American Funds SMALLCAP World Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05888

SMALLCAP World Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2021

Hong T. Le

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

SMALLCAP World Fund^®

Annual report
for the year ended
September 30, 2021

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

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

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

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

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

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment 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 and political instability. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

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

Contents

1	Letter to investors

4	The value of a long-term perspective

6	Investment portfolio

29	Financial statements

54	Board of directors and other officers

Fellow investors:

Spurred by a rebounding economy and the strong momentum of cyclical recovery stocks, SMALLCAP World Fund generated a 35.69% total return (F-2 shares) for the fund’s 12-month fiscal year ended September 30, 2021. These returns reflect a one-time capital gains payment of $1.27 per share. This compares with a 40.61% total return for the fund’s primary benchmark index, the MSCI All Country World Small Cap Index, an unmanaged measure of small-capitalization companies from around the world.

SMALLCAP World Fund has continued to outpace its benchmark index over an extended time horizon — including five-year, 10-year and lifetime results. This is a product of Capital Group’s deep, bottom-up research capabilities and the unique manner in which the fund is managed. This past fiscal year, the fund had a strong absolute return but lagged the benchmark slightly following last year’s outsized results.

In March, SMALLCAP World Fund (R-6 share class) was one of three Capital Group funds recognized by Refinitiv Lipper for its strong results, winning the 10-year Global Small-/Mid-Cap Fund category. The annual Refinitiv Lipper Fund Awards highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted results relative to their peers. It was the 13th consecutive year that Capital Group has taken home multiple Refinitiv Lipper awards.*

The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

Results at a glance

For periods ended September 30, 2021, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since Class A inception on 4/30/90)

SMALLCAP World Fund (Class F-2 shares)^†		35.69	%		17.69	%		15.76	%		10.99	%
SMALLCAP World Fund (Class A shares)		35.35			17.38			15.45			10.71
MSCI All Country World Small Cap Index^‡		40.61			12.20			12.33			8.65

^†

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

^‡

The MSCI All Country World Small Cap Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Results reflect dividends net of withholding taxes. Because the index was not in existence when the fund’s Class A shares were first sold, cumulative returns through May 31, 1994, reflect the returns of the S&P Developed <$1.2 Billion Index. MSCI source: MSCI. S&P source: S&P Dow Jones Indices LLC.

SMALLCAP World Fund

The year in review

During the fund’s past fiscal year, the financial markets continued to weigh the economic effects of the ongoing COVID-19 pandemic. As they have since the onset of the pandemic, many of the world’s largest central banks maintained an aggressive stance — easing interest rates, making large-scale bond purchases and implementing targeted liquidity facilities.

In the U.S., the Federal Reserve’s accommodative policies, along with economic reopening, helped propel GDP past 6% in both the first and second quarters of 2021. The economy got another shot in the arm from the rollout of COVID-19 vaccines and the American Rescue Plan Act of 2021, a $1.9 trillion dollar stimulus package that included direct payments to more than 160 million U.S. households and $362 billion in aid to state and local governments. Growth rates were more contained across Europe, Asia and Latin America — hampered by periodic lockdowns and uneven vaccine distribution efforts.

As consumers opened their wallets and corporate earnings impressed, the financial markets rallied throughout much of the reporting period, with investors gradually rotating into cyclical and COVID recovery stocks. However, despite generally positive economic news, the global recovery has been plagued by factors few could have predicted when the world’s economies seized up early last year. These include rising inflation, massive supply-chain bottlenecks and, in many developed countries, a chronic labor shortage. In the U.S., the labor crunch has shown few signs of easing, even after expanded unemployment benefits ended in early September.

How the fund responded

Over long periods of time, we believe SMALLCAP World Fund has produced strong results based on our deep research capabilities and a unique fund structure that allows a trusted group of independent portfolio managers and analysts to make investment decisions. We believe that no other portfolio in the world exists with so many independent decision-makers, which is reflected in the fund’s solid long-term results.

Among the top contributors during the reporting period were Swedish online gaming firm Evolution AB (up 129.97%) and database developer MongoDB (up 103.67%). Among the largest detractors were logistics provider Ocado Group, PLC (down 37.06%) and cloud-based computing firm RingCentral (down 20.80%).

Industry sizing comes from our views on the attractiveness of individual securities, rather than a top-down view. The fund saw particularly strong returns from energy and industrials given the rebound in the economy, with utilities and health care also making solid contributions to returns. While absolute returns in some of the long-term growth industries like software were positive, they lagged more cyclical sectors that benefited the most from economic recovery.

Moreover, although the fund’s energy holdings produced impressive gains, the fund had relatively few energy holdings during this period, which detracted from relative returns.

Roughly 80% of the fund’s holdings were in developed markets, with U.S. companies comprising just over 44% of the portfolio. Some of the fund’s highest returns came from companies in emerging markets, which climbed nearly 40% during the period — including a stellar 128.41% gain from holdings in Taiwan. As always, we build the portfolio from the bottom up, stock by stock, rather than in reference to the benchmark weight.

One notable phenomenon that has gained traction in recent years is that of special purpose acquisition companies (SPACs) —publicly traded shell companies formed with the goal of acquiring other firms. While we have selectively participated in SPACs, we remain wary of lower-quality companies being introduced to the market through SPACs and intend to focus only on high-quality firms within this space — both in the U.S. and internationally. Over time, our bottom-up research should help us identify higher-quality investment opportunities on a fundamental basis.

The fund closed the fiscal year with 4.8% of its assets held in cash and other short-term securities. We maintain this liquidity to capitalize on investment opportunities as they arise, and to help mitigate the effects of potential market volatility.

2	SMALLCAP World Fund

The road ahead

We believe we have successfully ushered our clients through the most challenging stretch of the COVID-19 pandemic, but there is much uncertainty ahead. Without question, a post-COVID world will be marked by many long-lasting changes in how consumers engage and how companies are managed. As vaccination rates increase and some regions of the world approach herd immunity, we expect economic conditions to gradually improve in 2022.

Over the coming months, we expect three factors to loom large in the financial markets:

Supply-chain disruptions represent one of the most significant risks to the financial markets. Semiconductor shortages continue to plague many industries, resulting in demand that has outstripped the supply of automobiles, consumer electronics and appliances, to name just a few. Over the next 18 months, we would expect to see continued volatility in stocks most directly affected by supply-chain constraints. That should allow us some opportunities to invest in high-quality companies experiencing near-term challenges.

A stubborn labor shortage in many developed markets, including the United States, Canada, Europe and Australia, is exacerbating supply-chain bottlenecks. Service industries are being particularly hard hit by the labor crunch, which is upending entire business models.

Tied to supply chain bottlenecks and labor issues is the specter of inflation. Whether transitory or long-term, inflation is a concern because it acts as a tax on consumers and complicates companies’ planning efforts. Core U.S. inflation (ex-food and energy) reached a 30-year high in August, a precursor to the Federal Reserve’s decision in November to taper bond purchases. However, we remain open to the possibility that after near-term supply chain issues subside and the pull forward of demand has worked its way through, we could return to another period of lower inflation following a temporary boost. Whatever the inflation outcome, good companies and agile management teams with strong products should be able to successfully navigate this environment.

Against this challenging backdrop we see a small-cap market teeming with dynamic companies that should be standard bearers of innovation for many years to come. Established firms are evolving, while venture capital and a buoyant IPO market are producing exciting investment opportunities for those with the foresight to spot them. That’s why we meet with hundreds of companies each month. Our job, year in and year out, is to make sure we are investing in the companies with the best prospects for future growth.

Regardless of market conditions, we believe that prudent stock selection and Capital Group’s commitment to fundamental research will continue to produce superior long-term results for our clients. As always, we thank you for the trust you have placed in us, and we offer our best wishes for the upcoming holiday season and beyond.

Cordially,

Julian N. Abdey
Co-President

Jonathan Knowles
Co-President

Gregory W. Wendt
Co-President

November 9, 2021

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

SMALLCAP World Fund

The value of a long-term perspective

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

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

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

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

4	SMALLCAP World Fund

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in SMALLCAP World Fund’s Class F-2 and Class A shares grew from April 30, 1990 — the fund’s inception — through September 30, 2021, the end of the fund’s latest fiscal year. In the case of F-2 shares, the $10,000 would have grown to $264,615 with all distributions reinvested. In the case of A shares, the $10,000 would have grown to $230,753 with all distributions reinvested, even after deducting the maximum 5.75% sales charge.

SMALLCAP World Fund

Investment portfolio September 30, 2021

Industry sector diversification	Percent of net assets

Country diversification by domicile	Percent of net assets
United States		44.47	%
Eurozone*		7.18
United Kingdom		7.14
Sweden		6.92
Japan		6.28
India		4.88
China		3.93
Switzerland		2.69
Canada		2.41
Other countries		9.30
Short-term securities & other assets less liabilities		4.80

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

Common stocks 93.48%	Shares		Value (000)
Information technology 21.09%
MongoDB, Inc., Class A¹		1,906,121	$	898,755
RingCentral, Inc., Class A¹		3,550,555		772,246
Sinch AB^1,2		25,109,900		483,878
Cree, Inc.¹		5,287,678		426,874
eMemory Technology, Inc.^2,3		6,073,334		425,376
Smartsheet, Inc., Class A¹		6,141,805		422,679
Ceridian HCM Holding, Inc.¹		2,851,343		321,118
Netcompany Group AS, non-registered shares^2,3		2,711,200		311,683
Globant SA¹		1,093,567		307,303
Nordic Semiconductor ASA^1,2		9,497,115		284,185
SHIFT, Inc.^1,2,3		1,328,300		281,192
Kulicke and Soffa Industries, Inc.³		4,762,414		277,553
EPAM Systems, Inc.¹		439,983		251,002
Silergy Corp.²		1,693,456		248,688
Keywords Studios PLC^1,2,3		6,039,907		237,154
Paycom Software, Inc.¹		476,750		236,349
Money Forward, Inc.^1,2,3,4		3,308,304		235,170
Net One Systems Co., Ltd.^2,3		6,879,958		226,584
ALTEN SA, non-registered shares²		1,496,996		218,256
Network International Holdings PLC^1,2,3		43,999,813		215,255
Lightspeed Commerce, Inc. SV, subordinate voting shares¹		1,597,219		154,020
Lightspeed Commerce, Inc. SV, subordinate voting shares (CAD denominated)¹		580,600		56,025
VisEra Technologies Co., Ltd.^1,2,5,6		11,090,000		146,885
VisEra Technologies Co., Ltd.^1,2		2,993,000		47,193
Asana, Inc., Class A¹		1,858,335		192,970
Teradata Corp.¹		3,291,774		188,783
Alteryx, Inc., Class A¹		2,410,993		176,244
Endava PLC, Class A (ADR)¹		1,287,631		174,925
Softcat PLC²		6,259,035		170,299
Nuvei Corp., subordinate voting shares¹		1,400,000		161,728
Kingdee International Software Group Co., Ltd.^1,2		46,106,093		152,640
Rapid7, Inc.¹		1,345,069		152,020
MKS Instruments, Inc.		964,988		145,626
Nagarro SE^1,2,3,4		823,468		144,449
Marvell Technology, Inc.		2,368,818		142,863
SUMCO Corp.^2,4		7,001,074		140,566
Bottomline Technologies (de), Inc.^1,3		3,574,300		140,399
Okta, Inc., Class A¹		581,800		138,084
Jamf Holding Corp.¹		3,482,000		134,127
Megaport, Ltd.^1,2,3		11,040,000		132,815
Computer Age Management Services, Ltd.^2,3		3,163,383		128,344
GB Group PLC^2,3		10,893,800		125,523
BE Semiconductor Industries NV²		1,588,880		125,436

6	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
PAR Technology Corp.^1,3,4		2,039,163	$	125,429
Qorvo, Inc.¹		741,404		123,955
Global Unichip Corp.^2,3		6,965,000		122,936
Vitec Software Group AB, Class B²		2,228,800		121,713
Dye & Durham, Ltd.³		3,731,197		121,192
Euronet Worldwide, Inc.¹		939,416		119,569
CDW Corp.		650,000		118,313
Olo, Inc., Class A^1,4		3,870,830		116,241
Tanla Platforms, Ltd.^2,3		9,190,777		112,334
Fabrinet, non-registered shares¹		1,095,031		112,252
Novanta, Inc.¹		709,983		109,692
Viavi Solutions, Inc.¹		6,642,608		104,555
Appfolio, Inc., Class A¹		832,156		100,192
EVERTEC, Inc.		2,131,730		97,463
Bentley Systems, Inc., Class B⁴		1,586,700		96,217
Halma PLC²		2,521,862		96,198
Elastic NV, non-registered shares¹		618,500		92,150
Coforge, Ltd.²		1,297,186		91,431
Justsystems Corp.²		1,617,921		91,297
MACOM Technology Solutions Holdings, Inc.¹		1,387,000		89,975
Ideagen PLC^2,3		20,183,901		86,794
Comet Holding AG²		245,477		84,996
LEM Holding SA²		36,500		84,124
Appier Group, Inc.^1,2,3,4		6,334,800		81,454
Bytes Technology Group PLC^1,2		11,798,581		80,157
Hamamatsu Photonics KK²		1,289,450		79,990
Avalara, Inc.¹		451,914		78,981
Concentrix Corp.¹		428,914		75,918
SimCorp AS²		641,250		75,529
ON Semiconductor Corp.¹		1,645,700		75,324
Unimicron Technology Corp.²		16,174,000		75,290
Crayon Group Holding ASA^1,2		4,018,713		75,090
Alarm.Com Holdings, Inc.¹		951,000		74,359
INFICON Holding AG²		61,865		72,462
Repay Holdings Corp., Class A¹		3,089,000		71,140
Vanguard International Semiconductor Corp.²		13,107,394		70,519
BlackLine, Inc.¹		595,000		70,246
Kainos Group PLC²		2,765,592		69,010
Pegasystems, Inc.		542,025		68,891
Advanced Energy Industries, Inc.		780,511		68,490
Duck Creek Technologies, Inc.¹		1,468,897		64,984
Cognex Corp.		800,000		64,176
Computer Services, Inc.		1,084,411		63,980
TeamViewer AG^1,2		2,163,770		63,802
Paymentus Holdings, Inc., Class A^1,4		2,587,864		63,765
Dexerials Corp.^2,3		3,231,400		63,639
Semtech Corp.¹		798,100		62,228
Reply SpA²		337,320		62,141
AIXTRON SE²		2,434,518		61,283
Fortnox AB²		1,012,800		60,918
Nayax, Ltd.^1,2		15,122,000		59,877
Zuken, Inc.^2,3		1,625,000		59,358
Hennge KK^1,2,3,4		1,059,000		56,060
Boku, Inc.^1,2,3,4,7		20,461,639		53,644
Avaya Holdings Corp.¹		2,705,000		53,532
Extreme Networks, Inc.¹		5,323,397		52,435
Cherry AG^1,2,3		1,409,348		52,280
Topicus.com, Inc., subordinate voting shares¹		493,448		51,811
IronNet, Inc., Class A^1,2		3,130,000		51,766
Thoughtworks Holding, Inc.^1,2,7		1,975,505		51,612
Flex, Ltd.¹		2,917,808		51,587
Aspen Technology, Inc.¹		417,000		51,208
Unifiedpost Group SA^1,2,3		2,470,158		50,611
CMC Materials, Inc.		371,355		45,762
Silicon Laboratories, Inc.¹		324,000		45,412
NCR Corp.¹		1,160,000		44,962
Agora, Inc. (ADR)^1,4		1,542,000		44,718
LPKF Laser & Electronics AG, non-registered shares^2,3,4		1,959,515		44,674
Trimble, Inc.¹		530,000		43,592

SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Bechtle AG, non-registered shares²		617,463	$	42,362
Paylocity Holding Corp.¹		150,000		42,060
Clear Secure, Inc., Class A¹		982,666		40,338
Pexip Holding ASA^1,2		4,932,034		39,686
SINBON Electronics Co., Ltd.²		4,594,000		38,699
ams AG, non-registered shares^1,2		2,096,900		38,283
Plaid, Inc.^1,2,4		1,432,350		37,772
Disco Corp.²		131,500		36,809
Anaplan, Inc.¹		564,740		34,387
SmartCraft ASA, Class A^1,2,3		13,349,780		34,172
Smaregi, Inc.^1,2,3,4		1,129,200		34,016
Insight Enterprises, Inc.¹		373,300		33,627
Maruwa Co., Ltd.²		323,400		33,036
NHN KCP Corp.^1,2		746,757		32,655
Oneconnect Financial Technology Co., Ltd. (ADR)^1,4		7,885,634		32,331
Zendesk, Inc.¹		273,000		31,774
eCloudvalley Digital Technology Co., Ltd.²		2,519,174		30,937
BigCommerce Holdings, Inc., Series 1^1,4		610,000		30,890
Yeahka, Ltd.^1,2,4		9,490,030		30,449
Cloudflare, Inc., Class A¹		264,395		29,784
FDM Group (Holdings) PLC²		1,760,000		29,586
EcoOnline Holding AS^1,2,3,4		10,000,000		29,071
Alkami Technology, Inc.¹		1,167,053		28,803
Vontier Corp.		850,000		28,560
DoubleVerify Holdings, Inc.^1,4		811,900		27,735
Dock, Ltd.^1,2,3,5,6		4,318,937		27,080
BTRS Holdings, Inc., Class A¹		2,480,000		26,387
Nemetschek SE²		249,687		26,243
SpiderPlus & Co.^1,2,4		1,342,000		25,833
Linklogis, Inc., Class B^1,2,4		23,970,500		24,460
Digital Turbine, Inc.¹		350,000		24,062
Pushpay Holdings, Ltd.^1,2		17,654,124		22,413
GlobalWafers Co., Ltd.²		777,000		21,949
CCC Intelligent Solutions Holdings, Inc.^1,4		2,048,595		21,531
Blend Labs, Inc., Class A^1,4		1,491,941		20,111
WuXi Xinje Electric Co., Ltd., Class A²		2,755,858		19,588
Lime Technologies AB²		500,526		19,557
GMO Payment Gateway, Inc.²		153,000		19,384
Renishaw PLC²		305,400		19,367
LiveRamp Holdings, Inc.¹		399,362		18,862
Avast PLC²		2,458,818		18,802
Zebra Technologies Corp., Class A¹		36,300		18,710
CDK Global, Inc.		423,077		18,002
Venustech Group, Inc., Class A²		4,107,547		17,551
Tokai Carbon Korea Co., Ltd.²		170,000		16,550
CS Disco, Inc.^1,4		334,240		16,023
Adesso SE, non-registered shares²		76,300		15,447
SiTime Corp.¹		73,312		14,968
BasWare OYJ^1,2		380,200		14,232
Coupa Software, Inc.¹		61,500		13,480
AAC Technologies Holdings, Inc.^2,4		2,629,000		12,481
SailPoint Technologies Holdings, Inc.¹		286,700		12,294
Similarweb, Ltd.^1,4		571,900		11,970
Fair Isaac Corp.¹		29,100		11,580
Patreon, Inc., Class B^1,2,5,6		189,951		10,637
Appen, Ltd.²		1,600,000		10,270
LandMark Optoelectronics Corp.²		1,168,000		9,425
NCC Group PLC²		2,721,218		9,393
Accton Technology Corp. (Taiwan)²		803,000		7,550
Atea ASA^1,2		426,027		7,358
Mensch und Maschine Software SE²		96,000		6,485
Foursquare Labs, Inc., Series A^1,2,5,6,7		1,970,385		6,423
Jfrog, Ltd.¹		178,400		5,976
nCino, Inc.¹		83,750		5,949
BASE, Inc.^1,2,4		589,700		5,771
Yotpo, Ltd.^1,2,5,6,7		2,620,102		5,763
908 Devices, Inc.^1,4		112,500		3,658

8	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Maxlinear, Inc.¹		69,308	$	3,413
Clearwater Analytics Holdings, Inc., Class A¹		88,920		2,277
91APP Inc.^1,2		132,000		1,012
				17,129,048

Industrials 17.79%
IMCD NV^2,3		3,519,136		668,138
BayCurrent Consulting, Inc.^2,3		1,243,200		624,379
NIBE Industrier AB, Class B²		40,800,276		512,486
Diploma PLC^2,3		9,962,226		374,585
VAT Group AG²		929,754		366,289
Saia, Inc.^1,3		1,466,641		349,105
Rexnord Corp.		4,878,500		313,639
Wizz Air Holdings PLC^1,2		3,902,224		259,859
Nihon M&A Center Holdings, Inc.²		8,812,160		259,672
Interpump Group SpA²		3,880,325		251,341
BELIMO Holding AG²		459,465		243,263
Boyd Group Services, Inc.^3,4		1,278,114		237,086
Meggitt PLC^1,2		22,994,288		228,314
Nolato AB, Class B²		18,617,196		220,781
Marel hf.²		31,700,083		219,671
Spirax-Sarco Engineering PLC²		1,035,200		208,043
Armstrong World Industries, Inc.		2,156,841		205,914
Havells India, Ltd.²		11,010,155		203,284
Stericycle, Inc.¹		2,889,903		196,427
Japan Airport Terminal Co., Ltd.²		3,834,400		189,109
Visional, Inc.^1,2,3		2,912,800		186,716
Carel Industries SpA^2,3		6,904,814		186,704
Arcosa, Inc.³		3,515,410		176,368
International Container Terminal Services, Inc.²		44,009,076		168,141
MonotaRO Co., Ltd.²		7,408,200		167,168
Japan Elevator Service Holdings Co., Ltd.^2,3		7,100,154		163,396
ManpowerGroup, Inc.		1,500,000		162,420
Matson, Inc.		1,974,000		159,322
Instalco AB^2,3		3,457,000		158,007
Harmonic Drive Systems, Inc.^2,4		3,105,050		149,749
Comfort Systems USA, Inc.³		1,921,479		137,040
Chart Industries, Inc.¹		710,000		135,688
Willscot Mobile Mini Holdings Corp., Class A¹		4,261,988		135,190
Alfen NV^1,2,3		1,280,554		134,619
Generac Holdings, Inc.¹		316,141		129,197
Vicor Corp., Class A¹		930,305		124,810
TFI International, Inc. (CAD denominated)		1,130,000		115,605
TFI International, Inc.		68,200		6,969
TransDigm Group, Inc.¹		190,000		118,668
Kadant, Inc.		567,165		115,758
Lifco AB, Class B²		4,195,000		112,288
Sun Country Airlines Holdings, Inc.^1,3		3,129,018		104,947
Montana Aerospace AG^1,2,3		2,772,283		98,830
Atlas Corp.⁴		6,500,000		98,735
Haitian International Holdings, Ltd.²		31,373,000		97,440
Graco, Inc.		1,374,000		96,139
Montrose Environmental Group, Inc.^1,3		1,549,946		95,694
Kajaria Ceramics, Ltd.²		5,664,940		90,696
Masco Corp.		1,625,000		90,269
Rocket Lab USA, Inc., Class A^1,2,7		5,500,000		87,828
DL E&C Co., Ltd.^1,2		785,299		87,567
Aalberts NV, non-registered shares²		1,518,000		86,688
Cleanaway Waste Management, Ltd.²		42,502,998		84,646
Medmix AG^1,2		1,757,089		84,065
IDEX Corp.		402,700		83,339
TechnoPro Holdings, Inc.²		2,750,000		81,693
Ceres Power Holdings PLC^1,2		5,625,195		81,551
Sweco AB, Class B, non-registered shares²		5,093,702		80,074
Johns Lyng Group, Ltd.^2,3,4		17,952,060		79,441
Watsco, Inc.		300,000		79,386
Shoals Technologies Group, Inc., Class A¹		2,794,994		77,924
Woodward, Inc.		649,000		73,467

SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
EnPro Industries, Inc.		830,134	$	72,321
Quess Corp., Ltd.^1,2		5,880,859		72,214
Waste Connections, Inc.		570,000		71,780
Kingspan Group PLC²		724,000		71,616
Interface, Inc.³		4,721,060		71,524
BWX Technologies, Inc.		1,311,500		70,637
Marlowe PLC^1,2,3		6,169,901		69,724
ITM Power PLC^1,2,4		11,964,657		69,195
Sulzer AG²		724,289		68,586
Trinity Industries, Inc.		2,513,238		68,285
Hefei Meyer Optoelectronic Technology, Inc., Class A²		11,400,472		67,111
Granite Construction, Inc.		1,677,000		66,325
Fasadgruppen Group AB^2,3		3,610,300		66,194
Kratos Defense & Security Solutions, Inc.¹		2,959,051		66,016
Melrose Industries PLC²		27,747,591		64,208
DO & CO AG, non-registered shares^1,2,3		779,520		63,241
Resideo Technologies, Inc.¹		2,527,864		62,666
easyJet PLC^1,2		6,905,475		61,514
IR Japan Holdings, Ltd.²		561,900		61,321
Midac Holdings Co., Ltd.^1,2,4		1,245,600		58,547
Cargotec OYJ, Class B, non-registered shares²		1,132,500		57,450
Zhejiang Weixing New Building Materials Co., Ltd., Class A²		21,260,009		55,145
Addtech AB, Class B²		3,093,403		54,757
Textron, Inc.		780,000		54,452
RWS Holdings PLC²		6,400,000		53,936
John Bean Technologies Corp.		382,223		53,721
ACV Auctions, Inc., Class A¹		2,992,920		53,543
CSW Industrials, Inc.		415,719		53,087
Pegasus Hava Tasimaciligi AS^1,2,3		6,057,223		52,880
FTI Consulting, Inc.¹		390,600		52,614
Astral, Ltd.²		1,784,112		51,733
Centre Testing International Group Co., Ltd.²		12,715,436		49,885
Howden Joinery Group PLC²		4,143,379		49,574
Guangzhou Baiyun International Airport Co., Ltd., Class A²		29,547,628		48,988
AFRY AB, Class B²		1,553,500		47,371
Barrett Business Services, Inc.³		610,765		46,577
Indutrade AB²		1,653,822		45,938
MDA, Ltd.^1,4		3,426,600		44,016
LIXIL Corp.^2,4		1,483,100		43,097
CoStar Group, Inc.¹		500,000		43,030
First Advantage Corp.¹		2,250,000		42,863
Driven Brands Holdings, Inc.¹		1,430,000		41,313
XP Power, Ltd.²		583,458		40,465
Cummins India, Ltd.²		3,000,000		39,922
Avon Protection PLC²		1,528,500		39,895
Builders FirstSource, Inc.¹		760,228		39,334
Copa Holdings, SA, Class A¹		482,000		39,225
Controladora Vuela Compañía de Aviación, SAB de CV, ordinary participation certificates, Class A (ADR)¹		1,785,000		38,931
ESCO Technologies, Inc.		490,796		37,791
Volution Group PLC²		5,658,600		37,413
Voltronic Power Technology Corp.²		610,000		37,031
G R Infraprojects, Ltd.^1,2		1,461,700		36,585
Upwork Inc.¹		777,246		34,999
Advanced Drainage Systems, Inc.		323,056		34,945
Rumo SA¹		10,443,335		32,198
The AZEK Co., Inc., Class A¹		864,400		31,577
CAE, Inc.¹		1,052,600		31,447
Simpson Manufacturing Co., Inc.		270,449		28,930
Troax Group AB²		747,300		28,555
Sterling Check Corp.¹		1,085,000		28,167
IAA, Inc.¹		491,500		26,821
Grafton Group PLC²		1,437,900		24,468
Momentus, Inc., Class A^1,7		2,225,000		23,585
Air Lease Corp., Class A		569,300		22,396
Sdiptech AB, Class B^1,2		444,849		21,581
Froy ASA^1,2,4		3,581,100		21,234
Azelio AB^1,2,3,4		5,786,000		20,939
Lilium NV, Class A^1,4		1,960,000		20,600

10	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
UFP Industries, Inc.		301,905	$	20,524
INVISIO AB²		950,000		18,797
Munters Group AB²		2,272,660		18,610
AirTAC International Group²		594,000		18,591
Oshkosh Corp.		150,000		15,356
Green Landscaping Group AB^1,2,4		1,644,000		14,670
Sitowise Group PLC^1,2		1,530,182		13,990
Nitto Boseki Co., Ltd.²		414,000		13,817
Coor Service Management Holding AB²		1,450,000		13,744
Einride AB^1,2,3,5,6		391,089		13,640
Otonomo Technologies Ltd.^1,7		2,800,000		13,384
Mersen SA²		337,489		12,466
Imperial Logistics, Ltd.²		3,026,714		12,262
Fluidra, SA, non-registered shares²		295,000		11,656
Boa Vista Servicos SA		4,991,700		11,641
Interroll Holding AG²		2,650		11,216
Hexagon Purus ASA^1,2,4		3,162,601		10,427
JELD-WEN Holding, Inc.¹		415,000		10,387
Pyrum Innovations AG^1,2		128,340		8,514
ICF International, Inc.		60,182		5,374
Kornit Digital Ltd.¹		19,800		2,866
				14,445,588

Consumer discretionary 17.35%
Evolution AB²		7,916,558		1,203,384
YETI Holdings, Inc.^1,3		6,054,875		518,842
Floor & Decor Holdings, Inc., Class A¹		4,124,900		498,247
Helen of Troy, Ltd.^1,3		1,927,702		433,116
TopBuild Corp.^1,3		2,011,168		411,907
IDP Education, Ltd.²		11,816,861		290,688
Tube Investments of India, Ltd.^2,3		15,422,242		288,934
Thor Industries, Inc.		2,315,800		284,288
zooplus AG, non-registered shares^1,2,3		466,734		263,323
Entain PLC^1,2		8,978,173		257,009
Wyndham Hotels & Resorts, Inc.		3,000,601		231,616
Dollarama, Inc.⁴		5,010,000		217,314
Kindred Group PLC (SDR)^2,3		14,068,409		211,253
Momo.com, Inc.²		3,587,717		208,334
Food & Life Companies, Ltd.²		4,332,900		199,775
DraftKings, Inc., Class A^1,4		4,106,126		197,751
Coursera, Inc.¹		5,566,364		176,175
Everi Holdings, Inc.^1,3		7,048,606		170,435
Jiumaojiu International Holdings, Ltd.²		56,428,000		170,335
Pool Corp.		391,999		170,288
Scientific Games Corp.¹		2,004,204		166,489
Red Rock Resorts, Inc., Class A¹		3,142,436		160,956
Watches of Switzerland Group PLC^1,2,3		12,127,044		153,430
Auction Technology Group PLC^1,2,3		8,335,148		148,698
BHG Group AB^1,2,3		9,905,000		143,245
Five Below, Inc.¹		804,402		142,226
Domino’s Pizza Group PLC^2,3		24,475,815		129,598
Shop Apotheke Europe NV, non-registered shares^1,2,4		870,557		128,744
Six Flags Entertainment Corp.¹		2,986,240		126,915
Bajaj Electricals, Ltd.^1,2,3		7,218,607		126,568
Bafang Electric (Suzhou) Co., Ltd., Class A²		3,058,340		123,490
Moncler SpA²		2,015,000		123,239
WH Smith PLC^1,2		5,274,000		120,874
Williams-Sonoma, Inc.		658,000		116,683
Leslie’s, Inc.¹		5,614,721		115,326
KB Home		2,957,918		115,122
Adient PLC¹		2,752,000		114,070
MIPS AB²		1,130,500		113,373
Porch Group, Inc.^1,3,4		6,412,252		113,369
Inchcape PLC²		10,268,000		111,506
SSP Group PLC^1,2		30,015,488		110,967
Frontdoor, Inc.¹		2,566,763		107,547
Wayfair, Inc., Class A^1,4		416,000		106,292
Mercari, Inc.^1,2,4		1,930,000		106,250

SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Mattel, Inc.¹		5,700,000	$	105,792
Lennar Corp., Class A		1,058,458		99,156
Lennar Corp., Class B		21,169		1,643
Kontoor Brands, Inc.		1,910,000		95,405
Bright Horizons Family Solutions, Inc.¹		678,549		94,603
Norwegian Cruise Line Holdings, Ltd.^1,4		3,397,628		90,751
Bike24 Holding AG^1,2,3		3,379,940		90,361
Traeger, Inc.^1,4		4,314,170		90,296
Basic-Fit NV^1,2,4		1,895,318		86,810
Musti Group OYJ^2,3		2,428,879		86,680
Salvatore Ferragamo SpA^1,2,4		4,163,958		84,775
Domino’s Pizza, Inc.		176,500		84,183
Hilton Grand Vacations, Inc.¹		1,744,923		83,006
Games Workshop Group PLC²		600,400		82,534
Purple Innovation, Inc., Class A^1,3		3,848,000		80,885
Cary Group AB^1,2,3		7,857,142		79,878
Jumbo SA²		4,771,161		77,596
Asbury Automotive Group, Inc.¹		393,402		77,398
Etsy, Inc.¹		366,850		76,290
Levi Strauss & Co., Class A		2,950,000		72,305
Thule Group AB²		1,445,800		72,286
Tongcheng-Elong Holdings, Ltd.^1,2,4		30,072,200		71,872
Nien Made Enterprise Co., Ltd.²		4,920,000		69,548
Dr. Martens PLC^1,2		13,072,600		69,163
DESCENTE, Ltd.^1,2		1,964,400		69,064
Skechers USA, Inc., Class A¹		1,550,000		65,286
Strategic Education, Inc.		916,199		64,592
ASOS PLC^1,2		1,607,415		64,178
Arco Platform, Ltd., Class A^1,4		2,821,157		61,219
Vroom, Inc.^1,4		2,760,700		60,929
B&M European Value Retail SA²		7,408,252		58,815
MADE.com Group PLC^1,2,3,4		31,119,580		58,379
Polaris, Inc.		485,000		58,035
Cairn Homes PLC^2,3		43,970,000		57,942
ThredUp Inc., Class A^1,4		2,666,043		57,826
Toll Brothers, Inc.		1,043,184		57,678
Century Communities, Inc.		911,000		55,981
Golden Entertainment, Inc.¹		1,126,208		55,286
OneSpaWorld Holdings, Ltd.^1,3,4		5,353,108		53,370
Flutter Entertainment PLC (EUR denominated)^1,2		259,095		50,863
China MeiDong Auto Holdings, Ltd.²		10,088,000		50,497
Gourmet Master Co., Ltd.^2,3		9,503,000		49,381
M.D.C. Holdings, Inc.		1,044,930		48,819
POYA International Co., Ltd.²		2,879,392		48,714
RVRC Holding AB^1,2,3		6,034,800		48,538
Powerschool Holdings, Inc., Class A^1,4		1,972,300		48,538
Brunello Cucinelli SpA^1,2		864,000		47,389
Just Eat Takeaway (EUR denominated)^1,2		638,400		46,520
Darden Restaurants, Inc.		303,300		45,941
Caesars Entertainment, Inc.¹		400,000		44,912
Lojas Quero-Quero SA³		14,974,560		44,684
Westwing Group AG, non-registered shares^1,2,3		1,179,296		44,293
Grand Canyon Education, Inc.¹		500,000		43,980
Pets at Home Group PLC²		6,752,000		43,482
Trainline PLC^1,2		9,163,000		43,326
Macy’s, Inc.		1,900,000		42,940
D.R. Horton, Inc.		490,000		41,145
Xometry, Inc., Class A^1,4		703,250		40,556
Cavco Industries, Inc.¹		170,870		40,452
AcadeMedia AB^2,3		5,658,097		38,581
Patrick Industries, Inc.		457,070		38,074
MakeMyTrip, Ltd., non-registered shares¹		1,284,769		34,933
Cie. Plastic Omnium SA²		1,348,533		34,448
Alpen Co., Ltd.^2,4		1,130,000		31,227
Countryside Properties PLC^1,2		4,604,600		31,168
JOANN, Inc.^3,4		2,729,250		30,404
Graham Holdings Co., Class B		50,000		29,458
Elior Group SA^1,2		3,719,000		29,366
Melco International Development, Ltd.^1,2,4		25,076,000		29,299

12	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Beazer Homes USA, Inc.^1,3		1,659,813	$	28,632
International Game Technology PLC¹		1,082,000		28,478
Mazda Motor Corp.^1,2		3,264,000		28,423
Nokian Renkaat OYJ²		738,000		26,185
MGM China Holdings, Ltd.^1,2		41,858,248		25,927
LGI Homes, Inc.¹		175,856		24,956
Roland Corp.²		530,600		24,071
Vail Resorts, Inc.¹		71,000		23,718
Americanas SA, ordinary nominative shares¹		3,985,121		22,627
Jamna Auto Industries, Ltd.²		17,988,741		21,529
Central Automotive Products, Ltd.²		787,200		21,440
Del Taco Restaurants, Inc.³		2,402,550		20,974
Installed Building Products, Inc.		189,361		20,290
Nordstrom, Inc.¹		760,000		20,102
Shoei Co., Ltd.²		434,400		19,567
Smartfit Escola de Ginástica e Dança SA¹		4,100,000		19,274
Desenio Group AB^1,2		5,669,027		19,095
Leifheit AG, non-registered shares^2,4		472,000		19,046
Zhongsheng Group Holdings, Ltd.²		2,121,500		17,051
The Original BARK Co.^1,4		2,350,000		16,121
Westlife Development, Ltd.^1,2		1,928,968		14,706
StockX, Inc.^1,2,5,6		161,790		14,561
Paltac Corp.²		313,300		14,161
Relaxo Footwears, Ltd.²		890,000		13,607
Playtech PLC^1,2		1,933,410		12,267
Aramark		356,556		11,716
Puuilo OYJ^1,2		1,271,372		11,181
Goodyear Tire & Rubber Co. (USA)¹		558,712		9,889
Dutch Bros., Inc., Class A¹		213,211		9,236
Fox Factory Holding Corp.¹		61,853		8,940
Aston Martin Lagonda Global Holdings PLC^1,2,4		331,981		8,450
Royal Caribbean Cruises, Ltd.¹		78,017		6,940
Ace Hardware Indonesia Tbk PT²		69,376,900		6,123
Bloomberry Resorts Corp.^1,2		33,894,100		3,940
Detsky Mir PJSC²		2,136,130		3,823
OneWater Marine, Inc., Class A		34,641		1,393
China Zenix Auto International, Ltd. (ADR)¹		2,152,000		1,184
Lojas Americanas SA, ordinary nominative shares		1,232,000		998
BNN Technology PLC^1,2,3,5		19,007,000		—	⁸
				14,092,336

Health care 17.26%
Insulet Corp.¹		2,884,282		819,799
Molina Healthcare, Inc.¹		2,407,600		653,206
Biohaven Pharmaceutical Holding Co., Ltd.¹		3,190,163		443,146
NovoCure, Ltd.¹		3,621,597		420,721
Allakos, Inc.^1,3		3,788,618		401,101
CanSino Biologics, Inc., Class H^1,2,4		10,124,804		356,605
Agilon Health, Inc.^1,2,7		13,114,300		329,977
PolyPeptide Group AG^1,2,3		2,408,747		306,892
DexCom, Inc.¹		552,500		302,140
Notre Dame Intermédica Participações SA		21,680,129		297,031
Amplifon SpA²		5,286,500		251,926
Pacific Biosciences of California, Inc.¹		9,754,575		249,229
Vitrolife AB²		4,669,000		244,891
Pharmaron Beijing Co., Ltd., Class H²		9,308,000		221,183
AddLife AB, Class B²		5,990,168		217,359
Centene Corp.¹		3,437,674		214,201
Cortexyme, Inc.^1,3,4		2,242,561		205,553
BICO Group AB, Class B^1,2,4		3,233,528		192,639
Ultragenyx Pharmaceutical, Inc.¹		2,070,251		186,716
Legend Biotech Corp. (ADR)^1,4		3,689,400		186,536
Bachem Holding AG, Class B²		242,844		184,809
Max Healthcare Institute, Ltd.^1,2		36,974,348		176,975
GVS SpA^2,3		12,299,081		174,811
Nevro Corp.¹		1,341,464		156,120
Genus PLC²		2,108,000		154,518
Silk Road Medical, Inc.^1,3		2,774,630		152,688

SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Integra LifeSciences Holdings Corp.¹		2,128,347	$	145,749
Penumbra, Inc.¹		508,744		135,580
AbCellera Biologics, Inc.^1,4		6,514,332		130,547
Metropolis Healthcare, Ltd.^2,3		3,491,571		126,134
Revance Therapeutics, Inc.^1,3,4		4,512,630		125,722
Shockwave Medical, Inc.¹		585,000		120,440
Globus Medical, Inc., Class A¹		1,531,007		117,306
CONMED Corp.		875,287		114,514
Zai Lab, Ltd. (ADR)¹		1,071,005		112,873
Health Catalyst, Inc.¹		2,193,600		109,702
ICON PLC¹		411,406		107,797
Arjo AB, Class B²		8,533,027		105,274
Mani, Inc.^2,3		5,367,004		102,420
Laurus Labs, Ltd.²		12,245,000		100,895
Pulmonx Corp.^1,3,4		2,754,500		99,107
Gland Pharma, Ltd.^1,2		1,970,452		97,363
Tandem Diabetes Care, Inc.¹		778,500		92,937
Vir Biotechnology, Inc.¹		2,106,538		91,677
Surgical Science Sweden AB^1,2,3		3,271,137		89,512
Ocumension Therapeutics^1,2,3,4		37,102,000		88,719
Novavax, Inc.¹		411,000		85,204
Exact Sciences Corp.¹		890,000		84,950
TG Therapeutics, Inc.¹		2,450,200		81,543
Warby Parker, Inc., Class A¹		1,484,922		78,775
CompuGroup Medical SE & Co. KGaA²		922,800		75,988
Brii Biosciences, Ltd.^1,2,7		12,989,542		59,974
Brii Biosciences, Ltd.^1,2		3,225,000		16,010
Cano Health, Inc.¹		5,979,714		75,823
Alignment Healthcare, Inc.^1,4		4,737,200		75,700
Twist Bioscience Corp.¹		704,000		75,307
Addus HomeCare Corp.^1,3		938,900		74,877
Natera, Inc.¹		643,000		71,656
Carl Zeiss Meditec AG, non-registered shares²		368,406		70,818
Zealand Pharma A/S^1,2,3		2,414,836		69,352
Amvis Holdings, Inc.^2,4		960,900		68,450
Hutchmed China, Ltd. (ADR)¹		1,350,035		49,425
Hutchmed China, Ltd.^1,2,4		2,554,000		18,532
Antares Vision SpA^1,2,3,4		5,278,008		67,179
Shandong Pharmaceutical Glass Co., Ltd., Class A²		14,613,776		67,149
New Frontier Health Corp., Class A^1,4		5,888,650		66,130
Allogene Therapeutics, Inc.¹		2,501,703		64,294
Definitive Healthcare Corp., Class A^1,4		1,500,000		64,245
Medlive Technology Co., Ltd.^1,2		12,905,000		61,612
Inari Medical, Inc.¹		757,410		61,426
New Horizon Health, Ltd.^1,2,4		13,361,335		58,291
Poly Medicure, Ltd.²		4,511,022		56,170
CRISPR Therapeutics AG¹		495,405		55,451
Fisher & Paykel Healthcare Corp., Ltd.²		2,510,000		55,190
Oak Street Health, Inc.^1,4		1,293,500		55,013
Rubius Therapeutics, Inc.¹		3,067,396		54,845
Editas Medicine, Inc.¹		1,300,000		53,404
Nakanishi, Inc.²		2,255,800		51,499
Guardant Health, Inc.¹		409,500		51,192
Revenio Group OYJ, non-registered shares²		792,790		50,282
Hikma Pharmaceuticals PLC²		1,521,400		50,051
Precision BioSciences, Inc.^1,3		4,269,000		49,264
Phreesia, Inc.¹		795,384		49,075
Adaptive Biotechnologies Corp.¹		1,407,980		47,857
Amedisys, Inc.¹		317,400		47,324
Seer, Inc., Class A^1,4		1,370,000		47,306
NuVasive, Inc.¹		766,000		45,845
Angelalign Technology, Inc.^1,2		1,072,400		45,586
Zentalis Pharmaceuticals, Inc.¹		683,000		45,515
Applied Molecular Transport, Inc.^1,4		1,712,980		44,315
Jacobio Pharmaceuticals Group Co., Ltd.^1,2,4		18,436,500		44,028
KRKA, dd, Novo mesto²		335,262		43,236
Cellectis SA (ADR)^1,3,4		2,214,336		27,923
Cellectis SA, non-registered shares^1,2,3		1,181,240		15,170
Fagron NV²		2,126,554		41,424

14	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Adaptimmune Therapeutics PLC (ADR)^1,3,4		8,002,700	$	41,374
Sosei Group Corp.^1,2,4		2,359,600		40,224
Inhibrx, Inc.^1,4		1,200,000		39,972
FIGS, Inc., Class A^1,4		1,000,000		37,140
Glaukos Corp.¹		750,322		36,143
Hypera SA, ordinary nominative shares		5,957,283		35,159
CellaVision AB, non-registered shares²		789,300		35,088
Haemonetics Corp.¹		496,400		35,041
Genetron Holdings, Ltd. (ADR)¹		2,472,191		34,240
Genomma Lab Internacional, SAB de CV, Series B¹		35,953,000		34,121
Medacta Group SA^1,2		216,959		33,785
Revolution Medicines, Inc.¹		1,228,000		33,782
Hikal, Ltd.²		4,140,000		33,297
Encompass Health Corp.		443,400		33,273
Menicon Co., Ltd.^2,4		842,000		32,801
Incyte Corp.¹		474,000		32,602
Ambu AS, Class B, non-registered shares²		1,070,500		31,621
Syneos Health, Inc., Class A¹		353,500		30,924
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A²		1,949,981		30,881
Xenon Pharmaceuticals, Inc.^1,4		2,019,226		30,854
Classys, Inc.²		1,829,323		30,726
Hangzhou Tigermed Consulting Co., Ltd., Class A²		1,090,535		29,223
Teladoc Health, Inc.¹		230,000		29,166
Olink Holding AB (ADR)^1,4		1,177,156		28,546
Cue Health, Inc.^1,4		2,375,000		28,049
Acerta Pharma BV^1,2,5,6		195,556,815		27,730
Sysmex Corp.²		220,300		27,214
Creo Medical Group PLC^1,2,3,4		11,533,623		26,954
Asahi Intecc Co., Ltd.²		962,400		26,404
Alnylam Pharmaceuticals, Inc.¹		137,700		25,999
Nordhealth AS, Class A^1,2,3		5,120,000		25,989
Dechra Pharmaceuticals PLC²		398,000		25,926
Privia Health Group, Inc.¹		1,098,000		25,869
Strides Pharma Science, Ltd.^1,2		2,980,558		23,528
CM Hospitalar SA¹		5,671,671		23,444
Oncoclinicas do Brasil Servicos Medicos SA¹		9,252,000		22,885
Fleury SA, ordinary nominative shares		5,540,900		22,506
OdontoPrev SA, ordinary nominative shares		6,925,700		20,933
Quantum-SI, Inc., Class A¹		2,500,000		20,850
Chemed Corp.		42,000		19,535
Autolus Therapeutics PLC (ADR)^1,4		2,955,806		19,361
Gracell Biotechnologies, Inc., Class A (ADR)^1,4		1,388,988		19,265
Signify Health, Inc., Class A^1,4		1,000,000		17,870
Adagene, Inc. (ADR)^1,4		1,137,532		16,494
Scholar Rock Holding Corp.^1,4		475,000		15,684
Acutus Medical, Inc.^1,4		1,600,000		14,144
Diagnósticos da América SA		1,728,463		13,813
HBM Holdings, Ltd.^1,2		15,992,000		13,732
Certara, Inc.¹		397,595		13,160
Schrodinger, Inc.¹		232,084		12,690
Kronos Bio, Inc.^1,4		600,000		12,576
WIN-Partners Co., Ltd.²		1,402,700		12,330
Global Blood Therapeutics, Inc.¹		467,520		11,912
Aveanna Healthcare Holdings, Inc.¹		1,246,000		9,993
Karuna Therapeutics, Inc.¹		78,600		9,615
Sana Biotechnology, Inc.^1,4		426,000		9,593
Pacific Edge, Ltd.^1,2		8,703,703		9,313
Deciphera Pharmaceuticals, Inc.¹		270,000		9,175
Cronos Group, Inc.^1,4		1,585,000		8,947
KRY International AB, Series A^1,2,5,6		19,744		8,565
Implantica AG, Class A (SDR)^1,2		700,000		7,323
Galapagos NV^1,2		139,195		7,304
Intervacc AB^1,2,4		850,000		6,377
Xvivo Perfusion AB^1,2		135,500		5,952
Talkspace, Inc., Class A¹		1,554,641		5,674
Bausch Health Companies, Inc.¹		200,000		5,570
IN8bio, Inc.¹		800,000		5,520
Innovage Holding Corp.¹		825,300		5,455
Bonesupport Holding AB^1,2		1,200,000		5,432

SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
PetIQ, Inc., Class A^1,4		181,500	$	4,532
Black Diamond Therapeutics, Inc.^1,4		525,000		4,441
Nanoform Finland PLC^1,2		351,000		3,294
Berkeley Lights, Inc.¹		124,831		2,442
Eargo, Inc.^1,4		135,000		909
				14,016,970

Financials 9.00%
SVB Financial Group¹		606,500		392,333
Ares Management Corp., Class A		5,174,776		382,054
Janus Henderson Group PLC		6,819,041		281,831
Bridgepoint Group PLC^1,2		37,280,545		254,040
Trupanion, Inc.^1,3		3,111,062		241,636
East West Bancorp, Inc.		3,044,577		236,077
Marqeta, Inc., Class B^1,2,7		11,068,797		235,048
First Republic Bank		1,141,825		220,235
Aavas Financiers, Ltd.^1,2,3		6,280,980		213,203
Goosehead Insurance, Inc., Class A		1,310,968		199,647
Essent Group, Ltd.		4,480,800		197,200
AU Small Finance Bank, Ltd.^1,2		11,857,100		183,848
Independent Bank Group, Inc.³		2,213,646		157,257
SouthState Corp.		2,099,211		156,748
Capitec Bank Holdings, Ltd.²		1,242,943		150,193
RenaissanceRe Holdings, Ltd.		1,058,600		147,569
Enstar Group, Ltd.¹		619,500		145,415
Seacoast Banking Corporation of Florida³		4,106,901		138,854
Focus Financial Partners, Inc., Class A¹		2,640,931		138,306
Cholamandalam Investment and Finance Co., Ltd.²		17,582,421		132,587
TCS Group Holding PLC (GDR)²		1,407,625		128,162
TCS Group Holding PLC (GDR)^2,7		31,700		2,886
Upstart Holdings, Inc.¹		402,465		127,356
Bajaj Finance, Ltd.²		1,202,961		123,494
Eurobank Ergasias Services and Holdings SA^1,2		130,196,554		121,913
Western Alliance Bancorporation		1,100,128		119,716
Radian Group, Inc.		4,910,751		111,572
Live Oak Bancshares, Inc.		1,634,993		104,035
Stifel Financial Corp.		1,477,350		100,401
AJ Bell PLC²		18,325,000		98,351
IIFL Wealth Management, Ltd.²		4,379,654		92,451
Patria Investments, Ltd., Class A³		5,603,834		91,511
Indian Energy Exchange, Ltd.²		10,468,727		90,165
StepStone Group, Inc., Class A		1,853,600		79,038
TMX Group, Ltd.		699,000		75,380
Euronext NV²		585,333		66,052
Banca Generali SpA^1,2		1,416,423		62,119
Valley National Bancorp		4,567,000		60,787
Multi Commodity Exchange of India, Ltd.²		2,540,000		56,350
SiriusPoint, Ltd.¹		6,022,900		55,772
PacWest Bancorp		1,220,000		55,290
The Bank of N.T. Butterfield & Son, Ltd.		1,550,000		55,040
NMI Holdings, Inc.¹		2,147,927		48,565
Uzabase, Inc.^1,2,3		2,145,100		46,409
MGIC Investment Corp.		3,101,550		46,399
VZ Holding AG²		465,000		46,096
Webster Financial Corp.		843,652		45,945
Moelis & Co., Class A		719,000		44,485
Korea Investment Holdings Co., Ltd.²		590,280		42,372
City Union Bank, Ltd.²		19,531,129		41,253
Antin Infrastructure Partners SA^1,2		1,210,502		40,804
Nova Ljubljanska Banka dd (GDR)²		2,360,226		39,733
Hamilton Lane Inc., Class A		442,970		37,573
Pine Labs Pte., Ltd.^1,2,5,6		76,998		37,311
Bolsa Mexicana de Valores, SAB de CV, Series A		19,002,880		36,567
Umpqua Holdings Corp.		1,785,500		36,156
EFG International AG²		4,814,800		34,893
Artisan Partners Asset Management, Inc., Class A		705,000		34,489
ICICI Securities, Ltd.²		3,293,062		33,576
AssetMark Financial Holdings, Inc.¹		1,350,000		33,575

16	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Funding Circle Holdings PLC^1,2		14,713,073	$	30,796
Victory Capital Holdings, Inc., Class A⁴		812,000		28,428
eGuarantee, Inc.²		1,268,348		28,201
Alpha Services and Holdings SA^1,2		22,170,967		27,786
Hilltop Holdings, Inc.		850,000		27,770
Archer Aviation, Inc., Class A^1,2		3,134,336		26,163
Linc AB^1,2		2,358,208		24,001
IIFL Finance Ltd.²		6,110,207		23,507
Kinsale Capital Group, Inc.		144,120		23,304
Hiscox, Ltd.²		2,060,606		23,166
PT Bank Rakyat Indonesia Agroniaga Tbk^1,2		147,804,400		22,887
The Tel Aviv Stock Exchange, Ltd.²		4,312,024		22,856
BOK Financial Corp.		250,368		22,420
Aptus Value Housing Finance India, Ltd.^1,2		5,246,052		22,365
Qualitas Controladora, SAB de CV		4,600,000		21,080
Open Lending Corp.¹		575,641		20,763
Regional, SAB de CV, Series A		3,522,159		20,271
Close Brothers Group PLC²		881,900		18,223
Silvergate Capital Corp., Class A¹		137,900		15,927
Hellenic Exchanges-Athens Stock Exchange SA^2,3		3,500,000		13,967
HDFC Asset Management Co., Ltd.²		319,780		12,489
SBI Holdings, Inc.²		505,000		12,459
Discovery, Ltd.^1,2		899,883		8,177
MJ Hudson Group PLC^1,2		4,837,363		3,273
				7,308,402

Consumer staples 3.28%
Emmi AG^2,3		318,222		328,323
Ocado Group PLC^1,2		10,398,813		231,284
Simply Good Foods Co., Class A^1,3		6,651,000		229,393
Freshpet, Inc.¹		1,169,632		166,895
Monde Nissin Corp.^1,2		450,277,767		165,531
Fevertree Drinks PLC²		4,196,369		133,828
Grocery Outlet Holding Corp.^1,3		5,913,486		127,554
Raia Drogasil SA, ordinary nominative shares		28,750,000		123,378
Milbon Co., Ltd.^2,3		1,828,900		112,067
Kotobuki Spirits Co., Ltd.²		1,483,200		101,684
BJ’s Wholesale Club Holdings, Inc.¹		1,455,608		79,942
AAK AB²		3,563,609		76,622
COSMOS Pharmaceutical Corp.²		412,300		70,315
Dole PLC^1,4		3,721,980		63,125
United Spirits, Ltd.^1,2		4,506,665		51,352
Zur Rose Group AG^1,2		127,980		50,792
Vector Group, Ltd.		3,971,496		50,637
Hilton Food Group PLC²		3,062,967		48,255
Sovos Brands, Inc.^1,4		3,333,400		46,501
Nu Skin Enterprises, Inc., Class A		1,100,000		44,517
Performance Food Group Co.¹		928,000		43,115
Bakkafrost P/F²		517,500		42,606
Varun Beverages, Ltd.²		2,973,313		35,895
Sok Marketler Ticaret AS, non-registered shares²		27,025,951		35,839
BidCorp, Ltd.^1,2		1,640,857		35,288
Fresh Del Monte Produce, Inc.		1,028,000		33,122
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A²		6,624,986		32,289
Avenue Supermarts, Ltd.^1,2		417,313		23,771
PZ Cussons PLC²		6,017,310		18,200
Hostess Brands, Inc., Class A¹		1,010,000		17,544
Nomad Foods, Ltd.¹		500,000		13,780
Century Pacific Food, Inc.²		25,901,000		13,528
Icelandic Salmon AS^1,2,4		515,000		8,379
Beyond Meat, Inc.^1,4		73,395		7,726
				2,663,077

Communication services 2.36%
Iridium Communications, Inc.¹		4,256,695		169,629
Iridium Communications, Inc.^1,7		636,132		25,350
New York Times Co., Class A		3,865,100		190,433
Bandwidth, Inc., Class A¹		1,687,700		152,366

SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
JCDecaux SA^1,2		5,744,911	$	151,710
Nordic Entertainment Group AB, Class B^1,2		2,663,433		143,069
Yandex NV, Class A¹		1,530,000		121,926
JOYY Inc., Class A (ADR)		1,782,000		97,707
DIP Corp.²		2,401,400		91,426
Daily Mail and General Trust PLC, Class A, nonvoting shares²		5,273,803		76,008
YouGov PLC²		3,518,294		59,962
Direct Marketing MIX, Inc.^2,3		1,312,000		50,358
Trustpilot AS^1,2		9,251,489		48,066
Future PLC^1,2		945,924		46,379
Zillow Group, Inc., Class C, nonvoting shares¹		525,000		46,273
Cable One, Inc.		25,321		45,910
CTS Eventim AG & Co. KGaA^1,2		471,400		35,669
4imprint Group PLC²		866,001		34,979
Zee Entertainment Enterprises, Ltd.²		7,932,200		32,370
Tata Communications, Ltd.²		1,725,254		32,157
Ascential PLC^1,2		5,561,296		30,690
Huuuge, Inc.^1,2		2,977,596		30,545
Pebble Group PLC^1,2,3		13,396,071		28,975
Paradox Interactive AB²		1,473,435		23,616
Vimeo, Inc.¹		786,700		23,105
Playstudios, Inc., Class A¹		4,500,000		20,520
Hemnet Group AB^1,2		886,257		17,117
Capcom Co., Ltd.²		543,719		15,102
Bambuser AB^1,2		6,920,149		14,608
Bengo4.com, Inc.^1,2,4		241,100		13,876
MTN Group, Ltd.^1,2		1,458,066		13,684
Boat Rocker Media, Inc.^1,4		2,103,504		12,456
Frontier Communications Parent, Inc.¹		439,057		12,237
Indus Towers, Ltd.²		2,202,579		9,063
Skillz, Inc., Class A^1,2,7		156,976		1,434
				1,918,775

Materials 2.34%
Navin Fluorine International, Ltd.^2,3		3,654,309		180,182
APL Apollo Tubes, Ltd.^2,3		14,384,000		159,233
CCL Industries, Inc., Class B, nonvoting shares		2,262,200		117,164
Nanofilm Technologies International, Ltd.^2,3		34,696,300		105,677
PI Industries, Ltd.²		2,223,929		95,001
JCU Corp.^2,3,4		2,174,900		86,616
MMG, Ltd.^1,2		190,768,000		78,782
LANXESS AG²		1,118,084		76,030
SK Materials Co., Ltd.²		210,918		72,971
Diversey Holdings, Ltd.¹		4,199,000		67,352
Alcoa Corp.¹		1,260,000		61,664
Re:NewCell AB^1,2,3,4		2,462,272		61,257
Lundin Mining Corp.		8,514,400		61,240
Summit Materials, Inc., Class A¹		1,853,320		59,251
H.B. Fuller Co.		866,200		55,922
Vidrala, SA, non-registered shares²		478,335		52,186
Tronox Holdings PLC, Class A		2,068,000		50,976
Aluflexpack AG^1,2,3		1,309,666		45,884
ACC, Ltd.²		1,377,000		41,761
SSR Mining, Inc.		2,445,000		35,575
Yamana Gold, Inc.⁴		8,881,000		35,169
Allegheny Technologies, Inc.¹		2,098,602		34,900
Danimer Scientific, Inc., Class A^1,4		2,074,887		33,904
Croda International PLC²		267,795		30,581
Berger Paints India, Ltd.^1,2		2,500,993		27,252
Arkema SA²		197,500		26,126
Venator Materials PLC^1,3		8,519,540		24,281
Indigo Paints, Ltd.^1,2		696,004		23,967
Sandstorm Gold, Ltd.¹		3,577,197		20,605
Vinati Organics, Ltd.²		784,886		20,469
Origin Materials, Inc., Class A¹		2,500,000		17,025
Gulf Oil Lubricants India, Ltd.²		1,476,661		11,620

18	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Fuso Chemical Co., Ltd.²		253,100	$	11,470
Gerdau SA (ADR)		2,011,500		9,897
Shandong Sinocera Functional Material Co., Ltd., Class A²		949,821		6,050
				1,898,040

Real estate 1.54%
Altus Group, Ltd.³		3,539,988		172,723
DigitalBridge Group, Inc. REIT, Class A^1,4		24,048,774		145,014
CIFI Ever Sunshine Services Group, Ltd.^2,4		69,614,000		138,355
Embassy Office Parks REIT²		22,010,000		100,196
SRE Holdings Corp.^1,2,3		1,162,500		82,123
K-Fast Holding AB, Class B^1,2,3,4		9,796,068		81,175
Concentradora Fibra Danhos REIT, SA de CV		57,554,482		70,962
MGM Growth Properties LLC REIT, Class A		1,767,000		67,676
Real Matters, Inc.^1,3		6,373,367		50,520
JHSF Participações SA³		46,022,472		50,030
Samhallsbyggnadsbolaget i Norden AB, Class B²		7,264,000		40,057
Mindspace Business Parks REIT²		9,000,000		37,191
FirstService Corp.		200,000		36,160
Shimao Services Holdings, Ltd.²		16,829,000		34,555
Redwood Trust, Inc. REIT		2,562,000		33,024
Macrotech Developers, Ltd.^1,2		2,331,038		32,877
Douglas Emmett, Inc. REIT		910,000		28,765
Genova Property Group AB^1,2,3		2,126,731		28,296
Americold Realty Trust REIT		217,800		6,327
Park Hotels & Resorts, Inc. REIT¹		270,400		5,175
BR Malls Participacoes SA, ordinary nominative shares¹		3,357,560		4,982
Pebblebrook Hotel Trust REIT		219,000		4,908
				1,251,091

Energy 1.19%
Cimarex Energy Co.		1,971,000		171,871
Pioneer Natural Resources Company		629,255		104,777
Northern Oil and Gas, Inc.^3,4		4,875,000		104,325
New Fortress Energy, Inc., Class A⁴		2,340,000		64,935
Denbury, Inc.^1,4		855,000		60,064
Vine Energy, Inc., Class A^1,4		3,282,000		54,055
APA Corp.		2,478,500		53,114
Chesapeake Energy Corp.		817,500		50,350
Cactus, Inc., Class A		1,300,791		49,066
Renewable Energy Group, Inc.¹		900,000		45,180
Worley, Ltd.²		5,701,172		40,108
Viper Energy Partners LP		1,455,000		31,792
Magnolia Oil & Gas Corp., Class A		1,632,000		29,033
Equitrans Midstream Corp.		2,736,742		27,751
Venture Global LNG, Inc., Series C^1,2,5,6,7		4,240		20,346
Helmerich & Payne, Inc.		690,600		18,929
Aegis Logistics, Ltd.²		5,285,594		16,057
Savannah Energy PLC^1,2,3,5		64,599,102		15,998
Diamondback Energy, Inc.		50,000		4,733
Petronet LNG, Ltd.²		1,384,229		4,421
				966,905

Utilities 0.28%
AC Energy Corp.²		567,933,920		125,420
ENN Energy Holdings, Ltd.²		3,166,000		51,846
Black Hills Corp.		379,000		23,786
Neoenergia SA		5,959,000		16,753
Hawaiian Electric Industries, Inc.		220,859		9,018
Mytrah Energy, Ltd.^1,2,3,5		10,418,000		140
				226,963

Total common stocks (cost: $42,315,310,000)				75,917,195

SMALLCAP World Fund

Preferred securities 1.47%	Shares		Value (000)
Information technology 0.45%
Avidxchange Holdings, Inc., Series F, preferred shares^1,2,3,5,6		2,159,548	$	141,386
Patreon, Inc., Series E, preferred shares^1,2,5,6		698,208		39,100
Patreon, Inc., Series Seed, preferred shares^1,2,5,6		163,096		9,133
Outreach Corp., Series G, preferred shares^1,2,5,6		1,554,053		45,483
Gitlab, Inc., Series E, preferred shares^1,2,5,6		1,044,048		42,378
PsiQuantum, Corp., Series D, preferred shares^1,2,5,6		1,334,542		35,000
Credo Technology Group Holding, Ltd., Series D, 8.00% noncumulative preferred shares^1,2,5,6		4,005,527		23,253
Credo Technology Group Holding, Ltd., Series D+, 8.00% noncumulative preferred shares^1,2,5,6		744,555		4,322
Yotpo, Ltd., Series F, preferred shares^1,2,5,6,7		8,332,809		18,329
Yotpo, Ltd., Series B, preferred shares^1,2,5,6,7		1,111,347		2,444
Yotpo, Ltd., Series C, preferred shares^1,2,5,6,7		1,057,985		2,327
Yotpo, Ltd., Series A-1, preferred shares^1,2,5,6,7		709,592		1,561
Yotpo, Ltd., Series A, preferred shares^1,2,5,6,7		345,899		761
Yotpo, Ltd., Series C-1, preferred shares^1,2,5,6,7		293,302		645
Yotpo, Ltd., Series D, preferred shares^1,2,5,6,7		163,552		360
Yotpo, Ltd., Series B-1, preferred shares^1,2,5,6,7		130,625		287
				366,769

Industrials 0.41%
Azul SA, preferred nominative shares (ADR)¹		7,105,974		142,546
Azul SA, preferred nominative shares¹		771,000		5,155
Relativity Space, Inc., Series D, preferred shares^1,2,3,5,6		2,143,751		48,953
Relativity Space, Inc., Series E, preferred shares^1,2,3,5,6		464,197		10,600
Einride AB, Series B, preferred shares^1,2,3,5,6		1,334,588		46,547
ABL Space Systems Co., Series B, preferred shares^1,2,5,6		777,162		40,249
WorkRise Technologies, Inc., Series E, preferred shares^1,2,5,6		95,423		40,194
				334,244

Health care 0.41%
Sartorius AG, nonvoting non-registered preferred shares²		306,600		195,257
Laronde, Inc., Series B, 6.00% preferred shares^1,2,5,6		1,785,714		50,000
KRY International AB, Series E, preferred shares^1,2,5,6		114,059		49,478
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 2022^1,2,3,5,6		1,531,102		15,101
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares^1,2,5,6		4,397,107		12,347
Artiva Biotherapeutics, Inc., Series B, preferred shares^1,2,5,6		636,364		7,000
				329,183

Financials 0.10%
PPRO Holding GMBS, Series B, 8.00% preferred shares^1,2,3,5,6		13,618		54,312
Pine Labs Pte., Ltd., Series J, cumulative preferred shares^1,2,5,6		57,100		27,669
				81,981

Consumer discretionary 0.10%
Grove Collaborative, Inc., Series E, preferred shares^1,2,5,6		2,611,018		27,311
Cava Group, Inc., Series F, preferred shares^1,2,5,6,7		664,364		26,395
StockX, Inc., Series E-1, preferred shares^1,2,5,6		222,222		20,000
StockX, Inc., Series AA, preferred shares^1,2,5,6		57,338		5,160
StockX, Inc., Series B, preferred shares^1,2,5,6		3,094		279
				79,145

Total preferred securities (cost: $808,869,000)				1,191,322

Rights & warrants 0.18%
Information technology 0.15%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2023^1,2,7		2,119,100		122,669
Foursquare Labs, Inc., warrants, expire 2033^1,2,5,6		1,163,990		788
				123,457

Consumer staples 0.02%
Qingdao Richen Food Co., Ltd., Class A, warrants, expire 2022^1,2,7		2,415,300		15,743

Industrials 0.01%
Momentus, Inc., warrants, expire 2026¹		2,225,000		5,930

Total rights & warrants (cost: $133,610,000)				145,130


20	SMALLCAP World Fund

Convertible stocks 0.07%	Shares		Value (000)
Communication services 0.05%
Nextdoor, Inc., Series H, convertible preferred shares^2,5,6,7		1,512,513	$	39,680

Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares^1,2,3,5,6		3,468,862		19,495

Total convertible stocks (cost: $49,833,000)				59,175

Short-term securities 5.99%
Money market investments 5.18%
Capital Group Central Cash Fund 0.06%^3,9		42,099,081		4,210,329

Money market investments purchased with collateral from securities on loan 0.81%
Capital Group Central Cash Fund 0.06%^3,9,10		1,881,202		188,139
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%^9,10		110,000,000		110,000
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^9,10		100,303,559		100,304
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%^9,10		90,000,000		90,000
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%^9,10		50,000,000		50,000
Fidelity Investments Money Market Government Portfolio, Class I 0.01%^9,10		45,000,000		45,000
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%^9,10		44,000,000		44,000
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%^9,10		27,000,000		27,000
				654,443

Total short-term securities (cost: $4,864,428,000)				4,864,772
Total investment securities 101.19% (cost: $48,172,050,000)				82,177,594
Other assets less liabilities (1.19)%				(963,402	)

Net assets 100.00%			$	81,214,192

Investments in affiliates³

	Value of affiliates at 10/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 9/30/2021 (000)		Dividend income (000)
Common stocks 21.48%
Information technology 4.97%
eMemory Technology, Inc.²	$	71,353	$	67,425	$	327	$	24		$	286,901		$	425,376	$	1,634
Netcompany Group AS, non-registered shares²		261,807		12,613		57,415		27,312			67,366			311,683		443
SHIFT, Inc.^1,2		149,519		58,714		26,227		17,426			81,760			281,192		—
Kulicke and Soffa Industries, Inc.		—		243,679		—		—			33,874			277,553		1,405
Keywords Studios PLC^1,2		53,740		161,461		12,201		(926	)		35,080			237,154		—
Money Forward, Inc.^1,2,4		71,443		112,753		15,559		8,096			58,437			235,170		—
Net One Systems Co., Ltd.²		313,706		13,177		16,497		5,906			(89,708	)		226,584		4,716
Network International Holdings PLC^1,2		102,957		57,526		1,139		(98	)		56,009			215,255		—
Nagarro SE^1,2,4		—		90,960		14,512		5,292			62,709			144,449		—
Bottomline Technologies (de), Inc.¹		146,392		4,527		—		—			(10,520	)		140,399		—
Megaport, Ltd.^1,2		139,672		—		11,403		8,522			(3,976	)		132,815		—
Computer Age Management Services, Ltd.²		10,130		57,807		—		—			60,407			128,344		1,232
GB Group PLC²		96,159		2,979		—		—			26,385			125,523		948
PAR Technology Corp.^1,4		39,764		69,755		—		—			15,910			125,429		—
Global Unichip Corp.²		41,928		31,303		—		—			49,705			122,936		1,257


SMALLCAP World Fund	21

Investments in affiliates³(continued)

	Value of affiliates at 10/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 9/30/2021 (000)		Dividend income (000)
Dye & Durham, Ltd.	$	23,232	$	88,819	$	9,922	$	—		$	19,063		$	121,192	$	120
Tanla Platforms, Ltd.²		—		59,312		—		—			53,022			112,334		125
Ideagen PLC²		—		79,031		—		—			7,763			86,794		22
Appier Group, Inc.^1,2,4		—		99,220		—		—			(17,766	)		81,454		—
Dexerials Corp.²		18,537		24,099		—		—			21,003			63,639		1,551
Zuken, Inc.²		3,746		44,416		—		—			11,196			59,358		295
Hennge KK^1,2,4		—		56,580		4,323		(6,524	)		10,327			56,060		—
Boku, Inc.^1,2,4,7		—		48,584		—		—			5,060			53,644		—
Cherry AG^1,2		—		53,736		—		—			(1,456	)		52,280		—
Unifiedpost Group SA^1,2		51,564		11,545		—		—			(12,498	)		50,611		—
LPKF Laser & Electronics AG, non-registered shares^2,4		42,521		10,070		—		—			(7,917	)		44,674		240
SmartCraft ASA, Class A^1,2		—		53,700		25,766		—			6,238			34,172		—
Smaregi, Inc.^1,2,4		14,647		4,476		—		—			14,893			34,016		—
EcoOnline Holding AS^1,2,4		—		58,832		29,416		—			(345	)		29,071		—
Dock, Ltd.^1,2,5,6,11		—		26,000		��		—			1,080			27,080		—
CANCOM SE, non-registered shares^1,2,12		148,833		—		143,317		1,835			(7,351	)		—		—
Clear Secure, Inc., Class A^1,12		—		34,844		—		—			5,494			—		—
Fortnox AB^2,12		143,848		—		193,905		132,383			(21,408	)		—		285
Nuvei Corp., subordinate voting shares^1,7,12		83,460		—		58,727		7,331			(32,064	)		—		—
Paya Holdings Inc., Class A^1,12		—		26,378		25,583		(795	)		—			—		—
Paya Holdings Inc., Class A^1,2,7,12		—		50,000		60,997		10,997			—			—		—
SimCorp AS^2,12		287,448		10,103		213,130		69,337			(78,229	)		—		1,311
Smartsheet, Inc., Class A^1,12		339,768		7,161		62,402		27,654			110,498			—		—
Tokai Carbon Korea Co., Ltd.^2,12		—		141,455		83,145		(43,995	)		2,235			—		172
Yext, Inc.^1,12		107,110		—		126,131		34,785			(15,764	)		—		—
														4,036,241
Industrials 5.15%
IMCD NV²		419,005		—		—		—			249,133			668,138		4,280
BayCurrent Consulting, Inc.²		57,697		188,918		6,253		356			383,661			624,379		2,139
Diploma PLC²		217,621		107,080		30,520		—			80,404			374,585		5,219
Saia, Inc.¹		134,364		79,240		—		—			135,501			349,105		—
Boyd Group Services, Inc.⁴		166,456		44,268		9,727		1,817			34,272			237,086		515
Visional, Inc.^1,2		—		137,690		—		—			49,026			186,716		—
Carel Industries SpA²		165,092		4,432		22,670		10,169			29,681			186,704		983
Arcosa, Inc.		108,252		101,923		34,633		(10,073	)		10,899			176,368		648
Japan Elevator Service Holdings Co., Ltd.²		97,944		33,586		—		—			31,866			163,396		611
Instalco AB²		71,427		12,304		4,253		1,115			77,414			158,007		1,107
Comfort Systems USA, Inc.		—		134,795		—		—			2,245			137,040		561
Alfen NV^1,2		81,133		15,756		9,497		3,387			43,840			134,619		—
Sun Country Airlines Holdings, Inc.¹		—		111,119		27,382		5,563			15,647			104,947		—
Montana Aerospace AG^1,2		—		157,364		78,682		—			20,148			98,830		—
Montrose Environmental Group, Inc.¹		18,794		40,090		—		—			36,810			95,694		—
Johns Lyng Group, Ltd.^2,4		—		78,148		—		—			1,293			79,441		364
Interface, Inc.		9,547		43,730		—		—			18,247			71,524		126
Marlowe PLC^1,2		—		106,481		45,941		—			9,184			69,724		—
Fasadgruppen Group AB²		—		51,266		25,107		—			40,035			66,194		262
DO & CO AG, non-registered shares^1,2		8,882		42,909		—		—			11,450			63,241		—
Pegasus Hava Tasimaciligi AS^1,2		—		59,540		—		—			(6,660	)		52,880		—
Barrett Business Services, Inc.		21,658		12,319		—		—			12,600			46,577		733
Azelio AB^1,2,4		6,443		22,032		—		—			(7,536	)		20,939		—


22	SMALLCAP World Fund

Investments in affiliates³(continued)

	Value of affiliates at 10/1/2020 (000)			Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 9/30/2021 (000)			Dividend income (000)
Einride AB^1,2,5,6	$	—		$	8,938	$	—	$	—		$	4,702		$	13,640		$	—
Avon Protection PLC^2,11,12		130,603			19,916		41,360		5,035			(74,299	)		—			947
Bingo Industries Ltd.^2,12		85,378			—		130,282		63,062			(18,158	)		—			566
Grace Technology, Inc.¹²		50,981			6,989		39,750		(9,930	)		(8,290	)		—			168
Granite Construction, Inc.¹²		40,979			12,088		48,572		9,421			52,409			—			1,190
Greaves Cotton Ltd.^1,2,12		13,291			—		13,277		(13,401	)		13,387			—			—
Matson, Inc.¹²		87,156			—		13,713		5,815			80,064			—			2,046
Meggitt PLC^1,2,12		147,363			144,186		455,603		240,699			151,669			—			—
															4,179,774
Consumer discretionary 4.83%
YETI Holdings, Inc.¹		226,417			74,713		9,137		3,309			223,540			518,842			—
Helen of Troy, Ltd.¹		126,272			269,374		—		—			37,470			433,116			—
TopBuild Corp.¹		403,067			15,183		95,957		73,128			16,486			411,907			—
Tube Investments of India, Ltd.²		50,583			122,873		—		—			115,478			288,934			630
zooplus AG, non-registered shares^1,2		106,273			120		55,670		41,239			171,361			263,323			—
Kindred Group PLC (SDR)²		52,539			95,433		—		—			63,281			211,253			2,467
Everi Holdings, Inc.¹		39,528			30,141		—		—			100,766			170,435			—
Watches of Switzerland Group PLC^1,2		—			120,138		—		—			33,292			153,430			—
Auction Technology Group PLC^1,2		—			133,177		33,704		—			49,225			148,698			—
BHG Group AB^1,2		120,598			42,183		14,095		9,369			(14,810	)		143,245			—
Domino’s Pizza Group PLC²		124,794			—		9,746		792			13,758			129,598			4,077
Bajaj Electricals, Ltd.^1,2		46,868			5,497		—		—			74,203			126,568			—
Porch Group, Inc.^1,4		—			112,359		—		—			1,010			113,369			—
Bike24 Holding AG^1,2		—			112,963		51,872		—			29,270			90,361			—
Musti Group OYJ²		54,475			25,781		22,119		10,499			18,044			86,680			1,181
Purple Innovation, Inc., Class A¹		59,739			44,680		—		—			(23,534	)		80,885			—
Cary Group AB^1,2		—			63,752		—		—			16,126			79,878			—
MADE.com Group PLC^1,2,4		—			139,697		69,324		—			(11,994	)		58,379			—
Cairn Homes PLC²		46,064			—		8,373		(2,130	)		22,381			57,942			1,377
OneSpaWorld Holdings, Ltd.^1,4		24,501			32,624		16,565		(10,301	)		23,111			53,370			—
Gourmet Master Co., Ltd.²		20,424			21,835		—		—			7,122			49,381			1,217
RVRC Holding AB^1,2		—			55,520		—		—			(6,982	)		48,538			—
Lojas Quero-Quero SA		22,356			21,171		—		—			1,157			44,684			168
Westwing Group AG, non-registered shares^1,2		21,793			10,688		—		—			11,812			44,293			—
AcadeMedia AB²		65,102			—		22,134		10,191			(14,578	)		38,581			1,389
JOANN, Inc.⁴		—			33,949		—		—			(3,545	)		30,404			513
Beazer Homes USA, Inc.¹		21,910			—		—		—			6,722			28,632			—
Del Taco Restaurants, Inc.		11,793			10,803		—		—			(1,622	)		20,974			250
BNN Technology PLC^1,2,5		—	⁸		—		—		—			—	⁸		—	⁸		—
Desenio Group AB^1,2,12		—			105,620		31,544		(24,737	)		(30,244	)		—			—
Evolution AB^2,11,12		653,356			53,424		396,511		316,028			577,087			—			7,326
GoCo Group PLC^1,2,12		30,969			—		40,352		15,947			(6,564	)		—			—
IDP Education, Ltd.^2,12		194,977			8,493		84,771		24,857			98,786			—			918
Shop Apotheke Europe NV, non-registered shares^1,2,4,12		152,474			88,185		60,651		(27,534	)		(23,730	)		—			—
Six Flags Entertainment Corp.^1,12		80,059			23,016		62,655		8,716			77,779			—			—
Strategic Education, Inc.¹²		138,028			36,129		81,784		(40,756	)		12,975			—			2,752
Trainline PLC^1,2,12		132,167			—		81,416		(12,636	)		5,211			—			—
															3,925,700


SMALLCAP World Fund	23

Investments in affiliates³(continued)

	Value of affiliates at 10/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 9/30/2021 (000)		Dividend income (000)
Health care 2.80%
Allakos, Inc.¹	$	311,345	$	36,487	$	46,566	$	7,586		$	92,249		$	401,101	$	—
PolyPeptide Group AG^1,2		—		190,386		—		—			116,506			306,892		—
Cortexyme, Inc.^1,4		117,669		13,857		14,651		741			87,937			205,553		—
GVS SpA²		160,421		46,987		40,835		—			8,238			174,811		1,876
Silk Road Medical, Inc.¹		166,923		39,040		21,490		3,002			(34,787	)		152,688		—
Metropolis Healthcare, Ltd.²		94,292		1,049		15,897		8,689			38,001			126,134		426
Revance Therapeutics, Inc.^1,4		82,758		32,627		—		—			10,337			125,722		—
Mani, Inc.²		169,994		—		19,562		(3,044	)		(44,968	)		102,420		1,202
Pulmonx Corp.^1,4		—		117,526		19,010		5,905			(5,314	)		99,107		—
Surgical Science Sweden AB^1,2		—		69,733		—		—			19,779			89,512		—
Ocumension Therapeutics^1,2,4		32,004		107,602		12,410		—			(38,477	)		88,719		—
Addus HomeCare Corp.¹		58,738		32,578		—		—			(16,439	)		74,877		—
Zealand Pharma A/S^1,2		30,806		52,087		—		—			(13,541	)		69,352		—
Antares Vision SpA^1,2,4		68		73,812		—		—			(6,701	)		67,179		—
Precision BioSciences, Inc.¹		25,022		1,876		—		—			22,366			49,264		—
Cellectis SA (ADR)^1,4		40,965		—		—		—			(13,042	)		27,923		—
Cellectis SA, non-registered shares^1,2		21,878		—		—		—			(6,708	)		15,170		—
Adaptimmune Therapeutics PLC (ADR)^1,4		74,405		—		5,007		(12,886	)		(15,138	)		41,374		—
Creo Medical Group PLC^1,2,4		8,578		19,019		—		—			(643	)		26,954		—
Nordhealth AS, Class A^1,2		—		24,956		—		—			1,033			25,989		—
Acutus Medical, Inc.^1,4,12		30,871		19,616		7,472		(5,340	)		(23,531	)		—		—
Applied Molecular Transport, Inc.^1,4,12		80,251		22,738		39,799		2,319			(21,194	)		—		—
Autolus Therapeutics PLC (ADR)^1,4,12		48,638		7,350		13,601		(32,392	)		9,366			—		—
CellaVision AB, non-registered shares^2,12		62,142		—		27,091		8,784			(8,747	)		—		71
Fagron NV^2,12		138,130		21,497		93,522		(4,052	)		(20,629	)		—		766
Flexion Therapeutics, Inc.^1,12		39,797		—		40,975		(10,331	)		11,509			—		—
GW Pharmaceuticals PLC (ADR)^1,12		175,171		4,916		394,059		227,741			(13,769	)		—		—
Haemonetics Corp.^1,12		313,334		65,100		238,230		(122,089	)		16,926			—		—
Health Catalyst, Inc.^1,12		120,624		11,597		67,889		26,453			18,917			—		—
Kronos Bio, Inc.^1,4,12		—		60,433		57,960		8,927			1,176			—		—
Neovasc Inc.^1,12		2,476		—		1,017		(2,520	)		1,061			—		—
New Frontier Health Corp., Class A^1,4,12		71,060		266,425		302,893		2,223			29,315			—		—
NuCana PLC (ADR)^1,12		18,948		—		9,694		(39,183	)		29,929			—		—
Pacific Biosciences of California, Inc.^1,12		135,169		23,064		189,339		165,435			114,900			—		—
Revenio Group OYJ, non-registered shares^2,12		63,690		—		28,336		16,542			(1,614	)		—		304
WIN-Partners Co., Ltd.^2,12		19,422		—		5,007		(1,536	)		(549	)		—		614
Xenon Pharmaceuticals, Inc.^1,4,12		22,353		—		—		—			8,501			—		—
														2,270,741
Financials 1.11%
Trupanion, Inc.¹		220,565		143,904		100,035		80,038			(102,836	)		241,636		—
Aavas Financiers, Ltd.^1,2		95,244		48,789		4,655		(680	)		74,505			213,203		—
Independent Bank Group, Inc.		19,262		118,783		—		—			19,212			157,257		2,018
Seacoast Banking Corporation of Florida		64,582		15,185		—		—			59,087			138,854		1,016
Patria Investments, Ltd., Class A		—		111,188		18,078		(1,386	)		(213	)		91,511		590
Uzabase, Inc.^1,2		69,504		7,691		—		—			(30,786	)		46,409		—
Hellenic Exchanges-Athens Stock Exchange SA²		—		17,185		—		—			(3,218	)		13,967		406
Greenhill & Co., Inc.¹²		13,276		—		12,953		(25,173	)		24,850			—		58
Cannae Holdings, Inc.^1,12		273,210		—		276,285		110,828			(107,753	)		—		—
														902,837


24	SMALLCAP World Fund

Investments in affiliates³(continued)

	Value of affiliates at 10/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 9/30/2021 (000)		Dividend income (000)
Consumer staples 0.98%
Emmi AG²	$	315,972	$	8,871	$	7,740	$	44		$	11,176		$	328,323	$	4,601
Simply Good Foods Co., Class A¹		146,655		—		—		—			82,738			229,393		—
Grocery Outlet Holding Corp.¹		181,783		123,172		60,973		(15,630	)		(100,798	)		127,554		—
Milbon Co., Ltd.²		54,206		48,289		—		—			9,572			112,067		748
Hotel Chocolat Group PLC^1,12		34,294		—		37,776		375			3,107			—		—
														797,337
Communication services 0.10%
Direct Marketing MIX, Inc.²		23,937		10,307		—		—			16,114			50,358		60
Pebble Group PLC^1,2		13,569		—		—		—			15,406			28,975		—
Bambuser AB^1,2,12		—		22,945		8,473		(1,545	)		1,681			—		—
Iridium Communications, Inc.^1,12		178,010		—		125,131		98,661			18,089			—		—
Iridium Communications, Inc.^1,7,12		16,272		—		—		—			9,078			—		—
Kamakura Shinsho, Ltd.¹²		20,275		—		23,020		(7,071	)		9,816			—		22
														79,333
Materials 0.82%
Navin Fluorine International, Ltd.²		105,113		16,629		16,081		9,460			65,061			180,182		552
APL Apollo Tubes, Ltd.²		—		120,426		19,165		(240	)		58,212			159,233		—
Nanofilm Technologies International Ltd.²		—		123,406		46,027		(2,732	)		31,030			105,677		256
JCU Corp.^2,4		60,133		23,050		10,223		3,780			9,876			86,616		1,012
Re:NewCell AB^1,2,4		—		35,361		7,374		—			33,270			61,257		—
Aluflexpack AG^1,2		23,928		24,678		9,353		2,111			4,520			45,884		—
Venator Materials PLC¹		15,195		1,275		79		(58	)		7,948			24,281		—
Excelsior Mining Corp.^1,12		6,572		—		6,037		(3,961	)		3,426			—		—
Gulf Oil Lubricants India, Ltd.^2,12		21,229		1,290		9,821		(3,513	)		2,435			—		440
														663,130
Real estate 0.57%
Altus Group, Ltd.		134,523		14,537		—		—			23,663			172,723		1,590
SRE Holdings Corp.^1,2		—		43,823		—		—			38,300			82,123		—
K-Fast Holding AB, Class B^1,2,4		43,130		—		—		—			38,045			81,175		—
Real Matters, Inc.¹		—		84,569		—		—			(34,049	)		50,520		—
JHSF Participações SA		49,903		8,262		—		—			(8,135	)		50,030		1,956
Genova Property Group AB^1,2		11,154		10,475		—		—			6,667			28,296		—
Cyrela Commercial Properties SA, ordinary nominative¹²		19,160		—		22,430		(17,375	)		20,645			—		944
Foxtons Group PLC^1,2,12		8,532		—		7,924		(3,692	)		3,084			—		—
Mitre Realty Empreendimentos e Participações SA¹²		14,522		—		14,315		(14,172	)		13,965			—		523
WHA Corp. PCL¹²		75,192		—		76,517		3,221			(1,896	)		—		759
														464,867
Energy 0.15%
Northern Oil and Gas, Inc.⁴		—		53,104		—		—			51,221			104,325		360
Savannah Energy PLC^1,2,5		8,759		—		—		—			7,239			15,998		—
														120,323
Utilities 0.00%
Mytrah Energy, Ltd.^1,2,5		135		—		—		—			5			140		—
Total common stocks														17,440,423
Preferred securities 0.39%
Information technology 0.17%
Avidxchange Holdings, Inc., Series F, preferred shares^1,2,5,6,11		105,844		—		—		—			35,542			141,386		—


SMALLCAP World Fund	25

Investments in affiliates³(continued)

	Value of affiliates at 10/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 9/30/2021 (000)		Dividend income (000)
Industrials 0.13%
Relativity Space, Inc., Series D, preferred shares^1,2,5,6	$	—	$	32,000	$	—	$	—		$	16,953		$	48,953	$	—
Relativity Space, Inc., Series E, preferred shares^1,2,5,6		—		10,600		—		—			—			10,600		—
Einride AB, Series B, preferred shares^1,2,5,6		—		18,753		—		—			27,794			46,547		—
														106,100
Health care 0.02%
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 2022^1,2,5,6		—		15,101		—		—			—			15,101		—
Financials 0.07%
PPRO Holding GMBS, Series B, 8.00% preferred shares^1,2,5,6		—		48,695		—		—			5,617			54,312		—
Consumer discretionary 0.00%
Made.com Design, Ltd., Series C-4, preferred shares^1,2,12		46,537		—		41,328		—			(5,209	)		—		—
Total preferred securities														316,899
Rights & warrants 0.00%
Health care 0.00%
Neovasc Inc., warrants, expire 2025^1,2,12		47		—		1		1			(47	)		—		—
Convertible stocks 0.02%
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares^1,2,5,6		13,945		—		—		—			5,550			19,495		—
Short-term securities 5.41%
Money market investments 5.18%
Capital Group Central Cash Fund 0.06%⁹		1,519,845		11,057,082		8,366,573		(76	)		51			4,210,329		2,736
Money market investments purchased with collateral from securities on loan 0.23%
Capital Group Central Cash Fund 0.06%^9,10		—		188,13913										188,139		—	¹⁴
Total short-term securities														4,398,468
Total 27.30%							$	1,475,767		$	4,775,772		$	22,175,285	$	88,392


¹	Security did not produce income during the last 12 months.
²	Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $37,664,008,000, which represented 46.38% of the net assets of the fund. This amount includes $35,326,054,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
³	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.
⁴	All or a portion of this security was on loan. The total value of all such securities was $1,104,669,000, which represented 1.36% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁵	Value determined using significant unobservable inputs.
⁶	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear on the following page.
⁷	Acquired in a transaction exempt from registration under Rule 144A 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 $1,148,455,000, which represented 1.41% of the net assets of the fund.
⁸	Amount less than one thousand.
⁹	Rate represents the seven-day yield at 9/30/2021.
¹⁰	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹¹	This security changed its name during the reporting period.
¹²	Unaffiliated issuer at 9/30/2021.
¹³	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁴	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.


26	SMALLCAP World Fund

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
VisEra Technologies Co., Ltd.	3/9/2021	$	93,821	$	146,885		.18	%
Avidxchange Holdings, Inc., Series F, preferred shares	12/26/2019		105,844		141,386		.17
Pine Labs Pte., Ltd.	5/12/2021		28,710		37,311		.05
Pine Labs Pte., Ltd., Series J, cumulative preferred shares	5/12/2021		21,290		27,669		.03
Einride AB, Series B, preferred shares	3/23/2021-5/6/2021		18,753		46,547		.06
Einride AB	7/16/2021-8/17/2021		8,938		13,640		.02
Relativity Space, Inc., Series D, preferred shares	11/20/2020		32,000		48,953		.06
Relativity Space, Inc., Series E, preferred shares	5/27/2021		10,600		10,600		.01
Patreon, Inc., Series E, preferred shares	9/1/2020		11,944		39,100		.05
Patreon, Inc., Class B	10/26/2020-10/27/2020		3,255		10,637		.01
Patreon, Inc., Series Seed, preferred shares	9/16/2020		2,790		9,133		.01
KRY International AB, Series E, preferred shares	5/13/2021		51,891		49,478		.06
KRY International AB, Series A	5/13/2021		8,533		8,565		.01
PPRO Holding GMBS, Series B, 8.00% preferred shares	1/28/2021		48,694		54,312		.07
Laronde, Inc., Series B, 6.00% preferred shares	8/10/2021		50,000		50,000		.06
Outreach Corp., Series G, preferred shares	5/27/2021		45,483		45,483		.06
Gitlab, Inc., Series E, preferred shares	9/11/2019		19,450		42,378		.05
ABL Space Systems Co., Series B, preferred shares	3/24/2021		35,000		40,249		.05
WorkRise Technologies, Inc., Series E, preferred shares	3/8/2021		40,000		40,194		.05
StockX, Inc., Series E-1, preferred shares	4/15/2021		20,000		20,000		.03
StockX, Inc.	4/5/2021		14,682		14,561		.02
StockX, Inc., Series AA, preferred shares	4/5/2021		5,203		5,160		.01
StockX, Inc., Series B, preferred shares	4/5/2021		281		279		.00
Nextdoor, Inc., Series H, convertible preferred shares	5/8/2019		30,833		39,680		.05
PsiQuantum, Corp., Series D, preferred shares	5/28/2021		35,000		35,000		.04
Yotpo, Ltd., Series F, preferred shares	2/25/2021		18,329		18,329		.02
Yotpo, Ltd.	3/16/2021		5,475		5,763		.01
Yotpo, Ltd., Series B, preferred shares	3/16/2021		2,322		2,444		.00
Yotpo, Ltd., Series C, preferred shares	3/16/2021		2,211		2,327		.00
Yotpo, Ltd., Series A-1, preferred shares	3/16/2021		1,483		1,561		.00
Yotpo, Ltd., Series A, preferred shares	3/16/2021		723		761		.00
Yotpo, Ltd., Series C-1, preferred shares	3/16/2021		613		645		.00
Yotpo, Ltd., Series D, preferred shares	3/16/2021		342		360		.00
Yotpo, Ltd., Series B-1, preferred shares	3/16/2021		273		287		.00
Acerta Pharma BV	5/7/2014		11,250		27,730		.03
Credo Technology Group Holding, Ltd., Series D, 8.00% noncumulative preferred shares	3/20/2020		20,000		23,253		.03
Credo Technology Group Holding, Ltd., Series D+, 8.00% noncumulative preferred shares	12/22/2020-5/6/2021		4,322		4,322		.01
Grove Collaborative, Inc., Series E, preferred shares	11/3/2020		26,000		27,311		.03
Dock, Ltd.	10/19/2020		26,000		27,080		.03
Cava Group, Inc., Series F, preferred shares	3/26/2021		25,000		26,395		.03
Venture Global LNG, Inc., Series C	5/1/2015		12,720		20,346		.03
RealSelf, Inc., Series C, convertible preferred shares	4/18/2018		19,000		19,495		.02
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 2022	4/26/2021		15,101		15,101		.02
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares	2/7/2020		9,000		12,347		.02
Foursquare Labs, Inc., Series A	12/3/2013		20,000		6,423		.01
Foursquare Labs, Inc., warrants, expire 2033	12/3/2013		—		788		.00
Artiva Biotherapeutics, Inc., Series B, preferred shares	2/24/2021		7,000		7,000		.01
Total private placement securities		$	970,159	$	1,227,268		1.51	%


SMALLCAP World Fund	27

Key to abbreviations

ADR = American Depositary Receipts
CAD = Canadian dollars
EUR = Euros
GDR = Global Depositary Receipts
SDR = Swedish Depositary Receipts

See notes to financial statements.

28	SMALLCAP World Fund

Financial statements

Statement of assets and liabilities
at September 30, 2021

(dollars in thousands)

Assets:
Investment securities, at value (includes $1,104,669 of investment securities on loan):
Unaffiliated issuers (cost: $32,629,279)	$	60,002,309
Affiliated issuers (cost: $15,542,771)		22,175,285	$	82,177,594
Cash				19,367
Cash denominated in currencies other than U.S. dollars (cost: $3,708)				3,707
Receivables for:
Sales of investments		148,929
Sales of fund’s shares		97,173
Dividends		31,131
Securities lending income		40
Other		709		277,982
				82,478,650
Liabilities:
Collateral for securities on loan				654,443
Payables for:
Purchases of investments		279,924
Repurchases of fund’s shares		47,713
Investment advisory services		41,955
Services provided by related parties		19,281
Directors’ deferred compensation		5,478
Non-U.S. taxes		213,829
Other		1,835		610,015
Net assets at September 30, 2021			$	81,214,192

Net assets consist of:
Capital paid in on shares of capital stock			$	41,212,643
Total distributable earnings				40,001,549
Net assets at September 30, 2021			$	81,214,192

See notes to financial statements.

SMALLCAP World Fund

Financial statements (continued)

Statement of assets and liabilities
at September 30, 2021 (continued)

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

Total authorized capital stock — 2,000,000 shares,
$.01 par value (913,861 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	38,094,972		431,966		$	88.19
Class C		712,857		9,652			73.86
Class T		18		—	*		89.14
Class F-1		791,139		9,102			86.92
Class F-2		10,659,498		117,916			90.40
Class F-3		5,381,628		59,929			89.80
Class 529-A		2,227,358		25,630			86.91
Class 529-C		89,535		1,189			75.34
Class 529-E		80,719		967			83.48
Class 529-T		21		—	*		88.95
Class 529-F-1		13		—	*		88.82
Class 529-F-2		274,426		3,105			88.37
Class 529-F-3		14		—	*		88.45
Class R-1		35,809		467			76.62
Class R-2		719,007		9,374			76.71
Class R-2E		47,688		555			85.92
Class R-3		978,394		11,766			83.16
Class R-4		986,867		11,284			87.46
Class R-5E		187,731		2,111			88.94
Class R-5		509,739		5,538			92.04
Class R-6		19,436,759		213,310			91.12

*	Amount less than one thousand.

See notes to financial statements.

30	SMALLCAP World Fund

Financial statements (continued)

Statement of operations
for the year ended September 30, 2021

(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $29,445; also includes $88,392 from affiliates)	$	394,540
Securities lending income (net of fees)		24,413
Interest		660		$	419,613
*Fees and expenses:**
Investment advisory services		436,726
Distribution services		119,825
Transfer agent services		57,759
Administrative services		21,660
Reports to shareholders		2,185
Registration statement and prospectus		1,794
Directors’ compensation		1,497
Auditing and legal		331
Custodian		9,162
State and local taxes		1
Other		2,469
Total fees and expenses before waiver/reimbursement		653,409
Less waiver/reimbursement of fees and expenses:
Investment advisory services waiver		435
Transfer agent services reimbursement		—	^†
Total fees and expenses after waiver/reimbursement					652,974
Net investment loss					(233,361	)

Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $23,301):
Unaffiliated issuers		6,207,995
Affiliated issuers		1,475,767
Currency transactions		(2,829	)		7,680,933
Net unrealized appreciation on:
Investments (net of non-U.S. taxes of $212,332):
Unaffiliated issuers		7,269,612
Affiliated issuers		4,775,772
Currency translations		1,189			12,046,573
Net realized gain and unrealized appreciation					19,727,506
Net increase in net assets resulting from operations				$	19,494,145

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
^†	Amount less than one thousand.

See notes to financial statements.

SMALLCAP World Fund

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Year ended September 30,
	2021				2020
Operations:
Net investment loss	$	(233,361	)	$	(69,462	)
Net realized gain		7,680,933			598,854
Net unrealized appreciation		12,046,573			10,439,314
Net increase in net assets resulting from operations		19,494,145			10,968,706

Distributions paid to shareholders		(1,036,458	)		(1,983,014	)

Net capital share transactions		8,057,307			1,758,107

Total increase in net assets		26,514,994			10,743,799

Net assets:
Beginning of year		54,699,198			43,955,399
End of year	$	81,214,192		$	54,699,198

See notes to financial statements.

32	SMALLCAP World Fund

Notes to financial statements

1. Organization

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

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

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

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

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

2. Significant accounting policies

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

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

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

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

SMALLCAP World Fund

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

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

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

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

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s 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; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and

34	SMALLCAP World Fund

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 delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of directors. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of September 30, 2021 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	9,395,931	$	7,536,329	$	196,788	$	17,129,048
Industrials		5,204,354		9,227,594		13,640		14,445,588
Consumer discretionary		7,187,193		6,890,582		14,561		14,092,336
Health care		8,847,064		5,133,611		36,295		14,016,970
Financials		4,614,777		2,656,314		37,311		7,308,402
Consumer staples		1,047,229		1,615,848		—		2,663,077
Communication services		917,912		1,000,863		—		1,918,775
Materials		684,925		1,213,115		—		1,898,040
Real estate		676,266		574,825		—		1,251,091
Energy		869,975		60,586		36,344		966,905
Utilities		49,557		177,266		140		226,963
Preferred securities		147,701		195,257		848,364		1,191,322
Rights & warrants		5,930		138,412		788		145,130
Convertible stocks		—		—		59,175		59,175
Short-term securities		4,864,772		—		—		4,864,772
Total	$	44,513,586	$	36,420,602	$	1,243,406	$	82,177,594

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended September 30, 2021 (dollars in thousands):

	Beginning value at 10/1/2020		Transfers into Level 3*		Purchases		Sales			Net realized loss^†			Unrealized appreciation^†		Transfers out of Level 3*			Ending value at 9/30/2021
Investment securities	$	706,252	$	15,160	$	850,698	$	(368,186	)	$	(55,118	)	$	121,407	$	(26,807	)	$	1,243,406
Net unrealized appreciation during the year on Level 3 investment securities held at September 30, 2021																		$	241,291

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

SMALLCAP World Fund

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

Value at
9/30/2021

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average*

Impact to
valuation from
an increase in
input^†

Liquidation value

N/A

Transaction price

N/A

Recent market
information

Quoted price

N/A

DLOM

5%-16%

15%

Decrease

Expected proceeds

Discount rate

10%

Decrease

Expected proceeds

N/A

Common stocks

335,079

Market comparable
companies

Price/Cash flow multiple

9.2x

Increase

EV/Sales multiple

9.3x - 16.6x

14.4x

Increase

Premium to EV/Sales multiple

20%

Increase

Discount to EV/Sales multiple

25% - 50%

45%

Decrease

DLOM

25% - 30%

26%

Decrease

$ per one billion Btu

$2.25

Increase

MMTPA

10 MMTPA

Increase

Transaction price

N/A

Premium to transaction price

15%

Increase

Market comparable
companies

Price/Sales multiple

15.6x-19.3x

16.6x

Increase

Discount to Price/Sales multiple

15%-53%

26%

Decrease

EV/Sales multiple

2.4x - 21.1x

12.1x

Increase

Preferred securities

848,364

Adjustment based on market movement of comparables (increase)

Increase

Premium to EV/Sales multiple

20%

Increase

Discount to EV/Sales multiple

54%

Decrease

Revenue growth rate

86%

Increase

DLOM

15%

Decrease

Rights & warrants

788

Black-Scholes

Underlying common share price

N/A

Implied volatility

30%

Increase

Convertible stocks

59,175

Market comparable
companies

EV/Sales multiple

16.2x

Increase

Discount to EV/Sales multiple

30%

Decrease

DLOM

21%

Decrease

Expected proceeds

Expected merger consideration

N/A

DLOM

17%

Decrease

1,243,406

*	Weighted average is by relative fair value.
^†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

Btu = British thermal unit

DLOM = Discount for lack of marketability

EV = Enterprise value

MMTPA = Million metric tonnes per annum

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in

36	SMALLCAP World Fund

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 government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls 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 accounting and auditing practices and standards and different regulatory, legal and reporting 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. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, 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 may be forced to sell at a loss.

Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

SMALLCAP 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 September 30, 2021, the total value of securities on loan was $1,104,669,000, and the total value of collateral received was $1,171,705,000. Collateral received includes cash of $654,443,000 and U.S. government securities of $517,262,000. 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.

Collateral — The fund receives highly liquid assets, such as cash or U.S. government securities, as collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event the borrower cannot meet its contractual obligation. 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.

6. Taxation and distributions

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

As of and during the year ended September 30, 2021, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended September 30, 2021, the fund recognized $2,485,000 in reclaims (net of the effect of realized gain or loss from currency translations) and $270,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

38	SMALLCAP World Fund

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

During the year ended September 30, 2021, the fund reclassified $315,587,000 from total distributable earnings to capital paid in on shares of capital stock to align financial reporting with tax reporting.

As of September 30, 2021, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed long-term capital gains	$	6,524,802
Gross unrealized appreciation on investments		35,256,750
Gross unrealized depreciation on investments		(1,562,901	)
Net unrealized appreciation on investments		33,693,849
Cost of investments		48,483,745

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

	Year ended September 30
Share class		2021			2020
Class A	$	533,184		$	1,041,215
Class C		12,765			33,474
Class T		—	*		1
Class F-1		14,136			31,740
Class F-2		127,813			220,843
Class F-3		60,263			99,063
Class 529-A		32,362			60,724
Class 529-C		1,788			9,039
Class 529-E		1,256			2,675
Class 529-T		—	*		1
Class 529-F-1		—	*		6,564
Class 529-F-2^†		3,561
Class 529-F-3^†		—	*
Class R-1		596			1,181
Class R-2		12,517			26,644
Class R-2E		671			1,329
Class R-3		16,023			34,779
Class R-4		15,839			34,471
Class R-5E		1,654			2,101
Class R-5		7,260			16,041
Class R-6		194,770			361,129
Total	$	1,036,458		$	1,983,014

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

7. Fees and transactions with related parties

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

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.800% on the first $1 billion of daily net assets and decreasing to 0.589% on such assets in excess of $44 billion. On September 14, 2021, the fund’s board of directors approved an amended investment advisory and service agreement effective December 1, 2021, decreasing the annual rate to 0.587% and 0.585% on

SMALLCAP World Fund

daily net assets in excess of $55 billion and $71 billion, respectively. CRMC waived investment advisory services fees of $435,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $436,726,000, which were equivalent to an annualized rate of 0.605% of average daily net assets, were reduced to $436,291,000, which were equivalent to an annualized rate of 0.604% of average daily net assets.

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

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

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of September 30, 2021, 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. For the year ended September 30, 2021, CRMC reimbursed transfer agent services fees of less than $1,000 for Class 529-F-3 shares. CRMC does not intend to recoup this reimbursement.

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 fee is 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. The quarterly fee is based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is 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. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

40	SMALLCAP World Fund

For the year ended September 30, 2021, 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	$91,522		$37,823		$10,629		Not applicable
Class C	6,898		746		209		Not applicable
Class T	—		—	*	—	*	Not applicable
Class F-1	2,073		1,216		249		Not applicable
Class F-2	Not applicable		9,861		2,799		Not applicable
Class F-3	Not applicable		147		1,335		Not applicable
Class 529-A	4,815		2,087		632		$1,258
Class 529-C	925		96		28		56
Class 529-E	388		33		23		46
Class 529-T	—		—	*	—	*	—	*
Class 529-F-1	—	*	12		5		10
Class 529-F-2^†	Not applicable		197		68		136
Class 529-F-3^†	Not applicable		—	*	—	*	—	*
Class R-1	338		34		10		Not applicable
Class R-2	5,261		2,413		210		Not applicable
Class R-2E	270		91		14		Not applicable
Class R-3	4,839		1,449		290		Not applicable
Class R-4	2,496		996		300		Not applicable
Class R-5E	Not applicable		196		41		Not applicable
Class R-5	Not applicable		250		148		Not applicable
Class R-6	Not applicable		112		4,670		Not applicable
Total class-specific expenses	$119,825		$57,759		$21,660		$1,506

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

Directors’ deferred compensation — Directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $1,497,000 in the fund’s statement of operations reflects $229,000 in current fees (either paid in cash or deferred) and a net increase of $1,268,000 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 securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of directors. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended September 30, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $232,905,000 and $1,066,578,000, respectively, which generated $738,433,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended September 30, 2021.

SMALLCAP World Fund

8. Committed line of credit

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund’s statement of operations. The fund did not borrow on this line of credit at any time during the year ended September 30, 2021.

9. Indemnifications

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

10. Capital share transactions

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

	Sales¹					Reinvestments of distributions						Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares

Year ended September 30, 2021

Class A	$	4,132,944		49,749		$	526,551			6,720		$	(3,620,822	)		(43,973	)	$	1,038,673			12,496
Class C		130,503		1,871			12,733			193			(185,707	)		(2,669	)		(42,471	)		(605	)
Class T		—		—			—			—			—			—			—			—
Class F-1		95,711		1,180			13,924			180			(285,356	)		(3,459	)		(175,721	)		(2,099	)
Class F-2		4,160,688		48,348			124,564			1,554			(2,566,109	)		(29,607	)		1,719,143			20,295
Class F-3		2,002,876		23,569			60,027			755			(842,469	)		(10,024	)		1,220,434			14,300
Class 529-A		256,517		3,151			32,349			419			(276,976	)		(3,397	)		11,890			173
Class 529-C		15,803		225			1,788			27			(39,574	)		(561	)		(21,983	)		(309	)
Class 529-E		8,495		109			1,255			17			(11,995	)		(152	)		(2,245	)		(26	)
Class 529-T		—		—			—	²		—	²		—			—			—	²		—	²
Class 529-F-1		4,003		58			—	²		—	²		(183,036	)		(2,779	)		(179,033	)		(2,721	)
Class 529-F-2³		242,879		3,498			3,555			45			(36,630	)		(438	)		209,804			3,105
Class 529-F-3³		10		—	²		—	²		—	²		—			—			10			—	²
Class R-1		6,407		88			585			8			(7,729	)		(108	)		(737	)		(12	)
Class R-2		125,085		1,739			12,506			182			(188,756	)		(2,655	)		(51,165	)		(734	)
Class R-2E		12,544		155			671			9			(12,306	)		(153	)		909			11
Class R-3		186,463		2,407			16,007			216			(288,123	)		(3,710	)		(85,653	)		(1,087	)
Class R-4		163,088		2,006			15,838			204			(299,064	)		(3,635	)		(120,138	)		(1,425	)
Class R-5E		101,918		1,189			1,653			21			(30,191	)		(361	)		73,380			849
Class R-5		73,282		854			7,258			89			(110,242	)		(1,307	)		(29,702	)		(364	)
Class R-6		6,274,542		71,646			193,850			2,401			(1,976,480	)		(24,589	)		4,491,912			49,458
Total net increase (decrease)	$	17,993,758		211,842		$	1,025,114			13,040		$	(10,961,565	)		(133,577	)	$	8,057,307			91,305

See end of table for footnotes.

42	SMALLCAP World Fund

	Sales¹				Reinvestments of distributions					Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Year ended September 30, 2020

Class A	$	2,336,768		40,761	$	1,027,576		17,535		$	(3,286,935	)		(58,851	)	$	77,409			(555	)
Class C		74,964		1,548		33,326		668			(304,344	)		(6,158	)		(196,054	)		(3,942	)
Class T		—		—		—		—			—			—			—			—
Class F-1		103,668		1,857		31,344		542			(229,459	)		(4,094	)		(94,447	)		(1,695	)
Class F-2		1,931,436		32,933		214,340		3,587			(1,472,587	)		(26,146	)		673,189			10,374
Class F-3		931,464		15,970		98,775		1,666			(602,510	)		(10,586	)		427,729			7,050
Class 529-A		243,478		4,160		60,720		1,051			(245,122	)		(4,290	)		59,076			921
Class 529-C		16,043		324		9,036		178			(147,381	)		(2,822	)		(122,302	)		(2,320	)
Class 529-E		4,605		85		2,675		48			(13,135	)		(240	)		(5,855	)		(107	)
Class 529-T		—		—		1		—	²		—			—			1			—	²
Class 529-F-1		29,821		514		6,562		112			(31,702	)		(548	)		4,681			78
Class R-1		3,771		75		1,174		23			(5,519	)		(111	)		(574	)		(13	)
Class R-2		98,714		1,965		26,618		514			(170,182	)		(3,415	)		(44,850	)		(936	)
Class R-2E		7,926		142		1,329		23			(8,057	)		(146	)		1,198			19
Class R-3		128,172		2,383		34,736		625			(243,937	)		(4,559	)		(81,029	)		(1,551	)
Class R-4		114,432		2,030		34,458		593			(242,163	)		(4,348	)		(93,273	)		(1,725	)
Class R-5E		43,355		781		2,100		36			(14,803	)		(257	)		30,652			560
Class R-5		49,372		835		16,026		264			(104,908	)		(1,776	)		(39,510	)		(677	)
Class R-6		2,104,180		37,740		361,112		6,007			(1,303,226	)		(21,874	)		1,162,066			21,873
Total net increase (decrease)	$	8,222,169		144,103	$	1,961,908		33,472		$	(8,425,970	)		(150,221	)	$	1,758,107			27,354

¹	Includes exchanges between share classes of the fund.
²	Amount less than one thousand.
³	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

11. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $26,108,548,000 and $20,687,955,000, respectively, during the year ended September 30, 2021.

SMALLCAP World Fund

Financial highlights

			Income (loss) from investment operations¹									Dividends and distributions
						Net gains																							Ratio of			Ratio of
						(losses) on																							expenses to			expenses to			Ratio of
	Net asset		Net			securities						Dividends						Total			Net asset								average net			average net			net (loss)
	value,		investment			(both			Total from			(from net			Distributions			dividends			value,					Net assets,			assets before			assets after			income
	beginning		(loss)			realized and			investment			investment			(from capital			and			end					end of period			reimburse-			reimburse-			to average
Period ended	of period		income			unrealized)			operations			income)			gains)			distributions			of period		Total return^2,3			(in millions)			ments⁴			ments^3,4			net assets³
Class A:
9/30/2021	$	66.23	$	(.37	)	$	23.60		$	23.23		$	—		$	(1.27	)	$	(1.27	)	$	88.19		35.35	%	$	38,095			1.02	%		1.02	%		(.44	)%
9/30/2020		55.24		(.15	)		13.63			13.48			—			(2.49	)		(2.49	)		66.23		24.98			27,781			1.06			1.06			(.25	)
9/30/2019		60.19		.05			(1.69	)		(1.64	)		—			(3.31	)		(3.31	)		55.24		(1.37	)		23,203			1.06			1.06			.09
9/30/2018		55.60		.04			7.05			7.09			—			(2.50	)		(2.50	)		60.19		13.13			24,203			1.04			1.04			.06
9/30/2017		47.24		.07			8.45			8.52			(.16	)		—			(.16	)		55.60		18.11			21,383			1.07			1.07			.14
Class C:
9/30/2021		56.04		(.82	)		19.91			19.09			—			(1.27	)		(1.27	)		73.86		34.36			713			1.75			1.75			(1.18	)
9/30/2020		47.42		(.48	)		11.59			11.11			—			(2.49	)		(2.49	)		56.04		24.07			575			1.79			1.79			(.97	)
9/30/2019		52.63		(.32	)		(1.58	)		(1.90	)		—			(3.31	)		(3.31	)		47.42		(2.13	)		673			1.82			1.82			(.68	)
9/30/2018		49.30		(.38	)		6.21			5.83			—			(2.50	)		(2.50	)		52.63		12.23			807			1.83			1.83			(.74	)
9/30/2017		42.08		(.29	)		7.51			7.22			—			—			—			49.30		17.16			810			1.87			1.87			(.66	)
Class T:
9/30/2021		66.78		(.18	)		23.81			23.63			—			(1.27	)		(1.27	)		89.14		35.64	⁵		—	⁶		.79	⁵		.79	⁵		(.21	)⁵
9/30/2020		55.54		—	⁷		13.73			13.73			—			(2.49	)		(2.49	)		66.78		25.30	⁵		—	⁶		.81	⁵		.81	⁵		—	^5,8
9/30/2019		60.35		.18			(1.68	)		(1.50	)		—			(3.31	)		(3.31	)		55.54		(1.14	)⁵		—	⁶		.82	⁵		.82	⁵		.33	⁵
9/30/2018		55.64		.15			7.06			7.21			—			(2.50	)		(2.50	)		60.35		13.36	⁵		—	⁶		.85	⁵		.85	⁵		.25	⁵
9/30/2017^9,10		49.61		.13			5.90			6.03			—			—			—			55.64		12.15	^5,11		—	⁶		.42	^5,11		.42	^5,11		.25	^5,11
Class F-1:
9/30/2021		65.31		(.39	)		23.27			22.88			—			(1.27	)		(1.27	)		86.92		35.31			791			1.05			1.05			(.48	)
9/30/2020		54.51		(.15	)		13.44			13.29			—			(2.49	)		(2.49	)		65.31		24.96			731			1.08			1.08			(.26	)
9/30/2019		59.47		.03			(1.68	)		(1.65	)		—			(3.31	)		(3.31	)		54.51		(1.43	)		703			1.10			1.10			.05
9/30/2018		55.00		—	⁷		6.97			6.97			—			(2.50	)		(2.50	)		59.47		13.06			770			1.09			1.09			.01
9/30/2017		46.74		.05			8.36			8.41			(.15	)		—			(.15	)		55.00		18.06			792			1.10			1.10			.11
Class F-2:
9/30/2021		67.69		(.15	)		24.13			23.98			—			(1.27	)		(1.27	)		90.40		35.69			10,659			.76			.76			(.18	)
9/30/2020		56.26		.01			13.91			13.92			—			(2.49	)		(2.49	)		67.69		25.32			6,608			.79			.79			.02
9/30/2019		61.07		.20			(1.70	)		(1.50	)		—			(3.31	)		(3.31	)		56.26		(1.12	)		4,909			.80			.80			.36
9/30/2018		56.24		.20			7.13			7.33			—			(2.50	)		(2.50	)		61.07		13.41			4,459			.78			.78			.34
9/30/2017		47.80		.19			8.54			8.73			(.29	)		—			(.29	)		56.24		18.40			2,894			.82			.82			.38
Class F-3:
9/30/2021		67.18		(.07	)		23.96			23.89			—			(1.27	)		(1.27	)		89.80		35.83			5,382			.66			.66			(.08	)
9/30/2020		55.80		.07			13.80			13.87			—			(2.49	)		(2.49	)		67.18		25.44			3,065			.68			.68			.12
9/30/2019		60.54		.25			(1.68	)		(1.43	)		—			(3.31	)		(3.31	)		55.80		(1.02	)		2,153			.70			.70			.46
9/30/2018		55.74		.24			7.06			7.30			—			(2.50	)		(2.50	)		60.54		13.49			1,856			.71			.71			.41
9/30/2017^9,12		47.93		.25			7.56			7.81			—			—			—			55.74		16.30	¹¹		1,221			.71	¹³		.71	¹³		.70	¹³
Class 529-A:
9/30/2021		65.29		(.38	)		23.27			22.89			—			(1.27	)		(1.27	)		86.91		35.31			2,227			1.04			1.04			(.47	)
9/30/2020		54.51		(.16	)		13.43			13.27			—			(2.49	)		(2.49	)		65.29		24.95			1,662			1.09			1.09			(.28	)
9/30/2019		59.47		.02			(1.67	)		(1.65	)		—			(3.31	)		(3.31	)		54.51		(1.43	)		1,337			1.12			1.12			.03
9/30/2018		55.01		—	⁷		6.96			6.96			—			(2.50	)		(2.50	)		59.47		13.05			1,430			1.11			1.11			—	⁸
9/30/2017		46.74		.04			8.36			8.40			(.13	)		—			(.13	)		55.01		18.03			1,195			1.13			1.13			.08

See end of table for footnotes.

44	SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
						Net gains																							Ratio of			Ratio of
						(losses) on																							expenses to			expenses to			Ratio of
	Net asset		Net			securities						Dividends						Total			Net asset								average net			average net			net (loss)
	value,		investment			(both			Total from			(from net			Distributions			dividends			value,					Net assets,			assets before			assets after			income
	beginning		(loss)			realized and			investment			investment			(from capital			and			end					end of period			reimburse-			reimburse-			to average
Period ended	of period		income			unrealized)			operations			income)			gains)			distributions			of period		Total return^2,3			(in millions)			ments⁴			ments^3,4			net assets³
Class 529-C:
9/30/2021	$	57.17	$	(.86	)	$	20.30		$	19.44		$	—		$	(1.27	)	$	(1.27	)	$	75.34		34.30	%	$	89			1.79	%		1.79	%		(1.22	)%
9/30/2020		48.35		(.49	)		11.80			11.31			—			(2.49	)		(2.49	)		57.17		24.02			86			1.84			1.84			(.99	)
9/30/2019		53.60		(.34	)		(1.60	)		(1.94	)		—			(3.31	)		(3.31	)		48.35		(2.17	)		185			1.86			1.86			(.72	)
9/30/2018		50.18		(.42	)		6.34			5.92			—			(2.50	)		(2.50	)		53.60		12.19			230			1.88			1.88			(.81	)
9/30/2017		42.85		(.32	)		7.65			7.33			—			—			—			50.18		17.11			314			1.91			1.91			(.70	)
Class 529-E:
9/30/2021		62.89		(.53	)		22.39			21.86			—			(1.27	)		(1.27	)		83.48		35.04			81			1.26			1.26			(.68	)
9/30/2020		52.68		(.26	)		12.96			12.70			—			(2.49	)		(2.49	)		62.89		24.70			62			1.28			1.28			(.47	)
9/30/2019		57.73		(.09	)		(1.65	)		(1.74	)		—			(3.31	)		(3.31	)		52.68		(1.64	)		58			1.31			1.31			(.17	)
9/30/2018		53.57		(.12	)		6.78			6.66			—			(2.50	)		(2.50	)		57.73		12.82			64			1.32			1.32			(.22	)
9/30/2017		45.53		(.06	)		8.14			8.08			(.04	)		—			(.04	)		53.57		17.77			59			1.35			1.35			(.13	)
Class 529-T:
9/30/2021		66.67		(.22	)		23.77			23.55			—			(1.27	)		(1.27	)		88.95		35.60	⁵		—	⁶		.84	⁵		.84	⁵		(.26	)⁵
9/30/2020		55.49		(.03	)		13.70			13.67			—			(2.49	)		(2.49	)		66.67		25.21	⁵		—	⁶		.85	⁵		.85	⁵		(.05	)⁵
9/30/2019		60.32		.15			(1.67	)		(1.52	)		—			(3.31	)		(3.31	)		55.49		(1.17	)⁵		—	⁶		.87	⁵		.87	⁵		.28	⁵
9/30/2018		55.63		.13			7.06			7.19			—			(2.50	)		(2.50	)		60.32		13.30	⁵		—	⁶		.88	⁵		.88	⁵		.22	⁵
9/30/2017^9,10		49.61		.12			5.90			6.02			—			—			—			55.63		12.13	^5,11		—	⁶		.45	^5,11		.45	^5,11		.22	^5,11
Class 529-F-1:
9/30/2021		66.57		(.29	)		23.81			23.52			—			(1.27	)		(1.27	)		88.82		35.60	⁵		—	⁶		.80	⁵		.80	⁵		(.42	)⁵
9/30/2020		55.41		(.03	)		13.68			13.65			—			(2.49	)		(2.49	)		66.57		25.21			181			.86			.86			(.05	)
9/30/2019		60.26		.15			(1.69	)		(1.54	)		—			(3.31	)		(3.31	)		55.41		(1.22	)		146			.88			.88			.27
9/30/2018		55.58		.13			7.05			7.18			—			(2.50	)		(2.50	)		60.26		13.31			136			.89			.89			.22
9/30/2017		47.23		.15			8.43			8.58			(.23	)		—			(.23	)		55.58		18.26			113			.92			.92			.30
Class 529-F-2:
9/30/2021^9,14		65.50		(.16	)		24.30			24.14			—			(1.27	)		(1.27	)		88.37		37.11	¹¹		274			.80	¹³		.80	¹³		(.21	)¹³
Class 529-F-3:
9/30/2021^9,14		65.50		(.09	)		24.31			24.22			—			(1.27	)		(1.27	)		88.45		37.23	¹¹		—	⁶		.76	¹³		.71	¹³		(.12	)¹³
Class R-1:
9/30/2021		58.09		(.85	)		20.65			19.80			—			(1.27	)		(1.27	)		76.62		34.35			36			1.75			1.75			(1.18	)
9/30/2020		49.08		(.50	)		12.00			11.50			—			(2.49	)		(2.49	)		58.09		24.07			28			1.79			1.79			(.98	)
9/30/2019		54.32		(.33	)		(1.60	)		(1.93	)		—			(3.31	)		(3.31	)		49.08		(2.12	)		24			1.82			1.82			(.68	)
9/30/2018		50.79		(.38	)		6.41			6.03			—			(2.50	)		(2.50	)		54.32		12.26			30			1.81			1.81			(.72	)
9/30/2017		43.34		(.29	)		7.74			7.45			—			—			—			50.79		17.19			30			1.83			1.83			(.63	)

See end of table for footnotes.

SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
						Net gains																						Ratio of			Ratio of
						(losses) on																						expenses to			expenses to			Ratio of
	Net asset		Net			securities						Dividends						Total			Net asset							average net			average net			net (loss)
	value,		investment			(both			Total from			(from net			Distributions			dividends			value,					Net assets,		assets before			assets after			income
	beginning		(loss)			realized and			investment			investment			(from capital			and			end					end of period		reimburse-			reimburse-			to average
Period ended	of period		income			unrealized)			operations			income)			gains)			distributions			of period		Total return^2,3			(in millions)		ments⁴			ments^3,4			net assets³
Class R-2:
9/30/2021	$	58.16	$	(.85	)	$	20.67		$	19.82		$	—		$	(1.27	)	$	(1.27	)	$	76.71		34.37	%	$	719		1.75	%		1.75	%		(1.17	)%
9/30/2020		49.12		(.49	)		12.02			11.53			—			(2.49	)		(2.49	)		58.16		24.09			588		1.78			1.78			(.97	)
9/30/2019		54.36		(.31	)		(1.62	)		(1.93	)		—			(3.31	)		(3.31	)		49.12		(2.12	)		542		1.79			1.79			(.65	)
9/30/2018		50.82		(.37	)		6.41			6.04			—			(2.50	)		(2.50	)		54.36		12.28			619		1.79			1.79			(.70	)
9/30/2017		43.35		(.27	)		7.74			7.47			—			—			—			50.82		17.23			628		1.80			1.80			(.60	)
Class R-2E:
9/30/2021		64.83		(.71	)		23.07			22.36			—			(1.27	)		(1.27	)		85.92		34.76			48		1.46			1.46			(.88	)
9/30/2020		54.34		(.38	)		13.36			12.98			—			(2.49	)		(2.49	)		64.83		24.46			35		1.48			1.48			(.67	)
9/30/2019		59.52		(.18	)		(1.69	)		(1.87	)		—			(3.31	)		(3.31	)		54.34		(1.82	)		28		1.50			1.50			(.34	)
9/30/2018		55.26		(.22	)		6.98			6.76			—			(2.50	)		(2.50	)		59.52		12.61			24		1.50			1.50			(.38	)
9/30/2017		47.07		(.14	)		8.40			8.26			(.07	)		—			(.07	)		55.26		17.57			16		1.51			1.51			(.27	)
Class R-3:
9/30/2021		62.68		(.57	)		22.32			21.75			—			(1.27	)		(1.27	)		83.16		34.95			978		1.31			1.31			(.73	)
9/30/2020		52.54		(.28	)		12.91			12.63			—			(2.49	)		(2.49	)		62.68		24.65			806		1.33			1.33			(.52	)
9/30/2019		57.60		(.10	)		(1.65	)		(1.75	)		—			(3.31	)		(3.31	)		52.54		(1.67	)		757		1.34			1.34			(.20	)
9/30/2018		53.47		(.14	)		6.77			6.63			—			(2.50	)		(2.50	)		57.60		12.79			852		1.35			1.35			(.25	)
9/30/2017		45.45		(.07	)		8.13			8.06			(.04	)		—			(.04	)		53.47		17.74			844		1.35			1.35			(.14	)
Class R-4:
9/30/2021		65.68		(.35	)		23.40			23.05			—			(1.27	)		(1.27	)		87.46		35.37			987		1.01			1.01			(.43	)
9/30/2020		54.78		(.12	)		13.51			13.39			—			(2.49	)		(2.49	)		65.68		25.03			835		1.02			1.02			(.21	)
9/30/2019		59.71		.06			(1.68	)		(1.62	)		—			(3.31	)		(3.31	)		54.78		(1.37	)		791		1.04			1.04			.11
9/30/2018		55.18		.03			7.00			7.03			—			(2.50	)		(2.50	)		59.71		13.13			894		1.04			1.04			.05
9/30/2017		46.89		.08			8.38			8.46			(.17	)		—			(.17	)		55.18		18.12			865		1.05			1.05			.17
Class R-5E:
9/30/2021		66.64		(.19	)		23.76			23.57			—			(1.27	)		(1.27	)		88.94		35.63			188		.80			.80			(.22	)
9/30/2020		55.44		(.01	)		13.70			13.69			—			(2.49	)		(2.49	)		66.64		25.28			84		.82			.82			(.02	)
9/30/2019		60.26		.18			(1.69	)		(1.51	)		—			(3.31	)		(3.31	)		55.44		(1.16	)		39		.84			.84			.32
9/30/2018		55.55		.18			7.03			7.21			—			(2.50	)		(2.50	)		60.26		13.38			28		.84			.84			.31
9/30/2017		47.30		.18			8.42			8.60			(.35	)		—			(.35	)		55.55		18.33			12		.84			.84			.36
Class R-5:
9/30/2021		68.86		(.11	)		24.56			24.45			—			(1.27	)		(1.27	)		92.04		35.77			510		.71			.71			(.13	)
9/30/2020		57.16		.06			14.13			14.19			—			(2.49	)		(2.49	)		68.86		25.40			406		.72			.72			.09
9/30/2019		61.94		.22			(1.69	)		(1.47	)		—			(3.31	)		(3.31	)		57.16		(1.06	)		376		.74			.74			.40
9/30/2018		56.99		.21			7.24			7.45			—			(2.50	)		(2.50	)		61.94		13.46			436		.75			.75			.36
9/30/2017		48.40		.24			8.64			8.88			(.29	)		—			(.29	)		56.99		18.48			424		.75			.75			.47
Class R-6:
9/30/2021		68.15		(.06	)		24.30			24.24			—			(1.27	)		(1.27	)		91.12		35.84			19,437		.66			.66			(.07	)
9/30/2020		56.56		.08			14.00			14.08			—			(2.49	)		(2.49	)		68.15		25.47			11,166		.67			.67			.14
9/30/2019		61.31		.26			(1.70	)		(1.44	)		—			(3.31	)		(3.31	)		56.56		(1.02	)		8,031		.69			.69			.47
9/30/2018		56.40		.25			7.16			7.41			—			(2.50	)		(2.50	)		61.31		13.53			7,039		.69			.69			.42
9/30/2017		47.93		.26			8.54			8.80			(.33	)		—			(.33	)		56.40		18.51			5,289		.70			.70			.51

See end of table for footnotes.

46	SMALLCAP World Fund

Financial highlights (continued)

	Year ended September 30,
	2021	2020	2019	2018	2017
Portfolio turnover rate for all share classes¹⁵	30%	38%	39%	35%	32%

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 the period shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
⁴	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁵	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
⁶	Amount less than $1 million.
⁷	Amount less than $.01.
⁸	Amount less than .01%.
⁹	Based on operations for a period that is less than a full year.
¹⁰	Class T and 529-T shares began investment operations on April 7, 2017.
¹¹	Not annualized.
¹²	Class F-3 shares began investment operations on January 27, 2017.
¹³	Annualized.
¹⁴	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
¹⁵	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

See notes to financial statements.

SMALLCAP World Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of SMALLCAP World Fund, Inc. (the “Fund”), including the investment portfolio, as of September 30, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California

November 9, 2021

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

48	SMALLCAP World Fund

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (April 1, 2021, through September 30, 2021).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

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

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

SMALLCAP World Fund

Expense example (continued)

	Beginning account value 4/1/2021		Ending account value 9/30/2021		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,074.07	$	5.30		1.02	%
Class A – assumed 5% return		1,000.00		1,019.95		5.16		1.02
Class C – actual return		1,000.00		1,070.01		9.08		1.75
Class C – assumed 5% return		1,000.00		1,016.29		8.85		1.75
Class T – actual return		1,000.00		1,075.18		4.11		.79
Class T – assumed 5% return		1,000.00		1,021.11		4.00		.79
Class F-1 – actual return		1,000.00		1,073.90		5.46		1.05
Class F-1 – assumed 5% return		1,000.00		1,019.80		5.32		1.05
Class F-2 – actual return		1,000.00		1,075.40		3.95		.76
Class F-2 – assumed 5% return		1,000.00		1,021.26		3.85		.76
Class F-3 – actual return		1,000.00		1,075.98		3.38		.65
Class F-3 – assumed 5% return		1,000.00		1,021.81		3.29		.65
Class 529-A – actual return		1,000.00		1,074.03		5.36		1.03
Class 529-A – assumed 5% return		1,000.00		1,019.90		5.22		1.03
Class 529-C – actual return		1,000.00		1,069.90		9.34		1.80
Class 529-C – assumed 5% return		1,000.00		1,016.04		9.10		1.80
Class 529-E – actual return		1,000.00		1,072.72		6.49		1.25
Class 529-E – assumed 5% return		1,000.00		1,018.80		6.33		1.25
Class 529-T – actual return		1,000.00		1,074.96		4.37		.84
Class 529-T – assumed 5% return		1,000.00		1,020.86		4.26		.84
Class 529-F-1 – actual return		1,000.00		1,074.90		4.42		.85
Class 529-F-1 – assumed 5% return		1,000.00		1,020.81		4.31		.85
Class 529-F-2 – actual return		1,000.00		1,075.20		4.16		.80
Class 529-F-2 – assumed 5% return		1,000.00		1,021.06		4.05		.80
Class 529-F-3 – actual return		1,000.00		1,075.73		3.69		.71
Class 529-F-3 – assumed 5% return		1,000.00		1,021.51		3.60		.71
Class R-1 – actual return		1,000.00		1,070.07		9.03		1.74
Class R-1 – assumed 5% return		1,000.00		1,016.34		8.80		1.74
Class R-2 – actual return		1,000.00		1,070.18		9.03		1.74
Class R-2 – assumed 5% return		1,000.00		1,016.34		8.80		1.74
Class R-2E – actual return		1,000.00		1,071.68		7.53		1.45
Class R-2E – assumed 5% return		1,000.00		1,017.80		7.33		1.45
Class R-3 – actual return		1,000.00		1,072.51		6.75		1.30
Class R-3 – assumed 5% return		1,000.00		1,018.55		6.58		1.30
Class R-4 – actual return		1,000.00		1,074.01		5.20		1.00
Class R-4 – assumed 5% return		1,000.00		1,020.05		5.06		1.00
Class R-5E – actual return		1,000.00		1,075.20		4.16		.80
Class R-5E – assumed 5% return		1,000.00		1,021.06		4.05		.80
Class R-5 – actual return		1,000.00		1,075.76		3.64		.70
Class R-5 – assumed 5% return		1,000.00		1,021.56		3.55		.70
Class R-6 – actual return		1,000.00		1,075.94		3.38		.65
Class R-6 – assumed 5% return		1,000.00		1,021.81		3.29		.65

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

50	SMALLCAP World Fund

Tax information

unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended September 30, 2021:

Long-term capital gains	$	1,319,648,000
Foreign taxes	$	0.05 per share
Foreign source income	$	0.28 per share

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2022, to determine the calendar year amounts to be included on their 2021 tax returns. Shareholders should consult their tax advisors.

SMALLCAP World Fund

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through November 30, 2022. The agreement was amended to add additional advisory fee breakpoints for when the fund’s net assets exceed $55 billion and $71 billion. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

1. Nature, extent and quality of services

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

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through March 31, 2021. They generally placed greater emphasis on longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

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

52	SMALLCAP World Fund

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that, since 2019, CRMC has borne the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed to the fund by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

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

SMALLCAP World Fund

Board of directors and other officers

Independent directors¹

Name and year of birth	Year first elected a director of the fund²	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by director³	Other directorships⁴ held by director
Joseph C. Berenato, 1946	2000	Former Chairman and CEO, Ducommun Incorporated (aerospace components manufacturer)	15	None
Joseph J. Bonner, 1955	2019	President and CEO, Solana Beach Capital LLC (real estate advisory); Global Head of Real Estate, Board Member, The Interlink Group (private merchant bank)	3	Extra Space Storage
Mary Anne Dolan, 1947 Chair of the Board (Independent and Non-Executive)	2008	Founder and President, MAD Ink (communications company); former Editor-in-Chief, The Los Angeles Herald Examiner (retired 1989)	10	None
John G. Freund, MD, 1953	2000	Founder and Managing Director, Skyline Ventures (a venture capital investor in health care companies)	6	Collegium Pharmaceutical, Inc.; SI – Bone, Inc.; Sutro Biopharma, Inc.
Yvonne L. Greenstreet, 1962	2019	President and Chief Operating Officer, Alnylam Pharmaceuticals, Inc.; Founder and former Managing Director, Highgate LLC (consulting)	3	Pacira, Inc. (pharmaceuticals)
Linda Griego, 1947	2015	Former President and CEO, Griego Enterprises, Inc. (business management company)	7	ViacomCBS Inc.
Leonade D. Jones, 1947	1995	Retired; former Treasurer, The Washington Post Company (retired 1996)	10	None
Martin E. Koehler, 1957	2021	Independent management consultant	6	None
Sharon I. Meers, 1965	2017	Co-Founder, Plenish Health (a women’s telehealth company); former Senior Director, Head of Strategic Partnerships, eBay Enterprise	7	None
Kenneth M. Simril, 1965	2016	President and CEO, SCI Ingredients Holdings, Inc. (food manufacturing)	7	None
Christopher E. Stone, 1956	2007	Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government; former President, Open Society Foundations	9	None

Interested directors^5,6

Name, year of birth and position with fund	Year first elected a director or officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by director³	Other directorships⁴ held by director
Brady L. Enright, 1967 Senior Vice President and Director	2004	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company⁷; Director, The Capital Group Companies, Inc.⁷	3	None
Anne-Marie Peterson, 1972 Director	2019	Partner — Capital World Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁷	3	None

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

54	SMALLCAP World Fund

Other officers⁶

Name, year of birth and position with fund	Year first elected an officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Julian N. Abdey, 1972 Co-President	2014	Partner — Capital International Investors, Capital Research and Management Company
Jonathan Knowles, PhD, 1961 Co-President	2000	Partner — Capital World Investors, Capital International, Inc.⁷
Gregory W. Wendt, 1961 Co-President	1992	Partner — Capital Research Global Investors, Capital Research and Management Company
Walt Burkley, 1966 Principal Executive Officer	2007	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company⁷; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2014	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Peter Eliot, 1971 Senior Vice President	2018	Partner — Capital International Investors, Capital Research and Management Company
Bradford F. Freer, 1969 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁷
Leo Hee, 1971 Senior Vice President	2019	Partner — Capital World Investors, Capital International, Inc.⁷
Roz Hongsaranagon, 1979 Senior Vice President	2018	Partner — Capital World Investors, Capital Research and Management Company
Harold H. La, 1970 Senior Vice President	2019	Partner — Capital Research Global Investors, Capital International, Inc.⁷
Dimitrije M. Mitrinovic, 1977 Senior Vice President	2019	Partner — Capital World Investors, Capital Research and Management Company
Aidan O’Connell, 1968 Senior Vice President	2017	Partner — Capital Research Global Investors, Capital Research and Management Company
Samir Parekh, 1974 Senior Vice President	2020	Partner — Capital International Investors, Capital International, Inc.⁷
Andraz Razen, 1975 Senior Vice President	2019	Partner — Capital World Investors, Capital Research Company⁷
Renaud H. Samyn, 1974 Senior Vice President	2020	Partner — Capital Research Global Investors, Capital International Inc.⁷
Arun Swaminathan, 1983 Senior Vice President	2020	Partner — Capital World Investors, Capital International, Inc.⁷
Michael Beckwith, 1971 Vice President	2019	Vice President — Capital Research Global Investors, Capital Research and Management Company
Julie E. Lawton, 1973 Secretary	2010	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research Company⁷
Hong T. Le, 1978 Treasurer	2018	Vice President — Investment Operations, Capital Research and Management Company

See page 56 for footnotes.

SMALLCAP World Fund

Other officers (continued)⁶

Name, year of birth and position with fund	Year first elected an officer of the fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Zarouhi M. Chavdarian, 1993 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Assistant Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2016–2018, 2020	Senior Vice President — Investment Operations, Capital Research and Management Company

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

56	SMALLCAP World Fund

Office of the fund

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address nearest you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Counsel

Dechert LLP

One Bush Street, Suite 1600

San Francisco, CA 94104-4446

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Suite 1000

Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

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

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

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

This report is for the information of shareholders of SMALLCAP World Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2021, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

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

The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2021 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

	Aligned with investor success
	We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

	The Capital System
	The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

	American Funds’ superior outcomes
	Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.²Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³Fund management fees have been among the lowest in the industry.⁴

	¹	Investment industry experience as of December 31, 2020.
	²	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
	³	Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

		SCWF

Registrant:

a) Audit Fees:
Audit	2020	314,000
	2021	180,000

b) Audit-Related Fees:
	2020	11,000
	2021	11,000

c) Tax Fees:
	2020	67,000
	2021	36,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.

d) All Other Fees:
	2020	None
	2021	None

	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a) Audit Fees:
	Not Applicable

b) Audit-Related Fees:
	2020	1,873,000
	2021	1,400,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.

c) Tax Fees:

	2020	68,000
	2021	1,000
	The tax fees consist of consulting services relating to the Registrant’s investments.


d) All Other Fees:
	2020	2,000
	2021	2,000
	The other fees consist of subscription services related to an accounting research tool.


	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were, $2,020,000 for fiscal year 2020 and $1,450,000 for fiscal year 2021. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)

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

(b)

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

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

	SMALLCAP WORLD FUND, INC.

	By __/s/ Walter R. Burkley________________
	Walter R. Burkley, Principal Executive Officer

	Date: November 30, 2021

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

By _ /s/ Walter R. Burkley_____________

Walter R. Burkley,

Principal Executive Officer

Date: November 30, 2021

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: November 30, 2021

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