N-CSRS

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: March 31, 2024

Hong T. Le

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

SMALLCAP World Fund^®   Semi-annual report
for the six months ended
March 31, 2024

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

The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

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

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

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

Here are the average annual total returns on a $1,000 investment for periods ended March 31, 2024:

	1 year			5 years			10 years
Class F-2 shares		15.80	%		8.42	%		8.16	%
Class A shares (Reflecting 5.75% maximum sales charge)		8.84			6.86			7.23

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

The total annual fund operating expense ratios were 0.77% for Class F-2 shares and 1.06% for Class A shares as of the prospectus dated December 1, 2023. The expense ratios are restated to reflect current fees.

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 they 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.

Fellow investors:

Results for SMALLCAP World Fund for the periods ended March 31, 2024, are shown in the table below, as well as results of the fund’s benchmark.

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/smcfx. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

2	Investment portfolio
23	Financial statements
27	Notes to financial statements
39	Financial highlights

Results at a glance

For periods ended March 31, 2024, with all distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime1
SMALLCAP World Fund (Class F-2 shares)2,3		17.18	%		15.80	%		8.42	%		8.16	%		9.66	%
SMALLCAP World Fund (Class A shares)3		17.03			15.48			8.13			7.87			9.39
MSCI All Country World Small Cap Index4		16.35			16.46			8.00			6.77			8.01

Past results are not predictive of results in future periods.

1	Lifetime returns are since April 30, 1990, the inception date of Class A shares.
2	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3	Results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
4	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 1

Investment portfolio March 31, 2024 unaudited

Sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
United States		47.04	%
Eurozone*		9.68
Japan		7.19
India		7.15
United Kingdom		4.65
Sweden		3.60
Canada		3.28
Switzerland		2.68
Taiwan		1.76
Other countries		9.45
Short-term securities & other assets less liabilities		3.52

* 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 95.50%	Shares		Value (000)
Industrials 23.28%
Saia, Inc.1,2		1,649,121	$	964,736
Comfort Systems USA, Inc.1		2,049,176		651,044
Diploma PLC1		10,722,439		503,710
AZEK Co., Inc. (The), Class A1,2		8,505,282		427,135
Interpump Group SpA1		8,173,713		398,495
IMCD NV		2,114,286		372,601
Hensoldt AG1		7,748,295		363,126
XPO, Inc.2		2,842,812		346,908
Crane Co.		2,455,426		331,802
Stericycle, Inc.1,2		6,109,287		322,265
Kadant, Inc.1		895,218		293,721
VAT Group AG		553,191		286,640
ATS Corp.1,2		7,793,251		262,239
CBIZ, Inc.1,2		3,203,136		251,446
International Container Terminal Services, Inc.		44,009,076		248,953
BELIMO Holding AG		499,277		244,808
Arcosa, Inc.1		2,786,965		239,289
TransDigm Group, Inc.		190,000		234,004
ICF International, Inc.1		1,397,711		210,537
Trelleborg AB, Class B		5,782,697		206,857
Enpro, Inc.1		1,223,919		206,561
Wizz Air Holdings PLC1,2		7,274,650		197,039
Regal Rexnord Corp.		1,087,715		195,897
Armstrong World Industries, Inc.		1,566,385		194,576
Visional, Inc.1,2		3,127,230		189,022
Chart Industries, Inc.2,3		1,113,277		183,379
TFI International, Inc. (CAD denominated)		1,095,482		174,689
TFI International, Inc.		39,510		6,300
Willscot Mobile Mini Holdings Corp., Class A2		3,841,326		178,622
Carel Industries SpA1		8,068,454		177,140
MYR Group, Inc.1,2		974,748		172,287
CSW Industrials, Inc.		727,240		170,610
Harmonic Drive Systems, Inc.1		6,224,450		163,855
Applied Industrial Technologies, Inc.		829,363		163,841
Builders FirstSource, Inc.2		760,228		158,546
Enerpac Tool Group Corp., Class A1		4,347,380		155,028
RS Group PLC		15,999,012		146,764
KEI Industries, Ltd.		3,314,546		137,498
NIBE Industrier AB, Class B		27,664,941		135,843
Simpson Manufacturing Co., Inc.		657,421		134,890
Cleanaway Waste Management, Ltd.		75,279,081		133,431
Watsco, Inc.		300,000		129,591
Graco, Inc.		1,374,000		128,414

2 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Masco Corp.		1,625,000	$	128,180
Addtech AB, Class B		5,442,314		123,957
FTAI Aviation, Ltd.		1,815,918		122,211
Munters Group AB		6,698,771		120,220
Fluidra, SA, non-registered shares		5,002,753		118,307
Grupo Aeroportuario del Centro Norte, SAB de CV, Series B		12,020,242		118,153
DO & CO AG, non-registered shares1		779,520		116,392
Japan Elevator Service Holdings Co., Ltd.1		7,125,300		113,530
Lifco AB, Class B		4,195,000		109,578
Rumo SA		23,640,000		104,922
Reliance Worldwide Corp., Ltd.		27,363,812		102,532
Weir Group PLC (The)		3,978,926		101,545
Copa Holdings, SA, Class A		948,945		98,842
McGrath RentCorp		779,414		96,156
Aalberts NV, non-registered shares		1,955,887		94,090
Johns Lyng Group, Ltd.1		22,207,565		92,763
Sulzer AG		751,946		91,466
InPost SA2		5,911,910		91,111
Arcadis NV, non-registered shares		1,470,359		90,022
Babcock International Group PLC		13,615,158		89,359
Lyft, Inc., Class A2		4,535,000		87,752
Volution Group PLC1		15,684,638		86,035
Qantas Airways, Ltd.2		23,878,620		84,805
Titagarh Rail Systems, Ltd.1		7,560,365		83,307
Instalco AB1		21,054,465		83,164
First Advantage Corp.3		5,124,280		83,116
Boyd Group Services, Inc.		383,312		81,046
Cargotec OYJ, Class B, non-registered shares		1,118,297		77,878
AutoStore Holdings, Ltd.2		42,284,182		77,819
VSE Corp.1		954,257		76,341
ManpowerGroup, Inc.		961,021		74,614
Alfen NV1,2,3		1,380,806		74,484
Daiseki Co., Ltd.1		3,056,982		73,607
IMI PLC		3,195,395		73,200
Casella Waste Systems, Inc., Class A2		723,405		71,523
SPX Technologies, Inc.2		556,772		68,555
MSC Industrial Direct Co., Inc., Class A		700,000		67,928
SHO-BOND Holdings Co., Ltd.		1,591,700		67,546
Kingspan Group PLC		724,000		65,971
Pluxee NV2		2,228,153		65,865
Japan Airport Terminal Co., Ltd.		1,668,304		65,352
Matson, Inc.		579,528		65,139
Dayforce, Inc.2		979,310		64,840
Miura Co., Ltd.		3,334,147		64,434
Montana Aerospace AG1,2		3,422,846		64,142
MISUMI Group, Inc.3		4,667,694		63,673
Bombardier, Inc., Class B2		1,472,378		63,208
Herc Holdings, Inc.		359,696		60,537
Trex Co., Inc.2		602,320		60,081
GMS, Inc.2		611,792		59,552
International Consolidated Airlines Group SA (CDI)2		26,494,000		59,104
Spirax-Sarco Engineering PLC		463,955		58,851
Melrose Industries PLC		6,786,734		57,648
GVS SpA2		8,720,038		56,916
Hammond Power Solutions, Inc., Class A		530,971		56,839
Hexcel Corp.		760,647		55,413
BayCurrent Consulting, Inc.		2,805,126		55,100
Inox Wind, Ltd.2		8,596,654		53,764
CCR SA, ordinary nominative shares		19,207,630		52,927
Judges Scientific PLC1		395,543		50,922
AirTAC International Group		1,454,000		50,884
TechnoPro Holdings, Inc.		2,446,578		50,069
IDEX Corp.		200,000		48,804
LIXIL Corp.3		3,907,700		48,453
Zhejiang Weixing New Building Materials Co., Ltd., Class A		22,352,304		47,597
NORMA Group SE, non-registered shares1		2,548,962		47,382
Engcon AB, Class B3		6,013,176		47,217
Marlowe PLC1,2,3		6,904,878		45,318
SPIE SA		1,179,247		44,299

SMALLCAP World Fund 3

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Howden Joinery Group PLC		3,679,646	$	42,114
Concentrix Corp.		627,984		41,585
TELUS International (Cda), Inc., subordinate voting shares2		4,911,751		41,553
UFP Industries, Inc.		333,295		40,999
Voltronic Power Technology Corp.		789,000		40,432
INVISIO Communications AB		1,769,000		40,242
FTI Consulting, Inc.2		190,072		39,970
Adecco Group AG		996,415		39,399
Embraer SA2		5,690,100		37,791
MSA Safety, Inc.		195,200		37,789
Nexans SA		350,000		36,589
DL E&C Co., Ltd.		1,354,400		36,369
APi Group Corp.2		907,771		35,648
Atkore, Inc.		183,970		35,020
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates2,3		3,864,724		28,676
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates2,3		5,426,254		3,963
Alaska Air Group, Inc.2		757,800		32,578
Fiverr International, Ltd.2,3		1,518,959		32,004
Ventia Services Group Pty, Ltd.		12,643,253		31,720
NCC, Ltd.		11,178,672		31,142
BWX Technologies, Inc.		301,745		30,965
Clarivate PLC2,3		4,051,650		30,104
Advanced Drainage Systems, Inc.		174,684		30,088
Indutrade AB		1,080,000		29,452
Upwork, Inc.2		2,385,553		29,247
Haitian International Holdings, Ltd.		9,717,791		28,246
Fasadgruppen Group AB1		3,969,905		26,963
SIS, Ltd.2		5,464,589		26,814
Beijer Ref AB, Class B3		1,783,220		26,488
Generac Holdings, Inc.2		207,989		26,236
Sinoseal Holding Co., Ltd., Class A		5,298,624		24,068
Chemring Group PLC		5,139,242		23,546
ESCO Technologies, Inc.		205,482		21,997
Grupa Pracuj SA3		1,300,000		21,936
easyJet PLC		3,000,000		21,613
Oshkosh Corp.		150,000		18,706
Norva24 Group AB2		7,776,331		18,525
Green Landscaping Group AB2		2,606,930		18,461
dip Corp.		1,014,850		18,443
Grafton Group PLC		1,437,900		18,188
MonotaRO Co., Ltd.		1,511,100		18,143
Burckhardt Compression Holding AG		28,900		18,106
Valmet OYJ3		668,554		17,592
Einride AB1,2,4,5		438,277		14,901
Vicor Corp.2		378,100		14,458
Storskogen Group AB, Class B		20,622,000		10,981
Fluence Energy, Inc., Class A2,3		505,532		8,766
Centre Testing International Group Co., Ltd.		4,177,551		7,387
AAON, Inc.		63,180		5,566
IndiaMart InterMesh, Ltd.		159,406		5,056
Textron, Inc.		35,000		3,358
Nitta Corp.		120,900		3,199
Delhivery Ltd.2		185,651		992
				17,384,670
Consumer discretionary 18.66%
TopBuild Corp.1,2		2,165,365		954,341
Evolution AB		4,867,793		605,108
CAVA Group, Inc.1,2,3		7,771,949		544,425
Tube Investments of India, Ltd.1		11,627,785		520,948
Floor & Decor Holdings, Inc., Class A2		3,987,895		516,911
Dollarama, Inc.		5,010,000		381,663
MakeMyTrip, Ltd.1,2		4,148,177		294,728
Wyndham Hotels & Resorts, Inc.		3,693,632		283,486
YETI Holdings, Inc.1,2		6,948,146		267,851
Wayfair, Inc., Class A2,3		3,848,801		261,257

4 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Light & Wonder, Inc.2		2,557,223	$	261,067
Thor Industries, Inc.		2,155,644		252,943
Toll Brothers, Inc.		1,927,000		249,296
DraftKings, Inc., Class A2		5,346,439		242,782
Cavco Industries, Inc.1,2		605,885		241,784
KB Home		2,957,918		209,657
Global-E Online, Ltd.2		5,685,984		206,686
Boot Barn Holdings, Inc.1,2		2,105,494		200,338
Lennar Corp., Class A		1,058,458		182,033
Lennar Corp., Class B		21,169		3,264
Melco Resorts & Entertainment, Ltd. (ADR)1,2		25,676,292		185,126
Zalando SE, non-registered shares2		6,338,612		181,150
Williams-Sonoma, Inc.		500,000		158,765
Jumbo SA		5,421,500		156,168
Modine Manufacturing Co.2		1,618,723		154,086
Lottomatica Group SpA1,2		12,842,603		153,932
Skyline Champion Corp.2		1,790,000		152,168
Moncler SpA		2,015,000		150,389
Century Communities, Inc.		1,512,000		145,908
Bright Horizons Family Solutions, Inc.2		1,186,932		134,551
Levi Strauss & Co., Class A		6,625,378		132,441
Polaris, Inc.		1,285,000		128,654
Pool Corp.		317,700		128,192
Pets at Home Group PLC1		37,555,073		127,222
M.D.C. Holdings, Inc.		2,001,000		125,883
Ermenegildo Zegna NV		8,378,252		122,741
Five Below, Inc.2		676,022		122,617
Inchcape PLC		13,258,425		121,155
Installed Building Products, Inc.		464,759		120,247
Ollies Bargain Outlet Holdings, Inc.2		1,473,696		117,262
Domino’s Pizza Group PLC1		26,295,118		114,367
Jack in the Box, Inc.1		1,606,607		110,020
Norwegian Cruise Line Holdings, Ltd.2		5,237,662		109,624
Advance Auto Parts, Inc.		1,284,490		109,297
Games Workshop Group PLC		811,891		102,883
Kontoor Brands, Inc.		1,686,394		101,605
LGI Homes, Inc.2		846,202		98,473
Helen of Troy, Ltd.2		853,838		98,396
Skechers USA, Inc., Class A2		1,600,000		98,016
Rusta AB1,2		12,097,935		95,210
Mattel, Inc.2		4,700,000		93,107
MRF, Ltd.		55,180		88,251
Domino’s Pizza, Inc.		176,500		87,699
Watches of Switzerland Group PLC1,2		19,161,446		86,726
Asbury Automotive Group, Inc.2		361,691		85,280
Golden Entertainment, Inc.1		2,254,271		83,025
D.R. Horton, Inc.		490,000		80,630
Auction Technology Group PLC1,2		9,694,672		75,619
Murphy USA, Inc.		175,000		73,360
Steven Madden, Ltd.		1,710,595		72,324
Malibu Boats, Inc., Class A1,2		1,649,000		71,369
XPEL, Inc.2		1,275,220		68,887
DPC Dash, Ltd.1,2		10,400,586		66,641
Dometic Group AB		8,226,903		66,513
MGM China Holdings, Ltd.		39,776,800		66,473
Shoei Co., Ltd.1,3		4,291,700		63,874
Meritage Homes Corp.		353,400		62,008
Nien Made Enterprise Co., Ltd.		5,556,449		61,027
Brunello Cucinelli SpA		532,326		60,876
International Game Technology PLC		2,627,280		59,350
WH Smith PLC		3,570,000		59,342
ABC-Mart, Inc.		3,060,300		58,596
Entain PLC		5,635,173		56,715
Trainline PLC2		11,779,700		55,070
Beazer Homes USA, Inc.1,2		1,659,813		54,442
Cairn Homes PLC		31,452,000		54,155
Camping World Holdings, Inc., Class A		1,907,629		53,127
RH2		150,000		52,239
Jiumaojiu International Holdings, Ltd.1,3		72,421,531		52,186

SMALLCAP World Fund 5

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Nifco, Inc.		2,030,500	$	51,789
Darden Restaurants, Inc.		303,300		50,697
On Holding AG, Class A2		1,416,461		50,114
Flutter Entertainment PLC2		251,536		49,676
Puuilo OYJ		4,124,072		44,070
Salvatore Ferragamo SpA3		3,552,043		43,188
B&M European Value Retail SA		6,257,481		43,107
Aditya Vision, Ltd.1,6		751,964		30,980
Aditya Vision, Ltd.1		273,548		11,270
Six Flags Entertainment Corp.2		1,514,000		39,849
VF Corp.		2,573,562		39,478
Ariston Holding NV3		6,998,981		39,302
Lojas Renner SA		11,564,503		39,152
Macy’s, Inc.		1,900,000		37,981
Central Automotive Products, Ltd.		907,800		34,482
Peloton Interactive, Inc., Class A2		7,742,528		33,177
Compagnie Plastic Omnium SA		2,472,513		32,223
Genda, Inc.2,3		1,531,700		32,024
Victoria PLC1,2		9,200,079		30,713
Haichang Ocean Park Holdings, Ltd.2,3		308,116,000		30,312
Mitra Adiperkasa Tbk PT		255,255,500		29,301
Fielmann Group AG		629,235		28,892
Worthington Enterprises, Inc.		457,502		28,470
OneSpaWorld Holdings, Ltd.2		2,150,518		28,451
EIH, Ltd.		5,146,682		27,738
Fox Factory Holding Corp.2		530,786		27,638
Tsuburaya Fields Holdings, Inc.		2,444,600		27,534
Devyani International, Ltd.2		15,000,000		27,059
Planet Fitness, Inc., Class A2		430,000		26,931
Adtalem Global Education, Inc.2		494,000		25,392
MasterCraft Boat Holdings, Inc.1,2		975,083		23,129
OneWater Marine, Inc., Class A2		754,805		21,248
Barratt Developments PLC		3,315,285		19,901
Wendy’s Co.		1,056,138		19,898
Pet Valu Holdings, Ltd.3		850,263		19,873
NOK Corp.3		1,376,100		19,026
Dowlais Group PLC		18,744,290		18,453
MIPS AB		543,100		17,809
Caesars Entertainment, Inc.2		400,000		17,496
ThredUp, Inc., Class A2,3		8,707,600		17,415
First Watch Restaurant Group, Inc.2		670,820		16,516
Traeger, Inc.1,2		6,499,660		16,444
Vail Resorts, Inc.		71,000		15,821
Elior Group SA2,3		5,807,012		15,512
Nordstrom, Inc.		760,000		15,405
Red Rock Resorts, Inc., Class A		254,357		15,216
Momo.com, Inc.		1,235,064		14,935
Bosideng International Holdings, Ltd.		28,180,000		14,078
Hasbro, Inc.		207,866		11,749
Royal Caribbean Cruises, Ltd.2		78,017		10,845
Bafang Electric (Suzhou) Co., Ltd., Class A		1,847,270		9,465
Balkrishna Industries, Ltd.		311,475		8,654
Goodyear Tire & Rubber Co.2		558,712		7,671
Sanrio Co., Ltd.2		363,900		7,261
StockX, Inc.2,4,5		161,790		5,451
Brilliant Earth Group, Inc., Class A2,3		929,849		2,780
BNN Technology PLC1,2,4		19,007,000		—	7
				13,929,068
Information technology 15.86%
Kokusai Electric Corp.1,3		18,346,883		507,818
eMemory Technology, Inc.1		5,251,919		408,620
MKS Instruments, Inc.		2,834,126		376,939
Insight Enterprises, Inc.1,2		1,817,987		337,273
ALTEN SA, non-registered shares1		2,068,377		301,695
Fabrinet, non-registered shares2		1,558,726		294,630
Global Unichip Corp.1		6,780,000		263,756
Kulicke and Soffa Industries, Inc.1		4,699,380		236,426

6 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Dexerials Corp.1		5,161,500	$	228,002
Softcat PLC1		11,087,237		222,221
Reply SpA		1,556,586		220,327
SHIFT, Inc.1,2,3		1,382,600		216,596
Socionext, Inc.3		7,590,690		212,608
Maruwa Co., Ltd.1		989,700		211,826
Smartsheet, Inc., Class A2		5,482,636		211,081
Pegasystems, Inc.		3,261,026		210,793
GitLab, Inc., Class A2		3,479,717		202,937
SUMCO Corp.3		12,685,758		201,708
Money Forward, Inc.1,2		4,350,987		192,084
DoubleVerify Holdings, Inc.2		4,898,885		172,245
Impinj, Inc.2		1,303,998		167,446
Tokyo Seimitsu Co., Ltd.		2,004,200		161,191
Globant SA2		790,705		159,643
Rogers Corp.1,2		1,302,532		154,598
Silicon Laboratories, Inc.2		1,056,242		151,803
Coforge, Ltd.		2,296,729		151,526
Confluent, Inc., Class A2		4,796,244		146,381
Vitec Software Group AB, Class B		2,790,783		144,962
Viavi Solutions, Inc.1,2		15,105,376		137,308
Lumine Group, Inc., subordinate voting shares2		5,119,253		135,337
Jentech Precision Industrial Co., Ltd.2		4,683,000		134,768
Novanta, Inc.2		755,395		132,020
ASMPT, Ltd.		10,016,300		125,925
Disco Corp.		314,100		118,664
ULVAC, Inc.		1,814,800		118,193
RingCentral, Inc., Class A2		3,347,328		116,286
Bytes Technology Group PLC1		17,943,078		115,725
Alkami Technology, Inc.2		4,679,907		114,985
Wolfspeed, Inc.2		3,859,375		113,852
MACOM Technology Solutions Holdings, Inc.2		1,140,000		109,030
Credo Technology Group Holding, Ltd.2		5,005,137		106,059
Lagercrantz Group AB, Class B		6,893,075		105,483
Semtech Corp.1,2		3,800,646		104,480
PAR Technology Corp.1,2,3		1,520,057		68,950
PAR Technology Corp.1,2,5		838,810		34,814
Topicus.com, Inc., subordinate voting shares		1,139,308		102,059
Keywords Studios PLC1		5,844,946		96,051
Power Integrations, Inc.		1,316,654		94,207
Monday.com, Ltd.2		405,134		91,508
Tanla Platforms, Ltd.1		9,190,777		90,329
Megaport, Ltd.1,2		9,161,000		89,487
Technoprobe SpA2		9,782,070		88,860
SINBON Electronics Co., Ltd.		10,272,092		88,587
MongoDB, Inc., Class A2		240,100		86,109
INFICON Holding AG		57,443		83,950
Tri Chemical Laboratories, Inc.1,3		2,580,900		83,115
Nova, Ltd.2		450,868		79,975
LEM Holding SA		40,600		76,802
Mastek, Ltd.1		2,448,446		74,655
CCC Intelligent Solutions Holdings, Inc.2		5,503,900		65,827
VisEra Technologies Co., Ltd.		6,970,606		65,778
Astera Labs, Inc.2,3		884,100		65,591
Nordic Semiconductor ASA2		8,215,116		64,925
CDW Corp.		250,000		63,945
Qorvo, Inc.2		539,004		61,894
Taiyo Yuden Co., Ltd.3		2,569,200		61,523
Lotes Co., Ltd.2		1,389,000		60,762
nCino, Inc.2		1,623,943		60,703
Aixtron SE		2,263,071		59,817
Freshworks, Inc., Class A2		3,257,074		59,311
Hamamatsu Photonics KK		1,629,250		57,612
Clearwater Analytics Holdings, Inc., Class A2		3,051,500		53,981
Riskified, Ltd., Class A2		9,774,367		52,879
Okta, Inc., Class A2		500,000		52,310
Accton Technology Corp.		3,603,000		52,125
SentinelOne, Inc., Class A2		2,209,961		51,514
King Slide Works Co., Ltd.2		1,260,000		49,213

SMALLCAP World Fund 7

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Amano Corp.3		1,641,700	$	41,991
Esker SA		200,362		40,271
GFT Technologies SE1		1,352,818		39,406
BlackLine, Inc.2		595,000		38,425
Endava PLC, Class A (ADR)2		987,200		37,553
Aspen Technology, Inc.2		175,140		37,354
HPSP Co., Ltd.		935,751		36,909
Kainos Group PLC		3,020,393		36,807
Guidewire Software, Inc.2		311,794		36,389
Cognex Corp.		824,523		34,976
Trimble, Inc.2		530,000		34,111
Clear Secure, Inc., Class A		1,600,000		34,032
Riken Keiki Co., Ltd.3		1,335,900		33,755
Nemetschek SE		339,710		33,615
SmartCraft ASA, Class A1,2		13,721,780		32,736
Kingboard Laminates Holdings, Ltd.3		42,869,026		31,713
BE Semiconductor Industries NV		201,885		30,906
Bentley Systems, Inc., Class B		584,744		30,535
Xiamen Faratronic Co., Ltd., Class A		2,157,156		29,512
Dock, Ltd.2,4,5		4,318,937		29,326
Nayax, Ltd.2		1,075,000		28,652
Unity Software, Inc.2		1,016,503		27,141
Nippon System Development Co., Ltd.		1,378,300		27,096
Zuken, Inc.		866,100		25,775
Alarm.com Holdings, Inc.2		351,000		25,437
Alphawave IP Group PLC2		11,358,734		25,089
Flex, Ltd.2		864,808		24,742
Hirose Electric Co., Ltd.3		210,700		21,553
Noventiq Holdings PLC (GDR)1,2,4,8		17,110,290		21,438
Noventiq Holdings PLC (GDR)1,2,4		16,060		20
OVH Groupe SAS2,3		1,952,179		20,387
EPAM Systems, Inc.2		71,760		19,817
VusionGroup2,3		125,243		19,268
SiTime Corp.2		204,315		19,048
Crane NXT, Co.		299,574		18,544
JustSystems Corp.3		780,500		13,761
HashiCorp, Inc., Class A2		495,316		13,349
ON Semiconductor Corp.2		167,850		12,345
Entegris, Inc.		79,014		11,105
Zebra Technologies Corp., Class A2		36,300		10,942
Yubico AB2		600,000		10,684
E Ink Holdings, Inc.		1,492,000		10,676
Basler AG, non-registered shares3		783,794		9,132
Teradata Corp.2		234,529		9,069
Procore Technologies, Inc.2		109,368		8,987
AAC Technologies Holdings, Inc.3		2,629,000		8,817
Parade Technologies, Ltd.		277,000		8,084
LandMark Optoelectronics Corp.		1,877,000		7,947
JFrog, Ltd.2		178,400		7,889
Soitec2		72,600		7,511
A&D HOLON Holdings Co., Ltd.		322,100		6,171
Patreon, Inc., Class B2,4,5		189,951		5,634
Sensirion Holding AG2,3		57,416		4,246
Yotpo, Ltd.2,4,5		2,620,102		3,721
Foursquare Labs, Inc., Series A2,4,5		1,970,385		3,015
Cherry SE2,3		1,135,396		1,972
				11,843,804
Financials 11.80%
Ares Management Corp., Class A		5,174,776		688,142
Essent Group, Ltd.1		7,604,853		452,565
Janus Henderson Group PLC1		8,281,802		272,388
Eurobank Ergasias Services and Holdings SA2		140,712,449		270,521
Affirm Holdings, Inc., Class A2		7,197,586		268,182
360 ONE WAM, Ltd.1		28,699,584		232,480
RenaissanceRe Holdings, Ltd.		952,200		223,796
National Bank of Greece SA2		28,487,135		223,001
AU Small Finance Bank, Ltd.		29,186,923		197,723

8 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Banco del Bajio, SA		48,710,249	$	189,866
Canara Bank		26,212,776		182,620
Steadfast Group, Ltd.		47,626,539		182,491
HDFC Asset Management Co., Ltd.		3,962,374		178,354
Wintrust Financial Corp.		1,638,085		171,000
Cholamandalam Investment and Finance Co., Ltd.		12,066,326		167,332
VZ Holding AG		1,363,495		166,308
Glacier Bancorp, Inc.		3,598,900		144,964
BFF Bank SpA1		10,338,357		138,304
Kinsale Capital Group, Inc.		257,620		135,184
Goosehead Insurance, Inc., Class A1,2		1,951,952		130,039
PB Fintech, Ltd.2		9,122,194		122,965
Asia Commercial Joint Stock Bank		97,494,700		119,907
AUB Group, Ltd.1		6,016,346		116,597
Stifel Financial Corp.		1,477,350		115,484
StepStone Group, Inc., Class A		3,168,760		113,252
IIFL Finance, Ltd.1		27,053,256		110,318
TMX Group, Ltd.3		4,173,562		110,089
SouthState Corp.		1,217,030		103,484
Aptus Value Housing Finance India, Ltd.1		26,479,833		98,153
JB Financial Group Co., Ltd.		9,674,196		94,856
Victory Capital Holdings, Inc., Class A		2,221,954		94,278
PagSeguro Digital, Ltd., Class A2		6,492,200		92,709
Banca Generali SpA		2,328,237		92,485
Trupanion, Inc.1,2		3,225,046		89,044
EVERTEC, Inc.		2,199,027		87,741
Patria Investments, Ltd., Class A		5,899,745		87,552
Skyward Specialty Insurance Group, Inc.1,2		2,212,423		82,767
Paymentus Holdings, Inc., Class A2		3,224,500		73,357
Max Financial Services, Ltd.2		5,971,000		71,750
Flywire Corp.2		2,713,564		67,324
Fukuoka Financial Group, Inc.3		2,500,000		66,819
Five-Star Business Finance, Ltd.2		7,681,836		66,265
Radian Group, Inc.		1,961,287		65,644
NMI Holdings, Inc.2		1,947,841		62,993
East West Bancorp, Inc.		796,201		62,987
Webster Financial Corp.		1,237,479		62,827
Hilltop Holdings, Inc.		2,000,000		62,640
Bridgepoint Group PLC		18,838,770		61,869
City Union Bank, Ltd.		36,608,696		59,323
Selective Insurance Group, Inc.		535,682		58,480
Artisan Partners Asset Management, Inc., Class A		1,277,000		58,448
SiriusPoint, Ltd.2		4,500,000		57,195
Bolsa Mexicana de Valores, SAB de CV, Series A		25,669,735		57,162
Euronext NV		585,333		55,697
Nova Ljubljanska Banka dd (GDR)		2,365,833		55,387
Capitec Bank Holdings, Ltd.		482,170		53,354
Remgro, Ltd.		8,174,140		52,700
Marqeta, Inc., Class A2		8,510,552		50,723
XP, Inc., Class A		1,867,000		47,907
Boku, Inc.1,2,5		20,461,639		47,648
AssetMark Financial Holdings, Inc.2		1,311,713		46,448
Regional, SAB de CV, Class A		4,656,646		45,851
Alpha Services and Holdings SA2		26,000,000		45,722
Antin Infrastructure Partners SA		3,104,958		45,021
GMO Payment Gateway, Inc.		698,200		44,462
Angel One, Ltd.		1,162,180		42,431
Qualitas Controladora, SAB de CV		3,565,500		41,490
Oscar Health, Inc., Class A2		2,751,000		40,907
Moelis & Co., Class A		719,000		40,818
Aditya Birla Capital, Ltd.2		18,601,312		39,120
FP Partner, Inc.3		922,100		38,984
Comerica, Inc.		706,621		38,857
EFG International AG		3,000,000		37,456
Vontobel Holding AG		584,093		35,427
AvidXchange Holdings, Inc.2		2,445,867		32,163
Premium Group Co., Ltd.1		2,360,400		32,136
OneMain Holdings, Inc.		621,054		31,730
Norion Bank AB2		7,161,000		31,242

SMALLCAP World Fund 9

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Banc of California, Inc.		1,952,543	$	29,698
Pine Labs Pte., Ltd.2,4,5		76,998		28,278
Home First Finance Company India, Ltd.		2,395,000		25,781
AJ Bell PLC		6,663,857		25,434
Euronet Worldwide, Inc.2		215,486		23,688
Aavas Financiers, Ltd.2		1,446,365		22,816
Haci Ömer Sabanci Holding AS		8,850,294		22,584
Hellenic Exchanges - Athens Stock Exchange SA1		3,500,000		20,617
Columbia Banking System, Inc.		1,063,800		20,585
Enstar Group, Ltd.2		66,000		20,510
PT Bank Syariah Indonesia Tbk		109,635,200		18,739
Live Oak Bancshares, Inc.		448,766		18,628
Optima Bank SA2		2,026,588		18,016
Redwood Trust, Inc. REIT		2,562,000		16,320
JTC PLC		1,573,273		16,303
Houlihan Lokey, Inc., Class A		112,959		14,480
Linc AB2		2,358,208		13,791
Hamilton Lane, Inc., Class A		86,234		9,724
Funding Circle Holdings PLC2		14,713,073		8,078
				8,809,775
Health care 11.79%
Molina Healthcare, Inc.2		2,010,286		825,886
Max Healthcare Institute, Ltd.		46,831,760		460,386
DexCom, Inc.2		2,167,000		300,563
Bachem Holding AG3		3,097,235		296,725
Ensign Group, Inc. (The)		2,316,667		288,240
Haemonetics Corp.1,2		2,848,692		243,136
Xenon Pharmaceuticals, Inc.1,2		5,156,666		221,994
Centene Corp.2		2,825,674		221,759
Shockwave Medical, Inc.2		585,000		190,494
SCHOTT Pharma AG & Co. KGaA, non-registered shares3		4,402,051		188,066
Vaxcyte, Inc.2		2,737,778		187,018
Integra LifeSciences Holdings Corp.1,2		5,141,763		182,276
Legend Biotech Corp. (ADR)2		3,148,299		176,588
iRhythm Technologies, Inc.2		1,506,397		174,742
Insulet Corp.2		963,534		165,150
Penumbra, Inc.2		713,902		159,329
Tandem Diabetes Care, Inc.1,2		4,219,796		149,423
Zealand Pharma A/S2		1,484,886		146,366
Structure Therapeutics, Inc. (ADR)1,2		3,353,259		143,721
agilon health, Inc.1,2		22,275,155		135,878
Masimo Corp.2		911,523		133,857
Amplifon SpA		3,336,457		121,664
Glenmark Pharmaceuticals, Ltd.		9,790,962		112,516
Ambu AS, Class B, non-registered shares2		6,784,793		111,430
BONESUPPORT Holding AB1,2		5,204,426		110,857
Asahi Intecc Co., Ltd.		6,170,000		107,378
Laurus Labs, Ltd.		22,072,758		103,837
DiaSorin Italia SpA		1,049,035		101,292
CONMED Corp.		1,254,308		100,445
Aster DM Healthcare, Ltd.2		19,680,524		96,583
ICON PLC2		281,109		94,439
Denali Therapeutics, Inc.2		2,512,759		51,562
Denali Therapeutics, Inc.2,5		1,756,500		36,043
Ascendis Pharma AS (ADR)2		579,165		87,552
Hypera SA, ordinary nominative shares		12,076,774		79,293
IDEAYA Biosciences, Inc.2		1,778,740		78,051
CRISPR Therapeutics AG2,3		1,129,671		76,998
Laboratorios Farmaceuticos Rovi, SA non-registered shares2		876,925		76,537
Bangkok Chain Hospital PCL1		129,992,100		73,406
Ypsomed Holding AG		169,062		67,580
Amvis Holdings, Inc.		3,944,200		67,378
Hapvida Participações e Investimentos SA2		84,767,396		62,535
Phreesia, Inc.2		2,593,063		62,052
Exact Sciences Corp.2		890,000		61,463
Zai Lab, Ltd. (ADR)2,3		3,099,662		49,657
Zai Lab, Ltd.2,3		6,462,500		10,651

10 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Sana Biotechnology, Inc.2,3		5,881,106	$	58,811
Silk Road Medical, Inc.1,2		3,111,730		57,007
EBOS Group, Ltd.3		2,742,515		56,119
Encompass Health Corp.		669,983		55,327
Glaukos Corp.2		550,322		51,890
NovoCure, Ltd.2		3,046,105		47,611
KRKA, dd, Novo mesto		335,262		46,478
Surgical Science Sweden AB1,2		3,271,137		46,359
Doximity, Inc., Class A2		1,714,707		46,143
SKAN Group AG		478,788		45,179
Genus PLC		2,002,516		44,610
Zentalis Pharmaceuticals, Inc.2		2,819,664		44,438
Insmed, Inc.2		1,620,814		43,973
Gubra AS1,2		1,031,251		43,405
Establishment Labs Holdings, Inc.2,3		841,142		42,814
Poly Medicure, Ltd.		2,164,847		41,250
Biohaven, Ltd.2		749,881		41,011
BridgeBio Pharma, Inc.2,5		965,653		29,858
BridgeBio Pharma, Inc.2		344,828		10,662
Nakanishi, Inc.		2,596,500		40,393
Angelalign Technology, Inc.3		4,071,200		39,116
Fisher & Paykel Healthcare Corp., Ltd.		2,510,000		38,465
Ionis Pharmaceuticals, Inc.2,3		839,463		36,391
Revance Therapeutics, Inc.1,2		7,384,192		36,330
Natera, Inc.2		396,421		36,257
Jeisys Medical, Inc.1,2		6,111,982		36,138
Innovent Biologics, Inc.2		6,938,500		33,421
Globus Medical, Inc., Class A2		574,500		30,816
10x Genomics, Inc., Class A2		793,300		29,773
Chemed Corp.		42,000		26,961
Netcare, Ltd.		41,309,137		25,933
Immunovant, Inc.2		780,367		25,214
AbCellera Biologics, Inc.2,3		5,480,000		24,824
Pacific Biosciences of California, Inc.2		6,503,749		24,389
J. B. Chemicals & Pharmaceuticals, Ltd.		1,160,422		22,963
WuXi XDC Cayman, Inc.2		9,785,500		22,879
CUC, Inc.2,3		1,280,000		22,855
Incyte Corp.2		396,000		22,560
XVIVO Perfusion AB2		875,634		22,496
SUNWELS Co., Ltd.3		1,214,800		22,004
Entero Healthcare Solutions, Ltd.2		1,121,544		13,278
Entero Healthcare Solutions, Ltd.2,6		660,188		7,817
Alnylam Pharmaceuticals, Inc.2		137,700		20,579
Pliant Therapeutics, Inc.2		1,377,327		20,522
Nxera Pharma Co., Ltd.2,3		1,841,200		20,215
Medmix AG		1,113,977		19,788
Ocumension Therapeutics2		26,250,600		19,386
Siegfried Holding AG2		17,908		18,288
KalVista Pharmaceuticals, Inc.2		1,464,606		17,370
Krystal Biotech, Inc.2		97,147		17,285
Nykode Therapeutics ASA2		12,000,000		16,569
Nordhealth AS, Class A1,2		5,120,000		14,525
Arrowhead Pharmaceuticals, Inc.2		479,106		13,702
Classys, Inc.		495,238		12,986
Ventyx Biosciences, Inc.2,3		2,354,149		12,948
Guardant Health, Inc.2		604,241		12,465
AS ONE Corp.3		687,000		12,054
Cerevel Therapeutics Holdings, Inc., Class A2		253,495		10,715
Schrodinger, Inc.2		340,000		9,180
Galapagos NV2		278,488		8,887
CompuGroup Medical SE & Co. KGaA		278,870		8,581
ChemoMetec A/S		120,036		7,358
Cellectis SA (ADR)2,3		1,848,804		4,899
Cellectis SA, non-registered shares2,3		760,997		2,043
Tecan Group AG		12,512		5,186

SMALLCAP World Fund 11

Common stocks (continued)	Shares		Value (000)
Health care (continued)
R1 RCM, Inc.2		342,700	$	4,414
Seer, Inc., Class A2		2,056,000		3,906
KRY International AB, Series A2,4,5		19,744		2,895
				8,803,760
Materials 3.58%
APL Apollo Tubes, Ltd.1		15,000,735		269,061
Lundin Mining Corp.3		26,151,412		267,586
Materion Corp.1		1,211,703		159,642
Sumitomo Bakelite Co., Ltd.1		4,762,000		145,584
Fujimi, Inc.1,3		5,315,900		123,609
LANXESS AG1		4,523,825		121,086
Nissan Chemical Corp.3		2,730,800		103,275
Jindal Steel & Power, Ltd.		10,041,809		102,239
Tronox Holdings PLC		5,860,972		101,688
Zeon Corp.		10,918,100		95,276
Resonac Holdings Co., Ltd.3		3,891,600		93,215
ATI, Inc.2		1,781,894		91,180
Alcoa Corp.		2,504,737		84,635
Arcadium Lithium PLC2,3		18,855,661		81,268
Sandstorm Gold, Ltd.		14,414,571		75,676
H.B. Fuller Co.		866,200		69,071
CCL Industries, Inc., Class B, nonvoting shares		1,299,900		66,437
Huhtamäki OYJ		1,500,000		62,838
Ramkrishna Forgings, Ltd.		6,539,348		54,199
Kansai Paint Co., Ltd.3		3,244,600		46,639
Element Solutions, Inc.		1,782,500		44,527
Cabot Corp.		473,257		43,634
MEC Co., Ltd.1		1,605,600		43,327
PI Industries, Ltd.		888,841		41,217
SOL SpA		1,098,123		39,273
Anupam Rasayan India, Ltd.		3,104,000		32,396
Yamato Kogyo Co., Ltd.3		546,400		31,002
Mayr-Melnhof Karton AG, non-registered shares		226,797		28,236
NV Bekaert SA		476,866		24,458
Summit Materials, Inc., Class A2		492,061		21,931
Umicore SA		936,935		20,211
Major Drilling Group International, Inc.2		3,025,000		20,099
Labrador Iron Ore Royalty Corp.3		822,000		17,526
Asahi Yukizai Corp.3		491,200		17,133
Vinati Organics, Ltd.		943,000		16,628
Gerdau SA (ADR)		2,112,075		9,335
Aluflexpack AG2,3		410,000		6,901
China Resources Building Materials Technology Holdings, Ltd.		15,136,000		2,301
				2,674,339
Consumer staples 3.45%
Emmi AG1		318,222		315,805
Grocery Outlet Holding Corp.1,2		7,864,766		226,348
Simply Good Foods Co.1,2		5,897,845		200,704
Redcare Pharmacy NV, non-registered shares1,2		1,037,616		169,762
Freshpet, Inc.2,3		1,297,356		150,312
Celsius Holdings, Inc.2		1,684,242		139,657
Varun Beverages, Ltd.		8,256,179		138,450
BBB Foods, Inc., Class A2		5,054,007		120,184
Royal Unibrew A/S		1,664,484		109,949
BJ’s Wholesale Club Holdings, Inc.2		1,106,224		83,686
Kotobuki Spirits Co., Ltd.		6,240,400		79,025
John B. Sanfilippo & Son, Inc.		745,776		78,993
Performance Food Group Co.2		928,000		69,266
Bakkafrost P/F		943,463		60,571
Scandinavian Tobacco Group A/S		2,949,685		52,817
ODDITY Tech, Ltd., Class A2,3		1,054,343		45,811
Ocado Group PLC2		7,972,791		45,796
Fever-Tree Drinks PLC		2,980,738		45,183
Raia Drogasil SA, ordinary nominative shares		7,187,050		39,221
Yamazaki Baking Co., Ltd.		1,416,400		36,687
United Spirits, Ltd.		2,672,208		36,341

12 SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
TreeHouse Foods, Inc.2		866,874	$	33,765
Radico Khaitan, Ltd.		1,499,109		31,055
Honasa Consumer, Ltd.2		5,760,028		27,791
COSMOS Pharmaceutical Corp.		287,909		27,520
Proya Cosmetics Co., Ltd., Class A		2,061,520		27,377
Fresh Del Monte Produce, Inc.		1,028,000		26,636
AAK AB		1,081,159		25,696
Humble Group AB1,2		28,000,000		24,720
Avenue Supermarts, Ltd.2		417,313		22,644
Milbon Co., Ltd.		883,406		18,534
Century Pacific Food, Inc.		25,901,000		18,430
First Pacific Co., Ltd.		35,296,000		17,768
Lotus Bakeries NV2		1,605		15,497
PZ Cussons PLC		9,688,258		10,969
DocMorris AG2,3		54,100		5,432
Beyond Meat, Inc.2		73,395		608
				2,579,010
Communication services 2.46%
JCDecaux SE2		9,608,003		186,581
Hemnet Group AB1		5,572,602		170,656
Lions Gate Entertainment Corp., Class B2		16,322,940		151,967
Indosat Tbk PT		214,444,701		151,146
Frontier Communications Parent, Inc.2		5,713,739		139,987
CTS Eventim AG & Co. KGaA		1,520,141		135,218
Nippon Television Holdings, Inc.		5,525,632		84,666
Nexstar Media Group, Inc.		480,736		82,826
Rightmove PLC		10,786,575		74,824
JYP Entertainment Corp.		1,256,220		67,278
New York Times Co., Class A		1,500,000		64,830
Cogent Communications Holdings, Inc.		981,623		64,129
Ubisoft Entertainment SA2,3		2,777,048		58,437
Iridium Communications, Inc.		1,000,000		26,160
Iridium Communications, Inc.8		636,132		16,641
Future PLC		5,479,773		42,397
TIM SA		9,933,314		35,254
YouGov PLC		2,641,404		33,339
IHS Holding, Ltd.2,3		8,996,061		31,756
Schibsted ASA, Class A		978,755		31,265
Paradox Interactive AB		1,761,934		30,962
Kadokawa Corp.3		1,355,700		23,750
Toei Animation Co., Ltd.3		1,141,000		23,366
Airtel Africa PLC		16,190,342		21,620
JOYY, Inc., Class A (ADR)		592,383		18,216
Gogo, Inc.2		1,490,155		13,084
PLAYSTUDIOS, Inc., Class A2		4,500,000		12,510
PROTO Corp.3		1,260,200		11,929
Playtika Holding Corp.		1,322,983		9,327
MTN Group, Ltd.		1,458,066		7,216
4imprint Group PLC		82,573		6,608
Nextdoor Holdings, Inc., Class A2,3		1,315,268		2,959
Boat Rocker Media, Inc.2		2,501,200		1,662
				1,832,566
Energy 2.37%
MEG Energy Corp.2		12,893,305		296,026
Vallourec SA1,2,3		13,141,385		243,854
Transocean, Ltd.2		22,914,834		143,905
New Fortress Energy, Inc., Class A3		4,464,500		136,569
Weatherford International2		1,181,677		136,389
Viper Energy, Inc., Class A		3,536,827		136,026
Borr Drilling, Ltd.2,3		7,195,448		49,289
Borr Drilling, Ltd. (NOK denominated)		4,820,054		30,634
Diamond Offshore Drilling, Inc.1,2		5,802,737		79,149
United Tractors Tbk PT		47,830,900		72,930
Championx Corp.		2,025,494		72,695
Cactus, Inc., Class A		1,293,233		64,778
Gaztransport & Technigaz SA		338,912		50,641

SMALLCAP World Fund 13

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Vista Energy, SAB de CV, Class A (ADR)2		1,094,900	$	45,307
Helmerich & Payne, Inc.		1,043,270		43,880
Range Resources Corp.		1,000,000		34,430
Headwater Exploration, Inc.3		5,105,000		28,907
Savannah Energy PLC1,2,4		96,128,672		28,670
Aegis Logistics, Ltd.		5,062,517		27,112
DT Midstream, Inc.		356,000		21,752
Pason Systems, Inc.		1,596,000		18,428
Chesapeake Energy Corp.		74,200		6,591
Golar LNG, Ltd.		192,308		4,627
				1,772,589
Real estate 1.80%
Embassy Office Parks REIT		46,985,321		208,222
Altus Group, Ltd.1		3,672,544		140,660
Safestore Holdings PLC1		11,013,693		104,883
Corp. Inmobiliaria Vesta, SAB de CV3		23,866,524		93,129
Corp. Inmobiliaria Vesta, SAB de CV (ADR)3		253,400		9,943
DigitalBridge Group, Inc., Class A		3,569,934		68,793
Macrotech Developers, Ltd.		4,314,436		58,758
IWG PLC		22,777,555		55,456
Fibra Uno Administración REIT, SA de CV		29,659,421		49,258
ESR-Logos REIT		222,463,669		48,603
StorageVault Canada, Inc.		12,699,447		48,377
Phoenix Mills, Ltd. (The)		1,423,116		47,484
Four Corners Property Trust, Inc. REIT		1,807,880		44,239
PotlatchDeltic Corp. REIT		826,968		38,884
Mindspace Business Parks REIT		9,000,000		37,271
SRE Holdings Corp.1,2,3		1,290,828		37,135
K-Fast Holding AB, Class B1,2		18,183,928		36,184
JHSF Participações SA1		37,147,472		36,145
Charter Hall Group REIT		3,866,313		34,643
Fastighets AB Balder, Class B2		3,821,000		28,086
Zillow Group, Inc., Class C, nonvoting shares2		525,000		25,610
CTP NV		1,113,342		19,843
LXP Industrial Trust REIT		2,175,000		19,619
Multiplan Empreendimentos Imobiliários SA, ordinary nominative shares		3,720,791		18,985
Swedish Logistic Property AB, Class B2		4,739,069		14,367
Ayala Land, Inc.		21,494,200		12,331
Genova Property Group AB2		2,126,731		7,649
				1,344,557
Utilities 0.45%
Black Hills Corp.		1,415,228		77,272
SembCorp Industries, Ltd.		16,633,185		66,520
Talen Energy Corp.2		567,890		53,580
Neoenergia SA		13,037,148		52,898
ACEN Corp.		695,532,524		47,635
ENN Energy Holdings, Ltd.		3,166,000		24,392
Algonquin Power & Utilities Corp.3		1,570,300		9,924
Mytrah Energy, Ltd.1,2,4		10,418,000		—	7
				332,221
Total common stocks (cost: $48,207,171,000)				71,306,359
Preferred securities 0.85%
Information technology 0.32%
PsiQuantum Corp., Series D, preferred shares2,4,5		1,334,542		44,547
Outreach Corp., Series G, preferred shares2,4,5		1,554,053		39,908
Skyryse, Inc., Series B, preferred shares1,2,4,5		1,649,110		36,627
SiFive, Inc., Series F, preferred shares2,4,5		3,451,632		26,198
Patreon, Inc., Series E, preferred shares2,4,5		698,208		20,709
Patreon, Inc., Series Seed, preferred shares2,4,5		163,096		4,837
Kandou Holding SA, Series D, preferred shares2,4,5		4,400,000		24,904
ANDPAD, Inc., Series D, preferred shares2,4,5		459,413		20,733
Yotpo, Ltd., Series F, preferred shares2,4,5		8,332,809		11,833
Yotpo, Ltd., Series B, preferred shares2,4,5		1,111,347		1,578
Yotpo, Ltd., Series C, preferred shares2,4,5		1,057,985		1,502

14 SMALLCAP World Fund

Preferred securities (continued)	Shares		Value (000)
Information technology (continued)
Yotpo, Ltd., Series A-1, preferred shares2,4,5		709,592	$	1,008
Yotpo, Ltd., Series A, preferred shares2,4,5		345,899		491
Yotpo, Ltd., Series C-1, preferred shares2,4,5		293,302		417
Yotpo, Ltd., Series D, preferred shares2,4,5		163,552		232
Yotpo, Ltd., Series B-1, preferred shares2,4,5		130,625		185
				235,709
Industrials 0.20%
Relativity Space, Inc., Series D, preferred shares2,4,5		2,143,751		48,599
Relativity Space, Inc., Series E, preferred shares2,4,5		464,197		10,523
Einride AB, Series B, preferred shares1,2,4,5		1,334,588		45,376
Einride AB, Series A, preferred shares1,2,4,5		11,990		407
ABL Space Systems Co., Series B, 5.00% cumulative preferred shares2,4,5,9		777,162		25,414
ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares2,4,5,9		74,599		2,440
Workrise Technologies, Inc., Series E, preferred shares2,4,5		95,423		16,124
				148,883
Health care 0.17%
Sail Biomedicines, Inc., Series B, 6.00% preferred shares2,4,5		1,785,714		50,000
Rapport Therapeutics, Inc., Series B, 8.00% noncumulative preferred shares1,2,4,5		14,905,173		25,000
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4,5		605,423		21,541
KRY International AB, Series E, preferred shares2,4,5		114,059		16,724
ClearNote Health Inc., Series C, 5.00% noncumulative preferred shares1,2,4,5		1,531,102		10,565
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4,5		636,364		6,720
				130,550
Financials 0.10%
PPRO Holding GmbH, Series B-1, 8.00% preferred shares1,2,4,5		13,618		50,917
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4,5		57,100		20,970
				71,887
Real estate 0.05%
QuintoAndar, Ltd., Series E-1, preference shares2,4,5		244,733		38,149
Consumer discretionary 0.01%
StockX, Inc., Series E-1, preferred shares2,4,5		222,222		7,487
StockX, Inc., Series AA, preferred shares2,4,5		57,338		1,932
StockX, Inc., Series B, preferred shares2,4,5		3,094		104
				9,523
Total preferred securities (cost: $694,767,000)				634,701
Rights & warrants 0.05%
Industrials 0.05%
Warom Technology, Inc. Co., Class A, warrants, expire 9/30/20242,8		8,603,931		25,928
Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/28/20252,8		7,265,018		12,847
Momentus, Inc., warrants, expire 5/15/20262		2,225,000		14
ABL Space Systems Co., Series C-1, warrants, expire 12/13/20302,4,5		55,949		—	7
				38,789
Information technology 0.00%
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4,5		1,163,990		38
Kandou Holding SA, warrants, expire 8/18/20282,4,5		2,257,143		—	7
				38
Total rights & warrants (cost: $42,682,000)				38,827
Convertible stocks 0.08%
Information technology 0.04%
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4,5		14,888,589		15,186
Tarana Wireless, Inc., Series 7, noncumulative convertible preferred shares4,5		935,103		954
RealSelf, Inc., Series C, convertible preferred shares1,4,5		3,468,862		12,592
				28,732

SMALLCAP World Fund 15

Convertible stocks (continued)	Shares		Value (000)
Utilities 0.04%
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4,5		300,000	$	28,713
Total convertible stocks (cost: $62,179,000)				57,445
Convertible bonds & notes 0.00%	Principal amount (000)
Health care 0.00%
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20251,4,5	USD	2,000		2,000
				2,000
Real estate 0.00%
Genova Property Group AB, convertible notes, 6.75% 3/19/20294	SEK	20,000		1,888
				1,888
Total convertible bonds & notes (cost: $3,954,000)				3,888
Short-term securities 4.54%	Shares
Money market investments 3.85%
Capital Group Central Cash Fund 5.37%1,10		28,762,151		2,875,065
Money market investments purchased with collateral from securities on loan 0.69%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.26%10,11		76,800,000		76,800
Dreyfus Treasury Obligations Cash Management, Institutional Shares 5.20%10,11		71,700,000		71,700
Capital Group Central Cash Fund 5.37%1,10,11		605,038		60,480
Invesco Short-Term Investments Trust — Government & Agency Portfolio, Institutional Class 5.23%10,11		57,828,021		57,828
Morgan Stanley Institutional Liquidity Funds — Government Portfolio, Institutional Class 5.22%10,11		56,300,000		56,300
BlackRock Liquidity Funds — FedFund, Institutional Shares 5.20%10,11		51,200,000		51,200
Fidelity Investments Money Market Government Portfolio, Class I 5.21%10,11		51,200,000		51,200
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.20%10,11		51,200,000		51,200
RBC Funds Trust — U.S. Government Money Market Fund, RBC Institutional Class 1 5.26%10,11		35,800,000		35,800
				512,508
Total short-term securities (cost: $3,388,310,000)				3,387,573
Total investment securities 101.02% (cost: $52,399,063,000)				75,428,793
Other assets less liabilities (1.02)%				(763,758	)
Net assets 100.00%			$	74,665,035

Investments in affiliates¹

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 3/31/2024 (000)		Dividend or interest income (000)
Common stocks 29.38%
Industrials 9.64%
Saia, Inc.2	$	790,357	$	—	$	148,547	$	76,059		$	246,867	$	964,736	$	—
Comfort Systems USA, Inc.		388,358		—		58,158		34,625			286,219		651,044		1,100
Diploma PLC		391,737		4,038		3,427		(485	)		111,847		503,710		5,441
AZEK Co., Inc. (The), Class A2		270,308		—		28,907		15,195			170,539		427,135		—
Interpump Group SpA		362,114		13,882		1,134		(114	)		23,747		398,495		—
Hensoldt AG		139,317		122,969		18,342		(5,636	)		124,818		363,126		—
Stericycle, Inc.2		188,829		87,820		—		—			45,616		322,265		—
Kadant, Inc.		137,989		85,742		—		—			69,990		293,721		355

16 SMALLCAP World Fund

Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 3/31/2024 (000)		Dividend or interest income (000)
ATS Corp.2	$	312,874	$	18,066	$	—	$	—		$	(68,701	)	$	262,239	$	—
CBIZ, Inc.2		—		214,062		—		—			37,384			251,446		—
Arcosa, Inc.		212,365		—		13,300		4,955			35,269			239,289		293
ICF International, Inc.		118,210		56,940		—		—			35,387			210,537		386
Enpro, Inc.12		165,188		—		21,514		5,755			57,132			206,561		776
Wizz Air Holdings PLC2		169,301		—		—		—			27,738			197,039		—
Visional, Inc.2		157,084		—		—		—			31,938			189,022		—
Carel Industries SpA		142,928		53,563		12,018		(3,291	)		(4,042	)		177,140		—
MYR Group, Inc.2		—		146,124		—		—			26,163			172,287		—
Harmonic Drive Systems, Inc.		129,347		19,195		10,059		(3,791	)		29,163			163,855		423
Enerpac Tool Group Corp., Class A		111,764		3,807		—		—			39,457			155,028		169
DO & CO AG, non-registered shares		85,526		—		—		—			30,866			116,392		—
Japan Elevator Service Holdings Co., Ltd.		93,511		11,457		—		—			8,562			113,530		1,083
Johns Lyng Group, Ltd.		87,549		5,665		—		—			(451	)		92,763		638
Volution Group PLC		68,931		—		—		—			17,104			86,035		1,636
Titagarh Rail Systems, Ltd.		69,102		7,195		8,753		5,618			10,145			83,307		—
Instalco AB		56,884		5,106		—		—			21,174			83,164		—
VSE Corp.		—		66,512		—		—			9,829			76,341		—
Alfen NV2,3		42,858		14,919		—		—			16,707			74,484		—
Daiseki Co., Ltd.		79,732		11,845		8,636		(1,280	)		(8,054	)		73,607		731
Montana Aerospace AG2		41,774		456		—		—			21,912			64,142		—
Judges Scientific PLC		27,407		17,461		—		—			6,054			50,922		88
NORMA Group SE, non-registered shares		46,393		850		—		—			139			47,382		—
Marlowe PLC2,3		49,092		—		—		—			(3,774	)		45,318		—
Fasadgruppen Group AB		20,911		—		—		—			6,052			26,963		—
Einride AB2,4,5		14,502		—		—		—			399			14,901		—
BayCurrent Consulting, Inc.13		239,295		25,150		132,074		35,303			(112,574	)		—		526
dip Corp.13		82,216		—		40,138		(20,733	)		(2,902	)		—		435
Norva24 Group AB2,13		16,410		—		3,606		(1,388	)		7,109			—		—
														7,197,926
Consumer discretionary 6.00%
TopBuild Corp.2		607,624		—		90,591		45,132			392,176			954,341		—
CAVA Group, Inc.2,3		137,794		115,615		—		—			291,016			544,425		—
Tube Investments of India, Ltd.		418,011		—		—		—			102,937			520,948		280
MakeMyTrip, Ltd.2		180,951		—		15,052		3,785			125,044			294,728		—
YETI Holdings, Inc.2		334,582		406		—		—			(67,137	)		267,851		—
Cavco Industries, Inc.2		156,421		6,507		—		—			78,856			241,784		—
Boot Barn Holdings, Inc.2		145,103		27,391		—		—			27,844			200,338		—
Melco Resorts & Entertainment, Ltd. (ADR)2		205,242		40,055		—		—			(60,171	)		185,126		—
Lottomatica Group SpA2		97,115		24,761		—		—			32,056			153,932		—
Pets at Home Group PLC		137,997		13,111		—		—			(23,886	)		127,222		1,916
Domino’s Pizza Group PLC		120,592		—		—		—			(6,225	)		114,367		—
Jack in the Box, Inc.		110,952		—		—		—			(932	)		110,020		1,414
Rusta AB2		—		57,565		—		—			37,645			95,210		—
Watches of Switzerland Group PLC2		124,322		—		—		—			(37,596	)		86,726		—
Golden Entertainment, Inc.		77,051		—		—		—			5,974			83,025		564
Auction Technology Group PLC2		76,877		—		—		—			(1,258	)		75,619		—
Malibu Boats, Inc., Class A2		80,834		—		—		—			(9,465	)		71,369		—
DPC Dash, Ltd.2		81,980		3,462		—		—			(18,801	)		66,641		—
Shoei Co., Ltd.3		65,655		—		—		—			(1,781	)		63,874		—

SMALLCAP World Fund 17

Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)			Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 3/31/2024 (000)			Dividend or interest income  (000)
Beazer Homes USA, Inc.2	$	41,346		$	—	$	—	$	—		$	13,096		$	54,442		$	—
Jiumaojiu International Holdings, Ltd.3		81,217			10,517		2,018		(2,266	)		(35,264	)		52,186			—
Aditya Vision, Ltd.6		—			32,407		—		—			(1,427	)		30,980			46
Aditya Vision, Ltd.		—			11,191		—		—			79			11,270			17
Victoria PLC2		58,453			—		—		—			(27,740	)		30,713			—
MasterCraft Boat Holdings, Inc.2		21,666			—		—		—			1,463			23,129			—
Traeger, Inc.2		16,912			713		—		—			(1,181	)		16,444			—
BNN Technology PLC2,4		—	7		—		—		—			—	7		—	7		—
AcadeMedia AB14		25,156			—		28,185		666			2,363			—			577
Musti Group OYJ14		45,510			—		68,248		33,505			(10,767	)		—			224
Snow Peak, Inc.14		21,058			—		17,863		(39,148	)		35,953			—			—
WH Smith PLC13		150,890			—		90,443		(29,045	)		27,940			—			1,112
															4,476,710
Information technology 5.72%
Kokusai Electric Corp.3		—			262,490		—		—			245,328			507,818			1,313
eMemory Technology, Inc.		334,789			—		7,702		4,060			77,473			408,620			—
Insight Enterprises, Inc.2		119,948			175,263		—		—			42,062			337,273			—
ALTEN SA, non-registered shares		242,196			27,417		—		—			32,082			301,695			—
Global Unichip Corp.		283,935			3,421		—		—			(23,600	)		263,756			—
Kulicke and Soffa Industries, Inc.		228,531			—		—		—			7,895			236,426			1,880
Dexerials Corp.		127,286			—		—		—			100,716			228,002			2,217
Softcat PLC		154,074			56,690		13,098		(2,717	)		27,272			222,221			3,226
SHIFT, Inc.2,3		130,590			125,625		—		—			(39,619	)		216,596			—
Maruwa Co., Ltd.		155,017			—		—		—			56,809			211,826			281
Money Forward, Inc.2		113,730			29,454		—		—			48,900			192,084			—
Rogers Corp.2		167,737			3,467		—		—			(16,606	)		154,598			—
Viavi Solutions, Inc.2		62,426			124,279		31,577		(17,102	)		(718	)		137,308			—
Bytes Technology Group PLC		96,273			15,256		—		—			4,196			115,725			531
Semtech Corp.2		97,867			—		—		—			6,613			104,480			—
PAR Technology Corp.2,3		70,916			—		14,261		(8,070	)		20,365			68,950			—
PAR Technology Corp.2,5		—			32,420		—		—			2,394			34,814			—
Keywords Studios PLC		119,168			—		8,135		(10,430	)		(4,552	)		96,051			65
Tanla Platforms, Ltd.		114,798			—		—		—			(24,469	)		90,329			665
Megaport, Ltd.2		70,009			—		—		—			19,478			89,487			—
Tri Chemical Laboratories, Inc.3		53,455			—		—		—			29,660			83,115			525
Mastek, Ltd.		70,773			—		—		—			3,882			74,655			206
GFT Technologies SE		30,780			7,154		—		—			1,472			39,406			—
SmartCraft ASA, Class A2		27,278			—		—		—			5,458			32,736			—
Noventiq Holdings PLC (GDR)2,4,8		34,599			—		—		—			(13,161	)		21,438			—
Noventiq Holdings PLC (GDR)2,4		32			—		—		—			(12	)		20			—
Applied Digital Corp.14		7,624			28,696		32,089		(4,178	)		(53	)		—			—
Lumine Group, Inc., subordinate voting shares2,13		50,520			23,221		—		—			61,596			—			—
Nordic Semiconductor ASA2,13		152,246			3,786		59,273		(79,550	)		47,716			—			—
Smartsheet, Inc., Class A2,13		288,745			—		66,992		4,049			(14,721	)		—			—
Socionext, Inc.3,13		200,355			3,884		53,372		(6,050	)		67,791			—			1,288
															4,269,429
Financials 2.44%
Essent Group, Ltd.		406,924			—		53,107		7,143			91,605			452,565			4,281
Janus Henderson Group PLC		211,706			2,551		—		—			58,131			272,388			6,428
360 ONE WAM, Ltd.		172,411			1,312		—		—			58,757			232,480			2,921

18 SMALLCAP World Fund

Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 3/31/2024 (000)		Dividend or interest income (000)
BFF Bank SpA	$	101,268	$	2,071	$	—	$	—		$	34,965		$	138,304	$	—
Goosehead Insurance, Inc., Class A2		142,235		3,232		—		—			(15,428	)		130,039		—
AUB Group, Ltd.		110,199		2,354		—		—			4,044			116,597		782
IIFL Finance, Ltd.		199,491		—		6,755		1,311			(83,729	)		110,318		1,324
Aptus Value Housing Finance India, Ltd.		43,342		62,654		3,243		(269	)		(4,331	)		98,153		656
Trupanion, Inc.2		92,981		—		1,976		(6,213	)		4,252			89,044		—
Skyward Specialty Insurance Group, Inc.2		—		74,183		—		—			8,584			82,767		—
Boku, Inc.2,5		36,407		—		—		—			11,241			47,648		—
Premium Group Co., Ltd.		13,733		12,496		—		—			5,907			32,136		203
Hellenic Exchanges - Athens Stock Exchange SA		17,700		—		—		—			2,917			20,617		—
														1,823,056
Health care 2.00%
Haemonetics Corp.2		275,097		8,406		24,943		1,686			(17,110	)		243,136		—
Xenon Pharmaceuticals, Inc.2		161,278		14,431		—		—			46,285			221,994		—
Integra LifeSciences Holdings Corp.2		104,993		99,281		—		—			(21,998	)		182,276		—
Tandem Diabetes Care, Inc.2		99,362		—		14,884		(36,787	)		101,732			149,423		—
Structure Therapeutics, Inc. (ADR)2		21,461		127,834		—		—			(5,574	)		143,721		—
agilon health, Inc.2		232,910		84,366		10,031		(3,552	)		(167,815	)		135,878		—
BONESUPPORT Holding AB2		60,470		—		—		—			50,387			110,857		—
Bangkok Chain Hospital PCL		33,841		39,144		—		—			421			73,406		—
Silk Road Medical, Inc.2		44,471		2,420		—		—			10,116			57,007		—
Surgical Science Sweden AB2		44,990		—		—		—			1,369			46,359		—
Gubra AS2		—		43,573		—		—			(168	)		43,405		—
Revance Therapeutics, Inc.2		77,197		4,086		—		—			(44,953	)		36,330		—
Jeisys Medical, Inc.2		50,581		3,457		—		—			(17,900	)		36,138		—
Nordhealth AS, Class A2		11,907		—		—		—			2,618			14,525		—
Amvis Holdings, Inc.13		113,761		4,816		48,892		(7,201	)		4,894			—		—
CONMED Corp.13		220,960		26,837		104,797		(30,408	)		(12,147	)		—		832
Max Healthcare Institute, Ltd.13		338,657		—		24,914		10,693			135,950			—		—
Netcare, Ltd.13		52,520		—		23,277		(8,033	)		4,723			—		909
Ocumension Therapeutics2,13		35,083		—		8,778		(30,168	)		23,249			—		—
Precision BioSciences, Inc.14		2,292		—		2,655		(59,459	)		59,822			—		—
Zentalis Pharmaceuticals, Inc.2,13		76,444		—		9,991		(20,607	)		(1,408	)		—		—
														1,494,455
Materials 1.15%
APL Apollo Tubes, Ltd.		336,340		5,064		47,790		10,558			(35,111	)		269,061		—
Materion Corp.		124,589		—		1,567		574			36,046			159,642		316
Sumitomo Bakelite Co., Ltd.		5,690		100,719		—		—			39,175			145,584		1,259
Fujimi, Inc.3		101,615		6,358		—		—			15,636			123,609		1,288
LANXESS AG		175,761		—		63,819		(85,771	)		94,915			121,086		—
MEC Co., Ltd.		39,715		—		—		—			3,612			43,327		283
Aluflexpack AG2,3,13		17,164		—		14,677		(13,462	)		17,876			—		—
Re:NewCell AB14		16,715		—		2,475		(23,346	)		9,106			—		—
Zeon Corp.13		161,880		13,391		55,738		(7,288	)		(16,969	)		—		1,443
														862,309
Consumer staples 1.25%
Emmi AG		299,833		—		—		—			15,972			315,805		—
Grocery Outlet Holding Corp.2		161,386		79,107		13,750		(5,267	)		4,872			226,348		—
Simply Good Foods Co.2		203,594		—		—		—			(2,890	)		200,704		—

SMALLCAP World Fund 19

Investments in affiliates¹ (continued)

	Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 3/31/2024 (000)			Dividend or interest income (000)
Redcare Pharmacy NV, non-registered shares2	$	90,906	$	27,403	$	—	$	—		$	51,453		$	169,762		$	—
Humble Group AB2		18,613		6,058		—		—			49			24,720			—
														937,339
Communication services 0.23%
Hemnet Group AB		101,562		—		3,992		619			72,467			170,656			—
S4 Capital PLC14		35,999		—		25,739		(24,865	)		14,605			—			—
														170,656
Energy 0.47%
Vallourec SA2,3		158,894		991		—		—			83,969			243,854			—
Diamond Offshore Drilling, Inc.2		37,644		42,434		—		—			(929	)		79,149			—
Savannah Energy PLC2,4		27,715		—		—		—			955			28,670			—
														351,673
Real estate 0.48%
Altus Group, Ltd.		127,050		71		—		—			13,539			140,660			823
Safestore Holdings PLC		72,780		27,922		—		—			4,181			104,883			2,680
SRE Holdings Corp.2,3		25,409		—		—		—			11,726			37,135			—
K-Fast Holding AB, Class B2		19,762		4,463		—		—			11,959			36,184			—
JHSF Participações SA		45,902		—		9,782		(6,646	)		6,671			36,145			840
														355,007
Utilities 0.00%
Mytrah Energy, Ltd.2,4		127		—		—		—			(127	)		—	7		—
Total common stocks														21,938,560
Preferred securities 0.23%
Information technology 0.05%
Skyryse, Inc., Series B, preferred shares2,4,5		36,627		—		—		—			—			36,627			—
Industrials 0.06%
Einride AB, Series B, preferred shares2,4,5		44,160		—		—		—			1,216			45,376			—
Einride AB, Series A, preferred shares2,4,5		397		—		—		—			10			407			—
														45,783
Health care 0.05%
Rapport Therapeutics, Inc., Series B, 8.00% noncumulative preferred shares2,4,5		21,000		4,000		—		—			—			25,000			—
ClearNote Health Inc., Series C, 5.00% noncumulative preferred shares2,4,5		11,330		—		—		—			(765	)		10,565			—
														35,565
Financials 0.07%
PPRO Holding GmbH, Series B-1, 8.00% preferred shares2,4,5		35,920		—		—		—			14,997			50,917			—
Total preferred securities														168,892
Convertible stocks 0.02%
Information technology 0.02%
RealSelf, Inc., Series C, convertible preferred shares4,5		9,921		—		—		—			2,671			12,592			—
Convertible bonds & notes 0.00%
Health care 0.00%
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20254,5		2,000		—		—		—			—			2,000			80
Short-term securities 3.93%
Money market investments 3.85%
Capital Group Central Cash Fund 5.37%10		5,128,740		1,932,993		4,186,121		344			(891	)		2,875,065			95,983

20 SMALLCAP World Fund

Investments in affiliates1 (continued)
		Value at 10/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 3/31/2024 (000)		Dividend or interest income (000)
Money market investments purchased with collateral from securities on loan 0.08%
Capital Group Central Cash Fund 5.37%10,11	$	59,944	$	536	15							$	60,480	$	—	16
Total short-term securities													2,935,545
Total 33.56%							$	(302,981	)	$	3,796,690	$	25,057,589	$	155,758

Restricted securities⁵

	Acquisition date(s)		Cost (000)			Value (000)		Percent of net assets
Einride AB, Series B, preferred shares1,2,4	3/23/2021-5/6/2021	$	18,753		$	45,376		.06	%
Einride AB1,2,4	7/16/2021-2/1/2023		10,542			14,901		.02
Einride AB, Series A, preferred shares1,2,4	10/11/2021		312			407		.00	17
Relativity Space, Inc., Series D, preferred shares2,4	11/20/2020		32,000			48,599		.07
Relativity Space, Inc., Series E, preferred shares2,4	5/27/2021		10,600			10,523		.01
PPRO Holding GmbH, Series B-1, 8.00% preferred shares1,2,4	1/28/2021		48,694			50,917		.07
Sail Biomedicines, Inc., Series B, 6.00% preferred shares2,4	8/10/2021		50,000			50,000		.07
Pine Labs Pte., Ltd.2,4	5/12/2021		28,710			28,278		.03
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4	5/12/2021		21,291			20,970		.03
Boku, Inc.1,2	2/11/2021-9/21/2021		48,584			47,648		.06
PsiQuantum Corp., Series D, preferred shares2,4	5/28/2021		35,000			44,547		.06
Outreach Corp., Series G, preferred shares2,4	5/27/2021		45,482			39,908		.05
QuintoAndar, Ltd., Series E-1, preference shares2,4	12/20/2021		50,000			38,149		.05
Skyryse, Inc., Series B, preferred shares1,2,4	10/21/2021		40,700			36,627		.05
Denali Therapeutics, Inc.2	2/27/2024		29,984			36,043		.05
PAR Technology Corp.1,2	3/8/2024		32,420			34,814		.05
Patreon, Inc., Series E, preferred shares2,4	9/1/2020		11,944			20,709		.03
Patreon, Inc., Class B2,4	10/26/2020-10/27/2020		3,255			5,634		.01
Patreon, Inc., Series Seed, preferred shares2,4	9/16/2020		2,790			4,837		.00	17
BridgeBio Pharma, Inc.2	9/25/2023		26,333			29,858		.04
Dock, Ltd.2,4	10/19/2020		26,000			29,326		.04
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4	7/7/2022		30,000			28,713		.04
ABL Space Systems Co., Series B, 5.00% cumulative preferred shares2,4,9	3/24/2021		35,000			25,414		.04
ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares2,4,9	12/14/2023		2,439			2,440		.00	17
ABL Space Systems Co., Series C-1, warrants, expire 12/13/20302,4	12/14/2023		—	7		—	7	.00	17
SiFive, Inc., Series F, preferred shares2,4	3/16/2022		25,000			26,198		.03
Rapport Therapeutics, Inc., Series B, 8.00% noncumulative preferred shares1,2,4	8/7/2023-2/26/2024		25,000			25,000		.03
Kandou Holding SA, Series D, preferred shares2,4	11/17/2021-8/18/2023		30,800			24,904		.03
Kandou Holding SA, warrants, expire 8/18/20282,4	8/18/2023		—	7		—	7	.00	17
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4	5/13/2022-7/18/2022		23,685			21,541		.03
Yotpo, Ltd., Series F, preferred shares2,4	2/25/2021		18,329			11,833		.02
Yotpo, Ltd.2,4	3/16/2021		5,475			3,721		.01
Yotpo, Ltd., Series B, preferred shares2,4	3/16/2021		2,322			1,578		.00	17
Yotpo, Ltd., Series C, preferred shares2,4	3/16/2021		2,211			1,502		.00	17
Yotpo, Ltd., Series A-1, preferred shares2,4	3/16/2021		1,483			1,008		.00	17

SMALLCAP World Fund 21

Restricted securities⁵ (continued)

	Acquisition date(s)		Cost (000)			Value (000)		Percent of net assets
Yotpo, Ltd., Series A, preferred shares2,4		3/16/2021	$	723		$	491		.00	%17
Yotpo, Ltd., Series C-1, preferred shares2,4		3/16/2021		613			417		.00	17
Yotpo, Ltd., Series D, preferred shares2,4		3/16/2021		341			232		.00	17
Yotpo, Ltd., Series B-1, preferred shares2,4		3/16/2021		273			185		.00	17
ANDPAD, Inc., Series D, preferred shares2,4		6/30/2022		19,506			20,733		.03
KRY International AB, Series E, preferred shares2,4		5/13/2021		51,891			16,724		.02
KRY International AB, Series A2,4		5/13/2021		8,533			2,895		.01
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4		2/18/2022		12,179			15,186		.02
Tarana Wireless, Inc., Series 7, noncumulative convertible preferred shares4		6/27/2023		1,000			954		.00	17
Workrise Technologies, Inc., Series E, preferred shares2,4		3/8/2021		40,000			16,124		.02
StockX, Inc., Series E-1, preferred shares2,4		4/15/2021		20,000			7,487		.01
StockX, Inc.2,4		4/5/2021		14,682			5,451		.01
StockX, Inc., Series AA, preferred shares2,4		4/5/2021		5,203			1,932		.00	17
StockX, Inc., Series B, preferred shares2,4		4/5/2021		281			104		.00	17
RealSelf, Inc., Series C, convertible preferred shares1,4		4/18/2018		19,000			12,592		.02
ClearNote Health Inc., Series C, 5.00% noncumulative preferred shares1,2,4		4/26/2021		15,101			10,565		.02
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20251,4		12/1/2022		2,000			2,000		.00	17
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4		2/24/2021		7,000			6,720		.01
Foursquare Labs, Inc., Series A2,4		12/3/2013		20,000			3,015		.00	17
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4		8/22/2014		—	7		38		.00	17
Total			$	1,013,464		$	935,768		1.25	%

1	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
2	Security did not produce income during the last 12 months.
3	All or a portion of this security was on loan. The total value of all such securities was $1,168,841,000, which represented 1.57% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
4	Value determined using significant unobservable inputs.
5	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $935,768,000, which represented 1.25% of the net assets of the fund.
6	Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $38,797,000, which represented 0.05% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents.
7	Amount less than one thousand.
8	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $76,854,000, which represented .10% of the net assets of the fund.
9	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
10	Rate represents the seven-day yield at 3/31/2024.
11	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
12	This security changed its name during the reporting period.
13	Affiliated issuer during the reporting period but no longer an affiliate at 3/31/2024. Refer to the investment portfolio for the security value at 3/31/2024.
14	Affiliated issuer during the reporting period but no longer held at 3/31/2024.
15	Represents net activity. Refer to Note 5 for more information on securities lending.
16	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.
17	Amount less than .01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GDR = Global Depositary Receipts

NOK = Norwegian kroner

REIT = Real Estate Investment Trust

SEK = Swedish kronor

USD = U.S. dollars

Refer to the notes to financial statements.

22 SMALLCAP World Fund

Financial statements

Statement of assets and liabilities
at March 31, 2024 unaudited
(dollars in thousands)

Assets:
Investment securities, at value (includes $1,168,841 of investment securities on loan):
Unaffiliated issuers (cost: $33,747,511)	$	50,371,204
Affiliated issuers (cost: $18,651,552)		25,057,589	$	75,428,793
Cash				48,150
Cash denominated in currencies other than U.S. dollars (cost: $4,622)				4,617
Receivables for:
Sales of investments		257,651
Sales of fund’s shares		82,428
Dividends and interest		109,058
Securities lending income		548
Other		4		449,689
				75,931,249
Liabilities:
Collateral for securities on loan				512,508
Payables for:
Purchases of investments		327,284
Repurchases of fund’s shares		136,506
Investment advisory services		37,619
Services provided by related parties		11,615
Directors’ deferred compensation		5,086
Non-U.S. taxes		233,453
Other		2,143		753,706
Net assets at March 31, 2024			$	74,665,035
Net assets consist of:
Capital paid in on shares of capital stock			$	53,481,592
Total distributable earnings (accumulated loss)				21,183,443
Net assets at March 31, 2024			$	74,665,035

Refer to the notes to financial statements.

SMALLCAP World Fund 23

Financial statements (continued)

Statement of assets and liabilities
at March 31, 2024 (continued) unaudited
(dollars and shares in thousands, except per-share amounts)

Total authorized capital stock — 2,000,000 shares,
$.01 par value (1,072,446 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	28,685,167		418,143		$	68.60
Class C		364,625		6,554			55.64
Class T		14		—	*		69.56
Class F-1		471,532		6,988			67.48
Class F-2		10,340,550		146,375			70.64
Class F-3		6,072,525		86,543			70.17
Class 529-A		1,670,218		24,756			67.47
Class 529-C		36,861		648			56.86
Class 529-E		55,261		859			64.31
Class 529-T		18		—	*		69.37
Class 529-F-1		11		—	*		69.24
Class 529-F-2		268,557		3,899			68.88
Class 529-F-3		52		1			68.98
Class R-1		39,096		676			57.85
Class R-2		472,841		8,149			58.03
Class R-2E		35,809		541			66.16
Class R-3		690,941		10,800			63.98
Class R-4		637,144		9,370			68.00
Class R-5E		197,303		2,845			69.36
Class R-5		305,441		4,237			72.10
Class R-6		24,321,069		341,062			71.31

* Amount less than one thousand.

Refer to the notes to financial statements.

24 SMALLCAP World Fund

Financial statements (continued)

Statement of operations
for the six months ended March 31, 2024 unaudited
(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $15,766; also includes $155,758 from affiliates)	$	362,671
Securities lending income (net of fees)		7,218
Interest from unaffiliated issuers		902		$	370,791
Fees and expenses*:
Investment advisory services		207,271
Distribution services		42,109
Transfer agent services		27,981
Administrative services		10,272
529 plan services		548
Reports to shareholders		1,210
Registration statement and prospectus		622
Directors’ compensation		744
Auditing and legal		258
Custodian		3,458
State and local taxes		1
Other		687			295,161
Net investment income					75,630
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $25,426):
Unaffiliated issuers		350,787
Affiliated issuers		(302,981	)
Currency transactions		141			47,947
Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $227,401):
Unaffiliated issuers		7,109,387
Affiliated issuers		3,796,690
Currency translations		595			10,906,672
Net realized gain (loss) and unrealized appreciation (depreciation)					10,954,619
Net increase (decrease) in net assets resulting from operations				$	11,030,249

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

Refer to the notes to financial statements.

SMALLCAP World Fund 25

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Six months ended March 31, 2024*			Year ended September 30, 2023
Operations:
Net investment income	$	75,630		$	377,177
Net realized gain (loss)		47,947			(395,999	)
Net unrealized appreciation (depreciation)		10,906,672			7,498,690
Net increase (decrease) in net assets resulting from operations		11,030,249			7,479,868
Distributions paid to shareholders		(570,869	)		(90,904	)
Net capital share transactions		517,436			719,111
Total increase (decrease) in net assets		10,976,816			8,108,075
Net assets:
Beginning of period		63,688,219			55,580,144
End of period	$	74,665,035		$	63,688,219

* Unaudited.

Refer to the notes to financial statements.

26 SMALLCAP World Fund

Notes to financial statements unaudited

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 27

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

3. Valuation

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

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

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

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

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

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

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

28 SMALLCAP World Fund

Processes and structure — The fund’s board of directors has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of directors. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the fund’s valuation levels as of March 31, 2024 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	17,369,769	$	—	$	14,901		$	17,384,670
Consumer discretionary		13,923,617		—		5,451			13,929,068
Information technology		11,745,836		34,814		63,154			11,843,804
Financials		8,661,590		119,907		28,278			8,809,775
Health care		8,800,865		—		2,895			8,803,760
Materials		2,674,339		—		—			2,674,339
Consumer staples		2,579,010		—		—			2,579,010
Communication services		1,832,566		—		—			1,832,566
Energy		1,743,919		—		28,670			1,772,589
Real estate		1,344,557		—		—			1,344,557
Utilities		332,221		—		—	1		332,221
Preferred securities		—		—		634,701			634,701
Rights & warrants		14		38,775		38			38,827
Convertible stocks		—		—		57,445			57,445
Convertible bonds & notes		—		—		3,888			3,888
Short-term securities		3,387,573		—		—			3,387,573
Total	$	74,395,876	$	193,496	$	839,421		$	75,428,793

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended March 31, 2024 (dollars in thousands):

	Beginning value at 10/1/2023		Transfers into Level 32		Purchases		Sales			Net realized loss3			Unrealized appreciation3		Transfers out of Level 32		Ending value at 3/31/2024
Investment securities	$	788,048	$	—	$	8,395	$	—	1	$	(9,000	)	$	51,978	$	—	$	839,421
Net unrealized appreciation during the period on Level 3 investment securities held at March 31, 2024																	$	43,021

1	Amount less than one thousand.
2	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.
3	Net realized loss and unrealized appreciation are included in the related amounts on investments in the fund’s statement of operations.

SMALLCAP World Fund 29

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 3/31/2024	Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Common stocks	$143,349	Market comparable companies	EV/Gross Profit multiple	18.2x	18.2x	Increase
			EV/Sales multiple	2.1x - 9.5x	5.6x	Increase
			Net adjustment (decrease) based on movement of market comparables	31% - 73%	44%	Decrease
			Net adjustment (increase) based on movement of market comparables	11%	11%	Increase
			DLOM	14% - 40%	28%	Decrease
			Risk discount	10%	10%	Decrease
		Market approach	Transaction price	Not applicable	Not applicable	Not applicable
			Discount to last trade price	10%	10%	Decrease
		Transaction	Transaction price	Not applicable	Not applicable	Not applicable
			Discount for uncertainty	5%	5%	Decrease
		Estimated recovery value	De minimis	Not applicable	Not applicable	Not applicable
Preferred securities	634,701	Transaction	Transaction price	Not applicable	Not applicable	Not applicable
			Discount to transaction price	10% - 30%	14%	Decrease
		Discounted cash flow	WACC	10% - 20%	16%	Decrease
			Risk discount	10% - 95%	26%	Decrease
		Market comparable companies	EV/Sales multiple	2.1x - 16.6x	11.0x	Increase
			EV/Gross Profit multiple	13.8x - 37.1x	20.8x	Increase
			Price/Sales multiple	9.6x	9.6x	Increase
			Net adjustment (decrease) based on movement of market comparables	4% - 73%	38%	Decrease
			Net adjustment (increase) based on movement of market comparables	5% - 18%	12%	Increase
			DLOM	20% - 40%	26%	Decrease
		Inputs to market comparables and transaction price	Weight ascribed to market comparables	50%	50%	Not applicable
			Weight ascribed to transaction	50%	50%	Not applicable
		Inputs to market comparables and discounted cash flow	Weight ascribed to market comparables	50%	50%	Not applicable
			Weight ascribed to discounted cash flow	50%	50%	Not applicable
Rights & warrants	38	Black-Scholes	Underlying share price	Not applicable	Not applicable	Not applicable
			Implied volatility	30%	30%	Increase
		Transaction	De minimis	Not applicable	Not applicable	Not applicable
Convertible stocks	57,445	Market comparable companies	EV/Sales multiple	6.5x	6.5x	Increase
			DLOM	8%	8%	Decrease
		Discounted cash flow	WACC	20%	20%	Decrease
		Transaction	Transaction price	Not applicable	Not applicable	Not applicable
			Discount for uncertainty	5%	5%	Decrease
Convertible bonds & notes	3,888	Transaction	Transaction price	Not applicable	Not applicable	Not applicable
		Indicative market quotation	Broker quote	Not applicable	Not applicable	Not applicable
Total	$ 839,421

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

Key to abbreviation(s)
DLOM = Discount for lack of marketability
EV = Enterprise value
WACC = Weighted average cost of capital

30 SMALLCAP World Fund

4. Risk factors

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

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

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

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

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

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

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

SMALLCAP World Fund 31

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

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

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

5. Certain investment techniques

Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.

As of March 31, 2024, the total value of securities on loan was $1,168,841,000, and the total value of collateral received was $1,243,825,000. Collateral received includes cash of $512,508,000 and U.S. government securities of $731,317,000. 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.

32 SMALLCAP World Fund

6. Taxation and distributions

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

As of and during the period ended March 31, 2024, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the 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 six months ended March 31, 2024, the fund recognized $267,000 in reclaims (net of $14,000 in fees and the effect of realized gain or loss from currency translations) and $180,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2023, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income	$	456,639
Capital loss carryforward*		(1,200,474	)

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

As of March 31, 2024, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	26,325,481
Gross unrealized depreciation on investments		(3,686,345	)
Net unrealized appreciation (depreciation) on investments		22,639,136
Cost of investments		52,789,657

SMALLCAP World Fund 33

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

Share class	Six months ended March 31, 2024			Year ended September 30, 2023
Class A	$	178,041		$	—
Class C		323			—
Class T		—	†		—	†
Class F-1		2,923			—
Class F-2		84,892			16,318
Class F-3		55,699			14,319
Class 529-A		10,167			—
Class 529-C		—			—
Class 529-E		266			—
Class 529-T		—	†		—	†
Class 529-F-1		—	†		—	†
Class 529-F-2		2,342			477
Class 529-F-3		—	†		—	†
Class R-1		136			—
Class R-2		702			—
Class R-2E		110			—
Class R-3		3,151			—
Class R-4		4,311			—
Class R-5E		1,588			270
Class R-5		2,827			773
Class R-6		223,391			58,747
Total	$	570,869		$	90,904

^†  Amount less than one thousand.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of 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 0.583% on such assets in excess of $89 billion. For the six months ended March 31, 2024, the investment advisory services fees were $207,271,000, which were equivalent to an annualized rate of 0.605% of average daily net assets.

34 SMALLCAP World Fund

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

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

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of March 31, 2024, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

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

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

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended March 31, 2024, the 529 plan services fees were $548,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

SMALLCAP World Fund 35

For the six months ended March 31, 2024, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services	Transfer agent services		Administrative services		529 plan services
Class A	$33,431	$19,073		$4,008		Not applicable
Class C	1,740	253		53		Not applicable
Class T	—	—	*	—	*	Not applicable
Class F-1	554	432		69		Not applicable
Class F-2	Not applicable	5,099		1,394		Not applicable
Class F-3	Not applicable	24		819		Not applicable
Class 529-A	1,774	1,058		234		$452
Class 529-C	176	25		5		10
Class 529-E	130	16		8		15
Class 529-T	—	—	*	—	*	—	*
Class 529-F-1	—	—	*	—	*	—	*
Class 529-F-2	Not applicable	62		37		71
Class 529-F-3	Not applicable	—	*	—	*	—	*
Class R-1	176	17		5		Not applicable
Class R-2	1,660	776		66		Not applicable
Class R-2E	99	34		5		Not applicable
Class R-3	1,611	489		97		Not applicable
Class R-4	758	310		91		Not applicable
Class R-5E	Not applicable	137		27		Not applicable
Class R-5	Not applicable	79		44		Not applicable
Class R-6	Not applicable	97		3,310		Not applicable
Total class-specific expenses	$42,109	$27,981		$10,272		$548

* Amount less than one thousand.

Directors’ deferred compensation — Directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $744,000 in the fund’s statement of operations reflects $120,000 in current fees (either paid in cash or deferred) and a net increase of $624,000 in the value of the deferred amounts.

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

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

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of directors. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended March 31, 2024, the fund engaged in such purchase and sale transactions with related funds in the amounts of $185,428,000 and $56,706,000, respectively, which generated $14,932,000 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 six months ended March 31, 2024.

36 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 six months ended March 31, 2024.

9. Indemnifications

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

10. Capital share transactions

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

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended March 31, 2024
Class A	$	835,854		13,187	$	175,689			2,680		$	(1,691,596	)		(26,785	)	$	(680,053	)		(10,918	)
Class C		23,255		451		322			6			(61,814	)		(1,210	)		(38,237	)		(753	)
Class T		—		—		—			—			—			—			—			—
Class F-1		10,490		170		2,893			45			(58,315	)		(931	)		(44,932	)		(716	)
Class F-2		1,256,851		19,246		82,502			1,224			(927,226	)		(14,262	)		412,127			6,208
Class F-3		744,590		11,491		55,326			826			(571,116	)		(8,900	)		228,800			3,417
Class 529-A		74,068		1,188		10,164			158			(125,340	)		(2,011	)		(41,108	)		(665	)
Class 529-C		4,066		77		—			—			(9,890	)		(189	)		(5,824	)		(112	)
Class 529-E		1,958		33		266			4			(4,715	)		(79	)		(2,491	)		(42	)
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		24,810		390		2,341			36			(18,645	)		(291	)		8,506			135
Class 529-F-3		40		1		—	†		—	†		—			—			40			1
Class R-1		10,287		210		135			2			(3,278	)		(62	)		7,144			150
Class R-2		34,032		636		701			13			(58,221	)		(1,096	)		(23,488	)		(447	)
Class R-2E		4,158		69		110			2			(4,121	)		(68	)		147			3
Class R-3		53,624		909		3,148			51			(75,855	)		(1,287	)		(19,083	)		(327	)
Class R-4		43,572		696		4,311			66			(88,060	)		(1,398	)		(40,177	)		(636	)
Class R-5E		20,916		325		1,588			24			(18,589	)		(291	)		3,915			58
Class R-5		14,726		224		2,823			41			(45,435	)		(680	)		(27,886	)		(415	)
Class R-6		1,534,964		23,685		222,082			3,263			(977,010	)		(14,565	)		780,036			12,383
Total net increase (decrease)	$	4,692,261		72,988	$	564,401			8,441		$	(4,739,226	)		(74,105	)	$	517,436			7,324

Refer to the end of the table for footnotes.

SMALLCAP World Fund 37

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

*	Includes exchanges between share classes of the fund.
†	Amount less than one thousand.

11. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $11,013,579,000 and $9,024,311,000, respectively, during the six months ended March 31, 2024.

38 SMALLCAP World Fund

Financial highlights

			Income (loss) from investment operations1									Dividends and distributions
Year ended		Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year	Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments4		Ratio of expenses to average net assets after reimburse- ments3,4		Ratio of net income (loss) to average net assets3
Class A:
3/31/20245,6	$	58.93	$	.01		$	10.08		$	10.09		$	(.42	)	$	—		$	(.42	)	$	68.60	17.03	%7	$	28,685		1.05	%8	1.05	%8	.03	%8
9/30/2023		51.99		.25			6.69			6.94			—			—			—			58.93	13.31			25,283		1.05		1.05		.42
9/30/2022		88.19		(.04	)		(28.76	)		(28.80	)		—			(7.40	)		(7.40	)		51.99	(35.39	)		23,553		1.01		1.01		(.05	)
9/30/2021		66.23		(.37	)		23.60			23.23			—			(1.27	)		(1.27	)		88.19	35.35			38,095		1.02		1.02		(.44	)
9/30/2020		55.24		(.15	)		13.63			13.48			—			(2.49	)		(2.49	)		66.23	24.98			27,781		1.06		1.06		(.25	)
9/30/2019		60.19		.05			(1.69	)		(1.64	)		—			(3.31	)		(3.31	)		55.24	(1.37	)		23,203		1.06		1.06		.09
Class C:
3/31/20245,6		47.70		(.18	)		8.17			7.99			(.05	)		—			(.05	)		55.64	16.60	7		365		1.79	8	1.79	8	(.71	)8
9/30/2023		42.40		(.16	)		5.46			5.30			—			—			—			47.70	12.48			349		1.79		1.79		(.34	)
9/30/2022		73.86		(.46	)		(23.60	)		(24.06	)		—			(7.40	)		(7.40	)		42.40	(35.86	)		378		1.75		1.75		(.81	)
9/30/2021		56.04		(.82	)		19.91			19.09			—			(1.27	)		(1.27	)		73.86	34.36			713		1.75		1.75		(1.18	)
9/30/2020		47.42		(.48	)		11.59			11.11			—			(2.49	)		(2.49	)		56.04	24.07			575		1.79		1.79		(.97	)
9/30/2019		52.63		(.32	)		(1.58	)		(1.90	)		—			(3.31	)		(3.31	)		47.42	(2.13	)		673		1.82		1.82		(.68	)
Class T:
3/31/20245,6		59.82		.10			10.24			10.34			(.60	)		—			(.60	)		69.56	17.20	7,9		—	10	.76	8,9	.76	8,9	.32	8,9
9/30/2023		52.73		.42			6.79			7.21			(.12	)		—			(.12	)		59.82	13.63	9		—	10	.77	9	.77	9	.70	9
9/30/2022		89.14		.13			(29.14	)		(29.01	)		—			(7.40	)		(7.40	)		52.73	(35.21	)9		—	10	.76	9	.76	9	.19	9
9/30/2021		66.78		(.18	)		23.81			23.63			—			(1.27	)		(1.27	)		89.14	35.64	9		—	10	.79	9	.79	9	(.21	)9
9/30/2020		55.54		—	11		13.73			13.73			—			(2.49	)		(2.49	)		66.78	25.30	9		—	10	.81	9	.81	9	—	9,12
9/30/2019		60.35		.18			(1.68	)		(1.50	)		—			(3.31	)		(3.31	)		55.54	(1.14	)9		—	10	.82	9	.82	9	.33	9
Class F-1:
3/31/20245,6		57.95		—	11		9.92			9.92			(.39	)		—			(.39	)		67.48	17.02	7		472		1.09	8	1.09	8	(.01	)8
9/30/2023		51.14		.22			6.59			6.81			—			—			—			57.95	13.25			446		1.08		1.08		.38
9/30/2022		86.92		(.07	)		(28.31	)		(28.38	)		—			(7.40	)		(7.40	)		51.14	(35.41	)		454		1.05		1.05		(.10	)
9/30/2021		65.31		(.39	)		23.27			22.88			—			(1.27	)		(1.27	)		86.92	35.31			791		1.05		1.05		(.48	)
9/30/2020		54.51		(.15	)		13.44			13.29			—			(2.49	)		(2.49	)		65.31	24.96			731		1.08		1.08		(.26	)
9/30/2019		59.47		.03			(1.68	)		(1.65	)		—			(3.31	)		(3.31	)		54.51	(1.43	)		703		1.10		1.10		.05
Class F-2:
3/31/20245,6		60.74		.10			10.40			10.50			(.60	)		—			(.60	)		70.64	17.18	7		10,341		.77	8	.77	8	.32	8
9/30/2023		53.55		.43			6.88			7.31			(.12	)		—			(.12	)		60.74	13.64			8,514		.77		.77		.70
9/30/2022		90.40		.14			(29.59	)		(29.45	)		—			(7.40	)		(7.40	)		53.55	(35.23	)		7,311		.76		.76		.20
9/30/2021		67.69		(.15	)		24.13			23.98			—			(1.27	)		(1.27	)		90.40	35.69			10,659		.76		.76		(.18	)
9/30/2020		56.26		.01			13.91			13.92			—			(2.49	)		(2.49	)		67.69	25.32			6,608		.79		.79		.02
9/30/2019		61.07		.20			(1.70	)		(1.50	)		—			(3.31	)		(3.31	)		56.26	(1.12	)		4,909		.80		.80		.36
Class F-3:
3/31/20245,6		60.36		.14			10.33			10.47			(.66	)		—			(.66	)		70.17	17.26	7		6,072		.66	8	.66	8	.43	8
9/30/2023		53.22		.50			6.83			7.33			(.19	)		—			(.19	)		60.36	13.75			5,018		.66		.66		.82
9/30/2022		89.80		.22			(29.40	)		(29.18	)		—			(7.40	)		(7.40	)		53.22	(35.14	)		3,904		.65		.65		.32
9/30/2021		67.18		(.07	)		23.96			23.89			—			(1.27	)		(1.27	)		89.80	35.83			5,382		.66		.66		(.08	)
9/30/2020		55.80		.07			13.80			13.87			—			(2.49	)		(2.49	)		67.18	25.44			3,065		.68		.68		.12
9/30/2019		60.54		.25			(1.68	)		(1.43	)		—			(3.31	)		(3.31	)		55.80	(1.02	)		2,153		.70		.70		.46
Class 529-A:
3/31/20245,6		57.95		—	11		9.93			9.93			(.41	)		—			(.41	)		67.47	17.01	7		1,670		1.08	8	1.08	8	—	8,12
9/30/2023		51.14		.23			6.58			6.81			—			—			—			57.95	13.27			1,473		1.08		1.08		.39
9/30/2022		86.91		(.05	)		(28.32	)		(28.37	)		—			(7.40	)		(7.40	)		51.14	(35.40	)		1,378		1.04		1.04		(.08	)
9/30/2021		65.29		(.38	)		23.27			22.89			—			(1.27	)		(1.27	)		86.91	35.31			2,227		1.04		1.04		(.47	)
9/30/2020		54.51		(.16	)		13.43			13.27			—			(2.49	)		(2.49	)		65.29	24.95			1,662		1.09		1.09		(.28	)
9/30/2019		59.47		.02			(1.67	)		(1.65	)		—			(3.31	)		(3.31	)		54.51	(1.43	)		1,337		1.12		1.12		.03

Refer to the end of the table for footnotes.

SMALLCAP World Fund 39

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class 529-C:
3/31/20245,6	$	48.72	$	(.19	)	$	8.33		$	8.14		$	—		$	—		$	—		$	56.86		16.59	%7	$	37			1.82	%8		1.82	%8		(.74	)%8
9/30/2023		43.33		(.20	)		5.59			5.39			—			—			—			48.72		12.39			37			1.86			1.86			(.40	)
9/30/2022		75.34		(.51	)		(24.10	)		(24.61	)		—			(7.40	)		(7.40	)		43.33		(35.90	)		44			1.81			1.81			(.87	)
9/30/2021		57.17		(.86	)		20.30			19.44			—			(1.27	)		(1.27	)		75.34		34.30			89			1.79			1.79			(1.22	)
9/30/2020		48.35		(.49	)		11.80			11.31			—			(2.49	)		(2.49	)		57.17		24.02			86			1.84			1.84			(.99	)
9/30/2019		53.60		(.34	)		(1.60	)		(1.94	)		—			(3.31	)		(3.31	)		48.35		(2.17	)		185			1.86			1.86			(.72	)
Class 529-E:
3/31/20245,6		55.22		(.06	)		9.45			9.39			(.30	)		—			(.30	)		64.31		16.91	7		55			1.27	8		1.27	8		(.19	)8
9/30/2023		48.83		.11			6.28			6.39			—			—			—			55.22		13.04			50			1.27			1.27			.19
9/30/2022		83.48		(.19	)		(27.06	)		(27.25	)		—			(7.40	)		(7.40	)		48.83		(35.53	)		48			1.25			1.25			(.29	)
9/30/2021		62.89		(.53	)		22.39			21.86			—			(1.27	)		(1.27	)		83.48		35.04			81			1.26			1.26			(.68	)
9/30/2020		52.68		(.26	)		12.96			12.70			—			(2.49	)		(2.49	)		62.89		24.70			62			1.28			1.28			(.47	)
9/30/2019		57.73		(.09	)		(1.65	)		(1.74	)		—			(3.31	)		(3.31	)		52.68		(1.64	)		58			1.31			1.31			(.17	)
Class 529-T:
3/31/20245,6		59.65		.08			10.21			10.29			(.57	)		—			(.57	)		69.37		17.16	7,9		—	10		.82	8,9		.82	8,9		.26	8,9
9/30/2023		52.59		.39			6.76			7.15			(.09	)		—			(.09	)		59.65		13.55	9		—	10		.83	9		.83	9		.64	9
9/30/2022		88.95		.10			(29.06	)		(28.96	)		—			(7.40	)		(7.40	)		52.59		(35.24	)9		—	10		.81	9		.81	9		.15	9
9/30/2021		66.67		(.22	)		23.77			23.55			—			(1.27	)		(1.27	)		88.95		35.60	9		—	10		.84	9		.84	9		(.26	)9
9/30/2020		55.49		(.03	)		13.70			13.67			—			(2.49	)		(2.49	)		66.67		25.21	9		—	10		.85	9		.85	9		(.05	)9
9/30/2019		60.32		.15			(1.67	)		(1.52	)		—			(3.31	)		(3.31	)		55.49		(1.17	)9		—	10		.87	9		.87	9		.28	9
Class 529-F-1:
3/31/20245,6		59.51		.05			10.19			10.24			(.51	)		—			(.51	)		69.24		17.12	7,9		—	10		.91	8,9		.91	8,9		.17	8,9
9/30/2023		52.48		.34			6.74			7.08			(.05	)		—			(.05	)		59.51		13.48	9		—	10		.90	9		.90	9		.56	9
9/30/2022		88.82		.06			(29.00	)		(28.94	)		—			(7.40	)		(7.40	)		52.48		(35.28	)9		—	10		.87	9		.87	9		.09	9
9/30/2021		66.57		(.29	)		23.81			23.52			—			(1.27	)		(1.27	)		88.82		35.60	9		—	10		.80	9		.80	9		(.42	)9
9/30/2020		55.41		(.03	)		13.68			13.65			—			(2.49	)		(2.49	)		66.57		25.21			181			.86			.86			(.05	)
9/30/2019		60.26		.15			(1.69	)		(1.54	)		—			(3.31	)		(3.31	)		55.41		(1.22	)		146			.88			.88			.27
Class 529-F-2:
3/31/20245,6		59.25		.10			10.14			10.24			(.61	)		—			(.61	)		68.88		17.18	7		269			.76	8		.76	8		.32	8
9/30/2023		52.24		.43			6.71			7.14			(.13	)		—			(.13	)		59.25		13.65			223			.75			.75			.72
9/30/2022		88.37		.14			(28.87	)		(28.73	)		—			(7.40	)		(7.40	)		52.24		(35.22	)		190			.76			.76			.21
9/30/20215,13		65.50		(.16	)		24.30			24.14			—			(1.27	)		(1.27	)		88.37		37.11	7		274			.80	8		.80	8		(.21	)8
Class 529-F-3:
3/31/20245,6		59.33		.17			10.10			10.27			(.62	)		—			(.62	)		68.98		17.23	7		—	10		.73	8		.73	8		.54	8
9/30/2023		52.32		.44			6.72			7.16			(.15	)		—			(.15	)		59.33		13.66			—	10		.73			.73			.74
9/30/2022		88.45		.17			(28.90	)		(28.73	)		—			(7.40	)		(7.40	)		52.32		(35.19	)		—	10		.71			.71			.25
9/30/20215,13		65.50		(.09	)		24.31			24.22			—			(1.27	)		(1.27	)		88.45		37.23	7		—	10		.76	8		.71	8		(.12	)8
Class R-1:
3/31/20245,6		49.73		(.18	)		8.50			8.32			(.20	)		—			(.20	)		57.85		16.64	7		39			1.75	8		1.75	8		(.66	)8
9/30/2023		44.18		(.14	)		5.69			5.55			—			—			—			49.73		12.52			26			1.75			1.75			(.28	)
9/30/2022		76.62		(.45	)		(24.59	)		(25.04	)		—			(7.40	)		(7.40	)		44.18		(35.86	)		24			1.74			1.74			(.77	)
9/30/2021		58.09		(.85	)		20.65			19.80			—			(1.27	)		(1.27	)		76.62		34.35			36			1.75			1.75			(1.18	)
9/30/2020		49.08		(.50	)		12.00			11.50			—			(2.49	)		(2.49	)		58.09		24.07			28			1.79			1.79			(.98	)
9/30/2019		54.32		(.33	)		(1.60	)		(1.93	)		—			(3.31	)		(3.31	)		49.08		(2.12	)		24			1.82			1.82			(.68	)

Refer to the end of the table for footnotes.

40 SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income (loss) to average net assets3
Class R-2:
3/31/20245,6	$	49.78	$	(.18	)	$	8.51		$	8.33		$	(.08	)	$	—		$	(.08	)	$	58.03		16.63	%7	$	473		1.76	%8		1.76	%8		(.67	)%8
9/30/2023		44.23		(.15	)		5.70			5.55			—			—			—			49.78		12.50			428		1.76			1.76			(.29	)
9/30/2022		76.71		(.48	)		(24.60	)		(25.08	)		—			(7.40	)		(7.40	)		44.23		(35.87	)		412		1.76			1.76			(.81	)
9/30/2021		58.16		(.85	)		20.67			19.82			—			(1.27	)		(1.27	)		76.71		34.37			719		1.75			1.75			(1.17	)
9/30/2020		49.12		(.49	)		12.02			11.53			—			(2.49	)		(2.49	)		58.16		24.09			588		1.78			1.78			(.97	)
9/30/2019		54.36		(.31	)		(1.62	)		(1.93	)		—			(3.31	)		(3.31	)		49.12		(2.12	)		542		1.79			1.79			(.65	)
Class R-2E:
3/31/20245,6		56.77		(.11	)		9.70			9.59			(.20	)		—			(.20	)		66.16		16.80	7		36		1.46	8		1.46	8		(.37	)8
9/30/2023		50.29		.01			6.47			6.48			—			—			—			56.77		12.85			31		1.46			1.46			.01
9/30/2022		85.92		(.34	)		(27.89	)		(28.23	)		—			(7.40	)		(7.40	)		50.29		(35.67	)		27		1.46			1.46			(.51	)
9/30/2021		64.83		(.71	)		23.07			22.36			—			(1.27	)		(1.27	)		85.92		34.76			48		1.46			1.46			(.88	)
9/30/2020		54.34		(.38	)		13.36			12.98			—			(2.49	)		(2.49	)		64.83		24.46			35		1.48			1.48			(.67	)
9/30/2019		59.52		(.18	)		(1.69	)		(1.87	)		—			(3.31	)		(3.31	)		54.34		(1.82	)		28		1.50			1.50			(.34	)
Class R-3:
3/31/20245,6		54.93		(.07	)		9.41			9.34			(.29	)		—			(.29	)		63.98		16.88	7		691		1.31	8		1.31	8		(.23	)8
9/30/2023		48.59		.09			6.25			6.34			—			—			—			54.93		13.03			611		1.31			1.31			.16
9/30/2022		83.16		(.23	)		(26.94	)		(27.17	)		—			(7.40	)		(7.40	)		48.59		(35.58	)		587		1.31			1.31			(.35	)
9/30/2021		62.68		(.57	)		22.32			21.75			—			(1.27	)		(1.27	)		83.16		34.95			978		1.31			1.31			(.73	)
9/30/2020		52.54		(.28	)		12.91			12.63			—			(2.49	)		(2.49	)		62.68		24.65			806		1.33			1.33			(.52	)
9/30/2019		57.60		(.10	)		(1.65	)		(1.75	)		—			(3.31	)		(3.31	)		52.54		(1.67	)		757		1.34			1.34			(.20	)
Class R-4:
3/31/20245,6		58.42		.02			10.00			10.02			(.44	)		—			(.44	)		68.00		17.06	7		637		1.01	8		1.01	8		.07	8
9/30/2023		51.52		.27			6.63			6.90			—			—			—			58.42		13.35			585		1.01			1.01			.45
9/30/2022		87.46		(.04	)		(28.50	)		(28.54	)		—			(7.40	)		(7.40	)		51.52		(35.38	)		583		1.01			1.01			(.05	)
9/30/2021		65.68		(.35	)		23.40			23.05			—			(1.27	)		(1.27	)		87.46		35.37			987		1.01			1.01			(.43	)
9/30/2020		54.78		(.12	)		13.51			13.39			—			(2.49	)		(2.49	)		65.68		25.03			835		1.02			1.02			(.21	)
9/30/2019		59.71		.06			(1.68	)		(1.62	)		—			(3.31	)		(3.31	)		54.78		(1.37	)		791		1.04			1.04			.11
Class R-5E:
3/31/20245,6		59.64		.09			10.20			10.29			(.57	)		—			(.57	)		69.36		17.17	7		197		.81	8		.81	8		.27	8
9/30/2023		52.58		.40			6.76			7.16			(.10	)		—			(.10	)		59.64		13.56			166		.81			.81			.66
9/30/2022		88.94		.11			(29.07	)		(28.96	)		—			(7.40	)		(7.40	)		52.58		(35.24	)		138		.81			.81			.17
9/30/2021		66.64		(.19	)		23.76			23.57			—			(1.27	)		(1.27	)		88.94		35.63			188		.80			.80			(.22	)
9/30/2020		55.44		(.01	)		13.70			13.69			—			(2.49	)		(2.49	)		66.64		25.28			84		.82			.82			(.02	)
9/30/2019		60.26		.18			(1.69	)		(1.51	)		—			(3.31	)		(3.31	)		55.44		(1.16	)		39		.84			.84			.32
Class R-5:
3/31/20245,6		61.99		.12			10.62			10.74			(.63	)		—			(.63	)		72.10		17.24	7		305		.71	8		.71	8		.37	8
9/30/2023		54.65		.47			7.02			7.49			(.15	)		—			(.15	)		61.99		13.68			288		.71			.71			.75
9/30/2022		92.04		.18			(30.17	)		(29.99	)		—			(7.40	)		(7.40	)		54.65		(35.18	)		288		.70			.70			.25
9/30/2021		68.86		(.11	)		24.56			24.45			—			(1.27	)		(1.27	)		92.04		35.77			510		.71			.71			(.13	)
9/30/2020		57.16		.06			14.13			14.19			—			(2.49	)		(2.49	)		68.86		25.40			406		.72			.72			.09
9/30/2019		61.94		.22			(1.69	)		(1.47	)		—			(3.31	)		(3.31	)		57.16		(1.06	)		376		.74			.74			.40
Class R-6:
3/31/20245,6		61.34		.14			10.49			10.63			(.66	)		—			(.66	)		71.31		17.26	7		24,321		.66	8		.66	8		.43	8
9/30/2023		54.08		.50			6.95			7.45			(.19	)		—			(.19	)		61.34		13.76			20,160		.66			.66			.82
9/30/2022		91.12		.23			(29.87	)		(29.64	)		—			(7.40	)		(7.40	)		54.08		(35.15	)		16,261		.65			.65			.33
9/30/2021		68.15		(.06	)		24.30			24.24			—			(1.27	)		(1.27	)		91.12		35.84			19,437		.66			.66			(.07	)
9/30/2020		56.56		.08			14.00			14.08			—			(2.49	)		(2.49	)		68.15		25.47			11,166		.67			.67			.14
9/30/2019		61.31		.26			(1.70	)		(1.44	)		—			(3.31	)		(3.31	)		56.56		(1.02	)		8,031		.69			.69			.47

Refer to the end of the table for footnotes.

SMALLCAP World Fund 41

Financial highlights (continued)

	Six months
	ended
	March 31,			Year ended September 30,
	20245,6,7			2023			2022			2021			2020			2019
Portfolio turnover rate for all share classes14		14	%		29	%		32	%		30	%		38	%		39	%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3 shares.
4	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5	Based on operations for a period that is less than a full year.
6	Unaudited.
7	Not annualized.
8	Annualized.
9	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.
10	Amount less than $1 million.
11	Amount less than $.01.
12	Amount less than .01%.
13	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
14	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

42 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 (October 1, 2023, through March 31, 2024).

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 43

Expense example (continued)

	Beginning account value 10/1/2023		Ending account value 3/31/2024		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,170.25	$	5.70		1.05	%
Class A – assumed 5% return		1,000.00		1,019.75		5.30		1.05
Class C – actual return		1,000.00		1,166.04		9.69		1.79
Class C – assumed 5% return		1,000.00		1,016.05		9.02		1.79
Class T – actual return		1,000.00		1,172.00		4.13		.76
Class T – assumed 5% return		1,000.00		1,021.20		3.84		.76
Class F-1 – actual return		1,000.00		1,170.19		5.91		1.09
Class F-1 – assumed 5% return		1,000.00		1,019.55		5.50		1.09
Class F-2 – actual return		1,000.00		1,171.81		4.18		.77
Class F-2 – assumed 5% return		1,000.00		1,021.15		3.89		.77
Class F-3 – actual return		1,000.00		1,172.55		3.58		.66
Class F-3 – assumed 5% return		1,000.00		1,021.70		3.34		.66
Class 529-A – actual return		1,000.00		1,170.08		5.86		1.08
Class 529-A – assumed 5% return		1,000.00		1,019.60		5.45		1.08
Class 529-C – actual return		1,000.00		1,165.92		9.85		1.82
Class 529-C – assumed 5% return		1,000.00		1,015.90		9.17		1.82
Class 529-E – actual return		1,000.00		1,169.06		6.89		1.27
Class 529-E – assumed 5% return		1,000.00		1,018.65		6.41		1.27
Class 529-T – actual return		1,000.00		1,171.63		4.45		.82
Class 529-T – assumed 5% return		1,000.00		1,020.90		4.14		.82
Class 529-F-1 – actual return		1,000.00		1,171.19		4.94		.91
Class 529-F-1 – assumed 5% return		1,000.00		1,020.45		4.60		.91
Class 529-F-2 – actual return		1,000.00		1,171.80		4.13		.76
Class 529-F-2 – assumed 5% return		1,000.00		1,021.20		3.84		.76
Class 529-F-3 – actual return		1,000.00		1,172.34		3.96		.73
Class 529-F-3 – assumed 5% return		1,000.00		1,021.35		3.69		.73
Class R-1 – actual return		1,000.00		1,166.38		9.48		1.75
Class R-1 – assumed 5% return		1,000.00		1,016.25		8.82		1.75
Class R-2 – actual return		1,000.00		1,166.30		9.53		1.76
Class R-2 – assumed 5% return		1,000.00		1,016.20		8.87		1.76
Class R-2E – actual return		1,000.00		1,167.99		7.91		1.46
Class R-2E – assumed 5% return		1,000.00		1,017.70		7.36		1.46
Class R-3 – actual return		1,000.00		1,168.80		7.10		1.31
Class R-3 – assumed 5% return		1,000.00		1,018.45		6.61		1.31
Class R-4 – actual return		1,000.00		1,170.60		5.48		1.01
Class R-4 – assumed 5% return		1,000.00		1,019.95		5.10		1.01
Class R-5E – actual return		1,000.00		1,171.74		4.40		.81
Class R-5E – assumed 5% return		1,000.00		1,020.95		4.09		.81
Class R-5 – actual return		1,000.00		1,172.45		3.86		.71
Class R-5 – assumed 5% return		1,000.00		1,021.45		3.59		.71
Class R-6 – actual return		1,000.00		1,172.62		3.58		.66
Class R-6 – assumed 5% return		1,000.00		1,021.70		3.34		.66

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (to reflect the one-half year period).

44 SMALLCAP World Fund

Liquidity Risk Management Program unaudited

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2022, through September 30, 2023. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

SMALLCAP World Fund 45

This page was intentionally left blank.

46 SMALLCAP World Fund

This page was intentionally left blank.

SMALLCAP World Fund 47

This page was intentionally left blank.

48 SMALLCAP World Fund

This page was intentionally left blank.

SMALLCAP World Fund 49

This page was intentionally left blank.

50 SMALLCAP World Fund

This page was intentionally left blank.

SMALLCAP World Fund 51

Office of the fund

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address nearest you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

Counsel

Dechert LLP

45 Fremont Street, 26th Floor

San Francisco, CA 94105-2223

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

52 SMALLCAP World Fund

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or 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 June 30, 2024, 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.

S&P 500 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 © 2024 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.

On or around July 1, 2024, American Funds Distributors, Inc. will be renamed Capital Client Group, Inc.

The Capital Advantage^®

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

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 28 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

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

American Funds’ superior outcomes

Equity-focused funds have beaten their Lipper peer indexes in 84% of 10-year periods and 97% of 20-year periods.² Relative to their peers, our fixed income funds have helped investors achieve better diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

1	Investment industry experience as of December 31, 2023.
2	Based on Class F-2 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2023. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. Past results are not predictive of results in future periods.
3	Based on Class F-2 share results as of December 31, 2023. Thirteen of the 18 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how a security and an index move in relation to each other. A correlation ranges from -1 to 1. A positive correlation close to 1 implies that as one moved, either up or down, the other moved in “lockstep,” in the same direction. A negative correlation close to -1 indicates the two have moved in the opposite direction.
4	On average, our mutual fund management fees were in the lowest quintile 55% of the time, based on the 20-year period ended December 31, 2023, 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.

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

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

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

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 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

ITEM 13 – Exhibits

(a)(1) Not applicable for filing of semi-annual reports to shareholders.

(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: May 31, 2024

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

By __/s/ Walter R. Burkley_______

Walter R. Burkley,

Principal Executive Officer

Date: May 31, 2024

By ___/s/ Hong T. Le    __________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: May 31, 2024

EX-99.CERT

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION

I, Walter R. Burkley, certify that:

1.	I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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 180 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 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; 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.

Date: May 31, 2024

___/s/ Walter R. Burkley_____________________

Walter R. Burkley,

Principal Executive Officer

SMALLCAP World Fund, Inc.

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION

I, Hong T. Le, certify that:

1.	I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
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 180 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 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; 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.

Date: May 31, 2024

__/s/ Hong T. Le____________

Hong T. Le, Treasurer and

Principal Financial Officer

SMALLCAP World Fund, Inc.

EX-99.906 CERT

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

WALTER R. BURKLEY, Principal Executive Officer, and HONG T. LE, Treasurer and Principal Financial Officer of SMALLCAP World Fund, Inc. (the "Registrant"), each certify to the best of her or his knowledge that:

1)	The Registrant's periodic report on Form N-CSR for the period ended March 31, 2024 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer	Principal Financial Officer
SMALLCAP WORLD FUND, INC.	SMALLCAP WORLD FUND, INC.
___/s/ Walter R. Burkley____________	_/s/ Hong T. Le____________
Walter R. Burkley, Principal Executive Officer	Hong T. Le, Treasurer
Date: May 31, 2024	Date: May 31, 2024

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to SMALLCAP WORLD FUND, INC. and will be retained by SMALLCAP WORLD FUND, INC. and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.