American Funds SMALLCAP World Fund (SMCWX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05888

SMALLCAP World Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2023

Hong T. Le

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

SMALLCAP World Fund®
Annual report for the year ended September 30, 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, refer to capitalgroup.com.

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

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

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

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

Contents

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

Fellow investors:

In a period characterized by market volatility and geopolitical turmoil, SMALLCAP World Fund generated a return of 13.64% (F-2 shares) for the fund’s fiscal year ended September 30, 2023. Over the same 12-month period, the fund’s primary benchmark index, the MSCI All Country World Small Cap Index — an unmanaged measure of small capitalization companies from around the world — climbed 15.24%.

Over the last 12 months, the U.S. Federal Reserve maintained its hawkish stance — unrelenting in its goal to tame inflation. Thus far the U.S. economy has proved resilient in the face of higher interest rates, though we caution that much can change over the next 6–12 months. We believe the fund is well-positioned to weather any forthcoming volatility.

Although the fund modestly lagged its benchmark for the 12-month period ended September 30, 2023, it recorded positive relative returns over the five-year, ten-year and lifetime periods. As always, our focus remains on delivering long-term growth of capital to fund investors by finding compelling opportunities among some of the fastest growing and most innovative companies in the world.

The year in review

In our many decades of fund management, we have refined our playbook for how to position the portfolio during both up- and down-market cycles. Times of market uncertainty are nothing new for this fund, or its portfolio managers. We have weathered periods of significant market distress, such as the dot-com bubble, global financial crisis, Brexit and most recently the Russia-Ukraine war. Throughout these tumultuous times, our focus has always been on finding differentiated companies that offer long-term capital appreciation.

Results at a glance

For periods ended September 30, 2023, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime1
SMALLCAP World Fund (Class F-2 shares2)		13.64	%		4.36	%		7.17	%		9.29	%
SMALLCAP World Fund (Class A shares)		13.31			4.08			6.89			9.02
MSCI All Country World Small Cap Index3		15.24			3.53			6.16			7.65

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.

Past results are not predictive of results in future periods.

SMALLCAP World Fund 1

Our investment professionals have pressure-tested their investment theses to focus on the highest conviction holdings. We are confident that we are in a strong position as a result of this exercise and our deep fundamental research capabilities, our discipline and our rigorous investment process.

This year, the U.S. Federal Reserve continued its battle against inflation — raising interest rates seven times since September 2022. We are seeing early signs of inflation cooling off — with the year-on-year consumer price index (CPI) dropping from 9% last year to 3% as of August 2023. To date, the U.S. consumer has proven largely immune to higher real interest rates thanks to a healthy labor market and pent-up demand for goods and services post-COVID.

That said, cracks are beginning to emerge as the economy works its way through the remnants of COVID-era financial stimulus. While wage growth has been strong and enduring labor markets offered a supportive backdrop for the economy, we expect this will increasingly impact profit margins for companies. For example, there are signs that some segments of the consumer are seeing the cumulative impacts of inflation, along with using up accumulated savings from stimulus during COVID — dollar stores are examples of this.

In March 2023, the U.S. passed a small banking crisis relatively quickly, and we are seeing stabilization after significant government intervention. While the fund did not have a large exposure to regional banks, there was unfortunately some impact — for example our holding of Silicon Valley Bank (SVB). Fortunately, this holding was significantly smaller than prior years as we had reduced this holding before the crisis set in. Our investment analysts are doing deep work on the sector to find potential opportunities over the next few years.

Meanwhile, a reshoring theme has emerged globally following the supply chain issues seen exiting the COVID-19 pandemic. Companies that were once reliant on single sources for production are taking a more cautious approach to building out supply chains. What some are now referring to as a ‘renaissance’ of U.S. manufacturing is beginning to take shape, in part due to reshoring incentives included in the U.S. Inflation Reduction Act.

Outside of the U.S., a strong U.S. dollar continues to present a currency headwind for total returns, particularly for emerging market companies. In Europe, the Russia-Ukraine war continues to shape European policies related to food and energy security, as well as climate change mitigation. In China, structural headwinds, including a weak real estate market, weigh on the country’s economic recovery. In India, economic reforms, government investment in infrastructure, technology and manufacturing are giving way to a period of booming economic growth for the region.

Among sector highlights, communication services and information technology have been two of the best returning sectors year to date. Utilities and real estate are two of the worst returning sectors.

How the fund responded

Among our top 20 holdings, 95% had positive absolute returns over the fiscal year period, with an average return of 42.48%. The holdings in the portfolio reflect our conviction in the opportunity for long-term value creation by these companies.

U.S. ground transportation company Saia (up 109.82%), asset management company Ares Management (up 66.05%) and building materials company TopBuild (up 52.69%) were among the largest contributors to the fund’s 12-month relative return, as of September 30, 2023. U.S. semiconductor manufacturer Wolfspeed (down 63.14%), healthcare oncology company Novocure (down 78.74%) and pet insurance company Trupanion (down 52.55%) were among the largest detractors.

We take a bottom-up approach to our security selection, relying on fundamental research and analysis to assess the potential for a company or issuer to generate long-term value. Real estate and financial securities were the strongest contributors to relative returns, while healthcare and information technology detracted most.

Our holdings span 39 countries, as we identify compelling and differentiated opportunities across the globe. The fund

Past results are not predictive of results in future periods.

2 SMALLCAP World Fund

saw the strongest contributions from our U.S. and Greece holdings, while our holdings in Japan and China were the largest detractors on a relative return basis. U.S. companies comprised 43.6% of the fund’s holdings, with the balance split across countries in Europe (21.7%), Asia-Pacific (21.1%) and other countries including Canada and Latin America (6.3%).

The fund ended the fiscal year with 7.3% of its assets held in cash and other short-term securities. We leverage our liquidity to capitalize on investment opportunities and to help mitigate the effects of market volatility.

The road ahead

We are confident that our commitment to deep, fundamental research will arm our investment professionals with the insights necessary to make informed investment decisions.

Despite geopolitical volatility, we are continuing to find compelling investment opportunities across the globe. We will monitor the strength of the U.S. economy and the impact of rising rates on companies and the economy overall. Ultimately, we believe good companies and agile management teams with strong product and service offerings should be able to successfully navigate this environment.

India is one of the fastest growing economies in the world — and a region where we see potential for significant secular growth. Government reforms, an infrastructure boom and expanding manufacturing capacity are creating meaningful growth opportunities for this economy. We have positioned the portfolio to potentially benefit from these tailwinds.

Globally, we are finding that the rise of artificial intelligence has so far primarily benefited mega-cap companies. We are assessing the opportunities, and threats, to smaller companies based on this emerging theme.

We are confident in the opportunities the SMALLCAP World Fund provides to its investors — including access to our global research team of over 100 investment professionals that are out meeting with companies every day to identify the innovators and standard-setters shaping our future. Our collective depth of experience and resources support our commitment to identifying differentiated companies that we believe can support superior long-term outcomes for our clients.

Finally, co-president of the fund, Jonathan Knowles, would like to extend his sincere gratitude to shareholders for their support during his 23-year tenure as a portfolio manager on SMALLCAP World Fund. Jonathan is one of the longest standing portfolio managers on the fund and has made significant contributions to the fund’s growth and success over the last two decades.

Jonathan’s retirement at year end 2023 comes as a part of the fund’s long-term succession planning, and our deep bench of experienced investment professionals will help position the fund for future success.

We thank you for the trust you have placed in us, and your continued support of the SMALLCAP World Fund. We look forward to reporting to you again in six months.

Cordially,

Julian N. Abdey

Co-President

Jonathan Knowles

Co-President

Gregory W. Wendt

Co-President

November 7, 2023

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

Past results are not predictive of results in future periods.

SMALLCAP World Fund 3

The value of a long-term perspective

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. For current information and month-end results, refer to capitalgroup.com.

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

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

1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2	Includes reinvested dividends and reinvested capital gain distributions.
3	The MSCI All Country World Small Cap Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Results reflect dividends net of withholding taxes. Because the index was not in existence when the fund’s Class A shares were first sold, cumulative returns through May 31, 1994, reflect the returns of the S&P Developed <$1.2 Billion Index. MSCI source: MSCI. S&P source: S&P Dow Jones Indices LLC.
4	For the period April 30, 1990, commencement of operations, through September 30, 1990.

4 SMALLCAP World Fund

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in SMALLCAP World Fund’s Class F-2 and Class A shares grew from April 30, 1990 — the fund’s inception — through September 30, 2023, the end of the fund’s latest fiscal year. In the case of F-2 shares, the $10,000 would have grown to $194,781 with all distributions reinvested. In the case of A shares, the $10,000 would have grown to $168,950 with all distributions reinvested, even after deducting the maximum 5.75% sales charge.

SMALLCAP World Fund 5

Investment portfolio September 30, 2023

Sector diversification Percent of net assets

 

Country diversification by domicile	Percent of net assets
United States		43.59	%
Eurozone*		8.89
India		7.26
Japan		6.67
United Kingdom		5.20
Sweden		3.50
Canada		3.34
Switzerland		2.53
China		1.77
Other countries		9.99
Short-term securities & other assets less liabilities		7.26

* 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 91.60%	Shares		Value (000)
Industrials 21.08%
Saia, Inc.1,2		1,982,584	$	790,357
Diploma PLC1		10,722,439		391,737
Comfort Systems USA, Inc.1		2,278,965		388,358
Interpump Group SpA1		7,903,927		362,114
IMCD NV		2,500,730		316,099
ATS Corp.1,2		7,339,577		312,874
AZEK Co., Inc. (The), Class A1,2		9,089,023		270,308
BayCurrent Consulting, Inc.		7,161,700		239,295
BELIMO Holding AG		486,885		230,773
Chart Industries, Inc.2,3		1,259,370		212,985
Arcosa, Inc.1		2,953,614		212,365
XPO, Inc.2		2,842,812		212,244
Crane Co.		2,375,716		211,059
VAT Group AG		553,191		196,988
NIBE Industrier AB, Class B		29,398,225		191,578
Stericycle, Inc.2		4,223,425		188,829
Wizz Air Holdings PLC1,2		7,274,650		169,301
EnPro Industries, Inc.1		1,363,052		165,188
International Container Terminal Services, Inc.		44,009,076		160,803
TransDigm Group, Inc.2		190,000		160,195
Willscot Mobile Mini Holdings Corp., Class A2		3,841,326		159,761
Visional, Inc.1,2,3		3,127,230		157,084
Regal Rexnord Corp.		1,087,715		155,413
TFI International, Inc. (CAD denominated)		1,095,482		140,693
TFI International, Inc.		68,200		8,757
Trelleborg AB, Class B		5,782,697		143,498
Carel Industries SpA1		5,962,851		142,928
Armstrong World Industries, Inc.		1,984,953		142,917
Hensoldt AG		4,722,320		139,317
Kadant, Inc.1		611,789		137,989
Grupo Aeroportuario del Centro Norte, SAB de CV, Series B		12,071,262		131,009
Harmonic Drive Systems, Inc.1,3		5,827,850		129,347
RS Group PLC		13,957,409		124,706
Japan Airport Terminal Co., Ltd.		2,887,481		122,208
ESCO Technologies, Inc.		1,156,662		120,802
ICF International, Inc.1		978,476		118,210
Cleanaway Waste Management, Ltd.		75,279,081		116,754
KEI Industries, Ltd.		3,635,766		115,608
Watsco, Inc.		300,000		113,316
Enerpac Tool Group Corp., Class A1		4,228,689		111,764
Rumo SA		23,640,000		107,323
Graco, Inc.		1,374,000		100,137
Simpson Manufacturing Co., Inc.		657,421		98,488

6 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Spirax-Sarco Engineering PLC		848,200	$	98,083
Aalberts NV, non-registered shares		2,671,457		97,427
TechnoPro Holdings, Inc.		4,377,700		95,167
ManpowerGroup, Inc.		1,296,206		95,038
Builders FirstSource, Inc.2		760,228		94,641
Japan Elevator Service Holdings Co., Ltd.1		6,371,800		93,511
Johns Lyng Group, Ltd.1,3		20,870,434		87,549
Masco Corp.		1,625,000		86,856
DO & CO AG, non-registered shares1,3		779,520		85,526
Copa Holdings, SA, Class A		948,945		84,570
dip Corp.1		3,341,000		82,216
Boyd Group Services, Inc.		450,912		80,183
Daiseki Co., Ltd.1,3		2,982,764		79,732
Fluidra, SA, non-registered shares		3,910,877		79,504
Atkore, Inc.2		527,221		78,656
InPost SA2		6,770,486		78,491
Addtech AB, Class B		4,900,774		78,102
Polycab India, Ltd.		1,202,370		77,401
Munters Group AB		5,990,533		76,651
Dürr AG		2,792,092		75,835
Lifco AB, Class B		4,195,000		73,383
Weir Group PLC (The)		3,166,528		73,070
Sulzer AG		751,946		71,817
Titagarh Rail Systems, Ltd.1		7,600,000		69,102
Volution Group PLC1		15,684,638		68,931
Reliance Worldwide Corp., Ltd.		27,363,812		68,278
Ceridian HCM Holding, Inc.2		979,310		66,446
Arcadis NV, non-registered shares		1,470,359		66,019
First Advantage Corp.		4,627,382		63,812
SHO-BOND Holdings Co., Ltd.		1,591,700		62,549
CSW Industrials, Inc.		350,667		61,451
Textron, Inc.		780,000		60,949
Concentrix Corp.		743,748		59,582
Azelis Group NV		3,007,672		59,147
MSC Industrial Direct Co., Inc., Class A		600,000		58,890
Instalco AB1		19,200,011		56,884
Zhejiang Weixing New Building Materials Co., Ltd., Class A		22,352,304		56,327
Voltronic Power Technology Corp.		1,142,000		56,074
IMI PLC		2,879,957		54,775
FTI Consulting, Inc.2		303,152		54,085
JGC Holdings Corp.		3,883,300		53,995
Kingspan Group PLC		724,000		53,974
AutoStore Holdings, Ltd.2		37,936,409		53,321
Adecco Group AG		1,294,035		53,080
Upwork, Inc.2		4,597,398		52,226
Matson, Inc.		579,528		51,416
Hexcel Corp.		760,647		49,549
CCR SA, ordinary nominative shares		19,207,630		49,256
Marlowe PLC1,2,3		6,904,878		49,092
Lyft, Inc., Class A2		4,535,000		47,799
International Consolidated Airlines Group SA (CDI)2		26,494,000		47,701
GVS SpA2		8,720,038		47,140
NORMA Group SE, non-registered shares1		2,500,979		46,393
CG Power and Industrial Solutions, Ltd.		8,314,344		44,168
AirTAC International Group		1,454,000		44,156
Loomis AB		1,629,000		43,743
ALS, Ltd.		5,866,962		43,171
Alfen NV2,3		1,018,335		42,858
Montana Aerospace AG1,2		3,398,632		41,774
IDEX Corp.		200,000		41,604
Engcon AB, Class B3		6,013,176		40,709
Miura Co., Ltd.		2,010,747		40,462
Fiverr International, Ltd.2		1,652,293		40,432
Cargotec OYJ, Class B, non-registered shares		952,937		40,054
Applied Industrial Technologies, Inc.		252,055		38,970
Melrose Industries PLC		6,786,734		38,678
Vicor Corp.2		604,239		35,584
MSA Safety, Inc.		224,300		35,361
UFP Industries, Inc.		333,295		34,129

SMALLCAP World Fund 7

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
GMS, Inc.2		532,000	$	34,032
Trex Co., Inc.2		535,600		33,009
MISUMI Group, Inc.		2,082,594		32,516
Centre Testing International Group Co., Ltd.		12,715,436		32,488
DL E&C Co., Ltd.		1,354,400		31,256
Sinoseal Holding Co., Ltd., Class A		5,298,624		29,904
SIS, Ltd.2		5,544,711		28,729
L&T Technology Services, Ltd.		520,280		28,587
LIXIL Corp.3		2,434,500		28,339
Judges Scientific PLC		254,629		27,407
XP Power, Ltd.		939,012		26,994
Sun Country Airlines Holdings, Inc.2		1,816,363		26,955
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates2		2,557,800		17,367
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates2,3		11,941,586		8,120
Computer Age Management Services, Ltd.		765,815		23,118
Ventia Services Group Pty, Ltd.		12,643,253		22,874
Generac Holdings, Inc.2		207,989		22,662
BWX Technologies, Inc.		301,745		22,625
TELUS International (Cda), Inc., subordinate voting shares2		2,778,650		21,173
Fasadgruppen Group AB1,3		3,969,905		20,911
Indutrade AB		1,080,000		19,934
Advanced Drainage Systems, Inc.		174,684		19,884
NTG Nordic Transport Group AS2		387,000		19,819
Bombardier, Inc., Class B2,3		562,403		19,610
Howden Joinery Group PLC		2,134,273		19,071
Antares Vision SpA2,3		5,066,015		18,353
Hefei Meyer Optoelectronic Technology, Inc., Class A		6,317,709		18,153
INVISIO Communications AB		950,000		17,133
Grupa Pracuj SA3		1,300,000		16,924
Norva24 Group AB1,2		9,330,000		16,410
MonotaRO Co., Ltd.		1,511,100		16,169
Midac Holdings Co., Ltd.3		1,245,600		15,865
Grafton Group PLC		1,437,900		15,808
Burckhardt Compression Holding AG		28,900		15,695
easyJet PLC2		3,000,000		15,574
Haitian International Holdings, Ltd.		6,902,791		14,589
Einride AB1,2,4,5		438,277		14,502
Oshkosh Corp.		150,000		14,314
EuroGroup Laminations SpA2		3,078,119		13,601
APM Human Services International, Ltd.3		11,267,629		13,376
Storskogen Group AB, Class B		17,030,921		12,271
Green Landscaping Group AB2		1,977,759		12,210
Chemring Group PLC		3,577,719		12,109
Fluence Energy, Inc., Class A2,3		505,532		11,622
Valmet OYJ3		357,836		8,163
Guangzhou Baiyun International Airport Co., Ltd., Class A2		4,385,349		6,724
SITC International Holdings Co., Ltd.		3,740,000		6,279
Pyrum Innovations AG2		128,274		5,540
APi Group Corp.2		132,549		3,437
Ceres Power Holdings PLC2,3		831,946		3,174
				13,424,363
Consumer discretionary 18.16%
TopBuild Corp.1,2		2,415,039		607,624
Evolution AB		4,940,540		497,848
Tube Investments of India, Ltd.1		11,627,785		418,011
Floor & Decor Holdings, Inc., Class A2		4,046,400		366,199
Dollarama, Inc.		5,010,000		345,176
YETI Holdings, Inc.1,2		6,938,646		334,582
Wyndham Hotels & Resorts, Inc.		3,466,022		241,027
Toll Brothers, Inc.		2,992,358		221,315
Wayfair, Inc., Class A2,3		3,648,801		221,008
Light & Wonder, Inc.2		2,904,204		207,157
Melco Resorts & Entertainment, Ltd. (ADR)2		20,752,500		205,242
Thor Industries, Inc.		2,155,644		205,066
MakeMyTrip, Ltd.1,2		4,465,728		180,951

8 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
DraftKings, Inc., Class A2		5,948,367	$	175,120
Adient PLC2		4,559,301		167,326
Cavco Industries, Inc.1,2		588,800		156,421
WH Smith PLC1		9,210,322		150,890
Jumbo SA		5,421,500		149,129
Boot Barn Holdings, Inc.1,2		1,787,200		145,103
Pets at Home Group PLC1		33,906,432		137,997
CAVA Group, Inc.2,3		2,585,308		79,188
CAVA Group, Inc.2		1,993,092		58,606
KB Home		2,957,918		136,892
IDP Education, Ltd.		9,871,877		135,375
Five Below, Inc.2		804,402		129,428
Helen of Troy, Ltd.2		1,076,247		125,447
Domino’s Pizza Enterprises, Ltd.		3,704,647		125,438
Watches of Switzerland Group PLC1,2		19,161,446		124,322
Lennar Corp., Class A		1,058,458		118,791
Lennar Corp., Class B		21,169		2,164
Domino’s Pizza Group PLC1		26,295,118		120,592
Games Workshop Group PLC		917,600		118,246
Moncler SpA		2,015,000		116,962
Inchcape PLC		12,645,629		116,413
Pool Corp.		317,700		113,133
Polaris, Inc.		1,085,000		112,992
Jack in the Box, Inc.1		1,606,607		110,952
Fox Factory Holding Corp.2		1,115,190		110,493
Mattel, Inc.2		4,700,000		103,541
Skyline Champion Corp.2		1,590,000		101,315
Century Communities, Inc.		1,512,000		100,971
Kindred Group PLC (SDR)		10,981,856		100,204
Kontoor Brands, Inc.		2,222,981		97,611
Lottomatica Group SpA2		10,430,989		97,115
Norwegian Cruise Line Holdings, Ltd.2,3		5,883,204		96,955
Bright Horizons Family Solutions, Inc.2		1,058,300		86,209
MRF, Ltd.		65,827		84,868
Asbury Automotive Group, Inc.2		361,691		83,214
M.D.C. Holdings, Inc.		2,001,000		82,501
DPC Dash, Ltd.1,2		9,965,586		81,980
Jiumaojiu International Holdings, Ltd.3		59,901,531		81,217
Malibu Boats, Inc., Class A1,2		1,649,000		80,834
LGI Homes, Inc.2		796,562		79,250
Skechers USA, Inc., Class A2		1,600,000		78,320
Williams-Sonoma, Inc.		500,000		77,700
Golden Entertainment, Inc.1		2,254,271		77,051
Auction Technology Group PLC1,2		9,694,672		76,877
Levi Strauss & Co., Class A3		5,625,378		76,393
HUGO BOSS AG		1,185,764		75,068
Salvatore Ferragamo SpA3		5,447,036		72,149
NOK Corp.3		5,287,000		70,146
XPEL, Inc.2		908,496		70,054
Installed Building Products, Inc.		550,259		68,722
Domino’s Pizza, Inc.		176,500		66,856
ABC-Mart, Inc.		3,659,100		65,993
Shoei Co., Ltd.1,3		4,291,700		65,655
Nien Made Enterprise Co., Ltd.		6,770,000		65,064
Entain PLC		5,635,173		64,140
Murphy USA, Inc.		175,000		59,803
Victoria PLC1,2		9,200,079		58,453
Ermenegildo Zegna NV3		3,859,068		53,718
D.R. Horton, Inc.		490,000		52,660
Devyani International, Ltd.2		20,193,144		52,102
FIGS, Inc., Class A2,3		8,569,561		50,560
International Game Technology PLC		1,647,850		49,963
Steven Madden, Ltd.		1,564,271		49,697
On Holding AG, Class A2		1,742,200		48,468
Dometic Group AB		7,346,736		46,438
Musti Group OYJ1		2,400,537		45,510
B&M European Value Retail SA		6,257,481		44,703
Zalando SE, non-registered shares2		1,822,072		44,541
Darden Restaurants, Inc.		303,300		43,439

SMALLCAP World Fund 9

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Meritage Homes Corp.		353,400	$	43,253
Flutter Entertainment PLC2		259,095		42,290
MGM China Holdings, Ltd.2		32,026,400		41,706
Beazer Homes USA, Inc.1,2		1,659,813		41,346
Brunello Cucinelli SpA		532,326		40,462
Compagnie Plastic Omnium SA		2,472,513		40,209
Trainline PLC2		11,779,700		39,900
RH2		150,000		39,654
Momo.com, Inc.		2,413,964		37,564
Advance Auto Parts, Inc.		668,816		37,407
Mazda Motor Corp.3		3,264,000		37,006
Cairn Homes PLC		31,452,000		36,301
Nifco, Inc.3		1,388,900		35,913
Six Flags Entertainment Corp.2		1,514,000		35,594
Puuilo OYJ		4,124,072		35,121
Modine Manufacturing Co.2		746,986		34,175
Ariston Holding NV		5,157,220		33,591
Tsuburaya Fields Holdings, Inc.3		2,444,600		33,466
ThredUp, Inc., Class A2,3		8,064,000		32,337
Lojas Renner SA		11,564,503		30,829
Haichang Ocean Park Holdings, Ltd.2,3		206,153,000		30,760
Camping World Holdings, Inc., Class A3		1,429,309		29,172
Dowlais Group PLC		22,085,556		28,867
AcadeMedia AB1		5,891,036		25,156
OneSpaWorld Holdings, Ltd.2,3		2,150,518		24,129
Genda, Inc.2,3		1,531,700		23,584
Central Automotive Products, Ltd.		907,800		22,620
Macy’s, Inc.		1,900,000		22,059
MasterCraft Boat Holdings, Inc.1,2		975,083		21,666
Persimmon PLC		1,630,523		21,346
Planet Fitness, Inc., Class A2		430,000		21,147
Snow Peak, Inc.1,3		2,661,400		21,058
Leslie’s, Inc.2		3,472,671		19,655
OneWater Marine, Inc., Class A2		754,805		19,338
Peloton Interactive, Inc., Class A2		3,817,528		19,279
Caesars Entertainment, Inc.2		400,000		18,540
MIPS AB		543,100		18,302
Barratt Developments PLC		3,315,285		17,785
Bapcor, Ltd.		3,949,347		17,332
Traeger, Inc.2		6,195,000		16,912
Bowlero Corp., Class A2		1,748,497		16,821
Vail Resorts, Inc.		71,000		15,754
Pet Valu Holdings, Ltd.3		850,263		15,268
Bafang Electric (Suzhou) Co., Ltd., Class A		1,847,270		14,497
Melco International Development, Ltd.2		16,697,000		13,358
Bosideng International Holdings, Ltd.		28,180,000		12,038
Elior Group SA2,3		5,807,012		11,856
Nordstrom, Inc.3		760,000		11,354
First Watch Restaurant Group, Inc.2		557,265		9,635
Balkrishna Industries, Ltd.		311,475		9,583
Royal Caribbean Cruises, Ltd.2		78,017		7,189
Goodyear Tire & Rubber Co.2		558,712		6,945
StockX, Inc.2,4,5		161,790		6,329
Global-E Online, Ltd.2		155,659		6,186
BARK, Inc.2,3		4,500,000		5,400
Brilliant Earth Group, Inc., Class A2,3		929,849		2,743
BNN Technology PLC1,2,4		19,007,000		—	6
				11,568,441
Information technology 14.48%
eMemory Technology, Inc.1		5,351,334		334,789
Smartsheet, Inc., Class A1,2		7,136,561		288,745
Global Unichip Corp.		6,698,000		283,935
Fabrinet, non-registered shares2		1,625,726		270,878
ALTEN SA, non-registered shares1		1,845,267		242,196
MKS Instruments, Inc.		2,749,084		237,906
Kulicke and Soffa Industries, Inc.1		4,699,380		228,531
MongoDB, Inc., Class A2		610,302		211,079

10 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Socionext, Inc.1,3		2,031,700	$	200,355
Pegasystems, Inc.		3,984,489		172,967
Rogers Corp.1,2		1,275,857		167,737
Confluent, Inc., Class A2		5,589,060		165,492
SUMCO Corp.		12,685,758		164,987
GitLab, Inc., Class A2,3		3,479,717		157,353
Globant SA2		790,705		156,441
Wolfspeed, Inc.2		4,071,388		155,120
Maruwa Co., Ltd.1,3		989,700		155,017
Softcat PLC		8,662,767		154,074
Nordic Semiconductor ASA1,2		14,835,969		152,246
Coforge, Ltd.		2,388,685		146,531
Novanta, Inc.2		944,834		135,527
SHIFT, Inc.2		712,000		130,590
Vitec Software Group AB, Class B		2,750,283		129,028
Dexerials Corp.1,3		5,161,500		127,286
Insight Enterprises, Inc.2		824,385		119,948
Keywords Studios PLC1		6,321,174		119,168
Endava PLC, Class A (ADR)2		2,072,736		118,871
Tanla Platforms, Ltd.1		9,190,777		114,798
Money Forward, Inc.1,2		3,525,387		113,730
DoubleVerify Holdings, Inc.2		3,938,963		110,094
Technoprobe SpA2		13,838,685		108,564
SINBON Electronics Co., Ltd.		10,132,092		101,676
Semtech Corp.1,2		3,800,646		97,867
RingCentral, Inc., Class A2		3,289,000		97,453
Bytes Technology Group PLC1		15,860,989		96,273
MACOM Technology Solutions Holdings, Inc.2		1,140,000		93,001
Teradata Corp.2		2,022,331		91,045
LEM Holding SA		40,600		90,659
Credo Technology Group Holding, Ltd.2		5,630,737		85,869
ASMPT, Ltd.		9,602,100		85,759
Lumentum Holdings, Inc.2		1,831,236		82,735
SentinelOne, Inc., Class A2		4,609,245		77,712
Alkami Technology, Inc.2		4,047,846		73,752
CCC Intelligent Solutions Holdings, Inc.2		5,503,900		73,477
Tokyo Seimitsu Co., Ltd.		1,422,200		71,188
PAR Technology Corp.1,2,3		1,840,057		70,916
Mastek, Ltd.1		2,448,446		70,773
Megaport, Ltd.1,2		9,161,000		70,009
Taiyo Yuden Co., Ltd.3		2,569,200		69,531
INFICON Holding AG		56,590		69,023
Power Integrations, Inc.		845,786		64,542
Monday.com, Ltd.2		405,134		64,505
SES-imagotag SA2,3		539,018		62,646
Viavi Solutions, Inc.2		6,830,000		62,426
Topicus.com, Inc., subordinate voting shares2		934,543		61,732
Reply SpA		656,489		61,629
Accton Technology Corp.		4,009,000		61,234
Disco Corp.		314,100		57,681
VisEra Technologies Co., Ltd.		8,951,906		57,630
Qorvo, Inc.2		574,004		54,800
Alteryx, Inc., Class A2		1,450,000		54,650
Hamamatsu Photonics KK		1,289,450		54,214
Tri Chemical Laboratories, Inc.1,3		2,580,900		53,455
Silicon Laboratories, Inc.2		444,450		51,507
Lumine Group, Inc., subordinate voting shares1,2		3,410,506		50,520
CDW Corp.		250,000		50,440
Kainos Group PLC		3,586,180		50,176
SiTime Corp.2		400,406		45,746
Nova, Ltd.2		368,546		41,439
Riskified, Ltd., Class A2		9,194,367		41,191
Okta, Inc., Class A2		500,000		40,755
Lagercrantz Group AB, Class B		3,645,733		36,840
Clearwater Analytics Holdings, Inc., Class A2		1,900,962		36,765
Aspen Technology, Inc.2		175,140		35,774
Noventiq Holdings PLC (GDR)1,2,4,7		17,110,290		34,599
Noventiq Holdings PLC (GDR)1,2,4		16,060		32
Cognex Corp.		800,000		33,952

SMALLCAP World Fund 11

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
BlackLine, Inc.2		595,000	$	33,005
Unity Software, Inc.2		1,016,503		31,908
BE Semiconductor Industries NV		316,188		30,917
GFT Technologies SE		1,103,638		30,780
Clear Secure, Inc., Class A		1,600,000		30,464
Kingboard Laminates Holdings, Ltd.		42,869,026		30,097
Impinj, Inc.2		546,350		30,066
Bentley Systems, Inc., Class B		584,744		29,331
Guidewire Software, Inc.2		325,092		29,258
Xiamen Faratronic Co., Ltd., Class A		2,157,156		28,626
Trimble, Inc.2		530,000		28,546
Dock, Ltd.2,4,5		4,318,937		28,419
Halma PLC		1,200,000		28,192
Kingdee International Software Group Co., Ltd.2		22,888,264		28,074
SmartCraft ASA, Class A1,2		13,721,780		27,278
JustSystems Corp.3		1,284,000		25,728
Nayax, Ltd.2		1,075,000		24,901
EPAM Systems, Inc.2		92,260		23,590
Flex, Ltd.2		864,808		23,333
OVH Groupe SAS2,3		2,539,030		23,002
Alarm.com Holdings, Inc.2		351,000		21,460
Vanguard International Semiconductor Corp.		10,085,394		21,269
HPSP Co., Ltd.		935,751		21,073
Zuken, Inc.3		866,100		21,042
Nemetschek SE		339,710		20,756
Amano Corp.3		934,300		20,660
Dye & Durham, Ltd.3		2,107,271		20,619
Net One Systems Co., Ltd.		988,000		18,749
Alphawave IP Group PLC2,3		11,641,692		16,219
Hirose Electric Co., Ltd.3		134,800		15,607
ON Semiconductor Corp.2		167,850		15,602
Perficient, Inc.2		235,032		13,599
Soitec2		72,600		12,045
Crane NXT, Co.		213,886		11,886
Sinch AB2		6,146,143		10,733
LandMark Optoelectronics Corp.		2,561,000		9,293
Zebra Technologies Corp., Class A2		36,300		8,586
Parade Technologies, Ltd.		277,000		8,511
Procore Technologies, Inc.2		125,600		8,204
Kingboard Holdings, Ltd.		3,573,331		7,961
HashiCorp, Inc., Class A2		340,285		7,769
Applied Digital Corp.2		1,221,830		7,624
Lotes Co., Ltd.		293,000		7,477
Entegris, Inc.		79,014		7,420
Lime Technologies AB		284,166		6,810
ams OSRAM AG, non-registered shares2		1,399,108		6,557
Riken Keiki Co., Ltd.3		147,900		5,961
Cherry SE2,3		1,135,396		5,648
Basler AG, non-registered shares3		454,707		4,707
Sensirion Holding AG2,3		57,416		4,591
JFrog, Ltd.2		178,400		4,524
AAC Technologies Holdings, Inc.		2,629,000		4,472
Patreon, Inc., Class B2,4,5		189,951		3,978
Yotpo, Ltd.2,4,5		2,620,102		3,563
Foursquare Labs, Inc., Series A2,4,5		1,970,385		2,364
Crayon Group Holding ASA2		325,771		2,010
E Ink Holdings, Inc.		195,000		1,091
CEVA, Inc.2		50,000		969
				9,220,505
Health care 12.15%
Molina Healthcare, Inc.2		2,157,786		707,516
Max Healthcare Institute, Ltd.1		49,569,337		338,657
Haemonetics Corp.1,2		3,070,964		275,097
agilon health, Inc.2,3		13,114,300		232,910
CONMED Corp.1		2,190,972		220,960
Insulet Corp.2		1,369,795		218,469
Legend Biotech Corp. (ADR)2		3,148,299		211,471

12 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
DexCom, Inc.2		2,210,000	$	206,193
Ensign Group, Inc. (The)		2,162,158		200,929
Centene Corp.2		2,825,674		194,632
Bachem Holding AG3		2,364,046		174,286
Penumbra, Inc.2		713,902		172,700
Xenon Pharmaceuticals, Inc.1,2		4,721,264		161,278
Vaxcyte, Inc.2		3,044,396		155,203
iRhythm Technologies, Inc.2		1,506,397		141,993
Glenmark Pharmaceuticals, Ltd.		13,666,546		140,949
Shockwave Medical, Inc.2		585,000		116,474
Amvis Holdings, Inc.1		6,536,451		113,761
Asahi Intecc Co., Ltd.		6,170,000		110,869
Integra LifeSciences Holdings Corp.2		2,749,228		104,993
Amplifon SpA		3,472,757		102,845
Tandem Diabetes Care, Inc.1,2		4,783,896		99,362
Ventyx Biosciences, Inc.2		2,727,852		94,738
Laurus Labs, Ltd.		19,122,368		90,485
Hypera SA, ordinary nominative shares		12,076,774		89,232
Structure Therapeutics, Inc.2,5		4,280,694		67,628
Structure Therapeutics, Inc. (ADR)2		425,647		21,461
DiaSorin Italia SpA		935,771		85,187
SCHOTT Pharma AG & Co. KGaA, non-registered shares2		2,457,319		82,201
Karuna Therapeutics, Inc.2		478,752		80,952
Zai Lab, Ltd. (ADR)2,3		3,099,662		75,353
Zai Lab, Ltd.2,3		1,822,200		4,436
Hapvida Participações e Investimentos SA2		84,767,396		79,261
Andlauer Healthcare Group, Inc., subordinate voting shares3		2,564,404		78,032
Revance Therapeutics, Inc.1,2		6,730,357		77,197
Guardant Health, Inc.2		2,595,519		76,931
Zentalis Pharmaceuticals, Inc.1,2		3,810,758		76,444
Nakanishi, Inc.		3,078,400		71,932
ICON PLC2		281,109		69,223
Zealand Pharma A/S2		1,443,433		62,438
Exact Sciences Corp.2		890,000		60,716
BONESUPPORT Holding AB1,2		5,204,426		60,470
NovoCure, Ltd.2		3,433,386		55,449
EBOS Group, Ltd.		2,697,484		54,792
Pacific Biosciences of California, Inc.2		6,503,749		54,306
Ascendis Pharma AS (ADR)2		579,165		54,233
Netcare, Ltd.1		73,590,762		52,520
Ambu AS, Class B, non-registered shares2,3		5,031,783		52,342
Denali Therapeutics, Inc.2		2,483,554		51,236
Jeisys Medical, Inc.1,2		5,703,950		50,581
Masimo Corp.2		514,728		45,131
Encompass Health Corp.		669,983		44,996
Surgical Science Sweden AB1,2		3,271,137		44,990
Silk Road Medical, Inc.1,2		2,966,730		44,471
Glaukos Corp.2		550,322		41,412
CRISPR Therapeutics AG2,3		902,543		40,966
Genus PLC		1,559,867		39,835
KRKA, dd, Novo mesto		335,262		38,803
Poly Medicure, Ltd.		2,313,077		38,156
Ionis Pharmaceuticals, Inc.2		839,463		38,078
Aster DM Healthcare, Ltd.2		8,926,092		35,243
Ocumension Therapeutics1,2		35,965,500		35,083
Bangkok Chain Hospital PCL		62,859,600		33,841
Innovent Biologics, Inc.2		6,938,500		33,704
10x Genomics, Inc., Class A2		793,300		32,724
SKAN Group AG		383,510		32,520
Fisher & Paykel Healthcare Corp., Ltd.		2,510,000		32,467
Olink Holding AB (ADR)2,3		2,158,455		31,837
IDEAYA Biosciences, Inc.2		1,178,740		31,802
XVIVO Perfusion AB2		1,261,000		31,654
Virbac SA		114,331		30,902
Shandong Pharmaceutical Glass Co., Ltd., Class A		7,943,502		30,213
Globus Medical, Inc., Class A2		574,500		28,524
Medmix AG		1,113,977		28,234
Indivior PLC2		1,284,920		27,797
Axonics, Inc.2		488,000		27,387

SMALLCAP World Fund 13

Common stocks (continued)	Shares		Value (000)
Health care (continued)
CompuGroup Medical SE & Co. KGaA		691,730	$	27,115
R1 RCM, Inc.2		1,740,000		26,222
AbCellera Biologics, Inc.2,3		5,480,000		25,208
Angelalign Technology, Inc.3		4,071,200		25,196
RayzeBio, Inc.2,3		1,103,100		24,489
Alnylam Pharmaceuticals, Inc.2		137,700		24,387
BridgeBio Pharma, Inc.2,5		965,653		24,191
Incyte Corp.2		396,000		22,877
Immunovant, Inc.2		590,500		22,669
Arrowhead Pharmaceuticals, Inc.2		822,929		22,112
Chemed Corp.		42,000		21,827
CUC, Inc.2,3		1,231,400		20,444
Inhibrx, Inc.2		1,080,571		19,829
Biohaven, Ltd.2		749,881		19,504
J. B. Chemicals & Pharmaceuticals, Ltd.		1,063,422		18,974
Sosei Group Corp.2,3		1,841,200		18,459
Natera, Inc.2		396,421		17,542
Evotec SE, non-registered shares2		867,078		17,329
Pliant Therapeutics, Inc.2,3		912,467		15,822
Phreesia, Inc.2		807,600		15,086
Galapagos NV2		424,039		14,625
SUNWELS Co., Ltd.3		738,900		14,582
Classys, Inc.		495,238		13,808
AS ONE Corp.3		343,500		12,537
Nordhealth AS, Class A1,2		5,120,000		11,907
Sysmex Corp.3		220,300		10,506
Doximity, Inc., Class A2		489,000		10,377
Schrodinger, Inc.2		340,000		9,612
Seer, Inc., Class A2		4,102,472		9,067
Tecan Group AG		26,838		9,038
Option Care Health, Inc.2		248,071		8,025
Idorsia, Ltd.2		2,815,628		7,864
Sana Biotechnology, Inc.2,3		1,963,378		7,598
Cellectis SA (ADR)2,3		1,848,804		2,921
Cellectis SA, non-registered shares2,3		760,997		1,183
ChemoMetec A/S2		70,910		3,357
KRY International AB, Series A2,4,5		19,744		3,257
Precision BioSciences, Inc.1,2		6,715,043		2,292
Hutchmed China, Ltd.2		437,610		1,479
Creo Medical Group PLC2		1,330,000		510
				7,735,920
Financials 10.76%
Ares Management Corp., Class A		5,174,776		532,329
Essent Group, Ltd.1		8,604,853		406,924
AU Small Finance Bank, Ltd.		31,937,993		274,209
Eurobank Ergasias Services and Holdings SA2		150,674,717		232,048
Janus Henderson Group PLC		8,199,302		211,706
IIFL Finance, Ltd.1		27,957,465		199,491
Cholamandalam Investment and Finance Co., Ltd.		12,992,432		188,836
RenaissanceRe Holdings, Ltd.		952,200		188,459
360 ONE WAM, Ltd.1		28,508,784		172,411
Fukuoka Financial Group, Inc.		7,126,725		169,939
Affirm Holdings, Inc., Class A2		7,197,586		153,093
National Bank of Greece SA2		27,146,600		153,003
Steadfast Group, Ltd.		41,209,804		149,427
Goosehead Insurance, Inc., Class A1,2		1,908,432		142,235
HDFC Asset Management Co., Ltd.		3,962,374		126,088
Canara Bank		26,212,776		118,606
VZ Holding AG		1,118,395		116,691
AUB Group, Ltd.1		5,885,746		110,199
Kinsale Capital Group, Inc.		257,620		106,688
BFF Bank SpA1		10,137,902		101,268
StepStone Group, Inc., Class A		3,032,218		95,757
TMX Group, Ltd.		4,394,530		94,442
Trupanion, Inc.1,2		3,297,206		92,981
Stifel Financial Corp.		1,477,350		90,768
Patria Investments, Ltd., Class A		5,899,745		86,018

14 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Banca Generali SpA		2,328,237	$	82,265
EVERTEC, Inc.		2,199,027		81,760
Five-Star Business Finance, Ltd.2		8,970,345		76,166
SiriusPoint, Ltd.2		7,250,000		73,733
Banco del Bajio, SA		23,184,574		72,916
Euronet Worldwide, Inc.2		918,491		72,910
JB Financial Group Co., Ltd.		9,674,196		71,375
Flywire Corp.2		2,227,910		71,048
Max Financial Services, Ltd.2		6,313,461		69,172
Wintrust Financial Corp.		872,551		65,878
Angel One, Ltd.		2,934,353		65,029
Remgro, Ltd.		8,174,140		64,097
SouthState Corp.		950,972		64,057
Hilltop Holdings, Inc.		2,000,000		56,720
Enstar Group, Ltd.2		231,978		56,139
PagSeguro Digital, Ltd., Class A2		6,492,200		55,898
City Union Bank, Ltd.		36,608,696		55,806
Selective Insurance Group, Inc.		535,682		55,266
AssetMark Financial Holdings, Inc.2		2,177,656		54,616
Paymentus Holdings, Inc., Class A2,3		3,224,500		53,527
Webster Financial Corp.		1,237,479		49,883
Radian Group, Inc.		1,961,287		49,248
Artisan Partners Asset Management, Inc., Class A		1,277,000		47,785
Glacier Bancorp, Inc.		1,667,581		47,526
Bridgepoint Group PLC		18,838,770		44,225
Capitec Bank Holdings, Ltd.		482,170		43,368
Aptus Value Housing Finance India, Ltd.		12,325,801		43,342
XP, Inc., Class A		1,867,000		43,034
East West Bancorp, Inc.		796,201		41,968
Euronext NV		585,333		40,734
Victory Capital Holdings, Inc., Class A		1,196,000		39,875
Regional, SAB de CV, Class A		5,154,470		37,021
Boku, Inc.1,2,3,5		20,461,639		36,407
Nova Ljubljanska Banka dd (GDR)		2,365,833		35,983
Aditya Birla Capital, Ltd.2		16,067,295		34,785
Alpha Services and Holdings SA2		26,000,000		34,510
EFG International AG		3,000,000		34,040
Moelis & Co., Class A		719,000		32,448
Vontobel Holding AG		519,713		30,927
Marqeta, Inc., Class A2		5,098,743		30,491
AJ Bell PLC		8,000,000		26,694
Pine Labs Pte., Ltd.2,4,5		76,998		26,630
NMI Holdings, Inc.2		950,000		25,736
Bolsa Mexicana de Valores, SAB de CV, Series A		13,540,000		25,413
Tel Aviv Stock Exchange, Ltd. (The)2		4,312,024		24,765
AvidXchange Holdings, Inc.2		2,445,867		23,187
Norion Bank AB2		7,161,000		23,123
Aavas Financiers, Ltd.2		1,071,578		22,424
OneMain Holdings, Inc.		556,042		22,292
Columbia Banking System, Inc.		1,063,800		21,595
Virtu Financial, Inc., Class A		1,120,000		19,342
Comerica Inc.		453,200		18,830
Redwood Trust, Inc. REIT3		2,562,000		18,267
Hellenic Exchanges - Athens Stock Exchange SA1		3,500,000		17,700
Oscar Health, Inc., Class A2		2,751,000		15,323
Premium Group Co., Ltd.3		1,290,000		13,733
Islandsbanki hf.		16,632,054		13,435
Linc AB2		2,358,208		13,209
Houlihan Lokey, Inc., Class A		112,959		12,100
PT Bank Syariah Indonesia Tbk		109,635,200		11,530
TCS Group Holding PLC (GDR)2		694,768		10,630
TCS Group Holding PLC (GDR)2,7		31,700		485
Optima Bank SA		972,762		7,405
Funding Circle Holdings PLC2		14,713,073		6,971
Antin Infrastructure Partners SA		133,000		1,719
Allfunds Group PLC		250,074		1,381
				6,853,513

SMALLCAP World Fund 15

Common stocks (continued)	Shares		Value (000)
Materials 3.84%
APL Apollo Tubes, Ltd.1		17,220,889	$	336,340
LANXESS AG1		6,907,704		175,761
Lundin Mining Corp.		21,804,953		162,624
Zeon Corp.1,3		15,487,700		161,880
Materion Corp.1		1,222,543		124,589
FUJIMI INCORPORATED1,3		5,060,400		101,615
CCL Industries, Inc., Class B, nonvoting shares		2,262,200		94,952
Jindal Steel & Power, Ltd.		10,041,809		84,845
Livent Corp.2,3		4,093,522		75,362
ATI, Inc.2		1,816,539		74,751
Resonac Holdings Co., Ltd.		3,891,600		65,180
Sandstorm Gold, Ltd.3		13,980,111		65,147
Kaneka Corp.3		2,470,900		64,134
Navin Fluorine International, Ltd.		1,381,948		62,703
Alcoa Corp.		2,054,737		59,711
H.B. Fuller Co.		866,200		59,430
Tronox Holdings PLC		4,181,109		56,194
Summit Materials, Inc., Class A		1,757,296		54,722
PI Industries, Ltd.		1,212,000		50,425
Yamato Kogyo Co., Ltd.3		962,000		45,968
Kansai Paint Co., Ltd.		2,984,900		42,659
Huhtamäki OYJ		1,275,000		41,941
MEC Co., Ltd.1		1,605,600		39,715
Anupam Rasayan India, Ltd.		3,104,000		33,108
Mayr-Melnhof Karton AG, non-registered shares		226,797		30,584
Cabot Corp.		376,156		26,056
SOL SpA		848,834		24,032
Gujarat Fluorochemicals, Ltd.		635,000		23,302
Indigo Paints, Ltd.		1,214,500		21,693
Vinati Organics, Ltd.		943,000		20,937
Labrador Iron Ore Royalty Corp.3		822,000		19,457
NV Bekaert SA		423,000		18,904
Aluflexpack AG1,2,3		1,309,666		17,164
Re:NewCell AB1,2,3		2,691,474		16,715
Shandong Sinocera Functional Material Co., Ltd., Class A		3,764,153		14,092
Toyo Gosei Co., Ltd.3		299,577		13,497
Aurubis AG		168,729		12,509
Nissan Chemical Corp.		250,000		10,627
Gerdau SA (ADR)		2,112,075		10,075
China Resources Cement Holdings, Ltd.		36,412,000		9,267
Alleima AB		1,509,740		7,908
Berger Paints India, Ltd.		1,004,217		6,875
Sumitomo Bakelite Co., Ltd.		130,500		5,690
				2,443,140
Consumer staples 3.20%
Emmi AG1		318,222		299,833
Simply Good Foods Co.1,2		5,897,845		203,594
Grocery Outlet Holding Corp.1,2		5,593,981		161,386
Royal Unibrew A/S		1,722,194		132,606
Varun Beverages, Ltd.		8,919,940		101,525
Celsius Holdings, Inc.2		561,414		96,339
Redcare Pharmacy NV, non-registered shares2		852,129		90,906
Freshpet, Inc.2,3		1,297,356		85,470
BJ’s Wholesale Club Holdings, Inc.2		1,106,224		78,951
Ocado Group PLC2		10,398,813		75,656
John B. Sanfilippo & Son, Inc.		745,776		73,683
Scandinavian Tobacco Group A/S		3,970,636		60,505
Performance Food Group Co.2		928,000		54,622
Sovos Brands, Inc.2		2,116,344		47,724
Kotobuki Spirits Co., Ltd.		2,744,000		44,352
Milbon Co., Ltd.3		1,448,900		40,319
Raia Drogasil SA, ordinary nominative shares		7,187,050		39,492
Fever-Tree Drinks PLC		2,410,000		35,113
United Spirits, Ltd.2		2,672,208		32,376
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A2		6,624,986		31,326
COSMOS Pharmaceutical Corp.		287,909		29,450
Fresh Del Monte Produce, Inc.		1,028,000		26,564

16 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Bakkafrost P/F		517,500	$	26,368
Vector Group, Ltd.		2,207,896		23,492
AAK AB		1,081,159		19,457
Humble Group AB1,2,3		22,368,627		18,613
Avenue Supermarts, Ltd.2		417,313		18,467
TreeHouse Foods, Inc.2		407,606		17,763
PZ Cussons PLC		9,688,033		16,736
First Pacific Co., Ltd.		35,296,000		13,942
Lotus Bakeries NV		1,605		13,036
Century Pacific Food, Inc.		25,901,000		12,801
Icelandic Salmon AS2		515,000		8,389
Elders, Ltd.		1,527,040		5,671
DocMorris AG2,3		54,100		2,995
Beyond Meat, Inc.2,3		73,395		706
				2,040,228
Energy 2.86%
MEG Energy Corp.2		13,234,593		257,530
Vallourec SA1,2		13,072,036		158,894
Gaztransport & Technigaz SA		1,215,724		149,354
New Fortress Energy, Inc., Class A3		4,464,500		146,346
Weatherford International2		1,320,930		119,320
Transocean, Ltd.2		11,026,050		90,524
United Tractors Tbk PT		46,762,900		85,380
Northern Oil and Gas, Inc.		2,000,000		80,460
Championx Corp.		2,025,494		72,148
Golar LNG, Ltd.		2,905,331		70,483
Viper Energy Partners, LP		2,389,285		66,613
Chesapeake Energy Corp.		767,162		66,152
Cactus, Inc., Class A		1,149,091		57,696
Subsea 7 SA		3,601,032		49,554
Headwater Exploration, Inc.3		9,067,000		47,797
Helmerich & Payne, Inc.		1,043,270		43,984
Diamond Offshore Drilling, Inc.2		2,564,331		37,644
Borr Drilling, Ltd.2,3		2,678,727		19,019
Borr Drilling, Ltd. (NOK denominated)2		2,511,780		17,623
Range Resources Corp.		1,000,000		32,410
Equitrans Midstream Corp.		3,390,447		31,769
Aegis Logistics, Ltd.		7,636,295		30,275
Savannah Energy PLC1,2,3,4		96,128,672		27,715
DT Midstream, Inc.		356,000		18,840
Pason Systems, Inc.		1,596,000		15,840
TechnipFMC PLC		750,595		15,267
Vista Energy, SAB de CV, Class A (ADR)2		381,548		11,595
				1,820,232
Communication services 2.75%
Iridium Communications, Inc.		4,852,828		220,755
Iridium Communications, Inc.7		636,132		28,938
Lions Gate Entertainment Corp., Class B2		18,748,762		147,553
JCDecaux SE2		8,402,087		141,968
Indosat Tbk PT		199,203,301		126,384
TIM SA		36,639,957		108,537
Hemnet Group AB1		5,755,130		101,562
JYP Entertainment Corp.		1,179,024		98,078
Frontier Communications Parent, Inc.2		5,713,739		89,420
Ubisoft Entertainment SA2		2,615,048		84,705
CTS Eventim AG & Co. KGaA		1,479,072		84,177
New York Times Co., Class A		1,900,000		78,280
Ascential PLC2		21,822,269		55,586
Paradox Interactive AB		2,179,420		45,723
JOYY, Inc., Class A (ADR)		1,177,618		44,879
IHS Holding, Ltd.2,3		6,690,192		37,130
S4 Capital PLC1,2		43,989,266		35,999
Rightmove PLC		5,188,789		35,366
YouGov PLC		2,997,794		27,399
Schibsted ASA, Class A		1,084,595		24,448
Kadokawa Corp.		1,075,000		21,502

SMALLCAP World Fund 17

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Trustpilot Group PLC2		16,821,394	$	21,085
Toei Animation Co., Ltd.3		228,200		20,171
Gogo, Inc.2		1,490,155		17,777
PLAYSTUDIOS, Inc., Class A2		4,500,000		14,310
Megacable Holdings, SAB de CV, ordinary participation certificates, units		6,425,211		14,143
MTN Group, Ltd.		1,458,066		8,667
Nextdoor Holdings, Inc., Class A2,3		4,315,268		7,854
PROTO Corp.3		633,400		5,132
Boat Rocker Media, Inc.2,3		2,611,926		3,365
Viaplay Group AB, Class B2,3		742,636		2,385
				1,753,278
Real estate 1.72%
Altus Group, Ltd.1,3		3,670,044		127,050
DigitalBridge Group, Inc., Class A		6,523,773		114,688
Corp. Inmobiliaria Vesta, SAB de CV		28,130,095		92,796
Corp. Inmobiliaria Vesta, SAB de CV (ADR)		253,400		8,329
Embassy Office Parks REIT		27,077,060		97,937
PotlatchDeltic Corp. REIT		1,876,968		85,196
Safestore Holdings PLC		8,110,595		72,780
Macrotech Developers, Ltd.		5,273,048		50,793
JHSF Participações SA1		48,472,472		45,902
ESR-Logos REIT		222,463,669		45,523
Fibra Uno Administración REIT, SA de CV3		25,000,000		41,673
Multiplan Empreendimentos Imobiliários SA, ordinary nominative shares		7,237,633		35,378
Four Corners Property Trust, Inc. REIT		1,582,553		35,117
Mindspace Business Parks REIT		9,000,000		33,856
TAG Immobilien AG2		2,559,112		26,866
SRE Holdings Corp.1,2,3		1,290,828		25,409
Zillow Group, Inc., Class C, nonvoting shares2		525,000		24,234
K-Fast Holding AB, Class B1,2		15,781,928		19,762
LXP Industrial Trust REIT		2,175,000		19,357
Fastighets AB Balder, Class B2,3		3,821,000		17,107
CTP NV		1,113,342		15,936
StorageVault Canada, Inc.		4,307,048		14,333
Swedish Logistic Property AB, Class B2		4,739,069		11,360
Ayala Land, Inc.		21,494,200		11,183
Douglas Elliman, Inc.3		4,216,866		9,530
St. Joe Co.		167,101		9,079
Genova Property Group AB2		2,126,731		7,307
				1,098,481
Utilities 0.60%
Black Hills Corp.		2,579,893		130,517
ACEN Corp.		749,358,624		65,009
SembCorp Industries, Ltd.		13,415,085		49,872
Neoenergia SA		13,037,148		47,749
Brookfield Infrastructure Corp., Class A, subordinate voting shares3		1,299,614		45,947
ENN Energy Holdings, Ltd.		3,166,000		26,167
SJW Group		242,255		14,562
Mytrah Energy, Ltd.1,2,4		10,418,000		127
				379,950
Total common stocks (cost: $46,096,455,000)				58,338,051
Preferred securities 0.91%
Information technology 0.35%
PsiQuantum Corp., Series D, preferred shares2,4,5		1,334,542		41,331
Skyryse, Inc., Series B, preferred shares1,2,4,5		1,649,110		36,627
Outreach Corp., Series G, preferred shares2,4,5		1,554,053		33,940
Kandou Holding SA, Series D, preferred shares2,4,5		4,400,000		30,800
SiFive, Inc., Series F, preferred shares2,4,5		3,451,632		25,922
ANDPAD, Inc., Series D, preferred shares2,4,5		459,413		21,927
Patreon, Inc., Series E, preferred shares2,4,5		698,208		14,621
Patreon, Inc., Series Seed, preferred shares2,4,5		163,096		3,415
Yotpo, Ltd., Series F, preferred shares2,4,5		8,332,809		11,333
Yotpo, Ltd., Series B, preferred shares2,4,5		1,111,347		1,511
Yotpo, Ltd., Series C, preferred shares2,4,5		1,057,985		1,439

18 SMALLCAP World Fund

Preferred securities (continued)	Shares		Value (000)
Information technology (continued)
Yotpo, Ltd., Series A-1, preferred shares2,4,5		709,592	$	965
Yotpo, Ltd., Series A, preferred shares2,4,5		345,899		470
Yotpo, Ltd., Series C-1, preferred shares2,4,5		293,302		399
Yotpo, Ltd., Series D, preferred shares2,4,5		163,552		222
Yotpo, Ltd., Series B-1, preferred shares2,4,5		130,625		178
				225,100
Industrials 0.22%
Relativity Space, Inc., Series D, preferred shares2,4,5		2,143,751		45,726
Relativity Space, Inc., Series E, preferred shares2,4,5		464,197		9,902
Einride AB, Series B, preferred shares1,2,4,5		1,334,588		44,160
Einride AB, Series A, preferred shares1,2,4,5		11,990		397
ABL Space Systems Co., Series B, preferred shares2,4,5		777,162		20,199
WorkRise Technologies, Inc., Series E, preferred shares2,4,5		95,423		19,820
				140,204
Health care 0.17%
Laronde, Inc., Series B, 6.00% preferred shares2,4,5		1,785,714		32,375
Rapport Therapeutics, Inc., Series B, 8.00% noncumulative preferred shares1,2,4,5		12,520,345		21,000
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4,5		605,423		19,192
KRY International AB, Series E, preferred shares2,4,5		114,059		18,817
ClearNote Health, Inc., Series C, 5.00% noncumulative preferred shares1,2,4,5		1,531,102		11,330
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4,5		636,364		6,720
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4,5		4,397,107		44
				109,478
Financials 0.09%
PPRO Holding GmbH, Series B-1, 8.00% preferred shares1,2,4,5		13,618		35,920
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4,5		57,100		19,748
				55,668
Real estate 0.06%
QuintoAndar, Ltd., Series E-1, preference shares2,4,5		244,733		37,461
Consumer discretionary 0.02%
StockX, Inc., Series E-1, preferred shares2,4,5		222,222		8,693
StockX, Inc., Series AA, preferred shares2,4,5		57,338		2,243
StockX, Inc., Series B, preferred shares2,4,5		3,094		121
				11,057
Total preferred securities (cost: $697,327,000)				578,968
Rights & warrants 0.14%
Industrials 0.07%
Warom Technology, Inc. Co., Class A, warrants, expire 9/30/20242,7		8,603,931		25,679
Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/20/20242,7		7,265,018		18,562
Guangzhou Baiyun International Airport Co., Ltd., Class A, warrants, expire 8/23/20242,7		263,149		404
Momentus, Inc., warrants, expire 5/15/20262		2,225,000		22
				44,667
Information technology 0.07%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 1/27/20252,7		2,838,640		44,184
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4,5		1,163,990		9
Kandou Holding SA, warrants, expire 8/18/20282,4,5		2,257,143		—	6
				44,193
Total rights & warrants (cost: $117,845,000)				88,860
Convertible stocks 0.09%
Utilities 0.05%
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4,5		300,000		28,713

SMALLCAP World Fund 19

Convertible stocks (continued)		Shares		Value (000)
Information technology 0.04%
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4,5			14,888,589	$	15,922
Tarana Wireless, Inc., Series 7, noncumulative convertible preferred shares4,5			935,103		1,000
RealSelf, Inc., Series C, convertible preferred shares1,2,4,5			3,468,862		9,921
					26,843
Total convertible stocks (cost: $62,179,000)					55,556
Convertible bonds & notes 0.00%	Principal amount (000)
Health care 0.00%
ClearNote Health, 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 8.62%			Shares
Money market investments 8.05%
Capital Group Central Cash Fund 5.44%1,8			51,292,533		5,128,740
Money market investments purchased with collateral from securities on loan 0.57%
Capital Group Central Cash Fund 5.44%1,8,9			599,504		59,944
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.26%8,9			52,014,580		52,015
BlackRock Liquidity Funds – FedFund, Institutional Shares 5.24%8,9			43,300,000		43,300
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.23%8,9			43,300,000		43,300
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 5.27%8,9			43,300,000		43,300
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.24%8,9			39,500,000		39,500
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.29%8,9			35,900,000		35,900
Fidelity Investments Money Market Government Portfolio, Class I 5.23%8,9			25,100,000		25,100
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 5.27%8,9			17,900,000		17,900
					360,259
Total short-term securities (cost: $5,488,846,000)					5,488,999
Total investment securities 101.36% (cost: $52,464,652,000)					64,552,434
Other assets less liabilities (1.36)%					(864,215	)
Net assets 100.00%				$	63,688,219

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 9/30/2023 (000)		Dividend or interest income (000)
Common stocks 24.68%
Industrials 7.34%
Saia, Inc.2	$	373,449	$	29,281	$	45,752	$	15,569			$   417,810		$	790,357	$	—
Diploma PLC		247,981		32,517		—		—			111,239			391,737		6,875
Comfort Systems USA, Inc.		248,847		60,810		100,284		24,437			154,548			388,358		1,798
Interpump Group SpA		170,547		138,838		1,727		9			54,447			362,114		1,906
ATS Corp.2,10		149,940		55,215		—		—			107,719			312,874		—
AZEK Co., Inc. (The), Class A2		94,533		124,687		89,074		23,866			116,296			270,308		—
Arcosa, Inc.		220,883		299		57,411		5,433			43,161			212,365		706
Wizz Air Holdings PLC2		124,398		19,418		17,783		(9,942	)		53,210			169,301		—
EnPro Industries, Inc.		123,697		5,677		17,648		339			53,123			165,188		1,538
Visional, Inc.2,3		184,944		5,552		—		—			(33,412	)		157,084		—

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 9/30/2023 (000)		Dividend or interest income (000)
Carel Industries SpA	$	112,363	$	30,581	$	23,627	$	13,008		$	10,603		$	142,928	$	969
Kadant, Inc.		95,935		27,142		18,155		(1,089	)		34,156			137,989		628
Harmonic Drive Systems, Inc.3		153,146		48,120		28,454		(13,373	)		(30,092	)		129,347		1,090
ICF International, Inc.		9,993		101,447		—		—			6,770			118,210		416
Enerpac Tool Group Corp., Class A		—		112,313		—		—			(549	)		111,764		—
Japan Elevator Service Holdings Co., Ltd.		91,582		64,861		67,318		(19,096	)		23,482			93,511		886
Johns Lyng Group, Ltd.3		81,872		1,170		—		—			4,507			87,549		1,248
DO & CO AG, non-registered shares3		51,410		—		—		—			34,116			85,526		867
dip Corp.		85,046		—		—		—			(2,830	)		82,216		1,892
Daiseki Co., Ltd.3		10,758		79,487		—		—			(10,513	)		79,732		1,057
Titagarh Rail Systems, Ltd.		—		34,905		—		—			34,197			69,102		46
Volution Group PLC		50,954		—		—		—			17,977			68,931		1,432
Instalco AB		71,184		12,374		7,810		(1,411	)		(17,453	)		56,884		1,337
Marlowe PLC2,3		61,893		—		—		—			(12,801	)		49,092		—
NORMA Group SE, non-registered shares		—		57,963		—		—			(11,570	)		46,393		1,031
Montana Aerospace AG2		34,688		976		—		—			6,110			41,774		—
Fasadgruppen Group AB3		29,797		804		—		—			(9,690	)		20,911		653
Norva24 Group AB2		4,708		21,702		—		—			(10,000	)		16,410		—
Einride AB2,4,5		17,834		1,604		—		—			(4,936	)		14,502		—
Alfen NV2,3,11		109,251		—		17,033		14,921			(64,281	)		—		—
Antares Vision SpA2,3,11		37,577		—		949		(2,087	)		(16,188	)		—		—
Armstrong World Industries, Inc.11		228,843		14,086		81,364		(31,150	)		12,502			—		2,040
BayCurrent Consulting, Inc.11		296,667		30,405		192,149		61,183			43,189			—		2,577
Interface, Inc.12		42,442		—		48,469		(7,870	)		13,897			—		47
Japan Airport Terminal Co., Ltd.11		204,235		52,223		152,495		(2,325	)		20,570			—		870
KEI Industries, Ltd.11		79,713		10,314		25,834		8,083			43,332			—		143
Midac Holdings Co., Ltd.3,11		42,395		—		10,397		(5,589	)		(10,544	)		—		56
Montrose Environmental Group, Inc.12		54,645		—		55,334		312			377			—		—
Pegasus Hava Tasimaciligi AS12		68,307		—		113,674		62,804			(17,437	)		—		—
Reliance Worldwide Corp., Ltd.11		—		95,873		42,965		4,493			10,877			—		3,044
Skymark Airlines, Inc.12		—		39,196		36,719		(2,477	)		—			—		170
Upwork, Inc.2,11		24,381		78,421		41,239		(5,489	)		(3,848	)		—		—
														4,672,457
Consumer discretionary 4.84%
TopBuild Corp.2		349,352		55,625		12,958		6,279			209,326			607,624		—
Tube Investments of India, Ltd.		410,555		—		18,971		9,846			16,581			418,011		494
YETI Holdings, Inc.2		196,619		23,637		16,877		(13,234	)		144,437			334,582		—
MakeMyTrip, Ltd.2		119,017		18,521		3,986		241			47,158			180,951		—
Cavco Industries, Inc.2		35,158		105,442		—		—			15,821			156,421		—
WH Smith PLC		108,181		19,728		2,568		(467	)		26,016			150,890		1,952
Boot Barn Holdings, Inc.2		23,209		98,010		—		—			23,884			145,103		—
Pets at Home Group PLC		96,500		3,563		—		—			37,934			137,997		5,279
Watches of Switzerland Group PLC2		71,302		90,774		—		—			(37,754	)		124,322		—
Domino’s Pizza Group PLC		60,604		6,455		—		—			53,533			120,592		3,241
Jack in the Box, Inc.		93,084		31,438		—		—			(13,570	)		110,952		2,438
DPC Dash, Ltd.2		10,835		54,898		—		—			16,247			81,980		—
Malibu Boats, Inc., Class A2		40,840		43,982		—		—			(3,988	)		80,834		—
Golden Entertainment, Inc.		66,178		15,374		—		—			(4,501	)		77,051		4,509
Auction Technology Group PLC2		76,577		1,173		—		—			(873	)		76,877		—
Shoei Co., Ltd.3		44,358		35,130		—		—			(13,833	)		65,655		2,235

SMALLCAP World Fund 21

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 9/30/2023 (000)			Dividend or interest income (000)
Victoria PLC2	$	33,462		$	11,467		$	—	$	—		$	13,524		$	58,453		$	—
Musti Group OYJ		46,469			—			4,663		(5,825	)		9,529			45,510			1,303
Beazer Homes USA, Inc.2		16,050			—			—		—			25,296			41,346			—
AcadeMedia AB		28,256			3,991			7,600		(1,146	)		1,655			25,156			1,087
MasterCraft Boat Holdings, Inc.2		—			28,281			—		—			(6,615	)		21,666			—
Snow Peak, Inc.3		46,400			—			3,182		(6,164	)		(15,996	)		21,058			272
BNN Technology PLC2,4		—	6		—			—		—			—	6		—	6		—
Bajaj Electricals, Ltd.12		96,037			—			86,795		54,712			(63,954	)		—			—
Bike24 Holding AG12		7,135			—			8,943		(44,529	)		46,337			—			—
Dreamfolks Services, Ltd.12		10,390			1,429			16,805		5,445			(459	)		—			12
Everi Holdings, Inc.12		79,809			—			80,660		57,018			(56,167	)		—			—
Helen of Troy, Ltd.2,11		139,040			14,056			46,938		(49,524	)		68,813			—			—
IDP Education, Ltd.11		200,438			67,700			86,596		(23,546	)		(22,621	)		—			3,786
JOANN, Inc.12		18,068			—			4,531		(29,418	)		15,881			—			—
Kindred Group PLC (SDR)11		119,302			49,923			105,267		(14,690	)		50,936			—			6,240
Lojas Quero-Quero SA12		16,156			—			12,481		(20,490	)		16,815			—			—
NEXTAGE Co., Ltd.12		100,390			39,516			90,399		(43,308	)		(6,199	)		—			829
Porch Group, Inc.12		12,420			—			6,554		(27,491	)		21,625			—			—
Traeger, Inc.2,11		14,732			2,892			—		—			(712	)		—			—
																3,083,031
Information technology 4.42%
eMemory Technology, Inc.		227,400			—			64,416		4,997			166,808			334,789			3,924
Smartsheet, Inc., Class A2		218,334			60,792			31,635		(1,090	)		42,344			288,745			—
ALTEN SA, non-registered shares		190,817			12,530			—		—			38,849			242,196			2,984
Kulicke and Soffa Industries, Inc.		184,251			—			3,860		(1,904	)		50,044			228,531			3,572
Socionext, Inc.3		—			146,853			119,720		69,041			104,181			200,355			4,561
Rogers Corp.2		—			191,503			—		—			(23,766	)		167,737			—
Maruwa Co., Ltd.3		36,196			104,091			—		—			14,730			155,017			387
Nordic Semiconductor ASA2		112,390			89,268			—		—			(49,412	)		152,246			—
Dexerials Corp.3		116,270			—			—		—			11,016			127,286			2,568
Keywords Studios PLC		130,461			36,520			—		—			(47,813	)		119,168			169
Tanla Platforms, Ltd.		87,331			—			—		—			27,467			114,798			445
Money Forward, Inc.2		75,953			9,648			13,716		(6,675	)		48,520			113,730			—
Semtech Corp.2		17,205			85,028			17,410		(3,091	)		16,135			97,867			—
Bytes Technology Group PLC		70,523			33,791			24,952		(14,740	)		31,651			96,273			2,682
PAR Technology Corp.2,3		63,196			—			10,461		(13,982	)		32,163			70,916			—
Mastek, Ltd.		50,944			1,190			—		—			18,639			70,773			559
Megaport, Ltd.2		44,425			—			—		—			25,584			70,009			—
Tri Chemical Laboratories, Inc.3		—			49,744			—		—			3,711			53,455			—
Lumine Group, Inc., subordinate voting shares2		—			43,928			—		—			6,592			50,520			—
Noventiq Holdings PLC (GDR)2,4,7,10		8,810			—			—		—			25,789			34,599			—
Noventiq Holdings PLC (GDR)2,4,10		8			—	6		—		—			24			32			—
SmartCraft ASA, Class A2		18,628			707			—		—			7,943			27,278			—
Cherry SE2,3,11		7,364			—			1,317		(8,744	)		8,345			—			—
Crayon Group Holding ASA2,11		50,857			—			48,395		(46,465	)		46,013			—			—
Credo Technology Group Holding, Ltd.2,11		90,141			33,123			84,373		37,388			9,590			—			—
Extreme Networks, Inc.12		113,015			2,466			174,821		74,269			(14,929	)		—			—
Fabrinet, non-registered shares2,11		183,194			9,273			45,490		310			123,591			—			—
Global Unichip Corp.11		183,868			—			82,524		27,104			155,487			—			3,243
MotorK, Ltd.12		5,468			—			5,495		(11,784	)		11,811			—			—

22 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 9/30/2023 (000)		Dividend or interest income (000)
Net One Systems Co., Ltd.11	$	99,485	$	32,545	$	111,391	$	(6,443	)	$	4,553		$	—	$	2,139
Network International Holdings PLC12		108,706		45,557		198,583		2,262			42,058			—		—
SINBON Electronics Co., Ltd.11		80,772		98,750		100,751		2,858			20,047			—		2,693
TDCX, Inc., Class A12		16,688		—		10,696		(5,319	)		(673	)		—		—
WeCommerce Holdings, Ltd., Class A12		3,060		—		5,475		(14,619	)		17,034			—		—
Zuken, Inc.3,11		44,123		2,294		24,219		(8,377	)		7,221			—		315
														2,816,320
Health care 2.62%
Max Healthcare Institute, Ltd.		335,885		10,149		116,741		28,603			80,761			338,657		596
Haemonetics Corp.2		303,065		5,077		85,469		9,558			42,866			275,097		—
CONMED Corp.		123,341		75,096		16,140		(3,061	)		41,724			220,960		1,710
Xenon Pharmaceuticals, Inc.2		141,421		29,526		—		—			(9,669	)		161,278		—
Amvis Holdings, Inc.		115,541		—		6,689		(2,851	)		7,760			113,761		131
Tandem Diabetes Care, Inc.2		102,423		100,894		—		—			(103,955	)		99,362		—
Revance Therapeutics, Inc.2		170,476		14,050		8,176		1,443			(100,596	)		77,197		—
Zentalis Pharmaceuticals, Inc.2		14,794		69,829		—		—			(8,179	)		76,444		—
BONESUPPORT Holding AB2		17,459		30,987		—		—			12,024			60,470		—
Netcare, Ltd.		40,809		15,130		—		—			(3,419	)		52,520		2,313
Jeisys Medical, Inc.2		2,730		30,391		—		—			17,460			50,581		—
Surgical Science Sweden AB2		43,622		—		—		—			1,368			44,990		—
Silk Road Medical, Inc.2		125,623		7,529		—		—			(88,681	)		44,471		—
Ocumension Therapeutics2		48,977		—		1,744		(7,511	)		(4,639	)		35,083		—
Nordhealth AS, Class A2		9,375		—		—		—			2,532			11,907		—
Precision BioSciences, Inc.2		8,730		—		—		—			(6,438	)		2,292		—
Addus HomeCare Corp.12		89,421		—		84,351		(2,094	)		(2,976	)		—		—
Creo Medical Group PLC2,11		6,962		—		3,819		(21,713	)		19,080			—		—
Genus PLC11		64,841		41,556		57,254		(24,965	)		15,657			—		1,128
Medmix AG11		40,482		5,588		26,249		(40,247	)		48,660			—		514
New Horizon Health, Ltd.12		42,209		—		71,503		(37,752	)		67,046			—		—
														1,665,070
Financials 2.01%
Essent Group, Ltd.		197,178		120,203		—		—			89,543			406,924		7,734
IIFL Finance, Ltd.		99,987		27,325		2,217		926			73,470			199,491		1,367
360 ONE WAM, Ltd.10		98,842		61,596		—		—			11,973			172,411		5,165
Goosehead Insurance, Inc., Class A2		29,879		45,801		492		(955	)		68,002			142,235		—
AUB Group, Ltd.		62,367		11,503		—		—			36,329			110,199		2,393
BFF Bank SpA		—		100,947		—		—			321			101,268		8,120
Trupanion, Inc.2		190,990		12,149		11,767		(22,641	)		(75,750	)		92,981		—
Boku, Inc.2,3,5		25,379		—		—		—			11,028			36,407		—
Hellenic Exchanges - Athens Stock Exchange SA		10,361		—		—		—			7,339			17,700		591
Aavas Financiers, Ltd.2,11		165,167		28,369		110,696		(47,690	)		(12,726	)		—		—
Independent Bank Group, Inc.12		132,980		3,339		94,061		(44,244	)		1,986			—		1,844
Patria Investments, Ltd., Class A11		90,226		7,304		21,417		(3,727	)		13,632			—		5,966
Seacoast Banking Corporation of Florida12		125,663		19,495		111,167		(19,896	)		(14,095	)		—		1,541
														1,279,616
Materials 1.53%
APL Apollo Tubes, Ltd.		198,170		29,206		—		—			108,964			336,340		1,040
LANXESS AG		144,010		77,794		—		—			(46,043	)		175,761		7,139
Zeon Corp.3		—		156,417		—		—			5,463			161,880		3,792
Materion Corp.		9,723		102,144		9,547		930			21,339			124,589		539

SMALLCAP World Fund 23

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 9/30/2023 (000)		Dividend or interest income (000)
FUJIMI INCORPORATED3	$	25,022	$	57,668	$	—	$	—		$	18,925		$	101,615	$	2,580
MEC Co., Ltd.		—		40,539		—		—			(824	)		39,715		5
Aluflexpack AG2,3		23,652		—		—		—			(6,488	)		17,164		—
Re:NewCell AB2,3		17,542		1,558		2,156		(4,069	)		3,840			16,715		—
Perimeter Solutions SA12		94,450		45,130		125,935		(37,110	)		23,465			—		—
Toyo Gosei Co., Ltd.3,11		28,289		—		22,473		(14,259	)		21,940			—		137
Venator Materials PLC12		7,497		—		3,820		(18,180	)		14,503			—		—
														973,779
Consumer staples 1.07%
Emmi AG		247,648		—		—		—			52,185			299,833		5,160
Simply Good Foods Co.2		184,598		4,908		—		—			14,088			203,594		—
Grocery Outlet Holding Corp.2		196,915		9,075		18,052		(3,143	)		(23,409	)		161,386		—
Humble Group AB2,3		9,409		6,775		—		—			2,429			18,613		—
Milbon Co., Ltd.3,11		104,902		7,598		35,941		(30,476	)		(5,764	)		—		1,472
Redcare Pharmacy NV, non-registered shares2,10,11		46,389		3,059		35,189		3,761			72,886			—		—
Sok Marketler Ticaret AS, non-registered shares12		41,357		—		55,942		9,642			4,943			—		—
Sovos Brands, Inc.2,11		71,925		4,150		73,046		28,294			16,401			—		—
														683,426
Energy 0.29%
Vallourec SA2		96,289		41,878		—		—			20,727			158,894		—
Savannah Energy PLC2,3,4		29,272		—		—		—			(1,557	)		27,715		—
Northern Oil and Gas, Inc.11		165,940		—		128,799		71,427			(28,108	)		—		5,103
														186,609
Communication services 0.22%
Hemnet Group AB		32,459		44,543		—		—			24,560			101,562		506
S4 Capital PLC2		—		50,604		—		—			(14,605	)		35,999		—
Direct Marketing MIX, Inc.12		27,521		13,018		15,614		(28,215	)		3,290			—		374
Pebble Group PLC12		13,532		—		14,304		(4,473	)		5,245			—		—
														137,561
Real estate 0.34%
Altus Group, Ltd.3		117,322		10,818		9,062		(1,923	)		9,895			127,050		1,623
JHSF Participações SA		65,466		1,028		—		—			(20,592	)		45,902		4,525
SRE Holdings Corp.2,3		27,781		—		—		—			(2,372	)		25,409		—
K-Fast Holding AB, Class B2		24,470		3,628		—		—			(8,336	)		19,762		—
DigitalBridge Group, Inc., Class A11		96,429		21,141		43,470		(30,748	)		71,336			—		251
Genova Property Group AB2,11		10,794		—		—		—			(3,487	)		—		—
														218,123
Utilities 0.00%
Mytrah Energy, Ltd.2,4		116		—		—		—			11			127		—
Total common stocks														15,716,119
Preferred securities 0.23%
Information technology 0.06%
Skyryse, Inc., Series B, preferred shares2,4,5		40,700		—		—		—			(4,073	)		36,627		—
Industrials 0.07%
Einride AB, Series B, preferred shares2,4,5		60,860		—		—		—			(16,700	)		44,160		—
Einride AB, Series A, preferred shares2,4,5		547		—		—		—			(150	)		397		—
Relativity Space, Inc., Series D, preferred shares2,4,5,11		39,166		—		—		—			6,560			—		—
Relativity Space, Inc., Series E, preferred shares2,4,5,11		8,481		—		—		—			1,421			—		—
														44,557

24 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 9/30/2023 (000)		Dividend or interest income (000)
Health care 0.05%
Rapport Therapeutics, Inc., Series B, 8.00% noncumulative preferred shares2,4,5	$	—	$	21,000	$	—		$	—		$	—		$	21,000	$	—
ClearNote Health, Inc., Series C, 5.00% noncumulative preferred shares2,4,5,10		9,814		—		—			—			1,516			11,330		—
															32,330
Financials 0.05%
PPRO Holding GmbH, Series B-1, 8.00% preferred shares2,4,5		57,732		—		—			—			(21,812	)		35,920		—
Total preferred securities															149,434
Convertible stocks 0.02%
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares2,4,5		10,163		—		—			—			(242	)		9,921		—
Convertible bonds & notes 0.00%
Health care 0.00%
ClearNote Health, Inc., convertible notes, 8.00% 10/28/20254,5,10		—		2,000		—			—			—			2,000		148
Industrials 0.00%
Einride AB, convertible notes, 7.00% 2/1/202312		1,895		—		1,500			—			(395	)		—		32
Total convertible bonds & notes															2,000
Short-term securities 8.15%
Money market investments 8.05%							��
Capital Group Central Cash Fund 5.44%8		4,775,818		5,545,859		5,192,959			(58	)		80			5,128,740		205,840
Money market investments purchased with collateral from securities on loan 0.10%
Capital Group Central Cash Fund 5.44%8,9		290,972				231,028	13								59,944		—	14
Total short-term securities															5,188,684
Total 33.08%								$	(236,153	)	$	3,328,017		$	21,066,158	$	380,619

Restricted securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Structure Therapeutics, Inc.2	9/29/2023	$	53,466	$	67,628		.11	%
Einride AB, Series B, preferred shares1,2,4	3/23/2021-5/6/2021		18,753		44,160		.07
Einride AB1,2,4	7/16/2021-2/1/2023		10,542		14,502		.02
Einride AB, Series A, preferred shares1,2,4	10/11/2021		311		397		.00	15
Relativity Space, Inc., Series D, preferred shares2,4	11/20/2020		32,000		45,726		.07
Relativity Space, Inc., Series E, preferred shares2,4	5/27/2021		10,600		9,902		.02
Pine Labs Pte., Ltd.2,4	5/12/2021		28,710		26,630		.04
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4	5/12/2021		21,291		19,748		.03
PsiQuantum Corp., Series D, preferred shares2,4	5/28/2021		35,000		41,331		.07
QuintoAndar, Ltd., Series E-1, preference shares2,4	12/20/2021		50,000		37,461		.06
Skyryse, Inc., Series B, preferred shares1,2,4	10/21/2021		40,700		36,627		.06
Boku, Inc.1,2,3	2/11/2021-9/21/2021		48,584		36,407		.06
PPRO Holding GmbH, Series B-1, 8.00% preferred shares1,2,4	1/28/2021		48,694		35,920		.06
Outreach Corp., Series G, preferred shares2,4	5/27/2021		45,482		33,940		.05
Laronde, Inc., Series B, 6.00% preferred shares2,4	8/10/2021		50,000		32,375		.05
Kandou Holding SA, Series D, preferred shares2,4	11/17/2021-8/18/2023		30,800		30,800		.05

SMALLCAP World Fund 25

Restricted securities⁵ (continued)

	Acquisition date(s)	Cost (000)			Value (000)			Percent of net assets
Kandou Holding SA, warrants, expire 8/18/20282,4	8/18/2023	$	—	6	$	—	6		.00	%15
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4	7/7/2022		30,000			28,713			.05
Dock, Ltd.2,4	10/19/2020		26,000			28,419			.04
SiFive, Inc., Series F, preferred shares2,4	3/16/2022		25,000			25,922			.04
BridgeBio Pharma, Inc.2	9/25/2023		26,333			24,191			.04
KRY International AB, Series E, preferred shares2,4	5/13/2021		51,891			18,817			.03
KRY International AB, Series A2,4	5/13/2021		8,533			3,257			.00	15
Patreon, Inc., Series E, preferred shares2,4	9/1/2020		11,944			14,621			.02
Patreon, Inc., Class B2,4	10/26/2020-10/27/2020		3,255			3,978			.01
Patreon, Inc., Series Seed, preferred shares2,4	9/16/2020		2,790			3,415			.00	15
ANDPAD, Inc., Series D, preferred shares2,4	6/30/2022		19,506			21,927			.03
Rapport Therapeutics, Inc., Series B, 8.00% noncumulative preferred shares1,2,4	8/7/2023-8/31/2023		21,000			21,000			.03
ABL Space Systems Co., Series B, preferred shares2,4	3/24/2021		35,000			20,199			.03
Yotpo, Ltd., Series F, preferred shares2,4	2/25/2021		18,329			11,333			.02
Yotpo, Ltd.2,4	3/16/2021		5,475			3,563			.01
Yotpo, Ltd., Series B, preferred shares2,4	3/16/2021		2,322			1,511			.00	15
Yotpo, Ltd., Series C, preferred shares2,4	3/16/2021		2,211			1,439			.00	15
Yotpo, Ltd., Series A-1, preferred shares2,4	3/16/2021		1,483			965			.00	15
Yotpo, Ltd., Series A, preferred shares2,4	3/16/2021		723			470			.00	15
Yotpo, Ltd., Series C-1, preferred shares2,4	3/16/2021		613			399			.00	15
Yotpo, Ltd., Series D, preferred shares2,4	3/16/2021		341			222			.00	15
Yotpo, Ltd., Series B-1, preferred shares2,4	3/16/2021		273			178			.00	15
WorkRise Technologies, Inc., Series E, preferred shares2,4	3/8/2021		40,000			19,820			.03
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4	5/13/2022-7/18/2022		23,685			19,192			.03
StockX, Inc., Series E-1, preferred shares2,4	4/15/2021		20,000			8,693			.02
StockX, Inc.2,4	4/5/2021		14,682			6,329			.01
StockX, Inc., Series AA, preferred shares2,4	4/5/2021		5,203			2,243			.00	15
StockX, Inc., Series B, preferred shares2,4	4/5/2021		281			121			.00	15
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4	2/18/2022		12,179			15,922			.03
Tarana Wireless, Inc., Series 7, noncumulative convertible preferred shares4	6/27/2023		1,000			1,000			.00	15
ClearNote Health, Inc., Series C, 5.00% noncumulative preferred shares1,2,4	4/26/2021		15,101			11,330			.02
ClearNote Health, Inc., convertible notes, 8.00% 10/28/20251,4	12/1/2022		2,000			2,000			.00	15
RealSelf, Inc., Series C, convertible preferred shares1,2,4	4/18/2018		19,000			9,921			.02
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4	2/24/2021		7,000			6,720			.01
Foursquare Labs, Inc., Series A2,4	12/3/2013		20,000			2,364			.00	15
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4	8/22/2014		—	6		9			.00	15
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4	2/7/2020		9,000			44			.00	15
Total		$	1,007,086		$	853,801			1.34	%

26 SMALLCAP World Fund

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 $846,284,000, which represented 1.33% 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 $853,801,000, which represented 1.34% of the net assets of the fund.
6	Amount less than one thousand.
7	Acquired in a transaction exempt from registration under Rule 144A or, 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 $152,851,000, which represented .24% of the net assets of the fund.
8	Rate represents the seven-day yield at 9/30/2023.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	This security changed its name during the reporting period.
11	Affiliated issuer during the reporting period but no longer an affiliate at 9/30/2023. Refer to the investment portfolio for the security value at 9/30/2023.
12	Affiliated issuer during the reporting period but no longer held at 9/30/2023.
13	Represents net activity. Refer to Note 5 for more information on securities lending.
14	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
15	Amount less than .01%.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GDR = Global Depositary Receipts

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 27

Financial statements

Statement of assets and liabilities
at September 30, 2023	(dollars in thousands)

Assets:
Investment securities, at value (includes $846,284 of investment securities on loan):
Unaffiliated issuers (cost: $33,848,008)	$	43,486,276
Affiliated issuers (cost: $18,616,644)		21,066,158	$	64,552,434
Cash				5,880
Cash denominated in currencies other than U.S. dollars (cost: $9,075)				9,074
Receivables for:
Sales of investments		67,279
Sales of fund’s shares		61,027
Dividends and interest		92,165
Securities lending income		1,396
Other		41		221,908
				64,789,296
Liabilities:
Collateral for securities on loan				360,259
Payables for:
Purchases of investments		463,007
Repurchases of fund’s shares		32,544
Investment advisory services		32,597
Services provided by related parties		10,293
Directors’ deferred compensation		4,468
Non-U.S. taxes		195,032
Other		2,877		740,818
Net assets at September 30, 2023			$	63,688,219
Net assets consist of:
Capital paid in on shares of capital stock			$	52,964,156
Total distributable earnings				10,724,063
Net assets at September 30, 2023			$	63,688,219

Refer to the notes to financial statements.

28 SMALLCAP World Fund

Financial statements (continued)

Statement of assets and liabilities
at September 30, 2023 (continued)	(dollars and shares in thousands, except per-share amounts)

Total authorized capital stock — 2,000,000 shares,
$.01 par value (1,065,122 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	25,283,133		429,061		$	58.93
Class C		348,580		7,307			47.70
Class T		12		—	*		59.82
Class F-1		446,428		7,704			57.95
Class F-2		8,514,327		140,167			60.74
Class F-3		5,017,780		83,126			60.36
Class 529-A		1,473,237		25,421			57.95
Class 529-C		37,014		760			48.72
Class 529-E		49,731		901			55.22
Class 529-T		16		—	*		59.65
Class 529-F-1		9		—	*		59.51
Class 529-F-2		223,020		3,764			59.25
Class 529-F-3		10		—	*		59.33
Class R-1		26,130		526			49.73
Class R-2		427,896		8,596			49.78
Class R-2E		30,550		538			56.77
Class R-3		611,221		11,127			54.93
Class R-4		584,528		10,006			58.42
Class R-5E		166,209		2,787			59.64
Class R-5		288,390		4,652			61.99
Class R-6		20,159,998		328,679			61.34

* Amount less than one thousand.

Refer to the notes to financial statements.

SMALLCAP World Fund 29

Financial statements (continued)

Statement of operations
for the year ended September 30, 2023	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $48,817; also includes $380,439 from affiliates)	$	896,815
Securities lending income (net of fees)		25,949
Interest (includes $180 from affiliates)		9,267		$	932,031
Fees and expenses*:
Investment advisory services		385,210
Distribution services		81,910
Transfer agent services		55,022
Administrative services		19,044
529 plan services		1,113
Reports to shareholders		2,287
Registration statement and prospectus		2,050
Directors’ compensation		733
Auditing and legal		221
Custodian		6,242
State and local taxes		1
Other		1,021			554,854
Net investment income					377,177
Net realized loss and unrealized appreciation:
Net realized loss on:
Investments (net of non-U.S. taxes of $30,856):
Unaffiliated issuers		(151,506	)
Affiliated issuers		(236,153	)
Currency transactions		(8,340	)		(395,999	)
Net unrealized appreciation on:
Investments (net of non-U.S. taxes of $191,530):
Unaffiliated issuers		4,170,341
Affiliated issuers		3,328,017
Currency translations		332			7,498,690
Net realized loss and unrealized appreciation					7,102,691
Net increase in net assets resulting from operations				$	7,479,868

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

Statements of changes in net assets
	(dollars in thousands)

	Year ended September 30,
	2023			2022
Operations:
Net investment income	$	377,177		$	66,217
Net realized loss		(395,999	)		(453,940	)
Net unrealized appreciation (depreciation)		7,498,690			(29,397,182	)
Net increase (decrease) in net assets resulting from operations		7,479,868			(29,784,905	)
Distributions paid to shareholders		(90,904	)		(6,882,670	)
Net capital share transactions		719,111			11,033,527
Total increase (decrease) in net assets		8,108,075			(25,634,048	)
Net assets:
Beginning of year		55,580,144			81,214,192
End of year	$	63,688,219		$	55,580,144

Refer to the notes to financial statements.

30 SMALLCAP World Fund

Notes to financial statements

1. Organization

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

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

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

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

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

2. Significant accounting policies

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

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

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

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

SMALLCAP World Fund 31

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.

32 SMALLCAP World Fund

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 September 30, 2023 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Industrials	$	6,447,636	$	6,962,225	$	14,502	$	13,424,363
Consumer discretionary		7,258,389		4,303,723		6,329		11,568,441
Information technology		4,719,023		4,428,527		72,955		9,220,505
Health care		5,249,738		2,482,925		3,257		7,735,920
Financials		3,657,232		3,169,651		26,630		6,853,513
Materials		883,070		1,560,070		—		2,443,140
Consumer staples		909,786		1,130,442		—		2,040,228
Energy		1,301,437		491,080		27,715		1,820,232
Communication services		812,941		940,337		—		1,753,278
Real estate		662,662		435,819		—		1,098,481
Utilities		238,775		141,048		127		379,950
Preferred securities		—		—		578,968		578,968
Rights & warrants		22		88,829		9		88,860
Convertible stocks		—		—		55,556		55,556
Convertible bonds & notes		—		—		2,000		2,000
Short-term securities		5,488,999		—		—		5,488,999
Total	$	37,629,710	$	26,134,676	$	788,048	$	64,552,434

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended September 30, 2023 (dollars in thousands):

	Beginning value at 10/1/2022		Transfers into Level 3*		Purchases		Sales			Net realized gain†		Unrealized depreciation†			Transfers out of Level 3*			Ending value at 9/30/2023
Investment securities	$	898,553	$	29,272	$	41,404	$	(149,943	)	$	2,140	$	(22,414	)	$	(10,964	)	$	788,048
Net unrealized depreciation during the year on Level 3 investment securities held at September 30, 2023																		$	(99,713	)

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

SMALLCAP World Fund 33

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 9/30/2023		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average	*	Impact to valuation from an increase in input†
				EV/Gross Profit multiple	17.1x	17.1x		Increase
				EV/Sales multiple	2.1x - 7.2x	4.7x		Increase
			Market comparable companies	Net adjustment (decrease) based on movement of market comparables	36% - 71%	50%		Decrease
Common stocks	$	151,515		DLOM	24% - 30%	28%		Decrease
			Market approach	Transaction price	Not applicable	Not applicable		Not applicable
				Discount to last trade price	10%	10%		Decrease
			Transaction	Transaction price	Not applicable	Not applicable		Not applicable
			Estimated recovery value	Expected proceeds	Not applicable	Not applicable		Not applicable
			Transaction	Transaction price	Not applicable	Not applicable		Not applicable
				Discount to transaction price	10% - 25%	14%		Decrease
				Discount for uncertainty	6% - 20%	10%		Decrease
			Discounted cash flow	WACC	10% - 20%	14%		Decrease
				Risk discount	10% - 95%	44%		Decrease
			Market comparable companies	EV/Sales multiple	2.1x - 14.7x	9.6x		Increase
				EV/Gross Profit multiple	13.8x - 17.1x	16.2x		Increase
				Price/Sales multiple	7.7x	7.7x		Increase
Preferred securities		578,968		Net adjustment (decrease) based on movement of market comparables	31% - 71%	55%		Decrease
				Net adjustment (increase) based on movement of market comparables	1% - 37%	15%		Increase
				DLOM	15% - 30%	20%		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
			Estimated recovery value	Expected proceeds	Not applicable	Not applicable		Not applicable
Rights & warrants		9	Black-Scholes	Underlying share price	Not applicable	Not applicable		Not applicable
				Implied volatility	30%	30%		Increase
			Estimated recovery value	Expected proceeds	Not applicable	Not applicable		Not applicable
Convertible stocks		55,556	Market comparable companies	EV/Sales multiple	5.6x	5.6x		Increase
				DLOM	16%	16%		Decrease
			Discounted cash flow	WACC	20%	20%		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	$	788,048

*	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

34 SMALLCAP World Fund

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; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

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

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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

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

SMALLCAP World Fund 35

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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 September 30, 2023, the total value of securities on loan was $846,284,000, and the total value of collateral received was $885,064,000. Collateral received includes cash of $360,259,000 and U.S. government securities of $524,805,000. 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.

36 SMALLCAP World Fund

6. Taxation and distributions

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

As of and during the year ended September 30, 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 year, the fund did not incur any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended September 30, 2023, the fund recognized $373,000 in reclaims (net of $12,000 in fees and the effect of realized gain or loss from currency translations) and $51,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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; net capital losses; 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 fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended September 30, 2023, the fund reclassified $3,042,000 from total distributable earnings to capital paid in on shares of capital stock to align financial reporting with tax reporting.

As of September 30, 2023, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	456,639
Capital loss carryforward*		(1,200,474	)
Gross unrealized appreciation on investments		16,836,093
Gross unrealized depreciation on investments		(5,171,375	)
Net unrealized appreciation on investments		11,664,718
Cost of investments		52,887,716

* The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

SMALLCAP World Fund 37

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

	Year ended September 30, 2023								Year ended September 30, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions 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 year ended September 30, 2023, the investment advisory services fees were $385,210,000, which were equivalent to an annualized rate of 0.607% of average daily net assets.

38 SMALLCAP World Fund

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

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

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of September 30, 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 year ended September 30, 2023, the 529 plan services fees were $1,113,000, which were equivalent to 0.060% of the average daily net assets of each 529 share class.

SMALLCAP World Fund 39

For the year ended September 30, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$64,078		$38,199			$7,836			Not applicable
Class C		3,871		572			117			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		1,191		884			147			Not applicable
Class F-2		Not applicable		9,221			2,506			Not applicable
Class F-3		Not applicable		41			1,437			Not applicable
Class 529-A		3,492		2,104			462			$922
Class 529-C		434		60			13			26
Class 529-E		264		31			16			32
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		74			67			133
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		273		27			8			Not applicable
Class R-2		3,360		1,562			134			Not applicable
Class R-2E		184		62			9			Not applicable
Class R-3		3,203		970			192			Not applicable
Class R-4		1,560		635			187			Not applicable
Class R-5E		Not applicable		250			50			Not applicable
Class R-5		Not applicable		163			92			Not applicable
Class R-6		Not applicable		167			5,771			Not applicable
Total class-specific expenses		$81,910		$55,022			$19,044			$1,113

* 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 $733,000 in the fund’s statement of operations reflects $262,000 in current fees (either paid in cash or deferred) and a net increase of $471,000 in the value of the deferred amounts.

Affiliated officers and directors — Officers and certain directors of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or directors received any compensation directly from the fund.

Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of directors. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended September 30, 2023, the fund engaged in such purchase and sale transactions with related funds in the amounts of $310,916,000 and $212,479,000, respectively, which generated $57,224,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended September 30, 2023.

40 SMALLCAP World Fund

8. Committed line of credit

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the year ended September 30, 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):

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended September 30, 2023
Class A	$	1,485,457		24,948	$	—			—		$	(2,890,673	)		(48,926	)	$	(1,405,216	)		(23,978	)
Class C		41,630		862		—	†		—	†		(119,351	)		(2,474	)		(77,721	)		(1,612	)
Class T		—		—		—			—			—			—			—			—
Class F-1		25,269		434		—			—			(93,978	)		(1,610	)		(68,709	)		(1,176	)
Class F-2		1,869,036		30,461		15,913			272			(1,647,025	)		(27,089	)		237,924			3,644
Class F-3		1,461,886		24,072		14,216			244			(878,174	)		(14,535	)		597,928			9,781
Class 529-A		127,535		2,177		—			—			(217,420	)		(3,689	)		(89,885	)		(1,512	)
Class 529-C		7,553		153		—			—			(20,526	)		(416	)		(12,973	)		(263	)
Class 529-E		4,159		75		—			—			(8,655	)		(154	)		(4,496	)		(79	)
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		42,140		705		477			8			(35,443	)		(590	)		7,174			123
Class 529-F-3		—		—		—	†		—	†		—			—			—	†		—	†
Class R-1		3,328		66		—			—			(4,202	)		(81	)		(874	)		(15	)
Class R-2		69,604		1,379		—			—			(105,450	)		(2,107	)		(35,846	)		(728	)
Class R-2E		7,123		125		—			—			(6,561	)		(115	)		562			10
Class R-3		101,326		1,829		—			—			(154,016	)		(2,791	)		(52,690	)		(962	)
Class R-4		68,382		1,159		—			—			(144,973	)		(2,471	)		(76,591	)		(1,312	)
Class R-5E		38,759		647		270			5			(29,855	)		(495	)		9,174			157
Class R-5		30,438		485		772			13			(69,340	)		(1,118	)		(38,130	)		(620	)
Class R-6		2,540,804		40,964		58,382			987			(869,706	)		(13,960	)		1,729,480			27,991
Total net increase (decrease)	$	7,924,429		130,541	$	90,030			1,529		$	(7,295,348	)		(122,621	)	$	719,111			9,449

Refer to the end of the table for footnotes.

SMALLCAP World Fund 41

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended September 30, 2022
Class A	$	2,421,112		34,645	$	3,146,250		40,871		$	(3,690,285	)		(54,443	)	$	1,877,077			21,073
Class C		66,264		1,160		68,902		1,091			(167,718	)		(2,984	)		(32,552	)		(733	)
Class T		—		—		—		—			—			—			—			—
Class F-1		45,086		654		65,695		867			(117,196	)		(1,743	)		(6,415	)		(222	)
Class F-2		2,927,107		41,641		870,184		10,996			(2,324,879	)		(34,030	)		1,472,412			18,607
Class F-3		1,624,182		23,394		457,164		5,818			(1,066,551	)		(15,796	)		1,014,795			13,416
Class 529-A		168,539		2,448		189,018		2,495			(243,193	)		(3,640	)		114,364			1,303
Class 529-C		10,188		176		8,226		127			(27,532	)		(469	)		(9,118	)		(166	)
Class 529-E		4,479		68		7,065		98			(9,950	)		(153	)		1,594			13
Class 529-T		—		—		2		—	†		—			—			2			—	†
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 $20,104,105,000 and $16,839,007,000, respectively, during the year ended September 30, 2023.

42 SMALLCAP World Fund

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 reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net income (loss) to average net assets3
Class A:
9/30/2023	$	51.99	$	.25		$	6.69		$	6.94		$	—		$	—		$	—			$	58.93		13.31	%	$	25,283			1.05	%		1.05	%		.42	%
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
Class C:
9/30/2023		42.40		(.16	)		5.46			5.30			—			—			—				47.70		12.48			349			1.79			1.79			(.34	)
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	)
Class T:
9/30/2023		52.73		.42			6.79			7.21			(.12	)		—			(.12	)			59.82		13.63	5		—	6		.77	5		.77	5		.70	5
9/30/2022		89.14		.13			(29.14	)		(29.01	)		—			(7.40	)		(7.40	)			52.73		(35.21	)5		—	6		.76	5		.76	5		.19	5
9/30/2021		66.78		(.18	)		23.81			23.63			—			(1.27	)		(1.27	)			89.14		35.64	5		—	6		.79	5		.79	5		(.21	)5
9/30/2020		55.54		—	7		13.73			13.73			—			(2.49	)		(2.49	)			66.78		25.30	5		—	6		.81	5		.81	5		—	5,8
9/30/2019		60.35		.18			(1.68	)		(1.50	)		—			(3.31	)		(3.31	)			55.54		(1.14	)5		—	6		.82	5		.82	5		.33	5
Class F-1:
9/30/2023		51.14		.22			6.59			6.81			—			—			—				57.95		13.25			446			1.08			1.08			.38
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
Class F-2:
9/30/2023		53.55		.43			6.88			7.31			(.12	)		—			(.12	)			60.74		13.64			8,514			.77			.77			.70
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
Class F-3:
9/30/2023		53.22		.50			6.83			7.33			(.19	)		—			(.19	)			60.36		13.75			5,018			.66			.66			.82
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
Class 529-A:
9/30/2023		51.14		.23			6.58			6.81			—			—			—				57.95		13.27			1,473			1.08			1.08			.39
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

Refer to the end of the table for footnotes.

SMALLCAP World Fund 43

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 creturn2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net income (loss) to average net assets3
Class 529-C:
9/30/2023	$	43.33	$	(.20	)	$	5.59		$	5.39		$	—		$	—		$	—		$	48.72		12.39	%	$	37			1.86	%		1.86	%		(.40	)%
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	)
Class 529-E:
9/30/2023		48.83		.11			6.28			6.39			—			—			—			55.22		13.04			50			1.27			1.27			.19
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	)
Class 529-T:
9/30/2023		52.59		.39			6.76			7.15			(.09	)		—			(.09	)		59.65		13.55	5		—	6		.83	5		.83	5		.64	5
9/30/2022		88.95		.10			(29.06	)		(28.96	)		—			(7.40	)		(7.40	)		52.59		(35.24	)5		—	6		.81	5		.81	5		.15	5
9/30/2021		66.67		(.22	)		23.77			23.55			—			(1.27	)		(1.27	)		88.95		35.60	5		—	6		.84	5		.84	5		(.26	)5
9/30/2020		55.49		(.03	)		13.70			13.67			—			(2.49	)		(2.49	)		66.67		25.21	5		—	6		.85	5		.85	5		(.05	)5
9/30/2019		60.32		.15			(1.67	)		(1.52	)		—			(3.31	)		(3.31	)		55.49		(1.17	)5		—	6		.87	5		.87	5		.28	5
Class 529-F-1:
9/30/2023		52.48		.34			6.74			7.08			(.05	)		—			(.05	)		59.51		13.48	5		—	6		.90	5		.90	5		.56	5
9/30/2022		88.82		.06			(29.00	)		(28.94	)		—			(7.40	)		(7.40	)		52.48		(35.28	)5		—	6		.87	5		.87	5		.09	5
9/30/2021		66.57		(.29	)		23.81			23.52			—			(1.27	)		(1.27	)		88.82		35.60	5		—	6		.80	5		.80	5		(.42	)5
9/30/2020		55.41		(.03	)		13.68			13.65			—			(2.49	)		(2.49	)		66.57		25.21			181			.86			.86			(.05	)
9/30/2019		60.26		.15			(1.69	)		(1.54	)		—			(3.31	)		(3.31	)		55.41		(1.22	)		146			.88			.88			.27
Class 529-F-2:
9/30/2023		52.24		.43			6.71			7.14			(.13	)		—			(.13	)		59.25		13.65			223			.75			.75			.72
9/30/2022		88.37		.14			(28.87	)		(28.73	)		—			(7.40	)		(7.40	)		52.24		(35.22	)		190			.76			.76			.21
9/30/20219,10		65.50		(.16	)		24.30			24.14			—			(1.27	)		(1.27	)		88.37		37.11	11		274			.80	12		.80	12		(.21	)12
Class 529-F-3:
9/30/2023		52.32		.44			6.72			7.16			(.15	)		—			(.15	)		59.33		13.66			—	6		.73			.73			.74
9/30/2022		88.45		.17			(28.90	)		(28.73	)		—			(7.40	)		(7.40	)		52.32		(35.19	)		—	6		.71			.71			.25
9/30/20219,10		65.50		(.09	)		24.31			24.22			—			(1.27	)		(1.27	)		88.45		37.23	11		—	6		.76	12		.71	12		(.12	)12
Class R-1:
9/30/2023		44.18		(.14	)		5.69			5.55			—			—			—			49.73		12.52			26			1.75			1.75			(.28	)
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	)

Refer to the end of the table for footnotes.

44 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 reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Ratio of net income (loss) to average net assets3
Class R-2:
9/30/2023	$	44.23	$	(.15	)	$	5.70		$	5.55		$	—		$	—		$	—		$	49.78		12.50	%	$	428		1.76	%		1.76	%		(.29	)%
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	)
Class R-2E:
9/30/2023		50.29		.01			6.47			6.48			—			—			—			56.77		12.85			31		1.46			1.46			.01
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	)
Class R-3:
9/30/2023		48.59		.09			6.25			6.34			—			—			—			54.93		13.03			611		1.31			1.31			.16
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	)
Class R-4:
9/30/2023		51.52		.27			6.63			6.90			—			—			—			58.42		13.35			585		1.01			1.01			.45
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
Class R-5E:
9/30/2023		52.58		.40			6.76			7.16			(.10	)		—			(.10	)		59.64		13.56			166		.81			.81			.66
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
Class R-5:
9/30/2023		54.65		.47			7.02			7.49			(.15	)		—			(.15	)		61.99		13.68			288		.71			.71			.75
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
Class R-6:
9/30/2023		54.08		.50			6.95			7.45			(.19	)		—			(.19	)		61.34		13.76			20,160		.66			.66			.82
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

Refer to the end of the table for footnotes.

SMALLCAP World Fund 45

Financial highlights (continued)

	Year ended September 30,
	2023			2022			2021			2020			2019
Portfolio turnover rate for all share classes13		29	%		32	%		30	%		38	%		39	%

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

Refer to the notes to financial statements.

46 SMALLCAP World Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of SMALLCAP World Fund, Inc. (the “Fund”), including the investment portfolio, as of September 30, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California
November 7, 2023

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

SMALLCAP World Fund 47

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (April 1, 2023, through September 30, 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.

48 SMALLCAP World Fund

Expense example (continued)

	Beginning account value 4/1/2023		Ending account value 9/30/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	986.74	$	5.23		1.05	%
Class A – assumed 5% return		1,000.00		1,019.80		5.32		1.05
Class C – actual return		1,000.00		983.08		8.95		1.80
Class C – assumed 5% return		1,000.00		1,016.04		9.10		1.80
Class T – actual return		1,000.00		988.08		3.79		.76
Class T – assumed 5% return		1,000.00		1,021.26		3.85		.76
Class F-1 – actual return		1,000.00		986.37		5.43		1.09
Class F-1 – assumed 5% return		1,000.00		1,019.60		5.52		1.09
Class F-2 – actual return		1,000.00		988.14		3.84		.77
Class F-2 – assumed 5% return		1,000.00		1,021.21		3.90		.77
Class F-3 – actual return		1,000.00		988.71		3.29		.66
Class F-3 – assumed 5% return		1,000.00		1,021.76		3.35		.66
Class 529-A – actual return		1,000.00		986.72		5.33		1.07
Class 529-A – assumed 5% return		1,000.00		1,019.70		5.42		1.07
Class 529-C – actual return		1,000.00		982.67		9.19		1.85
Class 529-C – assumed 5% return		1,000.00		1,015.79		9.35		1.85
Class 529-E – actual return		1,000.00		985.54		6.37		1.28
Class 529-E – assumed 5% return		1,000.00		1,018.65		6.48		1.28
Class 529-T – actual return		1,000.00		987.77		4.09		.82
Class 529-T – assumed 5% return		1,000.00		1,020.96		4.15		.82
Class 529-F-1 – actual return		1,000.00		987.58		4.53		.91
Class 529-F-1 – assumed 5% return		1,000.00		1,020.51		4.61		.91
Class 529-F-2 – actual return		1,000.00		988.30		3.69		.74
Class 529-F-2 – assumed 5% return		1,000.00		1,021.36		3.75		.74
Class 529-F-3 – actual return		1,000.00		988.16		3.59		.72
Class 529-F-3 – assumed 5% return		1,000.00		1,021.46		3.65		.72
Class R-1 – actual return		1,000.00		983.16		8.70		1.75
Class R-1 – assumed 5% return		1,000.00		1,016.29		8.85		1.75
Class R-2 – actual return		1,000.00		983.21		8.70		1.75
Class R-2 – assumed 5% return		1,000.00		1,016.29		8.85		1.75
Class R-2E – actual return		1,000.00		984.73		7.26		1.46
Class R-2E – assumed 5% return		1,000.00		1,017.75		7.38		1.46
Class R-3 – actual return		1,000.00		985.48		6.47		1.30
Class R-3 – assumed 5% return		1,000.00		1,018.55		6.58		1.30
Class R-4 – actual return		1,000.00		986.84		5.03		1.01
Class R-4 – assumed 5% return		1,000.00		1,020.00		5.11		1.01
Class R-5E – actual return		1,000.00		987.90		4.04		.81
Class R-5E – assumed 5% return		1,000.00		1,021.01		4.10		.81
Class R-5 – actual return		1,000.00		988.36		3.54		.71
Class R-5 – assumed 5% return		1,000.00		1,021.51		3.60		.71
Class R-6 – actual return		1,000.00		988.72		3.29		.66
Class R-6 – assumed 5% return		1,000.00		1,021.76		3.35		.66

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

SMALLCAP World Fund 49

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended September 30, 2023:

Foreign taxes	$0.07 per share
Foreign source income	$0.51 per share
Qualified dividend income	100%
Corporate dividends received deduction	100%
U.S. government income that may be exempt from state taxation	$36,875,000

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2024, to determine the calendar year amounts to be included on their 2023 tax returns. Shareholders should consult their tax advisors.

50 SMALLCAP World Fund

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through November 30, 2024. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

1. Nature, extent and quality of services

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

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through March 31, 2023. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

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

SMALLCAP World Fund 51

4. Ancillary benefits

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

5. Adviser financial information

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

52 SMALLCAP World Fund

Board of directors and other officers

Independent directors¹

Name and year of birth	Year first elected a director of the fund2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by director3	Other directorships4 held by director
Joseph J. Bonner, 1955	2019	President and CEO, Solana Beach Capital LLC (real estate advisory); Global Head of Real Estate, Board Member, The Interlink Group (private merchant bank)	3	Extra Space Storage
Cecilia V. Estolano, 1966	2022	Founder and CEO of Estolano Advisors (urban planning and public policy consultancy); CEO of Better World Group (boutique environmental advocacy consultancy)	3	None
John G. Freund, MD, 1953 Chair of the Board (Independent and Non-Executive)	2000	Founder and former Managing Director, Skyline Ventures (a venture capital investor in health care companies); Co-Founder of Intuitive Surgical, Inc. (1995–2000); Co-Founder and former CEO of Arixa Pharmaceuticals, Inc. (2016–2020)	14	Collegium Pharmaceutical, Inc.; SI – Bone, Inc.; Sutro Biopharma, Inc.
Yvonne L. Greenstreet, 1962	2019	Chief Executive Officer, Alnylam Pharmaceuticals, Inc.	3	None
Martin E. Koehler, 1957	2021	Independent management consultant	6	None
Sharon I. Meers, 1965	2017	Co-Founder and COO, Midi Health, Inc. (a women’s telehealth company)	7	None
Kenneth M. Simril, 1965	2016	President and CEO, SCI Ingredients Holdings, Inc. (food manufacturing)	9	Bunge Limited (agricultural business and food company)
Christopher E. Stone, 1956	2007	Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government	11	None

Interested directors^5,6

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

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

Refer to page 55 for footnotes.

SMALLCAP World Fund 53

Other officers⁶

Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Julian N. Abdey, 1972 Co-President	2014	Partner — Capital International Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7
Jonathan Knowles, PhD, 1961 Co-President	2000	Partner — Capital World Investors, Capital Group Investment Management Pte. Ltd.7
Gregory W. Wendt, 1961 Co-President	1992	Partner — Capital Research Global Investors, Capital Research and Management Company
Walt Burkley, 1966 Principal Executive Officer	2007	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company7; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2014	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Peter Eliot, 1971 Senior Vice President	2018	Partner — Capital International Investors, Capital Research and Management Company
Bradford F. Freer, 1969 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital Research and Management Company
Leo Hee, 1971 Senior Vice President	2019	Partner — Capital World Investors, Capital Group Investment Management Pte. Ltd.7
M. Taylor Hinshaw, 1973 Senior Vice President	2023	Partner — Capital Research Global Investors, Capital Research and Management Company
Roz Hongsaranagon, 1979 Senior Vice President	2018	Partner — Capital World Investors, Capital Research and Management Company
Akira Horiguchi, 1972	2023	Partner — Capital International Investors, Capital International K.K.7;
Senior Vice President		Partner — Capital International Investors, Capital International Sàrl7; Senior Vice President and Director, Capital International K.K.7
Dimitrije M. Mitrinovic, 1977 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company
Aidan O’Connell, 1968 Senior Vice President	2017	Partner — Capital Research Global Investors, Capital Research and Management Company
Samir Parekh, 1974 Senior Vice President	2020	Partner — Capital International Investors, Capital International, Inc.7
Piyada Phanaphat, 1978 Senior Vice President	2023	Partner — Capital World Investors, Capital International, Inc.7
Andraz Razen, 1975 Senior Vice President	2019	Partner — Capital World Investors, Capital Research Company7

54 SMALLCAP World Fund

Other officers (continued)⁶

Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Renaud H. Samyn, 1974 Senior Vice President	2020	Partner — Capital Research Global Investors, Capital Group Investment Management Pte. Ltd.7
Arun Swaminathan, 1983 Senior Vice President	2020	Partner — Capital World Investors, Capital Research and Management Company
Thatcher Thompson, 1969 Senior Vice President	2021	Partner — Capital World Investors, Capital Research and Management Company
Shlok Melwani, 1981 Vice President	2021	Partner — Capital Research Global Investors, Capital Research Company7
Julie E. Lawton, 1973 Secretary	2010	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research Company7
Hong T. Le, 1978 Treasurer	2018	Vice President — Investment Operations, Capital Research and Management Company
Melissa Leyva, 1976 Assistant Secretary	2023	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2016–2018, 2020	Senior Vice President — Investment Operations, Capital Research and Management Company

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

SMALLCAP World Fund 55

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56 SMALLCAP World Fund

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SMALLCAP World Fund 57

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58 SMALLCAP World Fund

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SMALLCAP World Fund 59

Office of the fund

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment adviser

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

Transfer agent for shareholder accounts

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

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

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

Custodian of assets

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

Counsel

Dechert LLP

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

Independent registered public accounting firm

Deloitte & Touche LLP
695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street
Los Angeles, CA 90071-1406

60 SMALLCAP World Fund

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

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

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

This report is for the information of shareholders of SMALLCAP World Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 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.

The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 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 is 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

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

SCWF

Registrant:
a)  Audit Fees:
Audit	2022	175,000
	2023	20,000
b)  Audit-Related Fees:
	2022	12,000
	2023	11,000
c)  Tax Fees:
	2022	56,000
	2023	64,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2022	None
	2023	None
	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2022	2,114,000
	2023	1,912,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.

c)  Tax Fees:
	2022	394,000
	2023	None
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2022	None
	2023	None
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $2,577,000 for fiscal year 2022 and $1,987,000 for fiscal year 2023. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.  

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

SMALLCAP WORLD FUND, INC.

By __/s/ Walter R. Burkley________________

Walter R. Burkley,

Principal Executive Officer

Date: November 30, 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: November 30, 2023

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: November 30, 2023