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SMALLCAP World Fund®

Investment portfolio

June 30, 2009

unaudited

Common stocks — 90.15%	Shares			Value (000)

INDUSTRIALS — 17.02%
Container Corp. of India Ltd.1		6,121,060		$	125,059
MSC Industrial Direct Co., Inc., Class A		3,123,700			110,829
Downer EDI Ltd.1,2		17,026,345			76,411
URS Corp.3		1,479,200			73,250
Watsco, Inc.		1,371,000			67,083
Ellaktor SA1		8,396,000			62,351
Jain Irrigation Systems Ltd.1,2		4,674,949			61,516
Michael Page International PLC1		14,629,333			57,677
Resources Connection, Inc.2,3		3,357,500			57,648
Monster Worldwide, Inc.3		4,000,000			47,240
SIA Engineering Co. Ltd.1		24,405,000			47,008
Navigant Consulting, Inc.3		3,185,000			41,150
MITIE Group PLC1		11,059,000			39,069
IDEX Corp.		1,560,000			38,329
MTU Aero Engines Holding AG1		1,022,100			37,307
Astaldi SpA1,2		5,344,954			36,774
Flughafen Wien AG, non-registered shares1		898,000			36,453
Sintex Industries Ltd.1,2		7,923,726			36,028
Delachaux SA1		535,045			36,018
Beacon Roofing Supply, Inc.2,3		2,479,225			35,850
Mine Safety Appliances Co.		1,321,600			31,851
De La Rue PLC1		2,070,243			31,065
Kaba Holding AG1		166,500			30,968
Manpower Inc.		707,000			29,934
Intertek Group PLC1		1,723,000			29,694
Robert Half International Inc.		1,242,440			29,346
United Stationers Inc.3		818,700			28,556
Murray & Roberts Holdings Ltd.1		4,360,577			28,440
LS Industrial Systems Co., Ltd.1		461,160			27,532
Uponor Oyj1		2,246,600			26,600
Ennis, Inc.2		2,065,810			25,740
Grontmij NV, depository receipts1,2		1,107,000			25,486
Pfeiffer Vacuum Technology AG, non-registered shares1		334,000			24,497
Brady Corp., Class A, nonvoting shares		974,700			24,484
Herman Miller, Inc.		1,570,000			24,084
Österreichische Post AG1		829,500			23,809
Ritchie Bros. Auctioneers Inc.		995,000			23,333
TaeWoong Co., Ltd.1		330,500			23,267
KBR, Inc.		1,248,000			23,013
Exponent, Inc.2,3		901,400			22,093
Santos Brasil Participações SA, units		3,876,000			21,731
Duff & Phelps Corp., Class A		1,216,000			21,620
Singapore Post Private Ltd.1		34,995,000			21,615
Shenzhen Expressway Co. Ltd., Class H1		42,916,000			20,402
TrueBlue, Inc.2,3		2,423,600			20,358
Travis Perkins PLC1		2,311,500			20,060
Houston Wire & Cable Co.2		1,678,900			19,996
Wilson Sons Ltd. (BDR)		2,484,000			19,244
Loomis AB, Class B1		1,870,000			18,633
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR)		722,546			18,541
Société BIC SA1		308,000			17,684
Graco Inc.		800,000			17,616
Dalian Port (PDA) Co. Ltd., Class H1		42,504,000			17,144
Aboitiz Equity Ventures, Inc.1		134,250,000			16,729
Pentair, Inc.		650,000			16,653
Goodpack Ltd.1,2		26,360,000			16,591
BELIMO Holding AG1		18,300			16,494
CoStar Group, Inc.3		400,000			15,948
Frigoglass SAIC1		1,867,833			15,320
Indutrade AB1		1,155,000			15,057
Kaydon Corp.		450,000			14,652
Koninklijke BAM Groep NV1		1,770,602			14,365
Trakya Cam Sanayii AS1,3		17,529,980			14,153
Avery Dennison Corp.		550,000			14,124
John Bean Technologies Corp.		1,103,120			13,811
Flowserve Corp.		195,442			13,644
BrisConnections Unit Trusts1,2		27,300,000			13,422
BayWa AG1		466,538			12,979
Samsung Engineering Co., Ltd.1		195,000			12,916
S1 Corp.1		296,000			12,583
PRONEXUS INC.1		1,627,000			11,766
Bureau Veritas SA1		225,000			11,095
Steelcase Inc., Class A		1,900,000			11,058
Permasteelisa SpA1		615,000			10,495
Korea Plant Service & Engineering Co., Ltd.1		400,000			10,425
Corporate Executive Board Co.		498,032			10,339
ITE Group PLC1		6,085,000			10,056
Joy Global Inc.		275,000			9,823
Actuant Corp., Class A		800,000			9,760
Northgate PLC1,2		5,634,822			9,237
Geberit AG1		74,000			9,125
Hays PLC1		6,355,000			8,980
Continental Airlines, Inc., Class B3		1,000,000			8,860
DCC PLC1		422,500			8,716
GfK AG1		404,800			8,422
Altra Holdings, Inc.3		1,081,948			8,104
Curtiss-Wright Corp.		268,600			7,985
Max India Ltd.1,3		1,795,000			7,955
TransDigm Group Inc.3		203,000			7,349
Lonrho PLC1,2,3		49,660,000			7,211
Ansaldo STS SpA1		390,000			7,191
Heidelberger Druckmaschinen AG1		1,270,000			7,081
Zumtobel AG1		690,000			7,056
Cintas Corp.		274,000			6,258
Alaska Air Group, Inc.3		340,000			6,208
ALL – América Latina Logística SA, units		1,000,000			6,152
LECG Corp.2,3		1,863,800			6,076
Temp Holdings Co., Ltd.1		703,600			5,790
Seco Tools AB, Class B1		650,000			5,786
Cpl Resources PLC1,2		2,975,986			5,429
Hopewell Highway Infrastructure Ltd.1		9,112,500			5,115
Landstar System, Inc.		135,000			4,848
Korea Electric Terminal Co., Ltd.1		309,710			4,103
Prysmian SpA1		260,000			3,916
Grafton Group PLC, units1,3		870,000			3,209
Charter International PLC1		430,000			3,073
IVRCL Infrastructures & Projects Ltd.1		255,000			1,808
Imagelinx PLC1,2,3		21,385,714			663
American Shipping Co. ASA1,3		544,600			593
Aker Philadelphia Shipyard ASA1,4		346,000			452
					2,438,495


CONSUMER DISCRETIONARY — 13.70%
Jumbo SA1,2		9,689,912			93,992
Billabong International Ltd.1		8,690,970			61,090
Pantaloon Retail (India) Ltd.1,2		8,524,816			54,270
Pantaloon Retail (India) Ltd., Class B1,2		551,250			2,472
CTC Media, Inc.3		4,776,000			56,452
Café de Coral Holdings Ltd.1		27,280,000			54,373
Fourlis1,2		4,074,000			52,732
NVR, Inc.3		103,500			51,997
Parkson Retail Group Ltd.1		36,252,500			51,708
Chipotle Mexican Grill, Inc., Class A3		341,806			27,344
Chipotle Mexican Grill, Inc., Class B3		288,000			20,100
Virgin Media Inc.3		4,952,500			46,306
Lions Gate Entertainment Corp.2,3		8,250,000			46,200
Central European Media Enterprises Ltd., Class A3		2,340,000			46,075
DeVry Inc.		900,000			45,036
Educomp Solutions Ltd.1,3		533,000			42,218
Blue Nile, Inc.2,3		941,140			40,460
Marvel Entertainment, Inc.3		1,100,000			39,149
Ekornes ASA1,2		2,937,598			39,115
priceline.com Inc.3		350,000			39,043
GEOX SpA1		5,425,880			38,827
lululemon athletica inc.3		2,768,214			36,070
WABCO Holdings Inc.		1,950,000			34,515
Weight Watchers International, Inc.		1,320,000			34,016
Navitas Ltd.1		15,077,690			33,219
CarMax, Inc.3		2,257,000			33,178
Tiffany & Co.		1,234,100			31,297
Parkson Holdings Bhd.1		19,825,000			28,688
REXLot Holdings Ltd.1,3		366,000,000			28,313
Live Nation, Inc.2,3		5,782,000			28,101
Harman International Industries, Inc.		1,281,550			24,093
AutoNation, Inc.3		1,375,000			23,856
Lojas Renner SA, ordinary nominative		2,150,000			23,692
Las Vegas Sands Corp.3		3,000,000			23,580
Timberland Co., Class A3		1,767,000			23,448
O’Reilly Automotive, Inc.3		600,000			22,848
Aristocrat Leisure Ltd.1		7,181,213			21,828
Halfords Group PLC1		4,200,000			21,521
Trinity Ltd.1,2,4		82,337,500			20,506
Expedia, Inc.3		1,254,398			18,954
Tractor Supply Co.3		456,100			18,846
Autoliv AB		645,000			18,557
Boyd Gaming Corp.3		2,000,000			17,000
American Public Education, Inc.3		425,000			16,834
China Dongxiang (Group) Co., Ltd.1		25,000,000			16,762
Leggett & Platt, Inc.		1,100,000			16,753
K12 Inc.3		725,018			15,624
Strayer Education, Inc.		70,000			15,268
Williams-Sonoma, Inc.		1,247,800			14,811
Urban Outfitters, Inc.3		675,000			14,087
Life Time Fitness, Inc.3		690,000			13,807
Nitori Co., Ltd.1		190,000			13,485
Grand Canyon Education, Inc.3		800,000			13,424
Rightmove PLC1		2,274,057			13,193
TOD’S SpA1		226,000			12,909
Domino’s Pizza Enterprises Ltd.1,2		4,759,100			12,240
Integrated Distribution Services Group Ltd.1		8,775,000			11,773
D.R. Horton, Inc.		1,250,000			11,700
Rational AG1		101,200			11,670
TAKKT AG1		1,071,778			11,422
Bloomsbury Publishing PLC1,2		5,405,000			11,006
Choice Hotels International, Inc.		400,000			10,644
Tupperware Brands Corp.		400,000			10,408
Pou Sheng International (Holdings) Ltd.1,3		69,320,000			10,341
ASOS PLC1,3		1,735,000			9,722
DSG international PLC1		24,553,542			9,320
Titan Industries Ltd.1		341,736			8,383
Signet Jewelers Ltd.		400,000			8,328
Schibsted ASA1,3		916,700			8,307
Ascent Media Corp., Class A3		304,764			8,101
P.F. Chang’s China Bistro, Inc.3		250,000			8,015
American Axle & Manufacturing Holdings, Inc.		2,300,000			7,912
Peet’s Coffee & Tea, Inc.3		290,000			7,308
Restaurant Group PLC1		2,950,000			6,954
ElringKlinger AG1		405,000			6,753
Banyan Tree Holdings Ltd.1,3		16,693,000			6,749
Bijou Brigitte modische Accessoires AG1		52,000			6,738
Saks Inc.3		1,457,500			6,457
Dolan Media Co.3		500,114			6,396
Praktiker Bau- und Heimwerkermärkte Holding AG1		605,280			5,917
HUGO BOSS AG1		215,000			5,289
Mekonomen AB1		348,374			5,210
Group 1 Automotive, Inc.		200,000			5,204
Headlam Group PLC1		1,239,685			5,178
USS Co., Ltd.1		100,000			5,131
Toll Corp.3		300,000			5,091
Bob Evans Farms, Inc.		175,000			5,030
Rambler Media Ltd.1,3		600,000			4,029
Gaming VC Holdings SA1		1,396,800			3,675
Consumers’ Waterheater Income Fund		500,000			2,714
Ten Alps PLC1,2,3		3,439,001			1,414
Spot Runner, Inc.1,3,4		2,980,544			766
Fontainebleau Resorts LLC, Class A, nonvoting units1,3,4		1,900,000			228
Mobile Travel Guide, Inc.1,3,4		96,033			16
CEC Unet PLC1,2,3		35,100,775			—
					1,963,581


HEALTH CARE — 12.11%
Inverness Medical Innovations, Inc.3		3,072,700			109,327
Cochlear Ltd.1		2,274,890			105,697
Thoratec Corp.2,3		3,076,500			82,389
Myriad Genetics, Inc.3		2,288,000			81,567
American Medical Systems Holdings, Inc.2,3		4,955,400			78,295
NuVasive, Inc.3		1,736,261			77,437
Illumina, Inc.3		1,425,000			55,489
Hikma Pharmaceuticals PLC1		6,769,153			52,352
ResMed Inc3		1,100,000			44,803
ResMed Inc (CDI)1,3		1,500,000			6,262
Fisher & Paykel Healthcare Corp. Ltd.1,2		26,890,690			50,596
Masimo Corp.3		2,091,200			50,419
Hologic, Inc.3		3,086,000			43,914
Millipore Corp.3		600,000			42,126
Nakanishi Inc.1,2		557,100			40,949
Volcano Corp.2,3		2,783,600			38,915
Integra LifeSciences Holdings Corp.3		1,370,000			36,319
Covance Inc.3		685,000			33,702
Pharmaceutical Product Development, Inc.		1,390,000			32,276
SonoSite, Inc.2,3		1,354,100			27,163
RHÖN-KLINIKUM AG, non-registered shares1		1,165,000			25,752
Beckman Coulter, Inc.		448,300			25,616
Intuitive Surgical, Inc.3		155,000			25,367
XenoPort, Inc.3		1,000,000			23,170
Laboratorios Almirall, SA1		2,051,800			22,781
Greatbatch, Inc.3		990,400			22,393
AMAG Pharmaceuticals, Inc.3		400,000			21,868
Medicis Pharmaceutical Corp., Class A		1,339,261			21,857
ZOLL Medical Corp.2,3		1,121,183			21,684
Ipca Laboratories Ltd.1,2		1,794,000			19,628
CardioNet, Inc.2,3		1,195,199			19,506
Invacare Corp.		1,088,400			19,210
DENTSPLY International Inc.		600,000			18,312
Martek Biosciences Corp.3		855,000			18,083
Bumrungrad Hospital PCL1		23,355,300			17,785
Mindray Medical International Ltd., Class A (ADR)		623,000			17,394
Abaxis, Inc.3		834,700			17,145
PSS World Medical, Inc.3		900,000			16,659
Tecan Group AG1		415,586			16,265
Sonic Healthcare Ltd.1		1,552,967			15,378
Tsumura & Co.1		490,000			15,268
Vibrac SA1		183,000			14,748
ArthroCare Corp.3		1,270,000			13,716
ev3 Inc.3		1,240,000			13,293
OJSC Pharmstandard (GDR)1,3		842,651			12,802
Applera Corp., Celera Corp.3		1,658,000			12,651
Auxilium Pharmaceuticals, Inc.3		400,000			12,552
Alexion Pharmaceuticals, Inc.3		300,000			12,336
Eurand NV3		850,000			11,050
TranS1 Inc.2,3		1,620,000			10,093
EGIS Nyrt.1		107,000			9,642
TECHNE Corp.		150,000			9,571
Vital Images, Inc.2,3		792,000			8,989
United Therapeutics Corp.3		100,000			8,333
Haemonetics Corp.3		129,100			7,359
Cypress Bioscience, Inc.3		750,000			7,065
Savient Pharmaceuticals, Inc.3		500,000			6,930
ABIOMED, Inc.3		754,200			6,652
Laboratorios Farmacéuticos ROVI, SA1		710,000			6,407
Newron Pharmaceuticals SpA1,3		257,000			6,312
Array BioPharma Inc.3		1,920,000			6,029
AS ONE Corp.1		253,000			4,529
Clínica Baviera, SA1,3		420,000			4,311
LifeCycle Pharma A/S1,3		2,275,000			4,012
Vical Inc.3		1,025,279			2,778
Krka, dd, Novo mesto1		27,820			2,725
WuXi PharmaTech (Cayman) Inc. (ADR)3		230,500			2,176
A&D Pharma Holdings NV (GDR)1,3		775,200			2,174
Vision-Sciences, Inc.2,3		2,200,000			2,024
Exiqon A/S1,3		450,000			1,231
Arpida Ltd.1,3		951,257			702
Hythiam, Inc.3		2,000,000			572
Allied Medical Ltd.1,3		147,030			24
					1,734,906


INFORMATION TECHNOLOGY — 12.03%
Kingboard Chemical Holdings Ltd.1,2		56,670,200			140,868
Digital River, Inc.2,3		2,522,800			91,628
AVEVA Group PLC1,2		5,225,000			61,691
Intersil Corp., Class A		4,527,000			56,904
KLA-Tencor Corp.		2,196,000			55,449
VTech Holdings Ltd.1		7,902,000			54,167
SkillSoft PLC (ADR)2,3		6,575,000			51,285
National Instruments Corp.		2,072,653			46,759
Autodesk, Inc.3		2,403,000			45,609
Semtech Corp.3		2,746,053			43,690
Ultimate Software Group, Inc.2,3		1,601,200			38,813
Fidelity National Information Services, Inc.		1,925,000			38,423
Hittite Microwave Corp.3		1,065,000			37,009
IAC/InterActiveCorp3		2,300,000			36,915
AAC Acoustic Technologies Holdings Inc.1		44,865,000			35,666
Novellus Systems, Inc.3		2,132,000			35,604
Palm, Inc.3		1,850,000			30,655
Veeco Instruments Inc.2,3		2,566,396			29,745
Red Hat, Inc.3		1,464,609			29,483
Verifone Holdings, Inc.3		3,636,500			27,310
Kingboard Laminates Holdings Ltd.1		53,064,236			26,719
Hana Microelectronics PCL1,2		53,925,000			25,603
Microchip Technology Inc.		1,100,000			24,805
Varian Semiconductor Equipment Associates, Inc.3		972,500			23,330
Logitech International SA3		1,650,000			23,100
Internet Brands, Inc., Class A3		3,272,895			22,910
Avid Technology, Inc.3		1,633,400			21,904
Advantest Corp.1		1,200,000			21,640
Internet Capital Group, Inc.2,3		3,096,000			20,836
OnMobile Global Ltd.1,3		2,230,000			20,247
Trimble Navigation Ltd.3		1,000,000			19,630
Global Unichip Corp.1		4,120,076			19,287
Perfect World Co., Ltd., Class B (ADR)3		628,000			17,961
Wistron Corp. (GDR)1		883,450			14,598
Wistron Corp.1		2,004,000			3,311
Halma PLC1		5,365,000			17,601
Neopost SA1		191,077			17,177
Littelfuse, Inc.3		850,000			16,966
Echelon Corp.3		2,000,000			16,960
Global Payments Inc.		443,000			16,595
Kapsch TrafficCom AG1		548,989			16,186
Akamai Technologies, Inc.3		827,000			15,862
FormFactor, Inc.3		900,000			15,516
ACI Worldwide, Inc.3		1,073,493			14,986
Lender Processing Services, Inc.		528,000			14,663
Redington (India) Ltd.1		2,680,868			13,506
Celestica Inc.3		1,900,000			12,958
Solera Holdings, Inc.3		500,000			12,700
Heartland Payment Systems, Inc.		1,200,000			11,484
Infotech Enterprises Ltd.1,2		3,000,000			11,137
Renishaw PLC1		1,968,738			11,066
Acer Inc.1		6,200,000			10,746
SINA Corp.3		355,000			10,465
DTS, Inc.3		379,300			10,268
Sun Microsystems, Inc.3		1,100,000			10,142
Blackboard Inc.3		350,000			10,101
Orbotech Ltd.3		1,128,317			9,760
OBIC Co., Ltd.1		58,600			9,499
Cadence Design Systems, Inc.3		1,500,000			8,850
austriamicrosystems AG, non-registered shares1,2,3		715,000			8,579
VistaPrint Ltd.3		200,000			8,530
Intermec, Inc.3		625,000			8,063
Finisar Corp.3		13,321,895			7,593
Inspur International Ltd.1		43,360,000			7,477
Comverse Technology, Inc.3		860,000			7,353
Ono Sokki Co., Ltd.1,2		1,609,000			7,014
Techwell, Inc.3		825,000			7,013
DigiTech Systems Co., Ltd.1,3		348,000			6,306
Spectris PLC1		680,000			6,178
TIBCO Software Inc.3		740,854			5,312
KAB Distribution Inc.2,3		9,700,000			5,257
Delta Electronics (Thailand) PCL1		12,150,000			4,535
Wincor Nixdorf AG1		80,000			4,485
DemandTec, Inc.3		445,000			3,916
LoopNet, Inc.3		487,543			3,778
Delta Networks, Inc.1		14,000,000			3,648
SEEK Ltd.1		999,737			3,343
Oakton Ltd.1		1,520,000			2,605
Hutchinson Technology Inc.2,3		1,286,035			2,508
Mentor Graphics Corp.3		112,000			613
HSW International, Inc.3,4		815,215			192
HSW International, Inc.1,3,4		294,693			48
					1,723,094


FINANCIALS — 11.01%
Kotak Mahindra Bank Ltd.1		6,221,762			82,126
City National Corp.		2,179,000			80,253
Redwood Trust, Inc.2		4,750,000			70,110
Daegu Bank, Ltd.1		6,361,090			58,156
BOK Financial Corp.		1,520,000			57,258
Glacier Bancorp, Inc.2		3,659,000			54,043
SVB Financial Group2,3		1,939,000			52,780
Industrial and Commercial Bank of China (Asia) Ltd.1		29,083,137			52,479
Cullen/Frost Bankers, Inc.		1,091,000			50,317
Dah Sing Financial Holdings Ltd.1		11,649,400			47,464
IG Group Holdings PLC1		10,021,000			46,264
Champion Real Estate Investment Trust1		119,806,475			39,099
Hospitality Properties Trust		3,150,000			37,453
Ascendas Real Estate Investment Trust1		31,486,550			34,484
Mercury General Corp.		1,000,724			33,454
Jammu and Kashmir Bank Ltd.1,2		3,149,500			32,689
Indiabulls Real Estate Ltd.1		8,000,000			32,651
First Niagara Financial Group, Inc.		2,849,800			32,545
eHealth, Inc.2,3		1,830,000			32,318
Central Pattana PCL1		49,016,000			28,037
Topdanmark A/S1,3		235,700			27,553
Northwest Bancorp, Inc.		1,350,000			25,461
Robinsons Land Corp., Class B1,2		178,548,300			25,072
Westamerica Bancorp.		500,000			24,805
Busan Bank1		3,518,000			24,026
Banco Compartamos, SA, Institución de Banca Múltiple, Class O		7,250,000			23,521
Dolphin Capital Investors Ltd.1,2,3		36,765,400			23,312
Portfolio Recovery Associates, Inc.3		515,000			19,946
Gruppo MutuiOnline SpA1,2		3,160,000			18,955
Eaton Vance Corp., nonvoting shares		700,000			18,725
Bajaj Holdings & Investment Ltd.1		2,285,000			17,515
Rayonier Inc.		450,000			16,357
Banque Cantonale Vaudoise1		51,000			16,096
Banco Cruzeiro do Sol SA, preferred nominative		5,543,100			15,821
Brown & Brown, Inc.		775,000			15,446
JSE Ltd.1		2,420,000			15,240
CapitalSource Inc.		3,100,000			15,128
MGIC Investment Corp.		3,350,000			14,740
Hargreaves Lansdown PLC1		4,267,468			14,369
Azimut Holding SpA1		1,496,663			14,185
Home Federal Bancorp, Inc.2		1,384,249			14,105
Sterling Bancshares, Inc.		2,165,314			13,706
Banco Macro SA, Class B (ADR)3		841,915			13,631
Bolsa Mexicana de Valores, SAB de CV, Series A3		14,350,000			13,101
Ascendas India Trust1		27,564,000			13,071
CapitaRetail China Trust1		16,840,000			12,375
Hopewell Holdings Ltd.1		3,755,000			11,720
Hung Poo Real Estate Development Corp.1		9,317,250			11,644
Banco ABC Brasil SA, preferred nominative		3,060,700			11,622
Alexandria Real Estate Equities, Inc.		300,000			10,737
AEON Mall Co., Ltd.1		508,900			9,629
United Financial Bancorp, Inc.		685,000			9,467
Banco Daycoval SA, preferred nominative		2,539,300			9,189
Westfield Financial, Inc.		985,000			8,924
Oslo Børs VPS Holding ASA1		1,002,335			8,569
Asya Katilim Bankasi AS, Class B1,3		6,090,009			8,407
Paraná Banco SA, preferred nominative		2,318,400			8,378
Cathay Real Estate Development Co. Ltd.1		17,400,000			6,942
Islamic Arab Insurance Co. (Salama)1,3		21,700,000			6,765
RenaissanceRe Holdings Ltd.		141,000			6,562
CapitaMall Trust, units1		6,100,000			5,876
Kiatnakin Bank PCL1		12,200,000			5,872
Hellenic Exchanges SA1		475,000			5,296
Discover Financial Services		500,000			5,135
China Banking Corp.1		546,838			3,748
P/F Føroya Banki1,3		127,273			2,939
					1,577,663


MATERIALS — 6.35%
AptarGroup, Inc.		2,459,682			83,063
Talvivaara Mining Co. Ltd.1,3		10,623,800			59,604
Huabao International Holdings Ltd.1		49,520,000			47,862
Aquarius Platinum Ltd.1		8,333,333			32,485
Aquarius Platinum Ltd. (GBP denominated)1		3,862,983			14,827
James Hardie Industries NV1,3		12,100,609			40,695
Symrise AG1		2,634,102			38,970
Croda International PLC1		3,860,000			33,966
Rhodia SA1,3		4,495,853			33,965
African Minerals Ltd.1,3		8,201,000			31,752
Peter Hambro Mining PLC1		2,921,580			29,406
Calgon Carbon Corp.3		1,925,000			26,738
Bemis Co., Inc.		1,000,000			25,200
Sealed Air Corp.		1,187,800			21,915
Kansai Paint Co., Ltd.1		2,735,000			19,581
FUCHS PETROLUB AG1		332,517			18,149
Kenmare Resources PLC1,2,3		51,336,000			16,069
Kenmare Resources PLC2,3,4		4,620,000			1,443
China Shanshui Cement Group Ltd.1		25,200,000			17,388
Intrepid Potash, Inc.3		618,013			17,354
RTI International Metals, Inc.3		920,000			16,256
PT Indocement Tunggal Prakarsa Tbk1		21,125,000			16,005
Rusoro Mining Ltd.2,3,4		20,000,000			8,258
Rusoro Mining Ltd.2,3		17,860,000			7,374
LANXESS AG1		625,000			15,499
RPM International, Inc.		1,000,000			14,040
Mineral Deposits Ltd.1,2,3		16,142,844			7,985
Mineral Deposits Ltd. (CAD denominated)1,2,3		6,300,000			3,116
Mineral Deposits Ltd. (CAD denominated)1,2,3		6,100,000			2,775
Centamin Egypt Ltd. (GBP denominated)1,3		9,570,037			13,670
Centamin Egypt Ltd.1,3		3,000			4
Alumina Ltd.1		11,517,000			13,222
United Phosphorus Ltd.1		4,140,000			12,335
Gold Wheaton Gold Corp.3,4		42,440,000			9,857
Gold Wheaton Gold Corp.3		10,000,000			2,323
Gem Diamonds Ltd.1,3,4		3,852,000			9,762
Gem Diamonds Ltd.1,3		800,000			2,027
Yamana Gold Inc.		1,200,000			10,674
Lynas Corp. Ltd.1,3		27,488,451			10,217
KazakhGold Group Ltd. (GDR)1,3,5		948,000			5,719
KazakhGold Group Ltd. (GDR)1,3		648,689			3,913
Sino-Forest Corp.3		900,000			9,600
Buzzi Unicem SpA1		673,000			9,578
Central African Mining & Exploration Co. PLC1,3		51,546,569			9,210
Sika AG, non-registered shares1		7,800			8,663
Minerals Technologies Inc.		220,000			7,924
CGA Mining Ltd.3		6,800,000			7,838
Cheil Industries Inc.1		202,000			7,262
Birla Corp. Ltd.1		1,648,000			7,100
Northern Iron Ltd.1,3		6,043,597			6,360
Zep Inc.		518,126			6,243
Obtala Resources PLC1,2,3,4		7,950,000			3,268
Obtala Resources PLC1,2,3		7,000,000			2,878
Cementir Holding SpA1		1,600,000			6,114
Eastern Platinum Ltd.3		10,105,450			4,521
Eastern Platinum Ltd.3,4		2,500,000			1,118
Polo Resources Ltd.1,3		61,936,200			3,822
Banro Corp.3		1,000,000			1,806
Banro Corp.3,4		890,000			1,608
Mangalam Cement Ltd.1		900,000			2,124
J.K. Cement Ltd.1		945,000			1,943
AMG Advanced Metallurgical Group NV1,3		264,426			1,802
Oxus Gold PLC1,3		15,915,000			1,483
PT Semen Gresik1,3		2,200,000			1,053
Vatukoula Gold Mines PLC1,3,4		54,150,000			890
Zoloto Resources Ltd.1,2,3		8,175,000			169
					909,840


ENERGY — 5.45%
Heritage Oil Ltd.1,2,3		15,508,000			136,166
BJ Services Co.		5,712,400			77,860
Pacific Rubiales Energy Corp.3		7,935,000			65,460
Helmerich & Payne, Inc.		2,099,400			64,808
KNM Group Bhd.1,2		231,151,000			55,590
FMC Technologies, Inc.3		1,295,000			48,666
Core Laboratories NV		544,205			47,427
Banpu PCL1		4,755,300			46,899
Concho Resources Inc.3		1,270,100			36,439
Uranium One Inc.3		13,580,500			31,191
WorleyParsons Ltd.1		1,339,556			25,528
Eurasia Drilling Co. Ltd. (GDR)1		2,190,000			24,534
Bill Barrett Corp.3		700,000			19,222
Regal Petroleum PLC1,2,3		18,487,000			19,004
Niko Resources Ltd.		260,000			17,892
Centennial Coal Co. Ltd.1		5,927,391			11,664
Petroceltic International PLC1,2,3		68,700,000			11,080
Encore Acquisition Co.3		350,000			10,798
Bankers Petroleum Ltd.3		4,567,933			7,819
Bankers Petroleum Ltd.3,4		733,333			1,255
Value Creation Inc.1,3,4		4,529,354			8,411
Gulf Keystone Petroleum Ltd.1,2,3,4		23,700,000			4,981
Zhaikmunai LP (GDR)1,3,5		790,000			4,345
FLEX LNG Ltd.1,3		920,335			1,860
Mart Resources, Inc.3,4		12,459,375			911
Oilexco Inc.3		6,808,600			293
Oilexco Inc. (GBP denominated)1,3,4		2,900,000			124
Oilexco Inc.3,4		520,000			22
High Arctic Energy Services Inc.3		1,923,000			165
					780,414


CONSUMER STAPLES — 3.63%
Lindt & Sprüngli AG1		1,694			37,458
Lindt & Sprüngli AG, participation certificate1		19,166			35,888
Bare Escentuals, Inc.3		4,324,400			38,357
Hypermarcas SA, ordinary nominative3		2,906,200			35,994
China Yurun Food Group Ltd.1		21,875,000			32,995
ARYZTA AG1,3		1,018,000			32,582
Kernel Holding SA1,3		3,243,300			32,397
MARR SpA1,2		3,380,063			26,137
First Pacific Co. Ltd.1		44,300,000			25,595
Hain Celestial Group, Inc.3		1,590,000			24,820
Whole Foods Market, Inc.		1,025,000			19,455
Thai Union Frozen Products PCL1		27,000,000			18,768
Poslovni sistem Mercator, dd1		69,933			15,968
Drogasil SA, ordinary nominative		1,563,900			14,938
PT BISI International Tbk1,3		74,836,500			13,594
Emmi AG1		136,100			13,557
GlaxoSmithKline Consumer Healthcare Ltd.1		635,897			13,130
Origin Enterprises PLC1,3		3,213,300			10,834
Tassal Group Ltd.1		6,500,000			10,158
Coca-Cola Icecek AS, Class C1		1,672,785			9,515
AMOREPACIFIC Corp.1		17,600			9,447
China Milk Products Group Ltd.1		30,800,000			8,495
Universal Robina Corp.1		51,235,000			7,447
Chattem, Inc.3		100,000			6,810
Alfa-Beta Vassilopoulos SA1		142,808			6,780
PrimeAg Australia Ltd.1,3		7,000,000			5,880
Fresh Del Monte Produce Inc.3		328,357			5,339
China Green (Holdings) Ltd.1		5,091,000			5,284
Gr. Sarantis ABEE1,3		622,343			3,110
					520,732


TELECOMMUNICATION SERVICES — 2.03%
tw telecom inc.3		5,985,000			61,466
Cellcom Israel Ltd. (ILS denominated)1		855,000			22,785
Cellcom Israel Ltd.		850,000			22,585
CenturyTel, Inc.		1,377,400			42,286
Partner Communications Co. Ltd.1		2,065,000			35,287
True Corp. PCL1,3		344,540,000			23,822
LG Telecom Ltd.1		3,770,000			23,743
DiGi.Com Bhd.1		2,927,500			18,497
Total Access Communication PCL1		17,046,000			15,368
Globe Telecom, Inc.1		526,867			10,355
NTELOS Holdings Corp.		500,000			9,210
StarHub Ltd1		3,246,840			4,793
					290,197


UTILITIES — 1.88%
Xinao Gas Holdings Ltd.1,2		57,520,000			98,637
Glow Energy PCL1		47,934,700			47,802
Manila Water Co., Inc.1,2		111,206,800			33,448
AES Tietê SA, preferred nominative		2,400,000			24,954
Northumbrian Water Group PLC1		5,270,000			21,487
Thai Tap Water Supply PCL1		147,630,000			17,831
CESC Ltd.1		1,746,400			10,041
Acea SpA1		602,485			7,360
Electricity Generating PCL1		2,285,000			4,994
Tanjong PLC1		890,000			3,366
					269,920


MISCELLANEOUS — 4.94%
Other common stocks in initial period of acquisition					707,459


Total common stocks (cost: $13,845,687,000)					12,916,301



Rights & warrants — 0.02%

MATERIALS — 0.01%
Gold Wheaton Gold Corp., warrants, expire 20111,3,4		17,500,000			869
Gold Wheaton Gold Corp., warrants, expire 20133,4		3,720,000			160
					1,029

ENERGY — 0.00%
Bankers Petroleum Ltd., warrants, expire 20123,4		366,667			208


INDUSTRIALS — 0.00%
Goodpack Ltd., warrants, expire 20091,2,3		2,459,750			8


MISCELLANEOUS — 0.01%
Other rights & warrants in initial period of acquisition					1,995


Total rights & warrants (cost: $3,248,000)					3,240



	Shares or
Convertible securities — 0.27%	principal amount

HEALTH CARE — 0.19%
Fluidigm Corp., Series E, convertible preferred1,2,3,4		1,251,055			17,515
BG Medicine, Inc., Series D, convertible preferred1,2,3,4		1,538,462			10,000
					27,515

MATERIALS — 0.07%
Peter Hambro Mining PLC 7.125% convertible debentures 2010	$	10,200,000			9,894


TELECOMMUNICATION SERVICES — 0.01%
tw telecom inc. 2.375% convertible debentures 2026	$	1,600,000			1,346


CONSUMER DISCRETIONARY — 0.00%
Spot Runner, Inc., Series C, convertible preferred1,3,4		1,626,016			418


Total convertible securities (cost: $43,184,000)					39,173


	Principal amount			Value
Bonds & notes — 0.06%		(000	)		(000	)

FINANCIALS — 0.06%
Zions Bancorporation 5.65% 2014	$	760		$	550
Zions Bancorporation 5.50% 2015		3,575			2,576
Zions Bancorporation 6.00% 2015		7,680			5,498


Total bonds & notes (cost: $8,219,000)					8,624




Short-term securities — 9.53%

Freddie Mac 0.15%–0.75% due 7/9–11/2/2009		379,000			378,740
U.S. Treasury Bills 0.133%–1.40% due 7/2–12/17/2009		232,330			232,230
Canada Bills 0.21%–0.50% due 7/8–10/13/2009		124,400			124,342
Federal Home Loan Bank 0.155%–0.21% due 7/24–8/25/2009		104,400			104,375
KfW 0.20%–0.25% due 7/20–9/22/20095		95,000			94,958
Fannie Mae 0.15%–0.40% due 7/14–12/29/2009		89,587			89,520
Calyon North America Inc. 0.26%–0.30% due 7/1–8/3/2009		81,200			81,186
Caisse d’Amortissement de la Dette Sociale 0.39%–0.41% due 7/27–8/4/2009		51,400			51,392
Province of Ontario 0.26% due 9/30/2009		31,300			31,279
Denmark (Kingdom of) 0.31% due 7/1/2009		25,000			25,000
Chevron Funding Corp. 0.22% due 7/10/2009		25,000			24,998
National Australia Funding (Delaware) Inc. 0.47% due 7/17/20095		25,000			24,995
Citigroup Funding Inc., FDIC insured, 0.25% due 8/18/2009		25,000			24,991
E.I. duPont de Nemours and Co. 0.20% due 7/30/20095		20,000			19,997
Merck & Co. Inc. 0.22% due 7/20/2009		16,500			16,498
Société Générale North America, Inc. 0.32% due 8/5/2009		16,000			15,993
Unilever Capital Corp. 0.21%–0.22% due 9/8/20095		14,600			14,589
Siemens Capital Co. LLC 0.20% due 7/9/20095		10,000			9,999


Total short-term securities (cost: $1,365,061,000)					1,365,082


Total investment securities (cost: $15,265,399,000)					14,332,420
Other assets less liabilities					(4,324	)

Net assets				$	14,328,096

“Miscellaneous” securities include holdings in their initial period of acquisition that have not previously been publicly disclosed.

1Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in “Miscellaneous,” was $6,208,935,000, which represented 43.33% of the net assets of the fund. This amount includes $6,111,091,000 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.

2The fund owns 5% or more of the outstanding voting shares of this company. See the table on page 15 for additional information.

3Security did not produce income during the last 12 months.

4Purchased in a 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 below.

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

Trinity Ltd.	12/6/2007	$	37,508	$	20,506		.14	%
Fluidigm Corp., Series E, convertible preferred	12/21/2006–10/24/2007		17,515		17,515		.12
Gold Wheaton Gold Corp.	6/27/2008–2/24/2009		10,625		9,857		.07
Gold Wheaton Gold Corp., warrants, expire 2011	2/24/2009		47		869		.01
Gold Wheaton Gold Corp., warrants, expire 2013	6/27/2008		—		160		.00
BG Medicine, Inc., Series D, convertible preferred	7/9/2008		10,000		10,000		.07
Gem Diamonds Ltd.	4/1/2009		5,519		9,762		.07
Value Creation Inc.	8/25/2005–9/1/2006		33,229		8,411		.06
Rusoro Mining Ltd.	3/10/2009		9,256		8,258		.06
Gulf Keystone Petroleum Ltd.	7/22/2008		13,210		4,981		.03
Obtala Resources PLC	2/26/2009		1,921		3,268		.02
Banro Corp.	7/26/2005		3,799		1,608		.01
Bankers Petroleum Ltd.	2/22/2007		1,173		1,255		.01
Bankers Petroleum Ltd., warrants, expire 2012	2/22/2007		—		208		.00
Kenmare Resources PLC	6/30/2009		1,455		1,443		.01
Spot Runner, Inc.	10/25/2006–3/20/2008		15,071		766		.01
Spot Runner, Inc., Series C, convertible preferred	10/25/2006		6,000		418		.00
Eastern Platinum Ltd.	4/3/2007		4,100		1,118		.01
Mart Resources, Inc.	1/16/2007–9/7/2007		5,594		911		.01
Vatukoula Gold Mines PLC	6/4/2008		4,519		890		.01
Aker Philadelphia Shipyard ASA	12/5/2007		3,626		452		.00
HSW International, Inc.	10/2/2007		3,000		192		.00
HSW International, Inc.	12/17/2007		907		48		.00
Fontainebleau Resorts LLC, Class A, nonvoting units	10/5/2005–6/1/2007		21,500		228		.00
Oilexco Inc. (GBP denominated)	12/15/2005		9,456		124		.00
Oilexco Inc.	3/7/2007		3,454		22		.00
Mobile Travel Guide, Inc.	12/17/2007		24		16		.00

Total restricted securities		$	222,508	$	103,286		.72	%

5Purchased in a transaction exempt from registration under 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 $174,602,000, which represented 1.22% of the net assets of the fund.

Key to abbreviations

ADR = American Depositary Receipts	GDR = Global Depositary Receipts	ILS = Israeli shekels
BDR = Brazilian Depositary Receipts	CAD = Canadian dollars
CDI = CREST Depository Interest	GBP = British pounds

Investments in affiliates

A company is considered to be an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares of that company. Further details on these holdings and related transactions during the nine months ended June 30, 2009, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Dividend income (000)		Value of affiliates at 6/30/09 (000)

Kingboard Chemical Holdings Ltd.		52,648,200		6,700,000		2,678,000		56,670,200	$	2,194	$	140,868
Heritage Oil Ltd.		12,898,000		2,610,000		—		15,508,000		—		136,166
Xinao Gas Holdings Ltd.		51,038,000		6,482,000		—		57,520,000		1,314		98,637
Jumbo SA		4,844,956		4,844,956		—		9,689,912		2,737		93,992
Digital River, Inc.		1,575,000		1,497,800		550,000		2,522,800		—		91,628
Thoratec Corp.		—		3,076,500		—		3,076,500		—		82,389
American Medical Systems Holdings, Inc.		5,370,000		—		414,600		4,955,400		—		78,295
Downer EDI Ltd.		23,026,345		—		6,000,000		17,026,345		1,203		76,411
Redwood Trust, Inc.		1,440,000		3,310,000		—		4,750,000		830		70,110
AVEVA Group PLC*		720,396		4,504,604		—		5,225,000		680		61,691
Jain Irrigation Systems Ltd.		1,248,000		3,426,949		—		4,674,949		—		61,516
Resources Connection, Inc.		3,027,336		330,164		—		3,357,500		—		57,648
Pantaloon Retail (India) Ltd.		5,500,000		3,024,816		—		8,524,816		70		54,270
Pantaloon Retail (India) Ltd., Class B		—		551,250		—		551,250		8		2,472
KNM Group Bhd.		131,151,000		100,000,000		—		231,151,000		783		55,590
Glacier Bancorp, Inc.		—		3,659,000		—		3,659,000		557		54,043
SVB Financial Group		—		1,939,000		—		1,939,000		—		52,780
Fourlis		4,074,000		—		—		4,074,000		1,845		52,732
SkillSoft PLC (ADR)		7,225,000		—		650,000		6,575,000		—		51,285
Fisher & Paykel Healthcare Corp. Ltd.		15,890,690		11,000,000		—		26,890,690		1,671		50,596
Lions Gate Entertainment Corp.		8,250,000		—		—		8,250,000		—		46,200
Nakanishi Inc.		491,100		66,000		—		557,100		403		40,949
Blue Nile, Inc.		941,140		—		—		941,140		—		40,460
Ekornes ASA		2,937,598		—		—		2,937,598		1,349		39,115
Volcano Corp.		2,777,400		166,200		160,000		2,783,600		—		38,915
Ultimate Software Group, Inc.*		1,200,000		555,000		153,800		1,601,200		—		38,813
Astaldi SpA		5,263,954		81,000		—		5,344,954		603		36,774
Sintex Industries Ltd.		3,230,250		7,652,476		2,959,000		7,923,726		—		36,028
Beacon Roofing Supply, Inc.		2,674,800		279,225		474,800		2,479,225		—		35,850
Manila Water Co., Inc.		111,206,800		—		—		111,206,800		349		33,448
Jammu and Kashmir Bank Ltd.		3,149,500		—		—		3,149,500		—		32,689
eHealth, Inc.		1,580,000		250,000		—		1,830,000		—		32,318
Veeco Instruments Inc.		2,306,396		260,000		—		2,566,396		—		29,745
Live Nation, Inc.		4,000,000		1,782,000		—		5,782,000		—		28,101
SonoSite, Inc.		1,254,866		170,000		70,766		1,354,100		—		27,163
MARR SpA		3,202,500		177,563		—		3,380,063		1,734		26,137
Ennis, Inc.		1,032,000		1,033,810		—		2,065,810		800		25,740
Hana Microelectronics PCL		53,925,000		—		—		53,925,000		1,799		25,603
Grontmij NV, depository receipts		1,282,000		—		175,000		1,107,000		1,459		25,486
Robinsons Land Corp., Class B		122,188,300		56,360,000		—		178,548,300		567		25,072
Dolphin Capital Investors Ltd.		33,715,400		3,050,000		—		36,765,400		—		23,312
Exponent, Inc.		—		901,400		—		901,400		—		22,093
ZOLL Medical Corp.		1,655,000		376,183		910,000		1,121,183		—		21,684
Internet Capital Group, Inc.		3,096,000		—		—		3,096,000		—		20,836
Trinity Ltd.		82,337,500		—		—		82,337,500		510		20,506
TrueBlue, Inc.		1,649,398		774,202		—		2,423,600		—		20,358
Houston Wire & Cable Co.		1,678,900		—		—		1,678,900		428		19,996
Ipca Laboratories Ltd.		1,794,000		—		—		1,794,000		262		19,628
CardioNet, Inc.		664,000		666,840		135,641		1,195,199		—		19,506
Regal Petroleum PLC		10,317,000		8,170,000		—		18,487,000		—		19,004
Gruppo MutuiOnline SpA		3,160,000		—		—		3,160,000		734		18,955
Fluidigm Corp., Series E,
convertible preferred		4,378,695		—		3,127,640		1,251,055		—		17,515
Kenmare Resources PLC		51,336,000		—		—		51,336,000		—		16,069
Kenmare Resources PLC		—		4,620,000		—		4,620,000		—		1,443
Goodpack Ltd.		22,248,000		4,112,000		—		26,360,000		484		16,591
Goodpack Ltd., warrants, expire 2009		2,459,750		—		—		2,459,750		—		8
Rusoro Mining Ltd.		—		20,000,000		—		20,000,000		—		8,258
Rusoro Mining Ltd.		—		17,860,000		—		17,860,000		—		7,374
Home Federal Bancorp, Inc.		1,384,249		—		—		1,384,249		228		14,105
Mineral Deposits Ltd.		16,142,844		—		—		16,142,844		—		7,985
Mineral Deposits Ltd. (CAD denominated)		6,300,000		—		—		6,300,000		—		3,116
Mineral Deposits Ltd. (CAD denominated)		—		6,100,000		—		6,100,000		—		2,775
BrisConnections Unit Trusts		27,300,000		—		—		27,300,000		15		13,422
Domino’s Pizza Enterprises Ltd.		4,563,190		195,910		—		4,759,100		129		12,240
Infotech Enterprises Ltd.		3,000,000		—		—		3,000,000		94		11,137
Petroceltic International PLC		—		68,700,000		—		68,700,000		—		11,080
Bloomsbury Publishing PLC		5,405,000		—		—		5,405,000		358		11,006
TranS1 Inc.		—		1,620,000		—		1,620,000		—		10,093
BG Medicine, Inc., Series D
convertible preferred		1,538,462		—		—		1,538,462		—		10,000
Northgate PLC		4,114,822		1,520,000		—		5,634,822		739		9,237
Vital Images, Inc.		792,000		—		—		792,000		—		8,989
austriamicrosystems AG,
non-registered shares		715,000		—		—		715,000		—		8,579
Lonrho PLC		14,275,000		35,385,000		—		49,660,000		—		7,211
Ono Sokki Co., Ltd.		1,609,000		—		—		1,609,000		322		7,014
Obtala Resources PLC		—		7,950,000		—		7,950,000		—		3,268
Obtala Resources PLC*		7,000,000		—		—		7,000,000		—		2,878
LECG Corp.*		239,585		1,624,215		—		1,863,800		—		6,076
Cpl Resources PLC		2,975,986		—		—		2,975,986		58		5,429
KAB Distribution Inc.		8,000,000		1,700,000		—		9,700,000		—		5,257
Gulf Keystone Petroleum Ltd.		23,700,000		—		—		23,700,000		—		4,981
Hutchinson Technology Inc.		1,836,035		—		550,000		1,286,035		—		2,508
Vision-Sciences, Inc.		2,200,000		—		—		2,200,000		—		2,024
Ten Alps PLC		1,815,000		1,624,001		—		3,439,001		—		1,414
Imagelinx PLC		21,385,714		—		—		21,385,714		—		663
Zoloto Resources Ltd.		8,175,000		—		—		8,175,000		—		169
CEC Unet PLC		35,100,775		—		—		35,100,775		—		—
Abaxis, Inc.†		1,609,700		25,000		800,000		834,700		—		—
ACI Worldwide, Inc.†		2,742,400		—		1,668,907		1,073,493		—		—
Altra Holdings, Inc.†		1,905,548		—		823,600		1,081,948		—		—
American Axle & Manufacturing
Holdings, Inc.†		4,300,000		—		2,000,000		2,300,000		86		—
AMG Advanced Metallurgical Group NV†		2,143,960		94,040		1,973,574		264,426		—		—
Andersons Inc.†		1,247,000		—		1,247,000		—		110		—
Apollo Hospitals Enterprise Ltd.†		3,275,000		—		3,275,000		—		—		—
Arpida Ltd.†		1,231,509		—		280,252		951,257		—		—
ArthroCare Corp.†		2,117,000		100,000		947,000		1,270,000		—		—
AtriCure, Inc.†		824,500		—		824,500		—		—		—
Banyan Tree Holdings Ltd.†		44,333,000		—		27,640,000		16,693,000		—		—
Busan Bank†		9,594,500		—		6,076,500		3,518,000		466		—
Café de Coral Holdings Ltd.†		31,550,000		1,140,000		5,410,000		27,280,000		1,235		—
Calgon Carbon Corp.†		2,459,300		570,700		1,105,000		1,925,000		—		—
Chuang’s China Investments Ltd.†		112,439,000		—		112,439,000		—		—		—
Concho Resources Inc.†		4,806,820		—		3,536,720		1,270,100		—		—
Cougar Biotechnology, Inc.†		1,000,000		—		1,000,000		—		—		—
Cougar Biotechnology, Inc.†		100,000		—		100,000		—		—		—
Daegu Bank, Ltd.†		10,570,000		—		4,208,910		6,361,090		1,052		—
Emeco Holdings Ltd.†		41,027,381		—		41,027,381		—		—		—
Entertainment Rights PLC†		42,281,102		—		42,281,102		—		—		—
First Calgary Petroleums Ltd.†		10,846,000		—		10,846,000		—		—		—
First Calgary Petroleums Ltd.
(GBP denominated)†		4,800,000		—		4,800,000		—		—		—
Gaming VC Holdings SA†		1,396,800		305,000		305,000		1,396,800		639		—
Genesis Lease Ltd. (ADR)†		2,292,579		—		2,292,579		—		132		—
G-Shank Enterprise Co., Ltd.†		16,838,438		—		16,838,438		—		—		—
Hain Celestial Group, Inc.†		2,580,000		—		990,000		1,590,000		—		—
Halla Engineering & Construction Corp.†		626,000		—		626,000		—		—		—
Heartland Payment Systems, Inc.†		2,970,000		30,000		1,800,000		1,200,000		319		—
Hyflux Water Trust†		19,500,000		—		19,500,000		—		—		—
Hyunjin Materials Co., Ltd.†		857,100		11,263		868,363		—		—		—
I. Kloukinas – I. Lappas SA†		1,824,000		—		1,824,000		—		—		—
InfoSpace.com, Inc.†		1,971,200		—		1,971,200		—		1,090		—
Intersil Corp., Class A†		3,125,000		3,815,000		2,413,000		4,527,000		2,104		—
IVRCL Infrastructures & Projects Ltd.†		9,025,000		—		8,770,000		255,000		—		—
Jackson Hewitt Tax Service Inc.†		1,796,000		—		1,796,000		—		323		—
John Bean Technologies Corp.*,†		702,717		804,200		403,797		1,103,120		246		—
Kaba Holding AG†		262,800		—		96,300		166,500		1,500		—
Kuoni Reisen Holding AG, Class B†		145,066		—		145,066		—		—		—
Major Drilling Group International Inc.†		1,500,000		—		1,500,000		—		230		—
Medicis Pharmaceutical Corp., Class A†		3,062,100		82,900		1,805,739		1,339,261		268		—
MEMSIC, Inc.†		1,191,536		—		1,191,536		—		—		—
Mentor Corp.†		1,700,700		—		1,700,700		—		—		—
Michaniki SA†		3,935,000		—		3,935,000		—		—		—
Michaniki SA, preference shares†		871,900		—		871,900		—		—		—
Mine Safety Appliances Co.†		1,627,300		295,200		600,900		1,321,600		1,233		—
Navitas Ltd.†		21,727,690		—		6,650,000		15,077,690		561		—
Nishimatsuya Chain Co., Ltd.†		5,565,000		—		5,565,000		—		219		—
OPTI Canada Inc.†		9,570,000		5,851,600		15,421,600		—		—		—
OPTI Canada Inc.†		5,851,600		—		5,851,600		—		—		—
OPTI Canada Inc., warrants,
expire 2008†		105,000		—		105,000		—		—		—
Peet’s Coffee & Tea, Inc.†		1,015,000		—		725,000		290,000		—		—
PetMed Express, Inc.†		1,500,000		—		1,500,000		—		—		—
Polo Resources Ltd.†		123,872,500		—		61,936,300		61,936,200		—		—
Power Integrations, Inc.†		1,775,200		—		1,775,200		—		87		—
Pyeong San Co., Ltd.†		1,220,171		—		1,220,171		—		—		—
Rhodia SA†		5,093,401		—		597,548		4,495,853		—		—
Schibsted ASA†		4,703,200		—		3,786,500		916,700		—		—
Solomon Mutual Savings Bank†		1,062,023		—		1,062,023		—		—		—
SourceForge, Inc.†		4,700,000		—		4,700,000		—		—		—
Superior Well Services, Inc.†		1,200,000		—		1,200,000		—		—		—
TaeWoong Co., Ltd.†		1,033,400		—		702,900		330,500		68		—
TICON Property Fund†		30,400,000		23,109,375		53,509,375		—		372		—
TK Corp.†		1,659,000		82,950		1,741,950		—		—		—
Trigon Agri A/S†		8,150,000		—		8,150,000		—		—		—
Tripod Technology Corp.†		30,494,514		—		30,494,514		—		—		—
UnionBank of the Philippines†		37,429,400		—		37,429,400		—		—		—
United Laboratories
International Holdings Ltd.†		71,242,000		—		71,242,000		—		—		—
ValueVision Media, Inc., Class A†		1,900,000		—		1,900,000		—		—		—
Vical Inc.†		2,250,279		—		1,225,000		1,025,279		—		—
									$	39,656	$	2,563,517

*This security was an unaffiliated issuer in its initial period of acquisition at 9/30/2008; it was not publicly disclosed.

†Unaffiliated issuer at 6/30/2009.

Security valuation

Equity securities are 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 in which the security trades. Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are valued at prices obtained from one or more independent pricing vendors when such prices are available. However, where the investment adviser deems it appropriate to do so, such securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Vendors base bond prices on, among other things, valuation matrices that incorporate dealer-supplied valuations, proprietary pricing models and evaluations of the yield curve as of approximately 3:00 p.m. New York time. Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days or less remaining to maturity.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the fund’s board of directors. Market quotations may be considered unreliable if events occur that materially affect the value of securities (particularly securities outside the U.S.) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, 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. Fair valuations and 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.

Disclosure of fair value measurements

The fund classifies its assets and liabilities into three levels based on the method 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. Level 3 values are based on significant unobservable inputs that reflect the fund’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 generally high-quality and liquid; however, they 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 June 30, 2009 (dollars in thousands):

Investment securities	Level 1		Level 2			Level 3		Total

Common stocks:
Industrials	$	1,064,571	$	1,373,924	*	$	—	$	2,438,495
Consumer discretionary		1,094,129		847,936	*		21,516		1,963,581
Health care		1,276,574		458,308	*		24		1,734,906
Information technology		1,138,161		584,885	*		48		1,723,094
Financials		815,038		762,625	*		—		1,577,663
Materials		285,153		624,518	*		169		909,840
Energy		430,228		341,775	*		8,411		780,414
Consumer staples		145,713		375,019	*		—		520,732
Telecommunication services		135,547		154,650	*		—		290,197
Utilities		24,954		244,966	*		—		269,920
Miscellaneous		328,103		379,356	*		—		707,459
Rights & warrants		368		2,864	*		8		3,240
Convertible securities		—		11,240			27,933		39,173
Bonds & notes		—		8,624			—		8,624
Short-term securities		—		1,365,082			—		1,365,082
Total	$	6,738,539	$	7,535,772		$	58,109	$	14,332,420

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the nine months ended June 30, 2009 (dollars in thousands):

	Beginning value at 10/1/2008		Net sales			Net realized loss			Net unrealized depreciation			Net transfers out of Level 3			Ending value at 6/30/2009

Investment securities	$	168,729	$	(23,825	)	$	(10,050	)	$	(74,201	)	$	(2,544	)	$	58,109

Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2009 (dollars in thousands):															$	(85,985	)

*Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading; therefore, $6,111,091,000 of investment securities were classified as Level 2 instead of Level 1.

Federal income tax information	(dollars in thousands)

Gross unrealized appreciation on investment securities	$	1,856,765
Gross unrealized depreciation on investment securities		(2,842,458	)
Net unrealized depreciation on investment securities		(985,693	)
Cost of investment securities for federal income tax purposes		15,318,113

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

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in each fund’s prospectus, which can be obtained from your financial professional and should be read carefully before investing.

MFGEFP-935-0809O-S21437

ITEM 2 – Controls and Procedures

	SMALLCAP WORLD FUND, INC.

	By /s/ Paul F. Roye
	Paul F. Roye, Executive Vice President and Principal Executive Officer

	Date: August 28, 2009

1.	I have reviewed this report on Form N-Q of SMALLCAP World Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

1.	I have reviewed this report on Form N-Q of SMALLCAP World Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which this report is filed;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.