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, 2022

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, 2022

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 over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

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

Here are the average annual total returns on a $1,000 investment for periods ended March 31, 2022:

	1 year			5 years			10 years
Class F-2 shares		–9.57	%		12.36	%		11.36	%
Class A shares (reflecting 5.75% maximum sales charge)		–14.98			10.75			10.40

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

The total annual fund operating expense ratios were 0.76% for Class F-2 shares and 1.02% for Class A shares as of the prospectus dated December 1, 2021.

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

Investing outside the United States may be subject to risks, such as currency fluctuations 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, 2022, 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/smcfx. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

1	Results at a glance
2	Investment portfolio
24	Financial statements
28	Notes to financial statements
40	Financial highlights

Results at a glance

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

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime1
SMALLCAP World Fund (Class F-2 shares)2		–15.91	%		–9.57	%		12.36	%		11.36	%		10.21	%
SMALLCAP World Fund (Class A shares)		–16.01			–9.79			12.06			11.06			9.94
MSCI All Country World Small Cap Index3		–4.26			–0.35			9.55			9.64			8.36

1	Lifetime returns are as of April 30, 1990, the inception date of Class A shares.
2	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3	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 portfolioMarch 31, 2022 unaudited

Sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
United States		44.58	%
Eurozone*		7.12
United Kingdom		6.42
Sweden		5.24
India		5.21
Japan		5.13
China		2.98
Switzerland		2.61
Canada		2.39
Other countries		9.71
Short-term securities & other assets less liabilities		8.61

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

Common stocks 90.07%	Shares		Value (000)
Information technology 19.42%
MongoDB, Inc., Class A1		1,307,698	$	580,082
Wolfspeed, Inc.1		4,863,336		553,739
eMemory Technology, Inc.2,3		6,440,334		409,920
ALTEN SA, non-registered shares2,3		2,115,425		319,180
RingCentral, Inc., Class A1		2,678,451		313,941
Kulicke and Soffa Industries, Inc.2		4,982,121		279,098
Smartsheet, Inc., Class A1		5,022,474		275,131
Alteryx, Inc., Class A1		3,473,276		248,443
Globant SA1		943,565		247,280
Nordic Semiconductor ASA1,3		9,108,915		232,855
VisEra Technologies Co., Ltd.3,4		11,090,000		161,167
VisEra Technologies Co., Ltd.3		3,774,800		61,638
Keywords Studios PLC2,3		6,107,579		209,583
Ceridian HCM Holding, Inc.1		2,851,343		194,918
Teradata Corp.1		3,843,434		189,443
Global Unichip Corp.2,3		10,720,000		187,097
Fabrinet, non-registered shares1		1,776,265		186,739
Endava PLC, Class A (ADR)1		1,380,921		183,704
Tanla Platforms, Ltd.2,3		9,190,777		182,601
SHIFT, Inc.1,2,3		977,500		171,260
Rapid7, Inc.1		1,445,069		160,749
Network International Holdings PLC1,2,3		43,335,624		158,696
Money Forward, Inc.1,2,3,5		3,558,704		157,489
Silergy Corp.3		1,306,456		153,884
Softcat PLC3		6,759,035		150,709
MKS Instruments, Inc.		964,988		144,748
Novanta, Inc.1		1,015,687		144,522
Net One Systems Co., Ltd.2,3		6,049,758		140,843
Dexerials Corp.2,3,5		5,149,800		139,791
Crayon Group Holding ASA1,2,3		7,013,051		132,000
Euronet Worldwide, Inc.1		997,002		129,760
Sinch AB1,3		18,987,308		128,565
Extreme Networks, Inc.1,2		10,226,997		124,872
SUMCO Corp.3		7,295,374		119,700
Viavi Solutions, Inc.1		7,325,009		117,786
Netcompany Group AS, non-registered shares1,3		1,773,791		116,980
Marqeta, Inc., Class A1		10,588,681		116,899
Credo Technology Group Holding, Ltd.1,2,3,6		4,750,082		64,386
Credo Technology Group Holding, Ltd.1,2,5		3,444,600		52,461
CDW Corp.		650,000		116,279
Vitec Software Group AB, Class B3		2,228,800		114,781
LEM Holding SA3		46,070		111,356
Paycom Software, Inc.1		317,275		109,898

2 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Nuvei Corp., subordinate voting shares1		1,400,000	$	105,267
NCR Corp.1		2,449,150		98,431
Bytes Technology Group PLC2,3		14,832,601		96,638
Insight Enterprises, Inc.1		890,800		95,601
Megaport, Ltd.1,2,3		9,161,000		93,538
Nagarro SE1,3		583,279		92,699
Qorvo, Inc.1		741,404		92,008
AvidXchange Holdings, Inc.1,2,5		11,331,821		91,221
PagSeguro Digital, Ltd., Class A1		4,504,035		90,306
Okta, Inc., Class A1		581,800		87,829
EVERTEC, Inc.		2,131,730		87,252
PAR Technology Corp.1,2,5		2,140,057		86,330
Halma PLC3		2,521,862		82,318
Coforge, Ltd.3		1,402,616		81,756
Paymentus Holdings, Inc., Class A1,5		3,765,048		79,367
DoubleVerify Holdings, Inc.1,5		3,142,000		79,084
SINBON Electronics Co., Ltd.3		8,747,000		78,980
Avaya Holdings Corp.1,2		6,174,600		78,232
JustSystems Corp.3		1,617,921		76,060
Concentrix Corp.		428,914		71,440
INFICON Holding AG3		61,865		70,853
Comet Holding AG3		245,477		70,789
Unimicron Technology Corp.3		8,238,000		70,719
Truecaller AB, Class B1,3		10,138,230		69,615
Cvent Holding Corp.1		9,655,200		69,421
Aspen Technology, Inc.1		417,000		68,959
Kingdee International Software Group Co., Ltd.1,3		31,106,093		68,643
Hamamatsu Photonics KK3		1,289,450		68,627
MACOM Technology Solutions Holdings, Inc.1		1,140,000		68,252
Reply SpA3		399,778		65,811
Ideagen PLC2,3		23,053,901		65,785
Gitlab, Inc., Class B1		1,044,048		56,849
Gitlab, Inc., Class A1		136,201		7,416
Kainos Group PLC3		3,703,704		64,022
Alarm.com Holdings, Inc.1		951,000		63,203
Cognex Corp.		800,000		61,720
Pegasystems, Inc.		763,531		61,579
CCC Intelligent Solutions Holdings, Inc.1		5,403,203		59,651
JFrog, Ltd.1		2,162,050		58,267
Vanguard International Semiconductor Corp.3		13,107,394		56,466
Dock, Ltd.1,3,4,7		4,318,937		56,103
Clear Secure, Inc., Class A1,5		2,082,666		55,982
Aixtron SE3		2,434,518		53,888
91APP, Inc.1,2,3		9,646,000		53,861
Computer Services, Inc.		1,084,411		53,678
AppFolio, Inc., Class A1		474,024		53,664
Lightspeed Commerce, Inc., subordinate voting shares1,5		1,597,219		48,667
Lightspeed Commerce, Inc., subordinate voting shares (CAD denominated)1		133,200		4,063
OVH Groupe SAS1,3,5		2,052,592		52,631
Freshworks, Inc., Class A1,5		2,902,583		52,014
Topicus.com, Inc., subordinate voting shares1		689,053		51,397
Olo, Inc., Class A1		3,870,830		51,289
Silicon Laboratories, Inc.1		324,000		48,665
Perficient, Inc.1		429,965		47,335
Bentley Systems, Inc., Class B		1,071,370		47,333
Computer Age Management Services, Ltd.3		1,545,239		46,973
Digital Turbine, Inc.1		1,070,133		46,883
Maruwa Co., Ltd.3		341,300		45,448
Semtech Corp.1		650,000		45,071
Avalara, Inc.1		451,914		44,970
ON Semiconductor Corp.1		717,850		44,945
Dye & Durham, Ltd.		2,178,563		44,768
Zuken, Inc.2,3		1,808,500		44,421
BlackLine, Inc.1		595,000		43,566
Flex, Ltd.1		2,291,735		42,512
ams OSRAM AG, non-registered shares1,3		2,708,900		41,412
Thoughtworks Holding, Inc.1		1,975,506		41,110
Asana, Inc., Class A1,5		1,009,492		40,349
EPAM Systems, Inc.1		134,600		39,924

SMALLCAP World Fund 3

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Copperleaf Technologies, Inc.1,5		3,053,300	$	39,517
BE Semiconductor Industries NV3		459,500		39,116
SimCorp AS3		531,567		38,716
Trimble, Inc.1		530,000		38,234
Disco Corp.3		131,500		36,681
Kingboard Laminates Holdings, Ltd.1,3		22,027,500		36,117
Bechtle AG, non-registered shares3		617,463		34,846
Kingboard Holdings, Ltd.1,3		7,191,000		34,807
Linklogis, Inc., Class B1,3		36,651,500		34,747
Zendesk, Inc.1		273,000		32,839
CMC Materials, Inc.		175,355		32,511
Expensify, Inc., Class A1,5		1,788,623		31,408
eCloudvalley Digital Technology Co., Ltd.2,3		3,003,174		31,406
Accton Technology Corp.3		4,009,000		30,979
Appier Group, Inc.1,3,5		3,726,300		30,598
Alchip Technologies, Ltd.1,3		794,000		30,296
Boku, Inc.1,2,3,6		20,461,639		29,703
Repay Holdings Corp., Class A1		2,000,000		29,540
LiveRamp Holdings, Inc.1		755,297		28,241
NHN KCP Corp.3		1,254,551		27,568
GFT Technologies SE1,3		592,500		27,148
SmartCraft ASA, Class A1,2,3		13,349,780		27,036
StoneCo, Ltd., Class A1		2,234,082		26,139
Elastic NV, non-registered shares1		290,129		25,807
LPKF Laser��& Electronics AG, non-registered shares2,3,5		1,744,979		25,371
CI&T, Inc., Class A1,5		1,533,562		24,568
FDM Group (Holdings) PLC3		1,760,000		24,442
Nemetschek SE3		249,687		24,221
Cherry AG1,2,3		1,409,348		24,092
Coveo Solutions, Inc.1,5		2,866,666		23,183
CS Disco, Inc.1,5		679,840		23,094
Advanced Energy Industries, Inc.		261,162		22,481
Adesso SE, non-registered shares3		109,468		22,420
Nayax, Ltd.1,3		11,380,818		20,935
Tripod Technology Corp.3		4,134,000		19,318
ExaWizards, Inc.1,3,5,6		3,478,200		19,182
Yeahka, Ltd.1,3,5		6,128,800		18,674
GlobalWafers Co., Ltd.3		777,000		18,055
ePlus inc.1		304,800		17,087
Unifiedpost Group SA1,2,3		2,366,535		16,736
WeCommerce Holdings, Ltd., Class A1,2,5		2,257,220		16,575
GMO Payment Gateway, Inc.3		153,000		15,620
Renishaw PLC3		305,400		15,423
SiteMinder, Ltd.1,3		4,511,925		15,217
Zebra Technologies Corp., Class A1		36,300		15,017
Lime Technologies AB3		500,526		14,527
WuXi Xinje Electric Co., Ltd., Class A1,3		2,755,858		14,053
Pushpay Holdings, Ltd.1,3		17,654,124		13,846
MotorK, Ltd.1,2,3		2,300,000		13,740
LandMark Optoelectronics Corp.3		2,145,000		13,674
Fair Isaac Corp.1		29,100		13,574
Venustech Group, Inc., Class A3		4,107,547		13,495
Blend Labs, Inc., Class A1,5		2,330,432		13,283
MaxLinear, Inc.1		220,498		12,866
Smaregi, Inc.1,2,3,5		1,129,200		12,810
Softline Holding PLC (GDR)1,2,3,6		10,650,000		12,788
Softline Holding PLC (GDR)1,2,3		9,996		12
Anaplan, Inc.1		195,000		12,685
EcoOnline Holding AS1,3		7,593,472		12,318
Atea ASA3		820,000		12,264
MicroStrategy, Inc., Class A1		24,400		11,866
GB Group PLC3		1,637,000		11,815
BasWare OYJ1,3		391,700		9,246
LivePerson, Inc.1		338,415		8,264
Duck Creek Technologies, Inc.1		347,452		7,686
OneConnect Financial Technology Co., Ltd. (ADR)1,5		5,108,515		7,203
Fortnox AB3		1,181,994		6,477
AAC Technologies Holdings, Inc.3,5		2,629,000		6,312
Yotpo, Ltd.1,3,4,6,7		2,620,102		5,763

4 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Patreon, Inc., Class B1,3,4,7		189,951	$	5,714
Alkami Technology, Inc.1		329,444		4,714
Foursquare Labs, Inc., Series A1,3,4,6,7		1,970,385		3,960
908 Devices, Inc.1,5		112,500		2,139
				13,901,704
Industrials 18.63%
IMCD NV2,3		2,881,724		489,973
BayCurrent Consulting, Inc.2,3		1,207,600		437,828
NIBE Industrier AB, Class B3		35,664,225		393,053
Saia, Inc.1,2		1,466,641		357,596
Diploma PLC2,3		9,969,226		342,832
VAT Group AG3		708,922		270,312
Matson, Inc.2		2,096,200		252,844
Armstrong World Industries, Inc.2,5		2,732,309		245,935
Wizz Air Holdings PLC1,2,3		6,508,411		244,650
Comfort Systems USA, Inc.2		2,673,739		237,990
Interpump Group SpA3		4,666,685		234,650
BELIMO Holding AG3		423,990		224,919
Stericycle, Inc.1		3,741,727		220,463
Arcosa, Inc.2		3,848,940		220,352
Chart Industries, Inc.1		1,273,365		218,726
International Container Terminal Services, Inc.3		44,009,076		190,498
Vicor Corp., Class A1		2,661,525		187,771
Japan Airport Terminal Co., Ltd.1,3		4,041,660		183,673
Visional, Inc.1,2,3,5		2,912,800		177,354
ManpowerGroup, Inc.		1,827,400		171,629
Spirax-Sarco Engineering PLC3		1,035,200		169,641
Harmonic Drive Systems, Inc.2,3		4,900,050		168,663
Willscot Mobile Mini Holdings Corp., Class A1		4,261,988		166,772
Havells India, Ltd.3		11,010,155		166,481
Regal Rexnord Corp.		1,087,715		161,830
Marel hf.3		27,276,166		160,375
Carel Industries SpA2,3		6,254,814		159,691
Zurn Water Solutions Corp.		4,328,500		153,229
Simpson Manufacturing Co., Inc.		1,320,264		143,962
Nolato AB, Class B3		19,158,776		141,955
EnPro Industries, Inc.2		1,432,727		140,020
Boyd Group Services, Inc.5		1,050,424		139,118
MonotaRO Co., Ltd.3		6,326,000		135,564
Johns Lyng Group, Ltd.2,3		20,594,836		132,829
Alfen NV1,2,3,5		1,280,554		129,885
Instalco AB2,3		17,285,000		129,271
Atlas Corp.5		8,766,500		128,692
TFI International, Inc. (CAD denominated)		1,130,000		120,353
TFI International, Inc.		68,200		7,264
Montrose Environmental Group, Inc.1,2		2,364,506		125,153
TransDigm Group, Inc.1		190,000		123,793
ATS Automation Tooling System, Inc.1		3,333,252		120,249
Kadant, Inc.		567,165		110,138
TechnoPro Holdings, Inc.3		4,047,000		108,731
Lifco AB, Class B3		4,195,000		106,459
Graco, Inc.		1,374,000		95,795
Rumo SA1		24,443,335		95,236
GVS SpA2,3		10,408,691		94,423
Haitian International Holdings, Ltd.3		36,154,000		93,547
First Advantage Corp.1		4,611,684		93,110
Japan Elevator Service Holdings Co., Ltd.2,3		7,100,154		92,106
Watsco, Inc.		300,000		91,392
Zhejiang Weixing New Building Materials Co., Ltd., Class A3		28,383,526		90,992
DL E&C Co., Ltd.3		831,731		90,349
ITM Power PLC1,3,5		19,694,318		90,294
AirTAC International Group1,3		2,783,590		89,754
Generac Holdings, Inc.1		301,404		89,595
Trinity Industries, Inc.		2,513,238		86,355
Volution Group PLC2,3		15,684,638		85,785
Masco Corp.		1,625,000		82,875
Aalberts NV, non-registered shares3		1,596,599		82,517

SMALLCAP World Fund 5

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Marlowe PLC1,2,3		6,904,878	$	81,489
Woodward, Inc.		649,000		81,067
Cleanaway Waste Management, Ltd.3		34,502,998		79,050
KEI Industries, Ltd.2,3		4,526,134		74,829
ESCO Technologies, Inc.		1,056,182		73,848
easyJet PLC1,3		10,027,084		72,485
Shoals Technologies Group, Inc., Class A1		4,242,018		72,284
Kingspan Group PLC3		724,000		70,367
CG Power and Industrial Solutions, Ltd.1,3		27,237,000		67,757
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates (ADR)1		2,557,800		46,526
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates 1,5		10,781,100		19,698
DO & CO AG, non-registered shares1,2,3,5		779,520		65,319
Interface, Inc.2		4,721,060		64,065
Fasadgruppen Group AB1,2,3		3,875,833		61,863
FTI Consulting, Inc.1		390,600		61,410
Resideo Technologies, Inc.1		2,527,864		60,239
Quess Corp., Ltd.3		6,907,615		59,815
Addtech AB, Class B3		3,093,403		59,325
Driven Brands Holdings, Inc.1		2,228,000		58,552
Textron, Inc.		780,000		58,016
APM Human Services International, Ltd.1,3,5		23,661,959		56,455
Ceres Power Holdings PLC1,3,5		5,625,195		54,141
Cargotec OYJ, Class B, non-registered shares3		1,405,700		53,241
Waste Connections, Inc.		380,000		53,086
RWS Holdings PLC3		10,384,800		50,452
CSW Industrials, Inc.		428,108		50,341
Copa Holdings, SA, Class A1		598,000		50,017
Builders FirstSource, Inc.1		760,228		49,065
Montana Aerospace AG1,3		2,772,283		48,601
Astral, Ltd.3		1,784,112		47,224
Melrose Industries PLC3		27,747,591		44,915
Pegasus Hava Tasimaciligi AS1,2,3		6,057,223		44,127
Hefei Meyer Optoelectronic Technology, Inc., Class A3		10,446,229		43,895
Meggitt PLC1,3		4,396,800		43,853
Atkore Inc.1		436,200		42,940
IDEX Corp.		220,800		42,334
Guangzhou Baiyun International Airport Co., Ltd., Class A3		21,926,503		42,136
Indutrade AB3		1,653,822		41,534
Centre Testing International Group Co., Ltd.3		12,715,436		39,284
Sulzer AG1,3		465,203		38,491
Advanced Drainage Systems, Inc.		323,056		38,382
SK, Inc.3		192,683		38,282
AFRY AB, Class B3		1,780,000		35,701
Sun Country Airlines Holdings, Inc.1		1,303,827		34,134
Cathay Pacific Airways, Ltd.1,3		33,879,000		33,248
Kajaria Ceramics, Ltd.3		2,450,000		32,824
Upwork Inc.1		1,378,604		32,039
Voltronic Power Technology Corp.3		611,000		30,844
Heliogen, Inc.1,6		5,800,000		30,508
SIS, Ltd.1,3		4,405,271		28,001
BWX Technologies, Inc.		518,662		27,935
Midac Holdings Co., Ltd.3,5		1,245,600		27,695
LIXIL Corp.3		1,483,100		27,599
Granite Construction, Inc.		827,000		27,126
XP Power, Ltd.3		583,458		26,497
Air Lease Corp., Class A		569,300		25,419
Vestum AB1,3		5,829,000		23,589
UFP Industries, Inc.		301,905		23,295
Einride AB1,2,3,4,7		391,089		22,774
Nihon M&A Center Holdings, Inc.3		1,634,000		22,707
Howden Joinery Group PLC3		2,262,253		22,690
Intrum AB3		800,000		21,556
The AZEK Co., Inc., Class A1		864,400		21,472
Kornit Digital, Ltd.1		251,451		20,792
Grupa Pracuj SA1,3		1,300,000		19,270
Froy ASA1,3,5		3,462,180		19,057
CTEK AB1,3,5		1,491,500		18,788

6 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Azelis Group NV1,3		769,152	$	18,590
Grafton Group PLC3		1,437,900		18,485
Troax Group AB3		708,000		18,342
Kratos Defense & Security Solutions, Inc.1		892,500		18,278
INVISIO Communications AB3		950,000		17,251
Munters Group AB3		2,806,200		17,223
Storskogen Group AB, Class B1,3		7,035,000		16,973
Ventia Services Group Pty, Ltd.3		9,155,653		16,871
Green Landscaping Group AB1,3		1,644,000		15,490
Oshkosh Corp.		150,000		15,098
InPost SA1,3		2,286,760		14,374
Fluidra, SA, non-registered shares3		484,000		13,887
Sdiptech AB, Class B1,3		330,000		12,658
Pyrum Innovations AG1,3		128,340		12,032
Coor Service Management Holding AB3		1,450,000		11,612
Sitowise Group PLC1,3,5		1,530,182		10,917
Mersen SA3		273,546		10,086
Miura Co., Ltd.3,5		379,600		9,362
Lilium NV, Class A1,5		1,960,000		7,801
Otonomo Technologies, Ltd.1,5		2,800,000		5,516
Archer Aviation, Inc., Class A1		261,195		1,256
HeadHunter Group PLC (ADR)1,3,7		521,600		—	8
				13,335,753
Consumer discretionary 15.58%
Evolution AB3		5,952,115		607,441
YETI Holdings, Inc.1,2		7,014,897		420,754
Helen of Troy, Ltd.1,2		1,930,206		378,012
TopBuild Corp.1,2		1,931,239		350,307
Floor & Decor Holdings, Inc., Class A1		4,046,400		327,758
Tube Investments of India, Ltd.2,3		13,779,230		293,951
Dollarama, Inc.		5,010,000		284,133
IDP Education, Ltd.3		11,816,861		275,596
Watches of Switzerland Group PLC1,2,3		14,887,844		220,754
Thor Industries, Inc.5		2,581,400		203,156
Kindred Group PLC (SDR)2,3		18,400,240		200,782
Leslie’s, Inc.1,2		10,160,690		196,711
Entain PLC1,3		8,978,173		192,568
Wyndham Hotels & Resorts, Inc.		2,046,494		173,318
Warby Parker, Inc., Class A1,5		4,669,737		157,884
Coursera, Inc.1		6,436,059		148,287
Everi Holdings, Inc.1,2		7,048,606		148,021
Food & Life Companies, Ltd.3		5,298,200		147,780
Adient PLC1		3,523,450		143,651
Pool Corp.		317,700		134,339
WH Smith PLC1,2,3		7,084,236		132,608
Jiumaojiu International Holdings, Ltd.3		62,092,000		132,287
Five Below, Inc.1		804,402		127,393
Mattel, Inc.1		5,700,000		126,597
Auction Technology Group PLC1,2,3		9,570,000		122,696
Domino’s Pizza Group PLC2,3		24,475,815		121,455
Scientific Games Corp.1		2,004,204		117,747
Inchcape PLC3		13,111,690		114,458
Moncler SpA3		2,015,000		112,215
Asbury Automotive Group, Inc.1		663,676		106,321
Golden Entertainment, Inc.1,2		1,809,300		105,066
Jack in the Box, Inc.2		1,056,700		98,706
Pets at Home Group PLC3		20,780,900		98,337
KB Home		2,957,918		95,777
Bajaj Electricals, Ltd.1,2,3		6,515,607		91,940
Lennar Corp., Class A		1,058,458		85,915
Lennar Corp., Class B		21,169		1,447
Arco Platform, Ltd., Class A1,5		4,074,571		85,973
Salvatore Ferragamo SpA1,3,5		4,543,080		85,790
Basic-Fit NV1,3,5		1,895,318		84,145
Bafang Electric (Suzhou) Co., Ltd., Class A3		3,058,340		83,775
China MeiDong Auto Holdings, Ltd.3,5		21,942,000		83,288
Snow Peak, Inc.2,3,5		3,050,800		81,696

SMALLCAP World Fund 7

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Hilton Grand Vacations, Inc.1		1,567,610	$	81,531
Domino’s Pizza Enterprises, Ltd.3		1,243,000		80,987
Kontoor Brands, Inc.		1,910,000		78,979
MIPS AB3		848,200		78,916
Xometry, Inc., Class A1,5		2,139,600		78,630
Frontdoor, Inc.1		2,566,763		76,618
Norwegian Cruise Line Holdings, Ltd.1		3,397,628		74,340
Momo.com, Inc.3		2,234,799		72,661
Williams-Sonoma, Inc.		500,000		72,500
Domino’s Pizza, Inc.		176,500		71,837
Jumbo SA3		4,771,161		71,064
Musti Group OYJ2,3		2,626,737		69,376
MakeMyTrip, Ltd., non-registered shares1		2,552,181		68,475
Cary Group AB1,2,3,5		7,857,142		66,717
Six Flags Entertainment Corp.1		1,514,000		65,859
BHG Group AB1,2,3,5		9,905,000		65,475
Skechers USA, Inc., Class A1		1,550,000		63,178
Bright Horizons Family Solutions, Inc.1		472,199		62,656
Thule Group AB3		1,569,400		62,063
Games Workshop Group PLC3		644,800		61,335
Levi Strauss & Co., Class A		2,950,000		58,292
International Game Technology PLC5		2,331,200		57,534
Nien Made Enterprise Co., Ltd.3		4,920,000		57,368
DraftKings, Inc., Class A1,5		2,819,712		54,900
Compagnie Plastic Omnium SA3		2,979,533		53,962
B&M European Value Retail SA3		7,408,252		51,902
Americanas SA, ordinary nominative shares		7,458,422		51,148
Americanas SA, subscription receipts1		95,143		642
Polaris, Inc.5		485,000		51,080
Mercari, Inc.1,3		1,930,000		50,049
RVRC Holding AB2,3		6,067,377		50,007
Tongcheng Travel Holdings, Ltd.1,3		27,659,000		49,052
Century Communities, Inc.		911,000		48,802
DESCENTE, Ltd.3,5		1,937,600		48,608
ThredUp Inc., Class A1,5		6,154,000		47,386
Macy’s, Inc.		1,900,000		46,284
Wayfair, Inc., Class A1,5		416,000		46,084
Etsy, Inc.1		366,850		45,592
Chervon Holdings, Ltd.1,3		6,342,600		43,883
Cavco Industries, Inc.1		170,870		41,154
Darden Restaurants, Inc.		303,300		40,324
Porch Group, Inc.1,2		5,697,252		39,567
M.D.C. Holdings, Inc.		1,044,930		39,540
Cairn Homes PLC1,3		28,685,000		39,219
POYA International Co., Ltd.3		2,879,392		38,987
Toll Brothers, Inc.		812,633		38,210
Vacasa, Inc., Class A1		4,499,053		37,207
Graham Holdings Co., Class B		60,000		36,688
D.R. Horton, Inc.		490,000		36,510
AcadeMedia AB2,3		6,523,595		35,861
Traeger, Inc.1,5		4,702,640		34,988
ASOS PLC1,3,5		1,607,415		33,853
Brunello Cucinelli SpA1,3		576,000		33,621
Bike24 Holding AG1,2,3,5		3,040,357		33,026
PowerSchool Holdings, Inc., Class A1		1,962,605		32,403
Lojas Quero-Quero SA2		14,974,560		32,239
Fox Factory Holding Corp.1		329,000		32,226
JOANN, Inc.2,5		2,729,250		31,141
Caesars Entertainment, Inc.1		400,000		30,944
Trainline PLC1,3		9,163,000		29,937
Flutter Entertainment PLC1,3		259,095		29,720
Gentherm, Inc.1		400,500		29,253
Victoria PLC1,3		2,388,000		28,336
MADE.com Group PLC1,2,3,5		31,119,580		26,791
MGM China Holdings, Ltd.1,3		41,858,248		26,458
Beazer Homes USA, Inc.1,2		1,659,813		25,262
Shoei Co., Ltd.3		665,200		24,772
Mazda Motor Corp.3,5		3,264,000		24,146
OneSpaWorld Holdings, Ltd.1,5		2,210,048		22,543

8 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Dr. Martens PLC3		7,125,000	$	22,166
XPEL, Inc.1,5,6		416,678		21,921
LGI Homes, Inc.1		216,880		21,185
Westwing Group SE, non-registered shares1,2,3,5		1,672,317		20,640
Nordstrom, Inc.5		760,000		20,604
Red Rock Resorts, Inc., Class A		420,000		20,395
Melco Resorts & Entertainment, Ltd. (ADR)1		2,628,500		20,082
SSP Group PLC1,3		6,549,275		19,466
Alpen Co., Ltd.3,5		1,130,000		18,896
Vail Resorts, Inc.		71,000		18,479
Melco International Development, Ltd.1,3		19,643,000		17,999
Roland Corp.3		530,600		17,535
OneWater Marine, Inc., Class A1		504,604		17,384
Jamna Auto Industries, Ltd.3		12,837,657		16,764
BARK, Inc.1,5		4,500,000		16,650
StockX, Inc.1,3,4,7		161,790		16,577
Central Automotive Products, Ltd.3		787,200		16,132
Installed Building Products, Inc.		189,361		15,999
DPC Dash, Ltd.1,3,4,7		2,158,273		15,000
Zhongsheng Group Holdings, Ltd.3		2,121,500		14,938
Leifheit AG, non-registered shares3		470,600		13,823
Aramark		356,556		13,407
Chegg, Inc.1		365,500		13,260
Sweetgreen, Inc., Class A1,5		400,000		12,796
Elior Group SA1,3,5		3,719,000		12,424
Westlife Development, Ltd.1,3		1,928,968		12,160
Golden Nugget Online Gaming, Inc., Class A1		1,427,000		10,146
Relaxo Footwears, Ltd.3		713,900		10,043
Puuilo OYJ1,3		1,271,372		9,425
Victoria’s Secret & Co.1		165,700		8,510
Desenio Group AB1,2,3,5		9,367,193		8,327
Goodyear Tire & Rubber Co.1		558,712		7,984
Allbirds, Inc., Class A1,5		1,200,000		7,212
Royal Caribbean Cruises, Ltd.1		78,017		6,536
Cazoo Group, Ltd., Class A1		1,882,109		5,195
Gourmet Master Co., Ltd.3		1,580,000		5,138
Bloomberry Resorts Corp.1,3		19,806,800		2,616
BNN Technology PLC1,2,3,7		19,007,000		—	8
Ozon Holdings PLC (ADR)1,3,7		2,346,600		—	8
				11,149,347
Health care 13.90%
Molina Healthcare, Inc.1		2,407,600		803,151
Insulet Corp.1		2,677,052		713,140
Biohaven Pharmaceutical Holding Co., Ltd.1		2,831,276		335,704
Agilon Health, Inc.1		13,114,300		332,448
NovoCure, Ltd.1		3,621,597		300,049
Centene Corp.1		3,437,674		289,418
DexCom, Inc.1		552,500		282,659
Haemonetics Corp.1,2		4,025,745		254,508
Amplifon SpA3		5,286,500		236,052
Hapvida Participacoes e Investimentos SA1		89,902,916		223,575
PolyPeptide Group AG1,2,3		2,640,757		208,306
iRhythm Technologies, Inc.1		1,225,800		193,027
Max Healthcare Institute, Ltd.1,3		32,216,644		147,415
CONMED Corp.		989,747		147,027
Amvis Holdings, Inc.2,3		3,707,200		145,736
Legend Biotech Corp. (ADR)1		4,009,211		145,695
Laurus Labs, Ltd.3		18,452,700		142,747
Integra LifeSciences Holdings Corp.1		2,128,347		136,768
Bachem Holding AG, Class B3		242,844		133,261
Genus PLC2,3		3,490,701		128,809
Shockwave Medical, Inc.1		585,000		121,306
CanSino Biologics, Inc., Class H1,3,5		7,491,400		119,849
Silk Road Medical, Inc.1,2		2,791,630		115,266
Vitrolife AB3		3,454,500		113,435
Penumbra, Inc.1		508,744		113,007
Globus Medical, Inc., Class A1		1,508,145		111,271

SMALLCAP World Fund 9

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Pacific Biosciences of California, Inc.1,2		11,146,935	$	101,437
Inari Medical, Inc.1		1,117,558		101,295
Oak Street Health, Inc.1		3,694,720		99,314
Xenon Pharmaceuticals, Inc.1,2		3,143,271		96,090
Revance Therapeutics, Inc.1,2		4,895,630		95,465
Tandem Diabetes Care, Inc.1		778,500		90,532
Pharmaron Beijing Co., Ltd., Class H3		7,336,300		88,656
Addus HomeCare Corp.1,2		938,900		87,590
Amedisys, Inc.1		508,199		87,558
AddLife AB, Class B3		3,081,912		85,448
Medmix AG1,2,3		2,421,289		84,230
Ultragenyx Pharmaceutical, Inc.1		1,075,233		78,083
Arjo AB, Class B3		9,161,037		77,343
AbCellera Biologics, Inc.1,5		7,608,295		74,181
Pulmonx Corp.1,2,5		2,946,500		73,103
Surgical Science Sweden AB1,2,3		3,271,137		70,193
ICON PLC1		281,109		68,371
Health Catalyst, Inc.1		2,480,300		64,810
CompuGroup Medical SE & Co. KGaA3		1,039,060		63,488
New Horizon Health, Ltd.1,2,3,5		21,689,335		62,622
Exact Sciences Corp.1		890,000		62,229
Asahi Intecc Co., Ltd.3		3,169,300		62,012
Shandong Pharmaceutical Glass Co., Ltd., Class A3		14,613,776		60,943
Carl Zeiss Meditec AG, non-registered shares3		368,406		59,736
Angelalign Technology, Inc.1,3,5		3,469,800		59,432
Poly Medicure, Ltd.3		4,511,022		56,275
BICO Group AB, Class B1,3,5		3,028,755		52,950
Hypera SA, ordinary nominative shares		6,415,283		52,160
Virbac SA1,3		125,200		49,958
Antares Vision SpA1,2,3,5		5,278,008		49,318
Ocumension Therapeutics1,2,3,5		37,692,000		48,011
NuVasive, Inc.1		766,000		43,432
Glaukos Corp.1		750,322		43,384
Ambu AS, Class B, non-registered shares3,5		2,923,500		42,934
Fisher & Paykel Healthcare Corp., Ltd.3		2,510,000		42,177
Revenio Group OYJ, non-registered shares1,3		792,790		41,641
Nakanishi, Inc.3		2,255,800		41,601
Encompass Health Corp.		556,357		39,563
Alignment Healthcare, Inc.1		3,500,000		39,305
Inhibrx, Inc.1,5		1,631,547		36,351
Hikma Pharmaceuticals PLC3		1,336,300		35,952
Zai Lab, Ltd. (ADR)1		814,933		35,841
Metropolis Healthcare, Ltd.3		1,332,658		35,582
KRKA, dd, Novo mesto3		335,262		35,337
Hutchmed China, Ltd. (ADR)1		1,350,035		25,543
Hutchmed China, Ltd.1,3,5		2,554,000		9,737
Twist Bioscience Corp.1		704,000		34,764
FIGS, Inc., Class A1,5		1,553,300		33,427
Fate Therapeutics, Inc.1		858,000		33,265
Seer, Inc., Class A1,5		2,170,000		33,071
SKAN Group AG1,3,5		462,566		31,999
Zentalis Pharmaceuticals, Inc.1		683,000		31,514
Incyte Corp.1		396,000		31,450
Revolution Medicines, Inc.1		1,228,000		31,326
CRISPR Therapeutics AG1,5		495,405		31,097
Gland Pharma, Ltd.1,3		714,552		30,722
Ascendis Pharma A/S (ADR)1		246,202		28,894
Oncoclinicas do Brasil Servicos Medicos SA1		12,101,800		26,842
Guardant Health, Inc.1		398,355		26,387
CellaVision AB, non-registered shares3		789,300		26,231
Medacta Group SA1,3		216,959		25,849
PetIQ, Inc., Class A1,5		1,051,358		25,653
Olink Holding AB (ADR)1,5		1,409,527		24,892
EBOS Group, Ltd.1,3		848,589		24,310
Hikal, Ltd.3		4,342,326		22,883
Brii Biosciences, Ltd.1,3,5		16,214,542		22,808
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A3		1,949,981		22,509
Alnylam Pharmaceuticals, Inc.1		137,700		22,485
Chemed Corp.		42,000		21,275

10 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Dechra Pharmaceuticals PLC3		398,000	$	21,073
Editas Medicine, Inc.1		1,100,000		20,922
CM Hospitalar SA		5,671,671		19,060
Fleury SA, ordinary nominative shares		5,540,900		18,632
Zealand Pharma A/S1,3,5		1,208,825		18,467
Hangzhou Tigermed Consulting Co., Ltd., Class A3		1,090,535		18,376
Nevro Corp.1		253,000		18,299
OdontoPrev SA, ordinary nominative shares		6,925,700		18,241
Acerta Pharma BV1,3,4,7		195,556,815		17,913
Rubius Therapeutics, Inc.1,5		3,167,396		17,452
Cano Health, Inc., Class A1,3		2,989,857		17,087
Creo Medical Group PLC1,2,3		11,533,623		16,879
Sysmex Corp.3		220,300		15,997
Cellectis SA (ADR)1,2,5		2,213,119		10,048
Cellectis SA, non-registered shares1,2,3,5		1,079,240		4,978
Natera, Inc.1		363,000		14,767
Nordhealth AS, Class A1,2,3		5,120,000		14,153
Sosei Group Corp.1,3		1,189,700		13,691
Classys, Inc.3		740,401		13,540
Precision BioSciences, Inc.1,2		4,269,000		13,149
Karuna Therapeutics, Inc.1		102,875		13,044
Novavax, Inc.1,5		176,000		12,962
Medlive Technology Co., Ltd.1,3,5		12,905,000		12,937
Jacobio Pharmaceuticals Group Co., Ltd.1,3		11,384,400		11,433
Cue Health, Inc.1,5		1,750,000		11,287
Galapagos NV1,3		180,626		11,208
HBM Holdings, Ltd.1,3		20,876,000		9,439
ChemoMetec A/S1,3		70,910		8,590
Diagnósticos da América SA		1,728,463		8,332
Cortexyme, Inc.1,5		1,083,613		6,708
IO Biotech, Inc.1		1,235,000		6,546
Vir Biotechnology, Inc.1		240,942		6,197
Cronos Group, Inc.1		1,585,000		6,149
Scholar Rock Holding Corp.1,5		475,000		6,123
BONESUPPORT HOLDING AB1,3		1,200,000		5,995
KRY International AB, Series A1,3,4,7		19,744		5,932
Genetron Holdings, Ltd. (ADR)1,5		2,423,471		5,307
Autolus Therapeutics PLC (ADR)1,5		1,060,579		4,423
Intervacc AB1,3,5		850,000		4,035
Adagene, Inc. (ADR)1,5		1,112,200		3,971
Implantica AG, Class A (SDR)1,3		700,000		3,880
Sana Biotechnology, Inc.1,5		426,000		3,519
Applied Molecular Transport, Inc.1,5		430,000		3,234
IN8bio, Inc.1		800,000		2,776
Acutus Medical, Inc.1,2,5		1,600,000		2,224
Schrodinger, Inc.1		31,250		1,066
R1 RCM, Inc.1		2,155		58
				9,948,594
Financials 9.72%
Ares Management Corp., Class A		5,174,776		420,347
SVB Financial Group1		606,500		339,306
Trupanion, Inc.1,2		3,213,692		286,404
East West Bancorp, Inc.		3,044,577		240,582
AU Small Finance Bank, Ltd.1,3		12,933,400		211,547
Aavas Financiers, Ltd.1,2,3		6,168,830		208,307
Essent Group, Ltd.		4,761,800		196,234
Independent Bank Group, Inc.2		2,702,533		192,312
Bridgepoint Group PLC1,3		41,048,813		188,650
Eurobank Ergasias Services and Holdings SA1,3		159,299,100		186,281
Enstar Group, Ltd.1		659,049		172,111
SouthState Corp.		2,099,211		171,275
Cholamandalam Investment and Finance Co., Ltd.3		17,582,421		165,290
Capitec Bank Holdings, Ltd.3		983,153		157,076
First Republic Bank		945,825		153,318
Seacoast Banking Corporation of Florida2		4,156,901		145,575
Focus Financial Partners, Inc., Class A1		3,140,931		143,666
Patria Investments, Ltd., Class A2		6,913,834		123,135

SMALLCAP World Fund 11

Common stocks (continued)	Shares		Value (000)
Financials (continued)
National Bank of Greece SA1,3		32,898,600	$	121,413
Janus Henderson Group PLC		3,303,741		115,697
Goosehead Insurance, Inc., Class A		1,464,214		115,043
RenaissanceRe Holdings, Ltd.		700,000		110,957
Silvergate Capital Corp., Class A1		687,409		103,503
Stifel Financial Corp.		1,477,350		100,312
IIFL Wealth Management, Ltd.3		4,379,654		96,377
Western Alliance Bancorporation		1,100,128		91,113
Canara Bank1,3		26,973,076		80,118
IIFL Finance, Ltd.2,3		19,671,937		73,746
Banca Generali SpA3,5		1,972,252		73,097
AJ Bell PLC3		18,325,000		72,824
TMX Group, Ltd.		699,000		71,893
Valley National Bancorp		5,495,000		71,545
United Community Banks, Inc.		2,039,000		70,957
PacWest Bancorp		1,426,000		61,503
StepStone Group, Inc., Class A		1,853,600		61,280
Radian Group, Inc.		2,673,551		59,380
Virtu Financial, Inc., Class A		1,566,000		58,287
Antin Infrastructure Partners SA1,3		1,779,762		56,769
Eastern Bankshares, Inc.		2,618,000		56,392
SiriusPoint, Ltd.1		7,500,000		56,100
AUB Group, Ltd.3		3,295,547		55,547
Euronext NV3		585,333		53,151
Kinsale Capital Group, Inc.		226,120		51,560
Bolsa Mexicana de Valores, SAB de CV, Series A		24,287,354		51,359
Alpha Services and Holdings SA1,3		40,509,600		49,711
Live Oak Bancshares, Inc.		935,225		47,594
Webster Financial Corp.		843,652		47,346
Pine Labs Pte., Ltd.1,3,4,7		76,998		46,916
Indian Energy Exchange, Ltd.3		15,000,000		44,090
VZ Holding AG3		465,000		43,981
Aptus Value Housing Finance India, Ltd.1,3		9,705,352		43,407
The Bank of N.T. Butterfield & Son, Ltd.		1,100,000		39,468
Korea Investment Holdings Co., Ltd.3		590,280		38,015
Nova Ljubljanska Banka dd (GDR)3		2,460,428		37,185
EFG International AG3		4,814,800		37,142
PT Bank Raya Indonesia Tbk1,3		411,843,267		35,493
Hamilton Lane, Inc., Class A		442,970		34,237
Moelis & Co., Class A		719,000		33,757
Umpqua Holdings Corp.		1,785,500		33,675
City Union Bank, Ltd.3		19,531,129		33,040
Star Health & Allied Insurance Co., Ltd.1,3		3,400,000		31,621
AssetMark Financial Holdings, Inc.1		1,350,000		30,037
WealthNavi, Inc.1,3,5		1,788,200		29,498
Victory Capital Holdings, Inc., Class A		1,016,000		29,332
Upstart Holdings, Inc.1,5		262,635		28,651
Artisan Partners Asset Management, Inc., Class A		705,000		27,742
Oscar Health, Inc., Class A1,5		2,751,000		27,427
Redwood Trust, Inc. REIT		2,562,000		26,978
ICICI Securities, Ltd.3		3,293,062		26,871
Hiscox, Ltd.3		2,060,606		26,566
Hilltop Holdings, Inc.		900,000		26,460
Open Lending Corp.1		1,268,008		23,978
BOK Financial Corp.		250,368		23,522
Qualitas Controladora, SAB de CV1,5		3,869,550		22,176
The Tel Aviv Stock Exchange, Ltd.3		4,312,024		22,074
Pinnacle Investment Management Group, Ltd.3		2,740,000		21,299
eGuarantee, Inc.3		1,268,348		21,167
NMI Holdings, Inc.1		950,000		19,589
Linc AB1,3,5		2,358,208		19,280
Piraeus Financial Holdings SA1,3		11,695,500		18,199
Marqeta, Inc., Class B1		1,439,298		15,890
Hellenic Exchanges - Athens Stock Exchange SA2,3		3,500,000		14,243
Funding Circle Holdings PLC1,3		14,713,073		14,185
Haci Ömer Sabanci Holding AS1,3		10,132,210		12,049
Islandsbanki hf.1,3		11,632,054		11,479
Uzabase, Inc.1,3,5		1,320,400		11,457
Discovery, Ltd.1,3		899,883		11,175

12 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
HDFC Asset Management Co., Ltd.3		319,780	$	9,016
MGIC Investment Corp.		472,526		6,403
PB Fintech, Ltd.1,3		687,700		6,260
Collector AB1,3		1,341,922		5,574
TCS Group Holding PLC (GDR)1,3,6,7		31,700		—	8
TCS Group Holding PLC (GDR)1,3,7		1,334,228		—	8
				6,956,594
Consumer staples 3.78%
Emmi AG2,3		318,222		347,070
Simply Good Foods Co., Class A1,2		7,470,500		283,505
Grocery Outlet Holding Corp.1,2		7,673,486		251,537
Ocado Group PLC1,3		10,398,813		158,953
Freshpet, Inc.1		1,300,096		133,442
Raia Drogasil SA, ordinary nominative shares		23,687,125		119,106
Milbon Co., Ltd.2,3		2,238,800		100,364
BJ’s Wholesale Club Holdings, Inc.1		1,455,608		98,414
Dole PLC2,5		7,589,499		94,110
Monde Nissin Corp.1,3		350,959,960		92,933
Shop Apotheke Europe NV, non-registered shares1,2,3,5		950,057		86,754
AAK AB3		4,066,576		75,389
Sovos Brands, Inc.1		4,604,913		65,298
Hilton Food Group PLC3		3,672,267		59,727
Celsius Holdings, Inc.1		1,054,465		58,185
Fever-Tree Drinks PLC3		2,425,000		56,806
Nu Skin Enterprises, Inc., Class A		1,100,000		52,668
United Spirits, Ltd.1,3		4,506,665		52,661
Vector Group, Ltd.		3,971,496		47,817
Performance Food Group Co.1		928,000		47,244
Scandinavian Tobacco Group A/S3		2,163,780		46,069
Zur Rose Group AG1,3,5		294,100		43,000
Kotobuki Spirits Co., Ltd.3,5		707,800		37,678
Varun Beverages, Ltd.3		2,973,313		36,687
BidCorp, Ltd.3,5		1,640,857		35,685
COSMOS Pharmaceutical Corp.3		287,909		34,971
Bakkafrost P/F3		517,500		34,766
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A3		6,624,986		29,278
Fresh Del Monte Produce, Inc.		1,028,000		26,635
Sok Marketler Ticaret AS, non-registered shares3		27,025,951		22,802
Avenue Supermarts, Ltd.1,3		417,313		21,918
PZ Cussons PLC3		6,017,310		15,456
Century Pacific Food, Inc.3		25,901,000		11,754
Nomad Foods, Ltd.1		500,000		11,290
Icelandic Salmon AS1,3		515,000		9,048
Beyond Meat, Inc.1,5		73,395		3,546
				2,702,566
Materials 2.68%
APL Apollo Tubes, Ltd.2,3		15,314,090		183,779
LANXESS AG3		3,966,455		175,415
Navin Fluorine International, Ltd.2,3		3,068,598		164,420
Perimeter Solutions SA1,2,5		13,239,051		160,325
CCL Industries, Inc., Class B, nonvoting shares		2,262,200		102,058
Lundin Mining Corp.		8,514,400		86,292
Summit Materials, Inc., Class A1		2,535,041		78,738
MMG, Ltd.1,3		190,768,000		76,540
Allegheny Technologies, Inc.1		2,303,602		61,829
JCU Corp.2,3		1,702,600		57,467
H.B. Fuller Co.		866,200		57,230
Nanofilm Technologies International, Ltd.3		28,090,270		55,839
SSR Mining, Inc.5		2,445,000		53,179
PI Industries, Ltd.3		1,362,000		50,269
Yamana Gold, Inc.5		8,881,000		49,556
Toyo Gosei Co., Ltd.3		398,900		35,266
Re:NewCell AB1,2,3,5		2,462,272		33,728
Deepak Fertilisers & Petrochemicals Corp., Ltd.1,3		4,539,000		33,625
Intrepid Potash, Inc.1		406,500		33,390
Alcoa Corp.		350,000		31,510

SMALLCAP World Fund 13

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Mayr-Melnhof Karton AG, non-registered shares1,3		164,259	$	29,241
Sandstorm Gold, Ltd.5		3,577,197		28,904
Croda International PLC3		267,795		27,522
ACC, Ltd.1,3		876,842		24,787
Arkema SA3		197,500		23,562
Berger Paints India, Ltd.3		2,500,993		23,035
Vinati Organics, Ltd.3		867,104		22,263
Aluflexpack AG1,2,3,5		1,309,666		21,916
Indigo Paints, Ltd.1,3		985,100		20,774
Kansai Paint Co., Ltd.3		1,205,600		19,370
Humble Group AB1,3		8,194,627		16,107
Venator Materials PLC1,2,5		8,519,540		15,165
Gerdau SA (ADR)		2,011,500		12,934
Recticel SA/NV1,3		485,828		11,555
Fuso Chemical Co., Ltd.3		263,200		9,643
Vidrala, SA, non-registered shares3		125,996		8,854
Carbios SA1,3,5		161,315		6,121
Labrador Iron Ore Royalty Corp.1		168,600		5,666
Shandong Sinocera Functional Material Co., Ltd., Class A3		949,821		5,149
Gulf Oil Lubricants India, Ltd.3		750,317		4,172
				1,917,195
Communication services 2.52%
JCDecaux SA1,3		10,534,825		249,604
Iridium Communications, Inc.1		4,845,068		195,353
Iridium Communications, Inc.1,6		636,132		25,649
Lions Gate Entertainment Corp., Class B1		11,181,294		168,055
Nordic Entertainment Group AB, Class B1,3		3,414,602		137,615
New York Times Co., Class A		2,377,638		108,991
JOYY, Inc., Class A (ADR)		2,688,900		98,763
DIP Corp.3,5		2,807,500		76,465
YouGov PLC3		3,423,794		61,295
Ubisoft Entertainment SA1,3		1,382,701		60,871
Nextdoor Holdings, Inc., Class A1,5		5,500,000		32,945
Nextdoor Holdings, Inc., Class B1,3,6		4,697,393		25,605
Pearson PLC3		5,591,034		54,624
Bandwidth, Inc., Class A1		1,669,680		54,081
4imprint Group PLC3		1,230,089		45,161
Cable One, Inc.		25,321		37,076
Ascential PLC1,3		7,219,000		32,817
CTS Eventim AG & Co. KGaA1,3		471,400		32,346
Zee Entertainment Enterprises, Ltd.3		7,932,200		29,983
Trustpilot AS1,3		15,194,009		28,839
Paradox Interactive AB3,5		1,473,435		28,010
Tata Communications, Ltd.3		1,725,254		27,825
Direct Marketing MIX, Inc.3		1,631,100		24,262
Devolver Digital, Inc.1,3		11,379,360		24,106
Hemnet Group AB1,3		1,477,757		22,260
PLAYSTUDIOS, Inc., Class A1		4,500,000		21,825
VTEX, Class A1,5		3,472,817		21,358
MTN Group, Ltd.3,5		1,458,066		18,893
Pebble Group PLC1,2,3		13,396,071		18,477
Huuuge, Inc.1,3,5		2,977,596		12,536
Frontier Communications Parent, Inc.1		439,057		12,149
Boat Rocker Media, Inc.1		2,103,504		7,487
Bambuser AB1,3		6,920,149		6,385
Yandex NV, Class A1,3,7		1,530,000		—	8
				1,801,711
Energy 1.85%
Coterra Energy, Inc.		7,912,776		213,408
New Fortress Energy, Inc., Class A5		4,463,000		190,169
Northern Oil and Gas, Inc.2		6,054,000		170,662
Chesapeake Energy Corp.		1,633,404		142,106
Pioneer Natural Resources Company		353,053		88,274
DT Midstream, Inc.		1,344,202		72,936
Cactus, Inc., Class A		1,149,091		65,199
Denbury, Inc.1		730,000		57,356

14 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Worley, Ltd.3		5,701,172	$	54,725
Helmerich & Payne, Inc.		1,270,549		54,354
Viper Energy Partners LP		1,455,000		43,024
Savannah Energy PLC1,2,3		96,128,672		35,205
Subsea 7 SA1,3		3,742,357		34,796
Magnolia Oil & Gas Corp., Class A		1,323,743		31,307
Equitrans Midstream Corp.		3,390,447		28,615
Venture Global LNG, Inc., Series C1,3,4,6,7		4,240		24,028
Vallourec SA1,3		1,193,113		15,231
				1,321,395
Real estate 1.58%
DigitalBridge Group, Inc. REIT, Class A1		28,570,127		205,705
Altus Group, Ltd.2		3,585,466		144,835
Embassy Office Parks REIT3		25,958,400		126,883
CIFI Ever Sunshine Services Group, Ltd.3		83,935,000		112,652
K-Fast Holding AB, Class B1,2,3		9,796,068		69,131
Concentradora Fibra Danhos REIT, SA de CV		57,954,482		68,881
JHSF Participações SA2		46,022,472		63,509
Mindspace Business Parks REIT3		9,000,000		41,098
Cushman & Wakefield PLC1		1,862,000		38,190
SRE Holdings Corp.1,2,3		1,274,328		35,134
Macrotech Developers, Ltd.1,3		2,331,038		34,302
Samhallsbyggnadsbolaget i Norden AB, Class B3		7,264,000		32,351
Douglas Emmett, Inc. REIT		910,000		30,412
FirstService Corp.		200,000		28,929
Genova Property Group AB1,2,3		2,126,731		26,326
Zillow Group, Inc., Class C, nonvoting shares1		525,000		25,877
Swedish Logistic Property AB, Class B1,3		3,924,040		16,235
Douglas Elliman, Inc.		1,985,748		14,496
Shimao Services Holdings, Ltd.3		16,829,000		8,946
Americold Realty Trust REIT		217,800		6,072
				1,129,964
Utilities 0.41%
AC Energy Corp.3		567,933,920		95,627
Black Hills Corp.		1,050,100		80,879
Brookfield Infrastructure Corp., Class A, subordinate voting shares		660,100		49,813
ENN Energy Holdings, Ltd.3		3,166,000		47,183
Neoenergia SA		5,959,000		21,553
Mytrah Energy, Ltd.1,2,3,7		10,418,000		137
				295,192
Total common stocks (cost: $46,389,453,000)				64,460,015
Preferred securities 1.18%
Industrials 0.45%
Azul SA, preferred nominative shares (ADR)1,5		7,279,081		109,550
Azul SA, preferred nominative shares1		771,000		3,874
Einride AB, Series B, preferred shares1,2,3,4,7		1,334,588		77,717
Einride AB, Series A, preferred shares1,2,3,4,7		11,990		698
Relativity Space, Inc., Series D, preferred shares1,2,3,4,7		2,143,751		48,953
Relativity Space, Inc., Series E, preferred shares1,2,3,4,7		464,197		10,600
ABL Space Systems Co., Series B, preferred shares1,3,4,7		777,162		44,920
WorkRise Technologies, Inc., Series E, preferred shares1,3,4,7		95,423		27,715
				324,027
Information technology 0.28%
Skyryse, Inc., Series B, preferred shares1,2,3,4,7		1,649,110		40,700
Outreach Corp., Series G, preferred shares1,3,4,7		1,554,053		36,614
PsiQuantum, Corp., Series D, preferred shares1,3,4,7		1,334,542		35,000
Yotpo, Ltd., Series F, preferred shares1,3,4,6,7		8,332,809		18,329
Yotpo, Ltd., Series B, preferred shares1,3,4,6,7		1,111,347		2,444
Yotpo, Ltd., Series C, preferred shares1,3,4,6,7		1,057,985		2,327
Yotpo, Ltd., Series A-1, preferred shares1,3,4,6,7		709,592		1,561
Yotpo, Ltd., Series A, preferred shares1,3,4,6,7		345,899		761
Yotpo, Ltd., Series C-1, preferred shares1,3,4,6,7		293,302		645

SMALLCAP World Fund 15

Preferred securities (continued)		Shares		Value (000)
Information technology (continued)
Yotpo, Ltd., Series D, preferred shares1,3,4,6,7			163,552	$	360
Yotpo, Ltd., Series B-1, preferred shares1,3,4,6,7			130,625		287
Patreon, Inc., Series E, preferred shares1,3,4,7			698,208		21,002
Patreon, Inc., Series Seed, preferred shares1,3,4,7			163,096		4,906
SiFive, Inc., Series F, preferred shares1,3,4,7			3,451,632		25,000
Kandou Holding SA, Series D, preferred shares1,3,4,7			2,142,857		12,750
					202,686
Health care 0.15%
Laronde, Inc., Series B, 6.00% preferred shares1,3,4,7			1,785,714		50,000
KRY International AB, Series E, preferred shares1,3,4,7			114,059		34,270
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 20221,2,3,4,7			1,531,102		11,330
Artiva Biotherapeutics, Inc., Series B, preferred shares1,3,4,7			636,364		7,000
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3,4,7			4,397,107		3,078
					105,678
Consumer discretionary 0.11%
StockX, Inc., Series E-1, preferred shares1,3,4,7			222,222		22,769
StockX, Inc., Series AA, preferred shares1,3,4,7			57,338		5,874
StockX, Inc., Series B, preferred shares1,3,4,7			3,094		317
Cava Group, Inc., Series F, preferred shares1,3,4,6,7			664,364		26,588
Grove Collaborative, Inc., Series E, preferred shares1,3,4,7			2,611,018		25,302
					80,850
Financials 0.11%
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,3,4,7			13,618		40,328
Pine Labs Pte., Ltd., Series J, cumulative preferred shares1,3,4,7			57,100		34,792
					75,120
Real estate 0.08%
QuintoAndar, Ltd., Series E-1, preferred shares1,3,4,7			244,733		52,500
Total preferred securities (cost: $781,597,000)					840,861
Rights & warrants 0.10%
Information technology 0.08%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20233,6			1,918,000		55,603
Foursquare Labs, Inc., warrants, expire 20331,3,4,7			1,163,990		134
					55,737
Industrials 0.02%
Centre Testing International Group Co., Ltd., Class A, warrants, expire 20231,3,6			3,799,918		11,739
Momentus, Inc., warrants, expire 20261			2,225,000		1,068
					12,807
Total rights & warrants (cost: $109,732,000)					68,544
Convertible stocks 0.04%
Information technology 0.04%
RealSelf, Inc., Series C, convertible preferred shares2,3,4,7			3,468,862		14,153
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares3,4,7			14,888,589		12,179
Total convertible stocks (cost: $31,179,000)					26,332
Convertible bonds & notes 0.00%	Principal amount (000)
Industrials 0.00%
Einride AB, convertible notes, 7.00% 20232,3,4,7		$	1,500		1,500
Total convertible bonds & notes (cost: $1,500,000)					1,500
Short-term securities 10.24%		Shares
Money market investments 8.72%
Capital Group Central Cash Fund 0.32%2,9			62,426,357		6,242,636

16 SMALLCAP World Fund

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 1.52%
Capital Group Central Cash Fund 0.32%2,9,10		2,991,661	$	299,166
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.25%9,10		217,368,252		217,368
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.25%9,10		195,200,000		195,200
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.23%9,10		179,000,000		179,000
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.23%9,10		75,900,000		75,900
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%9,10		65,000,000		65,000
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.19%9,10		37,900,000		37,900
Fidelity Investments Money Market Government Portfolio, Class I 0.12%9,10		16,200,000		16,200
				1,085,734
Total short-term securities (cost: $7,328,334,000)				7,328,370
Total investment securities 101.63% (cost: $54,641,795,000)				72,725,622
Other assets less liabilities (1.63)%				(1,163,008	)
Net assets 100.00%			$	71,562,614

Investments in affiliates²

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 3/31/2022 (000)		Dividend or interest income (000)
Common stocks 23.46%
Information technology 4.96%
eMemory Technology, Inc.3	$	425,376	$	42,850	$	21,755	$	16,739		$	(53,290	)	$	409,920	$	—
ALTEN SA, non-registered shares3		218,256		104,551		—		—			(3,627	)		319,180		—
Kulicke and Soffa Industries, Inc.		277,553		12,062		—		—			(10,517	)		279,098		1,694
Keywords Studios PLC3		237,154		1,975		—		—			(29,546	)		209,583		57
Global Unichip Corp.3		122,936		65,715		—		—			(1,554	)		187,097		—
Tanla Platforms, Ltd.3		112,334		—		—		—			70,267			182,601		—
SHIFT, Inc.1,3		281,192		31,760		98,987		29,956			(72,661	)		171,260		—
Network International Holdings PLC1,3		215,255		3,811		4,878		(3,918	)		(51,574	)		158,696		—
Money Forward, Inc.1,3,5		235,170		12,777		—		—			(90,458	)		157,489		—
Net One Systems Co., Ltd.3		226,584		4,016		23,865		(5,723	)		(60,169	)		140,843		1,736
Dexerials Corp.3,5		63,639		63,300		—		—			12,852			139,791		1,282
Crayon Group Holding ASA1,3		75,090		60,519		—		—			(3,609	)		132,000		—
Extreme Networks, Inc.1		52,435		63,818		—		—			8,619			124,872		—
Credo Technology Group Holding, Ltd.1,3,6		—		24,322		—		—			40,064			64,386		—
Credo Technology Group Holding, Ltd.1,5		—		34,446		—		—			18,015			52,461		—
Bytes Technology Group PLC3		80,157		22,699		—		—			(6,218	)		96,638		346
Megaport, Ltd.1,3		132,815		10,408		28,971		14,002			(34,716	)		93,538		—
AvidXchange Holdings, Inc.1,5		—		189,825		7,507		(13,747	)		(77,350	)		91,221		—
PAR Technology Corp.1,5		125,429		6,227		—		—			(45,326	)		86,330		—
Avaya Holdings Corp.1		53,532		62,785		—		—			(38,085	)		78,232		—
Ideagen PLC3		86,794		10,401		—		—			(31,410	)		65,785		112
91APP, Inc.1,3		1,012		94,730		—		—			(41,881	)		53,861		—
Zuken, Inc.3		59,358		10,283		3,398		(1,649	)		(20,173	)		44,421		74
eCloudvalley Digital Technology Co., Ltd.3		30,937		6,339		—		—			(5,870	)		31,406		—
Boku, Inc.1,3,6		53,644		—		—		—			(23,941	)		29,703		—
SmartCraft ASA, Class A1,3		34,172		—		—		—			(7,136	)		27,036		—
LPKF Laser & Electronics AG, non-registered shares3,5		44,674		—		3,169		(2,939	)		(13,195	)		25,371		—
Cherry AG1,3		52,280		—		—		—			(28,188	)		24,092		—
Unifiedpost Group SA1,3		50,611		—		1,526		(1,217	)		(31,132	)		16,736		—
WeCommerce Holdings, Ltd., Class A1,5		—		21,801		—		—			(5,226	)		16,575		—

SMALLCAP World Fund 17

Investments in affiliates² (continued)

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 3/31/2022 (000)		Dividend or interest income (000)
MotorK, Ltd.1,3	$	—	$	17,278	$	—	$	—		$	(3,538	)	$	13,740	$	—
Smaregi, Inc.1,3,5		34,016		—		—		—			(21,206	)		12,810		—
Softline Holding PLC (GDR)1,3,6		—		79,875		—		—			(67,087	)		12,788		—
Softline Holding PLC (GDR)1,3		—		75		—		—			(63	)		12		—
Appier Group, Inc.1,3,5,11		81,454		9,376		30,258		(25,189	)		(4,785	)		—		—
Bottomline Technologies (DE), Inc.1,12		140,399		—		201,075		37,298			23,378			—		—
Computer Age Management Services, Ltd.3,11		128,344		—		58,979		20,185			(42,577	)		—		590
Dock, Ltd.1,3,4,7,11		27,080		—		—		—			29,023			—		—
Dye & Durham, Ltd.11		121,192		—		34,073		(24,796	)		(17,555	)		—		162
EcoOnline Holding AS1,3,11		29,071		—		5,215		(1,865	)		(9,673	)		—		—
GB Group PLC3,11		125,523		—		77,565		(6,990	)		(29,153	)		—		—
Hennge KK1,3,12		56,060		—		15,958		(29,775	)		(10,327	)		—		—
Nagarro SE1,3,11		144,449		—		48,024		22,686			(26,412	)		—		—
Netcompany Group AS, non-registered shares1,3,11		311,683		—		86,626		52,882			(160,959	)		—		—
														3,549,572
Industrials 6.54%
IMCD NV3		668,138		—		123,397		63,079			(117,847	)		489,973		—
BayCurrent Consulting, Inc.3		624,379		10,533		26,907		9,950			(180,127	)		437,828		1,721
Saia, Inc.1		349,105		—		—		—			8,491			357,596		—
Diploma PLC3		374,585		297		—		—			(32,050	)		342,832		4,087
Matson, Inc.		159,322		15,167		—		—			78,355			252,844		1,184
Armstrong World Industries, Inc.5		205,914		61,742		—		—			(21,721	)		245,935		1,181
Wizz Air Holdings PLC1,3		259,859		183,690		33,838		(6,414	)		(158,647	)		244,650		—
Comfort Systems USA, Inc.		137,040		94,086		25,046		(2,641	)		34,551			237,990		603
Arcosa, Inc.		176,368		17,939		—		—			26,045			220,352		355
Visional, Inc.1,3,5		186,716		—		—		—			(9,362	)		177,354		—
Harmonic Drive Systems, Inc.3		149,749		72,101		—		—			(53,187	)		168,663		393
Carel Industries SpA3		186,704		—		15,519		8,559			(20,053	)		159,691		—
EnPro Industries, Inc.		72,321		66,947		—		—			752			140,020		638
Johns Lyng Group, Ltd.3		79,441		13,116		—		—			40,272			132,829		399
Alfen NV1,3,5		134,619		—		—		—			(4,734	)		129,885		—
Instalco AB3		158,007		—		—		—			(28,736	)		129,271		—
Montrose Environmental Group, Inc.1		95,694		49,260		—		—			(19,801	)		125,153		—
GVS SpA3		174,811		19,196		40,684		(1,942	)		(56,958	)		94,423		—
Japan Elevator Service Holdings Co., Ltd.3		163,396		—		—		—			(71,290	)		92,106		751
Volution Group PLC3		37,413		67,773		—		—			(19,401	)		85,785		848
Marlowe PLC1,3		69,724		9,520		—		—			2,245			81,489		—
KEI Industries, Ltd.3		—		62,117		—		—			12,712			74,829		102
DO & CO AG, non-registered shares1,3,5		63,241		—		—		—			2,078			65,319		—
Interface, Inc.		71,524		—		—		—			(7,459	)		64,065		94
Fasadgruppen Group AB1,3		66,194		3,933		—		—			(8,264	)		61,863		—
Pegasus Hava Tasimaciligi AS1,3		52,880		—		—		—			(8,753	)		44,127		—
Einride AB1,3,4,7		13,640		—		—		—			9,134			22,774		—
Azelio AB1,3,12		20,939		—		4,009		(24,441	)		7,511			—		—
Barrett Business Services, Inc.12		46,577		—		39,545		3,412			(10,444	)		—		183
Boyd Group Services, Inc.5,11		237,086		21,579		46,707		(15,144	)		(57,696	)		—		265
Montana Aerospace AG1,3,11		98,830		—		—		—			(50,229	)		—		—
Sun Country Airlines Holdings, Inc.1,11		104,947		2,901		48,563		(12,347	)		(12,804	)		—		—
														4,679,646

18 SMALLCAP World Fund

Investments in affiliates² (continued)

	Value of affiliates at 10/1/2021 (000)			Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 3/31/2022 (000)			Dividend or interest income (000)
Consumer discretionary 4.85%
YETI Holdings, Inc.1	$	518,842		$	62,702	$	—	$	—		$	(160,790	)	$	420,754		$	—
Helen of Troy, Ltd.1		433,116			60,079		57,609		(2,254	)		(55,320	)		378,012			—
TopBuild Corp.1		411,907			—		16,383		4,213			(49,430	)		350,307			—
Tube Investments of India, Ltd.3		288,934			—		35,131		12,366			27,782			293,951			395
Watches of Switzerland Group PLC1,3		153,430			49,664		—		—			17,660			220,754			—
Kindred Group PLC (SDR)3		211,253			52,928		—		—			(63,399	)		200,782			3,622
Leslie’s, Inc.1		115,326			96,357		—		—			(14,972	)		196,711			—
Everi Holdings, Inc.1		170,435			—		—		—			(22,414	)		148,021			—
WH Smith PLC1,3		120,874			39,329		—		—			(27,595	)		132,608			—
Auction Technology Group PLC1,3		148,698			23,679		—		—			(49,681	)		122,696			—
Domino’s Pizza Group PLC3		129,598			—		—		—			(8,143	)		121,455			—
Golden Entertainment, Inc.1		55,286			34,776		—		—			15,004			105,066			—
Jack in the Box, Inc.		—			94,560		—		—			4,146			98,706			465
Bajaj Electricals, Ltd.1,3		126,568			—		9,380		1,689			(26,937	)		91,940			—
Snow Peak, Inc.3,5		—			66,358		—		—			15,338			81,696			266
Musti Group OYJ3		86,680			7,154		—		—			(24,458	)		69,376			644
Cary Group AB1,3,5		79,878			—		—		—			(13,161	)		66,717			—
BHG Group AB1,3,5		143,245			—		—		—			(77,770	)		65,475			—
RVRC Holding AB3		48,538			258		—		—			1,211			50,007			444
Porch Group, Inc.1		113,369			—		7,576		(9,130	)		(57,096	)		39,567			—
AcadeMedia AB3		38,581			4,836		—		—			(7,556	)		35,861			1,098
Bike24 Holding AG1,3,5		90,361			—		6,626		(8	)		(50,701	)		33,026			—
Lojas Quero-Quero SA		44,684			—		—		—			(12,445	)		32,239			325
JOANN, Inc.5		30,404			—		—		—			737			31,141			573
MADE.com Group PLC1,3,5		58,379			—		—		—			(31,588	)		26,791			—
Beazer Homes USA, Inc.1		28,632			—		—		—			(3,370	)		25,262			—
Westwing Group SE, non-registered shares1,3,5		44,293			14,507		—		—			(38,160	)		20,640			—
Desenio Group AB1,3,5		19,095			12,549		3,039		(3,182	)		(17,096	)		8,327			—
BNN Technology PLC1,3,7		—	8		—		—		—			—	8		—	8		—
Cairn Homes PLC1,3,11		57,942			—		20,935		(595	)		2,807			—			—
Del Taco Restaurants, Inc.12		20,974			—		29,859		3,106			5,779			—			96
Gourmet Master Co., Ltd.3,11		49,381			—		29,315		(16,522	)		1,594			—			—
OneSpaWorld Holdings, Ltd.1,5,11		53,370			—		33,032		2,807			(602	)		—			—
Purple Innovation, Inc., Class A1,12		80,885			—		34,552		(57,914	)		11,581			—			—
zooplus AG, non-registered shares1,3,12		263,323			—		257,235		213,610			(219,698	)		—			—
															3,467,888
Health care 2.35%
Haemonetics Corp.1		35,041			210,658		—		—			8,809			254,508			—
PolyPeptide Group AG1,3		306,892			27,631		—		—			(126,217	)		208,306			—
Amvis Holdings, Inc.3		68,450			76,163		—		—			1,123			145,736			—
Genus PLC3		154,518			100,529		—		—			(126,238	)		128,809			1,439
Silk Road Medical, Inc.1		152,688			568		—		—			(37,990	)		115,266			—
Pacific Biosciences of California, Inc.1		249,229			25,958		—		—			(173,750	)		101,437			—
Xenon Pharmaceuticals, Inc.1		30,854			39,541		4,937		(993	)		31,625			96,090			—
Revance Therapeutics, Inc.1		125,722			10,243		5,528		(4,640	)		(30,332	)		95,465			—
Addus HomeCare Corp.1		74,877			—		—		—			12,713			87,590			—
Medmix AG1,3		84,065			28,320		—		—			(28,155	)		84,230			—
Pulmonx Corp.1,5		99,107			5,901		—		—			(31,905	)		73,103			—
Surgical Science Sweden AB1,3		89,512			—		—		—			(19,319	)		70,193			—

SMALLCAP World Fund 19

Investments in affiliates² (continued)

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 3/31/2022 (000)		Dividend or interest income (000)
New Horizon Health, Ltd.1,3,5	$	58,291	$	32,172	$	—	$	—		$	(27,841	)	$	62,622	$	—
Antares Vision SpA1,3,5		67,179		—		—		—			(17,861	)		49,318		—
Ocumension Therapeutics1,3,5		88,719		1,387		—		—			(42,095	)		48,011		—
Creo Medical Group PLC1,3		26,954		—		—		—			(10,075	)		16,879		—
Cellectis SA (ADR)1,5		27,923		2,959		1,363		(2,878	)		(16,593	)		10,048		—
Cellectis SA, non-registered shares1,3,5		15,170		—		989		(2,333	)		(6,870	)		4,978		—
Nordhealth AS, Class A1,3		25,989		—		—		—			(11,836	)		14,153		—
Precision BioSciences, Inc.1		49,264		—		—		—			(36,115	)		13,149		—
Acutus Medical, Inc.1,5		14,144		—		—		—			(11,920	)		2,224		—
Adaptimmune Therapeutics PLC (ADR)1,12		41,374		—		17,333		(15,147	)		(8,894	)		—		—
Allakos, Inc.1,12		401,101		—		173,447		82,236			(309,890	)		—		—
BICO Group AB, Class B1,3,5,11		192,639		37,534		21,247		(40,685	)		(115,291	)		—		—
Cortexyme, Inc.1,5,11		205,553		19,079		29,236		(18,820	)		(169,868	)		—		—
Mani, Inc.3,12		102,420		—		72,885		(28,693	)		(842	)		—		319
Metropolis Healthcare, Ltd.3,11		126,134		—		74,452		44,330			(60,430	)		—		204
Zealand Pharma A/S1,3,5,11		69,352		1,001		17,194		(22,489	)		(12,203	)		—		—
														1,682,115
Financials 1.46%
Trupanion, Inc.1		241,636		8,695		786		626			36,233			286,404		—
Aavas Financiers, Ltd.1,3		213,203		951		4,195		(889	)		(763	)		208,307		—
Independent Bank Group, Inc.		157,257		37,282		—		—			(2,227	)		192,312		1,771
Seacoast Banking Corporation of Florida		138,854		1,912		—		—			4,809			145,575		1,074
Patria Investments, Ltd., Class A		91,511		21,734		—		—			9,890			123,135		1,891
IIFL Finance, Ltd.3		23,507		54,198		—		—			(3,959	)		73,746		920
Hellenic Exchanges - Athens Stock Exchange SA3		13,967		—		—		—			276			14,243		—
Uzabase, Inc.1,3,5,11		46,409		—		7,194		(15,007	)		(12,751	)		—		—
														1,043,722
Consumer staples 1.62%
Emmi AG3		328,323		—		—		—			18,747			347,070		—
Simply Good Foods Co., Class A1		229,393		30,920		—		—			23,192			283,505		—
Grocery Outlet Holding Corp.1		127,554		38,848		—		—			85,135			251,537		—
Milbon Co., Ltd.3		112,067		20,343		—		—			(32,046	)		100,364		740
Dole PLC5		63,125		55,809		—		—			(24,824	)		94,110		944
Shop Apotheke Europe NV, non-registered shares1,3,5		128,744		7,920		—		—			(49,910	)		86,754		—
														1,163,340
Materials 0.89%
APL Apollo Tubes, Ltd.3		159,233		11,580		—		—			12,966			183,779		—
Navin Fluorine International, Ltd.3		180,182		1,920		30,856		11,171			2,003			164,420		238
Perimeter Solutions SA1,5		—		134,836		—		—			25,489			160,325		—
JCU Corp.3		86,616		—		17,171		1,328			(13,306	)		57,467		426
Re:NewCell AB1,3,5		61,257		—		—		—			(27,529	)		33,728		—
Aluflexpack AG1,3,5		45,884		—		—		—			(23,968	)		21,916		—
Venator Materials PLC1,5		24,281		—		—		—			(9,116	)		15,165		—
Nanofilm Technologies International, Ltd.3,11		105,677		5,265		19,336		(6,286	)		(29,481	)		—		—
														636,800
Communication services 0.03%
Pebble Group PLC1,3		28,975		—		—		—			(10,498	)		18,477		—
Direct Marketing MIX, Inc.3,11		50,358		—		13,991		558			(12,663	)		—		102
														18,477

20 SMALLCAP World Fund

Investments in affiliates² (continued)

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 3/31/2022 (000)		Dividend or interest income (000)
Energy 0.29%
Northern Oil and Gas, Inc.	$	104,325	$	23,768	$	—	$	—		$	42,569		$	170,662	$	1,332
Savannah Energy PLC1,3		15,998		8,234		—		—			10,973			35,205		—
														205,867
Real estate 0.47%
Altus Group, Ltd.		172,723		2,268		—		—			(30,156	)		144,835		829
K-Fast Holding AB, Class B1,3		81,175		—		—		—			(12,044	)		69,131		—
JHSF Participações SA		50,030		—		—		—			13,479			63,509		3,002
SRE Holdings Corp.1,3		82,123		5,052		—		—			(52,041	)		35,134		—
Genova Property Group AB1,3		28,296		—		—		—			(1,970	)		26,326		—
DigitalBridge Group, Inc. REIT, Class A1,11		145,014		33,040		—		—			27,651			—		—
Real Matters, Inc.1,12		50,520		—		33,355		(51,214	)		34,049			—		—
														338,935
Utilities 0.00%
Mytrah Energy, Ltd.1,3,7		140		—		—		—			(3	)		137		—
Total common stocks														16,786,499
Preferred securities 0.32%
Industrials 0.19%
Einride AB, Series B, preferred shares1,3,4,7		46,547		—		—		—			31,170			77,717		—
Einride AB, Series A, preferred shares1,3,4,7		—		311		—		—			387			698		—
Relativity Space, Inc., Series D, preferred shares1,3,4,7		48,953		—		—		—			—			48,953		—
Relativity Space, Inc., Series E, preferred shares1,3,4,7		10,600		—		—		—			—			10,600		—
														137,968
Information technology 0.06%
Skyryse, Inc., Series B, preferred shares1,3,4,7		—		40,700		—		—			—			40,700		—
Avidxchange Holdings, Inc., Series F, preferred shares1,3,12		141,386		—		105,844		—			(35,542	)		—		—
														40,700
Health care 0.01%
Bluestar Genomics, Inc., Series C, noncumulative preferred
shares, 5.00% 20221,3,4,7		15,101		—		—		—			(3,771	)		11,330		—
Financials 0.06%
PPRO Holding GMBS, Series B, 8.00% preferred shares1,3,4,7		54,312		—		—		—			(13,984	)		40,328		—
Total preferred securities														230,326
Convertible stocks 0.02%
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares3,4,7		19,495		—		—		—			(5,342	)		14,153		—
Convertible bonds & notes 0.00%
Industrials 0.00%
Einride AB, convertible notes, 7.00% 20233,4,7		—		1,500		—		—			—			1,500		18
Short-term securities 9.14%
Money market investments 8.72%
Capital Group Central Cash Fund 0.32%9		4,210,329		5,258,031		3,225,188		(228	)		(308	)		6,242,636		2,963
Money market investments purchased with collateral from securities on loan 0.42%
Capital Group Central Cash Fund 0.32%9,10		188,139		111,02713										299,166		—	14
Total short-term securities														6,541,802
Total 32.94%							$	176,144		$	(4,041,573	)	$	23,574,280	$	44,997

SMALLCAP World Fund 21

Private placement securities⁴

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
VisEra Technologies Co., Ltd.	3/9/2021	$	93,821	$	161,167		.23	%
Einride AB, Series B, preferred shares	3/23/2021-5/6/2021		18,753		77,717		.11
Einride AB	7/16/2021-8/17/2021		8,938		22,774		.03
Einride AB, convertible notes, 7.00% 2023	1/7/2022		1,500		1,500		.00
Einride AB, Series A, preferred shares	10/11/2021		311		698		.00
Pine Labs Pte., Ltd.	5/12/2021		28,710		46,916		.07
Pine Labs Pte., Ltd., Series J, cumulative preferred shares	5/12/2021		21,290		34,792		.05
Relativity Space, Inc., Series D, preferred shares	11/20/2020		32,000		48,953		.07
Relativity Space, Inc., Series E, preferred shares	5/27/2021		10,600		10,600		.01
Dock, Ltd.	10/19/2020		26,000		56,103		.08
QuintoAndar, Ltd., Series E-1, preferred shares	12/20/2021		50,000		52,500		.07
Laronde, Inc., Series B, 6.00% preferred shares	8/10/2021		50,000		50,000		.07
StockX, Inc., Series E-1, preferred shares	4/15/2021		20,000		22,769		.03
StockX, Inc.	4/5/2021		14,682		16,577		.02
StockX, Inc., Series AA, preferred shares	4/5/2021		5,203		5,874		.01
StockX, Inc., Series B, preferred shares	4/5/2021		281		317		.00
ABL Space Systems Co., Series B, preferred shares	3/24/2021		35,000		44,920		.06
Skyryse, Inc., Series B, preferred shares	10/21/2021		40,700		40,700		.06
PPRO Holding GMBS, Series B, 8.00% preferred shares	1/28/2021		48,694		40,328		.06
KRY International AB, Series E, preferred shares	5/13/2021		51,891		34,270		.05
KRY International AB, Series A	5/13/2021		8,533		5,932		.01
Outreach Corp., Series G, preferred shares	5/27/2021		45,483		36,614		.05
PsiQuantum, Corp., Series D, preferred shares	5/28/2021		35,000		35,000		.05
Yotpo, Ltd., Series F, preferred shares	2/25/2021		18,329		18,329		.02
Yotpo, Ltd.	3/16/2021		5,475		5,763		.01
Yotpo, Ltd., Series B, preferred shares	3/16/2021		2,322		2,444		.00
Yotpo, Ltd., Series C, preferred shares	3/16/2021		2,211		2,327		.00
Yotpo, Ltd., Series A-1, preferred shares	3/16/2021		1,483		1,561		.00
Yotpo, Ltd., Series A, preferred shares	3/16/2021		723		761		.00
Yotpo, Ltd., Series C-1, preferred shares	3/16/2021		613		645		.00
Yotpo, Ltd., Series D, preferred shares	3/16/2021		342		360		.00
Yotpo, Ltd., Series B-1, preferred shares	3/16/2021		273		287		.00
Patreon, Inc., Series E, preferred shares	9/1/2020		11,944		21,002		.03
Patreon, Inc., Class B	10/26/2020-10/27/2020		3,255		5,714		.01
Patreon, Inc., Series Seed, preferred shares	9/16/2020		2,790		4,906		.01
WorkRise Technologies, Inc., Series E, preferred shares	3/8/2021		40,000		27,715		.04
Cava Group, Inc., Series F, preferred shares	3/26/2021		25,000		26,588		.04
Grove Collaborative, Inc., Series E, preferred shares	11/3/2020		26,000		25,302		.03
SiFive, Inc., Series F, preferred shares	3/16/2022		25,000		25,000		.03
Venture Global LNG, Inc., Series C	5/1/2015		12,720		24,028		.03
Acerta Pharma BV	5/7/2014		7,300		17,913		.03
DPC Dash, Ltd.	12/6/2021		15,000		15,000		.02
RealSelf, Inc., Series C, convertible preferred shares	4/18/2018		19,000		14,153		.02
Kandou Holding SA, Series D, preferred shares	11/17/2021		15,000		12,750		.02
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares	2/18/2022		12,179		12,179		.02
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 2022	4/26/2021		15,101		11,330		.02
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		3,960		.01

22 SMALLCAP World Fund

Private placement securities⁴ (continued)

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Foursquare Labs, Inc., warrants, expire 2033	12/3/2013		—	$	134		.00	%
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares	2/7/2020	$	9,000		3,078		.00
Total private placement securities			945,450		1,137,250		1.59	%

1	Security did not produce income during the last 12 months.
2	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
3	Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $29,837,769,000, which represented 41.69% of the net assets of the fund. This amount includes $28,473,154,000 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.
4	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.
5	All or a portion of this security was on loan. The total value of all such securities was $1,404,776,000, which represented 1.96% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
6	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) 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 $384,137,000, which represented .54% of the net assets of the fund.
7	Value determined using significant unobservable inputs.
8	Amount less than one thousand.
9	Rate represents the seven-day yield at 3/31/2022.
10	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
11	Affiliated issuer during the reporting period but no longer an affiliate at 3/31/2022. Refer to the investment portfolio for the security value at 3/31/2022.
12	Affiliated issuer during the reporting period but no longer held at 3/31/2022.
13	Represents net activity. Refer to Note 5 for more information on securities lending.
14	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts
CAD = Canadian dollars
GDR = Global Depositary Receipts
SDR = Swedish Depositary Receipts

See notes to financial statements.

SMALLCAP World Fund 23

Financial statements

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

Assets:
Investment securities, at value (includes $1,404,776 of investment securities on loan):
Unaffiliated issuers (cost: $34,416,607)	$	49,151,342
Affiliated issuers (cost: $20,225,188)		23,574,280	$	72,725,622
Cash				13,295
Cash denominated in currencies other than U.S. dollars (cost: $14,652)				14,620
Receivables for:
Sales of investments		118,658
Sales of fund’s shares		154,760
Dividends and interest		45,567
Securities lending income		125
Other		3,843		322,953
				73,076,490
Liabilities:
Collateral for securities on loan				1,085,734
Payables for:
Purchases of investments		171,820
Repurchases of fund’s shares		45,709
Investment advisory services		35,831
Services provided by related parties		12,407
Directors’ deferred compensation		4,802
Non-U.S. taxes		153,349
Other		4,224		428,142
Net assets at March 31, 2022			$	71,562,614
Net assets consist of:
Capital paid in on shares of capital stock			$	51,703,122
Total distributable earnings				19,859,492
Net assets at March 31, 2022			$	71,562,614

See notes to financial statements.

24 SMALLCAP World Fund

Financial statements (continued) 

Statement of assets and liabilities
at March 31, 2022 (continued) unaudited

(dollars and shares in thousands, except per-share amounts)

Total authorized capital stock — 2,000,000 shares,
$.01 par value (1,047,465 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	31,468,722		465,633		$	67.58
Class C		543,748		9,828			55.33
Class T		14		—	*		68.46
Class F-1		623,387		9,375			66.49
Class F-2		9,427,042		135,597			69.52
Class F-3		4,874,713		70,589			69.06
Class 529-A		1,847,233		27,779			66.50
Class 529-C		65,295		1,155			56.55
Class 529-E		64,881		1,021			63.54
Class 529-T		18		—	*		68.29
Class 529-F-1		11		—	*		68.16
Class 529-F-2		240,413		3,545			67.82
Class 529-F-3		12		—	*		67.90
Class R-1		30,673		532			57.64
Class R-2		558,515		9,679			57.70
Class R-2E		37,106		567			65.51
Class R-3		777,715		12,296			63.25
Class R-4		783,589		11,702			66.96
Class R-5E		172,936		2,533			68.28
Class R-5		405,318		5,715			70.92
Class R-6		19,641,273		279,919			70.17

* Amount less than one thousand.

See notes to financial statements.

SMALLCAP World Fund 25

Financial statements (continued)

Statement of operations	unaudited
for the six months ended March 31, 2022	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $11,557; also includes $44,979 from affiliates)	$	262,318
Securities lending income (net of fees)		11,667
Interest (net of non-U.S. taxes of $1; also includes $18 from affiliates)		1,594		$	275,579
Fees and expenses*:
Investment advisory services		234,052
Distribution services		58,146
Transfer agent services		25,048
Administrative services		11,637
529 plan services		712
Reports to shareholders		1,105
Registration statement and prospectus		1,498
Directors’ compensation		(413	)
Auditing and legal		95
Custodian		3,924
State and local taxes		1
Other		738
Total fees and expenses before waiver		336,543
Less waiver of fees and expenses:
Investment advisory services waiver		139
Total fees and expenses after waiver					336,404
Net investment loss					(60,825	)
Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $48,264):
Unaffiliated issuers		2,482,331
Affiliated issuers		176,144
Currency transactions		(907	)		2,657,568
Net unrealized (depreciation) appreciation on:
Investments (net of non-U.S. taxes of $149,843):
Unaffiliated issuers		(11,817,655	)
Affiliated issuers		(4,041,573	)
Currency translations		3,102			(15,856,126	)
Net realized gain and unrealized depreciation					(13,198,558	)
Net decrease in net assets resulting from operations				$	(13,259,383	)

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

See notes to financial statements.

26 SMALLCAP World Fund

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Six months ended March 31, 2022*			Year ended September 30, 2021
Operations:
Net investment loss	$	(60,825	)	$	(233,361	)
Net realized gain		2,657,568			7,680,933
Net unrealized (depreciation) appreciation		(15,856,126	)		12,046,573
Net (decrease) increase in net assets resulting from operations		(13,259,383	)		19,494,145
Distributions paid to shareholders		(6,882,674	)		(1,036,458	)
Net capital share transactions		10,490,479			8,057,307
Total (decrease) increase in net assets		(9,651,578	)		26,514,994
Net assets:
Beginning of period		81,214,192			54,699,198
End of period	$	71,562,614		$	81,214,192

* Unaudited.

See notes to financial statements.

SMALLCAP World Fund 27

Notes to financial statements unaudited

1. Organization

SMALLCAP World Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide long-term growth of capital. Shareholders approved a proposal to reorganize the fund from a 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 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

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

2. Significant accounting policies

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

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

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

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

28 SMALLCAP World Fund

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

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

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

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

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

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

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

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

SMALLCAP World Fund 29

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.

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 facilitated by the investment adviser’s global risk management group.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of March 31, 2022 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	7,656,883	$	6,173,281	$	71,540	$	13,901,704
Industrials		5,600,776		7,712,203		22,774		13,335,753
Consumer discretionary		6,157,564		4,960,206		31,577		11,149,347
Health care		6,804,494		3,120,255		23,845		9,948,594
Financials		4,435,408		2,474,270		46,916		6,956,594
Consumer staples		1,292,797		1,409,769		—		2,702,566
Materials		776,776		1,140,419		—		1,917,195
Communication services		783,732		1,017,979		—		1,801,711
Energy		1,157,410		139,957		24,028		1,321,395
Real estate		626,906		503,058		—		1,129,964
Utilities		152,245		142,810		137		295,192
Preferred securities		113,424		—		727,437		840,861
Rights & warrants		1,068		67,342		134		68,544
Convertible stocks		—		—		26,332		26,332
Convertible bonds & notes		—		—		1,500		1,500
Short-term securities		7,328,370		—		—		7,328,370
Total	$	42,887,853	$	28,861,549	$	976,220	$	72,725,622

30 SMALLCAP World Fund

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended March 31, 2022 (dollars in thousands):

		Beginning value at 10/1/2021	Transfers into Level 3*		Purchases		Sales			Net realized gain†		Unrealized depreciation†			Transfers out of Level 3*		Ending value at 3/31/2022
Investment securities	$	1,243,406	$	—	$	233,278	$	(180,450	)	$	—	$	(320,014	)	$	—	$	976,220
Net unrealized depreciation during the period on Level 3 investment securities held at March 31, 2022																	$	(86,562	)

*	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 gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations.

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 3/31/2022		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Common stocks			Liquidation value	N/A	N/A	N/A	N/A
			Transaction price	N/A	N/A	N/A	N/A
				Net adjustment based on market comparables movement (decrease)	39%	39%	Decrease
				Discount for lack of certainty	5%	5%	Decrease
			Expected proceeds	Discount rate	10%	10%	Decrease
				Expected proceeds	N/A	N/A	N/A
	$	220,817	Market comparable companies	Price/Cash flow multiple	8.3x	8.3x	Increase
				Net adjustment based on market comparables movement (decrease)	45% - 56%	50%	Decrease
				EV/Sales multiple	3.5x - 10.2x	7.9x	Increase
				DLOM	16% - 25%	17%	Decrease
				$ per one billion Btu	$2.25	$2.25	Increase
				MMTPA	10 MMTPA	10 MMTPA	Increase
Preferred securities		727,437	Transaction price	N/A	N/A	N/A	N/A
				Net adjustment based on market comparables movement (decrease)	25% - 39%	35%	Decrease
				Discount to transaction price	15%	15%	Decrease
			Market comparable companies	Price/Sales multiple	6.4x	6.4x	Increase
				EV/Gross Profit multiple	11.3x - 15.3x	14.0x	Increase
				EV/Sales multiple	2.1x - 15.4x	9.5x	Increase
				Net adjustment based on market movement of comparables (decrease)	15% - 56%	35%	Decrease
				DLOM	10%	10%	Decrease
			Recent market information	Net adjustment based on market comparables movement (decrease)	75%	75%	Decrease
				Last trade price	N/A	N/A	N/A
				DLOM	16%	16%	Decrease
Rights & warrants		134	Black-Scholes	Underlying common share price	N/A	N/A	N/A
				Implied volatility	30%	30%	Increase
Convertible stocks		26,332	Market comparable companies	EV/Sales multiple	7.2x	7.2x	Increase
				DLOM	16%	16%	Decrease
			Transaction price	N/A	N/A	N/A	N/A
Convertible bonds & notes		1,500	Transaction price	N/A	N/A	N/A	N/A
Total	$	976,220

See next page for footnotes

SMALLCAP World Fund 31

*	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

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.

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 and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

32 SMALLCAP World Fund

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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.

5. Certain investment techniques

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

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

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

As of March 31, 2022, the total value of securities on loan was $1,404,776,000, and the total value of collateral received was $1,460,530,000. Collateral received includes cash of $1,085,734,000 and U.S. government securities of $374,796,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

SMALLCAP World Fund 33

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

6. Taxation and distributions

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

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

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

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, 2022, the fund recognized $5,487,000 in reclaims (net of $62,000 in fees and the effect of realized gain or loss from currency translations) and $1,558,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; non-U.S. taxes on capital gains and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2021, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed long-term capital gains $ 6,524,802

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

Gross unrealized appreciation on investments	$	22,552,964
Gross unrealized depreciation on investments		(4,707,958	)
Net unrealized appreciation on investments		17,845,006
Cost of investments		54,880,616

34 SMALLCAP World Fund

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

Share class	Six months ended March 31, 2022		Year ended September 30, 2021
Class A	$	3,186,227	$	533,184
Class C		69,187		12,765
Class T		2		—	*
Class F-1		66,368		14,136
Class F-2		892,658		127,813
Class F-3		458,716		60,263
Class 529-A		189,038		32,362
Class 529-C		8,227		1,788
Class 529-E		7,066		1,256
Class 529-T		2		—	*
Class 529-F-1		1		—	*
Class 529-F-2†		23,295		3,561
Class 529-F-3†		1		—	*
Class R-1		3,472		596
Class R-2		67,127		12,517
Class R-2E		4,067		671
Class R-3		85,499		16,023
Class R-4		81,892		15,839
Class R-5E		16,013		1,654
Class R-5		39,887		7,260
Class R-6		1,683,929		194,770
Total	$	6,882,674	$	1,036,458

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

7. Fees and transactions with related parties

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

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were 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. On September 14, 2021, the fund’s board of directors approved an amended investment advisory and service agreement effective December 1, 2021, decreasing the annual rate to 0.587% and 0.585% on daily net assets in excess of $55 billion and $71 billion, respectively. CRMC waived investment advisory services fees of $139,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $234,052,000 were reduced to $233,913,000, both of which were equivalent to an annualized rate of 0.603% of average daily net assets.

SMALLCAP World Fund 35

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, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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

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

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended March 31, 2022, the 529 plan services fees were $712,000, which were equivalent to 0.057% of the average daily net assets of each 529 share class.

36 SMALLCAP World Fund

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

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$45,074		$15,087			$5,316		Not applicable
Class C		3,203		270			96		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		899		525			108		Not applicable
Class F-2		Not applicable		5,452			1,531		Not applicable
Class F-3		Not applicable		21			784		Not applicable
Class 529-A		2,317		841			311		$594
Class 529-C		389		32			12		22
Class 529-E		185		12			11		21
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2		Not applicable		69			39		75
Class 529-F-3		Not applicable		—	*		—	*	—	*
Class R-1		168		15			5		Not applicable
Class R-2		2,417		1,171			97		Not applicable
Class R-2E		131		46			7		Not applicable
Class R-3		2,234		696			134		Not applicable
Class R-4		1,129		469			135		Not applicable
Class R-5E		Not applicable		143			28		Not applicable
Class R-5		Not applicable		121			70		Not applicable
Class R-6		Not applicable		78			2,953		Not applicable
Total class-specific expenses		$58,146		$25,048			$11,637		$712

* Amount less than one thousand.

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 $(413,000) in the fund’s statement of operations reflects $130,000 in current fees (either paid in cash or deferred) and a net decrease of $543,000 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 instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of 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, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $381,369,000 and $422,307,000, respectively, which generated $322,103,000 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, 2022.

SMALLCAP World Fund 37

8. 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, 2022.

9. 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.

10. Capital share transactions

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

	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2022
Class A	$	1,575,945		20,264	$	3,146,255		40,871		$	(2,117,784	)		(27,468	)	$	2,604,416			33,667
Class C		41,521		644		68,902		1,091			(99,172	)		(1,559	)		11,251			176
Class T		—		—		—		—			—			—			—			—
Class F-1		29,511		384		65,695		867			(73,249	)		(978	)		21,957			273
Class F-2		1,788,646		22,759		870,184		10,996			(1,250,033	)		(16,074	)		1,408,797			17,681
Class F-3		954,878		12,215		457,164		5,818			(564,490	)		(7,373	)		847,552			10,660
Class 529-A		109,425		1,423		189,018		2,495			(135,512	)		(1,769	)		162,931			2,149
Class 529-C		6,163		94		8,226		127			(17,021	)		(255	)		(2,632	)		(34	)
Class 529-E		3,019		41		7,065		98			(6,209	)		(85	)		3,875			54
Class 529-T		—		—		2		—	2		—			—			2			—	2
Class 529-F-1		—		—		1		—	2		—			—			1			—	2
Class 529-F-2		31,507		406		23,290		302			(21,200	)		(268	)		33,597			440
Class 529-F-3		—		—		1		—	2		—			—			1			—	2
Class R-1		2,852		43		3,379		51			(2,026	)		(29	)		4,205			65
Class R-2		56,305		850		67,065		1,018			(106,353	)		(1,563	)		17,017			305
Class R-2E		4,947		66		4,067		54			(8,010	)		(108	)		1,004			12
Class R-3		84,704		1,151		85,413		1,184			(132,508	)		(1,805	)		37,609			530
Class R-4		78,018		997		81,883		1,074			(128,357	)		(1,653	)		31,544			418
Class R-5E		36,497		467		16,010		206			(19,524	)		(251	)		32,983			422
Class R-5		26,921		335		39,865		494			(53,476	)		(652	)		13,310			177
Class R-6		3,893,049		49,477		1,675,414		20,985			(307,404	)		(3,853	)		5,261,059			66,609
Total net increase (decrease)	$	8,723,908		111,616	$	6,808,899		87,731		$	(5,042,328	)		(65,743	)	$	10,490,479			133,604

See end of table for footnotes.

38 SMALLCAP World Fund

	Sales1					Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended September 30, 2021
Class A	$	4,132,944		49,749		$	526,551			6,720		$	(3,620,822	)		(43,973	)	$	1,038,673			12,496
Class C		130,503		1,871			12,733			193			(185,707	)		(2,669	)		(42,471	)		(605	)
Class T		—		—			—			—			—			—			—			—
Class F-1		95,711		1,180			13,924			180			(285,356	)		(3,459	)		(175,721	)		(2,099	)
Class F-2		4,160,688		48,348			124,564			1,554			(2,566,109	)		(29,607	)		1,719,143			20,295
Class F-3		2,002,876		23,569			60,027			755			(842,469	)		(10,024	)		1,220,434			14,300
Class 529-A		256,517		3,151			32,349			419			(276,976	)		(3,397	)		11,890			173
Class 529-C		15,803		225			1,788			27			(39,574	)		(561	)		(21,983	)		(309	)
Class 529-E		8,495		109			1,255			17			(11,995	)		(152	)		(2,245	)		(26	)
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		242,879		3,498			3,555			45			(36,630	)		(438	)		209,804			3,105
Class 529-F-33		10		—	2		—	2		—	2		—			—			10			—2
Class R-1		6,407		88			585			8			(7,729	)		(108	)		(737	)		(12	)
Class R-2		125,085		1,739			12,506			182			(188,756	)		(2,655	)		(51,165	)		(734	)
Class R-2E		12,544		155			671			9			(12,306	)		(153	)		909			11
Class R-3		186,463		2,407			16,007			216			(288,123	)		(3,710	)		(85,653	)		(1,087	)
Class R-4		163,088		2,006			15,838			204			(299,064	)		(3,635	)		(120,138	)		(1,425	)
Class R-5E		101,918		1,189			1,653			21			(30,191	)		(361	)		73,380			849
Class R-5		73,282		854			7,258			89			(110,242	)		(1,307	)		(29,702	)		(364	)
Class R-6		6,274,542		71,646			193,850			2,401			(1,976,480	)		(24,589	)		4,491,912			49,458
Total net increase (decrease)	$	17,993,758		211,842		$	1,025,114			13,040		$	(10,961,565	)		(133,577	)	$	8,057,307			91,305

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 $12,808,523,000 and $11,494,706,000, respectively, during the six months ended March 31, 2022.

SMALLCAP World Fund 39

Financial highlights

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net (loss) income to average net assets3
Class A:
3/31/20225,6	$	88.19	$	(.11	)	$	(13.10	)	$	(13.21	)	$	—		$	(7.40	)	$	(7.40	)	$	67.58		(16.01	)%7	$	31,469			.99	%8		.99	%8		(.28	)%8
9/30/2021		66.23		(.37	)		23.60			23.23			—			(1.27	)		(1.27	)		88.19		35.35			38,095			1.02			1.02			(.44	)
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
Class C:
3/31/20225,6		73.86		(.33	)		(10.80	)		(11.13	)		—			(7.40	)		(7.40	)		55.33		(16.32	)7		544			1.73	8		1.73	8		(1.03	)8
9/30/2021		56.04		(.82	)		19.91			19.09			—			(1.27	)		(1.27	)		73.86		34.36			713			1.75			1.75			(1.18	)
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	)
Class T:
3/31/20225,6		89.14		(.02	)		(13.26	)		(13.28	)		—			(7.40	)		(7.40	)		68.46		(15.90	)7,9		—	10		.75	8,9		.75	8,9		(.05	)8,9
9/30/2021		66.78		(.18	)		23.81			23.63			—			(1.27	)		(1.27	)		89.14		35.64	9		—	10		.79	9		.79	9		(.21	)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:
3/31/20225,6		86.92		(.13	)		(12.90	)		(13.03	)		—			(7.40	)		(7.40	)		66.49		(16.04	)7		623			1.04	8		1.04	8		(.34	)8
9/30/2021		65.31		(.39	)		23.27			22.88			—			(1.27	)		(1.27	)		86.92		35.31			791			1.05			1.05			(.48	)
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
Class F-2:
3/31/20225,6		90.40		(.02	)		(13.46	)		(13.48	)		—			(7.40	)		(7.40	)		69.52		(15.91	)7		9,427			.76	8		.76	8		(.05	)8
9/30/2021		67.69		(.15	)		24.13			23.98			—			(1.27	)		(1.27	)		90.40		35.69			10,659			.76			.76			(.18	)
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
Class F-3:
3/31/20225,6		89.80		.02			(13.36	)		(13.34	)		—			(7.40	)		(7.40	)		69.06		(15.86	)7		4,875			.65	8		.65	8		.06	8
9/30/2021		67.18		(.07	)		23.96			23.89			—			(1.27	)		(1.27	)		89.80		35.83			5,382			.66			.66			(.08	)
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:
3/31/20225,6		86.91		(.12	)		(12.89	)		(13.01	)		—			(7.40	)		(7.40	)		66.50		(16.02	)7		1,847			1.01	8		1.01	8		(.30	)8
9/30/2021		65.29		(.38	)		23.27			22.89			—			(1.27	)		(1.27	)		86.91		35.31			2,227			1.04			1.04			(.47	)
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

See end of table for footnotes.

40 SMALLCAP World Fund

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net (loss) income to average net assets3
Class 529-C:
3/31/20225,6	$	75.34	$	(.36	)	$	(11.03	)	$	(11.39	)	$	—		$	(7.40	)	$	(7.40	)	$	56.55		(16.35	)%7	$	65			1.78	%8		1.78	%8		(1.08	)%8
9/30/2021		57.17		(.86	)		20.30			19.44			—			(1.27	)		(1.27	)		75.34		34.30			89			1.79			1.79			(1.22	)
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	)
Class 529-E:
3/31/20225,6		83.48		(.20	)		(12.34	)		(12.54	)		—			(7.40	)		(7.40	)		63.54		(16.11	)7		65			1.24	8		1.24	8		(.53	)8
9/30/2021		62.89		(.53	)		22.39			21.86			—			(1.27	)		(1.27	)		83.48		35.04			81			1.26			1.26			(.68	)
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	)
Class 529-T:
3/31/20225,6		88.95		(.04	)		(13.22	)		(13.26	)		—			(7.40	)		(7.40	)		68.29		(15.92	)7,9		—	10		.81	8,9		.81	8,9		(.10	)8,9
9/30/2021		66.67		(.22	)		23.77			23.55			—			(1.27	)		(1.27	)		88.95		35.60	9		—	10		.84	9		.84	9		(.26	)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:
3/31/20225,6		88.82		(.06	)		(13.20	)		(13.26	)		—			(7.40	)		(7.40	)		68.16		(15.95	)7,9		—	10		.86	8,9		.86	8,9		(.15	)8,9
9/30/2021		66.57		(.29	)		23.81			23.52			—			(1.27	)		(1.27	)		88.82		35.60	9		—	10		.80	9		.80	9		(.42	)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
Class 529-F-2:
3/31/20225,6		88.37		(.02	)		(13.13	)		(13.15	)		—			(7.40	)		(7.40	)		67.82		(15.90	)7		240			.76	8		.76	8		(.05	)8
9/30/20215,15		65.50		(.16	)		24.30			24.14			—			(1.27	)		(1.27	)		88.37		37.11	7		274			.80	8		.80	8		(.21	)8
Class 529-F-3:
3/31/20225,6		88.45		—	11		(13.15	)		(13.15	)		—			(7.40	)		(7.40	)		67.90		(15.89	)7		—	10		.71	8		.71	8		—	8,12
9/30/20215,15		65.50		(.09	)		24.31			24.22			—			(1.27	)		(1.27	)		88.45		37.23	7		—	10		.76	8		.71	8		(.12	)8
Class R-1:
3/31/20225,6		76.62		(.35	)		(11.23	)		(11.58	)		—			(7.40	)		(7.40	)		57.64		(16.33	)7		31			1.74	8		1.74	8		(1.03	)8
9/30/2021		58.09		(.85	)		20.65			19.80			—			(1.27	)		(1.27	)		76.62		34.35			36			1.75			1.75			(1.18	)
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	)

See end of table for footnotes.

SMALLCAP World Fund 41

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net (loss) income to average net assets3
Class R-2:
3/31/20225,6	$	76.71	$	(.36	)	$	(11.25	)	$	(11.61	)	$	—		$	(7.40	)	$	(7.40	)	$	57.70		(16.34	)%7	$	559		1.76	%8		1.76	%8		(1.06	)%8
9/30/2021		58.16		(.85	)		20.67			19.82			—			(1.27	)		(1.27	)		76.71		34.37			719		1.75			1.75			(1.17	)
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	)
Class R-2E:
3/31/20225,6		85.92		(.29	)		(12.72	)		(13.01	)		—			(7.40	)		(7.40	)		65.51		(16.21	)7		37		1.46	8		1.46	8		(.76	)8
9/30/2021		64.83		(.71	)		23.07			22.36			—			(1.27	)		(1.27	)		85.92		34.76			48		1.46			1.46			(.88	)
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	)
Class R-3:
3/31/20225,6		83.16		(.22	)		(12.29	)		(12.51	)		—			(7.40	)		(7.40	)		63.25		(16.14	)7		778		1.31	8		1.31	8		(.60	)8
9/30/2021		62.68		(.57	)		22.32			21.75			—			(1.27	)		(1.27	)		83.16		34.95			978		1.31			1.31			(.73	)
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	)
Class R-4:
3/31/20225,6		87.46		(.12	)		(12.98	)		(13.10	)		—			(7.40	)		(7.40	)		66.96		(16.01	)7		784		1.00	8		1.00	8		(.30	)8
9/30/2021		65.68		(.35	)		23.40			23.05			—			(1.27	)		(1.27	)		87.46		35.37			987		1.01			1.01			(.43	)
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
Class R-5E:
3/31/20225,6		88.94		(.04	)		(13.22	)		(13.26	)		—			(7.40	)		(7.40	)		68.28		(15.92	)7		173		.81	8		.81	8		(.10	)8
9/30/2021		66.64		(.19	)		23.76			23.57			—			(1.27	)		(1.27	)		88.94		35.63			188		.80			.80			(.22	)
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
Class R-5:
3/31/20225,6		92.04		—	11		(13.72	)		(13.72	)		—			(7.40	)		(7.40	)		70.92		(15.88	)7		405		.70	8		.70	8		—	8,12
9/30/2021		68.86		(.11	)		24.56			24.45			—			(1.27	)		(1.27	)		92.04		35.77			510		.71			.71			(.13	)
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
Class R-6:
3/31/20225,6		91.12		.03			(13.58	)		(13.55	)		—			(7.40	)		(7.40	)		70.17		(15.85	)7		19,641		.65	8		.65	8		.07	8
9/30/2021		68.15		(.06	)		24.30			24.24			—			(1.27	)		(1.27	)		91.12		35.84			19,437		.66			.66			(.07	)
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

See end of table for footnotes.

42 SMALLCAP World Fund

Financial highlights (continued)

	Six months ended March 31, 20225,6,7			Year ended September 30,
				2021			2020			2019			2018			2017
Portfolio turnover rate for all share classes16		16	%		30	%		38	%		39	%		35	%		32	%

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

See notes to financial statements.

SMALLCAP World Fund 43

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2021, through March 31, 2022).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

44 SMALLCAP World Fund

Expense example (continued)

		Beginning account value 10/1/2021		Ending account value 3/31/2022		Expenses paid during period*	Annualized expense ratio
Class A – actual return	$	1,000.00	$	839.88	$	4.54	.99	%
Class A – assumed 5% return		1,000.00		1,020.00		4.99	.99
Class C – actual return		1,000.00		836.83		7.92	1.73
Class C – assumed 5% return		1,000.00		1,016.31		8.70	1.73
Class T – actual return		1,000.00		841.03		3.44	.75
Class T – assumed 5% return		1,000.00		1,021.19		3.78	.75
Class F-1 – actual return		1,000.00		839.64		4.77	1.04
Class F-1 – assumed 5% return		1,000.00		1,019.75		5.24	1.04
Class F-2 – actual return		1,000.00		840.91		3.49	.76
Class F-2 – assumed 5% return		1,000.00		1,021.14		3.83	.76
Class F-3 – actual return		1,000.00		841.43		2.98	.65
Class F-3 – assumed 5% return		1,000.00		1,021.69		3.28	.65
Class 529-A – actual return		1,000.00		839.83		4.63	1.01
Class 529-A – assumed 5% return		1,000.00		1,019.90		5.09	1.01
Class 529-C – actual return		1,000.00		836.54		8.15	1.78
Class 529-C – assumed 5% return		1,000.00		1,016.06		8.95	1.78
Class 529-E – actual return		1,000.00		838.86		5.68	1.24
Class 529-E – assumed 5% return		1,000.00		1,018.75		6.24	1.24
Class 529-T – actual return		1,000.00		840.79		3.72	.81
Class 529-T – assumed 5% return		1,000.00		1,020.89		4.08	.81
Class 529-F-1 – actual return		1,000.00		840.55		3.95	.86
Class 529-F-1 – assumed 5% return		1,000.00		1,020.64		4.33	.86
Class 529-F-2 – actual return		1,000.00		840.97		3.49	.76
Class 529-F-2 – assumed 5% return		1,000.00		1,021.14		3.83	.76
Class 529-F-3 – actual return		1,000.00		841.15		3.26	.71
Class 529-F-3 – assumed 5% return		1,000.00		1,021.39		3.58	.71
Class R-1 – actual return		1,000.00		836.67		7.97	1.74
Class R-1 – assumed 5% return		1,000.00		1,016.26		8.75	1.74
Class R-2 – actual return		1,000.00		836.59		8.06	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		837.94		6.69	1.46
Class R-2E – assumed 5% return		1,000.00		1,017.65		7.34	1.46
Class R-3 – actual return		1,000.00		838.57		6.00	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		839.88		4.59	1.00
Class R-4 – assumed 5% return		1,000.00		1,019.95		5.04	1.00
Class R-5E – actual return		1,000.00		840.80		3.72	.81
Class R-5E – assumed 5% return		1,000.00		1,020.89		4.08	.81
Class R-5 – actual return		1,000.00		841.18		3.21	.70
Class R-5 – assumed 5% return		1,000.00		1,021.44		3.53	.70
Class R-6 – actual return		1,000.00		841.48		2.98	.65
Class R-6 – assumed 5% return		1,000.00		1,021.69		3.28	.65

* 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).

SMALLCAP World Fund 45

Liquidity Risk Management Program unaudited

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

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

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

46 SMALLCAP World Fund

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SMALLCAP World Fund 47

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48 SMALLCAP World Fund

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SMALLCAP World Fund 49

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50 SMALLCAP World Fund

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SMALLCAP World Fund 51

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 nearest 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

52 SMALLCAP World Fund

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

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

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. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of 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, 2022, 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.

S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part 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 90% of 10-year periods and 99% 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, 2021.
2	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3	Based on Class F-2 share results as of December 31, 2021. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 63% of the time, based on the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

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

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

ITEM 2 – Code of Ethics

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 31, 2022

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

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: May 31, 2022

By ___/s/ Hong T. Le    __________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: May 31, 2022