Form N-CSR SMALLCAP WORLD FUND INC For: Sep 30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05888

SMALLCAP World Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2022

Hong T. Le

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

SMALLCAP World Fund^®

Annual report for the year ended September 30, 2022

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

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

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For 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.

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

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, 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.

Contents

1	Letter to investors

4	The value of a long-term perspective

6	Investment portfolio

28	Financial statements

54	Board of directors and other officers

Fellow investors:

Calendar year 2022 presented us with one of the most complex and uncertain market environments in our recent history. SMALLCAP World Fund saw a negative return of 35.23% (F-2 shares) for the fund’s 12-month fiscal year ended September 30, 2022. This compares with a 24.80% decline for the fund’s primary benchmark index, the MSCI All Country World Small Cap Index, an unmanaged measure of small capitalization companies from around the world.

Record-high inflation, rising interest rates and currency fluctuations, all coming on the heels of unprecedented fiscal stimulus over the course of the COVID-19 pandemic, are just a few of the investment headwinds to emerge over the last 12 months.

As fellow shareholders, we are as disappointed in the fund’s results as you surely are. It is worth noting that despite the results this year, SMALLCAP World Fund has outpaced its benchmark index over an extended time horizon — including the five-year, ten-year and lifetime results. We are confident in the opportunities SMALLCAP World Fund provides to its investors — based on the work of our global research team of 18 portfolio managers and over 120 research analysts that are out meeting with companies every day to identify the market disruptors, technology innovators and industry standard-setters that may provide growth of capital over the next decade for our shareholders.

The year in review

First and foremost, we want our investors to know that many of the investment professionals working on behalf of this fund have weathered similar difficulties before. Given our extensive tenure and experience, this is not our first downturn.

Results at a glance

For periods ended September 30, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime¹

SMALLCAP World Fund (Class F-2 shares²)		–35.23	%		4.31	%		8.34	%		9.16	%
SMALLCAP World Fund (Class A shares)		–35.39			4.05			8.05			8.89
MSCI All Country World Small Cap Index³		–24.80			2.32			7.02			7.42

¹	Lifetime returns are as of 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	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. The MSCI All Country World Small Cap Index captures small cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 6,348 constituents, the index covers about 14% of the free float-adjusted market capitalization in each country.

SMALLCAP World Fund

Our foundation is built on years of expertise, and we are confident that we are in a better position today in terms of our in-depth research capabilities than we have ever been before.

A perfect storm of elements came together this year to create an incredibly complex market backdrop. We are in the midst of battling stubbornly persistent inflation, strong currency headwinds and increasingly hawkish central banks. Rising interest rates have negatively impacted elevated equity valuations and price-to-earnings (P/E) growth multiples across the board. Record-high energy bills, and the inflationary pressures that inevitably follow, have left consumers with less disposable income and corporations with lower earnings. Outside of the U.S., our holdings have been exposed to significant currency headwinds in the face of the strong U.S. dollar.

In Europe, the Russia-Ukraine war has created a severe energy crisis forcing countries to find new sources of natural gas and renewable energy at higher prices for the consumer. Meanwhile, in China, GDP growth has decelerated materially owing to a slowdown in the property sector and the ongoing COVID-19 lockdowns. In the United States, the Fed has taken one of the most aggressive stances relative to its global central bank peers on tackling high inflation, by taking rates from near zero in the beginning of this year to over 3% as of end of September.

Among sector highlights, communication services and health care were two of the worst performing sectors over the last 12 months. Energy has been one of 2022’s few bright spots owing to the current state of geopolitical affairs and a short and steep cost curve for producers.

How the fund responded

After years of strong growth, some of the fund’s most durable holdings saw declines this year. Among our top 20 holdings, 60% had negative returns over the fiscal year period, with an average return of –8.94%. Despite market fluctuations this year, the holdings in the portfolio reflect our belief, backed by our fundamental research efforts, in the long-term potential of these companies.

Among the top contributors during the reporting period were Indian manufacturing firm Tube Investments of India (up 79.16%) and building and service provider Comfort Systems USA (up 36.47%). Among the largest detractors were database developer MongoDB (down 57.89%) and Japan-based business management and IT consulting firm BayCurrent Consulting (down 48.85%). The fund also had some exposure to Russian securities earlier in the year and those were subsequently written down.

Exposure to different sectors and industries comes from our views on the attractiveness of individual securities, rather than a top-down view. The fund saw stronger results from energy, while all other sectors were down.

Our holdings span 40 countries, as we identify compelling and differentiated opportunities across the globe. Roughly 70% of the fund’s holdings were in developed markets, with nearly 16% in emerging markets, and U.S. companies comprising just over 43% of the portfolio.

The fund closed the fiscal year with 12.5% of its assets held in cash and other short-term securities. The portfolio managers increased the fund’s liquidity to position it to capitalize on investment opportunities as they arise, and to help mitigate the effects of market volatility.

The road ahead

The early months of the COVID-19 pandemic prevented us from visiting companies and meeting with management teams. This is the foundation of our primary research process, but with the economy slowly reopening, we have been able to restart in-person engagements. We know from experience that continued in-person collaboration and first-hand research will arm our investment professionals with the best insights necessary to make the best possible investment decisions.

2	SMALLCAP World Fund

We agree with the Fed’s focus on breaking inflation and — although it has, and will be, a painful remedy — the first dose of medicine is showing early response signs in the deceleration of the employment market. There are differing views among our investment professionals on the potential severity and duration of the market downturn ahead. It remains to be seen how long and difficult the road ahead will be over the short-to-medium-term, but we would remind our fellow investors that, historically, bear markets and recessions have preceded strong bull markets and economic recovery.

Despite an extremely challenging geopolitical environment, we see potential for the next 12–36 months to provide a more supportive backdrop for equities globally. We are continuing to find compelling investment opportunities both within and outside of the U.S.

Regardless of the market backdrop, good companies and agile management teams with strong product and service offerings should be able to successfully navigate this environment. Against these challenging conditions and this year’s disappointing results, we see a small-cap market with dynamic companies that may be the standard bearers of innovation for years to come.

Our job is to make sure we are investing in the companies with the best prospects for future growth for our shareholders. We believe that prudent stock selection and Capital Group’s commitment to deep, fundamental research will support superior long-term outcomes for our clients. As always, we thank you for the trust you have placed in us, and your continued support of SMALLCAP World Fund. We look forward to reporting to you again in six months.

Cordially,

Julian N. Abdey

Co-President

Jonathan Knowles

Co-President

Gregory W. Wendt

Co-President

November 8, 2022

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

SMALLCAP World Fund

The value of a long-term perspective

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

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

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

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

4	SMALLCAP World Fund

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in SMALLCAP World Fund’s Class F-2 and Class A shares grew from April 30, 1990 — the fund’s inception — through September 30, 2022, the end of the fund’s latest fiscal year. In the case of F-2 shares, the $10,000 would have grown to $171,398 with all distributions reinvested. In the case of A shares, the $10,000 would have grown to $149,104 with all distributions reinvested, even after deducting the maximum 5.75% sales charge.

SMALLCAP World Fund

Investment portfolio September 30, 2022

Sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
United States		43.89	%
India		6.75
Eurozone*		6.22
Japan		5.90
United Kingdom		4.76
Sweden		3.49
China		2.66
Canada		2.56
Switzerland		1.98
Other countries		9.21
Short-term securities & other assets less liabilities		12.58

*	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 85.86%	Shares		Value (000)
Industrials 18.22%
Saia, Inc.^1,2		1,965,521	$	373,449
IMCD NV		2,701,267		320,583
BayCurrent Consulting, Inc.¹		1,154,900		296,667
Chart Industries, Inc.²		1,433,298		264,228
NIBE Industrier AB, Class B		29,398,225		261,024
Comfort Systems USA, Inc.¹		2,556,739		248,847
Diploma PLC¹		9,671,977		247,981
Armstrong World Industries, Inc.¹		2,888,335		228,843
Arcosa, Inc.¹		3,862,940		220,883
Japan Airport Terminal Co., Ltd.^1,2		4,936,060		204,235
Vicor Corp.²		3,211,006		189,899
Visional, Inc.^1,2		3,025,930		184,944
Interpump Group SpA		5,272,523		170,547
Willscot Mobile Mini Holdings Corp., Class A²		3,981,988		160,594
Stericycle, Inc.²		3,782,687		159,289
BELIMO Holding AG		423,990		155,274
Harmonic Drive Systems, Inc.^1,3		4,928,150		153,146
Regal Rexnord Corp.		1,087,715		152,672
ATS Automation Tooling System, Inc.^1,2		5,680,718		149,940
Cleanaway Waste Management, Ltd.		75,279,081		130,696
Wizz Air Holdings PLC^1,2		7,073,107		124,398
EnPro Industries, Inc.¹		1,455,603		123,697
International Container Terminal Services, Inc.		44,009,076		117,664
Carel Industries SpA¹		6,013,018		112,363
VAT Group AG		553,276		111,699
Alfen NV^1,2		1,189,401		109,251
TFI International, Inc. (CAD denominated)		1,130,000		102,263
TFI International, Inc.		68,200		6,171
Boyd Group Services, Inc.³		836,324		105,316
TransDigm Group, Inc.		190,000		99,716
Trelleborg AB, Class B		5,257,264		98,049
Spirax-Sarco Engineering PLC		848,200		97,433
Kadant, Inc.		575,118		95,935
The AZEK Co., Inc., Class A²		5,687,886		94,533
Japan Elevator Service Holdings Co., Ltd.¹		7,100,154		91,582
TechnoPro Holdings, Inc.		4,047,000		85,076
dip Corp.¹		3,341,000		85,046
Rumo SA		24,541,535		84,075
Graco, Inc.		1,374,000		82,371
Johns Lyng Group, Ltd.¹		20,594,836		81,872
Zurn Elkay Water Solutions Corp.		3,296,375		80,761
ESCO Technologies, Inc.		1,095,937		80,486
ManpowerGroup, Inc.		1,235,101		79,899


6	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
KEI Industries, Ltd.¹		4,526,134	$	79,713
Watsco, Inc.		300,000		77,238
Masco Corp.		1,625,000		75,871
Matson, Inc.		1,231,059		75,735
Instalco AB¹		17,900,905		71,184
AirTAC International Group		3,072,590		70,291
Pegasus Hava Tasimaciligi AS^1,2		5,314,662		68,307
Havells India, Ltd.		4,117,388		68,098
Driven Brands Holdings, Inc.²		2,412,400		67,499
First Advantage Corp.²		5,176,895		66,420
SHO-BOND Holdings Co., Ltd.		1,466,700		63,084
Marlowe PLC^1,2,3		6,904,878		61,893
Haitian International Holdings, Ltd.		32,480,200		61,121
Lifco AB, Class B		4,195,000		57,910
Atlas Corp.³		4,159,499		57,817
Zhejiang Weixing New Building Materials Co., Ltd., Class A		19,398,983		56,317
CSW Industrials, Inc.		458,419		54,919
Simpson Manufacturing Co., Inc.		699,036		54,804
Quess Corp., Ltd.		6,907,615		54,700
Montrose Environmental Group, Inc.^1,2		1,623,909		54,645
CG Power and Industrial Solutions, Ltd.²		18,869,753		54,422
Trinity Industries, Inc.		2,513,238		53,658
MonotaRO Co., Ltd.		3,455,300		52,228
Aalberts NV, non-registered shares		1,596,599		52,170
Woodward, Inc.		649,000		52,089
DO & CO AG, non-registered shares^1,2,3		779,520		51,410
Waste Connections, Inc.		380,000		51,349
APM Human Services International, Ltd.³		23,661,959		51,233
Volution Group PLC¹		15,684,638		50,954
GVS SpA²		8,720,038		50,920
Cargotec OYJ, Class B, non-registered shares		1,682,220		50,642
FTI Consulting, Inc.²		294,377		48,781
Munters Group AB		7,015,000		48,737
Resideo Technologies, Inc.²		2,527,864		48,181
Textron, Inc.		780,000		45,443
Builders FirstSource, Inc.²		760,228		44,793
Copa Holdings, SA, Class A²		665,000		44,562
Guangzhou Baiyun International Airport Co., Ltd., Class A²		21,926,503		44,062
DL E&C Co., Ltd.		1,793,720		42,523
Interface, Inc.¹		4,721,060		42,442
Midac Holdings Co., Ltd.^1,3		1,844,500		42,395
Addtech AB, Class B		3,165,903		41,298
Engcon AB, Class B²		6,668,176		40,789
Advanced Drainage Systems, Inc.		323,056		40,178
IDEX Corp.		200,000		39,970
JGC Holdings Corp.		3,124,000		39,151
Antares Vision SpA^1,2,3		5,278,008		37,577
Generac Holdings, Inc.²		207,989		37,051
Sulzer AG		641,945		36,682
Centre Testing International Group Co., Ltd.		12,715,436		36,472
Cathay Pacific Airways, Ltd.^2,3		33,879,000		35,508
LIXIL Corp.³		2,434,500		35,277
Montana Aerospace AG^1,2		3,338,132		34,688
Voltronic Power Technology Corp.		784,000		34,325
Atkore, Inc.²		436,200		33,941
Marel hf.		10,903,000		33,810
Kingspan Group PLC		724,000		32,348
Hefei Meyer Optoelectronic Technology, Inc., Class A		9,654,084		31,120
Melrose Industries PLC		27,747,591		30,981
BWX Technologies, Inc.		611,300		30,791
Fasadgruppen Group AB¹		3,875,833		29,797
SIS, Ltd.²		5,440,291		27,635
International Consolidated Airlines Group SA (CDI)^2,3		26,494,000		27,611
Sinoseal Holding Co., Ltd., Class A		5,298,624		26,609
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates (ADR)²		2,557,800		17,879
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates^2,3		11,941,586		8,438
Kajaria Ceramics, Ltd.		1,764,211		25,947


SMALLCAP World Fund	7

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Adecco Group AG		936,900	$	25,727
SK, Inc.		192,683		25,670
Upwork, Inc.²		1,790,057		24,381
Lyft, Inc.²		1,795,000		23,640
Sun Country Airlines Holdings, Inc.²		1,711,612		23,295
Azelis Group NV		995,108		22,128
InPost SA²		3,711,638		21,675
Polycab India, Ltd.		607,909		18,965
Jamna Auto Industries, Ltd.		12,837,657		17,919
Einride AB^1,2,4,5		391,089		17,834
Indutrade AB		1,080,000		17,417
Hensoldt AG		808,623		16,241
Ventia Services Group Pty, Ltd.		9,155,653		15,111
Coor Service Management Holding AB		2,177,000		14,778
Storskogen Group AB, Class B		17,764,071		14,238
RS Group PLC		1,312,000		14,001
INVISIO Communications AB		950,000		11,658
Crane Holdings, Co.		130,938		11,462
UFP Industries, Inc.		154,191		11,126
ITM Power PLC^2,3		9,693,939		11,062
XP Power, Ltd.		583,458		10,936
Heliogen, Inc.²		5,800,000		10,788
Daiseki Co., Ltd.		352,600		10,758
Grafton Group PLC		1,437,900		10,752
Oshkosh Corp.		150,000		10,544
Intrum AB		800,000		10,046
Green Landscaping Group AB²		1,977,759		10,001
Nolato AB, Class B		2,186,962		9,999
ICF International, Inc.		91,666		9,993
Troax Group AB		708,000		9,960
Grupa Pracuj SA		1,300,000		9,917
easyJet PLC²		3,000,000		9,858
IMI PLC		750,055		9,306
Fluidra, SA, non-registered shares		616,300		9,188
Chemring Group PLC		2,607,000		8,158
Pyrum Innovations AG²		128,340		7,378
Univar Solutions, Inc.²		315,595		7,177
Norva24 Group AB²		1,650,000		4,708
L&T Technology Services, Ltd.		104,056		4,517
TuSimple Holdings, Inc., Class A^2,3		580,000		4,408
Ceres Power Holdings PLC^2,3		831,946		3,387
HeadHunter Group PLC (ADR)⁴		521,600		—	⁶
				10,129,937

Information technology 15.20%
Wolfspeed, Inc.²		4,082,600		421,978
MongoDB, Inc., Class A²		1,258,182		249,825
eMemory Technology, Inc.¹		6,440,334		227,400
Smartsheet, Inc., Class A²		6,354,321		218,334
ALTEN SA, non-registered shares¹		1,742,848		190,817
Alteryx, Inc., Class A²		3,407,576		190,279
Kulicke and Soffa Industries, Inc.¹		4,782,013		184,251
Global Unichip Corp.¹		10,059,000		183,868
Fabrinet, non-registered shares^1,2		1,919,265		183,194
Confluent, Inc., Class A²		6,652,721		158,135
Globant SA²		784,865		146,833
Teradata Corp.²		4,257,782		132,247
Keywords Studios PLC¹		5,115,655		130,461
MKS Instruments, Inc.		1,455,636		120,294
Novanta, Inc.²		1,015,687		117,464
Dexerials Corp.^1,3		5,161,500		116,270
RingCentral, Inc., Class A²		2,869,200		114,653
Extreme Networks, Inc.^1,2		8,646,932		113,015
Nordic Semiconductor ASA²		8,580,615		112,390
VisEra Technologies Co., Ltd.⁵		11,090,000		80,413
VisEra Technologies Co., Ltd.		3,774,800		28,811
Network International Holdings PLC^1,2		32,104,275		108,706
Alarm.com Holdings, Inc.²		1,661,500		107,765


8	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
CDW Corp.		650,000	$	101,452
Clear Secure, Inc., Class A^2,3		4,428,299		101,231
Pegasystems, Inc.		3,110,030		99,956
Net One Systems Co., Ltd.¹		5,162,673		99,485
DoubleVerify Holdings, Inc.²		3,442,000		94,139
SHIFT, Inc.²		722,200		93,351
Endava PLC, Class A (ADR)²		1,136,921		91,670
Credo Technology Group Holding, Ltd.^1,2,3		8,194,682		90,141
Paycom Software, Inc.²		270,525		89,271
Viavi Solutions, Inc.²		6,830,000		89,131
Softcat PLC		6,734,335		87,893
Tanla Platforms, Ltd.¹		9,190,777		87,331
PagSeguro Digital, Ltd., Class A²		6,492,200		85,892
Euronet Worldwide, Inc.²		1,129,232		85,551
SUMCO Corp.		7,295,374		84,768
SINBON Electronics Co., Ltd.		9,727,000		80,772
Money Forward, Inc.^1,2		3,664,187		75,953
CCC Intelligent Solutions Holdings, Inc.^2,3		8,042,622		73,188
Bytes Technology Group PLC¹		15,122,601		70,523
LEM Holding SA		46,070		70,375
EVERTEC, Inc.		2,164,230		67,849
Gitlab, Inc., Class A^2,3		1,295,152		66,338
Vitec Software Group AB, Class B		2,228,800		65,945
PAR Technology Corp.^1,2,3		2,140,057		63,196
Silergy Corp.		4,645,824		60,899
Topicus.com, Inc., subordinate voting shares²		1,265,553		60,852
Ceridian HCM Holding, Inc.²		1,078,060		60,242
Coforge, Ltd.		1,469,344		59,900
MACOM Technology Solutions Holdings, Inc.²		1,140,000		59,041
Aixtron SE		2,434,518		58,869
Kainos Group PLC		4,103,704		58,701
Hamamatsu Photonics KK		1,289,450		55,363
Netcompany Group AS, non-registered shares²		1,577,091		52,578
Mastek, Ltd.¹		2,403,500		50,944
Crayon Group Holding ASA^1,2,3		6,588,516		50,857
Cvent Holding Corp.²		9,655,200		50,690
Qorvo, Inc.²		638,300		50,687
Kingdee International Software Group Co., Ltd.²		38,667,093		49,994
EPAM Systems, Inc.²		134,600		48,751
Concentrix Corp.		428,914		47,880
Marqeta, Inc., Class A²		6,719,114		47,840
Dock, Ltd.^2,4,5		4,318,937		47,206
Silicon Laboratories, Inc.²		369,000		45,549
NCR Corp.²		2,353,790		44,746
Megaport, Ltd.^1,2,3		9,161,000		44,425
Zuken, Inc.¹		1,823,800		44,123
Vanguard International Semiconductor Corp.		21,389,394		43,240
Nagarro SE^2,3		483,317		42,897
Computer Age Management Services, Ltd.		1,387,558		42,724
Aspen Technology, Inc.²		175,140		41,718
Flex, Ltd.²		2,291,735		38,180
Nuvei Corp., subordinate voting shares²		1,400,000		37,834
ironSource, Ltd., Class A^2,3		10,533,854		36,236
Maruwa Co., Ltd.		341,300		36,196
BlackLine, Inc.²		595,000		35,640
HashiCorp, Inc., Class A^2,3		1,091,870		35,147
INFICON Holding AG		52,362		34,853
Thoughtworks Holding, Inc.²		3,260,506		34,203
Accton Technology Corp.		4,009,000		33,994
Perficient, Inc.²		517,165		33,626
Bechtle AG, non-registered shares		919,758		33,465
SimCorp AS		594,367		33,274
Cognex Corp.		800,000		33,160
Bentley Systems, Inc., Class B³		1,071,370		32,773
SentinelOne, Inc., Class A²		1,239,464		31,681
BE Semiconductor Industries NV		741,300		31,550
Reply SpA		299,378		31,231
Unimicron Technology Corp.		8,238,000		30,590
Dye & Durham, Ltd.³		2,470,647		30,442


SMALLCAP World Fund	9

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Alkami Technology, Inc.^2,3		1,950,806	$	29,360
Trimble, Inc.²		530,000		28,763
Disco Corp.³		131,500		28,656
OVH Groupe SAS^2,3		2,894,931		28,615
Okta, Inc., Class A²		500,000		28,435
Paymentus Holdings, Inc., Class A^2,3		2,854,826		27,749
Halma PLC		1,200,000		27,020
Boku, Inc.^1,2,5		20,461,639		25,379
Pushpay Holdings, Ltd.²		41,008,017		25,133
Sinch AB^2,3		17,697,918		23,205
ePlus, inc.²		556,200		23,105
ams OSRAM AG, non-registered shares²		3,494,900		21,751
Technoprobe SpA²		2,980,236		20,738
AvidXchange Holdings, Inc.²		2,445,867		20,594
Kingboard Holdings, Ltd.		7,191,000		20,205
Truecaller AB, Class B^2,3		5,941,170		19,782
Kingboard Laminates Holdings, Ltd.		22,027,500		19,693
Alchip Technologies, Ltd.		717,000		19,313
Nayax, Ltd.²		802,200		18,934
SmartCraft ASA, Class A^1,2		13,349,780		18,628
Semtech Corp.²		585,000		17,205
GFT Technologies SE		570,924		17,205
LiveRamp Holdings, Inc.²		932,711		16,938
TDCX, Inc., Class A^1,2		1,781,024		16,688
JustSystems Corp.		706,700		16,106
Nemetschek SE		291,067		14,016
Insight Enterprises, Inc.²		168,500		13,886
LandMark Optoelectronics Corp.		2,985,000		13,276
Tripod Technology Corp.		4,134,000		12,106
91APP, Inc.		4,728,158		11,906
eCloudvalley Digital Technology Co., Ltd.		3,003,174		11,790
Linklogis, Inc., Class B^2,3		28,318,000		11,719
Venustech Group, Inc., Class A		4,107,547		11,697
Alphawave IP Group PLC^2,3		7,257,773		11,015
MaxLinear, Inc.²		328,275		10,708
ON Semiconductor Corp.²		167,850		10,462
AppFolio, Inc., Class A²		98,300		10,294
Atea ASA		1,132,000		10,017
Zebra Technologies Corp., Class A²		36,300		9,511
GB Group PLC		1,330,200		8,978
Softline Holding PLC (GDR)^1,2,4,7		10,650,000		8,810
Softline Holding PLC (GDR)^1,2,4		9,996		8
Lime Technologies AB		435,850		8,586
LivePerson, Inc.²		850,104		8,008
Cherry AG^1,2,3		1,398,734		7,364
Oxford Instruments PLC		340,300		6,783
Entegris, Inc.		79,014		6,560
Procore Technologies, Inc.²		125,600		6,215
MotorK, Ltd.^1,2		2,300,000		5,468
Avaya Holdings Corp.^2,3		3,363,700		5,348
CI&T, Inc., Class A^2,3		541,127		5,081
CEVA, Inc.²		175,000		4,590
Copperleaf Technologies, Inc.^2,3		966,713		4,395
Yotpo, Ltd.^2,4,5		2,620,102		4,297
AAC Technologies Holdings, Inc.^2,3		2,629,000		4,057
JFrog, Ltd.²		178,400		3,944
Patreon, Inc., Class B^2,4,5		189,951		3,921
Foursquare Labs, Inc., Series A^2,4,5		1,970,385		3,231
WeCommerce Holdings, Ltd., Class A^1,2,3		2,113,430		3,060
SiteMinder, Ltd.²		750,663		1,471
				8,449,373

Consumer discretionary 14.65%
Tube Investments of India, Ltd.¹		12,231,762		410,555
Evolution AB		5,074,230		399,608
TopBuild Corp.^1,2		2,120,114		349,352
Dollarama, Inc.		5,010,000		287,612
Floor & Decor Holdings, Inc., Class A²		4,046,400		284,300


10	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
IDP Education, Ltd.		11,978,890	$	200,438
Wyndham Hotels & Resorts, Inc.		3,226,678		197,957
YETI Holdings, Inc.^1,2		6,894,065		196,619
Thor Industries, Inc.		2,213,628		154,910
Helen of Troy, Ltd.^1,2		1,441,721		139,040
DraftKings, Inc., Class A^2,3		8,877,732		134,409
Kindred Group PLC (SDR)¹		15,987,668		119,302
MakeMyTrip, Ltd., non-registered shares^1,2		3,876,781		119,017
Five Below, Inc.²		804,402		110,742
Inchcape PLC		14,693,764		110,576
WH Smith PLC^1,2		8,150,907		108,181
Entain PLC		8,978,173		107,816
Light & Wonder, Inc.²		2,481,004		106,385
Leslie’s, Inc.^2,3		6,992,578		102,861
Jiumaojiu International Holdings, Ltd.³		62,092,000		101,336
Pool Corp.		317,700		101,095
NEXTAGE Co., Ltd.¹		4,623,400		100,390
Pets at Home Group PLC¹		33,138,500		96,500
Xometry, Inc., Class A^2,3		1,695,180		96,269
Bajaj Electricals, Ltd.¹		6,515,607		96,037
Polaris, Inc.		985,000		94,215
Jack in the Box, Inc.¹		1,256,700		93,084
Mattel, Inc.²		4,700,000		89,018
Toll Brothers, Inc.		2,104,633		88,395
Asbury Automotive Group, Inc.²		575,004		86,883
Adient PLC²		3,061,255		84,950
Moncler SpA		2,015,000		82,735
Lennar Corp., Class A		1,058,458		78,908
Lennar Corp., Class B		21,169		1,260
Everi Holdings, Inc.^1,2		4,920,396		79,809
Melco Resorts & Entertainment, Ltd. (ADR)²		11,707,307		77,619
KB Home		2,957,918		76,669
Auction Technology Group PLC^1,2		9,570,000		76,577
Kontoor Brands, Inc.		2,208,000		74,211
Watches of Switzerland Group PLC²		9,622,820		71,302
Salvatore Ferragamo SpA³		4,954,090		69,412
Domino’s Pizza Enterprises, Ltd.		2,110,841		69,107
Norwegian Cruise Line Holdings, Ltd.^2,3		5,839,904		66,341
Golden Entertainment, Inc.^1,2		1,896,757		66,178
DESCENTE, Ltd.		2,865,900		65,159
Momo.com, Inc.		3,839,758		64,730
Jumbo SA		4,771,161		63,611
Bright Horizons Family Solutions, Inc.²		1,058,300		61,011
Domino’s Pizza Group PLC¹		24,475,815		60,604
Williams-Sonoma, Inc.		500,000		58,925
Games Workshop Group PLC		917,600		58,873
Basic-Fit NV^2,3		1,895,318		56,716
M.D.C. Holdings, Inc.		2,001,000		54,867
Domino’s Pizza, Inc.		176,500		54,750
Haichang Ocean Park Holdings, Ltd.^2,3		52,649,000		51,549
Skechers USA, Inc., Class A²		1,600,000		50,752
Fox Factory Holding Corp.²		605,690		47,898
Wayfair, Inc., Class A^2,3		1,467,200		47,757
LGI Homes, Inc.²		571,556		46,508
Musti Group OYJ¹		2,682,737		46,469
Snow Peak, Inc.^1,3		3,050,800		46,400
Shoei Co., Ltd.		1,224,100		44,358
Six Flags Entertainment Corp.²		2,425,351		42,929
Levi Strauss & Co., Class A		2,950,000		42,687
Compagnie Plastic Omnium SA		3,192,845		41,634
Malibu Boats, Inc., Class A²		851,000		40,840
Century Communities, Inc.		911,000		38,973
Bafang Electric (Suzhou) Co., Ltd., Class A		2,347,840		38,752
Nien Made Enterprise Co., Ltd.		4,920,000		38,734
Darden Restaurants, Inc.		303,300		38,313
International Game Technology PLC		2,421,600		38,261
Arco Platform, Ltd., Class A^2,3		3,480,934		37,559
Trainline PLC²		10,584,000		36,873
Etsy, Inc.²		366,850		36,733


SMALLCAP World Fund	11

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Cavco Industries, Inc.²		170,870	$	35,158
Chervon Holdings, Ltd.³		9,167,900		34,605
Victoria PLC^1,2,3		6,757,962		33,462
D.R. Horton, Inc.		490,000		33,002
Hilton Grand Vacations, Inc.²		951,800		31,305
Americanas SA, ordinary nominative shares		9,677,258		30,461
Macy’s, Inc.		1,900,000		29,773
Tongcheng Travel Holdings, Ltd.²		15,035,800		29,368
Flutter Entertainment PLC²		259,095		28,305
AcadeMedia AB¹		6,523,595		28,256
On Holding AG, Class A^2,3		1,742,200		27,962
Cairn Homes PLC		31,452,000		25,259
RH²		100,000		24,607
Graham Holdings Co., Class B		45,000		24,209
Boot Barn Holdings, Inc.²		397,000		23,209
Persimmon PLC		1,650,880		22,728
Mazda Motor Corp.		3,264,000		21,606
B&M European Value Retail SA		6,257,481		21,248
Gentherm, Inc.²		400,500		19,917
ABC-Mart, Inc.		456,100		19,658
XPEL, Inc.^2,3		304,820		19,643
Puuilo OYJ³		4,124,072		19,338
China MeiDong Auto Holdings, Ltd.		11,564,000		18,297
JOANN, Inc.^1,3		2,729,250		18,068
Westlife Development, Ltd.²		1,928,968		17,027
Lojas Quero-Quero SA¹		14,974,560		16,156
Roland Corp.³		530,600		16,137
Beazer Homes USA, Inc.^1,2		1,659,813		16,050
Alpen Co., Ltd.		1,130,000		16,025
Mips AB		543,100		16,020
Installed Building Products, Inc.		189,361		15,336
Vail Resorts, Inc.		71,000		15,310
OneWater Marine, Inc., Class A²		504,604		15,194
Melco International Development, Ltd.²		19,643,000		15,125
Playtech PLC²		3,083,800		14,961
Traeger, Inc.²		5,224,267		14,732
Caesars Entertainment, Inc.²		400,000		12,904
Nordstrom, Inc.³		760,000		12,715
Porch Group, Inc.^1,2,3		5,520,000		12,420
Central Automotive Products, Ltd.		787,200		11,963
Coursera, Inc.²		1,055,400		11,377
ThredUp Inc., Class A^2,3		6,154,000		11,323
StockX, Inc.^2,4,5		161,790		11,238
Aramark		356,556		11,125
Food & Life Companies, Ltd.³		716,300		10,932
DPC Dash, Ltd.^2,4,5		2,158,273		10,835
Dreamfolks Services, Ltd.²		1,296,626		5,686
Dreamfolks Services, Ltd.^2,5		1,104,299		4,704
ASOS PLC^2,3		1,607,415		10,057
Elior Group SA^2,3		5,263,313		9,491
Relaxo Footwears, Ltd.		713,900		8,780
Zhongsheng Group Holdings, Ltd.		2,121,500		8,342
Chegg, Inc.²		365,500		7,701
Grove Collaborative Holdings, Inc., Class A^2,5		3,070,667		6,328
Grove Collaborative Holdings, Inc., Class A²		519,604		1,164
Steven Madden, Ltd.		277,000		7,388
Bike24 Holding AG^1,2,3		2,987,174		7,135
Victoria’s Secret & Co.²		210,400		6,127
Goodyear Tire & Rubber Co.²		558,712		5,637
Brilliant Earth Group, Inc., Class A²		866,800		4,967
BARK, Inc.^2,3		2,500,000		4,550
Synsam AB		952,992		4,464
Royal Caribbean Cruises, Ltd.²		78,017		2,957
Westwing Group SE, non-registered shares^2,3		344,652		1,883
Leifheit AG, non-registered shares³		129,643		1,688
BNN Technology PLC^1,2,4		19,007,000		—	⁶
Ozon Holdings PLC (ADR)^2,4		2,346,600		—	⁶
				8,144,603


12	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Health care 14.57%
Molina Healthcare, Inc.²		2,407,600	$	794,123
Insulet Corp.²		2,399,642		550,478
Max Healthcare Institute, Ltd.^1,2		67,134,781		335,885
Agilon Health, Inc.²		13,114,300		307,137
Haemonetics Corp.^1,2		4,093,820		303,065
NovoCure, Ltd.²		3,621,597		275,169
Centene Corp.²		2,925,674		227,647
DexCom, Inc.²		2,210,000		177,993
Biohaven Pharmaceutical Holding Co., Ltd.²		1,140,376		172,391
Revance Therapeutics, Inc.^1,2		6,313,932		170,476
Legend Biotech Corp. (ADR)²		4,033,599		164,571
Shockwave Medical, Inc.²		585,000		162,671
Oak Street Health, Inc.²		6,084,207		149,185
Penumbra, Inc.²		780,244		147,934
Xenon Pharmaceuticals, Inc.^1,2		3,917,482		141,421
iRhythm Technologies, Inc.²		1,025,100		128,425
Silk Road Medical, Inc.^1,2		2,791,630		125,623
CONMED Corp.¹		1,538,492		123,341
Amplifon SpA		4,668,700		122,263
Hapvida Participações e Investimentos SA²		82,535,599		115,824
Laurus Labs, Ltd.		18,452,700		115,790
Amvis Holdings, Inc.¹		6,950,300		115,541
Bachem Holding AG³		1,802,075		112,102
Integra LifeSciences Holdings Corp.²		2,551,447		108,079
Karuna Therapeutics, Inc.²		466,922		105,025
Tandem Diabetes Care, Inc.²		2,140,500		102,423
Globus Medical, Inc., Class A²		1,531,378		91,224
Addus HomeCare Corp.^1,2		938,900		89,421
Inari Medical, Inc.²		1,190,498		86,478
Fate Therapeutics, Inc.²		3,674,900		82,355
Genus PLC		2,245,985		64,841
Pacific Biosciences of California, Inc.^2,3		10,225,968		59,362
Allogene Therapeutics, Inc.^2,3		5,310,109		57,349
Ascendis Pharma A/S (ADR)^2,3		541,287		55,893
Hypera SA, ordinary nominative shares		6,689,914		54,878
CanSino Biologics, Inc., Class H³		9,717,400		54,588
AbCellera Biologics, Inc.^2,3		5,480,000		54,197
EBOS Group, Ltd.		2,556,246		53,617
Asahi Intecc Co., Ltd.		3,346,600		52,951
Shandong Pharmaceutical Glass Co., Ltd., Class A		12,973,422		52,841
ICON PLC²		281,109		51,662
Encompass Health Corp.		1,114,331		50,401
Ocumension Therapeutics^1,2,3		37,692,000		48,977
CRISPR Therapeutics AG²		746,299		48,771
Poly Medicure, Ltd.		4,511,022		47,782
Virbac SA		178,400		46,351
Ultragenyx Pharmaceutical, Inc.²		1,106,215		45,808
Surgical Science Sweden AB^1,2,3		3,271,137		43,622
New Horizon Health, Ltd.^1,2,3		22,889,335		42,209
Alignment Healthcare, Inc.²		3,500,000		41,440
CompuGroup Medical SE & Co. KGaA		1,187,660		41,158
Nakanishi, Inc.		2,255,800		40,959
Netcare, Ltd.		54,252,695		40,809
Medmix AG¹		2,314,251		40,482
Glaukos Corp.²		750,322		39,947
IVERIC bio, Inc.²		2,164,099		38,824
Carl Zeiss Meditec AG, non-registered shares		368,406		38,796
Indivior PLC²		11,805,600		37,350
Ambu AS, Class B, non-registered shares³		3,992,766		34,503
FIGS, Inc., Class A²		4,166,847		34,376
Seer, Inc., Class A²		4,414,668		34,170
NuVasive, Inc.²		766,000		33,558
Revenio Group OYJ, non-registered shares		792,790		29,454
Exact Sciences Corp.²		890,000		28,916
KRKA, dd, Novo mesto		335,262		28,243
Angelalign Technology, Inc.³		2,908,600		27,599
Alnylam Pharmaceuticals, Inc.²		137,700		27,562
SKAN Group AG³		462,566		27,217
Incyte Corp.²		396,000		26,389


SMALLCAP World Fund	13

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Fisher & Paykel Healthcare Corp., Ltd.		2,510,000	$	25,881
Zealand Pharma A/S²		1,142,366		25,757
Idorsia, Ltd.^2,3		1,959,816		25,182
Pharmaron Beijing Co., Ltd., Class H		5,167,550		25,060
Twist Bioscience Corp.²		704,000		24,809
Sosei Group Corp.^2,3		1,861,300		23,349
Guardant Health, Inc.²		420,239		22,621
10x Genomics, Inc., Class A²		793,300		22,593
Innovent Biologics, Inc.²		6,938,500		21,611
Amedisys, Inc.²		210,699		20,394
Olink Holding AB (ADR)^2,3		1,586,593		19,261
Gland Pharma, Ltd.²		750,000		19,235
Zai Lab, Ltd. (ADR)²		551,078		18,847
CM Hospitalar SA		5,671,671		18,652
Chemed Corp.		42,000		18,336
Medacta Group SA		216,959		18,264
Fleury SA, ordinary nominative shares		5,540,900		18,160
Galapagos NV²		424,039		18,145
CellaVision AB, non-registered shares		789,300		18,051
Ami Organics, Ltd.		1,596,540		17,857
BONESUPPORT Holding AB²		2,647,760		17,459
Hutchmed China, Ltd. (ADR)²		1,350,035		11,961
Hutchmed China, Ltd.^2,3		2,554,000		4,216
Natera, Inc.²		363,000		15,907
Zentalis Pharmaceuticals, Inc.²		683,000		14,794
PolyPeptide Group AG		487,635		14,141
Hangzhou Tigermed Consulting Co., Ltd., Class A		1,090,535		14,003
Piramal Pharma, Ltd.^2,4		5,340,000		13,575
Editas Medicine, Inc.²		1,100,000		13,464
Sysmex Corp.		220,300		11,857
Nevro Corp.²		253,000		11,790
Vaxcyte, Inc.²		475,303		11,407
Dechra Pharmaceuticals PLC		384,608		11,146
Brii Biosciences, Ltd.^2,3		16,214,542		10,872
SUNWELS Co., Ltd.³		233,000		9,944
Nordhealth AS, Class A^1,2		5,120,000		9,375
Arjo AB, Class B		2,572,435		9,368
Precision BioSciences, Inc.^1,2		6,715,043		8,730
NextGen Healthcare, Inc.²		406,300		7,192
Creo Medical Group PLC^1,2		11,533,623		6,962
Classys, Inc.		740,401		6,913
Vitrolife AB		467,551		6,603
PetIQ, Inc., Class A²		880,561		6,076
Diagnósticos da América SA		1,728,463		6,043
ChemoMetec A/S		70,910		5,353
KRY International AB, Series A^2,4,5		19,744		4,886
HBM Holdings, Ltd.^2,3		15,992,000		3,810
OdontoPrev SA, ordinary nominative shares		2,134,000		3,481
Cellectis SA, non-registered shares^2,3		760,997		1,769
Cellectis SA (ADR)^2,3		698,804		1,600
IO Biotech, Inc.^2,3		1,235,000		3,347
Jeisys Medical, Inc.²		605,326		2,730
Implantica AG, Class A (SDR)²		700,000		2,597
Sana Biotechnology, Inc.^2,3		432,071		2,592
Denali Therapeutics, Inc.²		84,264		2,586
Intervacc AB²		850,000		2,554
Applied Molecular Transport, Inc.^2,3		1,861,107		1,811
Autolus Therapeutics PLC (ADR)^2,3		625,000		1,338
Schrodinger, Inc.²		31,250		781
Acutus Medical, Inc.²		797,523		702
				8,099,712

Financials 9.51%
Ares Management Corp., Class A		5,174,776		320,577
AU Small Finance Bank, Ltd.		30,476,509		229,425
SVB Financial Group²		606,500		203,651
Essent Group, Ltd.¹		5,654,659		197,178
Trupanion, Inc.^1,2,3		3,213,692		190,990


14	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Aavas Financiers, Ltd.^1,2		6,038,330	$	165,167
Cholamandalam Investment and Finance Co., Ltd.		17,195,186		153,424
RenaissanceRe Holdings, Ltd.		952,200		133,679
Independent Bank Group, Inc.¹		2,166,153		132,980
Seacoast Banking Corporation of Florida¹		4,156,901		125,663
First Republic Bank		945,825		123,477
Eurobank Ergasias Services and Holdings SA²		148,563,100		122,901
Janus Henderson Group PLC		5,650,041		114,752
Steadfast Group, Ltd.		35,229,793		103,813
IIFL Finance, Ltd.¹		23,246,993		99,987
IIFL Wealth Management, Ltd.		4,379,654		98,842
Patria Investments, Ltd., Class A¹		6,913,834		90,226
East West Bancorp, Inc.		1,308,975		87,885
SouthState Corp.		1,097,165		86,808
Kinsale Capital Group, Inc.		339,620		86,746
Capitec Bank Holdings, Ltd.		983,153		84,276
Fukuoka Financial Group, Inc.³		4,700,100		83,404
Focus Financial Partners, Inc., Class A²		2,549,002		80,319
TMX Group, Ltd.		862,202		79,307
City Union Bank, Ltd.		36,608,696		77,565
Stifel Financial Corp.		1,477,350		76,689
Canara Bank		26,973,076		75,000
StepStone Group, Inc., Class A		3,039,100		74,488
Western Alliance Bancorporation		1,100,128		72,322
Glacier Bancorp, Inc.		1,443,817		70,935
Bridgepoint Group PLC		32,728,364		68,204
National Bank of Greece SA²		22,719,403		67,077
Eastern Bankshares, Inc.		3,267,276		64,169
AUB Group, Ltd.¹		5,126,659		62,367
Valley National Bancorp		5,495,000		59,346
United Community Banks, Inc.		1,789,000		59,216
VZ Holding AG		785,919		55,023
AJ Bell PLC		18,325,000		55,020
Banca Generali SpA		1,972,252		54,563
The Bank of N.T. Butterfield & Son, Ltd.		1,504,686		48,842
Remgro, Ltd.		6,502,281		47,716
Bolsa Mexicana de Valores, SAB de CV, Series A		26,040,000		43,561
Allfunds Group PLC		5,925,895		43,440
Antin Infrastructure Partners SA		1,964,300		40,836
Aptus Value Housing Finance India, Ltd.²		10,588,171		39,880
Webster Financial Corp.		843,652		38,133
Pine Labs Pte., Ltd.^2,4,5		76,998		38,039
Silvergate Capital Corp., Class A²		500,878		37,741
Euronext NV		585,333		37,039
Enstar Group, Ltd.²		203,500		34,512
Virtu Financial, Inc., Class A		1,566,000		32,526
Umpqua Holdings Corp.		1,785,500		30,514
Goosehead Insurance, Inc., Class A²		838,350		29,879
Star Health & Allied Insurance Co., Ltd.²		3,400,000		29,398
Victory Capital Holdings, Inc., Class A		1,196,000		27,879
PacWest Bancorp		1,220,000		27,572
Hilltop Holdings, Inc.		1,000,000		24,850
AssetMark Financial Holdings, Inc.²		1,350,000		24,692
Moelis & Co., Class A		719,000		24,309
Nova Ljubljanska Banka dd (GDR)		2,365,833		24,029
The Tel Aviv Stock Exchange, Ltd.		4,312,024		22,319
eGuarantee, Inc.		1,268,348		21,910
ICICI Securities, Ltd.		3,293,062		21,008
Alpha Services and Holdings SA²		26,000,000		20,249
Hiscox, Ltd.		2,060,606		20,146
NMI Holdings, Inc.²		950,000		19,352
Radian Group, Inc.		1,000,000		19,290
WealthNavi, Inc.^2,3		1,788,200		19,144
Artisan Partners Asset Management, Inc., Class A		705,000		18,986
Qualitas Controladora, SAB de CV³		4,450,000		18,351
Haci Ömer Sabanci Holding AS		12,391,000		17,233
Angel One, Ltd.		921,071		15,316
Piramal Enterprises, Ltd.		1,335,000		14,153
Oscar Health, Inc., Class A^2,3		2,751,000		13,728


SMALLCAP World Fund	15

Common stocks (continued)	Shares		Value (000)
Financials (continued)
SiriusPoint, Ltd.²		2,464,299	$	12,198
Selective Insurance Group, Inc.		145,930		11,879
Collector Bank AB²		4,629,130		11,466
EFG International AG		1,414,530		11,179
Premium Group Co., Ltd.		888,900		10,925
Hellenic Exchanges - Athens Stock Exchange SA¹		3,500,000		10,361
PT Bank Raya Indonesia Tbk²		278,708,667		10,000
Islandsbanki hf.		11,632,054		9,771
Linc AB^2,3		2,358,208		9,310
Funding Circle Holdings PLC²		14,713,073		6,706
Discovery, Ltd.²		899,883		5,196
Uzabase, Inc.^2,3		465,000		2,093
TCS Group Holding PLC (GDR)^2,4,7		31,700		—	⁶
TCS Group Holding PLC (GDR)^2,4		1,334,228		—	⁶
				5,285,117

Consumer staples 3.42%
Emmi AG¹		318,222		247,648
Grocery Outlet Holding Corp.^1,2		5,915,153		196,915
Simply Good Foods Co.^1,2		5,770,500		184,598
Milbon Co., Ltd.¹		2,378,500		104,902
BJ’s Wholesale Club Holdings, Inc.²		1,217,842		88,671
Varun Beverages, Ltd.		6,634,383		84,866
Celsius Holdings, Inc.²		832,726		75,512
Monde Nissin Corp.		350,959,960		72,757
Sovos Brands, Inc.^1,2		5,050,900		71,925
Raia Drogasil SA, ordinary nominative shares		15,832,125		66,711
Ocado Group PLC²		10,398,813		53,998
AAK AB		3,694,316		48,710
Shop Apotheke Europe NV, non-registered shares^1,2,3		1,142,620		46,389
United Spirits, Ltd.²		4,506,665		46,336
Scandinavian Tobacco Group A/S		2,941,378		42,441
Sok Marketler Ticaret AS, non-registered shares^1,2		37,067,550		41,357
Performance Food Group Co.²		928,000		39,858
Nu Skin Enterprises, Inc., Class A		1,100,000		36,707
Freshpet, Inc.²		667,764		33,448
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A		6,624,986		29,743
Kotobuki Spirits Co., Ltd.		499,000		28,580
COSMOS Pharmaceutical Corp.		287,909		28,408
BidCorp, Ltd.³		1,640,857		25,115
Fresh Del Monte Produce, Inc.		1,028,000		23,891
Avenue Supermarts, Ltd.²		417,313		22,411
Fever-Tree Drinks PLC		2,410,000		22,347
Vector Group, Ltd.		2,509,032		22,105
Bakkafrost P/F		517,500		20,495
Royal Unibrew A/S		280,000		18,121
Hilton Food Group PLC		2,327,506		13,822
PZ Cussons PLC		6,017,310		13,034
Century Pacific Food, Inc.		25,901,000		9,918
Humble Group AB²		11,368,627		9,409
Icelandic Salmon AS^2,3		515,000		7,704
Nomad Foods, Ltd.²		500,000		7,100
TreeHouse Foods, Inc.²		152,200		6,456
Dole PLC		551,300		4,024
Zur Rose Group AG^2,3		54,100		1,590
Beyond Meat, Inc.^2,3		73,395		1,040
				1,899,062

Energy 3.12%
New Fortress Energy, Inc., Class A		4,116,300		179,923
Northern Oil and Gas, Inc.¹		6,054,000		165,940
Coterra Energy, Inc.		6,350,059		165,864
Chesapeake Energy Corp.		1,434,104		135,107
MEG Energy Corp.²		11,431,657		127,943
DT Midstream, Inc.		2,420,877		125,619
Gaztransport & Technigaz SA		913,743		101,092
Vallourec SA²		9,989,108		96,289
Viper Energy Partners, LP		2,555,470		73,240


16	SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Helmerich & Payne, Inc.		1,817,270	$	67,184
Pioneer Natural Resources Company		268,053		58,041
Golar LNG, Ltd.²		2,132,596		53,144
Worley, Ltd.		5,701,172		46,352
Cactus, Inc., Class A		1,149,091		44,160
TechnipFMC PLC²		5,200,890		43,999
Denbury, Inc.²		406,329		35,050
Venture Global LNG, Inc., Series C^2,4,5		4,240		34,228
Subsea 7 SA		3,742,357		29,563
Savannah Energy PLC^1,2,3		96,128,672		29,272
Magnolia Oil & Gas Corp., Class A		1,323,743		26,223
Equitrans Midstream Corp.		3,390,447		25,361
Weatherford International²		706,648		22,818
Headwater Exploration, Inc.²		5,105,000		19,439
ProFrac Holding Corp., Class A^2,3		1,194,734		18,172
Championx Corp.		462,625		9,054
				1,733,077

Materials 3.02%
APL Apollo Tubes, Ltd.¹		15,548,000		198,170
LANXESS AG¹		4,917,743		144,010
JSR Corp.		6,631,830		126,378
Navin Fluorine International, Ltd.		2,079,348		114,025
CCL Industries, Inc., Class B, nonvoting shares		2,262,200		109,659
OZ Minerals, Ltd.		6,303,841		103,479
Perimeter Solutions SA^1,2		11,791,546		94,450
Deepak Fertilisers & Petrochemicals Corp., Ltd.		6,039,256		64,739
Summit Materials, Inc., Class A²		2,535,041		60,739
H.B. Fuller Co.		866,200		52,059
ATI, Inc.²		1,868,650		49,725
Livent Corp.²		1,530,893		46,922
PI Industries, Ltd.		1,212,000		44,299
MMG, Ltd.²		148,596,000		35,281
Lundin Mining Corp.		6,434,519		32,514
Yamato Kogyo Co., Ltd.³		1,043,900		31,727
Toyo Gosei Co., Ltd.^1,3		642,700		28,289
FUJIMI INCORPORATED³		597,000		25,022
Jindal Steel & Power, Ltd.		4,763,387		24,863
Labrador Iron Ore Royalty Corp.³		1,156,000		24,194
Vinati Organics, Ltd.		943,000		24,161
Aluflexpack AG^1,2,3		1,309,666		23,652
Kansai Paint Co., Ltd.		1,642,000		23,282
Mayr-Melnhof Karton AG, non-registered shares		171,841		22,055
JCU Corp.		1,066,300		21,442
Indigo Paints, Ltd.		1,103,244		20,302
Shandong Sinocera Functional Material Co., Ltd., Class A		4,713,974		19,241
Nanofilm Technologies International, Ltd.		12,438,970		18,013
Re:NewCell AB^1,2,3		2,702,272		17,542
Berger Paints India, Ltd.		1,930,816		14,584
Alcoa Corp.		350,000		11,781
Recticel SA/NV		873,200		11,458
Materion Corp.		121,538		9,723
Gerdau SA (ADR)		2,011,500		9,092
Venator Materials PLC^1,2		8,519,540		7,497
Fuso Chemical Co., Ltd.		283,300		6,104
Alleima AB²		1,509,740		4,734
Carbios SA²		105,815		2,108
				1,677,315

Communication services 2.10%
Iridium Communications, Inc.²		4,845,068		214,976
Iridium Communications, Inc.^2,7		636,132		28,225
Lions Gate Entertainment Corp., Class B²		18,041,147		125,386
New York Times Co., Class A		2,439,638		70,140
JCDecaux SA²		5,841,330		68,774
Frontier Communications Parent, Inc.²		2,609,825		61,148
Pearson PLC		5,591,034		53,583
Viaplay Group AB, Class B²		2,662,395		52,016


SMALLCAP World Fund	17

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
4imprint Group PLC		1,104,563	$	41,611
Ascential PLC²		17,882,269		41,067
Hemnet Group AB		2,549,439		32,459
JOYY, Inc., Class A (ADR)		1,177,618		30,618
YouGov PLC		2,997,794		29,210
Paradox Interactive AB³		1,744,220		27,763
Rightmove PLC		5,188,789		27,522
Direct Marketing MIX, Inc.¹		2,454,500		27,521
Megacable Holdings, SAB de CV, ordinary participation certificates		13,468,136		27,138
TIM SA		11,855,402		26,549
CTS Eventim AG & Co. KGaA²		471,400		19,647
Nextdoor Holdings, Inc., Class A^2,3		6,859,318		19,137
VTEX, Class A^2,3		5,109,762		18,906
Bandwidth, Inc., Class A²		1,329,018		15,815
JYP Entertainment Corp.		388,161		15,789
PLAYSTUDIOS, Inc., Class A²		4,500,000		15,705
Trustpilot Group PLC²		16,821,394		14,149
Ubisoft Entertainment SA²		511,500		14,043
Pebble Group PLC^1,2		13,392,050		13,532
Cable One, Inc.		15,197		12,964
MTN Group, Ltd.		1,458,066		9,573
Boat Rocker Media, Inc.²		2,611,926		5,559
Playtika Holding Corp.²		429,090		4,029
Huuuge, Inc.^2,3		106,234		488
Yandex NV, Class A^2,4		1,530,000		—	⁶
				1,165,042

Real estate 1.45%
Embassy Office Parks REIT		31,445,400		133,529
Altus Group, Ltd.¹		3,619,087		117,322
DigitalBridge Group, Inc. REIT, Class A		7,708,189		96,429
Concentradora Fibra Danhos REIT, SA de CV³		57,954,482		69,639
JHSF Participações SA¹		47,722,472		65,466
Mindspace Business Parks REIT		9,000,000		40,171
SRE Holdings Corp.^1,2,3		1,290,828		27,781
Macrotech Developers, Ltd.²		2,331,038		26,215
K-Fast Holding AB, Class B^1,2,3		12,909,607		24,470
FirstService Corp.³		200,000		23,807
ESR-Logos REIT		93,830,358		23,216
Corp. Inmobiliaria Vesta, SAB de CV		11,183,823		20,835
CIFI Ever Sunshine Services Group, Ltd.³		55,562,025		20,341
PotlatchDeltic Corp. REIT		379,300		15,566
Zillow Group, Inc., Class C, nonvoting shares²		525,000		15,020
Redwood Trust, Inc. REIT³		2,562,000		14,706
Swedish Logistic Property AB, Class B²		4,739,069		11,484
CTP NV		1,092,105		11,278
Genova Property Group AB^1,2		2,126,731		10,794
Cushman & Wakefield PLC²		862,000		9,870
Fastighets AB Balder, Class B²		2,448,188		9,676
Douglas Elliman, Inc.		1,832,215		7,512
LXP Industrial Trust REIT		805,425		7,378
Americold Realty Trust, Inc. REIT		217,800		5,358
				807,863

Utilities 0.60%
Black Hills Corp.		1,290,379		87,398
ACEN Corp.		861,383,220		82,369
Brookfield Infrastructure Corp., Class A, subordinate voting shares³		1,056,214		42,995
ENN Energy Holdings, Ltd.		3,166,000		42,128
Nippon Gas Co., Ltd.³		2,848,600		40,294
Neoenergia SA		9,514,000		26,985
SJW Group		162,000		9,331
Mytrah Energy, Ltd.^1,2,4		10,418,000		116
				331,616

Total common stocks (cost: $43,067,208,000)				47,722,717


18	SMALLCAP World Fund

Preferred securities 1.27%	Shares		Value (000)
Industrials 0.42%
Einride AB, Series B, preferred shares^1,2,4,5		1,334,588	$	60,860
Einride AB, Series A, preferred shares^1,2,4,5		11,990		547
Azul SA, preferred nominative shares (ADR)^2,3		6,549,081		53,310
Azul SA, preferred nominative shares²		771,000		2,104
Relativity Space, Inc., Series D, preferred shares^1,2,4,5		2,143,751		39,166
Relativity Space, Inc., Series E, preferred shares^1,2,4,5		464,197		8,481
ABL Space Systems Co., Series B, preferred shares^2,4,5		777,162		44,920
WorkRise Technologies, Inc., Series E, preferred shares^2,4,5		95,423		21,696
				231,084

Information technology 0.36%
Skyryse, Inc., Series B, preferred shares^1,2,4,5		1,649,110		40,700
PsiQuantum Corp., Series D, preferred shares^2,4,5		1,334,542		36,059
Outreach Corp., Series G, preferred shares^2,4,5		1,554,053		35,557
SiFive, Inc., Series F, preferred shares^2,4,5		3,451,632		25,128
Yotpo, Ltd., Series F, preferred shares^2,4,5		8,332,809		13,666
Yotpo, Ltd., Series B, preferred shares^2,4,5		1,111,347		1,823
Yotpo, Ltd., Series C, preferred shares^2,4,5		1,057,985		1,735
Yotpo, Ltd., Series A-1, preferred shares^2,4,5		709,592		1,164
Yotpo, Ltd., Series A, preferred shares^2,4,5		345,899		567
Yotpo, Ltd., Series C-1, preferred shares^2,4,5		293,302		481
Yotpo, Ltd., Series D, preferred shares^2,4,5		163,552		268
Yotpo, Ltd., Series B-1, preferred shares^2,4,5		130,625		214
ANDPAD, Inc., Series D, preferred shares^2,4,5		459,413		18,411
Patreon, Inc., Series E, preferred shares^2,4,5		698,208		14,411
Patreon, Inc., Series Seed, preferred shares^2,4,5		163,096		3,366
Kandou Holding SA, Series D, preferred shares^2,4,5		2,142,857		3,986
				197,536

Health care 0.20%
Laronde, Inc., Series B, 6.00% preferred shares^2,4,5		1,785,714		43,822
KRY International AB, Series E, preferred shares^2,4,5		114,059		28,225
InSilico Medicine Cayman TopCo, Series D, preferred shares^2,4,5		605,423		23,684
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 2022^1,2,4,5		1,531,102		9,814
Artiva Biotherapeutics, Inc., Series B, preferred shares^2,4,5		636,364		6,555
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares^2,4,5		4,397,107		616
				112,716

Financials 0.15%
PPRO Holding GMBS, Series B, 8.00% preferred shares^1,2,4,5		13,618		57,732
Pine Labs Pte., Ltd., Series J, cumulative preferred shares^2,4,5		57,100		28,209
				85,941

Consumer discretionary 0.07%
Cava Group, Inc., Series F, preferred shares^2,4,5		664,364		20,928
StockX, Inc., Series E-1, preferred shares^2,4,5		222,222		15,435
StockX, Inc., Series AA, preferred shares^2,4,5		57,338		3,983
StockX, Inc., Series B, preferred shares^2,4,5		3,094		215
				40,561

Real estate 0.07%
QuintoAndar, Ltd., Series E-1, preferred shares^2,4,5		244,733		37,752

Total preferred securities (cost: $783,659,000)				705,590

Rights & warrants 0.20%
Information technology 0.12%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2023^2,7		2,838,640		63,037
Foursquare Labs, Inc., warrants, expire 2033^2,4,5		1,163,990		55
				63,092

Industrials 0.07%
Warom Technology, Inc. Co., Class A, warrants, expire 2023^2,7		8,603,931		26,322
Centre Testing International Group Co., Ltd., Class A, warrants, expire 2023^2,7		3,799,918		10,900
Guangzhou Baiyun International Airport Co., Ltd., Class A, warrants, expire 2024^2,7		1,315,742		2,644
Momentus, Inc., warrants, expire 2026²		2,225,000		400
				40,266


SMALLCAP World Fund	19

Rights & warrants (continued)				Shares		Value (000)
Materials 0.01%
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 2023^2,7					1,225,940	$	5,004

Total rights & warrants (cost: $146,526,000)							108,362

Convertible stocks 0.09%
Utilities 0.06%
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares^4,5					300,000		30,000

Information technology 0.03%
RealSelf, Inc., Series C, convertible preferred shares^1,2,4,5					3,468,862		10,163
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares^4,5					14,888,589		8,040
							18,203

Total convertible stocks (cost: $61,179,000)							48,203

Convertible bonds & notes 0.00%				Principal amount (000)
Industrials 0.00%
Einride AB, convertible notes, 7.00% 2023^1,4,5				USD	1,500		1,895

Total convertible bonds & notes (cost: $1,501,000)							1,895

Short-term securities 14.57%					Shares
Money market investments 8.59%
Capital Group Central Cash Fund 2.81%^1,8					47,762,957		4,775,818

	Weighted average yield at acquisition			Principal amount (000)
Commercial paper 4.49%
Banque et Caisse d’Epargne de l’Etat 12/8/2022		3.066	%	USD	87,400		86,823
BNG Bank NV 10/3/2022⁷		2.353			150,000		149,962
BNG Bank NV 10/14/2022⁷		2.625			200,000		199,761
BNG Bank NV 10/17/2022⁷		2.692			100,000		99,855
BNG Bank NV 10/19/2022⁷		2.656			50,000		49,919
Caisse des Dépôts et Consignations 10/12/2022		2.414			250,000		249,747
DBS Bank, Ltd. 12/14/2022⁷		3.481			100,000		99,253
Export Development Canada 11/21/2022		2.969			100,000		99,533
KfW 11/14/2022⁷		2.971			200,000		199,319
KfW 12/13/2022⁷		3.214			50,000		49,678
KfW 12/14/2022⁷		3.412			150,000		149,017
LVMH Moët Hennessy Louis Vuitton, Inc. 12/1/2022⁷		2.935			77,250		76,794
NRW.Bank 10/7/2022⁷		2.509			250,000		249,853
NRW.Bank 10/11/2022⁷		2.519			150,000		149,861
NRW.Bank 10/17/2022⁷		2.861			100,000		99,855
Oesterreich Kontrollbank 10/17/2022		2.858			51,500		51,425
United Overseas Bank, Ltd. 12/8/2022⁷		3.126			87,400		86,777
United Overseas Bank, Ltd. 12/12/2022⁷		3.084			100,000		99,242
United Overseas Bank, Ltd. 12/13/2022⁷		3.086			150,000		148,847
United Overseas Bank, Ltd. 12/16/2022⁷		3.089			100,000		99,197
							2,494,718

					Shares
Money market investments purchased with collateral from securities on loan 1.49%
Capital Group Central Cash Fund 2.81%^1,8,9					2,910,012		290,972
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%^8,9					199,400,000		199,400
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%^8,9					166,100,000		166,100
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 2.88%^8,9					66,575,613		66,576


20	SMALLCAP World Fund

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Dreyfus Treasury Obligations Cash Management, Institutional Shares 2.85%^8,9		58,100,000	$	58,100
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 2.80%^8,9		33,200,000		33,200
BlackRock Liquidity Funds – FedFund, Institutional Shares 2.76%^8,9		16,600,000		16,600
				830,948

Total short-term securities (cost: $8,102,184,000)				8,101,484
Total investment securities 101.99% (cost: $52,162,257,000)				56,688,251
Other assets less liabilities (1.99)%				(1,108,107	)

Net assets 100.00%			$	55,580,144

Investments in affiliates¹

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 9/30/2022 (000)		Dividend or interest income (000)
Common stocks 23.01%
Industrials 6.62%
Saia, Inc.²	$	349,105	$	103,842	$	—	$	—		$	(79,498	)	$	373,449	$	—
BayCurrent Consulting, Inc.		624,379		18,516		53,725		8,796			(301,299	)		296,667		2,995
Comfort Systems USA, Inc.		137,040		94,086		37,033		(1,074	)		55,828			248,847		1,351
Diploma PLC		374,585		296		8,238		(4,156	)		(114,506	)		247,981		5,967
Armstrong World Industries, Inc.		205,914		76,020		—		—			(53,091	)		228,843		2,475
Arcosa, Inc.		176,368		18,694		—		—			25,821			220,883		740
Japan Airport Terminal Co., Ltd.²		189,109		60,264		11,881		(2,069	)		(31,188	)		204,235		—
Visional, Inc.²		186,716		6,282		—		—			(8,054	)		184,944		—
Harmonic Drive Systems, Inc.³		149,749		87,721		13,367		(12,426	)		(58,531	)		153,146		812
ATS Automation Tooling System, Inc.²		—		200,771		—		—			(50,831	)		149,940		—
Wizz Air Holdings PLC²		259,859		285,749		107,325		(100,038	)		(213,847	)		124,398		—
EnPro Industries, Inc.		72,321		68,924		—		—			(17,548	)		123,697		1,446
Carel Industries SpA		186,704		—		21,300		9,917			(62,958	)		112,363		947
Alfen NV²		134,619		—		8,497		(2,206	)		(14,665	)		109,251		—
Japan Elevator Service Holdings Co., Ltd.		163,396		—		—		—			(71,814	)		91,582		816
dip Corp.		91,426		27,583		—		—			(33,963	)		85,046		1,437
Johns Lyng Group, Ltd.		79,441		13,116		—		—			(10,685	)		81,872		821
KEI Industries, Ltd.		—		62,117		—		—			17,596			79,713		102
Instalco AB		158,007		3,002		—		—			(89,825	)		71,184		1,130
Pegasus Hava Tasimaciligi AS²		52,880		—		10,269		1,599			24,097			68,307		—
Marlowe PLC^2,3		69,724		9,520		—		—			(17,351	)		61,893		—
Montrose Environmental Group, Inc.²		95,694		49,261		24,695		(21,646	)		(43,969	)		54,645		—
DO & CO AG, non-registered shares^2,3		63,241		—		—		—			(11,831	)		51,410		—
Volution Group PLC		37,413		67,773		—		—			(54,232	)		50,954		848
Interface, Inc.		71,524		—		—		—			(29,082	)		42,442		189
Midac Holdings Co., Ltd.³		58,547		11,976		—		—			(28,128	)		42,395		51
Antares Vision SpA^2,3		67,179		—		—		—			(29,602	)		37,577		—
Montana Aerospace AG²		98,830		11,248		—		—			(75,390	)		34,688		—
Fasadgruppen Group AB		66,194		3,933		—		—			(40,330	)		29,797		458
Einride AB^2,4,5		13,640		—		—		—			4,194			17,834		—
Azelio AB¹⁰		20,939		—		4,008		(24,441	)		7,510			—		—
Barrett Business Services, Inc.¹⁰		46,577		—		39,544		3,412			(10,445	)		—		183
Boyd Group Services, Inc.^3,11		237,086		21,580		69,261		(22,232	)		(61,857	)		—		460
GVS SpA^2,11		174,811		28,257		64,546		(6,317	)		(81,285	)		—		—
IMCD NV¹¹		668,138		—		146,346		70,510			(271,719	)		—		4,914


SMALLCAP World Fund	21

Investments in affiliates¹(continued)

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 9/30/2022 (000)		Dividend or interest income (000)
Matson, Inc.¹¹	$	159,322	$	20,147	$	58,954	$	11,171		$	(55,951	)	$	—	$	2,495
Sun Country Airlines Holdings, Inc.^2,11		104,947		13,080		48,563		(12,347	)		(33,822	)		—		—
														3,679,983
Information technology 3.96%
eMemory Technology, Inc.		425,376		42,851		21,755		16,739			(235,811	)		227,400		3,038
ALTEN SA, non-registered shares		218,256		104,552		45,261		(19,027	)		(67,703	)		190,817		2,692
Kulicke and Soffa Industries, Inc.		277,553		12,062		8,098		(5,913	)		(91,353	)		184,251		3,354
Global Unichip Corp.		122,936		65,715		11,301		(2,756	)		9,274			183,868		2,564
Fabrinet, non-registered shares²		112,252		92,643		—		—			(21,701	)		183,194		—
Keywords Studios PLC		237,154		3,325		28,784		(11,573	)		(69,661	)		130,461		169
Dexerials Corp.³		63,639		63,648		—		—			(11,017	)		116,270		2,357
Extreme Networks, Inc.²		52,435		76,483		22,231		(11,634	)		17,962			113,015		—
Network International Holdings PLC²		215,255		12,398		40,239		(48,431	)		(30,277	)		108,706		—
Net One Systems Co., Ltd.		226,584		9,042		47,996		(9,321	)		(78,824	)		99,485		3,062
Credo Technology Group Holding, Ltd.^2,3		—		58,768		—		—			31,373			90,141		—
Tanla Platforms, Ltd.		112,334		—		—		—			(25,003	)		87,331		925
Money Forward, Inc.²		235,170		42,349		26,198		(48,094	)		(127,274	)		75,953		—
Bytes Technology Group PLC		80,157		24,222		—		—			(33,856	)		70,523		2,253
PAR Technology Corp.^2,3		125,429		6,227		—		—			(68,460	)		63,196		—
Mastek, Ltd.		—		58,352		—		—			(7,408	)		50,944		237
Crayon Group Holding ASA^2,3		75,090		60,519		4,880		(4,864	)		(75,008	)		50,857		—
Megaport, Ltd.^2,3		132,815		10,408		28,970		14,002			(83,830	)		44,425		—
Zuken, Inc.		59,358		11,512		4,302		(1,969	)		(20,476	)		44,123		569
Boku, Inc.^2,5		53,644		—		—		—			(28,265	)		25,379		—
SmartCraft ASA, Class A²		34,172		—		—		—			(15,544	)		18,628		—
TDCX, Inc., Class A²		—		16,015		—		—			673			16,688		—
Softline Holding PLC (GDR)^2,4,7		—		79,875		—		—			(71,065	)		8,810		—
Softline Holding PLC (GDR)^2,4		—		75		—		—			(67	)		8		—
Cherry AG^2,3		52,280		—		170		(238	)		(44,508	)		7,364		—
MotorK, Ltd.²		—		17,278		—		—			(11,810	)		5,468		—
WeCommerce Holdings, Ltd., Class A^2,3		—		21,801		576		(1,131	)		(17,034	)		3,060		—
91APP, Inc.¹¹		1,012		94,730		18,048		(32,669	)		(33,119	)		—		129
Appier Group, Inc.¹⁰		81,454		—		43,642		(55,578	)		17,766			—		—
Avaya Holdings Corp.^2,3,11		53,532		72,050		9,242		(119,901	)		8,909			—		—
AvidXchange Holdings, Inc.^2,11		—		201,705		75,995		(99,739	)		(5,377	)		—		—
Bottomline Technologies (DE), Inc.¹⁰		140,399		—		201,074		37,298			23,377			—		—
Computer Age Management Services, Ltd.¹¹		128,344		—		63,714		21,792			(43,698	)		—		946
Dock, Ltd.^2,4,5,11		27,080		—		—		—			20,126			—		—
Dye & Durham, Ltd.^3,11		121,192		5,772		37,736		(27,841	)		(30,945	)		—		232
eCloudvalley Digital Technology Co., Ltd.¹¹		30,937		6,339		—		—			(25,486	)		—		252
EcoOnline Holding AS¹⁰		29,071		—		22,344		(7,072	)		345			—		—
GB Group PLC¹¹		125,523		4,053		83,896		(7,916	)		(28,786	)		—		104
Hennge KK¹⁰		56,060		—		15,958		(29,775	)		(10,327	)		—		—
Ideagen PLC¹⁰		86,794		10,402		100,302		10,869			(7,763	)		—		112
LPKF Laser & Electronics AG, non-registered shares¹⁰		44,674		—		21,384		(24,680	)		1,390			—		—
Nagarro SE^2,3,11		144,449		—		58,969		23,021			(65,604	)		—		—
Netcompany Group AS, non-registered shares^2,11		311,683		—		95,938		56,239			(219,406	)		—		—
SHIFT, Inc.^2,11		281,192		31,760		137,255		38,150			(120,496	)		—		—


22	SMALLCAP World Fund

Investments in affiliates¹(continued)

	Value of affiliates at 10/1/2021 (000)			Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 9/30/2022 (000)			Dividend or interest income (000)
Smaregi, Inc.¹⁰	$	34,016		$	—	$	8,246	$	(11,348	)	$	(14,422	)	$	—		$	—
Unifiedpost Group SA¹⁰		50,611			—		8,428		(50,179	)		7,996			—			—
															2,200,365
Consumer discretionary 4.20%
Tube Investments of India, Ltd.		288,934			21,054		92,539		23,499			169,607			410,555			634
TopBuild Corp.²		411,907			44,714		27,834		6,652			(86,087	)		349,352			—
YETI Holdings, Inc.²		518,842			65,070		8,136		(3,904	)		(375,253	)		196,619			—
Helen of Troy, Ltd.²		433,116			60,079		121,757		(45,500	)		(186,898	)		139,040			—
Kindred Group PLC (SDR)		211,253			59,967		25,533		(25,557	)		(100,828	)		119,302			7,417
MakeMyTrip, Ltd., non-registered shares²		34,933			76,137		—		—			7,947			119,017			—
WH Smith PLC²		120,874			55,198		—		—			(67,891	)		108,181			—
NEXTAGE Co., Ltd.		—			94,191		—		—			6,199			100,390			—
Pets at Home Group PLC		43,482			126,175		—		—			(73,157	)		96,500			3,384
Bajaj Electricals, Ltd.		126,568			—		9,381		1,689			(22,839	)		96,037			245
Jack in the Box, Inc.		—			111,998		—		—			(18,914	)		93,084			1,527
Everi Holdings, Inc.²		170,435			—		39,195		9,762			(61,193	)		79,809			—
Auction Technology Group PLC²		148,698			23,679		—		—			(95,800	)		76,577			—
Golden Entertainment, Inc.²		55,286			38,838		—		—			(27,946	)		66,178			—
Domino’s Pizza Group PLC		129,598			—		—		—			(68,994	)		60,604			3,133
Musti Group OYJ		86,680			8,426		—		—			(48,637	)		46,469			1,233
Snow Peak, Inc.³		—			66,358		—		—			(19,958	)		46,400			266
Victoria PLC^2,3		—			59,123		—		—			(25,661	)		33,462			—
AcadeMedia AB		38,581			4,836		—		—			(15,161	)		28,256			1,098
JOANN, Inc.³		30,404			—		—		—			(12,336	)		18,068			1,174
Lojas Quero-Quero SA		44,684			7,071		4,920		(11,658	)		(19,021	)		16,156			325
Beazer Homes USA, Inc.²		28,632			—		—		—			(12,582	)		16,050			—
Porch Group, Inc.^2,3		113,369			9,471		20,311		(67,474	)		(22,635	)		12,420			—
Bike24 Holding AG^2,3		90,361			—		6,837		(781	)		(75,608	)		7,135			—
BNN Technology PLC^2,4		—	⁶		—		—		—			—	⁶		—	⁶		—
BHG Group AB¹⁰		143,245			—		32,607		(52,715	)		(57,923	)		—			—
Cairn Homes PLC¹¹		57,942			3,083		20,935		(595	)		(14,236	)		—			1,813
Cary Group AB¹⁰		79,878			—		47,951		(15,802	)		(16,125	)		—			—
Del Taco Restaurants, Inc.¹⁰		20,974			—		29,859		3,106			5,779			—			96
Desenio Group AB¹⁰		19,095			12,550		5,731		(56,158	)		30,244			—			—
Gourmet Master Co., Ltd.¹⁰		49,381			—		34,236		(16,614	)		1,469			—			—
Leslie’s, Inc.^2,3,11		115,326			96,356		46,932		(24,914	)		(36,975	)		—			—
MADE.com Group PLC¹⁰		58,379			—		3,717		(66,656	)		11,994			—			—
OneSpaWorld Holdings, Ltd.¹⁰		53,370			—		53,042		7,401			(7,729	)		—			—
Purple Innovation, Inc., Class A¹⁰		80,885			—		34,552		(57,914	)		11,581			—			—
RVRC Holding AB¹⁰		48,538			1,770		15,033		(42,257	)		6,982			—			444
Watches of Switzerland Group PLC^2,11		153,430			52,708		56,993		(29,409	)		(48,434	)		—			—
Westwing Group SE, non-registered shares^2,3,11		44,293			14,507		10,398		(21,664	)		(24,855	)		—			—
zooplus AG, non-registered shares¹⁰		263,323			—		257,235		213,610			(219,698	)		—			—
															2,335,661
Health care 2.89%
Max Healthcare Institute, Ltd.²		176,975			230,237		100,479		66,960			(37,808	)		335,885			—
Haemonetics Corp.²		35,041			215,033		—		—			52,991			303,065			—
Revance Therapeutics, Inc.²		125,722			60,441		18,675		(19,353	)		22,341			170,476			—
Xenon Pharmaceuticals, Inc.²		30,854			63,497		4,937		(993	)		53,000			141,421			—
Silk Road Medical, Inc.²		152,688			568		—		—			(27,633	)		125,623			—


SMALLCAP World Fund	23

Investments in affiliates¹(continued)

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 9/30/2022 (000)		Dividend or interest income (000)
CONMED Corp.	$	114,514	$	71,363	$	—	$	—		$	(62,536	)	$	123,341	$	915
Amvis Holdings, Inc.		68,450		80,411		13,634		(5,540	)		(14,146	)		115,541		148
Addus HomeCare Corp.²		74,877		—		—		—			14,544			89,421		—
Ocumension Therapeutics^2,3		88,719		1,387		—		—			(41,129	)		48,977		—
Surgical Science Sweden AB^2,3		89,512		—		—		—			(45,890	)		43,622		—
New Horizon Health, Ltd.^2,3		58,291		34,720		—		—			(50,802	)		42,209		—
Medmix AG		84,065		34,591		6,070		(9,088	)		(63,016	)		40,482		1,295
Nordhealth AS, Class A²		25,989		—		—		—			(16,614	)		9,375		—
Precision BioSciences, Inc.²		49,264		3,400		—		—			(43,934	)		8,730		—
Creo Medical Group PLC²		26,954		—		—		—			(19,992	)		6,962		—
Acutus Medical, Inc.^2,11		14,144		—		1,212		(13,280	)		1,050			—		—
Adaptimmune Therapeutics PLC (ADR)¹⁰		41,374		—		17,333		(15,147	)		(8,894	)		—		—
Allakos, Inc.¹⁰		401,101		—		173,447		82,236			(309,890	)		—		—
BICO Group AB, Class B¹⁰		192,639		37,534		42,897		(101,217	)		(86,059	)		—		—
Cellectis SA (ADR)^2,3,11		27,923		2,959		6,508		(37,698	)		14,924			—		—
Cellectis SA, non-registered shares^2,3,11		15,170		1,598		3,595		(25,293	)		13,889			—		—
Cortexyme, Inc.¹⁰		205,553		19,079		31,744		(23,204	)		(169,684	)		—		—
Genus PLC¹¹		154,518		123,782		64,567		(79,171	)		(69,721	)		—		1,439
Mani, Inc.¹⁰		102,420		—		72,885		(28,692	)		(843	)		—		319
Metropolis Healthcare, Ltd.¹⁰		126,134		—		100,763		53,712			(79,083	)		—		204
Pacific Biosciences of California, Inc.^2,3,11		249,229		41,212		32,355		(24,422	)		(174,302	)		—		—
PolyPeptide Group AG¹¹		306,892		27,631		118,148		(65,538	)		(136,696	)		—		818
Pulmonx Corp.¹⁰		99,107		5,900		48,761		(61,560	)		5,314			—		—
Zealand Pharma A/S^2,11		69,352		1,001		18,086		(24,021	)		(2,489	)		—		—
														1,605,130
Financials 1.94%
Essent Group, Ltd.		197,200		75,821		25,443		(539	)		(49,861	)		197,178		4,046
Trupanion, Inc.^2,3		241,636		8,695		786		626			(59,181	)		190,990		—
Aavas Financiers, Ltd.²		213,203		4,001		10,814		(1,730	)		(39,493	)		165,167		—
Independent Bank Group, Inc.		157,257		37,282		37,893		(3,383	)		(20,283	)		132,980		3,621
Seacoast Banking Corporation of Florida		138,854		1,911		—		—			(15,102	)		125,663		2,488
IIFL Finance, Ltd.		23,507		70,351		—		—			6,129			99,987		920
Patria Investments, Ltd., Class A		91,511		21,735		—		—			(23,020	)		90,226		4,456
AUB Group, Ltd.		—		83,492		—		—			(21,125	)		62,367		1,631
Hellenic Exchanges - Athens Stock Exchange SA		13,967		—		—		—			(3,606	)		10,361		568
Bridgepoint Group PLC¹¹		254,040		35,504		31,740		(43,595	)		(146,005	)		—		3,588
SiriusPoint, Ltd.^2,11		55,772		21,943		27,847		(34,904	)		(2,766	)		—		—
Uzabase, Inc.^2,3,11		46,409		—		12,277		(23,871	)		(8,168	)		—		—
														1,074,919
Consumer staples 1.61%
Emmi AG		328,323		—		—		—			(80,675	)		247,648		4,770
Grocery Outlet Holding Corp.²		127,554		38,848		70,242		7,688			93,067			196,915		—
Simply Good Foods Co.²		229,393		30,920		64,823		10,684			(21,576	)		184,598		—
Milbon Co., Ltd.		112,067		25,406		—		—			(32,571	)		104,902		1,436
Sovos Brands, Inc.²		46,501		25,020		—		—			404			71,925		—
Shop Apotheke Europe NV, non-registered shares^2,3		128,744		27,080		—		—			(109,435	)		46,389		—
Sok Marketler Ticaret AS, non-registered shares²		35,839		8,749		—		—			(3,231	)		41,357		—
Dole PLC¹¹		63,125		55,809		65,254		(51,843	)		2,187			—		1,469
														893,734


24	SMALLCAP World Fund

Investments in affiliates¹(continued)

	Value of affiliates at 10/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 9/30/2022 (000)		Dividend or interest income (000)
Energy 0.35%
Northern Oil and Gas, Inc.	$	104,325	$	23,768	$	—	$	—		$	37,847		$	165,940	$	3,996
Savannah Energy PLC^2,3		15,998		8,234		—		—			5,040			29,272		—
														195,212
Materials 0.93%
APL Apollo Tubes, Ltd.		159,233		24,815		9,428		(1,049	)		24,599			198,170		684
LANXESS AG		76,030		204,779		—		—			(136,799	)		144,010		4,789
Perimeter Solutions SA²		—		207,621		85,597		(4,109	)		(23,465	)		94,450		—
Toyo Gosei Co., Ltd.³		—		55,991		—		—			(27,702	)		28,289		137
Aluflexpack AG^2,3		45,884		—		—		—			(22,232	)		23,652		—
Re:NewCell AB^2,3		61,257		2,502		—		—			(46,217	)		17,542		—
Venator Materials PLC²		24,281		—		—		—			(16,784	)		7,497		—
Deepak Fertilisers & Petrochemicals Corp., Ltd.¹¹		—		43,067		6,176		1,474			26,374			—		738
JCU Corp.¹¹		86,616		—		33,831		2,396