American Funds SMALLCAP World 529A (CSPAX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05888

SMALLCAP World Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2021

Hong T. Le

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

SMALLCAP World Fund®
Semi-annual report for the six months ended March 31, 2021

We believe small companies around the world can provide opportunities for investors

SMALLCAP World Fund seeks to provide you with long-term growth of capital.

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

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

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2021:

Class A shares	1 year	5 years	10 years
Reflecting 5.75% maximum sales charge	72.65%	16.87%	11.27%

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

The total annual fund operating expense ratio was 1.06% for Class A shares as of the prospectus dated December 1, 2020.

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

Investing outside the United States may be subject to risks, such as currency fluctuations and political instability. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

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

Fellow investors:

Results for SMALLCAP World Fund for the periods ended March 31, 2021 are shown in the table below, as well as results of the fund’s benchmark.

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

Contents

1	Letter to investors
2	Investment portfolio
23	Financial statements
27	Notes to financial statements
38	Financial highlights

Results at a glance

For periods ended March 31, 2021, with all distributions reinvested

	Cumulative total returns						Average annual total returns
													Lifetime
	6 months			1 year			5 years			10 years			(since 4/30/90)
SMALLCAP World Fund (Class A shares)		26.01	%		83.20	%		18.26	%		11.93	%		10.64	%
MSCI All Country World Small Cap Index*		35.09			82.01			13.22			9.23			8.66

* The MSCI All Country World Small Cap Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Results reflect dividends net of withholding taxes. Because the index was not in existence when the fund’s Class A shares were first sold, cumulative returns through May 31, 1994, reflect the returns of the S&P Developed <$1.2 Billion Index. MSCI source: MSCI. S&P source: S&P Dow Jones Indices LLC.

SMALLCAP World Fund 1

Investment portfolio March 31, 2021 unaudited

Industry sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
United States		47.29	%
United Kingdom		7.02
Eurozone*		6.91
Sweden		6.24
Japan		5.55
China		4.95
India		4.29
Canada		2.13
Switzerland		1.79
Other countries		9.03
Short-term securities & other assets less liabilities		4.80

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

Common stocks 93.45%	Shares		Value (000)
Information technology 21.97%
RingCentral, Inc., Class A1		3,782,955	$	1,126,867
MongoDB, Inc., Class A1		2,648,536		708,298
Cree, Inc.1		5,287,678		571,757
Sinch AB1,2		2,510,990		441,574
Smartsheet Inc., Class A1		6,141,805		392,584
Netcompany Group AS, non-registered shares2,3		2,767,259		263,527
Network International Holdings PLC1,2,3		42,315,215		241,312
Ceridian HCM Holding Inc.1		2,851,343		240,283
Paycom Software, Inc.1		636,350		235,488
Globant SA1		1,128,131		234,211
Alteryx, Inc., Class A1		2,763,000		229,218
Inphi Corp.1		1,277,724		227,959
Net One Systems Co., Ltd.2,3,4		6,879,958		221,181
EPAM Systems, Inc.1		524,583		208,097
BE Semiconductor Industries NV2		2,294,720		193,290
MKS Instruments, Inc.		964,988		178,928
SHIFT Inc.1,2,3,4		1,410,900		168,110
TeamViewer AG1,2		3,914,074		167,246
Bottomline Technologies, Inc.1,3		3,574,300		161,737
Silergy Corp.2		1,966,456		161,173
DocuSign, Inc.1		782,029		158,322
agilon health, inc.1,2,5,6		131,143		158,276
Lightspeed POS Inc., subordinate voting shares1		1,744,719		109,586
Lightspeed POS Inc., subordinate voting shares (CAD denominated)1		580,600		36,512
Kingdee International Software Group Co. Ltd.2		46,106,093		145,229
Fortnox AB2,3		3,157,984		140,692
Carel Industries SpA2,3		6,895,085		140,367
Euronet Worldwide, Inc.1		1,011,716		139,920
Endava PLC, Class A (ADR)1		1,651,613		139,875
Unimicron Technology Corp.2		43,099,000		138,858
Qorvo, Inc.1		741,404		135,455
eMemory Technology Inc.2,3		4,314,334		135,164
Okta, Inc., Class A1		581,800		128,246
GB Group PLC2,3		10,893,800		127,395
Alarm.Com Holdings, Inc.1		1,421,000		122,746
Appfolio, Inc., Class A1		862,875		122,019
Softcat PLC2		4,826,136		120,660
Keywords Studios PLC1,2		3,357,254		119,180
SUMCO Corp.2		4,921,100		113,692
Avast PLC2		18,002,856		113,194
SimCorp AS2		908,950		112,507
CMC Materials, Inc.		625,448		110,573
Dye & Durham Ltd.3		3,126,044		98,679

2 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Dye & Durham Ltd.2,3,7		363,557	$	11,419
Douzone Bizon Co., Ltd.2		1,250,786		109,285
Alignment Healthcare, Inc.1,4		4,927,200		108,053
CDW Corp.		650,000		107,738
Tokai Carbon Korea Co., Ltd.2,3		613,295		102,379
Jamf Holding Corp.1		2,814,418		99,405
Viavi Solutions Inc.1		6,267,697		98,403
Yeahka Ltd.1,2,4		13,892,200		97,533
Megaport Ltd.1,2,3		11,040,000		93,718
VisEra Technologies Company Ltd.1,2,5,6		11,090,000		93,281
Tanla Platforms Ltd.2,3		8,263,777		92,418
Nagarro SE1,2,3		831,007		91,212
Nordic Semiconductor ASA1,2		5,059,169		90,701
Justsystems Corp.2		1,617,921		89,302
Nuvei Corp., subordinate voting shares1		1,400,000		84,700
Vitec Software Group AB, Class B2		1,969,860		84,693
Halma PLC2		2,521,862		82,554
PAR Technology Corp.1,3,4		1,237,078		80,917
MACOM Technology Solutions Holdings, Inc.1		1,387,000		80,474
Hamamatsu Photonics KK2		1,289,450		76,432
Bentley Systems, Inc., Class B4		1,586,700		74,464
Computer Age Management Services Ltd.2,3		2,903,879		73,424
Kulicke and Soffa Industries, Inc.		1,494,366		73,388
Vanguard International Semiconductor Corp.2		19,173,948		73,233
Nuance Communications, Inc.1		1,672,000		72,966
Olo, Inc., Class A1		2,745,730		72,460
Ideagen PLC2,3		18,023,379		72,349
Bechtle AG, non-registered shares2		376,921		70,680
LEM Holding SA2		36,500		70,520
ALTEN SA, non-registered shares1,2		589,000		69,156
Elastic NV, non-registered shares1		618,500		68,777
ON Semiconductor Corp.1		1,645,700		68,478
Global Unichip Corp.2		4,813,000		68,067
Teradata Corp.1		1,736,202		66,913
Cognex Corp.		800,000		66,392
Agora, Inc. (ADR)1,4		1,305,000		65,602
Repay Holdings Corp., Class A1		2,789,000		65,486
Novanta Inc.1		493,422		65,077
Oneconnect Financial Technology Co., Ltd. (ADR)1		4,399,924		65,031
INFICON Holding AG2		61,865		65,014
BlackLine, Inc.1		595,000		64,498
Concentrix Corp.1		428,914		64,217
Computer Services, Inc.		1,084,411		63,980
BTRS Holdings Inc., Class A1		4,340,000		62,800
Pegasystems Inc.		542,025		61,975
C3.ai, Inc., Class A1,4		940,126		61,964
Money Forward, Inc.1,2		1,609,504		61,268
Chindata Group Holdings Ltd., Class A (ADR)1,4		3,693,029		61,083
Avalara, Inc.1		451,914		60,299
Aspen Technology, Inc.1		417,000		60,186
Plaid, Inc.1,2,4		1,708,400		56,571
Kinaxis Inc.1		478,500		55,842
SVMK Inc.1		3,044,478		55,775
AIXTRON SE1,2		2,434,518		55,330
Pexip Holding ASA1,2		4,932,034		55,187
LPKF Laser & Electronics AG, non-registered shares2,3,4		1,959,515		54,682
Unifiedpost Group SA1,2,3		2,470,158		53,646
Flex Ltd.1		2,917,808		53,425
Fabrinet, non-registered shares1		566,225		51,181
Anaplan, Inc.1		941,267		50,687
EVERTEC, Inc.		1,355,754		50,461
AI inside Inc.1,2,4		155,969		50,319
Dexerials Corp.2		2,902,900		49,796
QAD Inc., Class A		728,879		48,529
Coforge Ltd.2		1,193,787		47,902
Silicon Laboratories Inc.1		324,000		45,707
Disco Corp.2		131,500		41,663
Appen Ltd.2		3,440,729		41,598
Asana, Inc., Class A1,4		1,449,793		41,435

SMALLCAP World Fund 3

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Trimble Inc.1		530,000	$	41,229
Rapid7, Inc.1		551,500		41,147
CANCOM SE, non-registered shares2		692,786		39,928
Trustpilot AS1,2		10,926,273		39,917
TravelSky Technology Ltd., Class H2		15,826,000		37,169
Zendesk, Inc.1		273,000		36,205
Comet Holding AG1,2		155,094		35,606
CDK Global, Inc.		654,477		35,381
BigCommerce Holdings, Inc., Series 11,4		610,000		35,258
Appier Group, Inc.1,2		2,395,300		34,829
Boku, Inc.1,2,7		14,127,290		34,487
SINBON Electronics Co., Ltd.1,2		3,649,000		33,973
Marqeta, Inc.1,2,5,6		1,653,393		32,572
SailPoint Technologies Holdings, Inc.1		585,700		29,660
Maruwa Co., Ltd.2		284,700		29,424
Reply SpA2		230,039		29,099
Crayon Group Holding ASA1,2		1,850,713		29,085
Venustech Group Inc., Class A2		5,493,430		28,000
NHN KCP Corp.1,2		614,181		27,307
Renishaw PLC2		305,400		26,975
Paylocity Holding Corp.1		150,000		26,975
EcoOnline Holding AS1,2,3		10,000,000		26,540
Smaregi, Inc.1,2,3,4		504,200		26,006
Conductor Technology Ltd.1,2,3,5,6		4,318,937		26,000
Vontier Corp.1		850,000		25,730
Pushpay Holdings Ltd.1,2,4		17,654,124		25,712
Fineos Corp Holdings PLC1,2		7,975,643		23,671
Semtech Corp.1		330,900		22,832
Globalwafers Co., Ltd.2		777,000		20,662
GMO Payment Gateway, Inc.2		153,000		20,488
FDM Group (Holdings) PLC2		1,415,000		19,669
Cloudflare, Inc., Class A1		264,395		18,576
SpiderPlus & Co.1,2		1,265,900		18,395
Zebra Technologies Corp., Class A1		36,300		17,612
eCloudvalley Digital Technology Co., Ltd.2		1,896,100		17,552
Nemetschek SE2		249,687		15,929
Coupa Software Inc.1		61,500		15,651
ASM Pacific Technology Ltd.2		1,131,279		14,493
Fair Isaac Corp.1		29,100		14,144
JFrog Ltd.1,4		303,590		13,470
AAC Technologies Holdings Inc.2,4		2,629,000		13,327
LiveRamp Holdings, Inc.1		251,800		13,063
BasWare Oyj1,2		297,700		12,792
Zuken Inc.2		482,700		12,306
nCino, Inc.1		167,500		11,176
Hennge KK1,2		159,000		10,754
SiTime Corp.1		97,750		9,638
Allegro Microsystems, Inc.1		371,700		9,423
Patreon, Inc., Class B1,2,5,6		189,951		8,994
Adesso SE, non-registered shares2		61,600		7,828
NCC Group PLC2		2,126,000		7,561
ACV Auctions Inc., Class A1,4		204,100		7,064
Qt Group Oyj1,2		66,500		6,971
Bouvet ASA2		90,700		6,703
Mensch und Maschine Software SE2		96,000		6,349
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H2		4,666,000		5,935
Lime Technologies AB2		139,737		5,820
Sabre Corp.1,4		371,400		5,500
Yotpo Ltd.1,2,5,6,7		2,620,102		5,475
908 Devices Inc.1		112,500		5,456
Topicus.com Inc., subordinate voting shares1		79,000		5,189
Foursquare Labs, Inc., Series A1,2,5,6,7		1,970,385		5,084
NCR Corp.1		93,500		3,548
Ming Yuan Cloud Group Holdings Ltd.1,2,4		395,000		1,828
				15,259,229

4 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 18.86%
Evolution Gaming Group AB2		8,991,573	$	1,324,424
TopBuild Corp.1,3		2,310,029		483,789
YETI Holdings, Inc.1,3		6,054,875		437,223
Floor & Decor Holdings, Inc., Class A1		4,124,900		393,845
Helen of Troy Ltd.1,3		1,499,591		315,904
Thor Industries, Inc.		2,315,800		312,031
Ocado Group PLC1,2		10,398,813		291,781
DraftKings Inc., Class A1		4,693,954		287,880
IDP Education Ltd.2,3,4		14,746,276		268,662
Tube Investments of India Ltd.2,3		13,950,550		228,411
Shop Apotheke Europe NV, non-registered shares1,2,3,4		1,023,421		223,257
Dollarama Inc.		5,010,000		221,338
Jiumaojiu International Holdings Ltd.1,2		54,634,000		219,026
Entain PLC1,2		10,190,944		213,347
Food & Life Companies Ltd.2		4,755,600		210,777
Wyndham Hotels & Resorts, Inc.		3,000,601		209,382
Six Flags Entertainment Corp.		4,193,532		194,873
Coursera, Inc.1,2,7		3,273,164		126,671
Coursera, Inc.1		1,361,700		61,277
Kindred Group PLC (SDR)2		10,637,000		186,984
zooplus AG, non-registered shares1,2,3		571,544		163,234
Momo.com Inc.2		4,433,000		154,923
Five Below, Inc.1		804,402		153,472
ASOS PLC1,2		1,941,257		148,164
Williams-Sonoma, Inc.		800,000		143,360
BHG Group AB1,2,3,4		8,460,837		140,881
frontdoor, inc.1		2,573,000		138,299
KB Home		2,957,918		137,632
Pool Corp.		391,999		135,334
Wayfair Inc., Class A1		416,000		130,936
Strategic Education, Inc.3		1,275,711		117,251
Domino’s Pizza Group PLC2,3		24,475,815		117,150
Bright Horizons Family Solutions Inc.1		678,549		116,337
Moncler SpA1,2		2,015,000		115,749
Mattel, Inc.1		5,700,000		113,544
Arco Platform Ltd., Class A1		4,336,715		109,892
Lennar Corp., Class A		1,058,458		107,148
Lennar Corp., Class B		21,169		1,743
Inchcape PLC2		10,268,000		106,404
Red Rock Resorts, Inc., Class A		3,142,436		102,412
Bajaj Electricals Ltd.1,2,3		7,218,607		96,573
Vroom, Inc.1		2,460,700		95,943
Jumbo SA2		5,206,161		95,472
Desenio Group AB1,2,3		9,777,722		95,164
Leslie’s, Inc.1		3,872,745		94,844
Norwegian Cruise Line Holdings Ltd.1		3,397,628		93,741
Kontoor Brands, Inc.		1,910,000		92,692
Everi Holdings Inc.1,3		6,391,106		90,178
WH Smith PLC1,2		3,619,000		89,684
Bafang Electric (Suzhou) Co., Ltd., Class A2		3,058,340		89,501
Mercari, Inc.1,2		1,930,000		88,003
MIPS AB2		1,195,000		85,513
Basic-Fit NV1,2		2,172,760		83,695
Musti Group Oyj2,3		2,383,295		77,012
Domino’s Pizza, Inc.		208,000		76,500
Games Workshop Group PLC2		556,237		76,410
Purple Innovation, Inc., Class A1		2,403,000		76,055
Dr. Martens PLC1,2		11,875,000		74,193
Etsy, Inc.1		366,850		73,983
Porch Group, Inc.1,3,4		4,173,853		73,877
Levi Strauss & Co., Class A		2,950,000		70,534
Nien Made Enterprise Co., Ltd.2		4,920,000		68,714
Salvatore Ferragamo SpA1,2,4		3,438,714		66,019
SSP Group PLC1,2		12,629,140		64,848
Polaris Inc.		485,000		64,747
Skechers USA, Inc., Class A1		1,550,000		64,650
AcadeMedia AB2,3		6,677,436		62,628
M.D.C. Holdings, Inc.		1,044,930		62,069
Cairn Homes PLC1,2,3		50,520,000		61,718

SMALLCAP World Fund 5

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
China MeiDong Auto Holdings Ltd.2		12,776,000	$	59,287
Toll Brothers, Inc.		1,043,184		59,180
Just Eat Takeaway (EUR denominated)1,2		638,400		59,009
POYA International Co., Ltd.1,2		2,795,527		58,590
Trainline PLC1,2		9,163,000		57,987
Tongcheng-Elong Holdings Ltd.1,2,4		24,515,800		55,517
Watches of Switzerland Group PLC1,2		6,084,000		55,435
Flutter Entertainment PLC (CDI)1,2		259,095		55,397
Century Communities, Inc.1		911,000		54,952
B&M European Value Retail SA2		7,408,252		53,913
Grand Canyon Education, Inc.1		500,000		53,550
MGM China Holdings, Ltd.2,4		29,188,648		51,981
Ace Hardware Indonesia Tbk PT2		489,450,000		51,427
Cie. Plastic Omnium SA2		1,348,533		49,420
Gourmet Master Co. Ltd.2		7,723,000		47,355
Westwing Group AG, non-registered shares1,2		952,000		43,976
D.R. Horton, Inc.		490,000		43,669
Darden Restaurants, Inc.		303,300		43,069
Auction Technology Group PLC1,2		3,808,232		43,050
Melco International Development Ltd.2		20,992,000		42,926
Lojas Quero-Quero SA3		14,974,560		40,758
B2W - Cia. Digital, ordinary nominative1		3,763,361		40,618
Caesars Entertainment, Inc.1		452,300		39,554
China East Education Holdings Ltd.2		17,877,286		39,046
Patrick Industries, Inc.		457,070		38,851
Cavco Industries, Inc.1		170,870		38,550
Pets at Home Group PLC2		6,752,000		38,449
Brunello Cucinelli SpA1,2,4		864,000		37,195
Beazer Homes USA, Inc.1,3		1,659,813		34,723
Cooper Tire & Rubber Co.		616,000		34,484
MakeMyTrip Ltd., non-registered shares1		1,091,499		34,470
Countryside Properties PLC1,2		4,604,600		32,261
Macy’s, Inc.1		1,900,000		30,761
Relaxo Footwears Ltd.1,2		2,462,720		29,565
Nordstrom, Inc.1		760,000		28,781
Hilton Grand Vacations Inc.1		739,700		27,731
Mazda Motor Corp.1,2		3,264,000		26,802
Nokian Renkaat Oyj2		738,000		26,770
Thule Group AB2		616,800		26,762
OneSpaWorld Holdings Ltd.		2,403,548		25,598
Asbury Automotive Group, Inc.1		123,902		24,347
Paltac Corp.2,4		434,000		23,530
Elior Group SA2,4		3,087,500		22,929
Terminix Global Holdings, Inc.1		455,300		21,704
LGI Homes, Inc.1		144,956		21,643
Vail Resorts, Inc.1		71,000		20,708
Roland Corp.2,4		530,600		19,220
Graham Holdings Co., Class B		34,000		19,123
Leifheit AG, non-registered shares1,2		347,329		18,413
Chow Sang Sang Holdings International Ltd.2		11,696,700		18,114
Lordstown Motors Corp., Class A1,4		1,495,000		17,596
Jamna Auto Industries Ltd.2		17,988,741		16,712
Detsky Mir PJSC2		8,637,280		16,292
Bloomberry Resorts Corp.1,2		111,616,700		16,008
Central Automotive Products Ltd.2		633,200		15,902
Dalata Hotel Group PLC1,2		3,000,900		15,103
Aston Martin Lagonda Global Holdings PLC1,2,4		548,289		15,092
Zhongsheng Group Holdings Ltd.2		2,121,500		14,956
Del Taco Restaurants, Inc.		1,438,200		13,778
Aramark		356,556		13,471
Westlife Development Ltd.1,2		1,928,968		12,148
Fox Factory Holding Corp.1		61,853		7,859
Royal Caribbean Cruises Ltd.		78,017		6,679
Samsonite International SA1,2		3,426,300		6,635
Cyrela Brazil Realty SA, ordinary nominative		1,471,300		6,443
At Home Group Inc.1		195,796		5,619

6 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Lojas Americanas SA, ordinary nominative		1,232,000	$	4,553
China Zenix Auto International Ltd. (ADR)1		2,152,000		861
BNN Technology PLC1,2,3,5		19,007,000		—	8
				13,096,564
Health care 17.90%
Insulet Corp.1		3,084,282		804,751
Molina Healthcare, Inc.1		2,407,600		562,801
NovoCure Ltd.1		3,621,597		478,703
Haemonetics Corp.1,3		4,061,417		450,858
Allakos Inc.1,3		3,861,038		443,170
CanSino Biologics Inc., Class H1,2,4		10,536,204		400,079
Notre Dame Intermédica Participações SA		21,680,129		318,925
Pacific Biosciences of California, Inc.1		8,834,976		294,293
Ultragenyx Pharmaceutical Inc.1		2,222,970		253,107
Centene Corp.1		3,437,674		219,702
Biohaven Pharmaceutical Holding Co. Ltd.1		3,036,782		207,564
DexCom, Inc.1		552,500		198,563
Amplifon SpA1,2		5,286,500		197,084
Zai Lab Ltd. (ADR)1		1,449,910		193,461
GVS SpA1,2,3		12,158,629		191,234
Pharmaron Beijing Co., Ltd., Class H2		9,308,000		177,066
PRA Health Sciences, Inc.1		997,350		152,924
Mani, Inc.2,3		5,922,882		149,147
Integra LifeSciences Holdings Corp.1		2,057,030		142,120
Penumbra, Inc.1		508,744		137,656
Fagron NV2,3		5,478,326		121,584
Vitrolife AB1,2		4,126,000		121,146
Health Catalyst, Inc.1,3		2,566,977		120,058
Metropolis Healthcare Ltd.2,3		3,872,946		118,898
Exact Sciences Corp.1		890,000		117,284
Revance Therapeutics, Inc.1,3		4,116,732		115,063
Applied Molecular Transport Inc.1,3,4		2,602,043		114,516
Nevro Corp.1		818,880		114,234
Max Healthcare Institute Ltd.1,2		38,458,133		108,677
Allogene Therapeutics, Inc.1		3,076,804		108,611
Vir Biotechnology, Inc.1		2,106,538		108,002
Legend Biotech Corp., Class A1,2		3,968,666		57,585
Legend Biotech Corp. (ADR)1,4		1,705,067		49,481
Silk Road Medical, Inc.1,3		2,078,000		105,251
Bachem Holding AG, Class B2		242,760		104,063
Shandong Pharmaceutical Glass Co., Ltd., Class A2		16,891,376		102,497
Genus PLC2		1,519,000		101,746
TG Therapeutics, Inc.1		2,072,833		99,911
Ocumension Therapeutics1,2,3,4		33,612,500		99,651
Globus Medical, Inc., Class A1		1,605,634		99,019
New Frontier Health Corp., Class A1,3,7		8,513,186		96,199
CELLINK AB, Class B1,2,4		1,916,188		82,283
CELLINK AB, Class B1,2		265,000		11,379
Fisher & Paykel Healthcare Corp. Ltd.2		4,131,500		92,768
Kronos Bio, Inc.1,3		2,205,791		64,564
Kronos Bio, Inc.1,2,3,4,7		928,792		26,642
WuXi Biologics (Cayman) Inc.1,2		7,195,500		90,764
Seer, Inc., Class A1,4		1,801,450		90,109
CONMED Corp.		683,387		89,244
Twist Bioscience Corp.1		704,000		87,197
Addus HomeCare Corp.1,3		803,600		84,049
Cortexyme, Inc.1,3,4		2,257,487		81,337
CompuGroup Medical SE & Co. KGaA2		906,900		76,630
Shockwave Medical, Inc.1		585,000		76,202
Novavax, Inc.1		411,000		74,518
Oak Street Health, Inc.1,4		1,293,500		70,198
Cellectis SA (ADR)1,3,4		2,214,336		44,752
Cellectis SA, non-registered shares1,2,3		1,181,240		23,512
Gland Pharma Ltd.1,2		1,970,452		66,939
Natera, Inc.1		643,000		65,290
Glaukos Corp.1		750,322		62,975
STAAR Surgical Co.1		597,024		62,932

SMALLCAP World Fund 7

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Guardant Health, Inc.1		409,500	$	62,510
Tandem Diabetes Care, Inc.1		701,800		61,934
CRISPR Therapeutics AG1		495,405		60,365
Revolution Medicines, Inc.1		1,228,000		56,341
Carl Zeiss Meditec AG, non-registered shares2		368,406		55,528
Editas Medicine, Inc.1		1,300,000		54,600
Genetron Holdings Ltd. (ADR)1		2,472,191		53,053
Sysmex Corp.2		488,900		52,824
Hutchison China MediTech Ltd. (ADR)1		1,844,580		52,109
AddLife AB, Class B2		2,861,586		51,414
Ambu AS, Class B, non-registered shares2		1,070,500		50,283
NuVasive, Inc.1		766,000		50,219
Madrigal Pharmaceuticals, Inc.1		428,422		50,113
Poly Medicure Ltd.1,2		4,440,543		50,028
Adaptimmune Therapeutics PLC (ADR)1,3		9,323,900		49,510
Rubius Therapeutics, Inc.1,4		1,866,729		49,468
Sosei Group Corp.1,2,4		2,744,100		49,030
Pulmonx Corp.1		1,060,000		48,484
Inari Medical, Inc.1		450,000		48,150
Hikma Pharmaceuticals PLC2		1,521,400		47,725
Revenio Group Oyj, non-registered shares2		792,790		47,086
Nakanishi Inc.2		2,255,800		47,041
Adaptive Biotechnologies Corp.1		1,147,052		46,180
MorphoSys AG, non-registered shares1,2		510,875		44,525
Genmab A/S1,2		135,000		44,370
Precision BioSciences, Inc.1,3		4,062,000		42,042
Teladoc Health, Inc.1		230,000		41,802
Phreesia, Inc.1		795,384		41,440
iRhythm Technologies, Inc.1		293,299		40,727
Incyte Corp.1		474,000		38,522
Zealand Pharma A/S1,2		1,209,245		38,325
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A2		1,949,981		38,001
KRKA, dd, Novo mesto2		335,262		37,193
Encompass Health Corp.		443,400		36,314
Genomma Lab Internacional, SAB de CV, Series B1		35,953,000		36,253
Xenon Pharmaceuticals Inc.1,4		2,019,226		36,144
Olink Holding AB (ADR)1		1,000,000		36,000
Hypera SA, ordinary nominative		5,957,283		33,900
Amvis Holdings, Inc.2		602,300		33,343
Berkeley Lights, Inc.1		660,248		33,164
Hangzhou Tigermed Consulting Co., Ltd., Class A2		1,391,152		31,961
Autolus Therapeutics PLC (ADR)1,3,4		5,228,534		29,959
CellaVision AB, non-registered shares1,2		789,300		29,282
Signify Health, Inc., Class A1		1,000,000		29,260
Laurus Labs Ltd.2		5,896,000		29,251
Acutus Medical, Inc.1,3,4		2,117,967		28,317
Covetrus Inc.1		925,000		27,722
Acerta Pharma BV1,2,5,6		195,556,815		27,006
Syneos Health, Inc., Class A1		353,500		26,813
Asahi Intecc Co., Ltd.2		962,400		26,577
Innovage Holding Corp.1		1,030,400		26,574
Arjo AB, Class B2		3,455,700		25,743
Fleury SA, ordinary nominative		5,540,900		25,201
Menicon Co., Ltd.2		421,000		24,898
Inhibrx, Inc.1,4		1,200,000		24,084
Scholar Rock Holding Corp.1		475,000		24,063
New Horizon Health Ltd.1,2		3,170,100		23,733
Medacta Group SA1,2		216,959		23,330
UDG Healthcare PLC2		2,117,403		22,929
American Well Corp., Class A1,4		1,294,000		22,477
Altimmune, Inc.1,4		1,404,000		19,839
Alnylam Pharmaceuticals, Inc.1		137,700		19,442
Chemed Corp.		42,000		19,312
Karuna Therapeutics, Inc.1		158,600		19,068
Global Blood Therapeutics, Inc.1		467,520		19,051
WIN-Partners Co., Ltd.2,3		1,982,700		18,885
Creo Medical Group PLC1,2		6,326,998		18,840
Certara, Inc.1		684,863		18,697
Classys Inc.2		1,437,441		18,432

8 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Jacobio Pharmaceuticals Group Co., Ltd.1,2		8,876,100	$	18,353
NuCana PLC (ADR)1,3		3,664,931		18,288
Grifols, SA, Class B (ADR)		616,400		10,658
Grifols, SA, Class A, non-registered shares2		270,000		7,068
Schrodinger, Inc.1		232,084		17,706
Gracell Biotechnologies Inc., Class A (ADR)1,4		1,112,033		17,125
Adagene Inc. (ADR)1,4		923,269		16,573
GW Pharmaceuticals PLC (ADR)1		74,600		16,181
OdontoPrev SA, ordinary nominative		6,925,700		16,180
Zentalis Pharmaceuticals, Inc.1		370,000		16,054
Eargo, Inc.1,4		311,668		15,568
Sana Biotechnology, Inc.1,4		426,000		14,258
Black Diamond Therapeutics, Inc.1		525,000		12,736
Deciphera Pharmaceuticals, Inc.1		270,000		12,107
Uniphar PLC2		3,959,824		11,889
HBM Holdings Ltd.1,2		10,230,000		11,748
Lucira Health, Inc.1,4		892,287		10,797
Cronos Group Inc.1,4		1,135,000		10,730
Bonesupport Holding AB1,2		1,169,600		8,035
Sarepta Therapeutics, Inc.1		86,500		6,447
Bausch Health Companies Inc.1		200,000		6,348
ChemoMetec A/S2		53,500		5,077
Galapagos NV1,2		62,989		4,885
Amedisys, Inc.1		17,200		4,554
Xvivo Perfusion AB1,2		135,500		4,249
Strides Pharma Science Ltd.2		303,791		3,513
Surgical Science Sweden AB1,2		255,668		3,375
Antares Vision SpA1,2		5,208		69
NMC Health PLC1,2,5		911,693		13
				12,428,358
Industrials 16.19%
IMCD NV2,3		3,519,136		489,109
Meggitt PLC1,2,3		51,567,409		339,513
Diploma PLC2,3		9,167,769		322,106
NIBE Industrier AB, Class B2		10,200,069		316,350
Saia, Inc.1,3		1,354,811		312,392
VAT Group AG2		1,109,546		310,990
Nihon M&A Center Inc.2		10,162,160		275,933
Wizz Air Holdings PLC1,2		3,902,224		259,488
Rexnord Corp.		4,878,500		229,729
Marel hf.2		32,552,360		221,284
Arcosa, Inc.3		3,343,448		217,625
BayCurrent Consulting, Inc.2,3,4		939,200		215,460
BWX Technologies, Inc.		3,251,743		214,420
MonotaRO Co., Ltd.2		7,408,200		201,445
Stericycle, Inc.1		2,806,338		189,456
Armstrong World Industries, Inc.		2,018,111		181,812
Harmonic Drive Systems Inc.2		2,601,950		176,707
BELIMO Holding AG2		21,849		176,685
Boyd Group Services Inc.4		1,023,671		173,455
Nolato AB, Class B1,2		1,896,175		168,912
Spirax-Sarco Engineering PLC2		1,035,200		162,727
Havells India Ltd.2		11,010,155		158,628
Matson, Inc.3		2,174,000		145,006
Interpump Group SpA2		2,811,292		141,693
ManpowerGroup Inc.		1,408,000		139,251
Ever Sunshine Lifestyle Services Group Ltd.2,4		54,408,000		137,858
Instalco AB2,3		3,457,000		126,480
Japan Elevator Service Holdings Co., Ltd.2,3		5,618,054		121,236
Willscot Mobile Mini Holdings Corp., Class A1		4,245,000		117,799
Bingo Industries Ltd.2,3,4		49,082,191		112,882
TransDigm Group Inc.1		190,000		111,705
Generac Holdings Inc.1		338,380		110,803
International Container Terminal Services, Inc.2		44,009,076		109,812
Shoals Technologies Group, Inc., Class A1		3,117,344		108,421
Avon Rubber PLC2,3		2,387,963		104,057
Alfen NV1,2,3		1,235,400		102,108

SMALLCAP World Fund 9

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Granite Construction Inc.3		2,515,294	$	101,241
Graco Inc.		1,374,000		98,406
Masco Corp.		1,625,000		97,338
Comfort Systems USA, Inc.		1,265,279		94,605
Kratos Defense & Security Solutions, Inc.1		3,376,853		92,121
TFI International Inc. (CAD denominated)		1,130,000		84,703
TFI International Inc.		68,200		5,098
Japan Airport Terminal Co. Ltd.2		1,776,400		87,496
Atlas Corp.4		6,300,000		85,995
IDEX Corp.		402,700		84,293
Ceres Power Holdings PLC1,2		4,849,695		84,040
Guangzhou Baiyun International Airport Co. Ltd., Class A2		41,001,727		83,621
Kajaria Ceramics Ltd.2		6,480,538		82,363
Sweco AB, Class B, non-registered shares2		4,824,600		78,786
Woodward, Inc.		649,000		78,289
Watsco, Inc.		300,000		78,225
Lifco AB, Class B2		839,000		77,938
Aalberts NV, non-registered shares2		1,518,000		76,929
TechnoPro Holdings, Inc.2		903,900		75,757
Hefei Meyer Optoelectronic Technology Inc., Class A2		11,400,472		73,616
Sun Country Airlines Holdings, Inc.1,4		2,100,000		71,988
Trinity Industries, Inc.		2,513,238		71,602
Melrose Industries PLC1,2		30,830,657		70,960
Waste Connections, Inc.		570,000		61,549
Kingspan Group PLC2		724,000		61,380
HomeServe PLC2		3,506,500		58,073
IR Japan Holdings, Ltd.2,4		462,300		56,011
Centre Testing International Group Co., Ltd.2		12,715,436		55,377
FTI Consulting, Inc.1		384,400		53,858
DO & CO AG, non-registered shares1,2,3,4		666,050		53,763
Grace Technology, Inc.2,3,4		2,055,800		53,719
Vicor Corp., Class A1		613,510		52,167
Pegasus Hava Tasimaciligi AS1,2,3		5,860,844		51,463
Chart Industries, Inc.1		354,512		50,465
Marlowe PLC1,2,3,7		4,780,945		47,456
Marlowe PLC1,2,3		287,685		2,856
Cleanaway Waste Management Ltd.2		30,002,998		50,263
CAE Inc.		1,750,000		49,867
John Bean Technologies Corp.		367,061		48,944
Upwork Inc.1		1,077,246		48,228
Kadant Inc.		255,734		47,313
AF Poyry, Class B1,2		1,553,500		45,973
Fasadgruppen Group AB1,2,3		3,543,900		45,853
Textron Inc.		780,000		43,742
Addtech AB, Class B2		2,907,036		43,269
Barrett Business Services, Inc.3		610,765		42,057
Howden Joinery Group PLC2		4,143,379		41,883
LIXIL Corp.2		1,483,100		41,328
CoStar Group, Inc.1		50,000		41,095
Han’s Laser Technology Industry Group Co., Ltd., Class A2		6,321,881		40,981
Air Lease Corp., Class A		835,600		40,944
easyJet PLC1,2		3,000,000		40,485
Azelio AB1,2,3		5,786,000		40,276
Rumo SA1		11,166,735		40,174
Montrose Environmental Group, Inc.1		788,989		39,599
ESCO Technologies Inc.		359,144		39,107
EnPro Industries, Inc.		452,824		38,612
Haitian International Holdings Ltd.2		9,628,000		38,452
Indutrade AB1,2		1,653,822		38,184
XP Power Ltd.2		583,458		37,801
Cummins India Ltd.2		3,000,000		37,781
The AZEK Company Inc., Class A1		864,400		36,348
Cargotec Corp., Class B, non-registered shares2		661,596		35,770
Builders FirstSource, Inc.1		760,228		35,252
Advanced Drainage Systems, Inc.		323,056		33,401
Interface, Inc.		2,619,158		32,687
CSW Industrials, Inc.		240,607		32,482
Grupo Aeroportuario del Sureste, SA de CV, Series B1		1,756,000		31,189
PGT Innovations, Inc.1		1,133,000		28,608

10 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Astral Poly Technik Ltd.2		1,278,609	$	28,319
Driven Brands Holdings Inc.1		1,090,300		27,715
IAA, Inc.1		491,500		27,101
ICF International, Inc.		271,320		23,713
Imperial Logistics Ltd.2		7,386,000		23,670
INVISIO AB2		950,000		22,733
Quantafuel AS1,2		4,097,505		21,585
Troax Group AB2		747,300		20,788
Grafton Group PLC2		1,437,900		20,303
Oshkosh Corp.		150,000		17,799
Hexagon Purus LLC1,2		2,742,796		16,619
Sitowise Group PLC1,2,4		1,530,182		15,217
Nitto Boseki Co., Ltd.2,4		414,000		15,098
Boa Vista Servicos SA		6,700,600		13,702
Coor Service Management Holding AB1,2		1,450,000		11,771
JELD-WEN Holding, Inc.1		415,000		11,491
McPhy Energy SA1,2		290,100		11,095
Sdiptech AB, Class B1,2		261,000		9,947
Mersen SA1,2		277,189		9,656
Curtiss-Wright Corp.		79,500		9,429
Interroll Holding AG2		2,650		9,364
RWS Holdings PLC2		1,020,000		8,565
Fluidra, SA, non-registered shares2		295,000		8,425
Munters Group AB1,2		1,005,660		8,349
UFP Industries, Inc.		103,344		7,838
Hydrogenpro AS1,2		980,500		4,838
Volution Group PLC2		848,620		4,621
Hensoldt AG1,2		224,187		3,445
Beijer Ref AB, Class B2		43,775		1,924
				11,239,952
Financials 8.06%
SVB Financial Group1		606,500		299,405
Ares Management Corp., Class A		5,174,776		289,943
East West Bancorp, Inc.		3,044,577		224,690
Essent Group Ltd.		4,507,800		214,075
Janus Henderson Group PLC		6,819,041		212,413
South State Corp.		2,687,029		210,959
First Republic Bank		1,141,825		190,399
Aavas Financiers Ltd.1,2,3		5,497,038		182,207
AU Small Finance Bank Ltd.1,2		10,769,200		181,322
RenaissanceRe Holdings Ltd.		1,058,600		169,641
Bajaj Finance Ltd.1,2		2,335,000		165,016
Enstar Group Ltd.1		594,500		146,681
Capitec Bank Holdings Ltd.1,2		1,497,983		144,118
Seacoast Banking Corp. of Florida1,3		3,781,901		137,056
Trupanion, Inc.1		1,660,200		126,524
Independent Bank Group, Inc.		1,657,346		119,727
Radian Group Inc.		4,910,751		114,175
Live Oak Bancshares, Inc.		1,634,993		111,981
Eurobank Ergasias Services and Holdings SA1,2		129,141,154		109,498
Focus Financial Partners Inc., Class A1		2,549,002		106,089
AJ Bell PLC2		18,325,000		106,009
Western Alliance Bancorporation		1,100,128		103,896
Cholamandalam Investment and Finance Co., Ltd.2		12,733,244		97,627
Stifel Financial Corp.		1,477,350		94,639
TCS Group Holding PLC (GDR)2		1,544,761		89,804
TCS Group Holding PLC (GDR)2,7		31,700		1,843
IIFL Wealth Management Ltd.2		4,350,654		73,781
TMX Group Ltd.		699,000		72,637
Upstart Holdings, Inc.1,4		552,465		71,191
Cannae Holdings, Inc.1		1,796,460		71,176
StepStone Group Inc., Class A4		1,853,600		65,376
Valley National Bancorp		4,567,000		62,751
Indian Energy Exchange Ltd.2		13,050,934		59,447
The Bank of N.T. Butterfield & Son Ltd.		1,550,000		59,241
Euronext NV2		585,333		58,973
Bolsa Mexicana de Valores, SAB de CV, Series A		26,939,545		54,368

SMALLCAP World Fund 11

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Uzabase, Inc.1,2,3		2,145,100	$	53,889
Multi Commodity Exchange of India Ltd.2		2,540,000		52,578
NMI Holdings, Inc.1		2,147,927		50,777
Webster Financial Corp.		851,600		46,932
PacWest Bancorp		1,220,000		46,543
Waddell & Reed Financial, Inc., Class A		1,850,000		46,342
MGIC Investment Corp.		3,101,550		42,956
SiriusPoint Ltd.1		3,888,233		39,543
Moelis & Co., Class A		719,000		39,459
VZ Holding AG2		465,000		38,423
eGuarantee, Inc.2		1,947,300		36,816
Artisan Partners Asset Management Inc., Class A		705,000		36,780
City Union Bank Ltd.1,2		15,523,165		33,195
AssetMark Financial Holdings, Inc.1		1,350,000		31,509
Umpqua Holdings Corp.		1,785,500		31,335
Funding Circle Holdings PLC1,2		14,713,073		31,248
Patria Investments Ltd., Class A1		1,710,723		29,801
Nova Ljubljanska Banka dd (GDR)1,2		2,232,790		27,465
Hilltop Holdings Inc.		750,000		25,597
Hiscox Ltd.1,2		2,060,606		24,446
Close Brothers Group PLC2		1,131,900		24,189
The Tel Aviv Stock Exchange Ltd.2		3,360,182		20,803
Victory Capital Holdings, Inc., Class A4		812,000		20,755
BOK Financial Corp.		198,799		17,757
Linklogis Inc., Class B1,2		7,421,500		16,783
Alpha Bank SA1,2		15,484,000		16,585
Regional, SAB de CV, Series A1,4		3,522,159		16,529
MarketAxess Holdings Inc.		29,200		14,539
Kinsale Capital Group, Inc.		87,020		14,341
HDFC Asset Management Co., Ltd.2		319,780		12,792
Kotak Mahindra Bank Ltd.1,2		514,182		12,363
WealthNavi Inc.1,2		281,200		9,238
Discovery Ltd.1,2		899,883		8,084
Vinci Partners Investments Ltd., Class A1		562,181		7,393
Fanhua Inc. (ADR)4		516,858		7,200
Lemonade, Inc.1,4		50,000		4,656
MJ Hudson Group PLC1,2		8,173,500		4,620
Cullen/Frost Bankers, Inc.		37,802		4,111
Huize Holding Ltd. (ADR)1,4		335,839		2,811
Cairo Mezz PLC1,2		2,333,333		348
				5,600,209
Consumer staples 3.08%
Emmi AG2,3		325,622		329,079
Grocery Outlet Holding Corp.1,3		6,595,002		243,290
Simply Good Foods Co., Class A1,3		6,651,000		202,323
Freshpet, Inc.1		1,169,632		185,749
Raia Drogasil SA, ordinary nominative		28,750,000		128,001
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A2		15,721,895		116,380
Fevertree Drinks PLC2		3,572,500		105,389
Kotobuki Spirits Co., Ltd.2,4		1,483,200		96,574
BJ’s Wholesale Club Holdings, Inc.1		1,455,608		65,299
Milbon Co., Ltd.2		1,015,000		55,856
Vector Group Ltd.		3,971,496		55,402
COSMOS Pharmaceutical Corp.2		347,206		54,230
AAK AB2		2,139,745		48,439
Nu Skin Enterprises, Inc., Class A		900,000		47,601
Hilton Food Group PLC2		3,062,967		45,354
Zur Rose Group AG1,2		115,180		43,268
Bakkafrost P/F1,2		517,500		41,014
Hotel Chocolat Group PLC2,3,4		7,032,969		38,830
BidCorp. Ltd.1,2		1,640,857		31,800
United Spirits Ltd.1,2		3,936,711		30,002
Fresh Del Monte Produce Inc.		1,028,000		29,432
Froy ASA1,2		3,581,100		25,540
Varun Beverages Ltd.2		1,781,648		24,508
PZ Cussons PLC2		6,017,310		22,153
JOANN Inc.1,3,4		2,056,250		20,871

12 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Avenue Supermarts Ltd.1,2		417,313	$	16,343
Nomad Foods Ltd.1		500,000		13,730
Century Pacific Food, Inc.2		25,901,000		9,867
Beyond Meat, Inc.1,4		73,395		9,550
				2,135,874
Communication services 2.47%
Iridium Communications Inc.1		4,256,695		175,589
Iridium Communications Inc.1,7		636,132		26,240
New York Times Co., Class A		3,865,100		195,651
Bandwidth Inc., Class A1		1,196,134		151,598
Yandex NV, Class A1		1,530,000		98,012
DouYu International Holdings Ltd. (ADR)1		9,336,899		97,197
Zillow Group, Inc., Class C, nonvoting shares1		525,000		68,061
DIP Corp.2		2,421,600		63,560
Capcom Co., Ltd.2		1,827,000		59,566
Daily Mail and General Trust PLC, Class A, nonvoting shares2		4,576,603		57,275
JCDecaux SA1,2		2,210,000		55,732
Skillz Inc., Class A1,2,7		3,000,000		51,408
Skillz Inc., Class A1,2,5,7		99,282		1,607
Nordic Entertainment Group AB, Class B1,2		1,188,168		52,878
JOYY Inc., Class A (ADR)		562,000		52,676
Cable One, Inc.		25,321		46,296
HUYA, Inc. (ADR)1,4		2,031,160		39,567
Direct Marketing MIX Inc.2,3		1,254,200		38,527
Bambuser AB1,2,3		10,654,369		33,926
CTS Eventim AG & Co. KGaA1,2		471,400		27,309
Kamakura Shinsho, Ltd.2,3,4		2,297,900		26,635
Pebble Group PLC1,2,3		13,396,071		25,854
Indus Towers Ltd.2		7,487,077		25,191
Tata Communications Ltd.2		1,725,254		25,176
Square Enix Holdings Co., Ltd.2		449,900		25,034
Future PLC2		945,924		24,980
Zee Entertainment Enterprises Ltd.2		7,932,200		22,113
Huuuge, Inc.1,2		2,048,146		21,923
Bengo4.com, Inc.1,2		241,100		19,053
IMAX China Holding, Inc.2,4		7,938,000		17,636
Boat Rocker Media Inc.1		1,890,000		13,536
Euskaltel, SA, non-registered shares2		960,417		12,501
Adevinta ASA1,2		798,911		11,768
YouGov PLC2		850,500		11,755
HKBN Ltd.2		7,235,000		10,538
Cardlytics, Inc.1		83,500		9,160
MTN Group Ltd.2,4		1,458,066		8,571
Enad Global 7 AB1,2		748,500		8,518
Paradox Interactive AB1		124,297		2,810
Zegona Communications PLC2		795,108		1,474
4imprint Group PLC1,2		21,201		716
				1,717,617
Materials 2.17%
Navin Fluorine International Ltd.2,3		3,846,051		145,068
Nanofilm Technologies International Ltd.1,2,3		38,073,800		142,075
CCL Industries Inc., Class B, nonvoting shares4		2,262,200		125,144
APL Apollo Tubes Ltd.1,2		5,523,149		105,955
Lundin Mining Corp.		8,514,400		87,603
PI Industries Ltd.2		2,760,208		85,360
JCU Corp.2,3,4		2,162,800		81,700
Re:NewCell AB1,2,3,4		1,710,500		46,220
Re:NewCell AB1,2,3		394,000		10,646
LANXESS AG2		705,240		51,984
Huntsman Corp.		1,735,000		50,020
Axalta Coating Systems Ltd.1		1,399,600		41,400
Venator Materials PLC1,3,4		8,538,871		39,535
Tronox Holdings PLC, Class A		2,068,000		37,844
Danimer Scientific, Inc., Class A1,4		979,306		36,969
Allegheny Technologies Inc.1		1,686,993		35,528
Aluflexpack AG1,2,3		952,224		34,062

SMALLCAP World Fund 13

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Alcoa Corp.1		910,000	$	29,566
Vidrala, SA, non-registered shares2		268,335		29,482
EPL Ltd.2		8,419,273		27,256
H.B. Fuller Co.		430,000		27,051
Berger Paints India Ltd.2		2,500,993		26,211
ACC Ltd.2		971,140		25,355
Gulf Oil Lubricants India Ltd.2,3		2,543,519		25,143
Arkema SA2		197,500		23,935
Croda International PLC2		267,795		23,440
Indigo Paints Ltd.1,2		621,807		20,376
Symrise AG2		148,000		17,944
SK Materials Co., Ltd.2		64,300		17,743
Industrias Penoles, SAB de CV		1,070,000		13,801
Gerdau SA (ADR)		2,011,500		10,741
Sandstorm Gold Ltd.1,4		1,361,300		9,257
Excelsior Mining Corp.1		12,868,000		7,680
Fuso Chemical Co., Ltd.2		178,600		6,586
Shandong Sinocera Functional Material Co., Ltd., Class A2		949,821		6,181
				1,504,861
Real estate 1.48%
Altus Group Ltd.3		3,273,560		157,439
Colony Capital, Inc. REIT, Class A		19,818,174		128,422
Embassy Office Parks REIT2		22,010,000		98,119
Concentradora Fibra Danhos REIT, SA de CV		50,327,700		62,788
MGM Growth Properties LLC REIT, Class A		1,767,000		57,640
K-Fast Holding AB, Class B1,2,3		1,632,678		50,457
JHSF Participações SA3		40,035,711		49,505
SRE Holdings Corp.1,2,3,4		998,500		41,297
Shimao Services Holdings Ltd.1,2		16,829,000		37,230
Mindspace Business Parks REIT2		9,000,000		36,309
Cousins Properties Inc. REIT		1,016,286		35,926
FirstService Corp.4		200,000		29,687
Poly Property Services Co., Ltd., Class H2,4		4,163,800		29,017
Redwood Trust, Inc. REIT		2,562,000		26,670
WHA Corp. PCL2		233,967,400		26,121
Real Matters Inc.1		2,212,600		25,177
Park Hotels & Resorts Inc. REIT		1,131,700		24,422
Samhallsbyggnadsbolaget i Norden AB, Class B2		7,264,000		22,595
Hibernia REIT PLC2		16,260,000		21,013
Pebblebrook Hotel Trust REIT		852,400		20,705
Mitre Realty Empreendimentos e Participações SA1,3		6,168,863		13,919
Genova Property Group AB1,2		1,384,600		12,524
Americold Realty Trust REIT		217,800		8,379
BR Malls Participacoes SA, ordinary nominative1		3,357,560		6,037
Sobha Ltd.2		618,766		3,706
DoubleDragon Properties Corp.1,2		8,680,927		2,363
				1,027,467
Energy 1.12%
Cimarex Energy Co.		1,971,000		117,058
New Fortress Energy Inc., Class A4		2,340,000		107,429
Pioneer Natural Resources Company		629,255		99,938
Northern Oil and Gas, Inc.1,3,4		4,394,756		53,089
Worley Ltd.2		5,701,172		45,332
Petronet LNG Ltd.2		14,462,671		44,498
APA Corp.		2,478,500		44,365
Denbury Inc.1		855,000		40,946
Cactus, Inc., Class A		1,300,791		39,830
Chesapeake Energy Corp.1		722,500		31,349
Equitrans Midstream Corp.		3,674,309		29,982
Magnolia Oil & Gas Corp., Class A1		2,000,000		22,960
Viper Energy Partners LP		1,455,000		21,185
Vine Energy Inc., Class A1,4		1,375,000		18,892
Helmerich & Payne, Inc.		690,600		18,619
Venture Global LNG, Inc., Series C1,2,5,6,7		4,240		18,212

14 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Savannah Energy PLC1,2,3		64,599,102	$	15,160
Aegis Logistics Ltd.2		1,905,319		7,794
Diamondback Energy, Inc.		50,000		3,675
				780,313
Utilities 0.15%
ENN Energy Holdings Ltd.2		3,166,000		50,859
Neoenergia SA		14,573,000		43,108
Hawaiian Electric Industries, Inc.		220,859		9,813
Mytrah Energy Ltd.1,2,3,5		10,418,000		144
				103,924
Total common stocks (cost: $34,327,499,000)				64,894,368
Preferred securities 1.55%
Information technology 0.61%
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares1,2,5,6		9,415,404		185,483
Avidxchange, Inc., Series F, preferred shares1,2,3,5,6		2,159,548		105,844
Gitlab Inc., Series E, preferred shares1,2,5,6		1,044,048		41,762
Patreon, Inc., Series E, preferred shares1,2,5,6		698,208		33,061
Patreon, Inc., Series Seed, preferred shares1,2,5,6		163,096		7,723
Credo Technology Group Holding, Ltd., Series D, 8.00% noncumulative, preferred shares1,2,5,6		4,005,527		23,253
Credo Technology Group Holding, Ltd., Series D+, 8.00% noncumulative, preferred shares1,2,5,6		634,437		3,683
Yotpo Ltd., Series F, preferred shares1,2,5,6,7		8,332,809		18,329
Yotpo Ltd., Series B, preferred shares1,2,5,6,7		1,111,347		2,322
Yotpo Ltd., Series C, preferred shares1,2,5,6,7		1,057,985		2,211
Yotpo Ltd., Series A-1, preferred shares1,2,5,6,7		709,592		1,483
Yotpo Ltd., Series A, preferred shares1,2,5,6,7		345,899		723
Yotpo Ltd., Series C-1, preferred shares1,2,5,6,7		293,302		613
Yotpo Ltd., Series D, preferred shares1,2,5,6,7		163,552		341
Yotpo Ltd., Series B-1, preferred shares1,2,5,6,7		130,625		273
				427,104
Industrials 0.39%
Azul SA, preferred nominative shares (ADR)1,4		7,105,974		143,470
Azul SA, preferred nominative shares1		771,000		5,184
WorkRise Technologies, Inc., Series E, preferred shares1,2,5,6		95,423		40,000
ABL Space Systems Co., Series B, preferred shares1,2,5,6		777,162		35,000
Relativity Space, Inc., Series D, preferred shares1,2,5,6		2,143,751		32,000
Einride AB, Series B, preferred shares1,2,3,5,6		1,079,588		14,887
				270,541
Health care 0.32%
Sartorius AG, nonvoting preferred, non-registered shares2		320,000		159,564
Brii Biosciences Ltd., Series C, preferred shares1,2,5,6		6,494,771		30,000
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares1,2,5,6		4,397,107		12,347
Grail, Inc., Series D, convertible preferred shares1,2,5,6		1,939,479		10,260
Artiva Biotherapeutics, Inc., Series B, preferred shares1,2,5,6		636,364		7,000
				219,171
Consumer discretionary 0.16%
Made.com Design Ltd., Series C-4, preferred shares1,2,3,5,6		2,067,967		58,700
Grove Collaborative, Inc., Series E, preferred shares1,2,5,6		2,611,018		26,000
Cava Group, Inc., Series F, preferred shares1,2,5,6,7		664,364		25,000
				109,700
Financials 0.07%
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,3,5,6		13,618		46,862
Total preferred securities (cost: $710,026,000)				1,073,378

SMALLCAP World Fund 15

Rights & warrants 0.10%	Shares		Value (000)
Information technology 0.07%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20231,2,7		1,274,800	$	46,207
Foursquare Labs, Inc., warrants, expire 20331,2,5,6		1,163,990		340
				46,547
Consumer staples 0.03%
Qingdao Richen Food Co., Ltd., Class A, warrants, expire 20221,2,7		2,415,300		25,425
Consumer discretionary 0.00%
DraftKings Inc., warrants, expire 20251,2		12,172		611
Total rights & warrants (cost: $88,255,000)				72,583
Convertible stocks 0.10%
Communication services 0.08%
Nextdoor Inc., Series H, convertible preferred shares2,5,6,7		1,512,513		54,330
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares2,3,5,6		3,468,862		15,332
Total convertible stocks (cost: $49,833,000)				69,662
Short-term securities 5.80%
Money market investments 5.04%
Capital Group Central Cash Fund 0.08%3,9		34,998,417		3,500,192
Money market investments purchased from securities lending collateral 0.76%
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.01%9,10		150,000,000		150,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%9,10		140,000,000		140,000
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%9,10		70,137,521		70,137
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.04%9,10		50,700,000		50,700
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%9,10		45,600,000		45,600
Fidelity Investments Money Market Government Portfolio, Class I 0.01%9,10		40,500,000		40,500
Capital Group Central Cash Fund 0.08%3,9,10		229,734		22,976
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%9,10		5,500,000		5,500
				525,413
Total short-term securities (cost: $4,025,318,000)				4,025,605
Total investment securities 101.00% (cost: $39,200,931,000)				70,135,596
Other assets less liabilities (1.00)%				(696,850	)
Net assets 100.00%			$	69,438,746

16 SMALLCAP World Fund

Investments in affiliates³

	Value of affiliates at 10/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2021 (000)		Dividend income (000)
Common stocks 19.52%
Information technology 3.60%
Netcompany Group AS, non-registered shares2	$	261,807	$	—	$	36,226	$	20,546		$	17,400		$	263,527	$	443
Network International Holdings PLC1,2		102,957		48,450		1,139		(98	)		91,142			241,312		—
Net One Systems Co., Ltd.2,4		313,706		13,177		16,497		5,906			(95,111	)		221,181		1,504
SHIFT Inc.1,2,4		149,519		58,714		7,674		4,212			(36,661	)		168,110		—
Bottomline Technologies, Inc.1		146,392		4,527		—		—			10,818			161,737		—
Fortnox AB2		143,848		—		88,833		59,119			26,558			140,692		285
Carel Industries SpA2		165,092		4,192		22,670		10,169			(16,416	)		140,367		—
eMemory Technology Inc.2		71,353		5,332		—		—			58,479			135,164		—
GB Group PLC2		96,159		2,979		—		—			28,257			127,395		431
Dye & Durham Ltd.		23,232		60,838		—		—			14,609			98,679		57
Dye & Durham Ltd.2,7		—		9,922		—		—			1,497			11,419		5
Tokai Carbon Korea Co., Ltd.2		—		79,971		—		—			22,408			102,379		172
Megaport Ltd.1,2		139,672		—		11,403		8,522			(43,073	)		93,718		—
Tanla Platforms Ltd.2		—		48,512		—		—			43,906			92,418		—
Nagarro SE1,2		—		82,896		—		—			8,316			91,212		—
PAR Technology Corp.1,4		39,764		13,460		—		—			27,693			80,917		—
Computer Age Management Services Ltd.2		10,130		47,738		—		—			15,556			73,424		453
Ideagen PLC2		—		70,486		—		—			1,863			72,349		22
LPKF Laser & Electronics AG, non-registered shares2,4		42,521		10,069		—		—			2,092			54,682		—
Unifiedpost Group SA1,2		51,564		11,545		—		—			(9,463	)		53,646		—
EcoOnline Holding AS1,2		—		29,416		—		—			(2,876	)		26,540		—
Smaregi, Inc.1,2,4		14,647		1,198		—		—			10,161			26,006		—
Conductor Technology Ltd.1,2,5,6		—		26,000		—		—			—			26,000		—
CANCOM SE, non-registered shares2,11		148,833		—		100,587		(11,384	)		3,066			—		—
Nuvei Corp., subordinate voting shares1,7,11		83,460		36,400		58,727		7,331			16,236			—		—
Paya Holdings Inc., Class A1,11		—		26,378		25,583		(795	)		—			—		—
Paya Holdings Inc., Class A1,2,7,11		—		50,000		60,997		10,997			—			—		—
SimCorp AS2,11		287,448		10,103		178,585		54,729			(61,188	)		—		1,311
Smartsheet Inc., Class A1,11		339,768		7,161		62,402		27,654			80,403			—		—
Yext, Inc.1,11		107,110		—		126,131		34,785			(15,764	)		—		—
														2,502,874
Consumer discretionary 4.50%
TopBuild Corp.1		403,067		12,205		22,859		9,286			82,090			483,789		—
YETI Holdings, Inc.1		226,417		74,714		9,137		3,309			141,920			437,223		—
Helen of Troy Ltd.1		126,272		176,528		—		—			13,104			315,904		—
IDP Education Ltd.2,4		194,977		8,493		—		—			65,192			268,662		918
Tube Investments of India Ltd.2		50,583		99,757		—		—			78,071			228,411		319
Shop Apotheke Europe NV, non-registered shares1,2,4		152,474		35,310		—		—			35,473			223,257		—
zooplus AG, non-registered shares1,2		106,273		—		—		—			56,961			163,234		—
BHG Group AB1,2,4		120,598		15,139		14,095		9,369			9,870			140,881		—
Strategic Education, Inc.		138,028		25,639		46,382		(28,076	)		28,042			117,251		1,368
Domino’s Pizza Group PLC2		124,794		—		9,746		792			1,310			117,150		—
Bajaj Electricals Ltd.1,2		46,868		5,497		—		—			44,208			96,573		—
Desenio Group AB1,2		—		86,180		—		—			8,984			95,164		—
Everi Holdings Inc.1		39,528		16,759		—		—			33,891			90,178		—
Musti Group Oyj2		54,475		11,475		9,640		1,955			18,747			77,012		1,181
Porch Group, Inc.1,4		—		81,676		—		—			(7,799	)		73,877		—
AcadeMedia AB2		65,102		—		12,270		5,744			4,052			62,628		1,389

SMALLCAP World Fund 17

Investments in affiliates³ (continued)

	Value of affiliates at 10/1/2020 (000)			Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2021 (000)			Dividend income (000)
Cairn Homes PLC1,2	$	46,064		$	—	$	—	$	—		$	15,654		$	61,718		$	—
Lojas Quero-Quero SA		22,356			21,171		—		—			(2,769	)		40,758			117
Beazer Homes USA, Inc.1		21,910			—		—		—			12,813			34,723			—
BNN Technology PLC1,2,5		—	8		—		—		—			—			—	8		—
Evolution Gaming Group AB2,11		653,356			53,423		201,227		158,310			660,562			—			—
GoCo Group PLC2,11		30,969			—		40,353		15,948			(6,564	)		—			—
OneSpaWorld Holdings Ltd.11		24,501			2,678		16,565		(10,301	)		25,285			—			—
Trainline PLC1,2,11		132,167			—		81,415		(12,636	)		19,871			—			—
															3,128,393
Health care 3.80%
Haemonetics Corp.1		313,334			51,342		—		—			86,182			450,858			—
Allakos Inc.1		311,345			23,164		27,920		7,840			128,741			443,170			—
GVS SpA1,2		160,421			3,991		—		—			26,822			191,234			—
Mani, Inc.2		169,994			—		7,863		(351	)		(12,633	)		149,147			615
Fagron NV2		138,130			—		—		—			(16,546	)		121,584			—
Health Catalyst, Inc.1		120,624			5,333		41,355		16,624			18,832			120,058			—
Metropolis Healthcare Ltd.2		94,292			—		—		—			24,606			118,898			426
Revance Therapeutics, Inc.1		82,758			21,538		—		—			10,767			115,063			—
Applied Molecular Transport Inc.1,4		80,251			3,996		—		—			30,269			114,516			—
Silk Road Medical, Inc.1		166,923			—		21,490		3,002			(43,184	)		105,251			—
Ocumension Therapeutics1,2,4		32,004			82,781		—		—			(15,134	)		99,651			—
New Frontier Health Corp., Class A1,7		71,060			181,293		188,343		(950	)		33,139			96,199			—
Kronos Bio, Inc.1		—			45,433		—		—			19,131			64,564			—
Kronos Bio, Inc.1,2,4,7		—			15,000		—		—			11,642			26,642			—
Addus HomeCare Corp.1		58,738			20,302		—		—			5,009			84,049			—
Cortexyme, Inc.1,4		117,669			1,164		4,095		(2,253	)		(31,148	)		81,337			—
Cellectis SA (ADR)1,4		40,965			—		—		—			3,787			44,752			—
Cellectis SA, non-registered shares1,2		21,878			—		—		—			1,634			23,512			—
Adaptimmune Therapeutics PLC (ADR)1		74,405			—		—		—			(24,895	)		49,510			—
Precision BioSciences, Inc.1		25,022			—		—		—			17,020			42,042			—
Autolus Therapeutics PLC (ADR)1,4		48,638			7,350		—		—			(26,029	)		29,959			—
Acutus Medical, Inc.1,4		30,871			19,616		—		—			(22,170	)		28,317			—
WIN-Partners Co., Ltd.2		19,422			—		—		—			(537	)		18,885			614
NuCana PLC (ADR)1		18,948			—		—		—			(660	)		18,288			—
CellaVision AB, non-registered shares1,2,11		62,142			—		27,091		8,784			(14,553	)		—			—
Flexion Therapeutics, Inc.1,11		39,797			—		40,975		(10,331	)		11,509			—			—
GW Pharmaceuticals PLC (ADR)1,11		175,171			4,916		377,633		219,344			(5,617	)		—			—
Neovasc Inc.1,11		2,476			—		1,017		(2,520	)		1,061			—			—
Pacific Biosciences of California, Inc.1,11		135,169			—		189,339		165,435			183,028			—			—
Revenio Group Oyj, non-registered shares2,11		63,690			—		28,336		16,541			(4,809	)		—			304
Xenon Pharmaceuticals Inc.1,4,11		22,353			—		—		—			13,791			—			—
															2,637,486
Industrials 4.39%
IMCD NV2		419,005			—		—		—			70,104			489,109			—
Meggitt PLC1,2		147,363			66,677		41,125		1,491			165,107			339,513			—
Diploma PLC2		217,621			45,118		—		—			59,367			322,106			3,474
Saia, Inc.1		134,364			54,666		—		—			123,362			312,392			—
Arcosa, Inc.		108,252			51,172		—		—			58,201			217,625			267
BayCurrent Consulting, Inc.2,4		57,697			92,968		6,253		356			70,692			215,460			631
Matson, Inc.		87,156			—		—		—			57,850			145,006			1,000

18 SMALLCAP World Fund

Investments in affiliates³ (continued)

	Value of affiliates at 10/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2021 (000)		Dividend income (000)
Instalco AB2	$	71,427	$	12,304	$	4,253	$	1,115		$	45,887		$	126,480	$	—
Japan Elevator Service Holdings Co., Ltd.2		97,944		—		—		—			23,292			121,236		563
Bingo Industries Ltd.2,4		85,378		—		—		—			27,504			112,882		566
Avon Rubber PLC2		130,603		—		—		—			(26,546	)		104,057		597
Alfen NV1,2		81,133		5,053		6,265		5,208			16,979			102,108		—
Granite Construction Inc.		40,979		12,089		15,407		2,457			61,123			101,241		754
DO & CO AG, non-registered shares1,2,4		8,882		33,011		—		—			11,870			53,763		—
Grace Technology, Inc.2,4		50,981		6,989		6,564		588			1,725			53,719		140
Pegasus Hava Tasimaciligi AS1,2		—		57,714		—		—			(6,251	)		51,463		—
Marlowe PLC1,2,7		—		45,941		—		—			1,515			47,456		—
Marlowe PLC1,2		—		2,839		—		—			17			2,856		—
Fasadgruppen Group AB1,2		—		25,107		—		—			20,746			45,853		—
Barrett Business Services, Inc.		21,658		12,319		—		—			8,080			42,057		366
Azelio AB1,2		6,443		22,032		—		—			11,801			40,276		—
Boyd Group Services Inc.4,11		166,456		—		9,726		1,817			14,908			—		233
Greaves Cotton Ltd.2,11		13,291		—		13,277		(13,401	)		13,387			—		—
														3,046,658
Financials 0.54%
Aavas Financiers Ltd.1,2		95,244		18,444		—		—			68,519			182,207		—
Seacoast Banking Corp. of Florida1		64,582		4,376		—		—			68,098			137,056		—
Uzabase, Inc.1,2		69,504		7,692		—		—			(23,307	)		53,889		—
Cannae Holdings, Inc.1,11		273,210		—		213,182		78,414			(67,266	)		—		—
Greenhill & Co., Inc.11		13,276		—		12,953		(25,173	)		24,850			—		58
Trupanion, Inc.1,11		220,565		—		100,034		80,039			(74,046	)		—		—
														373,152
Consumer staples 1.20%
Emmi AG2		315,972		8,871		—		—			4,236			329,079		—
Grocery Outlet Holding Corp.1		181,783		76,379		—		—			(14,872	)		243,290		—
Simply Good Foods Co., Class A1		146,655		—		—		—			55,668			202,323		—
Hotel Chocolat Group PLC2,4		34,294		—		2,474		(137	)		7,147			38,830		—
JOANN Inc.1,4		—		24,639		—		—			(3,768	)		20,871		—
														834,393
Communication services 0.18%
Direct Marketing MIX Inc.2		23,937		8,229		—		—			6,361			38,527		60
Bambuser AB1,2		—		21,012		—		—			12,914			33,926		—
Kamakura Shinsho, Ltd.2,4		20,275		—		—		—			6,360			26,635		22
Pebble Group PLC1,2		13,569		—		—		—			12,285			25,854		—
Iridium Communications Inc.1,7,11		16,272		—		—		—			9,968			—		—
Iridium Communications Inc.1,11		178,010		—		125,131		98,661			24,049			—		—
														124,942
Materials 0.76%
Navin Fluorine International Ltd.2		105,113		12,012		—		—			27,943			145,068		235
Nanofilm Technologies International Ltd.1,2		—		87,176		—		—			54,899			142,075		—
JCU Corp.2,4		60,133		22,585		10,222		3,779			5,425			81,700		486
Re:NewCell AB1,2,4		—		15,248		—		—			30,972			46,220		—
Re:NewCell AB1,2		—		5,202		—		—			5,444			10,646		—
Venator Materials PLC1,4		15,195		1,275		—		—			23,065			39,535		—
Aluflexpack AG1,2		23,928		8,734		6,226		2,497			5,129			34,062		—

SMALLCAP World Fund 19

Investments in affiliates³ (continued)

	Value of affiliates at 10/1/2020 (000)		Additions (000)			Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2021 (000)		Dividend income (000)
Gulf Oil Lubricants India Ltd.2	$	21,229	$	1,289		$	—		$	—		$	2,625		$	25,143	$	245
Excelsior Mining Corp.1,11		6,572		—			—			—			1,108			—		—
																524,449
Real estate 0.45%
Altus Group Ltd.		134,523		1,524			—			—			21,392			157,439		769
K-Fast Holding AB, Class B1,2		43,130		—			—			—			7,327			50,457		—
JHSF Participações SA		49,903		—			—			—			(398	)		49,505		481
SRE Holdings Corp.1,2,4		—		32,001			—			—			9,296			41,297		—
Mitre Realty Empreendimentos e Participações SA1		14,522		—			—			—			(603	)		13,919		—
Cyrela Commercial Properties SA, ordinary nominative11		19,160		—			22,430			(17,375	)		20,645			—		944
Foxtons Group PLC1,2,11		8,532		—			7,924			(3,692	)		3,084			—		—
WHA Corp. PCL2,11		75,192		—			53,599			(1,987	)		6,515			—		284
																312,617
Energy 0.10%
Northern Oil and Gas, Inc.1,4		—		44,695			—			—			8,394			53,089		—
Savannah Energy PLC1,2		8,759		—			—			—			6,401			15,160		—
																68,249
Utilities 0.00%
Mytrah Energy Ltd.1,2,5		135		—			—			—			9			144		—
Total common stocks																13,553,357
Preferred securities 0.33%
Information technology 0.15%
Avidxchange, Inc., Series F, preferred shares1,2,5,6		105,844		—			—			—			—			105,844		—
Industrials 0.02%
Einride AB, Series B, preferred shares1,2,5,6		—		15,153			—			—			(266	)		14,887		—
Consumer discretionary 0.09%
Made.com Design Ltd., Series C-4, preferred shares1,2,5,6		46,537		—			—			—			12,163			58,700		—
Financials 0.07%
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,5,6		—		48,694			—			—			(1,832	)		46,862		—
Total preferred securities																226,293
Rights & warrants 0.00%
Health care 0.00%
Neovasc Inc., warrants, expire 20251,2,11		47		—			1			1			(47	)		—		—
Convertible stocks 0.02%
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares2,5,6		13,945		—			—			—			1,387			15,332		—
Short-term securities 5.07%
Money market investments 5.04%
Capital Group Central Cash Fund 0.08%9		1,519,845		5,253,824			3,273,477			5			(5	)		3,500,192		1,409
Money market investments purchased from securities lending collateral 0.03%
Capital Group Central Cash Fund 0.08%9,10		—		—	12		—	12		—	12		—	12		22,976		—	12
Total short-term securities																3,523,168
Total 24.94%									$	1,021,221		$	3,145,919		$	17,318,150	$	25,518

20 SMALLCAP World Fund

1	Security did not produce income during the last 12 months.
2	Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $29,884,070,000, which represented 43.04% of the net assets of the fund. This amount includes $28,309,492,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
3	Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.
4	All or a portion of this security was on loan. The total value of all such securities was $946,203,000, which represented 1.36% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
5	Value determined using significant unobservable inputs.
6	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
7	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $630,000,000, which represented .91% of the net assets of the fund.
8	Amount less than one thousand.
9	Rate represents the seven-day yield at 3/31/2021.
10	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
11	Unaffiliated issuer at 3/31/2021.
12	Information not shown for money market investments purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares	5/27/2020	$	78,500	$	185,483		.27	%
Marqeta, Inc.	8/17/2020		13,785		32,572		.05
agilon health, inc.	1/4/2019-3/4/2020		50,494		158,276		.23
Avidxchange, Inc., Series F, preferred shares	12/26/2019		105,844		105,844		.15
VisEra Technologies Company Ltd.	3/9/2021		93,821		93,281		.13
Made.com Design Ltd., Series C-4, preferred shares	3/2/2018		41,328		58,700		.08
Nextdoor Inc., Series H, convertible preferred shares	5/8/2019		30,833		54,330		.08
Patreon, Inc., Series E, preferred shares	9/1/2020		11,944		33,061		.05
Patreon, Inc., Class B	10/26/2020-10/27/2020		3,255		8,994		.01
Patreon, Inc., Series Seed, preferred shares	9/16/2020		2,790		7,723		.01
PPRO Holding GMBS, Series B, 8.00% preferred shares	1/28/2021		48,694		46,862		.07
Gitlab Inc., Series E, preferred shares	9/11/2019		19,450		41,762		.06
WorkRise Technologies, Inc., Series E, preferred shares	3/8/2021		40,000		40,000		.06
ABL Space Systems Co., Series B, preferred shares	3/24/2021		35,000		35,000		.05
Relativity Space, Inc., Series D, preferred shares	11/20/2020		32,000		32,000		.05
Yotpo Ltd., Series F, preferred shares	2/25/2021		18,329		18,329		.03
Yotpo Ltd.	3/16/2021		5,475		5,475		.01
Yotpo Ltd., Series B, preferred shares	3/16/2021		2,322		2,322		.00
Yotpo Ltd., Series C, preferred shares	3/16/2021		2,211		2,211		.00
Yotpo Ltd., Series A-1, preferred shares	3/16/2021		1,483		1,483		.00
Yotpo Ltd., Series A, preferred shares	3/16/2021		723		723		.00
Yotpo Ltd., Series C-1, preferred shares	3/16/2021		613		613		.00
Yotpo Ltd., Series D, preferred shares	3/16/2021		342		341		.00
Yotpo Ltd., Series B-1, preferred shares	3/16/2021		273		273		.00
Brii Biosciences Ltd., Series C, preferred shares	2/26/2021		30,000		30,000		.04
Acerta Pharma BV	5/7/2014		11,250		27,006		.04
Credo Technology Group Holding, Ltd., Series D, 8.00% noncumulative, preferred shares	3/20/2020		20,000		23,253		.03
Credo Technology Group Holding, Ltd., Series D+, 8.00% noncumulative, preferred shares	12/22/2020		3,683		3,683		.01
Conductor Technology Ltd.	10/19/2020		26,000		26,000		.04
Grove Collaborative, Inc., Series E, preferred shares	11/3/2020		26,000		26,000		.04
Cava Group, Inc., Series F, preferred shares	3/26/2021		25,000		25,000		.04
Venture Global LNG, Inc., Series C	5/1/2015		12,720		18,212		.03
RealSelf, Inc., Series C, convertible preferred shares	4/18/2018		19,000		15,332		.02
Einride AB, Series B, preferred shares	3/23/2021		15,153		14,887		.02
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares	2/7/2020		9,000		12,347		.02

SMALLCAP World Fund 21

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Grail, Inc., Series D, convertible preferred shares	4/17/2020	$	9,907	$	10,260		.01	%
Artiva Biotherapeutics, Inc., Series B, preferred shares	2/24/2021		7,000		7,000		.01
Foursquare Labs, Inc., Series A	12/3/2013		20,000		5,084		.01
Foursquare Labs, Inc., warrants, expire 2033	12/3/2013		—		340		.00
Total private placement securities		$	874,222	$	1,210,062		1.75	%

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GDR = Global Depositary Receipts

SDR = Swedish Depositary Receipts

See notes to financial statements.

22 SMALLCAP World Fund

Financial statements

Statement of assets and liabilities at March 31, 2021	unaudited (dollars in thousands)
Assets:
Investment securities, at value (includes $946,203 of investment securities on loan):
Unaffiliated issuers (cost: $26,955,300)	$	52,817,446
Affiliated issuers (cost: $12,245,631)		17,318,150	$	70,135,596
Cash				24,917
Cash denominated in currencies other than U.S. dollars (cost: $6,200)				6,206
Receivables for:
Sales of investments		135,696
Sales of fund’s shares		97,887
Dividends and interest		36,536
Securities lending income		51
Other		26		270,196
				70,436,915
Liabilities:
Collateral for securities on loan				525,413
Payables for:
Purchases of investments		233,154
Repurchases of fund’s shares		38,715
Investment advisory services		35,568
Services provided by related parties		15,859
Directors’ deferred compensation		5,023
Non-U.S. taxes		140,766
Other		3,671		472,756
Net assets at March 31, 2021			$	69,438,746
Net assets consist of:
Capital paid in on shares of capital stock			$	34,462,776
Total distributable earnings				34,975,970
Net assets at March 31, 2021			$	69,438,746

See notes to financial statements.

SMALLCAP World Fund 23

Statement of assets and liabilities at March 31, 2021 (continued)	unaudited
(dollars and shares in thousands, except per-share amounts)

Total authorized capital stock — 2,000,000 shares, $.01 par value (841,311 total shares outstanding)
	Net assets		Shares outstanding			Net asset value per share
Class A	$	35,219,948		428,814		$	82.13
Class C		697,820		10,108			69.04
Class T		17		—	*		82.92
Class F-1		828,295		10,231			80.96
Class F-2		9,058,036		107,730			84.08
Class F-3		4,316,729		51,709			83.48
Class 529-A		2,098,822		25,930			80.94
Class 529-C		94,463		1,341			70.44
Class 529-E		78,059		1,003			77.84
Class 529-T		20		—	*		82.77
Class 529-F-1		12		—	*		82.65
Class 529-F-2		241,485		2,937			82.21
Class 529-F-3		13		—	*		82.24
Class R-1		33,624		470			71.61
Class R-2		702,313		9,796			71.70
Class R-2E		45,638		569			80.19
Class R-3		970,855		12,518			77.55
Class R-4		1,014,498		12,456			81.45
Class R-5E		120,493		1,456			82.74
Class R-5		495,210		5,786			85.58
Class R-6		13,422,396		158,457			84.71

* Amount less than one thousand.

See notes to financial statements.

24 SMALLCAP World Fund

Financial statements (continued)

Statement of operations for the six months ended March 31, 2021	unaudited (dollars in thousands)
Investment income:
Income:
Dividends (net of non-U.S. taxes of $9,853; also includes $25,518 from affiliates)	$	139,147
Securities lending income (net of fees)		15,071
Interest		518		$	154,736
Fees and expenses*:
Investment advisory services		194,892
Distribution services		54,539
Transfer agent services		27,883
Administrative services		9,636
Reports to shareholders		1,239
Registration statement and prospectus		783
Directors’ compensation		813
Auditing and legal		98
Custodian		4,136
State and local taxes		1
Other		1,331
Total fees and expenses before waiver/reimbursement		295,351
Less waiver/reimbursement of fees and expenses:
Investment advisory services waiver		96
Transfer agent services reimbursement		—	†
Total fees and expenses after waiver/reimbursement					295,255
Net investment loss					(140,519	)
Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $3,820):
Unaffiliated issuers		4,226,795
Affiliated issuers		1,021,221
Currency transactions		(2,174	)		5,245,842
Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $137,515):
Unaffiliated issuers		5,903,403
Affiliated issuers		3,145,919
Currency translations		(1,665	)		9,047,657
Net realized gain and unrealized appreciation					14,293,499
Net increase in net assets resulting from operations				$	14,152,980

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
†	Amount less than one thousand.

See notes to financial statements.

SMALLCAP World Fund 25

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)
	Six months ended March 31, 2021*			Year ended September 30, 2020
Operations:
Net investment loss	$	(140,519	)	$	(69,462	)
Net realized gain		5,245,842			598,854
Net unrealized appreciation		9,047,657			10,439,314
Net increase in net assets resulting from operations		14,152,980			10,968,706
Distributions paid to shareholders		(1,036,459	)		(1,983,014	)
Net capital share transactions		1,623,027			1,758,107
Total increase in net assets		14,739,548			10,743,799
Net assets:
Beginning of period		54,699,198			43,955,399
End of period	$	69,438,746		$	54,699,198

* Unaudited.

See notes to financial statements.

26 SMALLCAP World Fund

Notes to financial statements unaudited

1. Organization

SMALLCAP World Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940 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 Maryland corporation to a Delaware statutory trust. The reorganization may be completed in the next year; however, the fund reserves the right to delay the implementation.

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

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

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

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

2. Significant accounting policies

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

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

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

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

SMALLCAP World Fund 27

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.

3. Valuation

Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

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

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

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

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

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

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

28 SMALLCAP World Fund

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

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

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of March 31, 2021 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	8,760,055	$	6,169,492	$	329,682	$	15,259,229
Consumer discretionary		6,308,398		6,788,166		—		13,096,564
Health care		8,821,127		3,580,212		27,019		12,428,358
Industrials		4,402,254		6,837,698		—		11,239,952
Financials		3,906,699		1,693,510		—		5,600,209
Consumer staples		1,001,248		1,134,626		—		2,135,874
Communication services		976,393		739,617		1,607		1,717,617
Materials		552,139		952,722		—		1,504,861
Real estate		646,716		380,751		—		1,027,467
Energy		649,317		112,784		18,212		780,313
Utilities		52,921		50,859		144		103,924
Preferred securities		148,654		159,564		765,160		1,073,378
Rights & warrants		—		72,243		340		72,583
Convertible stocks		—		—		69,662		69,662
Short-term securities		4,025,605		—		—		4,025,605
Total	$	40,251,526	$	28,672,244	$	1,211,826	$	70,135,596

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended March 31, 2021 (dollars in thousands):

	Beginning		Transfers							Net					Transfers			Ending
	value at		into							realized			Unrealized		out of			value at
	10/1/2020		Level 3*		Purchases		Sales			loss†			appreciation†		Level 3*			3/31/2021
Investment securities	$	706,252	$	—	$	483,258	$	(127,178	)	$	(40,000	)	$	214,694	$	(25,200	)	$	1,211,826
Net unrealized appreciation during the period on Level 3 investment securities held at March 31, 2021																		$	167,452

*	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
†	Net realized loss and unrealized appreciation are included in the related amounts on investments in the statement of operations.

SMALLCAP World Fund 29

Unobservable inputs — Valuation of the fund’s Level 3 securities is 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 following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 3/31/2021	Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
		Liquidation value	N/A	N/A	N/A	N/A
		Transaction price	N/A	N/A	N/A	N/A
			Risk discount	5%	5%	Decrease
		Recent market	Quoted price	N/A	N/A	N/A
		information	DLOM	15%	15%	Decrease
		Expected proceeds	Discount rate	10%	10%	Decrease
Common stocks	$ 376,664		Expected proceeds	N/A	N/A	N/A
			Price/Cash flow multiple	10.0x	10.0x	Increase
			Price/Sales multiple	3.0x	3.0x	Increase
		Market comparable	EV/Sales multiple	7.5x	7.5x	Increase
		companies	DLOM	23% - 30%	23%	Decrease
			$ per one billion Btu	$2.25	$2.25	Increase
			MMTPA	10 MMTPA	10 MMTPA	Increase
		Transaction price	N/A	N/A	N/A	N/A
			Risk discount	5%	5%	Decrease
		Expected merger proceeds	Expected cash proceeds	N/A	N/A	N/A
			Quoted price	N/A	N/A	N/A
Preferred securities	765,160		Risk discount	50%	50%	Decrease
			DLOM	17%	17%	Decrease
		Recent market	Risk discount	10%	10%	Decrease
		information	Estimated initial public offering equity valuation	GBP 1 billion	GBP 1 billion	Increase
Rights & warrants	340	Black-Scholes	Underlying share price	$2.58	$2.58	Increase
			Implied volatility	30%	30%	Increase
Convertible stocks	69,662	Market comparable companies	EV/Sales multiple	15.6x - 24.4x	22.5x	Increase
			Adjustment based on market movement (decrease)	4%	4%	Decrease
			DLOM	21%	21%	Decrease
			Discount to revenue	50%	50%	Decrease
			Market comparables discount	30% - 50%	46%	Decrease
Total	$1,211,826

*	Weighted average is by relative fair value.
†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

Btu = British thermal unit
DLOM = Discount for lack of marketability
EV = Enterprise value
GBP = British pounds
MMTPA = Million metric tonnes per annum

4. Risk factors

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

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

30 SMALLCAP World Fund

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

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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, 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 may be forced to sell at a loss.

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.

SMALLCAP World Fund 31

5. Certain investment techniques

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

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

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

As of March 31, 2021, the total value of securities on loan was $946,203,000, and the total value of collateral received was $996,626,000. Collateral received includes cash of $525,413,000 and U.S. government securities of $471,213,000. Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

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

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended March 31, 2021, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended March 31, 2021, the fund recognized $237,000 in reclaims (net of fees and the effect of realized gain or loss from currency translations) and $97,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

32 SMALLCAP World Fund

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 components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2020, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Late year ordinary loss deferral1	$	(79,440	)
Undistributed long-term capital gains		899,759
Post-October capital loss deferral1		(599,764	)

¹ These deferrals are considered incurred in the subsequent year.

As of March 31, 2021, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	31,663,444
Gross unrealized depreciation on investments		(815,497	)
Net unrealized appreciation on investments		30,847,947
Cost of investments		39,287,649

Tax-basis distributions paid to shareholders from long-term capital gains were as follows (dollars in thousands):

Share class	Six months ended March 31, 2021			Year ended September 30, 2020
Class A	$	533,185		$	1,041,215
Class C		12,765			33,474
Class T		—	2		1
Class F-1		14,136			31,740
Class F-2		127,813			220,843
Class F-3		60,263			99,063
Class 529-A		32,362			60,724
Class 529-C		1,788			9,039
Class 529-E		1,256			2,675
Class 529-T		—	2		1
Class 529-F-1		—	2		6,564
Class 529-F-23		3,561
Class 529-F-33		—	2
Class R-1		596			1,181
Class R-2		12,517			26,644
Class R-2E		671			1,329
Class R-3		16,023			34,779
Class R-4		15,839			34,471
Class R-5E		1,654			2,101
Class R-5		7,260			16,041
Class R-6		194,770			361,129
Total	$	1,036,459		$	1,983,014

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

7. Fees and transactions with related parties

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

SMALLCAP World Fund 33

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 0.800% on the first $1 billion of daily net assets and decreasing to 0.589% on such assets in excess of $44 billion. During the six months ended March 31, 2021, CRMC voluntarily waived investment advisory services fees of $96,000. CRMC does not intend to recoup this waiver. As a result, the fees shown on the statement of operations of $194,892,000, which were equivalent to an annualized rate of 0.607% of average daily net assets, were reduced to $194,796,000, which were equivalent to an annualized rate of 0.606% 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 directors 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 0.30% to 1.00% as noted in this section. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Class 529-A		0.30			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of March 31, 2021, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders. For the six months ended March 31, 2021, CRMC reimbursed transfer agent services fees of less than $1,000 for Class 529-F-3 shares. CRMC does not intend to recoup this reimbursement.

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

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fee is based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. The quarterly fee is based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

34 SMALLCAP World Fund

For the six months ended March 31, 2021, class-specific expenses under the agreements were as follows (dollars in thousands):

	Distribution			Transfer agent			Administrative			529 plan
Share class	services			services			services			services
Class A	$	41,051		$	18,667		$	4,920		Not applicable
Class C		3,259			382			99		Not applicable
Class T		—			—	*		—	*	Not applicable
Class F-1		1,035			605			125		Not applicable
Class F-2		Not applicable			4,258			1,213		Not applicable
Class F-3		Not applicable			127			571		Not applicable
Class 529-A		2,254			1,037			294		$591
Class 529-C		451			51			14		28
Class 529-E		181			17			11		22
Class 529-T		—			—	*		—	*	—	*
Class 529-F-1		—	*		12			5		10
Class 529-F-2†		Not applicable			82			28		57
Class 529-F-3†		Not applicable			—	*		—	*	—	*
Class R-1		158			18			5		Not applicable
Class R-2		2,512			1,161			100		Not applicable
Class R-2E		124			43			6		Not applicable
Class R-3		2,312			702			139		Not applicable
Class R-4		1,202			482			144		Not applicable
Class R-5E		Not applicable			79			16		Not applicable
Class R-5		Not applicable			119			70		Not applicable
Class R-6		Not applicable			41			1,876		Not applicable
Total class-specific expenses		$54,539			$27,883			$9,636		$708

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

Directors’ deferred compensation — Directors 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. Directors’ compensation of $813,000 in the fund’s statement of operations reflects $116,000 in current fees (either paid in cash or deferred) and a net increase of $697,000 in the value of the deferred amounts.

Affiliated officers and directors — Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or directors 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 investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of directors. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended March 31, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $65,096,000 and $701,080,000, respectively, which generated $458,801,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended March 31, 2021.

SMALLCAP World Fund 35

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. Committed line of credit

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the six months ended March 31, 2021.

10. Capital share transactions

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

						Reinvestments of												Net increase
	Sales1					distributions						Repurchases1						(decrease)
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2021
Class A	$	2,114,971		26,711		$	526,554			6,720		$	(1,875,097	)		(24,087	)	$	766,428			9,344
Class C		73,384		1,094			12,733			193			(94,821	)		(1,436	)		(8,704	)		(149	)
Class T		—		—			—			—			—			—			—			—
Class F-1		52,921		684			13,924			180			(145,120	)		(1,834	)		(78,275	)		(970	)
Class F-2		1,600,358		19,813			124,564			1,554			(903,773	)		(11,258	)		821,149			10,109
Class F-3		877,246		10,937			60,027			754			(448,126	)		(5,611	)		489,147			6,080
Class 529-A		141,541		1,821			32,348			419			(135,542	)		(1,767	)		38,347			473
Class 529-C		9,004		134			1,788			27			(21,276	)		(318	)		(10,484	)		(157	)
Class 529-E		5,574		74			1,255			17			(6,061	)		(81	)		768			10
Class 529-T		—		—			—	2		—	2		—			—			—	2		—	2
Class 529-F-1		4,003		58			—	2		—	2		(183,036	)		(2,779	)		(179,033	)		(2,721	)
Class 529-F-23		209,853		3,123			3,555			45			(18,376	)		(231	)		195,032			2,937
Class 529-F-33		10		—	2		—	2		—	2		—			—			10			—	2
Class R-1		3,501		50			585			9			(4,664	)		(68	)		(578	)		(9	)
Class R-2		73,004		1,057			12,506			183			(104,850	)		(1,552	)		(19,340	)		(312	)
Class R-2E		7,526		96			671			9			(6,029	)		(80	)		2,168			25
Class R-3		108,714		1,463			16,007			216			(147,741	)		(2,014	)		(23,020	)		(335	)
Class R-4		100,483		1,283			15,838			203			(133,709	)		(1,739	)		(17,388	)		(253	)
Class R-5E		26,864		344			1,653			21			(13,219	)		(171	)		15,298			194
Class R-5		44,578		540			7,258			89			(58,748	)		(745	)		(6,912	)		(116	)
Class R-6		949,043		11,618			193,850			2,401			(1,504,479	)		(19,414	)		(361,586	)		(5,395	)
Total net increase (decrease)	$	6,402,578		80,900		$	1,025,116			13,040		$	(5,804,667	)		(75,185	)	$	1,623,027			18,755

See end of table for footnotes.

36 SMALLCAP World Fund

						Reinvestments of											Net increase
	Sales1					distributions					Repurchases1						(decrease)
Share class	Amount		Shares			Amount		Shares			Amount			Shares			Amount			Shares
					��
Year ended September 30, 2020
Class A	$	2,336,768		40,761		$	1,027,576		17,535		$	(3,286,935	)		(58,851	)	$	77,409			(555	)
Class C		74,964		1,548			33,326		668			(304,344	)		(6,158	)		(196,054	)		(3,942	)
Class T		—		—			—		—			—			—			—			—
Class F-1		103,668		1,857			31,344		542			(229,459	)		(4,094	)		(94,447	)		(1,695	)
Class F-2		1,931,436		32,933			214,340		3,587			(1,472,587	)		(26,146	)		673,189			10,374
Class F-3		931,464		15,970			98,775		1,666			(602,510	)		(10,586	)		427,729			7,050
Class 529-A		243,478		4,160			60,720		1,051			(245,122	)		(4,290	)		59,076			921
Class 529-C		16,043		324			9,036		178			(147,381	)		(2,822	)		(122,302	)		(2,320	)
Class 529-E		4,605		85			2,675		48			(13,135	)		(240	)		(5,855	)		(107	)
Class 529-T		—		—			1		—	2		—			—			1			—	2
Class 529-F-1		29,821		514			6,562		112			(31,702	)		(548	)		4,681			78
Class R-1		3,771		75			1,174		23			(5,519	)		(111	)		(574	)		(13	)
Class R-2		98,714		1,965			26,618		514			(170,182	)		(3,415	)		(44,850	)		(936	)
Class R-2E		7,926		142			1,329		23			(8,057	)		(146	)		1,198			19
Class R-3		128,172		2,383			34,736		625			(243,937	)		(4,559	)		(81,029	)		(1,551	)
Class R-4		114,432		2,030			34,458		593			(242,163	)		(4,348	)		(93,273	)		(1,725	)
Class R-5E		43,355		781			2,100		36			(14,803	)		(257	)		30,652			560
Class R-5		49,372		835			16,026		264			(104,908	)		(1,776	)		(39,510	)		(677	)
Class R-6		2,104,180		37,740			361,112		6,007			(1,303,226	)		(21,874	)		1,162,066			21,873
Total net increase (decrease)	$	8,222,169		144,103		$	1,961,908		33,472		$	(8,425,970	)		(150,221	)	$	1,758,107			27,354

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

11. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $11,524,272,000 and $11,963,239,000, respectively, during the six months ended March 31, 2021.

SMALLCAP World Fund 37

Financial highlights

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net (loss) income to average net assets3
Class A:
3/31/20215,6	$	66.23	$	(.21	)	$	17.38		$	17.17		$	—		$	(1.27	)	$	(1.27	)	$	82.13		26.01	%7	$	35,220			1.02	%8		1.02	%8		(.54	)%8
9/30/2020		55.24		(.15	)		13.63			13.48			—			(2.49	)		(2.49	)		66.23		24.98			27,781			1.06			1.06			(.25	)
9/30/2019		60.19		.05			(1.69	)		(1.64	)		—			(3.31	)		(3.31	)		55.24		(1.37	)		23,203			1.06			1.06			.09
9/30/2018		55.60		.04			7.05			7.09			—			(2.50	)		(2.50	)		60.19		13.13			24,203			1.04			1.04			.06
9/30/2017		47.24		.07			8.45			8.52			(.16	)		—			(.16	)		55.60		18.11			21,383			1.07			1.07			.14
9/30/2016		45.04		.04			4.99			5.03			—			(2.83	)		(2.83	)		47.24		11.72			18,762			1.10			1.10			.08
Class C:
3/31/20215,6		56.04		(.42	)		14.69			14.27			—			(1.27	)		(1.27	)		69.04		25.57	7		698			1.76	8		1.76	8		(1.28	)8
9/30/2020		47.42		(.48	)		11.59			11.11			—			(2.49	)		(2.49	)		56.04		24.07			575			1.79			1.79			(.97	)
9/30/2019		52.63		(.32	)		(1.58	)		(1.90	)		—			(3.31	)		(3.31	)		47.42		(2.13	)		673			1.82			1.82			(.68	)
9/30/2018		49.30		(.38	)		6.21			5.83			—			(2.50	)		(2.50	)		52.63		12.23			807			1.83			1.83			(.74	)
9/30/2017		42.08		(.29	)		7.51			7.22			—			—			—			49.30		17.16			810			1.87			1.87			(.66	)
9/30/2016		40.73		(.29	)		4.47			4.18			—			(2.83	)		(2.83	)		42.08		10.82			824			1.90			1.90			(.73	)
Class T:
3/31/20215,6		66.78		(.12	)		17.53			17.41			—			(1.27	)		(1.27	)		82.92		26.16	7,9		—	10		.79	8,9		.79	8,9		(.31	)8,9
9/30/2020		55.54		—	11		13.73			13.73			—			(2.49	)		(2.49	)		66.78		25.30	9		—	10		.81	9		.81	9		—	9,12
9/30/2019		60.35		.18			(1.68	)		(1.50	)		—			(3.31	)		(3.31	)		55.54		(1.14	)9		—	10		.82	9		.82	9		.33	9
9/30/2018		55.64		.15			7.06			7.21			—			(2.50	)		(2.50	)		60.35		13.36	9		—	10		.85	9		.85	9		.25	9
9/30/20175,13		49.61		.13			5.90			6.03			—			—			—			55.64		12.15	7,9		—	10		.42	7,9		.42	7,9		.25	7,9
Class F-1:
3/31/20215,6		65.31		(.22	)		17.14			16.92			—			(1.27	)		(1.27	)		80.96		26.00	7		828			1.05	8		1.05	8		(.57	)8
9/30/2020		54.51		(.15	)		13.44			13.29			—			(2.49	)		(2.49	)		65.31		24.96			731			1.08			1.08			(.26	)
9/30/2019		59.47		.03			(1.68	)		(1.65	)		—			(3.31	)		(3.31	)		54.51		(1.43	)		703			1.10			1.10			.05
9/30/2018		55.00		—	11		6.97			6.97			—			(2.50	)		(2.50	)		59.47		13.06			770			1.09			1.09			.01
9/30/2017		46.74		.05			8.36			8.41			(.15	)		—			(.15	)		55.00		18.06			792			1.10			1.10			.11
9/30/2016		44.60		.03			4.94			4.97			—			(2.83	)		(2.83	)		46.74		11.69			718			1.11			1.11			.07
Class F-2:
3/31/20215,6		67.69		(.11	)		17.77			17.66			—			(1.27	)		(1.27	)		84.08		26.17	7		9,058			.77	8		.77	8		(.28	)8
9/30/2020		56.26		.01			13.91			13.92			—			(2.49	)		(2.49	)		67.69		25.32			6,608			.79			.79			.02
9/30/2019		61.07		.20			(1.70	)		(1.50	)		—			(3.31	)		(3.31	)		56.26		(1.12	)		4,909			.80			.80			.36
9/30/2018		56.24		.20			7.13			7.33			—			(2.50	)		(2.50	)		61.07		13.41			4,459			.78			.78			.34
9/30/2017		47.80		.19			8.54			8.73			(.29	)		—			(.29	)		56.24		18.40			2,894			.82			.82			.38
9/30/2016		45.42		.16			5.05			5.21			—			(2.83	)		(2.83	)		47.80		12.03			2,118			.82			.82			.36
Class F-3:
3/31/20215,6		67.18		(.07	)		17.64			17.57			—			(1.27	)		(1.27	)		83.48		26.24	7		4,317			.67	8		.67	8		(.18	)8
9/30/2020		55.80		.07			13.80			13.87			—			(2.49	)		(2.49	)		67.18		25.44			3,065			.68			.68			.12
9/30/2019		60.54		.25			(1.68	)		(1.43	)		—			(3.31	)		(3.31	)		55.80		(1.02	)		2,153			.70			.70			.46
9/30/2018		55.74		.24			7.06			7.30			—			(2.50	)		(2.50	)		60.54		13.49			1,856			.71			.71			.41
9/30/20175,14		47.93		.25			7.56			7.81			—			—			—			55.74		16.30	7		1,221			.71	8		.71	8		.70	8
Class 529-A:
3/31/20215,6		65.29		(.22	)		17.14			16.92			—			(1.27	)		(1.27	)		80.94		25.98	7		2,099			1.06	8		1.06	8		(.58	)8
9/30/2020		54.51		(.16	)		13.43			13.27			—			(2.49	)		(2.49	)		65.29		24.95			1,662			1.09			1.09			(.28	)
9/30/2019		59.47		.02			(1.67	)		(1.65	)		—			(3.31	)		(3.31	)		54.51		(1.43	)		1,337			1.12			1.12			.03
9/30/2018		55.01		—	11		6.96			6.96			—			(2.50	)		(2.50	)		59.47		13.05			1,430			1.11			1.11			—	12
9/30/2017		46.74		.04			8.36			8.40			(.13	)		—			(.13	)		55.01		18.03			1,195			1.13			1.13			.08
9/30/2016		44.63		—	11		4.94			4.94			—			(2.83	)		(2.83	)		46.74		11.64			1,024			1.17			1.17			—	12

See end of table for footnotes.

38 SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net (loss) income to average net assets3
Class 529-C:
3/31/20215,6	$	57.17	$	(.44	)	$	14.98		$	14.54		$	—		$	(1.27	)	$	(1.27	)	$	70.44		25.53	%7	$	94			1.79	%8		1.79	%8		(1.31	)%8
9/30/2020		48.35		(.49	)		11.80			11.31			—			(2.49	)		(2.49	)		57.17		24.02			86			1.84			1.84			(.99	)
9/30/2019		53.60		(.34	)		(1.60	)		(1.94	)		—			(3.31	)		(3.31	)		48.35		(2.17	)		185			1.86			1.86			(.72	)
9/30/2018		50.18		(.42	)		6.34			5.92			—			(2.50	)		(2.50	)		53.60		12.19			230			1.88			1.88			(.81	)
9/30/2017		42.85		(.32	)		7.65			7.33			—			—			—			50.18		17.11			314			1.91			1.91			(.70	)
9/30/2016		41.45		(.31	)		4.54			4.23			—			(2.83	)		(2.83	)		42.85		10.78			286			1.96			1.96			(.78	)
Class 529-E:
3/31/20215,6		62.89		(.29	)		16.51			16.22			—			(1.27	)		(1.27	)		77.84		25.88	7		78			1.26	8		1.26	8		(.78	)8
9/30/2020		52.68		(.26	)		12.96			12.70			—			(2.49	)		(2.49	)		62.89		24.70			62			1.28			1.28			(.47	)
9/30/2019		57.73		(.09	)		(1.65	)		(1.74	)		—			(3.31	)		(3.31	)		52.68		(1.64	)		58			1.31			1.31			(.17	)
9/30/2018		53.57		(.12	)		6.78			6.66			—			(2.50	)		(2.50	)		57.73		12.82			64			1.32			1.32			(.22	)
9/30/2017		45.53		(.06	)		8.14			8.08			(.04	)		—			(.04	)		53.57		17.77			59			1.35			1.35			(.13	)
9/30/2016		43.63		(.09	)		4.82			4.73			—			(2.83	)		(2.83	)		45.53		11.39			53			1.38			1.38			(.21	)
Class 529-T:
3/31/20215,6		66.67		(.14	)		17.51			17.37			—			(1.27	)		(1.27	)		82.77		26.14	7,9		—	10		.85	8,9		.85	8,9		(.37	)8,9
9/30/2020		55.49		(.03	)		13.70			13.67			—			(2.49	)		(2.49	)		66.67		25.21	9		—	10		.85	9		.85	9		(.05	)9
9/30/2019		60.32		.15			(1.67	)		(1.52	)		—			(3.31	)		(3.31	)		55.49		(1.17	)9		—	10		.87	9		.87	9		.28	9
9/30/2018		55.63		.13			7.06			7.19			—			(2.50	)		(2.50	)		60.32		13.30	9		—	10		.88	9		.88	9		.22	9
9/30/20175,13		49.61		.12			5.90			6.02			—			—			—			55.63		12.13	7,9		—	10		.45	7,9		.45	7,9		.22	7,9
Class 529-F-1:
3/31/20215,6		66.57		(.14	)		17.49			17.35			—			(1.27	)		(1.27	)		82.65		26.15	7,9		—	10		.80	8,9		.80	8,9		(.42	)8,9
9/30/2020		55.41		(.03	)		13.68			13.65			—			(2.49	)		(2.49	)		66.57		25.21			181			.86			.86			(.05	)
9/30/2019		60.26		.15			(1.69	)		(1.54	)		—			(3.31	)		(3.31	)		55.41		(1.22	)		146			.88			.88			.27
9/30/2018		55.58		.13			7.05			7.18			—			(2.50	)		(2.50	)		60.26		13.31			136			.89			.89			.22
9/30/2017		47.23		.15			8.43			8.58			(.23	)		—			(.23	)		55.58		18.26			113			.92			.92			.30
9/30/2016		44.98		.09			4.99			5.08			—			(2.83	)		(2.83	)		47.23		11.85			90			.96			.96			.22
Class 529-F-2:
3/31/20215,6,15		65.50		(.10	)		18.08			17.98			—			(1.27	)		(1.27	)		82.21		27.52	7		241			.33	7		.33	7		(.13	)7
Class 529-F-3:
3/31/20215,6,15		65.50		(.07	)		18.08			18.01			—			(1.27	)		(1.27	)		82.24		27.56	7		—	10		.35	7		.30	7		(.09	)7
Class R-1:
3/31/20215,6		58.09		(.44	)		15.23			14.79			—			(1.27	)		(1.27	)		71.61		25.55	7		34			1.77	8		1.77	8		(1.29	)8
9/30/2020		49.08		(.50	)		12.00			11.50			—			(2.49	)		(2.49	)		58.09		24.07			28			1.79			1.79			(.98	)
9/30/2019		54.32		(.33	)		(1.60	)		(1.93	)		—			(3.31	)		(3.31	)		49.08		(2.12	)		24			1.82			1.82			(.68	)
9/30/2018		50.79		(.38	)		6.41			6.03			—			(2.50	)		(2.50	)		54.32		12.26			30			1.81			1.81			(.72	)
9/30/2017		43.34		(.29	)		7.74			7.45			—			—			—			50.79		17.19			30			1.83			1.83			(.63	)
9/30/2016		41.85		(.28	)		4.60			4.32			—			(2.83	)		(2.83	)		43.34		10.89			33			1.85			1.85			(.68	)

See end of table for footnotes.

SMALLCAP World Fund 39

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net (loss) income to average net assets3
Class R-2:
3/31/20215,6	$	58.16	$	(.43	)	$	15.24		$	14.81		$	—		$	(1.27	)	$	(1.27	)	$	71.70		25.56	%7	$	702			1.76	%8		1.76	%8		(1.28	)%8
9/30/2020		49.12		(.49	)		12.02			11.53			—			(2.49	)		(2.49	)		58.16		24.09			588			1.78			1.78			(.97	)
9/30/2019		54.36		(.31	)		(1.62	)		(1.93	)		—			(3.31	)		(3.31	)		49.12		(2.12	)		542			1.79			1.79			(.65	)
9/30/2018		50.82		(.37	)		6.41			6.04			—			(2.50	)		(2.50	)		54.36		12.28			619			1.79			1.79			(.70	)
9/30/2017		43.35		(.27	)		7.74			7.47			—			—			—			50.82		17.23			628			1.80			1.80			(.60	)
9/30/2016		41.85		(.27	)		4.60			4.33			—			(2.83	)		(2.83	)		43.35		10.89			616			1.84			1.84			(.67	)
Class R-2E:
3/31/20215,6		64.83		(.37	)		17.00			16.63			—			(1.27	)		(1.27	)		80.19		25.74	7		46			1.47	8		1.47	8		(.99	)8
9/30/2020		54.34		(.38	)		13.36			12.98			—			(2.49	)		(2.49	)		64.83		24.46			35			1.48			1.48			(.67	)
9/30/2019		59.52		(.18	)		(1.69	)		(1.87	)		—			(3.31	)		(3.31	)		54.34		(1.82	)		28			1.50			1.50			(.34	)
9/30/2018		55.26		(.22	)		6.98			6.76			—			(2.50	)		(2.50	)		59.52		12.61			24			1.50			1.50			(.38	)
9/30/2017		47.07		(.14	)		8.40			8.26			(.07	)		—			(.07	)		55.26		17.57			16			1.51			1.51			(.27	)
9/30/2016		45.04		(.08	)		4.94			4.86			—			(2.83	)		(2.83	)		47.07		11.32			6			1.51			1.51			(.20	)
Class R-3:
3/31/20215,6		62.68		(.30	)		16.44			16.14			—			(1.27	)		(1.27	)		77.55		25.83	7		971			1.31	8		1.31	8		(.83	)8
9/30/2020		52.54		(.28	)		12.91			12.63			—			(2.49	)		(2.49	)		62.68		24.65			806			1.33			1.33			(.52	)
9/30/2019		57.60		(.10	)		(1.65	)		(1.75	)		—			(3.31	)		(3.31	)		52.54		(1.67	)		757			1.34			1.34			(.20	)
9/30/2018		53.47		(.14	)		6.77			6.63			—			(2.50	)		(2.50	)		57.60		12.79			852			1.35			1.35			(.25	)
9/30/2017		45.45		(.07	)		8.13			8.06			(.04	)		—			(.04	)		53.47		17.74			844			1.35			1.35			(.14	)
9/30/2016		43.56		(.09	)		4.81			4.72			—			(2.83	)		(2.83	)		45.45		11.41			783			1.39			1.39			(.22	)
Class R-4:
3/31/20215,6		65.68		(.20	)		17.24			17.04			—			(1.27	)		(1.27	)		81.45		26.04	7		1,015			1.01	8		1.01	8		(.53	)8
9/30/2020		54.78		(.12	)		13.51			13.39			—			(2.49	)		(2.49	)		65.68		25.03			835			1.02			1.02			(.21	)
9/30/2019		59.71		.06			(1.68	)		(1.62	)		—			(3.31	)		(3.31	)		54.78		(1.37	)		791			1.04			1.04			.11
9/30/2018		55.18		.03			7.00			7.03			—			(2.50	)		(2.50	)		59.71		13.13			894			1.04			1.04			.05
9/30/2017		46.89		.08			8.38			8.46			(.17	)		—			(.17	)		55.18		18.12			865			1.05			1.05			.17
9/30/2016		44.71		.04			4.97			5.01			—			(2.83	)		(2.83	)		46.89		11.76			764			1.07			1.07			.10
Class R-5E:
3/31/20215,6		66.64		(.13	)		17.50			17.37			—			(1.27	)		(1.27	)		82.74		26.15	7		121			.81	8		.81	8		(.33	)8
9/30/2020		55.44		(.01	)		13.70			13.69			—			(2.49	)		(2.49	)		66.64		25.28			84			.82			.82			(.02	)
9/30/2019		60.26		.18			(1.69	)		(1.51	)		—			(3.31	)		(3.31	)		55.44		(1.16	)		39			.84			.84			.32
9/30/2018		55.55		.18			7.03			7.21			—			(2.50	)		(2.50	)		60.26		13.38			28			.84			.84			.31
9/30/2017		47.30		.18			8.42			8.60			(.35	)		—			(.35	)		55.55		18.33			12			.84			.84			.36
9/30/20165,16		47.09		.12			2.92			3.04			—			(2.83	)		(2.83	)		47.30		7.01	7		—	10		.96	8		.95	8		.32	8
Class R-5:
3/31/20215,6		68.86		(.09	)		18.08			17.99			—			(1.27	)		(1.27	)		85.58		26.21	7		495			.71	8		.71	8		(.23	)8
9/30/2020		57.16		.06			14.13			14.19			—			(2.49	)		(2.49	)		68.86		25.40			406			.72			.72			.09
9/30/2019		61.94		.22			(1.69	)		(1.47	)		—			(3.31	)		(3.31	)		57.16		(1.06	)		376			.74			.74			.40
9/30/2018		56.99		.21			7.24			7.45			—			(2.50	)		(2.50	)		61.94		13.46			436			.75			.75			.36
9/30/2017		48.40		.24			8.64			8.88			(.29	)		—			(.29	)		56.99		18.48			424			.75			.75			.47
9/30/2016		45.94		.18			5.11			5.29			—			(2.83	)		(2.83	)		48.40		12.09			359			.77			.77			.41
Class R-6:
3/31/20215,6		68.15		(.07	)		17.90			17.83			—			(1.27	)		(1.27	)		84.71		26.26	7		13,422			.66	8		.66	8		(.18	)8
9/30/2020		56.56		.08			14.00			14.08			—			(2.49	)		(2.49	)		68.15		25.47			11,166			.67			.67			.14
9/30/2019		61.31		.26			(1.70	)		(1.44	)		—			(3.31	)		(3.31	)		56.56		(1.02	)		8,031			.69			.69			.47
9/30/2018		56.40		.25			7.16			7.41			—			(2.50	)		(2.50	)		61.31		13.53			7,039			.69			.69			.42
9/30/2017		47.93		.26			8.54			8.80			(.33	)		—			(.33	)		56.40		18.51			5,289			.70			.70			.51
9/30/2016		45.49		.21			5.06			5.27			—			(2.83	)		(2.83	)		47.93		12.15			3,403			.71			.71			.48

	Six months
	ended
	March 31,	Year ended September 30,
	20215,6,7		2020	2019	2018	2017	2016
Portfolio turnover rate for all share classes17	19%		38%	39%	35%	32%	29%

See end of table for footnotes.

40 SMALLCAP World Fund

Financial highlights (continued)

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During some of the periods shown, CRMC reimbursed a portion of transfer agent services fees for certain share classes.
4	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5	Based on operations for a period that is less than a full year.
6	Unaudited.
7	Not annualized.
8	Annualized.
9	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
10	Amount less than $1 million.
11	Amount less than $.01.
12	Amount less than .01%.
13	Class T and 529-T shares began investment operations on April 7, 2017.
14	Class F-3 shares began investment operations on January 27, 2017.
15	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
16	Class R-5E shares began investment operations on November 20, 2015.
17	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

See notes to financial statements.

SMALLCAP World Fund 41

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2020, through March 31, 2021).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

42 SMALLCAP World Fund

Expense example (continued)

	Beginning account value 10/1/2020		Ending account value 3/31/2021		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,260.14	$	5.75		1.02	%
Class A – assumed 5% return		1,000.00		1,019.85		5.14		1.02
Class C – actual return		1,000.00		1,255.68		9.90		1.76
Class C – assumed 5% return		1,000.00		1,016.16		8.85		1.76
Class T – actual return		1,000.00		1,261.57		4.45		.79
Class T – assumed 5% return		1,000.00		1,020.99		3.98		.79
Class F-1 – actual return		1,000.00		1,259.99		5.92		1.05
Class F-1 – assumed 5% return		1,000.00		1,019.70		5.29		1.05
Class F-2 – actual return		1,000.00		1,261.74		4.34		.77
Class F-2 – assumed 5% return		1,000.00		1,021.09		3.88		.77
Class F-3 – actual return		1,000.00		1,262.42		3.78		.67
Class F-3 – assumed 5% return		1,000.00		1,021.59		3.38		.67
Class 529-A – actual return		1,000.00		1,259.84		5.97		1.06
Class 529-A – assumed 5% return		1,000.00		1,019.65		5.34		1.06
Class 529-C – actual return		1,000.00		1,255.31		10.06		1.79
Class 529-C – assumed 5% return		1,000.00		1,016.01		9.00		1.79
Class 529-E – actual return		1,000.00		1,258.82		7.10		1.26
Class 529-E – assumed 5% return		1,000.00		1,018.65		6.34		1.26
Class 529-T – actual return		1,000.00		1,261.44		4.79		.85
Class 529-T – assumed 5% return		1,000.00		1,020.69		4.28		.85
Class 529-F-1 – actual return		1,000.00		1,261.51		4.51		.80
Class 529-F-1 – assumed 5% return		1,000.00		1,020.94		4.03		.80
Class 529-F-2 – actual return†		1,000.00		1,261.53		3.79		.81
Class 529-F-2 – assumed 5% return†		1,000.00		1,020.89		4.08		.81
Class 529-F-3 – actual return†		1,000.00		1,262.08		3.37		.72
Class 529-F-3 – assumed 5% return†		1,000.00		1,021.34		3.63		.72
Class R-1 – actual return		1,000.00		1,255.51		9.95		1.77
Class R-1 – assumed 5% return		1,000.00		1,016.11		8.90		1.77
Class R-2 – actual return		1,000.00		1,255.62		9.90		1.76
Class R-2 – assumed 5% return		1,000.00		1,016.16		8.85		1.76
Class R-2E – actual return		1,000.00		1,257.39		8.27		1.47
Class R-2E – assumed 5% return		1,000.00		1,017.60		7.39		1.47
Class R-3 – actual return		1,000.00		1,258.32		7.38		1.31
Class R-3 – assumed 5% return		1,000.00		1,018.40		6.59		1.31
Class R-4 – actual return		1,000.00		1,260.37		5.69		1.01
Class R-4 – assumed 5% return		1,000.00		1,019.90		5.09		1.01
Class R-5E – actual return		1,000.00		1,261.48		4.57		.81
Class R-5E – assumed 5% return		1,000.00		1,020.89		4.08		.81
Class R-5 – actual return		1,000.00		1,262.10		4.00		.71
Class R-5 – assumed 5% return		1,000.00		1,021.39		3.58		.71
Class R-6 – actual return		1,000.00		1,262.56		3.72		.66
Class R-6 – assumed 5% return		1,000.00		1,021.64		3.33		.66

*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
†	The period for the “annualized expense ratio” and “actual return” line is based on the number of days since the share class began investment operations on October 30, 2020. The “assumed 5% return” line is based on 182 days.

SMALLCAP World Fund 43

Liquidity Risk Management Program

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

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

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2019, through September 30, 2020. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

44 SMALLCAP World Fund

Office of the fund

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address near you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Custodian of assets

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Counsel

Dechert LLP
One Bush Street, Suite 1600
San Francisco, CA 94104-4446

Independent registered public accounting firm

Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

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

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

SMALLCAP World Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of SMALLCAP World Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2021, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

MCSI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2021 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.² Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

1	Investment industry experience as of December 31, 2020.
2	Based on Class F-2 share results for rolling periods through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3	Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

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

SIGNATURES

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

SMALLCAP WORLD FUND, INC.

By __/s/ Walter R. Burkley____________________

Walter R. Burkley,

Principal Executive Officer

Date: May 28, 2021

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

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: May 28, 2021

By ___/s/ Hong T. Le    __________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: May 28, 2021