New 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: 811-09105

New World Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2023

Brian C. Janssen

New World Fund, Inc.

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

New World Fund^®

Annual report
for the year ended
October 31, 2023

Capturing the
growth potential
of developing
economies

The fund’s investment objective is long-term capital appreciation.

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

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

Here are the average annual total returns on a $1,000 investment for periods ended September 30, 2023 (the most recent calendar quarter-end):

	1 year			5 years			10 years

Class F-2 shares		17.23	%		5.17	%	4.92	%
Class A shares Reflecting 5.75% maximum sales charge		10.15			3.63		4.00

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

The total annual fund operating expense ratios are 0.68% for Class F-2 shares and 0.99% for Class A shares as of the prospectus dated January 1, 2024 (unaudited).

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 results would have been lower. Visit capitalgroup.com for more information.

Investing outside the United States may be subject to risks, such as currency fluctuations, periods of illiquidity, price volatility and political instability. These risks may be heightened in connection with investments in developing countries. Investing in smaller companies entails further risks. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

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

Contents

1	Letter to investors

4	The value of a long-term perspective

5	Investment portfolio

19	Financial statements

50	Board of directors and other officers

Fellow investors:

Stocks in developing countries rose during New World Fund’s fiscal year ended October 31, 2023. Returns were helped by infrastructure growth in certain countries, the reshoring of supply chains and interest rate cuts in some emerging markets.

New World Fund Classes F-2 and A shares gained 10.85% and 10.50%, respectively, for the 12-month reporting period. By comparison, the unmanaged MSCI ACWI (All Country World Index), the fund’s primary benchmark, advanced 10.50%. The fund’s results (Class F-2) include a dividend of 79.8 cents a share paid in December 2022. The MSCI Emerging Markets Index, which also captures the fund’s opportunity set of companies that can benefit from significant exposure to developing economies and markets, increased 10.80%.

With the primary objective of long-term capital appreciation, New World Fund offers a multidimensional approach to capturing the potential of emerging markets by blending three types of investments: equities of companies based in the developing world; equities of multinational companies based in the developed world that have significant business in the developing world; and, when appropriate, government and corporate bonds of developing-country issuers.

This approach is intended to offer potential benefits for long-term investors, including help with reducing some of the volatility typically associated with investing in developing markets.

Results at a glance

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

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime¹ (since 6/17/99)

New World Fund (Class F-2 shares)²		10.85	%		6.06	%		4.28	%		7.29	%
New World Fund (Class A shares)		10.50			5.75			3.98			7.01
MSCI ACWI (All Country World Index)³		10.50			7.47			6.81			5.11

¹	Lifetime returns are since 6/17/1999, the inception date of Class A shares.
²	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
³	MSCI ACWI results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. Source: MSCI. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

MSCI ACWI is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. The index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. Source: MSCI.

MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Source: MSCI.

Past results are not predictive of results in future periods.

New World Fund

Market review

Global stocks rallied, rebounding from the lows of 2022. Falling inflation rates and better-than-expected economic growth helped support equity prices in major developed markets as well as some emerging markets. Geopolitical events weighed on investor sentiment at times. The war in Ukraine entered its second year and tensions between the U.S. and China worsened. On the trade front, the U.S. imposed restrictions on advanced computer chips and other sensitive high-tech exports to China.

Meanwhile, with signs of inflation cooling, the U.S. Federal Reserve and European Central Bank slowed their rate-hiking campaigns. Observers increasingly expected that central banks in Latin America would cut rates after sharply hiking them ahead of the U.S. and other developed countries. Brazil was among the first, lowering its benchmark rate by 50 basis points in August.

Chinese stocks rose 21%, with the bulk of the gains notched from November 2022 through March 2023. Returns were initially bolstered after China’s government reopened the country’s economy following nearly three years of stringent COVID-19 lockdowns. However, investor enthusiasm tapered off. Limited stimulus measures, declining manufacturing activity, weakening consumer confidence and deflationary pressures all hurt economic growth. Exports also fell for six consecutive months, from May through October. Meanwhile, China’s debt-saddled property sector remained weak despite government measures to boost home sales.

Elsewhere in Asia, the tech-heavy indexes in Taiwan and Korea rose 26% and 8% respectively, helped by gains for semiconductor-related stocks. Indian stocks advanced 4%. Economic growth was strong in the world’s most populous country, driven by massive infrastructure spending and production-linked incentive programs designed to elevate India’s domestic manufacturing base. Broader policy reforms enacted in recent years — aimed at facilitating the expansion of credit and formalizing the economy — have also gained traction.

In Latin America, Mexican stocks increased 10%. Mexico, which recently replaced China as the largest trading partner of the U.S., has become a reshoring destination for companies seeking to move part of their supply chains from China and other Asian countries. The shift has increased foreign direct investment in Mexico by companies involved in the manufacturing and assembly of cars, air conditioners and technology-related equipment.

Inside the portfolio

Stock selection in the health care sector helped returns on a relative basis, led by Denmark-based Novo Nordisk and U.S.-based Eli Lilly. Both pharmaceutical giants were boosted by the rise of diabetes drugs that have become popular treatments for weight loss, even among people without diabetes. Projected increases in diabetes cases in densely populated emerging markets such as China, India, Pakistan and Indonesia should also support the growth of this drug category. Investor enthusiasm for these medications helped drive shares of both Novo Nordisk and Eli Lilly to 52-week highs over the 12-month period.

MercadoLibre was another top contributor. Shares of Latin America’s leading e-commerce business surged on strong revenue and profit growth. The investment in Indian real estate company Macrotech Developers also boosted relative returns. Shares advanced on positive sentiment around the company’s earnings outlook and growth in India’s housing market.

Rounding out the leading contributors were semiconductor giants TSMC (Taiwan Semiconductor Manufacturing Co.) and Broadcom. TSMC, the world’s largest chip contract manufacturer, indicated that industry inventory levels were normalizing. The company further signaled capital expenditures would moderate following outlays to build new factories in the U.S. and Japan.

By contrast, the limited investment in chipmaker Nvidia detracted the most from portfolio returns on a relative basis. Nvidia shares soared on robust demand for chips used in artificial intelligence applications and datacenter infrastructure. Also weighing on portfolio results was the investment in Wolfspeed, a specialized computer chipmaker that is a key supplier to the electric vehicle (EV) industry. Its shares came under pressure due to a combination of factors, including manufacturing plant disruptions and generally slower growth in EV sales. Indian bank Kotak Mahindra was another detractor. The fund’s cash position, while near a low based on its 10-year average, also hurt relative returns in a rising market.

Looking forward

We believe the next phase of growth for emerging markets will be different than the past 20 years. China’s economy has matured and is going through a difficult patch of reforms. Geopolitical concerns and the world’s energy transition are driving foreign investment into a broader mix of developing countries for manufacturing and natural resource needs. And government-led reforms are changing the trajectory of some developing countries, such as India and Indonesia.

Past results are not predictive of results in future periods.

2	New World Fund

We further think durable trends — reshoring of supply chains, powerful shifts in demographics, infrastructure growth, the energy transition, the emergence of large, sticky domestic brands — could add more depth to emerging equity markets, especially those that have not been front and center for investors. To that end, the fund has incrementally increased investments in Mexico, Indonesia, South Africa and Saudi Arabia.

At the same time, the fund’s exposure to China is much lower than in years past. China has matured and its $18 trillion economy is likely to grow at a slower rate. The government has taken a piecemeal approach to fiscal stimulus and will have to address how to reform and resurrect a highly indebted property sector. More importantly, having built out world-class infrastructure that has positioned its economy for the modern age, the next phase of China’s economic growth will likely have to be powered both by the consumer and by moving further up the value chain in manufacturing and technology. In areas such as robotics and EV battery technology, China is already showing its prowess as a high-end manufacturer.

Meanwhile, the number of investments that managers are finding in India has increased. Managers believe India could be a growing opportunity over this decade amid massive infrastructure spending and moves by multinationals to set up new manufacturing hubs.

Geopolitical tensions could also benefit emerging markets. The reconstruction of supply chains in many industries may benefit the developing world and help drive new sources of growth for a broader set of countries. For instance, rather than aligning with a single economic superpower, countries like Indonesia, India and Mexico are tapping into funding and investment from Western countries and China alike.

What’s more, government balance sheets are stronger, inflation is coming under control and valuations are reasonable, making for an attractive asset class over the medium term.

We thank you for your commitment to New World Fund.

Cordially,

Bradford F. Freer
Co-President

Dawid Justus
Co-President

Lisa Thompson
Co-President

December 8, 2023

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

New World Fund

The value of a long-term perspective

How a hypothetical $10,000 investment has grown (for the period June 17, 1999, to October 31, 2023)

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

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

¹	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
²	Includes reinvested dividends and reinvested capital gains distributions.
³	Source: MSCI. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
⁴	For the period June 17, 1999 (commencement of operations), through October 31, 1999.

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

Average annual total returns based on a $1,000 investment (for periods ended October 31, 2023)

	1 year			5 years			10 years

Class F-2 shares		10.85	%		6.06	%	4.28	%
Class A shares*		4.16			4.50		3.36

*	Assumes payment of the maximum 5.75% sales charge.

4	New World Fund

Investment portfolio October 31, 2023

Sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
United States		22.81	%
India		13.89
Eurozone*		13.02
China		11.44
Brazil		6.53
Denmark		3.51
Hong Kong		2.49
Taiwan		2.37
Japan		2.28
Other countries		16.07
Short-term securities & other assets less liabilities		5.59

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

Common stocks 89.78%	Shares		Value (000)
Financials 14.66%
Kotak Mahindra Bank, Ltd.		33,791,590	$	706,493
AIA Group, Ltd.		67,503,400		587,900
HDFC Bank, Ltd.		28,814,592		511,551
NU Holdings, Ltd. / Cayman Islands, Class A¹		44,638,782		366,038
Capitec Bank Holdings, Ltd.²		3,937,837		351,497
Bank Central Asia Tbk PT		609,319,249		335,931
B3 SA - Brasil, Bolsa, Balcao		112,619,434		247,945
Ping An Insurance (Group) Company of China, Ltd., Class H		46,507,000		235,095
AU Small Finance Bank, Ltd.		28,669,552		230,377
Mastercard, Inc., Class A		560,536		210,958
Bank Mandiri (Persero) Tbk PT		582,230,300		208,649
Banco Bilbao Vizcaya Argentaria, SA		24,028,778		188,739
ICICI Bank, Ltd. (ADR)		4,339,430		96,292
ICICI Bank, Ltd.		7,163,851		78,778
Visa, Inc., Class A		705,671		165,903
XP, Inc., Class A		7,971,802		159,436
Bajaj Finance, Ltd.		1,607,000		144,663
Eurobank Ergasias Services and Holdings SA¹		80,126,600		130,809
Axis Bank, Ltd.		10,872,182		128,308
Discovery, Ltd.		15,939,974		109,913
Cholamandalam Investment and Finance Co., Ltd.		7,831,631		107,090
Shriram Finance, Ltd.		4,638,779		104,719
Erste Group Bank AG		2,894,614		103,457
Bank of the Philippine Islands		54,216,875		96,083
Bank of Baroda		40,321,102		95,089
Industrial and Commercial Bank of China, Ltd., Class H		193,980,000		93,240
Bank Rakyat Indonesia (Persero) Tbk PT		294,858,900		92,172
Edenred SA		1,490,498		79,586
Canara Bank		16,580,176		76,618
Grupo Financiero Banorte, SAB de CV, Series O²		9,207,621		74,727
Jio Financial Services, Ltd.¹		26,467,547		69,782
PagSeguro Digital, Ltd., Class A¹		9,492,500		67,017
National Bank of Greece SA¹		9,916,984		56,709
Alpha Services and Holdings SA¹		37,673,000		56,248
Max Financial Services, Ltd.¹		4,346,000		47,822
China Pacific Insurance (Group) Co., Ltd., Class H		19,159,800		47,185
Aon PLC, Class A		144,200		44,616
DBS Group Holdings, Ltd.		1,839,256		44,223
East Money Information Co., Ltd., Class A		20,040,579		42,112
Bajaj Finserv, Ltd.		2,126,100		40,124
Moody’s Corp.		118,550		36,513
BDO Unibank, Inc.		15,433,020		34,768
Brookfield Corp., Class A²		1,177,800		34,333


New World Fund	5

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Hong Kong Exchanges and Clearing, Ltd.		931,400	$	32,387
S&P Global, Inc.		79,038		27,609
Bank of Ningbo Co., Ltd., Class A		7,434,120		25,513
China Merchants Bank Co., Ltd., Class H		6,141,000		23,291
Euronet Worldwide, Inc.¹		297,000		22,822
Prudential PLC		1,741,000		18,264
China Construction Bank Corp., Class H		30,590,500		17,312
BNP Paribas SA		268,235		15,415
PB Fintech, Ltd.¹		1,771,524		14,916
Société Générale		598,543		13,458
TISCO Financial Group PCL, foreign registered shares		4,969,000		13,238
Akbank TAS		10,588,813		11,119
Nedbank Group, Ltd.		959,257		10,325
Postal Savings Bank of China Co., Ltd., Class H		19,594,000		8,935
Banco BTG Pactual SA, units¹		845,307		4,963
Moscow Exchange MICEX-RTS PJSC³		5,963,587		—	⁴
Sberbank of Russia PJSC³		38,486,552		—	⁴
				6,999,075

Information technology 14.10%
Microsoft Corp.		4,501,729		1,522,080
Taiwan Semiconductor Manufacturing Co., Ltd.		64,301,816		1,059,412
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		166,200		14,345
Broadcom, Inc.		579,131		487,263
ASML Holding NV		648,333		390,011
NVIDIA Corp.		881,776		359,588
SK hynix, Inc.		2,750,077		240,249
Synopsys, Inc.¹		411,827		193,328
SAP SE		1,372,351		183,895
Apple, Inc.		1,075,144		183,602
Tata Consultancy Services, Ltd.		4,217,895		171,124
Samsung Electronics Co., Ltd.		3,237,518		161,441
Keyence Corp.		394,900		152,867
ASM International NV		334,829		138,479
Infosys, Ltd. (ADR)		5,096,840		83,690
Infosys, Ltd.		3,160,912		52,174
Wolfspeed, Inc.¹		3,659,238		123,829
Cognizant Technology Solutions Corp., Class A		1,648,700		106,292
Micron Technology, Inc.		1,514,846		101,298
Capgemini SE		537,644		95,297
Accenture PLC, Class A		298,497		88,680
Disco Corp.		494,200		86,989
Tokyo Electron, Ltd.		609,300		81,843
EPAM Systems, Inc.¹		350,247		76,203
Nokia Corp.		14,580,398		48,653
Xiamen Faratronic Co., Ltd., Class A		3,394,230		46,440
TE Connectivity, Ltd.		385,000		45,372
MediaTek, Inc.		1,701,130		44,819
Intel Corp.		1,126,620		41,122
Applied Materials, Inc.		308,200		40,790
TDK Corp.		1,066,900		40,062
Logitech International SA		394,100		30,932
Coforge, Ltd.		502,623		30,117
Trimble, Inc.¹		616,650		29,063	��
KLA Corp.		52,902		24,848
Socionext, Inc.		228,200		22,508
NICE, Ltd. (ADR)^1,2		140,000		21,609
Atlassian Corp., Class A¹		112,953		20,404
Globant SA¹		117,317		19,978
Hamamatsu Photonics KK		499,900		18,499
Kingdee International Software Group Co., Ltd.¹		13,325,067		17,880
E Ink Holdings, Inc.		2,464,000		12,790
Canva, Inc.^1,3,5		10,572		11,277
MKS Instruments, Inc.		122,884		8,069
				6,729,211


6	New World Fund

Common stocks (continued)	Shares		Value (000)
Health care 12.45%
Novo Nordisk AS, Class B		14,379,739	$	1,386,715
Eli Lilly and Co.		1,329,389		736,389
Max Healthcare Institute, Ltd.⁶		64,125,179		441,843
AstraZeneca PLC		3,199,662		399,944
Thermo Fisher Scientific, Inc.		864,058		384,307
Abbott Laboratories		2,331,210		220,416
BeiGene, Ltd. (ADR)¹		1,060,050		197,466
BeiGene, Ltd.¹		693,600		9,959
Innovent Biologics, Inc.¹		33,071,791		194,198
EssilorLuxottica SA		1,028,068		185,930
Jiangsu Hengrui Medicine Co., Ltd., Class A		26,772,806		175,432
WuXi Biologics (Cayman), Inc.¹		25,587,815		159,165
Laurus Labs, Ltd.⁶		32,526,488		141,536
Danaher Corp.		676,183		129,841
Rede D’Or Sao Luiz SA		27,259,356		116,893
WuXi AppTec Co., Ltd., Class H²		6,493,583		78,434
WuXi AppTec Co., Ltd., Class A		2,907,577		34,397
Revvity, Inc.		1,335,466		110,643
Hypera SA, ordinary nominative shares		16,646,484		100,009
Bayer AG		1,987,100		85,395
Zoetis, Inc., Class A		435,733		68,410
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		1,726,481		67,495
Legend Biotech Corp. (ADR)¹		944,640		62,412
Zai Lab, Ltd. (ADR)^1,2		2,220,043		55,945
Siemens Healthineers AG		1,055,000		51,629
Straumann Holding AG		419,870		50,019
Pfizer, Inc.		1,587,499		48,514
GE HealthCare Technologies, Inc.		640,000		42,605
Mettler-Toledo International, Inc.¹		26,154		25,767
Teva Pharmaceutical Industries, Ltd. (ADR)¹		2,979,500		25,564
Carl Zeiss Meditec AG, non-registered shares		267,637		23,149
Shionogi & Co., Ltd.		497,000		23,048
Asahi Intecc Co., Ltd.		1,330,200		22,269
Medtronic PLC		268,000		18,910
OdontoPrev SA		8,887,855		18,404
Align Technology, Inc.¹		95,700		17,665
Alcon, Inc.		224,729		16,104
Angelalign Technology, Inc.²		1,530,000		10,514
Shandong Pharmaceutical Glass Co., Ltd., Class A		862,513		3,264
CanSino Biologics, Inc., Class H^1,2		832,000		2,630
				5,943,229

Industrials 12.11%
Airbus SE, non-registered shares		5,499,225		735,565
Safran SA		2,370,425		369,230
Larsen & Toubro, Ltd.		10,120,237		356,222
Shenzhen Inovance Technology Co., Ltd., Class A		34,199,734		283,472
General Electric Co.		2,274,428		247,071
IMCD NV		1,745,613		210,506
Copa Holdings, SA, Class A		2,569,500		209,800
Carrier Global Corp.		4,363,109		207,946
Zhejiang Sanhua Intelligent Controls Co., Ltd.		56,719,337		207,820
DSV A/S		1,371,174		204,028
Rumo SA		44,504,090		196,933
International Container Terminal Services, Inc.		53,761,290		190,848
Grab Holdings, Ltd., Class A¹		52,033,824		159,744
Astra International Tbk PT		380,180,300		137,713
Caterpillar, Inc.		576,500		130,318
Techtronic Industries Co., Ltd.		13,187,000		119,596
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		8,020,381		93,558
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR)		158,266		18,427
BAE Systems PLC		8,177,976		109,793
TransDigm Group, Inc.¹		132,060		109,358
InPost SA¹		11,004,133		109,040
Daikin Industries, Ltd.		707,600		101,903
ZTO Express (Cayman), Inc., Class A (ADR)		3,929,717		92,623
Thales SA		588,000		86,655
CCR SA, ordinary nominative shares		35,448,218		84,231


New World Fund	7

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Contemporary Amperex Technology Co., Ltd., Class A		3,105,767	$	78,829
Mitsui & Co., Ltd.		1,985,200		72,957
SMC Corp.		156,600		72,173
Boeing Co.¹		371,543		69,412
Jiangsu Hengli Hydraulic Co., Ltd., Class A		8,746,217		67,470
Legrand SA		736,070		63,579
Bharat Electronics, Ltd.		39,580,870		63,361
Siemens AG		416,381		55,059
RTX Corp.		582,000		47,369
Interpump Group SpA		1,133,919		47,331
Wizz Air Holdings PLC¹		2,499,388		47,055
Schneider Electric SE		241,391		37,120
Centre Testing International Group Co., Ltd.		17,640,920		36,509
ABB, Ltd.		1,059,474		35,622
Bureau Veritas SA		1,469,400		33,477
Epiroc AB, Class B		2,302,349		31,932
TELUS International (Cda), Inc., subordinate voting shares¹		4,396,903		28,096
MISUMI Group, Inc.		1,717,800		25,746
Ingersoll-Rand, Inc.		332,595		20,182
GT Capital Holdings, Inc.		1,919,580		18,581
Wuxi Lead Intelligent Equipment Co., Ltd., Class A		4,530,452		17,417
Hitachi, Ltd.		241,956		15,375
Veralto Corp.¹		123,099		8,494
Haitian International Holdings, Ltd.		3,351,000		7,981
Grupo Aeroportuario del Sureste, SAB de CV, Class B		318,575		6,866
Teleperformance SE		7,432		851
				5,781,244

Consumer discretionary 10.46%
LVMH Moët Hennessy-Louis Vuitton SE		923,652		661,028
MercadoLibre, Inc.¹		494,509		613,557
Midea Group Co., Ltd., Class A		50,405,387		364,760
Midea Group Co., Ltd., Class A		8,866,219		64,161
Alibaba Group Holding, Ltd.¹		17,007,700		175,227
Alibaba Group Holding, Ltd. (ADR)¹		1,669,602		137,809
Trip.com Group, Ltd. (ADR)¹		6,988,963		237,625
Galaxy Entertainment Group, Ltd.		41,425,000		232,032
Eicher Motors, Ltd.		5,808,808		230,027
Hermès International		121,582		228,005
Jumbo SA		6,149,197		161,778
Evolution AB		1,725,193		153,992
Titan Co., Ltd.		3,252,959		124,717
adidas AG		689,902		122,029
YUM! Brands, Inc.		958,702		115,869
Shenzhou International Group Holdings, Ltd.		11,024,600		107,701
Marriott International, Inc., Class A		504,916		95,207
NIKE, Inc., Class B		759,358		78,039
Kering SA		175,139		70,833
Ferrari NV (EUR denominated)		212,236		64,240
Amadeus IT Group SA, Class A, non-registered shares		1,118,475		63,901
Li Ning Co., Ltd.		20,765,800		63,782
Tesla, Inc.¹		316,469		63,560
Zhongsheng Group Holdings, Ltd.		25,212,750		58,562
Compagnie Financière Richemont SA, Class A		492,705		58,175
Airbnb, Inc., Class A¹		490,739		58,049
H World Group, Ltd. (ADR)¹		1,499,156		56,458
Naspers, Ltd., Class N¹		355,489		55,419
Maruti Suzuki India, Ltd.		363,485		45,389
China Tourism Group Duty Free Corp., Ltd., Class H²		4,002,140		45,155
Industria de Diseño Textil, SA		1,145,456		39,566
InterContinental Hotels Group PLC		556,670		39,448
Stellantis NV		1,632,366		30,529
Aptiv PLC¹		349,840		30,506
Sands China, Ltd.¹		10,982,200		29,457
Melco Resorts & Entertainment, Ltd. (ADR)¹		3,100,700		26,170
IDP Education, Ltd.²		1,533,707		21,226
General Motors Co.		738,957		20,839
Shangri-La Asia, Ltd.¹		32,362,000		20,628


8	New World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Booking Holdings, Inc.¹		6,660	$	18,578
Levi Strauss & Co., Class A²		1,320,397		18,050
Inchcape PLC		2,137,607		17,358
Renault SA		462,500		16,251
Flutter Entertainment PLC¹		98,000		15,397
Magazine Luiza SA¹		42,655,675		11,252
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,060,692		9,592
Foschini Group, Ltd. (The)²		1,063,944		5,752
Cyrela Brazil Realty SA, ordinary nominative shares		1,554,724		5,548
Woolworths Holdings, Ltd.		1,396,881		5,195
Americanas SA, ordinary nominative shares¹		11,909,434		2,008
Meituan, Class B¹		74,990		1,065
				4,991,501

Materials 6.75%
Vale SA (ADR), ordinary nominative shares		21,638,430		296,663
Vale SA, ordinary nominative shares		18,204,262		249,138
Freeport-McMoRan, Inc.		8,220,290		277,681
Linde PLC		693,040		264,852
Asian Paints, Ltd.		7,172,436		258,280
First Quantum Minerals, Ltd.		19,058,530		220,855
Sika AG		820,356		195,842
Pidilite Industries, Ltd.		5,378,500		158,912
Barrick Gold Corp.		7,302,776		116,698
Albemarle Corp.		870,919		110,415
Gerdau SA (ADR)		24,340,739		105,639
Shin-Etsu Chemical Co., Ltd.		3,479,800		104,131
Jindal Steel & Power, Ltd.		11,133,104		84,779
LANXESS AG		3,242,438		74,123
Givaudan SA		21,422		71,126
Glencore PLC		11,674,695		61,681
Wacker Chemie AG		493,000		60,252
Nutrien, Ltd. (CAD denominated)		1,054,733		56,648
Arkema SA		522,321		49,018
Shandong Sinocera Functional Material Co., Ltd., Class A		13,621,850		45,943
CEMEX, SAB de CV (ADR), ordinary participation certificates, units¹		7,335,052		43,790
Fresnillo PLC		5,578,341		37,726
Loma Negra Compania Industrial Argentina SA (ADR)⁶		6,442,242		36,721
BASF SE		624,345		28,762
Amcor PLC (CDI)		3,046,700		26,912
Akzo Nobel NV		392,741		26,377
Wheaton Precious Metals Corp.		604,096		25,523
Corteva, Inc.		523,267		25,190
Grupo México, SAB de CV, Series B		5,433,940		22,162
China Jushi Co., Ltd., Class A		10,844,121		17,214
Guangzhou Tinci Materials Technology Co., Ltd., Class A		4,044,923		15,418
CCL Industries, Inc., Class B, nonvoting shares		351,100		13,728
OCI NV²		564,000		13,136
Umicore SA		545,345		12,969
DSM-Firmenich AG		126,000		11,450
Polymetal International PLC¹		1,096,500		4,112
Alrosa PJSC³		15,128,747		—	⁴
				3,223,866

Consumer staples 6.49%
Kweichow Moutai Co., Ltd., Class A		1,635,283		376,729
ITC, Ltd.		60,617,650		312,078
Varun Beverages, Ltd.		19,613,495		214,204
Bunge, Ltd.		1,942,000		205,813
Nestlé SA		1,584,921		170,988
Arca Continental, SAB de CV		18,259,228		163,735
Monster Beverage Corp.¹		2,974,664		152,005
Constellation Brands, Inc., Class A		555,668		130,110
JBS SA		29,098,254		115,602
Ajinomoto Co., Inc.		2,880,500		105,380
Kao Corp.		2,658,500		96,677
Raia Drogasil SA, ordinary nominative shares		18,396,872		94,142
Pernod Ricard SA		500,893		89,058


New World Fund	9

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Carlsberg A/S, Class B		717,838	$	85,653
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		45,240,412		82,933
Anheuser-Busch InBev SA/NV		1,403,567		79,846
British American Tobacco PLC		2,444,217		72,944
Avenue Supermarts, Ltd.¹		1,654,351		72,216
Mondelez International, Inc.		989,027		65,484
DINO POLSKA SA, non-registered shares^1,2		684,000		64,851
Foshan Haitian Flavouring and Food Co., Ltd., Class A		11,084,459		57,095
Philip Morris International, Inc.		488,890		43,589
L’Oréal SA, non-registered shares		93,065		39,036
Uni-Charm Corp.		1,013,000		34,337
Dabur India, Ltd.		5,306,400		33,726
Danone SA		511,049		30,441
United Spirits, Ltd.		2,241,000		27,819
Proya Cosmetics Co., Ltd., Class A		1,477,352		20,981
Wuliangye Yibin Co., Ltd., Class A		787,086		16,795
Diageo PLC		378,632		14,348
Budweiser Brewing Co., APAC, Ltd.		6,666,500		12,672
Reckitt Benckiser Group PLC		188,372		12,628
Clicks Group, Ltd.		273,230		4,022
X5 Retail Group NV (GDR)^1,3		1,246,331		—	⁴
				3,097,937

Communication services 6.45%
Meta Platforms, Inc., Class A¹		1,716,135		517,020
Alphabet, Inc., Class C¹		2,490,615		312,074
Alphabet, Inc., Class A¹		1,241,770		154,079
Bharti Airtel, Ltd.		40,979,421		450,312
Bharti Airtel, Ltd., interim shares		1,085,032		7,006
Tencent Holdings, Ltd.		10,914,840		404,339
MTN Group, Ltd.		53,340,071		261,157
NetEase, Inc.		5,313,100		113,622
NetEase, Inc. (ADR)		402,647		43,051
América Móvil, SAB de CV, Class B (ADR)		9,093,308		150,949
Telefónica, SA, non-registered shares		30,129,668		115,934
Netflix, Inc.¹		209,682		86,324
TIM SA		27,650,175		83,196
Telkom Indonesia (Persero) Tbk PT, Class B		298,726,900		65,666
Vodafone Group PLC		67,462,979		62,293
Singapore Telecommunications, Ltd.		31,724,000		55,173
Saudi Telecom Co., non-registered shares		4,772,696		48,866
Informa PLC		4,482,741		38,932
Yandex NV, Class A¹		2,453,023		32,404
Telefônica Brasil SA, ordinary nominative shares		3,304,768		29,654
Sea, Ltd., Class A (ADR)¹		665,885		27,767
JCDecaux SE¹		1,239,700		19,435
				3,079,253

Energy 3.30%
Reliance Industries, Ltd.		14,809,356		408,462
TotalEnergies SE		5,291,768		354,408
Baker Hughes Co., Class A		4,640,691		159,733
Exxon Mobil Corp.		1,250,461		132,361
Saudi Arabian Oil Co.		11,314,546		100,430
New Fortress Energy, Inc., Class A²		2,994,095		90,721
Cheniere Energy, Inc.		501,000		83,377
Schlumberger NV		1,155,800		64,332
Chevron Corp.		369,795		53,890
Shell PLC (GBP denominated)		1,192,432		38,323
BP PLC		4,296,019		26,224
Borr Drilling, Ltd. (NOK denominated)¹		1,977,439		12,296
Borr Drilling, Ltd.^1,2		1,948,126		11,942
Woodside Energy Group, Ltd.		967,209		21,016
INPEX Corp.		711,500		10,447
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		344,754		5,171
Gazprom PJSC^1,3		13,623,686		—	⁴
Rosneft Oil Co. PJSC³		8,335,580		—	⁴
				1,573,133


10	New World Fund

Common stocks (continued)		Shares		Value (000)
Real estate 1.82%
Macrotech Developers, Ltd.			35,315,163	$	334,414
ALLOS SA, ordinary nominative shares			19,796,458		89,917
CK Asset Holdings, Ltd.			15,623,500		78,037
American Tower Corp. REIT			432,025		76,983
China Resources Mixc Lifestyle Services, Ltd.			18,972,600		74,522
KE Holdings, Inc., Class A (ADR)			5,054,280		74,348
ESR Group, Ltd.			40,373,574		51,780
Fibra Uno Administración REIT, SA de CV			23,588,176		35,809
Longfor Group Holdings, Ltd.			18,631,936		27,292
CTP NV²			1,616,844		23,622
Ayala Land, Inc.			3,349,200		1,648
					868,372

Utilities 1.19%
ENN Energy Holdings, Ltd.			25,441,895		194,172
Equatorial Energia SA			19,952,096		125,053
AES Corp.			7,913,722		117,914
Power Grid Corporation of India, Ltd.			27,973,186		67,943
Enel SpA			5,602,556		35,624
Engie SA			1,487,329		23,687
China Resources Gas Group, Ltd.			1,489,000		4,403
China Gas Holdings, Ltd.			992,600		892
					569,688

Total common stocks (cost: $34,892,009,000)					42,856,509

Preferred securities 0.62%
Financials 0.27%
Banco Bradesco SA, preferred nominative shares			23,981,076		66,544
Itaú Unibanco Holding SA (ADR), preferred nominative shares			7,100,104		37,702
Itaú Unibanco Holding SA, preferred nominative shares			4,994,844		26,570
					130,816

Real estate 0.18%
QuintoAndar, Ltd., Series E, preferred shares^1,3,5			433,164		66,304
QuintoAndar, Ltd., Series E-1, preferred shares^1,3,5			113,966		17,445
					83,749

Consumer discretionary 0.13%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares			657,527		57,409
Getir BV, Series D, preferred shares^1,3,5			103,205		6,213
					63,622

Information technology 0.03%
Samsung Electronics Co., Ltd., nonvoting preferred shares			320,843		12,815
Canva, Inc., Series A, noncumulative preferred shares^1,3,5			925		987
Canva, Inc., Series A-3, noncumulative preferred shares^1,3,5			38		41
Canva, Inc., Series A-4, noncumulative preferred shares^1,3,5			3		3
Canva, Inc., Series A-5, noncumulative preferred shares^1,3,5			2		2
					13,848

Industrials 0.01%
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares¹			2,292,541		3,888

Total preferred securities (cost: $346,515,000)					295,923

Rights & warrants 0.06%
Consumer discretionary 0.03%
Midea Group Co., Ltd., Class A, warrants, expire 2/26/2024^1,7	��		1,934,670		14,000
Compagnie Financière Richemont SA, Class A, non-registered warrants, expire 11/22/2023¹			329,878		217
					14,217

Industrials 0.03%
Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/20/2024^1,7			6,638,000		13,737

Total rights & warrants (cost: $32,250,000)					27,954


New World Fund	11

Convertible bonds & notes 0.01%	Principal amount (000)		Value (000)
Energy 0.01%
Abu Dhabi National Oil Co., convertible notes, 0.70% 6/4/2024	USD	5,000	$	4,841

Total convertible bonds & notes (cost: $4,836,000)				4,841

Bonds, notes & other debt instruments 3.94%
Bonds & notes of governments & government agencies outside the U.S. 3.53%
Abu Dhabi (Emirate of) 2.50% 9/30/2029⁷		7,900		6,807
Angola (Republic of) 8.00% 11/26/2029⁷		13,202		10,565
Angola (Republic of) 8.75% 4/14/2032⁷		6,950		5,428
Argentine Republic 1.00% 7/9/2029		3,656		991
Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)⁸		38,841		10,880
Argentine Republic 3.625% 7/9/2035 (4.125% on 7/9/2024)⁸		32,148		8,025
Argentine Republic 4.25% 1/9/2038 (5.00% on 7/9/2024)⁸		10,333		3,146
Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)⁸		43,070		11,395
Brazil (Federative Republic of) 0% 1/1/2024	BRL	156,300		30,418
Brazil (Federative Republic of) 10.00% 1/1/2025		87,400		17,113
Brazil (Federative Republic of) 0% 7/1/2025		90,900		15,161
Brazil (Federative Republic of) 10.00% 1/1/2027		147,000		28,184
Brazil (Federative Republic of) 6.00% 5/15/2027⁹		446,454		90,022
Brazil (Federative Republic of) 10.00% 1/1/2029		148,700		27,760
Brazil (Federative Republic of) 10.00% 1/1/2031		138,500		25,261
Brazil (Federative Republic of) 10.00% 1/1/2033		221,900		39,754
Brazil (Federative Republic of) 6.00% 8/15/2050⁹		24,941		4,963
Chile (Republic of) 6.00% 4/1/2033	CLP	17,935,000		19,248
Chile (Republic of) 5.30% 11/1/2037		7,520,000		7,751
Chile (Republic of) 3.10% 5/7/2041	USD	9,265		6,061
China (People’s Republic of), Series INBK, 2.89% 11/18/2031	CNY	456,940		63,506
China (People’s Republic of), Series INBK, 2.88% 2/25/2033		180,000		25,070
China (People’s Republic of), Series INBK, 3.72% 4/12/2051		407,410		62,260
China (People’s Republic of), Series INBK, 3.12% 10/25/2052		162,200		22,473
Colombia (Republic of) 3.00% 1/30/2030	USD	511		395
Colombia (Republic of), Series B, 7.00% 3/26/2031	COP	45,000,000		8,630
Colombia (Republic of) 3.25% 4/22/2032	USD	11,800		8,480
Colombia (Republic of), Series B, 13.25% 2/9/2033	COP	161,586,600		42,418
Colombia (Republic of) 5.625% 2/26/2044	USD	2,209		1,553
Colombia (Republic of) 5.00% 6/15/2045		7,251		4,670
Colombia (Republic of) 5.20% 5/15/2049		3,955		2,544
Cote d’Ivoire (Republic of) 4.875% 1/30/2032	EUR	1,890		1,516
Czech Republic 1.25% 2/14/2025	CZK	500,000		20,522
Dominican Republic 8.625% 4/20/2027⁷	USD	4,950		5,077
Dominican Republic 6.00% 7/19/2028⁷		4,360		4,149
Dominican Republic 11.375% 7/6/2029	DOP	195,700		3,620
Dominican Republic 4.50% 1/30/2030⁷	USD	2,307		1,961
Dominican Republic 13.625% 2/3/2033	DOP	126,550		2,538
Dominican Republic 6.00% 2/22/2033⁷	USD	3,295		2,916
Dominican Republic 11.25% 9/15/2035	DOP	560,000		9,787
Dominican Republic 5.875% 1/30/2060⁷	USD	10,273		7,335
Dominican Republic 5.875% 1/30/2060		18,230		13,016
Egypt (Arab Republic of) 5.625% 4/16/2030	EUR	1,615		922
Egypt (Arab Republic of) 5.875% 2/16/2031⁷	USD	2,350		1,294
Egypt (Arab Republic of) 7.625% 5/29/2032⁷		7,060		4,058
Egypt (Arab Republic of) 7.625% 5/29/2032		2,000		1,150
Egypt (Arab Republic of) 8.50% 1/31/2047		5,010		2,617
Egypt (Arab Republic of) 8.875% 5/29/2050		2,720		1,453
Egypt (Arab Republic of) 8.75% 9/30/2051		7,240		3,851
Egypt (Arab Republic of) 8.15% 11/20/2059⁷		7,510		3,877
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024		9,400		5,967
European Bank for Reconstruction & Development 5.15% 2/16/2024	INR	43,200		516
Gabonese Republic 7.00% 11/24/2031	USD	7,500		5,341
Georgia (Republic of) 2.75% 4/22/2026⁷		4,995		4,450
Ghana (Republic of) 7.75% 4/7/2029^7,10		15,000		6,451
Ghana (Republic of) 8.125% 3/26/2032¹⁰		16,010		6,790
Honduras (Republic of) 6.25% 1/19/2027		14,463		13,548
Honduras (Republic of) 5.625% 6/24/2030		6,669		5,597
Honduras (Republic of) 5.625% 6/24/2030⁷		5,600		4,700
Hungary (Republic of), Series A, 6.75% 10/22/2028	HUF	8,000,000		21,483
Hungary (Republic of) 6.25% 9/22/2032⁷	USD	6,200		5,976


12	New World Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Indonesia (Republic of), Series 95, 6.375% 8/15/2028	IDR	803,649,000	$	49,265
Indonesia (Republic of), Series 82, 7.00% 9/15/2030		200,000,000		12,488
Indonesia (Republic of), Series 96, 7.00% 2/15/2033		418,880,000		26,167
Indonesia (Republic of) 6.625% 2/17/2037	USD	8,612		8,944
Indonesia (Republic of) 7.125% 6/15/2038	IDR	500,000,000		31,347
International Bank for Reconstruction and Development 6.85% 4/24/2028	INR	1,198,000		14,178
International Finance Corp. 6.30% 11/25/2024		542,770		6,456
Kenya (Republic of) 6.875% 6/24/2024⁷	USD	5,175		4,958
Kenya (Republic of) 8.25% 2/28/2048⁷		14,520		10,230
Malaysia (Federation of), Series 0119, 3.906% 7/15/2026	MYR	49,000		10,347
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029		32,000		6,668
Malaysia (Federation of), Series 0419, 3.828% 7/5/2034		66,000		13,398
Malaysia (Federation of), Series 0418, 4.893% 6/8/2038		126,039		28,259
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040		33,761		6,510
Malaysia (Federation of), Series 0519, 4.638% 11/15/2049		16,166		3,400
Malaysia (Federation of), Series 0120, 4.065% 6/15/2050		9,900		1,917
Malaysia (Federation of), Series 022, 5.357% 5/15/2052		15,534		3,612
MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028	USD	14,500		14,292
Mongolia (State of) 8.75% 3/9/2024		2,425		2,438
Mongolia (State of) 3.50% 7/7/2027		728		611
Mongolia (State of) 8.65% 1/19/2028⁷		4,951		4,930
Mongolia (State of) 4.45% 7/7/2031		400		304
Morocco (Kingdom of) 5.95% 3/8/2028⁷		4,231		4,154
Mozambique (Republic of) 9.00% 9/15/2031		9,800		7,612
Oman (Sultanate of) 5.625% 1/17/2028		7,200		6,980
Oman (Sultanate of) 6.25% 1/25/2031⁷		4,189		4,078
Oman (Sultanate of) 6.75% 1/17/2048		8,950		8,042
Oman (Sultanate of) 7.00% 1/25/2051		10,460		9,649
Panama (Republic of) 3.75% 4/17/2026		4,590		4,289
Panama (Republic of) 6.875% 1/31/2036		8,200		7,749
Panama (Republic of) 4.50% 4/16/2050		4,525		2,851
Panama (Republic of) 4.30% 4/29/2053		6,400		3,868
Panama (Republic of) 6.853% 3/28/2054		9,000		7,783
Panama (Republic of) 4.50% 1/19/2063		2,430		1,446
Paraguay (Republic of) 4.70% 3/27/2027		5,500		5,256
Paraguay (Republic of) 4.95% 4/28/2031		3,415		3,113
Peru (Republic of) 3.00% 1/15/2034		5,715		4,341
Peru (Republic of) 6.55% 3/14/2037		10,417		10,554
Peru (Republic of) 5.625% 11/18/2050		1,240		1,098
Peru (Republic of) 3.55% 3/10/2051		4,900		3,101
Peru (Republic of) 2.78% 12/1/2060		10,795		5,474
PETRONAS Capital, Ltd. 3.50% 4/21/2030⁷		3,400		2,978
PETRONAS Capital, Ltd. 4.55% 4/21/2050⁷		3,400		2,655
Philippines (Republic of) 3.95% 1/20/2040		11,700		8,918
Poland (Republic of), Series 0726, 2.50% 7/25/2026	PLN	117,800		26,155
Poland (Republic of) 4.875% 10/4/2033	USD	8,680		8,065
Qatar (State of) 4.50% 4/23/2028⁷		21,300		20,674
Qatar (State of) 3.75% 4/16/2030⁷		6,200		5,670
Romania 2.00% 1/28/2032	EUR	18,275		13,953
Romania 2.00% 4/14/2033		7,080		5,166
Romania 5.125% 6/15/2048⁷	USD	9,300		6,909
Russian Federation 5.25% 6/23/2047¹⁰		11,200		3,808
Saudi Arabia (Kingdom of) 4.75% 1/18/2028⁷		9,400		9,113
Senegal (Republic of) 4.75% 3/13/2028	EUR	13,200		12,099
South Africa (Republic of) 5.875% 6/22/2030	USD	7,700		6,772
South Africa (Republic of), Series R-213, 7.00% 2/28/2031	ZAR	881,900		37,455
South Africa (Republic of) 5.875% 4/20/2032	USD	8,700		7,362
South Africa (Republic of), Series R-2035, 8.875% 2/28/2035	ZAR	1,469,430		62,778
South Africa (Republic of), Series R-2040, 9.00% 1/31/2040		397,400		15,853
Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/2025¹⁰	USD	3,380		1,765
Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/2025¹⁰		5,130		2,680
Sri Lanka (Democratic Socialist Republic of) 6.825% 7/18/2026¹⁰		16,820		8,766
Sri Lanka (Democratic Socialist Republic of) 6.75% 4/18/2028¹⁰		5,360		2,697
Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030^7,10		7,500		3,775
Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030¹⁰		4,740		2,386
Thailand (Kingdom of) 2.875% 12/17/2028	THB	238,300		6,599
Thailand (Kingdom of) 3.45% 6/17/2043		286,200		7,670


New World Fund	13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Tunisia (Republic of) 5.625% 2/17/2024	EUR	16,655	$	16,492
Tunisia (Republic of) 5.75% 1/30/2025	USD	8,645		6,034
Turkey (Republic of) 5.875% 6/26/2031		12,630		10,526
Ukraine 8.994% 2/1/2026¹⁰		5,771		1,785
Ukraine 7.75% 9/1/2029¹⁰		28,014		7,929
Ukraine 9.75% 11/1/2030¹⁰		6,200		1,813
Ukraine 7.375% 9/25/2034¹⁰		29,200		7,433
United Mexican States, Series M, 7.50% 6/3/2027	MXN	292,750		14,875
United Mexican States, Series M20, 8.50% 5/31/2029		130,000		6,707
United Mexican States, Series M, 7.75% 5/29/2031		1,743,000		84,282
United Mexican States, Series M, 7.50% 5/26/2033		980,300		45,482
United Mexican States, Series M30, 8.50% 11/18/2038		369,000		17,881
United Mexican States 4.75% 3/8/2044	USD	13,300		9,900
United Mexican States 3.75% 4/19/2071		10,285		5,720
Venezuela (Bolivarian Republic of) 7.00% 12/1/2018¹⁰		870		135
Venezuela (Bolivarian Republic of) 7.75% 10/13/2019¹⁰		14,640		2,286
Venezuela (Bolivarian Republic of) 6.00% 12/9/2020¹⁰		12,912		2,005
Venezuela (Bolivarian Republic of) 9.00% 5/7/2023¹⁰		12,757		2,284
Venezuela (Bolivarian Republic of) 8.25% 10/13/2024¹⁰		2,827		497
Venezuela (Bolivarian Republic of) 9.25% 5/7/2028¹⁰		3,175		597
Venezuela (Bolivarian Republic of) 7.00% 3/31/2038¹⁰		1,448		249
				1,683,200

Corporate bonds, notes & loans 0.41%
Utilities 0.07%
Aegea Finance SARL 9.00% 1/20/2031⁷		5,210		5,200
AES Panama Generation Holdings SRL 4.375% 5/31/2030⁷		3,454		2,822
Empresas Publicas de Medellin ESP 4.25% 7/18/2029⁷		2,062		1,614
Empresas Publicas de Medellin ESP 4.25% 7/18/2029		445		348
Empresas Publicas de Medellin ESP 4.375% 2/15/2031⁷		3,679		2,728
State Grid Europe Development (2014) PLC 3.125% 4/7/2025		22,995		22,197
				34,909

Financials 0.07%
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)⁸		7,517		6,121
BBVA Bancomer, SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033)^7,8		5,200		4,964
CMB International Leasing Management, Ltd. 2.75% 8/12/2030		7,385		5,874
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)^7,8		8,300		7,164
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)⁸		9,000		8,349
				32,472

Materials 0.06%
Braskem Idesa SAPI 7.45% 11/15/2029		8,100		5,131
Braskem Idesa SAPI 7.45% 11/15/2029⁷		3,564		2,258
Braskem Idesa SAPI 6.99% 2/20/2032⁷		4,000		2,365
Braskem Netherlands Finance BV 8.50% 1/12/2031⁷		6,038		5,660
GC Treasury Center Co., Ltd. 4.40% 3/30/2032⁷		7,555		6,338
Sasol Financing USA, LLC 5.50% 3/18/2031		9,400		7,213
				28,965

Energy 0.06%
Oleoducto Central SA 4.00% 7/14/2027⁷		3,450		3,040
Petrobras Global Finance BV 6.85% 6/5/2115		4,340		3,666
Petroleos Mexicanos 6.875% 8/4/2026		8,024		7,414
Petroleos Mexicanos 6.49% 1/23/2027		6,488		5,750
PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030		2,068		1,759
Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051⁷		8,300		4,985
				26,614


14	New World Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary 0.05%
Alibaba Group Holding, Ltd. 2.125% 2/9/2031	USD	5,926		$	4,547
Alibaba Group Holding, Ltd. 3.15% 2/9/2051		7,800			4,226
Arcos Dorados BV 6.125% 5/27/2029		6,375			5,948
MercadoLibre, Inc. 3.125% 1/14/2031		8,275			6,273
Sands China, Ltd. 4.875% 6/18/2030		2,675			2,247
					23,241

Communication services 0.04%
América Móvil, SAB de CV 9.50% 1/27/2031	MXN	129,800			6,755
Axiata SPV5 (Labuan), Ltd. 3.064% 8/19/2050	USD	4,446			2,573
PLDT, Inc. 2.50% 1/23/2031		2,590			2,022
Tencent Holdings, Ltd. 3.975% 4/11/2029		6,300			5,660
Tencent Holdings, Ltd. 3.24% 6/3/2050⁷		7,100	��		3,884
					20,894

Consumer staples 0.03%
MARB BondCo PLC 3.95% 1/29/2031⁷		7,700			5,658
MARB BondCo PLC 3.95% 1/29/2031		4,300			3,160
NBM US Holdings, Inc. 6.625% 8/6/2029⁵		6,150			5,535
					14,353

Industrials 0.02%
Empresa de Transporte de Pasajeros Metro SA 4.70% 5/7/2050⁷		4,520			3,261
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034⁷		1,348			1,272
Mexico City Airport Trust 4.25% 10/31/2026		6,200			5,772
					10,305

Health care 0.01%
Rede D’Or Finance SARL 4.95% 1/17/2028		702			628
Rede D’Or Finance SARL 4.50% 1/22/2030		6,323			5,161
					5,789

Total corporate bonds, notes & loans					197,542

Total bonds, notes & other debt instruments (cost: $2,154,441,000)					1,880,742

Short-term securities 5.71%		Shares
Money market investments 5.44%
Capital Group Central Cash Fund 5.45%^6,11		25,989,299			2,598,930

Money market investments purchased with collateral from securities on loan 0.26%
Capital Group Central Cash Fund 5.45%^6,11,12		437,237			43,724
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.24%^11,12		14,900,000			14,900
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 5.25%^11,12		14,900,000			14,900
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.30%^11,12		14,900,000			14,900
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.25%^11,12		11,100,000			11,100
BlackRock Liquidity Funds – FedFund, Institutional Shares 5.24%^11,12		9,900,000			9,900
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%^11,12		5,114,441			5,114
Fidelity Investments Money Market Government Portfolio, Class I 5.24%^11,12		4,900,000			4,900
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 5.31%^11,12		4,900,000			4,900
					124,338


New World Fund	15

Short-term securities (continued)	Weighted average yield at acquisition		Principal amount (000)		Value (000)
Bills & notes of governments & government agencies outside the U.S. 0.01%
Sri Lanka (Democratic Socialist Republic of) due 11/17/2023	21.089	%	LKR	1,473,000	$	4,469

Total short-term securities (cost: $2,728,062,000)						2,727,737
Total investment securities 100.12% (cost: $40,158,113,000)						47,793,706
Other assets less liabilities (0.12)%						(58,916	)

Net assets 100.00%					$	47,734,790

Futures contracts

Contracts	Type	Number of contracts	Expiration date	Notional amount (000)			Value and unrealized appreciation (depreciation) at 10/31/2023 (000)
2 Year U.S. Treasury Note Futures	Long	1,669	1/4/2024	USD	337,842			$	(1,448	)
10 Year Euro-Bund Futures	Short	162	12/11/2023		(22,110	)			570
10 Year Ultra U.S. Treasury Note Futures	Short	543	12/29/2023		(59,094	)			3,313
								$	2,435

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 10/31/2023 (000)
PLN	124,000	USD	28,133	JPMorgan Chase	11/7/2023		$	1,304
HUF	7,800,000	USD	20,805	Goldman Sachs	11/7/2023			748
CZK	325,600	USD	13,979	Barclays Bank PLC	11/7/2023			40
USD	28,183	PLN	124,000	Morgan Stanley	11/7/2023			(1,255	)
USD	15,612	IDR	230,000,000	Citibank	11/8/2023			1,177
USD	74,465	MYR	351,139	Standard Chartered Bank	11/17/2023			688
MYR	6,900	USD	1,458	Standard Chartered Bank	11/17/2023			(8	)
USD	15,297	CNH	111,790	Bank of New York Mellon	11/20/2023			48
USD	15,152	EUR	14,276	Standard Chartered Bank	12/6/2023			22
USD	33,525	EUR	31,644	UBS AG	12/6/2023			(12	)
USD	9,482	BRL	53,000	JPMorgan Chase	1/2/2024			(953	)
							$	1,799

Investments in affiliates⁶

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend or interest income (000)
Common stocks 1.30%
Health care 1.22%
Max Healthcare Institute, Ltd.	$	372,684	$	14,546	$	42,405	$	11,246		$	85,772		$	441,843	$	771
Laurus Labs, Ltd.		152,173		22,261		—		—			(32,898	)		141,536		692
														583,379
Materials 0.08%
Loma Negra Compania Industrial Argentina SA (ADR)		50,584		—		7,394		(6,335	)		(134	)		36,721		6,771
Real estate 0.00%
BR Malls Participações SA, ordinary nominative shares¹³		97,602		—		78,711		(26,703	)		7,812			—		—
Total common stocks														620,100


16	New World Fund

Investments in affiliates⁶(continued)

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 10/31/2023 (000)		Dividend or interest income (000)
Short-term securities 5.53%
Money market investments 5.44%
Capital Group Central Cash Fund 5.45%¹¹	$	3,698,287	$	5,960,593	$	7,060,649	$	592		$	107	$	2,598,930	$	128,356
Money market investments purchased with collateral from securities on loan 0.09%
Capital Group Central Cash Fund 5.45%^11,12		163,858				120,13414							43,724		—	¹⁵
Total short-term securities													2,642,654
Total 6.83%							$	(21,200	)	$	60,659	$	3,262,754	$	136,590

Restricted securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
QuintoAndar, Ltd., Series E, preferred shares^1,3	5/26/2021	$	69,742	$	66,304		.14	%
QuintoAndar, Ltd., Series E-1, preferred shares^1,3	12/20/2021		23,284		17,445		.04
Canva, Inc.^1,3	8/26/2021-11/4/2021		18,022		11,277		.03
Canva, Inc., Series A, noncumulative preferred shares^1,3	11/4/2021		1,577		987		.0016
Canva, Inc., Series A-3, noncumulative preferred shares^1,3	11/4/2021		65		41		.0016
Canva, Inc., Series A-4, noncumulative preferred shares^1,3	11/4/2021		5		3		.0016
Canva, Inc., Series A-5, noncumulative preferred shares^1,3	11/4/2021		3		2		.0016
Getir BV, Series D, preferred shares^1,3	5/27/2021		46,500		6,213		.01
NBM US Holdings, Inc. 6.625% 8/6/2029	7/8/2022		5,945		5,535		.01
Total		$	165,143	$	107,807		.23	%


¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $247,021,000, which represented .52% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Value determined using significant unobservable inputs.
⁴	Amount less than one thousand.
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 $107,807,000, which represented .23% of the net assets of the fund.
⁶	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.
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 $246,118,000, which represented .52% of the net assets of the fund.
⁸	Step bond; coupon rate may change at a later date.
⁹	Index-linked bond whose principal amount moves with a government price index.
¹⁰	Scheduled interest and/or principal payment was not received.
¹¹	Rate represents the seven-day yield at 10/31/2023.
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 10/31/2023.
¹⁴	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁵	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
¹⁶	Amount less than .01%.

Refer to the notes to financial statements.

New World Fund

Key to abbreviation(s)

ADR = American Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

LKR = Sri Lankan rupees

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

PLN = Polish zloty

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

THB = Thai baht

USD = U.S. dollars

ZAR = South African rand

18	New World Fund

Financial statements

Statement of assets and liabilities
at October 31, 2023	(dollars in thousands)

Assets:
Investment securities, at value (includes $247,021 of investment securities on loan):
Unaffiliated issuers (cost: $36,948,573)	$	44,530,952
Affiliated issuers (cost: $3,209,540)		3,262,754	$	47,793,706
Cash				22,502
Cash collateral pledged for futures contracts				2,318
Cash collateral pledged for forward currency contracts				1,280
Cash denominated in currencies other than U.S. dollars (cost: $82,253)				82,070
Unrealized appreciation on open forward currency contracts				4,027
Receivables for:
Sales of investments		131,665
Sales of fund’s shares		62,550
Dividends and interest		95,848
Securities lending income		4
Other		4		290,071
				48,195,974
Liabilities:
Collateral for securities on loan				124,338
Unrealized depreciation on open forward currency contracts				2,228
Payables for:
Purchases of investments		104,241
Repurchases of fund’s shares		50,180
Investment advisory services		21,244
Services provided by related parties		5,429
Directors’ deferred compensation		2,993
Variation margin on futures contracts		289
Non-U.S. taxes		148,428
Other		1,814		334,618
Net assets at October 31, 2023			$	47,734,790

Net assets consist of:
Capital paid in on shares of capital stock			$	39,220,856
Total distributable earnings				8,513,934
Net assets at October 31, 2023			$	47,734,790

Refer to the notes to financial statements.

New World Fund

Financial statements (continued)

Statement of assets and liabilities
at October 31, 2023 (continued)

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

Total authorized capital stock — 2,000,000 shares,
$.01 par value (697,656 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	11,612,389		169,634		$	68.46
Class C		292,842		4,506			64.99
Class T		12		—	*		68.42
Class F-1		828,086		12,179			67.99
Class F-2		14,620,531		213,796			68.39
Class F-3		6,826,545		99,418			68.67
Class 529-A		826,337		12,197			67.75
Class 529-C		20,119		309			65.08
Class 529-E		28,783		429			67.09
Class 529-T		14		—	*		68.40
Class 529-F-1		10		—	*		67.61
Class 529-F-2		113,168		1,652			68.49
Class 529-F-3		10		—	*		68.35
Class R-1		20,785		319			65.13
Class R-2		228,200		3,502			65.16
Class R-2E		33,682		502			67.07
Class R-3		437,814		6,515			67.20
Class R-4		675,791		9,934			68.03
Class R-5E		90,839		1,341			67.77
Class R-5		278,250		4,043			68.83
Class R-6		10,800,583		157,380			68.63

*	Amount less than one thousand.

Refer to the notes to financial statements.

20	New World Fund

Financial statements (continued)

Statement of operations
for the year ended October 31, 2023	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $66,718; also includes $136,590 from affiliates)	$	943,520
Interest from unaffiliated issuers (net of non-U.S. taxes of $622)		121,390
Securities lending income (net of fees)		3,863		$	1,068,773
*Fees and expenses:**
Investment advisory services		253,729
Distribution services		44,445
Transfer agent services		46,110
Administrative services		14,809
529 plan services		636
Reports to shareholders		2,422
Registration statement and prospectus		1,260
Directors’ compensation		705
Auditing and legal		342
Custodian		9,228
State and local taxes		1
Other		669			374,356
Net investment income					694,417

Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $36,682):
Unaffiliated issuers		1,291,645
Affiliated issuers		(21,200	)
Futures contracts		109
Forward currency contracts		(2,234	)
Currency transactions		(7,425	)		1,260,895
Net unrealized appreciation on:
Investments (net of non-U.S. taxes of $146,469):
Unaffiliated issuers		2,609,825
Affiliated issuers		60,659
Futures contracts		3,997
Forward currency contracts		2,010
Currency translations		2,315			2,678,806
Net realized gain and unrealized appreciation					3,939,701

Net increase in net assets resulting from operations				$	4,634,118

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

Refer to the notes to financial statements.

New World Fund

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Year ended October 31,
	2023			2022
Operations:
Net investment income	$	694,417		$	586,896
Net realized gain (loss)		1,260,895			(623,477	)
Net unrealized appreciation (depreciation)		2,678,806			(17,584,156	)
Net increase (decrease) in net assets resulting from operations		4,634,118			(17,620,737	)

Distributions paid to shareholders		(516,454	)		(3,986,546	)

Net capital share transactions		72,023			4,116,047

Total increase (decrease) in net assets		4,189,687			(17,491,236	)

Net assets:
Beginning of year		43,545,103			61,036,339
End of year	$	47,734,790		$	43,545,103

Refer to the notes to financial statements.

22	New World Fund

Notes to financial statements

1. Organization

New 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 long-term capital appreciation. Shareholders approved a proposal to reorganize the fund into a Delaware statutory trust. The reorganization may be completed in the next 12 months; however, the fund reserves the right to delay the implementation.

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

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

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

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

2. Significant accounting policies

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

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

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

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

New World Fund

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

3. Valuation

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

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

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

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

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

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. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of directors as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset

24	New World Fund

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 following tables present the fund’s valuation levels as of October 31, 2023 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	1,559,172	$	5,439,903		—	*	$	6,999,075
Information technology		3,591,453		3,126,481		11,277			6,729,211
Health care		2,380,160		3,563,069		—			5,943,229
Industrials		1,730,428		4,050,816		—			5,781,244
Consumer discretionary		1,589,124		3,402,377		—			4,991,501
Materials		1,869,815		1,354,051		—	*		3,223,866
Consumer staples		1,053,413		2,044,524		—	*		3,097,937
Communication services		1,404,114		1,675,139		—			3,079,253
Energy		601,527		971,606		—	*		1,573,133
Real estate		277,057		591,315		—			868,372
Utilities		242,967		326,721		—			569,688
Preferred securities		134,704		70,224		90,995			295,923
Rights & warrants		217		27,737		—			27,954
Convertible bonds & notes		—		4,841		—			4,841
Bonds, notes & other debt instruments		—		1,880,742		—			1,880,742
Short-term securities		2,723,268		4,469		—			2,727,737
Total	$	19,157,419	$	28,534,015	$	102,272		$	47,793,706

	Other investments^†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	3,883		$	—		$	—	$	3,883
Unrealized appreciation on open forward currency contracts		—			4,027			—		4,027
Liabilities:
Unrealized depreciation on futures contracts		(1,448	)		—			—		(1,448	)
Unrealized depreciation on open forward currency contracts		—			(2,228	)		—		(2,228	)
Total	$	2,435		$	1,799		$	—	$	4,234

*	Amount less than one thousand.
^†	Futures contracts and forward currency contracts are not included in the fund’s investment portfolio.

New World Fund

4. Risk factors

Investing in the fund may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks and other 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 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 developing countries.

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing 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 developing countries 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 developed countries are subject. The fund’s rights with respect to its investments in developing countries, 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.

26	New World Fund

Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, developing countries 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.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities which may be prepaid at any time, such as mortgage-or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

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.

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.

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.

New World Fund

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 October 31, 2023, the total value of securities on loan was $247,021,000, and the total value of collateral received was $259,700,000. Collateral received includes cash of $124,338,000 and U.S. government securities of $135,362,000. 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.

Futures contracts — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $465,382,000.

Forward currency contracts — The fund has entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund’s investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the fund’s investment adviser values forward currency contracts and records unrealized appreciation or depreciation for open forward currency contracts in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency.

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward

28	New World Fund

currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations. The average month-end notional amount of open forward currency contracts while held was $129,900,000.

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of futures contracts and forward currency contracts as of, or for the year ended, October 31, 2023 (dollars in thousands):

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	3,883		Unrealized depreciation*	$	1,448
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		4,027		Unrealized depreciation on open forward currency contracts		2,228
			$	7,910			$	3,676

		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	109		Net unrealized appreciation on futures contracts	$	3,997
Forward currency	Currency	Net realized loss on forward currency contracts		(2,234	)	Net unrealized appreciation on forward currency contracts		2,010
			$	(2,125	)		$	6,007

*	Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following the fund’s investment portfolio. Only current day’s variation margin is reported within the fund’s statement of assets and liabilities.

Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and its use of futures contracts and forward currency contracts. For securities lending, the fund receives collateral in exchange for lending investment securities. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio. For futures contracts, the fund pledges collateral for initial and variation margin by contract. For forward currency contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by counterparty. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.

Rights of offset — The fund has entered into enforceable master netting agreements with certain counterparties for forward currency contracts, where on any date amounts payable by each party to the other (in the same currency with respect to the same transaction) may be closed or offset by each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statement of assets and liabilities.

New World Fund

The following table presents the fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the fund’s statement of assets and liabilities. The net amount column shows the impact of offsetting on the fund’s statement of assets and liabilities as of October 31, 2023, if close-out netting was exercised (dollars in thousands):

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral*			Net amount
Assets:
Bank of New York Mellon	$	48	$	—		$	—		$	—		$	48
Barclays Bank PLC		40		—			—			—			40
Citibank		1,177		—			—			(1,060	)		117
Goldman Sachs		748		—			—			(600	)		148
JPMorgan Chase		1,304		(953	)		—			(351	)		—
Standard Chartered Bank		710		(8	)		(672	)		(30	)		—
Total	$	4,027	$	(961	)	$	(672	)	$	(2,041	)	$	353
Liabilities:
JPMorgan Chase	$	953	$	(953	)	$	—		$	—		$	—
Morgan Stanley		1,255		—			—			(1,255	)		—
Standard Chartered Bank		8		(8	)		—			—			—
UBS AG		12		—			—			—			12
Total	$	2,228	$	(961	)	$	—		$	(1,255	)	$	12

*	Collateral is shown on a settlement basis.

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 October 31, 2023, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended October 31, 2023, the fund recognized $3,224,000 in reclaims (net of $439,000 in fees and the effect of realized gain or loss from currency translations) and $114,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

During the year ended October 31, 2023, the fund reclassified $3,761,000 from total distributable earnings to capital paid in on shares of capital stock to align financial reporting with tax reporting. The fund also utilized capital loss carryforwards of $531,704,000.

30	New World Fund

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

Undistributed ordinary income	$	671,466
Undistributed long-term capital gains		637,185
Gross unrealized appreciation on investments		10,789,686
Gross unrealized depreciation on investments		(3,422,128	)
Net unrealized appreciation on investments		7,367,558
Cost of investments		40,430,381

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

	Year ended October 31, 2023								Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	104,575		$	—	$	104,575		$	67,256		$	1,003,916	$	1,071,172
Class C		52			—		52			—			36,116		36,116
Class T		—	*		—		—	*		—	*		1		1
Class F-1		7,789			—		7,789			5,672			83,505		89,177
Class F-2		175,025			—		175,025			138,317			1,201,739		1,340,056
Class F-3		86,351			—		86,351			58,933			444,558		503,491
Class 529-A		7,437			—		7,437			4,657			71,737		76,394
Class 529-C		—			—		—			—			2,698		2,698
Class 529-E		199			—		199			76			2,728		2,804
Class 529-T		—	*		—		—	*		—	*		1		1
Class 529-F-1		—	*		—		—	*		—	*		1		1
Class 529-F-2		1,318			—		1,318			880			8,276		9,156
Class 529-F-3		—	*		—		—	*		—	*		1		1
Class R-1		54			—		54			—			1,783		1,783
Class R-2		443			—		443			—			20,875		20,875
Class R-2E		145			—		145			—			2,477		2,477
Class R-3		2,737			—		2,737			744			38,333		39,077
Class R-4		6,910			—		6,910			3,898			54,965		58,863
Class R-5E		948			—		948			687			6,152		6,839
Class R-5		3,412			—		3,412			2,719			21,969		24,688
Class R-6		119,059			—		119,059			81,958			618,918		700,876
Total	$	516,454		$	—	$	516,454		$	365,797		$	3,620,749	$	3,986,546

*	Amount less than one thousand.

7. Fees and transactions with related parties

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

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.850% on the first $500 million of daily net assets and decreasing to 0.474% on such assets in excess of $55 billion. For the year ended October 31, 2023, the investment advisory services fees were $253,729,000, which were equivalent to an annualized rate of 0.514% of average daily net assets.

New World Fund

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

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

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of October 31, 2023, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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

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

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended October 31, 2023, the 529 plan services fees were $636,000, which were equivalent to 0.060% of the average daily net assets of each 529 share class.

32	New World Fund

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

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$30,017		$22,380			$3,712			Not applicable
Class C		3,378		618			102			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		2,313		1,328			280			Not applicable
Class F-2		Not applicable		17,161			4,653			Not applicable
Class F-3		Not applicable		137			2,103			Not applicable
Class 529-A		1,974		1,490			267			$532
Class 529-C		242		41			7			14
Class 529-E		157		26			9			19
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		54			36			71
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		222		23			7			Not applicable
Class R-2		1,852		857			74			Not applicable
Class R-2E		198		67			10			Not applicable
Class R-3		2,263		689			137			Not applicable
Class R-4		1,829		744			220			Not applicable
Class R-5E		Not applicable		141			28			Not applicable
Class R-5		Not applicable		154			88			Not applicable
Class R-6		Not applicable		200			3,076			Not applicable
Total class-specific expenses		$44,445		$46,110			$14,809			$636

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 $705,000 in the fund’s statement of operations reflects $264,000 in current fees (either paid in cash or deferred) and a net increase of $441,000 in the value of the deferred amounts.

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

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

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of directors. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended October 31, 2023, the fund engaged in such purchase and sale transactions with related funds in the amounts of $235,941,000 and $420,885,000, respectively, which generated $118,682,000 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 October 31, 2023.

New World Fund

8. Committed line of credit

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

9. Indemnifications

The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.

10. Capital share transactions

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

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended October 31, 2023

Class A	$	631,333		8,926	$	102,574			1,538		$	(1,519,189	)		(21,687	)	$	(785,282	)		(11,223	)
Class C		31,222		465		52			1			(108,462	)		(1,614	)		(77,188	)		(1,148	)
Class T		—		—		—			—			—			—			—			—
Class F-1		152,688		2,183		7,654			116			(272,474	)		(3,873	)		(112,132	)		(1,574	)
Class F-2		3,845,710		54,513		170,371			2,565			(5,071,724	)		(73,006	)		(1,055,643	)		(15,928	)
Class F-3		2,161,759		31,362		84,079			1,262			(1,659,464	)		(23,575	)		586,374			9,049
Class 529-A		64,013		914		7,435			112			(131,886	)		(1,871	)		(60,438	)		(845	)
Class 529-C		4,192		62		—			—			(11,646	)		(173	)		(7,454	)		(111	)
Class 529-E		2,096		30		199			3			(5,083	)		(72	)		(2,788	)		(39	)
Class 529-T		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		20,298		288		1,318			20			(22,025	)		(309	)		(409	)		(1	)
Class 529-F-3		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class R-1		3,028		44		53			1			(4,706	)		(69	)		(1,625	)		(24	)
Class R-2		43,960		652		443			7			(62,502	)		(929	)		(18,099	)		(270	)
Class R-2E		10,168		146		145			2			(7,184	)		(105	)		3,129			43
Class R-3		92,088		1,320		2,720			41			(113,835	)		(1,642	)		(19,027	)		(281	)
Class R-4		132,199		1,876		6,909			104			(203,059	)		(2,886	)		(63,951	)		(906	)
Class R-5E		30,437		440		948			15			(21,427	)		(306	)		9,958			149
Class R-5		77,282		1,087		3,398			51			(76,953	)		(1,076	)		3,727			62
Class R-6		2,593,043		36,396		118,331			1,776			(1,038,503	)		(14,728	)		1,672,871			23,444
Total net increase (decrease)	$	9,895,516		140,704	$	506,629			7,614		$	(10,330,122	)		(147,921	)	$	72,023			397

Refer to the end of the table for footnotes.

34	New World Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended October 31, 2022

Class A	$	842,892		11,128	$	1,054,056		12,547		$	(1,799,525	)		(24,339	)	$	97,423			(664	)
Class C		38,304		531		35,947		448			(142,395	)		(2,003	)		(68,144	)		(1,024	)
Class T		—		—		—		—			—			—			—			—
Class F-1		184,331		2,473		87,713		1,052			(367,084	)		(4,970	)		(95,040	)		(1,445	)
Class F-2		5,277,694		71,565		1,304,036		15,576			(5,251,724	)		(72,899	)		1,330,006			14,242
Class F-3		2,129,959		28,642		494,184		5,884			(1,715,171	)		(23,483	)		908,972			11,043
Class 529-A		75,105		1,003		76,376		918			(134,967	)		(1,832	)		16,514			89
Class 529-C		4,951		69		2,698		34			(14,282	)		(196	)		(6,633	)		(93	)
Class 529-E		2,050		28		2,803		33			(6,404	)		(88	)		(1,551	)		(27	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		22,029		291		9,156		109			(16,241	)		(218	)		14,944			182
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		5,938		85		1,774		22			(6,367	)		(88	)		1,345			19
Class R-2		47,339		675		20,870		260			(69,099	)		(960	)		(890	)		(25	)
Class R-2E		8,234		113		2,477		30			(10,280	)		(140	)		431			3
Class R-3		96,555		1,328		38,922		471			(147,504	)		(1,984	)		(12,027	)		(185	)
Class R-4		198,108		2,711		58,857		705			(246,999	)		(3,179	)		9,966			237
Class R-5E		30,017		406		6,838		82			(28,517	)		(394	)		8,338			94
Class R-5		80,402		1,062		24,578		292			(101,599	)		(1,374	)		3,381			(20	)
Class R-6		2,419,895		32,326		692,802		8,253			(1,203,688	)		(16,315	)		1,909,009			24,264
Total net increase (decrease)	$	11,463,803		154,436	$	3,914,090		46,716		$	(11,261,846	)		(154,462	)	$	4,116,047			46,690

*	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 $16,153,902,000 and $14,925,041,000, respectively, during the year ended October 31, 2023.

New World Fund

Financial highlights

			Income (loss) from investment operations¹									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income (loss) to average net assets³
Class A:
10/31/2023	$	62.50	$	.83		$	5.72		$	6.55		$	(.59	)	$	—		$	(.59	)	$	68.46		10.50	%	$	11,612			1.00	%		1.00	%		1.17	%
10/31/2022		93.89		.69			(26.15	)		(25.46	)		(.37	)		(5.56	)		(5.93	)		62.50		(28.73	)		11,303			.96			.96			.93
10/31/2021		73.88		.38			19.72			20.10			(.09	)		—			(.09	)		93.89		27.20			17,043			.96			.96			.42
10/31/2020		69.13		.27			7.06			7.33			(.74	)		(1.84	)		(2.58	)		73.88		10.78			13,341			1.00			1.00			.40
10/31/2019		59.37		.69			10.36			11.05			(.58	)		(.71	)		(1.29	)		69.13		19.15			12,964			1.02			1.02			1.07
Class C:
10/31/2023		59.27		.28			5.45			5.73			(.01	)		—			(.01	)		64.99		9.67			293			1.75			1.75			.41
10/31/2022		89.61		.11			(24.89	)		(24.78	)		—			(5.56	)		(5.56	)		59.27		(29.28	)		335			1.72			1.72			.15
10/31/2021		70.96		(.29	)		18.94			18.65			—			—			—			89.61		26.26			598			1.70			1.70			(.33	)
10/31/2020		66.46		(.22	)		6.75			6.53			(.19	)		(1.84	)		(2.03	)		70.96		9.98			533			1.74			1.74			(.33	)
10/31/2019		57.02		.19			10.02			10.21			(.06	)		(.71	)		(.77	)		66.46		18.21			701			1.79			1.79			.30
Class T:
10/31/2023		62.49		1.01			5.71			6.72			(.79	)		—			(.79	)		68.42		10.79	⁵		—	⁶		.72	⁵		.72	⁵		1.42	⁵
10/31/2022		93.87		.87			(26.11	)		(25.24	)		(.58	)		(5.56	)		(6.14	)		62.49		(28.56	)⁵		—	⁶		.71	⁵		.71	⁵		1.18	⁵
10/31/2021		73.86		.58			19.69			20.27			(.26	)		—			(.26	)		93.87		27.47	⁵		—	⁶		.74	⁵		.74	⁵		.63	⁵
10/31/2020		69.12		.43			7.05			7.48			(.90	)		(1.84	)		(2.74	)		73.86		11.05	⁵		—	⁶		.76	⁵		.76	⁵		.62	⁵
10/31/2019		59.39		.82			10.35			11.17			(.73	)		(.71	)		(1.44	)		69.12		19.39	⁵		—	⁶		.78	⁵		.78	⁵		1.28	⁵
Class F-1:
10/31/2023		62.05		.85			5.67			6.52			(.58	)		—			(.58	)		67.99		10.53			828			.96			.96			1.21
10/31/2022		93.27		.67			(25.95	)		(25.28	)		(.38	)		(5.56	)		(5.94	)		62.05		(28.74	)		854			.96			.96			.91
10/31/2021		73.39		.39			19.58			19.97			(.09	)		—			(.09	)		93.27		27.22			1,418			.95			.95			.43
10/31/2020		68.68		.29			7.01			7.30			(.75	)		(1.84	)		(2.59	)		73.39		10.83			1,097			.98			.98			.43
10/31/2019		58.95		.69			10.30			10.99			(.55	)		(.71	)		(1.26	)		68.68		19.16			1,177			1.00			1.00			1.09
Class F-2:
10/31/2023		62.44		1.05			5.70			6.75			(.80	)		—			(.80	)		68.39		10.85			14,620			.68			.68			1.48
10/31/2022		93.83		.90			(26.09	)		(25.19	)		(.64	)		(5.56	)		(6.20	)		62.44		(28.52	)		14,343			.68			.68			1.22
10/31/2021		73.81		.65			19.68			20.33			(.31	)		—			(.31	)		93.83		27.55			20,219			.67			.67			.72
10/31/2020		69.06		.48			7.05			7.53			(.94	)		(1.84	)		(2.78	)		73.81		11.14			14,085			.70			.70			.70
10/31/2019		59.35		.88			10.32			11.20			(.78	)		(.71	)		(1.49	)		69.06		19.49			12,291			.72			.72			1.37
Class F-3:
10/31/2023		62.70		1.13			5.73			6.86			(.89	)		—			(.89	)		68.67		10.98			6,827			.58			.58			1.59
10/31/2022		94.20		.99			(26.19	)		(25.20	)		(.74	)		(5.56	)		(6.30	)		62.70		(28.45	)		5,666			.57			.57			1.34
10/31/2021		74.08		.76			19.74			20.50			(.38	)		—			(.38	)		94.20		27.70			7,473			.57			.57			.83
10/31/2020		69.30		.55			7.08			7.63			(1.01	)		(1.84	)		(2.85	)		74.08		11.25			4,850			.60			.60			.81
10/31/2019		59.54		.96			10.34			11.30			(.83	)		(.71	)		(1.54	)		69.30		19.62			4,351			.62			.62			1.48
Class 529-A:
10/31/2023		61.86		.80			5.66			6.46			(.57	)		—			(.57	)		67.75		10.48			826			1.02			1.02			1.14
10/31/2022		93.01		.66			(25.89	)		(25.23	)		(.36	)		(5.56	)		(5.92	)		61.86		(28.76	)		807			.99			.99			.90
10/31/2021		73.19		.36			19.54			19.90			(.08	)		—			(.08	)		93.01		27.17			1,205			.97			.97			.40
10/31/2020		68.50		.25			6.99			7.24			(.71	)		(1.84	)		(2.55	)		73.19		10.77			971			1.02			1.02			.37
10/31/2019		58.83		.65			10.28			10.93			(.55	)		(.71	)		(1.26	)		68.50		19.08			884			1.06			1.06			1.03

Refer to the end of the table for footnotes.

36	New 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 reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income (loss) to average net assets³
Class 529-C:
10/31/2023	$	59.37	$	.24		$	5.47		$	5.71		$	—		$	—		$	—		$	65.08		9.62	%	$	20			1.80	%		1.80	%		.36	%
10/31/2022		89.80		.07			(24.94	)		(24.87	)		—			(5.56	)		(5.56	)		59.37		(29.31	)		25			1.77			1.77			.09
10/31/2021		71.13		(.33	)		19.00			18.67			—			—			—			89.80		26.23			46			1.73			1.73			(.38	)
10/31/2020		66.62		(.21	)		6.73			6.52			(.17	)		(1.84	)		(2.01	)		71.13		9.93			47			1.78			1.78			(.32	)
10/31/2019		57.14		.16			10.06			10.22			(.03	)		(.71	)		(.74	)		66.62		18.18			117			1.82			1.82			.27
Class 529-E:
10/31/2023		61.25		.66			5.61			6.27			(.43	)		—			(.43	)		67.09		10.27			29			1.21			1.21			.95
10/31/2022		92.11		.51			(25.66	)		(25.15	)		(.15	)		(5.56	)		(5.71	)		61.25		(28.90	)		29			1.19			1.19			.70
10/31/2021		72.57		.17			19.37			19.54			—			—			—			92.11		26.93			45			1.18			1.18			.19
10/31/2020		67.94		.13			6.92			7.05			(.58	)		(1.84	)		(2.42	)		72.57		10.55			38			1.22			1.22			.19
10/31/2019		58.32		.53			10.21			10.74			(.41	)		(.71	)		(1.12	)		67.94		18.86			38			1.26			1.26			.83
Class 529-T:
10/31/2023		62.47		.98			5.70			6.68			(.75	)		—			(.75	)		68.40		10.74	⁵		—	⁶		.75	⁵		.75	⁵		1.39	⁵
10/31/2022		93.83		.84			(26.10	)		(25.26	)		(.54	)		(5.56	)		(6.10	)		62.47		(28.58	)⁵		—	⁶		.75	⁵		.75	⁵		1.14	⁵
10/31/2021		73.84		.53			19.69			20.22			(.23	)		—			(.23	)		93.83		27.43	⁵		—	⁶		.78	⁵		.78	⁵		.59	⁵
10/31/2020		69.10		.40			7.06			7.46			(.88	)		(1.84	)		(2.72	)		73.84		11.00	⁵		—	⁶		.79	⁵		.79	⁵		.59	⁵
10/31/2019		59.37		.79			10.35			11.14			(.70	)		(.71	)		(1.41	)		69.10		19.34	⁵		—	⁶		.82	⁵		.82	⁵		1.24	⁵
Class 529-F-1:
10/31/2023		61.77		.93			5.65			6.58			(.74	)		—			(.74	)		67.61		10.68	⁵		—	⁶		.79	⁵		.79	⁵		1.33	⁵
10/31/2022		92.91		.81			(25.82	)		(25.01	)		(.57	)		(5.56	)		(6.13	)		61.77		(28.60	)⁵		—	⁶		.78	⁵		.78	⁵		1.11	⁵
10/31/2021		73.20		.55			19.53			20.08			(.37	)		—			(.37	)		92.91		27.44	⁵		—	⁶		.75	⁵		.75	⁵		.60	⁵
10/31/2020		68.51		.41			6.98			7.39			(.86	)		(1.84	)		(2.70	)		73.20		11.01	⁵		—	⁶		.80	⁵		.80	⁵		.60	⁵
10/31/2019		58.90		.80			10.25			11.05			(.73	)		(.71	)		(1.44	)		68.51		19.36			86			.84			.84			1.25
Class 529-F-2:
10/31/2023		62.53		1.05			5.71			6.76			(.80	)		—			(.80	)		68.49		10.85			113			.68			.68			1.49
10/31/2022		93.92		.90			(26.14	)		(25.24	)		(.59	)		(5.56	)		(6.15	)		62.53		(28.54	)		103			.69			.69			1.21
10/31/2021		73.88		.59			19.69			20.28			(.24	)		—			(.24	)		93.92		27.48			138			.74			.74			.65
10/31/2020^7,8		73.88		—			—			—			—			—			—			73.88		—			97			—			—			—
Class 529-F-3:
10/31/2023		62.44		1.04			5.71			6.75			(.84	)		—			(.84	)		68.35		10.84			—	⁶		.65			.65			1.48
10/31/2022		93.84		.92			(26.08	)		(25.16	)		(.68	)		(5.56	)		(6.24	)		62.44		(28.50	)		—	⁶		.64			.64			1.25
10/31/2021		73.88		.67			19.68			20.35			(.39	)		—			(.39	)		93.84		27.58			—	⁶		.67			.62			.73
10/31/2020^7,8		73.88		—			—			—			—			—			—			73.88		—			—	⁶		—			—			—
Class R-1:
10/31/2023		59.48		.33			5.48			5.81			(.16	)		—			(.16	)		65.13		9.77			21			1.67			1.67			.49
10/31/2022		89.83		.19			(24.98	)		(24.79	)		—			(5.56	)		(5.56	)		59.48		(29.21	)		21			1.63			1.63			.26
10/31/2021		71.14		(.28	)		18.97			18.69			—			—			—			89.83		26.26			29			1.70			1.70			(.32	)
10/31/2020		66.65		(.24	)		6.78			6.54			(.21	)		(1.84	)		(2.05	)		71.14		9.96			24			1.77			1.77			(.37	)
10/31/2019		57.18		.19			10.05			10.24			(.06	)		(.71	)		(.77	)		66.65		18.23			29			1.78			1.78			.31

Refer to the end of the table for footnotes.

New 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 reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income (loss) to average net assets³
Class R-2:
10/31/2023	$	59.47	$	.33		$	5.48		$	5.81		$	(.12	)	$	—		$	(.12	)	$	65.16		9.77	%	$	228		1.67	%		1.67	%		.49	%
10/31/2022		89.85		.15			(24.97	)		(24.82	)		—			(5.56	)		(5.56	)		59.47		(29.24	)		224		1.67			1.67			.21
10/31/2021		71.13		(.26	)		18.98			18.72			—			—			—			89.85		26.30			341		1.66			1.66			(.29	)
10/31/2020		66.67		(.20	)		6.78			6.58			(.28	)		(1.84	)		(2.12	)		71.13		10.03			293		1.70			1.70			(.30	)
10/31/2019		57.19		.23			10.06			10.29			(.10	)		(.71	)		(.81	)		66.67		18.32			303		1.72			1.72			.37
Class R-2E:
10/31/2023		61.22		.55			5.61			6.16			(.31	)		—			(.31	)		67.07		10.08			34		1.38			1.38			.79
10/31/2022		92.06		.37			(25.65	)		(25.28	)		—			(5.56	)		(5.56	)		61.22		(29.03	)		28		1.38			1.38			.51
10/31/2021		72.67		—	⁹		19.39			19.39			—			—			—			92.06		26.67			42		1.37			1.37			—	¹⁰
10/31/2020		68.10		—	⁹		6.92			6.92			(.51	)		(1.84	)		(2.35	)		72.67		10.34			35		1.41			1.41			(.01	)
10/31/2019		58.48		.42			10.24			10.66			(.33	)		(.71	)		(1.04	)		68.10		18.66			33		1.43			1.43			.66
Class R-3:
10/31/2023		61.34		.65			5.62			6.27			(.41	)		—			(.41	)		67.20		10.26			438		1.22			1.22			.94
10/31/2022		92.20		.48			(25.67	)		(25.19	)		(.11	)		(5.56	)		(5.67	)		61.34		(28.92	)		417		1.22			1.22			.66
10/31/2021		72.67		.13			19.40			19.53			—			—			—			92.20		26.86			644		1.22			1.22			.15
10/31/2020		68.03		.10			6.93			7.03			(.55	)		(1.84	)		(2.39	)		72.67		10.51			563		1.26			1.26			.14
10/31/2019		58.39		.52			10.21			10.73			(.38	)		(.71	)		(1.09	)		68.03		18.83			607		1.28			1.28			.82
Class R-4:
10/31/2023		62.11		.87			5.69			6.56			(.64	)		—			(.64	)		68.03		10.58			676		.93			.93			1.23
10/31/2022		93.33		.72			(25.99	)		(25.27	)		(.39	)		(5.56	)		(5.95	)		62.11		(28.70	)		673		.92			.92			.98
10/31/2021		73.44		.42			19.59			20.01			(.12	)		—			(.12	)		93.33		27.26			989		.92			.92			.46
10/31/2020		68.72		.31			7.01			7.32			(.76	)		(1.84	)		(2.60	)		73.44		10.87			759		.94			.94			.46
10/31/2019		59.03		.72			10.29			11.01			(.61	)		(.71	)		(1.32	)		68.72		19.20			836		.97			.97			1.12
Class R-5E:
10/31/2023		61.88		1.02			5.65			6.67			(.78	)		—			(.78	)		67.77		10.80			91		.73			.73			1.45
10/31/2022		93.07		.85			(25.86	)		(25.01	)		(.62	)		(5.56	)		(6.18	)		61.88		(28.57	)		74		.72			.72			1.16
10/31/2021		73.23		.63			19.50			20.13			(.29	)		—			(.29	)		93.07		27.52			102		.71			.71			.70
10/31/2020		68.56		.44			7.01			7.45			(.94	)		(1.84	)		(2.78	)		73.23		11.08			57		.74			.74			.66
10/31/2019		58.94		.86			10.25			11.11			(.78	)		(.71	)		(1.49	)		68.56		19.46			38		.76			.76			1.34
Class R-5:
10/31/2023		62.85		1.10			5.73			6.83			(.85	)		—			(.85	)		68.83		10.90			278		.63			.63			1.54
10/31/2022		94.40		.95			(26.25	)		(25.30	)		(.69	)		(5.56	)		(6.25	)		62.85		(28.48	)		250		.62			.62			1.28
10/31/2021		74.24		.70			19.81			20.51			(.35	)		—			(.35	)		94.40		27.64			378		.62			.62			.76
10/31/2020		69.43		.52			7.09			7.61			(.96	)		(1.84	)		(2.80	)		74.24		11.20			304		.64			.64			.76
10/31/2019		59.67		.89			10.40			11.29			(.82	)		(.71	)		(1.53	)		69.43		19.57			305		.67			.67			1.40
Class R-6:
10/31/2023		62.67		1.13			5.72			6.85			(.89	)		—			(.89	)		68.63		10.97			10,801		.58			.58			1.59
10/31/2022		94.15		.99			(26.17	)		(25.18	)		(.74	)		(5.56	)		(6.30	)		62.67		(28.45	)		8,393		.57			.57			1.34
10/31/2021		74.05		.73			19.75			20.48			(.38	)		—			(.38	)		94.15		27.70			10,326		.57			.57			.80
10/31/2020		69.27		.56			7.07			7.63			(1.01	)		(1.84	)		(2.85	)		74.05		11.26			8,255		.59			.59			.82
10/31/2019		59.52		.95			10.35			11.30			(.84	)		(.71	)		(1.55	)		69.27		19.62			7,010		.61			.61			1.48

Refer to the end of the table for footnotes.

38	New World Fund

Financial highlights (continued)

	Year ended October 31,
	2023		2022		2021		2020		2019
Portfolio turnover rate for all share classes¹¹		32%		39%		32%		40%		37%

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	Based on operations for a period that is less than a full year.
⁸	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
⁹	Amount less than $.01.
¹⁰	Amount less than .01%.
¹¹	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

New World Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of New World Fund, Inc. (the “Fund”), including the investment portfolio, as of October 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California
December 8, 2023

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

40	New World Fund

Expense example

unaudited

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

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

New World Fund

Expense example (continued)

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	954.67	$	4.88		.99	%
Class A – assumed 5% return		1,000.00		1,020.21		5.04		.99
Class C – actual return		1,000.00		951.00		8.61		1.75
Class C – assumed 5% return		1,000.00		1,016.38		8.89		1.75
Class T – actual return		1,000.00		955.69		3.50		.71
Class T – assumed 5% return		1,000.00		1,021.63		3.62		.71
Class F-1 – actual return		1,000.00		954.65		4.78		.97
Class F-1 – assumed 5% return		1,000.00		1,020.32		4.94		.97
Class F-2 – actual return		1,000.00		956.09		3.35		.68
Class F-2 – assumed 5% return		1,000.00		1,021.78		3.47		.68
Class F-3 – actual return		1,000.00		956.64		2.81		.57
Class F-3 – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 529-A – actual return		1,000.00		954.46		4.98		1.01
Class 529-A – assumed 5% return		1,000.00		1,020.11		5.14		1.01
Class 529-C – actual return		1,000.00		950.75		8.85		1.80
Class 529-C – assumed 5% return		1,000.00		1,016.13		9.15		1.80
Class 529-E – actual return		1,000.00		953.69		5.96		1.21
Class 529-E – assumed 5% return		1,000.00		1,019.11		6.16		1.21
Class 529-T – actual return		1,000.00		955.55		3.70		.75
Class 529-T – assumed 5% return		1,000.00		1,021.42		3.82		.75
Class 529-F-1 – actual return		1,000.00		955.19		3.89		.79
Class 529-F-1 – assumed 5% return		1,000.00		1,021.22		4.02		.79
Class 529-F-2 – actual return		1,000.00		956.19		3.30		.67
Class 529-F-2 – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class 529-F-3 – actual return		1,000.00		955.94		3.16		.64
Class 529-F-3 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class R-1 – actual return		1,000.00		951.35		8.16		1.66
Class R-1 – assumed 5% return		1,000.00		1,016.84		8.44		1.66
Class R-2 – actual return		1,000.00		951.53		8.17		1.66
Class R-2 – assumed 5% return		1,000.00		1,016.84		8.44		1.66
Class R-2E – actual return		1,000.00		952.86		6.74		1.37
Class R-2E – assumed 5% return		1,000.00		1,018.30		6.97		1.37
Class R-3 – actual return		1,000.00		953.43		5.96		1.21
Class R-3 – assumed 5% return		1,000.00		1,019.11		6.16		1.21
Class R-4 – actual return		1,000.00		954.94		4.53		.92
Class R-4 – assumed 5% return		1,000.00		1,020.57		4.69		.92
Class R-5E – actual return		1,000.00		955.96		3.55		.72
Class R-5E – assumed 5% return		1,000.00		1,021.58		3.67		.72
Class R-5 – actual return		1,000.00		956.39		3.06		.62
Class R-5 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class R-6 – actual return		1,000.00		956.63		2.81		.57
Class R-6 – assumed 5% return		1,000.00		1,022.33		2.91		.57

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

42	New 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 October 31, 2023:

Foreign taxes	$0.15 per share
Foreign source income	$1.27 per share
Qualified dividend income	100%
Section 163(j) interest dividends	$ 202,129,000
Corporate dividends received deduction	$ 116,893,000
U.S. government income that may be exempt from state taxation	$ 31,195,000

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

New World Fund