27 | 1.17 |
| 3/31/2022 | 67.96 | .27 | (6.31) | (6.04) | (.60) | (5.41) | (6.01) | 55.91 | (10.09) | 71 | 1.27 | .40 |
| **Class R-3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 53.44 | .68 | 10.73 | 11.41 | (1.69) | (6.46) | (8.15) | 56.70 | 21.53 | 1441 | 1.12 | 1.14 |
| 3/31/2025 | 57.13 | .44 | (.71) | (.27) | (.48) | (2.94) | (3.42) | 53.44 | (.33) | 1374 | 1.11 | .79 |
| 3/31/2024 | 52.36 | .50 | 6.08 | 6.58 | (.75) | (1.06) | (1.81) | 57.13 | 12.75 | 1650 | 1.11 | .95 |
| 3/31/2023 | 55.32 | .66 | (2.88) | (2.22) | (.47) | (.27) | (.74) | 52.36 | (3.89) | 1722 | 1.11 | 1.34 |
| 3/31/2022 | 67.33 | .36 | (6.22) | (5.86) | (.74) | (5.41) | (6.15) | 55.32 | (9.93) | 2185 | 1.11 | .55 |
| **Class R-4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 53.63 | .87 | 10.77 | 11.64 | (1.83) | (6.46) | (8.29) | 56.98 | 21.88 | 2339 | .82 | 1.45 |
| 3/31/2025 | 57.33 | .61 | (.72) | (.11) | (.65) | (2.94) | (3.59) | 53.63 | (.03) | 2432 | .81 | 1.08 |
| 3/31/2024 | 52.53 | .66 | 6.10 | 6.76 | (.90) | (1.06) | (1.96) | 57.33 | 13.08 | 3161 | .81 | 1.24 |
| 3/31/2023 | 55.46 | .80 | (2.87) | (2.07) | (.59) | (.27) | (.86) | 52.53 | (3.59) | 3665 | .81 | 1.64 |
| 3/31/2022 | 67.49 | .56 | (6.25) | (5.69) | (.93) | (5.41) | (6.34) | 55.46 | (9.67) | 4701 | .81 | .85 |

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<br> 53&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | |
| Year ended | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized) | Total from<br>investment<br>operations | Dividends<br>(from net<br>investment<br>income) | Distributions<br>(from capital<br>gains) | Total<br>dividends<br>and<br>distributions | Net asset<br>value, end<br>of year | Total<br>return<sup>2</sup> | Net assets,<br>end of year<br>(in millions) | Ratio of<br>expenses to<br>average<br>net assets<sup>3</sup> | Ratio of<br>net income<br>(loss) to<br>average<br>net assets |
| **Class R-5E:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | $54.62 | $1.00 | $10.98 | $11.98 | $(1.92) | $(6.46) | $(8.38) | $58.22 | 22.14% | $747 | .62% | 1.63% |
| 3/31/2025 | 58.33 | .72 | (.72) | —<sup>6</sup> | (.77) | (2.94) | (3.71) | 54.62 | .16 | 687 | .62 | 1.26 |
| 3/31/2024 | 53.42 | .77 | 6.21 | 6.98 | (1.01) | (1.06) | (2.07) | 58.33 | 13.33 | 790 | .62 | 1.44 |
| 3/31/2023 | 56.37 | .90 | (2.92) | (2.02) | (.66) | (.27) | (.93) | 53.42 | (3.42) | 892 | .62 | 1.80 |
| 3/31/2022 | 68.47 | .76 | (6.41) | (5.65) | (1.04) | (5.41) | (6.45) | 56.37 | (9.49) | 1108 | .62 | 1.12 |
| **Class R-5:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 55.06 | 1.08 | 11.06 | 12.14 | (1.97) | (6.46) | (8.43) | 58.77 | 22.24 | 2275 | .52 | 1.76 |
| 3/31/2025 | 58.76 | .81 | (.74) | .07 | (.83) | (2.94) | (3.77) | 55.06 | .27 | 2284 | .51 | 1.39 |
| 3/31/2024 | 53.80 | .84 | 6.25 | 7.09 | (1.07) | (1.06) | (2.13) | 58.76 | 13.44 | 3527 | .52 | 1.56 |
| 3/31/2023 | 56.74 | .97 | (2.94) | (1.97) | (.70) | (.27) | (.97) | 53.80 | (3.31) | 4113 | .51 | 1.94 |
| 3/31/2022 | 68.92 | .78 | (6.40) | (5.62) | (1.15) | (5.41) | (6.56) | 56.74 | (9.40) | 5208 | .51 | 1.16 |
| **Class R-6:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2026 | 55.13 | 1.11 | 11.07 | 12.18 | (1.99) | (6.46) | (8.45) | 58.86 | 22.30 | 59322 | .47 | 1.81 |
| 3/31/2025 | 58.84 | .82 | (.73) | .09 | (.86) | (2.94) | (3.80) | 55.13 | .34 | 60748 | .47 | 1.41 |
| 3/31/2024 | 53.87 | .86 | 6.27 | 7.13 | (1.10) | (1.06) | (2.16) | 58.84 | 13.48 | 68158 | .46 | 1.59 |
| 3/31/2023 | 56.81 | .99 | (2.94) | (1.95) | (.72) | (.27) | (.99) | 53.87 | (3.25) | 69331 | .46 | 1.97 |
| 3/31/2022 | 69.00 | .80 | (6.40) | (5.60) | (1.18) | (5.41) | (6.59) | 56.81 | (9.35) | 79147 | .46 | 1.19 |

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<br> EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 54

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year ended March 31, | Year ended March 31, | Year ended March 31, | Year ended March 31, | Year ended March 31, |
| | **2026<sup>8</sup>** | 2025 | 2024 | 2023 | 2022 |
| **Portfolio turnover rate for all share classes<sup>7</sup>** | 50% | 35% | 30% | 34% | 29% |

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<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup>Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>4</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company 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.

<sup>5</sup>Amount less than $1 million.

<sup>6</sup>Amount less than $0.01.

<sup>7</sup>Rates do not include the fund's portfolio activity with respect to any Central Funds.

<sup>8</sup>Rates exclude in-kind transactions, if any.

<br> 55&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Appendix

Sales charge waivers

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred (back-end) sales charge ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. Please contact the applicable intermediary with any questions regarding how the intermediary applies the policies described below and to ensure that you understand what steps you must take to qualify for any available waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts. If you change intermediaries after you purchase fund shares, the policies and procedures of the new service provider (either your new intermediary or the fund's transfer agent) will apply to your account. Those policies may be more or less favorable than those offered by the intermediary through which you purchased your fund shares. You should review any policy differences before changing intermediaries.

Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

· Transaction size breakpoints, as described in this prospectus or the SAI

· Rights of accumulation (ROA), as described in this prospectus or the SAI

· Letter of intent, as described in this prospectus or the SAI

Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

· Shares purchased by employer-sponsored retirement plans established prior to April 1, 2004 and that continue to meet the eligibility requirements in effect as of that date for purchasing Class A shares at net asset value (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs

· Shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family)

· Shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 56

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elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges

· Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

· Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement)

· Purchases of Class 529-A shares through a rollover from another 529 plan

· Purchases of Class 529 shares made for recontribution of refunded amounts

CDSC waivers on Class A and C shares purchased through Ameriprise Financial

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

· Redemptions due to death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

· Redemptions made in connection with a return of excess contributions from an IRA account

· Shares purchased through a Right of Reinstatement (as defined above)

· Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

D.A. Davidson & Co. ("D.A. Davidson")

Front-end sales charge waivers on Class A shares available at D.A. Davidson (effective January 1, 2020)

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

· Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

57&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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· A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson's policies and procedures

· D.A. Davidson has the authority to allow the purchase of Class A shares at net asset value for (1) rollovers to IRAs from investments held in American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs, (2) rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian, or (3) IRA purchases so long as the proceeds are from the sale of shares from an American Funds Recordkeeper Direct retirement plan, PlanPremier retirement plan or 403(b) plan with Capital Bank and Trust Company as custodian and are used to make a purchase within 60 days of the redemption, if the shares held are ineligible to be rolled over to an IRA

CDSC Waivers on Classes A and C shares available at D.A. Davidson

• Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

· Shares acquired through a right of reinstatement

Front-end sales charge discounts available at D.A. Davidson: breakpoints, rights of accumulation and/or letters of intent

· Breakpoints as described in this prospectus

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

Edward D. Jones & Co., L.P. ("Edward Jones")

Policies Regarding Transactions Through Edward Jones

*The following information has been provided by Edward Jones:*

Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of American Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 58

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Breakpoints

· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus

Rights of Accumulation ("ROA")

· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of American Funds and CollegeAmerica 529 Plan held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge

· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level

· ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV)

Letter of Intent ("LOI")

· Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met

· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

· Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures

· Shares purchased in an Edward Jones fee-based program

59&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment

· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front-end load and one of the following ("Right of Reinstatement"):

—The redemption and repurchase occur in the same account

—The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus

· Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones

· Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions

· Purchases of Class 529-A shares made for recontribution of refunded amounts

Contingent Deferred Sales Charge ("CDSC") Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

· The death or disability of the shareholder

· Systematic withdrawals with up to 10% per year of the account value

· Return of excess contributions from an Individual Retirement Account (IRA)

· Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations

· Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones

· Shares exchanged in an Edward Jones fee-based program

· Shares acquired through NAV reinstatement

· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

· Initial purchase minimum: $250

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 60

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· Subsequent purchase minimum: none

Minimum Balances

· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

—A fee-based account held on an Edward Jones platform

—A 529 account held on an Edward Jones platform

—An account with an active systematic investment plan or LOI

Exchanging Share Classes

· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund, or Class R-4 shares for retirement plans, so long as the shareholder is eligible to purchase the Class A or R-4 shares pursuant to the prospectus.

Class A Sales Charge Waivers Available Through Farmers Financial Solutions

Farmers Financial Solutions has the authority to either (1) rollover shares from an employer sponsored retirement plan to Class A shares in an Individual Retirement Account (IRA) at net asset value or (2) allow the purchase of Class A shares at net asset value, so long as the proceeds are from the sale of shares from an employer sponsored retirement plan and are used to make a purchase within 60 days of the redemption, if the shares held are ineligible to be rolled over to an IRA.

Janney Montgomery Scott LLC ("Janney")

If you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

Front-end sales charge\* waivers on Class A shares available at Janney

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement)

· Shares acquired through a right of reinstatement

· Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

CDSC waivers on Class A and C shares available at Janney

· Shares sold upon the death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus

· Shares purchased in connection with a return of excess contributions from an IRA Account

61&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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· Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's Prospectus

· Shares sold to pay Janney fees but only if the transaction is initiated by Janney

· Shares acquired through a right of reinstatement

· Shares exchanged into the same share class of a different fund unless otherwise provided in the Prospectus

Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent

· Breakpoints as described in the fund's Prospectus

· Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>\*</sup>Also referred to as an "initial sales charge."

JP Morgan Securities LLC

Investors purchasing through JP Morgan Securities LLC may invest in Class 529-A shares at net asset value.

If you purchase or hold fund shares through an applicable JP Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or statement of additional information.

Front-end sales charge waivers on Class A shares available at JP Morgan Securities LLC

· Shares exchanged from Class C (i.e., level-load) shares of the same fund pursuant to JP Morgan Securities LLC's policies relating to sales load discounts and waivers

· Shares purchased through rights of reinstatement

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased by employees and registered representatives of JP Morgan Securities LLC or its affiliates and their spouse or financial dependent

Class C to Class A share conversion

· A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with JP Morgan Securities LLC's policies and procedures

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 62

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JP Morgan Securities LLC Class R-4 share employer-sponsored retirement plan eligibility

· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SARSEPs or 501(c)(3) accounts

CDSC waivers on Class A and Class C shares available at JP Morgan Securities LLC

· Shares sold upon the death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Shares purchased in connection with a return of excess contributions from an IRA account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

· Shares acquired through a right of reinstatement

Front-end load discounts available at JP Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent

· Breakpoints as described in the prospectus

· Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at JP Morgan Securities LLC. Eligible fund family assets not held at JP Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets

· Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through JP Morgan Securities LLC, over a 13-month period of time (if applicable)

Merrill Lynch, Pierce, Fenner & Smith ("Merrill Lynch")

Purchases or sales of front-end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill Lynch platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill Lynch at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill Lynch representative may ask for reasonable documentation of such facts and Merrill Lynch may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers, discounts, and share class exchanges is available in the Merrill Lynch Sales Load Waiver and Discounts Supplement (the "Merrill Lynch SLWD Supplement") and in the Mutual Fund Investing at Merrill Lynch pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

63&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Front-end load waivers available at Merrill Lynch

· Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. Except as provided below, Class A shares are not currently available to new plans described in this waiver. Plans that invested in Class A shares of any of the funds without any sales charge before April 1, 2004, and that continue to meet the eligibility requirements in effect as of that date for purchasing Class A shares at net asset value, may continue to purchase Class A shares without any initial or contingent deferred sales charge. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SARSEPs or Keogh plans

· Shares purchased through a Merrill Lynch investment advisory program. Class A shares are not currently available in the programs described in this waiver

· Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill Lynch investment advisory program to a Merrill Lynch brokerage account

· Shares purchased through the Merrill Lynch Edge Self-Directed platform. Class A shares are not currently available in the programs described in this waiver

· Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

· Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill Lynch SLWD Supplement

· Shares purchased by eligible employees of Merrill Lynch or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Lynch Household (as defined in the Merrill Lynch SLWD Supplement)

· Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g., the fund's officers or trustees)

· Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date; and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for Rights of Reinstatement

Contingent Deferred Sales Charge ("CDSC") waivers on front-end, back-end, and level load shares available at Merrill Lynch

· Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3))

· Shares sold pursuant to a systematic withdrawal program subject to Merrill Lynch's maximum systematic withdrawal limits as described in the Merrill Lynch SLWD Supplement

· Shares sold due to return of excess contributions from an IRA account

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 64

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· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

· Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, SIMPLE IRAs, SARSEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

Front-end load discounts available at Merrill Lynch: breakpoints, rights of accumulation & letters of intent

· Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill Lynch permits to be assessed to a front-end load purchase, as described in the Merrill Lynch SLWD Supplement

· Rights of Accumulation (ROA), as described in the Merrill Lynch SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Lynch Household

On or about May 1, 2026, assets not held at Merrill Lynch will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill Lynch SLWD Supplement.

· Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill Lynch, in accounts within your Merrill Lynch Household, as further described in the Merrill Lynch SLWD Supplement

On or about May 1, 2026, Merrill Lynch will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill Lynch SLWD Supplement.

CollegeAmerica accounts

If clients establish or hold their CollegeAmerica 529 Plan (Plan) accounts on the Merrill Lynch omnibus platform, the features and policies related to share class sales charges (including contingent deferred sales charges (CDSC), if any), share class sales charge waivers or discounts, letters of intent (LOI) and reinstatement privileges, and Class 529-C share conversion period will be different than referenced in this document and will be governed by the Merrill Lynch 529 Account Unit Class Disclosure and Terms and Conditions (T&Cs) provided to clients by Merrill Lynch prior to establishing their Plan account.

Except as described in this Merrill Lynch specific section of this document and the T&Cs, Merrill Lynch does not offer any initial sales charge discounts, CDSC waivers, LOI or reinstatement privileges in the 529 plans offered on the Merrill Lynch omnibus platform (the "529 Discounts, Waivers and Privileges"). To receive the 529 Discounts, Waivers, and Privileges not offered by Merrill Lynch, clients will have to invest in the Plan directly or through another intermediary.

Before investing in the Plan through Merrill Lynch, clients should consider the potential benefits and importance to them of such 529 Discounts, Waivers, and Privileges.

For additional information on the Discounts, Waivers, and Privileges and Merrill Lynch's policies, clients are encouraged to contact their financial advisor or refer to the T&C.

If clients establish or hold their Plan accounts on the Merrill Lynch omnibus platform, then the share class (described as unit class in the T&Cs) their account will purchase will

65&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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generally be based on their eligible assets or meeting other eligibility criteria as set forth in the T&Cs. The Plan offered by Merrill Lynch on its omnibus platform will have two share classes – Class 529-A share and Class 529-C share–each with its own fee and expense structure. Each account will purchase a specific share class when an initial or subsequent contribution is credited to the account. The share class will be automatically determined at the time of the contribution based on the participant's eligible assets and/or meeting other eligibility criteria. Clients will not be able to select the share class. Among other things, Class 529-C shares will be automatically converted to Class 529-A shares (not subject to an initial sales charge) after four years from their respective dates of purchase. If the Plan permits Class 529-C shares' conversion sooner than four years, such earlier conversion date will automatically apply.

For additional information, clients are encouraged to contact their financial advisor or refer to the T&Cs.

Morgan Stanley Wealth Management ("Morgan Stanley")

Morgan Stanley Class A share front-end sales charge waiver

Morgan Stanley clients purchasing or converting to Class A shares of the fund through Morgan Stanley transactional brokerage accounts are entitled to a waiver of the front-end load in the following additional circumstances:

· Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

· Class C (level load) share positions that are no longer subject to a contingent deferred sales charge and are converted to a Class A share in the same fund pursuant to Morgan Stanley's share class conversion program

· Morgan Stanley, on your behalf, can convert Class F-1 shares to Class A shares without a front-end sales charge if they were initially transferred to the transactional brokerage account or converted from Class C shares

· Shares purchased from the proceeds of redemptions within the same fund family under a Rights of Reinstatement provision, provided the repurchase occurs within 90 days following the redemption, the redemption and purchase occur in the same account, and redeemed shares were subject to a front-end or deferred sales load. This waiver is not available for 529 Plan accounts maintained through Morgan Stanley. Investors wishing to utilize this privilege will need to do so through an account held directly with the Plan or a financial intermediary that supports this feature

· Investors purchasing through a Morgan Stanley self-directed brokerage account and/or E\*TRADE from Morgan Stanley may invest in Class A shares without a front-end sales charge

Morgan Stanley clients purchasing or converting to Class 529-A shares of the fund through Morgan Stanley transactional brokerage accounts are entitled to a waiver of the front-end load in the following additional circumstances:

· Shares purchased through a rollover from another 529 plan

· Recontribution(s) of a refunded qualified higher education expense

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 66

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Unless specifically described above, no other front-end load waivers are available to mutual fund purchases by Morgan Stanley clients.

Morgan Stanley Class R-4 share employer-sponsored retirement plan eligibility

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SARSEPs or Keogh plans.

Northwestern Mutual Investment Services, LLC ("NMIS")

Rights of accumulation on SIMPLE IRAs held at NMIS

Effective March 31, 2022, for SIMPLE IRA plans where the plan is held on the SIMPLE IRA platform at NMIS through its clearing firm, Pershing LLC, each linked participant account will be aggregated at either the plan level or the individual level for rights of accumulation (ROA), depending on which aggregation method results in a greater breakpoint discount on front-end sales charges for the participant.

Class A and C share purchases in owner-only 401(k) plans held at NMIS

For 401(k) plans held at NMIS through its clearing firm, Pershing LLC, that cover only owners and their spouses and are not subject to ERISA, participants may purchase Class A shares with the applicable front-end sales charge or Class C shares with the applicable contingent deferred sales charge, in accordance with NMIS's share class policies applicable to such plans.

Oppenheimer & Co., Inc. ("OPCO")

Effective June 1, 2020, shareholders purchasing fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

Front-end sales load waivers on Class A shares available at OPCO

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement)

· A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

· Employees and registered representatives of OPCO or its affiliates and their family members

· Directors or trustees of the fund, and employees of the fund's investment adviser or any of its affiliates, as described in this prospectus

CDSC waivers on Class A and C shares available at OPCO

· Death or disability of the shareholder

67&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus

· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

· Shares acquired through a right of reinstatement

Front-end load discounts available at OPCO: breakpoints, rights of accumulation and letters of intent

· Breakpoints as described in this prospectus

· Rights of accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and each entity's affiliates ("Raymond James")

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

Front-end sales charge waivers on Classes A and 529-A shares available at Raymond James

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

· A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

· Purchases of Class 529-A shares through a rollover from another 529 plan

CDSC waivers on Classes A and C shares available at Raymond James

· Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Return of excess contributions from an IRA Account

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 68

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· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus

· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

· Shares acquired through a right of reinstatement

Front-end sales charge discounts available at Raymond James: breakpoints, rights of accumulation and/or letters of intent

· Breakpoints as described in this prospectus

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

Robert W. Baird & Co. Incorporated ("Baird")

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-end sales charge waivers on Class A shares available at Baird

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

· Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

· Shares purchased from the proceeds of redemptions from another fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

· A shareholder in the fund's Class C shares will have their shares converted at net asset value to Class A shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

· Charitable accounts in a transactional brokerage account at Baird

CDSC waivers on Class A and C shares available at Baird

· Shares sold due to death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus

· Shares bought due to returns of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus

69&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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· Shares sold to pay Baird fees but only if the transaction is initiated by Baird

· Shares acquired through a right of reinstatement

Front-end sales charge discounts available at Baird: breakpoints and/or rights of accumulation

· Breakpoints as described in this prospectus

· Rights of accumulation which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets

· Letters of intent (LOI) allow for breakpoint discounts based on anticipated purchases of fund family assets through Baird, over a 13-month period of time

Stifel, Nicolaus & Company, Incorporated ("Stifel") and its broker dealer affiliates

Shareholders purchasing or holding fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, sales charge ("CDSC") waivers) and discounts, which may differ from those disclosed elsewhere in the fund's prospectus or SAI.

Class A Shares

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

Rights of accumulation

· Rights of accumulation ("ROA") that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the American Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include Class A money market funds not assessed a sales charge. Fund family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets

· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level

Front-end sales charge waivers on Class A shares available at Stifel

Sales charges may be waived for the following shareholders and in the following situations:

· Class C shares that have been held for more than seven (7) years may be converted to Class A or other Front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply

· Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel

· Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 70

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· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the fund family

· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e., systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel's account maintenance fees are not eligible for rights of reinstatement

· Shares from rollovers into Stifel custodied IRA from retirement plans

· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus

· Purchases of Class 529-A shares through a rollover from another 529 plan

· Purchases of Class 529-A shares made for reinvestment of refunded amounts

CDSC Waivers on Class A and C Shares

· Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary

· Shares sold as part of a systematic withdrawal plan not to exceed 12% annually

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

· Shares acquired through a right of reinstatement

· Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel

Share Class Conversions in Advisory Accounts

Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")

Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

Wells Fargo Advisors Class A share front-end sales charge waivers information

71&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

· Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV

· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

Wells Fargo Advisors Class 529-A share front-end sales charge waivers information

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

· Shares purchased through a rollover from another 529 plan

· Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

Wells Fargo Advisors Contingent Deferred Sales Charge information

· Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases

Wells Fargo Advisors Class A front-end load discounts

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

· Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan

· Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SARSEPs or Keogh plans

· Gift of shares will not be considered when determining breakpoint discounts

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 72

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Notes

73&nbsp;&nbsp;&nbsp;&nbsp; EUPAC Fund / Prospectus

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Notes

EUPAC Fund / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 74

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| | |
|:---|:---|
| &nbsp;&nbsp;For shareholder services and 24-hour information | &nbsp;&nbsp;American Funds Service Company<br>(800) 421-4225<br>capitalgroup.com<br>For Class R share information, visit<br>AmericanFundsRetirement.com |
| &nbsp;&nbsp;For retirement plan services | &nbsp;&nbsp;Call your employer or plan administrator |
| &nbsp;&nbsp;For 529 plans | &nbsp;&nbsp;American Funds Service Company<br>(800) 421-4225, ext. 529 |
| &nbsp;&nbsp;Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. | &nbsp;&nbsp;Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. |

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**Multiple translations** This prospectus may be translated into other languages. If there is any inconsistency or ambiguity as to the meaning of any word or phrase in a translation, the English text will prevail. Liability is not limited as a result of any material misstatement or omission introduced in the translation.

**Annual/Semi-annual report to shareholders and Form N-CSR** Additional information about the fund's investments is available in the fund's annual and semi-annual reports to shareholders and in the Form N-CSR/S on file with the U.S. Securities and Exchange Commission ("SEC"). In the fund's annual report, you will find a summary discussion of the key market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year. In Form N-CSR/S, you will find the fund's annual and semi-annual financial statements.

**Program description** The CollegeAmerica 529 program description contains additional information about the policies and services related to 529 plan accounts.

**Statement of additional information (SAI) and codes of ethics** The current SAI, as amended from time to time, contains more detailed information about the fund, including the fund's financial statements, and is incorporated by reference into this prospectus. This means that the current SAI, for legal purposes, is part of this prospectus. The codes of ethics describe the personal investing policies adopted by the fund, the fund's investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the SEC. These and other related materials about the fund are available for review on the EDGAR database on the SEC's website at sec.gov or, after payment of a duplicating fee, via email request to publicinfo@sec.gov. The codes of ethics, current SAI, shareholder reports and other information such as the fund's financial statements are also available, free of charge, on our website, capitalgroup.com.

**E-delivery and household mailings** Each year you are automatically sent an updated summary prospectus and annual and semi-annual reports for the fund. You may also occasionally receive proxy statements for the fund. In order to reduce the volume of mail you receive, when possible, only one copy of these documents will be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, capitalgroup.com.

If you would like to opt out of household-based mailings or receive a complimentary copy of the current SAI, codes of ethics, annual/semi-annual report to shareholders or applicable program description, please call American Funds Service Company at (800) 421-4225 or write to the secretary of the fund at 333 South Hope Street, Los Angeles, California 90071-1406.

**Securities Investor Protection Corporation (SIPC)** Shareholders may obtain information about SIPC<sup>®</sup> on its website at sipc.org or by calling (202) 371-8300.

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|:---|:---|
| ![](graphicsimage_004.jpg) | MFGEPRX-016-0626P <br>Litho in USA CGD/TM/8007<br>Investment Company File No. 811-03734 |

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THE FUND MAKES AVAILABLE A SPANISH TRANSLATION OF THE ABOVE PROSPECTUS IN CONNECTION WITH THE PUBLIC OFFERING AND SALE OF ITS SHARES. THE ENGLISH LANGUAGE PROSPECTUS ABOVE IS A FAIR AND ACCURATE REPRESENTATION OF THE SPANISH EQUIVALENT.

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|:---|:---|
| /s/ | MICHAEL R. TOM |
|  | MICHAEL R. TOM |
|  | SECRETARY |

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**EUPAC Fund™**

Part B

Statement of Additional Information

June 1, 2026

This document is not a prospectus but should be read in conjunction with the current prospectus of EUPAC Fund (the "fund") dated June 1, 2026. You may obtain a prospectus from your financial professional, by calling American Funds Service Company<sup>®</sup> at (800) 421-4225 or by writing to the fund at the following address:

EUPAC Fund

Attention: Secretary

333 South Hope Street

Los Angeles, California 90071

Certain privileges and/or services described below may not be available to all shareholders (including shareholders who purchase shares at net asset value through eligible retirement plans) depending on the shareholder's investment dealer or retirement plan recordkeeper. Please see your financial professional, investment dealer, plan recordkeeper or employer for more information.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A | AEPGX | Class 529-A | CEUAX | Class R-1 | RERAX |
| Class C | AEPCX | Class 529-C | CEUCX | Class R-2 | RERBX |
| Class T | TEUPX | Class 529-E | CEUEX | Class R-2E | REEBX |
| Class F-1 | AEGFX | Class 529-T | TEUGX | Class R-3 | RERCX |
| Class F-2 | AEPFX | Class 529-F-1 | CEUFX | Class R-4 | REREX |
| Class F-3 | FEUPX | Class 529-F-2 | FUEPX | Class R-5E | RERHX |
|  |  | Class 529-F-3 | FEPUX | Class R-5 | RERFX |
|  |  |  |  | Class R-6 | RERGX |

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**Table of Contents**

<br> <u>Item</u> Page no.

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| | |
|:---|:---|
| Certain investment limitations and guidelines | 2 |
| Description of certain securities, investment techniques and risks | 3 |
| Fund policies | 25 |
| Management of the fund | 27 |
| Execution of portfolio transactions | 55 |
| Disclosure of portfolio holdings | 59 |
| Price of shares | 61 |
| Taxes and distributions | 64 |
| Purchase and exchange of shares | 68 |
| Sales charges | 73 |
| Sales charge reductions and waivers | 76 |
| Selling shares | 81 |
| Redemptions in-kind | 82 |
| Shareholder account services and privileges | 83 |
| General information | 86 |
| Appendix | 97 |

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Investment portfolio

Financial statements

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**Certain investment limitations and guidelines**

The following limitations and guidelines are considered at the time of purchase, under normal circumstances, and are based on a percentage of the fund's net assets (excluding, for the avoidance of doubt, collateral held in connection with securities lending activities) unless otherwise noted. This summary is not intended to reflect all of the fund's investment limitations.

#### Investment strategies
· Normally, the fund will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. This policy is subject to change only upon 60 days' written notice to shareholders. A country will be considered part of Europe if it is part of the MSCI European indexes and part of the Pacific Basin if any of its borders touches the Pacific Ocean. In determining the domicile of an issuer, the fund's investment adviser will generally look to the determination of MSCI Inc. (MSCI) for equity securities and Bloomberg for debt securities. In certain limited circumstances (including when relevant data is unavailable or the nature of a holding warrants special considerations), the adviser may also take into account additional factors, as applicable, including where the issuer's securities are listed; where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations, generates revenues and/or has credit risk exposure; and the source of guarantees, if any, of such securities.

· Although the United States is considered part of the Pacific Basin, the fund will not generally purchase equity securities of issuers domiciled in the United States. However, the fund may invest up to 10% of its assets in securities of issuers domiciled in the United States (excluding cash, cash equivalents and securities held as collateral issued by U.S. issuers, which will be treated as Pacific Basin assets).

· The fund invests primarily in the common stocks located outside the United States. The fund may invest a portion of its assets in companies located in emerging markets.

**<u>Debt instruments</u>**

· The fund may invest up to 5% of its assets in straight debt securities (i.e., not convertible into equity) rated Baa1 or below and BBB+ or below by Nationally Recognized Statistical Rating Organizations or in unrated securities that are determined to be of equivalent quality by Capital Research and Management Company (the "investment adviser").

· The fund currently intends to consider the ratings from Moody's Investors Service, S&P Global Ratings and Fitch Ratings. If agency ratings of a security differ, the security will be considered to have received the highest of these ratings, consistent with the fund's investment policies.

**\* \* \* \* \* \***

The fund may experience difficulty liquidating certain portfolio securities during significant market declines or periods of heavy redemptions.

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**Description of certain securities, investment techniques and risks**

The descriptions below are intended to supplement the material in the prospectus under "Investment objective, strategies and risks."

**Market conditions –** The value of, and the income generated by, the securities in which the fund invests may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the fund to liquidate holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation, or currency rates or generally adverse investor sentiment, or political events, such as the imposition of trading and tariff arrangements. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, acts of terrorism, trading and tariff arrangements, social unrest, natural disasters, the spread of infectious illness or other public health threats, or bank failures could also adversely impact issuers, markets and economies, including in ways that cannot necessarily be foreseen. The fund could be negatively impacted if the value of a portfolio holding were harmed by such conditions or events.

Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, bank failures or other events, can adversely affect local and global markets and normal market operations. Market disruptions may exacerbate political, social, and economic risks. Additionally, market disruptions may result in increased market volatility; regulatory trading halts; closure of domestic or foreign exchanges, markets, or governments; or market participants operating pursuant to business continuity plans for indeterminate periods of time. Such events can be highly disruptive to economies and markets and significantly impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the fund's investments and operation of the fund. These events could disrupt businesses that are integral to the fund's operations or impair the ability of employees of fund service providers to perform essential tasks on behalf of the fund.

Governmental and quasi-governmental authorities may take a number of actions designed to support local and global economies and the financial markets in response to economic disruptions. Such actions may include a variety of significant fiscal and monetary policy changes, including, for example, direct capital infusions into companies, new monetary programs and significantly lower interest rates. These actions have resulted in significant expansion of public debt and may result in greater market risk. Additionally, an unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets.

**Equity securities —** Equity securities represent an ownership position in a company. Equity securities held by the fund typically consist of common stocks. The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic and other conditions. For example, prices of these securities can be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Holders of equity securities are not creditors of the issuer. If an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer's assets, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid.

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There may be little trading in the secondary market for particular equity securities, which may adversely affect the fund's ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

**Investing outside the United States —** Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, 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 are domiciled, operate or generate revenue or to which the securities are tied economically. These issuers may also be more susceptible to actions of foreign governments such as the imposition of price controls, sanctions, or punitive taxes that could adversely impact the value of these securities. To the extent the fund invests in securities that are denominated in currencies other than the U.S. dollar, 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. Securities markets in certain countries may be more volatile or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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, which could impact the liquidity of the fund's portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

Additional costs could be incurred in connection with the fund's investment activities outside the United States. Brokerage commissions may be higher outside the United States, and the fund will bear certain expenses in connection with its currency transactions. Furthermore, increased custodian costs may be associated with maintaining assets in certain jurisdictions.

**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 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 such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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, more vulnerable to market manipulation, and 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.

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In countries where direct foreign investment is limited or prohibited, the fund may invest in operating companies based in such countries through an offshore intermediary entity that, based on contractual agreements, seeks to replicate the rights and obligations of direct equity ownership in such operating company. Because the contractual arrangements do not in fact bestow the fund with actual equity ownership in the operating company, these investment structures may limit the fund's rights as an investor and create significant additional risks. For example, local government authorities may determine that such structures do not comply with applicable laws and regulations, including those relating to restrictions on foreign ownership. In such event, the intermediary entity and/or the operating company may be subject to penalties, revocation of business and operating licenses or forfeiture of foreign ownership interests, and the fund's economic interests in the underlying operating company and its rights as an investor may not be recognized, resulting in a loss to the fund and its shareholders. In addition, exerting control through contractual arrangements may be less effective than direct equity ownership, and a company may incur substantial costs to enforce the terms of such arrangements, including those relating to the distribution of the funds among the entities. These special investment structures may also be disregarded for tax purposes by local tax authorities, resulting in increased tax liabilities, and the fund's control over – and distributions due from – such structures may be jeopardized if the individuals who hold the equity interest in such structures breach the terms of the agreements. While these structures may be widely used to circumvent limits on foreign ownership in certain jurisdictions, there is no assurance that they will be upheld by local regulatory authorities or that disputes regarding the same will be resolved consistently.

Although there is no universally accepted definition, the investment adviser generally considers an emerging market to be a market that is in the earlier stages of its industrialization cycle with a low per capita gross domestic product ("GDP") and a low market capitalization to GDP ratio relative to those in the United States and the European Union, and would include markets commonly referred to as "frontier markets." For example, the investment adviser currently expects that most countries not designated as developed markets by MSCI Inc. ("MSCI") will be treated as emerging markets for equity securities, and that most countries designated as emerging markets by J.P. Morgan or, if not available, Bloomberg will be treated as emerging markets for debt securities.

**Certain risk factors related to emerging markets**

**Currency fluctuations —** Certain emerging markets' currencies have experienced and in the future may experience significant declines against the U.S. dollar. For example, if the U.S. dollar appreciates against foreign currencies, the value of the fund's emerging markets securities holdings would generally depreciate and vice versa. Further, the fund may lose money due to losses and other expenses incurred in converting various currencies to purchase and sell securities valued in currencies other than the U.S. dollar, as well as from currency restrictions, exchange control regulation, governmental restrictions that limit or otherwise delay the fund's ability to convert or repatriate currencies and currency devaluations.

**Government regulation —** Certain emerging markets lack uniform accounting, auditing and financial reporting and disclosure standards, have less governmental supervision of financial markets than in the United States, and may not honor legal rights or protections enjoyed by investors in the United States. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some emerging markets. While the fund will only invest in markets where these restrictions are considered acceptable by the investment adviser, a country could impose new or additional repatriation restrictions after the fund's investment. If this happened, the fund's response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to the fund's liquidity needs and other factors. Further, some attractive

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equity securities may not be available to the fund if foreign shareholders already hold the maximum amount legally permissible.

While government involvement in the private sector varies in degree among emerging markets, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any emerging market, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of the fund's investments.

**Fluctuations in inflation rates —** Rapid fluctuations in inflation rates may have negative impacts on the economies and securities markets of certain emerging market countries.

**Less developed securities markets —** Emerging markets may be less well-developed and regulated than other markets. These markets have lower trading volumes than the securities markets of more developed countries and may be unable to respond effectively to increases in trading volume. Consequently, these markets may be substantially less liquid than those of more developed countries, and the securities of issuers located in these markets may have limited marketability. These factors may make prompt liquidation of substantial portfolio holdings difficult or impossible at times.

**Settlement risks —** Settlement systems in emerging markets are generally less well organized than those of developed markets. Supervisory authorities may also be unable to apply standards comparable to those in developed markets. Thus, there may be risks that settlement may be delayed and that cash or securities belonging to the fund may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that delivery of a security be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through which the transaction is effected might cause the fund to suffer a loss. The fund will seek, where possible, to use counterparties whose financial status is such that this risk is reduced. However, there can be no certainty that the fund will be successful in eliminating this risk, particularly as counterparties operating in emerging markets frequently lack the standing or financial resources of those in developed countries. There may also be a danger that, because of uncertainties in the operation of settlement systems in individual markets, competing claims may arise with respect to securities held by or to be transferred to the fund.

**Limited market information —** The fund may encounter problems assessing investment opportunities in certain emerging markets in light of limitations on available information and different accounting, auditing and financial reporting standards. For example, due to jurisdictional limitations, the Public Company Accounting Oversight Board ("PCAOB"), which regulates auditors of U.S. reporting companies, may be unable to inspect the audit work and practices of PCAOB-registered auditing firms in certain emerging markets. As a result, there is greater risk that financial records and information relating to an issuer's operations in emerging markets will be incomplete or misleading, which may negatively impact the fund's investments in such company. When faced with limited market information, the fund's investment adviser will seek alternative sources of information, and to the extent the investment adviser is not satisfied with the sufficiency or accuracy of the information obtained with respect to a particular market or security, the fund will not invest in such market or security.

**Taxation —** Taxation of dividends, interest and capital gains received by the fund varies among emerging markets and, in some cases, is comparatively high. In addition, emerging markets

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typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that the fund could become subject in the future to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

**Fraudulent securities —** Securities purchased by the fund may subsequently be found to be fraudulent or counterfeit, resulting in a loss to the fund.

**Remedies —** Emerging markets may offer less protection to investors than U.S. markets and, in the event of investor harm, there may be substantially less recourse available to the fund and its shareholders. In addition, as a matter of law or practicality, the fund and its shareholders - as well as U.S. regulators - may encounter substantial difficulties in obtaining and enforcing judgments and other actions against non-U.S. individuals and companies.

**Investing through Stock Connect —** The fund may invest in China A-shares of certain Chinese companies listed and traded on the Shanghai Stock Exchange ("SSE") and on the Shenzhen Stock Exchange ("SZSE", and together, the "Exchanges") through the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program, respectively (together, "Stock Connect"). Stock Connect is a securities trading and clearing program developed by the Exchange of Hong Kong, the Exchanges and the China Securities Depository and Clearing Corporation Limited. Stock Connect facilitates foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. Persons investing through Stock Connect are subject to PRC regulations and Exchange listing rules, among others. These could include limitations on or suspension of trading. These regulations are relatively new and subject to changes which could adversely impact the fund's rights with respect to the securities. For example, a stock may be recalled from the scope of securities traded on the SSE or SZSE eligible for trading via Stock Connect for various reasons, and in such event the stock can be sold but is restricted from being bought. In such event, the investment adviser's ability to implement the fund's investment strategies may be adversely affected. As Stock Connect is still relatively new, investments made through Stock Connect are subject to relatively new trading, clearance and settlement procedures and there are no assurances that the necessary systems to run the program will function properly. In addition, Stock Connect is subject to aggregate and daily quota limitations on purchases and permitted price fluctuations. As a result, the fund may experience delays in transacting via Stock Connect and there can be no assurance that a liquid market on the Exchanges will exist. Since Stock Connect only operates on days when both the Chinese and Hong Kong markets are open for trading, and banking services are available in both markets on the corresponding settlement days, the fund's ownership interest in securities traded through Stock Connect may not be reflected directly and the fund may be subject to the risk of price fluctuations in China A-shares when Stock Connect is not open to trading. Changes in Chinese tax rules may also adversely affect the fund's performance. The fund's shares are held in an omnibus account and registered in nominee name. Please also see the sections on risks relating to investing outside the United States and investing in emerging markets.

**Synthetic local access instruments** — Participation notes, market access warrants and other similar structured investment vehicles (collectively, "synthetic local access instruments") are instruments used by investors to obtain exposure to equity investments in local markets where direct ownership by foreign investors is not permitted or is otherwise restricted by local law. Synthetic local access instruments, which are generally structured and sold over-the-counter by a local branch of a bank or broker-dealer that is permitted to purchase equity securities in the local market, are designed to replicate exposure to one or more underlying equity securities. The price and performance of a synthetic local access instrument are normally intended to track the price and performance of the underlying equity assets as closely as possible. However, there can be no assurance that the results of synthetic local access instruments will replicate exactly the performance of the underlying securities due to transaction costs, taxes and other fees and expenses. The holder of a synthetic local access instrument may also be entitled to receive any dividends paid in connection with the underlying equity

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assets, but usually does not receive voting rights as it would if such holder directly owned the underlying assets.

Investments in synthetic local access instruments involve the same risks associated with a direct investment in the shares of the companies the instruments seek to replicate, including, in particular, the risks associated with investing outside the United States. Synthetic local access instruments also involve risks that are in addition to the risks normally associated with a direct investment in the underlying equity securities. For instance, synthetic local access instruments represent unsecured, unsubordinated contractual obligations of the banks or broker-dealers that issue them. Consequently, a purchaser of a synthetic local access instrument relies on the creditworthiness of such a bank or broker-dealer counterparty and has no rights under the instrument against the issuer of the underlying equity securities. Additionally, there is no guarantee that a liquid market for a synthetic local access instrument will exist or that the issuer of the instrument will be willing to repurchase the instrument when an investor wishes to sell it.

**Currency transactions —** The fund may enter into currency transactions on a spot (i.e., cash) basis at the prevailing rate in the currency exchange market to provide for the purchase or sale of a currency needed to purchase a security denominated in such currency. In addition, the fund may enter into forward currency contracts to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Some forward currency contracts, called non-deliverable forwards or NDFs, do not call for physical delivery of the currency and are instead settled through cash payments. Forward currency contracts are typically privately negotiated and traded in the interbank market between large commercial banks (or other currency traders) and their customers. Although forward contracts entered into by the fund will typically involve the purchase or sale of a currency against the U.S. dollar, the fund also may purchase or sell a non-U.S. currency against another non-U.S. currency.

Currency exchange rates generally are determined by forces of supply and demand in the foreign exchange markets and the relative merits of investment in different countries as viewed from an international perspective. Currency exchange rates, as well as foreign currency transactions, can also be affected unpredictably by intervention by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Such intervention or other events could prevent the fund from entering into foreign currency transactions, force the fund to exit such transactions at an unfavorable time or price or result in penalties to the fund, any of which may result in losses to the fund.

Generally, the fund will not attempt to protect against all potential changes in exchange rates and the use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities. If the value of the underlying securities declines or the amount of the fund's commitment increases because of changes in exchange rates, the fund may need to provide additional cash or securities to satisfy its commitment under the forward contract. The fund is also subject to the risk that it may be delayed or prevented from obtaining payments owed to it under the forward contract as a result of the insolvency or bankruptcy of the counterparty with which it entered into the forward contract or the failure of the counterparty to comply with the terms of the contract.

The realization of gains or losses on foreign currency transactions will usually be a function of the investment adviser's ability to accurately estimate currency market movements. Entering into forward currency transactions may change the fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as expected by the fund's investment adviser. For example, if the fund's investment adviser increases the fund's exposure to a foreign currency using forward contracts and that foreign currency's value declines, the fund may incur a loss. In addition,

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while entering into forward currency transactions could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency.

Forward currency contracts may give rise to leverage, or exposure to potential gains and losses in excess of the initial amount invested. Leverage magnifies gains and losses and could cause the fund to be subject to more volatility than if it had not been leveraged, thereby resulting in a heightened risk of loss. Forward currency contracts are considered derivatives. Accordingly, under the SEC's rule applicable to the fund's use of derivatives, a fund's obligations with respect to these instruments will depend on the fund's aggregate usage of and exposure to derivatives, and the fund's usage of forward currency contracts is subject to written policies and procedures reasonably designed to manage the fund's derivatives risk.

Forward currency transactions also may affect the character and timing of income, gain, or loss recognized by the fund for U.S. tax purposes. The use of forward currency contracts could result in the application of the mark-to-market provisions of the Internal Revenue Code of 1986 as amended (the "Code") and may cause an increase (or decrease) in the amount of taxable dividends paid by the fund.

**Indirect exposure to cryptocurrencies –** Cryptocurrencies are digital assets which may act as a store of wealth, a medium of exchange or an investment asset. There are thousands of cryptocurrencies, such as bitcoin. Although the fund has no current intention of directly investing in cryptocurrencies, some issuers accept cryptocurrency for payment of services, use cryptocurrencies as reserve assets and/or invest in cryptocurrencies, and the fund may have exposure to cryptocurrencies through investments in securities of such issuers. The fund may also invest in securities of issuers which provide cryptocurrency-related services.

Cryptocurrencies are subject to fluctuations in value. Cryptocurrencies are not backed by any government, corporation or other identified body. Rather, the value of a cryptocurrency is determined by other factors, such as the perceived future prospects or the supply and demand for such cryptocurrency in the global market for the trading of cryptocurrency. Cryptocurrencies may trade on platforms which are largely unregulated and may be more exposed to operational or technical issues as well as fraud or manipulation in comparison to established, regulated exchanges for securities, derivatives and traditional currencies. The values of cryptocurrencies have been, and may in the future continue to be, highly volatile and subject to sudden and significant increases and declines. The value of a cryptocurrency may decline precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a loss of confidence in its network or a change in user preference to other cryptocurrencies. The value of securities of issuers with significant holdings of cryptocurrencies may be subject to, among other things, fluctuations in the value of such cryptocurrencies, and such issuers may experience custody issues and/or lose their cryptocurrency holdings through theft, hacking, or technical glitches in the applicable blockchain. The fund may experience losses as a result of the decline in value of its securities of issuers that own cryptocurrencies or which provide cryptocurrency-related services. If an issuer that owns cryptocurrencies intends to pay a dividend using such holdings or to otherwise make a distribution of such holdings to its stockholders, such dividends or distributions may face regulatory, operational and technical issues.

Factors affecting the further development, use, and exchange of cryptocurrency include, but are not limited to: continued worldwide growth of, or possible cessation of or reversal in, the adoption and use of cryptocurrencies and other digital assets; the developing regulatory environment relating to cryptocurrencies, including the characterization of cryptocurrencies as currencies, commodities, or securities, the tax treatment of cryptocurrencies, and government and quasi-government regulation or restrictions on, or regulation of access to and operation of, cryptocurrency networks and the exchanges on which cryptocurrencies trade, including anti-money laundering regulations and requirements; perceptions regarding the environmental impact of a cryptocurrency; changes in consumer demographics and public preferences; general economic conditions; maintenance and

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development of open-source software protocols; the availability and popularity of other forms or methods of buying and selling goods and services; the use of the networks supporting digital assets, such as those for developing smart contracts and distributed applications; and general risks tied to the use of information technologies, including cyber risks. A hack or failure of one cryptocurrency may lead to a loss in confidence in, and thus decreased usage and/or value of, other cryptocurrencies.

**Investing in smaller capitalization stocks —** The fund may invest in the stocks of smaller capitalization companies. Investing in smaller capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. For example, smaller companies often have limited product lines, limited operating histories, limited markets or financial resources, may be dependent on one or a few key persons for management and can be more susceptible to losses. Also, their securities may be less liquid or illiquid (and therefore have to be sold at a discount from current prices or sold in small lots over an extended period of time), may be followed by fewer investment research analysts and may be subject to wider price swings, thus creating a greater chance of loss than securities of larger capitalization companies.

**Debt instruments —** Debt securities, also known as "fixed income securities," are used by issuers to borrow money. Bonds, notes, debentures, asset-backed securities (including those backed by mortgages), and loan participations and assignments are common types of debt securities. Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values and their values accrete over time to face value at maturity. Some debt securities bear interest at rates that are not fixed, but that vary with changes in specified market rates or indices. The market prices of debt securities fluctuate depending on such factors as interest rates, credit quality and maturity. In general, market prices of debt securities decline when interest rates rise and increase when interest rates fall. These fluctuations will generally be greater for longer-term debt securities than for shorter-term debt securities. Prices of these securities can also be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or they may pay only a small fraction of the amount owed. Direct indebtedness of countries, particularly emerging markets, also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, are described by the rating agencies as speculative and involve greater risk of default or price changes due to changes in the issuer's creditworthiness than higher rated debt securities, or they may already be in default. Such securities are sometimes referred to as "junk bonds" or high yield bonds. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. It may be more difficult to dispose of, and to determine the value of, lower rated debt securities. Investment grade bonds in the ratings categories A or Baa/BBB also may be more susceptible to changes in market or economic conditions than bonds rated in the highest rating categories.

Certain additional risk factors relating to debt securities are discussed below:

**Sensitivity to interest rate and economic changes —** Debt securities may be sensitive to economic changes, political and corporate developments, and interest rate changes. In addition, during an economic downturn or a period of rising interest rates, issuers that are highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities and derivative instruments. As discussed under "Market conditions" above in this

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statement of additional information, governments and quasi-governmental authorities may take actions to support local and global economies and financial markets during periods of economic crisis, including direct capital infusions into companies, new monetary programs and significantly lower interest rates. Such actions may expose fixed income markets to heightened volatility and may reduce liquidity for certain investments, which could cause the value of the fund's portfolio to decline.

**Payment expectations —** Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market, the fund may have to replace the security with a lower yielding security, resulting in decreased income to investors. If the issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings, the fund may incur losses or expenses in seeking recovery of amounts owed to it.

**Liquidity and valuation —** There may be little trading in the secondary market for particular debt securities, which may affect adversely the fund's ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of debt securities.

Credit ratings for debt securities provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The rating of an issuer is a rating agency's view of past and future potential developments related to the issuer and may not necessarily reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a rating is assigned and updated. The investment adviser considers these ratings of securities as one of many criteria in making its investment decisions.

Bond rating agencies may assign modifiers (such as +/–) to ratings categories to signify the relative position of a credit within the rating category. Investment policies that are based on ratings categories should be read to include any security within that category, without giving consideration to the modifier except where otherwise provided. See the appendix to this statement of additional information for more information about credit ratings.

**Securities with equity and debt characteristics —** Certain securities have a combination of equity and debt characteristics. Such securities may at times behave more like equity than debt or vice versa.

**Preferred stock** — Preferred stock represents an equity interest in an issuer that generally entitles the holder to receive, in preference to common stockholders and the holders of certain other stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the issuer. Preferred stocks may pay fixed or adjustable rates of return, and preferred stock dividends may be cumulative or non-cumulative and participating or non-participating. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer's common stockholders, while prior unpaid dividends on non-cumulative preferred stock are forfeited. Participating preferred stock may be entitled to a dividend exceeding the issuer's declared dividend in certain cases, while non-participating preferred stock is entitled only to the stipulated dividend. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. As with debt securities, the prices and yields of preferred stocks often move with changes in interest rates and the issuer's credit quality. Additionally, a company's preferred stock typically pays dividends only after the company makes required payments to holders of its bonds and other debt. Accordingly, the price of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the issuing company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

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**Convertible securities** — A convertible security is a debt obligation, preferred stock or other security that may be converted, within a specified period of time and at a stated conversion rate, into common stock or other equity securities of the same or a different issuer. The conversion may occur automatically upon the occurrence of a predetermined event or at the option of either the issuer or the security holder. Under certain circumstances, a convertible security may also be called for redemption or conversion by the issuer after a particular date and at predetermined price specified upon issue. If a convertible security held by the fund is called for redemption or conversion, the fund could be required to tender the security for redemption, convert it into the underlying common stock, or sell it to a third party.

The holder of a convertible security is generally entitled to participate in the capital appreciation resulting from a market price increase in the issuer's common stock and to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in an issuer's capital structure and, therefore, normally entail less risk than the issuer's common stock. However, convertible securities may also be subordinate to any senior debt obligations of the issuer, and, therefore, an issuer's convertible securities may entail more risk than such senior debt obligations. Convertible securities usually offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of a convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and, accordingly, convertible securities are subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may cushion the security against declines in the price of the underlying asset but may also cause the price of the security to fluctuate based upon changes in interest rates and the credit quality of the issuer. As with a straight fixed income security, the price of a convertible security tends to increase when interest rates decline and decrease when interest rates rise. Like the price of a common stock, the price of a convertible security also tends to increase as the price of the underlying stock rises and to decrease as the price of the underlying stock declines.

**Hybrid securities** — A hybrid security is a type of security that also has equity and debt characteristics. Like equities, which have no final maturity, a hybrid security may be perpetual. On the other hand, like debt securities, a hybrid security may be callable at the option of the issuer on a date specified at issue. Additionally, like common equities, which may stop paying dividends at virtually any time without violating any contractual terms or conditions, hybrids typically allow for issuers to withhold payment of interest until a later date or to suspend coupon payments entirely without triggering an event of default. Hybrid securities are normally at the bottom of an issuer's debt capital structure because holders of an issuer's hybrid securities are structurally subordinated to the issuer's senior creditors. In bankruptcy, hybrid security holders should only get paid after all senior creditors of the issuer have been paid but before any disbursements are made to the issuer's equity holders. Accordingly, hybrid securities may be more sensitive to economic changes than more senior debt securities. Such securities may also be viewed as more equity-like by the market when the issuer or its parent company experiences financial difficulties.

Contingent convertible securities, which are also known as contingent capital securities, are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain trigger events. One type of contingent convertible security has characteristics designed to absorb losses, by providing that the liquidation value of the security may be adjusted downward to below the original par value or

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written off entirely under certain circumstances. For instance, if losses have eroded the issuer's capital level below a specified threshold, the liquidation value of the security may be reduced in whole or in part. The write-down of the security's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security's par value. Such securities may, but are not required to, provide for circumstances under which the liquidation value of the security may be adjusted back up to par, such as an improvement in capitalization or earnings. Another type of contingent convertible security provides for mandatory conversion of the security into common shares of the issuer under certain circumstances. The mandatory conversion might relate, for example, to the issuer's failure to maintain a capital minimum. Since the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all) and conversion would deepen the subordination of the investor, effectively worsening the investor's standing in the case of the issuer's insolvency. An automatic write-down or conversion event with respect to a contingent convertible security will typically be triggered by a reduction in the issuer's capital level, but may also be triggered by regulatory actions, such as a change in regulatory capital requirements, or by other factors.

**Warrants and rights —** Warrants and rights may be acquired by the fund in connection with other securities or separately. Warrants generally entitle, but do not obligate, their holder to purchase other equity or fixed income securities at a specified price at a later date. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing holders of its stock to provide those holders the right to purchase additional shares of stock at a later date. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuing company. Additionally, a warrant or right ceases to have value if it is not exercised prior to its expiration date. As a result, warrants and rights may be considered more speculative than certain other types of investments. Changes in the value of a warrant or right do not necessarily correspond to changes in the value of its underlying security. The price of a warrant or right may be more volatile than the price of its underlying security, and they therefore present greater potential for capital appreciation and capital loss. The effective price paid for warrants or rights added to the subscription price of the related security may exceed the value of the subscribed security's market price, such as when there is no movement in the price of the underlying security. The market for warrants or rights may be very limited and it may be difficult to sell them promptly at an acceptable price.

**Obligations backed by the "full faith and credit" of the U.S. government —** U.S. government obligations include the following types of securities:

**U.S. Treasury securities —** U.S. Treasury securities include direct obligations of the U.S. Treasury, such as Treasury bills, notes and bonds. For these securities, the payment of principal and interest is unconditionally guaranteed by the U.S. government, and thus they are of high credit quality.

**Federal agency securities —** The securities of certain U.S. government agencies and government-sponsored entities are guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government. Such agencies and entities include, but are not limited to, the Federal Financing Bank ("FFB"), the Government National Mortgage Association ("Ginnie Mae"), the U.S. Department of Veterans Affairs ("VA"), the Federal Housing Administration ("FHA"), the Export-Import Bank of the United States ("Exim Bank"), the U.S. International Development Finance Corporation ("DFC"), the Commodity Credit Corporation ("CCC") and the U.S. Small Business Administration ("SBA").

Such securities are subject to variations in market value due to fluctuations in interest rates and in government policies, among other things, but, if held to maturity, are expected to be paid in full (either

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at maturity or thereafter). However, from time to time, a high national debt level, and uncertainty regarding negotiations to increase the U.S. government's debt ceiling and periodic legislation to fund the government, could increase the risk that the U.S. government may default on its obligations and/or lead to a downgrade of the credit rating of the U.S. government. Such an event could adversely affect the value of investments in securities backed by the full faith and credit of the U.S. government, cause the fund to suffer losses and lead to significant disruptions in U.S. and global markets. Regulatory or market changes or conditions could increase demand for U.S. government securities and affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies.

**Other federal agency obligations —** Additional federal agency securities are neither direct obligations of, nor guaranteed by, the U.S. government. These obligations include securities issued by certain U.S. government agencies and government-sponsored entities. However, they generally involve some form of federal sponsorship: some operate under a congressional charter; some are backed by collateral consisting of "full faith and credit" obligations as described above; some are supported by the issuer's right to borrow from the Treasury; and others are supported only by the credit of the issuing government agency or entity. These agencies and entities include, but are not limited to: the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae"), the Tennessee Valley Authority and the Federal Farm Credit Bank System.

In 2008, Freddie Mac and Fannie Mae were placed into conservatorship by their new regulator, the Federal Housing Finance Agency ("FHFA"). Simultaneously, the U.S. Treasury made a commitment of indefinite duration to maintain the positive net worth of both firms. As conservator, the FHFA has the authority to repudiate any contract either firm has entered into prior to the FHFA's appointment as conservator (or receiver should either firm go into default) if the FHFA, in its sole discretion determines that performance of the contract is burdensome and repudiation would promote the orderly administration of Fannie Mae's or Freddie Mac's affairs. While the FHFA has indicated that it does not intend to repudiate the guaranty obligations of either entity, doing so could adversely affect holders of their mortgage-backed securities. For example, if a contract were repudiated, the liability for any direct compensatory damages would accrue to the entity's conservatorship estate and could only be satisfied to the extent the estate had available assets. As a result, if interest payments on Fannie Mae or Freddie Mac mortgage-backed securities held by the fund were reduced because underlying borrowers failed to make payments or such payments were not advanced by a loan servicer, the fund's only recourse might be against the conservatorship estate, which might not have sufficient assets to offset any shortfalls.

The FHFA, in its capacity as conservator, has the power to transfer or sell any asset or liability of Fannie Mae or Freddie Mac. The FHFA has indicated it has no current intention to do this; however, should it do so a holder of a Fannie Mae or Freddie Mac mortgage-backed security would have to rely on another party for satisfaction of the guaranty obligations and would be exposed to the credit risk of that party.

Certain rights provided to holders of mortgage-backed securities issued by Fannie Mae or Freddie Mac under their operative documents may not be enforceable against the FHFA, or enforcement may be delayed during the course of the conservatorship or any future receivership. For example, the operative documents may provide that upon the occurrence of an event of default by Fannie Mae or Freddie Mac, holders of a requisite percentage of the mortgage-backed security may replace the entity as trustee. However, under the Federal Housing Finance Regulatory Reform Act of 2008, holders may not enforce this right if the event of default arises solely because a conservator or receiver has been appointed.

**Cash and cash equivalents —** The fund may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (*a*) shares of money market or similar funds managed by the investment adviser or its affiliates; (*b*) shares of other money market funds; (*c*) commercial paper; (*d*) short-term

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bank obligations (for example, certificates of deposit, bankers' acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (*e*) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (*f*) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed, in one year or less; and (*g*) higher quality corporate bonds and notes that mature, or that may be redeemed, in one year or less.

**Commercial paper —** The fund may purchase commercial paper. Commercial paper refers to short-term promissory notes issued by a corporation to finance its current operations. Such securities normally have maturities of thirteen months or less and, though commercial paper is often unsecured, commercial paper may be supported by letters of credit, surety bonds or other forms of collateral. Maturing commercial paper issuances are usually repaid by the issuer from the proceeds of new commercial paper issuances. As a result, investment in commercial paper is subject to rollover risk, or the risk that the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligations and commercial paper may become illiquid or suffer from reduced liquidity in these or other situations.

Commercial paper in which the fund may invest includes commercial paper issued in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the "1933 Act"). Section 4(a)(2) commercial paper has substantially the same price and liquidity characteristics as commercial paper generally, except that the resale of Section 4(a)(2) commercial paper is limited to institutional investors who agree that they are purchasing the paper for investment purposes and not with a view to public distribution. Technically, such a restriction on resale renders Section 4(a)(2) commercial paper a restricted security under the 1933 Act. In practice, however, Section 4(a)(2) commercial paper typically can be resold as easily as any other unrestricted security held by the fund. Accordingly, Section 4(a)(2) commercial paper has been generally determined to be liquid under procedures adopted by the fund's board of trustees.

**Forward commitment, when issued and delayed delivery transactions —** The fund may enter into commitments to purchase or sell securities at a future date. When the fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement, and when the fund agrees to sell such securities, it assumes the risk of any increase in value of the security. If the other party to such a transaction fails to deliver or pay for the securities, the fund could miss a favorable price or yield opportunity, or could experience a loss.

The fund may roll such transactions in lieu of taking physical delivery of the contract's underlying assets on the settlement date. When rolling the purchase of these types of transactions, the fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price. When rolling the sale of these types of transactions, the fund purchases mortgage-backed securities for delivery in the current month and simultaneously contracts to sell substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price.

When rolling these types of transactions, during the period between the initial sale (or purchase) and subsequent repurchase (or sale) (the "roll period"), the fund forgoes principal and interest paid on the mortgage-backed securities. The fund is compensated by the price differential between the original

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and new contracts (often referred to as the "drop"), if any, as well as by the interest earned on the cash proceeds of any sales. The fund also takes the risk that market prices or characteristics of the underlying mortgage-backed securities may move unfavorably between the original and new contracts. The fund could suffer a loss if the contracting party fails to perform the future transaction and the fund is therefore unable to buy or sell back the mortgage-backed securities it initially either sold or purchased, respectively. These transactions are accounted for as purchase and sale transactions, which contribute to the fund's portfolio turnover rate.

With to be announced ("TBA") transactions, the particular securities (i.e., specified mortgage pools) to be delivered or received are not identified at the trade date, but are "to be announced" at a later settlement date. However, securities to be delivered must meet specified criteria, including face value, coupon rate and maturity, and be within industry-accepted "good delivery" standards. The fund will not use these transactions for the purpose of leveraging. Although these transactions will not be entered into for leveraging purposes, the fund temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject to market risk). Should market values of the fund's portfolio securities decline while the fund is in a leveraged position, greater depreciation of its net assets would likely occur than if it were not in such a position. After a transaction is entered into, the fund may still dispose of or renegotiate the transaction. Additionally, prior to receiving delivery of securities as part of a transaction, the fund may sell such securities.

When the fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a short position in such TBA securities), the fund may or may not hold the types of mortgage-backed securities required to be delivered. To the extent the fund has sold such a security on a when-issued, delayed delivery, or forward commitment basis, the fund would not participate in future gains or losses with respect to the security if the fund holds such security. If the other party to a transaction fails to pay for the securities, the fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery or forward commitment basis without owning the security, the fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed-upon price on the settlement date.

Under the SEC's rule applicable to the fund's use of derivatives, when issued, forward-settling and nonstandard settlement cycle securities, as well as TBAs and roll transactions, will be treated as derivatives unless the fund intends to physically settle these transactions and the transactions will settle within 35 days of their respective trade dates.

**Repurchase agreements —** The fund may enter into repurchase agreements, or "repos", under which the fund buys a security and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased constitutes collateral for the repurchase obligation, a repo may be considered a loan by the fund that is collateralized by the security purchased. Repos permit the fund to maintain liquidity and earn income over periods of time as short as overnight.

The seller must maintain with a custodian collateral equal to at least the repurchase price, including accrued interest. In tri-party repos and centrally cleared or "sponsored" repos, a third-party custodian, either a clearing bank in the case of tri-party repos or a central clearing counterparty in the case of centrally cleared repos, facilitates repo clearing and settlement, including by providing collateral management services. In bilateral repos, the parties themselves are responsible for settling transactions.

The fund will only enter into repos involving securities of the type in which it could otherwise invest. If the seller under the repo defaults, the fund may incur a loss if the value of the collateral securing the repo has declined and may incur disposition costs and delays in connection with liquidating the

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collateral. If bankruptcy proceedings are commenced with respect to the seller, realization of the collateral by the fund may be delayed or limited.

**Depositary receipts —** Depositary receipts are securities that evidence ownership interests in, and represent the right to receive, a security or a pool of securities that have been deposited with a bank or trust depository. The fund may invest in American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and other similar securities. For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a non-U.S. entity. For other depositary receipts, the depository may be a non-U.S. or a U.S. entity, and the underlying securities may be issued by a non-U.S. or a U.S. entity. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. Other depositary receipts, such as EDRs and GDRs, may be issued in bearer form, may be denominated in either U.S. dollars or in non-U.S. currencies, and are primarily designed for use in securities markets outside the United States. ADRs, EDRs and GDRs can be sponsored by the issuing bank or trust company or the issuer of the underlying securities. Although the issuing bank or trust company may impose charges for the collection of dividends and the conversion of such securities into the underlying securities, generally no fees are imposed on the purchase or sale of these securities other than transaction fees ordinarily involved with trading stock. Such securities may be less liquid or may trade at a lower price than the underlying securities of the issuer. Additionally, the issuers of securities underlying depositary receipts may not be obligated to timely disclose information that is considered material under the securities laws of the United States. Therefore, less information may be available regarding these issuers than about the issuers of other securities and there may not be a correlation between such information and the market value of the depositary receipts.

**Real estate investment trusts —** Real estate investment trusts ("REITs"), which primarily invest in real estate or real estate-related loans, may issue equity or debt securities. Equity REITs own real estate properties, while mortgage REITs hold construction, development and/or long-term mortgage loans. The values of REITs may be affected by changes in the value of the underlying property of the trusts, the creditworthiness of the issuer, property taxes, interest rates, tax laws and regulatory requirements, such as those relating to the environment. Both types of REITs are dependent upon management skill and the cash flows generated by their holdings, the real estate market in general and the possibility of failing to qualify for any applicable pass-through tax treatment or failing to maintain any applicable exemptive status afforded under relevant laws.

**Inflation-linked bonds —** The fund may invest in inflation-linked bonds issued by governments, their agencies or instrumentalities and corporations.

The principal amount of an inflation-linked bond is adjusted in response to changes in the level of an inflation index, such as the Consumer Price Index for Urban Consumers ("CPURNSA"). If the index measuring inflation falls, the principal value or coupon of these securities will be adjusted downward. Consequently, the interest payable on these securities will be reduced. Also, if the principal value of these securities is adjusted according to the rate of inflation, the adjusted principal value repaid at maturity may be less than the original principal. In the case of U.S. Treasury Inflation-Protected Securities ("TIPS"), currently the only inflation-linked security that is issued by the U.S. Treasury, the principal amounts are adjusted daily based upon changes in the rate of inflation (as currently represented by the non-seasonally adjusted CPURNSA, calculated with a three-month lag). TIPS may pay interest semi-annually, equal to a fixed percentage of the inflation-adjusted principal amount. The interest rate on these bonds is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal amount that has been adjusted for inflation. The current market value of TIPS is not guaranteed and will fluctuate. However, the U.S. government guarantees that, at maturity, principal will be repaid at the higher of the original face value of the security (in the event of deflation) or the inflation adjusted value.

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Other non-U.S. sovereign governments also issue inflation-linked securities that are tied to their own local consumer price indexes and that offer similar deflationary protection. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Corporations also periodically issue inflation-linked securities tied to CPURNSA or similar inflationary indexes. While TIPS and non-U.S. sovereign inflation-linked securities are currently the largest part of the inflation-linked market, the fund may invest in corporate inflation-linked securities.

The value of inflation-linked securities is expected to change in response to the changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. If inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in value of the inflation-linked securities. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-linked securities. There can be no assurance, however, that the value of inflation-linked securities will be directly correlated to the changes in interest rates. If interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the security's inflation measure.

The interest rate for inflation-linked bonds is fixed at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise and fall as the principal amount of the bonds adjusts in response to movements of the consumer price index. For example, typically interest income would rise during a period of inflation and fall during a period of deflation.

The market for inflation-linked securities may be less developed or liquid, and more volatile, than certain other securities markets. There is a limited number of inflation-linked securities currently available for the fund to purchase, making the market less liquid and more volatile than the U.S. Treasury and agency markets.

**Restricted or illiquid securities —** The fund may purchase securities subject to restrictions on resale. Restricted securities may only be sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "1933 Act"), or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. Difficulty in selling such securities may result in a loss to the fund or cause it to incur additional administrative costs.

Some fund holdings (including some restricted securities) may be deemed illiquid if the fund expects that a reasonable portion of the holding cannot be sold in seven calendar days or less without the sale significantly changing the market value of the investment. The determination of whether a holding is considered illiquid is made by the fund's adviser under a liquidity risk management program adopted by the fund's board and administered by the fund's adviser. The fund may incur significant additional costs in disposing of illiquid securities.

**Cybersecurity risks —** With the increased use of technologies such as the Internet to conduct business, the fund has become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Cybersecurity breaches may involve, among other things, "ransomware" attacks, injection of computer viruses or malicious software code, or the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices that are used directly or indirectly by the fund or its service providers through "hacking" or other means. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to the fund's systems, networks or devices. For example, denial-of-

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service attacks on the investment adviser's or an affiliate's website could effectively render the fund's network services unavailable to fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may, among other things, cause the fund to lose proprietary information, suffer data corruption or lose operational capacity, or may result in the misappropriation, unauthorized release or other misuse of the fund's assets or sensitive information (including shareholder personal information or other confidential information), the inability of fund shareholders to transact business, or the destruction of the fund's physical infrastructure, equipment or operating systems. These, in turn, could cause the fund to violate applicable privacy and other laws and incur or suffer regulatory penalties, reputational damage, additional costs (including compliance costs) associated with corrective measures and/or financial loss. While the fund and its investment adviser have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for.

In addition, cybersecurity failures by or breaches of the fund's third-party service providers (including, but not limited to, the fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries) may disrupt the business operations of the service providers and of the fund, potentially resulting in financial losses, the inability of fund shareholders to transact business with the fund and of the fund to process transactions, the inability of the fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The fund and its shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that the fund will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the fund's third-party service providers in the future, particularly as the fund cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value.

**Derivatives** — In pursuing its investment objective(s), the fund may invest in derivative instruments. A derivative is a financial instrument, the value of which depends on, or is otherwise derived from, another underlying variable. Most often, the variable underlying a derivative is the price of a traded asset, such as a traditional cash security (e.g., a stock or bond), a currency or a commodity; however, the value of a derivative can be dependent on almost any variable, from the level of an index or a specified rate to the occurrence (or non-occurrence) of a credit event with respect to a specified reference asset. The fund may take positions in futures contracts, which is a derivative instrument described in greater detail below.

Derivative instruments may be distinguished by the manner in which they trade: some are standardized instruments that trade on an organized exchange while others are individually negotiated and traded in the over-the-counter ("OTC") market. Derivatives also range broadly in complexity, from simple derivatives to more complex instruments. As a general matter, however, all derivatives — regardless of the manner in which they trade or their relative complexities — entail certain risks, some of which are different from, and potentially greater than, the risks associated with investing directly in traditional cash securities.

As is the case with traditional cash securities, derivative instruments are generally subject to counterparty credit risk; however, in some cases, derivatives may pose counterparty risks greater than those posed by cash securities. The use of derivatives involves the risk that a loss may be sustained by the fund as a result of the failure of the fund's counterparty to make required payments or otherwise to comply with its contractual obligations. For some derivatives, though, the value of — and, in effect, the return on — the instrument may be dependent on both the individual credit of the fund's counterparty

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and on the credit of one or more issuers of any underlying assets. If the fund does not correctly evaluate the creditworthiness of its counterparty and, where applicable, of issuers of any underlying reference assets, the fund's investment in a derivative instrument may result in losses. Further, if a fund's counterparty were to default on its obligations, the fund's contractual remedies against such counterparty may be subject to applicable bankruptcy and insolvency laws, which could affect the fund's rights as a creditor and delay or impede the fund's ability to receive the net amount of payments that it is contractually entitled to receive. Derivative instruments are subject to additional risks, including operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

The value of some derivative instruments in which the fund invests may be particularly sensitive to changes in prevailing interest rates, currency exchange rates or other market conditions. Like the fund's other investments, the ability of the fund to successfully utilize such derivative instruments may depend in part upon the ability of the fund's investment adviser to accurately forecast market and economic factors (such as interest rates). The success of the fund's derivative investment strategy will also depend on the investment adviser's ability to assess and predict the impact of market or economic developments on the derivative instruments in which the fund invests, in some cases without having had the benefit of observing the performance of a derivative under all possible market conditions. If the investment adviser incorrectly forecasts such factors and has taken positions in derivative instruments contrary to prevailing market trends, or if the investment adviser incorrectly predicts the impact of developments on a derivative instrument, the fund could suffer losses.

Certain derivatives may also be subject to liquidity and valuation risks. The potential lack of a liquid secondary market for a derivative may cause difficulty in valuing or selling the instrument. If a derivative transaction is particularly large or if the relevant market is illiquid, the fund may not be able to initiate a transaction or to liquidate a position at an advantageous time or price. Particularly when there is no liquid secondary market for the fund's derivative positions, the fund may encounter difficulty in valuing such illiquid positions. The value of a derivative instrument does not always correlate perfectly with its underlying asset, rate or index, and many derivatives are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the fund.

Because certain derivative instruments may obligate the fund to make one or more potential future payments, which could significantly exceed the value of the fund's initial investments in such instruments, derivative instruments may also have a leveraging effect on the fund's portfolio. Certain derivatives have the potential for unlimited loss, irrespective of the size of the fund's investment in the instrument. When a fund leverages its portfolio, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes.

The fund's compliance with the SEC's rule applicable to the fund's use of derivatives may limit the ability of the fund to use derivatives as part of its investment strategy. The rule requires that a fund that uses derivatives in a limited manner, which is currently the case for the fund, limit its derivatives exposure to 10% of its net assets (as calculated in accordance the SEC rule) and adopt and implement written policies and procedures reasonably designed to manage its derivatives risks.

**Futures** — The fund may enter into futures contracts. A futures contract is an agreement to buy or sell a security or other financial instrument (the "reference asset") for a set price on a future date. Futures contracts are standardized, exchange-traded contracts, and, when such contracts are bought or sold, the fund will incur brokerage fees and will be required to maintain margin deposits.

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Unlike when the fund purchases or sells a security, such as a stock or bond, no price is paid or received by the fund upon the purchase or sale of a futures contract. When the fund enters into a futures contract, the fund is required to deposit with its futures broker, known as a futures commission merchant ("FCM"), a specified amount of liquid assets in a segregated account in the name of the FCM at the applicable derivatives clearinghouse or exchange. This amount, known as initial margin, is set by the futures exchange on which the contract is traded and may be significantly modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the fund upon termination of the contract, assuming all contractual obligations have been satisfied. Additionally, on a daily basis, the fund pays or receives cash, or variation margin, equal to the daily change in value of the futures contract. Variation margin does not represent a borrowing or loan by the fund but is instead a settlement between the fund and the FCM of the amount one party would owe the other if the futures contract expired. In computing daily net asset value, the fund will mark-to-market its open futures positions. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of the fund, the fund may be entitled to return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the fund. An event of bankruptcy or insolvency at a clearinghouse or exchange holding initial margin could also result in losses for the fund.

When the fund invests in futures contracts and deposits margin with an FCM, the fund becomes subject to so-called "fellow customer" risk – that is, the risk that one or more customers of the FCM will default on their obligations and that the resulting losses will be so great that the FCM will default on its obligations and margin posted by one customer, such as the fund, will be used to cover a loss caused by a different defaulting customer. Applicable Commodity Futures Trading Commission ("CFTC") rules generally prohibit the use of one customer's funds to meet the obligations of another customer and limit the ability of an FCM to use margin posed by non-defaulting customers to satisfy losses caused by defaulting customers. As a general matter, an FCM is required to use its own funds to meet a defaulting customer's obligations. While a customer's loss would likely need to be substantial before non-defaulting customers would be exposed to loss on account of fellow customer risk, applicable CFTC rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud or other causes. If the loss is so great that, notwithstanding the application of an FCM's own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the FCM could default and be placed into bankruptcy. Under these circumstances, bankruptcy law provides that non-defaulting customers will share pro rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another FCM more difficult.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the reference asset, in practice, most futures contracts are usually closed out before the delivery date by offsetting purchases or sales of matching futures contracts. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical reference asset and the same delivery date. If the offsetting purchase price is less than the original sale price (in each case taking into account transaction costs, including brokerage fees), the fund realizes a gain; if it is more, the fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price (in each case taking into account transaction costs, including brokerage fees), the fund realizes a gain; if it is less, the fund realizes a loss.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying reference asset. Purchasing futures contracts will, therefore, tend to increase the fund's exposure to positive and negative price fluctuations in the reference asset, much as if

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the fund had purchased the reference asset directly. When the fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market for the reference asset. Accordingly, selling futures contracts will tend to offset both positive and negative market price changes, much as if the reference asset had been sold.

There is no assurance that a liquid market will exist for any particular futures contract at any particular time. Futures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days, when the price fluctuation limit is reached and a trading halt is imposed, it may be impossible to enter into new positions or close out existing positions. If the market for a futures contract is not liquid because of price fluctuation limits or other market conditions, the fund may be prevented from promptly liquidating unfavorable futures positions and the fund could be required to continue to hold a position until delivery or expiration regardless of changes in its value, potentially subjecting the fund to substantial losses. Additionally, the fund may not be able to take other actions or enter into other transactions to limit or reduce its exposure to the position. Under such circumstances, the fund would remain obligated to meet margin requirements until the position is cleared. As a result, the fund's access to other assets posted as margin for its futures positions could also be impaired.

Although futures exchanges generally operate similarly in the United States and abroad, foreign futures exchanges may follow trading, settlement and margin procedures that are different than those followed by futures exchanges in the United States. Futures contracts traded outside the United States may not involve a clearing mechanism or related guarantees and may involve greater risk of loss than U.S.-traded contracts, including potentially greater risk of losses due to insolvency of a futures broker, exchange member, or other party that may owe initial or variation margin to the fund. Margin requirements on foreign futures exchanges may be different than those of futures exchanges in the United States, and, because initial and variation margin payments may be measured in foreign currency, a futures contract traded outside the United States may also involve the risk of foreign currency fluctuations.

**Inflation/Deflation risk —** The fund may be subject to inflation and deflation risk. Inflation risk is the risk that the present value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the fund's assets can decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation or inflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the fund's assets.

**Interfund borrowing and lending —** Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission, the fund may lend money to, and borrow money from, other funds advised by Capital Research and Management Company or its affiliates. The fund will borrow through the program only when the costs are equal to or lower than the costs of bank loans. The fund will lend through the program only when the returns are higher than those available from an investment in repurchase agreements. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one day's notice. The fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

**Affiliated investment companies —** The fund may purchase shares of certain other investment companies managed by the investment adviser or its affiliates ("Central Funds"). The risks of owning another investment company are similar to the risks of investing directly in the securities in which that investment company invests. Investments in other investment companies could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct

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investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund's performance. Any investment in another investment company will be consistent with the fund's objective(s) and applicable regulatory limitations. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses.

**Securities lending activities** – The fund may lend portfolio securities to brokers, dealers or other institutions that provide cash or U.S. Treasury securities as collateral in an amount at least equal to the value of the securities loaned. While portfolio securities are on loan, the fund will continue to receive the equivalent of the interest and the dividends or other distributions paid by the issuer on the securities, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund will 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 each loan to vote on proposals, including proposals involving material events affecting securities loaned. The fund has delegated the decision to lend portfolio securities to the investment adviser. The adviser also has the discretion to consent on corporate actions and to recall securities on loan to vote. In the event the adviser deems a corporate action or proxy vote material, as determined by the adviser based on factors relevant to the fund, it will use reasonable efforts to recall the securities and consent to or vote on the matter.

Securities lending involves risks, including the risk that the loaned securities may not be returned in a timely manner or at all, which would interfere with the fund's ability to vote proxies or settle transactions, and/or the risk of a counterparty default. Additionally, the fund may lose money from the reinvestment of collateral received on loaned securities in investments that decline in value, default or do not perform as expected. The fund will make loans only to parties deemed by the fund's adviser to be in good standing and when, in the adviser's judgment, the income earned would justify the risks.

JPMorgan Chase Bank, N.A. ("JPMorgan") serves as securities lending agent for the fund. As the securities lending agent, JPMorgan administers the fund's securities lending program pursuant to the terms of a securities lending agent agreement entered into between the fund and JPMorgan. Under the terms of the agreement, JPMorgan is responsible for making available to approved borrowers securities from the fund's portfolio. JPMorgan is also responsible for the administration and management of the fund's securities lending program, including the preparation and execution of an agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented, ensuring that loaned securities are valued daily and that the corresponding required collateral is delivered by the borrowers, arranging for the investment of collateral received from borrowers, and arranging for the return of loaned securities to the fund in accordance with the fund's instructions or at loan termination. As compensation for its services, JPMorgan receives a portion of the amount earned by the fund for lending securities.

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The following table sets forth, for the fund's most recently completed fiscal year, the fund's dollar amount of income and fees and/or other compensation related to its securities lending activities. Net income from securities lending activities may differ from the amount reported in the fund's Form N-CSR, which reflects estimated accruals.

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| | |
|:---|:---|
| ***Gross income from securities lending activities*** | $16414000 |
| Fees paid to securities lending agent from a revenue split | 184000 |
| Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in the revenue split | 0 |
| Administrative fees not included in the revenue split | 0 |
| Indemnification fees not included in the revenue split | 0 |
| Rebates (paid to borrower) | 12728000 |
| Other fees not included in the revenue split | 0 |
| Aggregate fees/compensation for securities lending activities | 12912000 |
| ***Net income from securities lending activities*** | 3502000 |

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\* \* \* \* \* \*

**Portfolio turnover —** Portfolio changes will be made without regard to the length of time particular investments may have been held. Short-term trading profits are not the fund's objective, and changes in its investments are generally accomplished gradually, though short-term transactions may occasionally be made. Higher portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads or brokerage commissions. It may also result in the realization of net capital gains, which are taxable when distributed to shareholders, unless the shareholder is exempt from taxation or his or her account is tax-favored.

The fund's portfolio turnover rates for the fiscal years ended March 31, 2026 and 2025 were 50% and 35%, respectively. Variations in turnover rates are due to changes in trading activity during the period. The portfolio turnover rate would equal 100% if each security in a fund's portfolio were replaced once per year.

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**Fund policies**

All percentage limitations in the following fund policies are considered at the time securities are purchased and are based on the fund's net assets (excluding, for the avoidance of doubt, collateral held in connection with securities lending activities) unless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess occurs immediately after, and is caused by, an acquisition by the fund. In managing the fund, the fund's investment adviser may apply more restrictive policies than those listed below.

**Fundamental policies —** The fund has adopted the following policies, which may not be changed without approval by holders of a majority of its outstanding shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the "1940 Act"), as the vote of the lesser of (*a*) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (*b*) more than 50% of the outstanding voting securities.

1. Except as permitted by (*i*) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission ("SEC"), SEC staff or other authority of competent jurisdiction, or (*ii*) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction, the fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Borrow money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Issue senior securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Underwrite the securities of other issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Purchase or sell real estate or commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Make loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Purchase the securities of any issuer if, as a result of such purchase, the fund's investments would be concentrated in any particular industry.

2. The fund may not invest in companies for the purpose of exercising control or management.

**Nonfundamental policies —** The following policy may be changed without shareholder approval:

The fund may not acquire securities of open-end investment companies or unit investment trusts registered under the 1940 Act in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

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**Additional information about the fund's policies —** The information below is not part of the fund's fundamental or nonfundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the fund. Information is also provided regarding the fund's current intention with respect to certain investment practices permitted by the 1940 Act.

For purposes of fundamental policy 1a, the fund may borrow money in amounts of up to 33-1/3% of its total assets from banks for any purpose. Additionally, the fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). The percentage limitations in this policy are considered at the time of borrowing and thereafter.

For purposes of fundamental policies 1a and 1e, the fund may borrow money from, or loan money to, other funds managed by Capital Research and Management Company or its affiliates to the extent permitted by applicable law and an exemptive order issued by the SEC.

For purposes of fundamental policy 1b, a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the fund at the time the loan is made (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, the fund is permitted to enter into derivatives and certain other transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, in accordance with current SEC rules and interpretations.

For purposes of fundamental policy 1c, the policy will not apply to the fund to the extent the fund may be deemed an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objective(s) and strategies.

For purposes of fundamental policy 1e, the fund may not lend more than 33-1/3% of its total assets, provided that this limitation shall not apply to the fund's purchase of debt obligations.

For purposes of fundamental policy 1f, the fund may not invest more than 25% of its total assets in the securities of issuers in a particular industry. This policy does not apply to investments in securities of the U.S. government, its agencies or U.S. government sponsored enterprises or repurchase agreements with respect thereto.

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**Management of the fund**

**Board of trustees and officers**

**Independent trustees<sup>1</sup>**

The fund's nominating and governance committee and board select independent trustees with a view toward constituting a board that, as a body, possesses the qualifications, skills, attributes and experience to appropriately oversee the actions of the fund's service providers, decide upon matters of general policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills, attributes and experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience, education and skills.

The fund seeks independent trustees who have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively in the context of the fund's board and committee structure and who have the ability and willingness to dedicate sufficient time to effectively fulfill their duties and responsibilities.

Each independent trustee has a significant record of accomplishments in governance, business, not-for-profit organizations, government service, academia, law, accounting or other professions. Although no single list could identify all experience upon which the fund's independent trustees draw in connection with their service, the following table summarizes key experience for each independent trustee. These references to the qualifications, attributes and skills of the trustees are pursuant to the disclosure requirements of the SEC, and shall not be deemed to impose any greater responsibility or liability on any trustee or the board as a whole. Notwithstanding the accomplishments listed below, none of the independent trustees is considered an "expert" within the meaning of the federal securities laws with respect to information in the fund's registration statement.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal occupation(s)**<br>**during the past five years** | **Number of**<br>**portfolios in fund complex**<br>**overseen**<br>**by**<br>**trustee<sup>3</sup>** | **Other directorships<sup>4</sup> held**<br>**by trustee**<br>**during the past five years** | **Other relevant experience** |
| Gina F. Adams, 1958<br>Trustee (2026) | Executive Vice President, General Counsel and Secretary, FedEx Corporation (transportation/logistics company) | 53 | Entergy Corporation | · Board service for educational, arts and other nonprofit organizations<br> · LLM, JD |
| Charles E. Andrews, 1952<br>Trustee (2026) | Business advisor and corporate board member; former Board Member and Advisor, MorganFranklin Consulting (business consulting and technology solutions) | 16 | Marriott Vacations Worldwide Corporation; NVR, Inc.; Trustar Bank | · Service as chief executive officer<br> · Service as chief financial officer<br> · Corporate board experience<br> · Chartered Global Management Accountant<br> · Service on boards of community and nonprofit organizations<br> · Certified public accountant |
| Joseph J. Bonner, 1955<br>Trustee (2026) | President and CEO, Solana Beach Capital LLC (real estate advisory); Global Head of Real Estate, Board Member, The Interlink Group (private merchant bank) | 16 | Extra Space Storage | · Advisory board service for real estate investment management firm<br> · Board service for educational and nonprofit organizations<br> · MBA<br> · MS, Civil Engineering, BArch, Architecture |
| Michael C. Camuñez, 1969<br>Trustee (2026) | President and CEO, Monarch Global Strategies LLC | 5 | Edison International/Southern California Edison | · Senior management experience<br> · Former Special Counsel to the President, The White House<br> · Service on advisory and trustee boards for charitable, educational and nonprofit organizations<br> · Corporate board experience<br> · JD |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal occupation(s)**<br>**during the past five years** | **Number of**<br>**portfolios in fund complex**<br>**overseen**<br>**by**<br>**trustee<sup>3</sup>** | **Other directorships<sup>4</sup> held**<br>**by trustee**<br>**during the past five years** | **Other relevant experience** |
| Vanessa C. L. Chang, 1952<br>Trustee (2005) | Former Director, EL & EL Investments (real estate) | 93 | Transocean Ltd. (offshore drilling contractor)<br> Former director of Sykes Enterprises (outsourced customer engagement service provider) (until 2021); Edison International/Southern California Edison (until 2025) | · Service as a chief executive officer, insurance-related (claims/dispute resolution) internet company<br> · Senior management experience, investment banking<br> · Former partner, public accounting firm<br> · Corporate board experience<br> · Service on advisory and trustee boards for charitable, educational and nonprofit organizations<br> · Former member of the Governing Council of the Independent Directors Council<br> · CPA (inactive) |
| Cecilia V. Estolano, 1966<br>Trustee (2026) | Founder and CEO of Estolano Advisors (urban planning and public policy consultancy); CEO of Better World Group (boutique environmental advocacy consultancy) | 16 |  | · Senior management experience for public policy, environmental, redevelopment and governmental agencies<br> · Experience as land use and environmental lawyer<br> · Board service for the arts, educational, public policy, urban planning, charitable and other nonprofit organizations<br> · MA, Urban Planning; JD |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal occupation(s)**<br>**during the past five years** | **Number of**<br>**portfolios in fund complex**<br>**overseen**<br>**by**<br>**trustee<sup>3</sup>** | **Other directorships<sup>4</sup> held**<br>**by trustee**<br>**during the past five years** | **Other relevant experience** |
| Yvonne L. Greenstreet, 1962<br>Trustee (2026) | Chief Executive Officer, Alnylam Pharmaceuticals, Inc. | 16 | Former director of Argenx (a global immunology company) (until 2022); Pacira, Inc. (pharmaceuticals) (until 2023) | · Senior management experience in the global pharmaceutical and life sciences industries, including research and development, strategy and commercial development<br> · Board service for philanthropic, educational and nonprofit organizations<br> · MBA, MBChB |
| Martin E. Koehler, 1957<br>Trustee (2015) | Independent management consultant | 53 |  | · Senior management experience<br> · Corporate board experience<br> · Service on advisory and trustee boards for charitable and nonprofit organizations<br> · MBA<br> · MS, industrial engineering |
| Sharon I. Meers, 1965<br>Trustee (2026) | Co-Founder and President, Midi Health, Inc. (a women's telehealth company) | 93 |  | · Service as head of strategic partnerships, ecommerce company<br> · Experience in investment banking and senior management experience in business development, operations and investment management<br> · Service on trustee boards for nonprofit organizations<br> · MA, economics |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal occupation(s)**<br>**during the past five years** | **Number of**<br>**portfolios in fund complex**<br>**overseen**<br>**by**<br>**trustee<sup>3</sup>** | **Other directorships<sup>4</sup> held**<br>**by trustee**<br>**during the past five years** | **Other relevant experience** |
| Pascal Millaire, 1983<br>Trustee (2019) | Managing Director, Agathis Partners Inc.; former CEO and Director, CyberCube Analytics, Inc. (cyber risk software for insurers) | 16 |  | · Service as chief executive officer<br> · Senior management experience<br> · Corporate board experience<br> · Service on advisory and trustee boards for charitable and nonprofit organizations<br> · Global management consultant<br> · Cybersecurity experience<br> · MBA |
| William I. Miller, 1956<br> Chair of the Board (Independent and Non- Executive)<br>(1992) | Former President, The Wallace Foundation | 16 | Cummins, Inc. | · Service as chief executive officer<br> · Corporate board experience<br> · Service on advisory and trustee boards for charitable, educational and nonprofit organizations<br> · MBA |
| Josette Sheeran, 1954<br>Trustee (2015) | Founder and CEO, Firefly Global Group (geopolitical and business consulting); former President, Canoo, Inc.; former President and CEO, Asia Socitey | 53 |  | · Service as chief executive officer<br> · Senior management experience<br> · Government service<br> · Service on advisory councils and commissions for international and governmental organizations<br> · Service on advisory and trustee boards for charitable and nonprofit organizations<br> · Service as trustee for public and private entities |

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**Interested trustee(s)**<sup>5,6</sup>

Interested trustees have similar qualifications, skills and attributes as the independent trustees. Interested trustees are senior executive officers and/or directors of Capital Research and Management Company or its affiliates. Such management roles with the fund's service providers also permit the interested trustees to make a significant contribution to the fund's board.

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| | | | |
|:---|:---|:---|:---|
| **Name, year of birth**<br>**and position with fund**<br>**(year first elected**<br>**as a trustee/officer<sup>2</sup>)** | **Principal occupation(s)**<br>**during the**<br>**past five years**<br>**and positions**<br>**held with affiliated**<br>**entities or the**<br>**Principal Underwriter**<br>**of the fund** | **Number of**<br>**portfolios in fund complex**<br>**overseen**<br>**by trustee<sup>3</sup>** | **Other directorships<sup>4</sup>**<br>**held by trustee**<br>**during the**<br>**past five years** |
| Bradford F. Freer, 1969<br>Trustee (2026) | Partner – Capital Research Global Investors, Capital Research and Management Company; Partner – Capital Research Global Investors, Capital Bank and Trust Company\* | 16 |  |
| Anne-Marie Peterson, 1972<br>Trustee (2026) | Partner – Capital International Investors, Capital Research and Management Company | 16 |  |

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**Other officers**<sup>6</sup>**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Name, year of birth**<br>**and position with fund<br>(year first elected<br>as an officer<sup>2</sup>)** | **Principal occupation(s) during the past five years**<br>**and positions held with affiliated entities<br>or the Principal Underwriter of the fund** |
| Gerald Du Manoir, 1966<br>Co-President (2020) | Partner – Capital International Investors, Capital International, Inc.\*; Partner – Capital International Investors, Capital Bank and Trust Company\*; Director, The Capital Group Companies, Inc\*; Vice President, Capital Guardian (Canada), Inc.\* |
| Dawid Justus, 1968<br>Co-President (2026) | Partner – Capital Research Global Investors, Capital Research Company; Director, The Capital Group Companies; Inc\*. |
| Carl M. Kawaja, 1964<br>Co-President (2003) | Partner – Capital World Investors, Capital Research and Management Company; Partner – Capital World Investors, Capital Bank and Trust Company\* |
| Michael W. Stockton, 1967<br>Principal Executive Officer and Executive Vice President (2013) | Senior Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Michael R. Tom, 1988<br>Secretary (2021)  | Associate – Legal and Compliance Group, Capital Research and Management Company |
| Hong T. Le, 1978<br> Treasurer (2025) | Vice President – Legal and Compliance Group, Capital Research and Management Company |

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EUPAC Fund — Page 32

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Name, year of birth** **<br>and position with fund<br>(year first elected<br>as an officer<sup>2</sup>)** | **Principal occupation(s) during the past five years**<br>**and positions held with affiliated entities<br>or the Principal Underwriter of the fund** |
| Marilyn Paramo, 1982<br>Assistant Secretary (2026) | Associate – Legal and Compliance Group, Capital Research and Management Company |
| Sandra Chuon, 1972<br>Assistant Treasurer (2019) | Vice President – Investment Operations, Capital Research and Management Company |
| Mariah L. Coria, 1984<br>Assistant Treasurer (2026) | Assistant Vice President – Legal and Compliance Group, Capital Research and Management Company |

---

\* Company affiliated with Capital Research and Management Company.

<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the fund within the meaning of the 1940 Act.

<sup>2</sup> Trustees and officers of the fund serve until their resignation, removal or retirement.

<sup>3</sup> Funds managed by Capital Research and Management Company or its affiliates.

<sup>4</sup> 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 director/trustee of a public company or a registered investment company. Unless otherwise noted, all directorships/trusteeships are current.

<sup>5</sup> The term interested trustee refers to a trustee who is an "interested person" of the fund within the meaning of the 1940 Act, on the basis of his or her affiliation with the fund's investment adviser, Capital Research and Management Company, or affiliated entities (including the fund's principal underwriter).

<sup>6</sup> All of the trustees and/or officers listed 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.

**The address for all trustees and officers of the fund is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.**

EUPAC Fund — Page 33

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**Fund shares owned by trustees as of December 31, 2025:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Dollar range<sup>1</sup>**<br>**of fund**<br>**shares owned** | **Aggregate**<br>**dollar range<sup>1</sup>**<br>**of shares**<br>**owned in**<br>**all funds**<br>**overseen**<br>**by trustee**<br>**in same family**<br>**of investment**<br>**companies**<br>**as the fund** | **Dollar**<br>**range<sup>1,2</sup> of**<br>**independent** <br>**trustees**<br>**deferred compensation<sup>3</sup> allocated**<br>**to fund** | **Aggregate**<br>**dollar**<br>**range<sup>1,2</sup> of**<br>**independent**<br>**trustees**<br>**deferred**<br>**compensation<sup>3</sup> allocated to**<br>**all funds**<br>**overseen**<br>**by trustee**<br>**in same family**<br>**of investment**<br>**companies**<br>**as the fund** |
| **Independent trustees** | **Independent trustees** | **Independent trustees** | **Independent trustees** | **Independent trustees** |
| Gina F. Adams |  | Over $100,000 | N/A | Over $100,000 |
| Charles E. Andrews |  | Over $100,000 | N/A | Over $100,000 |
| Joseph J. Bonner |  | Over $100,000 | N/A | Over $100,000 |
| Michael C. Camuñez | $10001 – $50000 | Over $100,000 | N/A | Over $100,000 |
| Vanessa C. L. Chang | Over $100,000 | Over $100,000 | N/A | N/A |
| Cecilia V. Estolano |  | Over $100,000 | N/A | N/A |
| Yvonne L. Greenstreet |  | $10001 – $50000 | N/A | Over $100,000 |
| Martin E. Koehler | $50001 - $100000 | Over $100,000 | Over $100,000 | Over $100,000 |
| Sharon I. Meers |  | Over $100,000 | N/A | Over $100,000 |
| Pascal Millaire | $50001 - $100000 | Over $100,000 | N/A | N/A |
| William I. Miller |  | Over $100,000 | Over $100,000 | Over $100,000 |
| Josette Sheeran | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Dollar range<sup>1</sup>**<br>**of fund**<br>**shares owned** | **Aggregate**<br>**dollar range<sup>1</sup>**<br>**of shares**<br>**owned in**<br>**all funds**<br>**overseen**<br>**by trustee**<br>**in same family**<br>**of investment**<br>**companies**<br>**as the fund** |
| **Interested trustees** | **Interested trustees** | **Interested trustees** |
| Bradford F. Freer |  | Over $100,000 |
| Anne-Marie Peterson | $50001 - $100000 | Over $100,000 |

---

<sup>1</sup> Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; and Over $100,000. The amounts listed for interested trustees include shares owned through The Capital Group Companies, Inc. retirement plan and/or 401(k) plan, as applicable.

<sup>2</sup> N/A indicates that the listed individual, as of December 31, 2025, was not a trustee of the fund (or, as applicable, other funds in the same family of investment companies as the fund), did not allocate deferred compensation to the fund, or did not participate in the deferred compensation plan.

<sup>3</sup> Eligible trustees may defer their compensation under a nonqualified deferred compensation plan. Amounts deferred by the trustee accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustee.

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**Trustee compensation —** No compensation is paid by the fund to any officer or trustee who is a director, officer or employee of the investment adviser or its affiliates. Except for the independent trustees listed in the "Board of trustees and officers — Independent trustees" table under the "Management of the fund" section in this statement of additional information, all other officers and trustees of the fund are directors, officers or employees of the investment adviser or its affiliates. The board typically meets either individually or jointly with the boards of one or more other such funds with substantially overlapping board membership (in each case referred to as a "board cluster"). The fund typically pays each independent trustee an annual retainer fee based primarily on the total number of board clusters which that independent trustee serves. Board and committee chairs receive additional fees for their services.

The fund and the other funds served by each independent trustee each pay a portion of these fees.

No pension or retirement benefits are accrued as part of fund expenses. Generally, independent trustees may elect, on a voluntary basis, to defer all or a portion of their fees through a deferred compensation plan in effect for the fund. The fund also reimburses certain expenses of the independent trustees.

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**Trustee compensation earned during the fiscal year ended March 31, 2026:**

---

| | | |
|:---|:---|:---|
| **Name** | **Aggregate compensation**<br>**(including voluntarily**<br>**deferred compensation<sup>1</sup>)**<br>**from the fund** | **Total compensation (including**<br>**voluntarily deferred**<br>**compensation<sup>1</sup>)**<br>**from all funds managed by**<br>**Capital Research and**<br>**Management**<br>**Company or its affiliates** |
| Gina F. Adams<sup>2</sup><br> (elected January 1, 2026) | $5249 | $382000 |
| Charles E. Andrews<br> (elected January 1, 2026) | 8677 | 284250 |
| Joseph J. Bonner<sup>2</sup><br> (elected January 1, 2026) | 8034 | 287250 |
| Michael C. Camuñez<br> (elected January 1, 2026) | 8356 | 357000 |
| Vanessa C. L. Chang | 53425 | 480250 |
| Cecilia V. Estolano<br> (elected January 1, 2026) | 8034 | 279750 |
| Pablo R. González Guajardo<sup>2</sup><br> (service ended December 31, 2025) | 51096 | 622125 |
| Yvonne L. Greenstreet<sup>2</sup><br> (elected January 1, 2026) | 8034 | 279750 |
| Martin E. Koehler<sup>2</sup> | 56827 | 385000 |
| Sharon I. Meers<sup>2</sup><br> (elected January 1, 2026) | 5249 | 405250 |
| Pascal Millaire | 80444 | 279750 |
| William I. Miller<sup>2</sup> | 99034 | 337250 |
| Josette Sheeran<sup>2</sup> | 44374 | 427000 |
| Christopher E. Stone<sup>2</sup><br> (service ended December 31, 2025) | 39125 | 489750 |
| Amy Zegart<br> (service ended December 31, 2025) | 48176 | 496500 |

---

<sup>1</sup> Amounts may be deferred by eligible trustees under a nonqualified deferred compensation plan adopted by the fund in 1993. Deferred amounts accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustees. Compensation shown in this table for the fiscal year ended March 31, 2026 does not include earnings on amounts deferred in previous fiscal years. See footnote 2 to this table for more information.

<sup>2</sup> Since the deferred compensation plan's adoption, the total amount of deferred compensation accrued by the fund (plus earnings thereon) through the end of the 2026 fiscal year for participating trustees is as follows: Gina F. Adams ($5,249), Joseph J. Bonner ($1,205), Pablo R. González Guajardo ($1,205,857), Yvonne L. Greenstreet ($8,034), Martin E. Koehler ($188,996), Sharon I. Meers ($4,304), William I. Miller ($923,916), Josette Sheeran ($595,720) and Christopher E. Stone ($138,628). Amounts deferred and accumulated earnings thereon are not funded and are general unsecured liabilities of the fund until paid to the trustees.

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**Fund organization and the board of trustees —** The fund, an open-end, diversified management investment company, was organized as a Massachusetts business trust on May 17, 1983. At a meeting of the fund's shareholders on December 23, 2009, shareholders approved the reorganization of the fund to a Delaware statutory trust. The reorganization may be completed in the next year; however, the fund reserves the right to delay the implementation. A summary comparison of the governing documents and state laws affecting the Delaware statutory trust and the current form of organization of the fund can be found in a joint proxy statement available on the SEC's website at sec.gov. Although the board of trustees has delegated day-to-day oversight to the investment adviser, all fund operations are supervised by the fund's board, which meets periodically and performs duties required by applicable state and federal laws.

Massachusetts common law provides that a trustee of a Massachusetts business trust owes a fiduciary duty to the trust and must carry out his or her responsibilities as a trustee in accordance with that fiduciary duty. Generally, a trustee will satisfy his or her duties if he or she acts in good faith and uses ordinary prudence.

Independent board members are paid certain fees for services rendered to the fund as described above. They may elect to defer all or a portion of these fees through a deferred compensation plan in effect for the fund.

The fund has several different classes of shares. Shares of each class represent an interest in the same investment portfolio. Each class has pro rata rights as to voting, redemption, dividends and liquidation, except that each class bears different distribution expenses and may bear different transfer agent fees and other expenses properly attributable to the particular class as approved by the board of trustees and set forth in the fund's rule 18f-3 Plan. Each class' shareholders have exclusive voting rights with respect to the respective class' rule 12b-1 plans adopted in connection with the distribution of shares and on other matters in which the interests of one class are different from interests in another class. Shares of all classes of the fund vote together on matters that affect all classes in substantially the same manner. Each class votes as a class on matters that affect that class alone. Note that 529 college savings plan account owners invested in Class 529 shares are not shareholders of the fund and, accordingly, do not have the rights of a shareholder, such as the right to vote proxies relating to fund shares. As the legal owner of the fund's Class 529 shares, Commonwealth Savers Plan<sup>SM</sup> (formerly, Virginia529) will vote any proxies relating to the fund's Class 529 shares.

The fund does not hold annual meetings of shareholders. However, significant matters that require shareholder approval, such as certain elections of board members or a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders have one vote per share owned. At the request of the holders of at least 10% of the shares, the fund will hold a meeting at which any member of the board could be removed by a majority vote.

The fund's declaration of trust and by-laws, as well as separate indemnification agreements with independent trustees, provide in effect that, subject to certain conditions, the fund will indemnify its officers and trustees against liabilities or expenses actually and reasonably incurred by them relating to their service to the fund. However, trustees are not protected from liability by reason of their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office.

**Leadership structure —** The board's chair is currently an independent trustee who is not an "interested person" of the fund within the meaning of the 1940 Act. The board has determined that an independent chair facilitates oversight and enhances the effectiveness of the board. The independent chair's duties include, without limitation, generally presiding at meetings of the board, approving board meeting schedules and agendas, leading meetings of the independent trustees in executive

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session, facilitating communication with committee chairs, and serving as the principal independent trustee contact for fund management and counsel to the independent trustees and the fund.

**Risk oversight —** Day-to-day management of the fund, including risk management, is the responsibility of the fund's contractual service providers, including the fund's investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible for specific portions of the fund's operations, including the processes and associated risks relating to the fund's investments, integrity of cash movements, financial reporting, operations and compliance. The board of trustees oversees the service providers' discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard, the board receives reports regarding the operations of the fund's service providers, including risks. For example, the board receives reports from investment professionals regarding risks related to the fund's investments and trading. The board also receives compliance reports from the fund's and the investment adviser's chief compliance officers addressing certain areas of risk.

Committees of the fund's board, which are comprised of independent board members, none of whom is an "interested person" of the fund within the meaning of the 1940 Act, as well as joint committees of independent board members of funds managed by Capital Research and Management Company, also explore risk management procedures in particular areas and then report back to the full board. For example, the fund's audit committee oversees the processes and certain attendant risks relating to financial reporting, valuation of fund assets, and related controls. Similarly, a joint review and advisory committee oversees certain risk controls relating to the fund's transfer agency services.

Not all risks that may affect the fund can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the fund's objectives. As a result of the foregoing and other factors, the ability of the fund's service providers to eliminate or mitigate risks is subject to limitations.

**Committees of the board of trustees —** The fund has an audit committee comprised of Charles E. Andrews, Joseph J. Bonner, Vanessa C. L. Chang, Sharon I. Meers, Pascal Millaire, William I. Miller and Josette Sheeran. The committee provides oversight regarding the fund's accounting and financial reporting policies and practices, its internal controls and the internal controls of the fund's principal service providers. The committee acts as a liaison between the fund's independent registered public accounting firm and the full board of trustees. Five audit committee meetings were held during the 2026 fiscal year.

The fund has a contracts committee comprised of all of its independent board members. The committee's principal function is to request, review and consider the information deemed necessary to evaluate the terms of certain agreements between the fund and its investment adviser or the investment adviser's affiliates, such as the Investment Advisory and Service Agreement, Principal Underwriting Agreement, Administrative Services Agreement and Plans of Distribution adopted pursuant to rule 12b-1 under the 1940 Act, that the fund may enter into, renew or continue, and to make its recommendations to the full board of trustees on these matters. One contracts committee meeting was held during the 2026 fiscal year.

The fund has a nominating and governance committee comprised of Gina F. Adams, Michael C. Camuñez, Cecilia V. Estolano, Yvonne Greenstreet and Martin E. Koehler. 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. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on

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the board. Such suggestions must be sent in writing to the nominating and governance committee of the fund, addressed to the fund'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 committee. Two nominating and governance committee meetings were held during the 2026 fiscal year.

**Proxy voting procedures and principles —** The fund's investment adviser, in consultation with the fund's board, has adopted Proxy Voting Procedures and Principles (the "Principles") with respect to voting proxies of securities held by the fund and other funds advised by the investment adviser or its affiliates. The Principles are reasonably designed to ensure that proxies are voted solely in accordance with the financial interest of the clients of the investment adviser or its affiliates and the shareholders of the funds advised or managed by the investment adviser or its affiliates. The complete text of the Principles is available at capitalgroup.com. Final voting authority is held by a committee of the appropriate equity investment division of the investment adviser under authority delegated by the funds' boards. The boards of funds advised by Capital Research and Management Company and its affiliates have established a Joint Proxy Committee ("JPC") composed of independent board members who serve as representatives from each applicable fund board. The JPC's role is to facilitate appropriate oversight of the proxy voting process and provide valuable input on corporate governance and related matters.

The Principles provide an important framework for analysis and decision-making by all funds. However, they are not exhaustive and do not address all potential issues. The Principles provide a certain amount of flexibility so that all relevant facts and circumstances can be considered in connection with every vote. As a result, each proxy received is voted on a case-by-case basis considering the specific circumstances of each proposal. The voting process reflects the funds' understanding of the company's business, its management and its relationship with shareholders over time. In all cases, long-term value creation and the investment objectives and policies of the funds managed by the investment adviser remain the focus.

The investment adviser seeks to vote all U.S. proxies. Proxies for companies outside the United States are also voted where there is sufficient time and information available, taking into account distinct market practices, regulations and laws, and types of proposals presented in each country. Where there is insufficient proxy and meeting agenda information available, the investment adviser will generally vote against such proposals in the interest of encouraging improved disclosure for investors. The investment adviser may not exercise its voting authority if voting would impose costs on clients, including opportunity costs. For example, certain regulators have granted investment limit relief to the investment adviser and its affiliates, conditioned upon limiting voting power to specific voting ceilings. To comply with these voting ceilings, the investment adviser will scale back its votes across all funds and accounts it manages on a pro rata basis based on assets. In addition, certain countries impose restrictions on the ability of shareholders to sell shares during the proxy solicitation period. The investment adviser may choose, due to liquidity issues, not to expose the funds and accounts it manages to such restrictions and may not vote some (or all) shares. Finally, the investment adviser may determine not to recall securities on loan to exercise its voting rights when it determines that the cost of doing so would exceed the benefits to clients or that the vote would not have a material impact on the investment. Proxies with respect to securities on loan through client-directed lending programs are not available to vote and therefore are not voted.

After a proxy statement is received, the investment adviser's stewardship and engagement team prepares a summary of the proposals contained in the proxy statement.

Investment analysts are generally responsible for making voting recommendations for their investment division on significant votes that relate to companies in their coverage areas. Analysts also have the opportunity to review initial recommendations made by the investment adviser's stewardship and engagement team. Depending on the vote recommendation, a second opinion may be made by a

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proxy coordinator (an investment professional with experience in corporate governance and proxy voting matters) within the appropriate investment division, based on knowledge of the Principles and familiarity with proxy-related issues. Each of the investment adviser's equity investment divisions has its own proxy voting committee, which is made up of investment professionals within each division. Each division's proxy voting committee retains final authority for voting decisions made by such division. In cases where a fund is co-managed and a security is held by more than one of the investment adviser's equity investment divisions, the divisions may develop different voting recommendations for individual ballot proposals. If this occurs, and if permitted by local market conventions, the fund's position will generally be voted proportionally by divisional holding, according to their respective decisions. Otherwise, the outcome will be determined by the equity investment division or divisions with the larger position in the security as of the record date for the shareholder meeting.

In addition to its proprietary proxy voting, governance and executive compensation research, Capital Research and Management Company may utilize research provided by third-party advisory firms on a case-by-case basis. It does not, as a policy, follow the voting recommendations provided by these firms. It periodically assesses the information provided by the advisory firms and reports to the applicable governance committees that provide oversight of the application of the Principles.

From time to time, the investment adviser may vote proxies issued by, or on proposals sponsored or publicly supported by, *(a)* a client with substantial assets managed by the investment adviser or its affiliates, *(b)* an entity with a significant business relationship with The Capital Group Companies, Inc. or its affiliates, or *(c)* a company with a director of an American Fund on its board (each referred to as an "Interested Party"). Other persons or entities may also be deemed an Interested Party if facts or circumstances appear to give rise to a potential conflict.

The investment adviser has developed procedures to identify and address instances when a vote could appear to be influenced by such a relationship. Each equity investment division of the investment adviser has established a Special Review Committee ("SRC") of senior investment professionals and legal and compliance professionals with oversight of potentially conflicted matters.

If a potential conflict is identified according to the procedure above, the SRC will take appropriate steps to address the conflict of interest. These steps may include engaging an independent third party to review the proxy and using the Principles to provide an independent voting recommendation to the investment adviser for vote execution. The investment adviser will generally follow the third party's recommendation, except when it believes the recommendation is inconsistent with the investment adviser's fiduciary duty to its clients. Occasionally, it may not be feasible to engage the third party to review the matter due to compressed timeframes or other operational issues. In this case, the SRC will take appropriate steps to address the conflict of interest, including reviewing the proxy after being provided with a summary of any relevant communications with the Interested Party, the rationale for the voting decision, information on the organization's relationship with the Interested Party and any other pertinent information.

Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will be available on or about September 1 of such year (*a*) without charge, upon request by calling American Funds Service Company at (800) 421-4225, (*b*) on the Capital Group website and (*c*) on the SEC's website at sec.gov.

The following summary sets forth the general positions of the investment adviser on various proposals. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service Company or visiting the Capital Group website.

**Director matters —** The election of a company's slate of nominees for director generally is supported. Votes may be withheld for some or all of the nominees if this is determined to be in

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the best interest of shareholders or if, in the opinion of the investment adviser, such nominee has not fulfilled his or her fiduciary duty. In making this determination, the investment adviser considers, among other things, a nominee's potential conflicts of interest, track record (whether in the current board seat or in previous executive or director roles) with respect to shareholder protection and value creation as well as their capacity for full engagement on board matters. The investment adviser generally supports a breadth of experience and perspectives among board members, and the separation of the chairman and CEO positions.

**Governance provisions —** Proposals to declassify a board (elect all directors annually) generally are supported based on the belief that this increases the directors' sense of accountability to shareholders. Proposals for cumulative voting generally are supported in order to promote management and board accountability and an opportunity for leadership change. Proposals designed to make director elections more meaningful, either by requiring a majority vote or by requiring any director receiving more withhold votes than affirmative votes to tender his or her resignation, generally are supported.

**Shareholder rights —** Proposals to repeal an existing poison pill generally are supported. (There may be certain circumstances, however, when a proxy voting committee of a fund or an investment division of the investment adviser believes that a company needs to maintain anti-takeover protection.) Proposals to eliminate the right of shareholders to act by written consent or to take away a shareholder's right to call a special meeting typically are not supported.

**Compensation and benefit plans —** Equity incentive plans are complicated, and many factors are considered in evaluating a plan. Each plan is evaluated based on protecting shareholder interests and a knowledge of the company and its management. Considerations include the pricing (or repricing) of options awarded under the plan and the impact of dilution on existing shareholders from past and future equity awards. Compensation packages should be structured to attract, motivate and retain existing employees and qualified directors; in addition, they should be aligned with the long-term success of the company and the enhancement of shareholder value.

**Routine matters —** The ratification of auditors, procedural matters relating to the annual meeting and changes to company name are examples of items considered routine. Such items generally are voted in favor of management's recommendations unless circumstances indicate otherwise.

**Shareholder proposals on environmental and social issues —** The investment adviser believes environmental and social issues present investment risks and opportunities that can shape a company's long-term financial sustainability. Shareholder proposals, including those relating to social and environmental issues, are evaluated in terms of their materiality to the company and its ability to generate long-term value in light of the company's business model specific operating context. The investment adviser generally supports transparency and standardized disclosure, particularly that which leverages existing regulatory reporting or industry best practices. With respect to environmental matters, this includes disclosures aligned with industry standards and reporting on sustainability issues that are material to investment analysis. With respect to social matters, the investment adviser encourages companies to disclose the composition of the workforce in a regionally appropriate manner. The investment adviser supports relevant reporting and disclosure that is consistent with broadly applicable standards.

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**Principal fund shareholders —** The following table identifies those investors who own of record, or are known by the fund to own beneficially, 5% or more of any class of its shares as of the opening of business on May 1, 2026. Unless otherwise indicated, the ownership percentages below represent ownership of record rather than beneficial ownership.

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| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Edward D. Jones & Co. | Record | Class A | 19.90% |
| For the benefit of customers |  | Class F-3 | 9.25% |
| St. Louis, MO |  | Class 529-A | 5.48% |
| Morgan Stanley Smith Barney, LLC | Record | Class A | 7.81% |
| New York, NY |  | Class C | 8.52% |
|  |  | Class F-2 | 8.40% |
|  |  | Class 529-A | 14.61% |
|  |  | Class 529-C | 32.32% |
|  |  | Class 529-E | 12.31% |
| Pershing , LLC | Record | Class A | 6.63% |
| Jersey City, NJ |  | Class C | 11.51% |
|  |  | Class F-1 | 7.09% |
|  |  | Class F-2 | 13.13% |
|  |  | Class F-3 | 6.13% |
| National Financial Services , LLC | Record | Class A | 6.23% |
| For the exclusive benefit of our customers |  | Class C | 7.39% |
| Jersey City, NJ |  | Class F-1 | 14.19% |
|  |  | Class F-2 | 12.43% |
|  |  | Class F-3 | 17.22% |
| Wells Fargo Clearing Services , LLC | Record | Class A | 5.40% |
| Special custody account for the exclusive benefit of customer |  | Class C | 7.66% |
| St. Louis, MO |  | Class F-1 | 6.25% |
|  |  | Class F-2 | 15.05% |
| Raymond James | Record | Class C | 8.04% |
| Omnibus for mutual funds |  | Class F-2 | 9.18% |
| St. Petersburg, FL |  | Class 529-C | 6.12% |
| Charles Schwab & Co., Inc. | Record | Class F-1 | 23.09% |
| Account 1 |  | Class F-2 | 5.19% |
| San Francisco, CA |  |  |  |
| Voya Institutional Trust Company | Record | Class F-1 | 12.06% |
| Windsor, CT | Beneficial |  |  |
| MLPF&S | Record | Class F-1 | 6.27% |
| for the sole Benefit of its customers |  | Class F-2 | 5.79% |
| Jacksonville, FL |  | Class R-5 | 6.01% |

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| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| LPL Financial | Record | Class F-2 | 15.46% |
| Omnibus customer account |  |  |  |
| San Diego, CA |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 32.24% |
| Account 2 |  |  |  |
| San Francisco, CA |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class F-3 | 5.01% |
| Account 3 |  | Class 529-C | 7.36% |
| San Francisco, CA |  | Class 529-F-3 | 82.45% |
| Capital Research & Management Company | Record | Class 529-F-1 | 100.00% |
| Corporate Account |  | Class 529-F-3 | 17.55% |
| Irvine, CA |  |  |  |
| Talcott Resolution Life Insurance Company | Record | Class R-1 | 47.26% |
| Separate Account DC 401K | Beneficial |  |  |
| Hartford, CT |  |  |  |
| Massachusetts Mutual Life | Record | Class R-1 | 16.10% |
| Insurance Company 401K | Beneficial |  |  |
| Springfield, MA |  |  |  |
| Matrix Trust Company as agent for | Record | Class R-1 | 11.47% |
| Advisor Trust, Inc. |  |  |  |
| Aspire-Investlink |  |  |  |
| Denver, CO |  |  |  |
| National Financial Services LLC | Record | Class R-2 | 14.92% |
| Account 1 | Beneficial |  |  |
| Jersey City, NJ |  |  |  |
| National Financial Services LLC | Record | Class R-2 | 11.17% |
| Account 2 | Beneficial |  |  |
| Jersey City, NJ |  |  |  |
| Empower Trust Company LLC | Record | Class R-2 | 7.60% |
| FBO Planpremier Retirement Plans Omnibus | Beneficial | Class R-2E | 76.12% |
| Greenwood Village, CO |  | Class R-3 | 9.81% |
|  |  | Class R-4 | 7.92% |
|  |  | Class R-5E | 18.84% |
| State Street Bank and Trust as Trustee and/or Custodian | Record | Class R-2E | 9.21% |
| FBO ADP Access Product 401k | Beneficial |  |  |
| Boston, MA |  |  |  |
| Hartford | Record | Class R-2E | 7.96% |
| Account 1 |  |  |  |
| Hartford, CT |  |  |  |

---

EUPAC Fund — Page 43

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---

| | | | |
|:---|:---|:---|:---|
| **Name and address** | **Ownership** | **Ownership percentage** | **Ownership percentage** |
| Voya Retirement Insurance and Annuity Company | Record | Class R-3 | 9.55% |
| Hartford, CT | Beneficial | Class R-4 | 16.67% |
| DCGT Trustee & or Custodian | Record | Class R-3 | 5.68% |
| Omnibus Account 1 |  |  |  |
| Des Moines, IA |  |  |  |
| Charles Schwab & Co., Inc. | Record | Class R-4 | 5.59% |
| Account 4 |  | Class R-5E | 16.78% |
| San Francisco, CA |  | Class R-6 | 6.13% |
| National Financial Services LLC | Record | Class R-4 | 5.02% |
| Account 3 | Beneficial |  |  |
| Jersey City, NJ |  |  |  |
| Wells Fargo Bank NA Trustee | Record | Class R-5E | 29.57% |
| FBO New Jersey Transit Plans | Beneficial |  |  |
| C/O Empower |  |  |  |
| Greenwood Village, CO |  |  |  |
| John Hancock Life Insurance Co USA | Record | Class R-5 | 21.82% |
| Boston, MA |  |  |  |
| Nationwide Trust Company FSB | Record | Class R-5 | 5.38% |
| Participating Retirement Plans |  |  |  |
| Columbus, OH |  |  |  |
| National Financial Services LLC | Record | Class R-6 | 17.98% |
| Account 4 |  |  |  |
| Jersey City, NJ |  |  |  |
| TIAA Trust, N.A as Custodian/Trustee | Record | Class R-6 | 6.00% |
| Retirement Plans | Beneficial |  |  |
| Charlotte, NC |  |  |  |
| DCGT Trustee & or Custodian | Record | Class R-6 | 5.07% |
| Omnibus Account 2 | Beneficial |  |  |
| Des Moines, IA |  |  |  |

---

Because Class T and Class 529-T shares are not currently offered to the public, Capital Research and Management Company, the fund's investment adviser, owns 100% of the fund's outstanding Class T and Class 529-T shares.

As of May 1, 2026, the officers and trustees of the fund, as a group, owned beneficially or of record less than 1% of the outstanding shares of the fund.

**Unless otherwise noted, references in this statement of additional information to Class F shares, Class R shares or Class 529 shares refer to all F share classes, all R share classes or all 529 share classes, respectively.**

EUPAC Fund — Page 44

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**Investment adviser —** Capital Research and Management Company, the fund's investment adviser, founded in 1931, maintains research facilities in the United States and abroad (Geneva, Hong Kong, London, Los Angeles, Mumbai, New York, San Francisco, Singapore, Tokyo, Toronto and Washington, D.C.). These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South Hope Street, Los Angeles, CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc., a holding company for several investment management subsidiaries. Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital World Investors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another. Portfolio managers in Capital International Investors rely on a research team that also provides investment services to institutional clients and other accounts advised by affiliates of Capital Research and Management Company. The investment adviser, which is deemed under the Commodity Exchange Act (the "CEA") to be the operator of the fund, has claimed an exclusion from the definition of the term commodity pool operator under the CEA with respect to the fund and, therefore, is not subject to registration or regulation as such under the CEA with respect to the fund.

The investment adviser has adopted policies and procedures that address issues that may arise as a result of an investment professional's management of the fund and other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities. The investment adviser believes that its policies and procedures are reasonably designed to address these issues.

**Compensation of investment professionals —** As described in the prospectus, the investment adviser uses a system of multiple portfolio managers in managing fund assets. In addition, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio within their research coverage.

Portfolio managers and investment analysts are paid competitive salaries by Capital Research and Management Company. In addition, they may receive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual's portfolio results, contributions to the organization and other factors.

To encourage a long-term focus, bonuses based on investment results are calculated by comparing total investment returns to relevant benchmarks over the most recent one-, three-, five- and eight-year periods, with increasing weight placed on each succeeding measurement period. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund invests and measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriate industry or sector indexes reflecting their areas of expertise. Capital Research and Management Company makes periodic subjective assessments of analysts' contributions to the investment process and this is an element of their overall compensation. The investment results of each of the fund's portfolio managers may be measured against one or more benchmarks, depending on his or her investment focus, such as MSCI All Country World ex USA Index Net to US and a peer group average consisting of funds that disclose investment objectives and strategies comparable to those of the fund. From time to time, Capital Research and Management Company may adjust or customize these benchmarks to better reflect the investment objective(s) of the fund and/or the universe of comparably managed funds of competitive investment management firms.

EUPAC Fund — Page 45

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**Portfolio manager fund holdings and other managed accounts —** As described below, portfolio managers may personally own shares of the fund. In addition, portfolio managers may manage portions of other registered investment companies or accounts advised by Capital Research and Management Company or its affiliates.

**The following table reflects information as of March 31, 2026:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br>**manager** | **Dollar range**<br>**of fund**<br>**shares**<br>**owned<sup>1</sup>** | **Number**<br>**of other**<br>**registered**<br>**investment**<br>**companies (RICs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of RICs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**registered**<br>**investment**<br>**companies (RICs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of RICs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**registered**<br>**investment**<br>**companies (RICs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of RICs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**pooled**<br>**investment**<br>**vehicles (PIVs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of PIVs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**pooled**<br>**investment**<br>**vehicles (PIVs)**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of PIVs**<br>**in billions)<sup>2</sup>** | **Number**<br>**of other**<br>**accounts**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of**<br>**other accounts**<br>**in billions)<sup>2,3</sup>** | **Number**<br>**of other**<br>**accounts**<br>**for which**<br>**portfolio**<br>**manager**<br>**is a manager**<br>**(assets of**<br>**other accounts**<br>**in billions)<sup>2,3</sup>** |
| Gerald Du Manoir | Over $1,000,000 | 6 | 6 | $33.4 | 11 | $26.28 | 178<sup>4</sup> | $23.07 |
| Nicholas J. Grace | Over $1,000,000 | 4 | 4 | $152.4 | 3 | $26.95 |  |  |
| Dawid Justus | Over $1,000,000 | 5 | 5 | $91.5 | 3 | $23.57 |  |  |
| Carl M. Kawaja | Over $1,000,000 | 5 | 5 | $392.9 | 5 | $42.39 |  |  |
| Lawrence Kymisis | Over $1,000,000 | 1 | 1 | $7.1 | 2 | $19.97 | 1 | $0.13 |
| Sung Lee | Over $1,000,000 | 4 | 4 | $152.4 | 3 | $26.95 |  |  |
| Samir Parekh | Over $1,000,000 | 9 | 9 | $116.3 | 12 | $28.42 | 98<sup>4</sup> | $22.03 |
| Lara Pellini | Over $1,000,000 | 4 | 4 | $188.6 | 5 | $30.41 |  |  |
| Andrew B. Suzman | Over $1,000,000 | 21 | 21 | $264.1 | 2 | $20.81 |  |  |
| Arun Swaminathan | $500001 - $1000000 | 3 | 3 | $90.9 | 1 | $19.92 |  |  |
| Tomonori Tani | Over $1,000,000 | 4 | 4 | $86.5 | 3 | $23.57 |  |  |
| Lisa Thompson | Over $1,000,000 | 8 | $109.5 | $109.5 | 12 | $29.49 | 12<sup>4</sup> | $4.00 |

---

<sup>1</sup> Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000.

<sup>2</sup> Indicates other RIC(s), PIV(s) or other accounts managed by Capital Research and Management Company or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

<sup>3</sup> Personal brokerage accounts of portfolio managers and their families are not reflected.

<sup>4</sup> The advisory fee of two of these accounts (representing $0.86 billion in total assets) is based partially on their investment results.

The fund's investment adviser has adopted policies and procedures to mitigate material conflicts of interest that may arise in connection with a portfolio manager's management of the fund, on the one hand, and investments in the other pooled investment vehicles and other accounts, on the other hand, such as material conflicts relating to the allocation of investment opportunities that may be suitable for both the fund and such other accounts.

EUPAC Fund — Page 46

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**Investment Advisory and Service Agreement —** The Investment Advisory and Service Agreement (the "Agreement") between the fund and the investment adviser will continue in effect until November 30, 2026, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (*a*) the board of trustees, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the fund, and (*b*) the vote of a majority of trustees who are not parties to the Agreement or interested persons (as defined in the 1940 Act) of any such party, in accordance with applicable laws and regulations. The Agreement provides that the investment adviser has no liability to the fund for its acts or omissions in the performance of its obligations to the fund not involving willful misconduct, bad faith, gross negligence or reckless disregard of its obligations under the Agreement. The Agreement also provides that either party has the right to terminate it, without penalty, upon 60 days' written notice to the other party, and that the Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act). In addition, the Agreement provides that the investment adviser may delegate all, or a portion of, its investment management responsibilities to one or more subsidiary advisers approved by the fund's board, pursuant to an agreement between the investment adviser and such subsidiary. Any such subsidiary adviser will be paid solely by the investment adviser out of its fees.

In addition to providing investment advisory services, the investment adviser furnishes the services and pays the compensation and travel expenses of persons to perform the fund's executive, administrative, clerical and bookkeeping functions, and provides suitable office space, necessary small office equipment and utilities, general purpose accounting forms, supplies and postage used at the fund's offices. The fund pays all expenses not assumed by the investment adviser, including, but not limited to: custodian, stock transfer and dividend disbursing fees and expenses; shareholder recordkeeping and administrative expenses; costs of the designing, printing and mailing of reports, prospectuses, proxy statements and notices to its shareholders; taxes; expenses of the issuance and redemption of fund shares (including stock certificates, registration and qualification fees and expenses); expenses pursuant to the fund's plans of distribution (described below); legal and auditing expenses; compensation, fees and expenses paid to independent trustees; association dues; costs of stationery and forms prepared exclusively for the fund; and costs of assembling and storing shareholder account data.

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Under the Agreement, the investment adviser receives a management fee based on the following annualized rates and daily net asset levels:

---

| | | |
|:---|:---|:---|
| **Rate** | **Net asset level** | **Net asset level** |
| **Rate** | **In excess of** | **Up to** |
| 0.690% | $0 | $500000000 |
| 0.590 | 500000000 | 1000000000 |
| 0.530 | 1000000000 | 1500000000 |
| 0.500 | 1500000000 | 2500000000 |
| 0.480 | 2500000000 | 4000000000 |
| 0.470 | 4000000000 | 6500000000 |
| 0.460 | 6500000000 | 10500000000 |
| 0.450 | 10500000000 | 17000000000 |
| 0.440 | 17000000000 | 21000000000 |
| 0.430 | 21000000000 | 27000000000 |
| 0.425 | 27000000000 | 34000000000 |
| 0.420 | 34000000000 | 44000000000 |
| 0.415 | 44000000000 | 55000000000 |
| 0.410 | 55000000000 | 71000000000 |
| 0.405 | 71000000000 | 89000000000 |
| 0.400 | 89000000000 | 115000000000 |
| 0.397 | 115000000000 | 144000000000 |
| 0.394 | 144000000000 | 186000000000 |
| 0.392 | 186000000000 |  |

---

Management fees are paid monthly and accrued daily.

For the fiscal years ended March 31, 2026, 2025 and 2024, the investment adviser earned from the fund management fees of $557,794,000, $560,940,000 and $561,936,000, respectively.

EUPAC Fund — Page 48

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**Administrative services —** The investment adviser and its affiliates provide certain administrative services for shareholders of the fund's Class A, C, T, F, R and 529 shares. Administrative services are provided by the investment adviser 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.

These services are provided pursuant to an Administrative Services Agreement (the "Administrative Agreement") between the fund and the investment adviser relating to the fund's Class A, C, T, F, R and 529 shares. The Administrative Agreement will continue in effect until November 30, 2026, unless sooner renewed or terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved by the vote of a majority of the members of the fund's board who are not parties to the Administrative Agreement or interested persons (as defined in the 1940 Act) of any such party. The fund may terminate the Administrative Agreement at any time by vote of a majority of independent board members. The investment adviser has the right to terminate the Administrative Agreement upon 60 days' written notice to the fund. The Administrative Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).

The Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund's investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to each of the share classes (which could be increased as noted above) for its provision of administrative services. Administrative services fees are paid monthly and accrued daily.

During the 2026 fiscal year, administrative services fees were:

---

| | |
|:---|:---|
|  | **Administrative services fee** |
| Class A | $6205000 |
| Class C | 70000 |
| Class T | —\* |
| Class F-1 | 374000 |
| Class F-2 | 6331000 |
| Class F-3 | 5069000 |
| Class 529-A | 411000 |
| Class 529-C | 6000 |
| Class 529-E | 14000 |
| Class 529-T | —\* |
| Class 529-F-1 | —\* |
| Class 529-F-2 | 78000 |
| Class 529-F-3 | —\* |
| Class R-1 | 30000 |
| Class R-2 | 203000 |
| Class R-2E | 22000 |
| Class R-3 | 452000 |
| Class R-4 | 765000 |
| Class R-5E | 228000 |
| Class R-5 | 725000 |
| Class R-6 | 19097000 |

---

<sup>\*</sup> Amount less than $1,000.

EUPAC Fund — Page 49

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**Principal Underwriter and plans of distribution —** Capital Client Group, Inc. (the "Principal Underwriter") is the principal underwriter of the fund's shares. The Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; 12811 North Meridian Street, Carmel, IN 46032; 399 Park Avenue, 34th Floor, New York, NY 10022; and 444 W. Lake Street, Suite 4600, Chicago, IL 60606.

The Principal Underwriter receives revenues relating to sales of the fund's shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For Class A and 529-A shares, the Principal Underwriter receives commission revenue consisting of the balance of the Class A and 529-A sales charge remaining after the allowances by the Principal Underwriter to investment dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For Class C and 529-C shares, the Principal Underwriter receives any contingent deferred sales charges that apply during the first year after purchase.

In addition, the fund reimburses the Principal Underwriter for advancing immediate service fees to qualified dealers and financial professionals upon the sale of Class C and 529-C shares. The fund also reimburses the Principal Underwriter for service fees (and, in the case of Class 529-E shares, commissions) paid on a quarterly basis to intermediaries, such as qualified dealers or financial professionals, in connection with investments in Class T, F-1, 529-E, 529-T, 529-F-1, R-1, R-2, R-2E, R-3 and R-4 shares.

EUPAC Fund — Page 50

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Commissions, revenue or service fees retained by the Principal Underwriter after allowances or compensation to dealers were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal year** | **Commissions,**<br>**revenue**<br>**or fees retained** | **Allowance or**<br>**compensation**<br>**to dealers** |
| Class A | 2026 | $1043000 | $4412000 |
|  | 2025 | 843000 | 3624000 |
|  | 2024 | 984000 | 4189000 |
| Class C | 2026 |  | 269000 |
|  | 2025 | 34000 | 200000 |
|  | 2024 | 37000 | 247000 |
| Class 529-A | 2026 | 181000 | 678000 |
|  | 2025 | 174000 | 644000 |
|  | 2024 | 183000 | 687000 |
| Class 529-C | 2026 | 5000 | 46000 |
|  | 2025 | 2000 | 45000 |
|  | 2024 | 3000 | 47000 |

---

**Plans of distribution —** The fund has adopted plans of distribution (the "Plans") pursuant to rule 12b-1 under the 1940 Act. The Plans permit the fund to expend amounts to finance any activity primarily intended to result in the sale of fund shares, provided the fund's board of trustees has approved the category of expenses for which payment is being made.

Each Plan is specific to a particular share class of the fund. As the fund has not adopted a Plan for Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 or R-6, no 12b-1 fees are paid from Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 or R-6 share assets and the following disclosure is not applicable to these share classes.

Payments under the Plans may be made for service-related and/or distribution-related expenses. Service-related expenses include paying service fees to qualified dealers. Distribution-related expenses include commissions paid to qualified dealers. The amounts actually paid under the Plans for the past fiscal year, expressed as a percentage of the fund's average daily net assets attributable to the applicable share class, are disclosed in the prospectus under "Fees and expenses of the fund." Further information regarding the amounts available under each Plan is in the "Plans of Distribution" section of the prospectus.

Following is a brief description of the Plans:

**Class A and 529-A —** For Class A and 529-A shares, up to .25% of the fund's average daily net assets attributable to such shares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid to the Principal Underwriter for distribution-related expenses. The fund may annually expend up to .25% for Class A shares and up to .50% for Class 529-A shares under the applicable Plan; however, for Class 529-A shares, the board of trustees has approved payments to the Principal Underwriter of up to .25% of the fund's average daily net assets, in the aggregate, for paying service- and distribution-related expenses.

Distribution-related expenses for Class A and 529-A shares include dealer commissions and wholesaler compensation paid on sales of shares of $1 million or more purchased without a sales charge. Commissions on these "no load" purchases (which are described in further detail under the "Sales Charges" section of this statement of additional information) in excess of the Class A and 529-A Plan limitations and not reimbursed to the Principal Underwriter during the most recent fiscal quarter are recoverable for 15 months, provided that the reimbursement of

EUPAC Fund — Page 51

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such commissions does not cause the fund to exceed the annual expense limit. After 15 months, these commissions are not recoverable.

**Class T and 529-T —** For Class T and 529-T shares, the fund may annually expend up to .50% under the applicable Plan; however, the fund's board of trustees has approved payments to the Principal Underwriter of up to .25% of the fund's average daily net assets attributable to Class T and 529-T shares for paying service-related expenses.

**Other share classes —** The Plans for each of the other share classes that have adopted Plans provide for payments to the Principal Underwriter for paying service-related and distribution-related expenses of up to the following amounts of the fund's average daily net assets attributable to such shares:

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Service**<br>**related**<br>**payments<sup>1</sup>** | **Distribution**<br>**related**<br>**payments<sup>1</sup>** | **Total**<br>**allowable**<br>**under**<br>**the Plans<sup>2</sup>** |
| **Class C** | 0.25% | 0.75% | 1.00% |
| **Class F-1** | 0.25 |  | 0.50 |
| **Class 529-C** | 0.25 | 0.75 | 1.00 |
| **Class 529-E** | 0.25 | 0.25 | 0.75 |
| **Class 529-F-1** | 0.25 |  | 0.50 |
| **Class R-1** | 0.25 | 0.75 | 1.00 |
| **Class R-2** | 0.25 | 0.50 | 1.00 |
| **Class R-2E** | 0.25 | 0.35 | 0.85 |
| **Class R-3** | 0.25 | 0.25 | 0.75 |
| **Class R-4** | 0.25 |  | 0.50 |

---

1 Amounts in these columns represent the amounts approved by the board of trustees under the applicable Plan.

2 The fund may annually expend the amounts set forth in this column under the current Plans with the approval of the board of trustees.

**Payment of service fees** — For purchases of less than $1 million, payment of service fees to investment dealers generally begins accruing immediately after establishment of an account in Class A, C, 529-A or 529-C shares. For purchases of $1 million or more, payment of service fees to investment dealers generally begins accruing 12 months after establishment of an account in Class A or 529-A shares. Service fees are not paid on certain investments made at net asset value including accounts established by registered representatives and their family members as described in the "Sales charges" section of the prospectus.

EUPAC Fund — Page 52

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During the 2026 fiscal year, 12b-1 expenses accrued and paid, and if applicable, unpaid, were:

---

| | | |
|:---|:---|:---|
|  | **12b-1 expenses** | **12b-1 unpaid liability**<br>**outstanding** |
| Class A | $49707000 | $4336000 |
| Class C | 2323000 | 268000 |
| Class T |  |  |
| Class F-1 | 3091000 | 362000 |
| Class 529-A | 3168000 | 392000 |
| Class 529-C | 218000 | 24000 |
| Class 529-E | 238000 | 28000 |
| Class 529-T |  |  |
| Class 529-F-1 |  |  |
| Class R-1 | 1016000 | 89000 |
| Class R-2 | 5077000 | 1031000 |
| Class R-2E | 438000 | 37000 |
| Class R-3 | 7502000 | 1165000 |
| Class R-4 | 6344000 | 691000 |

---

**Approval of the Plans —** As required by rule 12b-1 and the 1940 Act, the Plans (together with the Principal Underwriting Agreement) have been approved by the full board of trustees and separately by a majority of the independent trustees of the fund who have no direct or indirect financial interest in the operation of the Plans or the Principal Underwriting Agreement. In addition, the selection and nomination of independent trustees of the fund are committed to the discretion of the independent trustees during the existence of the Plans.

Potential benefits of the Plans to the fund and its shareholders include enabling shareholders to obtain advice and other services from a financial professional at a reasonable cost, the likelihood that the Plans will stimulate sales of the fund benefiting the investment process through growth or stability of assets and the ability of shareholders to choose among various alternatives in paying for sales and service. The Plans may not be amended to materially increase the amount spent for distribution without shareholder approval. Plan expenses are reviewed quarterly by the board of trustees and the Plans must be renewed annually by the board of trustees.

A portion of the fund's 12b-1 expense is paid to financial professionals to compensate them for providing ongoing services. If you have questions regarding your investment in the fund or need assistance with your account, please contact your financial professional. If you need a financial professional, please call Capital Client Group, Inc. at (800) 421-4120 for assistance.

**Fee to Commonwealth Savers Plan —** Class 529 shares are offered to certain American Funds by Commonwealth Savers Plan through CollegeAmerica and Class ABLE shares are offered to certain American Funds by Commonwealth Savers Plan through ABLEAmerica, a tax-advantaged savings program for individuals with disabilities. As compensation for its oversight and administration of the CollegeAmerica and ABLEAmerica savings plans, Commonwealth Savers Plan is entitled to receive a quarterly fee based on the combined net assets invested in Class 529 shares and Class ABLE shares across all American Funds. The quarterly fee is accrued daily and calculated at the annual rate of .09% on the first $20 billion of net assets invested in American Funds Class 529 shares and Class ABLE shares, .05% on net assets between $20 billion and $75 billion and .03% on net assets over $75 billion. The fee for any given calendar quarter is accrued and calculated on the basis of average net assets of American Funds Class 529 and Class ABLE shares for the last month of the prior calendar quarter. Commonwealth Savers Plan is currently waiving that portion of its fee attributable to Class ABLE shares. Such waiver is expected to remain in effect until the earlier of (a) the date on which total net assets invested in Class ABLE shares reach $300 million and (b) June 30, 2028.

EUPAC Fund — Page 53

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**Other compensation to dealers —** As of March 1, 2026, the firms (or their affiliates) that Capital Client Group, Inc. anticipates will receive additional compensation (as described in the prospectus) are listed below.

---

| |
|:---|
| &nbsp;&nbsp; **Dealers:** |
| &nbsp;&nbsp; Ameriprise |
| &nbsp;&nbsp; Atria Wealth Solutions |
| &nbsp;&nbsp; Avantax Investment Services, Inc |
| &nbsp;&nbsp; Cambridge |
| &nbsp;&nbsp; Cetera Financial Group |
| &nbsp;&nbsp; Charles Schwab Network |
| &nbsp;&nbsp; Commonwealth |
| &nbsp;&nbsp; Edward Jones |
| &nbsp;&nbsp; Equitable Advisors |
| &nbsp;&nbsp; Fidelity |
| &nbsp;&nbsp; J.P. Morgan Chase Banc One |
| &nbsp;&nbsp; Janney Montgomery Scott |
| &nbsp;&nbsp; Kestra |
| &nbsp;&nbsp; LPL Group |
| &nbsp;&nbsp; Merrill |
| &nbsp;&nbsp; MML Investors Services |
| &nbsp;&nbsp; Morgan Stanley Wealth Management |
| &nbsp;&nbsp; Northwestern Mutual (NM) |
| &nbsp;&nbsp; Osaic (Advisor Group) |
| &nbsp;&nbsp; Raymond James Group |
| &nbsp;&nbsp; RBC |
| &nbsp;&nbsp; Robert W. Baird |
| &nbsp;&nbsp; Stifel Nicolaus & Co |
| &nbsp;&nbsp; UBS |
| &nbsp;&nbsp; Wells Fargo Network |
| &nbsp;&nbsp; **Recordkeepers:** |
| &nbsp;&nbsp; Ascensus |
| &nbsp;&nbsp; Empower (Great West Life & Annuity Insurance Company) |
| &nbsp;&nbsp; John Hancock |
| &nbsp;&nbsp; Nationwide |
| &nbsp;&nbsp; Principal |
| &nbsp;&nbsp; Transamerica |
| &nbsp;&nbsp; Voya |

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**Execution of portfolio transactions**

The investment adviser places orders with broker-dealers for the fund's portfolio transactions. Purchases and sales of equity securities on a securities exchange or an over-the-counter market are effected through broker-dealers who receive commissions for their services. Generally, commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities traded on U.S. exchanges and may not be subject to negotiation. Equity securities may also be purchased from underwriters at prices that include underwriting fees. Purchases and sales of fixed income securities are generally made with an issuer or a primary market maker acting as principal with no stated brokerage commission. The price paid to an underwriter for fixed income securities includes underwriting fees. Prices for fixed income securities in secondary trades usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the securities.

In selecting broker-dealers, the investment adviser strives to obtain "best execution" (the most favorable total price reasonably attainable under the circumstances) for the fund's portfolio transactions, taking into account a variety of factors. These factors include the size and type of transaction, the nature and character of the markets for the security to be purchased or sold, the cost, quality, likely speed and reliability of execution and settlement, the broker-dealer's or execution venue's ability to offer liquidity and anonymity and the trade-off between market impact and opportunity costs. The investment adviser considers these factors, which involve qualitative judgments, when selecting broker-dealers and execution venues for fund portfolio transactions. The investment adviser views best execution as a process that should be evaluated over time as part of an overall relationship with particular broker-dealer firms. The investment adviser and its affiliates negotiate commission rates with broker-dealers based on what they believe is reasonably necessary to obtain best execution. They seek, on an ongoing basis, to determine what the reasonable levels of commission rates for execution services are in the marketplace, taking various considerations into account, including the extent to which a broker-dealer has put its own capital at risk, historical commission rates and commission rates that other institutional investors are paying. The fund does not consider the investment adviser as having an obligation to obtain the lowest commission rate available for a portfolio transaction to the exclusion of price, service and qualitative considerations. Brokerage commissions are only a small part of total execution costs and other factors, such as market impact and speed of execution, contribute significantly to overall transaction costs.

The investment adviser may execute portfolio transactions with broker-dealers who provide certain brokerage and/or investment research services to it but only when in the investment adviser's judgment the broker-dealer is capable of providing best execution for that transaction. The investment adviser makes decisions for procurement of research separately and distinctly from decisions on the choice of brokerage and execution services. The receipt of these research services permits the investment adviser to supplement its own research and analysis and makes available the views of, and information from, individuals and the research staffs of other firms. Such views and information may be provided in the form of written reports, telephone contacts and meetings with securities analysts. These services may include, among other things, reports and other communications with respect to individual companies, industries, countries and regions, economic, political and legal developments, as well as scheduling meetings with corporate executives and seminars and conferences related to relevant subject matters. Research services that the investment adviser receives from broker-dealers may be used by the investment adviser in servicing the fund and other funds and accounts that it advises; however, not all such services will necessarily benefit the fund.

The investment adviser bears the cost of all third-party investment research services for all client accounts it advises. However, in order to compensate certain U.S. broker-dealers for research consumed, and valued, by the investment adviser's investment professionals, the investment adviser continues to operate a limited commission sharing arrangement with commissions on equity trades for certain registered investment companies it advises. The investment adviser voluntarily reimburses such

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registered investment companies for all amounts collected into the commission sharing arrangement. In order to operate the commission sharing arrangement, the investment adviser may cause such registered investment companies to pay commissions in excess of what other broker-dealers might have charged for certain portfolio transactions in recognition of brokerage and/or investment research services. In this regard, the investment adviser has adopted a brokerage allocation procedure consistent with the requirements of Section 28(e) of the Securities Exchange Act of 1934. Section 28(e) permits the investment adviser and its affiliates to cause an account to pay a higher commission to a broker-dealer to compensate the broker-dealer or another service provider for certain brokerage and/or investment research services provided to the investment adviser and its affiliates, if the investment adviser and each affiliate makes a good faith determination that such commissions are reasonable in relation to the value of the services provided by such broker-dealer to the investment adviser and its affiliates in terms of that particular transaction or the investment adviser's overall responsibility to the fund and other accounts that it advises. Certain brokerage and/or investment research services may not necessarily benefit all accounts paying commissions to each such broker-dealer; therefore, the investment adviser and its affiliates assess the reasonableness of commissions in light of the total brokerage and investment research services provided to the investment adviser and its affiliates. Further, investment research services may be used by all investment associates of the investment adviser and its affiliates, regardless of whether they advise accounts with trading activity that generates eligible commissions.

In accordance with their internal brokerage allocation procedure, the investment adviser and its affiliates periodically assess the brokerage and investment research services provided by each broker-dealer and each other service provider from which they receive such services. As part of its ongoing relationships, the investment adviser and its affiliates routinely meet with firms to discuss the level and quality of the brokerage and research services provided, as well as the value and cost of such services. In valuing the brokerage and investment research services the investment adviser and its affiliates receive from broker-dealers and other research providers in connection with its good faith determination of reasonableness, the investment adviser and its affiliates take various factors into consideration, including the quantity, quality and usefulness of the services to the investment adviser and its affiliates. Based on this information and applying their judgment, the investment adviser and its affiliates set an annual research budget.

Research analysts and portfolio managers periodically participate in a research poll to determine the usefulness and value of the research provided by individual broker-dealers and research providers. Based on the results of this research poll, the investment adviser and its affiliates may, through commission sharing arrangements with certain broker-dealers, direct a portion of commissions paid to a broker-dealer by the fund and other registered investment companies managed by the investment adviser or its affiliates to be used to compensate the broker-dealer and/or other research providers for research services they provide. While the investment adviser and its affiliates may negotiate commission rates and enter into commission sharing arrangements with certain broker-dealers with the expectation that such broker-dealers will be providing brokerage and research services, none of the investment adviser, any of its affiliates or any of their clients incurs any obligation to any broker-dealer to pay for research by generating trading commissions. The investment adviser and its affiliates negotiate prices for certain research that may be paid through commission sharing arrangements or by themselves with cash.

When executing portfolio transactions in the same equity security for the funds and accounts, or portions of funds and accounts, over which the investment adviser, through its equity investment divisions, has investment discretion, each investment division within the adviser and its affiliates normally aggregates its respective purchases or sales and executes them as part of the same transaction or series of transactions. When executing portfolio transactions in the same fixed income security for the fund and the other funds or accounts over which it or one of its affiliated companies has investment discretion, the investment adviser normally aggregates such purchases or sales and executes them as part of the same transaction or series of transactions. The objective of aggregating

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purchases and sales of a security is to allocate executions in an equitable manner among the funds and other accounts that have concurrently authorized a transaction in such security. The investment adviser and its affiliates serve as investment adviser for certain accounts that are designed to be substantially similar to another account. This type of account will often generate a large number of relatively small trades when it is rebalanced to its reference fund due to differing cash flows or when the account is initially started up. The investment adviser may not aggregate program trades or electronic list trades executed as part of this process. Non-aggregated trades performed for these accounts will be allocated entirely to that account. This is done only when the investment adviser believes doing so will not have a material impact on the price or quality of other transactions.

The investment adviser currently owns a minority interest in IEX Group and alternative trading systems, Luminex ATS and LeveL ATS (through a minority interest in their common parent holding company). The investment adviser, or brokers with which the investment adviser places orders, may place orders on these or other exchanges or alternative trading systems in which it, or one of its affiliates, has an ownership interest, provided such ownership interest is less than five percent of the total ownership interests in the entity. The investment adviser is subject to the same best execution obligations when trading on any such exchange or alternative trading systems.

Purchase and sale transactions may be effected directly among and between certain funds or accounts advised by the investment adviser or its affiliates, including the fund. The investment adviser maintains cross-trade policies and procedures and places a cross-trade only when such a trade is in the best interest of all participating clients and is not prohibited by the participating funds' or accounts' investment management agreement or applicable law.

The investment adviser may place orders for the fund's portfolio transactions with broker-dealers who have sold shares of the funds managed by the investment adviser or its affiliated companies; however, it does not consider whether a broker-dealer has sold shares of the funds managed by the investment adviser or its affiliated companies when placing any such orders for the fund's portfolio transactions.

Purchases and sales of futures contracts for the fund will be effected through executing brokers and FCMs that specialize in the types of futures contracts that the fund expects to hold. The investment adviser will use reasonable efforts to choose executing brokers and FCMs capable of providing the services necessary to obtain the most favorable price and execution available. The full range and quality of services available will be considered in making these determinations. The investment adviser will monitor the executing brokers and FCMs used for purchases and sales of futures contracts for their ability to execute trades based on many factors, such as the sizes of the orders, the difficulty of executions, the operational facilities of the firm involved and other factors.

Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The cost to the fund of engaging in such contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because such contracts are entered into on a principal basis, their prices usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the contracts. The fund may incur additional fees in connection with the purchase or sale of certain contracts.

Brokerage commissions (net of any reimbursements described below) paid on portfolio transactions for the fiscal years ended March 31, 2026, 2025 and 2024 amounted to $87,349,000, $69,103,000 and $51,012,000, respectively. The investment adviser is reimbursing the fund for all amounts collected into the commission sharing arrangement. For the fiscal years ended March 31, 2026, 2025 and 2024, the investment adviser reimbursed the fund $1,101,000, $119,000 and $754,000, respectively, for commissions paid to broker-dealers through a commission sharing arrangement to compensate such broker-dealers for research services. Changes in the dollar amount of brokerage commissions paid by

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the fund over the last three fiscal years resulted from changes in the volume of trading activity and/or the amount of commissions used to pay for research services through a commission sharing arrangement.

The fund is required to disclose information regarding investments in the securities of its "regular" broker-dealers (or parent companies of its regular broker-dealers) that derive more than 15% of their revenue from broker-dealer, underwriter or investment adviser activities. A regular broker-dealer is (*a*) one of the 10 broker-dealers that received from the fund the largest amount of brokerage commissions by participating, directly or indirectly, in the fund's portfolio transactions during the fund's most recently completed fiscal year; (*b*) one of the 10 broker-dealers that engaged as principal in the largest dollar amount of portfolio transactions of the fund during the fund's most recently completed fiscal year; or (*c*) one of the 10 broker-dealers that sold the largest amount of securities of the fund during the fund's most recently completed fiscal year.

At the end of the fund's most recently completed fiscal year, the fund's regular broker-dealers included UBS Group AG. At the end of the fund's most recently completed fiscal year, the fund held equity securities of UBS Group AG in the amount of $388,940,000.

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**Disclosure of portfolio holdings**

The fund's investment adviser, on behalf of the fund, has adopted policies and procedures with respect to the disclosure of information about fund portfolio securities. These policies and procedures have been reviewed by the fund's board of trustees, and compliance will be periodically assessed by the board in connection with reporting from the fund's Chief Compliance Officer.

Under these policies and procedures, the fund's complete list of portfolio holdings available for public disclosure, dated as of the end of each calendar quarter, is permitted to be posted on the Capital Group website no earlier than the 10th day after such calendar quarter. In practice, the publicly disclosed portfolio is typically posted on the Capital Group website within 30 days after the end of the calendar quarter. The publicly disclosed portfolio may exclude certain securities when deemed to be in the best interest of the fund as permitted by applicable regulations. In addition, the fund's list of top 10 portfolio holdings measured by percentage of net assets, dated as of the end of each calendar month, is permitted to be posted on the Capital Group website no earlier than the 10th day after such month for equity securities, and no earlier than the 30th day after such month for fixed income securities. The fund's list of top 10 portfolio holdings for equity and fixed income securities is permitted to be posted no earlier than the 10th day after the final month of each calendar quarter. For multi-asset funds, the fund's list of top 10 portfolio holdings for equity and fixed income securities is permitted to be posted each month, no earlier than the 10th day after such month. Such portfolio holdings information may be disclosed to any person pursuant to an ongoing arrangement to disclose portfolio holdings information to such person no earlier than one day after the day on which the information is posted on the Capital Group website. The investment adviser may disclose individual holdings more frequently on the Capital Group website if it determines it is in the best interest of the fund.

Certain intermediaries are provided additional information about the fund's management team, including information on the fund's portfolio securities they have selected. This information is provided to larger intermediaries that require the information to make the fund available for investment on the firm's platform. Intermediaries receiving the information are required to keep it confidential and use it only to analyze the fund.

The fund's custodian, outside counsel, auditor, financial printers, proxy voting and class action claims processing service providers, pricing information vendors, consultants or agents operating under a contract with the investment adviser or its affiliates, co-litigants (such as in connection with a bankruptcy proceeding related to a fund holding) and certain other third parties described below, each of which requires portfolio holdings information for legitimate business and fund oversight purposes, may receive fund portfolio holdings information earlier. See the "General information" section in this statement of additional information for further information about the fund's custodian, outside counsel and auditor.

The fund's portfolio holdings, dated as of the end of each calendar month, are made available to up to 20 key broker-dealer relationships and up to 10 key global consulting firms with research departments to help them evaluate the fund for eligibility on approved lists or in model portfolios. These firms include certain of those listed under the "Other compensation to dealers" section of this statement of additional information and certain broker-dealer firms that offer trading platforms for registered investment advisers. Monthly holdings may be provided to these intermediaries no earlier than the 10th day after the end of the calendar month. In practice, monthly holdings are provided within 30 days after the end of the calendar month. Holdings may also be disclosed more frequently to certain statistical and data collection agencies including Morningstar, Lipper, Inc., Value Line, Vickers Stock Research, Bloomberg and Thomson Financial Research. Intermediaries receiving the information are required to keep it confidential and use it only to analyze the fund.

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Affiliated persons of the fund, including officers of the fund and employees of the investment adviser and its affiliates, who receive portfolio holdings information are subject to restrictions and limitations on the use and handling of such information pursuant to applicable codes of ethics, including requirements not to trade in securities based on confidential and proprietary investment information, to maintain the confidentiality of such information, and to pre-clear securities trades and report securities transactions activity, as applicable. For more information on these restrictions and limitations, please see the "Code of ethics" section in this statement of additional information and the Code of Ethics. Third-party service providers of the fund and other entities, as described in this statement of additional information, receiving such information are subject to confidentiality obligations and obligations that would prohibit them from trading in securities based on such information. When portfolio holdings information is disclosed other than through the Capital Group website to persons not affiliated with the fund, such persons will be bound by agreements (including confidentiality agreements) or fiduciary or other obligations that restrict and limit their use of the information to legitimate business uses only. None of the fund, its investment adviser or any of their affiliates receives compensation or other consideration in connection with the disclosure of information about portfolio securities.

Subject to board policies, the authority to disclose a fund's portfolio holdings, and to establish policies with respect to such disclosure, resides with the appropriate investment-related committees of the fund's investment adviser. In exercising their authority, the committees determine whether disclosure of information about the fund's portfolio securities is appropriate and in the best interest of fund shareholders. The investment adviser has implemented policies and procedures to address conflicts of interest that may arise from the disclosure of fund holdings. For example, the investment adviser's code of ethics specifically requires, among other things, the safeguarding of information about fund holdings and contains prohibitions designed to prevent the personal use of confidential, proprietary investment information in a way that would conflict with fund transactions. In addition, the investment adviser believes that its current policy of not selling portfolio holdings information and not disclosing such information to unaffiliated third parties until such holdings have been made public on the Capital Group website (other than to certain fund service providers and other third parties for legitimate business and fund oversight purposes) helps reduce potential conflicts of interest between fund shareholders and the investment adviser and its affiliates.

The fund's investment adviser and its affiliates provide investment advice to individuals and financial intermediaries that have investment objectives that may be substantially similar to those of the fund. These clients also may have portfolios consisting of holdings substantially similar to those of the fund and generally have access to current portfolio holdings information for their accounts. These clients do not owe the fund's investment adviser or the fund a duty of confidentiality with respect to disclosure of their portfolio holdings.

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**Price of shares**

Shares are purchased at the offering price or sold at the net asset value price next determined after the purchase or sell order is received by the fund or the Transfer Agent provided that your request contains all information and legal documentation necessary to process the transaction. The Transfer Agent may accept written orders for the sale of fund shares on a future date. These orders are subject to the Transfer Agent's policies, which generally allow shareholders to provide a written request to sell shares at the net asset value on a specified date no more than five business days after receipt of the order by the Transfer Agent. Any request to sell shares on a future date will be rejected if the request is not in writing, if the requested transaction date is more than five business days after the Transfer Agent receives the request or if the request does not contain all information and legal documentation necessary to process the transaction.

The offering or net asset value price is effective for orders received prior to the time of determination of the net asset value and, in the case of orders placed with dealers or their authorized designees, accepted by the Principal Underwriter, the Transfer Agent, a dealer or any of their designees. In the case of orders sent directly to the fund or the Transfer Agent, an investment dealer should be indicated. The dealer is responsible for promptly transmitting purchase and sell orders to the Principal Underwriter.

Prices that appear in newspapers and websites do not always indicate prices at which you will be purchasing and redeeming shares of the fund, since such prices generally reflect the previous day's closing price, while purchases and redemptions are made at the next calculated price. The price you pay for shares, the offering price, is based on the net asset value per share. Net asset value is computed by adding the value of a fund's investments, cash or other assets, subtracting the fund's liabilities, and dividing the result by the number of shares that are outstanding. Realized investment income and gain is included in the fund's net asset value until the ex-dividend date, when the declared dividend amount is treated as a fund liability. The net asset value 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. If the New York Stock Exchange makes a scheduled (e.g., the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of the fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining the fund's net asset value.

Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day. The New York Stock Exchange is currently closed on weekends and on the following holidays: New Year's Day; Martin Luther King Jr. Day; Presidents' Day; Good Friday; Memorial Day; Juneteenth National Independence Day; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. Each share class of the fund has a separately calculated net asset value (and share price).

Orders received by the investment dealer or authorized designee, the Transfer Agent or the fund after the time of the determination of the net asset value will be entered at the next calculated offering price. Note that investment dealers or other intermediaries may have their own rules about share transactions and may have earlier cut-off times than those of the fund. For more information about how to purchase through your intermediary, contact your intermediary directly.

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All portfolio securities of funds managed by Capital Research and Management Company (other than American Funds U.S. Government Money Market Fund) are valued, and the net asset values per share for each share class are determined, as indicated below. The fund follows standard industry practice by typically reflecting changes in its holdings of portfolio securities on the first business day following a portfolio trade.

Equity securities, including depositary receipts, exchange-traded funds, and certain convertible preferred stocks that trade on an exchange or market, 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.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued.

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 inputs that may include, among other things, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities, 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, prepayment information, default rates, delinquency and loss assumptions, financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific deal information and other reference data.

Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor.

Futures contracts are generally valued at the official settlement price of, or the last reported sale price on, the principal exchange or market on which such instruments are traded, as of the close of business on the day the contracts are being valued or, lacking any sales, at the last available bid price.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are valued at fair value as determined in good faith under fair value guidelines adopted by the investment adviser and approved by the fund's board. Subject to board oversight, the fund's board has designated the fund's investment adviser to make fair valuation determinations, which are directed by a valuation committee established by the fund's investment adviser. The board receives regular reports describing fair valued securities and the valuation methods used.

As a general principle, these guidelines consider relevant company, market and other data and considerations to determine the price that the fund might reasonably expect to receive if such fair valued securities were sold in an orderly transaction. Fair valuations may differ materially from valuations that would have been used had greater market activity occurred. The investment adviser's valuation committee 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 and transactions, 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. The valuation committee employs additional fair value procedures to address issues related to equity securities that trade principally in

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markets outside the United States. Such securities may trade in markets that open and close at different times, reflecting time zone differences. If significant events occur after the close of a market (and before the fund's net asset values are next determined) which affect the value of equity securities held in the fund's portfolio, appropriate adjustments from closing market prices may be made to reflect these events. Events of this type could include, for example, earthquakes and other natural disasters or significant price changes in other markets (e.g., U.S. stock markets).

Certain short-term securities, such as variable rate demand notes or repurchase agreements involving securities fully collateralized by cash or U.S. government securities, are valued at par.

Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars, prior to the next determination of the net asset value of the fund's shares, at the exchange rates obtained from a third-party pricing vendor.

Each class of shares represents interests in the same portfolio of investments and is identical in all respects to each other class, except for differences relating to distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, the designation of each class of shares, conversion features and exchange privileges. Expenses attributable to the fund, but not to a particular class of shares, are borne by each class pro rata based on the relative aggregate net assets of the classes. Expenses directly attributable to a class of shares are borne by that class of shares. Liabilities attributable to particular share classes, such as liabilities for repurchase of fund shares, are deducted from total assets attributable to such share classes.

Net assets so obtained for each share class are then divided by the total number of shares outstanding of that share class, and the result, rounded to the nearest cent, is the net asset value per share for that class.

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**Taxes and distributions**

*<u>Disclaimer:</u>* Some of the following information may not apply to certain shareholders, including those holding fund shares in a tax-favored account, such as a retirement plan or education savings account. Shareholders should consult their tax advisors about the application of federal, state and local tax law in light of their particular situation.

**Taxation as a regulated investment company** — The fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to qualify as a regulated investment company, and avoid being subject to federal income taxes, the fund intends to distribute substantially all of its net investment income and realized net capital gains on a fiscal year basis, and intends to comply with other tests applicable to regulated investment companies under Subchapter M.

The Code includes savings provisions allowing the fund to cure inadvertent failures of certain qualification tests required under Subchapter M. However, should the fund fail to qualify under Subchapter M, the fund would be subject to federal, and possibly state, corporate taxes on its taxable income and gains.

Amounts not distributed by the fund on a timely basis in accordance with a calendar year distribution requirement may be subject to a nondeductible 4% excise tax. Unless an applicable exception applies, to avoid the tax, the fund must distribute during each calendar year an amount equal to the sum of (*a*) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (*b*) at least 98.2% of its capital gains in excess of its capital losses for the twelve month period ending on October 31, and (*c*) all ordinary income and capital gains for previous years that were not distributed during such years and on which the fund paid no U.S. federal income tax.

Dividends paid by the fund from ordinary income or from an excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income dividends. Shareholders of the fund that are individuals and meet certain holding period requirements with respect to their fund shares may be eligible for reduced tax rates on "qualified dividend income," if any, distributed by the fund to such shareholders.

The fund may declare a capital gain distribution consisting of the excess of net realized long-term capital gains over net realized short-term capital losses. Net capital gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund.

The fund may retain a portion of net capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholders of the fund. Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and would increase the basis in their shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.

Distributions of net capital gain that the fund properly reports as a capital gain distribution generally will be taxable as long-term capital gain, regardless of the length of time the shares of the fund have been held by a shareholder. Any loss realized upon the redemption of shares held at the time of redemption for six months or less from the date of their purchase will be treated as a long-term capital loss to the extent of any capital gain distributions (including any undistributed amounts treated as distributed capital gains, as described above) during such six-month period.

Capital gain and income distributions by the fund result in a reduction in the net asset value of the fund's shares. Investors should consider the tax implications of buying shares prior to a distribution.

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The price of shares purchased at that time may include the amount of a forthcoming distribution. Those purchasing fund shares at a time when the fund has realized but not yet distributed income or capital gains that is reflected in the price of the shares will subsequently receive a partial return of their investment capital upon payment of the distribution, which will be taxable to them as a dividend or other fund distribution, as described above.

Individuals (and certain other non-corporate entities) are generally eligible for a 20% deduction with respect to taxable ordinary REIT dividends. Applicable Treasury regulations allow the fund to pass through to its shareholders such taxable ordinary REIT dividends. Accordingly, individual (and certain other non-corporate) shareholders of the fund that have received such taxable ordinary REIT dividends may be able to take advantage of this 20% deduction with respect to any such amounts passed through.

**Redemptions and exchanges of fund shares —** Redemptions of shares, including exchanges for shares of other American Funds, may result in federal, state and local tax consequences (gain or loss) to the shareholder.

Any loss realized on a redemption or exchange of shares of the fund will be disallowed to the extent substantially identical shares are reacquired within the 61-day period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss disallowed under this rule will be added to the shareholder's tax basis in the new shares purchased.

If a shareholder exchanges or otherwise disposes of shares of the fund within 90 days of having acquired such shares, and if, as a result of having acquired those shares, the shareholder subsequently pays a reduced or no sales charge for shares of the fund, or of a different fund acquired before January 31<sup>st</sup> of the year following the year the shareholder exchanged or otherwise disposed of the original fund shares, the sales charge previously incurred in acquiring the fund's shares will not be taken into account (to the extent such previous sales charges do not exceed the reduction in sales charges) for the purposes of determining the amount of gain or loss on the exchange, but will be treated as having been incurred in the acquisition of such other fund(s).

**Tax consequences of investing in non-U.S. securities —** Dividend and interest income received by the fund from sources outside the United States may be subject to withholding and other taxes imposed by such foreign jurisdictions. Tax conventions between certain countries and the United States, however, may reduce or eliminate these foreign taxes. Some foreign countries impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of the total assets of the fund at the close of the taxable year consists of securities of foreign corporations, the fund may elect to pass through to shareholders the foreign taxes paid by the fund. If such an election is made, shareholders may claim a credit or deduction on their federal income tax returns for, and will be required to treat as part of the amounts distributed to them, their pro rata portion of qualified taxes paid by the fund to foreign countries. The application of the foreign tax credit depends upon the particular circumstances of each shareholder.

Foreign currency gains and losses, including the portion of gain or loss on the sale of debt securities attributable to fluctuations in foreign exchange rates, are generally taxable as ordinary income or loss. These gains or losses may increase or decrease the amount of dividends payable by the fund to shareholders. A fund may elect to treat gain and loss on certain foreign currency contracts as capital gain and loss instead of ordinary income or loss.

If the fund invests in stock of certain passive foreign investment companies (PFICs), the fund intends to mark-to-market these securities and recognize any gains at the end of its fiscal and excise tax years. Deductions for losses are allowable only to the extent of any previously recognized gains. Both gains

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and losses will be treated as ordinary income or loss, and the fund is required to distribute any resulting income. If the fund is unable to identify an investment as a PFIC security and thus does not make a timely mark-to-market election, the fund may be subject to adverse tax consequences.

**Tax consequences of investing in derivatives** — The fund may enter into transactions involving derivatives, such as futures. Special tax rules may apply to these types of transactions that could defer losses to the fund, accelerate the fund's income, alter the holding period of certain securities or change the classification of capital gains. These tax rules may therefore impact the amount, timing and character of fund distributions.

**Discount —** Certain bonds acquired by the fund, such as zero coupon bonds, may be treated as bonds that were originally issued at a discount. Original issue discount represents interest for federal income tax purposes and is generally defined as the difference between the price at which a bond was issued (or the price at which it was deemed issued for federal income tax purposes) and its stated redemption price at maturity. Original issue discount is treated for federal income tax purposes as tax exempt income earned by a fund over the term of the bond, and therefore is subject to the distribution requirements of the Code. The annual amount of income earned on such a bond by a fund generally is determined on the basis of a constant yield to maturity which takes into account the semiannual compounding of accrued interest (including original issue discount). Certain bonds acquired by the fund may also provide for contingent interest and/or principal. In such a case, rules similar to those for original issue discount bonds would require the accrual of income based on an assumed yield that may exceed the actual interest payments on the bond.

Some of the bonds may be acquired by a fund on the secondary market at a discount which exceeds the original issue discount, if any, on such bonds. This additional discount constitutes market discount for federal income tax purposes. Any gain recognized on the disposition of any bond having market discount generally will be treated as taxable ordinary income to the extent it does not exceed the accrued market discount on such bond (unless a fund elects to include market discount in income in the taxable years to which it is attributable). Realized accrued market discount on obligations that pay tax-exempt interest is nonetheless taxable. Generally, market discount accrues on a daily basis for each day the bond is held by a fund at a constant rate over the time remaining to the bond's maturity. In the case of any debt instrument having a fixed maturity date of not more than one year from date of issue, the gain realized on disposition will be treated as short-term capital gain. Some of the bonds acquired by a fund with a fixed maturity date of one year or less from the date of their issuance may be treated as having original issue discount or, in certain cases, "acquisition discount" (generally, the excess of a bond's stated redemption price at maturity over its acquisition price). A fund will be required to include any such original issue discount or acquisition discount in taxable ordinary income. The rate at which such acquisition discount and market discount accrues, and is thus included in a fund's investment company taxable income, will depend upon which of the permitted accrual methods the fund elects.

**Other tax considerations —** After the end of each calendar year, individual shareholders holding fund shares in taxable accounts will receive a statement of the federal income tax status of all distributions. Shareholders of the fund also may be subject to state and local taxes on distributions received from the fund.

For fund shares acquired on or after January 1, 2012, the fund is required to report cost basis information for redemptions, including exchanges, to both shareholders and the IRS.

Shareholders may obtain more information about cost basis online at capitalgroup.com/costbasis.

Under the backup withholding provisions of the Code, the fund generally will be required to withhold federal income tax on all payments made to a shareholder if the shareholder either does not furnish

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the fund with the shareholder's correct taxpayer identification number or fails to certify that the shareholder is not subject to backup withholding. Backup withholding also applies if the IRS notifies the shareholder or the fund that the taxpayer identification number provided by the shareholder is incorrect or that the shareholder has previously failed to properly report interest or dividend income.

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons (i.e., U.S. citizens and legal residents and U.S. corporations, partnerships, trusts and estates). Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the fund, including the possibility that such a shareholder may be subject to U.S. withholding taxes.

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**Unless otherwise noted, all references in the following pages to Class A, C, T or F shares also refer to the corresponding Class 529-A, 529-C, 529-T or 529-F shares. Class 529 shareholders should also refer to the applicable program description for information on policies and services specifically relating to these accounts. Shareholders holding shares through an eligible retirement plan should contact their plan's administrator or recordkeeper for information regarding purchases, sales and exchanges.**

#### Purchase and exchange of shares
**Purchases by individuals —** As described in the prospectus, you may generally open an account and purchase fund shares by contacting a financial professional or investment dealer authorized to sell the fund's shares. You may make investments by any of the following means:

**Contacting your financial professional —** Deliver or mail a check to your financial professional.

**By mail —** For initial investments, you may mail a check, made payable to the fund, directly to the address indicated on the account application. Please indicate an investment dealer on the account application. You may make additional investments by filling out the "Account Additions" form at the bottom of a recent transaction confirmation and mailing the form, along with a check made payable to the fund, using the envelope provided with your confirmation.

The amount of time it takes for us to receive regular U.S. postal mail may vary and there is no assurance that we will receive such mail on the day you expect. Mailing addresses for regular U.S. postal mail can be found in the prospectus. To send investments or correspondence to us via overnight mail or courier service, use either of the following addresses:

American Funds

12711 North Meridian Street

Carmel, IN 46032-9181

American Funds

5300 Robin Hood Road

Norfolk, VA 23513-2407

**By telephone —** Calling American Funds Service Company. Please see the "Shareholder account services and privileges" section of this statement of additional information for more information regarding this service.

**By Internet —** Using capitalgroup.com. Please see the "Shareholder account services and privileges" section of this statement of additional information for more information regarding this service.

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**By wire —** If you are making a wire transfer, instruct your bank to wire funds to:

Wells Fargo Bank

ABA Routing No. 121000248

Account No. 4600-076178

Your bank should include the following information when wiring funds:

For credit to the account of:

American Funds Service Company

(fund's name)

For further credit to:

(shareholder's fund account number)

(shareholder's name)

You may contact American Funds Service Company at (800) 421-4225 if you have questions about making wire transfers.

**Other purchase information —** Class 529 shares may be purchased only through CollegeAmerica by investors establishing qualified higher education savings accounts. Class 529-E shares may be purchased only by investors participating in CollegeAmerica through an eligible employer plan. American Funds state tax-exempt funds are qualified for sale only in certain jurisdictions, and tax-exempt funds in general should not serve as retirement plan investments. In addition, the fund and the Principal Underwriter reserve the right to reject any purchase order.

Class R-5 and R-6 shares may be made available to certain charitable foundations organized and maintained by The Capital Group Companies, Inc. or its affiliates. Class R-6 shares are also available to corporate investment accounts established by The Capital Group Companies, Inc. and its affiliates.

Class R-5 and R-6 shares may also be made available to Commonwealth Savers Plan for use in the Virginia Education Savings Trust and the Virginia Prepaid Education Program and other registered investment companies approved by the fund's investment adviser or distributor. Class R-6 shares are also available to other post employment benefits plans.

**Purchase minimums and maximums —** All investments are subject to the purchase minimums and maximums described in the prospectus. As noted in the prospectus, purchase minimums may be waived or reduced in certain cases.

In the case of American Funds non-tax-exempt funds, the initial purchase minimum of $250 may be waived for the following account types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payroll deduction retirement plan accounts (such as, but not limited to, 403(b), 401(k), SIMPLE IRA, SARSEP and deferred compensation plan accounts); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employer-sponsored CollegeAmerica accounts.

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The following account types may be established without meeting the initial purchase minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Retirement accounts that are funded with employer contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that are funded with monies set by court decree.

The following account types may be established without meeting the initial purchase minimum, but shareholders wishing to invest in two or more funds must meet the normal initial purchase minimum of each fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that are funded with (*a)* transfers of assets, (*b*) rollovers from retirement plans, (*c*) rollovers from 529 college savings plans or (*d*) required minimum distribution automatic exchanges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· American Funds U.S. Government Money Market Fund accounts registered in the name of clients of Capital Group Private Client Services.

Certain accounts held on the fund's books, known as omnibus accounts, contain multiple underlying accounts that are invested in shares of the fund. These underlying accounts are maintained by entities such as financial intermediaries and are subject to the applicable initial purchase minimums as described in the prospectus and this statement of additional information. However, in the case where the entity maintaining these accounts aggregates the accounts' purchase orders for fund shares, such accounts are not required to meet the fund's minimum amount for subsequent purchases.

**Exchanges —** With the exception of Class T shares, for which rights of exchange are not generally available, you may only exchange shares without a sales charge into other American Funds and Capital Group KKR Public-Private+ Funds (collectively "Capital Group Funds") within the same share class; however, Class A, C, T or F shares may also generally be exchanged without a sales charge for the corresponding 529 share class. Clients of Capital Group Private Client Services may exchange the shares of the fund for those of any other fund(s) managed by Capital Research and Management Company or its affiliates.

Notwithstanding the above, exchanges from Class A shares of American Funds U.S. Government Money Market Fund may be made to Class C shares of other American Funds for dollar cost averaging purposes.

Exchange purchases are subject to the minimum investment requirements of the fund purchased and no sales charge generally applies. However, exchanges of shares from American Funds U.S. Government Money Market Fund are subject to applicable sales charges, unless the American Funds U.S. Government Money Market Fund shares were acquired by an exchange from a fund having a sales charge, or by reinvestment or cross-reinvestment of dividends or capital gain distributions.

Exchanges of Class F shares generally may only be made through fee-based programs of investment firms that have special agreements with the fund's distributor and certain registered investment advisors.

You may exchange shares of other classes by contacting your financial professional by calling American Funds Service Company at (800) 421-4225 or using capitalgroup.com, or faxing (see "American Funds Service Company service areas" in the prospectus for the appropriate fax numbers) the Transfer Agent. For more information, see "Shareholder account services and privileges" in this statement of additional information. **These transactions have the same tax consequences as ordinary sales and purchases.**

Shares held in employer-sponsored retirement plans may be exchanged into other Capital Group Funds by contacting your plan administrator or recordkeeper. Exchange redemptions and purchases

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are processed simultaneously at the share prices next determined after the exchange order is received (see "Price of shares" in this statement of additional information).

**Conversion —** Class C shares of the fund automatically convert to Class A shares in the month of the 8-year anniversary of the purchase date. Class 529-C shares of the fund automatically convert to Class 529-A shares in the month of the 5-year anniversary of the purchase date.

**Frequent trading of fund shares —** As noted in the prospectus, certain redemptions may trigger a restriction under the fund's "frequent trading policy." Under this policy, systematic redemptions will not trigger a restriction and systematic purchases will not be prevented if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase. For purposes of this policy, systematic redemptions include, for example, regular periodic automatic redemptions and statement of intention escrow share redemptions. Systematic purchases include, for example, regular periodic automatic purchases and automatic reinvestments of dividends and capital gain distributions. Generally, purchases and redemptions will not be considered "systematic" unless the transaction is prescheduled for a specific date.

**Potentially abusive activity —** American Funds Service Company will monitor for the types of activity that could potentially be harmful to the American Funds — for example, short-term trading activity in multiple funds. When identified, American Funds Service Company will request that the shareholder discontinue the activity. If the activity continues, American Funds Service Company will freeze the shareholder account to prevent all activity other than redemptions of fund shares.

**Moving between share classes**

If you wish to "move" your investment between share classes (within the same fund or between different funds), we generally will process your request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about how sales charges are handled for various scenarios.

**Exchanging Class C shares for Class A or Class T shares —** If you exchange Class C shares for Class A or Class T shares, you are still responsible for paying any Class C contingent deferred sales charges and applicable Class A or Class T sales charges.

**Exchanging Class C shares for Class F shares —** If you are part of a qualified fee-based program or approved self-directed platform and you wish to exchange your Class C shares for Class F shares to be held in the program, you are still responsible for paying any applicable Class C contingent deferred sales charges.

**Exchanging Class F shares for Class A shares —** You can exchange Class F shares held in a qualified fee-based program for Class A shares without paying an initial Class A sales charge if you are leaving or have left the fee-based program. Your financial intermediary can also convert Class F-1 shares to Class A shares without a sales charge if they are held in a brokerage account and they were initially transferred to the account or converted from Class C shares. You can exchange Class F shares received in a conversion from Class C shares for Class A shares at any time without paying an initial Class A sales charge if you notify American Funds Service Company of the conversion when you make your request. If you have already redeemed your Class F shares, the foregoing requirements apply and you must purchase Class A shares within 90 days after redeeming your Class F shares to receive the Class A shares without paying an initial Class A sales charge.

**Exchanging Class A or Class T shares for Class F shares —** If you are part of a qualified fee-based program or approved self-directed platform and you wish to exchange your Class A or

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Class T shares for Class F shares to be held in the program, any Class A or Class T sales charges (including contingent deferred sales charges) that you paid or are payable will not be credited back to your account.

**Exchanging Class A shares for Class R shares —** Provided it is eligible to invest in Class R shares, a retirement plan currently invested in Class A shares may exchange its shares for Class R shares. Any Class A sales charges that the retirement plan previously paid will not be credited back to the plan's account. No contingent deferred sales charge will be assessed as part of the share class conversion.

**Moving between Class F shares —** If you are part of a qualified fee-based program that offers Class F shares, you may exchange your Class F shares for any other Class F shares to be held in the program. For example, if you hold Class F-2 shares, you may exchange your shares for Class F-1 or Class F-3 shares to be held in the program.

**Moving between other share classes —** If you desire to move your investment between share classes and the particular scenario is not described in this statement of additional information, please contact American Funds Service Company at (800) 421-4225 for more information.

**Non-reportable transactions —** Automatic conversions described in the prospectus will be non-reportable for tax purposes. In addition, an exchange of shares from one share class of a fund to another share class of the same fund will be treated as a non-reportable exchange for tax purposes, provided that the exchange request is received in writing by American Funds Service Company and processed as a single transaction. However, a movement between a 529 share class and a non-529 share class of the same fund will be reportable.

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**Sales charges**

**Class A purchases**

#### Purchases by certain 403(b) plans
A 403(b) plan may not invest in American Funds Class A or C shares unless such plan was invested in Class A or C shares before January 1, 2009.

Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an individual-type plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that invested in American Funds Class A or C shares and were treated as an employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an employer-sponsored plan for sales charge purposes. Participant accounts of a 403(b) plan that was established on or after January 1, 2009, are treated as accounts of an employer-sponsored plan for sales charge purposes.

**Purchases by SEP plans and SIMPLE IRA plans**

Participant accounts in a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small Employers IRA (SIMPLE IRA) will be aggregated at the plan level for Class A sales charge purposes if an employer adopts a prototype plan produced by Capital Client Group, Inc. or (*a*) the employer or plan sponsor submits all contributions for all participating employees in a single contribution transmittal or the contributions are identified as related to the same plan; (*b*) each transmittal is accompanied by checks or wire transfers and generally must be submitted through the transfer agent's automated contribution system if held on the fund's books; and (*c*) if the fund is expected to carry separate accounts in the name of each plan participant and (*i*) the employer or plan sponsor notifies the funds' transfer agent or the intermediary holding the account that the separate accounts of all plan participants should be linked and (*ii*) all new participant accounts are established by submitting the appropriate documentation on behalf of each new participant. Participant accounts in a SEP or SIMPLE plan that are eligible to aggregate their assets at the plan level may not also aggregate the assets with their individual accounts.

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**Other purchases**

In addition, American Funds Class A and Class 529-A shares may be offered at net asset value to companies exchanging securities with the fund through a merger, acquisition or exchange offer and to certain individuals meeting the criteria described above who invested in Class A and Class 529-A shares before Class F-2 and Class 529-F-2 shares were made available under this privilege.

**Transfers to CollegeAmerica —** A transfer from the Virginia Prepaid Education ProgramSM or the Virginia Education Savings TrustSM to a CollegeAmerica account will be made with no sales charge. No commission will be paid to the dealer on such a transfer. Investment dealers will be compensated solely with an annual service fee that begins to accrue immediately.

**Class F-2 and Class 529-F-2 purchases**

If requested, American Funds Class F-2 and Class 529-F-2 shares will be sold to:

(1) current
 or retired directors, trustees, officers and advisory board members of, and certain lawyers who provide services to the funds managed
 by Capital Research and Management Company, current or retired employees of The Capital Group Companies, Inc. and its affiliated companies,
 certain family members of the above persons, and trusts or plans primarily for such persons; and

(2) The
 Capital Group Companies, Inc. and its affiliated companies.

Once an account in Class F-2 or Class 529-F-2 is established under this privilege, additional investments can be made in Class F-2 or Class 529-F-2 for the life of the account. Depending on the financial intermediary holding your account, these privileges may be unavailable. Investors should consult their financial intermediary for further information.

**Moving between accounts —** American Funds investments by certain account types may be moved to other account types without incurring additional Class A sales charges. These transactions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· death distributions paid to a beneficiary's account that are used by the beneficiary to purchase fund shares in a different account.

Investors may not move investments from a Capital Bank & Trust Company SIMPLE IRA Plus to a Capital Bank & Trust Company SIMPLE IRA unless it is part of a plan transfer or to a current employer's Capital Bank & Trust Company SIMPLE IRA plan.

These privileges are generally available only if your account is held directly with the fund's transfer agent or if the financial intermediary holding your account has the systems, policies and procedures to support providing the privileges on its systems. Investors should consult their financial intermediary for further information.

**Loan repayments —** Repayments on loans taken from a retirement plan are not subject to sales charges if American Funds Service Company is notified of the repayment.

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**Dealer commissions and compensation —** Commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to initial sales charges. These purchases consist of *a*) purchases of $1 million or more, and *b*) purchases by employer-sponsored defined contribution-type retirement plans investing $1 million or more or with 100 or more eligible employees. Commissions on such investments (other than IRA rollover assets that roll over at no sales charge under the fund's IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: 1.00% on amounts of less than $10 million, .50% on amounts of at least $10 million but less than $25 million and .25% on amounts of at least $25 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $10 million (but less than $25 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of .50%.

A dealer concession of up to 1% may be paid by the fund under its Class A plan of distribution to reimburse the Principal Underwriter in connection with dealer and wholesaler compensation paid by it with respect to investments made with no initial sales charge.

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**Sales charge reductions and waivers**

**Reducing your Class A sales charge —** As described in the prospectus, there are various ways to reduce your sales charge when purchasing Class A shares. Additional information about Class A sales charge reductions is provided below.

**Statement of intention —** By establishing a statement of intention (the "Statement"), you enter into a nonbinding commitment to purchase eligible shares of Capital Group Funds (excluding American Funds U.S. Government Money Market Fund) over a 13-month period and receive the same sales charge (expressed as a percentage of your purchases) as if all shares had been purchased at once, unless the Statement is upgraded as described below.

The Statement period starts on the date on which your first purchase made toward satisfying the Statement is processed. Your accumulated holdings (as described in the paragraph below titled "Rights of accumulation") eligible to be aggregated as of the day immediately before the start of the Statement period may be credited toward satisfying the Statement.

You may revise the commitment you have made in your Statement upward at any time during the Statement period. If your prior commitment has not been met by the time of the revision, the Statement period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised Statement. If your prior commitment has been met by the time of the revision, your original Statement will be considered met and a new Statement will be established.

The Statement will be considered completed if the shareholder dies within the 13-month Statement period. Commissions to dealers will not be adjusted or paid on the difference between the Statement amount and the amount actually invested before the shareholder's death.

When a shareholder elects to use a Statement, shares equal to 5% of the dollar amount specified in the Statement may be held in escrow in the shareholder's account out of the initial purchase (or subsequent purchases, if necessary) by the Transfer Agent. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder's account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified Statement period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder's account at the time a purchase was made during the Statement period will receive a corresponding commission adjustment if appropriate.

In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a Statement.

Shareholders purchasing shares at a reduced sales charge under a Statement indicate their acceptance of these terms and those in the prospectus with their first purchase.

The Statement period may be extended in cases where the fund's distributor determines it is appropriate to do so; for example in periods when there are extenuating circumstances such as a natural disaster that may limit an individual's ability to meet the investment required under the Statement.

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**Aggregation —** Qualifying investments for aggregation include purchases of eligible classes of shares of the Capital Group Funds made by you and your "immediate family" as defined in the prospectus, if all parties are purchasing shares for their own accounts and/or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Sales charges" in this statement of additional information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by Capital Client Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· business accounts solely controlled by you or your immediate family (for example, you own the entire business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor's death the trust account may be aggregated with such beneficiary's own accounts; for trusts with multiple primary beneficiaries, upon the trustor's death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each primary beneficiary's separate trust account may then be aggregated with such beneficiary's own accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· endowments or foundations established and controlled by you or your immediate family; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales charge purposes (see "Purchases by certain 403(b) plans" under "Sales charges" in this statement of additional information), or made for participant accounts of two or more such plans, in each case of a single employer or affiliated employers as defined in the 1940 Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype plan produced by Capital Client Group, Inc.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the

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customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

**Concurrent purchases —** As described in the prospectus, you may reduce your Class A sales charge by combining simultaneous purchases of all eligible classes of shares in Capital Group Funds. Shares of American Funds U.S. Government Money Market Fund purchased through an exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

**Rights of accumulation —** Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all eligible share classes of Capital Group Funds to determine your sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Subject to your investment dealer's or recordkeeper's capabilities, your accumulated holdings will be calculated as the higher of (*a*) the current value of your existing holdings (the "market value") as of the day prior to your Capital Group Funds investment or (*b*) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the "cost value"). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals.

You must contact your financial professional or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

You may not purchase Class C or 529-C shares if such combined holdings cause you to be eligible to purchase Class A or 529-A shares at the $1 million or more sales charge discount rate (i.e., at net asset value).

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If you make a gift of Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your Capital Group Funds and applicable American Legacy accounts.

**Reducing your Class T sales charge —** As described in the prospectus, the initial sales charge you pay each time you buy Class T shares may differ depending upon the amount you invest and may be reduced for larger purchases. Additionally, Class T shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge. Sales charges on Class T shares are applied on a transaction-by-transaction basis, and, accordingly, Class T shares are not eligible for any other sales charge waivers or reductions, including through the aggregation of Class T shares concurrently purchased by other related accounts or in other American Funds. The sales charge applicable to Class T shares may not be reduced by establishing a statement of intention, and rights of accumulation are not available for Class T shares.

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**CDSC waivers for Class A and C shares —** As noted in the prospectus, a contingent deferred sales charge ("CDSC") will be waived for redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Transfer Agent of the other joint tenant's death and removes the decedent's name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Transfer Agent is notified of the death of a joint tenant will be subject to a CDSC.

In addition, a CDSC will be waived for the following types of transactions, if they do not exceed 12% of the value of an "account" (defined below) annually (the "12% limit"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Required minimum distributions taken from retirement accounts in accordance with IRS regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Redemptions through an automatic withdrawal plan ("AWP") (see "Automatic withdrawals" under "Shareholder account services and privileges" in this statement of additional information). For each AWP payment, assets that are not subject to a CDSC, such as shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular AWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through an AWP will also count toward the 12% limit. In the case of an AWP, the 12% limit is calculated at the time an automatic redemption is first made, and is recalculated at the time each additional automatic redemption is made. Shareholders who establish an AWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.

For purposes of this paragraph, "account" means your investment in the applicable class of shares of the particular fund from which you are making the redemption.

The CDSC on American Funds Class A shares may be waived in cases where the fund's transfer agent determines the benefit to the fund of collecting the CDSC would be outweighed by the cost of applying it.

CDSC waivers are allowed only in the cases listed here and in the prospectus. For example, CDSC waivers will not be allowed on redemptions of Class 529-C shares due to termination of CollegeAmerica; a determination by the Internal Revenue Service that CollegeAmerica does not qualify as a qualified tuition program under the Code; proposal or enactment of law that eliminates or limits the tax-favored status of CollegeAmerica; or elimination of the fund by Commonwealth Savers Plan as an option for additional investment within CollegeAmerica.

EUPAC Fund — Page 80

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**Selling shares**

The methods for selling (redeeming) shares are described more fully in the prospectus. If you wish to sell your shares by contacting American Funds Service Company directly, any such request must be signed by the registered shareholders. To contact American Funds Service Company via overnight mail or courier service, see "Purchase and exchange of shares."

A signature guarantee may be required for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchange or the Financial Industry Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agent reserves the right to require a signature guarantee on any redemptions.

Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts. You must include with your written request any shares you wish to sell that are in certificate form.

If you sell Class A or C shares and request a specific dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any applicable CDSC, equals the dollar amount requested.

If you hold multiple American Funds and a CDSC applies to the shares you are redeeming, the CDSC will be calculated based on the applicable class of shares of the particular fund from which you are making the redemption.

Redemption proceeds will not be mailed until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified or cashier's checks) for shares purchased have cleared (normally seven business days from the purchase date). Except for delays relating to clearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), the fund typically expects to pay redemption proceeds one business day following receipt and acceptance of a redemption order. Interest will not accrue or be paid on amounts that represent uncashed distribution or redemption checks.

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**Redemptions in-kind**

Although payment of redemptions normally will be in cash, the fund's governing documents permit payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund's board of directors/trustees. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. In general, in-kind redemptions to affiliated shareholders will as closely as practicable represent the affiliated shareholder's pro rata share of the fund's securities, subject to certain exceptions. Securities distributed in-kind to unaffiliated shareholders may be selected by the investment adviser on a non-pro rata basis in a manner the investment adviser deems to be fair and reasonable to the fund's shareholders. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities.

The fund(s) may also effect redemptions in-kind in an effort (a) to manage cash positions, (b) to mitigate certain costs that arise from significant redemption activity or from portfolio turnover in connection with any type of selling activity, including portfolio repositioning and raising cash for redemptions, or (c) other portfolio management purposes. This practice may benefit a fund and its shareholders by reducing the need for a fund to maintain significant cash reserves and/or to sell securities held in the fund to meet redemption requests or other reasons. By doing so, a fund may avoid or reduce cash drag, transaction costs, and capital gain realization that could otherwise arise from reserves maintained or securities sold. There is a risk that this activity could negatively impact the NAV of the fund. With respect to these redemptions in-kind, shareholders will receive either a pro rata basket or a custom basket of securities valued in the same manner as they are valued for purposes of computing a fund's NAV. The custom basket would include only securities that have been disclosed as portfolio holdings in the fund's most recent public holdings disclosure.

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**Shareholder account services and privileges**

The following services and privileges are generally available to all shareholders. However, certain services and privileges described in the prospectus and this statement of additional information may not be available for Class 529 shareholders or if your account is held with an investment dealer or through an employer-sponsored retirement plan.

**Automatic investment plan —** An automatic investment plan enables you to make monthly or quarterly investments in American Funds through automatic debits from your bank account. To set up a plan, you must fill out an account application and specify the amount that you would like to invest and the date on which you would like your investments to occur. The plan will begin within 30 days after your account application is received. Your bank account will be debited on the day or a few days before your investment is made, depending on the bank's capabilities. The Transfer Agent will then invest your money into the fund you specified on or around the date you specified. If the date you specified falls on a weekend or holiday, your money will be invested on the following business day. However, if the following business day falls in the next month, your money will be invested on the business day immediately preceding the weekend or holiday. If your bank account cannot be debited due to insufficient funds, a stop-payment or the closing of the account, the plan may be terminated and the related investment reversed. You may change the amount of the investment or discontinue the plan at any time by contacting the Transfer Agent.

**Automatic reinvestment —** Dividends and capital gain distributions are reinvested in additional shares of the same class and fund at net asset value unless you indicate otherwise on the account application. You also may elect to have dividends and/or capital gain distributions paid in cash by informing the fund, the Transfer Agent or your investment dealer. Dividends and capital gain distributions paid to retirement plan shareholders or shareholders of the 529 share classes will be automatically reinvested.

If you have elected to receive dividends and/or capital gain distributions in cash, and the postal or other delivery service is unable to deliver checks to your address of record, or you do not respond to mailings from American Funds Service Company with regard to uncashed distribution checks, your distribution option may be automatically converted to having all dividends and other distributions reinvested in additional shares.

**Cross-reinvestment of dividends and distributions —** For all share classes, except Class T shares and the 529 classes of shares, you may cross-reinvest dividends and capital gains (distributions) into other American Funds in the same share class at net asset value, subject to the following conditions:

(1) the aggregate value of your account(s) in the fund(s) paying distributions equals or exceeds $5,000 (this is waived if the value of the account in the fund receiving the distributions equals or exceeds that fund's minimum initial investment requirement);

(2) if the value of the account of the fund receiving distributions is below the minimum initial investment requirement, distributions must be automatically reinvested; and

(3) if you discontinue the cross-reinvestment of distributions, the value of the account of the fund receiving distributions must equal or exceed the minimum initial investment requirement. If you do not meet this requirement within 90 days of notification, the fund has the right to automatically redeem the account.

Depending on the financial intermediary holding your account, your reinvestment privileges may be unavailable or differ from those described in this statement of additional information. Investors should consult their financial intermediary for further information.

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**Automatic exchanges —** For all share classes other than Class T shares, you may automatically exchange shares of the same class in amounts of $50 or more among any Capital Group Funds on any day (or preceding business day if the day falls on a nonbusiness day) of each month you designate.

**Automatic withdrawals —** Depending on the type of account, for all share classes except R shares, you may automatically withdraw shares from any of the American Funds. You can make automatic withdrawals of $50 or more. You can designate the day of each period for withdrawals and request that checks be sent to you or someone else. Withdrawals may also be electronically deposited to your bank account. The Transfer Agent will withdraw your money from the fund you specify on or around the date you specify. If the date you specified falls on a weekend or holiday, the redemption will take place on the previous business day. However, if the previous business day falls in the preceding month, the redemption will take place on the following business day after the weekend or holiday. You should consult with your financial professional or intermediary to determine if your account is eligible for automatic withdrawals.

Withdrawal payments are not to be considered as dividends, yield or income. Generally, automatic investments may not be made into a shareholder account from which there are automatic withdrawals. Withdrawals of amounts exceeding reinvested dividends and distributions and increases in share value would reduce the aggregate value of the shareholder's account. The Transfer Agent arranges for the redemption by the fund of sufficient shares, deposited by the shareholder with the Transfer Agent, to provide the withdrawal payment specified.

Redemption proceeds from an automatic withdrawal plan are not eligible for reinvestment without a sales charge.

**Account statements —** Your account is opened in accordance with your registration instructions. Transactions in the account, such as additional investments, will be reflected on regular confirmation statements from the Transfer Agent. Dividend and capital gain reinvestments, purchases through automatic investment plans and certain retirement plans, as well as automatic exchanges and withdrawals, will be confirmed at least quarterly.

**American Funds Service Company and capitalgroup.com —** You may check your share balance, the price of your shares or your most recent account transaction or redeem or exchange shares by calling American Funds Service Company at (800) 421-4225 or using capitalgroup.com. Redemptions and exchanges through American Funds Service Company and capitalgroup.com are subject to the conditions noted above and in "Telephone and Internet purchases, redemptions and exchanges" below. You will need your fund number (see the list of American Funds under the "General information — fund numbers" section in this statement of additional information), personal identification number (generally the last four digits of your Social Security number or other tax identification number associated with your account) and account number.

Generally, all shareholders are automatically eligible to use these services. However, if you are not currently authorized to do so, please contact American Funds Service Company for assistance. Once you establish this privilege, you, your financial professional or any person with your account information may use these services.

**Telephone and Internet purchases, redemptions and exchanges —** By using the telephone or the Internet (including capitalgroup.com), or fax purchase, redemption and/or exchange options, you agree to hold the fund, the Transfer Agent, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges. Generally, all shareholders are automatically eligible to use these services. However, you may elect to opt out of these services by writing the Transfer Agent (you may

EUPAC Fund — Page 84

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also reinstate them at any time by writing the Transfer Agent). If the Transfer Agent does not employ reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine, it and/or the fund may be liable for losses due to unauthorized or fraudulent instructions. In the event that shareholders are unable to reach the fund by telephone because of technical difficulties, market conditions or a natural disaster, redemption and exchange requests may be made in writing only.

**Redemption of shares —** The fund's declaration of trust permits the fund to direct the Transfer Agent to redeem the shares of any shareholder for their then current net asset value per share if at such time the shareholder of record owns shares having an aggregate net asset value of less than the minimum initial investment amount required of new shareholders as set forth in the fund's current registration statement under the 1940 Act, and subject to such further terms and conditions as the board of trustees of the fund may from time to time adopt.

While payment of redemptions normally will be in cash, the fund's declaration of trust permits payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund's board of trustees. For example, redemptions could be made in this manner if the board determined that making payments wholly in cash over a particular period would be unfair and/or harmful to other fund shareholders.

**Share certificates —** Shares are credited to your account. The fund's board may determine if the fund issues share certificates.

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**General information**

**Custodian of assets —** Securities and cash owned by the fund, including proceeds from the sale of shares of the fund and of securities in the fund's portfolio, are held by JP Morgan Chase Bank N.A., 270 Park Avenue, New York, NY 10017-2070, as custodian. If the fund holds securities of issuers outside the United States, the custodian may hold these securities pursuant to subcustodial arrangements in banks outside the United States or branches of U.S. banks outside the United States.

**Transfer agent services —** American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records of shareholder accounts, processes purchases and redemptions of the fund's shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based on the number of accounts serviced or a percentage of fund assets, contained in a Shareholder Services Agreement between the fund and American Funds Service Company.

In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds Service Company or its affiliates and the third parties receive compensation according to such agreements. Compensation for transfer agency and shareholder services, whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected in the expenses of the fund as disclosed in the prospectus.

During the 2026 fiscal year, transfer agent fees, gross of any payments made by American Funds Service Company to third parties, were:

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| | |
|:---|:---|
|  | **Transfer agent fee** |
| Class A | $23779000 |
| Class C | 257000 |
| Class T | —\* |
| Class F-1 | 1760000 |
| Class F-2 | 24297000 |
| Class F-3 | 340000 |
| Class 529-A | 1393000 |
| Class 529-C | 23000 |
| Class 529-E | 32000 |
| Class 529-T | —\* |
| Class 529-F-1 | —\* |
| Class 529-F-2 | 163000 |
| Class 529-F-3 | —\* |
| Class R-1 | 100000 |
| Class R-2 | 2351000 |
| Class R-2E | 146000 |
| Class R-3 | 2241000 |
| Class R-4 | 2589000 |
| Class R-5E | 1139000 |
| Class R-5 | 1221000 |
| Class R-6 | 1269000 |

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<sup>\*</sup> Amount less than $1,000.

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**Independent registered public accounting firm —** Deloitte & Touche LLP ("D&T"), 695 Town Center Drive, Costa Mesa, CA 92626, serves as the fund's independent registered public accounting firm, providing audit services and review of certain documents to be filed with the SEC. Deloitte Tax LLP prepares tax returns for the fund. The financial statements and financial highlights of the fund included in this statement of additional information that are from the fund's Form N-CSR for the most recent fiscal year have been audited by D&T, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements and financial highlights are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The selection of the fund's independent registered public accounting firm is reviewed and determined annually by the board of trustees.

**Independent legal counsel —** Dechert LLP, 45 Fremont Street, 26th Floor, San Francisco, CA 94105-2223, serves as independent legal counsel ("counsel") for the fund and for independent trustees in their capacities as such. A determination with respect to the independence of the fund's counsel will be made at least annually by the independent trustees of the fund, as prescribed by applicable 1940 Act rules.

**Prospectuses, reports to shareholders and proxy statements —** The fund's fiscal year ends on March 31. Shareholders are provided updated summary prospectuses annually and at least semi-annually with reports showing the fund's expenses, key statistics, holdings information and investment results (annual report only). Shareholders may request a copy of the fund's current prospectus at no cost by calling (800) 421-4225 or by sending an email request to prospectus@americanfunds.com. Shareholders may also access the fund's current summary prospectus, prospectus, statement of additional information and shareholder reports at capitalgroup.com/prospectus. The fund's annual financial statements are audited by the fund's independent registered public accounting firm, D&T. In addition, shareholders may also receive proxy statements for the fund. In an effort to reduce the volume of mail shareholders receive from the fund when a household owns more than one account, the Transfer Agent has taken steps to eliminate duplicate mailings of summary prospectuses, shareholder reports and proxy statements. To receive additional copies of a summary prospectus, report or proxy statement, shareholders should contact the Transfer Agent.

Shareholders may also elect to receive updated summary prospectuses, annual reports and semi-annual reports electronically by signing up for electronic delivery on our website, capitalgroup.com. Shareholders who elect to receive documents electronically will receive such documents in electronic form and will not receive documents in paper form by mail. A shareholder who elects electronic delivery is able to cancel this service at any time and return to receiving updated summary prospectuses and other reports in paper form by mail.

Summary prospectuses, prospectuses, annual reports and semi-annual reports that are mailed to shareholders by the Capital Group organization are printed with ink containing soy and/or vegetable oil on paper containing recycled fibers.

**Codes of ethics —** The fund and Capital Research and Management Company and its affiliated companies, including the fund's Principal Underwriter, have adopted codes of ethics that allow for personal investments, including securities in which the fund may invest from time to time. These codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of private placement securities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification of compliance with codes of ethics; blackout periods on personal investing for certain investment personnel; ban on short-term trading profits for investment personnel; limitations on service as a director of publicly traded companies; disclosure of personal securities transactions; and policies regarding political contributions.

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**Determination of net asset value, redemption price and maximum offering price per share for Class A shares — March 31, 2026**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share<br>(Net assets divided by shares outstanding)  | $58.74 |
| Maximum offering price per share<br>(100/94.25 of net asset value per share, which takes into account the fund's current maximum sales charge)  | $62.32 |

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**Other information —** The fund reserves the right to modify the privileges described in this statement of additional information at any time.

The fund's financial statements, including the investment portfolio and the report of the fund's independent registered public accounting firm contained in the fund's Form N-CSR, are included in this statement of additional information.

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Fund numbers — Here are the fund numbers for use when making share transactions:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**A** | **Class**<br>**A-2** | **Class**<br>**A-3** | **Class**<br>**C** | **Class**<br>**T** | **Class**<br>**F-1** | **Class**<br>**F-2** | **Class**<br>**F-3** |
| **Stock and stock/fixed income funds** |  |  |  |  |  |  |  |  |
| AMCAP Fund<sup>®</sup>  | 002 | N/A | N/A | 302 | 43002 | 402 | 602 | 702 |
| American Balanced Fund<sup>®</sup>  | 011 | N/A | N/A | 311 | 43011 | 411 | 611 | 711 |
| American Funds<sup>®</sup> Developing World Growth and Income Fund  | 30100 | N/A | N/A | 33100 | 43100 | 34100 | 36100 | 37100 |
| American Funds<sup>®</sup> Global Balanced Fund  | 037 | N/A | N/A | 337 | 43037 | 437 | 637 | 737 |
| American Funds<sup>®</sup> Global Insight Fund  | 30122 | N/A | N/A | 33122 | 43122 | 34122 | 36122 | 37122 |
| American Funds<sup>®</sup> International Vantage Fund  | 30123 | N/A | N/A | 33123 | 43123 | 34123 | 36123 | 37123 |
| American Mutual Fund<sup>®</sup>  | 003 | N/A | N/A | 303 | 43003 | 403 | 603 | 703 |
| Capital Group KKR U.S. Equity+  | 30402 | 39402 | 61402 | N/A | N/A | N/A | 36402 | 37402 |
| Capital Income Builder<sup>®</sup>  | 012 | N/A | N/A | 312 | 43012 | 412 | 612 | 712 |
| Capital World Growth and Income Fund<sup>®</sup>  | 033 | N/A | N/A | 333 | 43033 | 433 | 633 | 733 |
| EUPAC Fund™  | 016 | N/A | N/A | 316 | 43016 | 416 | 616 | 716 |
| Fundamental Investors<sup>®</sup>  | 010 | N/A | N/A | 310 | 43010 | 410 | 610 | 710 |
| The Growth Fund of America<sup>®</sup>  | 005 | N/A | N/A | 305 | 43005 | 405 | 605 | 705 |
| The Income Fund of America<sup>®</sup>  | 006 | N/A | N/A | 306 | 43006 | 406 | 606 | 706 |
| International Growth and Income Fund  | 034 | N/A | N/A | 334 | 43034 | 434 | 634 | 734 |
| The Investment Company of America<sup>®</sup>  | 004 | N/A | N/A | 304 | 43004 | 404 | 604 | 704 |
| The New Economy Fund<sup>®</sup>  | 014 | N/A | N/A | 314 | 43014 | 414 | 614 | 714 |
| New Perspective Fund<sup>®</sup>  | 007 | N/A | N/A | 307 | 43007 | 407 | 607 | 707 |
| New World Fund<sup>®</sup>  | 036 | N/A | N/A | 336 | 43036 | 436 | 636 | 736 |
| SMALLCAP World Fund<sup>®</sup>  | 035 | N/A | N/A | 335 | 43035 | 435 | 635 | 735 |
| Washington Mutual Investors Fund  | 001 | N/A | N/A | 301 | 43001 | 401 | 601 | 701 |
| **Fixed income funds** |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund  | 30410 | N/A | N/A | 33410 | N/A | 34410 | 36410 | 37410 |
| American Funds Emerging Markets Bond Fund <sup>®</sup>  | 30114 | N/A | N/A | 33114 | 43114 | 34114 | 36114 | 37114 |
| American Funds Corporate Bond Fund <sup>®</sup>  | 032 | N/A | N/A | 332 | 43032 | 432 | 632 | 732 |
| American Funds Inflation Linked Bond Fund<sup>®</sup>  | 060 | N/A | N/A | 360 | 43060 | 460 | 660 | 760 |
| American Funds Mortgage Fund<sup>®</sup>  | 042 | N/A | N/A | 342 | 43042 | 442 | 642 | 742 |
| American Funds<sup>®</sup> Multi-Sector Income Fund  | 30126 | N/A | N/A | 33126 | 43126 | 34126 | 36126 | 37126 |
| American Funds Short-Term Tax-Exempt<br>Bond Fund<sup>®</sup>  | 039 | N/A | N/A | N/A | 43039 | 439 | 639 | 739 |
| American Funds<sup>®</sup> Strategic Bond Fund  | 30112 | N/A | N/A | 33112 | 43112 | 34112 | 36112 | 37112 |
| American Funds Tax-Exempt Fund of<br>New York<sup>®</sup>  | 041 | N/A | N/A | 341 | 43041 | 441 | 641 | 741 |
| American High-Income Municipal Bond Fund<sup>®</sup> | 040 | N/A | N/A | 340 | 43040 | 440 | 640 | 740 |
| American High-Income Trust<sup>®</sup>  | 021 | N/A | N/A | 321 | 43021 | 421 | 621 | 721 |
| The Bond Fund of America<sup>®</sup>  | 008 | N/A | N/A | 308 | 43008 | 408 | 608 | 708 |
| Capital Group KKR Core Plus+  | 30400 | 39400 | 61400 | N/A | N/A | N/A | 36400 | 37400 |
| Capital Group KKR Multi-Sector+  | 30401 | 39401 | 61401 | N/A | N/A | N/A | 36401 | 37401 |
| Capital World Bond Fund<sup>®</sup>  | 031 | N/A | N/A | 331 | 43031 | 431 | 631 | 731 |
| Intermediate Bond Fund of America<sup>®</sup>  | 023 | N/A | N/A | 323 | 43023 | 423 | 623 | 723 |
| Limited Term Tax-Exempt Bond Fund<br>of America<sup>®</sup>  | 043 | N/A | N/A | 343 | 43043 | 443 | 643 | 743 |
| Short-Term Bond Fund of America<sup>®</sup>  | 048 | N/A | N/A | 348 | 43048 | 448 | 648 | 748 |
| The Tax-Exempt Bond Fund of America<sup>®</sup>  | 019 | N/A | N/A | 319 | 43019 | 419 | 619 | 719 |
| The Tax-Exempt Fund of California<sup>®</sup>  | 020 | N/A | N/A | 320 | 43020 | 420 | 620 | 720 |
| U.S. Government Securities Fund<sup>®</sup>  | 022 | N/A | N/A | 322 | 43022 | 422 | 622 | 722 |

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EUPAC Fund — Page 89

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**A** | **Class**<br>**A-2** | **Class**<br>**A-3** | **Class**<br>**C** | **Class**<br>**T** | **Class**<br>**F-1** | **Class**<br>**F-2** | **Class**<br>**F-3** |
| **Money market fund** |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> U.S. Government <br>Money Market Fund  | 059 | N/A | N/A | 359 | 43059 | 459 | 659 | 759 |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class** <br>**529-A** | **Class**<br>**529-C** | **Class**<br>**529-E** | **Class**<br>**529-T** | **Class**<br>**529-F-1** | **Class**<br>**529-F-2** | **Class**<br>**529-F-3** | **Class**<br>**ABLE-A** | **Class**<br>**ABLE-F-2** |
| **Stock and stock/fixed income funds** |  |  |  |  |  |  |  |  |  |
| AMCAP Fund  | 1002 | 1302 | 1502 | 46002 | 1402 | 1602 | 1702 | N/A | N/A |
| American Balanced Fund  | 1011 | 1311 | 1511 | 46011 | 1411 | 1611 | 1711 | N/A | N/A |
| American Funds Developing World Growth and Income Fund  | 10100 | 13100 | 15100 | 46100 | 14100 | 16100 | 17100 | N/A | N/A |
| American Funds Global Balanced Fund  | 1037 | 1337 | 1537 | 46037 | 1437 | 1637 | 1737 | N/A | N/A |
| American Funds Global Insight Fund  | 10122 | 13122 | 15122 | 46122 | 14122 | 16122 | 17122 | N/A | N/A |
| American Funds International Vantage Fund  | 10123 | 13123 | 15123 | 46123 | 14123 | 16123 | 17123 | N/A | N/A |
| American Mutual Fund  | 1003 | 1303 | 1503 | 46003 | 1403 | 1603 | 1703 | N/A | N/A |
| Capital Income Builder  | 1012 | 1312 | 1512 | 46012 | 1412 | 1612 | 1712 | N/A | N/A |
| Capital World Growth and Income Fund  | 1033 | 1333 | 1533 | 46033 | 1433 | 1633 | 1733 | N/A | N/A |
| EUPAC Fund  | 1016 | 1316 | 1516 | 46016 | 1416 | 1616 | 1716 | N/A | N/A |
| Fundamental Investors  | 1010 | 1310 | 1510 | 46010 | 1410 | 1610 | 1710 | N/A | N/A |
| The Growth Fund of America  | 1005 | 1305 | 1505 | 46005 | 1405 | 1605 | 1705 | N/A | N/A |
| The Income Fund of America  | 1006 | 1306 | 1506 | 46006 | 1406 | 1606 | 1706 | N/A | N/A |
| International Growth and Income Fund  | 1034 | 1334 | 1534 | 46034 | 1434 | 1634 | 1734 | N/A | N/A |
| The Investment Company of America  | 1004 | 1304 | 1504 | 46004 | 1404 | 1604 | 1704 | N/A | N/A |
| The New Economy Fund  | 1014 | 1314 | 1514 | 46014 | 1414 | 1614 | 1714 | N/A | N/A |
| New Perspective Fund  | 1007 | 1307 | 1507 | 46007 | 1407 | 1607 | 1707 | N/A | N/A |
| New World Fund  | 1036 | 1336 | 1536 | 46036 | 1436 | 1636 | 1736 | N/A | N/A |
| SMALLCAP World Fund  | 1035 | 1335 | 1535 | 46035 | 1435 | 1635 | 1735 | N/A | N/A |
| Washington Mutual Investors Fund  | 1001 | 1301 | 1501 | 46001 | 1401 | 1601 | 1701 | N/A | N/A |
| **Fixed income funds** |  |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund  | 10410 | 13410 | 15410 | N/A | 14410 | 16410 | 17410 | N/A | N/A |
| American Funds Emerging Markets Bond Fund  | 10114 | 13114 | 15114 | 46114 | 14114 | 16114 | 17114 | N/A | N/A |
| American Funds Corporate Bond Fund  | 1032 | 1332 | 1532 | 46032 | 1432 | 1632 | 1732 | N/A | N/A |
| American Funds Inflation Linked Bond Fund  | 1060 | 1360 | 1560 | 46060 | 1460 | 1660 | 1760 | N/A | N/A |
| American Funds Mortgage Fund  | 1042 | 1342 | 1542 | 46042 | 1442 | 1642 | 1742 | N/A | N/A |
| American Funds Multi-Sector Income Fund  | 10126 | 13126 | 15126 | 46126 | 14126 | 16126 | 17126 | N/A | N/A |
| American Funds Strategic Bond Fund  | 10112 | 13112 | 15112 | 46112 | 14112 | 16112 | 17112 | N/A | N/A |
| American High-Income Trust  | 1021 | 1321 | 1521 | 46021 | 1421 | 1621 | 1721 | N/A | N/A |
| The Bond Fund of America  | 1008 | 1308 | 1508 | 46008 | 1408 | 1608 | 1708 | N/A | N/A |
| Capital World Bond Fund  | 1031 | 1331 | 1531 | 46031 | 1431 | 1631 | 1731 | N/A | N/A |
| Intermediate Bond Fund of America  | 1023 | 1323 | 1523 | 46023 | 1423 | 1623 | 1723 | N/A | N/A |
| Short-Term Bond Fund of America  | 1048 | 1348 | 1548 | 46048 | 1448 | 1648 | 1748 | N/A | N/A |
| U.S. Government Securities Fund  | 1022 | 1322 | 1522 | 46022 | 1422 | 1622 | 1722 | N/A | N/A |
| **Money market fund** |  |  |  |  |  |  |  |  |  |
| American Funds U.S. Government <br>Money Market Fund  | 1059 | 1359 | 1559 | 46059 | 1459 | 1659 | 1759 | 48059 | 60059 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| **Stock and stock/fixed income funds** |  |  |  |  |  |  |  |  |
| AMCAP Fund  | 2102 | 2202 | 4102 | 2302 | 2402 | 2702 | 2502 | 2602 |
| American Balanced Fund  | 2111 | 2211 | 4111 | 2311 | 2411 | 2711 | 2511 | 2611 |
| American Funds Developing World Growth and Income Fund  | 21100 | 22100 | 41100 | 23100 | 24100 | 27100 | 25100 | 26100 |
| American Funds Global Balanced Fund  | 2137 | 2237 | 4137 | 2337 | 2437 | 2737 | 2537 | 2637 |
| American Funds Global Insight Fund | 21122 | 22122 | 41122 | 23122 | 24122 | 27122 | 25122 | 26122 |
| American Funds International Vantage Fund  | 21123 | 22123 | 41123 | 23123 | 24123 | 27123 | 25123 | 26123 |
| American Mutual Fund  | 2103 | 2203 | 4103 | 2303 | 2403 | 2703 | 2503 | 2603 |
| Capital Group KKR U.S. Equity+  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26402 |
| Capital Income Builder  | 2112 | 2212 | 4112 | 2312 | 2412 | 2712 | 2512 | 2612 |
| Capital World Growth and Income Fund | 2133 | 2233 | 4133 | 2333 | 2433 | 2733 | 2533 | 2633 |
| EUPAC Fund  | 2116 | 2216 | 4116 | 2316 | 2416 | 2716 | 2516 | 2616 |
| Fundamental Investors  | 2110 | 2210 | 4110 | 2310 | 2410 | 2710 | 2510 | 2610 |
| The Growth Fund of America  | 2105 | 2205 | 4105 | 2305 | 2405 | 2705 | 2505 | 2605 |
| The Income Fund of America  | 2106 | 2206 | 4106 | 2306 | 2406 | 2706 | 2506 | 2606 |
| International Growth and Income Fund  | 2134 | 2234 | 41034 | 2334 | 2434 | 27034 | 2534 | 2634 |
| The Investment Company of America | 2104 | 2204 | 4104 | 2304 | 2404 | 2704 | 2504 | 2604 |
| The New Economy Fund  | 2114 | 2214 | 4114 | 2314 | 2414 | 2714 | 2514 | 2614 |
| New Perspective Fund  | 2107 | 2207 | 4107 | 2307 | 2407 | 2707 | 2507 | 2607 |
| New World Fund  | 2136 | 2236 | 4136 | 2336 | 2436 | 2736 | 2536 | 2636 |
| SMALLCAP World Fund  | 2135 | 2235 | 4135 | 2335 | 2435 | 2735 | 2535 | 2635 |
| Washington Mutual Investors Fund  | 2101 | 2201 | 4101 | 2301 | 2401 | 2701 | 2501 | 2601 |
| **Fixed income funds** |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund  | 21410 | 22410 | 41410 | 23410 | 24410 | 27410 | 25410 | 26410 |
| American Funds Emerging Markets Bond Fund  | 21114 | 22114 | 41114 | 23114 | 24114 | 27114 | 25114 | 26114 |
| American Funds Corporate Bond Fund  | 2132 | 2232 | 4132 | 2332 | 2432 | 2732 | 2532 | 2632 |
| American Funds Inflation Linked Bond Fund  | 2160 | 2260 | 4160 | 2360 | 2460 | 2760 | 2560 | 2660 |
| American Funds Mortgage Fund  | 2142 | 2242 | 4142 | 2342 | 2442 | 2742 | 2542 | 2642 |
| American Funds Multi-Sector Income Fund  | 21126 | 22126 | 41126 | 23126 | 24126 | 27126 | 25126 | 26126 |
| American Funds Strategic Bond Fund  | 21112 | 22112 | 41112 | 23112 | 24112 | 27112 | 25112 | 26112 |
| American High-Income Trust  | 2121 | 2221 | 4121 | 2321 | 2421 | 2721 | 2521 | 2621 |
| The Bond Fund of America  | 2108 | 2208 | 4108 | 2308 | 2408 | 2708 | 2508 | 2608 |
| Capital Group KKR Core Plus+  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26400 |
| Capital Group KKR Multi-Sector+  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26401 |
| Capital World Bond Fund  | 2131 | 2231 | 4131 | 2331 | 2431 | 2731 | 2531 | 2631 |
| Intermediate Bond Fund of America | 2123 | 2223 | 4123 | 2323 | 2423 | 2723 | 2523 | 2623 |
| Short-Term Bond Fund of America  | 2148 | 2248 | 4148 | 2348 | 2448 | 2748 | 2548 | 2648 |
| U.S. Government Securities Fund  | 2122 | 2222 | 4122 | 2322 | 2422 | 2722 | 2522 | 2622 |
| **Money market fund** |  |  |  |  |  |  |  |  |
| American Funds U.S. Government <br>Money Market Fund  | 2159 | 2259 | 4159 | 2359 | 2459 | 2759 | 2559 | 2659 |

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EUPAC Fund — Page 91

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class A** | **Class C** | **Class T** | **Class F-1** | **Class F-2** | **Class F-3** |
| **American Funds Target Date Retirement Series<sup>®</sup>** |  |  |  |  |  |  |
| American Funds<sup>®</sup> 2070 Target Date Retirement Fund | 30187 | 33187 | 43187 | 34187 | 36187 | 37187 |
| American Funds<sup>®</sup> 2065 Target Date Retirement Fund | 30185 | 33185 | 43185 | 34185 | 36185 | 37185 |
| American Funds 2060 Target Date Retirement Fund<sup>®</sup> | 083 | 383 | 43083 | 483 | 683 | 783 |
| American Funds 2055 Target Date Retirement Fund<sup>®</sup> | 082 | 382 | 43082 | 482 | 682 | 782 |
| American Funds 2050 Target Date Retirement Fund<sup>®</sup> | 069 | 369 | 43069 | 469 | 669 | 769 |
| American Funds 2045 Target Date Retirement Fund<sup>®</sup> | 068 | 368 | 43068 | 468 | 668 | 768 |
| American Funds 2040 Target Date Retirement Fund<sup>®</sup> | 067 | 367 | 43067 | 467 | 667 | 767 |
| American Funds 2035 Target Date Retirement Fund<sup>®</sup> | 066 | 366 | 43066 | 466 | 36066 | 766 |
| American Funds 2030 Target Date Retirement Fund<sup>®</sup> | 065 | 365 | 43065 | 465 | 665 | 765 |
| American Funds<sup>®</sup> 2025 Target Date Retirement Income Fund | 064 | 364 | 43064 | 464 | 664 | 764 |
| American Funds<sup>®</sup> 2020 Target Date Retirement Income Fund | 063 | 363 | 43063 | 463 | 663 | 763 |
| American Funds<sup>®</sup> 2015 Target Date Retirement Income Fund | 062 | 362 | 43062 | 462 | 662 | 762 |
| American Funds<sup>®</sup> 2010 Target Date Retirement Income Fund | 061 | 361 | 43061 | 461 | 661 | 761 |

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EUPAC Fund — Page 92

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| **American Funds Target Date Retirement Series<sup>®</sup>** |  |  |  |  |  |  |  |  |
| **American Funds 2070<br>Target Date Retirement Fund** | 21187 | 22187 | 41187 | 23187 | 24187 | 27187 | 25187 | 26187 |
| American Funds 2065<br>Target Date Retirement Fund | 21185 | 22185 | 41185 | 23185 | 24185 | 27185 | 25185 | 26185 |
| American Funds 2060 <br>Target Date Retirement Fund | 2183 | 2283 | 4183 | 2383 | 2483 | 2783 | 2583 | 2683 |
| American Funds 2055<br>Target Date Retirement Fund | 2182 | 2282 | 4182 | 2382 | 2482 | 2782 | 2582 | 2682 |
| American Funds 2050<br>Target Date Retirement Fund | 2169 | 2269 | 4169 | 2369 | 2469 | 2769 | 2569 | 2669 |
| American Funds 2045<br>Target Date Retirement Fund | 2168 | 2268 | 4168 | 2368 | 2468 | 2768 | 2568 | 2668 |
| American Funds 2040<br>Target Date Retirement Fund | 2167 | 2267 | 4167 | 2367 | 2467 | 2767 | 2567 | 2667 |
| American Funds 2035<br>Target Date Retirement Fund | 2166 | 2266 | 4166 | 2366 | 2466 | 2766 | 2566 | 2666 |
| American Funds 2030<br>Target Date Retirement Fund | 2165 | 2265 | 4165 | 2365 | 2465 | 2765 | 2565 | 2665 |
| American Funds 2025<br>Target Date Retirement Income Fund | 2164 | 2264 | 4164 | 2364 | 2464 | 2764 | 2564 | 2664 |
| American Funds 2020<br>Target Date Retirement Income Fund | 2163 | 2263 | 4163 | 2363 | 2463 | 2763 | 2563 | 2663 |
| American Funds 2015<br>Target Date Retirement Income Fund | 2162 | 2262 | 4162 | 2362 | 2462 | 2762 | 2562 | 2662 |
| American Funds 2010<br>Target Date Retirement Income Fund | 2161 | 2261 | 4161 | 2361 | 2461 | 2761 | 2561 | 2661 |

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EUPAC Fund — Page 93

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class** <br>**529-A** | **Class** <br>**529-C** | **Class** <br>**529-E** | **Class** <br>**529-T** | **Class** <br>**529-F-1** | **Class** <br>**529-F-2** | **Class** <br>**529-F-3** |
| **American Funds College Target Date Series<sup>®</sup>** |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> College 2042 Fund  | 10144 | 13144 | 15144 | 46144 | 14144 | 16144 | 17144 |
| American Funds<sup>®</sup> College 2039 Fund  | 10136 | 13136 | 15136 | 46136 | 14136 | 16136 | 17136 |
| American Funds<sup>®</sup> College 2036 Fund  | 10125 | 13125 | 15125 | 46125 | 14125 | 16125 | 17125 |
| American Funds College 2033 Fund<sup>®</sup>  | 10103 | 13103 | 15103 | 46103 | 14103 | 16103 | 17103 |
| American Funds College 2030 Fund<sup>®</sup>  | 1094 | 1394 | 1594 | 46094 | 1494 | 1694 | 1794 |
| American Funds College 2027 Fund<sup>®</sup>  | 1093 | 1393 | 1593 | 46093 | 1493 | 1693 | 1793 |
| American Funds College Enrollment Fund<sup>®</sup>  | 1088 | 1388 | 1588 | 46088 | 1488 | 1688 | 1788 |

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EUPAC Fund — Page 94

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class A** | **Class C** | **Class T** | **Class F-1** | **Class F-2** | **Class F-3** |
| **American Funds<sup>®</sup> Portfolio Series** |  |  |  |  |  |  |
| American Funds<sup>®</sup> Global Growth Portfolio  | 055 | 355 | 43055 | 455 | 655 | 755 |
| American Funds<sup>®</sup> Growth Portfolio  | 053 | 353 | 43053 | 453 | 653 | 753 |
| American Funds<sup>®</sup> Growth and Income Portfolio  | 051 | 351 | 43051 | 451 | 651 | 751 |
| American Funds<sup>®</sup> Moderate Growth and Income Portfolio  | 050 | 350 | 43050 | 450 | 650 | 750 |
| American Funds<sup>®</sup> Conservative Growth and Income Portfolio  | 047 | 347 | 43047 | 447 | 647 | 747 |
| American Funds<sup>®</sup> Tax-Aware Conservative <br>Growth and Income Portfolio  | 046 | 346 | 43046 | 446 | 646 | 746 |
| American Funds<sup>®</sup> Preservation Portfolio  | 045 | 345 | 43045 | 445 | 645 | 745 |
| American Funds<sup>®</sup> Tax-Exempt Preservation Portfolio | 044 | 344 | 43044 | 444 | 644 | 744 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**529-A** | **Class**<br>**529-C** | **Class**<br>**529-E** | **Class**<br>**529-T** | **Class**<br>**529-F-1** | **Class**<br>**529-F-2** | **Class**<br>**529-F-3** | **Class**<br>**ABLE-A** | **Class**<br>**ABLE-F-2** |
| American Funds Global Growth Portfolio  | 1055 | 1355 | 1555 | 46055 | 1455 | 1655 | 1755 | 48055 | 60055 |
| American Funds Growth Portfolio  | 1053 | 1353 | 1553 | 46053 | 1453 | 1653 | 1753 | 48053 | 60053 |
| American Funds Growth and Income Portfolio  | 1051 | 1351 | 1551 | 46051 | 1451 | 1651 | 1751 | 48051 | 60051 |
| American Funds Moderate Growth and Income Portfolio  | 1050 | 1350 | 1550 | 46050 | 1450 | 1650 | 1750 | 48050 | 60050 |
| American Funds Conservative Growth and Income Portfolio  | 1047 | 1347 | 1547 | 46047 | 1447 | 1647 | 1747 | 48047 | 60047 |
| American Funds Tax-Aware Conservative Growth and Income Portfolio  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| American Funds Preservation Portfolio  | 1045 | 1345 | 1545 | 46045 | 1445 | 1645 | 1745 | 48045 | 60045 |
| American Funds Tax-Exempt Preservation Portfolio  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| American Funds Global Growth Portfolio  | 2155 | 2255 | 4155 | 2355 | 2455 | 2755 | 2555 | 2655 |
| American Funds Growth Portfolio  | 2153 | 2253 | 4153 | 2353 | 2453 | 2753 | 2553 | 2653 |
| American Funds Growth and Income Portfolio  | 2151 | 2251 | 4151 | 2351 | 2451 | 2751 | 2551 | 2651 |
| American Funds Moderate Growth and Income Portfolio  | 2150 | 2250 | 4150 | 2350 | 2450 | 2750 | 2550 | 2650 |
| American Funds Conservative Growth and Income Portfolio  | 2147 | 2247 | 4147 | 2347 | 2447 | 2747 | 2547 | 2647 |
| American Funds Tax-Aware Conservative <br>Growth and Income Portfolio  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| American Funds Preservation Portfolio  | 2145 | 2245 | 4145 | 2345 | 2445 | 2745 | 2545 | 2645 |
| American Funds Tax-Exempt Preservation Portfolio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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EUPAC Fund — Page 95

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class A** | **Class C** | **Class T** | **Class F-1** | **Class F-2** | **Class F-3** |
| **American Funds<sup>®</sup> Retirement Income Portfolio Series** |  |  |  |  |  |  |
| American Funds<sup>®</sup> Retirement Income Portfolio – Conservative  | 30109 | 33109 | 43109 | 34109 | 36109 | 37109 |
| American Funds<sup>®</sup> Retirement Income Portfolio – Moderate  | 30110 | 33110 | 43110 | 34110 | 36110 | 37110 |
| American Funds<sup>®</sup> Retirement Income Portfolio – Enhanced  | 30111 | 33111 | 43111 | 34111 | 36111 | 37111 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** | **Fund numbers** |
| **Fund** | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| American Funds Retirement Income Portfolio – Conservative  | 21109 | 22109 | 41109 | 23109 | 24109 | 27109 | 25109 | 26109 |
| American Funds Retirement Income Portfolio – Moderate  | 21110 | 22110 | 41110 | 23110 | 24110 | 27110 | 25110 | 26110 |
| American Funds Retirement Income Portfolio – Enhanced  | 21111 | 22111 | 41111 | 23111 | 24111 | 27111 | 25111 | 26111 |

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EUPAC Fund — Page 96

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**Appendix**

The following descriptions of debt security ratings are based on information provided by Moody's Investors Service, S&P Global Ratings and Fitch Ratings, Inc.

**Description of bond ratings**

**Moody's**

**Long-term rating scale**

**Aaa**

Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**

Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**

Obligations rated A are considered upper-medium grade and are subject to low credit risk.

**Baa**

Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**

Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**

Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**

Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk.

**Ca**

Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**

Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Note:** Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

EUPAC Fund — Page 97

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**S&P Global Ratings** **Long-term issue credit ratings**

**AAA**

An obligation rated AAA has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**

An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**

An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**

An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC, and C**

Obligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

**BB**

An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B**

An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**

An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC**

An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

EUPAC Fund — Page 98

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**C**

An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**

An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to D if it is subject to a distressed debt restructuring.

#### Plus (+) or minus (–)
The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

#### NR
Indicates that a rating has not been assigned or is no longer assigned.

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**Fitch Ratings, Inc.** **Long-term credit ratings**

**AAA**

Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**

Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**

High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

**BBB**

Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

**BB**

Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

**B**

Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC**

Substantial credit risk. Default is a real possibility.

**CC**

Very high levels of credit risk. Default of some kind appears probable.

**C**

Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

EUPAC Fund — Page 100

------

**RD**

Restricted default. RD ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Execution of a distressed debt exchange on one or more material financial obligations.

**D**

Default. D ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**Note:** The modifiers "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA long-term rating category, or to categories below B.

EUPAC Fund — Page 101

------

**Description of commercial paper ratings**

**Moody's**

**Global short-term rating scale**

#### P-1
Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

**P-2**

Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

#### P-3
Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP**

Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

#### S&P Global Ratings
**Commercial paper ratings (highest three ratings)**

**A-1**

A short-term obligation rated A-1 is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**

A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**

A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

EUPAC Fund — Page 102

------

Investment portfolio March 31, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 94.96% | Shares | Value<br> (000)<br>|
| **Industrials 17.52%** | **Industrials 17.52%** | **Industrials 17.52%** |
| Airbus SE, non-registered shares  | 10854810 | $2038809 |
| Rolls-Royce Holdings PLC  | 74712441 | 1140930 |
| Safran SA  | 3304194 | 1080613 |
| Siemens AG  | 4105251 | 973726 |
| International Consolidated Airlines Group SA (CDI)  | 158083473 | 741191 |
| Bombardier, Inc., Class B <sup>(a)</sup>  | 3849162 | 680735 |
| BAE Systems PLC  | 22938013 | 667702 |
| DSV A/S  | 2771293 | 662073 |
| Kingspan Group PLC  | 7375618 | 622570 |
| Prysmian SpA  | 5293999 | 619047 |
| Leonardo SpA  | 9080556 | 609923 |
| Schneider Electric SE <sup>(b)</sup>  | 1973129 | 541959 |
| MTU Aero Engines AG  | 1511821 | 541237 |
| Melrose Industries PLC <sup>(c)</sup>  | 73631364 | 495977 |
| Hitachi, Ltd.  | 16843149 | 492252 |
| Deutsche Post AG  | 9429186 | 486274 |
| Mitsui & Co., Ltd.  | 12099100 | 465819 |
| Vestas Wind Systems AS  | 14895965 | 445993 |
| Taisei Corp.  | 3747000 | 391313 |
| Weir Group PLC (The)  | 9931911 | 371572 |
| Recruit Holdings Co., Ltd. <sup>(b)</sup>  | 8210846 | 366614 |
| Techtronic Industries Co., Ltd.  | 26850498 | 357397 |
| Hanwha Aerospace Co., Ltd.  | 437870 | 356791 |
| Rentokil Initial PLC  | 56277335 | 349912 |
| ABB, Ltd.  | 4299776 | 349712 |
| Ryanair Holdings PLC (ADR)  | 4090945 | 236457 |
| Ryanair Holdings PLC  | 3930134 | 111342 |
| Trane Technologies PLC  | 756144 | 315115 |
| Sunbelt Rentals Holdings, Inc. (CDI) <sup>(b)</sup>  | 4715509 | 301125 |
| Deutsche Lufthansa AG <sup>(b)</sup>  | 34835210 | 287532 |
| ASSA ABLOY AB, Class B  | 7767753 | 278555 |
| Compagnie de Saint-Gobain SA, non-registered shares  | 3200871 | 263416 |
| IHI Corp. <sup>(b)</sup>  | 11463635 | 234292 |
| Rheinmetall AG, non-registered shares  | 138313 | 230665 |
| Marubeni Corp. <sup>(b)</sup>  | 5990091 | 220263 |
| Volvo AB, Class B  | 5790816 | 188925 |
| Experian PLC  | 5429509 | 188722 |
| Larsen & Toubro, Ltd.  | 4882991 | 182071 |
| Mitsubishi Heavy Industries, Ltd.  | 6631300 | 180898 |
| Daikin Industries, Ltd.  | 1490800 | 180858 |
| Localiza Rent a Car SA, ordinary nominative shares  | 19217000 | 174294 |
| Localiza Rent a Car SA  | 296498 | 2592 |
| WEG SA  | 17839707 | 175681 |
| Vinci SA  | 1132913 | 169674 |
| Saab AB, Class B  | 2375049 | 155798 |
| RELX PLC  | 4696032 | 154824 |
| Nordex SE, non-registered shares <sup>(a)</sup>  | 2819178 | 148483 |
| Babcock International Group PLC  | 9148637 | 140922 |
| Alstom SA <sup>(a)</sup>  | 4924266 | 140313 |
| Contemporary Amperex Technology Co., Ltd., Class A  | 2258680 | 132389 |
| ITOCHU Corp. <sup>(b)</sup>  | 9482725 | 120529 |
| Mitsubishi Corp.  | 3382900 | 116173 |
| Siemens Energy AG  | 669056 | 110110 |
| Kubota Corp.  | 5894800 | 93014 |
| Singapore Technologies Engineering, Ltd.  | 10575101 | 90128 |
| Komatsu, Ltd.  | 2222800 | 87256 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 8378825 | 82056 |
| Lifco AB, Class B  | 2576239 | 77513 |
| Kandenko Co., Ltd.  | 2006400 | 76362 |
| CSG NV <sup>(a)</sup>  | 2658741 | 71542 |
| Rumo SA  | 22542279 | 70719 |
| Bouygues SA  | 1065633 | 61479 |
| Fluidra SA, non-registered shares  | 2343094 | 54315 |
| Epiroc AB, Class A <sup>(b)</sup>  | 2103089 | 51634 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **1** | EUPAC Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Thales SA  | 167627 | $49217 |
| AtkinsRealis Group, Inc.  | 734261 | 47241 |
| Diploma PLC  | 585529 | 46721 |
| SECOM Co., Ltd. <sup>(b)</sup>  | 1066000 | 40932 |
| SGH, Ltd.  | 1429858 | 40551 |
| Kanzhun, Ltd., Class A (ADR)  | 2978962 | 39888 |
| Kawasaki Heavy Industries, Ltd. <sup>(b)</sup>  | 2029000 | 38498 |
| Mitsubishi Electric Corp.  | 947800 | 30953 |
| Bureau Veritas SA  | 1011678 | 30390 |
| Didi Global, Inc. (ADR) <sup>(a)</sup>  | 5861500 | 24091 |
| Randstad NV, non-registered shares <sup>(b)</sup>  | 610554 | 16040 |
|  |  | 22212699 |
| **Financials 17.31%** | **Financials 17.31%** | **Financials 17.31%** |
| UniCredit SpA  | 23908755 | 1722804 |
| AIA Group, Ltd.  | 115297551 | 1295235 |
| Banco Bilbao Vizcaya Argentaria SA  | 50547180 | 1103259 |
| 3i Group PLC  | 30163022 | 988352 |
| KB Financial Group, Inc.  | 7398923 | 692207 |
| Erste Group Bank AG  | 6322930 | 683229 |
| Standard Chartered PLC  | 30227933 | 627769 |
| Mizuho Financial Group, Inc.  | 15236986 | 608182 |
| Banco Santander SA  | 53435399 | 604639 |
| Skandinaviska Enskilda Banken AB, Class A  | 32265116 | 592794 |
| NatWest Group PLC  | 78686050 | 583855 |
| Brookfield Corp., Class A  | 11973959 | 484586 |
| Brookfield Corp., Class A (CAD denominated)  | 2376078 | 96283 |
| Resona Holdings, Inc.  | 51253308 | 570294 |
| Japan Post Bank Co., Ltd. <sup>(b)</sup>  | 28846700 | 474590 |
| BNP Paribas SA <sup>(b)</sup>  | 4763404 | 453767 |
| BAWAG Group AG  | 2659868 | 405970 |
| ICICI Bank, Ltd.  | 30552542 | 397745 |
| State Bank of India  | 37289919 | 397411 |
| UBS Group AG  | 10000000 | 388940 |
| ING Groep NV  | 14541758 | 379966 |
| FinecoBank SpA  | 16992641 | 377287 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 26003543 | 373671 |
| Adyen NV <sup>(a)</sup>  | 361946 | 362181 |
| Hana Financial Group, Inc.  | 4898711 | 347055 |
| Aon PLC, Class A  | 1072365 | 346138 |
| Tokio Marine Holdings, Inc. <sup>(b)</sup>  | 7317875 | 341729 |
| Shinhan Financial Group Co., Ltd.  | 5842766 | 336918 |
| Aviva PLC  | 40998841 | 326577 |
| HSBC Holdings PLC (GBP denominated)  | 18927213 | 309710 |
| Munchener Ruckversicherungs-Gesellschaft AG  | 495402 | 308600 |
| Kotak Mahindra Bank, Ltd.  | 74411330 | 284263 |
| MS&AD Insurance Group Holdings, Inc. <sup>(b)</sup>  | 10522900 | 275379 |
| Axis Bank, Ltd.  | 21062095 | 267443 |
| Deutsche Boerse AG  | 832586 | 242063 |
| ICG PLC  | 11283000 | 229508 |
| Danske Bank AS  | 4458663 | 216460 |
| Deutsche Bank AG  | 7162519 | 209589 |
| Banco Comercial Portugues, SA  | 174443847 | 171010 |
| Abu Dhabi Islamic Bank PJSC  | 29943733 | 169376 |
| Eurobank SA  | 39151980 | 157203 |
| CaixaBank SA, non-registered shares  | 12712394 | 152528 |
| CVC Capital Partners PLC <sup>(b)</sup>  | 11289999 | 148014 |
| Wise PLC, Class A <sup>(a)</sup>  | 12136137 | 145661 |
| KBC Groep NV  | 1010139 | 123484 |
| T&D Holdings, Inc. <sup>(b)</sup>  | 4701500 | 119494 |
| Bank Central Asia Tbk PT  | 298012900 | 114016 |
| DBS Group Holdings, Ltd.  | 2538310 | 112786 |
| AXA SA <sup>(b)</sup>  | 2450876 | 112362 |
| Samsung Life Insurance Co., Ltd.  | 786121 | 110388 |
| Saudi National Bank (The)  | 9782576 | 108892 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 9523739 | 105626 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUPAC Fund<sub>2</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| BPER Banca SpA  | 8023579 | $104738 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 148500000 | 103317 |
| Abu Dhabi Commercial Bank PJSC  | 28533280 | 97087 |
| London Stock Exchange Group PLC  | 783725 | 92625 |
| Euronext NV  | 507711 | 81690 |
| HDFC Bank, Ltd.  | 9820571 | 78087 |
| Bajaj Finance, Ltd.  | 8605541 | 75715 |
| Banco BPM SpA  | 4509511 | 63004 |
| Hong Kong Exchanges and Clearing, Ltd.  | 1161800 | 58886 |
| Credicorp, Ltd.  | 173312 | 58784 |
| Capitec Bank Holdings, Ltd.  | 225278 | 55308 |
| Hiscox, Ltd.  | 2607990 | 52560 |
| Allianz SE  | 117087 | 48519 |
| Emirates NBD Bank PJSC  | 6546861 | 48115 |
| Canadian Imperial Bank of Commerce (CAD denominated)  | 487546 | 46207 |
| Cholamandalam Investment and Finance Co., Ltd.  | 2956953 | 42782 |
| Checkout Payments Group, Ltd., Class B <sup>(d)(e)</sup>  | 479280 | 41990 |
| FirstRand Ltd.  | 8135655 | 41585 |
| Banco BTG Pactual SA, units  | 3388258 | 36821 |
| Futu Holdings, Ltd. (ADR)  | 244311 | 33412 |
| China Merchants Bank Co., Ltd., Class A  | 5092976 | 29063 |
| Shriram Finance, Ltd.  | 2917037 | 27113 |
| Sampo Oyj, Class A  | 2102233 | 22526 |
| PICC Property and Casualty Co., Ltd., Class H  | 12102000 | 22300 |
| Medibank Private Ltd.  | 5720997 | 17314 |
| Barclays PLC  | 1788635 | 9425 |
| Sberbank of Russia PJSC <sup>(d)</sup>  | 48140292 | — <br><sup>(f)</sup><br>|
|  |  | 21946261 |
| **Information technology 16.61%** | **Information technology 16.61%** | **Information technology 16.61%** |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 160381202 | 9041560 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)  | 1621470 | 547976 |
| SK hynix, Inc.  | 5122337 | 2786002 |
| ASML Holding NV  | 1622473 | 2147565 |
| SAP SE  | 7287454 | 1233278 |
| Samsung Electronics Co., Ltd.  | 9439885 | 1060383 |
| Tokyo Electron, Ltd.  | 3913048 | 956944 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 4843102 | 574489 |
| NEC Corp.  | 18161456 | 452468 |
| Halma PLC  | 5261472 | 267306 |
| Keyence Corp. <sup>(b)</sup>  | 754351 | 267157 |
| Nebius Group NV, Class A <sup>(a)(b)</sup>  | 2259803 | 234477 |
| Fujitsu, Ltd.  | 11161890 | 226838 |
| ARM Holdings PLC (ADR) <sup>(a)(b)</sup>  | 1351825 | 204504 |
| Baidu, Inc., Class A <sup>(a)</sup>  | 11082500 | 154072 |
| Kokusai Electric Corp.  | 4129800 | 136844 |
| MediaTek, Inc.  | 2566000 | 124249 |
| TDK Corp.  | 6759700 | 87643 |
| Kioxia Holdings Corp. <sup>(a)</sup>  | 679200 | 86344 |
| Infineon Technologies AG  | 1792946 | 78779 |
| LITE-ON Technology Corp.  | 12941000 | 58199 |
| Accton Technology Corp.  | 1147000 | 55848 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(d)(e)</sup>  | 37779 | 47428 |
| Delta Electronics, Inc. <sup>(a)</sup>  | 1016000 | 45220 |
| Xiaomi Corp., Class B <sup>(a)(b)</sup>  | 9939400 | 40890 |
| Telefonaktiebolaget LM Ericsson, Class B  | 2901078 | 32861 |
| Zhongji Innolight Co., Ltd., Class A  | 384858 | 32345 |
| Disco Corp.  | 76200 | 30533 |
| OBIC Co., Ltd.  | 984000 | 23979 |
| Nemetschek SE  | 154021 | 11336 |
| Capgemini SE  | 86629 | 10126 |
|  |  | 21057643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **3** | EUPAC Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials 10.67%** | **Materials 10.67%** | **Materials 10.67%** |
| Vale SA, ordinary nominative shares  | 43815715 | $697688 |
| Vale SA (ADR), ordinary nominative shares  | 40004807 | 636477 |
| First Quantum Minerals, Ltd. <sup>(a)(c)</sup>  | 50114067 | 1198184 |
| Lundin Mining Corp. <sup>(c)</sup>  | 45438461 | 1133103 |
| Grupo Mexico, SAB de CV, Series B  | 95913158 | 1027041 |
| Agnico Eagle Mines, Ltd. (CAD denominated)  | 4785416 | 971359 |
| Barrick Mining Corp. (CAD denominated)  | 15985100 | 653262 |
| Barrick Mining Corp.  | 7594735 | 309789 |
| Heidelberg Materials AG, non-registered shares  | 3908938 | 805080 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(b)</sup>  | 42913187 | 366787 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(e)</sup>  | 25725343 | 219880 |
| BASF SE  | 9302716 | 562128 |
| Glencore PLC  | 73153898 | 557433 |
| Anglo American PLC  | 10082832 | 428366 |
| Shin-Etsu Chemical Co., Ltd.  | 10148564 | 412921 |
| Nippon Steel Corp. <sup>(b)</sup>  | 98574500 | 362135 |
| Nutrien, Ltd. (CAD denominated)  | 3158277 | 238409 |
| Nutrien, Ltd.  | 1415360 | 106803 |
| Valterra Platinum, Ltd. (GBP denominated) <sup>(b)</sup>  | 3191435 | 263828 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 759958 | 65332 |
| Buzzi SpA  | 5633384 | 284158 |
| Linde PLC  | 552616 | 273965 |
| Antofagasta PLC  | 5194025 | 231066 |
| Syensqo SA <sup>(a)(b)</sup>  | 3318075 | 191962 |
| CRH PLC  | 1720272 | 180835 |
| Pan American Silver Corp.  | 2548944 | 139249 |
| Southern Copper Corp.  | 765627 | 131734 |
| Amcor PLC  | 3201803 | 127272 |
| Anhui Conch Cement Co., Ltd., Class H  | 40143000 | 109060 |
| Mitsubishi Chemical Group Corp. <sup>(b)</sup>  | 16287200 | 94320 |
| Saudi Basic Industries Corp. non-registered shares  | 5860192 | 94066 |
| ArcelorMittal SA  | 1769351 | 92186 |
| Wheaton Precious Metals Corp. <sup>(b)</sup>  | 549348 | 71970 |
| KGHM Polska Miedz SA <sup>(a)</sup>  | 912683 | 66825 |
| Smurfit Westrock PLC  | 1649042 | 65714 |
| Impala Platinum Holdings, Ltd.  | 4396324 | 64611 |
| Nippon Sanso Holdings Corp.  | 1567791 | 55975 |
| Zijin Mining Group Co., Ltd., Class A <sup>(a)</sup>  | 7467841 | 36479 |
| Sumitomo Metal Mining Co., Ltd.  | 626600 | 36326 |
| Air Liquide SA <sup>(b)</sup>  | 152730 | 31462 |
| Akzo Nobel NV <sup>(b)</sup>  | 475555 | 27290 |
| JX Advanced Metals Corp.  | 1249700 | 27164 |
| Northam Platinum Holdings, Ltd.  | 1210718 | 25311 |
| MMG, Ltd. <sup>(a)</sup>  | 24944000 | 23499 |
| Resonac Holdings Co., Ltd.  | 342300 | 22365 |
|  |  | 13520869 |
| **Consumer discretionary 7.59%** | **Consumer discretionary 7.59%** | **Consumer discretionary 7.59%** |
| MercadoLibre, Inc. <sup>(a)</sup>  | 601808 | 1040538 |
| Industria de Diseno Textil SA  | 11343875 | 652227 |
| Amadeus IT Group SA, Class A, non-registered shares  | 10947947 | 622339 |
| LVMH Moet Hennessy-Louis Vuitton SE  | 1114779 | 619667 |
| Compagnie Financiere Richemont SA, Class A  | 3221289 | 574011 |
| Midea Group Co., Ltd., Class A  | 39168520 | 435122 |
| Alibaba Group Holding, Ltd.  | 22188200 | 349298 |
| Alibaba Group Holding, Ltd. (ADR) <sup>(b)</sup>  | 478097 | 59982 |
| Ryohin Keikaku Co., Ltd.  | 18964444 | 403310 |
| Flutter Entertainment PLC <sup>(a)</sup>  | 3304093 | 336852 |
| InterContinental Hotels Group PLC  | 2172781 | 286159 |
| Compagnie Generale des Etablissements Michelin  | 8114941 | 276333 |
| Nitori Holdings Co., Ltd.  | 16202600 | 257338 |
| Moncler SpA  | 4151289 | 250187 |
| Fast Retailing Co., Ltd.  | 621900 | 247524 |
| Trip.com Group, Ltd. <sup>(a)</sup>  | 3502363 | 173224 |
| Trip.com Group, Ltd. (ADR) <sup>(a)</sup>  | 1470949 | 73239 |
| H World Group, Ltd. (ADR)  | 4721609 | 237450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUPAC Fund<sub>4</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| H World Group, Ltd.  | 92900 | $469 |
| Sony Group Corp.  | 9947700 | 205185 |
| BYD Co., Ltd., Class H <sup>(b)</sup>  | 14365840 | 196962 |
| Prosus NV, Class N  | 3835836 | 175348 |
| Mercedes-Benz Group AG  | 2833461 | 171664 |
| Barratt Redrow PLC  | 41073514 | 143672 |
| Maruti Suzuki India, Ltd.  | 1055822 | 141239 |
| Kering SA  | 454214 | 137348 |
| Zensho Holdings Co., Ltd. <sup>(b)</sup>  | 2279605 | 132230 |
| Hyundai Motor Co.  | 438070 | 130562 |
| Li Ning Co., Ltd.  | 46348000 | 129225 |
| Compass Group PLC  | 4582483 | 127318 |
| D'Ieteren Group <sup>(b)</sup>  | 650894 | 120335 |
| Dollarama, Inc.  | 956738 | 117421 |
| Toyota Motor Corp.  | 5643200 | 116980 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 1030167 | 105262 |
| Booking Holdings, Inc.  | 17285 | 72775 |
| Carnival PLC  | 2849797 | 72600 |
| Aristocrat Leisure, Ltd.  | 2031442 | 64548 |
| NEXT PLC  | 270549 | 45625 |
| TVS Motor Co., Ltd.  | 1245409 | 45593 |
| Shimano, Inc.  | 416400 | 43635 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 409519 | 33912 |
| Galaxy Entertainment Group, Ltd.  | 6603625 | 29771 |
| Stellantis NV  | 3328278 | 23714 |
| Coupang, Inc., Class A <sup>(a)</sup>  | 1231686 | 23254 |
| Fuyao Glass Industry Group Co., Ltd., Class A <sup>(a)</sup>  | 2750000 | 22804 |
| Ferrari NV (EUR denominated)  | 61180 | 20622 |
| B&M European Value Retail PLC  | 8953442 | 20165 |
| Meituan, Class B <sup>(a)</sup>  | 1712200 | 18607 |
| ASICS Corp.  | 591800 | 15737 |
| Laopu Gold Co., Ltd., Class H <sup>(b)</sup>  | 188900 | 15455 |
| Metaplanet, Inc. <sup>(a)(b)</sup>  | 3855700 | 7420 |
|  |  | 9622257 |
| **Energy 6.42%** | **Energy 6.42%** | **Energy 6.42%** |
| Cenovus Energy, Inc. (CAD denominated) <sup>(c)</sup>  | 95170705 | 2525845 |
| Cenovus Energy, Inc. <sup>(c)</sup>  | 2865718 | 76027 |
| Reliance Industries, Ltd.  | 92020054 | 1333416 |
| Shell PLC (GBP denominated)  | 16030869 | 748591 |
| Shell PLC (EUR denominated)  | 9423083 | 440504 |
| Canadian Natural Resources, Ltd. (CAD denominated)  | 22591519 | 1102049 |
| TotalEnergies SE (EUR denominated)  | 10000706 | 923398 |
| SLB, Ltd.  | 6768106 | 347813 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 11786946 | 244579 |
| Santos, Ltd.  | 28462299 | 156311 |
| Neste OYJ  | 3126301 | 100961 |
| Equinor ASA  | 1912056 | 80930 |
| Tourmaline Oil Corp.  | 1130602 | 54112 |
| Rosneft Oil Co. PJSC <sup>(d)</sup>  | 3432340 | — <br><sup>(f)</sup><br>|
|  |  | 8134536 |
| **Health care 6.17%** | **Health care 6.17%** | **Health care 6.17%** |
| AstraZeneca PLC (GBP denominated)  | 10349667 | 2021477 |
| Novo Nordisk AS, Class B  | 31960271 | 1177710 |
| Argenx SE (ADR) <sup>(a)</sup>  | 1097201 | 801231 |
| Argenx SE, non-registered shares <sup>(a)</sup>  | 512412 | 373349 |
| EssilorLuxottica SA  | 3214429 | 748111 |
| Fresenius SE & Co. KGaA  | 14403838 | 737830 |
| Roche Holding AG, nonvoting shares  | 795730 | 314207 |
| Innovent Biologics, Inc. <sup>(a)</sup>  | 20115000 | 220678 |
| Chugai Pharmaceutical Co., Ltd.  | 3940100 | 217999 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 730386 | 216903 |
| Daiichi Sankyo Co., Ltd.  | 8447154 | 148927 |
| Takeda Pharmaceutical Co., Ltd.  | 3664400 | 135183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **5** | EUPAC Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |
| Haleon PLC  | 26467702 | $131013 |
| HOYA Corp.  | 718500 | 123938 |
| Zealand Pharma AS <sup>(a)</sup>  | 1835275 | 84894 |
| Sandoz Group AG  | 1020342 | 80034 |
| WuXi AppTec Co., Ltd., Class H  | 4429600 | 66986 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)(b)</sup>  | 6942200 | 57327 |
| Eurofins Scientific SE, non-registered shares  | 507217 | 37094 |
| GSK PLC  | 1019780 | 27967 |
| Max Healthcare Institute, Ltd.  | 2549717 | 26499 |
| QIAGEN NV  | 605892 | 24260 |
| Asahi Intecc Co., Ltd. <sup>(b)</sup>  | 1105900 | 23594 |
| Koninklijke Philips NV  | 741107 | 20299 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 129464 | 1392 |
|  |  | 7818902 |
| **Communication services 4.44%** | **Communication services 4.44%** | **Communication services 4.44%** |
| SoftBank Group Corp.  | 64249888 | 1544190 |
| Tencent Holdings, Ltd.  | 17443866 | 1101264 |
| Bharti Airtel, Ltd.  | 26108430 | 496397 |
| NetEase, Inc.  | 19990873 | 444787 |
| Nintendo Co., Ltd. <sup>(b)</sup>  | 7222173 | 412103 |
| Orange  | 16808503 | 343436 |
| BT Group PLC  | 116517678 | 326597 |
| Publicis Groupe SA  | 3126227 | 258542 |
| Spotify Technology SA <sup>(a)</sup>  | 376311 | 182477 |
| MTN Group, Ltd.  | 15433116 | 179078 |
| Singapore Telecommunications, Ltd.  | 46196800 | 178835 |
| Deutsche Telekom AG  | 1947961 | 71829 |
| Advanced Info Service PCL, foreign registered shares  | 2902509 | 33638 |
| Swisscom AG <sup>(b)</sup>  | 38570 | 32197 |
| NAVER Corp.  | 134345 | 17913 |
|  |  | 5623283 |
| **Consumer staples 4.18%** | **Consumer staples 4.18%** | **Consumer staples 4.18%** |
| Nestle SA  | 10178887 | 1009633 |
| British American Tobacco PLC  | 14634750 | 852484 |
| Philip Morris International, Inc.  | 3994341 | 660424 |
| Ajinomoto Co., Inc.  | 18779373 | 526548 |
| Imperial Brands PLC  | 9838943 | 400439 |
| L'Oreal SA  | 876073 | 359247 |
| Danone SA  | 3754917 | 301566 |
| Kweichow Moutai Co., Ltd., Class A  | 1218987 | 256806 |
| Anheuser-Busch InBev SA/NV  | 3355392 | 232831 |
| JBS NV (BDR)  | 10751858 | 193020 |
| KT&G Corp.  | 1173661 | 122760 |
| Avenue Supermarts, Ltd. <sup>(a)</sup>  | 2483386 | 104375 |
| Carlsberg A/S, Class B  | 814982 | 101689 |
| Pernod Ricard SA  | 970308 | 72423 |
| Marks and Spencer Group PLC  | 13061207 | 58661 |
| Loblaw Cos., Ltd.  | 929591 | 42380 |
|  |  | 5295286 |
| **Utilities 3.50%** | **Utilities 3.50%** | **Utilities 3.50%** |
| SSE PLC  | 41762364 | 1441806 |
| Engie SA <sup>(b)</sup>  | 32376361 | 1043820 |
| RWE AG  | 7571306 | 504277 |
| Iberdrola SA, non-registered shares  | 16908384 | 388144 |
| E.ON SE  | 15403671 | 336675 |
| Gulf Development PCL  | 133401426 | 247595 |
| Veolia Environnement SA  | 3657285 | 139709 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares  | 3541419 | 108187 |
| Snam SpA  | 13077715 | 99462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUPAC Fund<sub>6</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| Enel SpA  | 4626803 | $50371 |
| Orsted AS <sup>(a)</sup>  | 1991764 | 48766 |
| National Grid PLC  | 1860486 | 31366 |
|  |  | 4440178 |
| **Real estate 0.55%** | **Real estate 0.55%** | **Real estate 0.55%** |
| Sun Hung Kai Properties, Ltd.  | 11001000 | 186455 |
| Mitsubishi Estate Co., Ltd. <sup>(b)</sup>  | 6393200 | 176908 |
| China Resources Land, Ltd.  | 45712500 | 171052 |
| Henderson Land Development Co., Ltd. <sup>(b)</sup>  | 37999000 | 140936 |
| Goodman Logistics (HK), Ltd. REIT  | 1452012 | 25849 |
|  |  | 701200 |
| **Total common stocks** (cost: $74,970,750,000) |  | 120373114 |
| Preferred securities 0.31% |  |  |
| **Financials 0.18%** | **Financials 0.18%** | **Financials 0.18%** |
| Itau Unibanco Holding SA, preferred nominative shares  | 27855809 | 233824 |
| **Consumer discretionary 0.10%** | **Consumer discretionary 0.10%** | **Consumer discretionary 0.10%** |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares <sup>(b)</sup>  | 2718181 | 121815 |
| TVS Motor Co., Ltd., 6.00% cumulative preferred shares, 2026 <sup>(a)</sup>  | 7411340 | 799 |
|  |  | 122614 |
| **Information technology 0.03%** | **Information technology 0.03%** | **Information technology 0.03%** |
| Wayve Technologies, Ltd., Series D, preferred shares <sup>(a)(d)(e)</sup>  | 56066 | 30000 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(d)(e)</sup>  | 3308 | 4153 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(d)(e)</sup>  | 133 | 167 |
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(d)(e)</sup>  | 11 | 14 |
| Canva Australia Holdings Pty, Ltd., Series A-5, noncumulative preferred shares <sup>(a)(d)(e)</sup>  | 9 | 11 |
|  |  | 34345 |
| **Total preferred securities** (cost: $432,722,000) |  | 390783 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** | **Information technology 0.00%** | **Information technology 0.00%** |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(d)</sup>  | 76328 | — <br><sup>(f)</sup><br>|
| **Total rights & warrants** (cost: $0) |  | — <br><sup>(f)</sup><br>|
| Short-term securities 5.15% |  |  |
| **Money market investments 4.29%** | **Money market investments 4.29%** | **Money market investments 4.29%** |
| Capital Group Central Cash Fund 3.71% <sup>(c)(g)</sup>  | 54428826 | 5442338 |
| **Money market investments purchased with collateral from securities on loan 0.86%** | **Money market investments purchased with collateral from securities on loan 0.86%** | **Money market investments purchased with collateral from securities on loan 0.86%** |
| BlackRock Liquidity Funds – FedFund, Institutional Shares 3.55% <sup>(g)(h)</sup>  | 207500000 | 207500 |
| Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 3.57% <sup>(g)(h)</sup>  | 207500000 | 207500 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.60% <sup>(g)(h)</sup>  | 174700000 | 174700 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 3.53% <sup>(g)(h)</sup>  | 152900000 | 152900 |
| Capital Group Central Cash Fund 3.71% <sup>(c)(g)(h)</sup>  | 878230 | 87814 |
| Fidelity Investments Money Market Government Portfolio, Class I 3.53% <sup>(g)(h)</sup>  | 87300000 | 87300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **7** | EUPAC Fund |

---

------

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000)<br>|
| **Money market investments purchased with collateral from securities on loan (continued)** | **Money market investments purchased with collateral from securities on loan (continued)** | **Money market investments purchased with collateral from securities on loan (continued)** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.58% <sup>(g)(h)</sup>  | 87244291 | $87244 |
| Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.54% <sup>(g)(h)</sup>  | 76400000 | 76400 |
| RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 3.58% <sup>(g)(h)</sup>  | 10900000 | 10900 |
|  |  | 1092258 |
| **Total short-term securities** (cost: $6,534,906,000) |  | 6534596 |
| **Total investment securities 100.42%** (cost: $81,938,378,000) |  | 127298493 |
| Other assets less liabilities (0.42)% |  | (537586)<br>|
| **Net assets 100.00%** |  | $126760907 |

---

**Investments in affiliates** <sup>(c)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>4/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>3/31/2026 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 4.29%** |  |  |  |  |  |  |  |
| **Industrials 0.39%** |  |  |  |  |  |  |  |
| Melrose Industries PLC  | $641302 | &nbsp;&nbsp; $72912 | &nbsp;&nbsp; $240627 | &nbsp;&nbsp; $(64038)<br>| &nbsp;&nbsp; $86428 | &nbsp;&nbsp; $495977 | &nbsp;&nbsp; $6850 |
| MTU Aero Engines AG <sup>(i)</sup>  | 934719 | &nbsp;&nbsp; 42351 | &nbsp;&nbsp; 538988 | &nbsp;&nbsp; 263560 | &nbsp;&nbsp; (160405)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6665 |
|  |  |  |  |  |  | &nbsp;&nbsp; 495977 |  |
| **Information technology 0.00%** |  |  |  |  |  |  |  |
| Sage Group PLC (The) <sup>(j)</sup>  | 789844 | &nbsp;&nbsp; 60868 | &nbsp;&nbsp; 655661 | &nbsp;&nbsp; (124029)<br>| &nbsp;&nbsp; (71022)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13383 |
| **Materials 1.84%** |  |  |  |  |  |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup>  | 636990 | &nbsp;&nbsp; 44336 | &nbsp;&nbsp; 7675 | &nbsp;&nbsp; 6523 | &nbsp;&nbsp; 518010 | &nbsp;&nbsp; 1198184 | &nbsp;&nbsp; — |
| Lundin Mining Corp.  | 388894 | &nbsp;&nbsp; 88335 | &nbsp;&nbsp; 68231 | &nbsp;&nbsp; 3430 | &nbsp;&nbsp; 720675 | &nbsp;&nbsp; 1133103 | &nbsp;&nbsp; 3566 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(b)(i)</sup>  | 367914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3237 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 1691 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(e)(i)</sup>  | 218452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2331287 |  |
| **Energy 2.06%** |  |  |  |  |  |  |  |
| Cenovus Energy, Inc. (CAD denominated)  | 660972 | &nbsp;&nbsp; 999472 | &nbsp;&nbsp; 195512 | &nbsp;&nbsp; 38811 | &nbsp;&nbsp; 1022102 | &nbsp;&nbsp; 2525845 | &nbsp;&nbsp; 40189 |
| Cenovus Energy, Inc.  | 32816 | &nbsp;&nbsp; 7288 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 36321 | &nbsp;&nbsp; 76027 | &nbsp;&nbsp; 1673 |
|  |  |  |  |  |  | &nbsp;&nbsp; 2601872 |  |
| **Total common stocks** |  |  |  |  |  | &nbsp;&nbsp; 5429136 |  |
| **Short-term securities 4.36%** |  |  |  |  |  |  |  |
| **Money market investments 4.29%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.71% <sup>(g)</sup>  | 4925264 | &nbsp;&nbsp; 21204599 | &nbsp;&nbsp; 20687333 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; (278)<br>| &nbsp;&nbsp; 5442338 | &nbsp;&nbsp; 204542 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.07%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.71% <sup>(g)(h)</sup>  | 20412 | &nbsp;&nbsp; 67402 <br><sup>(k)</sup><br>|  |  |  | &nbsp;&nbsp; 87814 | &nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 5530152 |  |
| **Total 8.65%** |  |  |  | &nbsp;&nbsp; $124732 | &nbsp;&nbsp; $2154950 | &nbsp;&nbsp; $10959288 | &nbsp;&nbsp; $276868 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUPAC Fund<sub>8</sub>

------

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> <br>| 12/18/2023 | $230721 | $219880 | 0.17<br> %<br>|
| Canva Australia Holdings Pty, Ltd. <sup>(a)(d)</sup> <br>| 8/26/2021-11/4/2021 | 64403 | 47428 | 0.04 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative <br> preferred shares <sup>(a)(d)</sup> <br>| 11/4/2021 | 5639 | 4153 | 0.00 <br><sup>(m)</sup><br>|
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative <br> preferred shares <sup>(a)(d)</sup> <br>| 11/4/2021 | 227 | 167 | 0.00 <br><sup>(m)</sup><br>|
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative <br> preferred shares <sup>(a)(d)</sup> <br>| 11/4/2021 | 19 | 14 | 0.00 <br><sup>(m)</sup><br>|
| Canva Australia Holdings Pty, Ltd., Series A-5, noncumulative <br> preferred shares <sup>(a)(d)</sup> <br>| 11/4/2021 | 15 | 11 | 0.00 <br><sup>(m)</sup><br>|
| Checkout Payments Group, Ltd., Class B <sup>(d)</sup> <br>| 1/11/2022 | 148840 | 41990 | 0.03 |
| Wayve Technologies, Ltd., Series D, preferred shares <sup>(a)(d)</sup> <br>| 2/11/2026 | 30000 | 30000 | 0.03 |
| **Total** |  | $479864 | $343643 | 0.27<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> 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.

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Rate represents the seven-day yield at 3/31/2026.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Affiliated issuer during the reporting period but no longer an affiliate at 3/31/2026. Refer to the investment portfolio for the security value at 3/31/2026.

<sup>(j)</sup> Affiliated issuer during the reporting period but no longer held at 3/31/2026.

<sup>(k)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(l)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(m)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| BDR = Brazilian Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest  |
| EUR = Euros |
| GBP = British pounds |
| REIT = Real Estate Investment Trust |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **9** | EUPAC Fund |

---

------

Financial statements

**Statement of assets and liabilities** at March 31, 2026

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value (includes $1,652,023 of <br>investment securities on loan):<br>|  |  |
| Unaffiliated issuers (cost: $73,647,163) | $116339205 |  |
| Affiliated issuers (cost: $8,291,215) | 10959288 | $127298493 |
| Cash |  | 7506 |
| Cash denominated in currencies other than U.S. dollars (cost: $104,377) |  | 104448 |
| Receivables for: |  |  |
| Sales of investments | 322735 |  |
| Sales of fund's shares | 295763 |  |
| Dividends | 480841 |  |
| Securities lending income | 770 |  |
| Other | 5456 | 1105565<br>|
|  |  | 128516012 |
| **Liabilities:** |  |  |
| Collateral for securities on loan |  | 1092258 |
| Payables for: |  |  |
| Purchases of investments | 261611 |  |
| Repurchases of fund's shares | 160312 |  |
| Investment advisory services | 45969 |  |
| Services provided by related parties | 14914 |  |
| Trustees' deferred compensation | 6499 |  |
| U.S. and non-U.S. taxes | 169632 |  |
| Other | 3910 | 662847<br>|
| **Net assets at March 31, 2026** |  | $126760907 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $76540838 |
| Total distributable earnings (accumulated loss) |  | 50220069<br>|
| **Net assets at March 31, 2026** |  | $126760907 |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUPAC Fund<sub>10</sub>

------

Financial statements (continued)

**Statement of assets and liabilities** at March 31, 2026 (continued)

------

(dollars and shares in thousands, except per-share amounts)

**Shares of beneficial interest issued and outstanding (no stated par value) —**

**unlimited shares authorized (2,159,708 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $20150141 | 343027 | $58.74 |
| Class C | 208128 | 3718 | 55.97 |
| Class T | 12 | —<br> \*<br>| 58.87 |
| Class F-1 | 1197188 | 20501 | 58.40 |
| Class F-2 | 20114330 | 343128 | 58.62 |
| Class F-3 | 16419458 | 278609 | 58.93 |
| Class 529-A | 1362561 | 23639 | 57.64 |
| Class 529-C | 20702 | 376 | 55.13 |
| Class 529-E | 46226 | 815 | 56.71 |
| Class 529-T | 20 | —<br> \*<br>| 58.82 |
| Class 529-F-1 | 14 | —<br> \*<br>| 57.57 |
| Class 529-F-2 | 280788 | 4779 | 58.75 |
| Class 529-F-3 | 84 | 2 | 58.68 |
| Class R-1 | 97981 | 1802 | 54.39 |
| Class R-2 | 669339 | 12191 | 54.91 |
| Class R-2E | 70235 | 1224 | 57.39 |
| Class R-3 | 1440489 | 25404 | 56.70 |
| Class R-4 | 2339060 | 41052 | 56.98 |
| Class R-5E | 746954 | 12830 | 58.22 |
| Class R-5 | 2274751 | 38709 | 58.77 |
| Class R-6 | 59322446 | 1007902 | 58.86 |

---

\*

Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **11** | EUPAC Fund |

---

------

Financial statements (continued)

**Statement of operations** for the year ended March 31, 2026

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Dividends (net of non-U.S. taxes of $259,842; <br>also includes $276,868 from affiliates)<br>| $3022116 |  |
| Securities lending income (net of fees) | 3523 |  |
| Interest from unaffiliated issuers | 2423 | $3028062 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 557794 |  |
| Distribution services | 79122 |  |
| Transfer agent services | 63100 |  |
| Administrative services | 40080 |  |
| 529 plan services | 889 |  |
| Reports to shareholders | 2630 |  |
| Registration statement and prospectus | 6317 |  |
| Trustees' compensation | 1919 |  |
| Auditing and legal | 265 |  |
| Custodian | 17981 |  |
| Other | 94 | 770191<br>|
| Net investment income |  | 2257871<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments (net of non-U.S. taxes of $90,628): |  |  |
| Unaffiliated issuers | 18289091 |  |
| Affiliated issuers | 124732 |  |
| In-kind redemptions | 555113 |  |
| Currency transactions | 34929 | 19003865 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments (net of non-U.S. taxes of $139,476): |  |  |
| Unaffiliated issuers | 3286501 |  |
| Affiliated issuers | 2154950 |  |
| Currency translations | 6160 | 5447611<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 24451476<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $26709347 |

---

\*

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,** | **Year ended March 31,** |
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | $2257871 | $1766982 |
| Net realized gain (loss) | 19003865 | 8903998 |
| Net unrealized appreciation (depreciation) | 5447611 | (10391315)<br>|
| Net increase (decrease) in net assets resulting from operations | 26709347 | 279665 |
| **Distributions paid to shareholders** | (17384921)<br>| (8561098)<br>|
| **Net capital share transactions** | (6772591)<br>| (8691788)<br>|
| **Total increase (decrease) in net assets**  | 2551835 | (16973221)<br>|
| **Net assets:** |  |  |
| Beginning of year | 124209072 | 141182293 |
| End of year | $126760907 | $124209072 |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUPAC Fund<sub>12</sub>

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Notes to financial statements

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**1. Organization**

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EUPAC Fund (formerly 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:

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

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\*

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**

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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 ("FASB"). 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 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.

**Operating segments** — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the fund's Principal Executive Officer and Principal Financial Officer, serves as the fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

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| | |
|:---|:---|
| **13** | EUPAC Fund |

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**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.

**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. During the year ended March 31, 2026, the fund delivered $1,016,780,000 of investment securities in connection with in-kind redemptions. Realized gains or losses resulting from redemptions of shares in-kind are reflected separately in the fund's statement of operations.

**3. Valuation**

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Capital Research and Management Company ("CRMC"), the fund's investment adviser, values the fund's investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The fund's investment adviser uses the following methods and inputs to establish the fair value of the fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

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

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

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| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing models <br> such as yield measures calculated using factors such as cash flows, financial <br> or collateral performance and other reference data (collectively referred to <br> as "standard inputs")<br>|
| 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 | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information <br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EUPAC Fund<sub>14</sub>

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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.

**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 March 31, 2026, were as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $1766813 | $20445886 | $— | $22212699 |
| Financials | 1581528 | 20322743 | 41990 | 21946261 |
| Information technology | 1561446 | 19448769 | 47428 | 21057643 |
| Materials | 8549521 | 4971348 |  | 13520869 |
| Consumer discretionary | 2100685 | 7521572 |  | 9622257 |
| Energy | 4350425 | 3784111 | —<br> \*<br>| 8134536 |
| Health care | 1042394 | 6776508 |  | 7818902 |
| Communication services | 182477 | 5440806 |  | 5623283 |
| Consumer staples | 895824 | 4399462 |  | 5295286 |
| Utilities | 108187 | 4331991 |  | 4440178 |
| Real estate |  | 701200 |  | 701200 |
| Preferred securities  | 234623 | 121815 | 34345 | 390783 |
| Rights & warrants  |  |  | —<br> \*<br>| —<br> \*<br>|
| Short-term securities | 6534596 |  |  | 6534596 |
| Total | $28908519 | $98266211 | $123763 | $127298493 |

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\*

Amount less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **15** | EUPAC Fund |

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**4. Risk factors**

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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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; 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), bank failures 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 the issuer's financial condition or credit rating, 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**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., and securities tied economically to countries 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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, sanctions, 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 regulatory, legal, accounting, auditing, financial reporting and recordkeeping 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, which could impact the liquidity of the fund's portfolio. 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 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 such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| EUPAC Fund | **16** |

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more volatile and less liquid, more vulnerable to market manipulation, and 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.

**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**

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**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, 2026, the total value of securities on loan was $1,652,023,000, and the total value of collateral received was $1,743,671,000. Collateral received includes cash of $1,092,258,000 and U.S. government securities of $651,413,000. Investment securities purchased from cash collateral are disclosed in the fund's investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

**6. Taxation and distributions**

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**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, 2026, 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 year, the fund did not incur any significant interest or penalties.

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

**Non-U.S. taxation** — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally 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.

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| | |
|:---|:---|
| **17** | EUPAC Fund |

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**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 and non-U.S. taxes on capital gains. 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, 2026, the fund reclassified $1,877,649,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of March 31, 2026, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

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| | |
|:---|:---|
| Late year ordinary loss deferral\* | $(1329532)<br>|
| Undistributed long-term capital gains | 7871910 |
| Post-October capital loss deferral\* | (671705)<br>|
| Gross unrealized appreciation on investments | 46922421 |
| Gross unrealized depreciation on investments | (2432576)<br>|
| Net unrealized appreciation (depreciation) on investments | 44489845 |
| Cost of investments | 82808648 |

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\*

These deferrals are considered incurred in the subsequent year.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class A | &nbsp;&nbsp; $583705 | $2088565 | $2672270 | &nbsp;&nbsp;&nbsp;&nbsp; $221054 | $1009516 | $1230570 |
| Class C | &nbsp;&nbsp; 5273 | 24286 | 29559 | &nbsp;&nbsp;&nbsp;&nbsp; 954 | 14154 | 15108 |
| Class T | &nbsp;&nbsp; —<br> \*<br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| 1 | 1 |
| Class F-1 | &nbsp;&nbsp; 35043 | 126763 | 161806 | &nbsp;&nbsp;&nbsp;&nbsp; 13693 | 64403 | 78096 |
| Class F-2 | &nbsp;&nbsp; 629388 | 2123519 | 2752907 | &nbsp;&nbsp;&nbsp;&nbsp; 273756 | 1013562 | 1287318 |
| Class F-3 | &nbsp;&nbsp; 523765 | 1717644 | 2241409 | &nbsp;&nbsp;&nbsp;&nbsp; 238947 | 812535 | 1051482 |
| Class 529-A | &nbsp;&nbsp; 39373 | 140576 | 179949 | &nbsp;&nbsp;&nbsp;&nbsp; 14166 | 66016 | 80182 |
| Class 529-C | &nbsp;&nbsp; 512 | 2315 | 2827 | &nbsp;&nbsp;&nbsp;&nbsp; 81 | 1322 | 1403 |
| Class 529-E | &nbsp;&nbsp; 1269 | 4898 | 6167 | &nbsp;&nbsp;&nbsp;&nbsp; 413 | 2425 | 2838 |
| Class 529-T | &nbsp;&nbsp; 1 | 2 | 3 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| 1 | 1 |
| Class 529-F-1 | &nbsp;&nbsp; —<br> \*<br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | &nbsp;&nbsp; 8059 | 26459 | 34518 | &nbsp;&nbsp;&nbsp;&nbsp; 2902 | 10724 | 13626 |
| Class 529-F-3 | &nbsp;&nbsp; 3 | 9 | 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | 3 | 4 |
| Class R-1 | &nbsp;&nbsp; 2551 | 11049 | 13600 | &nbsp;&nbsp;&nbsp;&nbsp; 456 | 5384 | 5840 |
| Class R-2 | &nbsp;&nbsp; 16968 | 72727 | 89695 | &nbsp;&nbsp;&nbsp;&nbsp; 3324 | 36720 | 40044 |
| Class R-2E | &nbsp;&nbsp; 1807 | 7393 | 9200 | &nbsp;&nbsp;&nbsp;&nbsp; 474 | 3408 | 3882 |
| Class R-3 | &nbsp;&nbsp; 40088 | 155412 | 195500 | &nbsp;&nbsp;&nbsp;&nbsp; 12628 | 78159 | 90787 |
| Class R-4 | &nbsp;&nbsp; 72593 | 262941 | 335534 | &nbsp;&nbsp;&nbsp;&nbsp; 31589 | 143144 | 174733 |
| Class R-5E | &nbsp;&nbsp; 22579 | 76721 | 99300 | &nbsp;&nbsp;&nbsp;&nbsp; 10044 | 38271 | 48315 |
| Class R-5 | &nbsp;&nbsp; 71380 | 240660 | 312040 | &nbsp;&nbsp;&nbsp;&nbsp; 39104 | 141454 | 180558 |
| Class R-6 | &nbsp;&nbsp; 1905493 | 6343130 | 8248623 | &nbsp;&nbsp;&nbsp;&nbsp; 965602 | 3290708 | 4256310 |
| Total | &nbsp;&nbsp; $3959850 | $13425071 | $17384921 | &nbsp;&nbsp;&nbsp;&nbsp; $1829188 | $6731910 | $8561098 |

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\*

Amount less than one thousand.

**7. Fees and transactions with related parties**

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CRMC, the fund's investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, CCG and AFS are considered related parties to the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| EUPAC Fund | **18** |

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**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, 2026, the investment advisory services fees were $557,794,000, which were equivalent to an annualized rate of 0.418% 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 CCG for paying service fees, to firms that have entered into agreements with CCG 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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Class 529-A | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Classes C, 529-C and R-1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2E | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Classes 529-E and R-3 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG 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, 2026, 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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS 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 Commonwealth Savers Plan (formerly, 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 Commonwealth Savers Plan through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Commonwealth Savers Plan is not considered a related party to the fund.

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended March 31, 2026, the 529 plan services fees were $889,000, which were equivalent to 0.052% of the average daily net assets of each 529 share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **19** | EUPAC Fund |

---

------

For the year ended March 31, 2026, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>| **529 plan** <br>**services**<br>|
| Class A | $49707 | $23779 | $6205 | Not applicable |
| Class C | 2323 | 257 | 70 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 3091 | 1760 | 374 | Not applicable |
| Class F-2 | Not applicable | 24297 | 6331 | Not applicable |
| Class F-3 | Not applicable | 340 | 5069 | Not applicable |
| Class 529-A | 3168 | 1393 | 411 | $716 |
| Class 529-C | 218 | 23 | 6 | 11 |
| Class 529-E | 238 | 32 | 14 | 25 |
| Class 529-T |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-1 |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | Not applicable | 163 | 78 | 137 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 1016 | 100 | 30 | Not applicable |
| Class R-2 | 5077 | 2351 | 203 | Not applicable |
| Class R-2E | 438 | 146 | 22 | Not applicable |
| Class R-3 | 7502 | 2241 | 452 | Not applicable |
| Class R-4 | 6344 | 2589 | 765 | Not applicable |
| Class R-5E | Not applicable | 1139 | 228 | Not applicable |
| Class R-5 | Not applicable | 1221 | 725 | Not applicable |
| Class R-6 | Not applicable | 1269 | 19097 | Not applicable |
| Total class-specific expenses | $79122 | $63100 | $40080 | $889 |

---

\*

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 $1,919,000 in the fund's statement of operations reflects $586,000 in current fees (either paid in cash or deferred) and a net increase of $1,333,000 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, CCG and AFS. No affiliated officers or trustees received any compensation directly from the fund.

**Investment in CCF** — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund's short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

**Security transactions with related funds** — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended March 31, 2026, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,933,367,000 and $2,667,347,000, respectively, which generated $878,540,000 of net realized gains from such sales.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EUPAC Fund | **20** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** |
| Class A | $1022547 | 16635 | &nbsp;&nbsp;&nbsp; $2611323 | 44012 | &nbsp;&nbsp;&nbsp; $(3447692)<br>| (56115)<br>| &nbsp;&nbsp;&nbsp; $186178 | 4532 |
| Class C | 31709 | 539 | &nbsp;&nbsp;&nbsp; 29450 | 519 | &nbsp;&nbsp;&nbsp; (99480)<br>| (1691)<br>| &nbsp;&nbsp;&nbsp; (38321)<br>| (633)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 54874 | 899 | &nbsp;&nbsp;&nbsp; 157320 | 2667 | &nbsp;&nbsp;&nbsp; (245065)<br>| (4027)<br>| &nbsp;&nbsp;&nbsp; (32871)<br>| (461)<br>|
| Class F-2 | 2799296 | 45652 | &nbsp;&nbsp;&nbsp; 2647532 | 44736 | &nbsp;&nbsp;&nbsp; (5910335)<br>| (95944)<br>| &nbsp;&nbsp;&nbsp; (463507)<br>| (5556)<br>|
| Class F-3 | 2139384 | 35118 | &nbsp;&nbsp;&nbsp; 2103288 | 35367 | &nbsp;&nbsp;&nbsp; (4137602)<br>| (67664)<br>| &nbsp;&nbsp;&nbsp; 105070 | 2821 |
| Class 529-A | 107443 | 1774 | &nbsp;&nbsp;&nbsp; 179890 | 3088 | &nbsp;&nbsp;&nbsp; (214098)<br>| (3530)<br>| &nbsp;&nbsp;&nbsp; 73235 | 1332 |
| Class 529-C | 5335 | 92 | &nbsp;&nbsp;&nbsp; 2826 | 51 | &nbsp;&nbsp;&nbsp; (9208)<br>| (159)<br>| &nbsp;&nbsp;&nbsp; (1047)<br>| (16)<br>|
| Class 529-E | 3799 | 63 | &nbsp;&nbsp;&nbsp; 6166 | 107 | &nbsp;&nbsp;&nbsp; (9707)<br>| (162)<br>| &nbsp;&nbsp;&nbsp; 258 | 8 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 55423 | 895 | &nbsp;&nbsp;&nbsp; 34516 | 582 | &nbsp;&nbsp;&nbsp; (37732)<br>| (611)<br>| &nbsp;&nbsp;&nbsp; 52207 | 866 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 11 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (12)<br>| 1 | &nbsp;&nbsp;&nbsp; (1)<br>| 1 |
| Class R-1 | 12816 | 224 | &nbsp;&nbsp;&nbsp; 13598 | 247 | &nbsp;&nbsp;&nbsp; (26349)<br>| (460)<br>| &nbsp;&nbsp;&nbsp; 65 | 11 |
| Class R-2 | 115914 | 1979 | &nbsp;&nbsp;&nbsp; 89647 | 1611 | &nbsp;&nbsp;&nbsp; (206570)<br>| (3644)<br>| &nbsp;&nbsp;&nbsp; (1009)<br>| (54)<br>|
| Class R-2E | 13716 | 229 | &nbsp;&nbsp;&nbsp; 9200 | 159 | &nbsp;&nbsp;&nbsp; (21231)<br>| (348)<br>| &nbsp;&nbsp;&nbsp; 1685 | 40 |
| Class R-3 | 204140 | 3433 | &nbsp;&nbsp;&nbsp; 195304 | 3405 | &nbsp;&nbsp;&nbsp; (426735)<br>| (7141)<br>| &nbsp;&nbsp;&nbsp; (27291)<br>| (303)<br>|
| Class R-4 | 293375 | 4931 | &nbsp;&nbsp;&nbsp; 335483 | 5826 | &nbsp;&nbsp;&nbsp; (900042)<br>| (15046)<br>| &nbsp;&nbsp;&nbsp; (271184)<br>| (4289)<br>|
| Class R-5E | 192426 | 3161 | &nbsp;&nbsp;&nbsp; 99290 | 1689 | &nbsp;&nbsp;&nbsp; (279537)<br>| (4600)<br>| &nbsp;&nbsp;&nbsp; 12179 | 250 |
| Class R-5 | 290059 | 4675 | &nbsp;&nbsp;&nbsp; 311672 | 5255 | &nbsp;&nbsp;&nbsp; (783639)<br>| (12707)<br>| &nbsp;&nbsp;&nbsp; (181908)<br>| (2777)<br>|
| Class R-6 | 7509715 | 122431 | &nbsp;&nbsp;&nbsp; 8240521 | 138747 | &nbsp;&nbsp;&nbsp; (21936569)<br>| (355270)<br>| &nbsp;&nbsp;&nbsp; (6186333)<br>| (94092)<br>|
| Total net increase <br> (decrease)<br>| $14851971 | 242730 | &nbsp;&nbsp;&nbsp; $17067041 | 288068 | &nbsp;&nbsp;&nbsp; $(38691603)<br>| (629118)<br>| &nbsp;&nbsp;&nbsp; $(6772591)<br>| (98320)<br>|

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **21** | EUPAC Fund |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| Class A | $785236 | 13668 | &nbsp;&nbsp;&nbsp; $1203965 | 21679 | &nbsp;&nbsp;&nbsp; $(3157841)<br>| (55040)<br>| &nbsp;&nbsp;&nbsp; $(1168640)<br>| (19693)<br>|
| Class C | 23784 | 431 | &nbsp;&nbsp;&nbsp; 15025 | 280 | &nbsp;&nbsp;&nbsp; (99347)<br>| (1800)<br>| &nbsp;&nbsp;&nbsp; (60538)<br>| (1089)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 60080 | 1055 | &nbsp;&nbsp;&nbsp; 75878 | 1372 | &nbsp;&nbsp;&nbsp; (290511)<br>| (5088)<br>| &nbsp;&nbsp;&nbsp; (154553)<br>| (2661)<br>|
| Class F-2 | 3635664 | 63585 | &nbsp;&nbsp;&nbsp; 1239434 | 22372 | &nbsp;&nbsp;&nbsp; (6284984)<br>| (110125)<br>| &nbsp;&nbsp;&nbsp; (1409886)<br>| (24168)<br>|
| Class F-3 | 2411845 | 41825 | &nbsp;&nbsp;&nbsp; 990350 | 17836 | &nbsp;&nbsp;&nbsp; (3959154)<br>| (68771)<br>| &nbsp;&nbsp;&nbsp; (556959)<br>| (9110)<br>|
| Class 529-A | 94712 | 1677 | &nbsp;&nbsp;&nbsp; 80156 | 1466 | &nbsp;&nbsp;&nbsp; (240172)<br>| (4253)<br>| &nbsp;&nbsp;&nbsp; (65304)<br>| (1110)<br>|
| Class 529-C | 5183 | 95 | &nbsp;&nbsp;&nbsp; 1400 | 27 | &nbsp;&nbsp;&nbsp; (13750)<br>| (253)<br>| &nbsp;&nbsp;&nbsp; (7167)<br>| (131)<br>|
| Class 529-E | 4245 | 77 | &nbsp;&nbsp;&nbsp; 2838 | 53 | &nbsp;&nbsp;&nbsp; (10561)<br>| (190)<br>| &nbsp;&nbsp;&nbsp; (3478)<br>| (60)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 41985 | 731 | &nbsp;&nbsp;&nbsp; 13617 | 246 | &nbsp;&nbsp;&nbsp; (37130)<br>| (646)<br>| &nbsp;&nbsp;&nbsp; 18472 | 331 |
| Class 529-F-3 | 63 | 1 | &nbsp;&nbsp;&nbsp; 3 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (36)<br>| (1)<br>| &nbsp;&nbsp;&nbsp; 30 | — <br><sup>†</sup><br>|
| Class R-1 | 13124 | 243 | &nbsp;&nbsp;&nbsp; 5840 | 112 | &nbsp;&nbsp;&nbsp; (26141)<br>| (485)<br>| &nbsp;&nbsp;&nbsp; (7177)<br>| (130)<br>|
| Class R-2 | 148081 | 2712 | &nbsp;&nbsp;&nbsp; 40015 | 760 | &nbsp;&nbsp;&nbsp; (186462)<br>| (3428)<br>| &nbsp;&nbsp;&nbsp; 1634 | 44 |
| Class R-2E | 10936 | 195 | &nbsp;&nbsp;&nbsp; 3881 | 71 | &nbsp;&nbsp;&nbsp; (13845)<br>| (247)<br>| &nbsp;&nbsp;&nbsp; 972 | 19 |
| Class R-3 | 219786 | 3939 | &nbsp;&nbsp;&nbsp; 90664 | 1679 | &nbsp;&nbsp;&nbsp; (492300)<br>| (8794)<br>| &nbsp;&nbsp;&nbsp; (181850)<br>| (3176)<br>|
| Class R-4 | 299900 | 5366 | &nbsp;&nbsp;&nbsp; 174709 | 3227 | &nbsp;&nbsp;&nbsp; (1031297)<br>| (18385)<br>| &nbsp;&nbsp;&nbsp; (556688)<br>| (9792)<br>|
| Class R-5E | 214424 | 3755 | &nbsp;&nbsp;&nbsp; 48306 | 877 | &nbsp;&nbsp;&nbsp; (321163)<br>| (5595)<br>| &nbsp;&nbsp;&nbsp; (58433)<br>| (963)<br>|
| Class R-5 | 289354 | 5030 | &nbsp;&nbsp;&nbsp; 180096 | 3237 | &nbsp;&nbsp;&nbsp; (1542300)<br>| (26796)<br>| &nbsp;&nbsp;&nbsp; (1072850)<br>| (18529)<br>|
| Class R-6 | 8390426 | 145739 | &nbsp;&nbsp;&nbsp; 4250859 | 76589 | &nbsp;&nbsp;&nbsp; (16050660)<br>| (278672)<br>| &nbsp;&nbsp;&nbsp; (3409375)<br>| (56344)<br>|
| Total net increase <br> (decrease)<br>| $16648828 | 290124 | &nbsp;&nbsp;&nbsp; $8417038 | 151883 | &nbsp;&nbsp;&nbsp; $(33757654)<br>| (588569)<br>| &nbsp;&nbsp;&nbsp; $(8691788)<br>| (146562)<br>|

---

\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

**10. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $64,030,709,000 and $85,669,909,000, respectively, during the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EUPAC Fund | **22** |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended**  | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of year**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| <br>**Net asset** <br>**value, end** <br>**of year**<br>| <br>**Total** <br>**return**<sup>2</sup> <br>| <br>**Net assets,** <br>**end of year** <br>**(in millions)** <br>| <br>**Ratio of** <br>**expenses to** <br>**average** <br>**net assets**<sup>3</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss) to** <br>**average** <br>**net assets**<br>|
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 3/31/2026 | $55.08 | &nbsp;&nbsp; $.88 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $11.95 | &nbsp;&nbsp; $(1.83)<br>| &nbsp;&nbsp; $(6.46)<br>| &nbsp;&nbsp; $(8.29)<br>| &nbsp;&nbsp; $58.74 | 21.87<br> %<br>| &nbsp;&nbsp; $20150 | &nbsp;&nbsp; .82<br> %<br>| 1.43<br> %<br>|
| 3/31/2025 | 58.78 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.59)<br>| 55.08 | &nbsp;&nbsp; (.05)<br>| &nbsp;&nbsp; 18644 | &nbsp;&nbsp; .83 | 1.05 |
| 3/31/2024 | 53.82 | &nbsp;&nbsp; .65 | 6.26 | 6.91 | &nbsp;&nbsp; (.89)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.95)<br>| 58.78 | 13.07 | &nbsp;&nbsp; 21055 | &nbsp;&nbsp; .84 | 1.21 |
| 3/31/2023 | 56.81 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; (.58)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.85)<br>| 53.82 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; 20320 | &nbsp;&nbsp; .84 | 1.60 |
| 3/31/2022 | 68.98 | &nbsp;&nbsp; .57 | &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp; (.94)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.35)<br>| 56.81 | &nbsp;&nbsp; (9.65)<br>| &nbsp;&nbsp; 23445 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; .85 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 3/31/2026 | 52.88 | &nbsp;&nbsp; .42 | 10.58 | 11.00 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (7.91)<br>| 55.97 | 20.96 | &nbsp;&nbsp; 208 | 1.57 | &nbsp;&nbsp; .71 |
| 3/31/2025 | 56.53 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (.20)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.14)<br>| 52.88 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 230 | 1.56 | &nbsp;&nbsp; .34 |
| 3/31/2024 | 51.79 | &nbsp;&nbsp; .25 | 6.02 | 6.27 | &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.53)<br>| 56.53 | 12.23 | &nbsp;&nbsp; 307 | 1.59 | &nbsp;&nbsp; .48 |
| 3/31/2023 | 54.77 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.55)<br>| 51.79 | &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; 371 | 1.58 | &nbsp;&nbsp; .89 |
| 3/31/2022 | 66.76 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (5.91)<br>| 54.77 | &nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp; 512 | 1.55 | &nbsp;&nbsp; .11 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 3/31/2026 | 55.15 | 1.03 | 11.10 | 12.13 | &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.41)<br>| 58.87 | 22.18 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .57 <br><sup>4</sup><br>| 1.68 <br><sup>4</sup><br>|
| 3/31/2025 | 58.86 | &nbsp;&nbsp; .75 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; .03 | &nbsp;&nbsp; (.80)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.74)<br>| 55.15 | &nbsp;&nbsp; .22 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .58 <br><sup>4</sup><br>| 1.30 <br><sup>4</sup><br>|
| 3/31/2024 | 53.89 | &nbsp;&nbsp; .81 | 6.27 | 7.08 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.11)<br>| 58.86 | 13.36 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .56 <br><sup>4</sup><br>| 1.48 <br><sup>4</sup><br>|
| 3/31/2023 | 56.86 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.95)<br>| 53.89 | &nbsp;&nbsp; (3.37 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .57 <br><sup>4</sup><br>| 1.84 <br><sup>4</sup><br>|
| 3/31/2022 | 69.04 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (6.40)<br>| &nbsp;&nbsp; (5.67)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.51)<br>| 56.86 | &nbsp;&nbsp; (9.45 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .57 <br><sup>4</sup><br>| 1.09 <br><sup>4</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 3/31/2026 | 54.80 | &nbsp;&nbsp; .86 | 11.01 | 11.87 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.27)<br>| 58.40 | 21.84 | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; .86 | 1.41 |
| 3/31/2025 | 58.50 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (.13)<br>| &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.57)<br>| 54.80 | &nbsp;&nbsp; (.07)<br>| &nbsp;&nbsp; 1149 | &nbsp;&nbsp; .86 | 1.04 |
| 3/31/2024 | 53.56 | &nbsp;&nbsp; .65 | 6.23 | 6.88 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.94)<br>| 58.50 | 13.02 | &nbsp;&nbsp; 1382 | &nbsp;&nbsp; .86 | 1.21 |
| 3/31/2023 | 56.53 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.84)<br>| 53.56 | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; 1489 | &nbsp;&nbsp; .85 | 1.61 |
| 3/31/2022 | 68.67 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (6.38)<br>| &nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.31)<br>| 56.53 | &nbsp;&nbsp; (9.71)<br>| &nbsp;&nbsp; 1877 | &nbsp;&nbsp; .84 | &nbsp;&nbsp; .81 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 3/31/2026 | 54.95 | 1.02 | 11.05 | 12.07 | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.40)<br>| 58.62 | 22.16 | &nbsp;&nbsp; 20114 | &nbsp;&nbsp; .58 | 1.67 |
| 3/31/2025 | 58.66 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; .03 | &nbsp;&nbsp; (.80)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.74)<br>| 54.95 | &nbsp;&nbsp; .22 | &nbsp;&nbsp; 19160 | &nbsp;&nbsp; .57 | 1.32 |
| 3/31/2024 | 53.71 | &nbsp;&nbsp; .79 | 6.27 | 7.06 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.11)<br>| 58.66 | 13.36 | &nbsp;&nbsp; 21872 | &nbsp;&nbsp; .57 | 1.47 |
| 3/31/2023 | 56.66 | &nbsp;&nbsp; .95 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.95)<br>| 53.71 | &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; 19982 | &nbsp;&nbsp; .57 | 1.89 |
| 3/31/2022 | 68.83 | &nbsp;&nbsp; .73 | &nbsp;&nbsp; (6.38)<br>| &nbsp;&nbsp; (5.65)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.52)<br>| 56.66 | &nbsp;&nbsp; (9.44)<br>| &nbsp;&nbsp; 24887 | &nbsp;&nbsp; .57 | 1.08 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 3/31/2026 | 55.19 | 1.10 | 11.09 | 12.19 | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.45)<br>| 58.93 | 22.30 | &nbsp;&nbsp; 16420 | &nbsp;&nbsp; .47 | 1.79 |
| 3/31/2025 | 58.90 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.80)<br>| 55.19 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; 15220 | &nbsp;&nbsp; .47 | 1.42 |
| 3/31/2024 | 53.93 | &nbsp;&nbsp; .86 | 6.27 | 7.13 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.16)<br>| 58.90 | 13.50 | &nbsp;&nbsp; 16782 | &nbsp;&nbsp; .46 | 1.58 |
| 3/31/2023 | 56.87 | 1.00 | &nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.99)<br>| 53.93 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; 15313 | &nbsp;&nbsp; .46 | 1.98 |
| 3/31/2022 | 69.06 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (6.40)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.59)<br>| 56.87 | &nbsp;&nbsp; (9.34)<br>| &nbsp;&nbsp; 18026 | &nbsp;&nbsp; .46 | 1.19 |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 3/31/2026 | 54.18 | &nbsp;&nbsp; .84 | 10.90 | 11.74 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.28)<br>| 57.64 | 21.83 | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; .86 | 1.39 |
| 3/31/2025 | 57.89 | &nbsp;&nbsp; .59 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; (.14)<br>| &nbsp;&nbsp; (.63)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.57)<br>| 54.18 | &nbsp;&nbsp; (.06)<br>| &nbsp;&nbsp; 1209 | &nbsp;&nbsp; .85 | 1.03 |
| 3/31/2024 | 53.03 | &nbsp;&nbsp; .63 | 6.17 | 6.80 | &nbsp;&nbsp; (.88)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.94)<br>| 57.89 | 13.04 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; .87 | 1.18 |
| 3/31/2023 | 56.00 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.84)<br>| 53.03 | &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; 1325 | &nbsp;&nbsp; .87 | 1.57 |
| 3/31/2022 | 68.08 | &nbsp;&nbsp; .55 | &nbsp;&nbsp; (6.29)<br>| &nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.34)<br>| 56.00 | &nbsp;&nbsp; (9.67)<br>| &nbsp;&nbsp; 1487 | &nbsp;&nbsp; .83 | &nbsp;&nbsp; .83 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **23** | EUPAC Fund |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value, end**<br> **of year**<br>| <br>**Total**<br> **return**<sup>2</sup><br>| <br>**Net assets,**<br> **end of year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average**<br> **net assets**<sup>3</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<br>|
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 3/31/2026 | $52.21 | &nbsp;&nbsp; $.37 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $(1.46)<br>| &nbsp;&nbsp; $(6.46)<br>| &nbsp;&nbsp; $(7.92)<br>| &nbsp;&nbsp; $55.13 | 20.90<br> %<br>| &nbsp;&nbsp; $21 | 1.62<br> %<br>| &nbsp;&nbsp; .64<br> %<br>|
| 3/31/2025 | 55.84 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.52)<br>| &nbsp;&nbsp; (.17)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.11)<br>| 52.21 | &nbsp;&nbsp; (.81)<br>| &nbsp;&nbsp; 20 | 1.59 | &nbsp;&nbsp; .32 |
| 3/31/2024 | 51.16 | &nbsp;&nbsp; .23 | 5.93 | 6.16 | &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.48)<br>| 55.84 | 12.19 | &nbsp;&nbsp; 29 | 1.63 | &nbsp;&nbsp; .45 |
| 3/31/2023 | 54.10 | &nbsp;&nbsp; .40 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (.24)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.51)<br>| 51.16 | &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; 38 | 1.64 | &nbsp;&nbsp; .84 |
| 3/31/2022 | 66.00 | &nbsp;&nbsp; .04 | &nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (.45)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (5.86)<br>| 54.10 | &nbsp;&nbsp; (10.37)<br>| &nbsp;&nbsp; 56 | 1.60 | &nbsp;&nbsp; .06 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 3/31/2026 | 53.44 | &nbsp;&nbsp; .69 | 10.74 | 11.43 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.16)<br>| 56.71 | 21.54 | &nbsp;&nbsp; 46 | 1.09 | 1.16 |
| 3/31/2025 | 57.14 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.26)<br>| &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.44)<br>| 53.44 | &nbsp;&nbsp; (.28)<br>| &nbsp;&nbsp; 43 | 1.08 | &nbsp;&nbsp; .81 |
| 3/31/2024 | 52.37 | &nbsp;&nbsp; .50 | 6.09 | 6.59 | &nbsp;&nbsp; (.76)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.82)<br>| 57.14 | 12.78 | &nbsp;&nbsp; 50 | 1.10 | &nbsp;&nbsp; .96 |
| 3/31/2023 | 55.34 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (.49)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.76)<br>| 52.37 | &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp; 49 | 1.09 | 1.34 |
| 3/31/2022 | 67.36 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp; (5.84)<br>| &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.18)<br>| 55.34 | &nbsp;&nbsp; (9.90)<br>| &nbsp;&nbsp; 55 | 1.07 | &nbsp;&nbsp; .59 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 3/31/2026 | 55.12 | &nbsp;&nbsp; .99 | 11.09 | 12.08 | &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.38)<br>| 58.82 | 22.12 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .63 <br><sup>4</sup><br>| 1.60 <br><sup>4</sup><br>|
| 3/31/2025 | 58.83 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.71)<br>| 55.12 | &nbsp;&nbsp; .15 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .62 <br><sup>4</sup><br>| 1.25 <br><sup>4</sup><br>|
| 3/31/2024 | 53.87 | &nbsp;&nbsp; .77 | 6.27 | 7.04 | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.08)<br>| 58.83 | 13.33 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .62 <br><sup>4</sup><br>| 1.42 <br><sup>4</sup><br>|
| 3/31/2023 | 56.83 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.93)<br>| 53.87 | &nbsp;&nbsp; (3.41 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .62 <br><sup>4</sup><br>| 1.80 <br><sup>4</sup><br>|
| 3/31/2022 | 69.01 | &nbsp;&nbsp; .69 | &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (5.70)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.48)<br>| 56.83 | &nbsp;&nbsp; (9.49 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .62 <br><sup>4</sup><br>| 1.03 <br><sup>4</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 3/31/2026 | 54.10 | &nbsp;&nbsp; .94 | 10.90 | 11.84 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.37)<br>| 57.57 | 22.08 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .66 <br><sup>4</sup><br>| 1.56 <br><sup>4</sup><br>|
| 3/31/2025 | 57.82 | &nbsp;&nbsp; .68 | &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.69)<br>| 54.10 | &nbsp;&nbsp; .10 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .67 <br><sup>4</sup><br>| 1.20 <br><sup>4</sup><br>|
| 3/31/2024 | 52.98 | &nbsp;&nbsp; .73 | 6.16 | 6.89 | &nbsp;&nbsp; (.99)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.05)<br>| 57.82 | 13.25 <br><sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .68 <br><sup>4</sup><br>| 1.36 <br><sup>4</sup><br>|
| 3/31/2023 | 55.93 | &nbsp;&nbsp; .86 | &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.92)<br>| 52.98 | &nbsp;&nbsp; (3.48 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .66 <br><sup>4</sup><br>| 1.75 <br><sup>4</sup><br>|
| 3/31/2022 | 68.03 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (6.29)<br>| &nbsp;&nbsp; (5.63)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.47)<br>| 55.93 | &nbsp;&nbsp; (9.52 )<sup>4</sup><br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .65 <br><sup>4</sup><br>| 1.00 <br><sup>4</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 3/31/2026 | 55.06 | 1.01 | 11.08 | 12.09 | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.40)<br>| 58.75 | 22.16 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; .58 | 1.63 |
| 3/31/2025 | 58.77 | &nbsp;&nbsp; .74 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; .02 | &nbsp;&nbsp; (.79)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.73)<br>| 55.06 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; .59 | 1.29 |
| 3/31/2024 | 53.81 | &nbsp;&nbsp; .80 | 6.27 | 7.07 | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.11)<br>| 58.77 | 13.36 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; .57 | 1.47 |
| 3/31/2023 | 56.77 | &nbsp;&nbsp; .93 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.95)<br>| 53.81 | &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp; 187 | &nbsp;&nbsp; .58 | 1.86 |
| 3/31/2022 | 68.94 | &nbsp;&nbsp; .71 | &nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp; (5.68)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.49)<br>| 56.77 | &nbsp;&nbsp; (9.46)<br>| &nbsp;&nbsp; 196 | &nbsp;&nbsp; .59 | 1.06 |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 3/31/2026 | 54.99 | 1.07 | 11.05 | 12.12 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.43)<br>| 58.68 | 22.25 | &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .52 | 1.74 |
| 3/31/2025 | 58.71 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; .06 | &nbsp;&nbsp; (.84)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.78)<br>| 54.99 | &nbsp;&nbsp; .26 | &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .52 | 1.42 |
| 3/31/2024 | 53.76 | &nbsp;&nbsp; .92 | 6.15 | 7.07 | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.12)<br>| 58.71 | 13.42 | &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .53 | 1.69 |
| 3/31/2023 | 56.72 | &nbsp;&nbsp; .94 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.97)<br>| 53.76 | &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .53 | 1.88 |
| 3/31/2022 | 68.89 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (6.38)<br>| &nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.55)<br>| 56.72 | &nbsp;&nbsp; (9.38)<br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; .52 | 1.13 |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 3/31/2026 | 51.61 | &nbsp;&nbsp; .39 | 10.36 | 10.75 | &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (7.97)<br>| 54.39 | 20.98 | &nbsp;&nbsp; 98 | 1.57 | &nbsp;&nbsp; .69 |
| 3/31/2025 | 55.30 | &nbsp;&nbsp; .18 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.25)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.19)<br>| 51.61 | &nbsp;&nbsp; (.78)<br>| &nbsp;&nbsp; 93 | 1.56 | &nbsp;&nbsp; .33 |
| 3/31/2024 | 50.73 | &nbsp;&nbsp; .25 | 5.89 | 6.14 | &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.57)<br>| 55.30 | 12.25 | &nbsp;&nbsp; 106 | 1.56 | &nbsp;&nbsp; .50 |
| 3/31/2023 | 53.68 | &nbsp;&nbsp; .42 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (.31)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.58)<br>| 50.73 | &nbsp;&nbsp; (4.30)<br>| &nbsp;&nbsp; 111 | 1.56 | &nbsp;&nbsp; .89 |
| 3/31/2022 | 65.57 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (5.97)<br>| &nbsp;&nbsp; (.51)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (5.92)<br>| 53.68 | &nbsp;&nbsp; (10.34)<br>| &nbsp;&nbsp; 135 | 1.56 | &nbsp;&nbsp; .10 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EUPAC Fund | **24** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value, end**<br> **of year**<br>| <br>**Total**<br> **return**<sup>2</sup><br>| <br>**Net assets,**<br> **end of year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average**<br> **net assets**<sup>3</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<br>|
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 3/31/2026 | $52.04 | &nbsp;&nbsp; $.39 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $(1.51)<br>| &nbsp;&nbsp; $(6.46)<br>| &nbsp;&nbsp; $(7.97)<br>| &nbsp;&nbsp; $54.91 | 20.98<br> %<br>| &nbsp;&nbsp; $669 | 1.57<br> %<br>| &nbsp;&nbsp; .68<br> %<br>|
| 3/31/2025 | 55.75 | &nbsp;&nbsp; .17 | &nbsp;&nbsp; (.67)<br>| &nbsp;&nbsp; (.50)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.21)<br>| 52.04 | &nbsp;&nbsp; (.76)<br>| &nbsp;&nbsp; 637 | 1.56 | &nbsp;&nbsp; .31 |
| 3/31/2024 | 51.18 | &nbsp;&nbsp; .24 | 5.96 | 6.20 | &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.63)<br>| 55.75 | 12.25 | &nbsp;&nbsp; 680 | 1.56 | &nbsp;&nbsp; .47 |
| 3/31/2023 | 54.18 | &nbsp;&nbsp; .43 | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (.35)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.62)<br>| 51.18 | &nbsp;&nbsp; (4.28)<br>| &nbsp;&nbsp; 611 | 1.52 | &nbsp;&nbsp; .89 |
| 3/31/2022 | 66.17 | &nbsp;&nbsp; .07 | &nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp; (6.01)<br>| &nbsp;&nbsp; (.57)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (5.98)<br>| 54.18 | &nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp; 639 | 1.55 | &nbsp;&nbsp; .11 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 3/31/2026 | 54.02 | &nbsp;&nbsp; .59 | 10.85 | 11.44 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.07)<br>| 57.39 | 21.34 | &nbsp;&nbsp; 70 | 1.27 | &nbsp;&nbsp; .98 |
| 3/31/2025 | 57.73 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.36)<br>| &nbsp;&nbsp; (.41)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.35)<br>| 54.02 | &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; 64 | 1.27 | &nbsp;&nbsp; .61 |
| 3/31/2024 | 52.90 | &nbsp;&nbsp; .42 | 6.15 | 6.57 | &nbsp;&nbsp; (.68)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.74)<br>| 57.73 | 12.59 | &nbsp;&nbsp; 67 | 1.27 | &nbsp;&nbsp; .78 |
| 3/31/2023 | 55.91 | &nbsp;&nbsp; .58 | &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (.42)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.69)<br>| 52.90 | &nbsp;&nbsp; (4.03)<br>| &nbsp;&nbsp; 63 | 1.27 | 1.17 |
| 3/31/2022 | 67.96 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; (6.31)<br>| &nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp; (.60)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.01)<br>| 55.91 | &nbsp;&nbsp; (10.09)<br>| &nbsp;&nbsp; 71 | 1.27 | &nbsp;&nbsp; .40 |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 3/31/2026 | 53.44 | &nbsp;&nbsp; .68 | 10.73 | 11.41 | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.15)<br>| 56.70 | 21.53 | &nbsp;&nbsp; 1441 | 1.12 | 1.14 |
| 3/31/2025 | 57.13 | &nbsp;&nbsp; .44 | &nbsp;&nbsp; (.71)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.48)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.42)<br>| 53.44 | &nbsp;&nbsp; (.33)<br>| &nbsp;&nbsp; 1374 | 1.11 | &nbsp;&nbsp; .79 |
| 3/31/2024 | 52.36 | &nbsp;&nbsp; .50 | 6.08 | 6.58 | &nbsp;&nbsp; (.75)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.81)<br>| 57.13 | 12.75 | &nbsp;&nbsp; 1650 | 1.11 | &nbsp;&nbsp; .95 |
| 3/31/2023 | 55.32 | &nbsp;&nbsp; .66 | &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp; (.47)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.74)<br>| 52.36 | &nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp; 1722 | 1.11 | 1.34 |
| 3/31/2022 | 67.33 | &nbsp;&nbsp; .36 | &nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp; (5.86)<br>| &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.15)<br>| 55.32 | &nbsp;&nbsp; (9.93)<br>| &nbsp;&nbsp; 2185 | 1.11 | &nbsp;&nbsp; .55 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 3/31/2026 | 53.63 | &nbsp;&nbsp; .87 | 10.77 | 11.64 | &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.29)<br>| 56.98 | 21.88 | &nbsp;&nbsp; 2339 | &nbsp;&nbsp; .82 | 1.45 |
| 3/31/2025 | 57.33 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; (.11)<br>| &nbsp;&nbsp; (.65)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.59)<br>| 53.63 | &nbsp;&nbsp; (.03)<br>| &nbsp;&nbsp; 2432 | &nbsp;&nbsp; .81 | 1.08 |
| 3/31/2024 | 52.53 | &nbsp;&nbsp; .66 | 6.10 | 6.76 | &nbsp;&nbsp; (.90)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.96)<br>| 57.33 | 13.08 | &nbsp;&nbsp; 3161 | &nbsp;&nbsp; .81 | 1.24 |
| 3/31/2023 | 55.46 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (.59)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.86)<br>| 52.53 | &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; 3665 | &nbsp;&nbsp; .81 | 1.64 |
| 3/31/2022 | 67.49 | &nbsp;&nbsp; .56 | &nbsp;&nbsp; (6.25)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (.93)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.34)<br>| 55.46 | &nbsp;&nbsp; (9.67)<br>| &nbsp;&nbsp; 4701 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; .85 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 3/31/2026 | 54.62 | 1.00 | 10.98 | 11.98 | &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.38)<br>| 58.22 | 22.14 | &nbsp;&nbsp; 747 | &nbsp;&nbsp; .62 | 1.63 |
| 3/31/2025 | 58.33 | &nbsp;&nbsp; .72 | &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; — <br><sup>6</sup><br>| &nbsp;&nbsp; (.77)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.71)<br>| 54.62 | &nbsp;&nbsp; .16 | &nbsp;&nbsp; 687 | &nbsp;&nbsp; .62 | 1.26 |
| 3/31/2024 | 53.42 | &nbsp;&nbsp; .77 | 6.21 | 6.98 | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.07)<br>| 58.33 | 13.33 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; .62 | 1.44 |
| 3/31/2023 | 56.37 | &nbsp;&nbsp; .90 | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (.66)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.93)<br>| 53.42 | &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; 892 | &nbsp;&nbsp; .62 | 1.80 |
| 3/31/2022 | 68.47 | &nbsp;&nbsp; .76 | &nbsp;&nbsp; (6.41)<br>| &nbsp;&nbsp; (5.65)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.45)<br>| 56.37 | &nbsp;&nbsp; (9.49)<br>| &nbsp;&nbsp; 1108 | &nbsp;&nbsp; .62 | 1.12 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 3/31/2026 | 55.06 | 1.08 | 11.06 | 12.14 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.43)<br>| 58.77 | 22.24 | &nbsp;&nbsp; 2275 | &nbsp;&nbsp; .52 | 1.76 |
| 3/31/2025 | 58.76 | &nbsp;&nbsp; .81 | &nbsp;&nbsp; (.74)<br>| &nbsp;&nbsp; .07 | &nbsp;&nbsp; (.83)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.77)<br>| 55.06 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; 2284 | &nbsp;&nbsp; .51 | 1.39 |
| 3/31/2024 | 53.80 | &nbsp;&nbsp; .84 | 6.25 | 7.09 | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.13)<br>| 58.76 | 13.44 | &nbsp;&nbsp; 3527 | &nbsp;&nbsp; .52 | 1.56 |
| 3/31/2023 | 56.74 | &nbsp;&nbsp; .97 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (.70)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.97)<br>| 53.80 | &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; 4113 | &nbsp;&nbsp; .51 | 1.94 |
| 3/31/2022 | 68.92 | &nbsp;&nbsp; .78 | &nbsp;&nbsp; (6.40)<br>| &nbsp;&nbsp; (5.62)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.56)<br>| 56.74 | &nbsp;&nbsp; (9.40)<br>| &nbsp;&nbsp; 5208 | &nbsp;&nbsp; .51 | 1.16 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 3/31/2026 | 55.13 | 1.11 | 11.07 | 12.18 | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (6.46)<br>| &nbsp;&nbsp; (8.45)<br>| 58.86 | 22.30 | &nbsp;&nbsp; 59322 | &nbsp;&nbsp; .47 | 1.81 |
| 3/31/2025 | 58.84 | &nbsp;&nbsp; .82 | &nbsp;&nbsp; (.73)<br>| &nbsp;&nbsp; .09 | &nbsp;&nbsp; (.86)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (3.80)<br>| 55.13 | &nbsp;&nbsp; .34 | &nbsp;&nbsp; 60748 | &nbsp;&nbsp; .47 | 1.41 |
| 3/31/2024 | 53.87 | &nbsp;&nbsp; .86 | 6.27 | 7.13 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (2.16)<br>| 58.84 | 13.48 | &nbsp;&nbsp; 68158 | &nbsp;&nbsp; .46 | 1.59 |
| 3/31/2023 | 56.81 | &nbsp;&nbsp; .99 | &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (.72)<br>| &nbsp;&nbsp; (.27)<br>| &nbsp;&nbsp; (.99)<br>| 53.87 | &nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp; 69331 | &nbsp;&nbsp; .46 | 1.97 |
| 3/31/2022 | 69.00 | &nbsp;&nbsp; .80 | &nbsp;&nbsp; (6.40)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp; (6.59)<br>| 56.81 | &nbsp;&nbsp; (9.35)<br>| &nbsp;&nbsp; 79147 | &nbsp;&nbsp; .46 | 1.19 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **25** | EUPAC Fund |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2026**<sup>8</sup> | **2025** | **2024** | **2023** | **2022** |
| Portfolio turnover rate for all share classes<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>4</sup> 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. 

<sup>5</sup> Amount less than $1 million.

<sup>6</sup> Amount less than $0.01.

<sup>7</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

<sup>8</sup> Rates exclude in-kind transactions, if any.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EUPAC Fund | **26** |

---

------

Report of Independent Registered Public Accounting Firm

------

To the shareholders and the Board of Trustees of EUPAC Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of EUPAC Fund (formerly EuroPacific Growth Fund) (the "Fund"), including the investment portfolio, as of March 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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, 2026, 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, 2026, 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.

/s/ Deloitte & Touche LLP

Costa Mesa, California

May 12, 2026

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **27** | EUPAC Fund |

---

**EUPAC Fund**

Part C

Other Information

**Item 28.** **Exhibits for Registration Statement** (1940 Act No. 811-03734 and 1933 Act. No. 002-83847

(a) **Articles of Incorporation** -
 Restatement of Declaration of Trust filed 3/5/84 - previously filed ([see Post-Effective ("P/E") Amendment No. 17 filed 5/29/97](http://www.sec.gov/Archives/edgar/data/719603/0000719603-97-000009.txt)); Establishment and Designation of Additional Classes of Shares
 filed 1/13/00 - previously filed ([see P/E Amendment No. 21 filed 3/13/00](http://www.sec.gov/Archives/edgar/data/719603/000071960300000002/0000719603-00-000002.txt)); Establishment and Designation of Additional Classes of Shares filed 1/26/01 - previously filed
 ([see P/E Amendment No. 23 filed 3/14/01](http://www.sec.gov/Archives/edgar/data/719603/000071960301000001/0000719603-01-000001-0002.txt)); Establishment and Designation of Additional Classes of Shares dated 1/18/02 - previously filed ([see P/E Amendment No. 25 filed 2/15/02](http://www.sec.gov/Archives/edgar/data/719603/000071960302000001/exh-a.txt)); Certificate of Amendment filed 3/27/84 – previously filed ([see P/E Amendment No. 36 filed 6/30/08](http://www.sec.gov/Archives/edgar/data/719603/000005193108000358/exha.htm)); Establishment and Designation of Additional Class of Shares filed 5/23/08 – previously
 filed ([see P/E Amendment No. 36 filed 6/30/08](http://www.sec.gov/Archives/edgar/data/719603/000005193108000358/exha.htm));
 Establishment and Designation of Additional Class of Shares effective 3/27/09 – previously filed ([see P/E Amendment No. 38 filed 4/8/09](http://www.sec.gov/Archives/edgar/data/719603/000071960309000006/exha.htm)); Establishment and Designation of Additional Class of Shares dated 7/2/14 – previously filed
 ([see P/E Amendment No. 51 filed 8/28/14](http://www.sec.gov/Archives/edgar/data/719603/000005193114000847/exha.htm)); Establishment
 and Designation of Additional Class of Shares dated 9/4/15 – previously filed ([see P/E Amendment No. 55 filed 10/30/15](http://www.sec.gov/Archives/edgar/data/719603/000005193115001132/exha.htm)); Establishment and Designation of Additional Class of Shares dated 9/19/16 – previously
 filed ([see P/E Amendment No. 59 filed 12/29/16](http://www.sec.gov/Archives/edgar/data/719603/000005193116003466/exha.htm));
 Establishment and Designation of Additional Class of Shares dated 3/9/17 – previously filed ([see P/E Amendment No. 61 filed 4/6/17](http://www.sec.gov/Archives/edgar/data/719603/000005193117000698/exha.htm)); Establishment and Designation of Additional Class of Shares dated 5/22/17 – previously filed
 ([see P/E Amendment No. 69 filed 5/29/20](http://www.sec.gov/Archives/edgar/data/719603/000005193120000368/exha.htm)); and
 Modification and Removal of Shares dated 4/9/20 – previously filed ([see P/E Amendment No. 69 filed 5/29/20](http://www.sec.gov/Archives/edgar/data/719603/000005193120000368/exha.htm)); and Certificate of Amendment to Restated Declaration of Trust dated 4/8/25 – previously
 filed ([see P/E Amendment No. 75 filed 5/30/2025](https://www.sec.gov/Archives/edgar/data/719603/000005193125000567/exha.htm))

(b) **By-laws** – Amended and
 Restated by-laws effective 6/1/25 ([see P/E Amendment No. 75 filed 5/30/25](https://www.sec.gov/Archives/edgar/data/719603/000005193125000567/exhb.htm))

(c) **Instruments Defining Rights of Security Holders** – Form of share certificate - previously filed ([see P/E Amendment No. 23 filed 3/14/01](http://www.sec.gov/Archives/edgar/data/719603/000071960301000001/0000719603-01-000001.txt))

(d) **Investment Advisory Contracts** – [Amended and Restated Investment Advisory and Service Agreement effective 12/1/25](exhd.htm)

---

| | |
|:---|:---|
| (e-1) | **Underwriting Contracts** –Form of Selling Group Agreement – previously filed ([see P/E Amendment No. 63 filed 5/31/17](http://www.sec.gov/Archives/edgar/data/719603/000005193117001179/exhe.htm)); Form of Bank/Trust Company Selling Group Agreement – previously filed ([see P/E Amendment No. 63 filed 5/31/17](http://www.sec.gov/Archives/edgar/data/719603/000005193117001179/exhe.htm)); Form of Class F Share Participation Agreement – previously filed ([see P/E Amendment No. 63 filed 5/31/17](http://www.sec.gov/Archives/edgar/data/719603/000005193117001179/exhe.htm)); and Form of Bank/Trust Company Participation Agreement for Class F Shares – previously filed ([see P/E Amendment No. 63 filed 5/31/17](http://www.sec.gov/Archives/edgar/data/719603/000005193117001179/exhe.htm)) |

---

(e-2) [Amended and Restated Principal Underwriting Agreement effective 12/1/25](exhe.htm)

(f) **Bonus or Profit Sharing Contracts** – [Deferred Compensation Plan effective 1/1/26](exhf.htm)

---

| | |
|:---|:---|
| (g-1) | **Custodian Agreements** – Form of Global Custody Agreement effective 12/21/06 – previously filed ([see P/E Amendment No. 32 filed 6/1/07](http://www.sec.gov/Archives/edgar/data/719603/000005193107000274/exhg.htm)); Form of Amendment to Global Custody Agreement effective 7/1/15 – previously filed ([see P/E Amendment No. 55 filed 10/30/15](http://www.sec.gov/Archives/edgar/data/719603/000005193115001132/exhg.htm)); and Amendment to the Global Custody Agreement dated 5/2/25 – previously filed ([see P/E Amendment No. 75 filed 5/30/25](https://www.sec.gov/Archives/edgar/data/719603/000005193125000567/exhg.htm)) |

---

(g-2) [Form of Amendment to the Global Custody Agreement effective 2/24/26](exhg.htm)

---

| | |
|:---|:---|
| (h-1) | **Other Material Contracts** – Form of Indemnification Agreement – previously filed (see [P/E Amendment No. 30 filed 5/31/05](http://www.sec.gov/Archives/edgar/data/719603/000071960305000006/exhibith3.txt)); and Form of Fund of Funds Investment Agreement – American Funds (Rule 12d1-4) – previously filed ([see P/E Amendment No. 72 filed 5/31/22](http://www.sec.gov/Archives/edgar/data/719603/000082362022000070/exhh.htm)) |

---

(h-2) [Amended and Restated Administrative Services Agreement effective 12/1/25; and Amended and Restated Shareholder Services Agreement effective 12/1/25](exhh.htm)

(i) **Legal Opinion** – Legal
 Opinion – previously filed ([see P/E Amendment No. 21 filed 3/13/00](http://www.sec.gov/Archives/edgar/data/719603/000071960300000002/0000719603-00-000002.txt) ; [P/E Amendment No. 23 filed 3/14/01](http://www.sec.gov/Archives/edgar/data/719603/000071960301000001/0000719603-01-000001-0006.txt) ; [P/E Amendment No. 25 filed 2/15/02](http://www.sec.gov/Archives/edgar/data/719603/000071960302000001/exh-i.txt) ; [P/E Amendment No. 26 filed 5/14/02](http://www.sec.gov/Archives/edgar/data/719603/000081196802000013/opinion.txt) ; [P/E Amendment No. 36 filed 6/30/08](http://www.sec.gov/Archives/edgar/data/719603/000005193108000358/exhi.htm) ; [P/E Amendment No. 38 filed 4/8/09](http://www.sec.gov/Archives/edgar/data/719603/000071960309000006/exhi.htm) ; [P/E Amendment No. 51 filed 8/28/14](http://www.sec.gov/Archives/edgar/data/719603/000005193114000847/exhi.htm)); [P/E Amendment No. 55 filed 10/30/15](http://www.sec.gov/Archives/edgar/data/719603/000005193115001132/exhi.htm) ; [P/E Amendment No. 59 filed 12/29/16)](http://www.sec.gov/Archives/edgar/data/719603/000005193116003466/exhi.htm) ; [P/E Amendment No. 61 filed 4/6/17](http://www.sec.gov/Archives/edgar/data/719603/000005193117000698/exhi.htm));
 and ([P/E Amendment No. 69 filed 5/29/20](http://www.sec.gov/Archives/edgar/data/719603/000005193120000368/exhi.htm))

(j) **Other Opinions** – [Consent of Independent Registered Public Accounting Firm](exhj.htm)

(k)&nbsp;&nbsp;&nbsp;&nbsp; **Omitted Financial Statements** - None

(l)&nbsp;&nbsp;&nbsp;&nbsp; **Initial Capital Agreements** - None

(m) **Rule 12b-1 Plan** – [Amended and Restated Plans of Distribution for Class A, C, T, F-1, 529-A, 529-C, 529-E, 529-T, 529-F-1, R-1, R-2, R-2E, R-3 and R-4 shares dated 12/1/25](exhm.htm)

(n) **Rule 18f-3 Plan** – [Amended and Restated Multiple Class Plan effective 12/1/25](exhn.htm)

(o)&nbsp;&nbsp;&nbsp;&nbsp; Reserved

(p) **Code of Ethics** – [Code of Ethics for The Capital Group Companies dated May 2026; and Code of Ethics for Registrant](exhp.htm)

**Item 29.** **Persons Controlled by or Under Common Control with the Fund**

None

**Item 30.** **Indemnification**

The Registrant is a joint-insured under Investment Adviser/Mutual Fund Errors and Omissions Policies, which insure its officers and trustees against certain liabilities. However, in no event will Registrant maintain insurance to indemnify any such person for any act for which Registrant itself is not permitted to indemnify the individual.

Article III of the Registrant's Declaration of Trust (incorporated by reference to exhibit [a]) and Article VI of the Registrant's By-Laws (incorporated by reference to exhibit [b]) as well as the indemnification agreements (incorporated by reference to exhibit [h]) that the Registrant has entered into with each of its trustees who is not an "interested person" of the Registrant (as defined under the Investment Company Act of 1940, as amended), provide in effect that the Registrant will indemnify its officers and trustees against any liability or expenses actually and reasonably incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the Investment Company Act of 1940, as amended, and their respective terms, these provisions do not protect any person against any liability to the Registrant or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Registrant will comply with the indemnification requirements contained in the Investment Company Act of 1940, as amended, and Release Nos. 7221 (June 9, 1972) and 11330 (September 4, 1980)

**Item 31.** **Business and Other Connections of the Investment Adviser**

None

**Item 32.** **Principal Underwriters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Client Group, Inc. is the Principal Underwriter of shares of: AMCAP Fund, American Balanced Fund, American Funds College Target Date Series, American Funds Core Plus Bond Fund, American Funds Corporate Bond Fund, American

Funds Developing World Growth and Income Fund, American Funds Emerging Markets Bond Fund, American Funds Fundamental Investors, American Funds Global Balanced Fund, American Funds Global Insight Fund, The American Funds Income Series, American Funds Inflation Linked Bond Fund, American Funds International Vantage Fund, American Funds Mortgage Fund, American Funds Multi-Sector Income Fund, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series, American Funds Short-Term Tax-Exempt Bond Fund, American Funds Strategic Bond Fund, American Funds Target Date Retirement Series, American Funds Tax-Exempt Fund of New York, The American Funds Tax-Exempt Series II, American Funds U.S. Government Money Market Fund, American Funds U.S. Small and Mid Cap Equity Fund, American High-Income Municipal Bond Fund, American High-Income Trust, American Mutual Fund, The Bond Fund of America, Capital Group Completion Fund Series, Capital Group Conservative Equity ETF, Capital Group Core Balanced ETF, Capital Group Core Equity ETF, Capital Group Dividend Growers ETF, Capital Group Dividend Value ETF, Capital Group Equity ETF Trust I, Capital Group Fixed Income ETF Trust, Capital Group Global Equity ETF, Capital Group Global Growth Equity ETF, Capital Group Growth ETF, Capital Group International Core Equity ETF, Capital Group International Equity ETF, Capital Group International Focus Equity ETF, Capital Group KKR Core Plus+, Capital Group KKR Multi-Sector+, Capital Group KKR U.S. Equity+, Capital Group New Geography Equity ETF, Capital Group Private Client Services Funds, Capital Group U.S. Equity Fund, Capital Income Builder, Capital World Bond Fund, Capital World Growth and Income Fund, Emerging Markets Equities Fund, Inc., EUPAC Fund, The Growth Fund of America, The Income Fund of America, Intermediate Bond Fund of America, International Growth and Income Fund, The Investment Company of America, Limited Term Tax-Exempt Bond Fund of America, The New Economy Fund, New Perspective Fund, New World Fund, Inc., Short-Term Bond Fund of America, SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund of America and Washington Mutual Investors Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ---

| | | | |
|:---|:---|:---|:---|
|  | **<u>(1)</u>**<br> **<u>Name and Principal</u>** <br> **<u>Business Address</u>** | **<u>(2)</u>**<br> **Positions and Offices**<br> **<u>with Underwriter</u>** | **(3)<br><u>Positions and Offices</u><br> <u>with Registrant</u><br>**  |
| LAO | Katherine Abbott | Vice President |  |
| CHO | Chatelaine Achterberg<br>| Assistant Vice President |  |
| LAO | Alex J. Adair | Regional Vice President |  |
| LAO | Samuel Adams | Regional Vice President |  |
| LAO | Anuj K. Agarwal | Vice President |  |
| LAO | Albert Aguilar, Jr. | Director, Vice President and Chief Compliance Officer |  |
| SNO | David A. Ajluni | Regional Vice President |  |
| LAO | C. Thomas Akin II | Senior Vice President |  |
| LAO | Anthony Albano | Regional Vice President |  |

---

---

| | | |
|:---|:---|:---|
| LAO | Mark G. Alteri | Regional Vice President |
| LAO | Jeremy Alyea | Regional Vice President |
| LAO | Colleen M. Ambrose | Vice President |
| LAO | Christopher S. Anast | Senior Vice President |
| LAO | Blake J. Anderson | Assistant Vice President |
| LAO | Dion T. Angelopoulos | Assistant Vice President |
| CHO | Erik J. Applegate | Vice President, |
| LAO | Luis F. Arocha | Vice President |
| LAO | Keith D. Ashley | Regional Vice President |
| LAO | Julie A. Asher | Assistant Vice President |
| LAO | Curtis A. Baker | Senior Vice President |
| LAO | T. Patrick Bardsley | Senior Vice President |
| SNO | Mark C. Barile | Vice President |
| LAO | Shakeel A. Barkat | Senior Vice President |
| LAO | Antonio M. Bass | Senior Vice President |
| LAO | Andrew Z. Bates | Assistant Vice President |
| LAO | Katherine A. Beattie | Senior Vice President |
| LAO | Scott G. Beckerman | Senior Vice President |
| LAO | Jeb M. Bent | Senior Vice President |
| LAO | Matthew D. Benton | Senior Vice President |
| LAO | Jerry R. Berg | Senior Vice President |
| LAO | Joseph W. Best, Jr. | Senior Vice President |
| LAO | Matthew F. Betley | Vice President |
| LAO | Roger J. Bianco, Jr. | Senior Vice President |
| LAO | Ryan M. Bickle | Senior Vice President |
| LAO | Joseph Bilello | Regional Vice President |
| LAO | Jay A. Binstock | Assistant Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Peter D. Bjork | Regional Vice President |
| DCO | Bryan K. Blankenship | Senior Vice President |
| LAO | Marek Blaskovic | Vice President |
| LAO | Erick K. Bodge | Regional Vice President |
| LAO | Jon T. Boldt | Vice President |
| LAO | Ainsley J. Borel | Senior Vice President |
| LAO | Jill M. Boudreau | Senior Vice President |
| LAO | Andre W. Bouvier | Senior Vice President |
| LAO | Jordan C. Bowers | Regional Vice President |
| LAO | David H. Bradin | Senior Vice President |
| LAO | William J. Brady | Regional Vice President |
| LAO | William P. Brady | Senior Vice President |
| LAO | Andrew A. Bredholt | Regional Vice President |
| LAO | William G. Bridge | Senior Vice President |
| LAO | Siobhan M. Broadbery | Regional Vice President |
| LAO | Lorena B. Brockman | Vice President |
| LAO | Kevin G. Broulette | Vice President |
| LAO | E. Chapman Brown, Jr. | Senior Vice President |
| LAO | Elizabeth S. Brownlow | Vice President |
| LAO | Gary D. Bryce | Senior Vice President |
| LAO | Christopher Bucci | Regional Vice President |
| NYO | Melissa Buccilli | Senior Vice President |
| SNO | Dylan J. Burdick | Regional Vice President |
| LAO | Kenneth D. Burdick | Assistant Vice President |
| LAO | Carmen A. Burke | Vice President |
| IND | Jennifer L. Butler | Assistant Vice President |
| LAO | Steven Calabria | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Thomas E. Callahan | Senior Vice President |
| LAO | Kelly V. Campbell | Senior Vice President |
| LAO | Patrick C. Campbell III | Regional Vice President |
| LAO | Anthon S. Cannon III | Vice President |
| SNO | Antonio G. Capobianco | Regional Vice President |
| LAO | Kevin J. Carevic | Vice President |
| LAO | Jason S. Carlough | Senior Vice President |
| LAO | Kim R. Carney | Senior Vice President |
| LAO | Damian F. Carroll | Senior Vice President |
| LAO | David C. Carson, Jr. | Vice President |
| LAO | James D. Carter | Senior Vice President |
| LAO | Stephen L. Caruthers | Senior Vice President |
| SFO | James G. Carville | Senior Vice President |
| LAO | Philip L. Casciano | Vice President |
| LAO | Christopher M. Cefalo | Senior Vice President |
| IND | Alexzania N. Chambers<br>| Assistant Vice President |
| LAO | Kent W. Chan | Senior Vice President |
| SNO | Marcus L. Chaves | Assistant Vice President |
| LAO | Si J. Chen | Vice President |
| LAO | Daniel A. Chodosch | Senior Vice President |
| LAO | Peter J. Chong | Assistant Vice President |
| LAO | Cheryl L. Christian | Assistant Vice President |
| LAO | Andrew T. Christos | Vice President |
| LAO | Robert S. Chu | Assistant Vice President |
| LAO | Paul A. Cieslik | Senior Vice President |
| LAO | Andrew R. Claeson | Vice President |
| LAO | Michael J. Clark | Regional Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Jamie A. Claypool | Senior Vice President |
| LAO | Kyle R. Coffey | Regional Vice President |
| LAO | Natalie S. Cole | Vice President |
| NYO | Jayme E. Colosimo | Vice President |
| IND | Timothy J. Colvin | Regional Vice President |
| LAO | Frances Coombes | Senior Vice President |
| IRV | Erin K. Concepcion | Assistant Vice President |
| SNO | Brandon J. Cone | Vice President |
| LAO | Christopher M. Conwell | Vice President |
| LAO | C. Jeffrey Cook | Senior Vice President |
| LAO | Megan Costa | Senior Vice President |
| LAO | Joseph G. Cronin | Senior Vice President |
| LAO | D. Erick Crowdus | Senior Vice President |
| SNO | Zachary A. Cutkomp | Regional Vice President |
| LAO | Hanh M. Dao | Senior Vice President |
| LAO | Alex L. DaPron | Regional Vice President |
| LAO | William F. Daugherty | Senior Vice President |
| LAO | Alexandria B. Davis | Regional Vice President |
| SNO | Bradley C. Davis | Assistant Vice President |
| LAO | Scott T. Davis | Senior Vice President |
| LAO | Shehan N. De Silva | Assistant Vice President |
| LAO | Adam DeAngelis | Regional Vice President |
| LAO | Peter J. Deavan | Senior Vice President |
| LAO | Kristofer J. DeBonville | Regional Vice President |
| LAO | Guy E. Decker | Senior Vice President |
| LAO | Mark A. Dence | Senior Vice President |
| SNO | Brian M. Derrico | Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Stephen Deschenes | Senior Vice President |
| LAO | James G. DiGiuseppe | Senior Vice President |
| LAO | Alexander J. Diorio | Vice President |
| LAO | Mario P. DiVito | Senior Vice President |
| LAO | Kevin F. Dolan | Senior Vice President |
| LAO | John H. Donovan IV | Vice President |
| LAO | Joseph B. Dowd | Vice President |
| LAO | John J. Doyle | Senior Vice President |
| LAO | Ryan T. Doyle | Senior Vice President |
| LAO | Craig Duglin | Senior Vice President |
| LAO | Alan J. Dumas | Vice President |
| LAO | John E. Dwyer IV | Senior Vice President |
| LAO | Christopher P. Dziubasik | Assistant Vice President |
| IND | Karyn B. Dzurisin | Senior Vice President |
| LAO | Kevin C. Easley | Senior Vice President |
| LAO | Shirley Ecklund | Senior Vice President |
| LAO | Damian Eckstein | Senior Vice President |
| LAO | Matthew J. Eisenhardt | Senior Vice President |
| IRV | Jessica Eng | Assistant Vice President |
| LAO | Joseph Epstein | Regional Vice President |
| LAO | Wayne C. Ewan | Vice President |
| LAO | Bryan R. Favilla | Senior Vice President |
| LAO | Joseph M. Fazio | Regional Vice President |
| LAO | Mark A. Ferraro | Senior Vice President |
| LAO | Christopher Fetchet | Regional Vice President |
| LAO | Brandon J. Fetta | Vice President |
| LAO | Nicholas Fiano | Regional Vice Present |

---

---

| | | |
|:---|:---|:---|
| LAO | John P. Finneran III | Senior Vice President |
| LAO | Layne M. Finnerty | Senior Vice President |
| SNO | Coenraad F. Fletcher | Vice President |
| LAO | Kevin H. Folks | Senior Vice President |
| IND | Kelly B. Fonderoli | Assistant Vice President |
| LAO | Jonathon Forcheskie | Regional Vice President |
| LAO | William E. Ford | Senior Vice President |
| IRV | Robert S. Forshee | Assistant Vice President |
| LAO | Mark D. Foster | Regional Vice President |
| LAO | Steven M. Fox | Vice President |
| LAO | Holly C. Framsted | Senior Vice President |
| LAO | Megan France | Senior Vice President |
| LAO | Rusty A. Frauhiger | Vice President |
| LAO | Vincent C. Fu | Assistant Vice President |
| LAO | Tyler L. Furek | Vice President |
| LAO | Myles Gaines | Regional Vice President |
| LAO | Jignesh D. Gandhi | Vice President |
| LAO | J. Gregory Garrett | Senior Vice President |
| SNO | Edward S. Garza | Vice President |
| LAO | Brian K. Geiger | Senior Vice President |
| LAO | Leslie B. Geller | Senior Vice President |
| LAO | Jacob M. Gerber | Senior Vice President |
| LAO | Michele Giangrande | Vice President |
| LAO | Travis Gilberg | Vice President |
| LAO | Pamela A. Gillett | Senior Vice President |
| LAO | William F. Gilmartin | Senior Vice President |
| IND | Brenda L. Goeken | Assistant Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Kathleen D. Golden | Vice President |
| NYO | Joshua H. Gordon | Vice President |
| SNO | Craig B. Gray | Assistant Vice President |
| LAO | Robert E. Greeley, Jr. | Senior Vice President |
| LAO | Jameson R. Greenstone | Senior Vice President |
| LAO | Eric M. Grey | Senior Vice President |
| LAO | Karen M. Griffin | Vice President |
| LAO | E. Renee Grimm | Senior Vice President |
| LAO | Scott A. Grouten | Senior Vice President |
| SNO | John S. Gryniewicz | Regional Vice President |
| LAO | Sam S. Gumma | Vice President |
| LAO | Jan S. Gunderson | Senior Vice President |
| LAO | Ryan A. Gundrum | Assistant Vice President |
| SNO | Lori L. Guy | Vice President |
| LAO | Janna C. Hahn | Senior Vice President |
| LAO | Philip E. Haning | Senior Vice President |
| LAO | Katy L. Hanke | Senior Vice President |
| LAO | Brandon S. Hansen | Senior Vice President |
| LAO | Julie O. Hansen | Vice President |
| SNO | Nicholas Hargreaves | Assistant Vice President |
| LAO | John R. Harley | Senior Vice President |
| LAO | Calvin L. Harrelson III | Senior Vice President |
| LAO | Craig W. Hartigan | Senior Vice President |
| LAO | Janis Harrison | Assistant Vice President |
| LAO | James Hayes | Regional Vice President |
| LAO | Jennifer Hayes | Regional Vice President |
| LAO | Alan M. Heaton | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Clifford W. "Webb" Heidinger | Senior Vice President |
| LAO | Brock A. Hillman | Senior Vice President |
| IND | Kristin S. Himsel | Senior Vice President |
| SNO | Emilia A. Holt | Assistant Vice President |
| LAO | Dennis L. Hooper | Regional Vice President |
| IND | Ryan D. Hoover | Regional Vice President |
| LAO | Jessica K. Hooyenga | Vice President |
| LAO | Scott W. Hoyer | Regional Vice President |
| LAO | David R. Hreha | Senior Vice President |
| LAO | Frederic J. Huber | Senior Vice President |
| LAO | Jeffrey K. Hunkins | Senior Vice President |
| LAO | Angelia G. Hunter | Senior Vice President |
| LAO | Christa M. Iacono | Vice President |
| LAO | Marc G. Ialeggio | Senior Vice President |
| LAO | Maurice E. Jadah | Regional Vice President |
| LAO | Asad K. Jamil | Regional Vice President |
| LAO | W. Chris Jenkins | Senior Vice President |
| LAO | Daniel J. Jess II | Senior Vice President |
| IND | Jameel S. Jiwani | Vice President |
| CHO | Allison S. Johnston | Assistant vice President |
| LAO | Brendan M. Jonland | Senior Vice President |
| LAO | Kathryn H. Jordan | Vice President |
| LAO | David G. Jordt | Senior Vice President |
| LAO | Michael Kamell | Senior Vice President |
| LAO | Eric J. Kamin | Regional Vice President |
| IND | Teodor P. Karnakov | Assistant Vice President |
| LAO | Wassan M. Kasey | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| IND | Joel A. Kaul | Assistant Vice President |
| LAO | John P. Keating | Senior Vice President |
| LAO | David B. Keib | Senior Vice President |
| LAO | Brian G. Kelly | Senior Vice President |
| LAO | Christopher J. Kennedy | Vice President |
| LAO | Jason A. Kerr | Senior Vice President |
| LAO | Ryan C. Kidwell | Senior Vice President |
| LAO | Charles A. King | Senior Vice President |
| IND | Eric M. Kirkman | Vice President |
| LAO | Kelsei Q. Kirland | Vice President |
| IND | Morgann B. Klaus | Assistant Vice President |
| LAO | Stephen J. Knutson | Assistant Vice President |
| LAO | Michael J. Koch | Vice President |
| LAO | Christina Kramer | Regional Vice President |
| LAO | James M. Kreider | Vice President |
| LAO | Jacob A. Kuchta | Regional Vice President |
| SNO | David D. Kuncho | Vice President |
| NYO | Joseph Lai | Senior Vice President |
| LAO | Jialing Lang | Assistant Vice President |
| LAO | Richard M. Lang | Senior Vice President |
| SNO | Theodore J. Larsen | Assistant Vice President |
| LAO | Andrew P. Laskowski | Senior Vice President |
| LAO | Kirby Lawson | Regional Vice President |
| LAO | Armand Leaks | Vice President |
| LAO | Matthew N. Leeper | Senior Vice President |
| LAO | Victor J. LeMay | Regional Vice President |
| SNO | Matthew T. Levene | Assistant Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Clay M. Leveritt | Senior Vice President |
| LAO | Emily R. Liao | Senior Vice President |
| LAO | Lauren C. Liebes | Regional Vice President |
| LAO | Chris H. Lin | Assistant Vice President |
| IND | Justin L. Linder | Vice President |
| LAO | Louis K. Linquata | Senior Vice President |
| LAO | Damien X. Lona | Regional Vice President |
| LAO | Rainey Lord | Vice President |
| LAO | Omar J. Love | Senior Vice President |
| SNO | Adam C. Lozano | Assistant Vice President |
| LAO | Dillon W. Lull | Regional Vice President |
| LAO | Reid A. Luna | Vice President |
| LAO | Joe P. Lynch | Regional Vice President |
| CHO | Karin A. Lystad | Assistant Vice President |
| LAO | Brandon Y. Ma | Regional Vice President |
| LAO | Justin Maddox | Regional Vice President |
| NYO | Catherine M. Magyera | Vice President |
| LAO | James M. Maher | Senior Vice President |
| LAO | Nathan G. Mains | Senior Vice President |
| LAO | Jeffrey N. Malbasa | Senior Vice President |
| LAO | Usma A. Malik | Senior Vice President |
| LAO | Chantal M. Manseau Guerdat | Senior Vice President |
| LAO | Arran M. Maran | Regional Vice President |
| LAO | Seema Manek | Vice President |
| LAO | Brooke M. Marrujo | Senior Vice President |
| CHO | James M. Mathenge | Vice President |
| LAO | John Marshall | Regional Vice President |

---

---

| | | |
|:---|:---|:---|
| SNO | Duane R. Mattson | Assistant Vice President |
| LAO | Stephen B. May | Vice President |
| LAO | Barnabas T. Mbigha | Senior Vice President |
| LAO | Joseph A. McCreesh, III | Senior Vice President |
| LAO | Ross M. McDonald | Senior Vice President |
| LAO | Clinton S. McCurry | Regional Vice President |
| LAO | Jennifer L. McGrath | Regional Vice President |
| LAO | Timothy W. McHale | Secretary |
| SNO | Michael J. McLaughlin | Assistant Vice President |
| LAO | Max J. McQuiston | Senior Vice President |
| LAO | Curtis D. Mc Reynolds | Vice President |
| LAO | Marin B. Meaney | Regional Vice President |
| IND | Melissa M. Meade | Assistant Vice President |
| LAO | Paulino Medina | Vice President |
| LAO | Britney L. Melvin | Vice President |
| LAO | Davina J. Merrell | Regional Vice President |
| LAO | David A. Merrill | Assistant Vice President |
| SNO | Lauren A. Merriweather | Assistant Vice President |
| LAO | Conrad F. Metzger | Senior Vice President |
| LAO | Carl B. Meyer | Regional Vice President |
| LAO | Benjamin J. Miller | Vice President |
| LAO | Jennifer M. Miller | Vice President |
| LAO | Lauren D. Miller | Assistant Vice President |
| LAO | Tammy H. Miller | Vice President |
| LAO | William T. Mills | Senior Vice President |
| LAO | Sean C. Minor | Senior Vice President |
| LAO | Louis W. Minora | Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | James R. Mitchell III | Senior Vice President |
| LAO | Charles L. Mitsakos | Senior Vice President |
| IND | Eric E. Momcilovich | Assistant Vice President |
| SNO | Christopher Moore | Assistant Vice President |
| IND | Jonathan L. Moran | Regional Vice President |
| LAO | Rex Morgan | Vice President |
| LAO | Nathaniel Morris | Regional Vice President |
| LAO | David H. Morrison | Vice President |
| LAO | Andrew J. Moscardini | Senior Vice President |
| LAO | Stanley Moy | Assistant Vice President |
| LAO | Joseph M. Mulcahy | Regional Vice President |
| LAOW | Ryan D. Murphy | Senior Vice President |
| NYO | Timothy J. Murphy | Senior Vice President |
| IND | Valynda J. Murray | Vice President |
| LAO | Zahid Nakhooda | Regional Vice President |
| IND | Kristen L. Nelson | Regional Vice President |
| LAO | Jon C. Nicolazzo | Senior Vice President |
| LAO | Earnest M. Niemi | Senior Vice President |
| LAO | Matthew P. O'Connor | Director, Chairman and Chief Executive Officer; Senior Vice President |
| IND | Jody L. O'Dell | Assistant Vice President |
| LAO | Jonathan H. O'Flynn | Senior Vice President |
| LAO | Bradley D. Olalde | Assistant Vice President |
| LAO | Peter A. Olsen | Senior Vice President |
| IND | Kevin G. Olson | Assistant Vice President |
| LAO | Thomas A. O'Neil | Senior Vice President |
| LAO | Cimber L. Nuessle | Assistant Vice President |
| LAO | Michael Orlando | Vice President |

---

---

| | | |
|:---|:---|:---|
| IRV | Paula A. Orologas | Vice President |
| LAO | Vincent A. Ortega | Vice President |
| NYO | Gregory H. Ortman | Senior Vice President |
| LAO | Shawn M. O'Sullivan | Senior Vice President |
| IND | Lance T. Owens | Senior Vice President |
| LAO | Kristina E. Page | Vice President |
| LAO | Jeffrey C. Paguirigan | Senior Vice President |
| NYO | Christine M. Papa | Assistant Vice President |
| LAO | Rodney Dean Parker II | Senior Vice President |
| LAO | Ingrid S. Parl | Vice President |
| LAO | William D. Parsley | Regional Vice President |
| LAO | Timothy C. Patterson | Vice President |
| LAO | W. Burke Patterson, Jr. | Senior Vice President |
| SNO | Adam P. Peach | Vice President |
| LAO | Robert J. Peche | Senior Vice President |
| LAO | Elena M. Peerson | Regional Vice President |
| IRV | Grace L. Pelczynski | Assistant Vice President |
| LAO | Sejal U. Penkar | Vice President |
| LAO | Harry A. Phinney | Senior Vice President |
| LAO | Adam W. Phillips | Vice President |
| LAO | Joseph M. Piccolo | Senior Vice President |
| LAO | Sally L. Picota De Holte | Regional Vice President |
| LAO | Keith A. Piken | Senior Vice President and Director |
| LAO | Jonathan T. Plance | Regional Vice President |
| SFO | Eugene Podkaminer | Senior Vice President |
| LAO | David T. Polak | Senior Vice President |
| LAO | Chloe E. Pollara | Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Michael E. Pollgreen | Vice President |
| LAO | Charles R. Porcher | Senior Vice President |
| SNO | Robert B. Potter III | Assistant Vice President |
| LAO | Darrell W. Pounders | Vice President |
| LAO | Ryan T. Price | Regional Vice President |
| LAOW | Colyar W. Pridgen | Vice President |
| LAO | Michelle L. Pullen | Vice President |
| LAO | Victoria M. Quach | Vice President |
| LAO | Steven J. Quagrello | Senior Vice President |
| IND | Kelly S. Quick | Assistant Vice President |
| LAO | Michael R. Quinn | Senior Vice President |
| LAO | Sava S. Radakovich | Regional Vice President |
| LAO | Mary K. Radloff | Regional Vice President |
| LAO | Ryan E. Radtke | Senior Vice President |
| LAO | James R. Raker | Senior Vice President |
| LAO | Rachel M. Ramos | Vice President |
| SNO | Eddie A. Rascon | Regional Vice President |
| LAO | Rene M. Reincke | Vice President, Treasurer and Director |
| LAO | Lesley P. Reinhart | Vice President |
| LAO | Michael D. Reynaert  | Senior Vice President |
| LAO | Christopher J. Richardson | Senior Vice President |
| LAO | James Robelotto | Regional Vice President |
| SNO | Stephanie A. Robichaud | Vice President |
| LAO | Jeffrey J. Robinson | Senior Vice President |
| LAO | Matthew M. Robinson | Senior Vice President |
| LAO | Jennifer R. Rocci | Regional Vice President |
| LAO | Rochelle C. Rodriguez | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Melissa B. Roe | Senior Vice President |
| LAO | Thomas W. Rose | Senior Vice President |
| LAO | Rome D. Rottura | Senior Vice President |
| IND | Jennah N. Ruddick | Assistant Vice President |
| LAO | Leah O. Ryan | Vice President |
| IND | Brenda S. Rynski | Regional Vice President |
| LAO | Richard A. Sabec, Jr. | Senior Vice President |
| SNO | Richard R. Salinas | Vice President |
| LAOW | Erica Salvay | Vice President |
| LAO | Benjamin F. Samuels | Assistant Vice President |
| LAO | Michael C. Santangelo | Regional Vice President |
| LAO | Paul V. Santoro | Senior Vice President |
| LAO | David E. Saunders II | Vice President |
| LAO | Keith A. Saunders | Senior Vice President |
| LAO | Joe D. Scarpitti | Senior Vice President |
| IND | Broderic C. Schoen | Regional Vice President |
| LAO | Jackson T. Schuette | Regional Vice President |
| LAO | Domenic A. Sciarra | Assistant Vice President |
| LAO | Keon F. Scott | Regional Vice President |
| LAO | Mark A. Seaman | Senior Vice President |
| LAO | James J. Sewell III | Senior Vice President |
| LAO | Arthur M. Sgroi | Senior Vice President |
| LAO | Erin C. Sheehan | Regional Vice President |
| LAO | Puja V. Sheth | Assistant Vice President |
| LAO | Kelly S. Simon | Senior Vice President |
| LAOW | Anmol Sinha | Senior Vice President |
| SNO | Julia M. Sisente | Assistant Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Melissa A. Sloane | Senior Vice President |
| LAO | Jason C. Smith | Regional Vice President |
| LAO | Joshua J. Smith | Regional Vice President |
| LAO | Taylor D. Smith | Regional Vice President |
| LAO | Stephanie L. Smolka | Vice President |
| LAO | J. Eric Snively | Senior Vice President |
| LAO | John A. Sobotowski | Assistant Vice President |
| SNO | Chadwick R. Solano | Assistant Vice President |
| LAO | Charles V. Sosa | Vice President |
| LAO | Alexander T. Sotiriou | Vice President |
| LAO | Steven J. Sperry | Assistant Vice President |
| LAO | Margaret V. Steinbach | Senior Vice President |
| LAO | Michael P. Stern | Senior Vice President |
| LAO | Andrew J. Strandquist | Senior Vice President |
| LAO | Allison M. Straub | Vice President |
| LAO | Valerie B. Stringer | Vice President |
| LAO | Jamie J. Suh | Assistant Vice President |
| LAO | John R. Sulzicki | Vice President |
| LAO | Jack Swigle | Regional Vice President |
| LAO | Peter D. Thatch | Senior Vice President |
| LAO | John B. Thomas | Senior Vice President |
| LAO | Cynthia M. Thompson | Senior Vice President |
| SNO | Mark D. Thompson | Assistant Vice President |
| HRO | Stephen B. Thompson | Regional Vice President |
| LAO | Ryan D. Tiernan | Senior Vice President |
| LAO | Jordan A. Trevino | Senior Vice President |
| LAO | Michael J. Triessl | Director |

---

---

| | | |
|:---|:---|:---|
| LAO | Michael Trujillo | Vice President |
| CHO | Polina S. Tsybrovska | Assistant Vice President |
| LAO | Shaun C. Tucker | Senior Vice President |
| IRV | Sean M. Tupy | Vice President |
| SNO | Corey W. Tyson | Regional Vice President |
| IND | Ryan C. Tyson | Assistant Vice President |
| LAO | Jason A. Uberti | Vice President |
| LAO | David E. Unanue | Senior Vice President |
| LAO | John W. Urbanski | Regional Vice President |
| LAO | Veronica Vasquez | Vice President |
| LAO-W | Gerrit Veerman III | Senior Vice President, Capital Group Institutional Investment Services |
| LAO | Cynthia G. Velazquez | Assistant Vice President |
| LAO | Spilios Venetsanopoulos | Senior Vice President |
| LAO | J. David Viale | Senior Vice President |
| LAO | Austin J. Vierra | Senior Vice President |
| LAO | Robert D. Vigneaux III | Senior Vice President |
| LAO | Julie A. Vogel | Senior Vice President |
| IRV | Thu A. Vu | Assistant Vice President |
| LAO | Adam Waclawsky | Vice President |
| LAO | Jon N. Wainman | Vice President |
| LAO | Hudson Walker | Regional Vice President |
| ATO | Jason C. Wallace | Senior Vice President |
| LAO | Sherrie S. Walling | Vice President |
| LAO | Brian M. Walsh | Senior Vice President |
| LAO | Susan O. Walton | Senior Vice President |
| LAO | Justin N. Wang | Regional Vice President |
| IND | Kristen M. Weaver | Vice President |

---

---

| | | |
|:---|:---|:---|
| LAO | Timothy S. Wei | Vice President |
| LAO | Sheraton Welch | Regional Vice President |
| SNO | Gordon S. Wells | Regional Vice President |
| LAO | George J. Wenzel | Senior Vice President |
| LAO | Jason M. Weybrecht | Senior Vice President |
| LAO | Adam B. Whitehead | Senior Vice President |
| LAO | Gregory D. Williams II | Assistant Vice President |
| LAO | Ashley L. Wilson | Regional Vice President |
| LAO | Jonathan D. Wilson | Vice President |
| LAO | Steven Wilson | Senior Vice President |
| LAO | Steven C. Wilson | Vice President |
| LAO | Anthony J. Wingate | Vice President |
| LAO | Benjamin Wirtshafter | Senior Vice President |
| LAO | Kimberly D. Wood | Senior Vice President |
| LAO | Jennifer N. Woodward | Assistant Vice President |
| IND | Matthew A. Wooten | Assistant Vice President |
| LAO | Elizabeth D. Yakes | Assistant Vice President |
| NYO | Mila I. Yankova | Senior Vice President |
| LAO | Jason P. Young | Senior Vice President |
| LAO | Jonathan A. Young | Senior Vice President |
| LAO | Lauren E. Zappia | Regional Vice President |
| LAO | Raul Zarco, Jr. | Vice President |
| LAO | Heidi H. Zhang | Assistant Vice President |
| NYO | Tanya Zolotarevskiy | Vice President |

---

__________

---

| | |
|:---|:---|
| HRO | Business Address, 5300 Robin Hood Road, Norfolk, VA 23513 |
| IND | Business Address, 12811 North Meridian Street, Carmel, IN 46032 |
| IRV | Business Address, 6455 Irvine Center Drive, Irvine, CA 92618 |
| LAO | Business Address, 333 South Hope Street, Los Angeles, CA 90071 |
| LAO-W | Business Address, 11100 Santa Monica Blvd., 18<sup>th</sup> Floor, Los Angeles, CA 90025 |
| NYO | Business Address, 399 Park Avenue, 34<sup>th</sup> Floor, New York, NY 10022 |
| SFO | Business Address, One Market Street, Suite 1800, San Francisco, CA 94105 |
| SNO | Business Address, 3500 Wiseman Boulevard, San Antonio, TX 78251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; None

Item 33. Location of Accounts and Records

Accounts, books and other records required by Rules 31a-1 and 31a-2 under the Investment Company Act of 1940, as amended, are maintained and kept in the offices of the Registrant's investment adviser, Capital Research and Management Company, 333 South Hope Street, Los Angeles, California 90071, and/or 6455 Irvine Center Drive, Irvine, California 92618.

Registrant's records covering shareholder accounts are maintained and kept by its transfer agent, American Funds Service Company, 6455 Irvine Center Drive, Irvine, California 92618; 12811 North Meridian Street, Carmel, Indiana 46032; 3500 Wiseman Boulevard, San Antonio, Texas 78251; and 5300 Robin Hood Road, Norfolk, Virginia 23513.

Registrant's records covering portfolio transactions are maintained and kept by the fund's custodian, JPMorgan Chase Bank, N.A., 270 Park Avenue, New York, New York 10017-2070.

**Item 34.** **Management Services**

None

**Item 35.** **Undertakings**

n/a

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Los Angeles, and State of California, on the 28<sup>th</sup> day of May, 2026.

EUPAC FUND

By: <u>/s/ Michael W. Stockton</u>

(Michael W. Stockton, Executive Vice President)

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below on May 28, 2026, by the following persons in the capacities indicated.

---

| | | |
|:---|:---|:---|
|  | **<u>Signature</u>** | **<u>Title</u>** |
| (1) | Principal Executive Officer: |  |
|  | <br> /s/ Michael W. Stockton | <br> Executive Vice President |
|  | (Michael W. Stockton) |  |
| (2) | Principal Financial Officer and Principal Accounting Officer: | Principal Financial Officer and Principal Accounting Officer: |
|  | <br> /s/ Hong T. Le | <br> Treasurer |
|  | (Hong T. Le) |  |
| (3) | Trustees: |  |
|  | Gina F. Adams\* | Trustee |
|  | Charles E. Andrews\* | Trustee |
|  | Joseph J. Bonner\* | Trustee |
|  | Michael C. Camuñez\* | Trustee |
|  | Vanessa C. L. Chang\* | Trustee |
|  | Cecilia V. Estolano\* | Trustee |
|  | Bradford F. Freer\* | Trustee |
|  | Yvonne L. Greenstreet\* | Trustee |
|  | Martin E. Koehler\* | Trustee |
|  | Sharon I. Meers\* | Trustees |
|  | Pascal Millaire\* | Trustee |
|  | William I. Miller\* | Chair of the Board (Independent and Non-Executive) |
|  | Anne-Marie Peterson\* | Trustee |
|  | Josette Sheeran\* | Trustee |
|  | <br> \*By: <u>/s/ Michael R. Tom</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Michael R. Tom, pursuant to a power of attorney filed herewith) | &nbsp;&nbsp;&nbsp;&nbsp;(Michael R. Tom, pursuant to a power of attorney filed herewith) |

---

Counsel represents that this amendment does not contain disclosures that would make the amendment ineligible for effectiveness under the provisions of Rule 485(b).

/s/ Timothy J. Moon

(Timothy J. Moon, Counsel)

**POWER OF ATTORNEY**

I, Gina F. Adams, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066) <br> - American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II - Capital Group Central Corporate Bond Fund (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421) <br> - Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Washington, DC</u> , on January 1, 2026.

(City, State)

/s/ Gina F. Adams

Gina F. Adams, Board member

**POWER OF ATTORNEY**

I, Charles E. Andrews, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Vienna, Virginia</u> , on January 1, 2026.

(City, State)

/s/ Charles E. Andrews

Charles E. Andrews, Board member

**POWER OF ATTORNEY**

I, Joseph J. Bonner, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Carlsbad, CA</u> , on January 1, 2026.

(City, State)

/s/ Joseph J. Bonner

Joseph J. Bonner, Board member

**POWER OF ATTORNEY**

I, Michael C. Camuñez, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Fresno, CA</u> , on January 1, 2026.

(City, State)

/s/Michael C. Camuñez

Michael C. Camuñez, Board member

**POWER OF ATTORNEY**

I, Vanessa C. L. Chang, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737)

- Capital Group Growth ETF (File No. 333-259020, File No. 811-23733)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Houston, TX</u> , on January 1, 2026.

(City, State)

/s/ Vanessa C. L. Chang

Vanessa C. L. Chang, Board member

**POWER OF ATTORNEY**

I, Cecilia V. Estolano, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Los Angeles, CA</u> , on January 1, 2026.

(City, State)

/s/ Cecilia V. Estolano

Cecilia V. Estolano, Board member

**POWER OF ATTORNEY**

I, Bradford F. Freer, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Los Angeles, CA</u> , on January 1, 2026.

(City, State)

/s/ Bradford F. Freer

Bradford F. Freer, Board member

**POWER OF ATTORNEY**

I, Yvonne L. Greenstreet, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Boston</u> , on January 1, 2026.

(City, State)

/s/ Yvonne L. Greenstreet

Yvonne L. Greenstreet, Board member

**POWER OF ATTORNEY**

I, Martin E. Koehler, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II - Capital Group Central Corporate Bond Fund (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Berlin, Germany</u> , on January 1, 2026.

(City, State)

/s/ Martin E. Koehler

Martin E. Koehler, Board member

**POWER OF ATTORNEY**

I, Sharon I. Meers, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- American Funds Insurance Series (File No. 002-86838, File No. 811-03857)

- American Funds Insurance Series

- American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)

- American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053)

- American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737)

- Capital Group Growth ETF (File No. 333-259020, File No. 811-23733)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Menlo Park, CA</u> , on January 1, 2026.

(City, State)

/s/ Sharon I. Meers

Sharon I. Meers, Board member

**POWER OF ATTORNEY**

I, Pascal Millaire, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>San Francisco, CA</u> , on January 1, 2026.

(City, State)

/s/ Pascal Millaire

Pascal Millaire, Board member

**POWER OF ATTORNEY**

I, William I. Miller, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York, NY</u> , on January 1, 2026.

(City, State)

/s/ William I. Miller

William I. Miller, Board member

**POWER OF ATTORNEY**

I, Anne-Marie Peterson, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>San Francisco</u> , on January 1, 2026.

(City, State)

/s/ Anne-Marie Peterson

Anne-Marie Peterson, Board member

**POWER OF ATTORNEY**

I, Josette Sheeran, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- American Balanced Fund (File No. 002-10758, File No. 811-00066)

- American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077)

- American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)

- American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881)

- American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122)

- American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

- The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)

- American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)

- American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)

- American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409)

- American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)

- American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101)

- American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)

- The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)

- American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277)

- American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)

- American High-Income Trust (File No. 033-17917, File No. 811-05364)

- The Bond Fund of America (File No. 002-50700, File No. 811-02444)

- Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391)

- Capital Group Central Fund Series II - Capital Group Central Corporate Bond Fund (File No. 811-23633)

- Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959)

- Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867)

- Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736)

- Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738)

- Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935)

- Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734)

- Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936)

- Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349)

- Capital World Bond Fund (File No. 033-12447, File No. 811-05104)

- EUPAC Fund (File No. 002-83847, File No. 811-03734)

- EUPAC Fund

- The Growth Fund of America (File No. 002-14728, File No. 811-00862)

- The Income Fund of America (File No. 002-33371, File No. 811-01880)

- Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)

- International Growth and Income Fund (File No. 333-152323, File No. 811-22215)

- Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)

- New Perspective Fund (File No. 002-47749, File No. 811-02333)

- New World Fund, Inc. (File No. 333-67455, File No. 811-09105)

- American Funds New World Fund

- Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)

- SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

- SMALLCAP World Fund

- The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)

- Washington Mutual Investors Fund (File No. 002-11051, File No. 811-00604)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>New York New York</u> , on January 1, 2026.

(City, State)

/s/ Josette Sheeran

Josette Sheeran, Board member

## Ex-99.D

**EUPAC FUND**

**Amended and restated**

**INVESTMENT ADVISORY AND SERVICE AGREEMENT**

THIS amended and restated investment advisory and service AGREEMENT, dated and effective as of the 1st day of December, 2025, is made and entered into by and between EUPAC FUND, a Massachusetts business trust (the "Fund"), and CAPITAL RESEARCH AND MANAGEMENT COMPANY, a Delaware corporation (the "Investment Adviser").

W I T N E S S E T H

The Fund is an open-end diversified investment company of the management type, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Investment Adviser is registered under the Investment Advisers Act of 1940, as amended, and is engaged in the business of providing investment advisory and related services to the Fund and to other investment companies.

NOW, THEREFORE, in consideration of the premises and the mutual undertaking of the parties, it is covenanted and agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby employs the Investment Adviser to provide investment advisory and fund administration services to the Fund. The Investment Adviser hereby accepts such employment and agrees to render the services to the extent herein set forth, for the compensation herein provided. The Investment Adviser shall, for all purposes herein, be deemed an independent contractor and not an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) The Investment Adviser shall provide general management services to the Fund, including overall supervisory responsibility for the general management and investment of the Fund's assets, giving due consideration to the policies of the Fund as expressed in the Fund's articles of incorporation, by-laws, registration statement under the 1940 Act and registration statement under the Securities Act of 1933, as amended (the "1933 Act"), as well as to the factors affecting the Fund's status as a regulated investment company under the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Investment Adviser may delegate its investment management responsibilities under paragraph 2(a), or a portion thereof, to one or more entities that are direct or indirect subsidiaries of the Investment Adviser or at least majority owned subsidiaries of The Capital Group Companies, Inc. and

registered as investment advisers under the Investment Advisers Act of 1940 (each a "Subsidiary"), pursuant to an agreement between the Investment Adviser and the Subsidiary (the "Subsidiary Agreement"). The Subsidiary Agreement with any Subsidiary to which the Investment Adviser proposes to delegate its investment management responsibilities must be approved by the Fund's Board of Trustees, including a majority of the Trustees who are not parties to this Agreement nor interested persons of any such party, within the meaning of the 1940 Act ("Independent Trustees"). Any delegation of duties pursuant to this paragraph shall comply with all applicable provisions of Section 15 of the 1940 Act, except to the extent permitted by any exemptive order of the U.S. Securities and Exchange Commission ("SEC"), or similar relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Investment Adviser will, subject to the review and approval of the Board of Trustees of the Fund: (i) set the Fund's overall investment strategies; (ii) except to the extent delegated to one or more Subsidiaries, have full investment discretion for the Fund and make all determinations with respect to the investment of the Fund's assets, the purchase and sale of portfolio securities with those assets, and any steps that may be necessary to implement any investment decisions; (iii) evaluate, select and recommend Subsidiaries to manage all or a part of the Fund's assets; (iv) when appropriate, allocate and reallocate the Fund's assets among multiple Subsidiaries; (v) monitor and evaluate the performance of Subsidiaries; and (vi) implement procedures reasonably designed to ensure that the Subsidiaries comply with the Fund's investment objective, policies and restrictions. The Investment Adviser shall be solely responsible for paying the fees of any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Any Subsidiary Agreement may provide that the Subsidiary, subject to the control and supervision of the Fund's Board of Trustees and the Investment Adviser, shall have full investment discretion for the Fund and shall make all determinations with respect to (i) the investment of the Fund's assets assigned to the Subsidiary; (ii) the purchase and sale of portfolio securities with those assets, and (iii) any steps that may be necessary to implement an investment decision. The Investment Adviser shall periodically evaluate the continued advisability of retaining any Subsidiary and shall make recommendations to the Fund's Board of Trustees, as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The Investment Adviser shall furnish the services of persons to perform the executive, administrative, clerical, and bookkeeping functions of the Fund, including the daily determination of net asset value per share. The Investment Adviser shall pay the compensation and travel expenses of all such persons, and they shall serve without any additional compensation from the Fund. The Investment Adviser shall also, at its expense, provide the Fund with necessary office space (which may be in the offices of the Investment Adviser); all necessary office equipment and utilities; and general purpose forms, supplies, and postage used at the offices of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) The Investment Adviser shall maintain (and cause each Subsidiary to maintain) all books and records with respect to the Fund's investment management activities that are required to be maintained pursuant to the 1940 Act and the rules thereunder, as well as any other applicable legal requirements. The Investment Adviser acknowledges and agrees that all such records are the property of the Fund, and it shall maintain and preserve such records in accordance with applicable law and provide such records promptly to the Fund upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) The Investment Adviser shall prepare and submit to the Fund all data on the performance of its duties as investment adviser for required filings with governmental agencies or for the preparation of reports to the Board of Trustees or the shareholders of the Fund and shall cause each subsidiary to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) The Investment Adviser shall furnish from time to time such other appropriate information as may be reasonably requested by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund shall pay all its expenses not assumed by the Investment Adviser as provided herein. Such expenses shall include, but shall not be limited to, expenses incurred in connection with the organization of the Fund, its qualification to do business in the State of California, and its registration as an investment company under the 1940 Act; custodian, stock transfer and dividend disbursing fees and expenses; service and distribution expenses pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act; expenses incurred for shareholder servicing, recordkeeping, transactional services, tax and informational returns and fund and shareholder communications; costs of designing and of printing and mailing to its shareholders reports, prospectuses, proxy statements, and notices to its shareholders; taxes; expenses of the issuance, sale, redemption, or repurchase of shares of the Fund (including registration and qualification expenses); legal and auditing fees and expenses; compensation, fees, and expenses paid to Independent Trustees; association dues; and costs of any share certificates, stationery and forms prepared exclusively for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) The Fund shall pay to the Investment Adviser on or before the tenth (10th) day of each month, as compensation for the services rendered by the Investment Adviser during the preceding month a fee calculated at the annual rate of:

0.690% on the first $500 million of net assets,

plus 0.590% on net assets over $500 million to $1 billion,

plus 0.530% on net assets over $1 to $1.5 billion,

plus 0.500% on net assets over $1.5 to $2.5 billion,

plus 0.480% on net assets over $2.5 to $4 billion,

plus 0.470% on net assets over $4 to $6.5 billion,

plus 0.460% on net assets over $6.5 billion to $10.5 billion,

plus 0.450% on net assets over $10.5 billion to $17 billion,

plus 0.440% on net assets over $17 billion to $21 billion,

plus 0.430% on net assets over $21 billion to $27 billion,

plus 0.425% on net assets over $27 billion to $34 billion,

plus 0.420% on net assets over $34 billion to $44 billion,

plus 0.415% on net assets over $44 billion to $55 billion,

plus 0.410% on net assets over $55 billion to $71 billion,

plus 0.405% on net assets over $71 billion to $89 billion,

plus 0.400% on net assets over $89 billion to $115 billion,

plus 0.397% on net assets over $115 billion to $144 billion,

plus 0.394% on net assets over $144 billion to $186 billion,

plus 0.392% on assets over $186 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Such fee shall be accrued daily and the daily rate shall be computed based on the actual number of days per year. For the purposes hereof, the net assets of the Fund shall be determined in the manner set forth in the articles of incorporation and registration statement of the Fund. The advisory fee shall be payable for the period commencing on the date on which operations of the Fund begin and ending on the date of termination hereof and shall be prorated for any fraction of a month at the beginning or the termination of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement may be terminated at any time, without payment of any penalty, by the trustees of the Fund or by vote of a majority (within the meaning of the 1940 Act) of the outstanding voting securities of the Fund, on sixty (60) days' written notice to the Investment Adviser, or by the Investment Adviser on like notice to the Fund. Unless sooner terminated in accordance with this provision, this Agreement shall continue until November 30, 2026. It may thereafter be renewed from year to year by mutual consent, provided that such renewal shall be specifically approved at least annually by the Board of Trustees of the Fund, or by vote of a majority (within the meaning of the 1940 Act) of the outstanding voting securities of the Fund. In either event, any such renewal must be approved by a majority of the Independent Trustees at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement shall not be assignable by either party hereto, and in the event of assignment (within the meaning of the 1940 Act) by the Investment Adviser shall automatically be terminated forthwith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Nothing contained in this Agreement shall be construed to prohibit the Investment Adviser from performing investment advisory, management, or distribution services for other investment companies and other persons or companies, nor to prohibit affiliates of the Investment Adviser from engaging in such businesses or in other related or unrelated businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Investment Adviser shall not be liable to the Fund or Fund shareholders for any error of judgment, for any mistake of law, for any loss arising out

of any investment or for any act, or omission not involving willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The obligations of the Fund under this Agreement are not binding upon any of the trustees, officers, employees, agents or shareholders of the Fund individually, but bind only the Fund's estate. The Investment Adviser agrees to look solely to the assets of the Fund for the satisfaction of any liability in respect of the Fund under this Agreement and will not seek recourse against such trustees, officers, employees, agents or shareholders, or any of them, or any of their personal assets for such satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Fund acknowledges and agrees that the names, "American Funds" and "Capital" or any derivatives thereof or logo associated with those names are the valuable property of the Investment Adviser and its affiliates, and that the Fund shall have the right to use such names (or derivatives or logos) only so long as this Agreement shall continue in effect. Upon termination of this Agreement the Fund shall forthwith cease to use such names (or derivatives or logos).

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in duplicate original by their duly authorized officers.

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| | |
|:---|:---|
| CAPITAL RESEARCH AND MANAGEMENT COMPANY | EUPAC fund |
| By: <u>/s/ Walter R. Burkley</u> | By: <u>/s/ Jennifer L. Butler</u> |
| Walter R. Burkley<br> Senior Vice President & General Counsel | Jennifer L. Butler<br> Secretary |

---

## Ex-99.E

**EUPAC FUND**

**AMENDED AND RESTATED PRINCIPAL UNDERWRITING AGREEMENT**

THIS AMENDED AND RESTATED PRINCIPAL UNDERWRITING AGREEMENT is between EUPAC FUND, a Massachusetts business trust (the "Fund"), and CAPITAL CLIENT GROUP, INC., a California corporation (the "Distributor").

W I T N E S S E T H:

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company which offers various classes of shares of beneficial interest, designated as Class A shares; Class C shares; Class T shares; Class F-1 shares, Class F-2 shares and Class F-3 shares ("Class F shares"); Class 529-A shares, Class 529-C shares, Class 529-E shares, Class 529-T shares, Class 529-F-1 shares, Class 529-F-2 shares and Class 529-F-3 shares ("Class 529 shares"); and Class R-1 shares, Class R-2 shares, Class R-2E shares, Class R-3 shares, Class R-4 shares, Class R-5E shares, Class R-5 shares and Class R-6 shares ("Class R shares"), and it is a part of the business of the Fund, and affirmatively in the interest of the Fund, to offer shares of the Fund either from time to time or continuously as determined by the Fund's officers subject to authorization by its Board of Trustees;

WHEREAS, the Distributor is engaged in the business of promoting the distribution of shares of investment companies through securities broker-dealers; and

WHEREAS, the Fund and the Distributor wish to enter into an agreement with each other to promote the distribution and servicing of the shares of the Fund and of all series or classes of the Fund which may be established in the future;

NOW, THEREFORE, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) The Distributor shall be the exclusive principal underwriter for the sale of the shares of the Fund and of each series or class of the Fund which may be established in the future, except as otherwise provided pursuant to the following subsection (b). The terms "shares of the Fund" or "shares" as used herein shall mean shares of beneficial interest of the Fund and each series or class which may be established in the future and become covered by this Agreement in accordance with Section 32 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Fund may, upon 60 days' written notice to the Distributor, from time to time designate other principal underwriters of its shares with respect to

areas other than the North American continent, Hawaii, Puerto Rico, and such countries or other jurisdictions as to which the Fund may have expressly waived in writing its right to make such designation. In the event of such designation, the right of the Distributor under this Agreement to sell shares in the areas so designated shall terminate, but this Agreement shall remain otherwise in full force and effect until terminated in accordance with the other provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In the sale of shares of the Fund, the Distributor shall act as agent of the Fund except in any transaction in which the Distributor sells such shares as a dealer to the public, in which event the Distributor shall act as principal for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund shall sell shares only through the Distributor, except that the Fund may, to the extent permitted by the 1940 Act and the rules and regulations promulgated thereunder or pursuant thereto, at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue shares to any corporation, association, trust, partnership or other organization, or its, or their, security holders, beneficiaries or members, in connection with a merger, consolidation or reorganization to which the Fund is a party, or in connection with the acquisition of all or substantially all the property and assets of such corporation, association, trust, partnership or other organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue shares at net asset value to the holders of shares of capital stock or beneficial interest of other investment companies served as investment adviser by any affiliated company or companies of The Capital Group Companies, Inc., to the extent of all or any portion of amounts received by such shareholders upon redemption or repurchase of their shares by the other investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue shares at net asset value to its shareholders in connection with the reinvestment of dividends paid and other distributions made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) issue shares at net asset value to persons entitled to purchase shares at net asset value without sales charge or contingent deferred sales charge as described in the Fund's current Registration Statement in effect under the Securities Act of 1933, as amended, for each series issued by the Fund at the time of such offer or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Distributor shall devote its best efforts to the sale of shares of the Fund and shares of any other mutual funds served as investment adviser by affiliated companies of The Capital Group Companies, Inc., and insurance contracts funded by shares of such mutual funds, for which the Distributor has been authorized to act as principal underwriter for the sale of shares. The Distributor shall maintain a sales organization suited to the sale of shares of the Fund and shall use its best efforts to

effect such sales in jurisdictions as to which the Fund shall have expressly waived in writing its right to designate another principal underwriter pursuant to subsection 1(b) hereof, and shall effect and maintain appropriate qualification to do so in all those jurisdictions in which it sells or offers Fund shares for sale and in which qualification is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Within the United States of America, all dealers to whom the Distributor shall offer and sell shares must be duly licensed and qualified to sell shares of the Fund. Shares sold to dealers shall be for resale by such dealers only at the public offering price set forth in the current summary prospectus and/or prospectus of the Fund's Registration Statement in effect under the Securities Act of 1933, as amended ("Prospectus"). The Distributor shall not, without the consent of the Fund, sell or offer for sale any shares of a series or class issued by the Fund other than as principal underwriter pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In its sales to dealers, it shall be the responsibility of the Distributor to ensure that such dealers are appropriately qualified to transact business in the shares under applicable laws, rules and regulations promulgated by such national, state, local or other governmental or quasi-governmental authorities as may in a particular instance have jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The applicable public offering price of shares shall be the price which is equal to the net asset value per share, as shall be determined by the Fund in the manner and at the time or times set forth in and subject to the provisions of the Prospectus of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. All orders for shares received by the Distributor shall, unless rejected by the Distributor or the Fund, be accepted by the Distributor immediately upon receipt and confirmed at an offering price determined in accordance with the provisions of the Prospectus and the 1940 Act, and applicable rules in effect thereunder. The Distributor shall not hold orders subject to acceptance nor otherwise delay their execution. The provisions of this Section shall not be construed to restrict the right of the Fund to withhold shares from sale under Section 27 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Fund or its transfer agent shall be promptly advised of all orders received, and shall cause shares to be issued upon payment therefor in New York or Los Angeles Clearing House Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Distributor shall adopt and follow procedures as approved by the officers of the Fund for the confirmation of sales to dealers, the collection of amounts payable by dealers on such sales, and the cancellation of unsettled transactions, as may be necessary to comply with the requirements of the Securities

and Exchange Commission or the Financial Industry Regulatory Authority ("FINRA"), as such requirements may from time to time exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Distributor, as principal underwriter under this Agreement for Class A shares, shall receive (i) that part of the sales charge which is retained by the Distributor after allowance of discounts to dealers, unless waived by the Distributor for certain qualified fee-based programs, as set forth in the Prospectus of the Fund, and (ii) amounts payable to the Distributor pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Distributor, as principal underwriter under this Agreement for Class C shares, shall receive (i) distribution fees as compensation for the sale of Class C shares and contingent deferred sales charges ("CDSC"), as set forth in the Fund's Prospectus, and (ii) shareholder service fees at the rate of 0.25% per annum of the average daily net asset value of Class C shares pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its Class C shares (the "Class C Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the Class C Plan, and subject to the limit on asset-based sales charges set forth in FINRA Conduct Rule 2341 (and any successor provision thereto), the Fund shall pay to the Distributor, no more frequently than monthly in arrears within 30 days of receipt of an invoice for payment, the Distributor's Allocable Portion (as defined below) of a fee (the "Distribution Fee") which shall accrue daily in an amount equal to the daily equivalent of 0.75% per annum of the net asset value of the Class C shares outstanding on such day. The Fund agrees to withhold from redemption proceeds of the Class C shares, the Distributor's Allocable Portion of any CDSCs payable with respect to the Class C shares, as provided in the Fund's Prospectus and to pay the same over to the Distributor, or, at the Distributor's direction to a third party, at the time the redemption proceeds are payable to the holder of such shares redeemed. Payment of these CDSC amounts to the Distributor is not contingent upon the adoption or continuation of any Class C Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, the term "Allocable Portion" of Distribution Fees and CDSCs payable with respect to Class C shares shall mean the portion of such Distribution Fees and CDSC allocated to the Distributor in accordance with the Allocation Schedule attached hereto as Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall be considered to have completely earned the right to the payment of its Allocable Portion of the Distribution Fees and the right to payment of its Allocable Portion of the CDSCs with respect to each "Commission Share" (as defined in the Allocation Schedule attached hereto as Schedule A) upon

the settlement date of such Commission Share taken into account in determining the Distributor's Allocable Portion of Distribution Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions set forth in Section 1 of the Class C Plan (in effect on the date hereof) relating to Class C shares, together with the related definitions are hereby incorporated into this Section 12 by reference with the same force and effect as if set forth herein in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Distributor, as principal underwriter under this Agreement for Class T shares, shall receive (i) distribution fees at the rate of 0.25% per annum of the average daily net asset value of Class T shares as compensation for the sale of Class T shares as set forth in the Fund's Prospectus, and (ii) shareholder service fees at the rate of 0.25% per annum of the average daily net asset value of Class T shares. The payment of distribution and service fees is pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its Class T shares (the "Class T Plan"). The actual amounts paid shall be determined by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Distributor, as principal underwriter under this Agreement for Class F-1 shares, shall receive (i) distribution fees at the rate of 0.25% per annum of the average daily net asset value of Class F-1 shares as compensation for the sale of Class F-1 shares as set forth in the Fund's Prospectus, and (ii) shareholder service fees at the rate of 0.25% per annum of the average daily net asset value of Class F-1 shares. The payment of distribution and service fees is pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its Class F-1 shares (the "Class F-1 Plan"). The actual amounts paid shall be determined by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Distributor, as principal underwriter under this Agreement for Class F-2 shares and Class F-3 shares, shall receive no compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Distributor, as principal underwriter under this Agreement for Class 529-A shares, shall receive (i) that part of the sales charge which is retained by the Distributor after allowance of discounts to dealers, unless waived by the Distributor for certain qualified fee-based programs, as set forth in the Prospectus of the Fund, and (ii) amounts payable to the Distributor pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its Class 529-A shares. The actual amounts paid shall be determined by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Distributor, as principal underwriter under this Agreement for Class 529-C shares, shall receive (i) distribution fees as compensation for the sale of Class 529-C shares and CDSCs, as set forth in the Fund's Prospectus, and (ii) shareholder service fees at the rate of 0.25% per annum of the average daily net asset value of Class 529-C shares pursuant to the Fund's Plan of Distribution under

Rule 12b-1 under the 1940 Act relating to its Class 529-C shares (the "Class 529-C Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the Class 529-C Plan, and subject to the limit on asset-based sales charges set forth in FINRA Conduct Rule 2341 (and any successor provision thereto), the Fund shall pay to the Distributor, no more frequently than monthly in arrears within 30 days of receipt of an invoice for payment, the Distributor's Allocable Portion (as defined below) of a fee (the "Distribution Fee") which shall accrue daily in an amount equal to the product of (A) the daily equivalent of 0.75% per annum multiplied by (B) the net asset value of the Class 529-C shares of the Fund outstanding on such day. The Fund agrees to withhold from redemption proceeds of the Class 529-C shares, the Distributor's Allocable Portion of any CDSCs payable with respect to the Class 529-C shares, as provided in the Fund's Prospectus, and to pay the same over to the Distributor or, at the Distributor's direction to a third party, at the time the redemption proceeds are payable to the holder of such shares redeemed. Payment of these CDSC amounts to the Distributor is not contingent upon the adoption or continuation of any Class 529-C Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, the term "Allocable Portion" of Distribution Fees and CDSCs payable with respect to Class 529-C shares shall mean the portion of such Distribution Fees and CDSC allocated to the Distributor in accordance with the Allocation Schedule attached hereto as Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall be considered to have completely earned the right to the payment of its Allocable Portion of the Distribution Fees and the right to payment of its Allocable Portion of the CDSCs with respect to each "Commission Share" (as defined in the Allocation Schedule attached hereto as Schedule B) upon the settlement date of such Commission Share taken into account in determining the Distributor's Allocable Portion of Distribution Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions set forth in Section 1 of the Class 529-C Plan (in effect on the date hereof) relating to Class 529-C shares, together with the related definitions are hereby incorporated into this Section 17 by reference with the same force and effect as if set forth herein in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The Distributor, as principal underwriter under this Agreement for Class 529-E shares, shall receive (i) distribution fees at the rate of 0.25% per annum of the average daily net asset value of Class 529-E shares as compensation for the sale of Class 529-E shares as set forth in the Fund's Prospectus, and (ii) shareholder service fees at the rate of 0.25% per annum of the average daily net asset value of Class 529-E shares. The payment of distribution and service fees is pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its

Class 529-E shares (the "Class 529-E Plan"). The actual amounts paid shall be determined by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Distributor, as principal underwriter under this Agreement for Class 529-T shares, shall receive (i) distribution fees at the rate of 0.25% per annum of the average daily net asset value of Class 529-T shares as compensation for the sale of Class 529-T shares as set forth in the Fund's Prospectus, and (ii) shareholder service fees at the rate of 0.25% per annum of the average daily net asset value of Class 529-T shares. The payment of distribution and service fees is pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its Class 529-T shares (the "Class 529-T Plan"). The actual amounts paid shall be determined by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The Distributor, as principal underwriter under this Agreement for Class 529-F-1 shares, shall receive (i) distribution fees at the rate of 0.25% per annum of the average daily net asset value of Class 529-F-1 shares as compensation for the sale of Class 529-F-1 shares as set forth in the Fund's Prospectus, and (ii) shareholder service fees at the rate of 0.25% per annum of the average daily net asset value of Class 529-F-1 shares. The payment of distribution and service fees is pursuant to the Fund's Plan of Distribution under Rule 12b-1 under the 1940 Act relating to its Class 529-F-1 shares (the "Class 529-F-1 Plan"). The actual amounts paid shall be determined by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The Distributor, as principal underwriter under this Agreement for Class 529-F-2 shares and Class 529-F-3 shares, shall receive no compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. The Distributor, as principal underwriter under this Agreement for each of the Class R shares, shall receive (i) distribution fees as compensation for the sale of Class R shares, and (ii) shareholder service fees as set forth below. The payment of distribution and service fees is pursuant to the Fund's various Plans of Distribution under Rule 12b-1 under the 1940 Act relating to each of the Class R shares (the "Class R Plans"). For purposes of the following chart the fee rates represent annual fees as a percentage of average daily net assets of the respective share class. Fees shall accrue daily and be paid monthly. The actual amounts paid shall be determined by the Board of Trustees of the Fund, and are currently as follows:

---

| | | |
|:---|:---|:---|
| <u>Share Class</u> | <u>Distribution Fee</u> | <u>Service Fee</u> |
| Class R-1 | 0.75% | 0.25% |
| Class R-2 | 0.50% | 0.25% |
| Class R-2E | 0.35% | 0.25% |
| Class R-3 | 0.25% | 0.25% |
| Class R-4 | 0.00% | 0.25% |
| Class R-5E | 0.00% | 0.00% |
| Class R-5 | 0.00% | 0.00% |
| Class R-6 | 0.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. The Fund agrees to use its best efforts to maintain its registration as an open-end management investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. The Fund agrees to use its best efforts to maintain an effective Prospectus under the Securities Act of 1933, as amended, and warrants that such Prospectus will contain all statements required by and will conform with the requirements of such Securities Act of 1933 and the rules and regulations thereunder, and that no part of any such Prospectus, at the time the Registration Statement of which it is a part becomes effective, will contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading (excluding any information provided by the Distributor in writing for inclusion in the Prospectus). The Distributor agrees and warrants that it will not in the sale of shares use any Prospectus, advertising or sales literature not approved by the Fund or its officers nor make any untrue statement of a material fact nor omit the stating of a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. The Distributor agrees to indemnify and hold the Fund harmless from any and all loss, expense, damage and liability resulting from a breach of the agreements and warranties contained in this Section, or from the use of any sales literature, information, statistics or other aid or device employed in connection with the sale of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. The expense of each printing of each Prospectus and each revision thereof or addition thereto deemed necessary by the Fund's officers to meet the requirements of applicable laws shall be divided between the Fund, the Distributor and any other principal underwriter of the shares of the Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund shall pay the typesetting and make-ready charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the printing charges shall be prorated between the Fund, the Distributor, and any other principal underwriter(s) in accordance with the number of copies each receives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) expenses incurred in connection with the foregoing, other than to meet the requirements of the Securities Act of 1933, as amended, or other applicable laws, shall be borne by the Distributor, except in the event such incremental expenses are incurred at the request of any other principal underwriter(s), in which case such incremental expenses shall be borne by the principal underwriter(s) making the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The Fund agrees to use its best efforts to qualify and maintain the qualification of an appropriate number of the shares of each series or class it offers for sale under the securities laws of such states as the Distributor and the Fund may approve. Any such qualification for any series or class may be withheld, terminated or withdrawn by the Fund at any time in its discretion. The expense of qualification and maintenance of qualification shall be borne by the Fund, but the Distributor shall furnish such information and other material relating to its affairs and activities as may be required by the Fund or its counsel in connection with such qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. The Fund may withhold shares of any series or class from sale to any person or persons or in any jurisdiction temporarily or permanently if, in the opinion of its counsel, such offer or sale would be contrary to law or if the Trustees or the President or any Vice President of the Fund determines that such offer or sale is not in the best interest of the Fund. The Fund will give prompt notice to the Distributor of any withholding and will indemnify it against any loss suffered by the Distributor as a result of such withholding by reason of non-delivery of shares of any series or class after a good faith confirmation by the Distributor of sales thereof prior to receipt of notice of such withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. (a) This Agreement may be terminated at any time, without payment of any penalty, as to the Fund or any series on sixty (60) days' written notice by the Distributor to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated as to the Fund or any series or class by either party upon five (5) days' written notice to the other party in the event that the Securities and Exchange Commission has issued an order or obtained an injunction or other court order suspending effectiveness of the Registration Statement covering the shares of the Fund or such series or class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated as to the Fund or any series or class by the Fund upon five (5) days' written notice to the Distributor provided either of the following events has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) FINRA has expelled the Distributor or suspended its membership in that organization; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the qualification, registration, license or right of the Distributor to sell shares of the Fund or any series of the Fund in a particular state has been suspended or canceled by the State of California or any other state in which sales of the shares of the Fund or such series during the most recent 12-month period exceeded 10% of all shares of such series sold by the Distributor during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be terminated as to the Fund or any series or class at any time on sixty (60) days' written notice to the Distributor without the payment of any penalty, by vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund or such series or class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. This Agreement shall not be assignable by either party hereto and in the event of assignment shall automatically terminate forthwith. The term "assignment" shall have the meaning set forth in the 1940 Act. If the Distributor determines to transfer its Allocable Portion of Distribution Fees and CDSCs in respect of Class C shares or Class 529-C shares to a third party, such transfer shall not cause a termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. No provision of this Agreement shall protect or purport to protect the Distributor against any liability to the Fund or holders of its shares for which the Distributor would otherwise be liable by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the Distributor's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. This Agreement shall become effective on December 1, 2025. Unless sooner terminated in accordance with the other provisions hereof, this Agreement shall continue in effect until November 30, 2026, and shall continue in effect from year to year thereafter but only so long as such continuance is specifically approved at least annually by (i) the vote of a majority of the Independent Trustees of the Fund at a meeting called for the purpose of voting on such approval, and (ii) the vote of either a majority of the entire Board of Trustees of the Fund or a majority (within the meaning of the 1940 Act) of the outstanding voting securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. If the Fund shall at any time issue shares in more than one series or class, this Agreement shall take effect with respect to such series or class of the Fund which may be established in the future at such time as it has been approved as to such series or class by vote of the Board of Trustees and the Independent Trustees in accordance with Section 31. The Agreement as approved with respect to any series or class shall specify the compensation payable to the Distributor pursuant to Sections 11 through 22, as well as any provisions which may differ from those herein with respect to such series, subject to approval in writing by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. This Agreement may be approved, amended, continued or renewed with respect to a series or class as provided herein notwithstanding such approval, amendment, continuance or renewal has not been effected with respect to any one or more other series or class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. This Agreement shall be construed under and shall be governed by the laws of the State of California, and the parties hereto agree that proper venue of any action with respect hereto shall be Los Angeles County, California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. This Agreement shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers thereunto duly authorized, as of December 1, 2025.

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| | |
|:---|:---|
| CAPITAL CLIENT GROUP, INC | EUPAC fund |
| By: <u>/s/ Timothy W. McHale</u> | By: <u>/s/ Jennifer L. Butler</u> |
| Timothy W. McHale<br> Secretary | Jennifer L. Butler<br> Secretary |

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SCHEDULE A

to the

Amended and Restated Principal Underwriting Agreement

ALLOCATION SCHEDULE

The following relates solely to Class C shares.

The Distributor's Allocable Portion of Distribution Fees and CDSCs in respect of Class C shares shall be 100% until such time as the Distributor shall cease to serve as exclusive distributor of Class C shares; thereafter, collections that constitute CDSCs and Distribution Fees relating to Class C shares shall be allocated among the Distributor and any successor distributor ("<u>Successor Distributor</u>") in accordance with this Schedule. At such time as the Distributor's Allocable Portion of the Distribution Fees equals zero, the Successor Distributor shall become the Distributor for purposes of this Allocation Schedule.

Defined terms used in this Schedule and not otherwise defined herein shall have the meanings assigned to them in the Principal Underwriting Agreement (the "Distribution Agreement"), of which this Schedule is a part. As used herein the following terms shall have the meanings indicated:

"<u>Commission Share</u>" means each C share issued under circumstances which would normally give rise to an obligation of the holder of such share to pay a CDSC upon redemption of such share (including, without limitation, any C share issued in connection with a permitted free exchange), and any such share shall continue to be a Commission Share of the applicable Fund prior to the redemption (including a redemption in connection with a permitted free exchange) or conversion of such share, even though the obligation to pay the CDSC may have expired or conditions for waivers thereof may exist.

"<u>Date of Original Issuance</u>" means in respect of any Commission Share, the date with reference to which the amount of the CDSC payable on redemption thereof, if any, is computed.

"<u>Free Share</u>" means, in respect of a Fund, each C share of the Fund, other than a Commission Share (including, without limitation, any C share issued in connection with the reinvestment of dividends or capital gains).

"<u>Inception Date</u>" means in respect of a Fund, the first date on which the Fund issued shares.

"<u>Net Asset Value</u>" means the net asset value determined as set forth in the Prospectus of each Fund.

"<u>Omnibus Share</u>" means, in respect of a Fund, a Commission Share or Free Share sold by one of the selling agents maintaining shares in an omnibus account ("<u>Omnibus Selling Agents</u>"). If, subsequent to the Successor Distributor becoming exclusive distributor of the Class C shares, the Distributor reasonably determines that the transfer agent is able to track all Commission Shares and Free Shares sold by any of the Omnibus Selling Agents in the same manner as Non-Omnibus Commission Shares and Free Shares (defined below) are currently tracked, then Omnibus Shares of such Omnibus Selling Agent shall be treated as Commission Shares and Free Shares.

<u>PART I: ATTRIBUTION OF CLASS C SHARES</u>

Class C shares that are outstanding from time to time, shall be attributed to the Distributor and each Successor Distributor in accordance with the following rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Commission Shares other than Omnibus Shares</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commission Shares that are not Omnibus Shares ("Non-Omnibus Commission Shares") attributed to the Distributor shall be those Non-Omnibus Commission Shares (i) the Date of Original Issuance of which occurred on or after the Inception Date of the applicable Fund and on or prior to the date the Distributor ceased to be exclusive distributor of Class C shares of the Fund and (ii) that are subject to a CDSC (without regard to any conditions for waivers thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Omnibus Commission Shares attributable to each Successor Distributor shall be those Non-Omnibus Commission Shares (i) the Date of Original Issuance of which occurs after the date such Successor Distributor became the exclusive distributor of Class C shares of the Fund and on or prior to the date such Successor Distributor ceased to be the exclusive distributor of Class C shares of the Fund and (ii) that are subject to a CDSC (without regard to any conditions for waivers thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Non-Omnibus Commission Share of a Fund issued in consideration of the investment of proceeds of the redemption of a Non-Omnibus Commission Share of another fund (the "Redeeming Fund") in connection with a permitted free exchange, is deemed to have a Date of Original Issuance identical to the Date of Original Issuance of

the Non-Omnibus Commission Share of the Redeeming Fund, and any such Commission Share will be attributed to the Distributor or Successor Distributor based upon such Date of Original Issuance in accordance with rules (a) and (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Free Shares</u>:

Free Shares that are not Omnibus Shares ("Non-Omnibus Free Shares") of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of a Fund outstanding on such date are attributed to each on such date; <u>provided</u> that if the Distributor and its transferees reasonably determines that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for such Non-Omnibus Free Shares, then such Free Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Omnibus Shares</u>:

Omnibus Shares of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of the applicable Fund outstanding on such date are attributed to it on such date; <u>provided</u> that if the Distributor reasonably determines that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for the Omnibus Shares, then the Omnibus Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

<u>PART II: ALLOCATION OF CDSCs</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>CDSCs Related to the Redemption of Non-Omnibus Commission Shares</u>:

CDSCs in respect of the redemption of Non-Omnibus Commission Shares shall be allocated to the Distributor or a Successor Distributor depending upon whether the related redeemed Commission Share is attributable to the Distributor or such Successor Distributor, as the case may be, in accordance with Part I above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>CDSCs Related to the Redemption of Omnibus Shares</u>:

CDSCs in respect of the redemption of Omnibus Shares shall be allocated to the Distributor or a Successor Distributor in the same proportion that CDSCs related to the redemption of Non-Omnibus Commission Shares are allocated

to each thereof; <u>provided</u>, that if the Distributor reasonably determines that the transfer agent is able to produce monthly reports which track the Date of Original Issuance for the Omnibus Shares, then the CDSCs in respect of the redemption of Omnibus Shares shall be allocated among the Distributor and any Successor Distributor depending on whether the related redeemed Omnibus Share is attributable to the Distributor or a Successor Distributor, as the case may be, in accordance with Part I above.

<u>PART III: ALLOCATION OF DISTRIBUTION FEE</u>

Assuming that the Distribution Fee remains constant over time so that Part IV hereof does not become operative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The portion of the aggregate Distribution Fee accrued in respect of all Class C shares of a Fund during any calendar month allocable to the Distributor or a Successor Distributor is determined by multiplying the total of such Distribution Fee by the following fraction:

(A + C)/2

(B + D)/2

where:

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| | |
|:---|:---|
| A= | The aggregate Net Asset Value of all Class C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the beginning of such calendar month |

---

B= The aggregate Net Asset Value of all Class C shares of a Fund at the beginning of such calendar month

---

| | |
|:---|:---|
| C= | The aggregate Net Asset Value of all Class C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the end of such calendar month |

---

D= The aggregate Net Asset Value of all Class C shares of a Fund at the end of such calendar month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Distributor reasonably determines that the transfer agent is able to produce automated monthly reports that allocate the average Net Asset Value of the Commission Shares (or all Class C shares if available) of a Fund among the Distributor and any Successor Distributor in a manner consistent with the methodology detailed in Part I and Part III(1) above, the portion of the Distribution

Fee accrued in respect of all such Class C shares of a Fund during a particular calendar month will be allocated to the Distributor or a Successor Distributor by multiplying the total of such Distribution Fee by the following fraction:

(A)/(B)

where:

A= Average Net Asset Value of all such Class C shares of a Fund for such calendar month attributed to the Distributor or a Successor Distributor, as the case may be

---

| | |
|:---|:---|
| B= | Total average Net Asset Value of all such Class C shares of a Fund for such calendar month |

---

<u>PART IV: ADJUSTMENT OF THE DISTRIBUTOR'S ALLOCABLE PORTION AND EACH SUCCESSOR DISTRIBUTOR'S ALLOCABLE PORTION</u>

The parties to the Distribution Agreement recognize that, if the terms of any distributor's contract, any distribution plan, any prospectus, the FINRA Conduct Rules or any other applicable law change so as to disproportionately reduce, in a manner inconsistent with the intent of this Distribution Agreement, the amount of the Distributor's Allocable Portion or any Successor Distributor's Allocable Portion had no such change occurred, the definitions of the Distributor's Allocable Portion and/or the Successor Distributor's Allocable Portion in respect of the Class C shares relating to a Fund shall be adjusted by agreement among the relevant parties; <u>provided</u>, however, if the Distributor, the Successor Distributor and the Fund cannot agree within thirty (30) days after the date of any such change in applicable laws or in any distributor's contract, distribution plan, prospectus or the FINRA Conduct Rules, they shall submit the question to arbitration in accordance with the commercial arbitration rules of the American Arbitration Association and the decision reached by the arbitrator shall be final and binding on each of them.

SCHEDULE B

to the

Amended and Restated Principal Underwriting Agreement

ALLOCATION SCHEDULE

The following relates solely to Class 529-C shares.

The Distributor's Allocable Portion of Distribution Fees and CDSCs in respect of Class 529-C shares shall be 100% until such time as the Distributor shall cease to serve as exclusive distributor of Class 529-C shares; thereafter, collections that constitute CDSCs and Distribution Fees relating to Class 529-C shares shall be allocated among the Distributor and any successor distributor ("<u>Successor Distributor</u>") in accordance with this Schedule. At such time as the Distributor's Allocable Portion of the Distribution Fees equals zero, the Successor Distributor shall become the Distributor for purposes of this Allocation Schedule.

Defined terms used in this Schedule and not otherwise defined herein shall have the meanings assigned to them in the Principal Underwriting Agreement (the "Distribution Agreement"), of which this Schedule is a part. As used herein the following terms shall have the meanings indicated:

"<u>Commission Share</u>" means each 529-C share issued under circumstances which would normally give rise to an obligation of the holder of such share to pay a CDSC upon redemption of such share (including, without limitation, any 529-C share issued in connection with a permitted free exchange), and any such share shall continue to be a Commission Share of the applicable Fund prior to the redemption (including a redemption in connection with a permitted free exchange) or conversion of such share, even though the obligation to pay the CDSC may have expired or conditions for waivers thereof may exist.

"<u>Date of Original Issuance</u>" means in respect of any Commission Share, the date with reference to which the amount of the CDSC payable on redemption thereof, if any, is computed.

"<u>Free Share</u>" means, in respect of a Fund, each 529-C share of the Fund, other than a Commission Share (including, without limitation, any 529-C share issued in connection with the reinvestment of dividends or capital gains).

"<u>Inception Date</u>" means in respect of a Fund, the first date on which the Fund issued shares.

"<u>Net Asset Value</u>" means the net asset value determined as set forth in the Prospectus of each Fund.

"<u>Omnibus Share</u>" means, in respect of a Fund, a Commission Share or Free Share sold by one of the selling agents maintaining shares in an omnibus account ("<u>Omnibus Selling Agents"</u>). If, subsequent to the Successor Distributor becoming exclusive distributor of the Class 529-C shares, the Distributor reasonably determines that the transfer agent is able to track all Commission Shares and Free Shares sold by any of the Omnibus Selling Agents in the same manner that Non-Omnibus Commission Shares and Free Shares (defined below) are currently tracked, then Omnibus Shares of such Omnibus Selling Agent shall be treated as Commission Shares and Free Shares.

<u>PART I: ATTRIBUTION OF CLASS 529-C SHARES</u>

Class 529-C shares that are outstanding from time to time, shall be attributed to the Distributor and each Successor Distributor in accordance with the following rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Commission Shares other than Omnibus Shares</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commission Shares that are not Omnibus Shares ("Non-Omnibus Commission Shares") attributed to the Distributor shall be those Non-Omnibus Commission Shares (i) the Date of Original Issuance of which occurred on or after the Inception Date of the applicable Fund and on or prior to the date the Distributor ceased to be exclusive distributor of Class 529-C shares of the Fund and (ii) that are subject to a CDSC (without regard to any conditions for waivers thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Omnibus Commission Shares attributable to each Successor Distributor shall be those Non-Omnibus Commission Shares (i) the Date of Original Issuance of which occurs after the date such Successor Distributor became the exclusive distributor of Class 529-C shares of the Fund and on or prior to the date such Successor Distributor ceased to be the exclusive distributor of Class 529-C shares of the Fund and (ii) that are subject to a CDSC (without regard to any conditions for waivers thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Non-Omnibus Commission Share of a Fund issued in consideration of the investment of proceeds of the redemption of a Non-Omnibus Commission Share of another fund (the "Redeeming Fund") in connection with a permitted free exchange, is deemed to have a Date of Original Issuance identical to the Date of Original Issuance of

the Non-Omnibus Commission Share of the Redeeming Fund, and any such Commission Share will be attributed to the Distributor or Successor Distributor based upon such Date of Original Issuance in accordance with rules (a) and (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Free Shares</u>:

Free Shares that are not Omnibus Shares ("Non-Omnibus Free Shares") of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of a Fund outstanding on such date are attributed to each on such date; <u>provided</u> that if the Distributor and its transferees reasonably determines that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for such Non-Omnibus Free Shares, then such Free Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Omnibus Shares</u>:

Omnibus Shares of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of the applicable Fund outstanding on such date are attributed to it on such date; <u>provided</u> that if the Distributor reasonably determines that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for the Omnibus Shares, then the Omnibus Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

<u>PART II: ALLOCATION OF CDSCs</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>CDSCs Related to the Redemption of Non-Omnibus Commission Shares</u>:

CDSCs in respect of the redemption of Non-Omnibus Commission Shares shall be allocated to the Distributor or a Successor Distributor depending upon whether the related redeemed Commission Share is attributable to the Distributor or such Successor Distributor, as the case may be, in accordance with Part I above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>CDSCs Related to the Redemption of Omnibus Shares</u>:

CDSCs in respect of the redemption of Omnibus Shares shall be allocated to the Distributor or a Successor Distributor in the same proportion that CDSCs related to the redemption of Non-Omnibus Commission Shares are allocated to each thereof; <u>provided</u>, that if the Distributor reasonably determines that the

transfer agent is able to produce monthly reports which track the Date of Original Issuance for the Omnibus Shares, then the CDSCs in respect of the redemption of Omnibus Shares shall be allocated among the Distributor and any Successor Distributor depending on whether the related redeemed Omnibus Share is attributable to the Distributor or a Successor Distributor, as the case may be, in accordance with Part I above.

<u>PART III: ALLOCATION OF DISTRIBUTION FEE</u>

Assuming that the Distribution Fee remains constant over time so that Part IV hereof does not become operative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The portion of the aggregate Distribution Fee accrued in respect of all Class 529-C shares of a Fund during any calendar month allocable to the Distributor or a Successor Distributor is determined by multiplying the total of such Distribution Fee by the following fraction:

(A + C)/2

(B + D)/2

where:

---

| | |
|:---|:---|
| A= | The aggregate Net Asset Value of all Class 529-C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the beginning of such calendar month |

---

B= The aggregate Net Asset Value of all Class 529-C shares of a Fund at the beginning of such calendar month

---

| | |
|:---|:---|
| C= | The aggregate Net Asset Value of all Class 529-C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the end of such calendar month |

---

D= The aggregate Net Asset Value of all Class 529-C shares of a Fund at the end of such calendar month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Distributor reasonably determines that the transfer agent is able to produce automated monthly reports that allocate the average Net Asset Value of the Commission Shares (or all Class 529-C shares if available) of a Fund among the Distributor and any Successor Distributor in a manner consistent with the methodology detailed in Part I and Part III(1) above, the portion of the Distribution Fee accrued in respect of all such Class 529-C shares of a Fund during a particular

calendar month will be allocated to the Distributor or a Successor Distributor by multiplying the total of such Distribution Fee by the following fraction:

(A)/(B)

where:

A= Average Net Asset Value of all such Class 529-C shares of a Fund for such calendar month attributed to the Distributor or a Successor Distributor, as the case may be

---

| | |
|:---|:---|
| B= | Total average Net Asset Value of all such Class 529-C shares of a Fund for such calendar month |

---

<u>PART IV: ADJUSTMENT OF THE DISTRIBUTOR'S ALLOCABLE PORTION AND EACH SUCCESSOR DISTRIBUTOR'S ALLOCABLE PORTION</u>

The parties to the Distribution Agreement recognize that, if the terms of any distributor's contract, any distribution plan, any prospectus, the FINRA Conduct Rules or any other applicable law change so as to disproportionately reduce, in a manner inconsistent with the intent of this Distribution Agreement, the amount of the Distributor's Allocable Portion or any Successor Distributor's Allocable Portion had no such change occurred, the definitions of the Distributor's Allocable Portion and/or the Successor Distributor's Allocable Portion in respect of the Class 529-C shares relating to a Fund shall be adjusted by agreement among the relevant parties; <u>provided</u>, however, if the Distributor, the Successor Distributor and the Fund cannot agree within thirty (30) days after the date of any such change in applicable laws or in any distributor's contract, distribution plan, prospectus or the FINRA Conduct Rules, they shall submit the question to arbitration in accordance with the commercial arbitration rules of the American Arbitration Association and the decision reached by the arbitrator shall be final and binding on each of them.

## Ex-99.F

**DEFERRED COMPENSATION PLAN**

(Amended and restated, effective as of January 1, 2026)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Paragraph Title** | **Page No** |
| **1. Definitions** | **2** |
| **2. Introduction** | **5** |
| **3. Plan Oversight; Administration and Amendment** | **5** |
| **3.1. Plan Oversight and Operation** | **5** |
| **3.2. Plan Interpretation and Administration** | **5** |
| **3.3. Plan Amendment** | **5** |
| **3.4. Plan Termination** | **6** |
| **4. Election to Defer Payments** | **6** |
| **4.1. Election to Defer** | **6** |
| **4.2. Current Independent Board Members** | **6** |
| **4.2.a. Newly Elected or Appointed Independent Board Members** | **6** |
| **4.3. Modification or Revocation of Election to Defer** | **6** |
| **5. Beneficiary Designation** | **6** |
| **6. Deferred Payment Account** | **7** |
| **6.1. Crediting Amounts** | **7** |
| **6.2. Change of Investment Designation** | **7** |
| **6.3. Exchange Requests** | **7** |
| **6.4. Plan Participants Serving on Money Market Fund Boards** | **8** |
| **6.5. Plan Participant Electing Installment Payout Option under Section 7.4.a** | **8** |
| **6.5.a. Alternative Instructions under Section 6.5** | **8** |
| **7. Timing and Manner of Payments** | **8** |
| **7.1. Timing of Payments** | **8** |
| **7.2. Manner of Payment – Lump Sum** | **8** |
| **7.3. Alternative Payment Methods** | **9** |
| **7.4. Death of Plan Participant** | **9** |
| **7.4.a. Optional Payment Method upon Death for Post-2004 Deferrals** | **9** |
| **7.5. Disability of Plan Participant** | **10** |
| **7.6. Unforeseeable Emergency** | **10** |
| **7.7. Modification or Revocation for Post-2004 Deferrals** | **10** |
| **7.7.a. Special Transition Rule** | **11** |

---

---

| | |
|:---|:---|
| **7.8. Modification or Revocation for Pre-2005 Deferrals** | **11** |
| **8. Miscellaneous** | **11** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **DEFINITIONS** 

1.1. Administrator. An individual designated by CRMC to process forms and receive Plan related communications from Plan Participants and otherwise assist the Committee in the administration of the Plan.

1.2. Beneficiary(ies). The person or persons last designated in writing by a Plan Participant in accordance with procedures established by the Committee to receive the amounts payable under the Plan in the event of the Plan Participant's death. A Plan Participant may designate a *Primary Beneficiary(ies)* to receive amounts payable under the Plan upon the Plan Participant's death. A Plan Participant may also name a *Contingent Beneficiary(ies)* to receive amounts payable under the Plan upon the Participant's death if there is no surviving Primary Beneficiary(ies).

1.3. Board(s). The Board of Directors or Trustees of a Fund(s).

1.4. Committee. A group of Independent Board Members responsible for oversight and operation of the Plan. The Committee must consist of a minimum of three members, each currently serving as an Independent Board Member of at least one Fund. Each Fund, by the affirmative vote of at least a majority of its Board (including a majority of the Fund's Independent Board Members) shall appoint the initial members of the Committee. Thereafter, the Committee shall determine its membership by majority vote.

1.5. CRMC. Capital Research and Management Company.

1.6. Date of Crediting. The Date of Crediting for compensation deferred by a Plan Participant will be as soon as administratively practicable after the date such compensation would otherwise be paid.

1.7. Deferred Payment Account(s). An account established in the name of the Plan Participant on the books of each Fund serviced by the Plan Participant. Such account shall reflect the number of Phantom Shares credited to the Plan Participant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Deferred Payment Account will be divided into two separate Deferred Payment Accounts. One account will contain deferrals made prior to January 1, 2005, including any earnings thereon ()"*pre-2005 deferrals* "). The other account will contain deferrals made on or after January 1, 2005, including any earnings thereon ()"*post-2004 deferrals* ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For those participants residing outside the U.S., Deferred Payment Accounts will further be divided into two separate accounts, "U.S." and "Non-U.S.," to provide appropriate tax reporting.

1.8. Disabled or Disability. A Plan Participant is disabled when he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

1.9. Election Forms. The three forms listed below as prescribed by the Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Beneficiary Designation Form*. A form indicating the beneficiary designations of a Plan Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Deferral Election Form*. A form indicating the compensation to be deferred under the Plan and the timing and manner of distribution. This form must be filed with the Administrator prior to the first day of the calendar year to which it first applies. Notwithstanding the foregoing, any person who is first elected or appointed an Independent Board Member of the Fund may file this form before or within 30 days after first becoming an Independent Board Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Rate of Return Election Form*. A form indicating the percentages of deferrals allocated to each Fund.

1.10. Fixed Dollar Installment Method. One of the two alternative methods to a lump-sum available for payments under the Plan other than for reasons of death, Disability or Unforeseeable Emergency. The amount of each installment shall equal the fixed dollar amount previously selected by the Plan Participant on the Deferral Election Form. A Plan Participant's Deferred Payment Account subject to the Fixed Dollar Installment method shall be adjusted by the amount of each such installment payment by reducing the number of Phantom Shares of each Fund credited to the Deferred Payment Account using the net asset values per Class F-2 share as of the last day of the calendar quarter immediately preceding the date of payment. These reductions shall occur proportionately so that, with respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account shall remain the same before and after each installment payment.

1.11. Fund(s). A mutual fund advised by CRMC, collectively the "Funds."

1.12. Independent Board Member(s). Directors or trustees, and as applicable, advisory board members and director or trustee emeriti who are not considered "interested persons" of any Participating Fund.

1.13 Money Market Fund. A mutual fund managed by CRMC that invests solely in money market instruments.

1.14. Participating Funds. Mutual funds managed by CRMC that have adopted the Plan.

1.15. Permissible Payment Event. A Permissible Payment Event is any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date specified on the Deferral Election Form by the Plan Participant that is objectively determinable at the time compensation is deferred under the Plan and is at least twenty-four months past the date of the first deferral election made by the Plan Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date on which the Plan Participant is no longer an Independent Board Member of any Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date the Plan Participant dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The date the Administrator receives notification that the Plan Participant is Disabled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date the Committee determines that the Plan Participant has an Unforeseeable Emergency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) For pre-2005 deferrals only, a distribution event permissible under the terms of the Plan in effect on January 1, 2004.

1.16. Phantom Shares. Fictional shares of the Fund(s) that a Plan Participant has selected on the Rate of Return Election Form that have been credited to his or her Deferred Payment Account(s). Phantom Shares shall have the same economic characteristics as actual Class F-2 shares in terms of mirroring changes in net asset value and reflecting corporate actions (including, without limitation, receipt of dividends and capital gains distributions). However, because Phantom Shares are fictional, they shall not entitle any Plan Participant to vote on matters of any sort, including those affecting the Funds.

1.17. Plan or Deferred Compensation Plan. The deferred compensation plan adopted by the Participating Funds.

1.18. Plan Participant(s). An Independent Board Member who has elected to defer compensation under the Plan, or is receiving payments under the Plan in respect of prior service as an Independent Board Member.

1.19. Unforeseeable Emergency. The following events may constitute an Unforeseeable Emergency under the Plan: (i) severe financial hardship of the Plan Participant or his or her Beneficiary(ies) resulting from illness or accident of the Plan Participant or Beneficiary(ies) and such spouses or dependents of the Plan Participant or Beneficiary(ies); (ii) loss of the Plan Participant's or Beneficiary(ies)' property due to casualty or (iii) similar extraordinary unforeseeable circumstances beyond the control of the Plan Participant or the Beneficiary(ies). The Committee, in its sole discretion, will determine if the Plan Participant has an Unforeseeable Emergency, after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Plan Participant's assets (to the extent the liquidation of such assets would not itself cause an Unforeseeable Emergency).

1.20. Variable Dollar Installment Method. One of the two alternative methods to a lump-sum available for payments under the Plan other than for reasons of death, Disability or Unforeseeable Emergency. The amount of each installment shall be determined for a Deferred Payment Account by multiplying the number of Phantom Shares of a Fund(s) allocated to the Deferred Payment Account by a fraction, the numerator of which shall be one and the denominator of which shall be the then remaining number of unpaid installments (including the installment then to be paid), and multiplying the resulting number of Phantom Shares by the net asset value per Class F-2 share of such Fund(s) as of the last day of the calendar quarter immediately preceding the date of payment. A Plan Participant's Deferred Payment Account subject to the Variable Dollar Installment method shall be adjusted by the amount of each such installment payment by reducing the number of Phantom Shares of each Fund credited to the Deferred Payment Account. These reductions shall occur proportionately so that, with respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account shall remain the same before and after each installment payment. For this purpose, net asset values per Class F-2 share as of the

last day of the calendar quarter immediately preceding the date of payment shall be used in calculating pre- and post-payment values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **INTRODUCTION** 

With effect on January 1, 2005, each Participating Fund has adopted, by the affirmative vote of at least a majority of its Board (including a majority of its Board members who are not interested persons of the mutual fund), this Plan for Independent Board Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **PLAN OVERSIGHT; ADMINISTRATION AND AMENDMENT** 

3.1. Plan Oversight and Operation. The Committee shall enforce the Plan in accordance with its terms, shall be charged with the general administration of the Plan, and shall have all powers necessary to accomplish its purposes. The Committee may utilize the services of the Administrator to conduct routine Plan administration.

3.2. Plan Interpretation and Administration. The Committee shall have full discretion to construe and interpret the terms and provisions of the Plan, which interpretation or construction shall be final and binding on all parties, including, but not limited to, the Funds and any Plan Participant or Beneficiary. The Committee shall administer such terms and provisions in a uniform and non-discriminatory manner and in full accordance with any and all laws and regulations applicable to the Plan.

3.3. Plan Amendment. The Committee may approve any amendment to the Plan; provided, however, (i) that no such amendment shall adversely affect the right of Plan Participants to receive amounts previously credited to their Deferred Payment Accounts; and (ii) each Independent Board Member shall receive notification of any such proposed amendment to the Plan at least ten (10) days prior to the Committee's consideration of such amendment. Upon receipt of such notification, an Independent Board Member may communicate to the Committee for its consideration any concern or objection to the proposed amendment.

3.4. Plan Termination. The Committee may recommend to the Boards the termination of the Plan; provided, however, that no such termination shall adversely affect the right of Plan Participants to receive amounts previously credited to their Deferred Payment Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **ELECTION TO DEFER PAYMENTS** 

4.1. Election to Defer. Pursuant to the Plan, Independent Board Members may elect to have all or any portion of payment of their compensation deferred as provided herein. An Independent Board Member who elects to participate in the Plan shall file copies of the Election Forms with the Administrator. An Independent Board Member will not be treated as a Plan Participant and no amount will be deferred under the Plan until the Election Forms are received by the Administrator and determined by the Administrator to be complete and in good order.

4.2. Current Independent Board Members. A deferral election made by a Plan Participant who timely files the Election Forms with the Administrator shall become effective and apply with respect to compensation earned during the calendar year following the filing of the deferral election, and each subsequent calendar year, unless modified or revoked in accordance with the terms of this Plan. During the period from such filing and prior to the effectiveness of such election, the most recently filed and effective Deferral Election Form shall apply to all amounts payable to the Plan Participant under the Plan.

4.2.a. Newly Elected or Appointed Independent Board Members. Any person who is first elected or appointed an Independent Board Member of the Fund during a calendar year and who timely files the Election Forms with the Administrator may elect to defer any unpaid and future compensation during such calendar year. Unless revoked or modified in accordance with the terms of this Plan, a deferral election made pursuant to this paragraph will apply for each subsequent calendar year after the year of the deferral election.

4.3. Modification or Revocation of an Election to Defer. A Plan Participant may modify or revoke an election to defer, as to future compensation, effective on the first day of the next calendar year, which modification or revocation shall remain in effect for each subsequent calendar year (until modified or revoked in accordance with the Plan), by filing a new Deferral Election Form with the Administrator prior to the beginning of such next calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **BENEFICIARY DESIGNATION** 

Each Plan Participant shall designate on the Beneficiary Election Form the Primary and, if applicable, Contingent Beneficiary(ies) he or she desires to receive amounts payable under the Plan in the event of the Plan Participant's death. A Plan Participant may from time to time change his or her designated Primary or Contingent Beneficiary(ies) without the consent of such Beneficiary(ies) by filing a new Beneficiary Election Form with the Administrator.

At the time of death of a Plan Participant, if there is no living designated Primary Beneficiary(ies), the designated Contingent Beneficiary(ies), if any, shall be the Beneficiary. If there are no living Primary or Contingent Beneficiary(ies), the Plan Participant's surviving spouse shall be the Beneficiary. If there is no surviving spouse, the Plan Participant's estate shall be the Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **DEFERRED PAYMENT ACCOUNT** 

6.1. Crediting Amounts. A Plan Participant may select one or more Funds in which his or her deferred compensation is invested for purposes of crediting earnings, by filing the Rate of Return Election Form with the Administrator. Any compensation deferred by a Plan Participant shall be credited to his or her Deferred Payment Account on the books of each Fund served by the Plan Participant in the form of Phantom Shares of the Fund(s) that the Plan Participant has selected.

The number of Phantom Shares credited to a Plan Participant's Deferred Payment Account shall be the number of whole and fractional Phantom Shares determined by dividing the amount of the deferred compensation invested in the particular Fund(s) by the net asset value per Class F-2 share of such Fund(s) as of the Date of Crediting.

6.2. Change of Investment Designation. A Plan Participant may change the designation of the Fund(s) in which his or her future deferred compensation is invested through the participant website or by filing a revised Rate of Return Election Form with, or by telephoning, the Administrator. The Administrator will confirm promptly in writing to the Plan Participant any change of investment designation accomplished by telephone. Any change of investment designation shall be effective only with respect to compensation deferred after receipt of such request. If a request is received after 1:00pm PT, the change in investment designation will be effective the next business day.

6.3. Exchange Requests. By contacting the Administrator or using the participant website, a Plan Participant may request to exchange Phantom Shares of one or more Funds previously credited to a Deferred Payment Account for Phantom Shares of another Fund(s) based on their relative net asset values per Class F-2 share next determined. The Administrator will confirm promptly in writing to the Plan Participant any exchange request made by telephone. An exchange request will be effective after receipt of such request. If a request is received after the close of the New York Stock Exchange, the exchange will be effective on the next business day. An exchange request may relate to one or more Deferred Payment Accounts; however, no more than 12 exchange requests will be processed each calendar year for all amounts credited under this Plan to any one Plan Participant. For purposes of this limitation, all exchange requests received in one day shall be treated as one exchange request.

6.4. Plan Participants Serving on Money Market Fund Boards. Notwithstanding the other provisions of Section 6, a Plan Participant serving on the Board of a Money Market Fund may select only the American Funds U.S. Government Money Market Fund in which his or her compensation is invested for purposes of crediting earnings. In addition, no exchanges will be permitted in a Deferred Payment Account on the books of a Money Market Fund.

6.5. Plan Participant Electing Installment Payout Option under Section 7.4.a. When a Plan Participant elects the limited installment payout option described in Section 7.4.a, all post-2004 deferrals will be exchanged into the appropriate American Funds Target Date Retirement Fund based upon the age of the surviving spouse Beneficiary at the time of the Participant's death unless alternative instructions are provided in accordance with Section 6.5.a. Such exchange will occur as soon as administratively practicable, but in no event later than thirty (30) days from the date that the Plan Administrator is notified of the Plan Participant's death. Once this exchange occurs, no further exchanges will be permitted for post-2004 deferrals.

6.5.a. Alternative Instructions under Section 6.5. A Plan Participant electing the limited installment payout option described in Section 7.4.a. may instruct the Administrator to exchange all post-2004 deferrals into one or more Funds, rather than the appropriate American Funds Target Date Retirement Fund as provided for in Section 6.5. A Plan Participant may change instructions provided under this Section 6.5.a. no more than 12 times each calendar year. To be effective, such instructions must be received by the Administrator prior to the Plan Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **TIMING AND MANNER OF PAYMENTS** 

7.1. Timing of Payments. Amounts credited to a Deferred Payment Account under the Plan to a Plan Participant shall be paid to the Plan Participant in accordance with the terms of the Plan only upon the occurrence of a Permissible Payment Event.

7.2. Manner of Payment – Lump Sum. Upon the occurrence of a Permissible Payment Event, the amount of payment to a Participant shall be determined by multiplying the number of Phantom Shares of a Fund(s) that have been allocated to the Plan Participant's Deferred Payment Account subject to the Permissible Payment Event, by the net asset value per Class F-2 share of such Fund(s) as of the date of the Permissible Payment Event.

The payment shall be made to the Plan Participant as soon as administratively practicable, but in no event later than thirty (30) days from the date of the Permissible Payment Event.

7.3. Alternative Payment Methods. A Plan Participant entitled to payment for reasons *other than* death, Disability or Unforeseeable Emergency, may elect, instead of a lump-sum payment, to receive annual or quarterly installment payments as specified by the Plan Participant on the Deferral Election Form.

The Plan Participant may elect either the Variable Dollar Installment Method or the Fixed Dollar Installment Method for a period not to exceed thirty (30) years. Once installment payments begin under either method, they cannot be stopped, except in case of death, Disability or Unforeseeable Emergency. Under either method, the first payment to a Plan Participant shall be calculated as of last day of the calendar quarter that contains the Permissible Payment Event. This first payment shall be made to the Plan Participant as soon as administratively practicable thereafter, but in no event later than thirty (30) days after the end of the calendar quarter that contains the Permissible Payment Event. Subsequent payments shall be made within thirty (30) days of the close of future calendar quarters or years, consistent with the Plan Participant's election of either quarterly or annual installments. As of December 31, 2006, Plan Participants receiving payments under either one of the alternative payment methods will continue to receive payments under the payment schedule existing on that date.

In no event shall a payment under the Fixed Dollar Installment Method relating to a Deferred Payment Account exceed the value of the Deferred Payment Account as of the last day of the calendar quarter immediately preceding the date of payment. If any balance credited to a Plan Participant's Deferred Payment Account remains positive on the date 30 years from the date of the initial payment to the Plan Participant, then such remaining balance shall be paid to the Plan Participant as soon as practicable thereafter in a single lump sum payment.

The right to a series of installment payments with respect to post-2004 deferrals under the Plan shall be treated as a right to a series of separate payments.

7.4. Death of Plan Participant. If the Plan Participant dies at any time before all amounts in his or her Deferred Payment Accounts have been paid, such remaining amounts shall be paid in a lump-sum to the Plan Participant's Beneficiary(ies).

7.4.a. Optional Payment Method upon Death for Post-2004 Deferrals. With respect to post-2004 deferrals under the Plan, a Plan Participant may elect for his or her spouse Beneficiary to receive any remaining installment payments due the Plan Participant at his or her death if all four of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The spouse was married to the Plan Participant at the time of the Plan Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The spouse was designated as the sole Beneficiary under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At the time of the Plan Participant's death, the timing and manner of distribution election in effect for such Plan Participant was one of the alternative payment methods described in Section 7.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Plan Participant had begun receiving installment payments described under Section 7.3 of the Plan at the time of his or her death.

An election under this Section 7.4.a must be made at least 12 months before the first scheduled payment under the Plan Participant's current timing and manner of payment designation.

All installment payments made to a spouse Beneficiary under this section will be made under the same timing and manner of payment election made by the Plan Participant and in effect at the time of the Plan Participant's death. No changes to the timing or manner of payment will be permitted.

If the spouse Beneficiary dies while there are still post-2004 account balances in the Plan, all remaining post-2004 account balances will be paid to the estate of the spouse Beneficiary as soon as administratively practicable, but in no event later than thirty (30) days from the date of the spouse Beneficiary's death.

7.5. Disability of Plan Participant. In the event the Plan Participant shall become Disabled before all amounts credited to the Plan Participant's Deferred Payment Accounts have been paid to him or her, such remaining amounts shall be paid in a lump sum to the Plan Participant.

7.6. Unforeseeable Emergency. If the Committee determines that the Plan Participant has an Unforeseeable Emergency, the Committee may make a lump sum payment to the Plan Participant from his or her Deferred Payment Account(s) in an amount not to exceed the amount necessary to satisfy the emergency need plus any taxes that may be owed on the payment. In the event the payment is less than the value of all of the Plan Participant's Deferred Payment Accounts, the Deferred Payment Accounts shall be reduced proportionately so that, with respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account shall remain the same before and after payment.

7.7. Modification or Revocation for Post-2004 Deferrals. A Plan Participant's designation as to timing and manner of payments of post-2004 deferrals under the Plan may be modified or revoked by filing a written election with the Administrator. Such designation will not be effective for at least 12 months. To be valid the new designation must (i) be made at least 12 months before the first scheduled payment under the current designation and (ii) delay the first payment by at least 5 years from the date the first payment would otherwise have been made under the current designation. No other modification of the designation as to the timing or manner of payment will be valid.

7.7.a. Special Transition Rule. Under U.S. Treasury transition relief that extends through December 31, 2008 (or such later date as may be included in further Treasury guidance) a Plan Participant may change the timing or manner of payment of post-2004 deferrals without regard to the limitations described in paragraph 7.7. A Plan Participant may not, however, change the timing of payment with respect to deferrals that would have been paid in the year that he or she uses the transition relief. Furthermore, a Plan Participant may not accelerate post-2004 deferrals into the year that he or she takes advantage of the transition relief.

7.8. Modification or Revocation for Pre-2005 Deferrals. A Plan Participant's designation as to timing and manner of payments of pre-2005 deferrals under the Plan may be modified or revoked by filing a written election with the Administrator. However, any subsequent designation that would result in a change in the timing of a payment under the Plan or a change in the manner of payments under the Plan shall not be effective unless such subsequent designation is made not less than 12 months prior to the date of the first scheduled payment under the

Plan. With respect to such pre-2005 deferrals, the Committee may, in its sole discretion, accelerate the payment of any pre-2005 deferral.

**8. MISCELLANEOUS**

8.1. Purchase of Underlying Shares. To the extent a Plan Participant's Deferred Payment Account has been credited with Phantom Shares of a Fund other than the Fund responsible for payment of the compensation being deferred, a Fund may, but shall not be obligated to, purchase and maintain Class F-2 shares of such other Fund in amounts equal in value to such Phantom Shares.

8.2. Unsecured Promise to Pay. Amounts credited to a Plan Participant's Deferred Payment Account under this Plan shall not be evidenced by any note or other security, funded or secured in any way. No assets of a Fund (including, without limitation, shares of other Funds) shall be segregated for the account of any Plan Participant (or Beneficiary), and Plan Participants (and Beneficiaries) shall be general unsecured creditors for payments due under the Plan.

8.3. Withholding Taxes. The Administrator shall deduct, any federal, state or local taxes and other charges required by law to be withheld.

8.4. Statements. The Administrator, on behalf of each Fund, shall furnish to each Plan Participant a statement showing the balance credited to his or her Deferred Payment Account at least annually.

8.5. Assignment. No amount in a Plan Participant's Deferred Payment Account may be assigned or transferred by the Plan Participant except by will or the law of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. Governing Law; Severability. The Plan shall be construed, governed and administered in accordance with the laws and regulations of the United States Treasury Department and the State of California. The Plan is subject to applicable law and regulation and, in the event of changes in such law or regulation, shall be construed and applied in a manner in which the intent of its terms and provisions are best preserved. In the event that one or more provisions of the Plan are held invalid, illegal or unenforceable in any respect on the basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or provisions under other circumstances or in other jurisdictions and of the remaining provisions shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. Washington Management Corporation. Washington Management Corporation ("WMC") provided services to the Washington Mutual Investors Fund, The Tax Exempt Fund of Maryland, and The Tax Exempt Fund of Virginia (collectively, the "WMC Funds"). WMC became a wholly-owned subsidiary of CRMC, effective as of December 21, 2012, and ceased to provide services to the WMC Funds after September 1, 2014.

The WMC Funds maintained the Deferred Compensation Plan for Independent Board Members of the WMC Funds (the "WMC Plan"). Effective as of March 21, 2013, each WMC Fund, by the affirmative vote of at least a majority of its Board (including a majority of its Board members who are not interested persons of the mutual fund), merged the WMC Plan into, and adopted, the Plan.

The terms of the Plan shall govern amounts deferred under the WMC Plan, provided that, in the case of a former participant in the WMC Plan, a reference to the terms of the Plan in effect on January 1, 2004 shall be deemed a reference to the terms of the WMC Plan in effect on January 1, 2004. The timing and form of payments of amounts deferred under the WMC Plan as well as elections to defer made under the terms of the WMC Plan shall not be affected by the merger. The terms of this Plan and the merger of the WMC Plan into the Plan are intended to comply with section 409A of the Code.

**Deferral Election Form**

**I am a participant in the Deferred Compensation Plan and I wish my compensation from Board service to all funds deferred as follows:**

**I elect to defer the following portion of my compensation from the Participating Funds and designated above:**

Compensation as an Independent Board Member: ___________%

or

Compensation as an Independent Board Member excluding money market funds (MMF and CCF): ___________%

I understand that, to be effective, this election must be filed with the Administrator of the Plan prior to the first day of the first calendar year to which it applies, except as provided in Section 4.2.a. of the Plan. Once effective, this election will continue until revoked or modified in accordance with the terms of the Plan.

**I hereby specify that I shall be entitled to payment of my deferred compensation upon the occurrence of either Permissible Payment Event indicated below (check one), or any other Permissible Payment Event:**

[ ] The date on which I am no longer an Independent Board Member of any fund managed by CRMC

[ ] The following date which is objectively determinable at the time my compensation is deferred and is at least twenty-four months past the date of the first deferral election made by me (cannot be an "event"): ___________________________

**I hereby specify that payments from my Deferred Payment Account(s) for the fund(s) listed above be made beginning within thirty (30) days of the close of the calendar quarter containing the Permissible Payment Event (outlined above):**

[ ] In a single lump sum payment

OR

[ ] In annual

[ ] In quarterly variable dollar installment payments over a period of:

___ 5 years ___ 10 years ___ 15 years ___ ______ years (not to exceed 30)

OR

[ ] In annual

[ ] In quarterly fixed dollar payments of $__________ each; however, in no event shall any installment payment exceed the balance credited to my Deferred Payment Account on the date immediately preceding the date of payment.

AND (for multiple payments)

Applicable to Post-2004 deferrals only; continue any remaining installment payments due at my death to my surviving spouse beneficiary per the conditions stated in section 7.4.a of the Plan. Absent this election, post-2004 deferrals will be paid in a lump sum at death.

Name (please print): ____________________________

Date: ____________________________

Signature: ____________________________

SSN or ITIN: ____________________________

**Beneficiary Election Form**

**I hereby designate the following beneficiary(ies) to receive any death benefit payable on account of my participation in the Deferred Compensation Plan.**

**Primary Beneficiary(ies)**

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

**Contingent Beneficiary(ies)**

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

I understand that payment will be made to my Contingent Beneficiary(ies) only if there is no surviving Primary Beneficiary(ies).

Participant's Name (please print): ____________________________

Date: ____________________________

Participant's Signature: ____________________________

Date: ____________________________

**Rate of Return Election Form**

**I am a participant in the Deferred Compensation Plan and I wish my compensation from Board service to all funds invested as follows:**

**With respect to future earnings, I hereby elect to have amounts credited to my Deferred Payment Account(s) for the fund(s) listed below invested in Class F-2 shares of the specified funds:**

**\*I understand that if I serve on the Board of a money market fund, I may only have amounts credited to my Deferred Payment Account for that money market fund with respect to future earnings invested in the applicable Class F-2 shares of MMF.**

---

| |
|:---|
| **FUNDS** |
| AMCAP Fund (AMCAP)% |
| American Balanced Fund (AMBAL)% |
| American Funds Core Plus Bond Fund (AFCP)% |
| American Funds Corporate Bond Fund (CBF)% |
| American Funds Developing World Growth and Income Fund (DWGI)% |
| American Funds Emerging Markets Bond Fund (EMBF)% |
| American Funds Fundamental Investors (FI)% |
| American Funds Global Balanced Fund (GBAL)% |
| American Funds Global Insight Fund (GIF)% |
| American Funds Inflation Linked Bond Fund (ILBF)% |
| American Funds International Vantage Fund (IVE)% |
| American Funds U.S. Government Money Market Fund\* (MMF)% |
| American Funds Mortgage Fund (AFMF)% |
| American Funds Multi-Sector Income Fund (MSI)% |
| American Funds Short-Term Tax-Exempt Bond Fund (STEX)% |
| American Funds Strategic Bond Fund (SBF)% |
| American Funds Tax-Exempt Fund of New York (TEFNY)% |
| American High-Income Municipal Bond Fund (AHIM)% |
| American High-Income Trust (AHIT)% |
| American Mutual Fund (AMF)% |
| The Bond Fund of America (BFA)% |
| Capital Income Builder (CIB)% |
| Capital World Bond Fund (WBF)% |
| Capital World Growth and Income Fund (WGI)% |
| EUPAC Fund (EUPAC)% |
| The Growth Fund of America (GFA)% |
| The Income Fund of America (IFA)% |
| Intermediate Bond Fund of America (IBFA)% |
| International Growth and Income Fund (IGI)% |
| The Investment Company of America (ICA)% |
| Limited Term Tax-Exempt Bond Fund of America (LTEX)% |
| The New Economy Fund (NEF)% |
| New Perspective Fund (NPF)% |
| New World Fund, Inc. (NWF)% |
| Short-Term Bond Fund of America (STBF)% |
| SMALLCAP World Fund, Inc. (SCWF)% |

---

---

| |
|:---|
| The Tax-Exempt Bond Fund of America (TEBF)**%** |
| The Tax-Exempt Fund of California (TEFCA)% |
| U.S. Government Securities Fund (GVT)% |
| Washington Mutual Investors Fund (WMIF)% |
| American Funds 2070 Target Date Retirement Fund (AFTD70)% |
| American Funds 2065 Target Date Retirement Fund (AFTD65)% |
| American Funds 2060 Target Date Retirement Fund (AFTD60)% |
| American Funds 2055 Target Date Retirement Fund (AFTD55)% |
| American Funds 2050 Target Date Retirement Fund (AFTD50)% |
| American Funds 2045 Target Date Retirement Fund (AFTD45)% |
| American Funds 2040 Target Date Retirement Fund (AFTD40)% |
| American Funds 2035 Target Date Retirement Fund (AFTD35)% |
| American Funds 2030 Target Date Retirement Fund (AFTD30)% |
| American Funds 2025 Target Date Retirement Income Fund (AFTD25)% |
| American Funds 2020 Target Date Retirement Income Fund (AFTD20)% |
| American Funds 2015 Target Date Retirement Income Fund (AFTD15)% |
| American Funds 2010 Target Date Retirement Income Fund (AFTD10)% |
| American Funds Global Growth Portfolio (PSGG)% |
| American Funds Growth Portfolio (PSG)% |
| American Funds Growth and Income Portfolio (PSGI)% |
| American Funds Moderate Growth and Income Portfolio (PSMGI)% |
| American Funds Conservative Growth and Income Portfolio (PSCGI)% |
| American Funds Tax-Aware Conservative Growth and Income Portfolio (PSTACGI)% |
| American Funds Preservation Portfolio (PSP)% |
| American Funds Tax-Exempt Preservation Portfolio (PSTEP)% |
| American Funds Retirement Income Portfolio Series – Conservative (RIC)% |
| American Funds Retirement Income Portfolio Series – Moderate (RIM)% |
| American Funds Retirement Income Portfolio Series – Enhanced (RIE)% |
| Capital Group KKR Core Plus+ (CPP)% |
| Capital Group KKR Multi-Sector+ (MSP)% |

---

I have read and understand this Rate of Return Election Form. I understand that earnings credited to my Deferred Payment Account(s) under the Plan in accordance with this Form shall be credited in the form of Phantom Shares rather than actual shares. I further state that I have reviewed the prospectus for each designated mutual fund.

&nbsp;&nbsp;&nbsp;&nbsp;· Name (please print): ____________________________

&nbsp;&nbsp;&nbsp;&nbsp;· Date: ____________________________

&nbsp;&nbsp;&nbsp;&nbsp;· Signature: ____________________________

&nbsp;&nbsp;&nbsp;&nbsp;· Date: ____________________________

## Ex-99.G

**AMENDMENT AGREEMENT**

*(J.P. Morgan reference number: D2637678)*

 

 

 

This amendment agreement (this "<u>Amendment</u>") is made and entered into between the following parties in respect of the **Global Custody Agreement dated 21 December 2006** executed between them (as amended, restated and supplemented from time to time, the "<u>Agreement</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) CAPITAL RESEARCH AND MANAGMENT COMPANY, acting on behalf of each of the customers listed in Appendix A of the Agreement (each such customer acting severally and not jointly on behalf of itself or its listed portfolios) (hereinafter the "Customer")

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **JPMORGAN CHASE BANK, N.A.** ("J.P. Morgan")

WHEREAS,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Customer currently receives continuous linked settlement currency exchange services utilising the services of CLS Bank International, or CLS Group Holdings AG (or as the case may be any other subsidiary or successor thereof) ("CLS"), provided directly by J.P. Morgan (or an affiliate or by a related company) ("CLS Services") in the context of services provided by J.P. Morgan under the Agreement. Where J.P. Morgan provides CLS Services, J.P. Morgan shall do so only where provided with Instructions from the Customer or an Authorised Person on behalf of the Customer, under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) J.P. Morgan and the Customer desire to amend the Agreement for the purposes of incorporating the terms and conditions in respect of CLS Services as set out in this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Capitalised terms used but not defined herein shall have the meaning ascribed to such terms in the Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. In the Agreement, the following new provision shall be inserted at the close of close of Section 9 (Custody Account Transactions):

**" *9 (A) Special Settlement Services (including CLS Services)***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Agreement, the following terms shall have the meaning provided below:

*"**CLS Bank**" means CLS Bank International, or any other subsidiary of CLS Group Holdings AG and, in each case, any successor thereto and/or in each case any subsidiary thereof.*

 

*"**CLS Services**" means the provision of continuous linked settlement currency exchange services by Bank (or through any of its affiliates), as a participant of CLS Bank.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bank may, but shall not be obliged to, make available to the Customer from time to time special settlement services (including CLS Services) for transactions involving Financial Assets, Foreign Assets, including without limitation any securities, cash, foreign exchange, and other instruments or contracts. The Customer acknowledges and agrees that CLS Services shall be provided utilising CLS Bank and shall be on such terms as CLS Bank sets for CLS Services. Further, the Customer agrees it will provide Bank with such documentation or assistance that Bank may reasonably require regarding utilisation of CLS Services and/or adhere with any requirement of CLS Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Bank reserves the right to: (i) reverse in good faith any debit or credit made for the purpose of effecting foreign exchange transactions using CLS Bank at its discretion for credit, operational or market reasons; and/or (ii) restrict in good faith the availability of CLS Services for credit, operational or market reasons. Bank will notify the Customer as soon as reasonably practicable either before or promptly after any such reversal or restriction. The Customer acknowledges and agrees it will be responsible for any costs or Liabilities resulting from such reversal or restriction and Bank will not be liable for the same unless such Liabilities are a direct result of Bank's negligence, fraud, or wilful misconduct in performing its duties under this Agreement and subject to the terms and conditions of this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;2. The parties acknowledge and agree that the scope of liabilities and obligations to which the Agreement's liability, lien and set-off provisions apply, shall be construed as including any and all liabilities incurred in connection with the provision of CLS Services.

&nbsp;&nbsp;&nbsp;&nbsp;3. Any provision of the Agreement which sets out (i) the circumstances in which overdrafts or advances of credit may be extended by J.P. Morgan (in its absolute discretion) to the Customer in respect of its cash accounts (howsoever defined) and (ii) the terms and conditions upon which such overdrafts or advances are repayable by the Customer, shall be construed as including debit balances (and resulting overdrafts or advances) arising from CLS Services and such overdrafts and advances shall be repayable on the terms set out therein.

&nbsp;&nbsp;&nbsp;&nbsp;4. For the avoidance of doubt, the Customer represents and agrees that provision of CLS Services by

J.P. Morgan shall be on the basis of the Agreement (as amended and supplemented by this Amendment) and further that any and all security interests created, including any lien, pledge and/or right of set-off as detailed in the Agreement, shall expressly extend to any liabilities associated with CLS Services under the Agreement. J.P. Morgan's fees for the services described herein shall be assessed by J.P. Morgan in accordance with the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment shall be considered an addendum to the Agreement for all relevant purposes and shall be deemed to be incorporated and form an integral part of the Agreement, reflecting legally binding commitments entered into by the Customer and J.P. Morgan. Further, except to the extent specifically amended and supplemented herein, all other terms and conditions in the Agreement shall remain in full force and effect. To the extent of any inconsistency between the provisions referred to in this Amendment and the relevant provisions of the Agreement, this Amendment shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;6. This Amendment may be executed as follows (i) in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement and (ii) using electronic signatures, which the parties agree are intended to authenticate written, wet-ink signatures and to have the same force and effect as written, wet-ink signatures. Each party represents and warrants on a continuous basis that any electronic signature constitutes valid execution of this Amendment. Each party confirms that they have relied on the foregoing representations and warranties when accepting an electronic signature. Each party confirms that this Amendment constitutes an electronic record established and maintained in the ordinary course of business and an original written record when printed from electronic files. Such printed copies will be treated to the same extent and under the same conditions as other original business records created and maintained in documentary form. For the avoidance of doubt, this Amendment or any services related thereto shall not be rendered invalid, unenforceable or inadmissible if its counterparts have been signed or executed using electronic signatures or a mix of both electronic signatures and written, wet-ink signatures. Each party agrees to promptly re-execute a conformed copy of this Amendment with written, wet-ink signatures if requested to do so by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;7. Each party represents and warrants that the persons signing on its behalf are appropriately authorised and empowered to execute this Amendment on its behalf; and that each party shall hold the other party harmless for any failure or omission in that regard.

&nbsp;&nbsp;&nbsp;&nbsp;8. The governing law clause as set out in the Agreement shall apply to this Amendment as if repeated herein, mutatis mutandis.

IN WITNESS WHEREOF**,** the parties have caused their duly authorized representatives to execute this Amendment as of<u> </u>

**CAPITAL RESEARCH AND MANAGMENT COMPANY, acting on behalf**

**of each of the customers listed in Appendix A of the Agreement, on behalf of itself or its listed portfolios**

Signature: ……………………………………………. <br> <u> Name: …………………………………………….. </u> <br> <u> Title: …………………………………………….. Date: ……………………….</u>

**JPMORGAN CHASE BANK, N.A.**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; Signature: …………………………………………….<br>|
| &nbsp;&nbsp;&nbsp; Name: ……………………………………………..<br>|
| &nbsp;&nbsp;&nbsp; Title: ……………………………………………..<br>Date: ………………………. |

---

## Ex-99.H

**EUPAC FUND**

**AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT**

WHEREAS, EUPAC Fund (the "Fund"), is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company that offers Class A shares; Class C shares; Class T shares; Class F-1 shares, Class F-2 shares and Class F-3 shares ("Class F shares"); Class 529-A shares, Class 529-C shares, Class 529-E shares, Class 529-T shares, Class 529-F-1 shares, Class 529-F-2 shares and Class 529-F-3 shares ("Class 529 shares"); and Class R-1 shares, Class R-2 shares, Class R-2E shares, Class R-3 shares, Class R-4 shares, Class R-5E shares, Class R-5 shares and Class R-6 shares ("Class R shares") of beneficial interest (Class A shares, Class C shares, Class T shares, Class F shares, Class 529 shares and Class R shares, collectively, the "shares");

WHEREAS, Capital Research and Management Company (the "Investment Adviser"), is a Delaware corporation registered under the Investment Advisers Act of 1940, as amended, and is engaged in the business of providing investment advisory and related services to the Fund and to other investment companies;

WHEREAS, the Fund wishes to have the Investment Adviser assist financial advisers and other intermediaries with their provision of service to shareholders of the Fund and to arrange for and coordinate, monitor and oversee the activities performed by the third parties with which affiliates of the Investment Adviser contract for the provision of sub-transfer agency services (the "administrative services");

WHEREAS, the Investment Adviser is willing to perform or to cause to be performed such administrative services for the Fund's shares on the terms and conditions set forth herein; and

WHEREAS, the Fund and the Investment Adviser wish to enter into an Amended and Restated Administrative Services Agreement ("Agreement") whereby the Investment Adviser would perform or cause to be performed such administrative services for the Fund's shares;

NOW, THEREFORE, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. During the term of this Agreement, the Investment Adviser shall perform or cause to be performed the administrative services set forth

in Exhibit A hereto, as such exhibit may be amended from time to time by mutual consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fees</u>. In consideration of administrative services performed by the Investment Adviser for the Fund's shares the Fund shall pay the Investment Adviser an administrative services fee ("administrative fee"). For all share classes of the Fund, the administrative fee shall accrue daily and shall be calculated at the annual rate of 0.05% of the average daily net assets of those shares. The administrative fee shall be invoiced and paid within 30 days after the end of the month in which the administrative services were performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date and Termination of Agreement</u>. This Agreement shall become effective on December 1, 2025 and unless terminated sooner it shall continue in effect until November 30, 2026. It may thereafter be continued from year to year only with the approval of a majority of those Trustees of the Fund who are not "interested persons" of the Fund (as defined in the 1940 Act) and have no direct or indirect financial interest in the operation of this Agreement or any agreement related to it (the "Independent Trustees"). This Agreement may be terminated as to the Fund as a whole or any class of shares individually at any time by vote of a majority of the Independent Trustees. The Investment Adviser may terminate this agreement upon sixty (60) days' prior written notice to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendment</u>. No material amendment to this Agreement shall be made unless such amendment is approved by the vote of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. This Agreement shall not be assignable by either party hereto and in the event of assignment shall automatically terminate forthwith. The term "assignment" shall have the meaning set forth in the 1940 Act. Notwithstanding the foregoing, the Investment Adviser is specifically authorized to contract with its affiliates for the provision of administrative services on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Issuance of Series of Shares</u>. If the Fund shall at any time issue shares in more than one series, this Agreement may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Choice of Law</u>. This Agreement shall be construed under and shall be governed by the laws of the State of California, and the parties hereto agree

that proper venue of any action with respect hereto shall be Los Angeles County, California.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized, as of December 1, 2025.

---

| | |
|:---|:---|
| CAPITAL RESEARCH AND MANAGEMENT COMPANY | EUPAC fund |
| By: <u>/s/ Walt Burkley</u> | By: <u>/s/ Jennifer L. Butler</u> |
| Walt Burkley<br> Senior Vice President & General Counsel | Jennifer L. Butler<br> Secretary |

---

**EXHIBIT A**

**to the**

**Amended and Restated Administrative Services Agreement**

1. <u>Assisting Financial Intermediaries in their Provision of Shareholder Services</u> 

The Investment Adviser shall assist financial advisers and other intermediaries in their provision of services to shareholders of the Fund. Such assistance shall include, but not be limited to, responding to a variety of inquiries such as cost basis information, share class conversion policies, retirement plan distribution requirements, Fund investment policies and Fund market timing policies. In addition, the Investment Adviser shall provide such intermediaries with in-depth information on current market developments and economic trends/forecasts and their effects on the Fund and detailed Fund analytics, and such other matters as may reasonably be requested by financial advisers or other intermediaries to assist them in their provision of service to shareholders of the Fund.

2. <u>Coordination, Oversight and Monitoring of Service Providers</u> 

The Investment Adviser is responsible for establishing and maintaining a framework to oversee third-party service providers engaged by its affiliates to perform sub-transfer agency services. In doing so the Investment Adviser shall establish processes to assess adherence to the terms of applicable agreements with third-party service providers, the funds' then current prospectuses, and other regulatory requirements and applicable standards. These oversight processes may, but need not, include assessing the controls of third-party service providers as to: (i) transaction processing, (ii) shareholder communications, (iii) commission/fee calculations, (iv) cash and share reconciliations, (v) risk governance programs, (vi) information security programs, and (vii) business continuity/disaster recovery programs.

**EUPAC FUND**

**AMENDED AND RESTATED SHAREHOLDER SERVICES AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties to this Amended and Restated Shareholder Services Agreement (the "Agreement"), which is effective as of December 1, 2025, are EUPAC Fund, a Massachusetts business trust (the "Fund"), and American Funds Service Company, a California corporation ("AFS"). AFS is a wholly owned subsidiary of Capital Research and Management Company ("CRMC"). This Agreement will continue in effect until amended or terminated in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund hereby employs AFS, and AFS hereby accepts such employment by the Fund, as its transfer agent. In such capacity AFS will provide the services of stock transfer agent, dividend disbursing agent, redemption agent, and such additional related services as the Fund may from time to time require, in respect of Class A shares; Class C shares; Class T shares; Class F-1 shares, Class F-2 shares and Class F-3 shares ("Class F shares"); Class 529-A shares, Class 529-C shares, Class 529-E shares, Class 529-T shares, Class 529-F-1 shares, Class 529-F-2 shares and Class 529-F-3 shares ("Class 529 shares"); Class R-1 shares, Class R-2 shares, Class R-2E shares, Class R-3 shares, Class R-4 shares, Class R-5E shares, Class R-5 shares and Class R-6 shares ("Class R shares"); (Class A shares, Class C shares, Class T shares, Class F shares, Class 529 shares and Class R shares, collectively the "shares") of the Fund, all of which services are sometimes referred to herein as "shareholder services." In addition, AFS assumes responsibility for the Fund's implementation and compliance with the procedures set forth in the Anti-Money Laundering Program ("AML Program") of the Fund and does hereby agree to provide all records relating to the AML Program to any federal examiner of the Fund upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. AFS has entered into substantially identical agreements with other investment companies for which CRMC serves as investment adviser. (For the purposes of this Agreement, such investment companies, including the Fund, are called "participating investment companies.")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AFS has entered into an agreement with DST Systems, Inc. (hereinafter called "DST"), to provide AFS with electronic data processing services sufficient for the performance of the shareholder services referred to in paragraph 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund, together with the other participating investment companies, will maintain a Review and Advisory Committee, which Committee will review and may make recommendations to the boards of the participating investment companies regarding all fees and charges provided for in this Agreement, as well as

review the level and quality of the shareholder services rendered to the participating investment companies and their shareholders. Each participating investment company may select one director or trustee who is not affiliated with CRMC, or any of its affiliated companies, to serve on the Review and Advisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AFS will provide to the participating investment companies the shareholder services referred to herein in return for the following fees:

Annual account maintenance fee (paid monthly):

<u>Fee (annual rate)</u>

Full service accounts: $23.50 per account

Third party serviced accounts (primarily networked, trust networked, street, recordkeeping)\*: 0.0020% of assets

\*Includes F-3, 529-F-3 and R share accounts held by AFS

No annual fee will be charged for a participant account underlying a 401(k) or other defined contribution plan where the plan maintains a single account on AFS' books and responds to all participant inquiries.

The fees described above shall be invoiced and paid within 30 days after the end of the month in which the services were performed.

Any revision of the schedule of charges set forth herein shall require the affirmative vote of a majority of the members of the board of trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a. All Fund-specific charges from third parties -- including DST charges, payments described in the next sentence, postage, National Securities Clearing Corporation (NSCC) transaction charges and similar out-of-pocket expenses -- will be passed through directly to the Fund or other participating investment companies, as applicable. AFS, subject to approval of its board of directors, is authorized in its discretion to negotiate payments to third parties for account maintenance and/or transaction processing services described in paragraph 7.b., provided such payments do not exceed the anticipated savings to the Fund, either in fees payable to AFS hereunder or in other direct Fund expenses, that AFS reasonably anticipates would be realized by the Fund from using the services of such third party rather than maintaining the accounts directly on AFS' books and/or processing non-automated transactions. The limitation set forth above shall not apply to Class F shares, Class 529-F shares, Class ABLE-F-2 shares or Class R shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. During the term of this Agreement, AFS shall perform or cause to be performed the transfer agent services set forth in Exhibit A hereto, as such exhibit may be amended from time to time by mutual consent of the parties. The Fund and AFS acknowledge that AFS will contract with third parties, to perform such transfer agent services. In selecting third parties to perform transfer agent services, AFS shall select only those third parties that AFS reasonably believes have adequate facilities and personnel to diligently perform such services. As set forth in the Administrative Services Agreement between the Fund and CRMC, CRMC or its affiliates shall monitor, coordinate and oversee the activities performed by the third parties with which AFS contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. It is understood that AFS may have income in excess of its expenses and may accumulate capital and surplus. AFS is not, however, permitted to distribute any net income or accumulated surplus to its parent, CRMC, in the form of a dividend without the affirmative vote of a majority of the members of the board of trustees of the Fund and all participating investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement may be amended at any time by mutual agreement of the parties, with agreement of the Fund to be evidenced by affirmative vote of a majority of the members of the board of trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Agreement may be terminated on 180 days' written notice by either party. In the event of a termination of this Agreement, AFS and the Fund will each extend full cooperation in effecting a conversion to whatever successor shareholder service provider(s) the Fund may select, it being understood that all records relating to the Fund and its shareholders are property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. In the event of a termination of this Agreement by the Fund, the Fund will pay to AFS as a termination fee the Fund's proportionate share of any costs of conversion of the Fund's shareholder service from AFS to a successor. In the event of termination of this Agreement and all corresponding agreements with all the participating investment companies, all assets of AFS will be sold or otherwise converted to cash, with a view to the liquidation of AFS when it ceases to provide shareholder services for the participating investment companies. To the extent any such assets are sold by AFS to CRMC and/or any of its affiliates, such sales shall be at fair market value at the time of sale as agreed upon by AFS, the purchasing company or companies, and the Review and Advisory Committee. After all assets of AFS have been converted to cash and all liabilities of AFS have been paid or discharged, an amount equal to any capital or paid-in surplus of AFS that shall have been contributed by CRMC or its affiliates shall be set aside in cash for distribution to CRMC upon liquidation of AFS. Any other capital or surplus and any assets of AFS remaining after the foregoing provisions for liabilities and return of capital or paid-in

surplus to CRMC shall be distributed to the participating investment companies in such proportions as may be determined by the Review and Advisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. In the event of disagreement between the Fund and AFS, or between the Fund and other participating investment companies as to any matter arising under this Agreement, which the parties to the disagreement are unable to resolve, the question shall be referred to the Review and Advisory Committee for resolution. If the Review and Advisory Committee is unable to resolve the question to the satisfaction of both parties, either party may elect to submit the question to arbitration; one arbitrator to be named by each party to the disagreement and a third arbitrator to be selected by the two arbitrators named by the original parties. The decision of a majority of the arbitrators shall be final and binding on all parties to the arbitration. The expenses of such arbitration shall be paid by the party electing to submit the question to arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The obligations of the Fund under this Agreement are not binding upon any of the trustees, officers, employees, agents or shareholders of the Fund individually, but bind only the Fund itself. AFS agrees to look solely to the assets of the Fund for the satisfaction of any liability of the Fund in respect to this Agreement and will not seek recourse against such trustees, officers, employees, agents or shareholders, or any of them or their personal assets for such satisfaction.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers thereunto duly authorized, as of December 1, 2025.

---

| | |
|:---|:---|
| AMERICAN FUNDS SERVICE COMPANY | EUPAC fund |
| By: <u>/s/ Joshua R. Diggs</u> | By: <u>/s/ Jennifer L. Butler</u> |
| Joshua R. Diggs<br> Secretary | Jennifer L. Butler<br> Secretary |

---

**EXHIBIT A**

**to the**

**Amended and Restated Shareholder Services Agreement**

AFS or any third party with whom it may contract (AFS and any such third-party are collectively referred to as "Service Provider") shall act, as necessary, as stock transfer agent, dividend disbursing agent and redemption agent for the Fund's shares and shall provide such additional related services as the Fund's shares may from time to time require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Record Maintenance</u> 

The Service Provider shall maintain, and require any third parties with which it contracts to maintain with respect to the Fund's shareholders holding the Fund's shares in a Service Provider account ("Customers") the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Number
 of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Date, price and amount of purchases and redemptions (including dividend reinvestments) and dates and amounts of dividends paid for at least the current year to date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Name and address of the Customer, including zip codes and social security numbers or taxpayer identification numbers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Records of distributions and dividend payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any transfers of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Shareholder Communications</u> 

Service Provider shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide to a shareholder mailing agent for the purpose of delivering certain Fund-related material the names and addresses of all Customers. The Fund-related material shall consist of updated summary prospectuses and/or prospectuses and any supplements and amendments thereto, annual and other periodic reports, proxy or information statements and other appropriate shareholder communications. In the alternative, the Service Provider may distribute the Fund related material to its Customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver current Fund summary prospectuses, prospectuses and statements of additional information and annual and other periodic reports upon Customer request, and, as applicable, with confirmation statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Deliver statements to Customers on no less frequently than a quarterly basis showing, among other things, the number of shares of the Fund owned by such Customer and the net asset value of shares of the Fund as of a recent date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Produce and deliver to Customers confirmation statements reflecting purchases and redemptions of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Respond to Customer inquiries regarding, among other things, share prices, account balances, dividend amounts and dividend payment dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. With respect to Class A shares, Class C shares, Class T shares and/or Class F shares of the Fund purchased by Customers, provide average cost basis reporting to Customers to assist them in preparation of their income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. If the Service Provider accepts transactions in the Fund's shares from any brokers or banks in an omnibus relationship, require each such broker or bank to provide such shareholder communications as set forth in 2(a) through 2(e) to its own Customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Transactional Services</u> 

The Service Provider shall communicate to its Customers, as to shares of the Fund, purchase, redemption and exchange orders reflecting the orders it receives from its Customers or from any brokers and banks for their Customers. The Service Provider shall also communicate to beneficial owners holding through it, and to any brokers or banks for beneficial owners holding through them, as to shares of the Fund, mergers, splits and other reorganization activities, and require any broker or bank to communicate such information to its Customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Tax Information Returns and Reports</u> 

The Service Provider shall prepare and file, and require to be prepared and filed by any brokers or banks as to their Customers, with the appropriate governmental agencies, such information, returns and reports as are required to be so filed for reporting: (i) dividends and other distributions made; (ii) amounts withheld on dividends and other distributions and payments under applicable

federal and state laws, rules and regulations; and (iii) gross proceeds of sales transactions as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Fund Communications</u> 

The Service Provider shall, upon request by the Fund, on each business day, report the number of shares on which the transfer agency fee is to be paid pursuant to this Agreement. The Service Provider shall also provide the Fund with a monthly invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Coordination, Oversight and Monitoring of Service Providers</u> 

As set forth in the Administrative Services Agreement between the Fund and CRMC, CRMC shall coordinate, monitor and oversee the activities performed by the Service Providers with which AFS contracts. AFS shall monitor Service Providers' provision of services including the delivery of Customer account statements and all Fund-related material, including summary prospectuses and/or prospectuses, shareholder reports, and proxies.

## Ex-99.J

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Post-Effective Amendment to Registration Statement No. 002-83847 on Form N-1A of our report dated May 12, 2026, relating to the financial statements and financial highlights of EUPAC Fund (formerly, EuroPacific Growth Fund) appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the headings "Financial highlights" in the Prospectus and "Independent registered public accounting firm" and "Prospectuses, reports to shareholders and proxy statements" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Costa Mesa, California

May 26, 2026

## Ex-99.M

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

 **of**

 **EUPAC FUND**

**relating to its**

**CLASS A SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust which offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class A shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders:

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor.</u>** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.25% per annum of the average daily net assets of the Fund's Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund may expend pursuant to the Plan such amounts as are authorized in advance by the Fund's Board of Trustees and by its President. Amounts may be used to finance any activity which is primarily intended to result in the sale of Fund shares including, but not limited to, advertising, salaries and other expenses of AFD relating to selling or servicing efforts, expenses of organizing and conducting sales seminars, printing of prospectuses and reports for other than existing shareholders, preparation and distribution of advertising material and sales literature, and payments to dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Approval by the Board.</u>** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), and have no direct or indirect financial interest in

the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Review of Expenditures.</u>** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review a written report of the amounts expended pursuant to the Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Effective Date and Termination of Plan.</u>** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class A shares at any time by vote of a majority of the Independent Directors, or by vote of a majority of the outstanding Class A shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2025. It may thereafter be continued from year to year in the manner provided for in Section 3 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Requirements of Agreement</u>**. Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty,
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class A shares of the Fund, on not more than sixty (60) days' written notice to any other
 party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Amendment.</u>** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class A shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class A shares of the Fund and as provided in Section 3 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in Section 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Nomination of Trustees.</u>** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Record Retention.</u>** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 4 hereof for a period of not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS C SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class C shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 1.00% per annum of the average daily net assets of the Fund's Class C shares. The categories of expenses are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Service Fees.** The Fund shall pay to the Distributor no more frequently than monthly in arrears
 a service fee (the "Service Fee"), which shall accrue daily in an amount equal
 to the daily equivalent of 0.25% per annum of the net asset value of the Fund's Class
 C shares outstanding on each day. The Service Fee compensates the Distributor for paying
 service-related expenses, including Service Fees to others in respect of Class C shares of
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Distribution Fees.** The Fund shall pay to the Distributor no more frequently than monthly in arrears
 its "Allocable Portion" as described in Schedule A to this Plan ("Allocation
 Schedule"), and until such time as the Fund designates a successor to AFD as distributor,
 the Allocable Portion shall equal 100% of a fee

(the "Distribution Fee"), which shall accrue daily in an amount equal to the daily equivalent of 0.75% per annum of the net asset value of the Fund's Class C shares outstanding on each day. The Distribution Fee compensates the Distributor for providing distribution and sales-related services in respect of Class C shares of the Fund. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services.

The Distributor may sell and assign its right to its Allocable Portion (but not its obligations to the Fund under the Agreement) of the Distribution Fee to a third party, and such transfer shall be free and clear of offsets or claims the Fund may have against the Distributor, it being understood that the Fund is not releasing the Distributor from any of its obligations to the Fund under the Agreement or any of the assets the Distributor continues to own. The Fund may agree, at the request of the Distributor, to pay the Allocable Portion of the Distribution Fee directly to the third-party transferee.

Any agreement between the Fund and the Distributor relating to the Fund's Class C shares shall provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Distributor will be deemed to have performed all services required to be performed in order
 to be entitled to receive its Allocable Portion of the Distribution Fee payable in respect
 of each "Commission Share" (as defined in the Allocation Schedule) upon the settlement
 date of each sale of such Commission Share taken into account in determining such Distributor's
 Allocable Portion of the Distribution Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding
 anything to the contrary in this Plan or the Agreement, the Fund's obligation to pay
 the Distributor its Allocable Portion of the Distribution Fee shall not be terminated or
 modified (including without limitation, by change in the rules applicable to the conversion
 of the Class C shares into shares of another class) for any reason (including a termination
 of this Plan or the Agreement between such Distributor and the Fund) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the extent required by a change in the Investment Company Act of 1940, as amended (the "1940
 Act"), the rules and regulations under the 1940 Act, the Conduct Rules of the Financial
 Industry Regulatory Authority (the "Conduct Rules"), or any judicial decisions
 or interpretive pronouncements by the Securities and Exchange Commission, which is either
 binding upon the Distributor or generally complied with by similarly

situated distributors of mutual fund shares, in each case enacted, promulgated, or made after March 15, 2001,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a basis which does not alter the Distributor's Allocable Portion of the Distribution
 Fee computed with reference to Commission Shares of the Fund, the Date of Original Issuance
 (as defined in the Allocation Schedule) of which occurs on or prior to the adoption of such
 termination or modification and with respect to Free Shares (as defined in the Allocation
 Schedule) which would be attributed to the Distributor under the Allocation Schedule with
 reference to such Commission Shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 connection with a Complete Termination (as defined below) of this Plan by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Fund will not take any action to waive or change any contingent deferred sales charge ("CDSC")
 in respect of the Class C shares, the Date of Original Issuance of which occurs on or prior
 to the taking of such action except as provided in the Fund's prospectus or statement
 of additional information on the date such Commission Share was issued, without the consent
 of the Distributor or its assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notwithstanding
 anything to the contrary in this Plan or the Agreement, none of the termination of the Distributor's
 role as principal underwriter of the Class C shares of the Fund, the termination of
 the Agreement or the termination of this Plan will terminate the Distributor's right
 to its Allocable Portion of the CDSCs in respect of Class C shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except
 as provided in (ii) above and notwithstanding anything to the contrary in this Plan or the
 Agreement, the Fund's obligation to pay the Distributor's Allocable Portion of
 the Distribution Fees and CDSCs payable in respect of the Class C shares of the Fund shall
 be absolute and unconditional and shall not be subject to dispute, offset, counterclaim or
 any defense whatsoever, at law or equity, including, without limitation, any of the foregoing
 based on the insolvency or bankruptcy of the Distributor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) until
 the Distributor has been paid its Allocable Portion of the Distribution Fees in respect of
 the Class C shares of the Fund, the Fund will not adopt a plan of liquidation in respect
 of the Class C shares without the consent of the Distributor and its assigns. For purposes
 of this Plan, the term Allocable Portion of the Distribution

Fees or CDSCs payable in respect of the Class C shares as applied to any Distributor shall mean the portion of such Distribution Fees or CDSCs payable in respect of such Class C shares of the Fund allocated to the Distributor in accordance with the Allocation Schedule as it relates to the Class C shares of the Fund, and until such time as the Fund designates a successor to AFD as distributor, the Allocable Portion shall equal 100% of the Distribution Fees and CDSCs. For purposes of this Plan, the term "Complete Termination" in respect of this Plan as it relates to the Class C shares means a termination of this Plan involving the complete cessation of the payment of Distribution Fees in respect of all Class C shares, the termination of the distribution plans and principal underwriting agreements, and the complete cessation of the payment of any asset based sales charge (within the meaning of the Conduct Rules) or similar fees in respect of the Fund and any successor mutual fund or any mutual fund acquiring a substantial portion of the assets of the Fund (the Fund and such other mutual funds hereinafter referred to as the "Affected Funds") and in respect of the Class C shares and every future class of shares (other than future classes of shares established more than one year after the date of such termination) which has substantially similar characteristics to the Class C shares (all such classes of shares the "Affected Classes of Shares") of such Affected Funds taking into account the manner of payment and amount of asset based sales charge, CDSC or other similar charges borne directly or indirectly by the holders of such shares; <u>provided that</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board of Trustees of such Affected Funds, including the Independent Trustees (as defined below) of the Affected Funds, shall have determined that such termination is in the best interest of such Affected Funds and the shareholders of such Affected Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such termination does not alter the CDSC as in effect at the time of such termination applicable to Commission Shares of the Fund, the Date of Original Issuance of which occurs on or prior to such termination.

Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are

not "interested persons" of the Fund as defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class C shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class C shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

Notwithstanding the foregoing or paragraph 6, below, any amendment or termination of this Plan shall not affect the rights of the Distributor to receive its Allocable Portion of the Distribution Fee, unless the termination constitutes a Complete Termination of this Plan as described in paragraph 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class C shares of the Fund, on not more than sixty (60) days' written notice to any
 other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class C shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class C shares of the Fund and as provided in paragraph 2 hereof, and no

material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

SCHEDULE A

to the

Plan of Distribution of

EUPAC Fund

ALLOCATION SCHEDULE

The following relates solely to Class C shares.

The Distributor's Allocable Portion of Distribution Fees and CDSCs in respect of Class C shares shall be 100% until such time as the Distributor shall cease to serve as exclusive distributor of Class C shares; thereafter, collections that constitute CDSCs and Distribution Fees relating to Class C shares shall be allocated among the Distributor and any successor distributor ("<u>Successor Distributor</u>") in accordance with this Schedule. At such time as the Distributor's Allocable Portion of the Distribution Fees equals zero, the Successor Distributor shall become the Distributor for purposes of this Allocation Schedule.

Defined terms used in this Schedule and not otherwise defined herein shall have the meanings assigned to them in the Amended and Restated Principal Underwriting Agreement dated February 1, 2021, as amended and restated from time to time (the "Distribution Agreement"), of which this Schedule is a part. As used herein the following terms shall have the meanings indicated:

"<u>Commission Share</u>" means each Class C share issued under circumstances which would normally give rise to an obligation of the holder of such share to pay a CDSC upon redemption of such share (including, without limitation, any Class C share issued in connection with a permitted free exchange), and any such share shall continue to be a Commission Share of the applicable Fund prior to the redemption (including a redemption in connection with a permitted free exchange) or conversion of such share, even though the obligation to pay the CDSC may have expired or conditions for waivers thereof may exist.

"<u>Date of Original Issuance</u>" means in respect of any Commission Share, the date with reference to which the amount of the CDSC payable on redemption thereof, if any, is computed.

"<u>Free Share</u>" means, in respect of a Fund, each Class C share of the Fund, other than a Commission Share (including, without limitation, any Class C share issued in connection with the reinvestment of dividends or capital gains).

"<u>Inception Date</u>" means in respect of a Fund, the first date on which the Fund issued shares.

"<u>Net Asset Value</u>" means the net asset value determined as set forth in the Prospectus of each Fund.

"<u>Omnibus Share</u>" means, in respect of a Fund, a Commission Share or Free Share sold by one of the selling agents maintaining shares in an omnibus account ("Omnibus Selling Agents"). If, subsequent to the Successor Distributor becoming exclusive distributor of the Class C shares, the Distributor reasonably determines that the transfer agent is able to track all Commission Shares and Free Shares sold by any of the Omnibus Selling Agents in the same manner that Non-Omnibus Commission Shares and Free Shares (defined below) are currently tracked, then Omnibus Shares of such Omnibus Selling Agent shall be treated as Commission Shares or Free Shares, as applicable.

<u>PART I: ATTRIBUTION OF CLASS C SHARES</u>

Class C shares that are outstanding from time to time, shall be attributed to the Distributor and each Successor Distributor in accordance with the following rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Commission Shares other than Omnibus Shares</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commission Shares that are not Omnibus Shares ("Non-Omnibus Commission Shares") attributed to the Distributor shall be those Non-Omnibus Commission Shares (i) the Date of Original Issuance of which occurred on or after the Inception Date of the applicable Fund and on or prior to the date the Distributor ceased to be exclusive distributor of Class C shares of the Fund and (ii) that are subject to a CDSC (without regard to any conditions for waivers thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Omnibus Commission Shares attributable to each Successor Distributor shall be those Non-Omnibus Commission Shares (i) the Date of Original Issuance of which occurs after the date such Successor Distributor became the exclusive distributor of Class C shares of the Fund and on or prior to the date such Successor Distributor ceased to be the exclusive distributor of Class C shares of the Fund and (ii) that are subject to a CDSC (without regard to any conditions for waivers thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Non-Omnibus Commission Share of a Fund issued in consideration of the investment of proceeds of the redemption of a

Non-Omnibus Commission Share of another fund (the "<u>Redeeming Fund</u>") in connection with a permitted free exchange, is deemed to have a Date of Original Issuance identical to the Date of Original Issuance of the Non-Omnibus Commission Share of the Redeeming Fund, and any such Commission Share will be attributed to the Distributor or Successor Distributor based upon such Date of Original Issuance in accordance with rules (a) and (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Free Shares</u>:

Free Shares that are not Omnibus Shares ("Non-Omnibus Free Shares") of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of a Fund outstanding on such date are attributed to each on such date; <u>provided</u> that if the Distributor and its transferees reasonably determine that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for such Non-Omnibus Free Shares, then such Free Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Omnibus Shares</u>:

Omnibus Shares of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of the applicable Fund outstanding on such date are attributed to it on such date; <u>provided</u> that if the Distributor reasonably determines that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for the Omnibus Shares, then the Omnibus Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

<u>PART II: ALLOCATION OF CDSCs</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>CDSCs Related to the Redemption of Non-Omnibus Commission Shares</u>:

CDSCs in respect of the redemption of Non-Omnibus Commission Shares shall be allocated to the Distributor or a Successor Distributor depending upon whether the related redeemed Commission Share is attributable to the Distributor or such Successor Distributor, as the case may be, in accordance with Part I above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>CDSCs Related to the Redemption of Omnibus Shares</u>:

CDSCs in respect of the redemption of Omnibus Shares shall be allocated to the Distributor or a Successor Distributor in the same proportion that CDSCs related to the redemption of Non-Omnibus Commission Shares are allocated to each thereof; <u>provided</u>, that if the Distributor reasonably determines that the transfer agent is able to produce monthly reports which track the Date of Original Issuance for the Omnibus Shares, then the CDSCs in respect of the redemption of Omnibus Shares shall be allocated among the Distributor and any Successor Distributor depending on whether the related redeemed Omnibus Share is attributable to the Distributor or a Successor Distributor, as the case may be, in accordance with Part I above.

<u>PART III: ALLOCATION OF DISTRIBUTION FEE</u>

Assuming that the Distribution Fee remains constant over time so that Part IV hereof does not become operative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The portion of the aggregate Distribution Fee accrued in respect of all Class C shares of a Fund during any calendar month allocable to the Distributor or a Successor Distributor is determined by multiplying the total of such Distribution Fee by the following fraction:

<u>(A + C)/2</u>

(B + D)/2

where:

---

| | |
|:---|:---|
| A= | The aggregate Net Asset Value of all Class C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the beginning of such calendar month |

---

B= The aggregate Net Asset Value of all Class C shares of a Fund at the beginning of such calendar month

---

| | |
|:---|:---|
| C= | The aggregate Net Asset Value of all Class C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the end of such calendar month |

---

D= The aggregate Net Asset Value of all Class C shares of a Fund at the end of such calendar month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Distributor reasonably determines that the transfer agent is able to produce automated monthly reports that allocate the average Net Asset Value

of the Commission Shares (or all Class C shares if available) of a Fund among the Distributor and any Successor Distributor in a manner consistent with the methodology detailed in Part I and Part III(1) above, the portion of the Distribution Fee accrued in respect of all such Class C shares of a Fund during a particular calendar month will be allocated to the Distributor or a Successor Distributor by multiplying the total of such Distribution Fee by the following fraction:

(A)/(B)

where:

A= Average Net Asset Value of all such Class C shares of a Fund for such calendar month attributed to the Distributor or a Successor Distributor, as the case may be

---

| | |
|:---|:---|
| B= | Total average Net Asset Value of all such Class C shares of a Fund for such calendar month |

---

<u>PART IV: ADJUSTMENT OF THE DISTRIBUTOR'S ALLOCABLE PORTION AND EACH SUCCESSOR DISTRIBUTOR'S ALLOCABLE PORTION</u>

The parties to the Distribution Agreement recognize that, if the terms of any distributor's contract, any distribution plan, any prospectus, the Conduct Rules or any other applicable law change so as to disproportionately reduce, in a manner inconsistent with the intent of this Distribution Agreement, the amount of the Distributor's Allocable Portion or any Successor Distributor's Allocable Portion had no such change occurred, the definitions of the Distributor's Allocable Portion and/or the Successor Distributor's Allocable Portion in respect of the Class C shares relating to a Fund shall be adjusted by agreement among the relevant parties; <u>provided</u>, <u>however</u>, if the Distributor, the Successor Distributor and the Fund cannot agree within thirty (30) days after the date of any such change in applicable laws or in any distributor's contract, distribution plan, prospectus or the Conduct Rules, they shall submit the question to arbitration in accordance with the commercial arbitration rules of the American Arbitration Association and the decision reached by the arbitrator shall be final and binding on each of them.

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS T SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class T shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.50% per annum of the average daily net assets of the Fund's Class T shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees"), in an amount not to exceed 0.25%, each such percentage being per annum of the average daily net assets of the Fund's Class T shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class T shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class T shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class T shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class T shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class T shares of the Fund, on not more than sixty (60) days' written notice to any
 other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class T shares of the Fund unless such amendment is approved by vote of a majority of the outstanding voting securities of the Class T shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS F-1 SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class F-1 shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.50% per annum of the average daily net assets of the Fund's Class F-1 shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.25%, each such percentage being per annum of the average daily net assets of the Fund's Class F-1 shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class F-1 shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class F-1 shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class F-1 shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class F-1 shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class F-1 shares of the Fund, on not more than sixty (60) days' written notice to any
 other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class F-1 shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class F-1 shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary<br>|

---

 **AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

 **of**

 **EUPAC FUND**

**relating to its**

**CLASS 529-A SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust which offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class 529-A shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders:

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor.</u>** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.50% per annum of the average daily net assets of the Fund's Class 529-A shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.25%, each such percentage being per annum of the average net assets of the Fund's Class 529-A shares. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class 529-A shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class 529-A shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board.</u>** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), and have no direct or indirect financial interest in

the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures.</u>** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review a written report of the amounts expended pursuant to the Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan.</u>** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class 529-A shares at any time by vote of a majority of the Independent Directors, or by vote of a majority of the outstanding Class 529-A shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in Section 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>**. Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty,
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class 529-A shares of the Fund, on not more than sixty (60) days' written notice to any other
 party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment.</u>** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class 529-A shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class 529-A shares of the Fund and as provided in Section 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in Section 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees.</u>** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention.</u>** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 4 hereof for a period of not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS 529-C SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class 529-C shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 1.00% per annum of the average daily net assets of the Fund's Class 529-C shares. The categories of expenses are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Service Fees.** The Fund shall pay to the Distributor no more frequently than monthly in arrears
 a service fee (the "Service Fee"), which shall accrue daily in an amount equal
 to the daily equivalent of 0.25% per annum of the net asset value of the Fund's Class
 529-C shares outstanding on each day. The Service Fee compensates the Distributor for paying
 service-related expenses, including Service Fees to others in respect of Class 529-C shares
 of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Distribution Fees.** The Fund shall pay to the Distributor no more frequently than monthly in arrears
 its "Allocable Portion" as described in Schedule A to this Plan ("Allocation
 Schedule"), and until such time as the Fund designates a successor to CCG as distributor,
 the Allocable Portion shall equal 100% of a fee

(the "Distribution Fee"), which shall accrue daily in an amount equal to the daily equivalent of 0.75% per annum of the net asset value of the Fund's Class 529-C shares outstanding on each day. The Distribution Fee compensates the Distributor for providing distribution and sales-related services in respect of Class 529-C shares of the Fund. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services.

The Distributor may sell and assign its right to its Allocable Portion (but not its obligations to the Fund under the Agreement) of the Distribution Fee to a third party, and such transfer shall be free and clear of offsets or claims the Fund may have against the Distributor, it being understood that the Fund is not releasing the Distributor from any of its obligations to the Fund under the Agreement or any of the assets the Distributor continues to own. The Fund may agree, at the request of the Distributor, to pay the Allocable Portion of the Distribution Fee directly to the third-party transferee.

Any agreement between the Fund and the Distributor relating to the Fund's Class 529-C shares shall provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Distributor will be deemed to have performed all services required to be performed in order
 to be entitled to receive its Allocable Portion of the Distribution Fee payable in respect
 of each "Commission Share" (as defined in the Allocation Schedule) upon the settlement
 date of each sale of such Commission Share taken into account in determining such Distributor's
 Allocable Portion of the Distribution Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding
 anything to the contrary in this Plan or the Agreement, the Fund's obligation to pay
 the Distributor its Allocable Portion of the Distribution Fee shall not be terminated or
 modified (including without limitation, by change in the rules applicable to the conversion
 of the Class 529-C shares into shares of another class) for any reason (including a termination
 of this Plan or the Agreement between such Distributor and the Fund) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the extent required by a change in the Investment Company Act of 1940, as amended (the "1940
 Act"), the rules and regulations under the 1940 Act, the Conduct Rules of the Financial
 Industry Regulatory Authority (the "Conduct Rules"), or any judicial decisions
 or interpretive pronouncements by the Securities and Exchange Commission, which is either
 binding upon the Distributor or generally complied with by similarly

situated distributors of mutual fund shares, in each case enacted, promulgated, or made after February 15, 2002,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a basis which does not alter the Distributor's Allocable Portion of the Distribution
 Fee computed with reference to Commission Shares of the Fund, the Date of Original Issuance
 (as defined in the Allocation Schedule) of which occurs on or prior to the adoption of such
 termination or modification and with respect to Free Shares (as defined in the Allocation
 Schedule) which would be attributed to the Distributor under the Allocation Schedule with
 reference to such Commission Shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 connection with a Complete Termination (as defined below) of this Plan by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Fund will not take any action to waive or change any contingent deferred sales charge ("CDSC")
 in respect of the Class 529-C shares, the Date of Original Issuance of which occurs on or
 prior to the taking of such action except as provided in the Fund's prospectus or statement
 of additional information on the date such Commission Share was issued, without the consent
 of the Distributor or its assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) notwithstanding
 anything to the contrary in this Plan or the Agreement, none of the termination of the Distributor's
 role as principal underwriter of the Class 529-C shares of the Fund, the termination of the
 Agreement or the termination of this Plan will terminate the Distributor's right to
 its Allocable Portion of the CDSCs in respect of Class 529-C shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except
 as provided in (ii) above and notwithstanding anything to the contrary in this Plan or the
 Agreement, the Fund's obligation to pay the Distributor's Allocable Portion of
 the Distribution Fees and CDSCs payable in respect of the Class 529-C shares of the Fund
 shall be absolute and unconditional and shall not be subject to dispute, offset, counterclaim
 or any defense whatsoever, at law or equity, including, without limitation, any of the foregoing
 based on the insolvency or bankruptcy of the Distributor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) until
 the Distributor has been paid its Allocable Portion of the Distribution Fees in respect of
 the Class 529-C shares of the Fund, the Fund will not adopt a plan of liquidation in respect
 of the Class 529-C shares without the consent of the Distributor and its assigns. For purposes
 of this Plan, the term Allocable Portion of the

Distribution Fees or CDSCs payable in respect of the Class 529-C shares as applied to any Distributor shall mean the portion of such Distribution Fees or CDSCs payable in respect of such Class 529-C shares of the Fund allocated to the Distributor in accordance with the Allocation Schedule as it relates to the Class 529-C shares of the Fund, and until such time as the Fund designates a successor to CCG as distributor, the Allocable Portion shall equal 100% of the Distribution Fees and CDSCs. For purposes of this Plan, the term "Complete Termination" in respect of this Plan as it relates to the Class 529-C shares means a termination of this Plan involving the complete cessation of the payment of Distribution Fees in respect of all Class 529-C shares, the termination of the distribution plans and principal underwriting agreements, and the complete cessation of the payment of any asset based sales charge (within the meaning of the Conduct Rules) or similar fees in respect of the Fund and any successor mutual fund or any mutual fund acquiring a substantial portion of the assets of the Fund (the Fund and such other mutual funds hereinafter referred to as the "Affected Funds") and in respect of the Class 529-C shares and every future class of shares (other than future classes of shares established more than one year after the date of such termination) which has substantially similar characteristics to the Class 529-C shares (all such classes of shares the "Affected Classes of Shares") of such Affected Funds taking into account the manner of payment and amount of asset based sales charge, CDSC or other similar charges borne directly or indirectly by the holders of such shares; <u>provided that</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board of Trustees of such Affected Funds, including the Independent Trustees (as defined below) of the Affected Funds, shall have determined that such termination is in the best interest of such Affected Funds and the shareholders of such Affected Funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such termination does not alter the CDSC as in effect at the time of such termination applicable to Commission Shares of the Fund, the Date of Original Issuance of which occurs on or prior to such termination.

Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are

not "interested persons" of the Fund as defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class 529-C shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class 529-C shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

Notwithstanding the foregoing or paragraph 6, below, any amendment or termination of this Plan shall not affect the rights of the Distributor to receive its Allocable Portion of the Distribution Fee, unless the termination constitutes a Complete Termination of this Plan as described in paragraph 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class 529-C shares of the Fund, on not more than sixty (60) days' written notice to
 any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class 529-C shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class 529-C shares of the Fund and as provided in paragraph 2 hereof, and no

material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

SCHEDULE A

to the

Plan of Distribution of

EUPAC Fund

ALLOCATION SCHEDULE

The following relates solely to Class 529-C shares.

The Distributor's Allocable Portion of Distribution Fees and CDSCs in respect of Class 529-C shares shall be 100% until such time as the Distributor shall cease to serve as exclusive distributor of Class 529-C shares; thereafter, collections that constitute CDSCs and Distribution Fees relating to Class 529-C shares shall be allocated among the Distributor and any successor distributor ("<u>Successor Distributor</u>") in accordance with this Schedule. At such time as the Distributor's Allocable Portion of the Distribution Fees equals zero, the Successor Distributor shall become the Distributor for purposes of this Allocation Schedule.

Defined terms used in this Schedule and not otherwise defined herein shall have the meanings assigned to them in the Amended and Restated Principal Underwriting Agreement dated February 1, 2021, as amended and restated from time to time (the "Distribution Agreement"), of which this Schedule is a part. As used herein the following terms shall have the meanings indicated:

"<u>Commission Share</u>" means each Class 529-C share issued under circumstances which would normally give rise to an obligation of the holder of such share to pay a CDSC upon redemption of such share (including, without limitation, any Class 529-C share issued in connection with a permitted free exchange), and any such share shall continue to be a Commission Share of the applicable Fund prior to the redemption (including a redemption in connection with a permitted free exchange) or conversion of such share, even though the obligation to pay the CDSC may have expired or conditions for waivers thereof may exist.

"<u>Date of Original Issuance</u>" means in respect of any Commission Share, the date with reference to which the amount of the CDSC payable on redemption thereof, if any, is computed.

"<u>Free Share</u>" means, in respect of a Fund, each Class 529-C share of the Fund, other than a Commission Share (including, without limitation, any Class 529-C share issued in connection with the reinvestment of dividends or capital gains).

"<u>Inception Date</u>" means in respect of a Fund, the first date on which the Fund issued shares.

"<u>Net Asset Value</u>" means the net asset value determined as set forth in the Prospectus of each Fund.

"<u>Omnibus Share</u>" means, in respect of a Fund, a Commission Share or Free Share sold by one of the selling agents maintaining shares in an omnibus account ("Omnibus Selling Agents"). If, subsequent to the Successor Distributor becoming exclusive distributor of the Class 529-C shares, the Distributor reasonably determines that the transfer agent is able to track all Commission Shares and Free Shares sold by any of the Omnibus Selling Agents in the same manner that Non-Omnibus Commission Shares and Free Shares (defined below) are currently tracked, then Omnibus Shares of such Omnibus Selling Agent shall be treated as Commission Shares or Free Shares, as applicable.

<u>PART I: ATTRIBUTION OF CLASS 529-C SHARES</u>

Class 529-C shares that are outstanding from time to time, shall be attributed to the Distributor and each Successor Distributor in accordance with the following rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Commission Shares other than Omnibus Shares</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commission Shares that are not Omnibus Shares ("Non-Omnibus Commission Shares") attributed to the Distributor shall be those Non-Omnibus Commission Shares the Date of Original Issuance of which occurred on or after the Inception Date of the applicable Fund and on or prior to the date the Distributor ceased to be exclusive distributor of Class 529-C shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Omnibus Commission Shares attributable to each Successor Distributor shall be those Non-Omnibus Commission Shares the Date of Original Issuance of which occurs after the date such Successor Distributor became the exclusive distributor of Class 529-C shares of the Fund and on or prior to the date such Successor Distributor ceased to be the exclusive distributor of Class 529-C shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Non-Omnibus Commission Share of a Fund issued in consideration of the investment of proceeds of the redemption of a Non-Omnibus Commission Share of another fund (the "<u>Redeeming Fund</u>") in connection with a permitted free exchange, is deemed to have

a Date of Original Issuance identical to the Date of Original Issuance of the Non-Omnibus Commission Share of the Redeeming Fund, and any such Commission Share will be attributed to the Distributor or Successor Distributor based upon such Date of Original Issuance in accordance with rules (a) and (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Free Shares</u>:

Free Shares that are not Omnibus Shares ("Non-Omnibus Free Shares") of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of a Fund outstanding on such date are attributed to each on such date; <u>provided</u> that if the Distributor and its transferees reasonably determine that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for such Non-Omnibus Free Shares, then such Free Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Omnibus Shares</u>:

Omnibus Shares of a Fund outstanding on any date shall be attributed to the Distributor or a Successor Distributor, as the case may be, in the same proportion that the Non-Omnibus Commission Shares of the applicable Fund outstanding on such date are attributed to it on such date; <u>provided</u> that if the Distributor reasonably determines that the transfer agent is able to produce monthly reports that track the Date of Original Issuance for the Omnibus Shares, then the Omnibus Shares shall be allocated pursuant to clause 1(a), (b) and (c) above.

<u>PART II: ALLOCATION OF CDSCs</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>CDSCs Related to the Redemption of Non-Omnibus Commission Shares</u>:

CDSCs in respect of the redemption of Non-Omnibus Commission Shares shall be allocated to the Distributor or a Successor Distributor depending upon whether the related redeemed Commission Share is attributable to the Distributor or such Successor Distributor, as the case may be, in accordance with Part I above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>CDSCs Related to the Redemption of Omnibus Shares</u>:

CDSCs in respect of the redemption of Omnibus Shares shall be allocated to the Distributor or a Successor Distributor in the same proportion that CDSCs related to the redemption of Non-Omnibus Commission Shares are allocated

to each thereof; <u>provided</u>, that if the Distributor reasonably determines that the transfer agent is able to produce monthly reports which track the Date of Original Issuance for the Omnibus Shares, then the CDSCs in respect of the redemption of Omnibus Shares shall be allocated among the Distributor and any Successor Distributor depending on whether the related redeemed Omnibus Share is attributable to the Distributor or a Successor Distributor, as the case may be, in accordance with Part I above.

<u>PART III: ALLOCATION OF DISTRIBUTION FEE</u>

Assuming that the Distribution Fee remains constant over time so that Part IV hereof does not become operative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The portion of the aggregate Distribution Fee accrued in respect of all Class 529-C shares of a Fund during any calendar month allocable to the Distributor or a Successor Distributor is determined by multiplying the total of such Distribution Fee by the following fraction:

<u>(A + C)/2</u>

(B + D)/2

where:

---

| | |
|:---|:---|
| A= | The aggregate Net Asset Value of all Class 529-C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the beginning of such calendar month |

---

B= The aggregate Net Asset Value of all Class 529-C shares of a Fund at the beginning of such calendar month

---

| | |
|:---|:---|
| C= | The aggregate Net Asset Value of all Class 529-C shares of a Fund attributed to the Distributor or such Successor Distributor, as the case may be, and outstanding at the end of such calendar month |

---

D= The aggregate Net Asset Value of all Class 529-C shares of a Fund at the end of such calendar month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Distributor reasonably determines that the transfer agent is able to produce automated monthly reports that allocate the average Net Asset Value of the Commission Shares (or all Class 529-C shares if available) of a Fund among the Distributor and any Successor Distributor in a manner consistent with the methodology detailed in Part I and Part III(1) above, the portion of the Distribution Fee accrued in respect of all such Class 529-C shares of a Fund during a particular

calendar month will be allocated to the Distributor or a Successor Distributor by multiplying the total of such Distribution Fee by the following fraction:

(A)/(B)

where:

A= Average Net Asset Value of all such Class 529-C shares of a Fund for such calendar month attributed to the Distributor or a Successor Distributor, as the case may be

---

| | |
|:---|:---|
| B= | Total average Net Asset Value of all such Class 529-C shares of a Fund for such calendar month |

---

<u>PART IV: ADJUSTMENT OF THE DISTRIBUTOR'S ALLOCABLE PORTION AND EACH SUCCESSOR DISTRIBUTOR'S ALLOCABLE PORTION</u>

The parties to the Distribution Agreement recognize that, if the terms of any distributor's contract, any distribution plan, any prospectus, the Conduct Rules or any other applicable law change so as to disproportionately reduce, in a manner inconsistent with the intent of this Distribution Agreement, the amount of the Distributor's Allocable Portion or any Successor Distributor's Allocable Portion had no such change occurred, the definitions of the Distributor's Allocable Portion and/or the Successor Distributor's Allocable Portion in respect of the Class 529-C shares relating to a Fund shall be adjusted by agreement among the relevant parties; <u>provided</u>, <u>however</u>, if the Distributor, the Successor Distributor and the Fund cannot agree within thirty (30) days after the date of any such change in applicable laws or in any distributor's contract, distribution plan, prospectus or the Conduct Rules, they shall submit the question to arbitration in accordance with the commercial arbitration rules of the American Arbitration Association and the decision reached by the arbitrator shall be final and binding on each of them.

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS 529-E SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class 529-E shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.75% per annum of the average daily net assets of the Fund's Class 529-E shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.50%, each such percentage being per annum of the average daily net assets of the Fund's Class 529-E shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class 529-E shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class 529-E shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class 529-E shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class 529-E shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class 529-E shares of the Fund, on not more than sixty (60) days' written notice to
 any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class 529-E shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class 529-E shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC Fund**

**relating to its**

**CLASS 529-T SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class 529-T shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.50% per annum of the average daily net assets of the Fund's Class 529-T shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees"), in an amount not to exceed 0.25%, each such percentage being per annum of the average daily net assets of the Fund's Class 529-T shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class 529-T shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class 529-T shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class 529-T shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class 529-T shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2025. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class 529-T shares of the Fund, on not more than sixty (60) days' written notice to
 any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class 529-T shares of the Fund unless such amendment is approved by vote of a majority of the outstanding voting securities of the Class 529-T shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS 529-F-1 SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class 529-F-1 shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.50% per annum of the average daily net assets of the Fund's Class 529-F-1 shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.25%, each such percentage being per annum of the average daily net assets of the Fund's Class 529-F-1 shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class 529-F-1 shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class 529-F-1 shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class 529-F-1 shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class 529-F-1 shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class 529-F-1 shares of the Fund, on not more than sixty (60) days' written notice
 to any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class 529-F-1 shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class 529-F-1 shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS R-1 SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class R-1 shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 1.00% per annum of the average daily net assets of the Fund's Class R-1 shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.75%, each such percentage being per annum of the average daily net assets of the Fund's Class R-1 shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class R-1 shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class R-1 shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class R-1 shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class R-1 shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class R-1 shares of the Fund, on not more than sixty (60) days' written notice to any
 other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class R-1 shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class R-1 shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS R-2 SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class R-2 shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 1.00% per annum of the average daily net assets of the Fund's Class R-2 shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.75%, each such percentage being per annum of the average daily net assets of the Fund's Class R-2 shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class R-2 shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class R-2 shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class R-2 shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class R-2 shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class R-2 shares of the Fund, on not more than sixty (60) days' written notice to any
 other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class R-2 shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class R-2 shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC Fund**

**relating to its**

**CLASS R-2E SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class R-2E shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.85% per annum of the average daily net assets of the Fund's Class R-2E shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.60%, each such percentage being per annum of the average daily net assets of the Fund's Class R-2E shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class R-2E shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class R-2E shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at anytime during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class R-2E shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class R-2E shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class R-2E shares of the Fund, on not more than sixty (60) days' written notice to
 any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class R-2E shares of the Fund unless such amendment is approved by vote of a majority of the outstanding voting securities of the Class R-2E shares of the Fund and as provided in paragraph 2 hereof, and no other material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS R-3 SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class R-3 shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.75% per annum of the average daily net assets of the Fund's Class R-3 shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.50%, each such percentage being per annum of the average daily net assets of the Fund's Class R-3 shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class R-3 shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class R-3 shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class R-3 shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class R-3 shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class R-3 shares of the Fund, on not more than sixty (60) days' written notice to any
 other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class R-3 shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class R-3 shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary<br>|

---

**AMENDED AND RESTATED**

**PLAN OF DISTRIBUTION**

**of**

**EUPAC FUND**

**relating to its**

**CLASS R-4 SHARES**

WHEREAS, EUPAC Fund (the "Fund") is a Massachusetts business trust that offers various classes of shares of beneficial interest; and

WHEREAS, Capital Client Group, Inc. ("CCG") or any successor entity designated by the Fund (CCG and any such successor collectively are referred to as "Distributor") will serve as distributor of the shares of beneficial interest of the Fund, and the Fund and Distributor are parties to a principal underwriting agreement (the "Agreement"); and

WHEREAS, the purpose of this Amended and Restated Plan of Distribution (the "Plan") is to authorize the Fund to bear expenses of distribution and servicing of its Class R-4 shares; and

WHEREAS, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders;

NOW, THEREFORE, the Fund adopts this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Payments to Distributor</u>.** The Fund may expend pursuant to this Plan and as set forth below an aggregate amount not to exceed 0.50% per annum of the average daily net assets of the Fund's Class R-4 shares.

The categories of expenses permitted under this Plan include service fees ("Service Fees") in an amount not to exceed 0.25%, and distribution fees ("Distribution Fees") in an amount not to exceed 0.25%, each such percentage being per annum of the average daily net assets of the Fund's Class R-4 shares. Expenditures characterized as Distribution Fees may, nonetheless, be used to provide shareholder services. The actual amounts paid shall be determined by the Board of Trustees. The Service Fee compensates the Distributor for service-related expenses, including paying Service Fees to others in respect of Class R-4 shares of the Fund. The Distribution Fee compensates the Distributor for providing distribution services in respect of Class R-4 shares of the Fund. Notwithstanding the foregoing, the Distributor will receive such fees only with respect to accounts to which a broker-dealer (or other intermediary) other than the Distributor has been assigned at any time during the payment period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Approval by the Board</u>.** This Plan shall not take effect until it has been approved, together with any related agreement, by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) those Trustees of the Fund who are not "interested persons" of the Fund as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), and have no direct or indirect financial interest in the operation of this Plan or any agreement related to it (the "Independent Trustees"), at a meeting called for the purpose of voting on this Plan and/or such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Review of Expenditures</u>.** At least quarterly, the Board of Trustees shall be provided by any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, and the Board shall review, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effective Date and Termination of Plan</u>.** This Plan shall become effective on December 1, 2025 and may be terminated as to the Fund's Class R-4 shares at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding Class R-4 shares of the Fund. Unless sooner terminated in accordance with this provision, this Plan shall continue in effect until November 30, 2026. It may thereafter be continued from year to year in the manner provided for in paragraph 2 hereof. This Plan shall be approved, amended, continued or renewed in accordance with requirements of the 1940 Act and rules, orders and guidance adopted or issued by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Requirements of Agreement</u>.** Any agreement related to this Plan shall be in writing, and shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. that
 such agreement may be terminated as to the Fund at any time, without payment of any penalty
 by the vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding
 Class R-4 shares of the Fund, on not more than sixty (60) days' written notice to any
 other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that
 such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Amendment</u>.** This Plan may not be amended to increase materially the maximum amount of fees or other distribution expenses provided for in paragraph 1 hereof with respect to the Class R-4 shares of the Fund unless such amendment is approved by a vote of a majority of the outstanding voting securities of the Class R-4 shares of the Fund and as provided in paragraph 2 hereof, and no material amendment to this Plan shall be made unless approved in the manner provided for in paragraph 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Nomination of Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Independent Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Issuance of Series of Shares</u>.** If the Fund shall at any time issue shares in more than one series, this Plan may be adopted, amended, continued or renewed with respect to a series as provided herein, notwithstanding that such adoption, amendment, continuance or renewal has not been effected with respect to any one or more other series of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Record Retention</u>.** The Fund shall preserve copies of this Plan and any related agreement and all reports made pursuant to paragraph 3 hereof for not less than six (6) years from the date of this Plan, or such agreement or reports, as the case may be, the first two (2) years of which such records shall be stored in an easily accessible place.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

## Ex-99.N

**EUPAC FUND**

**AMENDED AND RESTATED MULTIPLE CLASS PLAN**

WHEREAS, EUPAC Fund (the "Fund"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company that offers shares of beneficial interest;

WHEREAS, Capital Client Group, Inc. (the "Distributor") serves as the principal underwriter for the Fund;

WHEREAS, the Fund has adopted Plans of Distribution (each a "12b-1 Plan") under which the Fund may bear expenses of distribution and servicing of its shares, including payments to and/or reimbursement of certain expenses incurred by the Distributor in connection with its distribution of the Fund's shares;

WHEREAS, the Fund has entered into an Amended and Restated Administrative Services Agreement with Capital Research and Management Company under which the Fund may bear certain administrative expenses for certain classes of shares;

WHEREAS, the Fund has entered into an Amended and Restated Shareholder Services Agreement with American Funds Service Company under which the Fund may bear certain transfer agency expenses for its shares;

WHEREAS, the Fund is authorized to issue the following classes of shares of beneficial interest: Class A shares; Class C shares; Class T shares; Class F-1 shares, Class F-2 shares and Class F-3 shares ("Class F shares"); Class 529-A shares, Class 529-C shares, Class 529-E shares, Class 529-T shares, Class 529-F-1 shares, Class 529-F-2 shares and Class 529-F-3 shares ("Class 529 shares"); as well as Class R-1 shares, Class R-2 shares, Class R-2E shares, Class R-3 shares, Class R-4 shares, Class R-5E shares, Class R-5 shares, and Class R-6 shares ("Class R shares");

WHEREAS, Rule 18f-3 under the 1940 Act permits open-end management investment companies to issue multiple classes of voting shares representing interests in the same portfolio if, among other things, an investment company adopts a written Multiple Class Plan setting forth the separate arrangement and expense allocation of each class and any related conversion features or exchange privileges; and

WHEREAS, the Board of Trustees of the Fund has determined, that it is in the best interest of each class of shares of the Fund individually, and the Fund as a

whole, to adopt this Amended and Restated Multiple Class Plan (the "Plan") effective December 1, 2025;

NOW THEREFORE, the Fund adopts the Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each class of shares will represent interests in the same portfolio of investments of the Fund, and be identical in all respects to each other class, except as set forth below. The differences among the various classes of shares of the Fund will relate to: (i) distribution, service and other charges and expenses as provided for in paragraph 3 of this Plan; (ii) the exclusive right of each class of shares to vote on matters submitted to shareholders that relate solely to that class or the separate voting right of each class on matters for which the interests of one class differ from the interests of another class; and (iii) such differences relating to (a) eligible investors, (b) the designation of each class of shares, (c) conversion features, and (d) exchange privileges each as may be set forth in the Fund's prospectus and statement of additional information ("SAI"), as the same may be amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) Certain expenses may be attributable to the Fund, but not a particular class of shares thereof. All such expenses will be borne by each class on the basis of the relative aggregate net assets of the classes. Notwithstanding the foregoing, the Distributor, the investment adviser or other provider of services to the Fund may waive or reimburse the expenses of a specific class or classes to the extent permitted by Rule 18f-3 under the 1940 Act and any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A class of shares may be permitted to bear expenses that are directly attributable to that class, including: (i) any distribution service fees associated with any rule 12b-1 Plan for a particular class and any other costs relating to implementing or amending such rule 12b-1 Plan; (ii) any administrative service fees attributable to such class; and (iii) any transfer agency, sub-transfer agency and shareholder servicing fees attributable to such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any additional incremental expenses not specifically identified above that are subsequently identified and determined to be applied properly to one class of shares of the Fund shall be so applied upon approval by votes of the majority of both (i) the Board of Trustees of the Fund; and (ii) those Trustees of the Fund who are not "interested persons" of the Fund (as defined in the 1940 Act) ("Independent Trustees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Consistent with the general provisions of section 2(b), above, each class of shares of the Fund shall differ in the amount of, and the manner in which costs are borne by shareholders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Class A shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class
 A shares shall be sold at net asset value plus a front-end sales charge, at net asset value
 without a front-end sales charge but subject to a contingent deferred sales charge ("CDSC"),
 and at net asset value without any sales charge, as set forth in the Fund's prospectus
 and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Class
 A shares shall be subject to an annual distribution expense under the Fund's Class
 A Plan of Distribution of up to 0.25% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Plan of Distribution. This expense consists of a service fee of up to
 0.25%. The amount remaining, if any, may be used for distribution expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Class
 A shares shall be subject to a transfer agent fee (including sub-transfer agent fees) according
 to the Shareholder Services Agreement between the Fund and its transfer agent. In
 calculating transfer agent fees allocable to Class A shares, the fees generated shall be
 charged to the Fund and allocated to Class A shares based on their aggregate net assets relative
 to those of Class C shares, Class 529-A shares, Class 529-C shares, Class 529-E shares, Class
 T shares, Class 529-T shares and shares held and serviced by
 AFS in Class F-2 shares and Class 529-F-2 shares, except that
 sub-transfer agency fees payable to intermediaries holding shareholder accounts in street
 name are not allocated to Class 529 shares (other than for intermediaries holding accounts
 with Class 529 shares in street name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Class
 A shares shall be subject to an administrative services fee of 0.05% of average daily net
 assets, as set forth in the Fund's prospectus, SAI, and its Administrative Services
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Class C shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class
 C shares shall be sold at net asset value without a front-end sales charge, but subject to
 a CDSC and maximum purchase limits as set forth in the Fund's prospectus and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Class
 C shares shall be subject to an annual 12b-1 expense under the Fund's Class C Plan
 of Distribution of up to 1.00% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class C Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.75% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Class
 C shares shall be subject to a transfer agent fee (including sub-transfer agent fees) according
 to the Shareholder Services Agreement between the Fund and its transfer agent. In calculating
 transfer agent fees allocable to Class C shares, the fees generated shall be charged to the
 Fund and allocated to Class C shares based on their aggregate net assets relative to those
 of Class A shares, Class 529-A shares, Class 529-C shares, Class 529-E shares, Class T shares,
 Class 529-T shares and shares held and serviced by AFS in Class F-2 shares and Class 529-F-2
 shares, except that sub-transfer agency fees payable to intermediaries
 holding shareholder accounts in street name are not allocated to Class 529 shares (other
 than for intermediaries holding accounts with Class 529 shares in street name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Class
 C shares shall be subject to an administrative services fee of 0.05% of average daily net
 assets, as set forth in the Fund's prospectus, SAI, and its Administrative Services
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Class
 C shares will automatically convert to Class A shares of the Fund approximately eight years
 after purchase, subject to the limitations described in the Fund's prospectus and SAI.
 All conversions shall be effected on the basis of the relative net asset values of the two
 classes

of shares without the imposition of any sales load or other charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Class
 C shares shall be subject to a fee, if any, (included within the transfer agency expense)
 for additional costs associated with tracking the age of each Class C share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Class T shares</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class
 T shares shall be sold at net asset value plus a front-end sales charge, as set forth in
 the Fund's prospectus and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Class
 T shares shall be subject to an annual 12b-1 expense under the Fund's Class T Plan
 of Distribution of up to 0.50% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class T Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.25% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Class
 T shares shall be subject to a transfer agent fee (including sub-transfer agent fees) according
 to the Shareholder Services Agreement between the Fund and its transfer agent. In calculating
 transfer agent fees allocable to Class T shares, the fees generated shall be charged to the
 Fund and allocated to Class T shares based on their aggregate net assets relative to those
 of Class A shares, Class C shares, Class 529-A shares, Class 529-C shares, Class 529-E shares,
 Class 529-T shares and shares held and serviced by AFS in Class F-2 shares and Class 529-F-2
 shares, except that sub-transfer agency fees payable to intermediaries holding shareholder
 accounts in street name are not allocated to Class 529 shares (other than for intermediaries
 holding accounts with Class 529 shares in street name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Class
 T shares shall be subject to an administrative services fee of 0.05% of average daily net
 assets, as set forth in the Fund's prospectus, SAI, and its Administrative Services
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Class F shares consisting of Class F-1 shares, Class F-2 shares and Class F-3 shares</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class
 F shares shall be sold at net asset value without a front-end or back-end sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Class
 F-1 shares shall be subject to an annual 12b-1 expense under the Fund's Class F-1 Plan
 of Distribution of up to 0.50% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class F-1 Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.25% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Class
 F-2 shares and Class F-3 shares shall not be subject to an annual 12b-1 expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Class
 F-1 shares shall be subject to a transfer agent fee (including sub-transfer agent fees) according
 to the Shareholder Services Agreement between the Fund and its transfer agent. In calculating
 transfer agent fees allocable to Class F-1 shares, the fees generated shall be charged to
 the Fund and allocated to Class F-1 shares based on their aggregate net assets relative to
 those of Class 529-F-1 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Class
 F-2 shares shall be subject to a transfer agent fee (including sub-transfer agent fees) according
 to the Shareholder Services Agreement between the Fund and its transfer agent. In calculating
 transfer agent fees allocable to Class F-2 shares, the fees
 generated shall be charged to the Fund and allocated to Class F-2 shares as follows: 
 (i) Class F-2 shares held and serviced by third parties shall be allocated based on their
 aggregate net assets relative to those of Class 529-F-2 shares held and serviced by third
 parties and (ii) Class F-2 shares held and serviced by AFS shall be allocated based
 on their aggregate net assets relative to those of Class A shares, Class C shares, Class
 529-A shares, Class 529-C shares, Class 529-E shares, Class T shares, Class 529-T shares
 and shares held and serviced by AFS in Class 529-F-2 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Class
 F-3 shares shall be subject to a transfer agent fee according to the Shareholder Services
 Agreement between the Fund and its transfer agent. In calculating transfer agent fees allocable
 to Class F-3 shares, the fees generated shall be charged to the Fund and allocated to Class
 F-3 shares based on their aggregate net assets relative to those of Class 529-F-3 shares
 and Class R-6 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Class
 F shares shall be subject to an administrative services fee of 0.05% of average daily net
 assets, as set forth in the Fund's prospectus, SAI, and its Administrative Services
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Class 529 shares consisting of Class 529-A shares, Class 529-C shares, Class 529-E shares, Class 529-T shares, Class 529-F-1 shares, Class 529-F-2 shares and Class 529-F-3 shares</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class
 529-A shares shall be sold at net asset value plus a front-end sales charge, at net asset
 value without a front-end sales charge but subject to a CDSC, and at net asset value without
 any sales charge, as set forth in the Fund's prospectus and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Class
 529-C shares shall be sold at net asset value without a front-end sales charge, but subject
 to a CDSC and maximum purchase limits as set forth in the Fund's prospectus and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Class
 529-C shares shall automatically convert to Class 529-A shares of the Fund approximately
 five years after purchase, subject to the limitations described in the Fund's prospectus
 and SAI. All conversions shall be effected on the basis of the relative net asset values
 of the two classes of shares without the imposition of any sales load or other charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Class
 529-E shares, Class 529-F-1 shares, Class 529-F-2 shares and Class 529-F-3 shares shall be
 sold at net asset value without a front-end or back-end sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Class
 529-T shares shall be sold at net asset value plus a front-end sales charge, as set forth
 in the Fund's prospectus and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Class
 529-A shares shall be subject to an annual 12b-1 expense under the Fund's Class 529-A
 Plan of Distribution of up to 0.50% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class 529-A Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.25% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Class
 529-C shares shall be subject to an annual 12b-1 expense under the Fund's Class 529-C
 Plan of Distribution of up to 1.00% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class 529-C Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.75% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Class
 529-E shares shall be subject to an annual 12b-1 expense under the Fund's Class 529-E
 Plan of Distribution of up to 0.75% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class 529-E Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.50% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Class
 529-T shares shall be subject to an annual 12b-1 expense under the Fund's Class 529-T
 Plan of Distribution of up to 0.50% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class 529-T Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.25% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Class
 529-F-1 shares shall be subject to an annual 12b-1 expense under the Fund's Class 529-F-1
 Plan of Distribution of up to 0.50% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class 529-F-1 Plan of Distribution. This expense shall consist of a

distribution fee of up to 0.25% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Class
 529-F-2 shares and Class 529-F-3 shares shall not be subject to an annual 12b-1 expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Class
 529-A shares shall be subject to a transfer agent fee (including sub-transfer agent fees)
 according to the Shareholder Services Agreement between the Fund and its transfer agent.
 In calculating transfer agent fees allocable to Class 529-A shares, the fees generated shall
 be charged to the Fund and allocated to Class 529-A shares based on their aggregate net assets
 relative to those of Class A shares, Class C shares, Class 529-C shares, Class 529-E shares,
 Class T shares, Class 529-T shares and shares held and serviced by AFS in Class F-2 shares
 and Class 529-F-2 shares, except that sub-transfer agency fees payable to intermediaries
 holding shareholder accounts in street name are not allocated to Class 529 shares (other
 than for intermediaries holding accounts with Class 529 shares in street name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Class
 529-C shares shall be subject to a transfer agent fee (including sub-transfer agent fees)
 according to the Shareholder Services Agreement between the Fund and its transfer agent.
 In calculating transfer agent fees allocable to Class 529-C shares, the fees generated shall
 be charged to the Fund and allocated to Class 529-C shares based on their aggregate net assets
 relative to those of Class A shares, Class C shares, Class 529-A shares, Class 529-E shares,
 Class T shares, Class 529-T shares and shares held and serviced by AFS in Class F-2 shares
 and Class 529-F-2 shares, except that sub-transfer agency fees payable to intermediaries
 holding shareholder accounts in street name are not allocated to Class 529 shares (other
 than for intermediaries holding accounts with Class 529 shares in street name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Class
 529-E shares shall be subject to a transfer agent fee (including sub-transfer agent fees)
 according to the Shareholder Services Agreement between the Fund and its transfer agent.
 In calculating transfer agent fees allocable

to Class 529-E shares, the fees generated shall be charged to the Fund and allocated to Class 529-E shares based on their aggregate net assets relative to those of Class A shares, Class C shares, Class 529-A shares, Class 529-C shares, Class T shares, Class 529-T shares and shares held and serviced by AFS in Class F-2 shares and Class 529-F-2 shares, except that sub-transfer agency fees payable to intermediaries holding shareholder accounts in street name are not allocated to Class 529 shares (other than for intermediaries holding accounts with Class 529 shares in street name).<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Class
 529-T shares shall be subject to a transfer agent fee (including sub-transfer agent fees)
 according to the Shareholder Services Agreement between the Fund and its transfer agent.
 In calculating transfer agent fees allocable to Class 529-T shares, the fees generated shall
 be charged to the Fund and allocated to Class 529-T shares based on their aggregate net assets
 relative to those of Class A shares, Class C shares, Class 529-A shares, Class 529-C shares,
 Class 529-E shares, Class T shares and shares held and serviced by AFS in Class F-2 shares
 and Class 529-F-2 shares, except that sub-transfer agency fees payable to intermediaries
 holding shareholder accounts in street name are not allocated to Class 529 shares (other
 than for intermediaries holding accounts with Class 529 shares in street name).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Class
 529-F-1 shares shall be subject to a transfer agent fee (including sub-transfer agent fees)
 according to the Shareholder Services Agreement between the Fund and its transfer agent.
 In calculating transfer agent fees allocable to Class 529-F-1 shares, the fees generated
 shall be charged to the Fund and allocated to Class 529-F1 shares based on their aggregate
 net assets relative to those of Class F-1 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Class
 529-F-2 shares shall be subject to a transfer agent fee (including sub-transfer agent fees)
 according to the Shareholder Services Agreement between the Fund and its transfer agent.
 In calculating transfer agent fees allocable to Class 529-F-2 shares, the fees generated
 shall be

charged to the Fund and allocated to Class 529-F-2 shares as follows: (i) Class 529-F-2 shares held and serviced by third parties shall be allocated based on their aggregate net assets relative to those of Class F-2 shares held and serviced by third parties and (ii) Class 529-F-2 shares held and serviced by AFS shall be allocated based on their aggregate net assets relative to those of Class A shares, Class C shares, Class 529-A shares, Class 529-C shares, Class 529-E shares, Class T shares, Class 529-T shares and shares held and serviced by AFS in Class F-2 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Class
 529-F-3 shares shall be subject to a transfer agent fee according to the Shareholder Services
 Agreement between the Fund and its transfer agent. In calculating transfer agent fees allocable
 to Class 529-F-3 shares, the fees generated shall be charged to the Fund and allocated to
 Class 529-F-3 shares based on their aggregate net assets relative to those of Class F-3 shares
 and Class R-6 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Class
 529 shares shall be subject to an administrative services fee of 0.05% of average daily net
 assets as set forth in the Fund's prospectus, SAI, and its Administrative Services
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Class
 529 shares shall be subject to a 529 plan services fee of up to 0.10% of average daily net
 assets payable to the Commonwealth of Virginia, as set forth in the Fund's prospectus
 and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Class R shares consisting of Class R-1 shares, Class R-2 shares, Class R-2E shares, Class R-3 shares, Class R-4 shares, Class R-5E shares, Class R-5 shares, and Class R-6 shares</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class
 R shares shall be sold at net asset value without a front-end or back-end sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Class
 R-1 shares shall be subject to an annual 12b-1 expense under the Fund's Class R-1 Plan
 of Distribution of up to 1.00% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class R-1 Plan of Distribution. This expense shall consist of a distribution
 fee of up to

0.75% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Class
 R-2 shares shall be subject to an annual 12b-1 expense under the Fund's Class R-2 Plan
 of Distribution of up to 1.00% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class R-2 Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.75% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Class
 R-2E shares shall be subject to an annual 12b-1 expense under the Fund's Class R-2E
 Plan of Distribution of up to 0.85% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class R-2E Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.60% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Class
 R-3 shares shall be subject to an annual 12b-1 expense under the Fund's Class R-3 Plan
 of Distribution of up to 0.75% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class R-3 Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.50% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Class
 R-4 shares shall be subject to an annual 12b-1 expense under the Fund's Class R-4 Plan
 of Distribution of up to 0.50% of average daily net assets, as set forth in the Fund's
 prospectus, SAI, and Class R-4 Plan of Distribution. This expense shall consist of a distribution
 fee of up to 0.25% and a service fee of up to 0.25% of such average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Class
 R-5E shares, Class R-5 shares and Class R-6 shares shall not be subject to an annual 12b-1
 expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Class
 R-1 shares, Class R-2 shares, Class R-2E shares, Class R-3 shares, Class R-4 shares,
 Class R-5E shares and Class R-5 shares shall be subject to a transfer agent fee (including
 sub-transfer agent fees) according to the

Shareholder Services Agreement between the Fund and its transfer agent. Each of these share classes will pay only those transfer agent fees and third party pass-through fees (*e.g.*, DST and NSCC fees) that are directly attributed to accounts of and activities generated by its own share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Class
 R-6 shares shall be subject to a transfer agent fee according to the Shareholder Services
 Agreement between the Fund and its transfer agent. In calculating transfer agent fees allocable
 to Class R-6 shares, the fees generated shall be charged to the Fund and allocated to Class
 R-6 shares based on their aggregate net assets relative to those of Class F-3 shares and
 Class 529-F-3 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Class
 R shares shall be subject to an administrative services fee of 0.05% of average daily net
 assets as set forth in the Fund's prospectus, SAI, and Administrative Services Agreement.

All other rights and privileges of Fund shareholders are identical regardless of which class of shares is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Plan shall not take effect until it has been approved by votes of the majority of both (i) the Board of Trustees of the Fund and (ii) the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Plan shall become effective with respect to any class of shares of the Fund, other than Class A shares, Class C shares, Class T shares, Class F shares, Class 529 shares or Class R shares, upon the commencement of the initial public offering thereof (provided that the Plan has previously been approved with respect to such additional class by votes of the majority of both (i) the Board of Trustees of the Fund; and (ii) Independent Trustees prior to the offering of such additional class of shares), and shall continue in effect with respect to such additional class or classes until terminated in accordance with paragraph 7. An addendum setting forth such specific and different terms of such additional class or classes shall be attached to and made part of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No material amendment to the Plan shall be effective unless it is approved by the votes of the majority of both (i) the Board of Trustees of the Fund and (ii) Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Plan may be terminated at any time with respect to the Fund as a whole or any class of shares individually, by the votes of the majority of both (i) the Board of Trustees of the Fund and (ii) Independent Trustees. This Plan may remain in effect with respect to a particular class or classes of shares of the Fund even if it has been terminated in accordance with this paragraph with respect to any other class of shares.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Fund has caused this Plan to be executed by its officer thereunto duly authorized, as of December 1, 2025.

---

| |
|:---|
| EUPAC fund |
| By: <u>/s/ Jennifer L. Butler</u> |
| Jennifer L. Butler<br> Secretary |

---

## Ex-99.P

[logo - The Capital Group]

**Code of Ethics**

**May 2026**

Capital Group associates are responsible for maintaining the highest ethical standards. The Code of Ethics is intended to help associates observe exemplary standards of integrity, honesty and trust. It sets out standards for our personal conduct, including personal investing, gifts and entertainment, outside business activities, political contributions, insider trading, and client confidentiality.

Our fund shareholders and clients have placed their trust in Capital to manage their assets. As investment advisers, we act as fiduciaries to our clients. This means we owe them both a duty of care and a duty of loyalty.

Capital has earned a reputation over many years for acting with the highest integrity and ethics. Reputations are fragile, however, and Capital's reputation can be harmed if any of us fails to act ethically and in the best interests of our clients. We each must hold ourselves to the highest standards of behavior, regardless of business custom, and strive to avoid even the appearance of impropriety. We all share this responsibility — if you have any doubt whether an action or circumstance is consistent with our standards, raise it.

Associates should be aware that their actions outside of the workplace can reflect on the ethics of our organization and potentially harm our reputation. For this reason, associates should exercise caution and good judgment in order to avoid having their actions outside of the workplace impact Capital, our workplace or our associates.

No set of rules can anticipate every possible situation, so it is essential that associates adhere to the spirit as well as the letter of the Code of Ethics. Any activity that compromises the trust our clients have placed in us, even if it does not expressly violate a rule, has the potential to harm our reputation. Associates are reminded of one of Capital's core principles: that we must do the right thing as a matter of principle, not just in observance of policy.

In addition to the specific policies described below, associates have the following fundamental obligations under the Code of Ethics:

- Associates must avoid those situations that might place, or appear to place, their personal interests in conflict with the interests of Capital, our clients or fund shareholders.

- Associates must not take advantage of their role with Capital to benefit themselves or another party.

- Associates must comply with the laws, rules and regulations that apply to us in the conduct of our business.

- Associates must promptly report violations of the Code of Ethics.

It is important that all associates comply with the Code of Ethics, including its related guidelines and policies. **Failure to do so could result in disciplinary action, including termination.**

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

**Working ethically**

In order to maintain the highest ethical standards, Capital strives to recruit, hire and retain exceptional and diverse talent. We can only do so by offering a work environment where associates have a voice, feel respected and can thrive, grow, and bring their most authentic selves to the workplace. In order to help foster such an environment, we have established certain employment policies designed in part to ensure associates interact in a professional, productive and inclusive manner. All associates are expected to be familiar and comply with these and the other policies included in our Associate Handbooks. Because we hold ourselves to the highest ethical standards, our policies often exceed what may be required by law or observed at other companies.

The following sections summarize some of your obligations under the Associate Handbook. Due to their importance to our workplace, violation of the policies in our Associate Handbooks could result in disciplinary action, up to and including termination of employment.

Providing equal employment opportunities and preventing discrimination and harassment

All associates at Capital are responsible for maintaining a professional, inclusive work environment. As an equal opportunity employer, we do not tolerate discrimination. Our policies prohibit unlawful discrimination on the basis of race, religion, color, national origin, ancestry, sex (including gender, gender expression and gender identity), pregnancy, childbirth and related medical conditions, age, physical or mental disability, medical condition, genetic information, marital status, sexual orientation, citizenship status, AIDS/HIV status, political activities or affiliations, military or veteran status, status as a victim of domestic violence, assault or stalking or any other characteristic protected by federal, state or local law.

Harassment is a form of discrimination and violates our commitment to equal employment opportunities. Harassment in violation of our policies occurs when unwelcome comments or conduct based on a protected status unreasonably interfere with an associate's work performance or create an intimidating, hostile or offensive work environment.

We are committed to promptly investigating and taking action to eliminate any discrimination and harassment that occurs in the workplace. When requested by our Human Resources or Legal Department, all associates are expected to cooperate fully in any investigation into a violation of our policies against discrimination and harassment. Our commitment is to address such claims promptly and to take corrective action as appropriate.

Associates are encouraged to report harassment to Human Resources, any manager in the organization or through our Open Line (contact information for Open Line is outlined below in **Reporting requirements**).

Close personal relationships in the office

When associates have a close personal, intimate or familial relationship in the workplace, it can create an actual or potential conflict of interest. It can also negatively impact the work environment. For this reason, Capital requires that all associates report any personal, intimate or familial relationship with another associate or a business partner employee to Human Resources. Under this policy, certain relationships are prohibited, such as intimate relationships between managers and associates in their reporting lines.

Interacting with the public

Regardless of whether you are speaking on behalf of Capital or simply using social media for personal use, we expect all associates to maintain both client and firm confidentiality, and to protect the firm's reputation. The lines between public and private, personal and professional, can become blurred, particularly within the realm of social media. By identifying yourself as a Capital associate within a social network, you are connected, either directly or indirectly, to colleagues, managers, clients and investors. Information originally intended for friends and family can be forwarded and, ultimately, lead to unintended consequences. For this reason, associates should exercise extra caution and good judgment and avoid mixing personal and business social networks and ensure that they abide by all local laws and regulations and applicable Capital policies, such as the policy against harassment.

Protecting sensitive information

Capital Group regularly creates, collects, and maintains valuable proprietary information, which is essential to our business operations and the performance of services for our clients. This information derives its value, in part, from not being generally known outside of Capital. It includes confidential electronic information in any medium, hard-copy information, and information shared orally or visually (such as by telephone or video conference). The confidentiality, integrity and limited availability of such information is regarded as fundamental to the successful business operations of Capital Group. Associates have an obligation to protect and maintain the confidentiality of Capital's confidential information.

**Code of Ethics guidelines**

No special treatment from broker-dealers

Associates may not accept negotiated commission rates or any other terms they believe may be more favorable than the broker-dealer grants to accounts with similar characteristics. U.S. broker-dealers are subject to certain rules designed to prevent favoritism toward such accounts. Favors or preferential treatment from broker-dealers may not be accepted. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

No excessive trading of Capital-affiliated funds

Associates should not engage in excessive trading of the American Funds or other Capital-managed investment vehicles worldwide in order to take advantage of short-term market movements. Excessive activity, such as a frequent pattern of exchanges, could involve actual or potential harm to shareholders or clients. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

Ban on Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs)

All associates and immediate family members residing in the same household may not participate in IPOs or ICOs.

Exceptions for participation in IPOs are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).

Avoiding conflicts

Associates must avoid conflicts of interest that can occur when their business, financial or other interests interfere, or reasonably appear to interfere, with their duty to serve the interests of Capital and our clients. Conflicts of interest include any situation where financial or other personal factors compromise objectivity or professional judgment. Even the appearance of conflict could negatively impact Capital and harm our reputation.

Portfolio managers and investment analysts should be aware of the potential conflicts that can arise when they invest on behalf of fund shareholders and clients. The investments we make for our clients must be based on their best interests, and should not be, or appear to be, based on the self-interest of our associates. Accordingly, members of the investment group must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, has a material business, financial or personal relationship with a company that they hold or are eligible

to purchase professionally. Examples of a material relationship include: (1) a family member serving as a senior officer or executive of a portfolio company, (2) significant beneficial ownership of a portfolio company by the associate or their family members, and (3) involvement by the associate or a family member in a significant transaction or business opportunity with a portfolio company.

In addition, associates should avoid conflicts related to Capital's business, and therefore must not:

- Engage in a business that competes, directly or indirectly, with the interests of Capital, or is related to their role or responsibilities at Capital;

- Act for Capital in any transaction or business relationship that involves the associate, members of their family or other people or organizations with whom the associate or their family member(s) have a significant personal connection or financial interest;

- Negotiate with Capital on behalf of any such people or organizations; or

- Use or attempt to use their position at Capital to obtain any improper personal benefit for themselves, family member(s) or any other party.

No policy can anticipate every possible conflict of interest and all associates must be vigilant in guarding against anything that could color our judgment. Any associate who is aware of a transaction or relationship that could reasonably be expected to give rise to a conflict of interest or perceived conflict of interest must disclose the matter promptly to a member of the Code of Ethics Team. If there is any doubt or if something does not feel consistent with our standards, raise the issue.

Any changes in a previously disclosed potential conflict, outside business activities that could be relevant to an evaluation of a potential conflict must also be promptly disclosed. Examples of changes to disclose include: (1) a change in research coverage of an investment analyst to include a company with a family member serving as a senior executive (even if the senior executive relationship had previously been disclosed); (2) a change in an associate's role to trader if the associate had previously disclosed a sibling who works as a sell-side trader; and (3) a change in the line of business or activities of an outside business activities of an associate.

Outside business activities

Associates should avoid outside business activities that may give rise to conflicts of interest or that may create divided loyalties, divert substantial amounts of their time, or compromise their independent judgment.

Associates must obtain approval from the Code of Ethics Team to serve on the board of directors or as an advisory board member of any public or private company. This rule does not apply to: (1) boards of Capital companies or funds; (2) board service that is a direct result of the associate's responsibilities at Capital, such as for portfolio companies of private equity funds managed by Capital; or (3) boards of non-profit and charitable organizations. Associates must disclose to the Code of Ethics Team if they serve on the board of a non-profit or charitable organization that has issued or has future plans to issue publicly held securities, including debt obligations.

Submit pre-approval to serve on the board of directors or as an advisory board member directly in the compliance reporting application.

In addition, associates must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship:

- serves as a board director or as an advisory board member of,

- holds a senior officer position, such as CEO, CFO or Treasurer with, or

owns 5% or more, individually or together with other such family members, of

any public company or any private company that may be reasonably expected to go public.

In addition to the disclosure obligations set forth above, associates should be mindful of and must disclose to the Code of Ethics Team any other outside business activities that may present a conflict of interest or the appearance of a conflict of interest or that may compromise their independent judgment. For example, associates must disclose if they have a significant interest in a private company that does business with or competes with Capital, even if that company is not reasonably expected to go public.

Family members employed by a financial institution

Associates who are "Covered Associates" (as defined below) must disclose if any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, is employed by a broker-dealer, investment adviser or other firm that provides investment research or trade execution services to Capital.

Requests for approval or questions may be directed to the Code of Ethics Team.

Other guidelines

Statements and disclosures about Capital, including those made to fund shareholders and clients and in regulatory filings, should be accurate and not misleading.

**Reporting requirements**

Annual certification of the Code of Ethics

All associates are required to certify at least annually that they have read and understand the Code of Ethics. Questions or issues relating to the Code of Ethics should be directed to the associate's manager or the Code of Ethics Team.

Reporting violations

All associates are responsible for complying with the Code of Ethics. As part of that responsibility, associates are obligated to report violations of the Code of Ethics promptly, including: (1) fraud or illegal acts involving any aspect of Capital's business; (2) noncompliance with applicable laws, rules and regulations; (3) intentional or material misstatements in regulatory filings, internal books and records, or client records and reports; or (4) activity that is harmful to fund shareholders or clients. Deviations from controls or procedures that safeguard Capital, including the assets of shareholders and clients, should also be reported. Reported violations of the Code of Ethics will be investigated and appropriate action will be taken, which may include reporting the matter to the firm's regulator if determined to be appropriate by legal counsel. Once a violation has been reported, all associates are required to cooperate with Capital in the internal investigation of any matter by providing honest, truthful and complete information.

Associates may report confidentially to a manager/department head or to the Open Line Committee.

Associates may also contact the Chief Compliance Officers of CB&T, CGPCS, CIInc, CRC, CIAM, CRMC, or legal counsel employed with Capital.

**Capital strictly prohibits retaliation against any associate who in good faith makes a complaint, raises a concern, provides information or otherwise assists in an investigation regarding any conduct that he or she reasonably believes to be in violation of the Code of Ethics. This policy is designed to ensure that associates comply with their obligations to report violations without fear of retaliation.**

**Policies**

Capital's policies regarding gifts and entertainment, political contributions, insider trading and personal investing are summarized below.

Gifts and Entertainment Policy

The Gifts and Entertainment Policy is intended to ensure that gifts and entertainment involving associates do not raise questions of propriety regarding Capital's current or prospective business relationships, or Capital's interactions with government officials. If a gift or entertainment is excessive, repetitive or extravagant, it can raise the appearance of favoritism or the potential for a conflict of interest. By understanding and following the Gifts and Entertainment Policy requirements, associates help Capital safeguard the company and ensure compliance with regulatory rules.

- Associates are prohibited from receiving or extending cash gifts, including cash equivalents, such as credit gift cards or cryptocurrencies. Any gifts from or to a Business

Partner, a Business Partner Employee or Contingent Worker who is currently on assignment at Capital is also prohibited. Associates may also not accept from or give to any one individual or entity a gift or group of gifts exceeding an aggregate of US$250 in a 12-month calendar year period if such a person or entity conducts, or may conduct, business with Capital. Trading department associates are subject to additional requirements and are generally not permitted to receive gifts. Trading associates may be asked to return gifts received.

Associates must receive approval from their manager and the Code of Ethics Team before accepting or extending entertainment with a value greater than US$500. This value is cumulative for associates and their invited guests. All ticketed events should be approved by the associate's manager regardless of value. Trading department associates are generally prohibited from accepting entertainment, regardless of value, unless the associate or Capital pays.

Submit pre-approval for an entertainment request directly in the compliance reporting application.

Gifts or entertainment extended by a Capital associate and approved by the associate's manager for reimbursement by Capital do not need to be reported (or pre-approved). Trading department associates should report gifts and entertainment extended regardless of reimbursement. Dollar amounts refer to U.S. dollars.

Please note that CCG, CIAM, PCS, other client facing associates, Europe and Asia associates in CGUKMC, CIL, CIMC, CISA and CRC may be subject to additional policies regarding extending, receiving and reporting gifts and entertainment.

Capital Group is registered as a federal lobbyist and special rules apply to gifts and entertainment involving government officials and employees as a result. Associates must receive approval from Capital's Code of Ethics Team prior to either: (1) hosting a federal government official or employee at a Capital facility if anything of value (e.g. food, tangible item) will be presented to that individual; or (2) providing anything of value to a federal government official or employee if Capital will pay or reimburse for the related cost.

Reporting

The limitations relating to gifts and entertainment apply to all associates as described above, and associates will be asked to complete quarterly disclosures. Associates must report any gift with a cumulative value of US$100 or more and business entertainment with a value of US$100 or more (although it is recommended that associates report all gifts and entertainment). Trading department associates should notify the Code of Ethics Team *when gifts are received* and report such gifts quarterly, whether the gift is received by an individual associate or by a department. Trading department associates should report all gifts and entertainment regardless of reimbursement.

Charitable contributions

Associates must not allow Capital's present or anticipated business to be a factor in soliciting political or charitable contributions from outside parties. In addition, it is generally not appropriate to solicit these outside parties or Capital associates for donations to a family-run non-profit organization, family foundation, donor-advised fund or other charitable organization in which an associate or their family members are significantly involved. Board membership alone would not be considered significant involvement.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees administration of the Gifts and Entertainment Policy. Questions regarding the Gifts and Entertainment Policy may be directed to the Code of Ethics Team.

Political Contributions Policy

Associates must be cautious when engaging in personal political activities, particularly when supporting officials, candidates, or organizations that may be in a position to influence decisions to award business to investment management firms. Associates should not make political contributions to officials or candidates (in any country) for the purpose of influencing the hiring of a Capital Group company as an advisor to a governmental entity. Associates are encouraged to contact the Code of Ethics Team with any questions about the Political Contributions Policy.

Associates may not use Capital offices or equipment to engage in political fundraising or solicitation activity, for example, hosting a fundraising event at the office or using Capital phones or email systems to help solicit donations for an elected official, a candidate, Political Action Committee (PAC) or political party. Associates may volunteer their time on behalf of a candidate or political organization but should limit volunteer activities to non-work hours.

For contributions or activities supporting candidates or political organizations *within the U.S.*, we have adopted the guidelines set forth below, which apply to associates classified as "Restricted Associates."<br>

Guidelines for political contributions and activities within the U.S.

<br> U.S. Securities and Exchange Commission (SEC) regulations limit political contributions to certain Covered Government Officials by certain employees of investment advisory firms and certain affiliated companies. "Covered Government Official," for purposes of the Political Contributions Policy, is defined as: (1) a state or local official; (2) a candidate for state or local office; or (3) a federal candidate currently holding state or local office.

Many U.S. cities and states have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. Some associates are also subject to these regulations.

Restricted Associates

Certain associates are deemed "Restricted Associates" under the Political Contributions Policy. Restricted Associates include (1) "covered associates" as defined in the SEC's rule relating to political contributions by investment advisers (Rule 206(4)-5 under the Investment Advisors Act of 1940); and (2) other associates who do not meet that definition but whom Capital has determined should be subject to the restrictions on political contributions contained in the Political Contributions Policy based on their roles and responsibilities at Capital. Contributions by Restricted Associates and their spouse/spouse equivalent are subject to specific limitations, pre-approval, and reporting requirements as described below.

Pre-approval of political contributions

Contributions by Restricted Associates to any of the following must be pre-approved:

- State or local officials, or candidates for state or local office

- Federal candidate campaigns and affiliated committees, including federal incumbents and presidential candidates

- Political organizations such as Political Action Committees (PACs), Super PACs and 527 organizations and ballot measure committees

- Non-profit organizations that may engage in political activities, such as 501(c)(4) and 501(c)(6) organizations

Restricted Associates must also obtain pre-approval for U.S. political contributions by their spouse/spouse equivalent to any of the foregoing, as well as contributions to any state, local or federal political party or political party committee, **<u>if</u>** the aggregate contributions by the Restricted Associate and spouse/spouse equivalent to any one candidate or political entity equals or exceeds $100,000 in a calendar year.

Certain documentation is required for contributions to Covered Governmental Officials, PACs or Super PACs, and may be required for contributions to other entities that engage in political activity. See "Required documentation" below for further details. Submit pre-approval requests directly in the compliance reporting application.

Contributions include:

- Monetary contributions, gifts or loans

- "In kind" contributions (for example, donations of goods or services or underwriting or hosting fundraisers)

- Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, and purchasing tickets to inaugural events)

- Contributions to joint fund-raising committees

- Contributions made by a Political Action Committee (PAC) controlled by a Restricted Associate1

1 "Control" for this purpose includes service as an officer or member of the board (or other governing body) of a PAC.

Required documentation

Restricted Associates must obtain additional documentation from an independent legal authority before they will be approved to contribute to Covered Government Officials. The purpose of the legal documentation is to verify that a specific state or local office does not have the ability to directly or indirectly influence the awarding of business to an investment manager. For contributions to PACs, Super PACs, or other entities that engage in political activities, Restricted Associates may be required to obtain a certification that the entity does not contribute to Covered Government Officials. The Code of Ethics Team will provide language for the documentation when you obtain pre-approval for the contribution.

If a candidate currently holds a state/local office and is running for a different state/local office, legal documentation must be obtained for both the current position and the office for which the candidate is running. Exceptions to the documentation requirements may be granted on a case-by-case basis.

Special political contribution requirements – CollegeAmerica and ABLEAmerica

Certain associates involved with "CollegeAmerica," the American Funds 529 college savings plan and "ABLEAmerica," the American Funds nationwide plan for individuals with disabilities, sponsored by the Commonwealth of Virginia, are subject to additional restrictions which prohibit them from contributing to Virginia political candidates or parties.

Administration of the Political Contributions Policy

The U.S. Public Policy Coordinating Group oversees the administration of the Political Contributions Policy, including considering and granting possible exceptions. Questions regarding the Political Contributions Policy may be directed to the Code of Ethics Team.

Insider Trading Policy

Antifraud provisions of U.S. securities laws as well as the laws of other countries generally prohibit persons in possession of material non-public information from trading on or communicating the information to others. Sanctions for violations can include civil injunctions, permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences. In addition, trading in fund shares while in possession of material, non-public information that may have an immediate impact on the value of the fund's shares may constitute insider trading.

While investment research analysts are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all Capital associates and extend to activities both within and outside each associate's duties. Associates who believe they have material non-public information should contact any lawyer in the organization.

Personal Investing Policy

*This policy applies only to "Covered Associates." Special rules apply to certain associates in some non-U.S. offices.*

The Personal Investing Policy sets forth specific rules regarding personal investments that apply to "covered" associates. These associates may have access to confidential information that places them in a position of special trust. Under the Code of Ethics, associates are responsible for maintaining the highest ethical standards. Associates are reminded that the requirements of the Code of Ethics apply to personal investing activities, even if the matter is not covered by a specific provision of the Personal Investing Policy.

**Personal investing should be viewed as a privilege, not a right. As such, the Personal Investing Committee may place limitations on the number of preclearance/trade requests and/or transactions associates make.** 

Covered Associates

"Covered Associates" are associates with access to non-public information relating to current or imminent fund/client transactions, investment recommendations or fund portfolio holdings.<br> The Personal Investing Policy applies to the personal investments of Covered Associates, as well as those of any Covered Family Members. Covered Family Members include your spouse or dependent family member, whether they do or do not reside in your household. It also includes any immediate family members or a person with whom you have a committed relationship residing in your household. A family member may be children, siblings, and parents, including adoptive, step and in-law relationships.

Questions regarding coverage status should be directed to the Code of Ethics Team.

Additional rules apply to Investment Access Persons

Under this policy, additional restrictions apply to Investment Access Persons, including:

- Investment Professionals, such as portfolio managers, research analysts, research directors, trading associates, and fundamental research group associates, and

- Other associates in roles that support certain investment group activities or applications, such as private wealth advisors, investment group administrative assistants, global investment control associates, environmental and social governance associates, and investment group technology associates.

These restrictions also apply to any Covered Family Members.

Prohibited transactions

The following transactions are prohibited:

- Initial Public Offering (IPO) investments (this prohibition applies to all Capital associates)

*Note: Exceptions are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).*

- Initial Coin Offering (ICO) investments (this prohibition applies to all Capital associates)

- Excessive trading of Capital-affiliated funds

- Spread betting/contracts for difference (CFD) on securities

- Transactions in derivatives on securities and financial contracts, such as options, futures and forwards contracts, with limited exceptions described below

- Short selling of securities – including short selling "against the box," with limited exceptions described below

- Interest rate swaps (IRS), with limited exceptions described below

Exceptions:

- Derivatives, financial contracts, and short selling transactions are permitted only if they are based on non-reportable instruments (such as currencies and commodities) or if they are based on the S&P 500, Russell 2000 or MSCI EAFE indices

- Interest rate swaps are permitted if based on currencies and government bonds of the G7

Reporting requirements

Covered Associates are required to report any securities accounts, holdings and transactions: (1) in which the Covered Associate or any Covered Family Member has a pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security) or (2) over which the Covered Associate or any Covered Family Member exercises investment discretion or has direct or indirect influence or control. Quarterly or annual certifications of accounts, holdings and transactions must also be submitted. An electronic reporting platform is available for these disclosures.

Examples of accounts that must be disclosed include: (1) trusts if the Covered Associate or Covered Family Member are the grantor or serve as trustee or custodian or have the ability to appoint or remove the trustee, (2) trusts that you or a Covered Family Member have the power to revoke, (3) trusts for which you or a Covered Family Member are a beneficiary and exercise investment discretion or have direct or indirect influence or control, and (4) accounts of another person or entity if the Covered Associate or Covered Family Member makes or influences investment decisions, such as by suggesting purchases and sales of securities in the account.

The obligation to disclose accounts includes professionally managed accounts. Please see "Professionally managed accounts" in the Personal Investing Policy for more information.

Covered Associates should immediately notify the Code of Ethics Team when opening new securities accounts by logging into the compliance reporting application and entering the account information directly.

All Covered Associates and Covered Family Members must use an approved electronic reporting firm for all U.S.-based brokerage accounts. There are some exceptions to this requirement which include professionally managed accounts, employer-sponsored retirement accounts, and employee stock purchase plans. Contact the Code of Ethics Team with questions.

Account documentation, such as statements, trade confirmations or approved equivalent documentation is required for compliance purposes. This requirement includes employer-sponsored retirement accounts and employee stock purchase plans (ESPP, ESOP, 401(k)). Documentation allowing the acquisition of shares via an employer-sponsored plan may be required.

Pre-approval procedures

**Certain transactions may be exempt from pre-approval; please refer to the Personal Investing Policy for more details.**

Before any purchase or sale of securities subject to pre-approval, including securities that are not publicly traded, Covered Associates must receive approval from the Code of Ethics Team. This requirement applies to any purchase or sale of securities in which the Covered Associate or any Covered Family Member (1) has, or by reason of such transaction may acquire, pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security), or (2) exercises investment discretion or direct or indirect influence or control. Transactions in an approved professionally managed account are not subject to pre-approval, except for private investments or other limited offerings which require pre-approval and reporting. Please refer to the Personal Investing Policy for more details on securities that require pre-approval.

**Submitting preclearance/trade requests**

Submit preclearance/trade requests directly in the compliance reporting application.

Requests are reviewed during New York Stock Exchange (NYSE) hours. A response will generally be sent within one business day.

Unless a different period is specified, clearance is good until the close of the NYSE on the day of the request.

If the pre-approved trade has not been executed within the approved timeframe, a preclearance/trade request **must** be submitted again. For this reason, limit orders and margin accounts are strongly discouraged. Preclearance/trade requests should be submitted in the amount intended to trade and in the specific account in which the trade will take place.

Private investments or other limited offerings

Participation in private investments or other limited offerings are subject to special review. The following types of private investments must be pre-approved:

- Hedge funds

- Private companies

- Limited Liability Companies (LLCs)

- Limited Partnerships (LPs)

- Private equity funds

- Private funds

- Private placements

- Private real estate investment companies

- Venture capital funds

In addition, opportunities to acquire a stock that is "limited" (that is, a broker-dealer is only given a certain number of shares to sell and is offering the opportunity to buy) may be subject to the Gifts and Entertainment Policy.

**Pre-approval procedures for private investments**

Submit pre-approval for private investment transactions directly in the compliance reporting application. Pre-approval is also required for additional investments in the same vehicle.

Additional policies for Investment Access Persons and CIKK associates

Ban on short-term trading

Investment Access Persons and CIKK associates are prohibited from engaging in short-term trading of reportable securities.

Associates and their Covered Family Members may not buy and then sell or sell and then buy the same security:

- Within 60 calendar days for Investment Access Persons

- Within 6 months for CIKK associates

This ban applies to transactions in all your accounts as well as accounts held by your Covered Family Members. For example, if you sell ABC company in your account, your spouse cannot purchase ABC company for 60 calendar days in their account.

Failure to comply with this requirement may result in remedial action, including disgorgement of the profits.

Blackout periods

Investment Access Persons may not buy or sell a security during the seven calendar days after Capital has transacted in that security's issuer for a fund or client account.

If Capital transacts in securities of the same issuer within seven calendar days after you transact, your personal transaction may be reviewed to determine the appropriate action, if any. For example, if you received a better price than the fund or client accounts, you may be subject to a price adjustment, and may be asked to donate to a charitable organization. This blackout period helps mitigate the appearance of front running.

Report cross-holdings for certain Investment Professionals

Portfolio managers, research directors and investment analysts are required to report issuers owned personally by you or a Covered Family Member that you also own professionally, on a quarterly basis. If you are a research director or an investment analyst, you are also required to report issuers owned personally by you or a Covered Family Member that are within your research responsibilities. This reporting must be made to the Code of Ethics Team and may be reviewed by various Capital committees.

When recommending a security for purchase or sale in a fund or client account that you or a Covered Family Member own personally, you should first disclose such personal ownership either in writing (in a company write-up) or verbally (when discussing the company at investment meetings) prior to making a recommendation. This disclosure requirement is consistent with both the CFA Institute standards as well as the ICI Advisory Group Guidelines.

Penalties for violating the Personal Investing Policy

Covered Associates may be subject to penalties for violating the Personal Investing Policy, such as restrictions on personal trading, disgorgement of profits, and other disciplinary action, up to and including termination. In addition, information about particular transactions may be provided to an associate's manager, appropriate Human Resources manager and/or a Chief Compliance Officer (CCO) by the Code of Ethics Team if the transactions are in violation of the Personal Investing Policy. These violations may raise conflict of interest-related issues or impact the associate's performance review.

Violations to the Personal Investing Policy include failure to obtain approval before trading and failure to report securities transactions, and accounts and reportable holdings.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees the administration of the Personal Investing Policy. Among other duties, the Committee considers certain types of preclearance/trade requests as well as requests for exceptions to the Personal Investing Policy.

Questions regarding the Personal Investing Policy may be directed to the Code of Ethics Team.

**\* \* \* \* \***

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

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[Logo – American Funds®]

The following is representative of the Code of Ethics in effect for each Fund:

**CODE OF ETHICS**

With respect to non-affiliated Board members and all other access persons to the extent that they are not covered by The Capital Group Companies, Inc. policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Board member shall so use his or her position or knowledge gained therefrom as to create a conflict between his or her personal interest and that of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Board member shall engage in excessive trading of shares of the fund or any other affiliated fund to take advantage of short-term market movements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each non-affiliated Board member shall report to the Secretary of the Fund not later than thirty (30) days after the end of each calendar quarter any transaction in securities which such Board member has effected during the quarter which the Board member then knows to have been effected within fifteen (15) days before or after a date on which the Fund purchased or sold, or considered the purchase or sale of, the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For purposes of this Code of Ethics, transactions involving United States Government securities as defined in the Investment Company Act of 1940, bankers' acceptances, bank certificates of deposit, commercial paper, or shares of registered open-end investment companies are exempt from reporting as are non-volitional transactions such as dividend reinvestment programs and transactions over which the Board member exercises no control.

\* \* \* \*

In addition, the Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code of Ethics to an appropriate person or persons identified in the Code of Ethics; and 5) accountability for adherence to the Code of Ethics. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acting with integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adhering to a high standard of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund's auditors, independent directors, governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies' Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed.