American Funds SMALLCAP World Fund NCSR 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)

Hong T. Le

6455 Irvine Center Drive
Irvine, California 92618

(Name and address of agent for service)

Registrant's telephone number, including area code:

(949) 975-5000

Date of fiscal year end:

September 30

Date of reporting period:

September 30, 2024

ITEM 1 - Reports to Stockholders

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class A | SMCWX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-A

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 inves

ent)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$ 115	1.04 %

Management's discussion of fund performance

The fund’s Class A shares gained 21.01% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-A

What factors influenced results

Global equity markets saw a strong rally over the course of the fund’s fiscal year, with easing inflation and rate cuts by the Federal Reserve restoring confidence in stocks, particularly in the United States. The market strength was particularly concentrated in mega-cap US stocks, with small-cap stocks lagging the overall market.

Portfolio holdings in industrials, financials, and consumer discretionary had better returns relative to the overall portfolio. In industrials, companies that indirectly benefit from the build out in AI data centers such as Comfort Systems, as well as the reshoring trend in the US, positively contributed to results. Companies in consumer discretionary, such as Cava, TopBuild and MakeMyTrip, were additive to results as well. On the other hand, Staples and Energy shares lagged the overall portfolio.

Geographically – US companies, where the fund had the largest exposure, saw returns above those of the overall portfolio. Some select emerging markets were also additive, such as India, Philippines and Turkey, while China lagged the fund. Shares domiciled in the Eurozone, the UK and Japan saw returns below that of the overall portfolio.

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of divi

nds and capital g

ns.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class A (with sales charge) *	14.06 %	7.15 %	7.83 %
SMALLCAP World Fund — Class A (without sales charge) *	21.01 %	8.43 %	8.47 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

Effective July 24, 2024, the fund's primary benchmark changed from the MSCI All Country World Small Cap Index (the "Previous Primary Benchmark") to the MSCI ACWI IMI Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.

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.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of

assets

)

Graphical Representation - Allocation 1 Chart

Availability of additional inform

ati

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class C

SCWCX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-C

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$ 196	1.78 %

Management's discussion of fund performance

The fund’s Class C shares gained 20.11% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-C

What factors influenced results

portfolio

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class C (with sales charge) *	19.11 %	7.63 %	7.81 %
SMALLCAP World Fund — Class C (without sales charge) *	20.11 %	7.63 %	7.81 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

Effective July 24, 2024, the fund's primary benchmark changed from the MSCI All Country World Small Cap Index (the "Previous Primary Benchmark")

the MSCI ACWI IMI Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The

Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors

cannot

invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net

assets

)

Availability of additional information

Scan the QR code to view additional information about the fund, including its prospectus,

financial

information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class T | TSFFX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000

investment

)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class T	$ 83	0.75 %

Management's discussion of fund performance

The fund’s Class T shares gained 21.35% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index.

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	Since inception 1
SMALLCAP World Fund — Class T (with sales charge) 2	18.32 %	8.16 %	8.65 %
SMALLCAP World Fund — Class T (without sales charge) 2	21.35 %	8.71 %	9.02 %
MSCI ACWI IMI Index 3	30.96 %	11.87 %	10.61 %
MSCI All Country World Small Cap Index 3	24.62 %	9.40 %	8.09 %

Class T shares were first offered on April 7, 2017.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds (Mutual Funds)

Important information

To reduce fund expenses, only one copy of most

shareholder

documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class F-1 | SCWFX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F1

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F-1	$ 119	1.08 %

Management's discussion of fund performance

The fund’s Class F-1 shares gained 20.96% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F1

What factors influenced results

The

market strength was particularly concentrated in mega-cap US stocks, with small-cap stocks lagging the overall market.

Portfolio holdings in industrials, financials, and consu

er discretionary had better returns relative to the o

ll p

ortfolio. In industrials, companies that indirectly benefit from the build out in AI data centers such as Comfort Systems, as well as the reshoring trend in the US, positively contributed to results. Companies in consumer discretionary, such as Cava, TopBuild and MakeMyTrip, were additive to results as well. On the other hand, Staples and Energy shares lagged the overall portfolio.

Geographically – US companies, where the fund had the largest exposure, saw retur

above thos

e of

the overall portfolio. Some select emerging markets were also additive, such as India, Philippines and Turkey, while China lagged the fund. Shares domiciled in the Eurozone, the UK and Japan saw returns below that of the overall portfolio.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class F-1 *	20.96 %	8.39 %	8.44 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

Effective July 24, 2024, the fund's primary benchmark changed from the MSCI All Country World Small Cap Index (the "

Primary Benchmark") to the MSCI ACWI IMI Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class F-2 | SMCFX

for the year ended September 30,

2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F2

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F-2	$ 85	0.77 %

Management's discussion of fund performance

The fund’s Class F-2 shares gained 21.32% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F2

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class F-2 *	21.32 %	8.71 %	8.76 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class F-3 | SFCWX

for the year ended September 30,

2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F3

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F-3	$ 73	0.66 %

Management's discussion of fund performance

The fund’s Class F-3 shares gained 21.46% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F3

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	Since inception 1
SMALLCAP World Fund — Class F-3 2	21.46 %	8.83 %	9.41 %
MSCI ACWI IMI Index 3	30.96 %	11.87 %	10.76 %
MSCI All Country World Small Cap Index 3	24.62 %	9.40 %	8.23 %

Class F-3 shares were first offered on January 27, 2017.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class 529-A | CSPAX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529A

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 529-A	$ 118	1.07 %

Management's discussion of fund performance

The fund’s Class 529-A shares gained 20.95% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529A

What factors influenced results

Global equity markets saw a strong rally over the course of the fund’s fiscal year, with easing inflation and rate cuts by the

Federal

Reserve restoring confidence in stocks, particularly in the United States. The market strength was particularly concentrated in mega-cap US stocks, with small-cap stocks lagging the overall market.

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class 529-A (with sales charge) *	16.72 %	7.62 %	8.03 %
SMALLCAP World Fund — Class 529-A (without sales charge) *	20.95 %	8.39 %	8.42 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

Effective July 24, 2024, the fund's primary benchmark changed from the

MSCI

All Country World Small Cap Index (the "Previous Primary Benchmark") to the MSCI ACWI IMI Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class 529A

Scan the QR code to view additional information about the fund, including its prospectus, financial information,

holdings

and information on proxy voting. Or refer to the web address included at the beginning of this report.

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class 529-C | CSPCX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529C

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 529-C	$ 199	1.81 %

Management's discussion of fund performance

The fund’s Class 529-C shares gained 20.08% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529C

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class 529-C (with sales charge) *	19.08 %	7.58 %	8.00 %
SMALLCAP World Fund — Class 529-C (without sales charge) *	20.08 %	7.58 %	8.00 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class 529C

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple

accounts

at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class 529-E | CSPEX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529E

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $

10,000

investment

)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 529-E	$ 139	1.26 %

Management's discussion of fund performance

The fund’s Class 529-E shares gained 20.73% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529E

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class 529-E *	20.73 %	8.18 %	8.20 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class 529E

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class 529-T | TWSFX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000

investment

)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 529-T	$ 92	0.83 %

Management's discussion of fund performance

The fund’s Class 529-T shares gained 21.26% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index.

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	Since inception 1
SMALLCAP World Fund — Class 529-T (with sales charge) 2	18.22 %	8.10 %	8.60 %
SMALLCAP World Fund — Class 529-T (without sales charge) 2	21.26 %	8.65 %	8.96 %
MSCI ACWI IMI Index 3	30.96 %	11.87 %	10.61 %
MSCI All Country World Small Cap Index 3	24.62 %	9.40 %	8.09 %

Class 529-T shares were first offered on April 7, 2017.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of

net

assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class 529-F-1 | CSPFX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F1

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $

10,000

investment

)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 529-F-1	$ 100	0.90 %

Management's discussion of fund performance

The fund’s Class 529-F-1 shares gained 21.17% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F1

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class 529-F-1 *	21.17 %	8.60 %	8.64 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class 529F1

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class 529-F-2 | FSWFX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F2

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 529-F-2	$ 85	0.77 %

Management's discussion of fund performance

The fund’s Class 529-F-2 shares gained 21.32% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F2

What factors influenced results

portfolio

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total

returns

	1 year	Since inception 1
SMALLCAP World Fund — Class 529-F-2 2	21.32 %	5.31 %
MSCI ACWI IMI Index 3	30.96 %	13.36 %
MSCI All Country World Small Cap Index 3	24.62 %	11.27 %

Class 529-F-2 shares were first offered on October 30, 2020.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class 529F2

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class 529-F-3 | FSFWX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F3

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 529-F-3	$ 79	0.71 %

Management's discussion of fund performance

The fund’s Class 529-F-3 shares gained 21.40% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F3

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total

returns

	1 year	Since inception 1
SMALLCAP World Fund — Class 529-F-3 2	21.40 %	5.37 %
MSCI ACWI IMI Index 3	30.96 %	13.36 %
MSCI All Country World Small Cap Index 3	24.62 %	11.27 %

Class 529-F-3 shares were first offered on October 30, 2020.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class 529F3

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-1

| RSLAX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R1

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 in

ves

tment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-1	$ 193	1.75 %

Management's discussion of fund performance

The fund’s Class R-1 shares gained 20.15% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R1

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total return

	1 year	5 years	10 years
SMALLCAP World Fund — Class R-1 *	20.15 %	7.65 %	7.67 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

Effective July 24, 2024, the fund's primary benchmark changed from the MSCI All Country World

Small

Cap

Index (the "Previous Primary Benchmark") to the MSCI ACWI IMI Index, a broad-based index that represents the overall applicable securities market, as required by the SEC. The Previous Primary Benchmark provides a means to compare the fund's results to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fu

d statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(perce

t of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-2 | RSLBX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000

investment

)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-2	$ 193	1.75 %

Management's discussion of fund performance

The fund’s Class R-2 shares gained 20.15% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class R-2 *	20.15 %	7.65 %	7.69 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

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.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key

fund

statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at

the

same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-2E | RSEBX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2E

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000

investment

)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-2E	$ 161	1.46 %

Management's discussion of fund performance

The fund’s Class R-2E shares gained 20.49% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2E

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class R-2E *	20.49 %	7.96 %	8.05 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

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.

†

Results assume all distributions are reinvested. Any market index shown

unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class R2E

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-3 | RSLCX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R3

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000

investment

)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-3	$ 143	1.30 %

Management's discussion of fund performance

The fund’s Class R-3 shares gained 20.67% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R3

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class R-3 *	20.67 %	8.13 %	8.16 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

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.

†

Results assume all distributions are

reinvested

. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a

predictor

of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-4 | RSLEX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R4

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a

hypothetical

10,000

investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-4	$ 111	1.00 %

Management's discussion of fund performance

The fund’s Class R-4 shares gained 21.04% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R4

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class R-4 *	21.04 %	8.45 %	8.50 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-5E | RSLDX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5E

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-5E	$ 90	0.81 %

Management's discussion of fund performance

The fund’s Class R-5E shares gained 21.29% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5E

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	Since inception 1
SMALLCAP World Fund — Class R-5E 2	21.29 %	8.67 %	9.02 %
MSCI ACWI IMI Index 3	30.96 %	11.87 %	10.34 %
MSCI All Country World Small Cap Index 3	24.62 %	9.40 %	8.56 %

results

to a benchmark that the investment adviser believes is more representative of the fund's investment universe. There is no change in the fund's investment strategies as a result of the benchmark change.

Class R-5E shares were first offered on November 20, 2015.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

TSR - QR Code - American Funds_Class R5E

Important information

householded

, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-5 | RSLFX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-5	$ 79	0.71 %

Management's discussion of fund performance

The fund’s Class R-5 shares gained 21.41% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total

returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class R-5 *	21.41 %	8.78 %	8.82 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio

holdings

by sector

(percent of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ANNUAL SHAREHOLDER REPORT

SMALLCAP World Fund

Class R-6 | RLLGX

for the year ended September 30, 2024

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund")

for the period from October 1, 2023 to September 30, 2024. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R6

. You can also request this information by contacting us at (800) 421-4225.

What were the fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R-6	$ 73	0.66 %

Management's discussion of fund performance

The fund’s Class R-6 shares gained 21.46% for the year ended September 30, 2024. That result compares with a 24.62% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R6

What factors influenced results

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

	1 year	5 years	10 years
SMALLCAP World Fund — Class R-6 *	21.46 %	8.84 %	8.88 %
MSCI ACWI IMI Index †	30.96 %	11.87 %	9.20 %
MSCI All Country World Small Cap Index †	24.62 %	9.40 %	7.81 %

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Fund net assets (in millions)	$ 77,077
Total number of portfolio holdings	866
Total advisory fees paid (in millions)	$ 428
Portfolio turnover rate	32 %

Portfolio holdings by sector

(percent of net assets)

Availability of additional information

Important information

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

ITEM 2 - Code of Ethics

The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at capitalgroup.com.

ITEM 3 - Audit Committee Financial Expert

The Registrant's board has determined that Joseph J. Bonner, 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

Registrant1	(a) Audit Fees	(b) Audit-Related Fees	(c) Tax Fees	(d) All Other Fees
September 30, 2024	387,000	11,000	64,000	None
September 30, 2023	20,000	11,000	64,000	None
Adviser and Affiliates2
September 30, 2024	Not Applicable	2,550,000	None	11,000
September 30, 2023	Not Applicable	1,912,000	None	None

Registrant, Adviser and Affiliates3	(g) Aggregate
Registrant, Adviser and Affiliates3	non-audit fees
September 30, 2024	2,637,000
September 30, 2023	1,987,000

1The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

2This 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. 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. The tax fees consist of consulting services relating to the Registrant’s investments. The other fees consist of subscription services related to an accounting research tool.

3Aggregate 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. 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.

(e1)(e2)(h) 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.

(f)Not applicable.

(i)Not applicable.

(j)Not applicable.

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 - Investments

The schedule of investments is included as part of the material filed under Item 7 of this Form.

ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

LOGO

Investment portfolio September 30, 2024


Common stocks 95.11%		Shares		Value (000)
Industrials	Comfort Systems USA, Inc.¹		1,805,029		$704,593
22.74%	Diploma PLC¹		10,722,439		637,351
	Saia, Inc.^1,2		1,361,632		595,387
	AZEK Co., Inc. (The), Class A^1,2		9,016,817		421,987
	Crane Co.		2,455,426		388,645
	Interpump Group SpA¹		8,128,357		379,645
	CSW Industrials, Inc.¹		1,007,750		369,230
	IMCD NV		2,061,665		358,434
	Kadant, Inc.¹		939,520		317,558
	BELIMO Holding AG		433,163		309,510
	International Container Terminal Services, Inc.		39,138,156		282,312
	CBIZ, Inc.^1,2		4,008,971		269,764
	VAT Group AG		514,730		262,428
	XPO, Inc.²		2,407,929		258,876
	MISUMI Group, Inc.		13,509,794		244,688
	FTAI Aviation, Ltd.		1,815,918		241,335
	ICF International, Inc.¹		1,397,711		233,124
	Munters Group AB¹		9,828,231		224,538
	Hensoldt AG^1,3		6,373,148		209,110
	Casella Waste Systems, Inc., Class A²		2,074,095		206,352
	Trelleborg AB, Class B		5,103,014		196,096
	Bombardier, Inc., Class B²		2,573,724		195,839
	Arcosa, Inc.		2,031,982		192,551
	Applied Industrial Technologies, Inc.		829,363		185,056
	Enerpac Tool Group Corp., Class A¹		4,347,380		182,112
	Cleanaway Waste Management, Ltd.		89,024,846		181,354
	Regal Rexnord Corp.		1,087,715		180,430
	Visional, Inc.^1,2		3,080,430		170,663
	UL Solutions, Inc., Class A		3,333,700		164,351
	Addtech AB, Class B		5,442,314		163,160
	Carel Industries SpA^1,3		7,378,224		161,583
	Japan Elevator Service Holdings Co., Ltd.¹		7,000,000		152,080
	Builders FirstSource, Inc.²		760,228		147,378
	Enpro, Inc.		903,472		146,525
	NIBE Industrier AB, Class B		26,444,941		145,109
	Inox Wind, Ltd.		50,605,401		144,100
	IMI PLC		5,917,839		143,739
	Lifco AB, Class B		4,195,000		138,130
	TFI International, Inc. (CAD denominated)		968,019		132,593
	TFI International, Inc.		39,510		5,409
	Masco Corp.		1,625,000		136,402
	First Advantage Corp.^2,3		6,793,260		134,846
	RS Group PLC		12,312,528		133,768
	Nexans SA		897,522		131,586
	Volution Group PLC¹		15,822,638		129,743
	GMS, Inc.²		1,405,532		127,299
	Howden Joinery Group PLC		10,413,620		126,586
	TriNet Group, Inc.		1,302,290		126,283
	Harmonic Drive Systems, Inc.^1,3		5,111,698		126,232
	Simpson Manufacturing Co., Inc.		657,421		125,745
	WillScot Holdings Corp., Class A²		3,287,397		123,606
	Arcadis NV, non-registered shares		1,757,001		121,788
	Loar Holdings, Inc.^2,3		1,628,900		121,500
	KEI Industries, Ltd.		2,357,123		120,882
	Graco, Inc.		1,374,000		120,239
	NICHIAS Corp.³		3,012,600		119,388
	DO & CO AG, non-registered shares^1,2		779,520		117,687
	Qantas Airways, Ltd.²		22,778,620		117,008
	Wizz Air Holdings PLC^1,2		6,013,374		116,825
	Weir Group PLC (The)		3,978,926		115,309
	Armstrong World Industries, Inc.		872,331		114,650
	VSE Corp.¹		1,384,201		114,515
	Chart Industries, Inc.^2,3		900,000		111,726
	Babcock International Group PLC		17,646,593		111,680
	Alaska Air Group, Inc.²		2,352,076		106,337


			1			SMALLCAP World Fund


Common stocks (continued)		Shares		Value (000)
Industrials (continued)	Herc Holdings, Inc.		655,867		$104,565
Industrials (continued)	Watsco, Inc.		200,000		98,376
	Grafton Group PLC		6,919,294		96,157
	Matson, Inc.		648,513		92,491
	SiteOne Landscape Supply, Inc.²		609,885		92,038
	LS Electric Co., Ltd.		706,514		89,151
	Copa Holdings, SA, Class A		948,945		89,049
	Rumo SA		23,640,000		86,789
	SPX Technologies, Inc.²		537,469		85,705
	Boyd Group Services, Inc.³		562,834		85,296
	Montana Aerospace AG^1,2		3,438,200		82,182
	Miura Co., Ltd.		3,178,847		78,011
	Hammond Power Solutions, Inc., Class A³		730,120		76,302
	ATS Corp.²		2,626,762		76,213
	International Consolidated Airlines Group SA (CDI)		26,494,000		72,894
	Instalco AB¹		17,279,817		71,153
	Grupo Aeroportuario del Centro Norte, SAB de CV, Series B		8,297,261		70,107
	Engcon AB, Class B		6,013,176		69,345
	InPost SA²		3,636,067		68,613
	Sweco AB, Class B		3,838,213		65,080
	MonotaRO Co., Ltd.³		3,820,100		63,577
	GVS SpA²		7,864,236		63,248
	Dayforce, Inc.^2,3		979,310		59,983
	Lyft, Inc., Class A²		4,535,000		57,821
	Sulzer AG		351,946		57,675
	Johns Lyng Group, Ltd.¹		22,207,565		57,420
	Air Lease Corp., Class A		1,250,000		56,612
	McGrath RentCorp		534,724		56,296
	Reliance Worldwide Corp., Ltd.		13,700,714		56,015
	Kingspan Group PLC		557,140		52,445
	Judges Scientific PLC¹		395,543		52,141
	Alight, Inc., Class A²		7,021,606		51,960
	AirTAC International Group		1,777,000		51,575
	Voltronic Power Technology Corp.		789,000		50,332
	Embraer SA²		5,690,100		50,104
	CECO Environmental Corp.^1,2		1,758,858		49,600
	ManpowerGroup, Inc.		665,704		48,943
	AAON, Inc.		451,170		48,654
	Fluidra, SA, non-registered shares		1,832,095		47,884
	Aalberts NV, non-registered shares		1,176,732		47,845
	CCR SA, ordinary nominative shares		21,283,897		47,274
	Pluxee NV²		2,228,153		46,998
	Cargotec OYJ, Class B, non-registered shares		781,935		45,706
	SPIE SA		1,179,247		45,104
	Sterling Infrastructure, Inc.²		309,054		44,819
	BayCurrent, Inc.		1,212,030		44,746
	UFP Industries, Inc.		333,295		43,732
	FTI Consulting, Inc.²		190,072		43,253
	IDEX Corp.		200,000		42,900
	FTAI Infrastructure, Inc.		4,566,974		42,747
	INVISIO Communications AB		1,769,000		40,255
	Trex Co., Inc.²		602,320		40,102
	Ventia Services Group Pty, Ltd.		12,643,253		39,874
	REV Group, Inc.		1,407,867		39,505
	Fiverr International, Ltd.^2,3		1,518,959		39,295
	AutoStore Holdings, Ltd.²		34,637,443		35,548
	Sojitz Corp.³		1,509,200		35,534
	Upwork, Inc.²		3,333,374		34,834
	Cadre Holdings, Inc.		907,131		34,426
	SWCC Corp.		839,200		33,684
	Indutrade AB		1,080,000		33,592
	Mader Group, Ltd.		9,751,400		33,419
	Generac Holdings, Inc.²		207,989		33,045
	BWX Technologies, Inc.		301,745		32,800
	IndiaMart InterMesh, Ltd.		922,151		32,552
	Delhivery, Ltd.²		6,166,499		31,264
	APi Group Corp.²		907,771		29,975
	AQ Group AB		2,515,266		29,809
	Beijer Ref AB, Class B		1,783,220		29,432


						SMALLCAP World Fund			2


Common stocks (continued)		Shares		Value (000)
Industrials (continued)	Sinoseal Holding Co., Ltd., Class A		5,298,624		$ 28,474
Industrials (continued)	Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR),
	ordinary participation certificates²		4,061,592		25,710
	Controladora Vuela Compañía de Aviación, SAB de CV, Class A^2,3		4,120,200		2,601
	Cera Sanitaryware, Ltd.		286,600		27,666
	Green Landscaping Group AB^1,2		3,378,442		26,951
	NORMA Group SE, non-registered shares		1,579,158		26,301
	Stericycle, Inc.²		430,000		26,230
	Chemring Group PLC		5,139,242		25,235
	Valmet OYJ³		774,563		24,832
	Norva24 Group AB²		8,534,052		24,791
	Titagarh Rail Systems, Ltd.		1,687,257		24,707
	Melrose Industries PLC		3,579,447		21,894
	easyJet PLC		3,000,000		20,885
	Spirax Group PLC		195,533		19,704
	Storskogen Group AB, Class B		20,150,620		19,343
	Advanced Drainage Systems, Inc.		122,511		19,254
	Japan Airport Terminal Co., Ltd.		509,000		18,307
	Grupa Pracuj SA		1,300,000		18,294
	Federal Signal Corp.		195,568		18,278
	Nitta Corp.		694,400		17,884
	CAE, Inc.²		919,223		17,257
	Karnell Group AB^1,2		3,739,000		16,808
	Vicor Corp.²		378,100		15,918
	Oshkosh Corp.		150,000		15,031
	Finning International, Inc.		388,200		12,741
	IES Holdings, Inc.²		63,289		12,634
	Fasadgruppen Group AB¹		2,498,472		10,136
	DL E&C Co., Ltd.		428,387		9,813
	Atkore, Inc.		105,245		8,918
	Warom Technology, Inc. Co., Class A		2,792,400		7,883
	MYR Group, Inc.²		73,548		7,519
	Haitian International Holdings, Ltd.		1,988,791		6,272
	dormakaba Holding AG³		8,068		5,976
	Kalmar OYJ, Class B²		162,065		5,280
	Burckhardt Compression Holding AG		5,983		4,298
	Einride AB^1,2,4,5		438,277		3,169

					17,527,620


Consumer discretionary 18.75%	TopBuild Corp.^1,2		2,165,365		880,892
	CAVA Group, Inc.^1,2		5,802,530		718,643
	Tube Investments of India, Ltd.¹		10,477,868		542,978
	Dollarama, Inc.		5,010,000		513,206
	Evolution AB		4,814,070		473,153
	Floor & Decor Holdings, Inc., Class A²		2,868,910		356,233
	Boot Barn Holdings, Inc.^1,2		2,060,262		344,641
	Wyndham Hotels & Resorts, Inc.¹		4,108,236		321,018
	Toll Brothers, Inc.		1,927,000		297,702
	MakeMyTrip, Ltd.²		3,029,577		281,599
	Cavco Industries, Inc.^1,2		637,932		273,188
	Ollies Bargain Outlet Holdings, Inc.²		2,664,353		258,975
	KB Home		2,957,918		253,464
	Wayfair, Inc., Class A^2,3		4,417,734		248,188
	Global-E Online, Ltd.²		6,435,165		247,368
	Entain PLC		21,737,047		221,968
	Lottomatica Group SpA¹		17,370,163		217,650
	Thor Industries, Inc.		1,970,338		216,520
	YETI Holdings, Inc.^1,2		5,237,779		214,906
	Modine Manufacturing Co.²		1,579,231		209,706
	Lennar Corp., Class A		1,058,458		198,440
	Lennar Corp., Class B		21,169		3,661
	Melco Resorts & Entertainment, Ltd. (ADR)^1,2,3		25,703,220		200,228
	DraftKings, Inc., Class A²		4,846,439		189,980
	Champion Homes, Inc.²		2,001,645		189,856
	Inchcape PLC		16,528,776		176,356
	Bright Horizons Family Solutions, Inc.²		1,186,932		166,325
	Light & Wonder, Inc.²		1,745,383		158,359


			3			SMALLCAP World Fund


Common stocks (continued)		Shares		Value (000)
Consumer discretionary (continued)	Century Communities, Inc.		1,512,000		$155,706
	Jumbo SA		5,421,500		155,091
	Williams-Sonoma, Inc.		1,000,000		154,920
	Levi Strauss & Co., Class A		6,625,378		144,433
	Pets at Home Group PLC¹		34,277,379		140,017
	Moncler SpA		2,015,000		127,940
	Five Below, Inc.²		1,401,310		123,806
	Polaris, Inc.³		1,485,000		123,611
	Ermenegildo Zegna NV³		12,333,736		121,364
	Pool Corp.		317,700		119,709
	Games Workshop Group PLC		811,891		116,924
	Kontoor Brands, Inc.		1,426,394		116,651
	Watches of Switzerland Group PLC^1,2		17,754,986		113,737
	Norwegian Cruise Line Holdings, Ltd.²		5,237,662		107,424
	Skechers USA, Inc., Class A²		1,600,000		107,072
	Domino’s Pizza Group PLC¹		26,295,118		105,746
	DPC Dash, Ltd.^1,2,3		10,400,586		104,884
	Zalando SE, non-registered shares²		2,898,038		95,622
	Rusta AB¹		12,143,335		94,781
	Installed Building Products, Inc.		381,500		93,952
	Patrick Industries, Inc.		629,546		89,628
	Murphy USA, Inc.		175,000		86,252
	Steven Madden, Ltd.		1,710,595		83,802
	Genda, Inc.^1,2,3		4,539,100		80,345
	Genius Sports, Ltd.²		10,162,242		79,672
	Guzman y Gomez, Ltd.^2,3		2,755,682		76,137
	Domino’s Pizza, Inc.		176,500		75,920
	Jack in the Box, Inc.^1,3		1,606,607		74,771
	VF Corp.³		3,683,019		73,476
	Adtalem Global Education, Inc.²		966,441		72,947
	Meritage Homes Corp.		353,400		72,472
	B&M European Value Retail SA		12,975,560		72,067
	Sega Sammy Holdings, Inc.		3,489,500		69,707
	Dominos Pizza Enterprises, Ltd.		2,807,480		69,018
	Shoei Co., Ltd.^1,3		4,291,700		66,850
	On Holding AG, Class A²		1,326,026		66,500
	ABC-Mart, Inc.		3,060,300		64,972
	Mattel, Inc.²		3,405,758		64,880
	MGM China Holdings, Ltd.		39,776,800		63,415
	Malibu Boats, Inc., Class A^1,2		1,622,920		62,986
	Cairn Homes PLC		27,893,037		61,069
	Aditya Vision, Ltd.¹		10,255,120		60,863
	Arhaus, Inc., Class A³		4,913,842		60,489
	Flutter Entertainment PLC²		251,536		59,684
	BRP, Inc.³		979,641		58,303
	Brunello Cucinelli SpA		532,326		57,414
	Crompton Greaves Consumer Electricals, Ltd.		11,450,569		57,077
	XPEL, Inc.²		1,314,345		57,003
	Beazer Homes USA, Inc.^1,2,3		1,659,813		56,716
	MRF, Ltd.		34,092		56,389
	Tsuburaya Fields Holdings, Inc.³		3,183,000		55,599
	Temple & Webster Group, Ltd.²		5,938,319		54,638
	Auction Technology Group PLC^1,2		9,694,672		54,588
	Advance Auto Parts, Inc.		1,384,490		53,981
	Camping World Holdings, Inc., Class A		2,170,983		52,581
	Trainline PLC²		11,779,700		52,146
	Nien Made Enterprise Co., Ltd.		3,160,000		50,833
	RH²		150,000		50,164
	Darden Restaurants, Inc.		303,300		49,781
	tonies SE, Class A^1,2		6,687,952		48,978
	Fox Factory Holding Corp.²		1,100,739		45,681
	Puuilo OYJ		4,124,072		44,336
	Nifco, Inc.		1,675,400		42,526
	Chalet Hotels, Ltd.²		3,886,343		40,886
	Sanrio Co., Ltd.³		1,369,800		39,513
	Sabre Corp.²		10,508,386		38,566
	Lojas Renner SA		11,564,503		38,338
	Peloton Interactive, Inc., Class A²		7,742,528		36,235
	OneSpaWorld Holdings, Ltd.		2,150,518		35,505


						SMALLCAP World Fund			4


Common stocks (continued)		Shares		Value (000)
Consumer discretionary (continued)	Six Flags Entertainment Corp.²		878,120		$ 35,397
	Devyani International, Ltd.²		15,000,000		35,031
	Planet Fitness, Inc., Class A²		430,000		34,925
	International Game Technology PLC		1,527,081		32,527
	Whirlpool Corp.		291,517		31,192
	Worthington Enterprises, Inc.		726,964		30,133
	Central Automotive Products, Ltd.³		907,800		29,913
	Macy’s, Inc.		1,900,000		29,811
	AZZAS 2154 SA, ordinary nominative shares		3,835,692		29,692
	MIPS AB		543,100		29,005
	Mitra Adiperkasa Tbk PT		240,632,100		27,967
	Dine Brands Global, Inc.^1,3		849,093		26,517
	Smartfit Escola de Ginástica e Dança SA		6,523,647		25,675
	Traeger, Inc.^1,2		6,499,660		23,919
	Elior Group SA^2,3		5,807,012		23,531
	Haichang Ocean Park Holdings, Ltd.^2,3		198,298,000		22,950
	Barratt Developments PLC		3,315,285		21,261
	OneWater Marine, Inc., Class A^2,3		754,805		18,047
	Yonex Co., Ltd.		1,219,400		17,987
	Academy Sports and Outdoors, Inc.		299,059		17,453
	Nordstrom, Inc.³		760,000		17,092
	Amber Enterprises India, Ltd.²		297,040		17,042
	Caesars Entertainment, Inc.²		400,000		16,696
	Pet Valu Holdings, Ltd.³		850,263		16,251
	Royal Caribbean Cruises, Ltd.		78,017		13,837
	Hasbro, Inc.		190,739		13,794
	NOK Corp.³		798,600		12,510
	MasterCraft Boat Holdings, Inc.²		676,133		12,312
	Balkrishna Industries, Ltd.		311,475		11,361
	Victoria PLC^1,2		5,782,164		10,425
	EIH, Ltd.		1,925,057		8,689
	ThredUp, Inc., Class A^2,3		8,707,600		7,332
	Salvatore Ferragamo SpA³		933,149		7,216
	StockX, Inc.^2,4,5		161,790		6,014
	Goodyear Tire & Rubber Co.²		558,712		4,945
	Brilliant Earth Group, Inc., Class A^2,3		929,849		1,990
	Dowlais Group PLC		169,209		132
	BNN Technology PLC^1,2,4		19,007,000		–	⁶

					14,454,863


Information technology 15.44%	Insight Enterprises, Inc.^1,2,3		2,606,861		561,492
	eMemory Technology, Inc.¹		5,972,499		500,365
	Kokusai Electric Corp.^1,3		18,455,090		412,504
	Impinj, Inc.^1,2		1,600,216		346,479
	Fabrinet, non-registered shares²		1,321,740		312,512
	MKS Instruments, Inc.		2,834,126		308,098
	Maruwa Co., Ltd.¹		965,400		283,807
	Jentech Precision Industrial Co., Ltd.		6,701,467		276,357
	Softcat PLC¹		12,971,466		269,109
	Reply SpA		1,612,509		243,040
	Global Unichip Corp.¹		6,889,000		241,391
	Coforge, Ltd.		2,774,081		232,172
	Dexerials Corp.^1,3		15,484,500		219,747
	Kulicke and Soffa Industries, Inc.¹		4,699,380		212,083
	ALTEN SA, non-registered shares¹		1,893,708		211,978
	Pegasystems, Inc.		2,810,726		205,436
	Money Forward, Inc.^1,2		4,350,987		177,985
	Silicon Laboratories, Inc.²		1,520,114		175,680
	Lagercrantz Group AB, Class B		9,172,948		172,955
	ASMPT, Ltd.		13,991,600		171,817
	Smartsheet, Inc., Class A²		3,063,201		169,579
	Klaviyo, Inc., Class A^2,3		4,682,908		165,681
	Vitec Software Group AB, Class B¹		3,175,283		164,554
	Globant SA²		790,705		156,670
	Credo Technology Group Holding, Ltd.²		5,005,137		154,158
	Semtech Corp.²		3,332,680		152,170
	Unity Software, Inc.^2,3		6,616,744		149,671


			5			SMALLCAP World Fund


Common stocks (continued)		Shares		Value (000)
Information technology (continued)	Alkami Technology, Inc.²		4,679,907		$147,604
	Lotes Co., Ltd.		3,285,000		144,805
	SINBON Electronics Co., Ltd.¹		15,095,092		143,736
	Esker SA¹		473,292		139,559
	Novanta, Inc.²		755,395		135,155
	GitLab, Inc., Class A²		2,583,152		133,136
	MACOM Technology Solutions Holdings, Inc.²		1,140,000		126,836
	Viavi Solutions, Inc.^1,2		13,955,454		125,878
	PAR Technology Corp.^1,2,3		1,520,057		79,165
	PAR Technology Corp.^1,2,5		838,810		43,685
	Lumine Group, Inc., subordinate voting shares²		5,119,253		119,611
	Allegro MicroSystems, Inc.²		4,900,432		114,180
	Monday.com, Ltd.²		405,134		112,534
	RingCentral, Inc., Class A²		3,347,328		105,876
	Topicus.com, Inc., subordinate voting shares		1,098,339		103,642
	Q2 Holdings, Inc.²		1,218,154		97,172
	ULVAC, Inc.		1,814,800		96,954
	Clearwater Analytics Holdings, Inc., Class A²		3,722,454		93,992
	Nova, Ltd.²		450,868		93,934
	nCino, Inc.²		2,969,556		93,808
	Confluent, Inc., Class A²		4,540,140		92,528
	Power Integrations, Inc.		1,415,644		90,771
	SHIFT, Inc.^1,2		926,700		88,147
	INFICON Holding AG		57,443		82,855
	Tanla Platforms, Ltd.¹		7,373,297		79,209
	SUMCO Corp.³		6,694,684		72,344
	Nippon System Development Co., Ltd.		3,182,700		70,242
	Disco Corp.		255,900		67,675
	Amano Corp.³		2,230,300		67,061
	Tokyo Seimitsu Co., Ltd.³		1,258,400		66,446
	LEM Holding SA		40,600		66,087
	MongoDB, Inc., Class A²		240,100		64,911
	VisEra Technologies Co., Ltd.		6,970,606		64,362
	Megaport, Ltd.^1,2		12,640,254		64,292
	Tri Chemical Laboratories, Inc.¹		2,580,900		63,038
	Intapp, Inc.²		1,306,135		62,472
	Socionext, Inc.³		2,947,500		58,648
	Bytes Technology Group PLC		8,301,634		57,291
	CDW Corp.		250,000		56,575
	Rubrik, Inc., Class A^2,3		1,750,000		56,263
	Riken Keiki Co., Ltd.³		2,076,800		55,683
	Aixtron SE		2,961,591		52,579
	Taiyo Yuden Co., Ltd.³		2,569,200		52,491
	VusionGroup³		296,689		50,946
	Celestica, Inc.²		936,174		47,857
	HPSP Co., Ltd.		2,001,810		47,845
	Hamamatsu Photonics KK³		3,403,000		44,503
	Xiamen Faratronic Co., Ltd., Class A		3,018,102		44,411
	Guidewire Software, Inc.²		239,672		43,846
	King Slide Works Co., Ltd.		1,198,358		41,979
	SmartCraft ASA, Class A^1,2		13,721,780		41,751
	SentinelOne, Inc., Class A²		1,725,123		41,265
	CCC Intelligent Solutions Holdings, Inc.²		3,695,000		40,830
	Riskified, Ltd., Class A²		8,313,598		39,323
	Nordic Semiconductor ASA²		3,805,047		38,540
	Okta, Inc., Class A²		500,000		37,170
	Aspen Technology, Inc.²		150,829		36,021
	GFT Technologies SE^1,3		1,352,818		35,308
	Nemetschek SE		339,710		35,169
	Cognex Corp.		824,523		33,393
	Planisware SAS²		1,061,929		32,906
	BlackLine, Inc.²		595,000		32,808
	Alphawave IP Group PLC^2,3		23,364,859		32,628
	Kingboard Laminates Holdings, Ltd.		33,610,526		32,322
	Astera Labs, Inc.^2,3		600,000		31,434
	Bentley Systems, Inc., Class B		584,744		29,711
	Wolfspeed, Inc.^2,3		2,996,775		29,069
	Flex, Ltd.²		864,808		28,911
	OneStream, Inc., Class A²		842,300		28,554


						SMALLCAP World Fund			6


Common stocks (continued)		Shares		Value (000)
Information technology (continued)	Nayax, Ltd.²		1,075,000	$	27,995
	Yubico AB²		1,100,000		27,114
	Vontier Corp.		800,058		26,994
	Noventiq Holdings PLC (GDR)^1,2,4,7		17,110,290		26,863
	Noventiq Holdings PLC (GDR)^1,2,4		16,060		25
	Qorvo, Inc.²		257,430		26,593
	A&D HOLON Holdings Co., Ltd.¹		1,783,900		26,355
	Dock, Ltd.^2,4,5		4,318,937		25,654
	Net One Systems Co., Ltd.		1,024,300		25,525
	IONOS Group SE²		1,000,000		24,916
	Hirose Electric Co., Ltd.		187,600		23,853
	Crane NXT, Co.		399,211		22,396
	Appier Group, Inc.²		1,651,000		20,581
	Mastek, Ltd.		554,776		17,232
	Silvaco Group, Inc.²		1,064,500		15,222
	EPAM Systems, Inc.²		71,760		14,282
	BE Semiconductor Industries NV		110,177		13,993
	Technoprobe SpA²		1,981,193		13,937
	E Ink Holdings, Inc.		1,492,000		13,895
	Accton Technology Corp.		803,000		13,542
	ON Semiconductor Corp.²		167,850		12,188
	AAC Technologies Holdings, Inc.		2,629,000		10,820
	Zuken, Inc.		404,300		10,124
	Entegris, Inc.		79,014		8,891
	Basler AG, non-registered shares^2,3		783,794		7,849
	Endava PLC, Class A (ADR)²		268,085		6,847
	Sensirion Holding AG^2,3		57,416		4,953
	Patreon, Inc., Class B^2,4,5		189,951		2,133
	Yotpo, Ltd.^2,4,5		2,620,102		2,044
	Foursquare Labs, Inc., Series A^2,4,5		1,970,385		1,616
	Tarana Wireless, Inc., Class C^2,4		862,071		828

					11,904,482


Financials 13.30%	Ares Management Corp., Class A		4,193,143		653,459
Financials 13.30%	Essent Group, Ltd.¹		7,104,853		456,771
	360 ONE WAM, Ltd.¹		26,693,135		330,578
	Janus Henderson Group PLC		7,935,924		302,121
	Eurobank Ergasias Services and Holdings SA		127,667,856		292,473
	Glacier Bancorp, Inc.¹		6,064,324		277,140
	RenaissanceRe Holdings, Ltd.		952,200		259,379
	Affirm Holdings, Inc., Class A²		6,281,610		256,415
	National Bank of Greece SA		28,487,135		244,791
	Cholamandalam Investment and Finance Co., Ltd.		11,634,838		223,201
	AU Small Finance Bank, Ltd.		24,955,177		220,803
	VZ Holding AG		1,360,883		217,791
	Wintrust Financial Corp.		1,786,629		193,903
	Lazard, Inc., Class A		3,746,261		188,737
	StepStone Group, Inc., Class A		3,268,760		185,764
	HDFC Asset Management Co., Ltd.		3,582,175		184,152
	Victory Capital Holdings, Inc., Class A		3,203,141		177,454
	Goosehead Insurance, Inc., Class A^1,2		1,951,952		174,309
	Canara Bank		120,528,880		160,667
	IIFL Finance, Ltd.¹		26,561,462		146,965
	Stifel Financial Corp.		1,477,350		138,723
	AUB Group, Ltd.¹		6,420,148		137,133
	JTC PLC¹		9,480,722		134,149
	TMX Group, Ltd.		4,018,102		125,940
	Asia Commercial Joint Stock Bank		112,118,905		125,754
	JB Financial Group Co., Ltd.¹		10,668,503		125,209
	PB Fintech, Ltd.²		6,287,115		121,455
	Kinsale Capital Group, Inc.		257,620		119,940
	Steadfast Group, Ltd.		30,134,402		118,610
	SouthState Corp.		1,217,030		118,271
	Aptus Value Housing Finance India, Ltd.¹		27,453,811		117,137
	Baldwin Insurance Group, Inc. (The), Class A²		2,344,493		116,756
	Nuvama Wealth Management, Ltd.		1,425,295		115,279
	BFF Bank SpA¹		10,338,357		113,398


			7			SMALLCAP World Fund


Common stocks (continued)		Shares		Value (000)
Financials (continued)	Oscar Health, Inc., Class A²		5,246,820	$	111,285
Financials (continued)	Banco del Bajio, SA		47,049,552		109,965
	Banca Generali SpA		2,328,237		104,411
	NMI Holdings, Inc.²		2,468,517		101,678
	OneMain Holdings, Inc.		2,158,256		101,589
	Skyward Specialty Insurance Group, Inc.^1,2		2,212,423		90,112
	Trupanion, Inc.^2,3		2,090,480		87,758
	Bridgepoint Group PLC		18,838,770		86,808
	Max Financial Services, Ltd.²		5,971,000		84,845
	GMO Payment Gateway, Inc.³		1,306,600		80,239
	Tikehau Capital SCA, non-registered shares³		2,861,823		76,960
	Antin Infrastructure Partners SA		5,753,967		76,625
	Discovery, Ltd.		7,547,639		75,157
	City Union Bank, Ltd.		36,608,696		71,820
	SiriusPoint, Ltd.²		5,000,000		71,700
	Five-Star Business Finance, Ltd.²		7,681,836		71,532
	Manappuram Finance, Ltd.		29,493,459		71,091
	Paymentus Holdings, Inc., Class A²		3,416,739		68,403
	Radian Group, Inc.		1,961,287		68,037
	East West Bancorp, Inc.		796,201		65,878
	Fukuoka Financial Group, Inc.		2,500,000		64,159
	Capitec Bank Holdings, Ltd.		360,336		63,571
	Euronext NV		585,333		63,538
	Nova Ljubljanska Banka dd (GDR)		2,365,833		63,146
	Vontobel Holding AG		910,820		59,584
	Artisan Partners Asset Management, Inc., Class A		1,277,000		55,320
	Live Oak Bancshares, Inc.		1,161,176		55,005
	Moelis & Co., Class A		719,000		49,259
	Marqeta, Inc., Class A²		9,728,734		47,865
	Patria Investments, Ltd., Class A		4,281,656		47,826
	Webster Financial Corp.		1,019,513		47,519
	Independent Bank Group, Inc.		802,859		46,293
	Alpha Services and Holdings SA		26,000,000		45,190
	PagSeguro Digital, Ltd., Class A²		5,242,200		45,135
	Boku, Inc.^1,2,5		20,461,639		44,468
	Hamilton Lane, Inc., Class A		260,801		43,916
	AvidXchange Holdings, Inc.²		5,333,181		43,252
	Aavas Financiers, Ltd.²		1,964,024		42,640
	Comerica, Inc.		706,621		42,334
	Hilltop Holdings, Inc.		1,300,000		41,808
	Bolsa Mexicana de Valores, SAB de CV, Series A		25,669,735		41,418
	EFG International AG		3,000,000		40,349
	Regional, SAB de CV, Class A		6,537,372		37,953
	Premium Group Co., Ltd.¹		2,517,800		37,278
	Marex Group PLC		1,500,000		35,430
	Home First Finance Company India, Ltd.		2,395,000		33,900
	Norion Bank AB²		8,300,000		33,880
	XP, Inc., Class A		1,867,000		33,494
	BSE, Ltd.		739,778		32,516
	Haci Ömer Sabanci Holding AS		11,142,365		31,751
	Optima Bank SA		2,026,588		29,423
	Aditya Birla Capital, Ltd.²		10,211,241		28,930
	Pine Labs Pte., Ltd.^2,4,5		76,998		28,348
	Columbia Banking System, Inc.		1,063,800		27,776
	Funding Circle Holdings PLC^2,3		14,713,073		27,160
	PT Bank Syariah Indonesia Tbk		109,635,200		21,789
	Qualitas Controladora, SAB de CV³		2,714,764		21,229
	Enstar Group, Ltd.²		66,000		21,225
	Linc AB²		2,358,208		20,901
	Selective Insurance Group, Inc.		213,398		19,910
	Redwood Trust, Inc. REIT		2,562,000		19,804
	TWFG, Inc., Class A²		671,838		18,220
	Houlihan Lokey, Inc., Class A		112,959		17,850
	Hellenic Exchanges - Athens Stock Exchange SA¹		3,500,000		17,725
	Federal Home Loan Mortgage Corp.²		10,000,000		11,500

					10,252,107


						SMALLCAP World Fund			8


Common stocks (continued)		Shares		Value (000)
Health care 11.56%	Molina Healthcare, Inc.²		1,909,686		$658,001
Health care 11.56%	Max Healthcare Institute, Ltd.		43,037,352		507,313
	Ensign Group, Inc. (The)		2,236,198		321,610
	Vaxcyte, Inc.²		2,380,938		272,070
	Bachem Holding AG		2,991,353		252,127
	Insulet Corp.²		963,534		224,263
	Centene Corp.²		2,825,674		212,717
	Xenon Pharmaceuticals, Inc.^1,2		5,250,043		206,694
	Haemonetics Corp.^1,2		2,565,826		206,241
	Structure Therapeutics, Inc. (ADR)^1,2,3		4,322,500		189,715
	SCHOTT Pharma AG & Co. KGaA, non-registered shares³		5,446,791		185,878
	Zealand Pharma AS²		1,484,886		180,280
	Glenmark Pharmaceuticals, Ltd.		8,755,888		175,191
	Denali Therapeutics, Inc.²		5,978,373		174,150
	Tandem Diabetes Care, Inc.^1,2		3,903,528		165,549
	BONESUPPORT Holding AB^1,2		5,256,056		158,457
	Masimo Corp.²		1,175,334		156,707
	Krystal Biotech, Inc.²		811,706		147,755
	DexCom, Inc.²		2,167,000		145,276
	Integer Holdings Corp.²		1,114,180		144,843
	Ambu AS, Class B, non-registered shares²		6,915,954		135,454
	Insmed, Inc.²		1,840,814		134,379
	PACS Group, Inc.^2,3		3,304,904		132,097
	DiaSorin Italia SpA		1,068,058		124,784
	Laurus Labs, Ltd.		22,072,758		122,431
	Ypsomed Holding AG		244,462		119,050
	Penumbra, Inc.²		543,274		105,564
	NovoCure, Ltd.^1,2		6,523,572		101,963
	Aster DM Healthcare, Ltd.		20,479,638		101,379
	Asahi Intecc Co., Ltd.		5,609,600		98,668
	Gubra AS^1,2,3		1,254,000		95,887
	CONMED Corp.		1,310,608		94,259
	agilon health, Inc.^1,2,3		23,572,331		92,639
	Laboratorios Farmaceuticos Rovi, SA non-registered shares		1,157,030		92,274
	Ionis Pharmaceuticals, Inc.²		2,163,676		86,677
	Ascendis Pharma AS (ADR)²		579,165		86,475
	iRhythm Technologies, Inc.²		1,139,759		84,616
	ICON PLC²		281,109		80,765
	Doximity, Inc., Class A²		1,714,707		74,710
	Glaukos Corp.²		550,322		71,696
	SKAN Group AG		759,385		71,602
	Neuland Laboratories, Ltd.		483,087		71,403
	EBOS Group, Ltd.		3,074,168		70,576
	IDEAYA Biosciences, Inc.²		2,197,021		69,602
	LivaNova PLC²		1,243,231		65,319
	Encompass Health Corp.		669,983		64,747
	Legend Biotech Corp. (ADR)²		1,327,732		64,700
	Exact Sciences Corp.²		890,000		60,627
	Phreesia, Inc.²		2,593,063		59,096
	Establishment Labs Holdings, Inc.^2,3		1,342,489		58,089
	Fisher & Paykel Healthcare Corp., Ltd.		2,510,000		55,420
	Rapport Therapeutics, Inc.^1,2,3,8		1,740,922		35,654
	Rapport Therapeutics, Inc.^1,2		861,607		17,646
	CRISPR Therapeutics AG^2,3		1,129,671		53,072
	Genus PLC		1,930,906		51,888
	Praxis Precision Medicines, Inc.^1,2		888,059		51,099
	KRKA, dd, Novo mesto		335,262		50,761
	Natera, Inc.²		396,421		50,326
	Poly Medicure, Ltd.		1,813,423		50,065
	Vimian Group AB (publ)²		10,810,117		49,764
	Zai Lab, Ltd. (ADR)^2,3		1,835,191		44,301
	XVIVO Perfusion AB²		875,634		44,167
	BridgeBio Pharma, Inc.^2,5		965,653		24,586
	BridgeBio Pharma, Inc.²		744,828		18,963
	Innovent Biologics, Inc.²		6,938,500		42,106
	Hapvida Participações e Investimentos SA²		56,457,985		41,455
	Globus Medical, Inc., Class A²		574,500		41,100
	Surgical Science Sweden AB^1,2		3,271,097		40,953
	Biotage AB		2,207,932		40,609


9		SMALLCAP World Fund


Common stocks (continued)		Shares		Value (000)
Health care (continued)	Angelalign Technology, Inc.³		4,071,200	$	39,521
Health care (continued)	KalVista Pharmaceuticals, Inc.^1,2,3		3,374,064		39,072
	SpringWorks Therapeutics, Inc.²		1,210,934		38,798
	Alnylam Pharmaceuticals, Inc.²		137,700		37,872
	Nakanishi, Inc.		1,879,200		34,847
	Akums Drugs and Pharmaceuticals, Ltd.²		3,004,046		29,963
	Akums Drugs and Pharmaceuticals, Ltd.^2,8		386,584		3,856
	Entero Healthcare Solutions, Ltd.²		1,998,543		32,642
	Hypera SA, ordinary nominative shares		6,747,218		32,487
	J. B. Chemicals & Pharmaceuticals, Ltd.		1,376,127		30,867
	Biohaven, Ltd.²		578,931		28,929
	Aspen Pharmacare Holdings, Ltd.		2,467,762		27,861
	Guardant Health, Inc.²		1,181,259		27,098
	Chemed Corp.		42,000		25,241
	Sana Biotechnology, Inc.^2,3		5,879,035		24,457
	Siegfried Holding AG		17,908		24,114
	Dr. Lal PathLabs, Ltd.		575,301		22,667
	Immunovant, Inc.²		780,367		22,248
	Integra LifeSciences Holdings Corp.²		1,178,305		21,410
	Indegene, Ltd.²		1,950,486		16,109
	Indegene, Ltd.^2,8		553,047		4,567
	Allogene Therapeutics, Inc.^2,3		6,896,552		19,310
	10x Genomics, Inc., Class A²		793,300		17,913
	Medi Assist Healthcare Services, Ltd.		2,059,833		16,197
	Nxera Pharma Co., Ltd.^2,3		1,841,200		15,827
	Nordhealth AS, Class A²		4,321,521		15,519
	Artiva Biotherapeutics, Inc.^2,3		770,297		11,901
	Artiva Biotherapeutics, Inc.^2,8		145,089		2,242
	AS ONE Corp.		687,000		13,888
	ChemoMetec A/S		120,036		7,317
	Nykode Therapeutics ASA²		15,050,000		6,546
	Schrodinger, Inc.^2,3		340,000		6,307
	Neumora Therapeutics, Inc.^2,3		467,180		6,171
	Pacific Biosciences of California, Inc.^2,3		3,390,000		5,763
	Cellectis SA (ADR)^2,3		1,848,804		3,957
	Cellectis SA, non-registered shares²		760,997		1,638
	Arrowhead Pharmaceuticals, Inc.^2,3		255,871		4,956
	Amplifon SpA		145,605		4,186
	Pliant Therapeutics, Inc.²		224,997		2,522
	Galapagos NV²		29,502		849
	KRY International AB, Series A^2,4,5		19,744		465

					8,908,400


Materials 3.35%	APL Apollo Tubes, Ltd.¹		15,000,735		283,527
Materials 3.35%	Lundin Mining Corp.³		26,061,980		273,059
	Materion Corp.¹		1,452,531		162,480
	Ramkrishna Forgings, Ltd.¹		12,157,946		146,822
	Sandstorm Gold, Ltd.¹		23,796,155		142,777
	Sumitomo Bakelite Co., Ltd.¹		5,069,900		142,688
	ATI, Inc.²		1,732,552		115,925
	LANXESS AG		3,573,000		113,047
	Nissan Chemical Corp.³		3,114,000		111,350
	Knife River Corp.²		1,173,414		104,892
	Jindal Steel & Power, Ltd.		7,560,893		93,777
	Tronox Holdings PLC		5,279,720		77,242
	Fujimi, Inc.^1,3		4,417,500		73,220
	Element Solutions, Inc.		2,631,399		71,469
	H.B. Fuller Co.		866,200		68,759
	SOL SpA		1,690,799		67,253
	Huhtamäki OYJ		1,500,000		58,321
	Cabot Corp.		414,462		46,324
	Resonac Holdings Co., Ltd.³		1,658,200		42,743
	MEC Co., Ltd.¹		1,605,600		41,325
	Asahi Yukizai Corp.^1,3		1,407,500		40,066
	Kansai Paint Co., Ltd.³		1,773,738		31,570
	LINTEC Corp.		1,233,900		28,496
	Major Drilling Group International, Inc.^1,2		4,480,000		27,726


				SMALLCAP World Fund			10


Common stocks (continued)		Shares		Value (000)
Materials (continued)	Anupam Rasayan India, Ltd.		3,104,000		$ 27,293
Materials (continued)	Arcadium Lithium PLC²		9,277,952		26,442
	Alcoa Corp.		611,995		23,611
	Vinati Organics, Ltd.		943,000		23,502
	Stella-Jones, Inc.		347,317		22,802
	Mayr-Melnhof Karton AG, non-registered shares		226,797		22,423
	NV Bekaert SA		476,866		19,597
	Labrador Iron Ore Royalty Corp.³		822,000		19,546
	Gujarat Fluorochemicals, Ltd.		341,246		17,397
	Umicore SA		936,935		12,162

					2,579,633


Consumer staples 3.20%	BBB Foods, Inc., Class A²		8,414,114		252,423
Consumer staples 3.20%	Emmi AG		214,650		219,531
	Redcare Pharmacy NV, non-registered shares^1,2,3		1,191,616		172,116
	Kotobuki Spirits Co., Ltd.^1,3		11,707,200		149,054
	Simply Good Foods Co.²		4,268,375		148,411
	Grocery Outlet Holding Corp.^1,2		7,938,202		139,316
	Royal Unibrew A/S		1,535,385		128,926
	Universal Robina Corp.		56,940,680		105,507
	BJ’s Wholesale Club Holdings, Inc.²		1,106,224		91,241
	Varun Beverages, Ltd.		11,803,048		85,540
	Freshpet, Inc.²		590,214		80,724
	Performance Food Group Co.²		928,000		72,727
	Celsius Holdings, Inc.²		1,684,242		52,818
	United Spirits, Ltd.		2,672,208		50,768
	Ocado Group PLC²		9,881,291		50,594
	Kobe Bussan Co., Ltd.		1,600,900		50,391
	John B. Sanfilippo & Son, Inc.		496,297		46,806
	Radico Khaitan, Ltd.		1,749,854		42,601
	ODDITY Tech, Ltd., Class A^2,3		1,054,343		42,574
	Lion Corp.		3,396,300		38,177
	Humble Group AB^1,2		27,459,991		34,618
	Chongqing Brewery Co., Ltd., Class A		3,436,312		34,354
	Raia Drogasil SA, ordinary nominative shares		7,187,050		33,629
	Yamazaki Baking Co., Ltd.		1,661,500		32,976
	Fever-Tree Drinks PLC		2,980,738		32,886
	Honasa Consumer, Ltd.²		5,760,028		31,527
	Fresh Del Monte Produce, Inc.		1,028,000		30,367
	Bakkafrost P/F		516,550		29,764
	WK Kellogg Co.		1,675,984		28,676
	AAK AB		819,898		26,898
	Avenue Supermarts, Ltd.²		417,313		25,408
	COSMOS Pharmaceutical Corp.		442,400		23,025
	Lotus Bakeries NV		1,605		21,540
	Milbon Co., Ltd.		883,406		19,492
	Century Pacific Food, Inc.		25,901,000		17,586
	PZ Cussons PLC		9,688,258		12,489
	First Pacific Co., Ltd.		18,542,000		10,211

					2,465,691


Communication services 2.39%	JCDecaux SE²		9,364,087		209,682
	CTS Eventim AG & Co. KGaA		1,520,141		157,947
	Indosat Tbk PT		214,444,701		155,081
	Hemnet Group AB		4,089,635		151,022
	Baltic Classifieds Group PLC¹		29,338,851		119,099
	Lions Gate Entertainment Corp., Class B²		13,948,396		96,523
	Lions Gate Entertainment Corp., Class A^2,3		2,825,000		22,120
	Nippon Television Holdings, Inc.		7,072,132		110,883
	Rightmove PLC		10,786,575		89,451
	Nexstar Media Group, Inc.		531,766		87,928
	New York Times Co., Class A		1,500,000		83,505
	Future PLC^1,2		5,719,347		77,335
	Cogent Communications Holdings, Inc.		981,623		74,525
	Frontier Communications Parent, Inc.²		1,376,147		48,894
	HYBE Co., Ltd.		300,000		38,797


11		SMALLCAP World Fund


Common stocks (continued)		Shares		Value (000)
Communication	4imprint Group PLC		547,561	$	36,557
services	Trustpilot Group PLC²		10,480,000		31,743
(continued)	Schibsted ASA, Class A		978,755		31,730
	Kadokawa Corp.		1,355,700		30,228
	Bharti Hexacom, Ltd.		1,598,372		27,497
	Airtel Africa PLC		16,190,342		24,725
	Iridium Communications, Inc.⁷		636,132		19,370
	Ibotta, Inc., Class A²		250,000		15,402
	JYP Entertainment Corp.		388,161		14,986
	JOYY, Inc., Class A (ADR)²		412,500		14,949
	Lionsgate Studios Corp.²		2,076,844		14,849
	PROTO Corp.		1,309,200		13,574
	YouGov PLC		2,023,873		11,836
	Ubisoft Entertainment SA²		960,048		10,855
	MTN Group, Ltd.		1,458,066		7,751
	PLAYSTUDIOS, Inc., Class A²		4,500,000		6,795
	Nextdoor Holdings, Inc., Class A²		1,315,268		3,262

					1,838,901


Energy	MEG Energy Corp.¹		14,051,188		263,996
1.90%	Vallourec SA^1,2,3		13,141,385		198,929
	Viper Energy, Inc., Class A		3,536,827		159,546
	Cactus, Inc., Class A		1,851,457		110,477
	Transocean, Ltd.^2,3		23,914,834		101,638
	Weatherford International		1,140,763		96,874
	Noble Corp. PLC, Class A³		2,648,702		95,724
	Borr Drilling, Ltd.²		7,195,448		39,503
	Borr Drilling, Ltd. (NOK denominated)		4,820,054		26,504
	New Fortress Energy, Inc., Class A³		5,164,776		46,948
	Vista Energy, SAB de CV, Class A (ADR)²		1,013,414		44,773
	Championx Corp.		1,344,115		40,525
	Aegis Logistics, Ltd.		4,056,311		37,034
	Pason Systems, Inc.³		3,350,000		33,018
	CNX Resources Corp.^2,3		1,000,000		32,570
	DT Midstream, Inc.		356,000		28,003
	Savannah Energy PLC^1,2,4		96,128,672		26,989
	Kosmos Energy, Ltd.²		5,976,597		24,086
	Headwater Exploration, Inc.³		5,105,000		23,893
	DOF Group ASA²		2,761,323		22,991
	Golar LNG, Ltd.		135,879		4,995
	Helmerich & Payne, Inc.		84,800		2,580

					1,461,596


Real estate	Embassy Office Parks REIT¹		49,946,233		232,579
1.89%	Altus Group, Ltd.¹		3,537,598		143,576
	Safestore Holdings PLC¹		11,013,693		132,224
	National Storage Affiliates Trust REIT		1,827,585		88,090
	Corp. Inmobiliaria Vesta, SAB de CV³		23,866,524		64,424
	Phoenix Mills, Ltd. (The)		2,846,232		62,807
	StorageVault Canada, Inc.		16,050,047		61,354
	International Workplace Group PLC		24,424,285		58,262
	Four Corners Property Trust, Inc. REIT		1,807,880		52,989
	Brigade Enterprises, Ltd.		2,986,133		50,477
	ESR-Logos REIT		222,463,669		50,188
	Macrotech Developers, Ltd.		3,328,369		49,011
	K-Fast Holding AB, Class B^1,2		18,183,928		46,247
	Charter Hall Group REIT		3,866,313		42,856
	SRE Holdings Corp.^1,2,3		1,290,828		39,823
	Mindspace Business Parks REIT		9,000,000		38,193
	UMH Properties, Inc. REIT		1,795,769		35,323
	Fastighets AB Balder, Class B²		3,821,000		33,569
	Zillow Group, Inc., Class C, nonvoting shares²		525,000		33,521
	Fibra Uno Administración REIT, SA de CV		25,000,000		29,101
	Swedish Logistic Property AB, Class B²		7,939,069		28,607
	Colliers International Group, Inc.		185,633		28,172
	Prisma Properties AB^1,2		9,781,818		25,775


				SMALLCAP World Fund			12


Common stocks (continued)		Shares		Value (000)
Real estate	CTP NV		1,113,342	$	20,336
(continued)	Genova Property Group AB^2,3		2,126,731		10,701
	RE/MAX Holdings, Inc., Class A²		179,372		2,233

					1,460,438


Utilities	Talen Energy Corp.²		1,129,527		201,327
0.59%	Black Hills Corp.		1,415,228		86,499
	SembCorp Industries, Ltd.		16,633,185		71,510
	ACEN Corp.		645,532,524		62,075
	Neoenergia SA		8,585,745		30,890
	Mytrah Energy, Ltd.^1,2,4		10,418,000		–	⁶

					452,301

	Total common stocks (cost: $47,915,429,000)				73,306,032


Preferred securities 0.72%
Information	PsiQuantum Corp., Series D, preferred shares^2,4,5		1,334,542		56,798
technology	Skyryse, Inc., Series B, preferred shares^1,2,4,5		1,649,110		36,627
0.23%	SiFive, Inc., Series F, preferred shares^2,4,5		3,451,632		25,577
	ANDPAD, Inc., Series D, preferred shares^2,4,5		459,413		18,973
	Outreach Corp., Series G, preferred shares^2,4,5		1,554,053		14,033
	Patreon, Inc., Series E, preferred shares^2,4,5		698,208		7,841
	Patreon, Inc., Series Seed, preferred shares^2,4,5		163,096		1,831
	Yotpo, Ltd., Series F, preferred shares^2,4,5		8,332,809		6,500
	Yotpo, Ltd., Series B, preferred shares^2,4,5		1,111,347		867
	Yotpo, Ltd., Series C, preferred shares^2,4,5		1,057,985		825
	Yotpo, Ltd., Series A-1, preferred shares^2,4,5		709,592		553
	Yotpo, Ltd., Series A, preferred shares^2,4,5		345,899		270
	Yotpo, Ltd., Series C-1, preferred shares^2,4,5		293,302		229
	Yotpo, Ltd., Series D, preferred shares^2,4,5		163,552		127
	Yotpo, Ltd., Series B-1, preferred shares^2,4,5		130,625		102
	Kandou Holding SA, Series D, preferred shares^2,4,5		4,400,000		6,204

					177,357


Industrials	Relativity Space, Inc., Series D, preferred shares^2,4,5		2,143,751		48,599
0.18%	Relativity Space, Inc., Series E, preferred shares^2,4,5		464,197		10,523
	Zipline International, Inc., Series G, preferred shares^2,4,5		1,192,000		50,000
	Workrise Technologies, Inc., Series E, preferred shares^2,4,5		95,423		15,486
	Einride AB, Series B, preferred shares^1,2,4,5		1,334,588		9,649
	Einride AB, Series A, preferred shares^1,2,4,5		11,990		87
	ABL Space Systems Co., Series B,
	5.00% PIK cumulative preferred shares^2,4,5,9		777,162		6,354
	ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares^2,4,5		74,599		610

					141,308


Health care	Sail Biomedicines, Inc., Series B, 6.00% preferred shares^2,4,5		1,785,714		49,946
0.14%	InSilico Medicine Cayman TopCo, Series D, preferred shares^2,4,5		605,423		25,846
	KRY International AB, Series E, preferred shares^2,4,5		114,059		21,160
	ClearNote Health, Inc., Series C,
	5.00% noncumulative preferred shares^1,2,4,5		1,531,102		10,565

					107,517


Financials	PPRO Holding GmbH, Series B-1, 8.00% preferred shares^2,4,5		13,618		47,941
0.11%	Pine Labs Pte., Ltd., Series J, cumulative preferred shares^2,4,5		57,100		21,022
	Federal Home Loan Mortgage Corp., Series Z,
	8.375% noncumulative preferred shares^2,3		3,000,000		12,270

					81,233


Real estate	QuintoAndar, Ltd., Series E-1, preference shares^2,4,5		244,733		38,156

0.05%


13		SMALLCAP World Fund


Preferred securities (continued)		Shares		Value (000)
Consumer	StockX, Inc., Series E-1, preferred shares^2,4,5		222,222	$	8,260
discretionary	StockX, Inc., Series AA, preferred shares^2,4,5		57,338		2,131
0.01%	StockX, Inc., Series B, preferred shares^2,4,5		3,094		115

					10,506

	Total preferred securities (cost: $726,023,000)				556,077


Rights & warrants 0.01%
Industrials	Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/28/2025^2,7		3,465,100		7,444
0.01%	Momentus, Inc., warrants, expire 5/15/2026²		2,225,000		22
	ABL Space Systems Co., Series C-1, warrants, expire 12/13/2030^2,4,5		55,949		–	⁶

					7,466


Utilities	TAE Technologies, Inc., Class 12, warrants, expire 8/27/2031^2,4		79,440		3,972

0.00%

Information	Foursquare Labs, Inc., Series A, warrants, expire 12/4/2033^2,4,5		1,163,990		–	⁶
technology	Kandou Holding SA, warrants, expire 8/18/2028^2,4,5		2,257,143		–	⁶
0.00%	Tarana Wireless, Inc., Class C, warrants, expire 4/1/2029^2,4,5		1		–	⁶

					–	⁶

	Total rights & warrants (cost: $12,733,000)				11,438


Convertible stocks 0.10%
Utilities 0.04%	TAE Technologies, Inc., Series 11, 4.00% perpetual cumulative convertible preferred shares^4,5		300,000		30,000
	TAE Technologies, Inc., Series 12, 4.00% perpetual convertible preferred shares^4,5		58,075		2,904

					32,904


Health care 0.03%	Candid Therapeutics, Inc., Class B, noncumulative convertible preferred shares^4,5		16,666,666		20,000


Information technology	Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares^4,5		14,888,589		14,293
0.03%	Tarana Wireless, Inc., Series 7, noncumulative convertible preferred shares^4,5		935,103		898
	Tarana Wireless, Inc., Class 7A, convertible preferred shares^4,5		935,103		898
	RealSelf, Inc., Series C, convertible preferred shares^1,2,4,5		3,468,862		3,746

					19,835

	Total convertible stocks (cost: $82,575,000)				72,739


Convertible bonds & notes 0.04%		Principal amount (000)
Information	PayClip, Inc., convertible notes, 4.50% PIK 12/15/2028^4,5,9		USD23,937		26,787

technology
0.04%

Real estate	Genova Property Group AB, convertible notes, 6.75% 3/19/2029⁴		SEK20,000		2,314

0.00%

Health care	ClearNote Health, Inc., convertible notes, 8.00% 10/28/2025^1,4,5		USD2,000		2,000

0.00%	Total convertible bonds & notes (cost: $29,518,000)				31,101


						SMALLCAP World Fund			14


Bonds, notes & other debt instruments 0.01%		Principal amount (000)		Value (000)

Corporate bonds, notes & loans 0.01%
Information	Kandou Holding SA, Term Loan, 7.00% 12/31/2024^4,5,10		USD5,000	$	5,000

technology	Total bonds, notes & other debt instruments (cost: $5,000,000)				5,000

0.01%

Short-term securities 5.30%		Shares

Money market investments 4.41%
	Capital Group Central Cash Fund 5.09%^1,11		33,962,562		3,396,935



Money market investments purchased with collateral from securities on loan 0.89%
	Invesco Short-Term Investments Trust - Government & Agency Portfolio, Institutional Class 4.84%^11,12		98,856,847		98,857
	BlackRock Liquidity Funds - FedFund, Institutional Shares 4.83%^11,12		96,700,000		96,700
	Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.81%^11,12		96,700,000		96,700
	State Street Institutional U.S. Government Money Market Fund, Premier Class 4.94%^11,12		96,700,000		96,700
	Goldman Sachs Financial Square Government Fund, Institutional Shares 4.78%^11,12		89,800,000		89,800
	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class 4.83%^11,12		89,800,000		89,800
	Fidelity Investments Money Market Government Portfolio, Class I 4.83%^11,12		62,200,000		62,200
	Capital Group Central Cash Fund 5.09%^1,11,12		397,660		39,774
	RBC Funds Trust - U.S. Government Money Market Fund, RBC Institutional Class 1 4.84%^11,12		20,700,000		20,700

					691,231

	Total short-term securities (cost: $4,087,532,000)				4,088,166

	Total investment securities 101.29% (cost: $52,858,810,000)				78,070,553
	Other assets less liabilities (1.29)%				(993,512	)

	Net assets 100.00%			$	77,077,041


Investments in affiliates¹

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 9/30/2024 (000)		Dividend or interest income (000)

Common stocks 28.37%

Industrials 7.79%

Comfort Systems USA, Inc.	$	388,358	$	–	$	142,612	$	91,786		$	367,061		$	704,593	$	2,329

Diploma PLC		391,737		4,038		3,427		(485	)		245,488			637,351		7,799

Saia, Inc.²		790,357		–		285,233		154,549			(64,286	)		595,387		–

AZEK Co., Inc. (The), Class A²		270,308		29,617		38,622		19,971			140,713			421,987		–

Interpump Group SpA		362,114		28,894		17,447		(4,333	)		10,417			379,645		2,782

CSW Industrials, Inc.		61,451		187,256		26,121		3,656			142,988			369,230		467

Kadant, Inc.		137,989		98,895		–		–			80,674			317,558		933

CBIZ, Inc.²		–		275,178		–		–			(5,414	)		269,764		–

ICF International, Inc.		118,210		56,940		–		–			57,974			233,124		777

Munters Group AB		76,651		89,754		10,114		5,991			62,256			224,538		1,042

Hensoldt AG³		139,317		150,636		90,229		(12,297	)		21,683			209,110		3,335

Enerpac Tool Group Corp., Class A		111,764		3,807		–		–			66,541			182,112		169

Visional, Inc.²		157,084		–		2,795		(251	)		16,625			170,663		–

Carel Industries SpA³		142,928		67,824		37,904		(11,788	)		523			161,583		1,550

Japan Elevator Service Holdings Co., Ltd.		93,511		22,770		11,619		(369	)		47,787			152,080		1,177

Volution Group PLC		68,931		937		–		–			59,875			129,743		1,636


15		SMALLCAP World Fund


Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)			Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 9/30/2024 (000)		Dividend or interest income (000)

Harmonic Drive Systems, Inc.³	$	129,347		$	26,364	$	47,199	$	(20,332	)	$	38,052		$	126,232	$	756

DO & CO AG, non-registered shares²		85,526			–		–		–			32,161			117,687		–

Wizz Air Holdings PLC²		169,301			22,600		34,093		(58,090	)		17,107			116,825		–

VSE Corp.		–			100,093		–		–			14,422			114,515		234

Montana Aerospace AG²		41,774			778		–		–			39,630			82,182		–

Instalco AB		56,884			18,322		25,208		2,197			18,958			71,153		1,216

Johns Lyng Group, Ltd.		87,549			5,665		–		–			(35,794	)		57,420		1,347

Judges Scientific PLC		27,407			17,461		–		–			7,273			52,141		432

CECO Environmental Corp.²		–			48,700		–		–			900			49,600		–

Green Landscaping Group AB²		12,210			10,556		–		–			4,185			26,951		–

Karnell Group AB²		–			16,662		–		–			146			16,808		–

Fasadgruppen Group AB		20,911			–		8,531		(4,665	)		2,421			10,136		304

Einride AB^2,4,5		14,502			–		–		–			(11,333	)		3,169		–

Alfen NV¹³		42,858			14,919		22,273		(5,217	)		(30,287	)		–		–

Arcosa, Inc.¹⁴		212,365			18,206		93,957		40,977			14,960			–		531

ATS Corp.^2,14		312,874			42,128		166,940		(52,045	)		(59,804	)		–		–

BayCurrent, Inc.^14,15		239,295			27,684		164,900		53,333			(110,666	)		–		806

Daiseki Co., Ltd.¹³		79,732			11,845		73,705		(28,510	)		10,638			–		731

dip Corp.¹³		82,216			–		57,389		(23,435	)		(1,392	)		–		435

Enpro, Inc.^14,15		165,188			–		70,499		20,200			31,636			–		1,366

Marlowe PLC¹³		49,092			–		40,065		(29,995	)		20,968			–		13,697

MYR Group, Inc.^2,14		–			156,814		120,437		(27,163	)		(1,695	)		–		–

NORMA Group SE, non-registered shares¹⁴		46,393			849		15,908		(10,573	)		5,540			–		1,246

Norva24 Group AB^2,14		16,410	��		2,136		3,606		(1,388	)		11,239			–		–

Stericycle, Inc.^2,14		188,829			89,142		335,639		57,482			26,416			–		–

Titagarh Rail Systems, Ltd.¹⁴		69,102			38,965		138,726		72,605			(17,239	)		–		16

															6,003,287


Consumer discretionary 6.28%

TopBuild Corp.²		607,624			–		90,591		45,132			318,727			880,892		–

CAVA Group, Inc.²		137,794			140,614		211,497		145,240			506,492			718,643		–

Tube Investments of India, Ltd.		418,011			–		51,534		34,886			141,615			542,978		470

Boot Barn Holdings, Inc.²		145,103			77,812		60,260		22,058			159,928			344,641		–

Wyndham Hotels & Resorts, Inc.		241,027			64,194		18,437		1,648			32,586			321,018		5,638

Cavco Industries, Inc.²		156,421			19,843		–		–			96,924			273,188		–

Lottomatica Group SpA		97,115			79,031		–		–			41,504			217,650		3,854

YETI Holdings, Inc.²		334,582			7,182		67,016		(43,371	)		(16,471	)		214,906		–

Melco Resorts & Entertainment, Ltd. (ADR)^2,3		205,242			147,693		76,658		(64,463	)		(11,586	)		200,228		–

Pets at Home Group PLC		137,997			13,112		13,101		(8,953	)		10,962			140,017		5,903

Watches of Switzerland Group PLC²		124,322			11,500		15,716		(30,118	)		23,749			113,737		–

Domino’s Pizza Group PLC		120,592			–		–		–			(14,846	)		105,746		3,576

DPC Dash, Ltd.^2,3		81,980			3,462		–		–			19,442			104,884		–

Rusta AB		–			57,891		–		–			36,890			94,781		1,372

Genda, Inc.^2,3		23,584			19,149		–		–			37,612			80,345		–

Jack in the Box, Inc.³		110,952			–		–		–			(36,181	)		74,771		2,828

Shoei Co., Ltd.³		65,655			–		–		–			1,195			66,850		1,586

Malibu Boats, Inc., Class A²		80,834			–		1,001		(746	)		(16,101	)		62,986		–

Aditya Vision, Ltd.		–			43,598		–		–			17,265			60,863		173

Beazer Homes USA, Inc.^2,3		41,346			–		–		–			15,370			56,716		–

Auction Technology Group PLC²		76,877			–		–		–			(22,289	)		54,588		–

tonies SE, Class A²		–			42,875		–		–			6,103			48,978		–


				SMALLCAP World Fund			16


Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)			Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 9/30/2024 (000)			Dividend or interest income (000)

Dine Brands Global, Inc.³	$	–		$	30,806	$	–	$	–		$	(4,289	)	$	26,517		$	612

Traeger, Inc.²		16,912			713		–		–			6,294			23,919			–

Victoria PLC²		58,453			–		7,564		(33,495	)		(6,969	)		10,425			–

BNN Technology PLC^2,4		–	⁶		–		–		–			–	⁶		–	⁶		–

AcadeMedia AB¹³		25,156			–		28,184		665			2,363			–			577

Ermenegildo Zegna NV^3,14		53,718			132,228		13,017		(10,381	)		(41,184	)		–			1,759

Golden Entertainment, Inc.¹³		77,051			–		68,456		(36,043	)		27,448			–			668

Jiumaojiu International Holdings, Ltd.¹³		81,217			10,517		26,881		(53,535	)		(11,318	)		–			1,390

MakeMyTrip, Ltd.^2,14		180,951			–		102,190		53,302			149,536			–			–

MasterCraft Boat Holdings, Inc.^2,14		21,666			–		5,853		(3,275	)		(226	)		–			–

Musti Group OYJ¹³		45,510			–		68,248		33,505			(10,767	)		–			–

Snow Peak, Inc.¹³		21,058			–		17,864		(39,147	)		35,953			–			–

WH Smith PLC¹³		150,890			–		140,203		(26,195	)		15,508			–			1,112

															4,840,267

Information technology 5.91%

Insight Enterprises, Inc.^2,3		119,948			318,201		–		–			123,343			561,492			–

eMemory Technology, Inc.		334,789			53,828		7,702		4,060			115,390			500,365			3,219

Kokusai Electric Corp.³		–			298,441		37,830		787			151,106			412,504			3,348

Impinj, Inc.²		30,066			113,362		–		–			203,051			346,479			–

Maruwa Co., Ltd.		155,017			–		5,026		2,105			131,711			283,807			595

Softcat PLC		154,074			95,229		13,098		(2,717	)		35,621			269,109			4,447

Global Unichip Corp.		283,935			8,210		–		–			(50,754	)		241,391			2,930

Dexerials Corp.³		127,286			–		–		–			92,461			219,747			5,000

Kulicke and Soffa Industries, Inc.		228,531			–		–		–			(16,448	)		212,083			3,760

ALTEN SA, non-registered shares		242,196			87,624		80,032		(22,401	)		(15,409	)		211,978			3,416

Money Forward, Inc.²		113,730			29,454		–		–			34,801			177,985			–

Vitec Software Group AB, Class B		129,028			20,839		–		–			14,687			164,554			741

SINBON Electronics Co., Ltd.		101,676			53,611		11,435		912			(1,028	)		143,736			4,485

Esker SA		–			98,259		–		–			41,300			139,559			231

Viavi Solutions, Inc.²		62,426			139,330		51,157		(29,968	)		5,247			125,878			–

PAR Technology Corp.^2,3		70,916			–		14,261		(8,070	)		30,580			79,165			–

PAR Technology Corp.^2,5		–			32,420		–		–			11,265			43,685			–

SHIFT, Inc.²		130,590			170,100		74,496		(91,974	)		(46,073	)		88,147			–

Tanla Platforms, Ltd.		114,798			–		21,107		1,161			(15,643	)		79,209			1,244

Megaport, Ltd.²		70,009			22,548		–		–			(28,265	)		64,292			–

Tri Chemical Laboratories, Inc.		53,455			–		–		–			9,583			63,038			525

SmartCraft ASA, Class A²		27,278			–		–		–			14,473			41,751			–

GFT Technologies SE³		30,780			7,154		–		–			(2,626	)		35,308			724

Noventiq Holdings PLC (GDR)^2,4,7		34,599			–		–		–			(7,736	)		26,863			–

Noventiq Holdings PLC (GDR)^2,4		32			–		–		–			(7	)		25			–

A&D HOLON Holdings Co., Ltd.		–			32,745		–		–			(6,390	)		26,355			281

Applied Digital Corp.¹³		7,624			28,696		32,090		(4,177	)		(53	)		–			–

Bytes Technology Group PLC¹⁴		96,273			15,256		61,196		(5,831	)		12,789			–			2,307

Keywords Studios PLC¹³		119,168			6,848		190,841		(12,488	)		77,313			–			152

Lumine Group, Inc., subordinate voting shares^2,14		50,520			23,220		–		–			45,871			–			–

Mastek, Ltd.¹⁴		70,773			–		62,757		15,257			(6,041	)		–			286

Nordic Semiconductor ASA^2,14		152,246			3,786		118,750		(55,291	)		56,549			–			–

Rogers Corp.¹³		167,737			3,467		151,841		(43,129	)		23,766			–			–

Semtech Corp.^2,14		97,867			32,782		48,378		13,506			56,393			–			–


17		SMALLCAP World Fund


Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 9/30/2024 (000)		Dividend or interest income (000)

Smartsheet, Inc., Class A^2,14	$	288,745	$	–	$	168,396		$	19,870		$	29,360		$	–	$	–

Socionext, Inc.^3,14		200,355		40,390		198,836			77,138			(60,399	)		–		1,898

															4,558,505

Financials 2.86%

Essent Group, Ltd.		406,924		–		80,037			12,083			117,801			456,771		8,259

360 ONE WAM, Ltd.		172,411		13,287		37,828			17,955			164,753			330,578		4,913

Glacier Bancorp, Inc.		47,526		203,162		13,265			(3,250	)		42,967			277,140		3,554

Goosehead Insurance, Inc., Class A²		142,235		3,232		–			–			28,842			174,309		–

IIFL Finance, Ltd.		199,491		44,552		62,355			4,071			(38,794	)		146,965		1,324

AUB Group, Ltd.		110,199		9,687		–			–			17,247			137,133		3,333

JTC PLC		–		118,487		–			–			15,662			134,149		831

JB Financial Group Co., Ltd.		71,375		10,238		–			–			43,596			125,209		6,854

Aptus Value Housing Finance India, Ltd.		43,342		78,231		13,606			(2,822	)		11,992			117,137		1,367

BFF Bank SpA		101,268		2,071		–			–			10,059			113,398		5,959

Skyward Specialty Insurance Group, Inc.²		–		74,183		–			–			15,929			90,112		–

Boku, Inc.^2,5		36,407		–		–			–			8,061			44,468		–

Premium Group Co., Ltd.		13,733		14,496		–			–			9,049			37,278		582

Hellenic Exchanges - Athens Stock Exchange SA		17,700		–		–			–			25			17,725		941

Janus Henderson Group PLC¹⁴		211,706		2,552		13,205			3,486			97,582			–		12,887

Trupanion, Inc.^2,3,14		92,981		2,681		34,752			(84,698	)		111,546			–		–

															2,202,372

Health care 1.82%

Xenon Pharmaceuticals, Inc.²		161,278		18,025		–			–			27,391			206,694		–

Haemonetics Corp.²		275,097		20,996		57,206			4,649			(37,295	)		206,241		–

Structure Therapeutics, Inc. (ADR)^2,3		21,461		206,422		23,585			(10,788	)		(3,795	)		189,715		–

Tandem Diabetes Care, Inc.²		99,362		3,432		31,804			(47,969	)		142,528			165,549		–

BONESUPPORT Holding AB²		60,470		1,122		–			–			96,865			158,457		–

NovoCure, Ltd.²		55,449		75,829		14,356			(26,089	)		11,130			101,963		–

Gubra AS^2,3		–		53,119		–			–			42,768			95,887		–

agilon health, Inc.^2,3		232,910		116,280		29,855			(17,835	)		(208,861	)		92,639		–

Rapport Therapeutics, Inc.^2,3,8		–		25,000		–	⁶		–	⁶		10,654			35,654		–

Rapport Therapeutics, Inc.²		–		14,647		–			–			2,999			17,646		–

Praxis Precision Medicines, Inc.²		–		49,167		–			–			1,932			51,099		–

Surgical Science Sweden AB²		44,990		–		–	⁶		(1	)		(4,036	)		40,953		–

KalVista Pharmaceuticals, Inc.^2,3		–		37,522		–			–			1,550			39,072		–

Amvis Holdings, Inc.¹³		113,761		4,816		104,550			(1,610	)		(12,417	)		–		–

Bangkok Chain Hospital PCL¹³		33,841		39,144		58,814			(13,812	)		(359	)		–		949

CONMED Corp.¹⁴		220,960		45,358		119,090			(34,521	)		(18,448	)		–		1,390

Integra LifeSciences Holdings Corp.^2,14		104,993		99,281		99,419			(73,770	)		(9,675	)		–		–

Jeisys Medical, Inc.¹³		50,581		3,457		56,861			20,264			(17,441	)		–		–

Max Healthcare Institute, Ltd.¹⁴		338,657		–		62,007			30,894			199,769			–		769

Netcare, Ltd.¹³		52,520		–		49,121			(17,362	)		13,963			–		909

Nordhealth AS, Class A^2,14		11,907		–		2,420			(1,472	)		7,504			–		–

Ocumension Therapeutics¹³		35,083		–		31,162			(96,854	)		92,933			–		–

Precision BioSciences, Inc.¹³		2,292		–		2,655			(59,459	)		59,822			–		–

Revance Therapeutics, Inc.¹³		77,197		4,086		48,408			(92,014	)		59,139			–		–

Silk Road Medical, Inc.¹³		44,471		2,420		83,623			(52,115	)		88,847			–		–

Ventyx Biosciences, Inc.¹³		94,738		23,613		13,032			(96,963	)		(8,356	)		–		–

Zentalis Pharmaceuticals, Inc.¹³		76,444		–		24,275			(67,377	)		15,208			–		–

															1,401,569


				SMALLCAP World Fund			18


Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 9/30/2024 (000)			Dividend or interest income (000)

Materials 1.38%

APL Apollo Tubes, Ltd.	$	336,340	$	5,064	$	47,790	$	10,558		$	(20,645	)	$	283,527		$	985

Materion Corp.		124,589		27,962		1,567		574			10,922			162,480			679

Ramkrishna Forgings, Ltd.		–		113,882		–		–			32,940			146,822			78

Sandstorm Gold, Ltd.		65,147		54,605		–		–			23,025			142,777			965

Sumitomo Bakelite Co., Ltd.		5,690		116,511		8,458		1,644			27,301			142,688			2,836

Fujimi, Inc.³		101,615		6,358		14,491		(4,630	)		(15,632	)		73,220			2,408

MEC Co., Ltd.		39,715		–		–		–			1,610			41,325			483

Asahi Yukizai Corp.³		–		44,338		–		–			(4,272	)		40,066			682

Major Drilling Group International, Inc.²		–		28,769		–		–			(1,043	)		27,726			–

Aluflexpack AG¹³		17,164		–		21,359		(14,971	)		19,166			–			–

LANXESS AG¹⁴		175,761		6,621		95,133		(116,674	)		142,472			–			438

Re:NewCell AB¹³		16,715		–		2,475		(23,346	)		9,106			–			–

Zeon Corp.¹³		161,880		13,391		147,626		(22,182	)		(5,463	)		–			1,803

														1,060,631

Consumer staples 0.64%

Redcare Pharmacy NV, non-registered shares^2,3		90,906		47,809		–		–			33,401			172,116			–

Kotobuki Spirits Co., Ltd.³		44,352		115,054		–		–			(10,352	)		149,054			1,155

Grocery Outlet Holding Corp.²		161,386		96,275		33,424		(6,337	)		(78,584	)		139,316			–

Humble Group AB²		18,613		12,069		4,752		(9,987	)		18,675			34,618			–

Emmi AG¹⁴		299,833		–		102,275		45,994			(24,021	)		–			5,396

Simply Good Foods Co.^2,14		203,594		–		52,640		9,182			(11,725	)		–			–

														495,104

Communication services 0.25%

Baltic Classifieds Group PLC		–		88,996		–		–			30,103			119,099			679

Future PLC²		–		49,832		–		–			27,503			77,335			–

Hemnet Group AB¹⁴		101,562		4,931		52,152		19,458			77,223			–			614

S4 Capital PLC¹³		35,999		–		25,739		(24,865	)		14,605			–			–

														196,434

Energy 0.64%

MEG Energy Corp.		257,530		30,301		13,268		305			(10,872	)		263,996			1,034

Vallourec SA^2,3		158,894		991		–		–			39,044			198,929			–

Savannah Energy PLC^2,4		27,715		–		–		–			(726	)		26,989			–

Diamond Offshore Drilling, Inc.¹³		37,644		79,129		121,909		2,849			2,287			–			–

														489,914

Real estate 0.80%

Embassy Office Parks REIT		97,937		89,770		–		–			44,872			232,579			10,878

Altus Group, Ltd.		127,050		72		5,416		(147	)		22,017			143,576			1,619

Safestore Holdings PLC		72,780		27,922		–		–			31,522			132,224			4,086

K-Fast Holding AB, Class B²		19,762		4,463		–		–			22,022			46,247			–

SRE Holdings Corp.^2,3		25,409		–		–		–			14,414			39,823			–

Prisma Properties AB²		–		25,669		–		–			106			25,775			–

JHSF Participações SA¹³		45,902		–		37,192		(22,002	)		13,292			–			1,474

														620,224

Utilities 0.00%

Mytrah Energy, Ltd.^2,4		127		–		–		–			(127	)		–	⁶		–


Total common stocks														21,868,307


19		SMALLCAP World Fund


Investments in affiliates¹(continued)

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 9/30/2024 (000)		Dividend or interest income (000)

Preferred securities 0.07%

Information technology 0.05%

Skyryse, Inc., Series B, preferred shares^2,4,5	$	36,627	$	–	$	–		$	–		$	–		$	36,627	$	–

Industrials 0.01%

Einride AB, Series B, preferred shares^2,4,5		44,160		–		–			–			(34,511	)		9,649		–
Einride AB, Series A, preferred shares^2,4,5		397		–		–			–			(310	)		87		–


															9,736

Health care 0.01%

ClearNote Health, Inc., Series C, 5.00% noncumulative preferred shares^2,4,5		11,330		–		–			–			(765	)		10,565		–

Rapport Therapeutics, Inc., Series B, 8.00% noncumulative preferred shares¹³		21,000		4,000		25,000			–			–			–		–


															10,565


Financials 0.00%

PPRO Holding GmbH, Series B-1, 8.00% preferred shares^2,4,5,14		35,920		–		–			–			12,021			–		–


Total preferred securities															56,928

Convertible stocks 0.01%

Information technology 0.01%

RealSelf, Inc., Series C, convertible preferred shares^2,4,5		9,921		–		–			–			(6,175	)		3,746		–

Convertible bonds & notes 0.00%

Health care 0.00%

ClearNote Health, Inc., convertible notes, 8.00% 10/28/2025^4,5		2,000		–		–			–			–			2,000		160

Short-term securities 4.46%

Money market investments 4.41%

Capital Group Central Cash Fund 5.09%¹¹		5,128,740		5,889,585		7,622,718			846			482			3,396,935		185,136

Money market investments purchased with collateral from securities on loan 0.05%

Capital Group Central Cash Fund 5.09%^11,12		59,944				20,170	¹⁶								39,774		–	¹⁷


Total short-term securities															3,436,709


Total 32.91%								$	(783,835	)	$	5,505,918		$	25,367,690	$	396,629


Restricted securities⁵

	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets

Relativity Space, Inc., Series D, preferred shares^2,4		11/20/2020	$	32,000	$	48,599		.06	%
Relativity Space, Inc., Series E, preferred shares^2,4		5/27/2021		10,600		10,523		.02
PsiQuantum Corp., Series D, preferred shares^2,4		5/28/2021		35,000		56,798		.07
Zipline International, Inc., Series G, preferred shares^2,4		6/7/2024		50,000		50,000		.07
Sail Biomedicines, Inc., Series B, 6.00% preferred shares^2,4		8/10/2021		50,000		49,946		.06
Pine Labs Pte., Ltd.^2,4		5/12/2021		28,710		28,348		.03
Pine Labs Pte., Ltd., Series J, cumulative preferred shares^2,4		5/12/2021		21,290		21,022		.03
PPRO Holding GmbH, Series B-1, 8.00% preferred shares^2,4		1/28/2021		48,694		47,941		.06
Boku, Inc.^1,2		2/1/2021-9/21/2021		48,584		44,468		.06
PAR Technology Corp.^1,2		3/8/2024		32,420		43,685		.06
QuintoAndar, Ltd., Series E-1, preference shares^2,4		12/20/2021		50,000		38,156		.05
Skyryse, Inc., Series B, preferred shares^1,2,4		10/21/2021		40,700		36,627		.05


				SMALLCAP World Fund			20


Restricted securities⁵ (continued)

	Acquisition date(s)		Cost (000)			Value (000)			Percent of net assets

TAE Technologies, Inc., Series 11, 4.00% perpetual cumulative convertible preferred shares⁴		8/27/2024	$	26,492		$	30,000			.04	%

TAE Technologies, Inc., Series 12, 4.00% perpetual convertible preferred shares⁴		8/21/2024		2,904			2,904			.00	¹⁸

PayClip, Inc., convertible notes, 4.50% PIK 12/15/2028^4,9		5/29/2024-9/16/2024		25,564			26,787			.03

InSilico Medicine Cayman TopCo, Series D, preferred shares^2,4		5/13/2022-7/18/2022		23,684			25,846			.03

Dock, Ltd.^2,4		10/19/2020		26,000			25,654			.03

SiFive, Inc., Series F, preferred shares^2,4		3/16/2022		25,000			25,577			.03

BridgeBio Pharma, Inc.²		9/25/2023		26,333			24,586			.03

KRY International AB, Series E, preferred shares^2,4		5/13/2021		51,891			21,160			.03

KRY International AB, Series A^2,4		5/13/2021		8,533			465			.00	¹⁸

Candid Therapeutics, Inc., Class B,

noncumulative convertible preferred shares⁴		8/27/2024		20,000			20,000			.03

ANDPAD, Inc., Series D, preferred shares^2,4		6/30/2022		19,506			18,973			.02

StockX, Inc., Series E-1, preferred shares^2,4		4/15/2021		20,000			8,260			.01

StockX, Inc.^2,4		4/5/2021		14,682			6,014			.01

StockX, Inc., Series AA, preferred shares^2,4		4/5/2021		5,203			2,131			.00	¹⁸

StockX, Inc., Series B, preferred shares^2,4		4/5/2021		281			115			.00	¹⁸

Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares⁴		2/18/2022		12,179			14,293			.02

Tarana Wireless, Inc., Series 7, noncumulative convertible preferred shares⁴		6/27/2023		1,000			898			.00	¹⁸

Tarana Wireless, Inc., Class 7A, convertible preferred shares⁴		4/4/2024		1,000			898			.00	¹⁸

Tarana Wireless, Inc., Class C, warrants, expire 4/1/2029^2,4		4/4/2024		–	⁶		–	⁶		.00	¹⁸

Workrise Technologies, Inc., Series E, preferred shares^2,4		3/8/2021		40,000			15,486			.02

Outreach Corp., Series G, preferred shares^2,4		5/27/2021		45,483			14,033			.02

Einride AB, Series B, preferred shares^1,2,4		3/23/2021-5/6/2021		18,753			9,649			.01

Einride AB^1,2,4		7/16/2021-2/1/2023		10,542			3,169			.01

Einride AB, Series A, preferred shares^1,2,4		10/11/2021		311			87			.00	¹⁸

ClearNote Health, Inc., Series C, 5.00% noncumulative preferred shares^1,2,4		4/26/2021		15,102			10,565			.02

ClearNote Health, Inc., convertible notes, 8.00% 10/28/2025^1,4		12/1/2022		2,000			2,000			.00	¹⁸

Patreon, Inc., Series E, preferred shares^2,4		9/1/2020		11,944			7,841			.01

Patreon, Inc., Class B^2,4		10/26/2020-10/27/2020		3,255			2,133			.01

Patreon, Inc., Series Seed, preferred shares^2,4		9/16/2020		2,790			1,831			.00	¹⁸

Yotpo, Ltd., Series F, preferred shares^2,4		2/25/2021		18,329			6,500			.01

Yotpo, Ltd.^2,4		3/16/2021		5,475			2,044			.01

Yotpo, Ltd., Series B, preferred shares^2,4		3/16/2021		2,322			867			.00	¹⁸

Yotpo, Ltd., Series C, preferred shares^2,4		3/16/2021		2,210			825			.00	¹⁸

Yotpo, Ltd., Series A-1, preferred shares^2,4		3/16/2021		1,483			553			.00	¹⁸

Yotpo, Ltd., Series A, preferred shares^2,4		3/16/2021		723			270			.00	¹⁸

Yotpo, Ltd., Series C-1, preferred shares^2,4		3/16/2021		613			229			.00	¹⁸

Yotpo, Ltd., Series D, preferred shares^2,4		3/16/2021		342			127			.00	¹⁸

Yotpo, Ltd., Series B-1, preferred shares^2,4		3/16/2021		273			102			.00	¹⁸

Kandou Holding SA, Series D, preferred shares^2,4		11/17/2021-8/18/2023		30,800			6,204			.01

Kandou Holding SA, Term Loan, 7.00% 12/31/2024^4,10		8/20/2024		5,000			5,000			.00	¹⁸

Kandou Holding SA, warrants, expire 8/18/2028^2,4		8/18/2023		–	⁶		–	⁶		.00	¹⁸

ABL Space Systems Co., Series B, 5.00% PIK cumulative preferred shares^2,4,9		3/24/2021		35,000			6,354			.01

ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares^2,4		12/14/2023		2,439			610			.00	¹⁸

ABL Space Systems Co., Series C-1, warrants, expire 12/13/2030^2,4		12/14/2023		–	⁶		–	⁶		.00	¹⁸


21		SMALLCAP World Fund


Restricted securities⁵ (continued)

	Acquisition date(s)		Cost (000)			Value (000)			Percent of net assets

RealSelf, Inc., Series C, convertible preferred shares^1,2,4		4/18/2018	$	19,000		$	3,746			.01	%

Foursquare Labs, Inc., Series A^2,4		12/3/2013		20,000			1,616			.00	¹⁸

Foursquare Labs, Inc., Series A, warrants, expire 12/4/2033^2,4		8/22/2014		–	⁶		–	⁶		.00	¹⁸

Total			$	1,052,439		$	832,515			1.08	%

¹	Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.

²	Security did not produce income during the last 12 months.

³	All or a portion of this security was on loan. The total value of all such securities was $1,560,463,000, which represented 2.02% 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 $832,515,000, which represented 1.08% 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 $53,677,000, which represented .07% of the net assets of the fund.

⁸

Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $46,319,000, which represented 0.06% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents.

⁹	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

¹⁰	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $5,000,000, which represented .01% of the net assets of the fund.

¹¹	Rate represents the seven-day yield at 9/30/2024.

¹²	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

¹³	Affiliated issuer during the reporting period but no longer held at 9/30/2024.

¹⁴	Affiliated issuer during the reporting period but no longer an affiliate at 9/30/2024. Refer to the investment portfolio for the security value at 9/30/2024.

¹⁵	This security changed its name during the reporting period.

¹⁶	Represents net activity. Refer to Note 5 for more information on securities lending.

¹⁷	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

¹⁸	Amount less than .01%.


Key to abbreviation(s)
ADR = American Depositary Receipts	GDR = Global Depositary Receipts	REIT = Real Estate Investment Trust
CAD = Canadian dollars	NOK = Norwegian kroner	SEK = Swedish kronor
CDI = CREST Depository Interest	PIK = Payment In Kind	USD = U.S. dollars

Refer to the notes to financial statements.


				SMALLCAP World Fund			22

Financial statements

Statement of assets and liabilities at September 30, 2024

(dollars in thousands)


Assets:
Investment securities, at value (includes $1,560,463 of investment securities on loan):
Unaffiliated issuers (cost: $34,767,354)	$	52,702,863
Affiliated issuers (cost: $18,091,456)		25,367,690	$	78,070,553

Cash				43,325
Cash denominated in currencies other than U.S. dollars (cost: $11,727)				11,734
Receivables for:
Sales of investments		116,992
Sales of fund’s shares		50,053
Dividends and interest		95,650
Securities lending income		1,510
Other		1,777		265,982

				78,391,594

Liabilities:
Collateral for securities on loan				691,231
Payables for:
Purchases of investments		121,999
Repurchases of fund’s shares		43,197
Investment advisory services		37,168
Services provided by related parties		10,483
Directors’ deferred compensation		5,428
Non-U.S. taxes		399,927
Other		5,120		623,322

Net assets at September 30, 2024			$	77,077,041


Net assets consist of:
Capital paid in on shares of capital stock			$	53,381,931
Total distributable earnings (accumulated loss)				23,695,110

Net assets at September 30, 2024			$	77,077,041

Refer to the notes to financial statements.


23		SMALLCAP World Fund

Financial statements (continued)

Statement of assets and liabilities at September 30, 2024 (continued)

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


Total authorized capital stock – 2,000,000 shares, $.01 par value (1,070,464 total shares outstanding)						��
	Net assets		Shares outstanding				Net asset value per share
Class A		$28,639,375		404,381				$70.82
Class C		339,690		5,936				57.23
Class T		14		–	*			71.92
Class F-1		449,308		6,451				69.65
Class F-2		10,265,922		140,573				73.03
Class F-3		6,511,789		89,723				72.58
Class 529-A		1,646,749		23,646				69.64
Class 529-C		33,282		569				58.47
Class 529-E		53,249		803				66.32
Class 529-T		19		–	*			71.69
Class 529-F-1		11		–	*			71.53
Class 529-F-2		277,689		3,900				71.21
Class 529-F-3		54		1				71.32
Class R-1		40,062		673				59.51
Class R-2		462,134		7,742				59.69
Class R-2E		36,379		534				68.16
Class R-3		684,839		10,383				65.96
Class R-4		616,720		8,784				70.21
Class R-5E		205,481		2,866				71.69
Class R-5		295,614		3,965				74.56
Class R-6		26,518,661		359,534				73.76

*Amount less than one thousand.

Refer to the notes to financial statements.


				SMALLCAP World Fund			24

Financial statements (continued)

Statement of operations for the year ended September 30, 2024

(dollars in thousands)


Investment income:
Income:
Dividends (net of non-U.S. taxes of $63,214; also includes $396,469 from affiliates)	$	968,751
Securities lending income (net of fees)		14,545
Interest (net of non-U.S. taxes of $3; also includes $160 from affiliates)		2,336		$	985,632

Fees and expenses*:
Investment advisory services		427,875
Distribution services		85,080
Transfer agent services		55,300
Administrative services		21,226
529 plan services		1,087
Reports to shareholders		2,304
Registration statement and prospectus		1,125
Directors’ compensation		1,332
Auditing and legal		575
Custodian		7,674
State and local taxes		1
Other		1,062			604,641

Net investment income					380,991


Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $74,313):
Unaffiliated issuers		1,029,038
Affiliated issuers		(783,835	)
Currency transactions		(3,467	)		241,736

Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $396,293):
Unaffiliated issuers		7,413,280
Affiliated issuers		5,505,918
Currency translations		2,597			12,921,795

Net realized gain (loss) and unrealized appreciation (depreciation)					13,163,531

Net increase (decrease) in net assets resulting from operations				$	13,544,522

*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,
	2024			2023
Operations:
Net investment income	$	380,991		$	377,177
Net realized gain (loss)		241,736			(395,999	)
Net unrealized appreciation (depreciation)		12,921,795			7,498,690

Net increase (decrease) in net assets resulting from operations		13,544,522			7,479,868

Distributions paid to shareholders		(570,870	)		(90,904	)

Net capital share transactions		415,170			719,111


Total increase (decrease) in net assets		13,388,822			8,108,075

Net assets:
Beginning of year		63,688,219			55,580,144

End of year	$	77,077,041		$	63,688,219

Refer to the notes to financial statements.


25		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.


						SMALLCAP World Fund			26

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.

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


27		SMALLCAP World Fund

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, 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.

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 table on the following page present the fund’s valuation levels as of September 30, 2024 (dollars in thousands):


						SMALLCAP World Fund			28


	Investment securities

	Level 1		Level 2		Level 3			Total

Assets:
Common stocks:
Industrials		$ 9,169,945		$ 8,354,506		$ 3,169			$17,527,620
Consumer discretionary		10,147,616		4,301,233		6,014			14,454,863
Information technology		5,853,042		5,992,277		59,163			11,904,482
Financials		5,492,828		4,730,931		28,348			10,252,107
Health care		5,570,467		3,337,468		465			8,908,400
Materials		1,183,054		1,396,579		–			2,579,633
Consumer staples		1,019,712		1,445,979		–			2,465,691
Communication services		488,122		1,350,779		–			1,838,901
Energy		1,149,149		285,458		26,989			1,461,596
Real estate		538,783		921,655		–			1,460,438
Utilities		318,716		133,585		–	¹		452,301
Preferred securities		12,270		–		543,807			556,077
Rights & warrants		22		7,444		3,972			11,438
Convertible stocks		–		–		72,739			72,739
Convertible bonds & notes		–		–		31,101			31,101
Bonds, notes & other debt instruments		–		–		5,000			5,000
Short-term securities		4,088,166		–		–			4,088,166

Total		$45,031,892		$32,257,894		$780,767			$78,070,553

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended September 30, 2024 (dollars in thousands):


	Beginning value at 10/1/2023		Transfers into Level 3²		Purchases		Sales			Net realized loss³			Unrealized depreciation³			Transfers out of Level 3²		Ending value at 9/30/2024
Investment securities		$788,048		$–		$142,873		$(62,000	)		$(9,000	)		$(79,154	)		$–	$	780,767

Net unrealized depreciation during the period on Level 3 investment securities held at September 30, 2024																		$	(89,678	)

Amount less than one thousand

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

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

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


29		SMALLCAP World Fund

Value at
9/30/2024

Valuation

techniques

Unobservable

inputs

Range

(if applicable)

Weighted
average

Impact to

valuation from

an increase in

input^†

EV/Gross Profit multiple

17.6x

Increase

EV/EBITDA multiple

9.5x

Increase

Discount to EV/EBITDA multiple

25%

Decrease

EV/Sales multiple

2.2x - 6.9x

4.5x

Increase

Market comparables

Net adjustment (decrease) based

on movement of market

10% - 52%

42%

Decrease

comparables

DLOM

9% - 16%

10%

Decrease

Common stocks

$124,148

Risk discount

10%

Decrease

Market approach

Transaction price

Not applicable

Discount to last trade price

20%

Decrease

Estimated recovery

value

Discount for uncertainty

10%

Decrease

Expected proceeds

Not applicable

Transaction price

Not applicable

Discount to transaction price

79%

Decrease

De minimis

Not applicable

Transaction

Transaction price

Not applicable

Discount to transaction price

10% - 30%

14%

Decrease

Discounted cash

flow

WACC

9% - 18%

13%

Decrease

Risk discount

10% - 95%

44%

Decrease

Weight ascribed to discounted

50%

Not applicable

cash flow

EV/Sales multiple

2.8x - 20.2x

8.1x

Increase

EV/Gross Profit multiple

14.3x - 17.6x

16.3x

Increase

Price/Sales multiple

8.3x

Increase

Net adjustment (decrease) based

on movement of market

8% - 59%

40%

Decrease

comparables

Preferred securities

$543,807

Net adjustment (increase) based

Market comparables

on movement of market

9% - 54%

27%

Increase

comparables

Discount to Price/Sales multiple

15%

Decrease

Discount to EV/Sales multiple

10%

Decrease

DLOM

9% - 16%

14%

Decrease

Weight ascribed to market comparables

50%

Not applicable

Risk discount

10%

Decrease

Discount for uncertainty

10% - 20%

10%

Decrease

Estimated recovery

Expected proceeds

Not applicable

value

Transaction price

Not applicable

Discount to transaction price

75% - 79%

77%

Decrease

Black-Scholes

Underlying share price

Not applicable

Implied volatility

30%

Increase

Rights & warrants

$ 3,972

Estimated recovery

De minimis

Not applicable

value

Transaction

Transaction price

Not applicable

EV/Sales multiple

2.3x - 6.9x

6.0x

Increase

Net adjustment (decrease) based

Market comparables

on movement of market

10%

Decrease

Convertible stocks

$ 72,739

comparables

DLOM

12%

Decrease

Transaction

Transaction price

Not applicable

Transaction

Transaction price

Not applicable

Convertible bonds &

Accreted value

Redemption price

Not applicable

notes

$ 31,101

method

Yield

15%

Decrease

Indicative market

Broker quote

Not applicable

quotation

Bonds, notes & other

debt instruments

$ 5,000

Transaction

Transaction price

Not applicable

Total

$780,767


						SMALLCAP World Fund			30

*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 abbreviation(s)

DLOM = Discount for lack of marketability

EBITDA = Earnings before interest, tax, depreciation, and amortization

EV = Enterprise value

WACC = Weighted average cost of capital

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.


			31			SMALLCAP World Fund

Investing in emerging markets – Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, 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, 2024, the total value of securities on loan was $1,560,463,000, and the total value of collateral received was $1,631,524,000. Collateral received includes cash of $691,231,000 and U.S. government securities of $940,293,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.


				SMALLCAP World Fund			32

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, 2024, 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 (“EU reclaims”). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended September 30, 2024, the fund recognized $266,000 in EU reclaims (net of $15,000 in fees and the effect of realized gain or loss from currency translations) and $180,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. For U.S. income tax purposes, EU reclaims received by the fund reduce the amount of foreign taxes that a fund may pass through to its shareholders to be utilized as tax deductions or credit on their income tax returns. If the fund receives EU reclaims and either does not pass through foreign taxes in the current year or EU reclaims received exceed foreign taxes for the year, and the fund previously passed through the refunded EU taxes to its shareholders, the fund will enter into a closing agreement with the Internal Revenue Service in order to satisfy potential tax liability. 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, 2024, the fund reclassified $2,605,000 from total distributable earnings to capital paid in on shares of capital stock to align financial reporting with tax reporting.

As of September 30, 2024, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):



Undistributed ordinary income	$	597,950
Capital loss carryforward*		(910,931)

Gross unrealized appreciation on investments		27,265,824
Gross unrealized depreciation on investments		(2,857,792)
Net unrealized appreciation (depreciation) on investments		24,408,032

Cost of investments		53,662,521

*	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.


33		SMALLCAP World Fund

Tax-basis distributions paid to shareholders from ordinary income were as follows (dollars in thousands):

Year ended September 30,

Share class

2024

2023

Class A

178,041

–

Class C

323

–

Class T

–

†

–

†

Class F-1

2,923

–

Class F-2

84,892

16,318

Class F-3

55,699

14,319

Class 529-A

10,167

–

Class 529-C

–

Class 529-E

266

–

Class 529-T

–

†

–

†

Class 529-F-1

–

†

–

†

Class 529-F-2

2,342

477

Class 529-F-3

–

†

–

†

Class R-1

136

–

Class R-2

702

–

Class R-2E

110

–

Class R-3

3,151

–

Class R-4

4,312

–

Class R-5E

1,588

270

Class R-5

2,827

773

Class R-6

223,391

58,747

Total

570,870

90,904

^†Amount less than one thousand.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of Capital Client Group, Inc. (“CCG”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, CCG 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. These fees are based on a series of decreasing annual rates beginning with 0.800% on the first $1 billion of daily net assets and decreasing to 0.583% on such assets in excess of $89 billion. For the year ended September 30, 2024, the investment advisory services fees were $427,875,000, which were equivalent to an annualized rate of 0.605% of average daily net assets.


				SMALLCAP World Fund			34

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 CCG for paying service fees, to firms that have entered into agreements with CCG 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 CCG for certain shares sold without a sales charge. These share classes reimburse CCG 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, 2024, 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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS 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 Commonwealth Savers Plan (formerly, 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 Commonwealth Savers Plan through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. Commonwealth Savers Plan 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, 2024, the 529 plan services fees were $1,087,000, which were equivalent to 0.057% of the average daily net assets of each 529 share class.


35		SMALLCAP World Fund

For the year ended September 30, 2024, 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		$67,668				$37,251					$8,157					Not applicable
Class C		3,407				475					104					Not applicable
Class T		–						–	*				–	*		Not applicable
Class F-1		1,092				837					135					Not applicable
Class F-2		Not applicable				10,552					2,839					Not applicable
Class F-3		Not applicable				48					1,730					Not applicable
Class 529-A		3,609				2,061					474					$ 894
Class 529-C		341				47					11					20
Class 529-E		259				30					16					30
Class 529-T		–						–	*				–	*				–	*
Class 529-F-1		–						–	*				–	*				–	*
Class 529-F-2		Not applicable				141					76					143
Class 529-F-3		Not applicable						–	*				–	*				–	*
Class R-1		368				34					11					Not applicable
Class R-2		3,346				1,546					134					Not applicable
Class R-2E		202				68					10					Not applicable
Class R-3		3,272				976					196					Not applicable
Class R-4		1,516				604					182					Not applicable
Class R-5E		Not applicable				283					56					Not applicable
Class R-5		Not applicable				154					88					Not applicable
Class R-6		Not applicable				193					7,007					Not applicable

Total class-specific expenses			$	85,080			$	55,300				$	21,226				$	1,087

*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 $1,332,000 in the fund’s statement of operations reflects $241,000 in current fees (either paid in cash or deferred) and a net increase of $1,091,000 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, CCG 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, 2024, the fund engaged in such purchase and sale transactions with related funds in the amounts of $301,305,000 and $526,886,000, respectively, which generated $343,820,000 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, 2024.


				SMALLCAP World Fund			36

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, 2024.

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 increase (decrease)

Share class		Amount	Shares		Amount		Shares			Amount		Shares			Amount		Shares

Year ended September 30, 2024
Class A	$	1,597,741	24,515	$	175,689		2,681		$	(3,378,387	)	(51,876	)	$	(1,604,957	)	(24,680	)
Class C		41,836	793		322		6			(113,842	)	(2,170	)		(71,684	)	(1,371	)
Class T		–	–		–		–			–		–			–		–
Class F-1		19,217	302		2,893		45			(102,493	)	(1,600	)		(80,383	)	(1,253	)
Class F-2		2,487,708	37,015		82,502		1,223			(2,568,847	)	(37,832	)		1,363		406
Class F-3		1,444,644	21,648		55,326		826			(1,051,215	)	(15,877	)		448,755		6,597
Class 529-A		139,685	2,180		10,164		158			(264,519	)	(4,113	)		(114,670	)	(1,775	)
Class 529-C		7,516	139		–		–			(17,723	)	(330	)		(10,207	)	(191	)
Class 529-E		3,886	64		266		4			(10,203	)	(166	)		(6,051	)	(98	)
Class 529-T		–	–		–	†	–	†		–		–			–	†	–	†
Class 529-F-1		–	–		–	†	–	†		–		–			–	†	–	†
Class 529-F-2		52,226	795		2,341		36			(45,984	)	(695	)		8,583		136
Class 529-F-3		40	1		–	†	–	†		–		–			40		1
Class R-1		12,930	257		135		2			(6,076	)	(112	)		6,989		147
Class R-2		63,857	1,161		701		13			(111,097	)	(2,028	)		(46,539	)	(854	)
Class R-2E		6,500	106		110		2			(6,935	)	(112	)		(325	)	(4	)
Class R-3		107,748	1,774		3,148		51			(156,277	)	(2,569	)		(45,381	)	(744	)
Class R-4		83,050	1,288		4,311		66			(166,577	)	(2,576	)		(79,216	)	(1,222	)
Class R-5E		41,340	624		1,588		24			(37,478	)	(569	)		5,450		79
Class R-5		28,876	423		2,823		41			(78,679	)	(1,151	)		(46,980	)	(687	)
Class R-6		3,392,262	50,546		222,082		3,263			(1,563,961	)	(22,954	)		2,050,383		30,855

Total net increase (decrease)	$	9,531,062	143,631	$	564,401		8,441		$	(9,680,293	)	(146,730	)	$	415,170		5,342

Refer to the end of the table for footnotes.


37		SMALLCAP World Fund


	Sales*			Reinvestments of distributions					Repurchases*					Net increase (decrease)

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

*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 $23,355,770,000 and $21,850,180,000, respectively, during the year ended September 30, 2024.


				SMALLCAP World Fund			38

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 return^2,3			Net assets, end of year (in millions)				Ratio of expenses to average net assets before reimbursement⁴			Ratio of expenses to average net assets after reimbursement^3,4			Ratio of net income (loss) to average net assets³


Class A:
9/30/2024		$	58.93		$	.23			$	12.08			$	12.31			$	(.42	)		$	–			$	(.42	)		$	70.82		21.01	%		$	28,639			1.04	%		1.04	%		.35	%
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	)

Class C:
9/30/2024			47.70			(.21	)			9.79				9.58				(.05	)			–				(.05	)			57.23		20.11				340			1.78			1.78			(.40	)
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	)

Class T:
9/30/2024			59.82			.43				12.27				12.70				(.60	)			–				(.60	)			71.92		21.35	⁵			–	⁶		.75	⁵		.75	⁵		.64	⁵
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

Class F-1:
9/30/2024			57.95			.19				11.90				12.09				(.39	)			–				(.39	)			69.65		20.96				449			1.08			1.08			.30
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	)

Class F-2:
9/30/2024			60.74			.42				12.47				12.89				(.60	)			–				(.60	)			73.03		21.32				10,266			.77			.77			.62
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

Class F-3:
9/30/2024			60.36			.50				12.38				12.88				(.66	)			–				(.66	)			72.58		21.46				6,512			.66			.66			.74
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

Class 529-A:
9/30/2024			57.95			.20				11.90				12.10				(.41	)			–				(.41	)			69.64		20.95				1,647			1.07			1.07			.32
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	)

Refer to the end of the table for footnotes.


39		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 return^2,3			Net assets, end of year (in millions)				Ratio of expenses to average net assets before reimbursement⁴			Ratio of expenses to average net assets after reimbursement^3,4			Ratio of net income (loss) to average net assets³

Class 529-C:
9/30/2024		$	48.72		$	(.23	)		$	9.98			$	9.75			$	–			$	–			$	–			$	58.47		20.08	%		$	33			1.81	%		1.81	%		(.44	)%
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	)

Class 529-E:
9/30/2024			55.22			.08				11.32				11.40				(.30	)			–				(.30	)			66.32		20.73				53			1.26			1.26			.12
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	)

Class 529-T:
9/30/2024			59.65			.37				12.24				12.61				(.57	)			–				(.57	)			71.69		21.26	⁵			–	⁶		.83	⁵		.83	⁵		.57	⁵
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

Class 529-F-1:
9/30/2024			59.51			.32				12.21				12.53				(.51	)			–				(.51	)			71.53		21.17	⁵			–	⁶		.90	⁵		.90	⁵		.49	⁵
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	)

Class 529-F-2:
9/30/2024			59.25			.41				12.16				12.57				(.61	)			–				(.61	)			71.21		21.32				278			.77			.77			.63
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
9/30/2021^9,10			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:
9/30/2024			59.33			.59				12.02				12.61				(.62	)			–				(.62	)			71.32		21.40				–	⁶		.71			.71			.89
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
9/30/2021^9,10			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:
9/30/2024			49.73			(.19	)			10.17				9.98				(.20	)			–				(.20	)			59.51		20.15				40			1.75			1.75			(.35	)
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	)

Refer to the end of the table for footnotes.


				SMALLCAP World Fund			40

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 return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimbursement⁴			Ratio of expenses to average net assets after reimbursement^3,4			Ratio of net income (loss) to average net assets³

Class R-2:
9/30/2024		$	49.78		$	(.20	)		$	10.19			$	9.99			$	(.08	)		$	–			$	(.08	)		$	59.69		20.15	%		$	462		1.75	%		1.75	%		(.36	)%
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	)

Class R-2E:
9/30/2024			56.77			(.04	)			11.63				11.59				(.20	)			–				(.20	)			68.16		20.49				36		1.46			1.46			(.06	)
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	)

Class R-3:
9/30/2024			54.93			.05				11.27				11.32				(.29	)			–				(.29	)			65.96		20.67				685		1.30			1.30			.09
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	)

Class R-4:
9/30/2024			58.42			.25				11.98				12.23				(.44	)			–				(.44	)			70.21		21.04				617		1.00			1.00			.38
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	)

Class R-5E:
9/30/2024			59.64			.39				12.23				12.62				(.57	)			–				(.57	)			71.69		21.29				205		.81			.81			.59
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	)

Class R-5:
9/30/2024			61.99			.46				12.74				13.20				(.63	)			–				(.63	)			74.56		21.41				296		.71			.71			.68
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

Class R-6:
9/30/2024			61.34			.50				12.58				13.08				(.66	)			–				(.66	)			73.76		21.46				26,519		.66			.66			.74
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

Refer to the end of the table for footnotes.


41		SMALLCAP World Fund

Financial highlights (continued)


	Year ended September 30,
	2024		2023		2022		2021		2020

Portfolio turnover rate for all share classes¹³		32%		29%		32%		30%		38%

¹	Based on average shares outstanding.

²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.

³	This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.

⁴	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

⁵

All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

⁶	Amount less than $1 million.

⁷	Amount less than $.01.

⁸	Amount less than .01%.

⁹	Based on operations for a period that is less than a full year.

¹⁰	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

¹¹	Not annualized.

¹²	Annualized.

¹³	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.


				SMALLCAP World Fund			42

Report of Independent Registered Public Accounting Firm

To the shareholders and the 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, 2024, 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, 2024, 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, 2024, 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 12, 2024

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


43		SMALLCAP World Fund

Tax information

unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended September 30, 2024:



Foreign taxes		$0.13 per share

Foreign source income		$0.62 per share

Qualified dividend income		100%

Section 163(j) interest dividends		$120,611,000

Corporate dividends received deduction		$256,534,000

U.S. government income that may be exempt from state taxation		$42,288,000

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2025, to determine the calendar year amounts to be included on their 2024 tax returns. Shareholders should consult their tax advisors.


				SMALLCAP World Fund			44

Changes in and disagreements with accountants

Not applicable

Matters submitted for shareholder vote

Not applicable

Remuneration paid to directors, officers and others

Refer to information in the financial statements.


45		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, 2025. 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 publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund’s lifetime) through March 31, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with the fund’s objective. 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			46

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.


47		SMALLCAP World Fund

ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable

ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies

Not applicable

ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is included as part of the material filed under Item 7 of this Form.

ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract

The information is included as part of the material filed under Item 7 of this Form.

ITEM 12 - 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 13 - 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 14 - 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 15 - 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 16 - 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 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

ITEM 18 - Recovery of Erroneously Awarded Compensation

Not applicable

ITEM 19 - Exhibits

(a)(1) Code of Ethics - See Item 2

(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/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: November 29, 2024

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/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: November 29, 2024

By /s/ Hong T. Le

Hong T. Le, Treasurer and

Principal Financial Officer

Date: November 29, 2024

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