American Funds SMALLCAP World 529A (CSPAX) N-CSR Certified 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: September 30, 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®
Annual report for the year ended September 30, 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.

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

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

Investing outside the United States may be subject to risks, such as currency fluctuations 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.

Contents

1	Letter to investors
4	The value of a long-term perspective
6	Investment portfolio
28	Financial statements
54	Board of directors and other officers

Fellow investors:

Calendar year 2022 presented us with one of the most complex and uncertain market environments in our recent history. SMALLCAP World Fund saw a negative return of 35.23% (F-2 shares) for the fund’s 12-month fiscal year ended September 30, 2022. This compares with a 24.80% decline for the fund’s primary benchmark index, the MSCI All Country World Small Cap Index, an unmanaged measure of small capitalization companies from around the world.

Record-high inflation, rising interest rates and currency fluctuations, all coming on the heels of unprecedented fiscal stimulus over the course of the COVID-19 pandemic, are just a few of the investment headwinds to emerge over the last 12 months.

As fellow shareholders, we are as disappointed in the fund’s results as you surely are. It is worth noting that despite the results this year, SMALLCAP World Fund has outpaced its benchmark index over an extended time horizon — including the five-year, ten-year and lifetime results. We are confident in the opportunities SMALLCAP World Fund provides to its investors — based on the work of our global research team of 18 portfolio managers and over 120 research analysts that are out meeting with companies every day to identify the market disruptors, technology innovators and industry standard-setters that may provide growth of capital over the next decade for our shareholders.

The year in review

First and foremost, we want our investors to know that many of the investment professionals working on behalf of this fund have weathered similar difficulties before. Given our extensive tenure and experience, this is not our first downturn.

Results at a glance

For periods ended September 30, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime1
SMALLCAP World Fund (Class F-2 shares2)		–35.23	%		4.31	%		8.34	%		9.16	%
SMALLCAP World Fund (Class A shares)		–35.39			4.05			8.05			8.89
MSCI All Country World Small Cap Index3		–24.80			2.32			7.02			7.42

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. The MSCI All Country World Small Cap Index captures small cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 6,348 constituents, the index covers about 14% of the free float-adjusted market capitalization in each country.

SMALLCAP World Fund 1

Our foundation is built on years of expertise, and we are confident that we are in a better position today in terms of our in-depth research capabilities than we have ever been before.

A perfect storm of elements came together this year to create an incredibly complex market backdrop. We are in the midst of battling stubbornly persistent inflation, strong currency headwinds and increasingly hawkish central banks. Rising interest rates have negatively impacted elevated equity valuations and price-to-earnings (P/E) growth multiples across the board. Record-high energy bills, and the inflationary pressures that inevitably follow, have left consumers with less disposable income and corporations with lower earnings. Outside of the U.S., our holdings have been exposed to significant currency headwinds in the face of the strong U.S. dollar.

In Europe, the Russia-Ukraine war has created a severe energy crisis forcing countries to find new sources of natural gas and renewable energy at higher prices for the consumer. Meanwhile, in China, GDP growth has decelerated materially owing to a slowdown in the property sector and the ongoing COVID-19 lockdowns. In the United States, the Fed has taken one of the most aggressive stances relative to its global central bank peers on tackling high inflation, by taking rates from near zero in the beginning of this year to over 3% as of end of September.

Among sector highlights, communication services and health care were two of the worst performing sectors over the last 12 months. Energy has been one of 2022’s few bright spots owing to the current state of geopolitical affairs and a short and steep cost curve for producers.

How the fund responded

After years of strong growth, some of the fund’s most durable holdings saw declines this year. Among our top 20 holdings, 60% had negative returns over the fiscal year period, with an average return of –8.94%. Despite market fluctuations this year, the holdings in the portfolio reflect our belief, backed by our fundamental research efforts, in the long-term potential of these companies.

Among the top contributors during the reporting period were Indian manufacturing firm Tube Investments of India (up 79.16%) and building and service provider Comfort Systems USA (up 36.47%). Among the largest detractors were database developer MongoDB (down 57.89%) and Japan-based business management and IT consulting firm BayCurrent Consulting (down 48.85%). The fund also had some exposure to Russian securities earlier in the year and those were subsequently written down.

Exposure to different sectors and industries comes from our views on the attractiveness of individual securities, rather than a top-down view. The fund saw stronger results from energy, while all other sectors were down.

Our holdings span 40 countries, as we identify compelling and differentiated opportunities across the globe. Roughly 70% of the fund’s holdings were in developed markets, with nearly 16% in emerging markets, and U.S. companies comprising just over 43% of the portfolio.

The fund closed the fiscal year with 12.5% of its assets held in cash and other short-term securities. The portfolio managers increased the fund’s liquidity to position it to capitalize on investment opportunities as they arise, and to help mitigate the effects of market volatility.

The road ahead

The early months of the COVID-19 pandemic prevented us from visiting companies and meeting with management teams. This is the foundation of our primary research process, but with the economy slowly reopening, we have been able to restart in-person engagements. We know from experience that continued in-person collaboration and first-hand research will arm our investment professionals with the best insights necessary to make the best possible investment decisions.

2 SMALLCAP World Fund

We agree with the Fed’s focus on breaking inflation and — although it has, and will be, a painful remedy — the first dose of medicine is showing early response signs in the deceleration of the employment market. There are differing views among our investment professionals on the potential severity and duration of the market downturn ahead. It remains to be seen how long and difficult the road ahead will be over the short-to-medium-term, but we would remind our fellow investors that, historically, bear markets and recessions have preceded strong bull markets and economic recovery.

Despite an extremely challenging geopolitical environment, we see potential for the next 12–36 months to provide a more supportive backdrop for equities globally. We are continuing to find compelling investment opportunities both within and outside of the U.S.

Regardless of the market backdrop, good companies and agile management teams with strong product and service offerings should be able to successfully navigate this environment. Against these challenging conditions and this year’s disappointing results, we see a small-cap market with dynamic companies that may be the standard bearers of innovation for years to come.

Our job is to make sure we are investing in the companies with the best prospects for future growth for our shareholders. We believe that prudent stock selection and Capital Group’s commitment to deep, fundamental research will support superior long-term outcomes for our clients. As always, we thank you for the trust you have placed in us, and your continued support of SMALLCAP World Fund. We look forward to reporting to you again in six months.

Cordially,

Julian N. Abdey

Co-President

Jonathan Knowles

Co-President

Gregory W. Wendt

Co-President

November 8, 2022

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

SMALLCAP World Fund 3

The value of a long-term perspective

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425. 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. For current information and month-end results, visit capitalgroup.com.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

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

1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2	Includes reinvested dividends and reinvested capital gain distributions.
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.
4	For the period April 30, 1990, commencement of operations, through September 30, 1990.

4 SMALLCAP World Fund

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in SMALLCAP World Fund’s Class F-2 and Class A shares grew from April 30, 1990 — the fund’s inception — through September 30, 2022, the end of the fund’s latest fiscal year. In the case of F-2 shares, the $10,000 would have grown to $171,398 with all distributions reinvested. In the case of A shares, the $10,000 would have grown to $149,104 with all distributions reinvested, even after deducting the maximum 5.75% sales charge.

 

SMALLCAP World Fund 5

Investment portfolio September 30, 2022

Sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
United States		43.89	%
India		6.75
Eurozone*		6.22
Japan		5.90
United Kingdom		4.76
Sweden		3.49
China		2.66
Canada		2.56
Switzerland		1.98
Other countries		9.21
Short-term securities & other assets less liabilities		12.58

* 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 85.86%	Shares		Value (000)
Industrials 18.22%
Saia, Inc.1,2		1,965,521	$	373,449
IMCD NV		2,701,267		320,583
BayCurrent Consulting, Inc.1		1,154,900		296,667
Chart Industries, Inc.2		1,433,298		264,228
NIBE Industrier AB, Class B		29,398,225		261,024
Comfort Systems USA, Inc.1		2,556,739		248,847
Diploma PLC1		9,671,977		247,981
Armstrong World Industries, Inc.1		2,888,335		228,843
Arcosa, Inc.1		3,862,940		220,883
Japan Airport Terminal Co., Ltd.1,2		4,936,060		204,235
Vicor Corp.2		3,211,006		189,899
Visional, Inc.1,2		3,025,930		184,944
Interpump Group SpA		5,272,523		170,547
Willscot Mobile Mini Holdings Corp., Class A2		3,981,988		160,594
Stericycle, Inc.2		3,782,687		159,289
BELIMO Holding AG		423,990		155,274
Harmonic Drive Systems, Inc.1,3		4,928,150		153,146
Regal Rexnord Corp.		1,087,715		152,672
ATS Automation Tooling System, Inc.1,2		5,680,718		149,940
Cleanaway Waste Management, Ltd.		75,279,081		130,696
Wizz Air Holdings PLC1,2		7,073,107		124,398
EnPro Industries, Inc.1		1,455,603		123,697
International Container Terminal Services, Inc.		44,009,076		117,664
Carel Industries SpA1		6,013,018		112,363
VAT Group AG		553,276		111,699
Alfen NV1,2		1,189,401		109,251
TFI International, Inc. (CAD denominated)		1,130,000		102,263
TFI International, Inc.		68,200		6,171
Boyd Group Services, Inc.3		836,324		105,316
TransDigm Group, Inc.		190,000		99,716
Trelleborg AB, Class B		5,257,264		98,049
Spirax-Sarco Engineering PLC		848,200		97,433
Kadant, Inc.		575,118		95,935
The AZEK Co., Inc., Class A2		5,687,886		94,533
Japan Elevator Service Holdings Co., Ltd.1		7,100,154		91,582
TechnoPro Holdings, Inc.		4,047,000		85,076
dip Corp.1		3,341,000		85,046
Rumo SA		24,541,535		84,075
Graco, Inc.		1,374,000		82,371
Johns Lyng Group, Ltd.1		20,594,836		81,872
Zurn Elkay Water Solutions Corp.		3,296,375		80,761
ESCO Technologies, Inc.		1,095,937		80,486
ManpowerGroup, Inc.		1,235,101		79,899

6 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
KEI Industries, Ltd.1		4,526,134	$	79,713
Watsco, Inc.		300,000		77,238
Masco Corp.		1,625,000		75,871
Matson, Inc.		1,231,059		75,735
Instalco AB1		17,900,905		71,184
AirTAC International Group		3,072,590		70,291
Pegasus Hava Tasimaciligi AS1,2		5,314,662		68,307
Havells India, Ltd.		4,117,388		68,098
Driven Brands Holdings, Inc.2		2,412,400		67,499
First Advantage Corp.2		5,176,895		66,420
SHO-BOND Holdings Co., Ltd.		1,466,700		63,084
Marlowe PLC1,2,3		6,904,878		61,893
Haitian International Holdings, Ltd.		32,480,200		61,121
Lifco AB, Class B		4,195,000		57,910
Atlas Corp.3		4,159,499		57,817
Zhejiang Weixing New Building Materials Co., Ltd., Class A		19,398,983		56,317
CSW Industrials, Inc.		458,419		54,919
Simpson Manufacturing Co., Inc.		699,036		54,804
Quess Corp., Ltd.		6,907,615		54,700
Montrose Environmental Group, Inc.1,2		1,623,909		54,645
CG Power and Industrial Solutions, Ltd.2		18,869,753		54,422
Trinity Industries, Inc.		2,513,238		53,658
MonotaRO Co., Ltd.		3,455,300		52,228
Aalberts NV, non-registered shares		1,596,599		52,170
Woodward, Inc.		649,000		52,089
DO & CO AG, non-registered shares1,2,3		779,520		51,410
Waste Connections, Inc.		380,000		51,349
APM Human Services International, Ltd.3		23,661,959		51,233
Volution Group PLC1		15,684,638		50,954
GVS SpA2		8,720,038		50,920
Cargotec OYJ, Class B, non-registered shares		1,682,220		50,642
FTI Consulting, Inc.2		294,377		48,781
Munters Group AB		7,015,000		48,737
Resideo Technologies, Inc.2		2,527,864		48,181
Textron, Inc.		780,000		45,443
Builders FirstSource, Inc.2		760,228		44,793
Copa Holdings, SA, Class A2		665,000		44,562
Guangzhou Baiyun International Airport Co., Ltd., Class A2		21,926,503		44,062
DL E&C Co., Ltd.		1,793,720		42,523
Interface, Inc.1		4,721,060		42,442
Midac Holdings Co., Ltd.1,3		1,844,500		42,395
Addtech AB, Class B		3,165,903		41,298
Engcon AB, Class B2		6,668,176		40,789
Advanced Drainage Systems, Inc.		323,056		40,178
IDEX Corp.		200,000		39,970
JGC Holdings Corp.		3,124,000		39,151
Antares Vision SpA1,2,3		5,278,008		37,577
Generac Holdings, Inc.2		207,989		37,051
Sulzer AG		641,945		36,682
Centre Testing International Group Co., Ltd.		12,715,436		36,472
Cathay Pacific Airways, Ltd.2,3		33,879,000		35,508
LIXIL Corp.3		2,434,500		35,277
Montana Aerospace AG1,2		3,338,132		34,688
Voltronic Power Technology Corp.		784,000		34,325
Atkore, Inc.2		436,200		33,941
Marel hf.		10,903,000		33,810
Kingspan Group PLC		724,000		32,348
Hefei Meyer Optoelectronic Technology, Inc., Class A		9,654,084		31,120
Melrose Industries PLC		27,747,591		30,981
BWX Technologies, Inc.		611,300		30,791
Fasadgruppen Group AB1		3,875,833		29,797
SIS, Ltd.2		5,440,291		27,635
International Consolidated Airlines Group SA (CDI)2,3		26,494,000		27,611
Sinoseal Holding Co., Ltd., Class A		5,298,624		26,609
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates (ADR)2		2,557,800		17,879
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates2,3		11,941,586		8,438
Kajaria Ceramics, Ltd.		1,764,211		25,947

SMALLCAP World Fund 7

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Adecco Group AG		936,900	$	25,727
SK, Inc.		192,683		25,670
Upwork, Inc.2		1,790,057		24,381
Lyft, Inc.2		1,795,000		23,640
Sun Country Airlines Holdings, Inc.2		1,711,612		23,295
Azelis Group NV		995,108		22,128
InPost SA2		3,711,638		21,675
Polycab India, Ltd.		607,909		18,965
Jamna Auto Industries, Ltd.		12,837,657		17,919
Einride AB1,2,4,5		391,089		17,834
Indutrade AB		1,080,000		17,417
Hensoldt AG		808,623		16,241
Ventia Services Group Pty, Ltd.		9,155,653		15,111
Coor Service Management Holding AB		2,177,000		14,778
Storskogen Group AB, Class B		17,764,071		14,238
RS Group PLC		1,312,000		14,001
INVISIO Communications AB		950,000		11,658
Crane Holdings, Co.		130,938		11,462
UFP Industries, Inc.		154,191		11,126
ITM Power PLC2,3		9,693,939		11,062
XP Power, Ltd.		583,458		10,936
Heliogen, Inc.2		5,800,000		10,788
Daiseki Co., Ltd.		352,600		10,758
Grafton Group PLC		1,437,900		10,752
Oshkosh Corp.		150,000		10,544
Intrum AB		800,000		10,046
Green Landscaping Group AB2		1,977,759		10,001
Nolato AB, Class B		2,186,962		9,999
ICF International, Inc.		91,666		9,993
Troax Group AB		708,000		9,960
Grupa Pracuj SA		1,300,000		9,917
easyJet PLC2		3,000,000		9,858
IMI PLC		750,055		9,306
Fluidra, SA, non-registered shares		616,300		9,188
Chemring Group PLC		2,607,000		8,158
Pyrum Innovations AG2		128,340		7,378
Univar Solutions, Inc.2		315,595		7,177
Norva24 Group AB2		1,650,000		4,708
L&T Technology Services, Ltd.		104,056		4,517
TuSimple Holdings, Inc., Class A2,3		580,000		4,408
Ceres Power Holdings PLC2,3		831,946		3,387
HeadHunter Group PLC (ADR)4		521,600		—	6
				10,129,937
Information technology 15.20%
Wolfspeed, Inc.2		4,082,600		421,978
MongoDB, Inc., Class A2		1,258,182		249,825
eMemory Technology, Inc.1		6,440,334		227,400
Smartsheet, Inc., Class A2		6,354,321		218,334
ALTEN SA, non-registered shares1		1,742,848		190,817
Alteryx, Inc., Class A2		3,407,576		190,279
Kulicke and Soffa Industries, Inc.1		4,782,013		184,251
Global Unichip Corp.1		10,059,000		183,868
Fabrinet, non-registered shares1,2		1,919,265		183,194
Confluent, Inc., Class A2		6,652,721		158,135
Globant SA2		784,865		146,833
Teradata Corp.2		4,257,782		132,247
Keywords Studios PLC1		5,115,655		130,461
MKS Instruments, Inc.		1,455,636		120,294
Novanta, Inc.2		1,015,687		117,464
Dexerials Corp.1,3		5,161,500		116,270
RingCentral, Inc., Class A2		2,869,200		114,653
Extreme Networks, Inc.1,2		8,646,932		113,015
Nordic Semiconductor ASA2		8,580,615		112,390
VisEra Technologies Co., Ltd.5		11,090,000		80,413
VisEra Technologies Co., Ltd.		3,774,800		28,811
Network International Holdings PLC1,2		32,104,275		108,706
Alarm.com Holdings, Inc.2		1,661,500		107,765

8 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
CDW Corp.		650,000	$	101,452
Clear Secure, Inc., Class A2,3		4,428,299		101,231
Pegasystems, Inc.		3,110,030		99,956
Net One Systems Co., Ltd.1		5,162,673		99,485
DoubleVerify Holdings, Inc.2		3,442,000		94,139
SHIFT, Inc.2		722,200		93,351
Endava PLC, Class A (ADR)2		1,136,921		91,670
Credo Technology Group Holding, Ltd.1,2,3		8,194,682		90,141
Paycom Software, Inc.2		270,525		89,271
Viavi Solutions, Inc.2		6,830,000		89,131
Softcat PLC		6,734,335		87,893
Tanla Platforms, Ltd.1		9,190,777		87,331
PagSeguro Digital, Ltd., Class A2		6,492,200		85,892
Euronet Worldwide, Inc.2		1,129,232		85,551
SUMCO Corp.		7,295,374		84,768
SINBON Electronics Co., Ltd.		9,727,000		80,772
Money Forward, Inc.1,2		3,664,187		75,953
CCC Intelligent Solutions Holdings, Inc.2,3		8,042,622		73,188
Bytes Technology Group PLC1		15,122,601		70,523
LEM Holding SA		46,070		70,375
EVERTEC, Inc.		2,164,230		67,849
Gitlab, Inc., Class A2,3		1,295,152		66,338
Vitec Software Group AB, Class B		2,228,800		65,945
PAR Technology Corp.1,2,3		2,140,057		63,196
Silergy Corp.		4,645,824		60,899
Topicus.com, Inc., subordinate voting shares2		1,265,553		60,852
Ceridian HCM Holding, Inc.2		1,078,060		60,242
Coforge, Ltd.		1,469,344		59,900
MACOM Technology Solutions Holdings, Inc.2		1,140,000		59,041
Aixtron SE		2,434,518		58,869
Kainos Group PLC		4,103,704		58,701
Hamamatsu Photonics KK		1,289,450		55,363
Netcompany Group AS, non-registered shares2		1,577,091		52,578
Mastek, Ltd.1		2,403,500		50,944
Crayon Group Holding ASA1,2,3		6,588,516		50,857
Cvent Holding Corp.2		9,655,200		50,690
Qorvo, Inc.2		638,300		50,687
Kingdee International Software Group Co., Ltd.2		38,667,093		49,994
EPAM Systems, Inc.2		134,600		48,751
Concentrix Corp.		428,914		47,880
Marqeta, Inc., Class A2		6,719,114		47,840
Dock, Ltd.2,4,5		4,318,937		47,206
Silicon Laboratories, Inc.2		369,000		45,549
NCR Corp.2		2,353,790		44,746
Megaport, Ltd.1,2,3		9,161,000		44,425
Zuken, Inc.1		1,823,800		44,123
Vanguard International Semiconductor Corp.		21,389,394		43,240
Nagarro SE2,3		483,317		42,897
Computer Age Management Services, Ltd.		1,387,558		42,724
Aspen Technology, Inc.2		175,140		41,718
Flex, Ltd.2		2,291,735		38,180
Nuvei Corp., subordinate voting shares2		1,400,000		37,834
ironSource, Ltd., Class A2,3		10,533,854		36,236
Maruwa Co., Ltd.		341,300		36,196
BlackLine, Inc.2		595,000		35,640
HashiCorp, Inc., Class A2,3		1,091,870		35,147
INFICON Holding AG		52,362		34,853
Thoughtworks Holding, Inc.2		3,260,506		34,203
Accton Technology Corp.		4,009,000		33,994
Perficient, Inc.2		517,165		33,626
Bechtle AG, non-registered shares		919,758		33,465
SimCorp AS		594,367		33,274
Cognex Corp.		800,000		33,160
Bentley Systems, Inc., Class B3		1,071,370		32,773
SentinelOne, Inc., Class A2		1,239,464		31,681
BE Semiconductor Industries NV		741,300		31,550
Reply SpA		299,378		31,231
Unimicron Technology Corp.		8,238,000		30,590
Dye & Durham, Ltd.3		2,470,647		30,442

SMALLCAP World Fund 9

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Alkami Technology, Inc.2,3		1,950,806	$	29,360
Trimble, Inc.2		530,000		28,763
Disco Corp.3		131,500		28,656
OVH Groupe SAS2,3		2,894,931		28,615
Okta, Inc., Class A2		500,000		28,435
Paymentus Holdings, Inc., Class A2,3		2,854,826		27,749
Halma PLC		1,200,000		27,020
Boku, Inc.1,2,5		20,461,639		25,379
Pushpay Holdings, Ltd.2		41,008,017		25,133
Sinch AB2,3		17,697,918		23,205
ePlus, inc.2		556,200		23,105
ams OSRAM AG, non-registered shares2		3,494,900		21,751
Technoprobe SpA2		2,980,236		20,738
AvidXchange Holdings, Inc.2		2,445,867		20,594
Kingboard Holdings, Ltd.		7,191,000		20,205
Truecaller AB, Class B2,3		5,941,170		19,782
Kingboard Laminates Holdings, Ltd.		22,027,500		19,693
Alchip Technologies, Ltd.		717,000		19,313
Nayax, Ltd.2		802,200		18,934
SmartCraft ASA, Class A1,2		13,349,780		18,628
Semtech Corp.2		585,000		17,205
GFT Technologies SE		570,924		17,205
LiveRamp Holdings, Inc.2		932,711		16,938
TDCX, Inc., Class A1,2		1,781,024		16,688
JustSystems Corp.		706,700		16,106
Nemetschek SE		291,067		14,016
Insight Enterprises, Inc.2		168,500		13,886
LandMark Optoelectronics Corp.		2,985,000		13,276
Tripod Technology Corp.		4,134,000		12,106
91APP, Inc.		4,728,158		11,906
eCloudvalley Digital Technology Co., Ltd.		3,003,174		11,790
Linklogis, Inc., Class B2,3		28,318,000		11,719
Venustech Group, Inc., Class A		4,107,547		11,697
Alphawave IP Group PLC2,3		7,257,773		11,015
MaxLinear, Inc.2		328,275		10,708
ON Semiconductor Corp.2		167,850		10,462
AppFolio, Inc., Class A2		98,300		10,294
Atea ASA		1,132,000		10,017
Zebra Technologies Corp., Class A2		36,300		9,511
GB Group PLC		1,330,200		8,978
Softline Holding PLC (GDR)1,2,4,7		10,650,000		8,810
Softline Holding PLC (GDR)1,2,4		9,996		8
Lime Technologies AB		435,850		8,586
LivePerson, Inc.2		850,104		8,008
Cherry AG1,2,3		1,398,734		7,364
Oxford Instruments PLC		340,300		6,783
Entegris, Inc.		79,014		6,560
Procore Technologies, Inc.2		125,600		6,215
MotorK, Ltd.1,2		2,300,000		5,468
Avaya Holdings Corp.2,3		3,363,700		5,348
CI&T, Inc., Class A2,3		541,127		5,081
CEVA, Inc.2		175,000		4,590
Copperleaf Technologies, Inc.2,3		966,713		4,395
Yotpo, Ltd.2,4,5		2,620,102		4,297
AAC Technologies Holdings, Inc.2,3		2,629,000		4,057
JFrog, Ltd.2		178,400		3,944
Patreon, Inc., Class B2,4,5		189,951		3,921
Foursquare Labs, Inc., Series A2,4,5		1,970,385		3,231
WeCommerce Holdings, Ltd., Class A1,2,3		2,113,430		3,060
SiteMinder, Ltd.2		750,663		1,471
				8,449,373
Consumer discretionary 14.65%
Tube Investments of India, Ltd.1		12,231,762		410,555
Evolution AB		5,074,230		399,608
TopBuild Corp.1,2		2,120,114		349,352
Dollarama, Inc.		5,010,000		287,612
Floor & Decor Holdings, Inc., Class A2		4,046,400		284,300

10 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
IDP Education, Ltd.		11,978,890	$	200,438
Wyndham Hotels & Resorts, Inc.		3,226,678		197,957
YETI Holdings, Inc.1,2		6,894,065		196,619
Thor Industries, Inc.		2,213,628		154,910
Helen of Troy, Ltd.1,2		1,441,721		139,040
DraftKings, Inc., Class A2,3		8,877,732		134,409
Kindred Group PLC (SDR)1		15,987,668		119,302
MakeMyTrip, Ltd., non-registered shares1,2		3,876,781		119,017
Five Below, Inc.2		804,402		110,742
Inchcape PLC		14,693,764		110,576
WH Smith PLC1,2		8,150,907		108,181
Entain PLC		8,978,173		107,816
Light & Wonder, Inc.2		2,481,004		106,385
Leslie’s, Inc.2,3		6,992,578		102,861
Jiumaojiu International Holdings, Ltd.3		62,092,000		101,336
Pool Corp.		317,700		101,095
NEXTAGE Co., Ltd.1		4,623,400		100,390
Pets at Home Group PLC1		33,138,500		96,500
Xometry, Inc., Class A2,3		1,695,180		96,269
Bajaj Electricals, Ltd.1		6,515,607		96,037
Polaris, Inc.		985,000		94,215
Jack in the Box, Inc.1		1,256,700		93,084
Mattel, Inc.2		4,700,000		89,018
Toll Brothers, Inc.		2,104,633		88,395
Asbury Automotive Group, Inc.2		575,004		86,883
Adient PLC2		3,061,255		84,950
Moncler SpA		2,015,000		82,735
Lennar Corp., Class A		1,058,458		78,908
Lennar Corp., Class B		21,169		1,260
Everi Holdings, Inc.1,2		4,920,396		79,809
Melco Resorts & Entertainment, Ltd. (ADR)2		11,707,307		77,619
KB Home		2,957,918		76,669
Auction Technology Group PLC1,2		9,570,000		76,577
Kontoor Brands, Inc.		2,208,000		74,211
Watches of Switzerland Group PLC2		9,622,820		71,302
Salvatore Ferragamo SpA3		4,954,090		69,412
Domino’s Pizza Enterprises, Ltd.		2,110,841		69,107
Norwegian Cruise Line Holdings, Ltd.2,3		5,839,904		66,341
Golden Entertainment, Inc.1,2		1,896,757		66,178
DESCENTE, Ltd.		2,865,900		65,159
Momo.com, Inc.		3,839,758		64,730
Jumbo SA		4,771,161		63,611
Bright Horizons Family Solutions, Inc.2		1,058,300		61,011
Domino’s Pizza Group PLC1		24,475,815		60,604
Williams-Sonoma, Inc.		500,000		58,925
Games Workshop Group PLC		917,600		58,873
Basic-Fit NV2,3		1,895,318		56,716
M.D.C. Holdings, Inc.		2,001,000		54,867
Domino’s Pizza, Inc.		176,500		54,750
Haichang Ocean Park Holdings, Ltd.2,3		52,649,000		51,549
Skechers USA, Inc., Class A2		1,600,000		50,752
Fox Factory Holding Corp.2		605,690		47,898
Wayfair, Inc., Class A2,3		1,467,200		47,757
LGI Homes, Inc.2		571,556		46,508
Musti Group OYJ1		2,682,737		46,469
Snow Peak, Inc.1,3		3,050,800		46,400
Shoei Co., Ltd.		1,224,100		44,358
Six Flags Entertainment Corp.2		2,425,351		42,929
Levi Strauss & Co., Class A		2,950,000		42,687
Compagnie Plastic Omnium SA		3,192,845		41,634
Malibu Boats, Inc., Class A2		851,000		40,840
Century Communities, Inc.		911,000		38,973
Bafang Electric (Suzhou) Co., Ltd., Class A		2,347,840		38,752
Nien Made Enterprise Co., Ltd.		4,920,000		38,734
Darden Restaurants, Inc.		303,300		38,313
International Game Technology PLC		2,421,600		38,261
Arco Platform, Ltd., Class A2,3		3,480,934		37,559
Trainline PLC2		10,584,000		36,873
Etsy, Inc.2		366,850		36,733

SMALLCAP World Fund 11

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Cavco Industries, Inc.2		170,870	$	35,158
Chervon Holdings, Ltd.3		9,167,900		34,605
Victoria PLC1,2,3		6,757,962		33,462
D.R. Horton, Inc.		490,000		33,002
Hilton Grand Vacations, Inc.2		951,800		31,305
Americanas SA, ordinary nominative shares		9,677,258		30,461
Macy’s, Inc.		1,900,000		29,773
Tongcheng Travel Holdings, Ltd.2		15,035,800		29,368
Flutter Entertainment PLC2		259,095		28,305
AcadeMedia AB1		6,523,595		28,256
On Holding AG, Class A2,3		1,742,200		27,962
Cairn Homes PLC		31,452,000		25,259
RH2		100,000		24,607
Graham Holdings Co., Class B		45,000		24,209
Boot Barn Holdings, Inc.2		397,000		23,209
Persimmon PLC		1,650,880		22,728
Mazda Motor Corp.		3,264,000		21,606
B&M European Value Retail SA		6,257,481		21,248
Gentherm, Inc.2		400,500		19,917
ABC-Mart, Inc.		456,100		19,658
XPEL, Inc.2,3		304,820		19,643
Puuilo OYJ3		4,124,072		19,338
China MeiDong Auto Holdings, Ltd.		11,564,000		18,297
JOANN, Inc.1,3		2,729,250		18,068
Westlife Development, Ltd.2		1,928,968		17,027
Lojas Quero-Quero SA1		14,974,560		16,156
Roland Corp.3		530,600		16,137
Beazer Homes USA, Inc.1,2		1,659,813		16,050
Alpen Co., Ltd.		1,130,000		16,025
Mips AB		543,100		16,020
Installed Building Products, Inc.		189,361		15,336
Vail Resorts, Inc.		71,000		15,310
OneWater Marine, Inc., Class A2		504,604		15,194
Melco International Development, Ltd.2		19,643,000		15,125
Playtech PLC2		3,083,800		14,961
Traeger, Inc.2		5,224,267		14,732
Caesars Entertainment, Inc.2		400,000		12,904
Nordstrom, Inc.3		760,000		12,715
Porch Group, Inc.1,2,3		5,520,000		12,420
Central Automotive Products, Ltd.		787,200		11,963
Coursera, Inc.2		1,055,400		11,377
ThredUp Inc., Class A2,3		6,154,000		11,323
StockX, Inc.2,4,5		161,790		11,238
Aramark		356,556		11,125
Food & Life Companies, Ltd.3		716,300		10,932
DPC Dash, Ltd.2,4,5		2,158,273		10,835
Dreamfolks Services, Ltd.2		1,296,626		5,686
Dreamfolks Services, Ltd.2,5		1,104,299		4,704
ASOS PLC2,3		1,607,415		10,057
Elior Group SA2,3		5,263,313		9,491
Relaxo Footwears, Ltd.		713,900		8,780
Zhongsheng Group Holdings, Ltd.		2,121,500		8,342
Chegg, Inc.2		365,500		7,701
Grove Collaborative Holdings, Inc., Class A2,5		3,070,667		6,328
Grove Collaborative Holdings, Inc., Class A2		519,604		1,164
Steven Madden, Ltd.		277,000		7,388
Bike24 Holding AG1,2,3		2,987,174		7,135
Victoria’s Secret & Co.2		210,400		6,127
Goodyear Tire & Rubber Co.2		558,712		5,637
Brilliant Earth Group, Inc., Class A2		866,800		4,967
BARK, Inc.2,3		2,500,000		4,550
Synsam AB		952,992		4,464
Royal Caribbean Cruises, Ltd.2		78,017		2,957
Westwing Group SE, non-registered shares2,3		344,652		1,883
Leifheit AG, non-registered shares3		129,643		1,688
BNN Technology PLC1,2,4		19,007,000		—	6
Ozon Holdings PLC (ADR)2,4		2,346,600		—	6
				8,144,603

12 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care 14.57%
Molina Healthcare, Inc.2		2,407,600	$	794,123
Insulet Corp.2		2,399,642		550,478
Max Healthcare Institute, Ltd.1,2		67,134,781		335,885
Agilon Health, Inc.2		13,114,300		307,137
Haemonetics Corp.1,2		4,093,820		303,065
NovoCure, Ltd.2		3,621,597		275,169
Centene Corp.2		2,925,674		227,647
DexCom, Inc.2		2,210,000		177,993
Biohaven Pharmaceutical Holding Co., Ltd.2		1,140,376		172,391
Revance Therapeutics, Inc.1,2		6,313,932		170,476
Legend Biotech Corp. (ADR)2		4,033,599		164,571
Shockwave Medical, Inc.2		585,000		162,671
Oak Street Health, Inc.2		6,084,207		149,185
Penumbra, Inc.2		780,244		147,934
Xenon Pharmaceuticals, Inc.1,2		3,917,482		141,421
iRhythm Technologies, Inc.2		1,025,100		128,425
Silk Road Medical, Inc.1,2		2,791,630		125,623
CONMED Corp.1		1,538,492		123,341
Amplifon SpA		4,668,700		122,263
Hapvida Participações e Investimentos SA2		82,535,599		115,824
Laurus Labs, Ltd.		18,452,700		115,790
Amvis Holdings, Inc.1		6,950,300		115,541
Bachem Holding AG3		1,802,075		112,102
Integra LifeSciences Holdings Corp.2		2,551,447		108,079
Karuna Therapeutics, Inc.2		466,922		105,025
Tandem Diabetes Care, Inc.2		2,140,500		102,423
Globus Medical, Inc., Class A2		1,531,378		91,224
Addus HomeCare Corp.1,2		938,900		89,421
Inari Medical, Inc.2		1,190,498		86,478
Fate Therapeutics, Inc.2		3,674,900		82,355
Genus PLC		2,245,985		64,841
Pacific Biosciences of California, Inc.2,3		10,225,968		59,362
Allogene Therapeutics, Inc.2,3		5,310,109		57,349
Ascendis Pharma A/S (ADR)2,3		541,287		55,893
Hypera SA, ordinary nominative shares		6,689,914		54,878
CanSino Biologics, Inc., Class H3		9,717,400		54,588
AbCellera Biologics, Inc.2,3		5,480,000		54,197
EBOS Group, Ltd.		2,556,246		53,617
Asahi Intecc Co., Ltd.		3,346,600		52,951
Shandong Pharmaceutical Glass Co., Ltd., Class A		12,973,422		52,841
ICON PLC2		281,109		51,662
Encompass Health Corp.		1,114,331		50,401
Ocumension Therapeutics1,2,3		37,692,000		48,977
CRISPR Therapeutics AG2		746,299		48,771
Poly Medicure, Ltd.		4,511,022		47,782
Virbac SA		178,400		46,351
Ultragenyx Pharmaceutical, Inc.2		1,106,215		45,808
Surgical Science Sweden AB1,2,3		3,271,137		43,622
New Horizon Health, Ltd.1,2,3		22,889,335		42,209
Alignment Healthcare, Inc.2		3,500,000		41,440
CompuGroup Medical SE & Co. KGaA		1,187,660		41,158
Nakanishi, Inc.		2,255,800		40,959
Netcare, Ltd.		54,252,695		40,809
Medmix AG1		2,314,251		40,482
Glaukos Corp.2		750,322		39,947
IVERIC bio, Inc.2		2,164,099		38,824
Carl Zeiss Meditec AG, non-registered shares		368,406		38,796
Indivior PLC2		11,805,600		37,350
Ambu AS, Class B, non-registered shares3		3,992,766		34,503
FIGS, Inc., Class A2		4,166,847		34,376
Seer, Inc., Class A2		4,414,668		34,170
NuVasive, Inc.2		766,000		33,558
Revenio Group OYJ, non-registered shares		792,790		29,454
Exact Sciences Corp.2		890,000		28,916
KRKA, dd, Novo mesto		335,262		28,243
Angelalign Technology, Inc.3		2,908,600		27,599
Alnylam Pharmaceuticals, Inc.2		137,700		27,562
SKAN Group AG3		462,566		27,217
Incyte Corp.2		396,000		26,389

SMALLCAP World Fund 13

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Fisher & Paykel Healthcare Corp., Ltd.		2,510,000	$	25,881
Zealand Pharma A/S2		1,142,366		25,757
Idorsia, Ltd.2,3		1,959,816		25,182
Pharmaron Beijing Co., Ltd., Class H		5,167,550		25,060
Twist Bioscience Corp.2		704,000		24,809
Sosei Group Corp.2,3		1,861,300		23,349
Guardant Health, Inc.2		420,239		22,621
10x Genomics, Inc., Class A2		793,300		22,593
Innovent Biologics, Inc.2		6,938,500		21,611
Amedisys, Inc.2		210,699		20,394
Olink Holding AB (ADR)2,3		1,586,593		19,261
Gland Pharma, Ltd.2		750,000		19,235
Zai Lab, Ltd. (ADR)2		551,078		18,847
CM Hospitalar SA		5,671,671		18,652
Chemed Corp.		42,000		18,336
Medacta Group SA		216,959		18,264
Fleury SA, ordinary nominative shares		5,540,900		18,160
Galapagos NV2		424,039		18,145
CellaVision AB, non-registered shares		789,300		18,051
Ami Organics, Ltd.		1,596,540		17,857
BONESUPPORT Holding AB2		2,647,760		17,459
Hutchmed China, Ltd. (ADR)2		1,350,035		11,961
Hutchmed China, Ltd.2,3		2,554,000		4,216
Natera, Inc.2		363,000		15,907
Zentalis Pharmaceuticals, Inc.2		683,000		14,794
PolyPeptide Group AG		487,635		14,141
Hangzhou Tigermed Consulting Co., Ltd., Class A		1,090,535		14,003
Piramal Pharma, Ltd.2,4		5,340,000		13,575
Editas Medicine, Inc.2		1,100,000		13,464
Sysmex Corp.		220,300		11,857
Nevro Corp.2		253,000		11,790
Vaxcyte, Inc.2		475,303		11,407
Dechra Pharmaceuticals PLC		384,608		11,146
Brii Biosciences, Ltd.2,3		16,214,542		10,872
SUNWELS Co., Ltd.3		233,000		9,944
Nordhealth AS, Class A1,2		5,120,000		9,375
Arjo AB, Class B		2,572,435		9,368
Precision BioSciences, Inc.1,2		6,715,043		8,730
NextGen Healthcare, Inc.2		406,300		7,192
Creo Medical Group PLC1,2		11,533,623		6,962
Classys, Inc.		740,401		6,913
Vitrolife AB		467,551		6,603
PetIQ, Inc., Class A2		880,561		6,076
Diagnósticos da América SA		1,728,463		6,043
ChemoMetec A/S		70,910		5,353
KRY International AB, Series A2,4,5		19,744		4,886
HBM Holdings, Ltd.2,3		15,992,000		3,810
OdontoPrev SA, ordinary nominative shares		2,134,000		3,481
Cellectis SA, non-registered shares2,3		760,997		1,769
Cellectis SA (ADR)2,3		698,804		1,600
IO Biotech, Inc.2,3		1,235,000		3,347
Jeisys Medical, Inc.2		605,326		2,730
Implantica AG, Class A (SDR)2		700,000		2,597
Sana Biotechnology, Inc.2,3		432,071		2,592
Denali Therapeutics, Inc.2		84,264		2,586
Intervacc AB2		850,000		2,554
Applied Molecular Transport, Inc.2,3		1,861,107		1,811
Autolus Therapeutics PLC (ADR)2,3		625,000		1,338
Schrodinger, Inc.2		31,250		781
Acutus Medical, Inc.2		797,523		702
				8,099,712
Financials 9.51%
Ares Management Corp., Class A		5,174,776		320,577
AU Small Finance Bank, Ltd.		30,476,509		229,425
SVB Financial Group2		606,500		203,651
Essent Group, Ltd.1		5,654,659		197,178
Trupanion, Inc.1,2,3		3,213,692		190,990

14 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Aavas Financiers, Ltd.1,2		6,038,330	$	165,167
Cholamandalam Investment and Finance Co., Ltd.		17,195,186		153,424
RenaissanceRe Holdings, Ltd.		952,200		133,679
Independent Bank Group, Inc.1		2,166,153		132,980
Seacoast Banking Corporation of Florida1		4,156,901		125,663
First Republic Bank		945,825		123,477
Eurobank Ergasias Services and Holdings SA2		148,563,100		122,901
Janus Henderson Group PLC		5,650,041		114,752
Steadfast Group, Ltd.		35,229,793		103,813
IIFL Finance, Ltd.1		23,246,993		99,987
IIFL Wealth Management, Ltd.		4,379,654		98,842
Patria Investments, Ltd., Class A1		6,913,834		90,226
East West Bancorp, Inc.		1,308,975		87,885
SouthState Corp.		1,097,165		86,808
Kinsale Capital Group, Inc.		339,620		86,746
Capitec Bank Holdings, Ltd.		983,153		84,276
Fukuoka Financial Group, Inc.3		4,700,100		83,404
Focus Financial Partners, Inc., Class A2		2,549,002		80,319
TMX Group, Ltd.		862,202		79,307
City Union Bank, Ltd.		36,608,696		77,565
Stifel Financial Corp.		1,477,350		76,689
Canara Bank		26,973,076		75,000
StepStone Group, Inc., Class A		3,039,100		74,488
Western Alliance Bancorporation		1,100,128		72,322
Glacier Bancorp, Inc.		1,443,817		70,935
Bridgepoint Group PLC		32,728,364		68,204
National Bank of Greece SA2		22,719,403		67,077
Eastern Bankshares, Inc.		3,267,276		64,169
AUB Group, Ltd.1		5,126,659		62,367
Valley National Bancorp		5,495,000		59,346
United Community Banks, Inc.		1,789,000		59,216
VZ Holding AG		785,919		55,023
AJ Bell PLC		18,325,000		55,020
Banca Generali SpA		1,972,252		54,563
The Bank of N.T. Butterfield & Son, Ltd.		1,504,686		48,842
Remgro, Ltd.		6,502,281		47,716
Bolsa Mexicana de Valores, SAB de CV, Series A		26,040,000		43,561
Allfunds Group PLC		5,925,895		43,440
Antin Infrastructure Partners SA		1,964,300		40,836
Aptus Value Housing Finance India, Ltd.2		10,588,171		39,880
Webster Financial Corp.		843,652		38,133
Pine Labs Pte., Ltd.2,4,5		76,998		38,039
Silvergate Capital Corp., Class A2		500,878		37,741
Euronext NV		585,333		37,039
Enstar Group, Ltd.2		203,500		34,512
Virtu Financial, Inc., Class A		1,566,000		32,526
Umpqua Holdings Corp.		1,785,500		30,514
Goosehead Insurance, Inc., Class A2		838,350		29,879
Star Health & Allied Insurance Co., Ltd.2		3,400,000		29,398
Victory Capital Holdings, Inc., Class A		1,196,000		27,879
PacWest Bancorp		1,220,000		27,572
Hilltop Holdings, Inc.		1,000,000		24,850
AssetMark Financial Holdings, Inc.2		1,350,000		24,692
Moelis & Co., Class A		719,000		24,309
Nova Ljubljanska Banka dd (GDR)		2,365,833		24,029
The Tel Aviv Stock Exchange, Ltd.		4,312,024		22,319
eGuarantee, Inc.		1,268,348		21,910
ICICI Securities, Ltd.		3,293,062		21,008
Alpha Services and Holdings SA2		26,000,000		20,249
Hiscox, Ltd.		2,060,606		20,146
NMI Holdings, Inc.2		950,000		19,352
Radian Group, Inc.		1,000,000		19,290
WealthNavi, Inc.2,3		1,788,200		19,144
Artisan Partners Asset Management, Inc., Class A		705,000		18,986
Qualitas Controladora, SAB de CV3		4,450,000		18,351
Haci Ömer Sabanci Holding AS		12,391,000		17,233
Angel One, Ltd.		921,071		15,316
Piramal Enterprises, Ltd.		1,335,000		14,153
Oscar Health, Inc., Class A2,3		2,751,000		13,728

SMALLCAP World Fund 15

Common stocks (continued)	Shares		Value (000)
Financials (continued)
SiriusPoint, Ltd.2		2,464,299	$	12,198
Selective Insurance Group, Inc.		145,930		11,879
Collector Bank AB2		4,629,130		11,466
EFG International AG		1,414,530		11,179
Premium Group Co., Ltd.		888,900		10,925
Hellenic Exchanges - Athens Stock Exchange SA1		3,500,000		10,361
PT Bank Raya Indonesia Tbk2		278,708,667		10,000
Islandsbanki hf.		11,632,054		9,771
Linc AB2,3		2,358,208		9,310
Funding Circle Holdings PLC2		14,713,073		6,706
Discovery, Ltd.2		899,883		5,196
Uzabase, Inc.2,3		465,000		2,093
TCS Group Holding PLC (GDR)2,4,7		31,700		—	6
TCS Group Holding PLC (GDR)2,4		1,334,228		—	6
				5,285,117
Consumer staples 3.42%
Emmi AG1		318,222		247,648
Grocery Outlet Holding Corp.1,2		5,915,153		196,915
Simply Good Foods Co.1,2		5,770,500		184,598
Milbon Co., Ltd.1		2,378,500		104,902
BJ’s Wholesale Club Holdings, Inc.2		1,217,842		88,671
Varun Beverages, Ltd.		6,634,383		84,866
Celsius Holdings, Inc.2		832,726		75,512
Monde Nissin Corp.		350,959,960		72,757
Sovos Brands, Inc.1,2		5,050,900		71,925
Raia Drogasil SA, ordinary nominative shares		15,832,125		66,711
Ocado Group PLC2		10,398,813		53,998
AAK AB		3,694,316		48,710
Shop Apotheke Europe NV, non-registered shares1,2,3		1,142,620		46,389
United Spirits, Ltd.2		4,506,665		46,336
Scandinavian Tobacco Group A/S		2,941,378		42,441
Sok Marketler Ticaret AS, non-registered shares1,2		37,067,550		41,357
Performance Food Group Co.2		928,000		39,858
Nu Skin Enterprises, Inc., Class A		1,100,000		36,707
Freshpet, Inc.2		667,764		33,448
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A		6,624,986		29,743
Kotobuki Spirits Co., Ltd.		499,000		28,580
COSMOS Pharmaceutical Corp.		287,909		28,408
BidCorp, Ltd.3		1,640,857		25,115
Fresh Del Monte Produce, Inc.		1,028,000		23,891
Avenue Supermarts, Ltd.2		417,313		22,411
Fever-Tree Drinks PLC		2,410,000		22,347
Vector Group, Ltd.		2,509,032		22,105
Bakkafrost P/F		517,500		20,495
Royal Unibrew A/S		280,000		18,121
Hilton Food Group PLC		2,327,506		13,822
PZ Cussons PLC		6,017,310		13,034
Century Pacific Food, Inc.		25,901,000		9,918
Humble Group AB2		11,368,627		9,409
Icelandic Salmon AS2,3		515,000		7,704
Nomad Foods, Ltd.2		500,000		7,100
TreeHouse Foods, Inc.2		152,200		6,456
Dole PLC		551,300		4,024
Zur Rose Group AG2,3		54,100		1,590
Beyond Meat, Inc.2,3		73,395		1,040
				1,899,062
Energy 3.12%
New Fortress Energy, Inc., Class A		4,116,300		179,923
Northern Oil and Gas, Inc.1		6,054,000		165,940
Coterra Energy, Inc.		6,350,059		165,864
Chesapeake Energy Corp.		1,434,104		135,107
MEG Energy Corp.2		11,431,657		127,943
DT Midstream, Inc.		2,420,877		125,619
Gaztransport & Technigaz SA		913,743		101,092
Vallourec SA2		9,989,108		96,289
Viper Energy Partners, LP		2,555,470		73,240

16 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Helmerich & Payne, Inc.		1,817,270	$	67,184
Pioneer Natural Resources Company		268,053		58,041
Golar LNG, Ltd.2		2,132,596		53,144
Worley, Ltd.		5,701,172		46,352
Cactus, Inc., Class A		1,149,091		44,160
TechnipFMC PLC2		5,200,890		43,999
Denbury, Inc.2		406,329		35,050
Venture Global LNG, Inc., Series C2,4,5		4,240		34,228
Subsea 7 SA		3,742,357		29,563
Savannah Energy PLC1,2,3		96,128,672		29,272
Magnolia Oil & Gas Corp., Class A		1,323,743		26,223
Equitrans Midstream Corp.		3,390,447		25,361
Weatherford International2		706,648		22,818
Headwater Exploration, Inc.2		5,105,000		19,439
ProFrac Holding Corp., Class A2,3		1,194,734		18,172
Championx Corp.		462,625		9,054
				1,733,077
Materials 3.02%
APL Apollo Tubes, Ltd.1		15,548,000		198,170
LANXESS AG1		4,917,743		144,010
JSR Corp.		6,631,830		126,378
Navin Fluorine International, Ltd.		2,079,348		114,025
CCL Industries, Inc., Class B, nonvoting shares		2,262,200		109,659
OZ Minerals, Ltd.		6,303,841		103,479
Perimeter Solutions SA1,2		11,791,546		94,450
Deepak Fertilisers & Petrochemicals Corp., Ltd.		6,039,256		64,739
Summit Materials, Inc., Class A2		2,535,041		60,739
H.B. Fuller Co.		866,200		52,059
ATI, Inc.2		1,868,650		49,725
Livent Corp.2		1,530,893		46,922
PI Industries, Ltd.		1,212,000		44,299
MMG, Ltd.2		148,596,000		35,281
Lundin Mining Corp.		6,434,519		32,514
Yamato Kogyo Co., Ltd.3		1,043,900		31,727
Toyo Gosei Co., Ltd.1,3		642,700		28,289
FUJIMI INCORPORATED3		597,000		25,022
Jindal Steel & Power, Ltd.		4,763,387		24,863
Labrador Iron Ore Royalty Corp.3		1,156,000		24,194
Vinati Organics, Ltd.		943,000		24,161
Aluflexpack AG1,2,3		1,309,666		23,652
Kansai Paint Co., Ltd.		1,642,000		23,282
Mayr-Melnhof Karton AG, non-registered shares		171,841		22,055
JCU Corp.		1,066,300		21,442
Indigo Paints, Ltd.		1,103,244		20,302
Shandong Sinocera Functional Material Co., Ltd., Class A		4,713,974		19,241
Nanofilm Technologies International, Ltd.		12,438,970		18,013
Re:NewCell AB1,2,3		2,702,272		17,542
Berger Paints India, Ltd.		1,930,816		14,584
Alcoa Corp.		350,000		11,781
Recticel SA/NV		873,200		11,458
Materion Corp.		121,538		9,723
Gerdau SA (ADR)		2,011,500		9,092
Venator Materials PLC1,2		8,519,540		7,497
Fuso Chemical Co., Ltd.		283,300		6,104
Alleima AB2		1,509,740		4,734
Carbios SA2		105,815		2,108
				1,677,315
Communication services 2.10%
Iridium Communications, Inc.2		4,845,068		214,976
Iridium Communications, Inc.2,7		636,132		28,225
Lions Gate Entertainment Corp., Class B2		18,041,147		125,386
New York Times Co., Class A		2,439,638		70,140
JCDecaux SA2		5,841,330		68,774
Frontier Communications Parent, Inc.2		2,609,825		61,148
Pearson PLC		5,591,034		53,583
Viaplay Group AB, Class B2		2,662,395		52,016

SMALLCAP World Fund 17

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
4imprint Group PLC		1,104,563	$	41,611
Ascential PLC2		17,882,269		41,067
Hemnet Group AB		2,549,439		32,459
JOYY, Inc., Class A (ADR)		1,177,618		30,618
YouGov PLC		2,997,794		29,210
Paradox Interactive AB3		1,744,220		27,763
Rightmove PLC		5,188,789		27,522
Direct Marketing MIX, Inc.1		2,454,500		27,521
Megacable Holdings, SAB de CV, ordinary participation certificates		13,468,136		27,138
TIM SA		11,855,402		26,549
CTS Eventim AG & Co. KGaA2		471,400		19,647
Nextdoor Holdings, Inc., Class A2,3		6,859,318		19,137
VTEX, Class A2,3		5,109,762		18,906
Bandwidth, Inc., Class A2		1,329,018		15,815
JYP Entertainment Corp.		388,161		15,789
PLAYSTUDIOS, Inc., Class A2		4,500,000		15,705
Trustpilot Group PLC2		16,821,394		14,149
Ubisoft Entertainment SA2		511,500		14,043
Pebble Group PLC1,2		13,392,050		13,532
Cable One, Inc.		15,197		12,964
MTN Group, Ltd.		1,458,066		9,573
Boat Rocker Media, Inc.2		2,611,926		5,559
Playtika Holding Corp.2		429,090		4,029
Huuuge, Inc.2,3		106,234		488
Yandex NV, Class A2,4		1,530,000		—	6
				1,165,042
Real estate 1.45%
Embassy Office Parks REIT		31,445,400		133,529
Altus Group, Ltd.1		3,619,087		117,322
DigitalBridge Group, Inc. REIT, Class A		7,708,189		96,429
Concentradora Fibra Danhos REIT, SA de CV3		57,954,482		69,639
JHSF Participações SA1		47,722,472		65,466
Mindspace Business Parks REIT		9,000,000		40,171
SRE Holdings Corp.1,2,3		1,290,828		27,781
Macrotech Developers, Ltd.2		2,331,038		26,215
K-Fast Holding AB, Class B1,2,3		12,909,607		24,470
FirstService Corp.3		200,000		23,807
ESR-Logos REIT		93,830,358		23,216
Corp. Inmobiliaria Vesta, SAB de CV		11,183,823		20,835
CIFI Ever Sunshine Services Group, Ltd.3		55,562,025		20,341
PotlatchDeltic Corp. REIT		379,300		15,566
Zillow Group, Inc., Class C, nonvoting shares2		525,000		15,020
Redwood Trust, Inc. REIT3		2,562,000		14,706
Swedish Logistic Property AB, Class B2		4,739,069		11,484
CTP NV		1,092,105		11,278
Genova Property Group AB1,2		2,126,731		10,794
Cushman & Wakefield PLC2		862,000		9,870
Fastighets AB Balder, Class B2		2,448,188		9,676
Douglas Elliman, Inc.		1,832,215		7,512
LXP Industrial Trust REIT		805,425		7,378
Americold Realty Trust, Inc. REIT		217,800		5,358
				807,863
Utilities 0.60%
Black Hills Corp.		1,290,379		87,398
ACEN Corp.		861,383,220		82,369
Brookfield Infrastructure Corp., Class A, subordinate voting shares3		1,056,214		42,995
ENN Energy Holdings, Ltd.		3,166,000		42,128
Nippon Gas Co., Ltd.3		2,848,600		40,294
Neoenergia SA		9,514,000		26,985
SJW Group		162,000		9,331
Mytrah Energy, Ltd.1,2,4		10,418,000		116
				331,616
Total common stocks (cost: $43,067,208,000)				47,722,717

18 SMALLCAP World Fund

Preferred securities 1.27%	Shares		Value (000)
Industrials 0.42%
Einride AB, Series B, preferred shares1,2,4,5		1,334,588	$	60,860
Einride AB, Series A, preferred shares1,2,4,5		11,990		547
Azul SA, preferred nominative shares (ADR)2,3		6,549,081		53,310
Azul SA, preferred nominative shares2		771,000		2,104
Relativity Space, Inc., Series D, preferred shares1,2,4,5		2,143,751		39,166
Relativity Space, Inc., Series E, preferred shares1,2,4,5		464,197		8,481
ABL Space Systems Co., Series B, preferred shares2,4,5		777,162		44,920
WorkRise Technologies, Inc., Series E, preferred shares2,4,5		95,423		21,696
				231,084
Information technology 0.36%
Skyryse, Inc., Series B, preferred shares1,2,4,5		1,649,110		40,700
PsiQuantum Corp., Series D, preferred shares2,4,5		1,334,542		36,059
Outreach Corp., Series G, preferred shares2,4,5		1,554,053		35,557
SiFive, Inc., Series F, preferred shares2,4,5		3,451,632		25,128
Yotpo, Ltd., Series F, preferred shares2,4,5		8,332,809		13,666
Yotpo, Ltd., Series B, preferred shares2,4,5		1,111,347		1,823
Yotpo, Ltd., Series C, preferred shares2,4,5		1,057,985		1,735
Yotpo, Ltd., Series A-1, preferred shares2,4,5		709,592		1,164
Yotpo, Ltd., Series A, preferred shares2,4,5		345,899		567
Yotpo, Ltd., Series C-1, preferred shares2,4,5		293,302		481
Yotpo, Ltd., Series D, preferred shares2,4,5		163,552		268
Yotpo, Ltd., Series B-1, preferred shares2,4,5		130,625		214
ANDPAD, Inc., Series D, preferred shares2,4,5		459,413		18,411
Patreon, Inc., Series E, preferred shares2,4,5		698,208		14,411
Patreon, Inc., Series Seed, preferred shares2,4,5		163,096		3,366
Kandou Holding SA, Series D, preferred shares2,4,5		2,142,857		3,986
				197,536
Health care 0.20%
Laronde, Inc., Series B, 6.00% preferred shares2,4,5		1,785,714		43,822
KRY International AB, Series E, preferred shares2,4,5		114,059		28,225
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4,5		605,423		23,684
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 20221,2,4,5		1,531,102		9,814
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4,5		636,364		6,555
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4,5		4,397,107		616
				112,716
Financials 0.15%
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,4,5		13,618		57,732
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4,5		57,100		28,209
				85,941
Consumer discretionary 0.07%
Cava Group, Inc., Series F, preferred shares2,4,5		664,364		20,928
StockX, Inc., Series E-1, preferred shares2,4,5		222,222		15,435
StockX, Inc., Series AA, preferred shares2,4,5		57,338		3,983
StockX, Inc., Series B, preferred shares2,4,5		3,094		215
				40,561
Real estate 0.07%
QuintoAndar, Ltd., Series E-1, preferred shares2,4,5		244,733		37,752
Total preferred securities (cost: $783,659,000)				705,590
Rights & warrants 0.20%
Information technology 0.12%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20232,7		2,838,640		63,037
Foursquare Labs, Inc., warrants, expire 20332,4,5		1,163,990		55
				63,092
Industrials 0.07%
Warom Technology, Inc. Co., Class A, warrants, expire 20232,7		8,603,931		26,322
Centre Testing International Group Co., Ltd., Class A, warrants, expire 20232,7		3,799,918		10,900
Guangzhou Baiyun International Airport Co., Ltd., Class A, warrants, expire 20242,7		1,315,742		2,644
Momentus, Inc., warrants, expire 20262		2,225,000		400
				40,266

SMALLCAP World Fund 19

Rights & warrants (continued)				Shares		Value (000)
Materials 0.01%
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 20232,7					1,225,940	$	5,004
Total rights & warrants (cost: $146,526,000)							108,362
Convertible stocks 0.09%
Utilities 0.06%
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4,5					300,000		30,000
Information technology 0.03%
RealSelf, Inc., Series C, convertible preferred shares1,2,4,5					3,468,862		10,163
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4,5					14,888,589		8,040
							18,203
Total convertible stocks (cost: $61,179,000)							48,203
Convertible bonds & notes 0.00%				Principal amount (000)
Industrials 0.00%
Einride AB, convertible notes, 7.00% 20231,4,5				USD	1,500		1,895
Total convertible bonds & notes (cost: $1,501,000)							1,895
Short-term securities 14.57%					Shares
Money market investments 8.59%
Capital Group Central Cash Fund 2.81%1,8					47,762,957		4,775,818
	Weighted average yield at acquisition			Principal amount (000)
Commercial paper 4.49%
Banque et Caisse d’Epargne de l’Etat 12/8/2022		3.066	%	USD	87,400		86,823
BNG Bank NV 10/3/20227		2.353			150,000		149,962
BNG Bank NV 10/14/20227		2.625			200,000		199,761
BNG Bank NV 10/17/20227		2.692			100,000		99,855
BNG Bank NV 10/19/20227		2.656			50,000		49,919
Caisse des Dépôts et Consignations 10/12/2022		2.414			250,000		249,747
DBS Bank, Ltd. 12/14/20227		3.481			100,000		99,253
Export Development Canada 11/21/2022		2.969			100,000		99,533
KfW 11/14/20227		2.971			200,000		199,319
KfW 12/13/20227		3.214			50,000		49,678
KfW 12/14/20227		3.412			150,000		149,017
LVMH Moët Hennessy Louis Vuitton, Inc. 12/1/20227		2.935			77,250		76,794
NRW.Bank 10/7/20227		2.509			250,000		249,853
NRW.Bank 10/11/20227		2.519			150,000		149,861
NRW.Bank 10/17/20227		2.861			100,000		99,855
Oesterreich Kontrollbank 10/17/2022		2.858			51,500		51,425
United Overseas Bank, Ltd. 12/8/20227		3.126			87,400		86,777
United Overseas Bank, Ltd. 12/12/20227		3.084			100,000		99,242
United Overseas Bank, Ltd. 12/13/20227		3.086			150,000		148,847
United Overseas Bank, Ltd. 12/16/20227		3.089			100,000		99,197
							2,494,718
					Shares
Money market investments purchased with collateral from securities on loan 1.49%
Capital Group Central Cash Fund 2.81%1,8,9					2,910,012		290,972
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%8,9					199,400,000		199,400
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%8,9					166,100,000		166,100
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 2.88%8,9					66,575,613		66,576

20 SMALLCAP World Fund

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Dreyfus Treasury Obligations Cash Management, Institutional Shares 2.85%8,9		58,100,000	$	58,100
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 2.80%8,9		33,200,000		33,200
BlackRock Liquidity Funds – FedFund, Institutional Shares 2.76%8,9		16,600,000		16,600
				830,948
Total short-term securities (cost: $8,102,184,000)				8,101,484
Total investment securities 101.99% (cost: $52,162,257,000)				56,688,251
Other assets less liabilities (1.99)%				(1,108,107	)
Net assets 100.00%			$	55,580,144

Investments in affiliates¹

	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 9/30/2022 (000)		Dividend or interest income (000)
Common stocks 23.01%
Industrials 6.62%
Saia, Inc.2	$	349,105	$	103,842	$	—	$	—		$	(79,498	)	$	373,449	$	—
BayCurrent Consulting, Inc.		624,379		18,516		53,725		8,796			(301,299	)		296,667		2,995
Comfort Systems USA, Inc.		137,040		94,086		37,033		(1,074	)		55,828			248,847		1,351
Diploma PLC		374,585		296		8,238		(4,156	)		(114,506	)		247,981		5,967
Armstrong World Industries, Inc.		205,914		76,020		—		—			(53,091	)		228,843		2,475
Arcosa, Inc.		176,368		18,694		—		—			25,821			220,883		740
Japan Airport Terminal Co., Ltd.2		189,109		60,264		11,881		(2,069	)		(31,188	)		204,235		—
Visional, Inc.2		186,716		6,282		—		—			(8,054	)		184,944		—
Harmonic Drive Systems, Inc.3		149,749		87,721		13,367		(12,426	)		(58,531	)		153,146		812
ATS Automation Tooling System, Inc.2		—		200,771		—		—			(50,831	)		149,940		—
Wizz Air Holdings PLC2		259,859		285,749		107,325		(100,038	)		(213,847	)		124,398		—
EnPro Industries, Inc.		72,321		68,924		—		—			(17,548	)		123,697		1,446
Carel Industries SpA		186,704		—		21,300		9,917			(62,958	)		112,363		947
Alfen NV2		134,619		—		8,497		(2,206	)		(14,665	)		109,251		—
Japan Elevator Service Holdings Co., Ltd.		163,396		—		—		—			(71,814	)		91,582		816
dip Corp.		91,426		27,583		—		—			(33,963	)		85,046		1,437
Johns Lyng Group, Ltd.		79,441		13,116		—		—			(10,685	)		81,872		821
KEI Industries, Ltd.		—		62,117		—		—			17,596			79,713		102
Instalco AB		158,007		3,002		—		—			(89,825	)		71,184		1,130
Pegasus Hava Tasimaciligi AS2		52,880		—		10,269		1,599			24,097			68,307		—
Marlowe PLC2,3		69,724		9,520		—		—			(17,351	)		61,893		—
Montrose Environmental Group, Inc.2		95,694		49,261		24,695		(21,646	)		(43,969	)		54,645		—
DO & CO AG, non-registered shares2,3		63,241		—		—		—			(11,831	)		51,410		—
Volution Group PLC		37,413		67,773		—		—			(54,232	)		50,954		848
Interface, Inc.		71,524		—		—		—			(29,082	)		42,442		189
Midac Holdings Co., Ltd.3		58,547		11,976		—		—			(28,128	)		42,395		51
Antares Vision SpA2,3		67,179		—		—		—			(29,602	)		37,577		—
Montana Aerospace AG2		98,830		11,248		—		—			(75,390	)		34,688		—
Fasadgruppen Group AB		66,194		3,933		—		—			(40,330	)		29,797		458
Einride AB2,4,5		13,640		—		—		—			4,194			17,834		—
Azelio AB10		20,939		—		4,008		(24,441	)		7,510			—		—
Barrett Business Services, Inc.10		46,577		—		39,544		3,412			(10,445	)		—		183
Boyd Group Services, Inc.3,11		237,086		21,580		69,261		(22,232	)		(61,857	)		—		460
GVS SpA2,11		174,811		28,257		64,546		(6,317	)		(81,285	)		—		—
IMCD NV11		668,138		—		146,346		70,510			(271,719	)		—		4,914

SMALLCAP World Fund 21

Investments in affiliates¹ (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 9/30/2022 (000)		Dividend or interest income (000)
Matson, Inc.11	$	159,322	$	20,147	$	58,954	$	11,171		$	(55,951	)	$	—	$	2,495
Sun Country Airlines Holdings, Inc.2,11		104,947		13,080		48,563		(12,347	)		(33,822	)		—		—
														3,679,983
Information technology 3.96%
eMemory Technology, Inc.		425,376		42,851		21,755		16,739			(235,811	)		227,400		3,038
ALTEN SA, non-registered shares		218,256		104,552		45,261		(19,027	)		(67,703	)		190,817		2,692
Kulicke and Soffa Industries, Inc.		277,553		12,062		8,098		(5,913	)		(91,353	)		184,251		3,354
Global Unichip Corp.		122,936		65,715		11,301		(2,756	)		9,274			183,868		2,564
Fabrinet, non-registered shares2		112,252		92,643		—		—			(21,701	)		183,194		—
Keywords Studios PLC		237,154		3,325		28,784		(11,573	)		(69,661	)		130,461		169
Dexerials Corp.3		63,639		63,648		—		—			(11,017	)		116,270		2,357
Extreme Networks, Inc.2		52,435		76,483		22,231		(11,634	)		17,962			113,015		—
Network International Holdings PLC2		215,255		12,398		40,239		(48,431	)		(30,277	)		108,706		—
Net One Systems Co., Ltd.		226,584		9,042		47,996		(9,321	)		(78,824	)		99,485		3,062
Credo Technology Group Holding, Ltd.2,3		—		58,768		—		—			31,373			90,141		—
Tanla Platforms, Ltd.		112,334		—		—		—			(25,003	)		87,331		925
Money Forward, Inc.2		235,170		42,349		26,198		(48,094	)		(127,274	)		75,953		—
Bytes Technology Group PLC		80,157		24,222		—		—			(33,856	)		70,523		2,253
PAR Technology Corp.2,3		125,429		6,227		—		—			(68,460	)		63,196		—
Mastek, Ltd.		—		58,352		—		—			(7,408	)		50,944		237
Crayon Group Holding ASA2,3		75,090		60,519		4,880		(4,864	)		(75,008	)		50,857		—
Megaport, Ltd.2,3		132,815		10,408		28,970		14,002			(83,830	)		44,425		—
Zuken, Inc.		59,358		11,512		4,302		(1,969	)		(20,476	)		44,123		569
Boku, Inc.2,5		53,644		—		—		—			(28,265	)		25,379		—
SmartCraft ASA, Class A2		34,172		—		—		—			(15,544	)		18,628		—
TDCX, Inc., Class A2		—		16,015		—		—			673			16,688		—
Softline Holding PLC (GDR)2,4,7		—		79,875		—		—			(71,065	)		8,810		—
Softline Holding PLC (GDR)2,4		—		75		—		—			(67	)		8		—
Cherry AG2,3		52,280		—		170		(238	)		(44,508	)		7,364		—
MotorK, Ltd.2		—		17,278		—		—			(11,810	)		5,468		—
WeCommerce Holdings, Ltd., Class A2,3		—		21,801		576		(1,131	)		(17,034	)		3,060		—
91APP, Inc.11		1,012		94,730		18,048		(32,669	)		(33,119	)		—		129
Appier Group, Inc.10		81,454		—		43,642		(55,578	)		17,766			—		—
Avaya Holdings Corp.2,3,11		53,532		72,050		9,242		(119,901	)		8,909			—		—
AvidXchange Holdings, Inc.2,11		—		201,705		75,995		(99,739	)		(5,377	)		—		—
Bottomline Technologies (DE), Inc.10		140,399		—		201,074		37,298			23,377			—		—
Computer Age Management Services, Ltd.11		128,344		—		63,714		21,792			(43,698	)		—		946
Dock, Ltd.2,4,5,11		27,080		—		—		—			20,126			—		—
Dye & Durham, Ltd.3,11		121,192		5,772		37,736		(27,841	)		(30,945	)		—		232
eCloudvalley Digital Technology Co., Ltd.11		30,937		6,339		—		—			(25,486	)		—		252
EcoOnline Holding AS10		29,071		—		22,344		(7,072	)		345			—		—
GB Group PLC11		125,523		4,053		83,896		(7,916	)		(28,786	)		—		104
Hennge KK10		56,060		—		15,958		(29,775	)		(10,327	)		—		—
Ideagen PLC10		86,794		10,402		100,302		10,869			(7,763	)		—		112
LPKF Laser & Electronics AG, non-registered shares10		44,674		—		21,384		(24,680	)		1,390			—		—
Nagarro SE2,3,11		144,449		—		58,969		23,021			(65,604	)		—		—
Netcompany Group AS, non-registered shares2,11		311,683		—		95,938		56,239			(219,406	)		—		—
SHIFT, Inc.2,11		281,192		31,760		137,255		38,150			(120,496	)		—		—

22 SMALLCAP World Fund

Investments in affiliates¹ (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 9/30/2022 (000)			Dividend or interest income (000)
Smaregi, Inc.10	$	34,016		$	—	$	8,246	$	(11,348	)	$	(14,422	)	$	—		$	—
Unifiedpost Group SA10		50,611			—		8,428		(50,179	)		7,996			—			—
															2,200,365
Consumer discretionary 4.20%
Tube Investments of India, Ltd.		288,934			21,054		92,539		23,499			169,607			410,555			634
TopBuild Corp.2		411,907			44,714		27,834		6,652			(86,087	)		349,352			—
YETI Holdings, Inc.2		518,842			65,070		8,136		(3,904	)		(375,253	)		196,619			—
Helen of Troy, Ltd.2		433,116			60,079		121,757		(45,500	)		(186,898	)		139,040			—
Kindred Group PLC (SDR)		211,253			59,967		25,533		(25,557	)		(100,828	)		119,302			7,417
MakeMyTrip, Ltd., non-registered shares2		34,933			76,137		—		—			7,947			119,017			—
WH Smith PLC2		120,874			55,198		—		—			(67,891	)		108,181			—
NEXTAGE Co., Ltd.		—			94,191		—		—			6,199			100,390			—
Pets at Home Group PLC		43,482			126,175		—		—			(73,157	)		96,500			3,384
Bajaj Electricals, Ltd.		126,568			—		9,381		1,689			(22,839	)		96,037			245
Jack in the Box, Inc.		—			111,998		—		—			(18,914	)		93,084			1,527
Everi Holdings, Inc.2		170,435			—		39,195		9,762			(61,193	)		79,809			—
Auction Technology Group PLC2		148,698			23,679		—		—			(95,800	)		76,577			—
Golden Entertainment, Inc.2		55,286			38,838		—		—			(27,946	)		66,178			—
Domino’s Pizza Group PLC		129,598			—		—		—			(68,994	)		60,604			3,133
Musti Group OYJ		86,680			8,426		—		—			(48,637	)		46,469			1,233
Snow Peak, Inc.3		—			66,358		—		—			(19,958	)		46,400			266
Victoria PLC2,3		—			59,123		—		—			(25,661	)		33,462			—
AcadeMedia AB		38,581			4,836		—		—			(15,161	)		28,256			1,098
JOANN, Inc.3		30,404			—		—		—			(12,336	)		18,068			1,174
Lojas Quero-Quero SA		44,684			7,071		4,920		(11,658	)		(19,021	)		16,156			325
Beazer Homes USA, Inc.2		28,632			—		—		—			(12,582	)		16,050			—
Porch Group, Inc.2,3		113,369			9,471		20,311		(67,474	)		(22,635	)		12,420			—
Bike24 Holding AG2,3		90,361			—		6,837		(781	)		(75,608	)		7,135			—
BNN Technology PLC2,4		—	6		—		—		—			—	6		—	6		—
BHG Group AB10		143,245			—		32,607		(52,715	)		(57,923	)		—			—
Cairn Homes PLC11		57,942			3,083		20,935		(595	)		(14,236	)		—			1,813
Cary Group AB10		79,878			—		47,951		(15,802	)		(16,125	)		—			—
Del Taco Restaurants, Inc.10		20,974			—		29,859		3,106			5,779			—			96
Desenio Group AB10		19,095			12,550		5,731		(56,158	)		30,244			—			—
Gourmet Master Co., Ltd.10		49,381			—		34,236		(16,614	)		1,469			—			—
Leslie’s, Inc.2,3,11		115,326			96,356		46,932		(24,914	)		(36,975	)		—			—
MADE.com Group PLC10		58,379			—		3,717		(66,656	)		11,994			—			—
OneSpaWorld Holdings, Ltd.10		53,370			—		53,042		7,401			(7,729	)		—			—
Purple Innovation, Inc., Class A10		80,885			—		34,552		(57,914	)		11,581			—			—
RVRC Holding AB10		48,538			1,770		15,033		(42,257	)		6,982			—			444
Watches of Switzerland Group PLC2,11		153,430			52,708		56,993		(29,409	)		(48,434	)		—			—
Westwing Group SE, non-registered shares2,3,11		44,293			14,507		10,398		(21,664	)		(24,855	)		—			—
zooplus AG, non-registered shares10		263,323			—		257,235		213,610			(219,698	)		—			—
															2,335,661
Health care 2.89%
Max Healthcare Institute, Ltd.2		176,975			230,237		100,479		66,960			(37,808	)		335,885			—
Haemonetics Corp.2		35,041			215,033		—		—			52,991			303,065			—
Revance Therapeutics, Inc.2		125,722			60,441		18,675		(19,353	)		22,341			170,476			—
Xenon Pharmaceuticals, Inc.2		30,854			63,497		4,937		(993	)		53,000			141,421			—
Silk Road Medical, Inc.2		152,688			568		—		—			(27,633	)		125,623			—

SMALLCAP World Fund 23

Investments in affiliates¹ (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 9/30/2022 (000)		Dividend or interest income (000)
CONMED Corp.	$	114,514	$	71,363	$	—	$	—		$	(62,536	)	$	123,341	$	915
Amvis Holdings, Inc.		68,450		80,411		13,634		(5,540	)		(14,146	)		115,541		148
Addus HomeCare Corp.2		74,877		—		—		—			14,544			89,421		—
Ocumension Therapeutics2,3		88,719		1,387		—		—			(41,129	)		48,977		—
Surgical Science Sweden AB2,3		89,512		—		—		—			(45,890	)		43,622		—
New Horizon Health, Ltd.2,3		58,291		34,720		—		—			(50,802	)		42,209		—
Medmix AG		84,065		34,591		6,070		(9,088	)		(63,016	)		40,482		1,295
Nordhealth AS, Class A2		25,989		—		—		—			(16,614	)		9,375		—
Precision BioSciences, Inc.2		49,264		3,400		—		—			(43,934	)		8,730		—
Creo Medical Group PLC2		26,954		—		—		—			(19,992	)		6,962		—
Acutus Medical, Inc.2,11		14,144		—		1,212		(13,280	)		1,050			—		—
Adaptimmune Therapeutics PLC (ADR)10		41,374		—		17,333		(15,147	)		(8,894	)		—		—
Allakos, Inc.10		401,101		—		173,447		82,236			(309,890	)		—		—
BICO Group AB, Class B10		192,639		37,534		42,897		(101,217	)		(86,059	)		—		—
Cellectis SA (ADR)2,3,11		27,923		2,959		6,508		(37,698	)		14,924			—		—
Cellectis SA, non-registered shares2,3,11		15,170		1,598		3,595		(25,293	)		13,889			—		—
Cortexyme, Inc.10		205,553		19,079		31,744		(23,204	)		(169,684	)		—		—
Genus PLC11		154,518		123,782		64,567		(79,171	)		(69,721	)		—		1,439
Mani, Inc.10		102,420		—		72,885		(28,692	)		(843	)		—		319
Metropolis Healthcare, Ltd.10		126,134		—		100,763		53,712			(79,083	)		—		204
Pacific Biosciences of California, Inc.2,3,11		249,229		41,212		32,355		(24,422	)		(174,302	)		—		—
PolyPeptide Group AG11		306,892		27,631		118,148		(65,538	)		(136,696	)		—		818
Pulmonx Corp.10		99,107		5,900		48,761		(61,560	)		5,314			—		—
Zealand Pharma A/S2,11		69,352		1,001		18,086		(24,021	)		(2,489	)		—		—
														1,605,130
Financials 1.94%
Essent Group, Ltd.		197,200		75,821		25,443		(539	)		(49,861	)		197,178		4,046
Trupanion, Inc.2,3		241,636		8,695		786		626			(59,181	)		190,990		—
Aavas Financiers, Ltd.2		213,203		4,001		10,814		(1,730	)		(39,493	)		165,167		—
Independent Bank Group, Inc.		157,257		37,282		37,893		(3,383	)		(20,283	)		132,980		3,621
Seacoast Banking Corporation of Florida		138,854		1,911		—		—			(15,102	)		125,663		2,488
IIFL Finance, Ltd.		23,507		70,351		—		—			6,129			99,987		920
Patria Investments, Ltd., Class A		91,511		21,735		—		—			(23,020	)		90,226		4,456
AUB Group, Ltd.		—		83,492		—		—			(21,125	)		62,367		1,631
Hellenic Exchanges - Athens Stock Exchange SA		13,967		—		—		—			(3,606	)		10,361		568
Bridgepoint Group PLC11		254,040		35,504		31,740		(43,595	)		(146,005	)		—		3,588
SiriusPoint, Ltd.2,11		55,772		21,943		27,847		(34,904	)		(2,766	)		—		—
Uzabase, Inc.2,3,11		46,409		—		12,277		(23,871	)		(8,168	)		—		—
														1,074,919
Consumer staples 1.61%
Emmi AG		328,323		—		—		—			(80,675	)		247,648		4,770
Grocery Outlet Holding Corp.2		127,554		38,848		70,242		7,688			93,067			196,915		—
Simply Good Foods Co.2		229,393		30,920		64,823		10,684			(21,576	)		184,598		—
Milbon Co., Ltd.		112,067		25,406		—		—			(32,571	)		104,902		1,436
Sovos Brands, Inc.2		46,501		25,020		—		—			404			71,925		—
Shop Apotheke Europe NV, non-registered shares2,3		128,744		27,080		—		—			(109,435	)		46,389		—
Sok Marketler Ticaret AS, non-registered shares2		35,839		8,749		—		—			(3,231	)		41,357		—
Dole PLC11		63,125		55,809		65,254		(51,843	)		2,187			—		1,469
														893,734

24 SMALLCAP World Fund

Investments in affiliates¹ (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 9/30/2022 (000)		Dividend or interest income (000)
Energy 0.35%
Northern Oil and Gas, Inc.	$	104,325	$	23,768	$	—	$	—		$	37,847		$	165,940	$	3,996
Savannah Energy PLC2,3		15,998		8,234		—		—			5,040			29,272		—
														195,212
Materials 0.93%
APL Apollo Tubes, Ltd.		159,233		24,815		9,428		(1,049	)		24,599			198,170		684
LANXESS AG		76,030		204,779		—		—			(136,799	)		144,010		4,789
Perimeter Solutions SA2		—		207,621		85,597		(4,109	)		(23,465	)		94,450		—
Toyo Gosei Co., Ltd.3		—		55,991		—		—			(27,702	)		28,289		137
Aluflexpack AG2,3		45,884		—		—		—			(22,232	)		23,652		—
Re:NewCell AB2,3		61,257		2,502		—		—			(46,217	)		17,542		—
Venator Materials PLC2		24,281		—		—		—			(16,784	)		7,497		—
Deepak Fertilisers & Petrochemicals Corp., Ltd.11		—		43,067		6,176		1,474			26,374			—		738
JCU Corp.11		86,616		—		33,831		2,396			(33,739	)		—		678
Nanofilm Technologies International, Ltd.11		105,677		5,265		44,198		(11,742	)		(36,989	)		—		377
Navin Fluorine International, Ltd.11		180,182		1,920		79,900		47,759			(35,936	)		—		437
														513,610
Communication services 0.07%
Direct Marketing MIX, Inc.		50,358		10,033		13,991		558			(19,437	)		27,521		102
Pebble Group PLC2		28,975		—		5		(1	)		(15,437	)		13,532		—
JCDecaux SA2,11		151,710		135,510		68,333		(72,356	)		(77,757	)		—		—
Trustpilot Group PLC2,11		48,066		26,811		17,112		(9,700	)		(33,916	)		—		—
														41,053
Real estate 0.44%
Altus Group, Ltd.		172,723		3,489		—		—			(58,890	)		117,322		1,642
JHSF Participações SA		50,030		2,165		—		—			13,271			65,466		3,002
SRE Holdings Corp.2,3		82,123		5,298		—		—			(59,640	)		27,781		—
K-Fast Holding AB, Class B2,3		81,175		6,446		—		—			(63,151	)		24,470		—
Genova Property Group AB2		28,296		—		—		—			(17,502	)		10,794		—
DigitalBridge Group, Inc. REIT, Class A11		145,014		52,366		4,794		(2,662	)		(93,495	)		—		77
Real Matters, Inc.10		50,520		—		33,355		(51,214	)		34,049			—		—
														245,833
Utilities 0.00%
Mytrah Energy, Ltd.2,4		140		—		—		—			(24	)		116		—
Total common stocks														12,785,616
Preferred securities 0.39%
Industrials 0.20%
Einride AB, Series B, preferred shares2,4,5		46,547		—		—		—			14,313			60,860		—
Einride AB, Series A, preferred shares2,4,5		—		311		—		—			236			547		—
Relativity Space, Inc., Series D, preferred shares2,4,5		48,953		—		—		—			(9,787	)		39,166		—
Relativity Space, Inc., Series E, preferred shares2,4,5		10,600		—		—		—			(2,119	)		8,481		—
														109,054
Information technology 0.07%
Skyryse, Inc., Series B, preferred shares2,4,5		—		40,700		—		—			—	6		40,700		—
Avidxchange Holdings, Inc., Series F, preferred shares10		141,386		—		105,844		—			(35,542	)		—		—
														40,700
Health care 0.02%
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 20222,4,5		15,101		—		—		—			(5,287	)		9,814		—

SMALLCAP World Fund 25

Investments in affiliates¹ (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 9/30/2022 (000)		Dividend or interest income (000)
Financials 0.10%
PPRO Holding GMBS, Series B, 8.00% preferred shares2,4,5	$	54,312	$	—	$	—	$	—		$	3,420		$	57,732	$	—
Total preferred securities														217,300
Convertible stocks 0.02%
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares2,4,5		19,495		—		—		—			(9,332	)		10,163		—
Convertible bonds & notes 0.00%
Industrials 0.00%
Einride AB, convertible notes, 7.00% 20234,5		—		1,500		—		—			395			1,895		72
Short-term securities 9.11%
Money market investments 8.59%
Capital Group Central Cash Fund 2.81%8		4,210,329		8,191,541		7,624,667		(1,114	)		(271	)		4,775,818		51,682
Money market investments purchased with collateral from securities on loan 0.52%
Capital Group Central Cash Fund 2.81%8,9		188,139		102,83312										290,972		—	13
Total short-term securities														5,066,790
Total 32.53%							$	(1,364,875	)	$	(7,775,341	)	$	18,081,764	$	178,965

Restricted securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Einride AB, Series B, preferred shares1,2,4	3/23/2021-5/6/2021	$	18,753	$	60,860		.11	%
Einride AB1,2,4	7/16/2021-8/17/2021		8,938		17,834		.03
Einride AB, convertible notes, 7.00% 20231,4	1/7/2022		1,501		1,895		.01
Einride AB, Series A, preferred shares1,2,4	10/11/2021		312		547		.00
VisEra Technologies Co., Ltd.	3/9/2021		93,821		80,413		.14
Pine Labs Pte., Ltd.2,4	5/12/2021		28,710		38,039		.07
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4	5/12/2021		21,291		28,209		.05
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,4	1/28/2021		48,694		57,732		.10
Relativity Space, Inc., Series D, preferred shares1,2,4	11/20/2020		32,000		39,166		.07
Relativity Space, Inc., Series E, preferred shares1,2,4	5/27/2021		10,600		8,481		.02
Dock, Ltd.2,4	10/19/2020		26,000		47,206		.09
ABL Space Systems Co., Series B, preferred shares2,4	3/24/2021		35,000		44,920		.08
Laronde, Inc., Series B, 6.00% preferred shares2,4	8/10/2021		50,000		43,822		.08
Skyryse, Inc., Series B, preferred shares1,2,4	10/21/2021		40,700		40,700		.07
QuintoAndar, Ltd., Series E-1, preferred shares2,4	12/20/2021		50,000		37,752		.07
PsiQuantum Corp., Series D, preferred shares2,4	5/28/2021		35,000		36,059		.06
Outreach Corp., Series G, preferred shares2,4	5/27/2021		45,482		35,557		.06
Venture Global LNG, Inc., Series C2,4	5/1/2015		12,720		34,228		.06
KRY International AB, Series E, preferred shares2,4	5/13/2021		51,891		28,225		.05
KRY International AB, Series A2,4	5/13/2021		8,533		4,886		.01
StockX, Inc., Series E-1, preferred shares2,4	4/15/2021		20,000		15,435		.03
StockX, Inc.2,4	4/5/2021		14,682		11,238		.02
StockX, Inc., Series AA, preferred shares2,4	4/5/2021		5,203		3,983		.01
StockX, Inc., Series B, preferred shares2,4	4/5/2021		281		215		.00
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4	7/7/2022		30,000		30,000		.05

26 SMALLCAP World Fund

Restricted securities⁵ (continued)

	Acquisition date(s)	Cost (000)			Value (000)		Percent of net assets
Boku, Inc.1,2	2/11/2021-9/21/2021	$	48,584		$	25,379		.05	%
SiFive, Inc., Series F, preferred shares2,4	3/16/2022		25,000			25,128		.05
Yotpo, Ltd., Series F, preferred shares2,4	2/25/2021		18,329			13,666		.03
Yotpo, Ltd.2,4	3/16/2021		5,475			4,297		.01
Yotpo, Ltd., Series B, preferred shares2,4	3/16/2021		2,322			1,823		.00
Yotpo, Ltd., Series C, preferred shares2,4	3/16/2021		2,211			1,735		.00
Yotpo, Ltd., Series A-1, preferred shares2,4	3/16/2021		1,483			1,164		.00
Yotpo, Ltd., Series A, preferred shares2,4	3/16/2021		723			567		.00
Yotpo, Ltd., Series C-1, preferred shares2,4	3/16/2021		613			481		.00
Yotpo, Ltd., Series D, preferred shares2,4	3/16/2021		341			268		.00
Yotpo, Ltd., Series B-1, preferred shares2,4	3/16/2021		273			214		.00
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4	5/13/2022-7/18/2022		23,685			23,684		.04
Patreon, Inc., Series E, preferred shares2,4	9/1/2020		11,944			14,411		.02
Patreon, Inc., Class B2,4	10/26/2020-10/27/2020		3,255			3,921		.01
Patreon, Inc., Series Seed, preferred shares2,4	9/16/2020		2,790			3,366		.01
WorkRise Technologies, Inc., Series E, preferred shares2,4	3/8/2021		40,000			21,696		.04
Cava Group, Inc., Series F, preferred shares2,4	3/26/2021		25,000			20,928		.04
ANDPAD, Inc., Series D, preferred shares2,4	6/30/2022		19,506			18,411		.03
DPC Dash, Ltd.2,4	12/6/2021		15,000			10,835		.02
RealSelf, Inc., Series C, convertible preferred shares1,2,4	4/18/2018		19,000			10,163		.02
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 20221,2,4	4/26/2021		15,101			9,814		.02
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4	2/18/2022		12,179			8,040		.01
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4	2/24/2021		7,000			6,555		.01
Grove Collaborative Holdings, Inc., Class A2	6/17/2022		26,000			6,328		.01
Dreamfolks Services, Ltd.2	8/23/2022		4,507			4,704		.01
Kandou Holding SA, Series D, preferred shares2,4	11/17/2021		15,000			3,986		.01
Foursquare Labs, Inc., Series A2,4	12/3/2013		20,000			3,231		.01
Foursquare Labs, Inc., warrants, expire 20332,4	12/3/2013		—	6		55		.00
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4	2/7/2020		9,000			616		.00
Total		$	1,064,433		$	992,868		1.79	%

1	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.
2	Security did not produce income during the last 12 months.
3	All or a portion of this security was on loan. The total value of all such securities was $1,261,635,000, which represented 2.27% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
4	Value determined using significant unobservable inputs.
5	Restricted security, other than Rule 144A or Section 4(2), subject to legal or contractual restrictions on resale, including private placement and other securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $992,868,000, which represented 1.79% of the net assets of the fund.
6	Amount less than one thousand.
7	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 $2,152,132,000, which represented 3.87% of the net assets of the fund.
8	Rate represents the seven-day yield at 9/30/2022.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	Affiliated issuer during the reporting period but no longer held at 9/30/2022.
11	Affiliated issuer during the reporting period but no longer an affiliate at 9/30/2022. Refer to the investment portfolio for the security value at 9/30/2022.
12	Represents net activity. Refer to Note 5 for more information on securities lending.
13	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GDR = Global Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

SMALLCAP World Fund 27

Financial statements

Statement of assets and liabilities
at September 30, 2022 (dollars in thousands)

Assets:
Investment securities, at value (includes $1,261,635 of investment securities on loan):
Unaffiliated issuers (cost: $34,106,275)	$	38,606,487
Affiliated issuers (cost: $18,055,982)		18,081,764	$	56,688,251
Cash				11,373
Cash denominated in currencies other than U.S. dollars (cost: $23,716)				23,715
Receivables for:
Sales of investments		150,281
Sales of fund’s shares		39,068
Dividends and interest		55,890
Other		5		245,244
				56,968,583
Liabilities:
Collateral for securities on loan				830,948
Payables for:
Purchases of investments		338,461
Repurchases of fund’s shares		39,860
Investment advisory services		29,624
Services provided by related parties		9,913
Directors’ deferred compensation		4,037
Non-U.S. taxes		130,160
Other		5,436		557,491
Net assets at September 30, 2022			$	55,580,144
Net assets consist of:
Capital paid in on shares of capital stock			$	52,242,003
Total distributable earnings				3,338,141
Net assets at September 30, 2022			$	55,580,144

Refer to the notes to financial statements.

28 SMALLCAP World Fund

Financial statements (continued)

Statement of assets and liabilities
at September 30, 2022 (continued)
	(dollars and shares in thousands, except per-share amounts)

Total authorized capital stock — 2,000,000 shares,
$.01 par value (1,055,673 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	23,552,446		453,039		$	51.99
Class C		378,153		8,919			42.40
Class T		11		—	*		52.73
Class F-1		454,181		8,880			51.14
Class F-2		7,310,989		136,523			53.55
Class F-3		3,903,714		73,345			53.22
Class 529-A		1,377,471		26,933			51.14
Class 529-C		44,318		1,023			43.33
Class 529-E		47,838		980			48.83
Class 529-T		14		—	*		52.59
Class 529-F-1		8		—	*		52.48
Class 529-F-2		190,182		3,641			52.24
Class 529-F-3		9		—	*		52.32
Class R-1		23,904		541			44.18
Class R-2		412,357		9,324			44.23
Class R-2E		26,538		528			50.29
Class R-3		587,406		12,089			48.59
Class R-4		583,115		11,318			51.52
Class R-5E		138,294		2,630			52.58
Class R-5		288,121		5,272			54.65
Class R-6		16,261,075		300,688			54.08

* Amount less than one thousand.

Refer to the notes to financial statements.

SMALLCAP World Fund 29

Financial statements (continued)

Statement of operations
for the year ended September 30, 2022	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $36,169; also includes $178,893 from affiliates)	$	644,514
Securities lending income (net of fees)		27,333
Interest (net of non-U.S. taxes of $1; also includes $72 from affiliates)		5,908		$	677,755
Fees and expenses*:
Investment advisory services		424,095
Distribution services		101,010
Transfer agent services		51,866
Administrative services		21,027
529 plan services		1,270
Reports to shareholders		2,181
Registration statement and prospectus		1,803
Directors’ compensation		(948	)
Auditing and legal		383
Custodian		7,902
State and local taxes		1
Other		1,087
Total fees and expenses before waiver		611,677
Less waiver of fees and expenses:
Investment advisory services waiver		139
Total fees and expenses after waiver					611,538
Net investment income					66,217
Net realized loss and unrealized depreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $62,982):
Unaffiliated issuers		911,239
Affiliated issuers		(1,364,875	)
Currency transactions		(304	)		(453,940	)
Net unrealized depreciation on:
Investments (net of non-U.S. taxes of $128,100):
Unaffiliated issuers		(21,619,977	)
Affiliated issuers		(7,775,341	)
Currency translations		(1,864	)		(29,397,182	)
Net realized loss and unrealized depreciation					(29,851,122	)
Net decrease in net assets resulting from operations				$	(29,784,905	)

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

Refer to the notes to financial statements.

30 SMALLCAP World Fund

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Year ended September 30,
	2022			2021
Operations:
Net investment income (loss)	$	66,217		$	(233,361	)
Net realized (loss) gain		(453,940	)		7,680,933
Net unrealized (depreciation) appreciation		(29,397,182	)		12,046,573
Net (decrease) increase in net assets resulting from operations		(29,784,905	)		19,494,145
Distributions paid to shareholders		(6,882,670	)		(1,036,458	)
Net capital share transactions		11,033,527			8,057,307
Total (decrease) increase in net assets		(25,634,048	)		26,514,994
Net assets:
Beginning of year		81,214,192			54,699,198
End of year	$	55,580,144		$	81,214,192

Refer to the notes to financial statements.

SMALLCAP World Fund 31

Notes to financial statements

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.

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

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

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

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

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of 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, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

SMALLCAP World Fund 33

Processes and structure — The fund’s board of directors has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “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 team. 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 September 30, 2022 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	4,545,175	$	5,566,928	$	17,834		$	10,129,937
Information technology		4,905,089		3,476,811		67,473			8,449,373
Consumer discretionary		4,699,318		3,423,212		22,073			8,144,603
Health care		5,995,257		2,085,994		18,461			8,099,712
Financials		3,070,197		2,176,881		38,039			5,285,117
Consumer staples		858,961		1,040,101		—			1,899,062
Energy		1,396,281		302,568		34,228			1,733,077
Materials		508,355		1,168,960		—			1,677,315
Communication services		676,295		488,747		—	1		1,165,042
Real estate		468,908		338,955		—			807,863
Utilities		166,709		164,791		116			331,616
Preferred securities		55,414		—		650,176			705,590
Rights & warrants		400		107,907		55			108,362
Convertible stocks		—		—		48,203			48,203
Convertible bonds & notes		—		—		1,895			1,895
Short-term securities		5,606,766		2,494,718		—			8,101,484
Total	$	32,953,125	$	22,836,573	$	898,553		$	56,688,251

¹ Amount less than one thousand.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended September 30, 2022 (dollars in thousands):

	Beginning value at 10/1/2021		Transfers into Level 32		Purchases		Sales			Net realized gain3		Unrealized depreciation3			Transfers out of Level 32			Ending value at 9/30/2022
Investment securities	$	1,243,406	$	220,540	$	347,110	$	(236,148	)	$	18,448	$	(519,977	)	$	(174,826	)	$	898,553
Net unrealized depreciation during the period on Level 3 investment securities held at September 30, 2022																		$	(417,560	)

2	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.
3	Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations.

34 SMALLCAP World Fund

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 9/30/2022	Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
			Estimated recovery value	N/A	N/A	N/A	N/A
			Transaction price	N/A	N/A	N/A	N/A
				Discount for lack of certainty	5%	5%	Decrease
			Recent market information	Quoted price	N/A	N/A	N/A
				Risk discount	50%	50%	Decrease
				Price drop of parent company	N/A	N/A	N/A
Common stocks		$198,224		Net adjustment based on market comparables movement (decrease)	5%	5%	Decrease
			Market comparable companies	Price/Cash flow multiple	6.8x	6.8x	Increase
				Net adjustment based on market comparables movement (decrease)	17% - 69%	27%	Decrease
				EV/Sales multiple	1.5x - 8.7x	6.6%	Increase
				EV/Gross Profit multiple	21.4x	21.4x	Increase
				DLOM	16% - 24%	17%	Decrease
				Risk discount	25%	25%	Decrease
			Transaction price	N/A	N/A	N/A	N/A
				Discount for lack of certainty	5%	5%	Decrease
				Net adjustment based on market comparables movement (decrease)	35%	35%	Decrease
				Discount to transaction price	15% - 20%	18%	Decrease
Preferred securities		650,176	Market comparable companies	EV/Gross Profit multiple	6.8x - 21.4x	16.1x	Increase
				EV/Sales multiple	1.5x - 15.2x	7.8x	Increase
				Net adjustment based on market comparables movement (decrease)	6% - 69%	41%	Decrease
				DLOM	10%	10%	Decrease
			Inputs to market comparables and discounted cash flow	Weight ascribed to market comparables	50%	50%	N/A
				Weight ascribed to discounted cash flow	50%	50%	N/A
			Discounted cash flow	Risk discount	10% -95%	46%	Decrease
				WACC	10% -20%	14%	Decrease
Rights & warrants		55	Black-Scholes	Underlying share price	N/A	N/A	N/A
				Implied volatility	30%	30%	Increase
				EV/Sales multiple	2.7x -5.2x	4.1x	Increase
Convertible stocks		48,203	Market comparable companies	Net adjustment based on market comparables movement (decrease)	35%	35%	Decrease
				Transaction price	N/A	N/A	N/A
				DLOM	17%	17%	Decrease
Convertible bonds & notes		1,895	Transaction price	N/A	N/A	N/A	N/A
				Discount for lack of certainty	5%	5%	Decrease
Total	$	898,553

*	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

DLOM = Discount for lack of marketability

EV = Enterprise value
WACC = Weighted average cost of capital

SMALLCAP World Fund 35

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 or companies; 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 financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S.. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

36 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 than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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 or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

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.

SMALLCAP World Fund 37

As of September 30, 2022, the total value of securities on loan was $1,261,635,000, and the total value of collateral received was $1,320,108,000. Collateral received includes cash of $830,948,000 and U.S. government securities of $489,160,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

6. Taxation and distributions

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

As of and during the year ended September 30, 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 year ended September 30, 2022, the fund recognized $6,301,000 in reclaims (net of $395,000 in fees and the effect of realized gain or loss from currency translations) and $1,568,000 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; amortization of premiums and discounts 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.

During the year ended September 30, 2022, the fund reclassified $4,167,000 from capital paid in on shares of capital stock to total distributable earnings to align financial reporting with tax reporting.

As of September 30, 2022, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Late year ordinary loss deferral1	$	(44,671	)
Post-October capital loss deferral1		(846,540	)
Gross unrealized appreciation on investments		12,545,010
Gross unrealized depreciation on investments		(8,182,365	)
Net unrealized appreciation on investments		4,362,645
Cost of investments		52,325,606

¹ These deferrals are considered incurred in the subsequent year.

38 SMALLCAP World Fund

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

	Year ended September 30
Share class	2022		2021
Class A	$	3,186,223	$	533,184
Class C		69,187		12,765
Class T		2		—	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		—	2
Class 529-F-1		1		—	2
Class 529-F-23		23,295		3,561
Class 529-F-33		1		—	2
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	$	6,882,670	$	1,036,458

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

7. Fees and transactions with related parties

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

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 rates to 0.587% and 0.585% on daily net assets in excess of $55 billion and $71 billion, respectively. On September 13, 2022, the fund’s board of directors approved an amended investment advisory and service agreement effective December 1, 2022, decreasing the annual rate to 0.583% on daily net assets in excess of $89 billion. CRMC waived investment advisory services fees of $139,000 in advance of the amended investment advisory agreement effective December 1, 2021. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $424,095,000 were reduced to $423,956,000, both of which were equivalent to an annualized rate of 0.605% of average daily net assets.

SMALLCAP World Fund 39

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 September 30, 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 year ended September 30, 2022, the 529 plan services fees were $1,270,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

40 SMALLCAP World Fund

For the year ended September 30, 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		$78,383		$33,267			$9,370		Not applicable
Class C		5,420		572			164		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		1,522		976			188		Not applicable
Class F-2		Not applicable		10,223			2,764		Not applicable
Class F-3		Not applicable		38			1,435		Not applicable
Class 529-A		4,113		1,837			549		$1,058
Class 529-C		657		66			20		38
Class 529-E		324		25			19		37
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2		Not applicable		125			71		137
Class 529-F-3		Not applicable		—	*		—	*	—	*
Class R-1		301		28			9		Not applicable
Class R-2		4,189		1,999			167		Not applicable
Class R-2E		226		79			11		Not applicable
Class R-3		3,910		1,204			235		Not applicable
Class R-4		1,965		808			236		Not applicable
Class R-5E		Not applicable		260			51		Not applicable
Class R-5		Not applicable		211			121		Not applicable
Class R-6		Not applicable		148			5,617		Not applicable
Total class-specific expenses		$101,010		$51,866			$21,027		$1,270

* 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 $(948,000) in the fund’s statement of operations reflects $272,000 in current fees (either paid in cash or deferred) and a net decrease of $1,220,000 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 investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of 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 year ended September 30, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $667,753,000 and $569,346,000, respectively, which generated $285,095,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended September 30, 2022.

SMALLCAP World Fund 41

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 year ended September 30, 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
Year ended September 30, 2022
Class A	$	2,421,112		34,645	$	3,146,250		40,871		$	(3,690,285	)		(54,443	)	$	1,877,077			21,073
Class C		66,264		1,160		68,902		1,091			(167,718	)		(2,984	)		(32,552	)		(733	)
Class T		—		—		—		—			—			—			—			—
Class F-1		45,086		654		65,695		867			(117,196	)		(1,743	)		(6,415	)		(222	)
Class F-2		2,927,107		41,641		870,184		10,996			(2,324,879	)		(34,030	)		1,472,412			18,607
Class F-3		1,624,182		23,394		457,164		5,818			(1,066,551	)		(15,796	)		1,014,795			13,416
Class 529-A		168,539		2,448		189,018		2,495			(243,193	)		(3,640	)		114,364			1,303
Class 529-C		10,188		176		8,226		127			(27,532	)		(469	)		(9,118	)		(166	)
Class 529-E		4,479		68		7,065		98			(9,950	)		(153	)		1,594			13
Class 529-T		—		—		2		—	2		—			—			2			—	2
Class 529-F-1		—		—		1		—	2		—			—			1			—	2
Class 529-F-2		50,316		727		23,290		302			(34,329	)		(493	)		39,277			536
Class 529-F-3		—		—		1		—	2		—			—			1			—	2
Class R-1		5,640		100		3,379		51			(4,431	)		(77	)		4,588			74
Class R-2		94,180		1,611		67,065		1,018			(162,921	)		(2,679	)		(1,676	)		(50	)
Class R-2E		8,789		130		4,067		55			(13,993	)		(212	)		(1,137	)		(27	)
Class R-3		139,524		2,147		85,413		1,184			(198,862	)		(3,008	)		26,075			323
Class R-4		125,246		1,809		81,883		1,073			(197,736	)		(2,848	)		9,393			34
Class R-5E		54,982		776		16,010		206			(32,097	)		(463	)		38,895			519
Class R-5		45,010		629		39,865		494			(98,277	)		(1,389	)		(13,402	)		(266	)
Class R-6		5,496,061		76,309		1,675,414		20,985			(672,122	)		(9,916	)		6,499,353			87,378
Total net increase (decrease)	$	13,286,705		188,424	$	6,808,894		87,731		$	(9,062,072	)		(134,343	)	$	11,033,527			141,812

Refer to the end of the table for footnotes.

42 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 engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $21,956,199,000 and $20,804,227,000, respectively, during the year ended September 30, 2022.

SMALLCAP World Fund 43

Financial highlights

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net (loss) income to average net assets3
Class A:
9/30/2022	$	88.19	$	(.04	)	$	(28.76	)	$	(28.80	)	$	—	$	(7.40	)	$	(7.40	)	$	51.99		(35.39	)%	$	23,553			1.01	%		1.01	%		(.05	)%
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
Class C:
9/30/2022		73.86		(.46	)		(23.60	)		(24.06	)		—		(7.40	)		(7.40	)		42.40		(35.86	)		378			1.75			1.75			(.81	)
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	)
Class T:
9/30/2022		89.14		.13			(29.14	)		(29.01	)		—		(7.40	)		(7.40	)		52.73		(35.21	)5		—	6		.76	5		.76	5		.19	5
9/30/2021		66.78		(.18	)		23.81			23.63			—		(1.27	)		(1.27	)		89.14		35.64	5		—	6		.79	5		.79	5		(.21	)5
9/30/2020		55.54		—	7		13.73			13.73			—		(2.49	)		(2.49	)		66.78		25.30	5		—	6		.81	5		.81	5		—	5,8
9/30/2019		60.35		.18			(1.68	)		(1.50	)		—		(3.31	)		(3.31	)		55.54		(1.14	)5		—	6		.82	5		.82	5		.33	5
9/30/2018		55.64		.15			7.06			7.21			—		(2.50	)		(2.50	)		60.35		13.36	5		—	6		.85	5		.85	5		.25	5
Class F-1:
9/30/2022		86.92		(.07	)		(28.31	)		(28.38	)		—		(7.40	)		(7.40	)		51.14		(35.41	)		454			1.05			1.05			(.10	)
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		—	7		6.97			6.97			—		(2.50	)		(2.50	)		59.47		13.06			770			1.09			1.09			.01
Class F-2:
9/30/2022		90.40		.14			(29.59	)		(29.45	)		—		(7.40	)		(7.40	)		53.55		(35.23	)		7,311			.76			.76			.20
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
Class F-3:
9/30/2022		89.80		.22			(29.40	)		(29.18	)		—		(7.40	)		(7.40	)		53.22		(35.14	)		3,904			.65			.65			.32
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
Class 529-A:
9/30/2022		86.91		(.05	)		(28.32	)		(28.37	)		—		(7.40	)		(7.40	)		51.14		(35.40	)		1,378			1.04			1.04			(.08	)
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		—	7		6.96			6.96			—		(2.50	)		(2.50	)		59.47		13.05			1,430			1.11			1.11			—	8

Refer to the end of the table for footnotes.

44 SMALLCAP World Fund

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net (loss) income to average net assets3
Class 529-C:
9/30/2022	$	75.34	$	(.51	)	$	(24.10	)	$	(24.61	)	$	—	$	(7.40	)	$	(7.40	)	$	43.33		(35.90	)%	$	44			1.81	%		1.81	%		(.87	)%
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	)
Class 529-E:
9/30/2022		83.48		(.19	)		(27.06	)		(27.25	)		—		(7.40	)		(7.40	)		48.83		(35.53	)		48			1.25			1.25			(.29	)
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	)
Class 529-T:
9/30/2022		88.95		.10			(29.06	)		(28.96	)		—		(7.40	)		(7.40	)		52.59		(35.24	)5		—	6		.81	5		.81	5		.15	5
9/30/2021		66.67		(.22	)		23.77			23.55			—		(1.27	)		(1.27	)		88.95		35.60	5		—	6		.84	5		.84	5		(.26	)5
9/30/2020		55.49		(.03	)		13.70			13.67			—		(2.49	)		(2.49	)		66.67		25.21	5		—	6		.85	5		.85	5		(.05	)5
9/30/2019		60.32		.15			(1.67	)		(1.52	)		—		(3.31	)		(3.31	)		55.49		(1.17	)5		—	6		.87	5		.87	5		.28	5
9/30/2018		55.63		.13			7.06			7.19			—		(2.50	)		(2.50	)		60.32		13.30	5		—	6		.88	5		.88	5		.22	5
Class 529-F-1:
9/30/2022		88.82		.06			(29.00	)		(28.94	)		—		(7.40	)		(7.40	)		52.48		(35.28	)5		—	6		.87	5		.87	5		.09	5
9/30/2021		66.57		(.29	)		23.81			23.52			—		(1.27	)		(1.27	)		88.82		35.60	5		—	6		.80	5		.80	5		(.42	)5
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
Class 529-F-2:
9/30/2022		88.37		.14			(28.87	)		(28.73	)		—		(7.40	)		(7.40	)		52.24		(35.22	)		190			.76			.76			.21
9/30/20219,10		65.50		(.16	)		24.30			24.14			—		(1.27	)		(1.27	)		88.37		37.11	11		274			.80	12		.80	12		(.21	)12
Class 529-F-3:
9/30/2022		88.45		.17			(28.90	)		(28.73	)		—		(7.40	)		(7.40	)		52.32		(35.19	)		—	6		.71			.71			.25
9/30/20219,10		65.50		(.09	)		24.31			24.22			—		(1.27	)		(1.27	)		88.45		37.23	11		—	6		.76	12		.71	12		(.12	)12
Class R-1:
9/30/2022		76.62		(.45	)		(24.59	)		(25.04	)		—		(7.40	)		(7.40	)		44.18		(35.86	)		24			1.74			1.74			(.77	)
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	)

Refer to the end of the table for footnotes.

SMALLCAP World Fund 45

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net (loss) income to average net assets3
Class R-2:
9/30/2022	$	76.71	$	(.48	)	$	(24.60	)	$	(25.08	)	$	—	$	(7.40	)	$	(7.40	)	$	44.23		(35.87	)%	$	412		1.76	%		1.76	%		(.81	)%
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	)
Class R-2E:
9/30/2022		85.92		(.34	)		(27.89	)		(28.23	)		—		(7.40	)		(7.40	)		50.29		(35.67	)		27		1.46			1.46			(.51	)
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	)
Class R-3:
9/30/2022		83.16		(.23	)		(26.94	)		(27.17	)		—		(7.40	)		(7.40	)		48.59		(35.58	)		587		1.31			1.31			(.35	)
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	)
Class R-4:
9/30/2022		87.46		(.04	)		(28.50	)		(28.54	)		—		(7.40	)		(7.40	)		51.52		(35.38	)		583		1.01			1.01			(.05	)
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
Class R-5E:
9/30/2022		88.94		.11			(29.07	)		(28.96	)		—		(7.40	)		(7.40	)		52.58		(35.24	)		138		.81			.81			.17
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
Class R-5:
9/30/2022		92.04		.18			(30.17	)		(29.99	)		—		(7.40	)		(7.40	)		54.65		(35.18	)		288		.70			.70			.25
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
Class R-6:
9/30/2022		91.12		.23			(29.87	)		(29.64	)		—		(7.40	)		(7.40	)		54.08		(35.15	)		16,261		.65			.65			.33
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

Refer to the end of the table for footnotes.

46 SMALLCAP World Fund

Financial highlights (continued)

	Year ended September 30,
	2022			2021			2020			2019			2018
Portfolio turnover rate for all share classes13		32	%		30	%		38	%		39	%		35	%

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

Refer to the notes to financial statements.

SMALLCAP World Fund 47

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of SMALLCAP World Fund, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of SMALLCAP World Fund, Inc. (the “Fund”), including the investment portfolio, as of September 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California
November 8, 2022

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

48 SMALLCAP World Fund

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (April 1, 2022, through September 30, 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.

SMALLCAP World Fund 49

Expense example (continued)

	Beginning account value 4/1/2022		Ending account value 9/30/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	769.30	$	4.61		1.04	%
Class A – assumed 5% return		1,000.00		1,019.85		5.27		1.04
Class C – actual return		1,000.00		766.46		7.88		1.78
Class C – assumed 5% return		1,000.00		1,016.14		9.00		1.78
Class T – actual return		1,000.00		770.37		3.42		.77
Class T – assumed 5% return		1,000.00		1,021.21		3.90		.77
Class F-1 – actual return		1,000.00		769.30		4.70		1.06
Class F-1 – assumed 5% return		1,000.00		1,019.75		5.37		1.06
Class F-2 – actual return		1,000.00		770.26		3.42		.77
Class F-2 – assumed 5% return		1,000.00		1,021.21		3.90		.77
Class F-3 – actual return		1,000.00		770.77		2.93		.66
Class F-3 – assumed 5% return		1,000.00		1,021.76		3.35		.66
Class 529-A – actual return		1,000.00		769.19		4.70		1.06
Class 529-A – assumed 5% return		1,000.00		1,019.75		5.37		1.06
Class 529-C – actual return		1,000.00		766.20		8.15		1.84
Class 529-C – assumed 5% return		1,000.00		1,015.84		9.30		1.84
Class 529-E – actual return		1,000.00		768.49		5.59		1.26
Class 529-E – assumed 5% return		1,000.00		1,018.75		6.38		1.26
Class 529-T – actual return		1,000.00		770.22		3.64		.82
Class 529-T – assumed 5% return		1,000.00		1,020.96		4.15		.82
Class 529-F-1 – actual return		1,000.00		769.93		3.90		.88
Class 529-F-1 – assumed 5% return		1,000.00		1,020.66		4.46		.88
Class 529-F-2 – actual return		1,000.00		770.28		3.42		.77
Class 529-F-2 – assumed 5% return		1,000.00		1,021.21		3.90		.77
Class 529-F-3 – actual return		1,000.00		770.57		3.20		.72
Class 529-F-3 – assumed 5% return		1,000.00		1,021.46		3.65		.72
Class R-1 – actual return		1,000.00		766.61		7.66		1.73
Class R-1 – assumed 5% return		1,000.00		1,016.39		8.74		1.73
Class R-2 – actual return		1,000.00		766.55		7.75		1.75
Class R-2 – assumed 5% return		1,000.00		1,016.29		8.85		1.75
Class R-2E – actual return		1,000.00		767.68		6.47		1.46
Class R-2E – assumed 5% return		1,000.00		1,017.75		7.38		1.46
Class R-3 – actual return		1,000.00		768.21		5.81		1.31
Class R-3 – assumed 5% return		1,000.00		1,018.50		6.63		1.31
Class R-4 – actual return		1,000.00		769.40		4.48		1.01
Class R-4 – assumed 5% return		1,000.00		1,020.00		5.11		1.01
Class R-5E – actual return		1,000.00		770.23		3.59		.81
Class R-5E – assumed 5% return		1,000.00		1,021.01		4.10		.81
Class R-5 – actual return		1,000.00		770.57		3.15		.71
Class R-5 – assumed 5% return		1,000.00		1,021.51		3.60		.71
Class R-6 – actual return		1,000.00		770.69		2.93		.66
Class R-6 – assumed 5% return		1,000.00		1,021.76		3.35		.66

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

50 SMALLCAP World Fund

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended September 30, 2022:

Long-term capital gains	$6,882,666,000
Foreign taxes	$0.09 per share
Foreign source income	$0.42 per share

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

SMALLCAP World Fund 51

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through November 30, 2023. The agreement was amended to add an additional advisory fee breakpoint for when the fund’s net assets exceed $89 billion. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

1. Nature, extent and quality of services

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

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through March 31, 2022. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

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

52 SMALLCAP World Fund

4. Ancillary benefits

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

5. Adviser financial information

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

SMALLCAP World Fund 53

Board of directors and other officers

Independent directors¹

Name and year of birth	Year first elected a director of the fund2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by director3	Other directorships4 held by director
Joseph J. Bonner, 1955	2019	President and CEO, Solana Beach Capital LLC (real estate advisory); Global Head of Real Estate, Board Member, The Interlink Group (private merchant bank)	3	Extra Space Storage
Mary Anne Dolan, 1947	2008	Founder and President, MAD Ink (communications company); former Editor-in-Chief, The Los Angeles Herald Examiner (retired 1989)	10	None
John G. Freund, MD, 1953 Chair of the Board	2000	Founder and former Managing Director, Skyline Ventures  (a venture capital investor in health care companies); Co-Founder of Intuitive Surgical, Inc. (1995–2000); Co-Founder and former CEO of Arixa Pharmaceuticals, Inc. (2016–2020)	6	Collegium Pharmaceutical, Inc.; SI – Bone, Inc.; Sutro Biopharma, Inc.
Yvonne L. Greenstreet, 1962	2019	Chief Executive Officer, Alnylam Pharmaceuticals, Inc.	3	Pacira, Inc. (pharmaceuticals)
Linda Griego, 1947	2015	Former President and CEO, Griego Enterprises, Inc. (business management company)	7	ViacomCBS Inc.
Leonade D. Jones, 1947	1995	Retired; former Treasurer, The Washington Post Company  (retired 1996)	10	None
Martin E. Koehler, 1957	2021	Independent management consultant	6	None
Sharon I. Meers, 1965	2017	Co-Founder and COO, Midi Health, Inc. (a women’s telehealth company); former Senior Director, Head of Strategic Partnerships, eBay Enterprise	7	None
Kenneth M. Simril, 1965	2016	President and CEO, SCI Ingredients Holdings, Inc. (food manufacturing)	7	Bunge Limited (agricultural business and food company)
Christopher E. Stone, 1956	2007	Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government; former President, Open Society Foundations	9	None

Interested directors^5,6

Name, year of birth and position with fund	Year first elected a director or officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by director3	Other directorships4 held by director
Brady L. Enright, 1967 Senior Vice President and Director	2004	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7	3	None
Anne-Marie Peterson, 1972 Director	2019	Partner — Capital World Investors, Capital Research and  Management Company	3	None

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

Refer to page 56 for footnotes.

54 SMALLCAP World Fund

Other officers⁶

Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Julian N. Abdey, 1972 Co-President	2014	Partner — Capital International Investors, Capital Research and Management Company
Jonathan Knowles, PhD, 1961 Co-President	2000	Partner — Capital World Investors, Capital International, Inc.7
Gregory W. Wendt, 1961 Co-President	1992	Partner — Capital Research Global Investors, Capital Research and Management Company
Walt Burkley, 1966 Principal Executive Officer	2007	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company7; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2014	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Peter Eliot, 1971 Senior Vice President	2018	Partner — Capital International Investors, Capital Research and Management Company
Bradford F. Freer, 1969 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7
Leo Hee, 1971 Senior Vice President	2019	Partner — Capital World Investors, Capital International, Inc.7
Roz Hongsaranagon, 1979 Senior Vice President	2018	Partner — Capital World Investors, Capital Research and Management Company
Harold H. La, 1970 Senior Vice President	2019	Partner — Capital Research Global Investors, Capital International, Inc.7
Dimitrije M. Mitrinovic, 1977 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company
Aidan O’Connell, 1968 Senior Vice President	2017	Partner — Capital Research Global Investors, Capital Research and Management Company
Samir Parekh, 1974 Senior Vice President	2020	Partner — Capital International Investors, Capital International, Inc.7
Andraz Razen, 1975 Senior Vice President	2019	Partner — Capital World Investors, Capital Research Company7
Renaud H. Samyn, 1974 Senior Vice President	2020	Partner — Capital Research Global Investors, Capital International Inc.7
Arun Swaminathan, 1983 Senior Vice President	2020	Partner — Capital World Investors, Capital Research and Management Company
Thatcher Thompson, 1969 Senior Vice President	2021	Partner — Capital World Investors, Capital Research and Management Company
Michael Beckwith, 1971 Vice President	2019	Partner — Capital Research Global Investors, Capital Research and Management Company
Shlok Melwani, 1981 Vice President	2021	Vice President — Capital Research Global Investors, Capital Research Company7

SMALLCAP World Fund 55

Other officers (continued)⁶

Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Julie E. Lawton, 1973 Secretary	2010	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research Company7
Hong T. Le, 1978 Treasurer	2018	Vice President — Investment Operations, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2016–2018,  2020	Senior Vice President — Investment Operations, Capital Research and Management Company

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

56 SMALLCAP World Fund

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SMALLCAP World Fund 57

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58 SMALLCAP World Fund

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SMALLCAP World Fund 59

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 02111-2900

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

60 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 December 31, 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.

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

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

	SCWF
Registrant:

a)  Audit Fees:
Audit	2021	180,000
	2022	175,000
b)  Audit-Related Fees:
	2021	11,000
	2022	12,000
c)  Tax Fees:
	2021	36,000
	2022	56,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2021	None
	2022	None
	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2021	1,400,000
	2022	2,114,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.
c)  Tax Fees:

	2021	1,000
	2022	394,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2021	2,000
	2022	None
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $1,450,000 for fiscal year 2021 and $2,577,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of 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)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

SMALLCAP WORLD FUND, INC.

By __/s/ Walter R. Burkley________________

Walter R. Burkley,

Principal Executive Officer

Date: November 30, 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: November 30, 2022

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: November 30, 2022