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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05888

SMALLCAP World Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2023

Hong T. Le

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

SMALLCAP World Fund^®   Semi-annual report
for the six months ended
March 31, 2023

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

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

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

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

Here are the average annual total returns on a $1,000 investment for periods ended March 31, 2023:

	1 year			5 years			10 years
Class F-2 shares		–11.41	%		5.95	%		8.57	%
Class A shares (Reflecting 5.75% maximum sales charge)		–16.74			4.42			7.65

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

The total annual fund operating expense ratios were 0.77% for Class F-2 shares and 1.01% for Class A shares as of the prospectus dated December 1, 2022.

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

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

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

Fellow investors:

Results for SMALLCAP World Fund for the periods ended March 31, 2023, are shown in the table below, as well as results of the fund’s benchmark.

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

Contents

1	Letter to investors
2	Investment portfolio
24	Financial statements
28	Notes to financial statements
40	Financial highlights

Results at a glance

For periods ended March 31, 2023, with all distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime1
SMALLCAP World Fund (Class F-2 shares)2		15.01	%		–11.41	%		5.95	%		8.57	%		9.48	%
SMALLCAP World Fund (Class A shares)		14.83			–11.66			5.67			8.29			9.21
MSCI All Country World Small Cap Index3		15.14			–9.57			4.19			7.15			7.77

Past results are not predictive of results in future periods.

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. MSCI All Country World Small Cap Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

SMALLCAP World Fund 1

Investment portfolio March 31, 2023 unaudited

Sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
United States		42.82	%
Eurozone*		8.90
Japan		7.28
India		5.90
United Kingdom		5.63
Sweden		4.38
Canada		3.42
China		2.64
Switzerland		2.50
Other countries		10.54
Short-term securities & other assets less liabilities		5.99

* 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 92.73%	Shares		Value (000)
Industrials 21.04%
Saia, Inc.1,2		2,101,477	$	571,770
IMCD NV		2,701,267		442,100
BayCurrent Consulting, Inc.1		9,465,400		392,747
Diploma PLC1		10,722,439		372,643
Comfort Systems USA, Inc.1		2,533,285		369,758
NIBE Industrier AB, Class B		29,398,225		335,253
Interpump Group SpA1		5,667,933		318,822
ATS Corp.1,2		7,339,577		307,323
Wizz Air Holdings PLC1,2		7,522,920		277,099
The AZEK Co., Inc., Class A1,2		11,599,140		273,044
Japan Airport Terminal Co., Ltd.2		4,650,260		231,996
Arcosa, Inc.1		3,197,212		201,776
VAT Group AG		553,276		199,879
Harmonic Drive Systems, Inc.1		5,905,150		196,379
Willscot Mobile Mini Holdings Corp., Class A2		3,841,326		180,081
BELIMO Holding AG		362,400		174,835
International Container Terminal Services, Inc.		44,009,076		172,897
Visional, Inc.1,2		3,086,930		172,749
Trelleborg AB, Class B		5,782,697		164,514
Chart Industries, Inc.2		1,259,370		157,925
Regal Rexnord Corp.		1,087,715		153,074
TFI International, Inc. (CAD denominated)		1,130,000		134,839
TFI International, Inc.		68,200		8,136
TransDigm Group, Inc.		190,000		140,040
EnPro Industries, Inc.1		1,308,045		135,893
Carel Industries SpA		4,930,573		134,980
Armstrong World Industries, Inc.		1,851,535		131,903
Spirax-Sarco Engineering PLC		848,200		124,476
Stericycle, Inc.2		2,782,161		121,330
Cleanaway Waste Management, Ltd.		75,279,081		120,165
TechnoPro Holdings, Inc.		4,267,800		118,285
Grupo Aeroportuario del Centro Norte, SAB de CV, Series B		10,585,195		118,229
RS Group PLC		10,247,417		115,884
ALS, Ltd.		13,664,162		113,293
Japan Elevator Service Holdings Co., Ltd.1		6,912,554		112,606
ESCO Technologies, Inc.		1,156,662		110,403
Kadant, Inc.		506,150		105,542
Reliance Worldwide Corp., Ltd.1		41,521,778		102,892
Hensoldt AG		2,794,037		100,633
Graco, Inc.		1,374,000		100,316
Boyd Group Services, Inc.		617,098		98,644
Watsco, Inc.		300,000		95,448
Aalberts NV, non-registered shares		2,000,763		94,384

2 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Rumo SA		25,140,000	$	93,498
Instalco AB1		19,240,275		92,812
DO & CO AG, non-registered shares1,2		779,520		90,990
Dürr AG		2,530,870		90,688
Lifco AB, Class B		4,195,000		90,318
Johns Lyng Group, Ltd.1,3		20,870,434		89,509
dip Corp.1,3		3,341,000		89,377
Upwork, Inc.1,2		7,564,920		85,635
Enerpac Tool Group Corp., Class A1		3,343,384		85,256
Addtech AB, Class B		4,539,814		84,298
Volution Group PLC1		15,684,638		83,474
Copa Holdings, SA, Class A		898,945		83,018
Alfen NV2,3		1,018,335		81,100
KEI Industries, Ltd.		3,912,218		81,017
Masco Corp.		1,625,000		80,795
Zhejiang Weixing New Building Materials Co., Ltd., Class A		22,352,304		79,133
Cargotec OYJ, Class B, non-registered shares		1,584,222		77,189
Simpson Manufacturing Co., Inc.		699,036		76,642
Driven Brands Holdings, Inc.2		2,483,000		75,260
ManpowerGroup, Inc.		881,201		72,726
The Weir Group PLC		3,119,898		71,582
Builders FirstSource, Inc.2		760,228		67,493
ICF International, Inc.		610,239		66,943
Daiseki Co., Ltd.		2,087,200		66,183
SHO-BOND Holdings Co., Ltd.		1,591,700		65,750
Atkore, Inc.2		466,155		65,486
First Advantage Corp.2		4,627,382		64,598
Azelis Group NV		2,507,672		63,662
Woodward, Inc.		649,000		63,193
FTI Consulting, Inc.2		303,152		59,827
CG Power and Industrial Solutions, Ltd.		16,242,634		59,389
Sulzer AG		691,945		58,654
Munters Group AB		6,315,518		58,338
GVS SpA2		8,720,038		58,225
InPost SA2		6,340,673		58,076
AirTAC International Group		1,445,538		56,739
Fluidra, SA, non-registered shares3		3,189,400		56,234
Concentrix Corp.		460,033		55,917
Loomis AB		1,629,000		55,761
Arcadis NV, non-registered shares2		1,361,000		55,726
Textron, Inc.		780,000		55,091
Montana Aerospace AG1,2		3,338,132		54,572
Waste Connections, Inc.		380,000		52,847
IMI PLC		2,695,989		51,046
Guangzhou Baiyun International Airport Co., Ltd., Class A2		21,926,503		50,061
Kingspan Group PLC		724,000		49,701
International Consolidated Airlines Group SA (CDI)2,3		26,494,000		49,531
Marlowe PLC1,2,3		6,904,878		49,402
CSW Industrials, Inc.		350,667		48,718
CCR SA, ordinary nominative shares		19,207,630		48,508
JGC Holdings Corp.		3,883,300		48,194
Adecco Group AG		1,294,035		47,099
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates2,3		2,557,800		31,819
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates2,3		11,941,586		14,712
IDEX Corp.		200,000		46,206
Engcon AB, Class B		6,013,176		45,631
DL E&C Co., Ltd.		1,793,720		44,869
Voltronic Power Technology Corp.		784,000		44,602
MonotaRO Co., Ltd.		3,455,300		43,439
Polycab India, Ltd.		1,202,370		42,240
Lyft, Inc.2		4,535,000		42,039
Melrose Industries PLC		20,360,204		41,965
Skymark Airlines, Inc.1,2		4,500,000		40,501
Montrose Environmental Group, Inc.2		1,133,183		40,421
LIXIL Corp.		2,434,500		40,148
Fasadgruppen Group AB1,3		3,969,905		39,632
BWX Technologies, Inc.		611,300		38,536

SMALLCAP World Fund 3

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Resideo Technologies, Inc.2		2,105,064	$	38,481
Haitian International Holdings, Ltd.		14,733,481		38,268
Matson, Inc.		640,859		38,240
Hefei Meyer Optoelectronic Technology, Inc., Class A		8,060,809		38,000
Centre Testing International Group Co., Ltd.		12,715,436		37,983
Sun Country Airlines Holdings, Inc.2		1,816,363		37,235
NORMA Group SE, non-registered shares		1,526,962		36,040
Antares Vision SpA2,3		5,278,008		36,026
Sinoseal Holding Co., Ltd., Class A		5,298,624		33,359
Marel hf.		7,518,000		31,113
TELUS International (Cda), Inc., subordinate voting shares2		1,532,545		31,003
Univar Solutions, Inc.2		885,000		31,002
Vicor Corp.2		604,239		28,363
MSA Safety, Inc.		211,509		28,237
Advanced Drainage Systems, Inc.		323,056		27,205
WNS (Holdings), Ltd. (ADR)2		284,586		26,515
SK, Inc.		192,683		25,689
Crane Holdings, Co.		213,886		24,276
Bombardier, Inc., Class B2		444,291		24,254
Burckhardt Compression Holding AG		37,860		23,520
Midac Holdings Co., Ltd.1		1,421,400		23,181
Indutrade AB		1,080,000		22,943
Generac Holdings, Inc.2		207,989		22,465
Trex Co., Inc.2		448,675		21,837
SIS, Ltd.2		5,544,711		21,671
L&T Technology Services, Ltd.		520,280		21,515
Trinity Industries, Inc.		830,543		20,232
INVISIO Communications AB		950,000		19,572
easyJet PLC2		3,000,000		19,265
Computer Age Management Services, Ltd.		765,815		18,958
Dätwyler Holding, Inc., non-registered shares		89,402		18,439
Miura Co., Ltd.		699,500		17,894
Norva24 Group AB2		6,374,903		17,822
Grupa Pracuj SA		1,300,000		17,505
Ventia Services Group Pty, Ltd.		9,155,653		16,159
Green Landscaping Group AB2		1,977,759		15,922
TDCX, Inc., Class A1,2		1,781,024		15,851
Grafton Group PLC		1,437,900		15,745
Jamna Auto Industries, Ltd.		12,837,657		15,631
Einride AB2,4,5		438,277		15,528
APM Human Services International, Ltd.3		11,267,629		15,038
TaskUs, Inc., Class A2,3		1,041,274		15,036
XP Power, Ltd.		583,458		14,668
Dreamfolks Services, Ltd.1,2		2,692,012		14,147
CMS Info Systems, Ltd.		4,060,227		13,701
Oshkosh Corp.		150,000		12,477
UFP Industries, Inc.		154,191		12,254
Chemring Group PLC		3,445,200		11,823
Judges Scientific PLC		112,439		11,790
Valmet OYJ		321,640		10,441
Pyrum Innovations AG2		128,340		6,820
Quess Corp., Ltd.		1,499,077		6,756
Dun & Bradstreet Holdings, Inc.		527,810		6,197
Crane Co.2,6		74,187		5,534
Xometry, Inc., Class A2,3		325,600		4,874
Ceres Power Holdings PLC2,3		831,946		4,013
HeadHunter Group PLC (ADR)2,4		521,600		—	7
				13,395,539
Consumer discretionary 17.34%
Evolution AB		5,007,540		671,897
TopBuild Corp.1,2		2,462,618		512,569
Floor & Decor Holdings, Inc., Class A2		4,046,400		397,437
Tube Investments of India, Ltd.1		11,627,785		360,627
Dollarama, Inc.		5,010,000		299,414
YETI Holdings, Inc.1,2		6,899,842		275,994
IDP Education, Ltd.1		14,495,997		265,976
Toll Brothers, Inc.		3,876,920		232,731

4 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Melco Resorts & Entertainment, Ltd. (ADR)2		17,830,841	$	226,987
Wyndham Hotels & Resorts, Inc.		3,111,091		211,088
Cavco Industries, Inc.1,2		570,600		181,302
DraftKings, Inc., Class A2		9,089,410		175,971
Light & Wonder, Inc.2		2,904,204		174,397
WH Smith PLC1		9,342,407		172,691
Thor Industries, Inc.		2,155,644		171,675
Five Below, Inc.2		804,402		165,683
Adient PLC2		3,974,801		162,808
Kindred Group PLC (SDR)1		14,378,018		160,755
Pets at Home Group PLC1		33,138,500		150,882
Entain PLC		8,978,173		139,727
Moncler SpA		2,015,000		139,275
NEXTAGE Co., Ltd.1,3		6,414,700		134,000
Domino’s Pizza Enterprises, Ltd.		3,954,128		132,909
Wayfair, Inc., Class A2,3		3,648,801		125,300
Watches of Switzerland Group PLC1,2		12,433,935		125,163
Polaris, Inc.3		1,085,000		120,034
Inchcape PLC		12,427,629		119,155
KB Home		2,957,918		118,849
Lennar Corp., Class A		1,058,458		111,254
Lennar Corp., Class B		21,169		1,891
Fox Factory Holding Corp.2		915,190		111,077
Jack in the Box, Inc.1		1,256,700		110,074
Games Workshop Group PLC		917,600		109,415
Pool Corp.		317,700		108,793
Kontoor Brands, Inc.		2,222,981		107,570
Jiumaojiu International Holdings, Ltd.		44,092,531		104,081
Helen of Troy, Ltd.2		1,076,247		102,426
Jumbo SA		4,771,161		101,072
Century Communities, Inc.		1,512,000		96,647
MakeMyTrip, Ltd., non-registered shares1,2		3,941,289		96,443
Golden Entertainment, Inc.1,2		2,168,832		94,366
Skyline Champion Corp.2		1,245,500		93,699
Salvatore Ferragamo SpA		5,106,419		93,350
Asbury Automotive Group, Inc.2		438,495		92,084
LGI Homes, Inc.2		796,562		90,832
Domino’s Pizza Group PLC1		25,225,815		89,307
Mattel, Inc.2		4,700,000		86,527
HUGO BOSS AG		1,176,200		84,347
Bright Horizons Family Solutions, Inc.2		1,058,300		81,479
Norwegian Cruise Line Holdings, Ltd.2,3		5,883,204		79,129
Shoei Co., Ltd.1		3,732,000		78,317
Levi Strauss & Co., Class A		4,295,300		78,303
M.D.C. Holdings, Inc.		2,001,000		77,779
Skechers USA, Inc., Class A2		1,600,000		76,032
International Game Technology PLC		2,729,850		73,160
Auction Technology Group PLC1,2		9,570,000		72,475
ABC-Mart, Inc.		1,219,700		67,320
Bajaj Electricals, Ltd.		5,240,067		67,092
Six Flags Entertainment Corp.2		2,425,351		64,781
Installed Building Products, Inc.		559,725		63,825
Chervon Holdings, Ltd.		12,240,900		63,701
MRF, Ltd.		61,270		62,649
Williams-Sonoma, Inc.		500,000		60,830
Malibu Boats, Inc., Class A1,2		1,042,000		58,821
Domino’s Pizza, Inc.		176,500		58,222
Nien Made Enterprise Co., Ltd.		5,394,000		58,132
Victoria PLC1,2		9,200,079		55,603
On Holding AG, Class A2		1,742,200		54,060
Aritzia, Inc., subordinate voting shares2		1,670,199		53,597
Tsuburaya Fields Holdings, Inc.3		3,359,000		52,801
Momo.com, Inc.		1,659,513		49,621
D.R. Horton, Inc.		490,000		47,868
Flutter Entertainment PLC2		259,095		47,124
Darden Restaurants, Inc.		303,300		47,060
Snow Peak, Inc.1,3		3,050,800		47,023
Steven Madden, Ltd.		1,262,395		45,446
Murphy USA, Inc.		175,000		45,159

SMALLCAP World Fund 5

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Compagnie Plastic Omnium SA		2,472,513	$	45,023
Dometic Group AB		7,346,736		44,817
Peloton Interactive, Inc., Class A2		3,817,528		43,291
Musti Group OYJ1		2,400,537		41,973
Meritage Homes Corp.		353,400		41,263
Everi Holdings, Inc.2		2,285,276		39,192
B&M European Value Retail SA		6,257,481		37,334
AcadeMedia AB1		7,498,595		37,282
RH2		150,000		36,532
Bafang Electric (Suzhou) Co., Ltd., Class A		2,347,840		36,161
Melco International Development, Ltd.2		30,647,000		35,372
Etsy, Inc.2		314,350		34,997
Cairn Homes PLC		31,452,000		34,854
Trainline PLC2		11,392,700		34,837
Haichang Ocean Park Holdings, Ltd.2,3		153,528,000		33,595
Macy’s, Inc.		1,900,000		33,231
Tongcheng Travel Holdings, Ltd.2		15,035,800		32,870
DPC Dash, Ltd. (HKD denominated)2		2,559,800		18,261
DPC Dash, Ltd.2,5		2,158,273		13,703
Boot Barn Holdings, Inc.2		397,000		30,426
Mazda Motor Corp.3		3,264,000		30,388
Puuilo OYJ		4,124,072		30,065
Arco Platform, Ltd., Class A2,3		2,552,623		27,977
MIPS AB		543,100		27,415
Beazer Homes USA, Inc.1,2		1,659,813		26,358
Persimmon PLC		1,650,880		25,676
Traeger, Inc.1,2		6,195,000		25,461
Gentherm, Inc.2		400,500		24,198
Elior Group SA2,3		5,807,012		20,445
ThredUp, Inc., Class A2,3		8,064,000		20,402
Caesars Entertainment, Inc.2		400,000		19,524
Leslie’s, Inc.2		1,625,389		17,896
Vail Resorts, Inc.		71,000		16,591
ASOS PLC2,3		1,607,415		16,388
XPEL, Inc.2		238,511		16,207
Roland Corp.		530,600		16,032
Central Automotive Products, Ltd.		787,200		15,651
Graham Holdings Co., Class B		25,000		14,896
OneWater Marine, Inc., Class A2,3		504,604		14,114
FSN E-Commerce Ventures, Ltd.		8,934,235		13,532
Aramark		356,556		12,765
Nordstrom, Inc.3		760,000		12,365
Lojas Quero-Quero SA1,2		14,974,560		12,202
Hesai Group (ADR), Class B2		753,979		11,664
Zhongsheng Group Holdings, Ltd.		2,121,500		10,522
MGM China Holdings, Ltd.2		8,500,000		10,425
StockX, Inc.2,4,5		161,790		8,285
BARK, Inc.2,3		4,500,000		6,525
Goodyear Tire & Rubber Co.2		558,712		6,157
Royal Caribbean Cruises, Ltd.2		78,017		5,095
Rinnai Corp.		180,900		4,423
JOANN, Inc.1,3		2,729,250		4,339
Brilliant Earth Group, Inc., Class A2,3		866,800		3,389
Ariston Holding NV		292,032		3,218
Nifco, Inc.		94,000		2,670
Bosideng International Holdings, Ltd.		2,454,000		1,374
Devyani International, Ltd.2		101,257		178
BNN Technology PLC1,2,4		19,007,000		—	7
Ozon Holdings PLC (ADR)2,4		2,346,600		—	7
				11,037,786
Information technology 14.81%
eMemory Technology, Inc.1		6,087,334		376,566
Smartsheet, Inc., Class A1,2		7,791,126		372,416
ALTEN SA, non-registered shares1		1,827,919		292,244
Global Unichip Corp.1		7,121,000		257,198
Wolfspeed, Inc.2		3,845,602		249,772
Kulicke and Soffa Industries, Inc.1		4,699,380		247,610

6 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Fabrinet, non-registered shares1,2		1,860,540	$	220,958
Keywords Studios PLC1		6,239,174		212,288
MKS Instruments, Inc.		2,367,653		209,821
Nordic Semiconductor ASA1,2		12,149,515		186,613
SUMCO Corp.		12,230,174		183,968
Pegasystems, Inc.		3,633,721		176,163
Novanta, Inc.2		1,015,687		161,586
Net One Systems Co., Ltd.1,3		6,661,073		159,861
SINBON Electronics Co., Ltd.1		13,876,000		156,347
Socionext, Inc.1,3		2,011,700		148,891
MongoDB, Inc., Class A2		637,984		148,727
Vitec Software Group AB, Class B		2,750,283		141,410
Softcat PLC		8,791,807		141,227
BE Semiconductor Industries NV		1,606,129		140,466
Confluent, Inc., Class A2		5,710,121		137,443
Clear Secure, Inc., Class A		5,101,299		133,501
Rogers Corp.2		789,400		129,012
CDW Corp.		650,000		126,678
Globant SA2		754,865		123,805
Money Forward, Inc.1,2		3,402,287		118,762
Endava PLC, Class A (ADR)2		1,689,819		113,522
SHIFT, Inc.2		619,900		110,959
Alteryx, Inc., Class A2		1,861,080		109,506
Credo Technology Group Holding, Ltd.1,2		11,303,670		106,481
DoubleVerify Holdings, Inc.2		3,517,500		106,053
Dexerials Corp.1,3		5,161,500		105,407
GitLab, Inc., Class A2,3		3,058,013		104,859
LEM Holding SA		46,070		98,989
RingCentral, Inc., Class A2		2,979,300		91,375
Kingdee International Software Group Co., Ltd.2		52,229,472		83,892
SiTime Corp.2		587,920		83,620
VisEra Technologies Co., Ltd.		10,872,906		82,247
Teradata Corp.2		2,022,331		81,459
MACOM Technology Solutions Holdings, Inc.2		1,140,000		80,758
Viavi Solutions, Inc.2		6,830,000		73,969
PAR Technology Corp.1,2,3		2,140,057		72,676
CCC Intelligent Solutions Holdings, Inc.2		8,042,622		72,142
Ceridian HCM Holding, Inc.2		979,310		71,705
Vanguard International Semiconductor Corp.		22,031,394		70,306
Hamamatsu Photonics KK		1,289,450		69,605
Coforge, Ltd.		1,469,344		68,502
Extreme Networks, Inc.2		3,496,397		66,851
Topicus.com, Inc., subordinate voting shares2		934,543		66,784
Insight Enterprises, Inc.2		466,244		66,654
Bytes Technology Group PLC1		13,708,221		65,710
Silicon Laboratories, Inc.2		369,000		64,608
SES-imagotag SA2		536,206		63,768
INFICON Holding AG		56,590		61,301
Kainos Group PLC		3,586,180		61,281
Tanla Platforms, Ltd.1		9,190,777		58,581
Kingboard Laminates Holdings, Ltd.		55,778,000		58,371
Qorvo, Inc.2		574,004		58,302
Monday.com, Ltd.2		405,134		57,833
Flex, Ltd.2		2,291,735		52,733
Alkami Technology, Inc.2		3,975,721		50,333
Taiyo Yuden Co., Ltd.3		1,485,800		50,121
Maruwa Co., Ltd.		341,300		47,562
Dock, Ltd.2,4,5		4,318,937		46,688
Bentley Systems, Inc., Class B		1,071,370		46,058
Xiamen Faratronic Co., Ltd., Class A2		2,157,156		45,937
Mastek, Ltd.1		2,403,500		45,208
SimCorp AS		594,367		45,019
Unity Software, Inc.2		1,361,703		44,174
Alarm.com Holdings, Inc.2		875,000		43,995
Thoughtworks Holding, Inc.2		5,869,851		43,202
Okta, Inc., Class A2		500,000		43,120
Accton Technology Corp.		4,009,000		42,428
Lumentum Holdings, Inc.2		748,112		40,405
Aspen Technology, Inc.2		175,140		40,084

SMALLCAP World Fund 7

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
BlackLine, Inc.2		595,000	$	39,954
Cognex Corp.		800,000		39,640
Reply SpA		299,378		37,706
Crayon Group Holding ASA1,2,3		4,529,063		37,332
SentinelOne, Inc., Class A2		2,233,787		36,545
Disco Corp.3		314,100		36,544
OVH Groupe SAS2,3		2,894,931		36,294
Nagarro SE2,3		355,728		36,096
Kingboard Holdings, Ltd.		11,592,908		35,690
ePlus, inc.2		679,810		33,338
DigitalOcean Holdings, Inc.2,3		851,000		33,334
Halma PLC		1,200,000		33,128
Parade Technologies, Ltd.		892,000		31,048
Sinch AB2		10,660,038		28,813
NCR Corp.2		1,200,000		28,308
Dye & Durham, Ltd.3		2,107,271		28,035
GFT Technologies SE		721,678		28,020
Trimble, Inc.2		530,000		27,783
EPAM Systems, Inc.2		92,260		27,586
Technoprobe SpA2		3,753,930		27,163
Alphawave IP Group PLC2		18,280,492		26,443
SmartCraft ASA, Class A1,2,3		13,349,780		25,820
Megaport, Ltd.1,2,3		9,161,000		25,611
Riskified, Ltd., Class A2		4,450,000		25,098
Zuken, Inc.		903,100		23,527
Nemetschek SE		339,710		23,292
LiveRamp Holdings, Inc.2		932,711		20,454
Tripod Technology Corp.		5,158,000		19,056
JustSystems Corp.		706,700		18,935
Nayax, Ltd.2		1,075,000		18,284
Perficient, Inc.2		235,932		17,032
Noventiq Holdings PLC (GDR)1,2,4,8		17,110,290		16,797
Noventiq Holdings PLC (GDR)1,2,4		16,060		16
Power Integrations, Inc.		196,589		16,639
ON Semiconductor Corp.2		167,850		13,817
Hirose Electric Co., Ltd.		104,800		13,713
Varonis Systems, Inc.2		497,000		12,927
Silergy Corp.		728,000		11,688
MaxLinear, Inc.2		328,275		11,559
Zebra Technologies Corp., Class A2		36,300		11,543
Five9, Inc.2		156,380		11,305
LandMark Optoelectronics Corp.		2,496,000		10,920
HashiCorp, Inc., Class A2,3		340,285		9,967
Lime Technologies AB		434,467		9,664
Soitec2		59,600		9,600
Cherry SE1,2,3		1,363,982		8,270
Procore Technologies, Inc.2		125,600		7,866
Semtech Corp.2		316,713		7,645
ams OSRAM AG, non-registered shares2		877,284		6,854
Entegris, Inc.		79,014		6,480
AAC Technologies Holdings, Inc.3		2,629,000		6,452
WeCommerce Holdings, Ltd., Class A2,3		1,778,200		5,658
CEVA, Inc.2		175,000		5,325
Yotpo, Ltd.2,4,5		2,620,102		3,773
Patreon, Inc., Class B2,4,5		189,951		3,769
JFrog, Ltd.2		178,400		3,514
MotorK, Ltd.2		1,191,510		3,063
CI&T, Inc., Class A2,3		541,127		2,982
Foursquare Labs, Inc., Series A2,4,5		1,970,385		2,739
Sensirion Holding AG2		24,018		2,633
E Ink Holdings, Inc.2		195,000		1,194
				9,432,757
Health care 13.47%
Insulet Corp.2		1,925,244		614,076
Molina Healthcare, Inc.2		2,157,786		577,186
Max Healthcare Institute, Ltd.1,2		60,249,322		324,057
Agilon Health, Inc.2,3		13,114,300		311,465

8 SMALLCAP World Fund

Common stocks (continued)		Shares		Value (000)
Health care (continued)
DexCom, Inc.2			2,210,000	$	256,758
Haemonetics Corp.1,2			3,054,464		252,757
CONMED Corp.1			2,186,775		227,118
NovoCure, Ltd.2			3,744,212		225,177
Penumbra, Inc.2			780,244		217,446
Revance Therapeutics, Inc.1,2			6,583,932		212,068
Bachem Holding AG3			1,960,794		197,264
Integra LifeSciences Holdings Corp.2			3,295,768		189,210
Centene Corp.2			2,925,674		184,932
Xenon Pharmaceuticals, Inc.1,2			4,596,435		164,506
Tandem Diabetes Care, Inc.1,2			3,995,961		162,276
iRhythm Technologies, Inc.2			1,289,481		159,934
Legend Biotech Corp. (ADR)2			3,184,563		153,560
Amvis Holdings, Inc.1			6,536,451		151,811
Amplifon SpA			3,771,100		131,085
Shockwave Medical, Inc.2			585,000		126,846
Genus PLC1			3,473,567		123,192
The Ensign Group, Inc.			1,286,296		122,893
Silk Road Medical, Inc.1,2			2,966,730		116,088
Vaxcyte, Inc.2			2,578,047		96,625
Karuna Therapeutics, Inc.2			478,752		86,961
Hypera SA, ordinary nominative shares			11,498,270		85,526
Zai Lab, Ltd. (ADR)2			2,378,650		79,114
Zai Lab, Ltd.2,3			1,822,200		6,060
Ventyx Biosciences, Inc.2			2,377,784		79,656
Asahi Intecc Co., Ltd.			4,443,000		78,626
Ambu AS, Class B, non-registered shares2,3			5,031,783		75,559
EBOS Group, Ltd.			2,588,395		75,422
Pacific Biosciences of California, Inc.2			6,503,749		75,313
Addus HomeCare Corp.2			689,350		73,595
Andlauer Healthcare Group, Inc., subordinate voting shares			1,843,217		68,914
CompuGroup Medical SE & Co. KGaA			1,313,971		67,572
Laurus Labs, Ltd.			18,452,700		65,828
Zentalis Pharmaceuticals, Inc.1,2			3,810,758		65,545
Idorsia, Ltd.2,3			5,728,000		63,110
Ascendis Pharma A/S (ADR)2			579,165		62,098
Exact Sciences Corp.2			890,000		60,351
ICON PLC2			281,109		60,042
Virbac SA			178,400		57,410
CanSino Biologics, Inc., Class H3			10,646,000		57,201
Netcare, Ltd.			67,824,541		56,407
Surgical Science Sweden AB1,2			3,271,137		53,337
FIGS, Inc., Class A2	��		8,569,561		53,046
IVERIC bio, Inc.2			2,164,099		52,653
Angelalign Technology, Inc.3			3,499,200		52,528
New Horizon Health, Ltd.2,3			14,989,335		52,232
Carl Zeiss Meditec AG, non-registered shares			368,406		51,166
Denali Therapeutics, Inc.2			2,176,287		50,142
Poly Medicure, Ltd.			4,218,153		48,974
Ocumension Therapeutics1,2,3			37,692,000		48,447
Nakanishi, Inc.			2,255,800		44,764
10x Genomics, Inc., Class A2			793,300		44,258
Olink Holding AB (ADR)2,3			1,862,032		41,952
Fisher & Paykel Healthcare Corp., Ltd.			2,510,000		41,922
AbCellera Biologics, Inc.2,3			5,480,000		41,319
CRISPR Therapeutics AG2,3			902,543		40,822
Zealand Pharma A/S2			1,265,344		39,572
KRKA, dd, Novo mesto			335,262		39,309
Oak Street Health, Inc.2			1,005,664		38,899
Jeisys Medical, Inc.1			5,703,950		37,980
Encompass Health Corp.			669,983		36,246
SKAN Group AG			383,510		35,132
Hapvida Participações e Investimentos SA2			67,045,881		34,658
DiaSorin Italia SpA			308,977		32,600
Sosei Group Corp.2,3			1,861,300		31,859
NuVasive, Inc.2			766,000		31,643
Innovent Biologics, Inc.2			6,938,500		30,984
NextGen Healthcare, Inc.2			1,760,000		30,642
Shandong Pharmaceutical Glass Co., Ltd., Class A			7,943,502		30,389

SMALLCAP World Fund 9

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Incyte Corp.2		396,000	$	28,619
Inhibrx, Inc.2,3		1,488,677		28,091
Alnylam Pharmaceuticals, Inc.2		137,700		27,584
Glaukos Corp.2		550,322		27,571
Allogene Therapeutics, Inc.2		5,310,109		26,232
R1 RCM, Inc.2,3		1,740,000		26,100
Phreesia, Inc.2		807,600		26,077
Ultragenyx Pharmaceutical, Inc.2		622,615		24,967
Chularat Hospital PCL, foreign registered shares		224,874,100		23,802
Medacta Group SA		216,959		23,590
BONESUPPORT Holding AB2		2,897,260		23,319
Chemed Corp.		42,000		22,585
Prometheus Biosciences, Inc.2		205,400		22,044
Option Care Health, Inc.2		693,308		22,026
Indivior PLC2		1,284,920		21,970
Masimo Corp.2		118,437		21,856
Natera, Inc.2		363,000		20,154
Fleury SA, ordinary nominative shares		6,773,030		19,403
Medmix AG		916,977		19,145
Seer, Inc., Class A2		4,671,000		18,030
CM Hospitalar SA		5,671,671		17,490
Galapagos NV2		424,039		16,281
Hangzhou Tigermed Consulting Co., Ltd., Class A		1,090,535		15,237
Sysmex Corp.		220,300		14,462
SUNWELS Co., Ltd.3		738,900		14,459
Guardant Health, Inc.2		604,241		14,163
Beam Therapeutics, Inc.2,3		442,725		13,556
Classys, Inc.		740,401		12,457
Brii Biosciences, Ltd.2,3		22,128,042		12,223
Gland Pharma, Ltd.2		750,000		11,611
Alignment Healthcare, Inc.2		1,750,000		11,130
Nordhealth AS, Class A1,2,3		5,120,000		10,560
Biohaven, Ltd.2,3		749,881		10,243
Tecan Group AG		22,750		9,966
AS ONE Corp.		196,100		8,344
Pharmaron Beijing Co., Ltd., Class H		1,646,200		6,859
Cellectis SA (ADR)2		1,848,804		3,568
Cellectis SA, non-registered shares2,3		760,997		1,511
Precision BioSciences, Inc.1,2		6,715,043		5,060
OdontoPrev SA, ordinary nominative shares		2,134,000		4,631
KRY International AB, Series A2,4,5		19,744		4,081
Schrodinger, Inc.2		154,790		4,076
ChemoMetec A/S2		70,910		4,063
Inari Medical, Inc.2		44,300		2,735
Creo Medical Group PLC2,3		8,152,283		2,666
Diagnósticos da América SA		1,728,463		2,547
Sana Biotechnology, Inc.2,3		432,071		1,413
Implantica AG, Class A (SDR)2		543,113		1,202
Hutchmed China, Ltd.2		437,610		1,142
IO Biotech, Inc.2		418,499		783
				8,577,799
Financials 10.30%
Ares Management Corp., Class A		5,174,776		431,783
Essent Group, Ltd.1		8,604,853		344,625
AU Small Finance Bank, Ltd.		31,937,993		225,534
Eurobank Ergasias Services and Holdings SA2		167,519,358		221,899
Janus Henderson Group PLC		7,598,344		202,420
RenaissanceRe Holdings, Ltd.		952,200		190,764
National Bank of Greece SA2		34,983,526		169,806
IIFL Finance, Ltd.1		28,278,861		168,531
Euronet Worldwide, Inc.2		1,481,017		165,726
Steadfast Group, Ltd.		41,209,804		161,592
360 ONE WAM, Ltd.1		28,485,776		149,249
Fukuoka Financial Group, Inc.3		7,126,725		137,136
Focus Financial Partners, Inc., Class A2		2,549,002		132,217
Trupanion, Inc.1,2,3		2,970,206		127,392
Aavas Financiers, Ltd.1,2		6,318,330		124,247

10 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Cholamandalam Investment and Finance Co., Ltd.		12,992,432	$	120,594
Network International Holdings PLC1,2		39,311,267		119,014
Patria Investments, Ltd., Class A1		6,913,834		102,325
AUB Group, Ltd.1		5,494,154		93,897
Capitec Bank Holdings, Ltd.		983,153		93,314
Bridgepoint Group PLC		33,960,725		92,527
Canara Bank		26,212,776		90,963
TMX Group, Ltd.		878,906		88,768
Goosehead Insurance, Inc., Class A2		1,688,000		88,114
Stifel Financial Corp.		1,477,350		87,297
VZ Holding AG		1,063,345		87,201
AJ Bell PLC		18,325,000		78,040
Kinsale Capital Group, Inc.		257,620		77,325
AssetMark Financial Holdings, Inc.2		2,385,695		75,030
Seacoast Banking Corporation of Florida		3,150,000		74,655
EVERTEC, Inc.		2,199,027		74,217
StepStone Group, Inc., Class A		3,039,100		73,759
BFF Bank SpA		7,315,100		72,679
Banca Generali SpA		2,272,605		72,443
JB Financial Group Co., Ltd.		9,674,196		65,069
Affirm Holdings, Inc., Class A2,3		5,749,884		64,801
SiriusPoint, Ltd.2		7,900,000		64,227
Remgro, Ltd.		8,174,140		61,703
Nuvei Corp., subordinate voting shares2		1,292,581		56,313
City Union Bank, Ltd.		36,608,696		56,107
Bolsa Mexicana de Valores, SAB de CV, Series A		26,040,000		55,794
PagSeguro Digital, Ltd., Class A2		6,492,200		55,638
Independent Bank Group, Inc.		1,185,650		54,955
Enstar Group, Ltd.2		231,978		53,770
Allfunds Group PLC		7,889,321		52,332
Selective Insurance Group, Inc.		535,682		51,067
Max Financial Services, Ltd.2		6,313,461		48,814
Wintrust Financial Corp.		667,169		48,670
The Bank of N.T. Butterfield & Son, Ltd.		1,697,985		45,846
Euronext NV		585,333		44,820
Aptus Value Housing Finance India, Ltd.		14,935,804		44,204
East West Bancorp, Inc.		796,201		44,189
Radian Group, Inc.		1,961,287		43,344
Glacier Bancorp, Inc.		1,016,419		42,700
Pine Labs Pte., Ltd.2,4,5		76,998		37,957
eGuarantee, Inc.		2,207,948		36,258
Hilltop Holdings, Inc.		1,200,000		35,604
Nova Ljubljanska Banka dd (GDR)		2,365,833		35,026
Victory Capital Holdings, Inc., Class A		1,196,000		35,007
Antin Infrastructure Partners SA		1,928,513		34,943
Boku, Inc.1,2,5		20,461,639		34,679
SouthState Corp.		470,765		33,547
Webster Financial Corp.		843,652		33,257
Angel One, Ltd.		2,338,116		33,174
Alpha Services and Holdings SA2		26,000,000		31,914
Five-Star Business Finance, Ltd.2		4,778,216		31,426
Shriram Finance, Ltd.		2,026,102		31,112
Paymentus Holdings, Inc., Class A2,3		3,224,500		28,569
Hiscox, Ltd.		2,060,606		28,244
Moelis & Co., Class A		719,000		27,638
Western Alliance Bancorporation		754,187		26,804
Collector Bank AB2		7,161,000		24,780
Columbia Banking System, Inc.		1,063,800		22,787
Artisan Partners Asset Management, Inc., Class A		705,000		22,546
XP, Inc., Class A2		1,867,000		22,161
Valley National Bancorp		2,372,383		21,921
Star Health & Allied Insurance Co., Ltd.2		3,400,000		21,466
NMI Holdings, Inc.2		950,000		21,213
Virtu Financial, Inc., Class A		1,120,000		21,168
Piramal Enterprises, Ltd.		2,392,000		19,786
AvidXchange Holdings, Inc.2		2,445,867		19,078
The Tel Aviv Stock Exchange, Ltd.2		4,312,024		18,868
Oscar Health, Inc., Class A2		2,751,000		17,992
Premium Group Co., Ltd.		1,290,000		16,555

SMALLCAP World Fund 11

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Hellenic Exchanges - Athens Stock Exchange SA1		3,500,000	$	14,936
Linc AB2		2,358,208		13,750
Islandsbanki hf.		11,632,054		10,118
Funding Circle Holdings PLC2		14,713,073		9,743
Discovery, Ltd.2		899,883		7,058
Marqeta, Inc., Class A2		941,088		4,301
PT Bank Raya Indonesia Tbk2		93,560,667		2,410
TCS Group Holding PLC (GDR)2,4,8		31,700		—	7
TCS Group Holding PLC (GDR)2,4		694,768		—	7
				6,557,242
Materials 4.09%
LANXESS AG1		5,977,391		245,244
APL Apollo Tubes, Ltd.1		15,782,000		232,104
JSR Corp.		9,435,330		223,028
Materion Corp.1		1,314,343		152,464
Lundin Mining Corp.3		21,804,953		148,109
Zeon Corp.1,3		12,702,500		134,522
CCL Industries, Inc., Class B, nonvoting shares		2,262,200		112,382
Navin Fluorine International, Ltd.		2,115,848		110,054
Livent Corp.2		4,144,557		90,020
Summit Materials, Inc., Class A		3,005,612		85,630
FUJIMI INCORPORATED1,3		1,543,900		85,353
ATI, Inc.2		1,858,485		73,336
Jindal Steel & Power, Ltd.		10,041,809		67,033
H.B. Fuller Co.		866,200		59,291
PI Industries, Ltd.		1,541,900		56,859
Perimeter Solutions SA2,3		6,513,000		52,625
Mayr-Melnhof Karton AG, non-registered shares		300,501		49,968
Huhtamäki OYJ		1,275,000		47,373
Toyo Gosei Co., Ltd.1,3		642,700		44,122
Deepak Fertilisers & Petrochemicals Corp., Ltd.		6,235,943		41,789
Kansai Paint Co., Ltd.3		2,984,900		40,382
Yamato Kogyo Co., Ltd.3		987,400		39,894
Sandstorm Gold, Ltd.		6,633,555		38,541
MMG, Ltd.2		119,092,430		35,142
Anupam Rasayan India, Ltd.		2,812,000		29,646
Labrador Iron Ore Royalty Corp.3		1,156,000		27,371
Aluflexpack AG1,2,3		1,309,666		27,111
Louisiana-Pacific Corp. (USA)		485,000		26,292
Gujarat Fluorochemicals, Ltd.		635,000		23,409
Re:NewCell AB1,2,3		2,979,368		23,367
SOL SpA		799,680		21,441
Vinati Organics, Ltd.		943,000		20,766
NV Bekaert SA2		423,000		19,136
Recticel SA/NV		873,200		16,286
Shandong Sinocera Functional Material Co., Ltd., Class A		3,764,153		15,558
Indigo Paints, Ltd.		1,214,500		14,922
Alcoa Corp.		350,000		14,896
Aurubis AG		136,100		12,560
China Resources Cement Holdings, Ltd.		21,276,000		10,488
Gerdau SA (ADR)		2,112,075		10,413
Fuso Chemical Co., Ltd.		283,300		8,079
Alleima AB		1,509,740		7,464
Berger Paints India, Ltd.		836,848		5,938
Kaneka Corp.		176,700		4,615
Cabot Corp.		14,783		1,133
				2,606,156
Consumer staples 3.50%
Emmi AG1		318,222		319,825
Simply Good Foods Co.1,2		5,870,500		233,470
Grocery Outlet Holding Corp.1,2		5,352,046		151,249
Royal Unibrew A/S		1,672,194		145,685
Varun Beverages, Ltd.		6,634,383		112,058
Shop Apotheke Europe NV, non-registered shares1,2,3		1,142,620		103,468
Milbon Co., Ltd.1		2,378,500		97,995
BJ’s Wholesale Club Holdings, Inc.2		1,217,842		92,641

12 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Sovos Brands, Inc.1,2		5,357,932	$	89,370
Scandinavian Tobacco Group A/S		3,797,224		75,489
Freshpet, Inc.2,3		1,135,627		75,167
Ocado Group PLC2		10,398,813		69,015
Performance Food Group Co.2		928,000		55,995
AAK AB		2,940,866		53,252
Celsius Holdings, Inc.2		561,414		52,178
Sok Marketler Ticaret AS, non-registered shares1,2		31,602,962		47,595
John B. Sanfilippo & Son, Inc.		471,323		45,681
Fever-Tree Drinks PLC		2,410,000		38,180
BidCorp, Ltd.		1,640,857		36,734
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A		6,624,986		35,801
Kotobuki Spirits Co., Ltd.3		499,000		35,423
Bakkafrost P/F		517,500		33,548
Raia Drogasil SA, ordinary nominative shares		6,910,625		33,337
Fresh Del Monte Produce, Inc.		1,028,000		30,953
Vector Group, Ltd.		2,207,896		26,517
COSMOS Pharmaceutical Corp.		287,909		25,908
United Spirits, Ltd.2		2,672,208		24,614
Avenue Supermarts, Ltd.2		417,313		17,295
PZ Cussons PLC		6,017,310		13,751
TreeHouse Foods, Inc.2		255,860		12,903
Century Pacific Food, Inc.		25,901,000		12,321
Elders, Ltd.		1,622,450		9,389
Icelandic Salmon AS2		515,000		7,398
Humble Group AB2,3		11,368,627		7,372
Zur Rose Group AG2,3		54,100		2,513
Beyond Meat, Inc.2		73,395		1,191
				2,225,281
Energy 2.96%
MEG Energy Corp.2		13,484,382		216,608
Vallourec SA1,2,3		12,863,658		162,273
Northern Oil and Gas, Inc.1,3		5,254,000		159,459
Weatherford International2		2,234,117		132,595
New Fortress Energy, Inc., Class A3		4,116,300		121,143
Gaztransport & Technigaz SA		1,159,597		118,809
Chesapeake Energy Corp.		1,434,104		109,049
Viper Energy Partners, LP		2,740,461		76,733
Transocean, Ltd.2,3		9,946,050		63,257
Golar LNG, Ltd.2		2,905,331		62,755
TechnipFMC PLC2		4,383,111		59,830
Pioneer Natural Resources Company		268,053		54,747
Championx Corp.		1,851,762		50,238
Subsea 7 SA		4,222,507		50,053
Cactus, Inc., Class A		1,149,091		47,377
Helmerich & Payne, Inc.		1,246,270		44,554
Headwater Exploration, Inc.3		9,067,000		42,333
Venture Global LNG, Inc., Series C2,4,5		4,240		41,147
Denbury, Inc.2		406,329		35,607
DT Midstream, Inc.		713,038		35,203
Savannah Energy PLC1,2,3,4		96,128,672		31,128
Borr Drilling, Ltd.2,3		2,099,065		15,911
Borr Drilling, Ltd. (NOK denominated)2,3		1,944,838		14,929
Aegis Logistics, Ltd.		6,374,587		29,468
Range Resources Corp.		1,000,000		26,470
Valaris, Ltd.2		367,000		23,877
Worley, Ltd.		2,250,000		21,686
Equitrans Midstream Corp.		3,390,447		19,597
Pason Systems, Inc.		1,596,000		14,324
				1,881,160
Communication services 2.65%
Iridium Communications, Inc.		4,705,553		291,415
Iridium Communications, Inc.8		636,132		39,396
Lions Gate Entertainment Corp., Class B2		18,316,562		190,126
JCDecaux SE2		8,392,278		176,198
TIM SA		48,329,794		119,956

SMALLCAP World Fund 13

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Frontier Communications Parent, Inc.2		4,502,378	$	102,519
Hemnet Group AB1		5,125,762		85,602
Viaplay Group AB, Class B2		3,296,269		84,148
New York Times Co., Class A		2,014,638		78,329
JYP Entertainment Corp.		1,101,661		65,810
Ascential PLC2		21,822,269		64,912
Paradox Interactive AB		2,031,831		50,609
Direct Marketing MIX, Inc.1		3,574,600		36,749
JOYY, Inc., Class A (ADR)		1,177,618		36,718
Rightmove PLC		5,188,789		36,179
YouGov PLC		2,997,794		33,693
CTS Eventim AG & Co. KGaA		471,400		29,374
Megacable Holdings, SAB de CV, ordinary participation certificates		10,325,211		26,306
Ubisoft Entertainment SA2		833,000		22,078
VTEX, Class A2,3		5,650,748		21,699
Cable One, Inc.		26,531		18,625
Trustpilot Group PLC2		16,821,394		18,389
PLAYSTUDIOS, Inc., Class A2		4,500,000		16,605
Nextdoor Holdings, Inc., Class A2,3		6,859,318		14,748
Playtika Holding Corp.2		1,172,900		13,207
MTN Group, Ltd.		1,458,066		10,419
Boat Rocker Media, Inc.2		2,611,926		4,329
Yandex NV, Class A2,4		1,530,000		—	7
				1,688,138
Real estate 1.75%
Altus Group, Ltd.1		3,628,544		154,082
Embassy Office Parks REIT		32,152,456		122,178
DigitalBridge Group, Inc. REIT, Class A1		8,972,247		107,577
Corp. Inmobiliaria Vesta, SAB de CV		28,130,095		88,402
PotlatchDeltic Corp. REIT		1,576,968		78,060
Concentradora Fibra Danhos REIT, SA de CV		57,954,482		77,155
ESR-Logos REIT		209,082,397		51,126
Four Corners Property Trust, Inc. REIT		1,582,553		42,507
Mindspace Business Parks REIT		9,000,000		35,834
JHSF Participações SA1		48,472,472		35,385
Multiplan Empreendimentos Imobiliários SA, ordinary nominative shares		7,237,633		35,185
Macrotech Developers, Ltd.2		2,978,838		33,750
SRE Holdings Corp.1,2,3		1,290,828		33,049
Fibra Uno Administración REIT, SA de CV		21,200,000		29,612
K-Fast Holding AB, Class B1,2,3		12,909,607		25,512
Zillow Group, Inc., Class C, nonvoting shares2		525,000		23,347
LXP Industrial Trust REIT		2,175,000		22,424
StorageVault Canada, Inc.		4,307,048		19,567
Redwood Trust, Inc. REIT		2,562,000		17,268
CTP NV		1,092,104		14,148
Douglas Elliman, Inc.		4,016,063		12,490
Genova Property Group AB2		2,126,731		12,276
TAG Immobilien AG		1,697,855		11,743
Swedish Logistic Property AB, Class B2		4,739,069		11,285
Fastighets AB Balder, Class B2		2,648,188		10,900
Ayala Land, Inc.		21,494,200		10,494
Americold Realty Trust, Inc. REIT		17,000		484
				1,115,840
Utilities 0.82%
Black Hills Corp.		1,938,746		122,335
ACEN Corp.2		971,667,795		109,583
Brookfield Infrastructure Corp., Class A, subordinate voting shares3		1,883,351		86,803
Nippon Gas Co., Ltd.3		4,679,500		68,008
ENN Energy Holdings, Ltd.		3,166,000		43,248
SembCorp Industries, Ltd.		12,231,500		40,362
Neoenergia SA		9,514,000		28,157
SJW Group		345,000		26,265
Mytrah Energy, Ltd.1,2,4		10,418,000		128
				524,889
Total common stocks (cost: $45,709,123,000)				59,042,587

14 SMALLCAP World Fund

Preferred securities 1.03%	Shares		Value (000)
Information technology 0.32%
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		34,562
SiFive, Inc., Series F, preferred shares2,4,5		3,451,632		26,681
ANDPAD, Inc., Series D, preferred shares2,4,5		459,413		25,571
Yotpo, Ltd., Series F, preferred shares2,4,5		8,332,809		11,999
Yotpo, Ltd., Series B, preferred shares2,4,5		1,111,347		1,600
Yotpo, Ltd., Series C, preferred shares2,4,5		1,057,985		1,524
Yotpo, Ltd., Series A-1, preferred shares2,4,5		709,592		1,022
Yotpo, Ltd., Series A, preferred shares2,4,5		345,899		498
Yotpo, Ltd., Series C-1, preferred shares2,4,5		293,302		422
Yotpo, Ltd., Series D, preferred shares2,4,5		163,552		236
Yotpo, Ltd., Series B-1, preferred shares2,4,5		130,625		188
Patreon, Inc., Series E, preferred shares2,4,5		698,208		13,852
Patreon, Inc., Series Seed, preferred shares2,4,5		163,096		3,236
Kandou Holding SA, Series D, preferred shares2,4,5		2,142,857		4,779
				202,929
Industrials 0.28%
Einride AB, Series B, preferred shares2,4,5		1,334,588		47,285
Einride AB, Series A, preferred shares2,4,5		11,990		425
Azul SA (ADR), preferred nominative shares2,3		6,441,486		46,057
Azul SA, preferred nominative shares2		600,000		1,424
Relativity Space, Inc., Series D, preferred shares2,4,5		2,143,751		31,342
Relativity Space, Inc., Series E, preferred shares2,4,5		464,197		6,786
ABL Space Systems Co., Series B, preferred shares2,4,5		777,162		24,815
WorkRise Technologies, Inc., Series E, preferred shares2,4,5		95,423		20,979
				179,113
Financials 0.17%
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,4,5		13,618		79,259
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4,5		57,100		28,148
				107,407
Health care 0.16%
Laronde, Inc., Series B, 6.00% preferred shares2,4,5		1,785,714		40,411
KRY International AB, Series E, preferred shares2,4,5		114,059		23,575
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4,5		605,423		19,325
Bluestar Genomics, Inc., Series C, 5.00% noncumulative preferred shares1,2,4,5		1,531,102		10,565
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4,5		636,364		6,414
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4,5		4,397,107		294
				100,584
Consumer discretionary 0.05%
Cava Group, Inc., Series F, preferred shares2,4,5		664,364		20,602
StockX, Inc., Series E-1, preferred shares2,4,5		222,222		11,380
StockX, Inc., Series AA, preferred shares2,4,5		57,338		2,936
StockX, Inc., Series B, preferred shares2,4,5		3,094		159
				35,077
Real estate 0.05%
QuintoAndar, Ltd., Series E-1, preferred shares2,4,5		244,733		32,016
Total preferred securities (cost: $780,723,000)				657,126
Rights & warrants 0.17%
Information technology 0.09%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 1/27/20252,8		2,838,640		57,180
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4,5		1,163,990		21
				57,201

SMALLCAP World Fund 15

Rights & warrants (continued)	Shares		Value (000)
Industrials 0.08%
Warom Technology, Inc. Co., Class A, warrants, expire 8/31/20232,8		8,603,931	$	35,689
Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/20/20242,8		3,799,918		11,351
Guangzhou Baiyun International Airport Co., Ltd., Class A, warrants, expire 8/23/20242,8		1,315,742		3,004
Momentus, Inc., warrants, expire 5/15/20262		2,225,000		91
				50,135
Total rights & warrants (cost: $112,140,000)				107,336
Convertible stocks 0.08%
Utilities 0.05%
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 shares1,4,5		3,468,862		10,510
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4,5		14,888,589		8,040
				18,550
Total convertible stocks (cost: $61,179,000)				48,550
Convertible bonds & notes 0.00%	Principal amount (000)
Health care 0.00%
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20251,4,5	USD	2,000		2,000
Total convertible bonds & notes (cost: $2,000,000)				2,000
Short-term securities 6.87%		Shares
Money market investments 6.03%
Capital Group Central Cash Fund 4.86%1,9		38,405,902		3,840,590
Money market investments purchased with collateral from securities on loan 0.84%
Capital Group Central Cash Fund 4.86%1,9,10		981,977		98,198
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.73%9,10		96,100,000		96,100
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.73%9,10		89,168,984		89,169
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.73%9,10		64,000,000		64,000
BlackRock Liquidity Funds – FedFund, Institutional Shares 4.72%9,10		58,700,000		58,700
Fidelity Investments Money Market Government Portfolio, Class I 4.72%9,10		42,700,000		42,700
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares 4.69%9,10		32,000,000		32,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.70%9,10		32,000,000		32,000
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 4.75%9,10		21,300,000		21,300
				534,167
Total short-term securities (cost: $4,374,113,000)				4,374,757
Total investment securities 100.88% (cost: $51,039,278,000)				64,232,356
Other assets less liabilities (0.88)%				(558,934	)
Net assets 100.00%			$	63,673,422

16 SMALLCAP World Fund

Investments in affiliates¹

	Value of affiliates at 10/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2023 (000)		Dividend or interest income (000)
Common stocks 27.04%
Industrials 7.32%
Saia, Inc.2	$	373,449	$	29,281	$	4,293	$	787		$	172,546		$	571,770	$	—
BayCurrent Consulting, Inc.		296,667		15,447		88,782		9,582			159,833			392,747		1,187
Diploma PLC		247,981		32,517		—		—			92,145			372,643		4,688
Comfort Systems USA, Inc.		248,847		36,603		33,845		8,912			109,241			369,758		758
Interpump Group SpA		170,547		20,708		—		—			127,567			318,822		—
ATS Corp.2,11		149,940		55,216		—		—			102,167			307,323		—
Wizz Air Holdings PLC2		124,398		10,443		—		—			142,258			277,099		—
The AZEK Co., Inc., Class A2		94,533		116,856		—		—			61,655			273,044		—
Arcosa, Inc.		220,883		299		38,923		(423	)		19,940			201,776		387
Harmonic Drive Systems, Inc.		153,146		29,725		3,431		439			16,500			196,379		756
Visional, Inc.2		184,944		3,452		—		—			(15,647	)		172,749		—
EnPro Industries, Inc.		123,697		215		17,648		339			29,290			135,893		748
Japan Elevator Service Holdings Co., Ltd.		91,582		19,075		19,314		(13,793	)		35,056			112,606		781
Reliance Worldwide Corp., Ltd.		—		91,970		—		—			10,922			102,892		1,691
Instalco AB		71,184		5,239		—		—			16,389			92,812		—
DO & CO AG, non-registered shares2		51,410		—		—		—			39,580			90,990		—
Johns Lyng Group, Ltd.3		81,872		1,170		—		—			6,467			89,509		640
dip Corp.3		85,046		—		—		—			4,331			89,377		991
Upwork, Inc.2		24,381		78,422		—		—			(17,168	)		85,635		—
Enerpac Tool Group Corp., Class A		—		88,183		—		—			(2,927	)		85,256		—
Volution Group PLC		50,954		—		—		—			32,520			83,474		1,432
Montana Aerospace AG2		34,688		—		—		—			19,884			54,572		—
Marlowe PLC2,3		61,893		—		—		—			(12,491	)		49,402		—
Skymark Airlines, Inc.2		—		39,196		—		—			1,305			40,501		—
Fasadgruppen Group AB3		29,797		804		—		—			9,031			39,632		—
Midac Holdings Co., Ltd.		42,395		—		7,721		(3,923	)		(7,570	)		23,181		39
TDCX, Inc., Class A2		16,688		—		—		—			(837	)		15,851		—
Dreamfolks Services, Ltd.2		10,390		1,428		—		—			2,329			14,147		—
Alfen NV2,3,12		109,251		—		17,033		14,922			(26,040	)		—		—
Antares Vision SpA2,3,12		37,577		—		—		—			(1,551	)		—		—
Armstrong World Industries, Inc.12		228,843		4,815		81,365		(31,150	)		10,760			—		1,035
Carel Industries SpA12		112,363		—		23,626		13,008			33,235			—		—
Einride AB2,4,5,12		17,834		1,604		—		—			(3,910	)		—		—
Interface, Inc.13		42,442		—		48,469		(7,870	)		13,897			—		47
Japan Airport Terminal Co., Ltd.2,12		204,235		52,223		68,829		(1,747	)		46,114			—		—
Kadant, Inc.12		95,935		3,731		18,155		(1,089	)		25,120			—		303
KEI Industries, Ltd.12		79,713		—		11,228		2,205			10,327			—		143
Montrose Environmental Group, Inc.2,12		54,645		—		17,294		(9,043	)		12,113			—		—
Pegasus Hava Tasimaciligi AS13		68,307		—		113,674		62,804			(17,437	)		—		—
														4,659,840
Consumer discretionary 5.01%
TopBuild Corp.2		349,352		55,625		—		—			107,592			512,569		—
Tube Investments of India, Ltd.		410,555		—		18,971		9,846			(40,803	)		360,627		281
YETI Holdings, Inc.2		196,619		248		—		—			79,127			275,994		—
IDP Education, Ltd.		200,438		50,350		—		—			15,188			265,976		1,972
Cavco Industries, Inc.2		35,158		100,301		—		—			45,843			181,302		—
WH Smith PLC		108,181		19,727		—		—			44,783			172,691		969
Kindred Group PLC (SDR)		119,302		24,075		41,344		(12,102	)		70,824			160,755		3,340

SMALLCAP World Fund 17

Investments in affiliates¹ (continued)

	Value of affiliates at 10/1/2022 (000)			Additions (000)			Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2023 (000)			Dividend or interest income (000)
Pets at Home Group PLC	$	96,500		$	—		$	—	$	—		$	54,382		$	150,882		$	1,797
NEXTAGE Co., Ltd.3		100,390			39,516			—		—			(5,906	)		134,000			829
Watches of Switzerland Group PLC2		71,302			29,795			—		—			24,066			125,163			—
Jack in the Box, Inc.		93,084			—			—		—			16,990			110,074			1,106
MakeMyTrip, Ltd., non-registered shares2		119,017			1,749			—		—			(24,323	)		96,443			—
Golden Entertainment, Inc.2		66,178			11,679			—		—			16,509			94,366			—
Domino’s Pizza Group PLC		60,604			2,475			—		—			26,228			89,307			—
Shoei Co., Ltd.		44,358			24,481			—		—			9,478			78,317			54
Auction Technology Group PLC2		76,577			—			—		—			(4,102	)		72,475			—
Malibu Boats, Inc., Class A2		40,840			9,490			—		—			8,491			58,821			—
Victoria PLC2		33,462			11,467			—		—			10,674			55,603			—
Snow Peak, Inc.3		46,400			—			—		—			623			47,023			272
Musti Group OYJ		46,469			—			4,663		(5,825	)		5,992			41,973			651
AcadeMedia AB		28,256			3,991			—		—			5,035			37,282			1,087
Beazer Homes USA, Inc.2		16,050			—			—		—			10,308			26,358			—
Traeger, Inc.2		14,732			2,892			—		—			7,837			25,461			—
Lojas Quero-Quero SA2		16,156			—			—		—			(3,954	)		12,202			—
JOANN, Inc.3		18,068			—			—		—			(13,729	)		4,339			—
BNN Technology PLC2,4		—	7		—			—		—			—	7		—	7		—
Bajaj Electricals, Ltd.12		96,037			—			16,784		9,097			(21,258	)		—			—
Bike24 Holding AG13		7,135			—			8,943		(44,529	)		46,337			—			—
Everi Holdings, Inc.2,12		79,809			—			45,060		27,201			(22,758	)		—			—
Helen of Troy, Ltd.2,12		139,040			14,057			46,938		(49,525	)		45,792			—			—
Porch Group, Inc.13		12,420			—			6,553		(27,492	)		21,625			—			—
																3,190,003
Information technology 5.21%
eMemory Technology, Inc.		227,400			—			19,984		(4,552	)		173,702			376,566			—
Smartsheet, Inc., Class A2		218,334			55,691			—		—			98,391			372,416			—
ALTEN SA, non-registered shares		190,817			9,988			—		—			91,439			292,244			—
Global Unichip Corp.		183,868			—			60,502		11,974			121,858			257,198			—
Kulicke and Soffa Industries, Inc.		184,251			—			3,860		(1,904	)		69,123			247,610			1,786
Fabrinet, non-registered shares2		183,194			—			6,966		(5	)		44,735			220,958			—
Keywords Studios PLC		130,461			34,793			—		—			47,034			212,288			45
Nordic Semiconductor ASA2		112,390			59,670			—		—			14,553			186,613			—
Net One Systems Co., Ltd.3		99,485			32,545			—		—			27,831			159,861			1,855
SINBON Electronics Co., Ltd.		80,772			36,563			—		—			39,012			156,347			—
Socionext, Inc.3		—			64,786			—		—			84,105			148,891			2,877
Money Forward, Inc.2		75,953			4,573			13,716		(6,675	)		58,627			118,762			—
Credo Technology Group Holding, Ltd.2		90,141			31,805			—		—			(15,465	)		106,481			—
Dexerials Corp.3		116,270			—			—		—			(10,863	)		105,407			1,360
PAR Technology Corp.2,3		63,196			—			—		—			9,480			72,676			—
Bytes Technology Group PLC		70,523			19,866			24,952		(14,740	)		15,013			65,710			448
Tanla Platforms, Ltd.		87,331			—			—		—			(28,750	)		58,581			—
Mastek, Ltd.		50,944			—			—		—			(5,736	)		45,208			205
Crayon Group Holding ASA2,3		50,857			—			16,439		(25,120	)		28,034			37,332			—
SmartCraft ASA, Class A2,3		18,628			—			—		—			7,192			25,820			—
Megaport, Ltd.2,3		44,425			—			—		—			(18,814	)		25,611			—
Noventiq Holdings PLC (GDR)2,4,8,11		8,810			—			—		—			7,987			16,797			—
Noventiq Holdings PLC (GDR)2,4,11		8			—	7		—		—			8			16			—
Cherry SE2,3		7,364			—			214		(1,119	)		2,239			8,270			—

18 SMALLCAP World Fund

Investments in affiliates¹ (continued)

	Value of affiliates at 10/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2023 (000)		Dividend or interest income (000)
Extreme Networks, Inc.2,12	$	113,015	$	2,466	$	94,439	$	28,978		$	16,831		$	—	$	—
MotorK, Ltd.2,12		5,468		—		3,008		(5,319	)		5,922			—		—
WeCommerce Holdings, Ltd., Class A2,3,12		3,060		—		530		(3,448	)		6,576			—		—
Zuken, Inc.12		44,123		241		21,328		(8,180	)		8,671			—		136
														3,317,663
Health care 3.07%
Max Healthcare Institute, Ltd.2		335,885		10,149		46,057		5,930			18,150			324,057		—
Haemonetics Corp.2		303,065		3,713		85,469		9,558			21,890			252,757		—
CONMED Corp.		123,341		59,169		—		—			44,608			227,118		821
Revance Therapeutics, Inc.2		170,476		5,609		—		—			35,983			212,068		—
Xenon Pharmaceuticals, Inc.2		141,421		24,682		—		—			(1,597	)		164,506		—
Tandem Diabetes Care, Inc.2		102,423		74,398		—		—			(14,545	)		162,276		—
Amvis Holdings, Inc.		115,541		—		6,690		(2,851	)		45,811			151,811		—
Genus PLC		64,841		41,556		—		—			16,795			123,192		1,128
Silk Road Medical, Inc.2		125,623		7,529		—		—			(17,064	)		116,088		—
Zentalis Pharmaceuticals, Inc.2		14,794		69,829		—		—			(19,078	)		65,545		—
Surgical Science Sweden AB2		43,622		—		—		—			9,715			53,337		—
Ocumension Therapeutics2,3		48,977		—		—		—			(530	)		48,447		—
Jeisys Medical, Inc.		2,730		30,391		—		—			4,859			37,980		—
Nordhealth AS, Class A2,3		9,375		—		—		—			1,185			10,560		—
Precision BioSciences, Inc.2		8,730		—		—		—			(3,670	)		5,060		—
Addus HomeCare Corp.2,12		89,421		—		26,212		(608	)		10,994			—		—
Creo Medical Group PLC2,3,12		6,962		—		1,363		(7,583	)		4,650			—		—
Medmix AG12		40,482		—		26,249		(40,247	)		45,159			—		—
New Horizon Health, Ltd.2,3,12		42,209		—		19,715		(32,304	)		62,042			—		—
														1,954,802
Financials 2.01%
Essent Group, Ltd.		197,178		120,203		—		—			27,244			344,625		3,432
IIFL Finance, Ltd.		99,987		27,325		—		—			41,219			168,531		1,367
360 ONE WAM, Ltd.11		98,842		61,477		—		—			(11,070	)		149,249		2,385
Trupanion, Inc.2,3		190,990		2,840		11,766		(22,642	)		(32,030	)		127,392		—
Aavas Financiers, Ltd.2		165,167		6,849		—		—			(47,769	)		124,247		—
Network International Holdings PLC2		108,706		45,558		14,846		(9,090	)		(11,314	)		119,014		—
Patria Investments, Ltd., Class A		90,226		—		—		—			12,099			102,325		3,312
AUB Group, Ltd.		62,367		5,134		—		—			26,396			93,897		628
Boku, Inc.2,5		25,379		—		—		—			9,300			34,679		—
Hellenic Exchanges - Athens Stock Exchange SA		10,361		—		—		—			4,575			14,936		—
Independent Bank Group, Inc.12		132,980		3,339		50,688		(23,475	)		(7,201	)		—		1,646
Seacoast Banking Corporation of Florida12		125,663		19,495		39,933		(10,540	)		(20,030	)		—		1,541
														1,278,895
Materials 1.48%
LANXESS AG		144,010		43,832		—		—			57,402			245,244		—
APL Apollo Tubes, Ltd.		198,170		3,132		—		—			30,802			232,104		—
Materion Corp.		9,723		102,144		—		—			40,597			152,464		197
Zeon Corp.3		—		127,194		—		—			7,328			134,522		1,721
FUJIMI INCORPORATED3		25,022		48,795		—		—			11,536			85,353		1,340
Toyo Gosei Co., Ltd.3		28,289		—		—		—			15,833			44,122		97
Aluflexpack AG2,3		23,652		—		—		—			3,459			27,111		—
Re:NewCell AB2,3		17,542		1,558		60		(100	)		4,427			23,367		—

SMALLCAP World Fund 19

Investments in affiliates¹ (continued)

	Value of affiliates at 10/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2023 (000)		Dividend or interest income (000)
Perimeter Solutions SA2,3,12	$	94,450	$	—	$	42,125	$	(10,661	)	$	10,961		$	—	$	—
Venator Materials PLC13		7,497		—		3,820		(18,180	)		14,503			—		—
														944,287
Consumer staples 1.64%
Emmi AG		247,648		—		—		—			72,177			319,825		—
Simply Good Foods Co.2		184,598		3,897		—		—			44,975			233,470		—
Grocery Outlet Holding Corp.2		196,915		2,002		18,052		(3,143	)		(26,473	)		151,249		—
Shop Apotheke Europe NV, non-registered shares2,3		46,389		—		—		—			57,079			103,468		—
Milbon Co., Ltd.		104,902		—		—		—			(6,907	)		97,995		814
Sovos Brands, Inc.2		71,925		4,150		—		—			13,295			89,370		—
Sok Marketler Ticaret AS, non-registered shares2		41,357		—		7,052		(969	)		14,259			47,595		—
														1,042,972
Energy 0.55%
Vallourec SA2,3		96,289		39,204		—		—			26,780			162,273		—
Northern Oil and Gas, Inc.3		165,940		—		25,813		9,625			9,707			159,459		3,603
Savannah Energy PLC2,3,4		29,272		—		—		—			1,856			31,128		—
														352,860
Communication services 0.19%
Hemnet Group AB		32,459		34,268		—		—			18,875			85,602		—
Direct Marketing MIX, Inc.		27,521		13,018		—		—			(3,790	)		36,749		374
Pebble Group PLC13		13,532		—		14,304		(4,473	)		5,245			—		—
														122,351
Real estate 0.56%
Altus Group, Ltd.		117,322		9,447		9,062		(1,923	)		38,298			154,082		801
DigitalBridge Group, Inc. REIT, Class A		96,429		21,141		3,346		(5,321	)		(1,326	)		107,577		173
JHSF Participações SA		65,466		1,028		—		—			(31,109	)		35,385		1,785
SRE Holdings Corp.2,3		27,781		—		—		—			5,268			33,049		—
K-Fast Holding AB, Class B2,3		24,470		—		—		—			1,042			25,512		—
Genova Property Group AB2,12		10,794		—		—		—			1,482			—		—
														355,605
Utilities 0.00%
Mytrah Energy, Ltd.2,4		116		—		—		—			12			128		—
Total common stocks														17,219,406
Preferred securities 0.21%
Information technology 0.06%
Skyryse, Inc., Series B, preferred shares2,4,5		40,700		—		—		—			—			40,700		—
Industrials 0.00%
Einride AB, Series A, preferred shares2,4,5,12		547		—		—		—			(122	)		—		—
Einride AB, Series B, preferred shares2,4,5,12		60,860		—		—		—			(13,575	)		—		—
Relativity Space, Inc., Series D, preferred shares2,4,5,12		39,166		—		—		—			(7,824	)		—		—
Relativity Space, Inc., Series E, preferred shares2,4,5,12		8,481		—		—		—			(1,695	)		—		—
														—
Financials 0.13%
PPRO Holding GMBS, Series B, 8.00% preferred shares2,4,5		57,732		—		—		—			21,527			79,259		—
Health care 0.02%
Bluestar Genomics, Inc., Series C, 5.00% noncumulative preferred shares2,4,5		9,814		—		—		—			751			10,565		—
Total preferred securities														130,524

20 SMALLCAP World Fund

Investments in affiliates¹ (continued)

	Value of affiliates at 10/1/2022 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 3/31/2023 (000)		Dividend or interest income (000)
Convertible stocks 0.02%
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares4,5	$	10,163	$	—	$	—		$	—		$	347		$	10,510	$	—
Convertible bonds & notes 0.00%
Health care 0.00%
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20254,5		—		2,000		—			—			—			2,000		68
Industrials 0.00%
Einride AB, convertible notes, 7.00% 2/1/202313		1,895		—		1,500			—			(395	)		—		32
Total convertible bonds & notes															2,000
Short-term securities 6.18%
Money market investments 6.03%
Capital Group Central Cash Fund 4.86%9		4,775,818		2,769,761		3,705,464			(95	)		570			3,840,590		86,282
Money market investments purchased with collateral from securities on loan 0.15%
Capital Group Central Cash Fund 4.86%9,10		290,972				192,774	14								98,198		—	15
Total short-term securities															3,938,788
Total 33.45%								$	(248,571	)	$	3,386,523		$	21,301,228	$	150,243

Restricted securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,4	1/28/2021	$	48,694	$	79,259		.13	%
Pine Labs Pte., Ltd.2,4	5/12/2021		28,710		37,957		.06
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4	5/12/2021		21,291		28,148		.04
Einride AB, Series B, preferred shares2,4	3/23/2021-5/6/2021		18,753		47,285		.07
Einride AB2,4	7/16/2021-2/1/2023		10,542		15,528		.03
Einride AB, Series A, preferred shares2,4	10/11/2021		312		425		.00	16
Dock, Ltd.2,4	10/19/2020		26,000		46,688		.07
Venture Global LNG, Inc., Series C2,4	5/1/2015		12,720		41,147		.07
Skyryse, Inc., Series B, preferred shares1,2,4	10/21/2021		40,700		40,700		.06
Laronde, Inc., Series B, 6.00% preferred shares2,4	8/10/2021		50,000		40,411		.06
Relativity Space, Inc., Series D, preferred shares2,4	11/20/2020		32,000		31,342		.05
Relativity Space, Inc., Series E, preferred shares2,4	5/27/2021		10,600		6,786		.01
PsiQuantum Corp., Series D, preferred shares2,4	5/28/2021		35,000		36,059		.06
Boku, Inc.1,2	2/11/2021-9/21/2021		48,584		34,679		.06
Outreach Corp., Series G, preferred shares2,4	5/27/2021		45,482		34,562		.05
QuintoAndar, Ltd., Series E-1, preferred shares2,4	12/20/2021		50,000		32,016		.05
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4	7/7/2022		30,000		30,000		.05
KRY International AB, Series E, preferred shares2,4	5/13/2021		51,891		23,575		.04
KRY International AB, Series A2,4	5/13/2021		8,533		4,081		.00	16
SiFive, Inc., Series F, preferred shares2,4	3/16/2022		25,000		26,681		.04
ANDPAD, Inc., Series D, preferred shares2,4	6/30/2022		19,506		25,571		.04
ABL Space Systems Co., Series B, preferred shares2,4	3/24/2021		35,000		24,815		.04
StockX, Inc., Series E-1, preferred shares2,4	4/15/2021		20,000		11,380		.02
StockX, Inc.2,4	4/5/2021		14,682		8,285		.01
StockX, Inc., Series AA, preferred shares2,4	4/5/2021		5,203		2,936		.01

SMALLCAP World Fund 21

Restricted securities⁵ (continued)

	Acquisition date(s)	Cost (000)			Value (000)		Percent of net assets
StockX, Inc., Series B, preferred shares2,4	4/5/2021	$	281		$	159		.00	%16
Yotpo, Ltd., Series F, preferred shares2,4	2/25/2021		18,329			11,999		.02
Yotpo, Ltd.2,4	3/16/2021		5,475			3,773		.01
Yotpo, Ltd., Series B, preferred shares2,4	3/16/2021		2,322			1,600		.00	16
Yotpo, Ltd., Series C, preferred shares2,4	3/16/2021		2,211			1,524		.00	16
Yotpo, Ltd., Series A-1, preferred shares2,4	3/16/2021		1,483			1,022		.00	16
Yotpo, Ltd., Series A, preferred shares2,4	3/16/2021		723			498		.00	16
Yotpo, Ltd., Series C-1, preferred shares2,4	3/16/2021		613			422		.00	16
Yotpo, Ltd., Series D, preferred shares2,4	3/16/2021		341			236		.00	16
Yotpo, Ltd., Series B-1, preferred shares2,4	3/16/2021		273			188		.00	16
WorkRise Technologies, Inc., Series E, preferred shares2,4	3/8/2021		40,000			20,979		.03
Patreon, Inc., Series E, preferred shares2,4	9/1/2020		11,944			13,852		.02
Patreon, Inc., Class B2,4	10/26/2020-10/27/2020		3,255			3,769		.01
Patreon, Inc., Series Seed, preferred shares2,4	9/16/2020		2,790			3,236		.00	16
Cava Group, Inc., Series F, preferred shares2,4	3/26/2021		25,000			20,602		.03
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4	5/13/2022-7/18/2022		23,685			19,325		.03
DPC Dash, Ltd.2	12/6/2021		15,000			13,703		.02
Bluestar Genomics, Inc., Series C, 5.00% noncumulative preferred shares1,2,4	4/26/2021		15,101			10,565		.02
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20251,4	12/1/2022		2,000			2,000		.00	16
RealSelf, Inc., Series C, convertible preferred shares1,4	4/18/2018		19,000			10,510		.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			6,414		.01
Kandou Holding SA, Series D, preferred shares2,4	11/17/2021		15,000			4,779		.01
Foursquare Labs, Inc., Series A2,4	12/3/2013		20,000			2,739		.01
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4	12/3/2013		—	7		21		.00	16
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4	2/7/2020		9,000			294		.00	16
Total		$	942,208		$	872,565		1.37	%

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 $1,015,555,000, which represented 1.59% 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 securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $872,565,000, which represented 1.37% of the net assets of the fund.
6	Security has been authorized but has not yet been issued.
7	Amount less than one thousand.
8	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(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 $163,417,000, which represented .26% of the net assets of the fund.
9	Rate represents the seven-day yield at 3/31/2023.
10	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
11	This security changed its name during the reporting period.
12	Affiliated issuer during the reporting period but no longer an affiliate at 3/31/2023. Refer to the investment portfolio for the security value at 3/31/2023.
13	Affiliated issuer during the reporting period but no longer held at 3/31/2023.
14	Represents net activity. Refer to Note 5 for more information on securities lending.
15	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
16	Amount less than .01%.

22 SMALLCAP World Fund

Key to abbreviations

ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
GDR = Global Depositary Receipts
HKD = Hong Kong dollars
NOK = Norwegian kroner
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
USD = U.S. dollars

Refer to the notes to financial statements.

SMALLCAP World Fund 23

Financial statements
Statement of assets and liabilities at March 31, 2023	unaudited (dollars in thousands)

Assets:
Investment securities, at value (includes $1,015,555 of investment securities on loan):
Unaffiliated issuers (cost: $32,814,783)	$	42,931,128
Affiliated issuers (cost: $18,224,495)		21,301,228	$	64,232,356
Cash				17,064
Cash denominated in currencies other than U.S. dollars (cost: $7,545)				7,523
Receivables for:
Sales of investments		147,315
Sales of fund’s shares		48,374
Dividends and interest		83,509
Other		203		279,401
				64,536,344
Liabilities:
Collateral for securities on loan				534,167
Payables for:
Purchases of investments		150,868
Repurchases of fund’s shares		33,943
Investment advisory services		32,186
Services provided by related parties		10,629
Directors’ deferred compensation		4,087
Non-U.S. taxes		94,650
Other		2,392		328,755
Net assets at March 31, 2023			$	63,673,422
Net assets consist of:
Capital paid in on shares of capital stock			$	52,149,737
Total distributable earnings				11,523,685
Net assets at March 31, 2023			$	63,673,422

Refer to the notes to financial statements.

24 SMALLCAP World Fund

Financial statements (continued)
Statement of assets and liabilities at March 31, 2023 (continued)	unaudited

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

Total authorized capital stock — 2,000,000 shares,
$.01 par value (1,052,977 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	26,201,354		438,857		$	59.70
Class C		392,367		8,088			48.51
Class T		12		—	*		60.52
Class F-1		490,308		8,349			58.73
Class F-2		8,310,781		135,226			61.46
Class F-3		4,859,952		79,620			61.04
Class 529-A		1,550,966		26,411			58.72
Class 529-C		43,609		880			49.56
Class 529-E		53,272		951			56.01
Class 529-T		16		—	*		60.37
Class 529-F-1		10		—	*		60.25
Class 529-F-2		223,914		3,735			59.94
Class 529-F-3		10		—	*		60.02
Class R-1		27,780		549			50.56
Class R-2		452,061		8,932			50.61
Class R-2E		30,395		527			57.63
Class R-3		643,283		11,544			55.73
Class R-4		625,065		10,563			59.18
Class R-5E		166,932		2,766			60.35
Class R-5		309,989		4,944			62.70
Class R-6		19,291,346		311,035			62.02

* Amount less than one thousand.

Refer to the notes to financial statements.

SMALLCAP World Fund 25

Financial statements (continued)
Statement of operations for the six months ended March 31, 2023	unaudited (dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $14,676; also includes $150,143 from affiliates)	$	364,421
Securities lending income (net of fees)		16,670
Interest (includes $100 from affiliates)		8,576		$	389,667
Fees and expenses*:
Investment advisory services		185,635
Distribution services		40,322
Transfer agent services		26,608
Administrative services		9,166
529 plan services		551
Reports to shareholders		1,211
Registration statement and prospectus		1,650
Directors’ compensation		226
Auditing and legal		94
Custodian		2,356
State and local taxes		1
Other		659			268,479
Net investment income					121,188
Net realized loss and unrealized appreciation:
Net realized loss on:
Investments (net of non-U.S. taxes of $12,623):
Unaffiliated issuers		(300,546	)
Affiliated issuers		(248,571	)
Currency transactions		(2,140	)		(551,257	)
Net unrealized appreciation on:
Investments (net of non-U.S. taxes of $90,005):
Unaffiliated issuers		5,318,656
Affiliated issuers		3,386,523
Currency translations		1,338			8,706,517
Net realized loss and unrealized appreciation					8,155,260
Net increase in net assets resulting from operations				$	8,276,448

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

Refer to the notes to financial statements.

26 SMALLCAP World Fund

Financial statements (continued)
Statements of changes in net assets
	(dollars in thousands)

	Six months ended March 31, 2023*			Year ended September 30, 2022
Operations:
Net investment income	$	121,188		$	66,217
Net realized loss		(551,257	)		(453,940	)
Net unrealized appreciation (depreciation)		8,706,517			(29,397,182	)
Net increase (decrease) in net assets resulting from operations		8,276,448			(29,784,905	)
Distributions paid to shareholders		(90,904	)		(6,882,670	)
Net capital share transactions		(92,266	)		11,033,527
Total increase (decrease) in net assets		8,093,278			(25,634,048	)
Net assets:
Beginning of period		55,580,144			81,214,192
End of period	$	63,673,422		$	55,580,144

* Unaudited.

Refer to the notes to financial statements.

SMALLCAP World Fund 27

Notes to financial statements unaudited

1. Organization

SMALLCAP World Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide long-term growth of capital. Shareholders approved a proposal to reorganize the fund from a Maryland corporation to a Delaware statutory trust. The reorganization may be completed in the next year; however, the fund reserves the right to delay the implementation.

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

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

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

2. Significant accounting policies

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

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

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

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

28 SMALLCAP World Fund

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

3. Valuation

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

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

Equity securities, 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 29

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 “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of directors. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of March 31, 2023 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	5,502,226	$	7,877,785	$	15,528		$	13,395,539
Consumer discretionary		6,478,530		4,550,971		8,285			11,037,786
Information technology		4,875,087		4,483,888		73,782			9,432,757
Health care		6,053,540		2,520,178		4,081			8,577,799
Financials		3,411,324		3,107,961		37,957			6,557,242
Materials		892,503		1,713,653		—			2,606,156
Consumer staples		900,652		1,324,629		—			2,225,281
Energy		1,411,667		397,218		72,275			1,881,160
Communication services		973,978		714,160		—	1		1,688,138
Real estate		743,545		372,295		—			1,115,840
Utilities		263,560		261,201		128			524,889
Preferred securities		47,481		—		609,645			657,126
Rights & warrants		91		107,224		21			107,336
Convertible stocks		—		—		48,550			48,550
Convertible bonds & notes		—		—		2,000			2,000
Short-term securities		4,374,757		—		—			4,374,757
Total	$	35,928,941	$	27,431,163	$	872,252		$	64,232,356

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 six months ended March 31, 2023 (dollars in thousands):

	Beginning value at 10/1/2022		Transfers into Level 32		Purchases		Sales			Net realized loss3			Unrealized depreciation3			Transfers out of Level 32			Ending value at 3/31/2023
Investment securities		$898,553		$29,271		$3,604		$(4,255	)		$(13,635	)		$(30,322	)		$(10,964	)	$	872,252
Net unrealized depreciation during the period on Level 3 investment securities held at March 31, 2023																			$	(16,473	)

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

30 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 3/31/2023	Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Common stocks	$212,036	Market comparable companies	Price/Cash flow multiple	5.8x	5.8x	Increase
			EV/Gross Profit multiple	18.7x	18.7x	Increase
			EV/Sales multiple	2.7x - 8.1x	6.6x	Increase
			Net adjustment (decrease) based on movement of market comparables	27% - 74%	34%	Decrease
			DLOM	18% - 30%	19%	Decrease
		Market approach	DLOM	30%	30%	Decrease
			Transaction price	Not applicable	Not applicable	Not applicable
		Transaction	Transaction price	Not applicable	Not applicable	Not applicable
		Estimated recovery value	Expected proceeds	Not applicable	Not applicable	Not applicable
Preferred securities	609,645	Transaction	Transaction price	Not applicable	Not applicable	Not applicable
			Discount to transaction price	30% - 53%	41%	Decrease
		Discounted cash flow	WACC	10% - 20%	14%	Decrease
			Risk discount	10% - 95%	46%	Decrease
		Market comparable companies	EV/Sales multiple	1.5x - 16.0x	8.4x	Increase
			EV/Gross Profit multiple	7.5x - 18.7x	15.5x	Increase
			Price/Sales multiple	12.4x	12.4x	Increase
			Net adjustment (decrease) based on movement of market comparables	3% - 74%	42%	Decrease
			Net adjustment (increase) based on movement of market comparables	10% - 40%	24%	Increase
			DLOM	10% - 30%	17%	Decrease
		Inputs to market comparables and discounted cash flow	Weight ascribed to market comparables	50%	50%	Not applicable
			Weight ascribed to discounted cash flow	50%	50%	Not applicable
Rights & warrants	21	Black-Scholes	Underlying share price	Not applicable	Not applicable	Not applicable
			Implied volatility	30%	30%	Increase
Convertible stocks	48,550	Market comparable companies	EV/Sales multiple	2.8x - 5.6x	4.4x	Increase
			Net adjustment (decrease) based on movement of market comparables	33%	33%	Decrease
			DLOM	17%	17%	Decrease
		Transaction	Transaction price	Not applicable	Not applicable	Not applicable
Convertible bonds & notes	2,000	Transaction	Transaction price	Not applicable	Not applicable	Not applicable
Total	$872,252

*	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. 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 31

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.

32 SMALLCAP World Fund

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems 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. 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.

As of March 31, 2023, the total value of securities on loan was $1,015,555,000, and the total value of collateral received was $1,087,792,000. Collateral received includes cash of $534,167,000 and U.S. government securities of $553,625,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

SMALLCAP World Fund 33

6. Taxation and distributions

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

As of and during the period ended March 31, 2023, 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. 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.; cost of investments sold; non-U.S. taxes on capital gains and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2022, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Late year ordinary loss deferral*	$	(44,671	)
Post-October capital loss deferral*		(846,540	)

* These deferrals are considered incurred in the subsequent year.

As of March 31, 2023, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	17,457,842
Gross unrealized depreciation on investments		(4,442,787	)
Net unrealized appreciation on investments		13,015,055
Cost of investments		51,217,301

34 SMALLCAP World Fund

Distributions paid were characterized for tax purposes as follows (dollars in thousands):

	Six months ended March 31, 2023								Year ended September 30, 2022
						Total							Total
	Ordinary			Long-term		distributions			Ordinary		Long-term		distributions
Share class	income			capital gains		paid			income		capital gains		paid
Class A	$	—		$	—	$	—		$	—	$	3,186,223	$	3,186,223
Class C		—			—		—			—		69,187		69,187
Class T		—	†		—		—	†		—		2		2
Class F-1		—			—		—			—		66,368		66,368
Class F-2		16,318			—		16,318			—		892,658		892,658
Class F-3		14,319			—		14,319			—		458,716		458,716
Class 529-A		—			—		—			—		189,038		189,038
Class 529-C		—			—		—			—		8,227		8,227
Class 529-E		—			—		—			—		7,066		7,066
Class 529-T		—	†		—		—	†		—		2		2
Class 529-F-1		—	†		—		—	†		—		1		1
Class 529-F-2		477			—		477			—		23,295		23,295
Class 529-F-3		—	†		—		—	†		—		1		1
Class R-1		—			—		—			—		3,472		3,472
Class R-2		—			—		—			—		67,127		67,127
Class R-2E		—			—		—			—		4,067		4,067
Class R-3		—			—		—			—		85,499		85,499
Class R-4		—			—		—			—		81,892		81,892
Class R-5E		270			—		270			—		16,013		16,013
Class R-5		773			—		773			—		39,887		39,887
Class R-6		58,747			—		58,747			—		1,683,929		1,683,929
Total	$	90,904		$	—	$	90,904		$	—	$	6,882,670	$	6,882,670

^†  Amount less than one thousand.

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 0.585% on such assets in excess of $71 billion. 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. For the six months ended March 31, 2023, the investment advisory services fees were $185,635,000, which were equivalent to an annualized rate of 0.608% of average daily net assets.

SMALLCAP World Fund 35

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of directors approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of March 31, 2023, 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.

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended March 31, 2023, the 529 plan services fees were $551,000, which were equivalent to 0.061% of the average daily net assets of each 529 share class.

36 SMALLCAP World Fund

For the six months ended March 31, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

	Distribution	Transfer agent		Administrative		529 plan
Share class	services	services		services		services
Class A	$31,404	$18,508		$3,838		Not applicable
Class C	1,970	288		60		Not applicable
Class T	—	—	*	—	*	Not applicable
Class F-1	591	423		73		Not applicable
Class F-2	Not applicable	4,351		1,201		Not applicable
Class F-3	Not applicable	18		667		Not applicable
Class 529-A	1,760	1,018		226		$457
Class 529-C	226	31		7		14
Class 529-E	130	15		8		16
Class 529-T	—	—	*	—	*	—	*
Class 529-F-1	—	—	*	—	*	—	*
Class 529-F-2	Not applicable	44		32		64
Class 529-F-3	Not applicable	—	*	—	*	—	*
Class R-1	133	13		4		Not applicable
Class R-2	1,662	784		66		Not applicable
Class R-2E	88	30		4		Not applicable
Class R-3	1,580	486		95		Not applicable
Class R-4	778	321		93		Not applicable
Class R-5E	Not applicable	121		24		Not applicable
Class R-5	Not applicable	82		46		Not applicable
Class R-6	Not applicable	75		2,722		Not applicable
Total class-specific expenses	$40,322	$26,608		$9,166		$551

* 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 $226,000 in the fund’s statement of operations reflects $141,000 in current fees (either paid in cash or deferred) and a net increase of $85,000 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 six months ended March 31, 2023, the fund engaged in such purchase and sale transactions with related funds in the amounts of $157,240,000 and $72,962,000, respectively, which generated $23,558,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended March 31, 2023.

SMALLCAP World Fund 37

8. Committed line of credit

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the six months ended March 31, 2023.

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):

					Reinvestments of												Net (decrease)
	Sales*				distributions						Repurchases*						increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2023
Class A	$	763,876		13,179	$	—			—		$	(1,571,649	)		(27,361	)	$	(807,773	)		(14,182	)
Class C		21,986		467		—			—			(60,936	)		(1,298	)		(38,950	)		(831	)
Class T		—		—		—			—			—			—			—			—
Class F-1		13,524		238		—			—			(43,455	)		(769	)		(29,931	)		(531	)
Class F-2		870,089		14,613		15,913			272			(958,361	)		(16,182	)		(72,359	)		(1,297	)
Class F-3		857,183		14,379		14,216			244			(490,573	)		(8,348	)		380,826			6,275
Class 529-A		65,972		1,158		—			—			(95,425	)		(1,680	)		(29,453	)		(522	)
Class 529-C		4,009		84		—			—			(10,841	)		(227	)		(6,832	)		(143	)
Class 529-E		2,180		40		—			—			(3,746	)		(69	)		(1,566	)		(29	)
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		21,065		364		477			8			(16,028	)		(278	)		5,514			94
Class 529-F-3		—		—		—	†		—	†		—			—			—	†		—	†
Class R-1		1,703		34		—			—			(1,309	)		(26	)		394			8
Class R-2		36,342		740		—			—			(54,979	)		(1,132	)		(18,637	)		(392	)
Class R-2E		3,373		61		—			—			(3,431	)		(62	)		(58	)		(1	)
Class R-3		52,098		969		—			—			(80,912	)		(1,514	)		(28,814	)		(545	)
Class R-4		33,686		589		—			—			(76,289	)		(1,344	)		(42,603	)		(755	)
Class R-5E		21,469		368		270			5			(13,918	)		(237	)		7,821			136
Class R-5		14,758		243		772			13			(35,028	)		(584	)		(19,498	)		(328	)
Class R-6		1,048,590		17,506		58,382			987			(497,319	)		(8,146	)		609,653			10,347
Total net increase (decrease)	$	3,831,903		65,032	$	90,030			1,529		$	(4,014,199	)		(69,257	)	$	(92,266	)		(2,696	)

Refer to the end of the table for footnotes.

38 SMALLCAP World Fund

					Reinvestments of											Net increase
	Sales*				distributions					Repurchases*						(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			—	†
Class 529-F-1		—		—		1		—	†		—			—			1			—	†
Class 529-F-2		50,316		727		23,290		302			(34,329	)		(493	)		39,277			536
Class 529-F-3		—		—		1		—	†		—			—			1			—	†
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

*	Includes exchanges between share classes of the fund.
†	Amount less than one thousand.

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 $11,000,813,000 and $7,878,128,000, respectively, during the six months ended March 31, 2023.

SMALLCAP World Fund 39

Financial highlights

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class A:
3/31/20235,6	$	51.99	$	.06		$	7.65		$	7.71		$	—		$	—		$	—		$	59.70		14.83	%7	$	26,201			1.05	%8		1.05	%8		.23	%8
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:
3/31/20235,6		42.40		(.12	)		6.23			6.11			—			—			—			48.51		14.41	7		392			1.79	8		1.79	8		(.52	)8
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:
3/31/20235,6		52.73		.14			7.77			7.91			(.12	)		—			(.12	)		60.52		14.99	7,9		—	10		.78	8,9		.78	8,9		.50	8,9
9/30/2022		89.14		.13			(29.14	)		(29.01	)		—			(7.40	)		(7.40	)		52.73		(35.21	)9		—	10		.76	9		.76	9		.19	9
9/30/2021		66.78		(.18	)		23.81			23.63			—			(1.27	)		(1.27	)		89.14		35.64	9		—	10		.79	9		.79	9		(.21	)9
9/30/2020		55.54		—	11		13.73			13.73			—			(2.49	)		(2.49	)		66.78		25.30	9		—	10		.81	9		.81	9		—	9,12
9/30/2019		60.35		.18			(1.68	)		(1.50	)		—			(3.31	)		(3.31	)		55.54		(1.14	)9		—	10		.82	9		.82	9		.33	9
9/30/2018		55.64		.15			7.06			7.21			—			(2.50	)		(2.50	)		60.35		13.36	9		—	10		.85	9		.85	9		.25	9
Class F-1:
3/31/20235,6		51.14		.06			7.53			7.59			—			—			—			58.73		14.82	7		490			1.08	8		1.08	8		.20	8
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		—	11		6.97			6.97			—			(2.50	)		(2.50	)		59.47		13.06			770			1.09			1.09			.01
Class F-2:
3/31/20235,6		53.55		.15			7.88			8.03			(.12	)		—			(.12	)		61.46		15.01	7		8,311			.77	8		.77	8		.51	8
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:
3/31/20235,6		53.22		.18			7.83			8.01			(.19	)		—			(.19	)		61.04		15.05	7		4,860			.66	8		.66	8		.62	8
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:
3/31/20235,6		51.14		.05			7.53			7.58			—			—			—			58.72		14.80	7		1,551			1.09	8		1.09	8		.19	8
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		—	11		6.96			6.96			—			(2.50	)		(2.50	)		59.47		13.05			1,430			1.11			1.11			—	12

Refer to the end of the table for footnotes.

40 SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class 529-C:
3/31/20235,6	$	43.33	$	(.14	)	$	6.37		$	6.23		$	—		$	—		$	—		$	49.56		14.38	%7	$	44			1.86	%8		1.86	%8		(.59	)%8
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:
3/31/20235,6		48.83		—	11		7.18			7.18			—			—			—			56.01		14.70	7		53			1.27	8		1.27	8		—	8,12
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:
3/31/20235,6		52.59		.13			7.74			7.87			(.09	)		—			(.09	)		60.37		14.96	7,9		—	10		.83	8,9		.83	8,9		.44	8,9
9/30/2022		88.95		.10			(29.06	)		(28.96	)		—			(7.40	)		(7.40	)		52.59		(35.24	)9		—	10		.81	9		.81	9		.15	9
9/30/2021		66.67		(.22	)		23.77			23.55			—			(1.27	)		(1.27	)		88.95		35.60	9		—	10		.84	9		.84	9		(.26	)9
9/30/2020		55.49		(.03	)		13.70			13.67			—			(2.49	)		(2.49	)		66.67		25.21	9		—	10		.85	9		.85	9		(.05	)9
9/30/2019		60.32		.15			(1.67	)		(1.52	)		—			(3.31	)		(3.31	)		55.49		(1.17	)9		—	10		.87	9		.87	9		.28	9
9/30/2018		55.63		.13			7.06			7.19			—			(2.50	)		(2.50	)		60.32		13.30	9		—	10		.88	9		.88	9		.22	9
Class 529-F-1:
3/31/20235,6		52.48		.11			7.71			7.82			(.05	)		—			(.05	)		60.25		14.91	7,9		—	10		.89	8,9		.89	8,9		.38	8,9
9/30/2022		88.82		.06			(29.00	)		(28.94	)		—			(7.40	)		(7.40	)		52.48		(35.28	)9		—	10		.87	9		.87	9		.09	9
9/30/2021		66.57		(.29	)		23.81			23.52			—			(1.27	)		(1.27	)		88.82		35.60	9		—	10		.80	9		.80	9		(.42	)9
9/30/2020		55.41		(.03	)		13.68			13.65			—			(2.49	)		(2.49	)		66.57		25.21			181			.86			.86			(.05	)
9/30/2019		60.26		.15			(1.69	)		(1.54	)		—			(3.31	)		(3.31	)		55.41		(1.22	)		146			.88			.88			.27
9/30/2018		55.58		.13			7.05			7.18			—			(2.50	)		(2.50	)		60.26		13.31			136			.89			.89			.22
Class 529-F-2:
3/31/20235,6		52.24		.15			7.68			7.83			(.13	)		—			(.13	)		59.94		14.99	7		224			.76	8		.76	8		.52	8
9/30/2022		88.37		.14			(28.87	)		(28.73	)		—			(7.40	)		(7.40	)		52.24		(35.22	)		190			.76			.76			.21
9/30/20215,13		65.50		(.16	)		24.30			24.14			—			(1.27	)		(1.27	)		88.37		37.11	7		274			.80	8		.80	8		(.21	)8
Class 529-F-3:
3/31/20235,6		52.32		.16			7.69			7.85			(.15	)		—			(.15	)		60.02		15.02	7		—	10		.73	8		.73	8		.54	8
9/30/2022		88.45		.17			(28.90	)		(28.73	)		—			(7.40	)		(7.40	)		52.32		(35.19	)		—	10		.71			.71			.25
9/30/20215,13		65.50		(.09	)		24.31			24.22			—			(1.27	)		(1.27	)		88.45		37.23	7		—	10		.76	8		.71	8		(.12	)8
Class R-1:
3/31/20235,6		44.18		(.12	)		6.50			6.38			—			—			—			50.56		14.44	7		28			1.75	8		1.75	8		(.48	)8
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 41

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class R-2:
3/31/20235,6	$	44.23	$	(.12	)	$	6.50		$	6.38		$	—		$	—		$	—		$	50.61		14.42	%7	$	452		1.76	%8		1.76	%8		(.49	)%8
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:
3/31/20235,6		50.29		(.05	)		7.39			7.34			—			—			—			57.63		14.60	7		31		1.46	8		1.46	8		(.19	)8
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:
3/31/20235,6		48.59		(.01	)		7.15			7.14			—			—			—			55.73		14.69	7		643		1.31	8		1.31	8		(.04	)8
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:
3/31/20235,6		51.52		.07			7.59			7.66			—			—			—			59.18		14.87	7		625		1.01	8		1.01	8		.26	8
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:
3/31/20235,6		52.58		.14			7.73			7.87			(.10	)		—			(.10	)		60.35		14.95	7		167		.81	8		.81	8		.47	8
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:
3/31/20235,6		54.65		.17			8.03			8.20			(.15	)		—			(.15	)		62.70		15.02	7		310		.71	8		.71	8		.56	8
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:
3/31/20235,6		54.08		.18			7.95			8.13			(.19	)		—			(.19	)		62.02		15.06	7		19,291		.66	8		.66	8		.62	8
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.

42 SMALLCAP World Fund

Financial highlights (continued)

	Six months ended			Year ended September 30,
	March 31, 20235,6,7			2022			2021			2020			2019			2018
Portfolio turnover rate for all share classes14		14	%		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	Based on operations for a period that is less than a full year.
6	Unaudited.
7	Not annualized.
8	Annualized.
9	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
10	Amount less than $1 million.
11	Amount less than $.01.
12	Amount less than .01%.
13	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
14	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 43

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (October 1, 2022, through March 31, 2023).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

44 SMALLCAP World Fund

Expense example (continued)

	Beginning account value 10/1/2022		Ending account value 3/31/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,148.27	$	5.62		1.05	%
Class A – assumed 5% return		1,000.00		1,019.70		5.29		1.05
Class C – actual return		1,000.00		1,144.11		9.57		1.79
Class C – assumed 5% return		1,000.00		1,016.01		9.00		1.79
Class T – actual return		1,000.00		1,149.94		4.18		.78
Class T – assumed 5% return		1,000.00		1,021.04		3.93		.78
Class F-1 – actual return		1,000.00		1,148.17		5.78		1.08
Class F-1 – assumed 5% return		1,000.00		1,019.55		5.44		1.08
Class F-2 – actual return		1,000.00		1,150.10		4.13		.77
Class F-2 – assumed 5% return		1,000.00		1,021.09		3.88		.77
Class F-3 – actual return		1,000.00		1,150.54		3.54		.66
Class F-3 – assumed 5% return		1,000.00		1,021.64		3.33		.66
Class 529-A – actual return		1,000.00		1,147.98		5.84		1.09
Class 529-A – assumed 5% return		1,000.00		1,019.50		5.49		1.09
Class 529-C – actual return		1,000.00		1,143.80		9.94		1.86
Class 529-C – assumed 5% return		1,000.00		1,015.66		9.35		1.86
Class 529-E – actual return		1,000.00		1,147.03		6.80		1.27
Class 529-E – assumed 5% return		1,000.00		1,018.60		6.39		1.27
Class 529-T – actual return		1,000.00		1,149.57		4.45		.83
Class 529-T – assumed 5% return		1,000.00		1,020.79		4.18		.83
Class 529-F-1 – actual return		1,000.00		1,149.15		4.77		.89
Class 529-F-1 – assumed 5% return		1,000.00		1,020.49		4.48		.89
Class 529-F-2 – actual return		1,000.00		1,149.95		4.07		.76
Class 529-F-2 – assumed 5% return		1,000.00		1,021.14		3.83		.76
Class 529-F-3 – actual return		1,000.00		1,150.22		3.91		.73
Class 529-F-3 – assumed 5% return		1,000.00		1,021.29		3.68		.73
Class R-1 – actual return		1,000.00		1,144.43		9.36		1.75
Class R-1 – assumed 5% return		1,000.00		1,016.21		8.80		1.75
Class R-2 – actual return		1,000.00		1,144.24		9.41		1.76
Class R-2 – assumed 5% return		1,000.00		1,016.16		8.85		1.76
Class R-2E – actual return		1,000.00		1,145.97		7.81		1.46
Class R-2E – assumed 5% return		1,000.00		1,017.65		7.34		1.46
Class R-3 – actual return		1,000.00		1,146.92		7.01		1.31
Class R-3 – assumed 5% return		1,000.00		1,018.40		6.59		1.31
Class R-4 – actual return		1,000.00		1,148.68		5.41		1.01
Class R-4 – assumed 5% return		1,000.00		1,019.90		5.09		1.01
Class R-5E – actual return		1,000.00		1,149.55		4.34		.81
Class R-5E – assumed 5% return		1,000.00		1,020.89		4.08		.81
Class R-5 – actual return		1,000.00		1,150.23		3.81		.71
Class R-5 – assumed 5% return		1,000.00		1,021.39		3.58		.71
Class R-6 – actual return		1,000.00		1,150.60		3.54		.66
Class R-6 – assumed 5% return		1,000.00		1,021.64		3.33		.66

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

SMALLCAP World Fund 45

Liquidity Risk Management Program unaudited

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

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

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

46 SMALLCAP World Fund

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SMALLCAP World Fund 47

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48 SMALLCAP World Fund

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SMALLCAP World Fund 49

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50 SMALLCAP World Fund

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SMALLCAP World Fund 51

Office of the fund

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

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

Transfer agent for shareholder accounts

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

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

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

Custodian of assets

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900

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

52 SMALLCAP World Fund

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

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

SMALLCAP World Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of SMALLCAP World Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after June 30, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

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

S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc.

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 28 years of investment industry experience, including 22 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-focused funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.² Relative to their peers, our fixed income funds have helped investors achieve better 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, 2022.
2	Based on Class F-2 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2022. 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. Past results are not predictive of results in future periods.
3	Based on Class F-2 share results as of December 31, 2022. Sixteen of the 18 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. 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 mutual fund management fees were in the lowest quintile 62% of the time, based on the 20-year period ended December 31, 2022, 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. Refer to capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

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

SIGNATURES

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

SMALLCAP WORLD FUND, INC.

By __/s/ Walter R. Burkley____________________

Walter R. Burkley,

Principal Executive Officer

Date: May 31, 2023

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

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: May 31, 2023

By ___/s/ Hong T. Le    __________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: May 31, 2023