unaudited
| Common stocks 92.24% Information technology 20.83% | Shares | Value (000) |
| RingCentral, Inc., Class A1 | 4,731,200 | $798,012 |
| MongoDB, Inc., Class A1,2 | 3,039,342 | 400,008 |
| Network International Holdings PLC1,3,4 | 36,692,163 | 311,423 |
| Alteryx, Inc., Class A1 | 2,834,100 | 283,608 |
| Paycom Software, Inc.1 | 1,022,494 | 270,716 |
| SimCorp AS3,4 | 2,324,896 | 264,173 |
| Smartsheet Inc., Class A1 | 5,291,700 | 237,703 |
| DocuSign, Inc.1 | 2,980,937 | 220,917 |
| WiseTech Global Ltd.2,4 | 13,226,808 | 217,146 |
| Cree, Inc.1 | 4,585,130 | 211,604 |
| Ceridian HCM Holding Inc.1,2 | 2,851,343 | 193,549 |
| EPAM Systems, Inc.1 | 881,200 | 186,955 |
| CANCOM SE, non-registered shares3,4 | 2,587,005 | 153,100 |
| Bechtle AG, non-registered shares4 | 1,065,952 | 149,579 |
| Netcompany Group AS, non-registered shares1,3,4 | 3,054,837 | 145,714 |
| TeamViewer AG1,4 | 4,021,549 | 143,924 |
| Square, Inc., Class A1 | 2,274,730 | 142,307 |
| Bottomline Technologies, Inc.1,3 | 2,648,000 | 141,933 |
| Douzone Bizon Co., Ltd.3,4 | 2,015,058 | 140,871 |
| Net One Systems Co., Ltd.3,4 | 5,453,458 | 140,111 |
| Qorvo, Inc.1 | 1,175,404 | 136,617 |
| Vanguard International Semiconductor Corp.4 | 50,165,575 | 132,764 |
| Avast PLC4 | 21,234,000 | 127,657 |
| BE Semiconductor Industries NV4 | 3,237,200 | 125,721 |
| Halma PLC4 | 4,476,862 | 125,682 |
| Yext, Inc.1,3 | 8,661,274 | 124,896 |
| Carel Industries SpA3,4 | 8,000,000 | 124,452 |
| InterXion Holding NV, non-registered shares1 | 1,440,000 | 120,686 |
| Euronet Worldwide, Inc.1 | 735,490 | 115,884 |
| Alarm.Com Holdings, Inc.1,3 | 2,520,700 | 108,314 |
| Cardtronics PLC, Class A1,3 | 2,302,000 | 102,784 |
| Globant SA1 | 965,931 | 102,437 |
| Elastic NV, non-registered shares1 | 1,527,100 | 98,193 |
| MKS Instruments, Inc. | 877,156 | 96,496 |
| Kingdee International Software Group Co. Ltd.2,4 | 93,262,093 | 93,318 |
| CDW Corp. | 650,000 | 92,846 |
| Inphi Corp.1 | 1,196,032 | 88,530 |
| LiveRamp Holdings, Inc.1 | 1,835,300 | 88,223 |
| Megaport Ltd.1,3,4 | 11,503,000 | 86,721 |
| SVMK Inc.1 | 4,842,730 | 86,540 |
| Avalara, Inc.1 | 1,166,000 | 85,409 |
| GB Group PLC4 | 8,187,400 | 85,022 |
| SUNeVision Holdings Ltd.2,3,4 | 121,126,000 | 81,941 |
| MACOM Technology Solutions Holdings, Inc.1 | 3,060,000 | 81,396 |
| Fortnox AB3,4 | 4,367,446 | 78,495 |
| Appfolio, Inc., Class A1 | 713,277 | 78,425 |
| Jenoptik AG4 | 2,668,700 | 76,264 |
SMALLCAP World Fund — Page 1 of 23
unaudited
| Common stocks (continued) Information technology (continued) | Shares | Value (000) |
| Pegasystems Inc. | 906,975 | $72,241 |
| Nuance Communications, Inc.1 | 3,931,000 | 70,090 |
| Bravura Solutions Ltd.3,4 | 19,125,000 | 69,853 |
| Endava PLC, Class A (ADR)1 | 1,487,998 | 69,341 |
| Okta, Inc., Class A1 | 581,800 | 67,122 |
| Viavi Solutions Inc.1 | 4,450,000 | 66,750 |
| Kinaxis Inc.1 | 845,418 | 65,118 |
| ASM Pacific Technology Ltd.4 | 4,368,800 | 60,736 |
| Sabre Corp. | 2,701,325 | 60,618 |
| Anaplan, Inc.1 | 1,129,467 | 59,184 |
| Autodesk, Inc.1 | 310,000 | 56,873 |
| Cabot Microelectronics Corp. | 382,400 | 55,188 |
| Oneconnect Financial Technology Co., Ltd. (ADR)1 | 5,186,700 | 52,023 |
| Money Forward, Inc.1,4 | 1,059,052 | 51,361 |
| RAKUS Co., Ltd.2,4 | 2,740,530 | 50,436 |
| Silergy Corp.4 | 1,561,060 | 49,500 |
| Justsystems Corp.4 | 881,000 | 49,320 |
| eMemory Technology Inc.3,4 | 4,024,334 | 47,840 |
| SoftwareONE Holding AG1,4 | 1,832,467 | 46,886 |
| AAC Technologies Holdings Inc.4 | 5,275,000 | 46,077 |
| Endurance International Group Holdings, Inc.1,3 | 9,707,399 | 45,625 |
| Cognex Corp. | 800,000 | 44,832 |
| ALTEN SA, non-registered shares4 | 353,000 | 44,691 |
| Atea ASA4 | 3,030,728 | 44,534 |
| RealPage, Inc.1 | 817,910 | 43,963 |
| Hamamatsu Photonics KK4 | 1,055,750 | 43,260 |
| Temenos AG4 | 270,000 | 42,687 |
| Semtech Corp.1 | 774,000 | 40,945 |
| HubSpot, Inc.1 | 250,300 | 39,673 |
| Silicon Laboratories Inc.1 | 341,000 | 39,549 |
| Nemetschek SE4 | 569,400 | 37,551 |
| Tri Chemical Laboratories Inc.2,3,4 | 440,200 | 34,638 |
| SYNNEX Corp. | 268,000 | 34,518 |
| Topcon Corp.4 | 2,609,705 | 33,629 |
| Maxlinear, Inc.1 | 1,500,000 | 31,830 |
| CDK Global, Inc. | 562,000 | 30,730 |
| BlackLine, Inc.1 | 595,000 | 30,678 |
| Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H2,4 | 15,030,000 | 29,895 |
| Sansan, Inc.1,4 | 570,400 | 29,079 |
| Faraday Technology Corp.3,4 | 15,370,000 | 28,884 |
| Disco Corp. (Japan)4 | 119,100 | 28,350 |
| oRo Co., Ltd.4 | 804,200 | 28,315 |
| Novanta Inc.1 | 314,500 | 27,814 |
| Fair Isaac Corp.1 | 71,900 | 26,939 |
| Nordic Semiconductor ASA1,4 | 4,245,000 | 26,933 |
| Computer Services, Inc. | 597,155 | 26,573 |
| Siltronic AG4 | 257,500 | 25,923 |
| Acacia Communications, Inc.1 | 380,000 | 25,768 |
| TravelSky Technology Ltd., Class H4 | 9,960,000 | 24,339 |
| Coupa Software Inc.1 | 161,500 | 23,619 |
| Venustech Group Inc., Class A4 | 4,797,208 | 23,322 |
| AIXTRON SE1,4 | 2,434,518 | 23,317 |
| QAD Inc., Class A | 455,529 | 23,200 |
| Instructure, Inc.1 | 466,200 | 22,475 |
| Kingboard Holdings Ltd.4 | 7,021,000 | 22,289 |
SMALLCAP World Fund — Page 2 of 23
unaudited
| Common stocks (continued) Information technology (continued) | Shares | Value (000) |
| Trimble Inc.1 | 530,000 | $22,096 |
| Veeco Instruments Inc.1 | 1,490,000 | 21,881 |
| Flex Ltd.1 | 1,659,500 | 20,943 |
| Zendesk, Inc.1 | 273,000 | 20,920 |
| Sinch AB1,4 | 647,987 | 19,841 |
| INFICON Holding AG4 | 23,396 | 18,575 |
| TTM Technologies, Inc.1 | 1,167,000 | 17,563 |
| Diebold Nixdorf, Inc.1 | 1,625,000 | 17,160 |
| 2U, Inc.1,2 | 665,500 | 15,965 |
| Accesso Technology Group PLC1,3,4 | 2,185,500 | 14,031 |
| EVERTEC, Inc. | 399,300 | 13,592 |
| Ping Identity Holding Corp.1,2 | 546,000 | 13,268 |
| X-FAB Silicon Foundries SE1,2,4 | 2,609,870 | 12,262 |
| Smart Metering Systems PLC2,4 | 1,606,384 | 12,006 |
| Tyro Payments Ltd.1,4 | 4,314,406 | 10,657 |
| TeamSpirit Inc.1,2,4 | 450,000 | 10,471 |
| Zebra Technologies Corp., Class A1 | 36,300 | 9,272 |
| TOTVS SA, ordinary nominative | 555,200 | 8,909 |
| Datagroup SE2,4 | 120,435 | 8,841 |
| Double Standard Inc.4 | 181,100 | 8,388 |
| StoneCo Ltd., Class A1 | 200,000 | 7,978 |
| eCloudvalley Digital Technology Co., Ltd.4 | 1,340,000 | 7,917 |
| PagerDuty, Inc.1 | 313,200 | 7,326 |
| Medallia, Inc.1,2 | 235,400 | 7,323 |
| Foursquare Labs, Inc., Series A1,4,5,6,7 | 1,970,385 | 5,891 |
| FDM Group (Holdings) PLC4 | 402,610 | 5,550 |
| Teradata Corp.1 | 192,700 | 5,159 |
| Paylocity Holding Corp.1 | 34,793 | 4,204 |
| Talend SA (ADR)1,2 | 81,500 | 3,187 |
| Zuken Inc.4 | 44,600 | 1,016 |
| 10,148,182 | ||
| Health care 17.90% | ||
| Insulet Corp.1,3 | 4,271,919 | 731,353 |
| Notre Dame Intermédica Participações SA | 23,933,949 | 406,069 |
| Molina Healthcare, Inc.1 | 2,841,997 | 385,631 |
| Allakos Inc.1,2,3 | 3,892,933 | 371,230 |
| NovoCure Ltd.1 | 3,580,597 | 301,737 |
| Haemonetics Corp.1 | 2,075,600 | 238,486 |
| CONMED Corp.3 | 1,825,451 | 204,140 |
| GW Pharmaceuticals PLC (ADR)1,2,3 | 1,782,592 | 186,388 |
| Centene Corp.1 | 2,918,878 | 183,510 |
| Bluebird Bio, Inc.1 | 2,088,320 | 183,250 |
| Amplifon SpA4 | 6,244,000 | 179,655 |
| Mani, Inc.3,4 | 6,173,382 | 176,500 |
| Fisher & Paykel Healthcare Corp. Ltd.4 | 11,321,435 | 169,890 |
| DexCom, Inc.1 | 761,000 | 166,461 |
| Natera, Inc.1,3 | 4,770,580 | 160,721 |
| Integra LifeSciences Holdings Corp.1 | 2,607,175 | 151,946 |
| WellCare Health Plans, Inc.1 | 413,000 | 136,377 |
| Allogene Therapeutics, Inc.1,2 | 4,262,501 | 110,740 |
| Allogene Therapeutics, Inc.1 | 653,594 | 16,980 |
| PRA Health Sciences, Inc.1 | 1,101,150 | 122,393 |
| Cortexyme, Inc.1,2,3 | 2,148,197 | 120,600 |
| iRhythm Technologies, Inc.1,3 | 1,590,450 | 108,294 |
SMALLCAP World Fund — Page 3 of 23
unaudited
| Common stocks (continued) Health care (continued) | Shares | Value (000) |
| Vitrolife AB4 | 5,002,795 | $105,556 |
| Nakanishi Inc.3,4 | 5,332,700 | 101,536 |
| Fleury SA, ordinary nominative | 12,733,000 | 96,636 |
| New Frontier Health Corp., Class A1,3,4,7 | 9,313,186 | 92,666 |
| NuVasive, Inc.1 | 1,166,000 | 90,178 |
| LivaNova PLC1 | 1,182,200 | 89,173 |
| Galapagos NV1,4 | 418,239 | 87,053 |
| Ultragenyx Pharmaceutical Inc.1 | 1,933,070 | 82,561 |
| Exact Sciences Corp.1 | 890,000 | 82,307 |
| Cansino Biologics Inc., Class H1,2,3,4 | 10,370,800 | 78,640 |
| Medacta Group SA1,4 | 983,500 | 73,577 |
| MorphoSys AG, non-registered shares1,4 | 510,875 | 72,740 |
| Biohaven Pharmaceutical Holding Co. Ltd.1 | 1,319,000 | 71,806 |
| Madrigal Pharmaceuticals, Inc.1 | 742,922 | 67,688 |
| STAAR Surgical Co.1 | 1,833,100 | 64,470 |
| Teladoc Health, Inc.1,2 | 770,000 | 64,464 |
| Glaukos Corp.1 | 1,150,322 | 62,658 |
| Sysmex Corp.4 | 859,000 | 58,387 |
| Envista Holdings Corp.1 | 1,960,000 | 58,094 |
| Encompass Health Corp. | 829,400 | 57,453 |
| Metropolis Healthcare Ltd.1,3,4 | 2,809,350 | 57,153 |
| Fagron NV4 | 2,630,255 | 57,127 |
| Precision BioSciences, Inc.1,3 | 4,062,000 | 56,421 |
| Hikma Pharmaceuticals PLC4 | 2,117,000 | 56,080 |
| Incyte Corp.1 | 640,000 | 55,885 |
| Revance Therapeutics, Inc.1,3 | 3,291,900 | 53,428 |
| Agilon Health TopCo, Inc.1,4,5,6 | 118,513 | 53,267 |
| Hutchison China MediTech Ltd. (ADR)1 | 2,121,707 | 53,191 |
| Rubius Therapeutics, Inc.1,3 | 4,420,604 | 41,996 |
| Rubius Therapeutics, Inc.1,2,3 | 1,172,792 | 11,141 |
| Editas Medicine, Inc.1 | 1,760,000 | 52,114 |
| Flexion Therapeutics, Inc.1,2,3 | 2,510,700 | 51,972 |
| Pharmaron Beijing Co., Ltd., Class H1,4 | 9,308,000 | 51,961 |
| Cellectis SA (ADR)1,3 | 1,825,036 | 31,245 |
| Cellectis SA, non-registered shares1,2,3,4 | 1,181,240 | 20,448 |
| Revenio Group Oyj, non-registered shares3,4 | 1,713,820 | 50,503 |
| CellaVision AB, non-registered shares3,4 | 1,450,942 | 49,540 |
| Carl Zeiss Meditec AG, non-registered shares4 | 368,406 | 46,986 |
| Hypera SA, ordinary nominative | 5,275,783 | 46,808 |
| CompuGroup Medical SE4 | 641,500 | 45,891 |
| Penumbra, Inc.1 | 265,244 | 43,572 |
| Sarepta Therapeutics, Inc.1 | 320,842 | 41,402 |
| Divi’s Laboratories Ltd.4 | 1,500,000 | 38,798 |
| Autolus Therapeutics PLC (ADR)1,2,3 | 2,870,694 | 37,893 |
| Global Blood Therapeutics, Inc.1 | 467,520 | 37,163 |
| Clovis Oncology, Inc.1,2,3 | 3,562,000 | 37,134 |
| Genmab A/S1,4 | 165,000 | 36,726 |
| Genomma Lab Internacional, SAB de CV, Series B1 | 35,953,000 | 35,577 |
| Gossamer Bio, Inc.1 | 2,262,851 | 35,368 |
| Menicon Co., Ltd.4 | 840,000 | 35,192 |
| Elekta AB, Class B4 | 2,664,600 | 35,105 |
| CryoLife, Inc.1 | 1,288,211 | 34,898 |
| Abcam PLC4 | 1,900,000 | 34,058 |
| WuXi Biologics (Cayman) Inc.1,4 | 2,672,000 | 33,890 |
| OdontoPrev SA, ordinary nominative | 7,353,900 | 30,840 |
SMALLCAP World Fund — Page 4 of 23
unaudited
| Common stocks (continued) Health care (continued) | Shares | Value (000) |
| BioMarin Pharmaceutical Inc.1 | 361,500 | $30,565 |
| Deciphera Pharmaceuticals, Inc.1 | 487,696 | 30,354 |
| Guardant Health, Inc.1 | 384,833 | 30,071 |
| Ambu AS, Class B, non-registered shares2,4 | 1,772,000 | 29,693 |
| Addus HomeCare Corp.1 | 290,000 | 28,194 |
| Neurocrine Biosciences, Inc.1 | 258,000 | 27,732 |
| Krka, dd, Novo mesto4 | 335,262 | 27,537 |
| Pacific Biosciences of California, Inc.1 | 5,281,800 | 27,149 |
| Ironwood Pharmaceuticals, Inc., Class A1 | 2,030,000 | 27,019 |
| Wright Medical Group NV1 | 879,857 | 26,818 |
| AddLife AB, Class B4 | 859,875 | 26,557 |
| Xenon Pharmaceuticals Inc.1,2,3 | 2,019,226 | 26,472 |
| Intercept Pharmaceuticals, Inc.1 | 213,137 | 26,412 |
| Shockwave Medical, Inc.1,2 | 585,000 | 25,693 |
| Acerta Pharma BV1,4,5,6 | 195,556,815 | 23,975 |
| Grifols, SA, Class B (ADR) | 616,400 | 14,356 |
| Grifols, SA, Class A, non-registered shares4 | 270,000 | 9,533 |
| WIN-Partners Co., Ltd.3,4 | 1,817,600 | 23,765 |
| CRISPR Therapeutics AG1 | 375,000 | 22,839 |
| Sosei Group Corp.1,2,4 | 1,116,200 | 22,239 |
| Health Catalyst, Inc.1 | 596,200 | 20,688 |
| Hugel, Inc.1,4 | 57,557 | 19,772 |
| Hangzhou Tigermed Consulting Co., Ltd., Class A4 | 2,107,152 | 19,112 |
| EM Systems Co., Ltd.2,4 | 2,124,200 | 19,015 |
| Nevro Corp.1 | 160,000 | 18,806 |
| Chemed Corp. | 42,000 | 18,449 |
| Adaptive Biotechnologies Corp.1,2 | 600,000 | 17,952 |
| Alnylam Pharmaceuticals, Inc.1 | 137,700 | 15,859 |
| NuCana PLC (ADR)1,2,3 | 2,574,816 | 15,706 |
| Twist Bioscience Corp.1 | 704,000 | 14,784 |
| Piramal Enterprises Ltd.4 | 638,707 | 13,663 |
| UDG Healthcare PLC4 | 1,245,716 | 13,321 |
| Unity Biotechnology, Inc.1,2 | 1,835,000 | 13,230 |
| Agios Pharmaceuticals, Inc.1 | 276,600 | 13,208 |
| Hua Medicine1,2,4 | 19,964,000 | 12,829 |
| Vir Biotechnology, Inc.1,2 | 983,300 | 12,365 |
| 10X Genomics, Inc., Class A1 | 150,000 | 11,438 |
| Phreesia, Inc.1 | 400,000 | 10,656 |
| Genfit SA (ADR)1,2 | 247,100 | 4,917 |
| Genfit SA, non-registered shares1,2,4 | 231,273 | 4,591 |
| Asahi Intecc Co., Ltd.4 | 316,100 | 9,307 |
| Adaptimmune Therapeutics PLC (ADR)1,2,3 | 7,419,700 | 8,904 |
| Creo Medical Group PLC1,4 | 3,457,000 | 8,285 |
| Genus PLC4 | 191,000 | 8,068 |
| Bausch Health Companies Inc.1 | 200,000 | 5,984 |
| Paramount Bed Holdings Co., Ltd.4 | 107,500 | 4,472 |
| Sage Therapeutics, Inc.1 | 50,900 | 3,675 |
| NMC Health PLC4 | 155,183 | 3,643 |
| Neuronetics, Inc.1 | 737,602 | 3,312 |
| Neovasc Inc.1,3 | 598,492 | 3,238 |
| Clinuvel Pharmaceuticals Ltd.2,4 | 91,021 | 1,822 |
| 8,718,811 |
SMALLCAP World Fund — Page 5 of 23
unaudited
| Common stocks (continued) Consumer discretionary 15.45% | Shares | Value (000) |
| Evolution Gaming Group AB3,4 | 10,032,114 | $301,897 |
| Takeaway.com NV1,2,4 | 2,896,900 | 267,589 |
| Floor & Decor Holdings, Inc., Class A1 | 4,897,800 | 248,857 |
| Trainline PLC1,3,4 | 35,951,168 | 242,263 |
| frontdoor, inc.1,3 | 4,404,000 | 208,838 |
| Dollarama Inc. | 6,015,000 | 206,730 |
| Ocado Group PLC1,4 | 11,903,000 | 202,104 |
| Luckin Coffee Inc., Class A (ADR)1,2,3 | 5,080,724 | 199,977 |
| Wyndham Hotels & Resorts, Inc. | 2,974,600 | 186,835 |
| Helen of Troy Ltd.1 | 983,400 | 176,805 |
| Thor Industries, Inc. | 2,354,000 | 174,879 |
| Mattel, Inc.1,2 | 12,260,000 | 166,123 |
| TopBuild Corp.1 | 1,593,600 | 164,268 |
| Five Below, Inc.1 | 1,124,402 | 143,766 |
| Strategic Education, Inc. | 864,000 | 137,290 |
| GVC Holdings PLC4 | 11,353,694 | 133,151 |
| Domino’s Pizza Group PLC3,4 | 30,342,815 | 128,932 |
| ServiceMaster Global Holdings, Inc.1 | 3,276,590 | 126,673 |
| Pool Corp. | 588,700 | 125,028 |
| MercadoLibre, Inc.1 | 218,600 | 125,026 |
| Gentex Corp. | 3,909,134 | 113,287 |
| YETI Holdings, Inc.1,2 | 3,221,785 | 112,054 |
| Jumbo SA4 | 5,206,161 | 108,364 |
| ASOS PLC1,4 | 2,380,023 | 106,769 |
| Grand Canyon Education, Inc.1 | 1,008,200 | 96,575 |
| Moncler SpA4 | 2,120,000 | 95,353 |
| Freni Brembo SpA2,4 | 7,589,390 | 94,248 |
| Ace Hardware Indonesia Tbk PT4 | 855,750,000 | 92,099 |
| Canada Goose Holdings Inc., subordinate voting shares (CAD denominated)1 | 1,251,500 | 45,307 |
| Canada Goose Holdings Inc., subordinate voting shares1,2 | 1,120,400 | 40,603 |
| International Game Technology PLC | 5,463,000 | 81,781 |
| Melco International Development Ltd.4 | 28,796,000 | 81,049 |
| Kontoor Brands, Inc. | 1,910,000 | 80,201 |
| Endurance Technologies Ltd.4 | 5,180,990 | 78,739 |
| Domino’s Pizza, Inc. | 263,400 | 77,382 |
| KB Home | 2,117,000 | 72,550 |
| Dine Brands Global, Inc.3 | 855,599 | 71,460 |
| Tongcheng-Elong Holdings Ltd.1,4 | 39,078,000 | 70,207 |
| Momo.com Inc.4 | 6,458,000 | 62,540 |
| Nien Made Enterprise Co., Ltd.4 | 6,755,000 | 62,498 |
| Hilton Grand Vacations Inc.1 | 1,817,322 | 62,498 |
| Lennar Corp., Class A | 1,058,458 | 59,052 |
| Lennar Corp., Class B | 21,169 | 946 |
| Brunello Cucinelli SpA4 | 1,608,281 | 56,964 |
| Williams-Sonoma, Inc. | 750,000 | 55,080 |
| zooplus AG, non-registered shares1,3,4 | 571,544 | 54,747 |
| Arco Platform Ltd., Class A1 | 1,209,332 | 53,452 |
| TUI AG4 | 4,105,156 | 51,902 |
| Toll Brothers, Inc. | 1,272,000 | 50,257 |
| Delta Corp Ltd.3,4 | 17,722,238 | 49,208 |
| Vivo Energy PLC4 | 29,949,408 | 49,082 |
| Cedar Fair, LP | 861,800 | 47,778 |
| AcadeMedia AB3,4 | 7,667,499 | 45,098 |
| Basic Fit NV1,4 | 1,154,722 | 43,922 |
| B2W - Cia. Digital, ordinary nominative1 | 2,755,661 | 43,061 |
SMALLCAP World Fund — Page 6 of 23
unaudited
| Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) |
| MGM China Holdings, Ltd.2,4 | 25,559,704 | $41,890 |
| China MeiDong Auto Holdings Ltd.4 | 31,444,000 | 41,254 |
| Kindred Group PLC (SDR)4 | 6,445,000 | 39,513 |
| POYA International Co., Ltd.4 | 2,795,527 | 39,311 |
| Shop Apotheke Europe NV, non-registered shares1,3,4 | 804,857 | 39,274 |
| IDP Education Ltd.4 | 3,245,000 | 39,193 |
| Cie. Plastic Omnium SA4 | 1,348,533 | 37,803 |
| Lands’ End, Inc.1,3 | 2,225,000 | 37,380 |
| Map Aktif Adiperkasa Tbk PT1,4 | 97,276,000 | 37,023 |
| M.D.C. Holdings, Inc. | 967,528 | 36,921 |
| Six Flags Entertainment Corp. | 800,000 | 36,088 |
| WH Smith PLC4 | 1,045,000 | 36,056 |
| Shangri-La Asia Ltd.4 | 34,084,000 | 35,653 |
| Winnebago Industries, Inc. | 650,000 | 34,437 |
| Cavco Industries, Inc.1 | 170,870 | 33,385 |
| Casio Computer Co., Ltd.4 | 1,615,000 | 32,453 |
| Bygghemma Group First AB1,2,4 | 5,032,761 | 31,370 |
| Moneysupermarket.com Group PLC4 | 7,018,500 | 30,813 |
| William Hill PLC4 | 12,008,000 | 30,016 |
| Relaxo Footwears Ltd.4 | 3,454,000 | 29,847 |
| MIPS AB3,4 | 1,396,751 | 29,574 |
| Jumbo Interactive Ltd.2,4 | 2,771,590 | 29,083 |
| D.R. Horton, Inc. | 490,000 | 25,847 |
| Red Rock Resorts, Inc., Class A | 1,060,000 | 25,387 |
| Century Communities, Inc.1 | 911,000 | 24,916 |
| Bloomin’ Brands, Inc. | 1,121,000 | 24,740 |
| Cyrela Brazil Realty SA, ordinary nominative | 3,331,200 | 24,586 |
| Elior Group SA4 | 1,667,000 | 24,523 |
| Beazer Homes USA, Inc.1,3 | 1,659,813 | 23,453 |
| Bright Horizons Family Solutions Inc.1 | 155,000 | 23,295 |
| Harley-Davidson, Inc. | 592,000 | 22,016 |
| Thule Group AB4 | 907,600 | 20,944 |
| GoCo Group PLC4 | 15,133,826 | 20,849 |
| Planet Fitness, Inc., Class A1 | 275,700 | 20,589 |
| Viomi Technology Co., Ltd. (ADR) | 2,547,400 | 20,481 |
| Afya Ltd.1 | 750,000 | 20,340 |
| Cairn Homes PLC4 | 13,905,000 | 19,735 |
| Page Industries Ltd.4 | 60,000 | 19,684 |
| Melco Resorts & Entertainment Ltd. (ADR) | 800,000 | 19,336 |
| Aritzia Inc., subordinate voting shares1 | 1,230,000 | 18,044 |
| Cooper Tire & Rubber Co. | 616,000 | 17,710 |
| Ollie’s Bargain Outlet Holdings, Inc.1 | 258,800 | 16,902 |
| Graham Holdings Co., Class B | 25,000 | 15,975 |
| Paltac Corp.4 | 333,500 | 15,936 |
| Adtalem Global Education Inc.1 | 454,761 | 15,903 |
| Trip.com Group Ltd. (ADR)1 | 464,000 | 15,563 |
| Everi Holdings Inc.1 | 1,100,000 | 14,773 |
| Revolve Group, Inc., Class A1,2 | 800,000 | 14,688 |
| Del Taco Restaurants, Inc.1 | 1,794,000 | 14,182 |
| Signet Jewelers Ltd. | 600,000 | 13,044 |
| Bloomberry Resorts Corp.4 | 57,777,500 | 12,883 |
| Gourmet Master Co. Ltd.4 | 2,991,000 | 12,327 |
| Jamna Auto Industries Ltd.4 | 16,912,000 | 11,082 |
| Ryohin Keikaku Co., Ltd.4 | 463,900 | 10,820 |
| Zhongsheng Group Holdings Ltd.4 | 2,652,000 | 10,786 |
SMALLCAP World Fund — Page 7 of 23
unaudited
| Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) |
| NAN LIU Enterprise Co., Ltd.4 | 2,023,000 | $9,287 |
| Dalata Hotel Group PLC4 | 1,492,905 | 9,004 |
| Piaggio & C. SpA4 | 2,650,000 | 8,172 |
| Greggs PLC4 | 256,500 | 7,814 |
| Tube Investments of India Ltd.4 | 1,095,716 | 7,401 |
| Mercari, Inc.1,2,4 | 355,038 | 7,290 |
| DFS Furniture PLC4 | 1,805,000 | 6,945 |
| Despegar.com, Corp.1 | 471,209 | 6,352 |
| Lojas Americanas SA, ordinary nominative | 1,232,000 | 6,033 |
| Victoria PLC1,4 | 985,000 | 5,617 |
| Dustin Group AB4 | 683,989 | 5,492 |
| Chow Sang Sang Holdings International Ltd.4 | 4,227,700 | 5,261 |
| Sabina PCL4 | 6,000,000 | 4,750 |
| Westwing Group AG, non-registered shares1,4 | 952,000 | 3,801 |
| Bajaj Electricals Ltd.4 | 721,497 | 3,626 |
| Samsonite International SA4 | 1,350,000 | 3,234 |
| China Zenix Auto International Ltd. (ADR)1 | 2,152,000 | 861 |
| BNN Technology PLC1,3,4,5 | 19,007,000 | 252 |
| 7,524,012 | ||
| Industrials 14.78% | ||
| IMCD NV3,4 | 3,330,469 | 291,502 |
| VARTA AG, non-registered shares1,3,4 | 2,105,384 | 287,064 |
| BELIMO Holding AG3,4 | 33,323 | 251,246 |
| NIBE Industrier AB, Class B4 | 12,762,000 | 221,311 |
| Nihon M&A Center Inc.4 | 6,387,180 | 220,623 |
| Spirax-Sarco Engineering PLC4 | 1,820,028 | 215,518 |
| MonotaRO Co., Ltd.4 | 7,296,900 | 195,593 |
| Rexnord Corp.1,3 | 5,708,000 | 186,195 |
| BWX Technologies, Inc. | 2,874,650 | 178,458 |
| Aalberts NV, non-registered shares4 | 3,674,400 | 165,303 |
| Boyd Group Services Inc.2,3 | 1,040,051 | 161,788 |
| Marel hf., non-registered shares (ISK denominated)4 | 29,560,697 | 150,265 |
| Marel hf., non-registered shares (EUR denominated)1,4 | 1,166,667 | 5,968 |
| Harmonic Drive Systems Inc.2,4 | 3,193,500 | 154,114 |
| Rheinmetall AG4 | 1,339,983 | 154,093 |
| Diploma PLC3,4 | 5,676,000 | 152,168 |
| IDEX Corp. | 875,000 | 150,500 |
| Meggitt PLC4 | 16,759,734 | 146,044 |
| VAT Group AG4 | 853,457 | 144,387 |
| I.M.A. Industria Macchine Automatiche SpA2,4 | 1,935,049 | 139,196 |
| Bravida Holding AB3,4 | 14,051,869 | 136,467 |
| Wizz Air Holdings PLC1,4 | 2,630,000 | 135,786 |
| TechnoPro Holdings, Inc.3,4 | 1,873,600 | 131,509 |
| Watsco, Inc. | 650,000 | 117,097 |
| TransDigm Group Inc. | 190,000 | 106,400 |
| Nolato AB, Class B4 | 1,713,644 | 100,651 |
| International Container Terminal Services, Inc.4 | 37,872,486 | 96,055 |
| Havells India Ltd.4 | 10,164,000 | 92,189 |
| Lifco AB, Class B4 | 1,494,700 | 91,377 |
| Tomra Systems ASA4 | 2,664,268 | 84,493 |
| Oshkosh Corp. | 887,207 | 83,974 |
| Curtiss-Wright Corp. | 587,500 | 82,773 |
| Masco Corp. | 1,625,000 | 77,984 |
| Waste Connections, Inc. | 840,000 | 76,264 |
SMALLCAP World Fund — Page 8 of 23
unaudited
| Common stocks (continued) Industrials (continued) | Shares | Value (000) |
| Bingo Industries Ltd.2,3,4 | 37,574,800 | $75,050 |
| Graco Inc. | 1,374,000 | 71,448 |
| Armstrong World Industries, Inc. | 744,196 | 69,932 |
| Avon Rubber PLC3,4 | 2,481,863 | 68,998 |
| HomeServe PLC4 | 3,975,000 | 66,584 |
| ManpowerGroup Inc. | 683,000 | 66,319 |
| Sweco AB, Class B, non-registered shares4 | 1,715,000 | 66,143 |
| Aerojet Rocketdyne Holdings, Inc.1 | 1,300,000 | 59,358 |
| Matson, Inc. | 1,438,000 | 58,670 |
| Instalco AB3,4 | 3,831,789 | 55,289 |
| Barrett Business Services, Inc.3 | 590,000 | 53,371 |
| SiteOne Landscape Supply, Inc.1 | 587,900 | 53,293 |
| Granite Construction Inc. | 1,877,000 | 51,937 |
| Air Lease Corp., Class A | 1,089,700 | 51,783 |
| Kratos Defense & Security Solutions, Inc.1 | 2,867,700 | 51,647 |
| Coor Service Management Holding AB3,4 | 5,624,630 | 49,483 |
| ABM Industries Inc. | 1,300,000 | 49,023 |
| Grupo Aeroportuario del Pacífico, SAB de CV | 4,049,929 | 48,124 |
| Kingspan Group PLC4 | 724,000 | 44,590 |
| Cleanaway Waste Management Ltd.4 | 30,002,998 | 42,448 |
| Guangzhou Baiyun International Airport Co. Ltd., Class A4 | 16,519,892 | 41,410 |
| Centre Testing International Group Co., Ltd.4 | 19,289,377 | 41,296 |
| Imperial Logistics Ltd.4 | 9,481,180 | 39,574 |
| Arcosa, Inc. | 876,200 | 39,035 |
| Upwork Inc.1 | 3,208,736 | 34,237 |
| Stericycle, Inc.1 | 533,000 | 34,011 |
| BeNEXT Group Inc.3,4 | 2,876,200 | 33,559 |
| The Brink’s Co. | 365,800 | 33,171 |
| Middleby Corp.1 | 295,735 | 32,389 |
| Interpump Group SpA4 | 988,000 | 31,301 |
| Greaves Cotton Ltd.3,4 | 16,200,000 | 30,411 |
| CoStar Group, Inc.1 | 50,000 | 29,915 |
| easyJet PLC4 | 1,569,300 | 29,851 |
| Daifuku Co., Ltd.4 | 457,400 | 27,659 |
| Spirit Airlines, Inc.1 | 640,200 | 25,806 |
| American Airlines Group Inc. | 872,000 | 25,009 |
| Tsubaki Nakashima Co., Ltd.2,4 | 1,674,100 | 24,554 |
| FTI Consulting, Inc.1 | 217,300 | 24,046 |
| XP Power Ltd.4 | 583,458 | 23,934 |
| Alfen NV1,2,3,4 | 1,275,000 | 23,512 |
| Generac Holdings Inc.1 | 220,000 | 22,130 |
| Mullen Group Ltd. | 3,015,000 | 21,523 |
| Seaspan Corp.2 | 1,500,000 | 21,315 |
| Addtech AB, Class B4 | 637,268 | 20,608 |
| Carborundum Universal Ltd.4 | 4,365,000 | 19,645 |
| PayPoint PLC4 | 1,429,000 | 19,185 |
| JELD-WEN Holding, Inc.1 | 815,000 | 19,079 |
| Befesa SA4 | 430,000 | 18,326 |
| BMC Stock Holdings, Inc.1 | 579,222 | 16,618 |
| Grafton Group PLC, units4 | 1,437,900 | 16,607 |
| Sunny Friend Environmental Technology Co., Ltd.4 | 2,115,000 | 16,517 |
| PageGroup PLC4 | 2,243,300 | 15,560 |
| Embraer SA, ordinary nominative1 | 3,085,000 | 15,131 |
| Avis Budget Group, Inc.1 | 462,000 | 14,895 |
| Fluor Corp. | 705,000 | 13,310 |
SMALLCAP World Fund — Page 9 of 23
unaudited
| Common stocks (continued) Industrials (continued) | Shares | Value (000) |
| Indutrade AB4 | 360,000 | $12,901 |
| Sakai Moving Service Co., Ltd.4 | 202,200 | 12,882 |
| JGC Holdings Corp.4 | 752,500 | 12,109 |
| Welbilt Inc.1 | 731,100 | 11,412 |
| Trex Co., Inc.1 | 125,000 | 11,235 |
| Troax Group AB4 | 825,000 | 10,642 |
| Hertz Global Holdings Inc.1 | 671,857 | 10,582 |
| Japan Elevator Service Holdings Co., Ltd.4 | 416,400 | 10,496 |
| Saia, Inc.1 | 112,600 | 10,485 |
| Klingelnberg AG4 | 312,537 | 7,876 |
| Trinity Industries, Inc. | 349,800 | 7,748 |
| Briggs & Stratton Corp. | 1,100,668 | 7,330 |
| Europcar Mobility Group SA2,4 | 1,414,157 | 6,881 |
| Advanced Disposal Services, Inc.1 | 195,000 | 6,410 |
| DKSH Holding AG4 | 117,183 | 6,376 |
| Polypipe Group PLC4 | 746,075 | 5,340 |
| Nitto Boseki Co., Ltd.4 | 110,300 | 4,674 |
| Prosegur Compañía de Seguridad, SA4 | 1,038,326 | 4,290 |
| J. Kumar Infraprojects Ltd.4 | 2,134,000 | 4,223 |
| Cía. de Distribución Integral Logista Holdings, SA, non-registered shares4 | 43,505 | 983 |
| 7,197,849 | ||
| Financials 9.09% | ||
| Kotak Mahindra Bank Ltd.4 | 15,337,852 | 361,747 |
| Cannae Holdings, Inc.1,3 | 6,076,473 | 225,984 |
| RenaissanceRe Holdings Ltd. | 1,058,600 | 207,507 |
| Bajaj Finance Ltd.4 | 3,257,000 | 193,472 |
| Ares Management Corp., Class A | 5,174,776 | 184,688 |
| Essent Group Ltd. | 3,512,535 | 182,617 |
| SVB Financial Group1 | 606,500 | 152,256 |
| MarketAxess Holdings Inc. | 360,100 | 136,518 |
| First Republic Bank | 1,141,825 | 134,107 |
| Capitec Bank Holdings Ltd.4 | 1,123,983 | 116,153 |
| AJ Bell PLC4 | 20,354,700 | 115,930 |
| IndusInd Bank Ltd.4 | 5,319,533 | 112,592 |
| Moelis & Co., Class A | 3,324,700 | 106,124 |
| Trupanion, Inc.1,2,3 | 2,585,507 | 96,853 |
| Seacoast Banking Corp. of Florida1,3 | 3,031,901 | 92,685 |
| Enstar Group Ltd.1 | 435,000 | 89,984 |
| TMX Group Ltd. | 954,600 | 82,665 |
| CenterState Bank Corp. | 3,232,733 | 80,754 |
| Focus Financial Partners Inc., Class A1 | 2,354,300 | 69,381 |
| IIFL Wealth Management Ltd.4 | 4,324,454 | 68,639 |
| Janus Henderson Group PLC | 2,755,041 | 67,361 |
| AssetMark Financial Holdings, Inc.1 | 2,250,000 | 65,295 |
| Eurobank Ergasias SA1,4 | 62,206,000 | 64,403 |
| HDFC Asset Management Co., Ltd.4 | 1,423,338 | 63,900 |
| City Union Bank Ltd.4 | 19,334,294 | 63,460 |
| Bolsa Mexicana de Valores, SAB de CV, Series A | 28,956,645 | 63,312 |
| Cholamandalam Investment and Finance Co., Ltd.4 | 13,861,000 | 59,345 |
| Close Brothers Group PLC4 | 2,795,300 | 59,305 |
| Radian Group Inc. | 2,314,700 | 58,238 |
| AURELIUS Equity Opportunities SE & Co. KGaA, non-registered shares2,4 | 1,260,812 | 55,151 |
| NMI Holdings, Inc.1 | 1,513,000 | 50,201 |
| Aavas Financiers Ltd.1,4 | 1,789,932 | 49,737 |
SMALLCAP World Fund — Page 10 of 23
unaudited
| Common stocks (continued) Financials (continued) | Shares | Value (000) |
| The Bank of N.T. Butterfield & Son Ltd. | 1,262,958 | $46,755 |
| L&T Finance Holdings Ltd.4 | 27,926,500 | 46,533 |
| Euronext NV4 | 568,333 | 46,377 |
| Webster Financial Corp. | 766,000 | 40,874 |
| VZ Holding AG4 | 124,000 | 38,239 |
| Netwealth Group Ltd.2,4 | 6,845,000 | 37,672 |
| White Mountains Insurance Group, Ltd. | 33,000 | 36,812 |
| HUB24 Ltd.3,4 | 4,377,158 | 34,366 |
| Legg Mason Partners Equity Fund | 915,285 | 32,868 |
| Umpqua Holdings Corp. | 1,785,500 | 31,603 |
| Waddell & Reed Financial, Inc., Class A | 1,850,000 | 30,932 |
| Sabre Insurance Group PLC4 | 7,541,796 | 30,789 |
| Uzabase, Inc.1,4 | 1,390,300 | 29,041 |
| Indian Energy Exchange Ltd.1,4 | 14,190,655 | 28,402 |
| Türkiye Garanti Bankasi AS1,4 | 14,352,206 | 26,898 |
| Transaction Capital Ltd.4 | 17,681,547 | 26,667 |
| AU Small Finance Bank Ltd.4 | 2,319,312 | 26,117 |
| TCS Group Holding PLC (GDR)4 | 994,736 | 21,425 |
| TCS Group Holding PLC (GDR)4,7 | 217,587 | 4,686 |
| Fanhua Inc. (ADR)2 | 917,056 | 23,816 |
| Boston Private Financial Holdings, Inc. | 1,978,177 | 23,797 |
| Artisan Partners Asset Management Inc., Class A | 705,000 | 22,786 |
| MGIC Investment Corp. | 1,509,039 | 21,383 |
| Texas Capital Bancshares, Inc.1 | 370,000 | 21,005 |
| Hiscox Ltd.4 | 1,072,800 | 20,289 |
| Luther Burbank Corp. | 1,750,000 | 20,178 |
| Greenhill & Co., Inc.3 | 1,169,700 | 19,978 |
| TISCO Financial Group PCL, foreign registered4 | 5,947,900 | 19,689 |
| Nova Ljubljanska banka dd (GDR)4 | 1,253,700 | 17,014 |
| Hilltop Holdings Inc. | 600,000 | 14,958 |
| First Hawaiian, Inc. | 456,500 | 13,170 |
| Flow Traders NV, non-registered shares4 | 484,026 | 11,695 |
| Cowen Inc., Class A1 | 640,000 | 10,080 |
| PRA Group, Inc.1 | 255,685 | 9,281 |
| MJ Hudson Group PLC1,4 | 8,173,500 | 6,279 |
| PT Bank Tabungan Pensiunan Nasional Syariah Tbk1,4 | 17,250,600 | 5,275 |
| 4,428,093 | ||
| Consumer staples 3.82% | ||
| Emmi AG3,4 | 317,072 | 275,899 |
| Raia Drogasil SA, ordinary nominative | 6,681,392 | 185,425 |
| Simply Good Foods Co., Class A1,3 | 4,951,000 | 141,302 |
| Lion Corp.4 | 4,761,000 | 92,927 |
| Grocery Outlet Holding Corp.1 | 2,859,400 | 92,788 |
| Varun Beverages Ltd.4 | 9,287,213 | 92,305 |
| Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A4 | 15,721,895 | 88,821 |
| C&C Group PLC4 | 11,760,000 | 63,215 |
| Freshpet, Inc.1 | 1,014,008 | 59,918 |
| Milbon Co., Ltd.4 | 982,500 | 55,946 |
| Chongqing Fuling Zhacai Group Co., Ltd., Class A4 | 13,101,180 | 50,279 |
| COSMOS Pharmaceutical Corp.4 | 230,753 | 47,909 |
| Fresh Del Monte Produce Inc. | 1,359,700 | 47,562 |
| TCI Co., Ltd.4 | 4,653,590 | 44,321 |
| Hotel Chocolat Group PLC2,3,4 | 7,486,000 | 44,133 |
| Kotobuki Spirits Co., Ltd.4 | 573,600 | 42,423 |
SMALLCAP World Fund — Page 11 of 23
unaudited
| Common stocks (continued) Consumer staples (continued) | Shares | Value (000) |
| Treasury Wine Estates Ltd.4 | 3,629,297 | $41,475 |
| AAK AB4 | 2,099,000 | 39,897 |
| Davide Campari-Milano SpA4 | 4,200,000 | 38,357 |
| Bakkafrost P/F4 | 517,500 | 38,316 |
| Primo Water Corp.1,3 | 3,123,557 | 35,062 |
| CCL Products (India) Ltd.3,4 | 10,576,434 | 29,837 |
| Vector Group Ltd. | 1,624,500 | 21,752 |
| Bellring Brands, Inc., Class A1 | 1,000,000 | 21,290 |
| Kernel Holding SA4 | 1,642,578 | 19,589 |
| Chengdu Hongqi Chain Co., Ltd.4 | 17,979,901 | 19,494 |
| Emperador Inc.1,4 | 135,870,000 | 19,301 |
| Masan Group Corp.1,4 | 6,467,070 | 15,773 |
| United Spirits Ltd.1,4 | 1,780,114 | 14,979 |
| Dis-Chem Pharmacies Ltd.2,4 | 7,432,846 | 14,065 |
| PZ Cussons PLC4 | 4,096,400 | 11,304 |
| Avenue Supermarts Ltd.1,4 | 417,313 | 10,761 |
| Nomad Foods Ltd.1 | 400,000 | 8,948 |
| Bid Corp. Ltd.4 | 330,857 | 7,804 |
| Century Pacific Food, Inc.4 | 25,591,000 | 7,658 |
| Beyond Meat, Inc.1,2 | 73,395 | 5,549 |
| Prataap Snacks Ltd.4 | 447,663 | 5,386 |
| R.E.A. Holdings PLC1,3,4 | 2,162,000 | 4,553 |
| Colgate-Palmolive (India) Ltd.4 | 118,757 | 2,438 |
| 1,858,761 | ||
| Communication services 3.35% | ||
| Iridium Communications Inc.1,3 | 7,201,932 | 177,456 |
| Iridium Communications Inc.1,3,7 | 636,132 | 15,674 |
| Altice Europe NV, Class A1,4 | 23,005,000 | 148,665 |
| Nexstar Media Group, Inc. | 1,075,000 | 126,044 |
| New York Times Co., Class A | 3,915,100 | 125,949 |
| Bandwidth Inc., Class A1 | 1,733,971 | 111,061 |
| HUYA, Inc. (ADR)1,2 | 5,165,500 | 92,721 |
| Zee Entertainment Enterprises Ltd.4 | 18,684,174 | 76,574 |
| Yandex NV, Class A1 | 1,530,000 | 66,540 |
| Vonage Holdings Corp.1 | 7,700,300 | 57,059 |
| JCDecaux SA4 | 1,767,064 | 54,534 |
| World Wrestling Entertainment, Inc., Class A | 672,000 | 43,593 |
| Cable One, Inc. | 25,321 | 37,689 |
| Cogent Communications Holdings, Inc. | 565,000 | 37,183 |
| Kamakura Shinsho, Ltd.2,3,4 | 2,135,000 | 33,880 |
| JTOWER Inc.1,4 | 800,000 | 33,059 |
| RPA Holdings, Inc.1,2,4 | 2,779,000 | 29,743 |
| JOYY Inc., Class A (ADR)1 | 562,000 | 29,668 |
| ProSiebenSat.1 Media SE4 | 1,799,000 | 28,131 |
| Codemasters Group Holdings PLC1,4 | 7,560,000 | 28,078 |
| DIP Corp.4 | 912,400 | 26,960 |
| VGI PCL, foreign registered4 | 81,538,000 | 25,941 |
| Zillow Group, Inc., Class C, nonvoting shares1,2 | 525,000 | 24,118 |
| Daily Mail and General Trust PLC, Class A, nonvoting shares4 | 2,166,000 | 23,810 |
| Megacable Holdings, SAB de CV, ordinary participation certificates | 5,354,446 | 21,930 |
| Yelp Inc.1 | 585,000 | 20,375 |
| The Pebble Group PLC1,3,4 | 10,884,000 | 20,040 |
| CarGurus, Inc., Class A1 | 520,000 | 18,294 |
| Modern Times Group MTG AB, Class B1,4 | 1,388,408 | 16,547 |
SMALLCAP World Fund — Page 12 of 23
unaudited
| Common stocks (continued) Communication services (continued) | Shares | Value (000) |
| GCI Liberty, Inc., Class A1 | 232,600 | $16,480 |
| Elang Mahkota Teknologi Tbk PT4 | 34,046,200 | 13,675 |
| Euskaltel, SA, non-registered shares4 | 1,330,000 | 13,412 |
| IMAX China Holding, Inc.4 | 4,063,700 | 8,582 |
| UUUM Co., Ltd.1,2,4 | 190,400 | 8,323 |
| Nordic Entertainment Group AB, Class B4 | 192,488 | 6,224 |
| Catena Media PLC1,4 | 1,444,005 | 6,102 |
| Zegona Communications PLC2,4 | 3,300,304 | 4,765 |
| Bharti Infratel Ltd.4 | 1,002,120 | 3,551 |
| 1,632,430 | ||
| Materials 2.95% | ||
| Allegheny Technologies Inc.1,3 | 10,087,124 | 208,400 |
| Valvoline Inc. | 4,924,000 | 105,423 |
| Royal Gold, Inc. | 638,000 | 77,996 |
| Kansai Paint Co., Ltd.4 | 2,529,100 | 61,813 |
| Lundin Mining Corp. | 10,151,000 | 60,661 |
| JCU Corp.3,4 | 1,918,500 | 57,011 |
| UPL Ltd.4 | 6,841,828 | 56,046 |
| Loma Negra Compania Industrial Argentina SA (ADR)1,3 | 7,110,500 | 55,604 |
| Navin Fluorine International Ltd.3,4 | 3,202,000 | 45,220 |
| Stella-Jones Inc. | 1,491,184 | 43,086 |
| CCL Industries Inc., Class B, nonvoting shares | 1,008,100 | 42,946 |
| SIG Combibloc Group AG4 | 2,600,000 | 41,516 |
| ACC Ltd.4 | 1,506,050 | 30,547 |
| LANXESS AG4 | 453,040 | 30,443 |
| Taiyo Nippon Sanso Corp.4 | 1,353,800 | 29,991 |
| Steel Dynamics, Inc. | 877,000 | 29,853 |
| Ashland Global Holdings Inc. | 385,000 | 29,464 |
| Vidrala, SA, non-registered shares4 | 265,558 | 27,999 |
| PI Industries Ltd.4 | 1,362,000 | 27,604 |
| Ingevity Corp.1 | 310,750 | 27,153 |
| Symrise AG4 | 227,500 | 23,934 |
| Gulf Oil Lubricants India Ltd.4 | 2,038,914 | 23,015 |
| James Hardie Industries PLC (CDI)4 | 1,075,000 | 21,076 |
| Essel Propack Ltd.4 | 8,419,273 | 20,911 |
| Croda International PLC4 | 303,595 | 20,620 |
| Alcoa Corp.1 | 910,000 | 19,574 |
| Arkema SA4 | 182,500 | 19,467 |
| Berger Paints India Ltd.4 | 2,213,816 | 16,003 |
| Cleveland-Cliffs Inc.2 | 1,900,000 | 15,960 |
| United States Steel Corp.2 | 1,345,000 | 15,346 |
| Aarti Industries Ltd.4 | 1,287,600 | 15,008 |
| Ramco Cements Ltd.4 | 1,396,000 | 14,794 |
| Aluflexpack AG1,4 | 690,559 | 14,279 |
| Nevada Copper Corp.1,3 | 47,090,000 | 13,236 |
| Vinati Organics Ltd.4 | 453,301 | 12,614 |
| Wienerberger AG4 | 425,700 | 12,612 |
| China BlueChemical Ltd., Class H4 | 48,476,000 | 11,954 |
| Sandstorm Gold Ltd.1 | 1,361,300 | 10,142 |
| Excelsior Mining Corp.1,2,3 | 12,868,000 | 9,910 |
| Gerdau SA (ADR)2 | 2,011,500 | 9,856 |
| Chr. Hansen Holding A/S4 | 120,000 | 9,533 |
| Venator Materials PLC1 | 1,583,000 | 6,063 |
| Mayur Uniquoters Ltd.4 | 1,739,347 | 5,098 |
SMALLCAP World Fund — Page 13 of 23
unaudited
| Common stocks (continued) Materials (continued) | Shares | Value (000) |
| Turquoise Hill Resources Ltd. (CAD denominated)1,2 | 4,356,901 | $3,187 |
| Indorama Ventures PCL, foreign registered4 | 1,957,700 | 2,264 |
| Aarti Surfactants Ltd.1,4,5 | 64,380 | 683 |
| Sirius Minerals PLC1,4 | 1,306,400 | 60 |
| 1,435,975 | ||
| Real estate 2.17% | ||
| Embassy Office Parks REIT4 | 28,845,800 | 171,239 |
| Altus Group Ltd.3 | 3,212,700 | 93,916 |
| WHA Corp. PCL4 | 674,897,324 | 87,202 |
| MGM Growth Properties LLC REIT, Class A | 2,397,000 | 74,235 |
| BR Properties SA, ordinary nominative1 | 20,315,000 | 73,125 |
| JHSF Participacoes SA3 | 37,545,300 | 66,547 |
| Two Harbors Investment Corp. REIT | 4,367,000 | 63,846 |
| Cyrela Commercial Properties SA, ordinary nominative1,3 | 8,557,663 | 54,056 |
| Relo Group, Inc.4 | 1,807,500 | 50,416 |
| Redwood Trust, Inc. REIT | 2,562,000 | 42,375 |
| Gaming and Leisure Properties, Inc. REIT | 800,000 | 34,440 |
| DoubleDragon Properties Corp.1,4 | 88,980,400 | 33,218 |
| Concentradora Fibra Danhos, SA de CV REIT | 17,511,980 | 26,563 |
| Hibernia REIT PLC4 | 16,260,000 | 25,764 |
| Cousins Properties Inc. REIT | 526,732 | 21,701 |
| Metrovacesa, SA, non-registered shares4 | 2,200,000 | 21,653 |
| Foxtons Group PLC3,4 | 17,881,785 | 21,002 |
| Poly Property Development Co., Ltd., Class H1,4 | 3,070,600 | 18,422 |
| K. Wah International Holdings Ltd.4 | 30,270,028 | 16,915 |
| Samhallsbyggnadsbolaget i Norden AB, Class B4,7 | 6,854,932 | 16,789 |
| K-Fast Holding AB, Class B1,4 | 807,878 | 13,887 |
| BR Malls Participacoes SA, ordinary nominative | 2,173,500 | 9,758 |
| China Overseas Property Holdings Ltd.4 | 14,969,000 | 9,426 |
| Instone Real Estate Group AG, non-registered shares1,4 | 237,771 | 5,882 |
| Morguard Corp. | 23,400 | 3,622 |
| 1,055,999 | ||
| Energy 1.56% | ||
| Cactus, Inc., Class A | 3,001,699 | 103,018 |
| Saipem SpA, Class S1,4 | 16,085,000 | 78,649 |
| Worley Ltd.4 | 5,701,172 | 61,507 |
| Diamondback Energy, Inc. | 647,000 | 60,081 |
| Magnolia Oil & Gas Corp., Class A1,7 | 4,000,000 | 50,320 |
| Petronet LNG Ltd.4 | 12,920,000 | 48,549 |
| NuVista Energy Ltd.1,3 | 15,965,000 | 39,219 |
| Whitecap Resources Inc.2 | 9,125,000 | 39,000 |
| SM Energy Co. | 2,960,000 | 33,270 |
| Rattler Midstream LP | 1,861,667 | 33,119 |
| Parsley Energy, Inc., Class A | 1,707,200 | 32,283 |
| New Fortress Energy LLC, Class A1 | 1,831,381 | 28,698 |
| Venture Global LNG, Inc., Series C1,4,5,6,7 | 4,240 | 22,048 |
| Nine Energy Service, Inc.1,2,3 | 2,453,000 | 19,183 |
| Weatherford International1 | 677,020 | 18,923 |
| Savannah Petroleum PLC1,3,4 | 59,840,179 | 17,054 |
| Solaris Oilfield Infrastructure, Inc., Class A | 1,175,000 | 16,450 |
| Equitrans Midstream Corp. | 1,125,800 | 15,041 |
| Concho Resources Inc. | 128,000 | 11,209 |
| Oil & Gas Development Co. Ltd.4 | 11,757,849 | 10,811 |
SMALLCAP World Fund — Page 14 of 23
unaudited
| Common stocks (continued) Energy (continued) | Shares | Value (000) |
| Cosan Ltd., Class A1 | 361,000 | $8,245 |
| China Oilfield Services Ltd., Class H4 | 5,156,000 | 8,095 |
| Centennial Resource Development, Inc., Class A1 | 1,512,200 | 6,986 |
| Extraction Oil & Gas, Inc.1,2 | 410,000 | 869 |
| 762,627 | ||
| Utilities 0.34% | ||
| Neoenergia SA | 20,443,000 | 126,438 |
| ENN Energy Holdings Ltd.4 | 3,825,000 | 41,821 |
| Mytrah Energy Ltd.1,3,4,5 | 10,418,000 | 138 |
| 168,397 | ||
| Total common stocks (cost: $29,032,472,000) | 44,931,136 | |
| Preferred securities 0.72% Information technology 0.26% | ||
| Avidxchange, Inc., Series F, preferred shares1,3,4,5,6 | 2,159,548 | 105,844 |
| Gitlab Inc., Series E, preferred shares1,4,5,6 | 1,044,048 | 19,450 |
| 125,294 | ||
| Industrials 0.20% | ||
| Azul SA, preferred nominative (ADR)1 | 1,990,057 | 85,175 |
| Azul SA, preferred nominative1 | 771,000 | 11,170 |
| 96,345 | ||
| Health care 0.17% | ||
| Sartorius AG, nonvoting preferred, non-registered shares4 | 395,000 | 84,565 |
| Consumer discretionary 0.09% | ||
| Made.com Design Ltd., Series C-4, preferred shares1,3,4,5,6 | 2,067,967 | 45,964 |
| Consumer staples 0.00% | ||
| R.E.A. Holdings PLC 9.00% preferred shares1,3 | 96,000 | 113 |
| Total preferred securities (cost: $222,226,000) | 352,281 | |
| Rights & warrants 0.01% Communication services 0.01% | ||
| VGI PCL, warrants, expire 20221 | 14,545,500 | 772 |
| Information technology 0.00% | ||
| Foursquare Labs, Inc., warrants, expire 20331,4,5,6 | 1,163,990 | 629 |
| Health care 0.00% | ||
| Piramal Enterprises Ltd., rights, expire 20201,4 | 84,647 | 265 |
| Total rights & warrants (cost: $0) | 1,666 |
SMALLCAP World Fund — Page 15 of 23
unaudited
| Convertible stocks 0.17% Communication services 0.06% | Shares | Value (000) |
| Nextdoor Inc., Series H, convertible preferred4,5,6 | 1,512,513 | $30,833 |
| Consumer discretionary 0.05% | ||
| Coursera, Inc., Series E, 8.00% noncumulative convertible preferred4,5,6 | 2,083,333 | 23,646 |
| Information technology 0.05% | ||
| RealSelf, Inc., Series C, convertible preferred3,4,5,6 | 3,468,862 | 22,617 |
| Health care 0.01% | ||
| Proteus Digital Health, Inc., Series G, 6.50% noncumulative convertible preferred4,5,6 | 3,044,139 | 6,027 |
| Total convertible stocks (cost: $114,833,000) | 83,123 | |
| Bonds, notes & other debt instruments 0.05% Corporate bonds & notes 0.05% Energy 0.05% | Principal amount (000) | |
| Weatherford International PLC 11.00% 20247 | $21,878 | 23,710 |
| Total corporate bonds & notes | 23,710 | |
| Total bonds, notes & other debt instruments (cost: $21,805,000) | 23,710 | |
| Short-term securities 8.00% Money market investments 8.00% | Shares | |
| Capital Group Central Cash Fund 1.73%8 | 33,375,968 | 3,337,597 |
| Goldman Sachs Financial Square Government Fund 1.50%8,9 | 417,000,000 | 417,000 |
| RBC U.S. Government Money Market Funds 1.56%8,9 | 73,000,000 | 73,000 |
| Blackrock FedFund 1.55%8,9 | 41,989,125 | 41,989 |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio 1.51%8,9 | 25,000,000 | 25,000 |
| Fidelity Institutional Money Market Funds - Government Portfolio 1.49%8,9 | 1,000,000 | 1,000 |
| Invesco - Short-term Investments Trust - Government & Agency Portfolio 1.50%8,9 | 443,778 | 444 |
| 3,896,030 | ||
| Total short-term securities (cost: $3,894,767,000) | 3,896,030 | |
| Total investment securities 101.19% (cost: $33,286,103,000) | 49,287,946 | |
| Other assets less liabilities (1.19)% | (578,428) | |
| Net assets 100.00% | $48,709,518 |
SMALLCAP World Fund — Page 16 of 23
unaudited
Investments in affiliates
A company is an affiliate of the
fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. Further details on these holdings and related transactions during the
three months ended December 31, 2019, appear below.
| Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 12/31/2019 (000) | |
| Common stocks 21.60% | ||||||||
| Information technology 4.61% | ||||||||
| Network International Holdings PLC1,4 | 34,351,542 | 2,340,621 | — | 36,692,163 | $— | $69,784 | $— | $311,423 |
| SimCorp AS4 | 2,199,151 | 137,046 | 11,301 | 2,324,896 | 291 | 57,022 | — | 264,173 |
| CANCOM SE, non-registered shares4 | 1,989,634 | 597,371 | — | 2,587,005 | — | 13,129 | — | 153,100 |
| Netcompany Group AS, non-registered shares1,4 | 3,199,913 | — | 145,076 | 3,054,837 | 341 | 24,004 | — | 145,714 |
| Bottomline Technologies, Inc.1 | 2,648,000 | — | — | 2,648,000 | — | 37,734 | — | 141,933 |
| Douzone Bizon Co., Ltd.4 | 2,015,058 | — | — | 2,015,058 | — | 30,697 | 867 | 140,871 |
| Net One Systems Co., Ltd.4 | 5,194,958 | 258,500 | — | 5,453,458 | — | (6,389) | — | 140,111 |
| Yext, Inc.1 | 8,661,274 | — | — | 8,661,274 | — | (12,732) | — | 124,896 |
| Carel Industries SpA4 | 7,820,849 | 179,151 | — | 8,000,000 | — | 5,955 | — | 124,452 |
| Alarm.Com Holdings, Inc.1 | 2,520,700 | — | — | 2,520,700 | — | (9,251) | — | 108,314 |
| Cardtronics PLC, Class A1 | 1,275,000 | 1,027,000 | — | 2,302,000 | — | 24,882 | — | 102,784 |
| Megaport Ltd.1,4 | 10,773,000 | 730,000 | — | 11,503,000 | — | 16,281 | — | 86,721 |
| SUNeVision Holdings Ltd.2,4 | 128,214,000 | — | 7,088,000 | 121,126,000 | (1,242) | (7,854) | 2,685 | 81,941 |
| Fortnox AB4 | 4,550,903 | 231,159 | 414,616 | 4,367,446 | (805) | 5,587 | — | 78,495 |
| Bravura Solutions Ltd.4 | 19,125,000 | — | — | 19,125,000 | — | 16,412 | — | 69,853 |
| eMemory Technology Inc.4 | 4,024,334 | — | — | 4,024,334 | — | 5,352 | — | 47,840 |
| Endurance International Group Holdings, Inc.1 | 9,707,399 | — | — | 9,707,399 | — | 9,222 | — | 45,625 |
| Tri Chemical Laboratories Inc.2,4 | — | 440,200 | — | 440,200 | — | 2,083 | — | 34,638 |
| Faraday Technology Corp.4 | 15,370,000 | — | — | 15,370,000 | — | 371 | — | 28,884 |
| Accesso Technology Group PLC1,4 | 2,185,500 | — | — | 2,185,500 | — | (9,240) | — | 14,031 |
| Humanica PCL10 | 44,000,400 | — | 44,000,400 | — | (3,843) | 3,222 | — | — |
| Jenoptik AG4,10 | 4,561,200 | — | 1,892,500 | 2,668,700 | (18,104) | 38,569 | — | — |
| Sansan, Inc.1,4,10 | 1,596,800 | — | 1,026,400 | 570,400 | (10,625) | 16,225 | — | — |
| 2,245,799 | ||||||||
| Health care 5.97% | ||||||||
| Insulet Corp.1 | 4,456,019 | — | 184,100 | 4,271,919 | 16,962 | 12,469 | — | 731,353 |
| Allakos Inc.1,2 | 3,859,959 | 32,974 | — | 3,892,933 | — | 65,225 | — | 371,230 |
| CONMED Corp. | 2,258,462 | — | 433,011 | 1,825,451 | 17,098 | 18,914 | 370 | 204,140 |
| GW Pharmaceuticals PLC (ADR)1,2 | 1,915,345 | 11,002 | 143,755 | 1,782,592 | (6,295) | (12,439) | — | 186,388 |
| Mani, Inc.4 | 4,889,800 | 1,283,582 | — | 6,173,382 | — | 15,791 | — | 176,500 |
| Natera, Inc.1 | 4,770,580 | — | — | 4,770,580 | — | 4,246 | — | 160,721 |
| Cortexyme, Inc.1,2 | 512,157 | 1,636,040 | — | 2,148,197 | — | 91,168 | — | 120,600 |
| Cortexyme, Inc.1,4,7 | 1,560,515 | — | 1,560,515 | — | — | (23,126) | — | — |
| iRhythm Technologies, Inc.1 | 1,456,450 | 134,000 | — | 1,590,450 | — | (8,030) | — | 108,294 |
| Nakanishi Inc.4 | 5,332,700 | — | — | 5,332,700 | — | 17,544 | 681 | 101,536 |
| New Frontier Health Corp., Class A1,4,7 | — | 9,313,186 | — | 9,313,186 | — | (466) | — | 92,666 |
| Cansino Biologics Inc., Class H1,2,4,10 | 10,370,800 | — | — | 10,370,800 | — | 34,445 | — | 78,640 |
| Metropolis Healthcare Ltd.1,4 | 2,809,350 | — | — | 2,809,350 | — | 6,697 | — | 57,153 |
| Precision BioSciences, Inc.1 | 625,000 | 3,437,000 | — | 4,062,000 | — | 4,630 | — | 56,421 |
SMALLCAP World Fund — Page 17 of 23
unaudited
Investments in affiliates (continued)
| Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 12/31/2019 (000) | |
| Revance Therapeutics, Inc.1 | 2,010,000 | 1,281,900 | — | 3,291,900 | $— | $7,360 | $— | $53,428 |
| Rubius Therapeutics, Inc.1 | 2,306,000 | 2,114,604 | — | 4,420,604 | — | 5,732 | — | 41,996 |
| Rubius Therapeutics, Inc.1,2 | 1,172,792 | — | — | 1,172,792 | — | 1,935 | — | 11,141 |
| Flexion Therapeutics, Inc.1,2 | 2,510,700 | — | — | 2,510,700 | — | 17,562 | — | 51,972 |
| Cellectis SA (ADR)1 | 1,529,736 | 295,300 | — | 1,825,036 | — | 11,652 | — | 31,245 |
| Cellectis SA, non-registered shares1,2,4 | 1,181,240 | — | — | 1,181,240 | — | 8,294 | — | 20,448 |
| Revenio Group Oyj, non-registered shares4 | 1,713,820 | — | — | 1,713,820 | — | 14,264 | — | 50,503 |
| CellaVision AB, non-registered shares4 | 1,221,000 | 229,942 | — | 1,450,942 | — | (5,096) | — | 49,540 |
| Autolus Therapeutics PLC (ADR)1,2 | 2,377,718 | 492,976 | — | 2,870,694 | — | 2,523 | — | 37,893 |
| Clovis Oncology, Inc.1,2 | 3,562,000 | — | — | 3,562,000 | — | 23,135 | — | 37,134 |
| Xenon Pharmaceuticals Inc.1,2 | 2,019,226 | — | — | 2,019,226 | — | 8,279 | — | 26,472 |
| WIN-Partners Co., Ltd.4 | 1,817,600 | — | — | 1,817,600 | — | 4,736 | — | 23,765 |
| NuCana PLC (ADR)1,2 | 2,574,816 | — | — | 2,574,816 | — | (2,935) | — | 15,706 |
| Adaptimmune Therapeutics PLC (ADR)1,2 | 7,419,700 | — | — | 7,419,700 | — | (2,300) | — | 8,904 |
| Neovasc Inc.1 | 577,857 | 20,635 | — | 598,492 | — | 940 | — | 3,238 |
| Diplomat Pharmacy, Inc.1,10 | 4,334,441 | — | 4,334,441 | — | (69,631) | 64,784 | — | — |
| Osstem Implant Co., Ltd.1,10 | 1,134,274 | — | 1,134,274 | — | (29,371) | 23,985 | — | — |
| Neuronetics, Inc.1,10 | 1,464,300 | — | 726,698 | 737,602 | (14,262) | 8,561 | — | — |
| Corindus Vascular Robotics, Inc.1,10 | 10,872,716 | — | 10,872,716 | — | 31,399 | (31,535) | — | — |
| 2,909,027 | ||||||||
| Consumer discretionary 2.94% | ||||||||
| Evolution Gaming Group AB4 | 8,937,960 | 1,199,052 | 104,898 | 10,032,114 | 1,513 | 99,392 | — | 301,897 |
| Trainline PLC1,4,10 | 33,352,068 | 5,580,100 | 2,981,000 | 35,951,168 | — | 56,452 | — | 242,263 |
| frontdoor, inc.1 | 4,379,000 | 25,000 | — | 4,404,000 | — | (4,968) | — | 208,838 |
| Luckin Coffee Inc., Class A (ADR)1,2 | 4,835,924 | 244,800 | — | 5,080,724 | — | 103,010 | — | 199,977 |
| Domino’s Pizza Group PLC4 | 27,307,815 | 3,035,000 | — | 30,342,815 | — | 33,786 | — | 128,932 |
| Dine Brands Global, Inc. | 615,599 | 240,000 | — | 855,599 | — | 4,797 | 590 | 71,460 |
| zooplus AG, non-registered shares1,4 | 505,688 | 65,856 | — | 571,544 | — | (13,342) | — | 54,747 |
| Delta Corp Ltd.4 | 14,022,238 | 3,700,000 | — | 17,722,238 | — | 4,689 | — | 49,208 |
| AcadeMedia AB4 | 4,955,083 | 2,712,416 | — | 7,667,499 | — | 9,705 | 1,000 | 45,098 |
| Shop Apotheke Europe NV, non-registered shares1,4 | 804,857 | — | — | 804,857 | — | 8,000 | — | 39,274 |
| Lands’ End, Inc.1 | 2,200,000 | 25,000 | — | 2,225,000 | — | 12,009 | — | 37,380 |
| MIPS AB4 | 1,396,751 | — | — | 1,396,751 | — | 5,879 | — | 29,574 |
| Beazer Homes USA, Inc.1 | 1,659,813 | — | — | 1,659,813 | — | (1,278) | — | 23,453 |
| BNN Technology PLC1,4,5 | 19,007,000 | — | — | 19,007,000 | — | (767) | — | 252 |
| TopBuild Corp.1,10 | 1,783,600 | — | 190,000 | 1,593,600 | 15,231 | (3,366) | — | — |
| Hostelworld Group PLC10 | 6,518,763 | — | 6,518,763 | — | (8,602) | 8,044 | — | — |
| Tile Shop Holdings, Inc.10 | 3,158,000 | — | 3,158,000 | — | (20,659) | 14,990 | — | — |
| Del Taco Restaurants, Inc.1,10 | 2,939,200 | — | 1,145,200 | 1,794,000 | (4,879) | (2,072) | — | — |
| Hoteles City Express, SAB de CV1,10 | 22,037,148 | — | 22,037,148 | — | (9,896) | 6,071 | — | — |
| Party City Holdco Inc.1,10 | 7,489,459 | — | 7,489,459 | — | (56,244) | 32,601 | — | — |
| 1,432,353 |
SMALLCAP World Fund — Page 18 of 23
unaudited
Investments in affiliates (continued)
| Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 12/31/2019 (000) | |
| Industrials 4.08% | ||||||||
| IMCD NV4 | 3,332,269 | 25,200 | 27,000 | 3,330,469 | $1,281 | $43,750 | $— | $291,502 |
| VARTA AG, non-registered shares1,4 | 2,493,496 | 90,300 | 478,412 | 2,105,384 | 35,057 | 52,022 | — | 287,064 |
| BELIMO Holding AG4 | 33,323 | — | — | 33,323 | — | 67,946 | — | 251,246 |
| Rexnord Corp.1 | 5,708,000 | — | — | 5,708,000 | — | 31,794 | — | 186,195 |
| Boyd Group Services Inc.2,11 | 951,051 | 141,000 | 52,000 | 1,040,051 | (242) | 21,979 | 101 | 161,788 |
| Diploma PLC4 | 5,676,000 | — | — | 5,676,000 | — | 36,108 | 1,502 | 152,168 |
| Bravida Holding AB4 | 16,173,198 | — | 2,121,329 | 14,051,869 | 4,568 | 8,880 | — | 136,467 |
| TechnoPro Holdings, Inc.4 | 1,873,600 | — | — | 1,873,600 | — | 20,609 | 854 | 131,509 |
| Bingo Industries Ltd.2,4 | 37,574,800 | — | — | 37,574,800 | — | 19,002 | — | 75,050 |
| Avon Rubber PLC4 | 2,481,863 | — | — | 2,481,863 | — | 18,281 | — | 68,998 |
| Instalco AB4 | 3,831,789 | — | — | 3,831,789 | — | 15,975 | — | 55,289 |
| Barrett Business Services, Inc. | 590,000 | — | — | 590,000 | — | 968 | 177 | 53,371 |
| Coor Service Management Holding AB4 | 5,878,630 | — | 254,000 | 5,624,630 | 271 | 400 | — | 49,483 |
| BeNEXT Group Inc.4,11 | 2,876,200 | — | — | 2,876,200 | — | (862) | 393 | 33,559 |
| Greaves Cotton Ltd.4 | 16,200,000 | — | — | 16,200,000 | — | (2,975) | — | 30,411 |
| Alfen NV1,2,4 | 1,275,000 | — | — | 1,275,000 | — | 5,668 | — | 23,512 |
| J. Kumar Infraprojects Ltd.4,10 | 4,450,500 | — | 2,316,500 | 2,134,000 | (3,019) | 3,969 | — | — |
| Continental Building Products, Inc.1,10 | 2,780,700 | — | 2,780,700 | — | 58,478 | (33,959) | — | — |
| Tsubaki Nakashima Co., Ltd.2,4,10 | 2,920,100 | — | 1,246,000 | 1,674,100 | (7,177) | 7,786 | 627 | — |
| 1,987,612 | ||||||||
| Financials 0.96% | ||||||||
| Cannae Holdings, Inc.1 | 5,137,578 | 938,895 | — | 6,076,473 | — | 56,291 | — | 225,984 |
| Trupanion, Inc.1,2 | 2,689,094 | 175,307 | 278,894 | 2,585,507 | 4,877 | 24,907 | — | 96,853 |
| Seacoast Banking Corp. of Florida1 | 3,031,901 | — | — | 3,031,901 | — | 15,948 | — | 92,685 |
| HUB24 Ltd.4 | 4,377,158 | — | — | 4,377,158 | — | (2,829) | — | 34,366 |
| Greenhill & Co., Inc. | 1,169,700 | — | — | 1,169,700 | — | 4,632 | 58 | 19,978 |
| 469,866 | ||||||||
| Consumer staples 1.09% | ||||||||
| Emmi AG4 | 317,072 | — | — | 317,072 | — | 17,298 | — | 275,899 |
| Simply Good Foods Co., Class A1 | 2,788,000 | 2,163,000 | — | 4,951,000 | — | 4,283 | — | 141,302 |
| Hotel Chocolat Group PLC2,4 | 3,619,763 | 3,866,237 | — | 7,486,000 | — | 6,387 | 116 | 44,133 |
| Primo Water Corp.1 | 3,123,557 | — | — | 3,123,557 | — | (3,295) | — | 35,062 |
| CCL Products (India) Ltd.4 | 10,642,173 | — | 65,739 | 10,576,434 | (79) | (5,841) | — | 29,837 |
| R.E.A. Holdings PLC1,4 | 2,162,000 | — | — | 2,162,000 | — | 460 | — | 4,553 |
| TCI Co., Ltd.4,10 | 6,635,058 | — | 1,981,468 | 4,653,590 | (4,441) | 3,045 | — | — |
| 530,786 | ||||||||
| Communication services 0.51% | ||||||||
| Iridium Communications Inc.1 | 6,801,932 | 400,000 | — | 7,201,932 | — | 24,347 | — | 177,456 |
| Iridium Communications Inc.1,7 | 636,132 | — | — | 636,132 | — | 2,137 | — | 15,674 |
| Kamakura Shinsho, Ltd.2,4 | 2,135,000 | — | — | 2,135,000 | — | 4,656 | — | 33,880 |
| The Pebble Group PLC1,4 | — | 10,884,000 | — | 10,884,000 | — | 4,678 | — | 20,040 |
| 247,050 |
SMALLCAP World Fund — Page 19 of 23
unaudited
Investments in affiliates (continued)
| Beginning shares | Additions | Reductions | Ending shares | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Dividend income (000) | Value of affiliates at 12/31/2019 (000) | |
| Materials 0.80% | ||||||||
| Allegheny Technologies Inc.1 | 10,087,124 | — | — | 10,087,124 | $— | $4,136 | $— | $208,400 |
| JCU Corp.4 | 1,687,000 | 231,500 | — | 1,918,500 | — | 16,944 | — | 57,011 |
| Loma Negra Compania Industrial Argentina SA (ADR)1 | 7,110,500 | — | — | 7,110,500 | — | 14,719 | — | 55,604 |
| Navin Fluorine International Ltd.4 | 3,202,000 | — | — | 3,202,000 | — | 12,072 | 181 | 45,220 |
| Nevada Copper Corp.1 | 47,090,000 | — | — | 47,090,000 | — | 5,061 | — | 13,236 |
| Excelsior Mining Corp.1,2 | 12,868,000 | — | — | 12,868,000 | — | (289) | — | 9,910 |
| Mayur Uniquoters Ltd.4,10 | 2,402,934 | — | 663,587 | 1,739,347 | (3,192) | 3,125 | 26 | — |
| 389,381 | ||||||||
| Real estate 0.48% | ||||||||
| Altus Group Ltd. | 3,014,100 | 198,600 | — | 3,212,700 | — | (2,732) | 368 | 93,916 |
| JHSF Participacoes SA | — | 37,545,300 | — | 37,545,300 | — | 23,086 | 110 | 66,547 |
| Cyrela Commercial Properties SA, ordinary nominative1 | — | 8,557,663 | — | 8,557,663 | — | 13,181 | — | 54,056 |
| Foxtons Group PLC4 | 17,881,785 | — | — | 17,881,785 | — | 10,009 | — | 21,002 |
| WHA Corp. PCL4,10 | 751,320,200 | — | 76,422,876 | 674,897,324 | 5,660 | (23,707) | 1,822 | — |
| 235,521 | ||||||||
| Energy 0.16% | ||||||||
| NuVista Energy Ltd.1 | 15,965,000 | — | — | 15,965,000 | — | 9,334 | — | 39,219 |
| Nine Energy Service, Inc.1,2 | 2,453,000 | — | — | 2,453,000 | — | 4,047 | — | 19,183 |
| Savannah Petroleum PLC1,4 | 52,160,179 | 7,680,000 | — | 59,840,179 | — | 305 | — | 17,054 |
| 75,456 | ||||||||
| Utilities 0.00% | ||||||||
| Mytrah Energy Ltd.1,4,5 | 10,418,000 | — | — | 10,418,000 | — | 10 | — | 138 |
| Total common stocks | 10,522,989 | |||||||
| Preferred securities 0.31% | ||||||||
| Information technology 0.22% | ||||||||
| Avidxchange, Inc., Series F, preferred shares1,4,5,6 | — | 2,159,548 | — | 2,159,548 | — | — | — | 105,844 |
| Consumer discretionary 0.09% | ||||||||
| Made.com Design Ltd., Series C-4, preferred shares1,4,5,6 | 2,067,967 | — | — | 2,067,967 | — | 6,171 | — | 45,964 |
| Consumer staples 0.00% | ||||||||
| R.E.A. Holdings PLC 9.00% preferred shares1 | 96,000 | — | — | 96,000 | — | 28 | — | 113 |
| Total preferred securities | 151,921 | |||||||
| Convertible stocks 0.05% | ||||||||
| Information technology 0.05% | ||||||||
| RealSelf, Inc., Series C, convertible preferred4,5,6 | 3,468,862 | — | — | 3,468,862 | — | (1,700) | — | 22,617 |
| Total 21.96% | $(79,581) | $1,661,886 | $12,528 | $10,697,527 | ||||
SMALLCAP World Fund — Page
20 of 23
unaudited
| 1 | Security did not produce income during the last 12 months. |
| 2 | All or a portion of this security was on loan. The total value of all such securities was $862,921,000, which represented 1.77% of the net assets of the fund. |
| 3 | Represents an affiliated company as defined under the Investment Company Act of 1940. |
| 4 | Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities was $19,817,838,000, which represented 40.69% of the net assets of the fund. This amount includes $19,363,643,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
| 5 | Value determined using significant unobservable inputs. |
| 6 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
| 7 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(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 $231,784,000, which represented .48% of the net assets of the fund. |
| 8 | Rate represents the seven-day yield at 12/31/2019. |
| 9 | Security purchased with cash collateral from securities on loan. |
| 10 | Unaffiliated issuer at 12/31/2019. |
| 11 | This security changed its name during the reporting period. |
| Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets |
| Avidxchange, Inc., Series F, preferred shares | 12/26/2019 | $105,844 | $105,844 | .22% |
| Agilon Health TopCo, Inc. | 1/4/2019 | 44,817 | 53,267 | .11 |
| Made.com Design Ltd., Series C-4, preferred shares | 3/2/2018 | 41,328 | 45,964 | .09 |
| Nextdoor Inc., Series H, convertible preferred | 5/8/2019 | 30,833 | 30,833 | .06 |
| Acerta Pharma BV | 5/7/2014 | 11,250 | 23,975 | .05 |
| Coursera, Inc., Series E, 8.00% noncumulative convertible preferred | 4/23/2019 | 25,000 | 23,646 | .05 |
| RealSelf, Inc., Series C, convertible preferred | 4/18/2018 | 19,000 | 22,617 | .05 |
| Venture Global LNG, Inc., Series C | 5/1/2015 | 12,720 | 22,048 | .05 |
| Gitlab Inc., Series E, preferred shares | 9/11/2019 | 19,450 | 19,450 | .04 |
| Proteus Digital Health, Inc., Series G, 6.50% noncumulative convertible preferred | 5/6/2014-7/23/2014 | 40,000 | 6,027 | .01 |
| Foursquare Labs, Inc., Series A | 12/3/2013 | 20,000 | 5,891 | .01 |
| Foursquare Labs, Inc., warrants, expire 2033 | 12/3/2013 | — | 629 | .00 |
| Total private placement securities | $370,242 | $360,191 | .74% |
Valuation disclosures
Capital Research and Management
Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net
asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the
date the trades are executed with brokers. 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.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and
inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally
valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or,
lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
SMALLCAP World Fund — Page 21 of 23
unaudited
Fixed-income securities, including
short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides
examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the
inputs may be used to value any other class of fixed-income security.
| Fixed-income class | Examples of standard inputs |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
| Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
When the fund’s investment
adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that
are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income
and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is
deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued
based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement
of additional information.
Securities and other assets for
which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted
by authority of the fund’s board of directors as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to
consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair
value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer;
actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall
market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but
before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that
would have been used had greater market activity occurred.
Processes and structure — The fund’s board of directors has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment
adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair
Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews
changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair
Valuation Committee reports any changes to the fair valuation guidelines to the board of directors. The fund’s board and audit committee also regularly review reports that describe fair value determinations and
methods.
The fund’s investment adviser
has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor
information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the
investment adviser’s compliance group.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values
are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive
markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3
values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market
SMALLCAP World Fund — Page 22 of 23
unaudited
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 December 31, 2019 (dollars in thousands):
| Investment securities | ||||
| Level 1 | Level 2 | Level 3 | Total | |
| Assets: | ||||
| Common stocks: | ||||
| Information technology | $6,165,013 | $3,977,278 | $5,891 | $10,148,182 |
| Health care | 6,518,687 | 2,122,882 | 77,242 | 8,718,811 |
| Consumer discretionary | 4,177,646 | 3,346,114 | 252 | 7,524,012 |
| Industrials | 2,393,160 | 4,804,689 | — | 7,197,849 |
| Financials | 2,566,806 | 1,861,287 | — | 4,428,093 |
| Consumer staples | 619,596 | 1,239,165 | — | 1,858,761 |
| Communication services | 1,021,834 | 610,596 | — | 1,632,430 |
| Materials | 783,860 | 651,432 | 683 | 1,435,975 |
| Real estate | 564,184 | 491,815 | — | 1,055,999 |
| Energy | 515,914 | 224,665 | 22,048 | 762,627 |
| Utilities | 126,438 | 41,821 | 138 | 168,397 |
| Preferred securities | 96,458 | 84,565 | 171,258 | 352,281 |
| Rights & warrants | 772 | 265 | 629 | 1,666 |
| Convertible stocks | — | — | 83,123 | 83,123 |
| Bonds, notes & other debt instruments | — | 23,710 | — | 23,710 |
| Short-term securities | 3,896,030 | — | — | 3,896,030 |
| Total | $29,446,398 | $19,480,284 | $361,264 | $49,287,946 |
| Key to abbreviations |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
| CDI = CREST Depository Interest |
| EUR = Euros |
| GDR = Global Depositary Receipts |
| ISK = Icelandic kronor |
| SDR = Swedish Depositary Receipts |
Investments are not FDIC-insured, nor
are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
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.
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.
American Funds Distributors, Inc.,
member FINRA.
© 2020 Capital Group. All
rights reserved.
| MFGEFPX-035-0220O-S73182 | SMALLCAP World Fund — Page 23 of 23 |