# EDGAR Filing Document

**Accession Number:** 0000858744
**File Stem:** 0001193125-25-301438
**Filing Date:** 2025-11
**Character Count:** 342775
**Document Hash:** 6a1579246a52199d94b5fa8e175dca11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301438.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301438

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMALLCAP WORLD FUND INC
- **CENTRAL INDEX KEY:** 0000858744

**ORGANIZATION NAME:**
- **EIN:** 954253845
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05888
- **FILM NUMBER:** 251533324

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 213-486-9501

**MAIL ADDRESS:**
- **STREET 1:** 333 S HOPE ST - 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMALLCAP FUND INC
- **DATE OF NAME CHANGE:** 19900205

## Series and Classes Contracts Data

### SMALLCAP WORLD FUND INC (Series ID: S000009599)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026249 | Class A       | SMCWX           |
| C000026250 | Class R-1     | RSLAX           |
| C000026251 | Class R-2     | RSLBX           |
| C000026252 | Class R-3     | RSLCX           |
| C000026253 | Class R-4     | RSLEX           |
| C000026254 | Class R-5     | RSLFX           |
| C000026256 | Class C       | SCWCX           |
| C000026257 | Class F-1     | SCWFX           |
| C000026258 | Class 529-A   | CSPAX           |
| C000026260 | Class 529-C   | CSPCX           |
| C000026261 | Class 529-E   | CSPEX           |
| C000026262 | Class 529-F-1 | CSPFX           |
| C000068590 | Class F-2     | SMCFX           |
| C000077882 | Class R-6     | RLLGX           |
| C000148446 | Class R-2E    | RSEBX           |
| C000164808 | Class R-5E    | RSLDX           |
| C000180011 | Class F-3     | SFCWX           |
| C000189498 | Class 529-T   | TWSFX           |
| C000189499 | Class T       | TSFFX           |
| C000224599 | Class 529-F-2 | FSWFX           |
| C000224600 | Class 529-F-3 | FSFWX           |

?xml version='1.0' encoding='ASCII'? 129c2676-a177-414a-b132-8294211eca8f

#### 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)

Hong T. Le

6455 Irvine Center Drive

Irvine, California 92618

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025
ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class A \| SMCWX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$106 | 1.03% |

---

#### Management's discussion of fund performance
The fund's Class A shares gained 6.62% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-A.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1464091.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class A (with sales charge)\* | 0.50% | 3.80% | 8.29% |
| SMALLCAP World Fund — Class A (without sales charge)\* | 6.62% | 5.04% | 8.93% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-A**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAAARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class C \| SCWCX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$183 | 1.78% |

---

#### Management's discussion of fund performance
The fund's Class C shares gained 5.84% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-C.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463387.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class C (with sales charge)\* | 4.84% | 4.26% | 8.26% |
| SMALLCAP World Fund — Class C (without sales charge)\* | 5.84% | 4.26% | 8.26% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-C**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class T \| TSFFX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$79 | 0.76% |

---

#### Management's discussion of fund performance
The fund's Class T shares gained 6.91% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1464135.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| SMALLCAP World Fund — Class T (with sales charge)2 | 4.24% | 4.78% | 8.45% |
| SMALLCAP World Fund — Class T (without sales charge)2 | 6.91% | 5.31% | 8.77% |
| MSCI ACWI IMI Index3 | 16.79% | 13.30% | 11.32% |
| MSCI All Country World Small Cap Index3 | 12.82% | 11.37% | 8.64% |

---

<sup>1</sup> Class T shares were first offered on April 7, 2017.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class F-1 \| SCWFX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$112 | 1.08% |

---

#### Management's discussion of fund performance
The fund's Class F-1 shares gained 6.58% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F1.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463431.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class F-1\* | 6.58% | 5.00% | 8.89% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-F1**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class F-2 \| SMCFX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$80 | 0.77% |

---

#### Management's discussion of fund performance
The fund's Class F-2 shares gained 6.92% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F2.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463475.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class F-2\* | 6.92% | 5.32% | 9.22% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-F2**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class F-3 \| SFCWX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$67 | 0.65% |

---

#### Management's discussion of fund performance
The fund's Class F-3 shares gained 7.04% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F3.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1464047.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| SMALLCAP World Fund — Class F-32 | 7.04% | 5.43% | 9.14% |
| MSCI ACWI IMI Index3 | 16.79% | 13.30% | 11.44% |
| MSCI All Country World Small Cap Index3 | 12.82% | 11.37% | 8.75% |

---

<sup>1</sup> Class F-3 shares were first offered on January 27, 2017.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-F3**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class 529-A \| CSPAX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$108 | 1.05% |

---

#### Management's discussion of fund performance
The fund's Class 529-A shares gained 6.63% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529A.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463519.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class 529-A (with sales charge)\* | 2.88% | 4.27% | 8.50% |
| SMALLCAP World Fund — Class 529-A (without sales charge)\* | 6.63% | 5.01% | 8.88% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529A**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5AARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class 529-C \| CSPCX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$186 | 1.81% |

---

#### Management's discussion of fund performance
The fund's Class 529-C shares gained 5.80% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529C.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463563.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class 529-C (with sales charge)\* | 4.80% | 4.21% | 8.47% |
| SMALLCAP World Fund — Class 529-C (without sales charge)\* | 5.80% | 4.21% | 8.47% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529C**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class 529-E \| CSPEX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$130 | 1.26% |

---

#### Management's discussion of fund performance
The fund's Class 529-E shares gained 6.40% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529E.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463651.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class 529-E\* | 6.40% | 4.80% | 8.66% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529E**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5EARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class 529-T \| TWSFX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$86 | 0.83% |

---

#### Management's discussion of fund performance
The fund's Class 529-T shares gained 6.85% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1464179.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| SMALLCAP World Fund — Class 529-T (with sales charge)2 | 4.18% | 4.72% | 8.39% |
| SMALLCAP World Fund — Class 529-T (without sales charge)2 | 6.85% | 5.26% | 8.71% |
| MSCI ACWI IMI Index3 | 16.79% | 13.30% | 11.32% |
| MSCI All Country World Small Cap Index3 | 12.82% | 11.37% | 8.64% |

---

<sup>1</sup> Class 529-T shares were first offered on April 7, 2017.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class 529-F-1 \| CSPFX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$93 | 0.90% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-1 shares gained 6.76% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F1.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463607.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class 529-F-1\* | 6.76% | 5.20% | 9.10% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529F1**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class 529-F-2 \| FSWFX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$79 | 0.76% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-2 shares gained 6.91% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F2.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1464223.jpg)

#### Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| SMALLCAP World Fund — Class 529-F-22 | 6.91% | 5.64% |
| MSCI ACWI IMI Index3 | 16.79% | 14.05% |
| MSCI All Country World Small Cap Index3 | 12.82% | 11.58% |

---

<sup>1</sup> Class 529-F-2 shares were first offered on October 30, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529F2**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class 529-F-3 \| FSFWX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$72 | 0.70% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-3 shares gained 6.98% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F3.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1464267.jpg)

#### Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| SMALLCAP World Fund — Class 529-F-32 | 6.98% | 5.69% |
| MSCI ACWI IMI Index3 | 16.79% | 14.05% |
| MSCI All Country World Small Cap Index3 | 12.82% | 11.58% |

---

<sup>1</sup> Class 529-F-3 shares were first offered on October 30, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529F3**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-1 \| RSLAX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$180 | 1.75% |

---

#### Management's discussion of fund performance
The fund's Class R-1 shares gained 5.88% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R1.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463695.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class R-1\* | 5.88% | 4.29% | 8.13% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R1**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-2 \| RSLBX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$180 | 1.75% |

---

#### Management's discussion of fund performance
The fund's Class R-2 shares gained 5.86% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463739.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class R-2\* | 5.86% | 4.28% | 8.14% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R2**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-2E \| RSEBX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$149 | 1.45% |

---

#### Management's discussion of fund performance
The fund's Class R-2E shares gained 6.18% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2E.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463959.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class R-2E\* | 6.18% | 4.59% | 8.47% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2EARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-3 \| RSLCX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$134 | 1.30% |

---

#### Management's discussion of fund performance
The fund's Class R-3 shares gained 6.35% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R3.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463783.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class R-3\* | 6.35% | 4.75% | 8.63% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R3**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-4 \| RSLEX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$103 | 1.00% |

---

#### Management's discussion of fund performance
The fund's Class R-4 shares gained 6.67% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R4.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463827.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class R-4\* | 6.67% | 5.07% | 8.95% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R4**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-5E \| RSLDX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$83 | 0.80% |

---

#### Management's discussion of fund performance
The fund's Class R-5E shares gained 6.89% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5E.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1464003.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| SMALLCAP World Fund — Class R-5E2 | 6.89% | 5.28% | 8.81% |
| MSCI ACWI IMI Index3 | 16.79% | 13.30% | 10.98% |
| MSCI All Country World Small Cap Index3 | 12.82% | 11.37% | 8.99% |

---

<sup>1</sup> Class R-5E shares were first offered on November 20, 2015.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R5E**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-5 \| RSLFX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$72 | 0.70% |

---

#### Management's discussion of fund performance
The fund's Class R-5 shares gained 6.98% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463871.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class R-5\* | 6.98% | 5.38% | 9.28% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R5**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5ARX-035-1125© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2208.jpg)

ANNUAL SHAREHOLDER REPORT

## SMALLCAP World Fund <sup>®</sup>
**Class R-6 \| RLLGX** for the year ended September 30, 2025

This annual shareholder report contains important information about SMALLCAP World Fund (the "fund") for the period from October 1, 2024 to September 30, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$67 | 0.65% |

---

#### Management's discussion of fund performance
The fund's Class R-6 shares gained 7.04% for the year ended September 30, 2025. That result compares with a 12.82% gain for the MSCI All Country World Small Cap Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R6.

#### What factors influenced results
Global equity markets delivered strong gains over the fiscal year, despite periods of volatility driven by trade uncertainty and rising geopolitical tensions. All major regions posted positive returns, with gains for non-U.S. markets on par with the U.S. Within emerging markets, equities in China, Taiwan and Korea soared, which more than offset negative returns in India. Global small caps also rose, although they lagged their large cap counterparts.

Most sectors delivered positive returns for the fund, with industrials, financials and information technology being particularly additive. Returns from the materials and utilities sectors also exceeded those of the overall portfolio. U.S.-based companies, which represent nearly half of the portfolio, posted gains but lagged the fund's overall return. Companies based in Canada, Japan and the United Kingdom also made meaningful contributions to investment results.

Conversely, holdings in the consumer discretionary and health care sectors significantly dragged on overall results. The energy, consumer staples and real estate sectors also posted negative returns during the fiscal year. On a country basis, Sweden, India and the Netherlands were among the most notable detractors from the portfolio's results.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1463915.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| SMALLCAP World Fund — Class R-6\* | 7.04% | 5.44% | 9.34% |
| MSCI ACWI IMI Index† | 16.79% | 13.30% | 11.63% |
| MSCI All Country World Small Cap Index† | 12.82% | 11.37% | 9.48% |

---

<sup>\*</sup> 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.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $81340 |
| Total number of portfolio holdings | 864 |
| Total advisory fees paid (in millions) | $455 |
| Portfolio turnover rate | 41% |

---

**Portfolio holdings by sector** (percent of net assets)

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R6.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6ARX-035-1125© 2025 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

------

#### ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that Joseph J. Bonner, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

------

#### ITEM 4 - Principal Accountant Fees and Services

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees |
| **September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;11000 | &nbsp;&nbsp;68000 |  |
| **September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;11000 | &nbsp;&nbsp;64000 |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;1697000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;72000 |
| **September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;2550000 |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 |

---

---

| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852000 |
| **September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637000 |

---

<sup>1</sup>The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

<sup>2</sup>This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.

<sup>3</sup>Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence.

**(e1)(e2)(h)** All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

**(f)**Not applicable.

**(i)**Not applicable.

**(j)**Not applicable.

------

#### ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

------

#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

------

#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](imgec28d84f1.jpg)

**SMALLCAP World Fund**<sup>®</sup>

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended September 30, 2025

Lit. No. MFGEFP4-035-1125© 2025 Capital Group. All rights reserved.

------

Investment portfolio September 30, 2025

------

---

| | | |
|:---|:---|:---|
| Common stocks 95.18% | Shares | Value<br> (000)<br>|
| **Industrials 24.15%** | **Industrials 24.15%** | **Industrials 24.15%** |
| Comfort Systems USA, Inc.  | 1306927 | $1078450 |
| Diploma PLC <sup>(a)</sup>  | 10369406 | 739825 |
| Bombardier, Inc., Class B <sup>(b)</sup>  | 3262578 | 457211 |
| Crane Co.  | 2293047 | 422242 |
| Babcock International Group PLC  | 21322088 | 381392 |
| ATI, Inc. <sup>(b)</sup>  | 4590861 | 373421 |
| Arcosa, Inc. <sup>(a)</sup>  | 3827403 | 358666 |
| IMI PLC  | 11165502 | 343277 |
| BELIMO Holding AG  | 327050 | 341614 |
| Enpro, Inc. <sup>(a)</sup>  | 1401604 | 316763 |
| Federal Signal Corp.  | 2449352 | 291448 |
| Casella Waste Systems, Inc., Class A <sup>(b)</sup>  | 3057214 | 290068 |
| CSW Industrials, Inc. <sup>(a)</sup>  | 1192456 | 289469 |
| International Container Terminal Services, Inc.  | 34119756 | 276476 |
| Cleanaway Waste Management, Ltd. <sup>(a)</sup>  | 142062903 | 260388 |
| FTAI Aviation, Ltd.  | 1554184 | 259331 |
| SPX Technologies, Inc. <sup>(b)</sup>  | 1356956 | 253452 |
| SPIE SA  | 4414629 | 237381 |
| VSE Corp. <sup>(a)</sup>  | 1427476 | 237304 |
| Saia, Inc. <sup>(b)</sup>  | 781584 | 233975 |
| XPO, Inc. <sup>(b)</sup>  | 1802469 | 233005 |
| Kadant, Inc. <sup>(a)</sup>  | 771682 | 229637 |
| AZZ, Inc. <sup>(a)</sup>  | 1961247 | 214031 |
| Karman Holdings, Inc. <sup>(b)</sup>  | 2882580 | 208122 |
| Carel Industries SpA <sup>(a)(c)</sup>  | 7721582 | 202614 |
| First Advantage Corp. <sup>(a)(b)(c)</sup>  | 12654218 | 194748 |
| Hensoldt AG <sup>(c)</sup>  | 1431774 | 185411 |
| CBIZ, Inc. <sup>(a)(b)</sup>  | 3488615 | 184757 |
| AAON, Inc. <sup>(c)</sup>  | 1975443 | 184585 |
| UL Solutions, Inc., Class A  | 2597608 | 184067 |
| Armstrong World Industries, Inc.  | 926349 | 181574 |
| Japan Elevator Service Holdings Co., Ltd. <sup>(a)</sup>  | 14032600 | 178106 |
| Addtech AB, Class B  | 5442314 | 176431 |
| Adecco Group AG  | 6270918 | 175669 |
| NICHIAS Corp. <sup>(a)(c)</sup>  | 4618900 | 173593 |
| QinetiQ Group PLC  | 22881624 | 169100 |
| Everus Construction Group, Inc. <sup>(b)</sup>  | 1935774 | 165993 |
| Takasago Thermal Engineering Co., Ltd. <sup>(c)</sup>  | 5799424 | 161451 |
| Nexans SA  | 1064620 | 157490 |
| Applied Industrial Technologies, Inc.  | 593851 | 155025 |
| Rumo SA  | 50786647 | 152391 |
| Enerpac Tool Group Corp., Class A <sup>(a)</sup>  | 3605977 | 147845 |
| Interpump Group SpA  | 3212548 | 147021 |
| Robert Half, Inc.  | 4323712 | 146920 |
| Howden Joinery Group PLC  | 12911121 | 146467 |
| Weir Group PLC (The)  | 3978926 | 146196 |
| Lifco AB, Class B  | 4195000 | 141610 |
| Trelleborg AB, Class B  | 3745067 | 139430 |
| Bloom Energy Corp., Class A <sup>(b)</sup>  | 1616379 | 136697 |
| ICF International, Inc. <sup>(a)</sup>  | 1470825 | 136493 |
| Volution Group PLC <sup>(a)</sup>  | 15759887 | 134167 |
| SWCC Corp. <sup>(a)(c)</sup>  | 2465858 | 129558 |
| Moog, Inc., Class A  | 604349 | 125505 |
| Qantas Airways, Ltd.  | 17131673 | 123789 |
| SiteOne Landscape Supply, Inc. <sup>(b)</sup>  | 953471 | 122807 |
| Montana Aerospace AG <sup>(a)(b)</sup>  | 3441347 | 120180 |
| Tecnoglass, Inc. <sup>(c)</sup>  | 1794272 | 120055 |
| Copa Holdings SA, Class A  | 1008945 | 119883 |
| Visional, Inc. <sup>(b)</sup>  | 1554646 | 118897 |
| Cadre Holdings, Inc. <sup>(a)</sup>  | 3250659 | 118682 |
| Sterling Infrastructure, Inc. <sup>(b)(c)</sup>  | 339095 | 115184 |
| Arcadis NV, non-registered shares  | 2286040 | 115140 |
| Masco Corp.  | 1625000 | 114384 |
| Sinfonia Technology Co., Ltd. <sup>(a)(c)</sup>  | 1826546 | 112642 |

---

---

| | |
|:---|:---|
| **1** | SMALLCAP World Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| BayCurrent, Inc.  | 1827530 | $107513 |
| IMCD NV  | 1013100 | 104670 |
| Inox Wind, Ltd. <sup>(b)</sup>  | 66142427 | 104471 |
| Regal Rexnord Corp.  | 722628 | 103654 |
| R&S Group Holding AG <sup>(a)</sup>  | 2967426 | 103630 |
| Loar Holdings, Inc. <sup>(b)(c)</sup>  | 1292864 | 103429 |
| Hub Group, Inc., Class A  | 2963733 | 102071 |
| MDA Space, Ltd. <sup>(b)</sup>  | 4078139 | 101565 |
| Oshkosh Corp.  | 756257 | 98087 |
| Grafton Group PLC  | 7843552 | 96194 |
| Chemring Group PLC  | 12126351 | 96058 |
| Air Lease Corp., Class A  | 1500000 | 95475 |
| ESCO Technologies, Inc.  | 441576 | 93221 |
| Builders FirstSource, Inc. <sup>(b)</sup>  | 760228 | 92178 |
| KEI Industries, Ltd.  | 2007514 | 91849 |
| VAT Group AG  | 231276 | 91343 |
| Herc Holdings, Inc.  | 760161 | 88680 |
| INVISIO Communications AB <sup>(a)</sup>  | 2601126 | 87032 |
| Simpson Manufacturing Co., Inc.  | 515138 | 86265 |
| CECO Environmental Corp. <sup>(b)</sup>  | 1675351 | 85778 |
| Valmet OYJ <sup>(c)</sup>  | 2515176 | 83509 |
| Graco, Inc.  | 954000 | 81052 |
| Watsco, Inc.  | 200000 | 80860 |
| dormakaba Holding AG  | 87688 | 80412 |
| Kandenko Co., Ltd.  | 2864800 | 78572 |
| DO & CO AG, non-registered shares  | 295861 | 77113 |
| LS Electric Co., Ltd.  | 380215 | 77097 |
| PFISTERER Holding SE <sup>(a)(b)(c)</sup>  | 913222 | 77089 |
| Alaska Air Group, Inc. <sup>(b)</sup>  | 1500000 | 74670 |
| AQ Group AB  | 3851192 | 73593 |
| McGrath RentCorp  | 595650 | 69870 |
| Mader Group, Ltd. <sup>(a)</sup>  | 12668433 | 69409 |
| FTI Consulting, Inc. <sup>(b)</sup>  | 425593 | 68797 |
| NKT AS <sup>(b)</sup>  | 708227 | 68728 |
| REV Group, Inc.  | 1155133 | 65461 |
| Hammond Power Solutions, Inc., Class A <sup>(c)</sup>  | 730120 | 64770 |
| Astronics Corp. <sup>(b)</sup>  | 1407000 | 64173 |
| Limbach Holdings, Inc. <sup>(a)(b)(c)</sup>  | 645288 | 62670 |
| Huber + Suhner AG  | 364699 | 62490 |
| Matson, Inc.  | 633097 | 62417 |
| Shaily Engineering Plastics, Ltd. <sup>(a)</sup>  | 2519092 | 61762 |
| Advanced Drainage Systems, Inc.  | 406025 | 56316 |
| Instalco AB <sup>(a)</sup>  | 20753316 | 56213 |
| Construction Partners, Inc., Class A <sup>(b)</sup>  | 433663 | 55075 |
| Tetra Tech, Inc.  | 1585673 | 52930 |
| WESCO International, Inc.  | 249081 | 52681 |
| APi Group Corp. <sup>(b)</sup>  | 1361656 | 46800 |
| BWX Technologies, Inc.  | 250845 | 46248 |
| MYR Group, Inc. <sup>(b)</sup>  | 219175 | 45595 |
| RENK Group AG <sup>(c)</sup>  | 438109 | 45063 |
| Rosebank Industries PLC <sup>(b)</sup>  | 9138000 | 44612 |
| Upwork, Inc. <sup>(b)</sup>  | 2388542 | 44355 |
| Localiza Rent a Car SA, ordinary nominative shares  | 5904337 | 43765 |
| Firefly Aerospace, Inc. <sup>(b)</sup>  | 1469947 | 43099 |
| Ventia Services Group Pty, Ltd.  | 12643253 | 42750 |
| Einride AB <sup>(a)(b)(d)(e)</sup>  | 537500 | 22720 |
| Einride AB (EUR denominated) <sup>(a)(b)(d)(e)</sup>  | 438277 | 18526 |
| Sweco AB, Class B  | 2474547 | 41214 |
| Motiva Infraestrutura de Mobilidade SA  | 14562465 | 40714 |
| Engcon AB, Class B  | 5080843 | 40045 |
| CAE, Inc. <sup>(b)</sup>  | 1312232 | 38857 |
| Byrna Technologies, Inc. <sup>(a)(b)(c)</sup>  | 1740773 | 38576 |
| AirTAC International Group  | 1550000 | 38295 |
| Reliance Worldwide Corp., Ltd.  | 13700714 | 37079 |
| Fiverr International, Ltd. <sup>(b)</sup>  | 1518959 | 37078 |
| Neway Valve (Suzhou) Co., Ltd., Class A <sup>(b)</sup>  | 5796568 | 36489 |
| SATS, Ltd.  | 13472700 | 35406 |
| Generac Holdings, Inc. <sup>(b)</sup>  | 207989 | 34817 |

---

SMALLCAP World Fund<sub>2</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Badger Infrastructure Solutions, Ltd.  | 750000 | $33078 |
| Boyd Group, Inc. <sup>(c)</sup>  | 194318 | 32773 |
| Willscot Holdings Corp., Class A  | 1500000 | 31665 |
| Kingspan Group PLC  | 376909 | 31330 |
| Delhivery Ltd. <sup>(b)</sup>  | 6166499 | 31257 |
| Trex Co., Inc. <sup>(b)</sup>  | 602320 | 31122 |
| Huaming Power Equipment Co., Ltd., Class A  | 10846218 | 30184 |
| Melrose Industries PLC  | 3561312 | 29159 |
| IndiaMart InterMesh, Ltd.  | 1096030 | 29088 |
| Beijer Ref AB, Class B  | 1783220 | 27778 |
| Morgan Sindall Group PLC  | 433677 | 25896 |
| Storskogen Group AB, Class B <sup>(c)</sup>  | 25000000 | 25461 |
| BrightView Holdings, Inc. <sup>(b)</sup>  | 1869173 | 25047 |
| Indutrade AB  | 1080000 | 24756 |
| FUJI Corp. <sup>(c)</sup>  | 1347500 | 24602 |
| Kajaria Ceramics, Ltd.  | 1817401 | 23883 |
| Grupa Pracuj SA  | 1300000 | 23606 |
| Karnell Group AB <sup>(a)(b)</sup>  | 3739000 | 23154 |
| Worthington Enterprises, Inc.  | 416654 | 23120 |
| MonotaRO Co., Ltd.  | 1511100 | 22030 |
| Oswal Pumps, Ltd. <sup>(b)</sup>  | 2446745 | 19896 |
| Wizz Air Holdings PLC <sup>(b)(c)</sup>  | 1280537 | 19891 |
| MSA Safety, Inc.  | 112841 | 19417 |
| Harmonic Drive Systems, Inc. <sup>(c)</sup>  | 1066049 | 19081 |
| easyJet PLC  | 3000000 | 18721 |
| InPost SA <sup>(b)</sup>  | 1411873 | 17322 |
| SINOPEC Engineering (Group) Co., Ltd., Class H  | 19045000 | 16544 |
| Voyager Technologies, Inc., Class A <sup>(b)(c)</sup>  | 534195 | 15908 |
| Stratasys Ltd. <sup>(b)(c)</sup>  | 1357460 | 15204 |
| 3D Systems Corp. <sup>(b)(c)</sup>  | 5208333 | 15104 |
| discoverIE Group PLC  | 1541359 | 12313 |
| Ariston Holding NV  | 2475645 | 12207 |
| Bilfinger SE  | 72282 | 7952 |
| Porr AG  | 229358 | 7661 |
| Sumitomo Densetsu Co., Ltd. <sup>(c)</sup>  | 141700 | 6123 |
| Voltronic Power Technology Corp.  | 137000 | 4167 |
| Sinoseal Holding Co., Ltd., Class A  | 676456 | 3455 |
| LIG Nex1 Co., Ltd.  | 7871 | 2878 |
| Huron Consulting Group, Inc. <sup>(b)</sup>  | 9250 | 1358 |
|  |  | 19646691 |
| **Financials 15.77%** | **Financials 15.77%** | **Financials 15.77%** |
| Essent Group, Ltd. <sup>(a)</sup>  | 8036380 | 510792 |
| Affirm Holdings, Inc., Class A <sup>(b)</sup>  | 6072522 | 443780 |
| National Bank of Greece SA  | 25658221 | 372484 |
| Glacier Bancorp, Inc. <sup>(a)(c)</sup>  | 7220441 | 351419 |
| 360 ONE WAM, Ltd. <sup>(a)</sup>  | 29144417 | 336122 |
| Paymentus Holdings, Inc., Class A <sup>(b)</sup>  | 9479800 | 290082 |
| SouthState Bank Corp.  | 2915476 | 288253 |
| SLM Corp. <sup>(c)</sup>  | 9209877 | 254929 |
| Eurobank Ergasias Services and Holdings SA  | 63869485 | 246104 |
| RenaissanceRe Holdings, Ltd.  | 952200 | 241792 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)(b)(c)</sup>  | 8482176 | 239282 |
| StepStone Group, Inc., Class A  | 3562901 | 232693 |
| VZ Holding AG  | 1081381 | 226043 |
| Victory Capital Holdings, Inc., Class A  | 3328141 | 215530 |
| Janus Henderson Group PLC  | 4522625 | 201302 |
| JB Financial Group Co., Ltd. <sup>(a)</sup>  | 12279570 | 200860 |
| Cholamandalam Investment and Finance Co., Ltd.  | 10839668 | 196653 |
| First American Financial Corp.  | 2927006 | 188031 |
| Wintrust Financial Corp.  | 1367835 | 181156 |
| Manappuram Finance, Ltd. <sup>(a)</sup>  | 54669136 | 172895 |
| JTC PLC <sup>(a)</sup>  | 9685250 | 171679 |
| Asia Commercial Joint Stock Bank  | 177789366 | 171533 |
| Gunma Bank, Ltd. (The) <sup>(c)</sup>  | 14983000 | 167322 |
| Stifel Financial Corp.  | 1422726 | 161437 |

---

---

| | |
|:---|:---|
| **3** | SMALLCAP World Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Pluxee NV  | 8920056 | $158241 |
| AU Small Finance Bank, Ltd.  | 18729913 | 154288 |
| Max Financial Services, Ltd. <sup>(b)</sup>  | 8692157 | 154276 |
| Plus500, Ltd. <sup>(a)</sup>  | 3557678 | 154068 |
| Skyward Specialty Insurance Group, Inc. <sup>(a)(b)</sup>  | 3230416 | 153639 |
| IIFL Finance, Ltd. <sup>(a)(b)</sup>  | 29086922 | 148041 |
| Vontobel Holding AG  | 1935103 | 145610 |
| BNK Financial Group, Inc.  | 13853460 | 144059 |
| HDFC Asset Management Co., Ltd.  | 2278856 | 141997 |
| AUB Group, Ltd. <sup>(a)</sup>  | 6420148 | 139044 |
| Home BancShares, Inc.  | 4887235 | 138309 |
| OneMain Holdings, Inc.  | 2397573 | 135367 |
| Nuvama Wealth Management, Ltd.  | 1782269 | 126561 |
| Goosehead Insurance, Inc., Class A  | 1688000 | 125621 |
| Banca Generali SpA  | 2181486 | 121451 |
| Porto Seguro SA  | 12708454 | 119056 |
| Marex Group PLC  | 3488093 | 117270 |
| Kyoto Financial Group, Inc. <sup>(c)</sup>  | 5500000 | 117003 |
| PB Fintech, Ltd. <sup>(b)</sup>  | 5985248 | 114732 |
| Home First Finance Company India, Ltd. <sup>(a)</sup>  | 8037518 | 110077 |
| Kinsale Capital Group, Inc.  | 257620 | 109555 |
| SiriusPoint, Ltd. <sup>(a)(b)</sup>  | 6000000 | 108540 |
| Lazard, Inc., Class A  | 1972490 | 104108 |
| Nova Ljubljanska Banka dd (GDR)  | 2512833 | 102372 |
| Alpha Bank SA  | 24000000 | 101832 |
| Aptus Value Housing Finance India, Ltd. <sup>(a)</sup>  | 27453811 | 98868 |
| Trupanion, Inc. <sup>(b)</sup>  | 2090480 | 90476 |
| Comerica, Inc.  | 1318594 | 90350 |
| BFF Bank SpA <sup>(b)</sup>  | 6878737 | 88190 |
| City Union Bank, Ltd.  | 36608696 | 88124 |
| Euronext NV  | 585333 | 87551 |
| East West Bancorp, Inc.  | 796201 | 84756 |
| Nordnet AB  | 2810653 | 81504 |
| Discovery, Ltd.  | 7064444 | 80585 |
| Antin Infrastructure Partners SA <sup>(c)</sup>  | 5753967 | 79039 |
| Radian Group, Inc.  | 2161287 | 78282 |
| Accelerant Holdings, Class A <sup>(b)</sup>  | 5238094 | 77995 |
| Banco del Bajio, SA  | 29567267 | 74461 |
| Slide Insurance Holdings, Inc. <sup>(b)</sup>  | 4483180 | 70767 |
| Norion Bank AB <sup>(b)</sup>  | 9838520 | 70750 |
| Oscar Health, Inc., Class A <sup>(b)(c)</sup>  | 3622586 | 68576 |
| Tikehau Capital SCA, non-registered shares <sup>(c)</sup>  | 2861823 | 62159 |
| IG Group Holdings PLC  | 4185977 | 60632 |
| Optima bank SA  | 6079764 | 60244 |
| Hamilton Lane, Inc., Class A  | 443710 | 59808 |
| FirstCash Holdings, Inc.  | 364632 | 57765 |
| Evercore, Inc., Class A  | 166790 | 56262 |
| Stewart Information Services Corp.  | 764459 | 56050 |
| EFG International AG  | 2750000 | 55895 |
| Aspen Insurance Holdings, Ltd., Class A <sup>(b)</sup>  | 1497836 | 54986 |
| Capitec Bank Holdings, Ltd.  | 267021 | 53713 |
| Bolsa Mexicana de Valores, SAB de CV, Series A  | 25669735 | 53642 |
| Patria Investments, Ltd., Class A <sup>(c)</sup>  | 3552362 | 51864 |
| Moelis & Co., Class A  | 719000 | 51279 |
| BSE, Ltd.  | 2219334 | 50996 |
| First Merchants Corp.  | 1346300 | 50755 |
| L&T Finance, Ltd.  | 17835312 | 50074 |
| Webster Financial Corp.  | 831263 | 49410 |
| Bridgepoint Group PLC <sup>(c)</sup>  | 11815909 | 48468 |
| Hokuhoku Financial Group, Inc. <sup>(c)</sup>  | 1812325 | 47463 |
| Swissquote Group Holding, Ltd.  | 66940 | 46712 |
| Netwealth Group, Ltd.  | 2390750 | 46494 |
| Federal Agricultural Mortgage Corp., Class C, nonvoting shares  | 275768 | 46323 |
| TMX Group, Ltd.  | 1210073 | 46292 |
| Roko AB, Class B <sup>(b)</sup>  | 207519 | 44361 |
| National Securities Depository, Ltd.  | 2617785 | 35616 |
| National Securities Depository, Ltd. <sup>(f)</sup>  | 625617 | 8512 |
| NMI Holdings, Inc. <sup>(b)</sup>  | 1150000 | 44091 |

---

SMALLCAP World Fund<sub>4</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Root, Inc., Class A <sup>(b)(c)</sup>  | 461038 | $41267 |
| EZCORP, Inc., Class A, nonvoting shares <sup>(b)(c)</sup>  | 2148126 | 40900 |
| Premium Group Co., Ltd. <sup>(a)</sup>  | 2799300 | 40811 |
| Sprott, Inc.  | 475700 | 39537 |
| Figure Technology Solutions, Inc. <sup>(b)</sup>  | 1058893 | 38512 |
| Aavas Financiers, Ltd. <sup>(b)</sup>  | 1964024 | 36142 |
| Central Depository Services (India), Ltd.  | 2199032 | 36125 |
| CVB Financial Corp.  | 1905778 | 36038 |
| Regional, SAB de CV, Class A  | 3997738 | 35990 |
| flatexDEGIRO AG  | 1096877 | 35904 |
| Pine Labs Pte., Ltd. <sup>(b)(d)(e)</sup>  | 9792413 | 35351 |
| XP, Inc., Class A  | 1867000 | 35081 |
| PJT Partners, Inc., Class A  | 191756 | 34081 |
| Artisan Partners Asset Management, Inc., Class A <sup>(c)</sup>  | 705000 | 30597 |
| Steadfast Group, Ltd.  | 7191215 | 28217 |
| P10, Inc., Class A <sup>(c)</sup>  | 2544148 | 27680 |
| Columbia Banking System, Inc.  | 1063800 | 27382 |
| Funding Circle Holdings PLC <sup>(b)(c)</sup>  | 14713073 | 24576 |
| Yapi ve Kredi Bankasi AS <sup>(b)</sup>  | 30000000 | 24489 |
| Haci Omer Sabanci Holding AS  | 11496097 | 24000 |
| Houlihan Lokey, Inc., Class A  | 112959 | 23193 |
| GQG Partners, Inc. (CDI)  | 19330866 | 21489 |
| TMBThanachart Bank PCL, foreign registered shares  | 365868600 | 21427 |
| NOBA Bank Group AB <sup>(b)</sup>  | 2050000 | 20469 |
| Linc AB <sup>(b)</sup>  | 2358208 | 17760 |
| NCR Atleos Corp. <sup>(b)</sup>  | 418863 | 16465 |
| Main Street Capital Corp.  | 253745 | 16136 |
| Redwood Trust, Inc. REIT  | 2562000 | 14834 |
| Generation Development Group, Ltd.  | 3171745 | 14607 |
| TWFG, Inc., Class A <sup>(b)(c)</sup>  | 447021 | 12266 |
| KFin Technologies, Ltd.  | 635355 | 7526 |
|  |  | 12826282 |
| **Information technology 14.94%** | **Information technology 14.94%** | **Information technology 14.94%** |
| Lumentum Holdings, Inc. <sup>(a)(b)(c)</sup>  | 4035515 | 656619 |
| Kokusai Electric Corp. <sup>(a)(c)</sup>  | 18169029 | 515886 |
| Impinj, Inc. <sup>(a)(b)</sup>  | 2318597 | 419086 |
| Fabrinet, non-registered shares <sup>(b)</sup>  | 1080489 | 393968 |
| MKS, Inc.  | 2987713 | 369789 |
| eMemory Technology, Inc. <sup>(a)</sup>  | 5336762 | 352831 |
| King Slide Works Co., Ltd.  | 2896983 | 312720 |
| Semtech Corp. <sup>(b)</sup>  | 4300356 | 307260 |
| Jentech Precision Industrial Co., Ltd.  | 3409467 | 283078 |
| Allegro MicroSystems, Inc. <sup>(a)(b)</sup>  | 9587534 | 279956 |
| Global Unichip Corp.  | 5891403 | 259022 |
| Maruwa Co., Ltd. <sup>(a)(c)</sup>  | 948443 | 248198 |
| Dexerials Corp. <sup>(a)(c)</sup>  | 15484500 | 238364 |
| Ncino, Inc. <sup>(a)(b)(c)</sup>  | 7827966 | 212216 |
| Lattice Semiconductor Corp. <sup>(b)</sup>  | 2859824 | 209682 |
| Credo Technology Group Holding, Ltd. <sup>(b)</sup>  | 1367254 | 199086 |
| Softcat PLC  | 9357935 | 198599 |
| Unity Software, Inc. <sup>(b)</sup>  | 4807191 | 192480 |
| Viavi Solutions, Inc. <sup>(a)(b)</sup>  | 14955454 | 189785 |
| ASMPT, Ltd.  | 17803015 | 187708 |
| Insight Enterprises, Inc. <sup>(a)(b)</sup>  | 1618949 | 183605 |
| Lumine Group, Inc., subordinate voting shares <sup>(b)</sup>  | 5967653 | 175981 |
| Nova, Ltd. <sup>(b)(c)</sup>  | 544097 | 173926 |
| OSI Systems, Inc. <sup>(b)</sup>  | 674343 | 168073 |
| MACOM Technology Solutions Holdings, Inc. <sup>(b)</sup>  | 1347192 | 167712 |
| Lagercrantz Group AB, Class B  | 7728380 | 166152 |
| Celestica, Inc. <sup>(b)</sup>  | 654145 | 161168 |
| VusionGroup  | 526428 | 157603 |
| Alkami Technology, Inc. <sup>(a)(b)</sup>  | 5464036 | 135727 |
| Megaport, Ltd. <sup>(a)(b)</sup>  | 12808950 | 133662 |
| Pegasystems, Inc.  | 2285550 | 131419 |
| RingCentral, Inc., Class A <sup>(b)</sup>  | 4324911 | 122568 |

---

---

| | |
|:---|:---|
| **5** | SMALLCAP World Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** | **Information technology (continued)** | **Information technology (continued)** |
| Intapp, Inc. <sup>(b)</sup>  | 2892169 | $118290 |
| Astera Labs, Inc. <sup>(b)</sup>  | 600000 | 117480 |
| Topicus.com, Inc., subordinate voting shares <sup>(b)</sup>  | 1047263 | 112312 |
| Rubrik, Inc., Class A <sup>(b)</sup>  | 1321667 | 108707 |
| PAR Technology Corp. <sup>(a)(b)(c)</sup>  | 2739123 | 108415 |
| Q2 Holdings, Inc. <sup>(b)</sup>  | 1488553 | 107756 |
| Money Forward, Inc. <sup>(b)(c)</sup>  | 2504371 | 101387 |
| Kulicke and Soffa Industries, Inc.  | 2390272 | 97141 |
| OBIC Business Consultants Co., Ltd. <sup>(c)</sup>  | 1566600 | 96400 |
| Kitron ASA <sup>(a)</sup>  | 15908251 | 92935 |
| Silicon Laboratories, Inc. <sup>(b)</sup>  | 695240 | 91167 |
| Netskope, Inc., Class A <sup>(a)(b)</sup>  | 3953800 | 89870 |
| Rogers Corp. <sup>(a)(b)</sup>  | 1096036 | 88187 |
| Appier Group, Inc. <sup>(a)(c)</sup>  | 8183100 | 85768 |
| Disco Corp.  | 255900 | 80481 |
| Crane NXT, Co.  | 1175737 | 78857 |
| Monday.com, Ltd. <sup>(b)</sup>  | 405134 | 78470 |
| Via Transportation, Inc., Class A <sup>(b)</sup>  | 1594286 | 76653 |
| Globant SA <sup>(b)</sup>  | 1310703 | 75208 |
| Nippon System Development Co., Ltd. <sup>(c)</sup>  | 3121600 | 73415 |
| MongoDB, Inc., Class A <sup>(b)</sup>  | 229488 | 71229 |
| Reply SpA  | 492663 | 70103 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(b)</sup>  | 3774426 | 68015 |
| Amano Corp. <sup>(c)</sup>  | 2391500 | 67904 |
| Ralliant Corp.  | 1552364 | 67885 |
| Riken Keiki Co., Ltd. <sup>(a)(c)</sup>  | 3116152 | 65848 |
| Klaviyo, Inc., Class A <sup>(b)</sup>  | 2293183 | 63498 |
| MARA Holdings, Inc. <sup>(b)(c)</sup>  | 3371939 | 61572 |
| Azbil Corp. <sup>(c)</sup>  | 6077300 | 57677 |
| Lotes Co., Ltd.  | 1129000 | 57232 |
| Tokyo Seimitsu Co., Ltd. <sup>(c)</sup>  | 838000 | 56977 |
| Cognex Corp.  | 1219012 | 55221 |
| Guidewire Software, Inc. <sup>(b)</sup>  | 239672 | 55091 |
| SHIFT, Inc. <sup>(b)</sup>  | 6500000 | 54941 |
| HPSP Co., Ltd.  | 2190508 | 52692 |
| Nayax, Ltd. <sup>(b)</sup>  | 1075000 | 51377 |
| Dynavox Group AB <sup>(b)</sup>  | 4225000 | 51296 |
| Vitec Software Group AB, Class B <sup>(c)</sup>  | 1449923 | 51039 |
| Power Integrations, Inc.  | 1262854 | 50779 |
| Flex, Ltd. <sup>(b)</sup>  | 864808 | 50133 |
| Aixtron SE  | 2733700 | 47340 |
| Vontier Corp.  | 1100000 | 46167 |
| Okta, Inc., Class A <sup>(b)</sup>  | 500000 | 45850 |
| Coforge, Ltd.  | 2514552 | 45058 |
| Nemetschek SE  | 339710 | 44191 |
| SMG Swiss Marketplace Group AG <sup>(b)</sup>  | 737081 | 41963 |
| Cellebrite DI, Ltd. <sup>(b)</sup>  | 2151956 | 39876 |
| CDW Corp.  | 250000 | 39820 |
| INFICON Holding AG  | 336470 | 39647 |
| Riskified, Ltd., Class A <sup>(b)</sup>  | 8313598 | 38908 |
| Domo, Inc., Class B <sup>(b)</sup>  | 2449281 | 38797 |
| CompoSecure, Inc., Class A <sup>(b)</sup>  | 1786525 | 37195 |
| SiTime Corp. <sup>(b)(c)</sup>  | 123011 | 37064 |
| Bechtle AG, non-registered shares <sup>(c)</sup>  | 788422 | 36322 |
| Codan, Ltd.  | 1782252 | 34813 |
| Ingram Micro Holding Corp. <sup>(c)</sup>  | 1617257 | 34755 |
| SINBON Electronics Co., Ltd.  | 4546092 | 34307 |
| VisEra Technologies Co., Ltd.  | 3644826 | 33485 |
| Socionext, Inc. <sup>(c)</sup>  | 1765841 | 33314 |
| Progress Software Corp. <sup>(b)</sup>  | 722081 | 31721 |
| Accton Technology Corp.  | 803000 | 27532 |
| freee K.K. <sup>(b)(c)</sup>  | 1153400 | 27415 |
| Elite Material Co., Ltd.  | 679000 | 27291 |
| Confluent, Inc., Class A <sup>(b)</sup>  | 1318892 | 26114 |
| Kinaxis Inc. <sup>(b)</sup>  | 187671 | 24226 |
| Pattern Group, Inc., Class A <sup>(b)</sup>  | 1750000 | 23975 |
| Circle Internet Group, Inc. <sup>(b)(c)</sup>  | 177476 | 23530 |
| SPS Commerce, Inc. <sup>(b)</sup>  | 214469 | 22335 |

---

SMALLCAP World Fund<sub>6</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Information technology (continued)** | **Information technology (continued)** | **Information technology (continued)** |
| Wolfspeed, Inc. <sup>(b)</sup>  | 750921 | $21476 |
| Presight AI Holding PLC <sup>(b)</sup>  | 22956500 | 20250 |
| Technoprobe SpA <sup>(b)(c)</sup>  | 2033735 | 20033 |
| Dock, Ltd. <sup>(b)(d)(e)</sup>  | 4318937 | 19997 |
| Yubico AB <sup>(b)(c)</sup>  | 1100000 | 15832 |
| AAC Technologies Holdings, Inc.  | 2629000 | 15453 |
| Kontron AG <sup>(c)</sup>  | 446061 | 14328 |
| Novanta, Inc. <sup>(b)</sup>  | 134552 | 13475 |
| NCAB Group AB <sup>(b)</sup>  | 2385584 | 12477 |
| EPAM Systems, Inc. <sup>(b)</sup>  | 71760 | 10821 |
| SmartCraft ASA, Class A <sup>(b)</sup>  | 3896984 | 10661 |
| Hexaware Technologies, Ltd.  | 1127468 | 8514 |
| ON Semiconductor Corp. <sup>(b)</sup>  | 167850 | 8277 |
| Noventiq Holdings PLC (GDR) <sup>(a)(b)(d)(g)</sup>  | 17110290 | 6125 |
| Noventiq Holdings PLC (GDR) <sup>(a)(b)(d)</sup>  | 16060 | 6 |
| ServiceTitan, Inc., Class A <sup>(b)</sup>  | 38890 | 3921 |
| Patreon, Inc., Class B <sup>(b)(d)(e)</sup>  | 189951 | 2285 |
| Yotpo, Ltd. <sup>(b)(d)(e)</sup>  | 2620102 | 1284 |
| Foursquare Labs, Inc., Series A <sup>(b)(d)(e)</sup>  | 1970385 | 1261 |
| Tarana Wireless, Inc., Class C <sup>(b)(d)</sup>  | 862071 | 922 |
|  |  | 12153746 |
| **Consumer discretionary 14.86%** | **Consumer discretionary 14.86%** | **Consumer discretionary 14.86%** |
| TopBuild Corp. <sup>(a)(b)</sup>  | 2067684 | 808175 |
| Dollarama, Inc.  | 5010000 | 660728 |
| Cavco Industries, Inc. <sup>(a)(b)</sup>  | 660036 | 383303 |
| CAVA Group, Inc. <sup>(b)(c)</sup>  | 5450727 | 329278 |
| Wayfair, Inc., Class A <sup>(b)(c)</sup>  | 3624194 | 323749 |
| Modine Manufacturing Co. <sup>(b)</sup>  | 2165456 | 307841 |
| Lottomatica Group SpA  | 11342248 | 305211 |
| Tube Investments of India, Ltd.  | 8670731 | 302411 |
| Entain PLC  | 25705456 | 302084 |
| Wyndham Hotels & Resorts, Inc.  | 3730756 | 298087 |
| Toll Brothers, Inc.  | 1927000 | 266196 |
| Metaplanet, Inc. <sup>(a)(b)(c)</sup>  | 61226850 | 238060 |
| Games Workshop Group PLC  | 1212576 | 236954 |
| Patrick Industries, Inc. <sup>(a)(c)</sup>  | 2125829 | 219874 |
| Global-E Online, Ltd. <sup>(b)</sup>  | 6098763 | 218092 |
| Floor & Decor Holdings, Inc., Class A <sup>(b)</sup>  | 2947545 | 217234 |
| Light & Wonder, Inc. <sup>(b)(c)</sup>  | 1727405 | 144999 |
| Light & Wonder, Inc. Chess Depository Receipt <sup>(b)</sup>  | 507820 | 43562 |
| KB Home  | 2957918 | 188242 |
| Champion Homes, Inc. <sup>(b)</sup>  | 2375212 | 181395 |
| Wingstop, Inc. <sup>(c)</sup>  | 640253 | 161139 |
| Jumbo SA  | 4562224 | 156510 |
| Meritage Homes Corp.  | 1987850 | 143980 |
| BRP, Inc. <sup>(c)</sup>  | 2323013 | 141247 |
| Thor Industries, Inc.  | 1352004 | 140189 |
| Polaris, Inc.  | 2405834 | 139851 |
| MakeMyTrip, Ltd. <sup>(b)</sup>  | 1488713 | 139344 |
| DraftKings, Inc., Class A <sup>(b)</sup>  | 3697452 | 138285 |
| Five Below, Inc. <sup>(b)</sup>  | 885288 | 136954 |
| Lennar Corp., Class A  | 1058458 | 133408 |
| Lennar Corp., Class B <sup>(c)</sup>  | 21169 | 2540 |
| Bright Horizons Family Solutions, Inc. <sup>(b)</sup>  | 1246746 | 135359 |
| B&M European Value Retail SA  | 35954843 | 126547 |
| Adtalem Global Education, Inc. <sup>(b)</sup>  | 810187 | 125133 |
| Wynn Resorts, Ltd.  | 941200 | 120728 |
| Food & Life Cos., Ltd.  | 2300900 | 120378 |
| Inchcape PLC  | 12691412 | 118201 |
| Moncler SpA  | 1849594 | 108293 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(b)</sup>  | 4381415 | 107914 |
| Installed Building Products, Inc.  | 431115 | 106339 |
| DPC Dash, Ltd. <sup>(a)(b)</sup>  | 9486786 | 106060 |
| Sega Sammy Holdings, Inc. <sup>(c)</sup>  | 4989300 | 105127 |
| Ollies Bargain Outlet Holdings, Inc. <sup>(b)</sup>  | 802369 | 103024 |

---

---

| | |
|:---|:---|
| **7** | SMALLCAP World Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Kontoor Brands, Inc.  | 1276410 | $101819 |
| Churchill Downs, Inc.  | 1024018 | 99340 |
| Century Communities, Inc. <sup>(a)</sup>  | 1512000 | 95815 |
| Cairn Homes PLC (GBP denominated) <sup>(a)</sup>  | 27336047 | 61985 |
| Cairn Homes PLC (EUR denominated) <sup>(a)</sup>  | 14578933 | 32795 |
| Acushnet Holdings Corp.  | 1200000 | 94188 |
| Temple & Webster Group, Ltd. <sup>(b)</sup>  | 5938319 | 90297 |
| Genius Sports, Ltd. <sup>(b)</sup>  | 7062279 | 87431 |
| Grand Canyon Education, Inc. <sup>(b)</sup>  | 389042 | 85402 |
| Guzman y Gomez, Ltd. <sup>(c)</sup>  | 4786967 | 82293 |
| ThredUp, Inc., Class A <sup>(b)</sup>  | 8707600 | 82287 |
| Steven Madden, Ltd. <sup>(c)</sup>  | 2434054 | 81492 |
| Genda, Inc. <sup>(a)(b)(c)</sup>  | 13590200 | 80594 |
| Domino's Pizza, Inc.  | 176500 | 76197 |
| Berkeley Group Holdings PLC  | 1463642 | 75510 |
| Boot Barn Holdings, Inc. <sup>(b)</sup>  | 443095 | 73430 |
| Brinker International, Inc. <sup>(b)</sup>  | 574622 | 72793 |
| Domino's Pizza Group PLC <sup>(a)</sup>  | 26295118 | 70410 |
| Evolution AB  | 850000 | 69828 |
| Peloton Interactive, Inc., Class A <sup>(b)</sup>  | 7742528 | 69683 |
| Murphy USA, Inc.  | 175000 | 67945 |
| Aditya Vision, Ltd. <sup>(a)</sup>  | 9866779 | 62786 |
| Zalando SE, non-registered shares <sup>(b)</sup>  | 2028664 | 61949 |
| Tsuburaya Fields Holdings, Inc. <sup>(a)(c)</sup>  | 3891900 | 59582 |
| Watches of Switzerland Group PLC <sup>(a)(b)</sup>  | 12096098 | 59443 |
| JVCKENWOOD Corp.  | 7547100 | 58893 |
| Playtech PLC  | 11772939 | 58425 |
| Brunello Cucinelli SpA <sup>(c)</sup>  | 532326 | 58123 |
| Darden Restaurants, Inc.  | 303300 | 57736 |
| Vibra Energia SA  | 12049929 | 55673 |
| Caesars Entertainment, Inc. <sup>(b)</sup>  | 1991452 | 53819 |
| Camping World Holdings, Inc., Class A  | 3297696 | 52071 |
| Puuilo OYJ  | 2829088 | 49291 |
| Yonex Co., Ltd.  | 1895900 | 48588 |
| IDP Education, Ltd.  | 10989580 | 47776 |
| Smartfit Escola de Ginastica e Danca SA  | 9507190 | 47659 |
| MRF, Ltd.  | 27565 | 45271 |
| tonies SE, Class A <sup>(b)(c)</sup>  | 4985424 | 44484 |
| Vail Resorts, Inc.  | 278179 | 41607 |
| Rusta AB <sup>(c)</sup>  | 6372700 | 41055 |
| RH <sup>(b)(c)</sup>  | 201734 | 40984 |
| Beazer Homes USA, Inc. <sup>(a)(b)</sup>  | 1659813 | 40748 |
| VF Corp. <sup>(c)</sup>  | 2380695 | 34353 |
| Central Automotive Products, Ltd.  | 2723400 | 33903 |
| OneSpaWorld Holdings, Ltd.  | 1528664 | 32316 |
| Amber Enterprises India, Ltd. <sup>(b)</sup>  | 345077 | 31438 |
| Malibu Boats, Inc., Class A <sup>(b)</sup>  | 949738 | 30819 |
| Winnebago Industries, Inc.  | 850825 | 28452 |
| Zhejiang Weixing Industrial Development Co., Ltd., Class A <sup>(b)</sup>  | 19217806 | 27483 |
| AUTO1 Group SE <sup>(b)</sup>  | 792188 | 26972 |
| Pool Corp.  | 82506 | 25583 |
| Belrise Industries, Ltd.  | 13656269 | 24220 |
| Bath & Body Works, Inc.  | 916443 | 23608 |
| Whirlpool Corp. <sup>(c)</sup>  | 291517 | 22913 |
| Savers Value Village, Inc. <sup>(b)(c)</sup>  | 1705849 | 22602 |
| Auction Technology Group PLC <sup>(b)</sup>  | 5205903 | 22545 |
| Coats Group PLC  | 20031496 | 22441 |
| FPT Digital Retail Joint Stock Co. <sup>(b)</sup>  | 4503800 | 21812 |
| Nien Made Enterprise Co., Ltd.  | 1560018 | 21728 |
| YETI Holdings, Inc. <sup>(b)</sup>  | 641400 | 21282 |
| MIPS AB  | 543100 | 19672 |
| Shoei Co., Ltd.  | 1544400 | 18370 |
| Barratt Redrow PLC  | 3315285 | 17385 |
| OneWater Marine, Inc., Class A <sup>(b)(c)</sup>  | 754805 | 11956 |
| Fox Factory Holding Corp. <sup>(b)</sup>  | 281096 | 6828 |

---

SMALLCAP World Fund<sub>8</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| StockX, Inc. <sup>(b)(d)(e)</sup>  | 161790 | $5394 |
| Brilliant Earth Group, Inc., Class A  | 1052309 | 2178 |
| BNN Technology PLC <sup>(a)(b)(d)</sup>  | 19007000 | — <br><sup>(h)</sup><br>|
|  |  | 12085775 |
| **Health care 10.26%** | **Health care 10.26%** | **Health care 10.26%** |
| Max Healthcare Institute, Ltd.  | 30781244 | 386444 |
| Ensign Group, Inc. (The)  | 1814665 | 313520 |
| Ionis Pharmaceuticals, Inc. <sup>(b)</sup>  | 4219888 | 276065 |
| Insulet Corp. <sup>(b)</sup>  | 833656 | 257375 |
| NewAmsterdam Pharma Co. NV <sup>(a)(b)(c)</sup>  | 8596080 | 244472 |
| Molina Healthcare, Inc. <sup>(b)</sup>  | 1230111 | 235394 |
| Insmed, Inc. <sup>(b)</sup>  | 1594464 | 229619 |
| Zealand Pharma AS <sup>(b)(c)</sup>  | 3126008 | 226705 |
| Laurus Labs, Ltd.  | 22935270 | 217448 |
| Masimo Corp. <sup>(b)</sup>  | 1324675 | 195456 |
| IDEAYA Biosciences, Inc. <sup>(a)(b)</sup>  | 5869591 | 159712 |
| BONESUPPORT Holding AB <sup>(a)(b)</sup>  | 5007614 | 155211 |
| Xenon Pharmaceuticals, Inc. <sup>(b)</sup>  | 3825173 | 153581 |
| DiaSorin SpA <sup>(a)</sup>  | 1606004 | 142395 |
| Siegfried Holding AG  | 1391334 | 138600 |
| Krystal Biotech, Inc. <sup>(b)</sup>  | 752244 | 132794 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(c)</sup>  | 2601687 | 128778 |
| Addus HomeCare Corp. <sup>(a)(b)</sup>  | 1089290 | 128525 |
| Glenmark Pharmaceuticals, Ltd.  | 5658405 | 124443 |
| Ascendis Pharma AS (ADR) <sup>(b)</sup>  | 579165 | 115144 |
| Glaukos Corp. <sup>(b)</sup>  | 1362403 | 111104 |
| Asker Healthcare Group AB <sup>(b)</sup>  | 12233515 | 110713 |
| CRISPR Therapeutics AG <sup>(b)(c)</sup>  | 1647885 | 106799 |
| Penumbra, Inc. <sup>(b)</sup>  | 412644 | 104531 |
| Bio-Rad Laboratories, Inc., Class A <sup>(b)</sup>  | 368307 | 103270 |
| Ambu AS, Class B, non-registered shares <sup>(c)</sup>  | 6992765 | 101844 |
| Doximity, Inc., Class A <sup>(b)</sup>  | 1385674 | 101362 |
| Rapport Therapeutics, Inc. <sup>(a)(b)</sup>  | 3402529 | 101055 |
| SCHOTT Pharma AG & Co. KGaA, non-registered shares <sup>(c)</sup>  | 4052925 | 100401 |
| Ypsomed Holding AG  | 244462 | 95967 |
| DexCom, Inc. <sup>(b)</sup>  | 1384000 | 93129 |
| Mineralys Therapeutics, Inc. <sup>(b)</sup>  | 2393396 | 90758 |
| Hims & Hers Health, Inc., Class A <sup>(b)(c)</sup>  | 1578464 | 89530 |
| Camurus AB <sup>(b)</sup>  | 1228245 | 88846 |
| Innovent Biologics, Inc. <sup>(b)</sup>  | 6938500 | 85952 |
| KRKA, dd, Novo mesto  | 335262 | 84233 |
| Bio-Techne Corp.  | 1440517 | 80136 |
| iRhythm Technologies, Inc. <sup>(b)</sup>  | 463814 | 79771 |
| Gubra AS <sup>(a)(c)</sup>  | 1254000 | 76841 |
| Phreesia, Inc. <sup>(a)(b)</sup>  | 3134872 | 73732 |
| Aster DM Healthcare, Ltd.  | 10058750 | 71026 |
| Zai Lab, Ltd. (ADR) <sup>(b)(c)</sup>  | 2083023 | 70594 |
| Encompass Health Corp.  | 534531 | 67896 |
| AbCellera Biologics, Inc. <sup>(b)(c)</sup>  | 13361096 | 67206 |
| Jazz Pharmaceuticals PLC <sup>(b)</sup>  | 500000 | 65900 |
| Cytokinetics, Inc. <sup>(b)</sup>  | 1178780 | 64786 |
| Arcellx, Inc. <sup>(b)</sup>  | 783011 | 64285 |
| Natera, Inc. <sup>(b)</sup>  | 396421 | 63812 |
| Kymera Therapeutics, Inc. <sup>(b)</sup>  | 1112387 | 62961 |
| Alnylam Pharmaceuticals, Inc. <sup>(b)</sup>  | 137700 | 62791 |
| Guardant Health, Inc. <sup>(b)</sup>  | 927688 | 57962 |
| Bachem Holding AG <sup>(c)</sup>  | 769934 | 56581 |
| Soleno Therapeutics, Inc. <sup>(b)</sup>  | 824514 | 55737 |
| Vimian Group AB (publ) <sup>(b)(c)</sup>  | 18142100 | 54883 |
| Halozyme Therapeutics, Inc. <sup>(b)</sup>  | 745157 | 54650 |
| Fisher & Paykel Healthcare Corp., Ltd.  | 2510000 | 53914 |
| Rhythm Pharmaceuticals, Inc. <sup>(b)</sup>  | 530405 | 53566 |
| SAI Life Sciences, Ltd. <sup>(b)</sup>  | 5458706 | 52916 |
| EBOS Group, Ltd.  | 3003205 | 51231 |
| Exact Sciences Corp. <sup>(b)</sup>  | 890000 | 48692 |

---

---

| | |
|:---|:---|
| **9** | SMALLCAP World Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |
| Dr. Lal PathLabs, Ltd.  | 1334221 | $46855 |
| Denali Therapeutics, Inc. <sup>(b)</sup>  | 3209009 | 46595 |
| Duality Biotherapeutics, Inc. <sup>(b)(c)</sup>  | 960200 | 44864 |
| Teleflex, Inc.  | 366553 | 44851 |
| Poly Medicure, Ltd.  | 2042979 | 44825 |
| Heartflow, Inc. <sup>(b)(c)</sup>  | 1297423 | 43671 |
| Spyre Therapeutics, Inc. <sup>(b)(c)</sup>  | 2592713 | 43454 |
| Indegene, Ltd.  | 6800439 | 42968 |
| CONMED Corp.  | 897451 | 42207 |
| Scholar Rock Holding Corp. <sup>(b)</sup>  | 1128752 | 42035 |
| AddLife AB, Class B  | 2230229 | 42025 |
| Elanco Animal Health, Inc. <sup>(b)(c)</sup>  | 2078888 | 41869 |
| KalVista Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 3177587 | 38703 |
| Genus PLC  | 1212209 | 38638 |
| Asahi Intecc Co., Ltd.  | 2363430 | 38380 |
| BridgeBio Pharma, Inc. <sup>(b)</sup>  | 730924 | 37964 |
| Vitrolife AB <sup>(c)</sup>  | 2578002 | 35516 |
| ADMA Biologics, Inc. <sup>(b)</sup>  | 2313874 | 33921 |
| Globus Medical, Inc., Class A <sup>(b)</sup>  | 574500 | 32902 |
| Onesource Specialty Pharma, Ltd. <sup>(b)</sup>  | 1560571 | 32347 |
| Establishment Labs Holdings, Inc. <sup>(b)(c)</sup>  | 722169 | 29602 |
| Entero Healthcare Solutions, Ltd. <sup>(a)(b)</sup>  | 2358555 | 29595 |
| Legend Biotech Corp. (ADR) <sup>(b)</sup>  | 899946 | 29347 |
| AS ONE Corp.  | 1685700 | 27984 |
| Certara, Inc. <sup>(b)</sup>  | 2160079 | 26396 |
| NovoCure, Ltd. <sup>(b)</sup>  | 2000000 | 25840 |
| TransMedics Group, Inc. <sup>(b)(c)</sup>  | 227441 | 25519 |
| Enliven Therapeutics, Inc. <sup>(b)(c)</sup>  | 1166077 | 23870 |
| Vericel Corp. <sup>(b)</sup>  | 756213 | 23798 |
| KRY International AB, Series A <sup>(b)(d)(e)</sup>  | 918277 | 21045 |
| Sectra AB, Class B  | 627343 | 20804 |
| Biohaven, Ltd. <sup>(b)</sup>  | 1131960 | 16991 |
| 10x Genomics, Inc., Class A <sup>(b)(c)</sup>  | 1452300 | 16977 |
| Vicore Pharma Holding AB <sup>(a)(b)</sup>  | 11759420 | 16663 |
| Centessa Pharmaceuticals PLC (ADR) <sup>(b)(c)</sup>  | 684805 | 16606 |
| Uniphar PLC  | 3412087 | 15783 |
| Prestige Consumer Healthcare, Inc. <sup>(b)</sup>  | 242262 | 15117 |
| Merit Medical Systems, Inc. <sup>(b)</sup>  | 171960 | 14312 |
| ChemoMetec A/S  | 133394 | 13092 |
| Vaxcyte, Inc. <sup>(b)</sup>  | 328468 | 11831 |
| Semler Scientific, Inc. <sup>(b)(c)</sup>  | 385239 | 11557 |
| GeneDx Holdings Corp., Class A <sup>(b)</sup>  | 100284 | 10805 |
| Classys, Inc.  | 285618 | 10280 |
| Lantheus Holdings, Inc. <sup>(b)</sup>  | 194931 | 9998 |
| agilon health, Inc. <sup>(b)</sup>  | 8232209 | 8479 |
| Eckert & Ziegler SE  | 389723 | 8154 |
| Apogee Therapeutics, Inc. <sup>(b)(c)</sup>  | 127618 | 5070 |
| Surgical Science Sweden AB <sup>(b)(c)</sup>  | 320257 | 2992 |
| Nykode Therapeutics ASA  | 15968997 | 2704 |
|  |  | 8348845 |
| **Materials 4.93%** | **Materials 4.93%** | **Materials 4.93%** |
| Lundin Mining Corp.  | 24091475 | 359373 |
| Sandstorm Gold, Ltd. <sup>(a)</sup>  | 23796155 | 297928 |
| Resonac Holdings Co., Ltd. <sup>(c)</sup>  | 8595167 | 291824 |
| APL Apollo Tubes, Ltd. <sup>(a)</sup>  | 15000735 | 284864 |
| Celanese Corp.  | 5011027 | 210864 |
| Materion Corp. <sup>(a)</sup>  | 1655992 | 200060 |
| SOL SpA  | 3334147 | 198463 |
| Sumitomo Bakelite Co., Ltd. <sup>(a)</sup>  | 5832700 | 195744 |
| Novagold Resources, Inc. <sup>(b)</sup>  | 17666000 | 155461 |
| SigmaRoc PLC <sup>(a)(b)</sup>  | 89188362 | 144659 |
| Knife River Corp. <sup>(b)</sup>  | 1628833 | 125208 |
| TriMas Corp. <sup>(a)</sup>  | 2890079 | 111673 |
| Lundin Gold, Inc. <sup>(c)</sup>  | 1500000 | 97187 |
| FMC Corp.  | 2659372 | 89435 |

---

SMALLCAP World Fund<sub>10</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Yamato Kogyo Co., Ltd. <sup>(c)</sup>  | 1441900 | $88668 |
| James Hardie Industries PLC <sup>(b)</sup>  | 4483117 | 86121 |
| Ramkrishna Forgings, Ltd. <sup>(a)</sup>  | 13652426 | 82986 |
| Dyno Nobel, Ltd.  | 38033146 | 78016 |
| Element Solutions, Inc.  | 3052000 | 76819 |
| Huhtamaki OYJ  | 1908047 | 66039 |
| Hawkins, Inc.  | 355619 | 64979 |
| Vicat SACA  | 780947 | 54737 |
| Montage Gold Corp. <sup>(b)</sup>  | 11245604 | 54705 |
| Warrior Met Coal, Inc.  | 852403 | 54247 |
| Chugoku Marine Paints, Ltd. <sup>(c)</sup>  | 2083200 | 50500 |
| Acerinox, SA  | 3798568 | 49503 |
| Osaka Soda Co., Ltd. <sup>(c)</sup>  | 4109400 | 46044 |
| Asahi Yukizai Corp. <sup>(a)(c)</sup>  | 1407500 | 43781 |
| Cabot Corp.  | 414462 | 31520 |
| Fujimi, Inc. <sup>(c)</sup>  | 2108700 | 30885 |
| Mitsui Mining and Smelting Co.,Ltd. <sup>(c)</sup>  | 367465 | 28588 |
| Louisiana-Pacific Corp.  | 313497 | 27851 |
| H.B. Fuller Co.  | 396860 | 23526 |
| Umicore SA  | 1278123 | 22674 |
| NV Bekaert SA  | 476866 | 21779 |
| Hill & Smith PLC  | 763480 | 20998 |
| Mayr-Melnhof Karton AG, non-registered shares <sup>(c)</sup>  | 224825 | 20879 |
| G Mining Ventures Corp. <sup>(b)</sup>  | 1042890 | 20720 |
| Alcoa Corp.  | 611995 | 20128 |
| Arkema SA  | 310809 | 19559 |
| ASP Isotopes Inc. <sup>(b)(c)</sup>  | 1856081 | 17855 |
| Sibanye Stillwater, Ltd. <sup>(b)</sup>  | 6002602 | 17132 |
| AlzChem Group AG  | 97147 | 17131 |
| LANXESS AG  | 275439 | 6823 |
| Wacker Chemie AG <sup>(c)</sup>  | 69288 | 5214 |
|  |  | 4013150 |
| **Consumer staples 3.24%** | **Consumer staples 3.24%** | **Consumer staples 3.24%** |
| e.l.f. Beauty, Inc. <sup>(b)</sup>  | 2061505 | 273108 |
| Raia Drogasil SA, ordinary nominative shares  | 69800885 | 241577 |
| BBB Foods, Inc., Class A <sup>(b)</sup>  | 8950748 | 241312 |
| BellRing Brands, Inc. <sup>(b)</sup>  | 4411528 | 160359 |
| Kotobuki Spirits Co., Ltd. <sup>(a)(c)</sup>  | 11206515 | 137538 |
| Yamazaki Baking Co., Ltd.  | 5981000 | 133140 |
| Universal Robina Corp.  | 103128549 | 125633 |
| Fever-Tree Drinks PLC <sup>(a)</sup>  | 9401181 | 110379 |
| Lamb Weston Holdings, Inc.  | 1900000 | 110352 |
| Lion Corp. <sup>(c)</sup>  | 10353901 | 108135 |
| BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup>  | 1106224 | 103155 |
| Celsius Holdings, Inc. <sup>(b)</sup>  | 1684242 | 96827 |
| Performance Food Group Co. <sup>(b)</sup>  | 928000 | 96549 |
| Redcare Pharmacy NV, non-registered shares <sup>(b)(c)</sup>  | 983173 | 85014 |
| Freshpet, Inc. <sup>(b)</sup>  | 1482778 | 81716 |
| Emmi AG  | 77572 | 66946 |
| Royal Unibrew A/S  | 874052 | 66674 |
| Radico Khaitan, Ltd.  | 1749854 | 56915 |
| Barry Callebaut AG <sup>(c)</sup>  | 32934 | 45095 |
| Apotea Sverige AB <sup>(b)</sup>  | 3986053 | 37945 |
| Fresh Del Monte Produce, Inc.  | 1028000 | 35692 |
| Tilaknager Industries, Ltd.  | 6550000 | 33090 |
| COSMOS Pharmaceutical Corp.  | 564700 | 32992 |
| Century Pacific Food, Inc.  | 43983800 | 28454 |
| Humble Group AB <sup>(a)(b)(c)</sup>  | 30000000 | 27086 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates  | 11719793 | 24792 |
| United Spirits, Ltd.  | 1627094 | 24269 |
| AAK AB  | 819898 | 21302 |
| China Resources Beverage (Holdings) Co., Ltd. <sup>(c)</sup>  | 11333200 | 16034 |
| Milbon Co., Ltd.  | 631806 | 10591 |
| Varun Beverages, Ltd.  | 1229746 | 6145 |
|  |  | 2638816 |

---

---

| | |
|:---|:---|
| **11** | SMALLCAP World Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Communication services 2.52%** | **Communication services 2.52%** | **Communication services 2.52%** |
| Nippon Television Holdings, Inc. <sup>(a)</sup>  | 20184201 | $538573 |
| Magnite, Inc. <sup>(b)(c)</sup>  | 6185529 | 134721 |
| Hemnet Group AB <sup>(a)</sup>  | 5013221 | 126097 |
| Springer Nature AG & Co. KGaA, non-registered shares <sup>(c)</sup>  | 3953980 | 107698 |
| Baltic Classifieds Group PLC <sup>(a)</sup>  | 25807762 | 107598 |
| CTS Eventim AG & Co. KGaA  | 1003985 | 98306 |
| Trustpilot Group PLC <sup>(a)(b)</sup>  | 30457418 | 92738 |
| New York Times Co., Class A  | 1500000 | 86100 |
| Rightmove PLC  | 8806413 | 83925 |
| Indosat Tbk PT  | 774046204 | 81283 |
| JCDecaux SE  | 4028678 | 72225 |
| TIM SA  | 15739600 | 69497 |
| Kadokawa Corp. <sup>(c)</sup>  | 2711000 | 66123 |
| HYBE Co., Ltd.  | 300000 | 56876 |
| LG Uplus Corp.  | 3841993 | 42033 |
| Lionsgate Studios Corp. <sup>(b)</sup>  | 5629748 | 38845 |
| Vend Marketplaces ASA, Class A  | 978755 | 34797 |
| Future PLC  | 3483777 | 30689 |
| Helios Towers PLC <sup>(b)</sup>  | 12994966 | 26041 |
| Hacksaw AB <sup>(b)(c)</sup>  | 3260146 | 23707 |
| Zegona Communications PLC <sup>(b)</sup>  | 1233000 | 20397 |
| Cogent Communications Holdings, Inc. <sup>(c)</sup>  | 528382 | 20264 |
| Starz Entertainment Corp. <sup>(a)(b)</sup>  | 1336743 | 19690 |
| Frontier Communications Parent, Inc. <sup>(b)</sup>  | 517869 | 19342 |
| Bharti Hexacom, Ltd.  | 900184 | 16828 |
| MTN Group, Ltd.  | 1458066 | 12242 |
| JYP Entertainment Corp.  | 187736 | 9982 |
| Boyaa Interactive International, Ltd. <sup>(c)</sup>  | 10615000 | 9112 |
|  |  | 2045729 |
| **Energy 2.10%** | **Energy 2.10%** | **Energy 2.10%** |
| Weatherford International <sup>(a)</sup>  | 4372166 | 299187 |
| MEG Energy Corp.  | 10876995 | 219463 |
| Vallourec SA <sup>(c)</sup>  | 10200387 | 193828 |
| Viper Energy, Inc., Class A  | 3375927 | 129028 |
| CNX Resources Corp. <sup>(b)(c)</sup>  | 3500000 | 112420 |
| NuVista Energy, Ltd. <sup>(b)</sup>  | 9370751 | 108272 |
| Secure Waste Infrastructure Corp. <sup>(c)</sup>  | 7083616 | 100882 |
| Cactus, Inc., Class A  | 2283289 | 90121 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(b)</sup>  | 1501872 | 51664 |
| Transocean, Ltd. <sup>(b)(c)</sup>  | 15215434 | 47472 |
| DT Midstream, Inc.  | 356000 | 40249 |
| TerraVest Industries, Inc. <sup>(c)</sup>  | 339493 | 33981 |
| Friedrich Vorwerk Group SE  | 351859 | 33833 |
| Aegis Logistics Ltd.  | 3769301 | 32508 |
| Sable Offshore Corp. <sup>(b)(c)</sup>  | 1804056 | 31499 |
| Noble Corp. PLC, Class A  | 1046988 | 29609 |
| Pason Systems, Inc.  | 3350000 | 29078 |
| Headwater Exploration, Inc. <sup>(c)</sup>  | 5105000 | 27548 |
| Aegis Vopak Terminals, Ltd. <sup>(b)</sup>  | 8121872 | 23827 |
| Energy Fuels Inc. <sup>(b)(c)</sup>  | 1317779 | 20228 |
| Denison Mines Corp. <sup>(b)(c)</sup>  | 7283823 | 20045 |
| NexGen Energy, Ltd. <sup>(b)(c)</sup>  | 1957545 | 17520 |
| Savannah Energy PLC <sup>(a)(b)(c)(d)</sup>  | 119056671 | 11529 |
|  |  | 1703791 |
| **Real estate 1.64%** | **Real estate 1.64%** | **Real estate 1.64%** |
| Charter Hall Group REIT  | 13756489 | 207086 |
| Embassy Office Parks REIT  | 30783117 | 146283 |
| Altus Group, Ltd. <sup>(a)(c)</sup>  | 2793118 | 119295 |
| International Workplace Group PLC  | 29232823 | 87752 |
| Four Corners Property Trust, Inc. REIT  | 3246154 | 79206 |
| StorageVault Canada, Inc.  | 17250947 | 64085 |
| Poly Property Services Co., Ltd., Class H  | 12187600 | 54533 |
| UMH Properties, Inc. REIT  | 3560703 | 52876 |

---

SMALLCAP World Fund<sub>12</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Real estate (continued)** | **Real estate (continued)** | **Real estate (continued)** |
| Mindspace Business Parks REIT  | 9000000 | $46099 |
| NTT DC REIT <sup>(b)</sup>  | 45000000 | 45000 |
| Phoenix Mills, Ltd. (The)  | 2534230 | 44398 |
| Lodha Developers, Ltd.  | 3328369 | 42577 |
| St. Joe Co.  | 843133 | 41718 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(b)</sup>  | 525000 | 40451 |
| Swedish Logistic Property AB, Class B <sup>(b)</sup>  | 7939069 | 34659 |
| Safestore Holdings PLC REIT  | 3729333 | 33003 |
| Colliers International Group, Inc.  | 185633 | 29033 |
| K-Fast Holding AB, Class B <sup>(a)(b)</sup>  | 18183928 | 27736 |
| Fastighets AB Balder, Class B <sup>(b)</sup>  | 3821000 | 27331 |
| Corp. Inmobiliaria Vesta, SAB de CV <sup>(c)</sup>  | 9295077 | 26312 |
| Prisma Properties AB <sup>(a)(b)</sup>  | 9781818 | 24417 |
| Millrose Properties, Inc., Class A, REIT  | 539813 | 18143 |
| SRE Holdings Corp. <sup>(c)</sup>  | 700828 | 15331 |
| RE / MAX Holdings, Inc., Class A <sup>(b)</sup>  | 1500000 | 14145 |
| Genova Property Group AB  | 2126731 | 8720 |
|  |  | 1330189 |
| **Utilities 0.77%** | **Utilities 0.77%** | **Utilities 0.77%** |
| Talen Energy Corp. <sup>(b)</sup>  | 490739 | 208751 |
| Neoenergia SA  | 26773777 | 144376 |
| Black Hills Corp.  | 1443636 | 88913 |
| SembCorp Industries, Ltd.  | 16633185 | 77624 |
| Nippon Gas Co., Ltd.  | 2894800 | 54183 |
| IDACORP, Inc. <sup>(c)</sup>  | 377251 | 49854 |
| Mytrah Energy, Ltd. <sup>(a)(b)(d)</sup>  | 10418000 | — <br><sup>(h)</sup><br>|
|  |  | 623701 |
| **Total common stocks** (cost: $50,915,313,000) | **Total common stocks** (cost: $50,915,313,000) | 77416715 |
| Preferred securities 0.86% |  |  |
| **Information technology 0.37%** | **Information technology 0.37%** | **Information technology 0.37%** |
| PsiQuantum Corp., Series D, preferred shares <sup>(b)(d)(e)</sup>  | 1334542 | 54885 |
| PsiQuantum Corp., Series E, preferred shares <sup>(b)(d)(e)</sup>  | 1215769 | 50000 |
| Tekion Corp., Series B, preferred shares <sup>(b)(d)(e)</sup>  | 6145506 | 56846 |
| Tekion Corp., Series A, preferred shares <sup>(b)(d)(e)</sup>  | 340980 | 3154 |
| Skyryse, Inc., Series B, preferred shares <sup>(a)(b)(d)(e)</sup>  | 1649110 | 44566 |
| Skyryse, Inc., Series C, preferred shares <sup>(a)(b)(d)(e)</sup>  | 566696 | 15314 |
| ANDPAD, Inc., Series D, preferred shares <sup>(b)(d)(e)</sup>  | 459413 | 27402 |
| SiFive, Inc., Series F, preferred shares <sup>(b)(d)(e)</sup>  | 3451632 | 21918 |
| Patreon, Inc., Series E, preferred shares <sup>(b)(d)(e)</sup>  | 698208 | 8399 |
| Patreon, Inc., Series SEED, noncumulative preferred shares <sup>(b)(d)(e)</sup>  | 163096 | 1962 |
| Outreach Corp., Series G, preferred shares <sup>(b)(d)(e)</sup>  | 1554053 | 8967 |
| Yotpo, Ltd., Series F, preferred shares <sup>(b)(d)(e)</sup>  | 8332809 | 4083 |
| Yotpo, Ltd., Series B, preferred shares <sup>(b)(d)(e)</sup>  | 1111347 | 545 |
| Yotpo, Ltd., Series C, preferred shares <sup>(b)(d)(e)</sup>  | 1057985 | 518 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(b)(d)(e)</sup>  | 709592 | 348 |
| Yotpo, Ltd., Series A, preferred shares <sup>(b)(d)(e)</sup>  | 345899 | 169 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(b)(d)(e)</sup>  | 293302 | 144 |
| Yotpo, Ltd., Series D, preferred shares <sup>(b)(d)(e)</sup>  | 163552 | 80 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(b)(d)(e)</sup>  | 130625 | 64 |
| Kandou Holding SA, Series D, preferred shares <sup>(b)(d)(e)</sup>  | 4400000 | 44 |
|  |  | 299408 |
| **Financials 0.18%** | **Financials 0.18%** | **Financials 0.18%** |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(b)(c)</sup>  | 3980985 | 62263 |
| PPRO Holding GmbH, Series B-1, 8.00% preferred <br>shares <sup>(a)(b)(d)(e)</sup>  | 13618 | 55093 |
| Pine Labs Pte., Ltd., Series J, cumulative preferred <br>shares <sup>(b)(d)(e)</sup>  | 7261835 | 26215 |
|  |  | 143571 |

---

---

| | |
|:---|:---|
| **13** | SMALLCAP World Fund |

---

------

---

| | | |
|:---|:---|:---|
| Preferred securities (continued) | Shares | Value<br> (000)<br>|
| **Industrials 0.16%** | **Industrials 0.16%** | **Industrials 0.16%** |
| Einride AB, Series B, preferred shares <sup>(a)(b)(d)(e)</sup>  | 1334588 | $56413 |
| Einride AB, Series A, preferred shares <sup>(a)(b)(d)(e)</sup>  | 11990 | 507 |
| Zipline International, Inc., Series G, preferred shares <sup>(b)(d)(e)</sup>  | 1192000 | 51172 |
| Workrise Technologies, Inc., Series E, preferred shares <sup>(b)(d)(e)</sup>  | 95423 | 15923 |
| Jungheinrich AG, nonvoting preferred shares  | 162853 | 5652 |
|  |  | 129667 |
| **Health care 0.08%** | **Health care 0.08%** | **Health care 0.08%** |
| InSilico Medicine Cayman TopCo, Series D, preferred shares <sup>(b)(d)(e)</sup>  | 605423 | 31273 |
| InSilico Medicine Cayman TopCo, Series E, preferred shares <sup>(b)(d)(e)</sup>  | 72985 | 3770 |
| Sail Biomedicines, Inc., Series B, 6.00% preferred shares <sup>(b)(d)(e)</sup>  | 1785714 | 21393 |
| ClearNote Health, Inc., Series C, 5.00% noncumulative preferred shares <sup>(a)(b)(d)(e)</sup>  | 1531102 | 12408 |
|  |  | 68844 |
| **Real estate 0.06%** | **Real estate 0.06%** | **Real estate 0.06%** |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(b)(d)(e)</sup>  | 244733 | 50373 |
| **Consumer discretionary 0.01%** | **Consumer discretionary 0.01%** | **Consumer discretionary 0.01%** |
| StockX, Inc., Series E-1, preferred shares <sup>(b)(d)(e)</sup>  | 222222 | 7409 |
| StockX, Inc., Series AA, preferred shares <sup>(b)(d)(e)</sup>  | 57338 | 1912 |
| StockX, Inc., Series B, preferred shares <sup>(b)(d)(e)</sup>  | 3094 | 103 |
|  |  | 9424 |
| **Total preferred securities** (cost: $737,449,000) | **Total preferred securities** (cost: $737,449,000) | 701287 |
| Rights & warrants 0.00% |  |  |
| **Industrials 0.00%** | **Industrials 0.00%** | **Industrials 0.00%** |
| Momentus, Inc., warrants, expire 8/12/2026 <sup>(b)</sup>  | 2225000 | 55 |
| **Information technology 0.00%** | **Information technology 0.00%** | **Information technology 0.00%** |
| Foursquare Labs, Inc., Series A, warrants, expire 12/4/2033 <sup>(b)(d)(e)</sup>  | 1163990 | — <br><sup>(h)</sup><br>|
| Kandou Holding SA, warrants, expire 8/18/2028 <sup>(b)(d)(e)</sup>  | 2257143 | — <br><sup>(h)</sup><br>|
|  |  | — <br><sup>(h)</sup><br>|
| **Total rights & warrants** (cost: $3,082,000) | **Total rights & warrants** (cost: $3,082,000) | 55 |
| Convertible stocks 0.23% |  |  |
| **Materials 0.15%** | **Materials 0.15%** | **Materials 0.15%** |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 <sup>(a)</sup>  | 3221160 | 122017 |
| **Utilities 0.04%** | **Utilities 0.04%** | **Utilities 0.04%** |
| TAE Technologies, Inc., Series 11, 4.00% perpetual cumulative convertible preferred shares <sup>(d)(e)</sup>  | 300000 | 30000 |
| TAE Technologies, Inc., Series 12, 4.00% perpetual convertible preferred shares <sup>(d)(e)</sup>  | 137515 | 6876 |
|  |  | 36876 |
| **Information technology 0.03%** | **Information technology 0.03%** | **Information technology 0.03%** |
| Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares <sup>(d)(e)</sup>  | 14888589 | 15922 |
| Tarana Wireless, Inc., Series 8, noncumulative convertible preferred shares <sup>(d)(e)</sup>  | 1234727 | 1320 |
| Tarana Wireless, Inc., Series 7A, noncumulative convertible preferred shares <sup>(d)(e)</sup>  | 935103 | 1000 |
| Tarana Wireless, Inc., Series 7, noncumulative convertible preferred shares <sup>(d)(e)</sup>  | 935103 | 1000 |
| RealSelf, Inc., Series C, convertible preferred shares <sup>(a)(d)(e)</sup>  | 3468862 | 2498 |
|  |  | 21740 |
| **Health care 0.01%** | **Health care 0.01%** | **Health care 0.01%** |
| Candid Therapeutics, Inc., Class B, noncumulative convertible preferred shares <sup>(d)(e)</sup>  | 16666666 | 9667 |

---

SMALLCAP World Fund<sub>14</sub>

------

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000)<br>|
| **Industrials 0.00%** | **Industrials 0.00%** | **Industrials 0.00%** |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(d)(e)</sup>  | 1427680 | $998 |
| Long Wall Co., Class A-8, noncumulative convertible preferred shares <sup>(d)(e)</sup>  | 881856 | 616 |
|  |  | 1614 |
| **Total convertible stocks** (cost: $223,201,000) | **Total convertible stocks** (cost: $223,201,000) | 191914 |
| Convertible bonds & notes 0.07% | Principal amount<br> (000)<br>|  |
| **Information technology 0.07%** | **Information technology 0.07%** | **Information technology 0.07%** |
| PayClip, Inc., convertible notes, 4.50% PIK 12/15/2028 <sup>(d)(e)(i)</sup>  | USD25,032 | 31330 |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 <sup>(d)</sup>  | 5997 | 14326 |
| Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 <sup>(g)</sup>  | 2307 | 5537 |
|  |  | 51193 |
| **Real estate 0.00%** | **Real estate 0.00%** | **Real estate 0.00%** |
| Genova Property Group AB, convertible notes, 6.75% 3/19/2029 <sup>(d)</sup>  | SEK20,000 | 2284 |
| **Health care 0.00%** | **Health care 0.00%** | **Health care 0.00%** |
| ClearNote Health, Inc., convertible notes, 8.00% <br>11/02/2025 <sup>(a)(d)(e)</sup>  | USD2,000 | 2000 |
| **Total convertible bonds & notes** (cost: $37,978,000) | **Total convertible bonds & notes** (cost: $37,978,000) | 55477 |
| Bonds, notes & other debt instruments 0.02% |  |  |
| **Corporate bonds, notes & loans 0.02%** | **Corporate bonds, notes & loans 0.02%** | **Corporate bonds, notes & loans 0.02%** |
| **Information technology 0.02%** | **Information technology 0.02%** | **Information technology 0.02%** |
| Kandou Holding SA, Term Loan, 7.00% 12/1/2025 <sup>(d)(e)(j)</sup>  | 5000 | 5000 |
| Wolfspeed, Inc. 12.00% PIK or 7.00% Cash 6/15/2031 (7.00% on 12/15/2030) <sup>(i)(k)</sup>  | 9072 | 8029 |
| **Total corporate bonds, notes & loans** |  | 13029 |
| **Total bonds, notes & other debt instruments** (cost: $15,961,000) | **Total bonds, notes & other debt instruments** (cost: $15,961,000) | 13029 |
| Short-term securities 4.39% | Shares |  |
| **Money market investments 3.82%** | **Money market investments 3.82%** | **Money market investments 3.82%** |
| Capital Group Central Cash Fund 4.17% <sup>(a)(l)</sup>  | 31066598 | 3106660 |
| **Money market investments purchased with collateral from securities on loan 0.57%** | **Money market investments purchased with collateral from securities on loan 0.57%** | **Money market investments purchased with collateral from securities on loan 0.57%** |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 3.99% <sup>(l)(m)</sup>  | 69300000 | 69300 |
| Fidelity Investments Money Market Government Portfolio, Class I 4.04% <sup>(l)(m)</sup>  | 64700000 | 64700 |
| Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.05% <sup>(l)(m)</sup>  | 64700000 | 64700 |
| BlackRock Liquidity Funds – FedFund, Institutional Shares 4.03% <sup>(l)(m)</sup>  | 55500000 | 55500 |
| Capital Group Central Cash Fund 4.17% <sup>(a)(l)(m)</sup>  | 548203 | 54820 |
| Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.00% <sup>(l)(m)</sup>  | 50800000 | 50800 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.09% <sup>(l)(m)</sup>  | 50800000 | 50800 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.05% <sup>(l)(m)</sup>  | 42734398 | 42735 |
| RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 4.06% <sup>(l)(m)</sup>  | 9200000 | 9200 |
|  |  | 462555 |
| **Total short-term securities** (cost: $3,568,962,000) | **Total short-term securities** (cost: $3,568,962,000) | 3569215 |
| **Total investment securities 100.75%** (cost: $55,501,946,000) | **Total investment securities 100.75%** (cost: $55,501,946,000) | 81947692 |
| Other assets less liabilities (0.75)% |  | (608108)<br>|
| **Net assets 100.00%** |  | $81339584 |

---

---

| | |
|:---|:---|
| **15** | SMALLCAP World Fund |

---

------

**Investments in affiliates** <sup>(a)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>10/1/2024 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>9/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Common stocks 22.90%** |  |  |  |  |  |  |  |
| **Industrials 6.27%** |  |  |  |  |  |  |  |
| Diploma PLC  | $637351 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19767 | &nbsp;&nbsp; $5839 | &nbsp;&nbsp; $116402 | &nbsp;&nbsp; $739825 | &nbsp;&nbsp; $7926 |
| Arcosa, Inc.  | 192551 | &nbsp;&nbsp; 158202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7913 | &nbsp;&nbsp; 358666 | &nbsp;&nbsp; 555 |
| Enpro, Inc.  | 146525 | &nbsp;&nbsp; 150222 | &nbsp;&nbsp; 49348 | &nbsp;&nbsp; (12466)<br>| &nbsp;&nbsp; 81830 | &nbsp;&nbsp; 316763 | &nbsp;&nbsp; 1774 |
| CSW Industrials, Inc.  | 369230 | &nbsp;&nbsp; 137027 | &nbsp;&nbsp; 99366 | &nbsp;&nbsp; 15195 | &nbsp;&nbsp; (132617)<br>| &nbsp;&nbsp; 289469 | &nbsp;&nbsp; 918 |
| Cleanaway Waste Management, Ltd.  | 181354 | &nbsp;&nbsp; 94458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15424)<br>| &nbsp;&nbsp; 260388 | &nbsp;&nbsp; 4655 |
| VSE Corp.  | 114515 | &nbsp;&nbsp; 76310 | &nbsp;&nbsp; 77026 | &nbsp;&nbsp; 18689 | &nbsp;&nbsp; 104816 | &nbsp;&nbsp; 237304 | &nbsp;&nbsp; 626 |
| Kadant, Inc.  | 317558 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 55588 | &nbsp;&nbsp; 2582 | &nbsp;&nbsp; (34933)<br>| &nbsp;&nbsp; 229637 | &nbsp;&nbsp; 1155 |
| AZZ, Inc.  |  | &nbsp;&nbsp; 190651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23380 | &nbsp;&nbsp; 214031 | &nbsp;&nbsp; 635 |
| Carel Industries SpA <sup>(c)</sup>  | 161583 | &nbsp;&nbsp; 34163 | &nbsp;&nbsp; 36644 | &nbsp;&nbsp; 9244 | &nbsp;&nbsp; 34268 | &nbsp;&nbsp; 202614 | &nbsp;&nbsp; 1686 |
| First Advantage Corp. <sup>(b)(c)</sup>  | 134846 | &nbsp;&nbsp; 128755 | &nbsp;&nbsp; 20906 | &nbsp;&nbsp; (2587)<br>| &nbsp;&nbsp; (45360)<br>| &nbsp;&nbsp; 194748 | &nbsp;&nbsp; — |
| CBIZ, Inc. <sup>(b)</sup>  | 269764 | &nbsp;&nbsp; 109468 | &nbsp;&nbsp; 134651 | &nbsp;&nbsp; (18548)<br>| &nbsp;&nbsp; (41276)<br>| &nbsp;&nbsp; 184757 | &nbsp;&nbsp; — |
| Japan Elevator Service Holdings Co., Ltd.  | 152080 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25724 | &nbsp;&nbsp; 178106 | &nbsp;&nbsp; 1452 |
| NICHIAS Corp. <sup>(c)</sup>  | 119388 | &nbsp;&nbsp; 57504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3299)<br>| &nbsp;&nbsp; 173593 | &nbsp;&nbsp; 4061 |
| Enerpac Tool Group Corp., Class A  | 182112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31425 | &nbsp;&nbsp; 10340 | &nbsp;&nbsp; (13182)<br>| &nbsp;&nbsp; 147845 | &nbsp;&nbsp; 174 |
| ICF International, Inc.  | 233124 | &nbsp;&nbsp; 57841 | &nbsp;&nbsp; 59938 | &nbsp;&nbsp; (14498)<br>| &nbsp;&nbsp; (80036)<br>| &nbsp;&nbsp; 136493 | &nbsp;&nbsp; 749 |
| Volution Group PLC  | 129743 | &nbsp;&nbsp; 10478 | &nbsp;&nbsp; 13037 | &nbsp;&nbsp; 1557 | &nbsp;&nbsp; 5426 | &nbsp;&nbsp; 134167 | &nbsp;&nbsp; 1804 |
| SWCC Corp. <sup>(c)</sup>  | 33684 | &nbsp;&nbsp; 68991 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26883 | &nbsp;&nbsp; 129558 | &nbsp;&nbsp; 2572 |
| Montana Aerospace AG <sup>(b)</sup>  | 82182 | &nbsp;&nbsp; 10763 | &nbsp;&nbsp; 5784 | &nbsp;&nbsp; (3870)<br>| &nbsp;&nbsp; 36889 | &nbsp;&nbsp; 120180 | &nbsp;&nbsp; — |
| Cadre Holdings, Inc.  | 34426 | &nbsp;&nbsp; 92691 | &nbsp;&nbsp; 9198 | &nbsp;&nbsp; (3091)<br>| &nbsp;&nbsp; 3854 | &nbsp;&nbsp; 118682 | &nbsp;&nbsp; 974 |
| Sinfonia Technology Co., Ltd. <sup>(c)</sup>  |  | &nbsp;&nbsp; 77740 | &nbsp;&nbsp; 14112 | &nbsp;&nbsp; 3849 | &nbsp;&nbsp; 45165 | &nbsp;&nbsp; 112642 | &nbsp;&nbsp; 1553 |
| R&S Group Holding AG  |  | &nbsp;&nbsp; 65473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38157 | &nbsp;&nbsp; 103630 | &nbsp;&nbsp; 1776 |
| INVISIO Communications AB  | 40255 | &nbsp;&nbsp; 45590 | &nbsp;&nbsp; 13316 | &nbsp;&nbsp; (153)<br>| &nbsp;&nbsp; 14656 | &nbsp;&nbsp; 87032 | &nbsp;&nbsp; 524 |
| PFISTERER Holding SE <sup>(b)(c)</sup>  |  | &nbsp;&nbsp; 58975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18114 | &nbsp;&nbsp; 77089 | &nbsp;&nbsp; — |
| Mader Group, Ltd.  | 33419 | &nbsp;&nbsp; 11260 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24730 | &nbsp;&nbsp; 69409 | &nbsp;&nbsp; 723 |
| Limbach Holdings, Inc. <sup>(b)(c)</sup>  |  | &nbsp;&nbsp; 71755 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9085)<br>| &nbsp;&nbsp; 62670 | &nbsp;&nbsp; — |
| Shaily Engineering Plastics, Ltd.  |  | &nbsp;&nbsp; 47274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14488 | &nbsp;&nbsp; 61762 | &nbsp;&nbsp; 57 |
| Instalco AB  | 71153 | &nbsp;&nbsp; 36801 | &nbsp;&nbsp; 24517 | &nbsp;&nbsp; (6555)<br>| &nbsp;&nbsp; (20669)<br>| &nbsp;&nbsp; 56213 | &nbsp;&nbsp; 1521 |
| Einride AB <sup>(b)(d)(e)</sup>  |  | &nbsp;&nbsp; 18275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4445 | &nbsp;&nbsp; 22720 | &nbsp;&nbsp; — |
| Einride AB (EUR denominated) <sup>(b)(d)(e)</sup>  | 3169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15357 | &nbsp;&nbsp; 18526 | &nbsp;&nbsp; — |
| Byrna Technologies, Inc. <sup>(b)(c)</sup>  |  | &nbsp;&nbsp; 36558 | &nbsp;&nbsp; 1578 | &nbsp;&nbsp; (645)<br>| &nbsp;&nbsp; 4241 | &nbsp;&nbsp; 38576 | &nbsp;&nbsp; — |
| Karnell Group AB <sup>(b)</sup>  | 16808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6346 | &nbsp;&nbsp; 23154 | &nbsp;&nbsp; — |
| Harmonic Drive Systems, Inc. <sup>(c)(n)</sup>  | 126232 | &nbsp;&nbsp; 11942 | &nbsp;&nbsp; 87092 | &nbsp;&nbsp; (45611)<br>| &nbsp;&nbsp; 13610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281 |
| CECO Environmental Corp. <sup>(b)(n)</sup>  | 49600 | &nbsp;&nbsp; 5409 | &nbsp;&nbsp; 13877 | &nbsp;&nbsp; 5040 | &nbsp;&nbsp; 39606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Comfort Systems USA, Inc. <sup>(n)</sup>  | 704593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265902 | &nbsp;&nbsp; 225808 | &nbsp;&nbsp; 413951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2680 |
| DO & CO AG, non-registered shares <sup>(n)</sup>  | 117687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90824 | &nbsp;&nbsp; 48404 | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 852 |
| Wizz Air Holdings PLC <sup>(b)(c)(n)</sup>  | 116825 | &nbsp;&nbsp; 57155 | &nbsp;&nbsp; 120411 | &nbsp;&nbsp; (68462)<br>| &nbsp;&nbsp; 34784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interpump Group SpA <sup>(n)</sup>  | 379645 | &nbsp;&nbsp; 20978 | &nbsp;&nbsp; 195535 | &nbsp;&nbsp; (85469)<br>| &nbsp;&nbsp; 27402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1107 |
| Saia, Inc. <sup>(b)(n)</sup>  | 595387 | &nbsp;&nbsp; 12481 | &nbsp;&nbsp; 236821 | &nbsp;&nbsp; 150981 | &nbsp;&nbsp; (288053)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| AZEK Co., Inc. (The), Class A <sup>(b)(o)</sup>  | 421987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 336370 | &nbsp;&nbsp; 148583 | &nbsp;&nbsp; (234200)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hensoldt AG <sup>(c)(n)</sup>  | 209110 | &nbsp;&nbsp; 3541 | &nbsp;&nbsp; 350878 | &nbsp;&nbsp; 186087 | &nbsp;&nbsp; 137551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1191 |
| Fasadgruppen Group AB <sup>(o)</sup>  | 10136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7562 | &nbsp;&nbsp; (10139)<br>| &nbsp;&nbsp; 7565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 195 |
| Munters Group AB <sup>(o)</sup>  | 224538 | &nbsp;&nbsp; 29150 | &nbsp;&nbsp; 132763 | &nbsp;&nbsp; (16394)<br>| &nbsp;&nbsp; (104531)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Visional, Inc. <sup>(b)(n)</sup>  | 170663 | &nbsp;&nbsp; 33698 | &nbsp;&nbsp; 104216 | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 17464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Green Landscaping Group AB <sup>(o)</sup>  | 26951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21544 | &nbsp;&nbsp; (7539)<br>| &nbsp;&nbsp; 2132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Johns Lyng Group, Ltd. <sup>(o)</sup>  | 57420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37365 | &nbsp;&nbsp; (60734)<br>| &nbsp;&nbsp; 40679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 299 |
| Judges Scientific PLC <sup>(o)</sup>  | 52141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34320 | &nbsp;&nbsp; (9267)<br>| &nbsp;&nbsp; (8554)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 328 |
| Herc Holdings, Inc. <sup>(n)</sup>  | 104565 | &nbsp;&nbsp; 238936 | &nbsp;&nbsp; 148668 | &nbsp;&nbsp; (75120)<br>| &nbsp;&nbsp; (31033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3631 |
| Inox Wind, Ltd. <sup>(b)(n)</sup>  | 144100 | &nbsp;&nbsp; 44133 | &nbsp;&nbsp; 15819 | &nbsp;&nbsp; 3462 | &nbsp;&nbsp; (71405)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 5100249 |  |

---

---

| | |
|:---|:---|
| SMALLCAP World Fund | **16** |

---

------

**Investments in affiliates** <sup>(a)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 10/1/2024<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 9/30/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Financials 3.61%** |  |  |  |  |  |  |  |
| Essent Group, Ltd.  | $456771 | &nbsp;&nbsp; $71200 | &nbsp;&nbsp; $20045 | &nbsp;&nbsp; $(19)<br>| &nbsp;&nbsp; $2885 | &nbsp;&nbsp; $510792 | &nbsp;&nbsp; $9749 |
| Glacier Bancorp, Inc. <sup>(c)</sup>  | 277140 | &nbsp;&nbsp; 112731 | &nbsp;&nbsp; 52556 | &nbsp;&nbsp; (4448)<br>| &nbsp;&nbsp; 18552 | &nbsp;&nbsp; 351419 | &nbsp;&nbsp; 8848 |
| 360 ONE WAM, Ltd.  | 330578 | &nbsp;&nbsp; 55208 | &nbsp;&nbsp; 29197 | &nbsp;&nbsp; (1359)<br>| &nbsp;&nbsp; (19108)<br>| &nbsp;&nbsp; 336122 | &nbsp;&nbsp; 2183 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(b)(c)</sup>  | 116756 | &nbsp;&nbsp; 257037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (134511)<br>| &nbsp;&nbsp; 239282 | &nbsp;&nbsp; — |
| JB Financial Group Co., Ltd.  | 125209 | &nbsp;&nbsp; 24954 | &nbsp;&nbsp; 5970 | &nbsp;&nbsp; 1399 | &nbsp;&nbsp; 55268 | &nbsp;&nbsp; 200860 | &nbsp;&nbsp; 9741 |
| Manappuram Finance, Ltd.  | 71091 | &nbsp;&nbsp; 68404 | &nbsp;&nbsp; 7149 | &nbsp;&nbsp; (2975)<br>| &nbsp;&nbsp; 43524 | &nbsp;&nbsp; 172895 | &nbsp;&nbsp; 1518 |
| JTC PLC  | 134149 | &nbsp;&nbsp; 32903 | &nbsp;&nbsp; 32658 | &nbsp;&nbsp; (303)<br>| &nbsp;&nbsp; 37588 | &nbsp;&nbsp; 171679 | &nbsp;&nbsp; 1970 |
| Plus500, Ltd.  |  | &nbsp;&nbsp; 136583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17485 | &nbsp;&nbsp; 154068 | &nbsp;&nbsp; 4613 |
| Skyward Specialty Insurance Group, Inc. <sup>(b)</sup>  | 90112 | &nbsp;&nbsp; 50764 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12763 | &nbsp;&nbsp; 153639 | &nbsp;&nbsp; — |
| IIFL Finance, Ltd. <sup>(b)</sup>  | 146965 | &nbsp;&nbsp; 53407 | &nbsp;&nbsp; 33059 | &nbsp;&nbsp; 4363 | &nbsp;&nbsp; (23635)<br>| &nbsp;&nbsp; 148041 | &nbsp;&nbsp; — |
| AUB Group, Ltd.  | 137133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1911 | &nbsp;&nbsp; 139044 | &nbsp;&nbsp; 3794 |
| Home First Finance Company India, Ltd.  | 33900 | &nbsp;&nbsp; 102470 | &nbsp;&nbsp; 30809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4516 | &nbsp;&nbsp; 110077 | &nbsp;&nbsp; 348 |
| SiriusPoint, Ltd. <sup>(b)</sup>  | 71700 | &nbsp;&nbsp; 32110 | &nbsp;&nbsp; 19293 | &nbsp;&nbsp; 13370 | &nbsp;&nbsp; 10653 | &nbsp;&nbsp; 108540 | &nbsp;&nbsp; — |
| Aptus Value Housing Finance India, Ltd.  | 117137 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18269)<br>| &nbsp;&nbsp; 98868 | &nbsp;&nbsp; 1453 |
| Premium Group Co., Ltd.  | 37278 | &nbsp;&nbsp; 4541 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1008)<br>| &nbsp;&nbsp; 40811 | &nbsp;&nbsp; 876 |
| Victory Capital Holdings, Inc., Class A <sup>(n)</sup>  | 177454 | &nbsp;&nbsp; 7893 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6138 |
| Independent Bank Group, Inc. <sup>(o)</sup>  | 46293 | &nbsp;&nbsp; 162254 | &nbsp;&nbsp; 206814 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1733)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 389 |
| Boku, Inc. <sup>(b)(o)</sup>  | 44468 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44105 | &nbsp;&nbsp; (4479)<br>| &nbsp;&nbsp; 4116 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hellenic Exchanges - Athens Stock Exchange SA <sup>(o)</sup>  | 17725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28256 | &nbsp;&nbsp; 11071 | &nbsp;&nbsp; (540)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1219 |
| Goosehead Insurance, Inc., Class A <sup>(n)</sup>  | 174309 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22958 | &nbsp;&nbsp; (1522)<br>| &nbsp;&nbsp; (24208)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11536 |
| BFF Bank SpA <sup>(b)(n)</sup>  | 113398 | &nbsp;&nbsp; 15195 | &nbsp;&nbsp; 41471 | &nbsp;&nbsp; (6983)<br>| &nbsp;&nbsp; 8051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2936137 |  |
| **Information technology 5.04%** |  |  |  |  |  |  |  |
| Lumentum Holdings, Inc. <sup>(b)(c)</sup>  |  | &nbsp;&nbsp; 345649 | &nbsp;&nbsp; 98922 | &nbsp;&nbsp; 38075 | &nbsp;&nbsp; 371817 | &nbsp;&nbsp; 656619 | &nbsp;&nbsp; — |
| Kokusai Electric Corp. <sup>(c)</sup>  | 412504 | &nbsp;&nbsp; 71859 | &nbsp;&nbsp; 70530 | &nbsp;&nbsp; (23838)<br>| &nbsp;&nbsp; 125891 | &nbsp;&nbsp; 515886 | &nbsp;&nbsp; 4494 |
| Impinj, Inc. <sup>(b)</sup>  | 346479 | &nbsp;&nbsp; 125118 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (52511)<br>| &nbsp;&nbsp; 419086 | &nbsp;&nbsp; — |
| eMemory Technology, Inc.  | 500365 | &nbsp;&nbsp; 5376 | &nbsp;&nbsp; 57806 | &nbsp;&nbsp; 16271 | &nbsp;&nbsp; (111375)<br>| &nbsp;&nbsp; 352831 | &nbsp;&nbsp; 4111 |
| Allegro MicroSystems, Inc. <sup>(b)</sup>  | 114180 | &nbsp;&nbsp; 143515 | &nbsp;&nbsp; 46817 | &nbsp;&nbsp; 9979 | &nbsp;&nbsp; 59099 | &nbsp;&nbsp; 279956 | &nbsp;&nbsp; — |
| Maruwa Co., Ltd. <sup>(c)</sup>  | 283807 | &nbsp;&nbsp; 89806 | &nbsp;&nbsp; 117251 | &nbsp;&nbsp; 42641 | &nbsp;&nbsp; (50805)<br>| &nbsp;&nbsp; 248198 | &nbsp;&nbsp; 588 |
| Dexerials Corp. <sup>(c)</sup>  | 219747 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18617 | &nbsp;&nbsp; 238364 | &nbsp;&nbsp; 6284 |
| Ncino, Inc. <sup>(b)(c)</sup>  | 93808 | &nbsp;&nbsp; 194420 | &nbsp;&nbsp; 19072 | &nbsp;&nbsp; (8105)<br>| &nbsp;&nbsp; (48835)<br>| &nbsp;&nbsp; 212216 | &nbsp;&nbsp; — |
| Viavi Solutions, Inc. <sup>(b)</sup>  | 125878 | &nbsp;&nbsp; 11254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52653 | &nbsp;&nbsp; 189785 | &nbsp;&nbsp; — |
| Insight Enterprises, Inc. <sup>(b)</sup>  | 561492 | &nbsp;&nbsp; 65042 | &nbsp;&nbsp; 201060 | &nbsp;&nbsp; (50352)<br>| &nbsp;&nbsp; (191517)<br>| &nbsp;&nbsp; 183605 | &nbsp;&nbsp; — |
| Alkami Technology, Inc. <sup>(b)</sup>  | 147604 | &nbsp;&nbsp; 42033 | &nbsp;&nbsp; 31832 | &nbsp;&nbsp; 14645 | &nbsp;&nbsp; (36723)<br>| &nbsp;&nbsp; 135727 | &nbsp;&nbsp; — |
| Megaport, Ltd. <sup>(b)</sup>  | 64292 | &nbsp;&nbsp; 855 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68515 | &nbsp;&nbsp; 133662 | &nbsp;&nbsp; — |
| PAR Technology Corp. <sup>(b)(c)</sup>  | 79165 | &nbsp;&nbsp; 79532 | &nbsp;&nbsp; 30967 | &nbsp;&nbsp; 1963 | &nbsp;&nbsp; (21278)<br>| &nbsp;&nbsp; 108415 | &nbsp;&nbsp; — |
| PAR Technology Corp. <sup>(b)(o)</sup>  | 43685 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32420 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11265)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Kitron ASA  |  | &nbsp;&nbsp; 83027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9908 | &nbsp;&nbsp; 92935 | &nbsp;&nbsp; 145 |
| Netskope, Inc., Class A <sup>(b)</sup>  |  | &nbsp;&nbsp; 75122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14748 | &nbsp;&nbsp; 89870 | &nbsp;&nbsp; — |
| Rogers Corp. <sup>(b)</sup>  |  | &nbsp;&nbsp; 86661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 88187 | &nbsp;&nbsp; — |
| Appier Group, Inc. <sup>(c)</sup>  | 20581 | &nbsp;&nbsp; 61399 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3788 | &nbsp;&nbsp; 85768 | &nbsp;&nbsp; 59 |
| Riken Keiki Co., Ltd. <sup>(c)</sup>  | 55683 | &nbsp;&nbsp; 22317 | &nbsp;&nbsp; 1249 | &nbsp;&nbsp; (508)<br>| &nbsp;&nbsp; (10395)<br>| &nbsp;&nbsp; 65848 | &nbsp;&nbsp; 972 |
| Noventiq Holdings PLC (GDR) <sup>(b)(d)(g)</sup>  | 26863 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20738)<br>| &nbsp;&nbsp; 6125 | &nbsp;&nbsp; — |
| Noventiq Holdings PLC (GDR) <sup>(b)(d)</sup>  | 25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| ALTEN SA, non-registered shares <sup>(o)</sup>  | 211978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 157529 | &nbsp;&nbsp; (73637)<br>| &nbsp;&nbsp; 19188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Silicon Laboratories, Inc. <sup>(b)(n)</sup>  | 175680 | &nbsp;&nbsp; 35724 | &nbsp;&nbsp; 158018 | &nbsp;&nbsp; 39824 | &nbsp;&nbsp; (2043)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Forward, Inc. <sup>(b)(c)(n)</sup>  | 177985 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52742 | &nbsp;&nbsp; (23675)<br>| &nbsp;&nbsp; (181)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tri Chemical Laboratories, Inc. <sup>(o)</sup>  | 63038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45655 | &nbsp;&nbsp; (4089)<br>| &nbsp;&nbsp; (13294)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 585 |
| SHIFT, Inc. <sup>(b)(n)</sup>  | 88147 | &nbsp;&nbsp; 41075 | &nbsp;&nbsp; 111538 | &nbsp;&nbsp; 23952 | &nbsp;&nbsp; 13305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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| | |
|:---|:---|
| **17** | SMALLCAP World Fund |

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------

**Investments in affiliates** <sup>(a)</sup> (continued)

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 10/1/2024<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 9/30/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| Global Unichip Corp. <sup>(n)</sup>  | $241391 | &nbsp;&nbsp; $9066 | &nbsp;&nbsp; $45430 | &nbsp;&nbsp; $16405 | &nbsp;&nbsp; $37590 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3143 |
| Softcat PLC <sup>(n)</sup>  | 269109 | &nbsp;&nbsp; 9956 | &nbsp;&nbsp; 81019 | &nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp; 9372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7830 |
| Vitec Software Group AB, Class B <sup>(c)(n)</sup>  | 164554 | &nbsp;&nbsp; 14461 | &nbsp;&nbsp; 88319 | &nbsp;&nbsp; 5676 | &nbsp;&nbsp; (45333)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 777 |
| Kulicke and Soffa Industries, Inc. <sup>(n)</sup>  | 212083 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80475 | &nbsp;&nbsp; (53454)<br>| &nbsp;&nbsp; 18987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2746 |
| Tanla Platforms, Ltd. <sup>(o)</sup>  | 79209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52739 | &nbsp;&nbsp; 13374 | &nbsp;&nbsp; (39844)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 381 |
| SINBON Electronics Co., Ltd. <sup>(n)</sup>  | 143736 | &nbsp;&nbsp; 5694 | &nbsp;&nbsp; 87819 | &nbsp;&nbsp; (11042)<br>| &nbsp;&nbsp; (16262)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1538 |
| SmartCraft ASA, Class A <sup>(b)(n)</sup>  | 41751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24754 | &nbsp;&nbsp; 4169 | &nbsp;&nbsp; (10505)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| GFT Technologies SE <sup>(o)</sup>  | 35308 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 34732 | &nbsp;&nbsp; (16391)<br>| &nbsp;&nbsp; 15527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47 |
| Alphawave IP Group PLC <sup>(b)(o)</sup>  | 32628 | &nbsp;&nbsp; 47982 | &nbsp;&nbsp; 127169 | &nbsp;&nbsp; 47117 | &nbsp;&nbsp; (558)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Esker SA <sup>(o)</sup>  | 139559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128834 | &nbsp;&nbsp; 30575 | &nbsp;&nbsp; (41300)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| A&D HOLON Holdings Co., Ltd. <sup>(o)</sup>  | 26355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24206 | &nbsp;&nbsp; (8539)<br>| &nbsp;&nbsp; 6390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 203 |
|  |  |  |  |  |  | &nbsp;&nbsp; 4103089 |  |
| **Consumer discretionary 2.85%** |  |  |  |  |  |  |  |
| TopBuild Corp. <sup>(b)</sup>  | 880892 | &nbsp;&nbsp; 65884 | &nbsp;&nbsp; 101883 | &nbsp;&nbsp; 49819 | &nbsp;&nbsp; (86537)<br>| &nbsp;&nbsp; 808175 | &nbsp;&nbsp; — |
| Cavco Industries, Inc. <sup>(b)</sup>  | 273188 | &nbsp;&nbsp; 9535 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100580 | &nbsp;&nbsp; 383303 | &nbsp;&nbsp; — |
| Metaplanet, Inc. <sup>(b)(c)</sup>  |  | &nbsp;&nbsp; 244905 | &nbsp;&nbsp; 14768 | &nbsp;&nbsp; 3048 | &nbsp;&nbsp; 4875 | &nbsp;&nbsp; 238060 | &nbsp;&nbsp; — |
| Patrick Industries, Inc. <sup>(c)</sup>  | 89628 | &nbsp;&nbsp; 165414 | &nbsp;&nbsp; 49064 | &nbsp;&nbsp; (11272)<br>| &nbsp;&nbsp; 25168 | &nbsp;&nbsp; 219874 | &nbsp;&nbsp; 3112 |
| DPC Dash, Ltd. <sup>(b)</sup>  | 104884 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9607 | &nbsp;&nbsp; 2519 | &nbsp;&nbsp; 8264 | &nbsp;&nbsp; 106060 | &nbsp;&nbsp; — |
| Century Communities, Inc.  | 155706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (59891)<br>| &nbsp;&nbsp; 95815 | &nbsp;&nbsp; 1708 |
| Cairn Homes PLC (GBP denominated)  |  | &nbsp;&nbsp; 63275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1290)<br>| &nbsp;&nbsp; 61985 | &nbsp;&nbsp; 2542 |
| Cairn Homes PLC (EUR denominated)  | 61069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30350 | &nbsp;&nbsp; 15684 | &nbsp;&nbsp; (13608)<br>| &nbsp;&nbsp; 32795 | &nbsp;&nbsp; 1606 |
| Genda, Inc. <sup>(b)(c)</sup>  | 80345 | &nbsp;&nbsp; 30220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (29971)<br>| &nbsp;&nbsp; 80594 | &nbsp;&nbsp; — |
| Domino's Pizza Group PLC  | 105746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (35336)<br>| &nbsp;&nbsp; 70410 | &nbsp;&nbsp; 3845 |
| Aditya Vision, Ltd.  | 60863 | &nbsp;&nbsp; 32407 | &nbsp;&nbsp; 34432 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 3596 | &nbsp;&nbsp; 62786 | &nbsp;&nbsp; 126 |
| Tsuburaya Fields Holdings, Inc. <sup>(c)</sup>  | 55599 | &nbsp;&nbsp; 16024 | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; (59)<br>| &nbsp;&nbsp; (8307)<br>| &nbsp;&nbsp; 59582 | &nbsp;&nbsp; 954 |
| Watches of Switzerland Group PLC <sup>(b)</sup>  | 113737 | &nbsp;&nbsp; 9113 | &nbsp;&nbsp; 38172 | &nbsp;&nbsp; (26332)<br>| &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 59443 | &nbsp;&nbsp; — |
| Beazer Homes USA, Inc. <sup>(b)</sup>  | 56716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15968)<br>| &nbsp;&nbsp; 40748 | &nbsp;&nbsp; — |
| BNN Technology PLC <sup>(b)(d)</sup>  | — <br><sup>(h)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>| &nbsp;&nbsp; — <br><sup>(h)</sup><br>| &nbsp;&nbsp; — |
| Dine Brands Global, Inc. <sup>(o)</sup>  | 26517 | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; 19994 | &nbsp;&nbsp; (15402)<br>| &nbsp;&nbsp; 4289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 943 |
| Melco Resorts & Entertainment, Ltd. (ADR) <sup>(b)(o)</sup>  | 200228 | &nbsp;&nbsp; 3567 | &nbsp;&nbsp; 147338 | &nbsp;&nbsp; (26764)<br>| &nbsp;&nbsp; (29693)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wyndham Hotels & Resorts, Inc. <sup>(n)</sup>  | 321018 | &nbsp;&nbsp; 79748 | &nbsp;&nbsp; 113821 | &nbsp;&nbsp; 7750 | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6470 |
| YETI Holdings, Inc. <sup>(b)(n)</sup>  | 214906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145857 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; (48113)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| IDP Education, Ltd. <sup>(n)</sup>  |  | &nbsp;&nbsp; 84066 | &nbsp;&nbsp; 18267 | &nbsp;&nbsp; (24873)<br>| &nbsp;&nbsp; 6850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 598 |
| Victoria PLC <sup>(o)</sup>  | 10425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3885 | &nbsp;&nbsp; (25646)<br>| &nbsp;&nbsp; 19106 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tube Investments of India, Ltd. <sup>(n)</sup>  | 542978 | &nbsp;&nbsp; 11100 | &nbsp;&nbsp; 71009 | &nbsp;&nbsp; 38484 | &nbsp;&nbsp; (219142)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 409 |
| Boot Barn Holdings, Inc. <sup>(b)(n)</sup>  | 344641 | &nbsp;&nbsp; 47933 | &nbsp;&nbsp; 267754 | &nbsp;&nbsp; 100527 | &nbsp;&nbsp; (151917)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pets at Home Group PLC <sup>(o)</sup>  | 140017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96220 | &nbsp;&nbsp; (62580)<br>| &nbsp;&nbsp; 18783 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1127 |
| Auction Technology Group PLC <sup>(b)(n)</sup>  | 54588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20611 | &nbsp;&nbsp; (53973)<br>| &nbsp;&nbsp; 42541 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Traeger, Inc. <sup>(b)(o)</sup>  | 23919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8239 | &nbsp;&nbsp; (11418)<br>| &nbsp;&nbsp; (4262)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shoei Co., Ltd. <sup>(n)</sup>  | 66850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30852 | &nbsp;&nbsp; (26531)<br>| &nbsp;&nbsp; 8903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 929 |
| Jack in the Box, Inc. <sup>(o)</sup>  | 74771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30074 | &nbsp;&nbsp; (113362)<br>| &nbsp;&nbsp; 68665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1414 |
| Malibu Boats, Inc., Class A <sup>(b)(n)</sup>  | 62986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22284 | &nbsp;&nbsp; (19039)<br>| &nbsp;&nbsp; 9156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Champion Homes, Inc. <sup>(b)(n)</sup>  | 189856 | &nbsp;&nbsp; 243551 | &nbsp;&nbsp; 134997 | &nbsp;&nbsp; (75437)<br>| &nbsp;&nbsp; (41578)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Lottomatica Group SpA <sup>(n)</sup>  | 217650 | &nbsp;&nbsp; 909 | &nbsp;&nbsp; 136405 | &nbsp;&nbsp; 65761 | &nbsp;&nbsp; 157296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5026 |
| CAVA Group, Inc. <sup>(b)(c)(n)</sup>  | 718643 | &nbsp;&nbsp; 59306 | &nbsp;&nbsp; 158158 | &nbsp;&nbsp; 106368 | &nbsp;&nbsp; (396881)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Rusta AB <sup>(c)(n)</sup>  | 94781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40500 | &nbsp;&nbsp; 8606 | &nbsp;&nbsp; (21832)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 982 |
| tonies SE, Class A <sup>(b)(c)(n)</sup>  | 48978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11630 | &nbsp;&nbsp; (1332)<br>| &nbsp;&nbsp; 8468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Genius Sports, Ltd. <sup>(b)(n)</sup>  | 79672 | &nbsp;&nbsp; 24498 | &nbsp;&nbsp; 69170 | &nbsp;&nbsp; 27863 | &nbsp;&nbsp; 24568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 2319630 |  |

---

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| | |
|:---|:---|
| SMALLCAP World Fund | **18** |

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------

**Investments in affiliates** <sup>(a)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 10/1/2024<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 9/30/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Health care 1.44%** |  |  |  |  |  |  |  |
| NewAmsterdam Pharma Co. NV <sup>(b)(c)</sup>  | $— | &nbsp;&nbsp; $191776 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52696 | &nbsp;&nbsp; $244472 | &nbsp;&nbsp; $— |
| IDEAYA Biosciences, Inc. <sup>(b)</sup>  | 69602 | &nbsp;&nbsp; 91741 | &nbsp;&nbsp; 15565 | &nbsp;&nbsp; (4343)<br>| &nbsp;&nbsp; 18277 | &nbsp;&nbsp; 159712 | &nbsp;&nbsp; — |
| BONESUPPORT Holding AB <sup>(b)</sup>  | 158457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8012 | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 155211 | &nbsp;&nbsp; — |
| DiaSorin SpA  | 124784 | &nbsp;&nbsp; 57658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (40047)<br>| &nbsp;&nbsp; 142395 | &nbsp;&nbsp; 1580 |
| Addus HomeCare Corp. <sup>(b)</sup>  |  | &nbsp;&nbsp; 154540 | &nbsp;&nbsp; 24591 | &nbsp;&nbsp; (4243)<br>| &nbsp;&nbsp; 2819 | &nbsp;&nbsp; 128525 | &nbsp;&nbsp; — |
| Rapport Therapeutics, Inc. <sup>(b)</sup>  | 53300 | &nbsp;&nbsp; 41800 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26955 | &nbsp;&nbsp; 101055 | &nbsp;&nbsp; — |
| Gubra AS <sup>(c)</sup>  | 95887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (19046)<br>| &nbsp;&nbsp; 76841 | &nbsp;&nbsp; 12044 |
| Phreesia, Inc. <sup>(b)</sup>  | 59096 | &nbsp;&nbsp; 14461 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 73732 | &nbsp;&nbsp; — |
| KalVista Pharmaceuticals, Inc. <sup>(b)</sup>  | 39072 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2374 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 1953 | &nbsp;&nbsp; 38703 | &nbsp;&nbsp; — |
| Entero Healthcare Solutions, Ltd. <sup>(b)</sup>  | 32642 | &nbsp;&nbsp; 5519 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8566)<br>| &nbsp;&nbsp; 29595 | &nbsp;&nbsp; — |
| Vicore Pharma Holding AB <sup>(b)</sup>  |  | &nbsp;&nbsp; 10033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6630 | &nbsp;&nbsp; 16663 | &nbsp;&nbsp; — |
| Haemonetics Corp. <sup>(b)(o)</sup>  | 206241 | &nbsp;&nbsp; 20804 | &nbsp;&nbsp; 172238 | &nbsp;&nbsp; 7964 | &nbsp;&nbsp; (62771)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Xenon Pharmaceuticals, Inc. <sup>(b)(n)</sup>  | 206694 | &nbsp;&nbsp; 23574 | &nbsp;&nbsp; 67647 | &nbsp;&nbsp; (6482)<br>| &nbsp;&nbsp; (2558)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| NovoCure, Ltd. <sup>(b)(n)</sup>  | 101963 | &nbsp;&nbsp; 35026 | &nbsp;&nbsp; 95621 | &nbsp;&nbsp; (57700)<br>| &nbsp;&nbsp; 42172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Allogene Therapeutics, Inc. <sup>(b)(o)</sup>  | 19310 | &nbsp;&nbsp; 15277 | &nbsp;&nbsp; 15547 | &nbsp;&nbsp; (19730)<br>| &nbsp;&nbsp; 690 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tandem Diabetes Care, Inc. <sup>(b)(o)</sup>  | 165549 | &nbsp;&nbsp; 2783 | &nbsp;&nbsp; 109749 | &nbsp;&nbsp; (60191)<br>| &nbsp;&nbsp; 1608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Surgical Science Sweden AB <sup>(b)(c)(n)</sup>  | 40953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33414 | &nbsp;&nbsp; (31984)<br>| &nbsp;&nbsp; 27437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| agilon health, Inc. <sup>(b)(n)</sup>  | 92639 | &nbsp;&nbsp; 28234 | &nbsp;&nbsp; 66926 | &nbsp;&nbsp; (54585)<br>| &nbsp;&nbsp; 9117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Structure Therapeutics, Inc. (ADR) <sup>(b)(o)</sup>  | 189715 | &nbsp;&nbsp; 6262 | &nbsp;&nbsp; 94843 | &nbsp;&nbsp; (104754)<br>| &nbsp;&nbsp; 3620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Establishment Labs Holdings, Inc. <sup>(b)(c)(n)</sup>  | 58089 | &nbsp;&nbsp; 18576 | &nbsp;&nbsp; 37865 | &nbsp;&nbsp; (15572)<br>| &nbsp;&nbsp; 6374 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Praxis Precision Medicines, Inc. <sup>(b)(o)</sup>  | 51099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27730 | &nbsp;&nbsp; (21437)<br>| &nbsp;&nbsp; (1932)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Semler Scientific, Inc. <sup>(b)(c)(n)</sup>  |  | &nbsp;&nbsp; 41784 | &nbsp;&nbsp; 9690 | &nbsp;&nbsp; (11546)<br>| &nbsp;&nbsp; (8991)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1166904 |  |
| **Materials 1.67%** |  |  |  |  |  |  |  |
| Sandstorm Gold, Ltd.  | 142777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 155151 | &nbsp;&nbsp; 297928 | &nbsp;&nbsp; 1709 |
| APL Apollo Tubes, Ltd.  | 283527 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1337 | &nbsp;&nbsp; 284864 | &nbsp;&nbsp; 988 |
| Materion Corp.  | 162480 | &nbsp;&nbsp; 20684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16896 | &nbsp;&nbsp; 200060 | &nbsp;&nbsp; 899 |
| Sumitomo Bakelite Co., Ltd.  | 142688 | &nbsp;&nbsp; 52387 | &nbsp;&nbsp; 21482 | &nbsp;&nbsp; (866)<br>| &nbsp;&nbsp; 23017 | &nbsp;&nbsp; 195744 | &nbsp;&nbsp; 3337 |
| SigmaRoc PLC <sup>(b)</sup>  |  | &nbsp;&nbsp; 81616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63043 | &nbsp;&nbsp; 144659 | &nbsp;&nbsp; — |
| TriMas Corp.  |  | &nbsp;&nbsp; 110812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 111673 | &nbsp;&nbsp; — |
| Ramkrishna Forgings, Ltd.  | 146822 | &nbsp;&nbsp; 23094 | &nbsp;&nbsp; 4809 | &nbsp;&nbsp; (3381)<br>| &nbsp;&nbsp; (78740)<br>| &nbsp;&nbsp; 82986 | &nbsp;&nbsp; 304 |
| Asahi Yukizai Corp. <sup>(c)</sup>  | 40066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3715 | &nbsp;&nbsp; 43781 | &nbsp;&nbsp; 1077 |
| Fujimi, Inc. <sup>(c)(n)</sup>  | 73220 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33100 | &nbsp;&nbsp; (6698)<br>| &nbsp;&nbsp; (2537)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1029 |
| MEC Co., Ltd. <sup>(o)</sup>  | 41325 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25920 | &nbsp;&nbsp; (14619)<br>| &nbsp;&nbsp; (786)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 254 |
| Major Drilling Group International, Inc. <sup>(o)</sup>  | 27726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26821 | &nbsp;&nbsp; (1949)<br>| &nbsp;&nbsp; 1044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1361695 |  |
| **Consumer staples 0.34%** |  |  |  |  |  |  |  |
| Kotobuki Spirits Co., Ltd. <sup>(c)</sup>  | 149054 | &nbsp;&nbsp; 27297 | &nbsp;&nbsp; 36389 | &nbsp;&nbsp; (2924)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 137538 | &nbsp;&nbsp; 2602 |
| Fever-Tree Drinks PLC  | 32886 | &nbsp;&nbsp; 76792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 110379 | &nbsp;&nbsp; 1242 |
| Humble Group AB <sup>(b)(c)</sup>  | 34618 | &nbsp;&nbsp; 3068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10600)<br>| &nbsp;&nbsp; 27086 | &nbsp;&nbsp; — |
| Grocery Outlet Holding Corp. <sup>(b)(o)</sup>  | 139316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108894 | &nbsp;&nbsp; (96046)<br>| &nbsp;&nbsp; 65624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redcare Pharmacy NV, non-registered shares <sup>(b)(c)(n)</sup>  | 172116 | &nbsp;&nbsp; 32240 | &nbsp;&nbsp; 54619 | &nbsp;&nbsp; (8258)<br>| &nbsp;&nbsp; (56465)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| WK Kellogg Co. <sup>(o)</sup>  | 28676 | &nbsp;&nbsp; 54978 | &nbsp;&nbsp; 101054 | &nbsp;&nbsp; 15762 | &nbsp;&nbsp; 1638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2223 |
|  |  |  |  |  |  | &nbsp;&nbsp; 275003 |  |
| **Communication services 1.09%** |  |  |  |  |  |  |  |
| Nippon Television Holdings, Inc.  | 110883 | &nbsp;&nbsp; 260407 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 167283 | &nbsp;&nbsp; 538573 | &nbsp;&nbsp; 4168 |
| Hemnet Group AB  | 151022 | &nbsp;&nbsp; 51672 | &nbsp;&nbsp; 23667 | &nbsp;&nbsp; 11980 | &nbsp;&nbsp; (64910)<br>| &nbsp;&nbsp; 126097 | &nbsp;&nbsp; 625 |
| Baltic Classifieds Group PLC  | 119099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15809 | &nbsp;&nbsp; 3932 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 107598 | &nbsp;&nbsp; 1149 |
| Trustpilot Group PLC <sup>(b)</sup>  | 31743 | &nbsp;&nbsp; 65604 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4609)<br>| &nbsp;&nbsp; 92738 | &nbsp;&nbsp; — |

---

---

| | |
|:---|:---|
| **19** | SMALLCAP World Fund |

---

------

**Investments in affiliates** <sup>(a)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 10/1/2024<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 9/30/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| Starz Entertainment Corp. <sup>(b)</sup>  | $— | &nbsp;&nbsp; $21081 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1391)<br>| &nbsp;&nbsp; $19690 | &nbsp;&nbsp; $— |
| Future PLC <sup>(n)</sup>  | 77335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21507 | &nbsp;&nbsp; 970 | &nbsp;&nbsp; (26109)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 238 |
| Magnite, Inc. <sup>(b)(c)(n)</sup>  |  | &nbsp;&nbsp; 175246 | &nbsp;&nbsp; 124161 | &nbsp;&nbsp; 33894 | &nbsp;&nbsp; 49742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 884696 |  |
| **Energy 0.38%** |  |  |  |  |  |  |  |
| Weatherford International  | 96874 | &nbsp;&nbsp; 277376 | &nbsp;&nbsp; 55380 | &nbsp;&nbsp; (10072)<br>| &nbsp;&nbsp; (9611)<br>| &nbsp;&nbsp; 299187 | &nbsp;&nbsp; 3490 |
| Savannah Energy PLC <sup>(b)(c)(d)</sup>  | 26989 | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17540)<br>| &nbsp;&nbsp; 11529 | &nbsp;&nbsp; — |
| Vallourec SA <sup>(c)(n)</sup>  | 198929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55226 | &nbsp;&nbsp; 12423 | &nbsp;&nbsp; 37702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19377 |
| MEG Energy Corp. <sup>(n)</sup>  | 263996 | &nbsp;&nbsp; 10098 | &nbsp;&nbsp; 71769 | &nbsp;&nbsp; 2808 | &nbsp;&nbsp; 14330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3853 |
|  |  |  |  |  |  | &nbsp;&nbsp; 310716 |  |
| **Real estate 0.21%** |  |  |  |  |  |  |  |
| Altus Group, Ltd. <sup>(c)</sup>  | 143576 | &nbsp;&nbsp; 16209 | &nbsp;&nbsp; 44133 | &nbsp;&nbsp; 3181 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 119295 | &nbsp;&nbsp; 1310 |
| K-Fast Holding AB, Class B <sup>(b)</sup>  | 46247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18511)<br>| &nbsp;&nbsp; 27736 | &nbsp;&nbsp; — |
| Prisma Properties AB <sup>(b)</sup>  | 25775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1358)<br>| &nbsp;&nbsp; 24417 | &nbsp;&nbsp; — |
| Embassy Office Parks REIT <sup>(n)</sup>  | 232579 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84150 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; (2454)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10964 |
| Poly Property Services Co., Ltd., Class H <sup>(n)</sup>  |  | &nbsp;&nbsp; 50780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2257 |
| SRE Holdings Corp. <sup>(c)(n)</sup>  | 39823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13150 | &nbsp;&nbsp; (14463)<br>| &nbsp;&nbsp; 3121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 115 |
| Safestore Holdings PLC REIT <sup>(n)</sup>  | 132224 | &nbsp;&nbsp; 21159 | &nbsp;&nbsp; 90087 | &nbsp;&nbsp; (15159)<br>| &nbsp;&nbsp; (15134)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3859 |
| UMH Properties, Inc. REIT <sup>(n)</sup>  | 35323 | &nbsp;&nbsp; 61401 | &nbsp;&nbsp; 23119 | &nbsp;&nbsp; (6841)<br>| &nbsp;&nbsp; (13888)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2843 |
|  |  |  |  |  |  | &nbsp;&nbsp; 171448 |  |
| **Utilities 0.00%** |  |  |  |  |  |  |  |
| Mytrah Energy, Ltd. <sup>(b)(d)</sup>  | — <br><sup>(h)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(h)</sup><br>| &nbsp;&nbsp; — <br><sup>(h)</sup><br>| &nbsp;&nbsp; — |
| **Total common stocks** |  |  |  |  |  | &nbsp;&nbsp; 18629567 |  |
| **Preferred securities 0.23%** |  |  |  |  |  |  |  |
| **Information technology 0.07%** |  |  |  |  |  |  |  |
| Skyryse, Inc., Series B, preferred shares <sup>(b)(d)(e)</sup>  | 36627 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7939 | &nbsp;&nbsp; 44566 | &nbsp;&nbsp; — |
| Skyryse, Inc., Series C, preferred shares <sup>(b)(d)(e)</sup>  |  | &nbsp;&nbsp; 15314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15314 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 59880 |  |
| **Financials 0.07%** |  |  |  |  |  |  |  |
| PPRO Holding GmbH, Series B-1, 8.00% preferred <br>shares <sup>(b)(d)(e)</sup> <br>| 47941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7152 | &nbsp;&nbsp; 55093 | &nbsp;&nbsp; — |
| **Industrials 0.07%** |  |  |  |  |  |  |  |
| Einride AB, Series B, preferred shares <sup>(b)(d)(e)</sup>  | 9649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46764 | &nbsp;&nbsp; 56413 | &nbsp;&nbsp; — |
| Einride AB, Series A, preferred shares <sup>(b)(d)(e)</sup>  | 87 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 56920 |  |
| **Health care 0.02%** |  |  |  |  |  |  |  |
| ClearNote Health, Inc., Series C, 5.00% noncumulative <br> preferred shares <sup>(b)(d)(e)</sup> <br>| 10565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1843 | &nbsp;&nbsp; 12408 | &nbsp;&nbsp; — |
| **Total preferred securities** |  |  |  |  |  | &nbsp;&nbsp; 184301 |  |
| **Convertible stocks 0.15%** |  |  |  |  |  |  |  |
| **Materials 0.15%** |  |  |  |  |  |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred <br> depositary shares, 7.25% 3/1/2027 <br>|  | &nbsp;&nbsp; 98357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23660 | &nbsp;&nbsp; 122017 | &nbsp;&nbsp; 3191 |
| **Information technology 0.00%** |  |  |  |  |  |  |  |
| RealSelf, Inc., Series C, convertible preferred shares <sup>(d)(e)</sup>  | 3746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1248)<br>| &nbsp;&nbsp; 2498 | &nbsp;&nbsp; — |
| **Total convertible stocks** |  |  |  |  |  | &nbsp;&nbsp; 124515 |  |

---

---

| | |
|:---|:---|
| SMALLCAP World Fund | **20** |

---

------

**Investments in affiliates** <sup>(a)</sup> (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 10/1/2024<br> (000)<br>| Additions<br> (000)<br>| Reductions<br> (000)<br>| Net<br> realized<br> gain (loss)<br> (000)<br>| Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000)<br>| Value at<br> 9/30/2025<br> (000)<br>| Dividend<br> or interest<br> income<br> (000)<br>|
| **Convertible bonds & notes 0.00%** |  |  |  |  |  |  |  |
| **Information technology 0.00%** |  |  |  |  |  |  |  |
| Alphawave IP Group PLC, convertible notes, 3.75% <br> 3/1/2030 <sup>(o)</sup> <br>| $— | &nbsp;&nbsp; $5000 | &nbsp;&nbsp; $7227 | &nbsp;&nbsp; $2227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $118 |
| PayClip, Inc., convertible notes, 4.50% PIK <br>12/15/2028 <sup>(d)(e)(i)(n)</sup> <br>| 26787 | &nbsp;&nbsp; 1304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1306 |
| **Health care 0.00%** |  |  |  |  |  |  |  |
| ClearNote Health, Inc., convertible notes, <br>8.00% 10/28/2025 <sup>(d)(e)</sup> <br>| 2000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 160 |
| **Total convertible bonds & notes** |  |  |  |  |  | &nbsp;&nbsp; 2000 |  |
| **Short-term securities 3.89%** |  |  |  |  |  |  |  |
| **Money market investments 3.82%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.17% <sup>(l)</sup>  | 3396935 | &nbsp;&nbsp; 8487182 | &nbsp;&nbsp; 8777208 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; (383)<br>| &nbsp;&nbsp; 3106660 | &nbsp;&nbsp; 138265 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.07%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.17% <sup>(l)(m)</sup>  | 39774 | &nbsp;&nbsp; 15046 <br><sup>(p)</sup><br>|  |  |  | &nbsp;&nbsp; 54820 | &nbsp;&nbsp; — <br><sup>(q)</sup><br>|
| **Total short-term securities** |  |  |  |  |  | &nbsp;&nbsp; 3161480 |  |
| **Total 27.17%** |  |  |  | &nbsp;&nbsp; $(114379)<br>| &nbsp;&nbsp; $185738 | &nbsp;&nbsp; $22101863 | &nbsp;&nbsp; $405079 |

---

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| PsiQuantum Corp., Series D, preferred shares <sup>(b)(d)</sup> <br>| 5/28/2021 | $35000 | $54885 | 0.07<br> %<br>|
| PsiQuantum Corp., Series E, preferred shares <sup>(b)(d)</sup> <br>| 8/29/2025 | 50000 | 50000 | 0.06 |
| Einride AB, Series B, preferred shares <sup>(a)(b)(d)</sup> <br>| 3/23/2021-5/6/2021 | 18753 | 56413 | 0.07 |
| Einride AB <sup>(a)(b)(d)</sup> <br>| 7/14/2025 | 18275 | 22720 | 0.03 |
| Einride AB (EUR denominated) <sup>(a)(b)(d)</sup> <br>| 7/16/2021-2/1/2023 | 10542 | 18526 | 0.02 |
| Einride AB, Series A, preferred shares <sup>(a)(b)(d)</sup> <br>| 10/11/2021 | 312 | 507 | 0.00 <br><sup>(r)</sup><br>|
| Pine Labs Pte., Ltd. <sup>(b)(d)</sup> <br>| 5/12/2021 | 28710 | 35351 | 0.05 |
| Pine Labs Pte., Ltd., Series J, cumulative preferred <br>shares <sup>(b)(d)</sup> <br>| 5/12/2021 | 21291 | 26215 | 0.03 |
| Tekion Corp., Series B, preferred shares <sup>(b)(d)</sup> <br>| 8/20/2025 | 56846 | 56846 | 0.07 |
| Tekion Corp., Series A, preferred shares <sup>(b)(d)</sup> <br>| 8/20/2025 | 3154 | 3154 | 0.00 <br><sup>(r)</sup><br>|
| Skyryse, Inc., Series B, preferred shares <sup>(a)(b)(d)</sup> <br>| 10/21/2021 | 40700 | 44566 | 0.05 |
| Skyryse, Inc., Series C, preferred shares <sup>(a)(b)(d)</sup> <br>| 9/16/2025 | 15314 | 15314 | 0.02 |
| PPRO Holding GmbH, Series B-1, 8.00% preferred <br>shares <sup>(a)(b)(d)</sup> <br>| 1/28/2021 | 48694 | 55093 | 0.07 |
| Zipline International, Inc., Series G, preferred shares <sup>(b)(d)</sup> <br>| 6/7/2024 | 50000 | 51172 | 0.06 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(b)(d)</sup> <br>| 12/20/2021 | 50000 | 50373 | 0.06 |
| TAE Technologies, Inc., Series 11, 4.00% perpetual cumulative <br> convertible preferred shares <sup>(d)</sup> <br>| 8/27/2024 | 26493 | 30000 | 0.04 |
| TAE Technologies, Inc., Series 12, 4.00% perpetual convertible <br> preferred shares <sup>(d)</sup> <br>| 8/21/2024 | 6412 | 6876 | 0.01 |
| InSilico Medicine Cayman TopCo, Series D, preferred shares <sup>(b)(d)</sup> <br>| 5/13/2022-7/18/2022 | 23685 | 31273 | 0.04 |
| InSilico Medicine Cayman TopCo, Series E, preferred shares <sup>(b)(d)</sup> <br>| 4/23/2025 | 3770 | 3770 | 0.00 <br><sup>(r)</sup><br>|
| PayClip, Inc., convertible notes, 4.50% PIK 12/15/2028 <sup>(d)(i)</sup> <br>| 5/29/2024-9/15/2025 | 26867 | 31330 | 0.04 |
| ANDPAD, Inc., Series D, preferred shares <sup>(b)(d)</sup> <br>| 6/30/2022 | 19506 | 27402 | 0.03 |
| SiFive, Inc., Series F, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2022 | 25000 | 21918 | 0.03 |

---

---

| | |
|:---|:---|
| **21** | SMALLCAP World Fund |

---

------

**Restricted securities** <sup>(e)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| Sail Biomedicines, Inc., Series B, 6.00% preferred shares <sup>(b)(d)</sup> <br>| 8/10/2021 | $50000 | $21393 | 0.03<br> %<br>|
| KRY International AB, Series A <sup>(b)(d)</sup> <br>| 5/13/2021 | 60425 | 21045 | 0.03 |
| Dock, Ltd. <sup>(b)(d)</sup> <br>| 10/19/2020 | 26000 | 19997 | 0.02 |
| Tarana Wireless, Inc., Series 6, noncumulative convertible <br> preferred shares <sup>(d)</sup> <br>| 2/18/2022 | 12179 | 15922 | 0.02 |
| Tarana Wireless, Inc., Series 8, noncumulative convertible <br> preferred shares <sup>(d)</sup> <br>| 9/2/2025 | 1320 | 1320 | 0.00 <br><sup>(r)</sup><br>|
| Tarana Wireless, Inc., Series 7A, noncumulative convertible <br> preferred shares <sup>(d)</sup> <br>| 9/2/2025 | 1000 | 1000 | 0.00 <br><sup>(r)</sup><br>|
| Tarana Wireless, Inc., Series 7, noncumulative convertible <br> preferred shares <sup>(d)</sup> <br>| 9/2/2025 | 1000 | 1000 | 0.00 <br><sup>(r)</sup><br>|
| Workrise Technologies, Inc., Series E, preferred shares <sup>(b)(d)</sup> <br>| 3/8/2021 | 40000 | 15923 | 0.02 |
| StockX, Inc., Series E-1, preferred shares <sup>(b)(d)</sup> <br>| 4/15/2021 | 20000 | 7409 | 0.01 |
| StockX, Inc. <sup>(b)(d)</sup> <br>| 4/5/2021  | 14682 | 5394 | 0.01 |
| StockX, Inc., Series AA, preferred shares <sup>(b)(d)</sup> <br>| 4/5/2021 | 5203 | 1912 | 0.00 <br><sup>(r)</sup><br>|
| StockX, Inc., Series B, preferred shares <sup>(b)(d)</sup> <br>| 4/5/2021 | 281 | 103 | 0.00 <br><sup>(r)</sup><br>|
| ClearNote Health, Inc., Series C, 5.00% noncumulative preferred <br> shares <sup>(a)(b)(d)</sup> <br>| 4/26/2021 | 15101 | 12408 | 0.02 |
| ClearNote Health, Inc., convertible notes, 8.00% <br>11/02/2025 <sup>(a)(d)</sup> <br>| 12/1/2022 | 2000 | 2000 | 0.00 <br><sup>(r)</sup><br>|
| Patreon, Inc., Series E, preferred shares <sup>(b)(d)</sup> <br>| 9/1/2020 | 11944 | 8399 | 0.01 |
| Patreon, Inc., Class B <sup>(b)(d)</sup> <br>| 10/26/2020-10/27/2020 | 3255 | 2285 | 0.01 |
| Patreon, Inc., Series SEED, noncumulative preferred shares <sup>(b)(d)</sup> <br>| 9/16/2020 | 2790 | 1962 | 0.00 <br><sup>(r)</sup><br>|
| Candid Therapeutics, Inc., Class B, noncumulative convertible <br> preferred shares <sup>(d)</sup> <br>| 8/27/2024 | 20000 | 9667 | 0.01 |
| Outreach Corp., Series G, preferred shares <sup>(b)(d)</sup> <br>| 5/27/2021 | 45482 | 8967 | 0.01 |
| Yotpo, Ltd., Series F, preferred shares <sup>(b)(d)</sup> <br>| 2/25/2021 | 18329 | 4083 | 0.01 |
| Yotpo, Ltd. <sup>(b)(d)</sup> <br>| 3/16/2021 | 5475 | 1284 | 0.00 <br><sup>(r)</sup><br>|
| Yotpo, Ltd., Series B, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2021 | 2322 | 545 | 0.00 <br><sup>(r)</sup><br>|
| Yotpo, Ltd., Series C, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2021 | 2211 | 518 | 0.00 <br><sup>(r)</sup><br>|
| Yotpo, Ltd., Series A-1, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2021 | 1483 | 348 | 0.00 <br><sup>(r)</sup><br>|
| Yotpo, Ltd., Series A, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2021 | 723 | 169 | 0.00 <br><sup>(r)</sup><br>|
| Yotpo, Ltd., Series C-1, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2021 | 613 | 144 | 0.00 <br><sup>(r)</sup><br>|
| Yotpo, Ltd., Series D, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2021 | 341 | 80 | 0.00 <br><sup>(r)</sup><br>|
| Yotpo, Ltd., Series B-1, preferred shares <sup>(b)(d)</sup> <br>| 3/16/2021 | 273 | 64 | 0.00 <br><sup>(r)</sup><br>|
| Kandou Holding SA, Term Loan, 7.00% 12/1/2025 <sup>(d)(j)</sup> <br>| 8/20/2024 | 5000 | 5000 | 0.01 |
| Kandou Holding SA, Series D, preferred shares <sup>(b)(d)</sup> <br>| 11/17/2021-8/18/2023 | 30800 | 44 | 0.00 <br><sup>(r)</sup><br>|
| Kandou Holding SA, warrants, expire 8/18/2028 <sup>(b)(d)</sup> <br>| 8/18/2023 | — <br><sup>(h)</sup><br>| — <br><sup>(h)</sup><br>| 0.00 <br><sup>(r)</sup><br>|
| RealSelf, Inc., Series C, convertible preferred shares <sup>(a)(d)</sup> <br>| 4/18/2018 | 19000 | 2498 | 0.00 <br><sup>(r)</sup><br>|
| Long Wall Co., Class A-10, noncumulative convertible preferred <br> shares <sup>(d)</sup> <br>| 12/14/2023 | 2439 | 998 | 0.00 <br><sup>(r)</sup><br>|
| Long Wall Co., Class A-8, noncumulative convertible preferred <br> shares <sup>(d)</sup> <br>| 3/24/2021 | 35000 | 616 | 0.00 <br><sup>(r)</sup><br>|
| Foursquare Labs, Inc., Series A <sup>(b)(d)</sup> <br>| 12/3/2013 | 20000 | 1261 | 0.00 <br><sup>(r)</sup><br>|
| Foursquare Labs, Inc., Series A, warrants, expire 12/4/2033 <sup>(b)(d)</sup> <br>| 8/22/2014 | — <br><sup>(h)</sup><br>| — <br><sup>(h)</sup><br>| 0.00 <br><sup>(r)</sup><br>|
| **Total** |  | $1055995 | $869462 | 1.07<br> %<br>|

---

---

| | |
|:---|:---|
| SMALLCAP World Fund | **22** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(b)</sup> Security did not produce income during the last 12 months.

<sup>(c)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending. 

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(f)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $8,512,000, which represented 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(g)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,662,000, which represented 0.01% of the net assets of the fund. 

<sup>(h)</sup> Amount less than one thousand.

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(j)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $5,000,000, which represented 0.01% of the net assets of the fund. 

<sup>(k)</sup> Step bond; coupon rate may change at a later date.

<sup>(l)</sup> Rate represents the seven-day yield at 9/30/2025.

<sup>(m)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(n)</sup> Affiliated issuer during the reporting period but no longer an affiliate at 9/30/2025. Refer to the investment portfolio for the security value at 9/30/2025.

<sup>(o)</sup> Affiliated issuer during the reporting period but no longer held at 9/30/2025.

<sup>(p)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(q)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(r)</sup> Amount less than 0.01%.

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| CDI = CREST Depository Interest  |
| EUR = Euros |

---

---

| |
|:---|
| GBP = British pounds |
| GDR = Global Depositary Receipts |
| PIK = Payment In Kind |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| SEK = Swedish kronor |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **23** | SMALLCAP World Fund |

---

------

Financial statements

**Statement of assets and liabilities** at September 30, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value (includes $2,155,640 of <br>investment securities on loan):<br>|  |  |
| Unaffiliated issuers (cost: $38,910,001) | $59845829 |  |
| Affiliated issuers (cost: $16,591,945) | 22101863 | $81947692 |
| Cash |  | 13997 |
| Cash denominated in currencies other than U.S. dollars (cost: $7,287) |  | 7260 |
| Receivables for: |  |  |
| Sales of investments | 159025 |  |
| Sales of fund's shares | 100793 |  |
| Dividends and interest | 121465 |  |
| Securities lending income | 2249 |  |
| Other | 2874 | 386406<br>|
|  |  | 82355355 |
| **Liabilities:** |  |  |
| Collateral for securities on loan |  | 462555 |
| Payables for: |  |  |
| Purchases of investments | 124735 |  |
| Repurchases of fund's shares | 87688 |  |
| Investment advisory services | 40301 |  |
| Services provided by related parties | 11030 |  |
| Directors' deferred compensation | 6255 |  |
| Non-U.S. taxes | 281805 |  |
| Other | 1402 | 553216<br>|
| **Net assets at September 30, 2025** |  | $81339584 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of capital stock |  | $53265334 |
| Total distributable earnings (accumulated loss) |  | 28074250<br>|
| **Net assets at September 30, 2025** |  | $81339584 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| SMALLCAP World Fund | **24** |

---

------

Financial statements (continued)

**Statement of assets and liabilities** at September 30, 2025 (continued)

------

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

**Total authorized capital stock — 2,000,000 shares, $.01 par value (1,063,862 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $28069520 | 373970 | $75.06 |
| Class C | 285648 | 4717 | 60.55 |
| Class T | 15 | —<br> \*<br>| 76.20 |
| Class F-1 | 405943 | 5500 | 73.81 |
| Class F-2 | 9994301 | 129122 | 77.40 |
| Class F-3 | 7067845 | 91882 | 76.92 |
| Class 529-A | 1606595 | 21770 | 73.80 |
| Class 529-C | 28008 | 453 | 61.87 |
| Class 529-E | 49375 | 703 | 70.26 |
| Class 529-T | 20 | —<br> \*<br>| 75.98 |
| Class 529-F-1 | 12 | —<br> \*<br>| 75.81 |
| Class 529-F-2 | 305683 | 4051 | 75.46 |
| Class 529-F-3 | 58 | 1 | 75.57 |
| Class R-1 | 40093 | 637 | 62.94 |
| Class R-2 | 429352 | 6797 | 63.17 |
| Class R-2E | 35724 | 495 | 72.21 |
| Class R-3 | 679933 | 9733 | 69.86 |
| Class R-4 | 557601 | 7494 | 74.41 |
| Class R-5E | 217255 | 2860 | 75.97 |
| Class R-5 | 270150 | 3418 | 79.04 |
| Class R-6 | 31296453 | 400259 | 78.19 |

---

\*

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **25** | SMALLCAP World Fund |

---

------

Financial statements (continued)

**Statement of operations** for the year ended September 30, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Dividends (net of non-U.S. taxes of $54,010; <br>also includes $403,495 from affiliates)<br>| $981983 |  |
| Securities lending income (net of fees) | 28215 |  |
| Interest (includes $1,584 from affiliates) | 6084 | $1016282 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 455333 |  |
| Distribution services | 82896 |  |
| Transfer agent services | 53692 |  |
| Administrative services | 22633 |  |
| 529 plan services | 1028 |  |
| Reports to shareholders | 1310 |  |
| Registration statement and prospectus | 1757 |  |
| Directors' compensation | 1098 |  |
| Auditing and legal | 209 |  |
| Custodian | 7540 |  |
| State and local taxes | 1 |  |
| Other | 1015 | 628512<br>|
| Net investment income |  | 387770<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments (net of non-U.S. taxes of $87,735): |  |  |
| Unaffiliated issuers | 3493466 |  |
| Affiliated issuers | (114379)<br>|  |
| Currency transactions | 7740 | 3386827 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments (net of non-U.S. taxes of $275,908): |  |  |
| Unaffiliated issuers | 1168650 |  |
| Affiliated issuers | 185738 |  |
| Currency translations | 1074 | 1355462<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 4742289<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $5130059 |

---

\*

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

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | $387770 | $380991 |
| Net realized gain (loss) | 3386827 | 241736 |
| Net unrealized appreciation (depreciation) | 1355462 | 12921795 |
| Net increase (decrease) in net assets resulting from operations | 5130059 | 13544522 |
| **Distributions paid to shareholders** | (598203)<br>| (570870)<br>|
| **Net capital share transactions** | (269313)<br>| 415170 |
| **Total increase (decrease) in net assets**  | 4262543 | 13388822 |
| **Net assets:** |  |  |
| Beginning of year | 77077041 | 63688219 |
| End of year | $81339584 | $77077041 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| SMALLCAP World Fund | **26** |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

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

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

---

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

---

\*

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

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

**2. Significant accounting policies**

------

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

**Operating segments** — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the fund's Principal Executive Officer and Principal Financial Officer, serves as the fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

---

| | |
|:---|:---|
| **27** | SMALLCAP World Fund |

---

------

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

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

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

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

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**3. Valuation**

------

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

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

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

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

---

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

---

---

| | |
|:---|:---|
| SMALLCAP World Fund | **28** |

---

------

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

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

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

**Classifications** — The fund's investment adviser classifies the fund's assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund's valuation levels as of September 30, 2025, were as follows (dollars in thousands):

---

| | |
|:---|:---|
| **29** | SMALLCAP World Fund |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Industrials | $19605445 | $— | $41246 | $19646691 |
| Financials | 12619398 | 171533 | 35351 | 12826282 |
| Information technology | 11838788 | 283078 | 31880 | 12153746 |
| Consumer discretionary | 12080381 |  | 5394 | 12085775 |
| Health care | 8327800 |  | 21045 | 8348845 |
| Materials | 4013150 |  |  | 4013150 |
| Consumer staples | 2638816 |  |  | 2638816 |
| Communication services | 2045729 |  |  | 2045729 |
| Energy | 1692262 |  | 11529 | 1703791 |
| Real estate | 1330189 |  |  | 1330189 |
| Utilities | 623701 |  | — <br><sup>1</sup><br>| 623701 |
| Preferred securities  | 67915 |  | 633372 | 701287 |
| Rights & warrants  | 55 |  | — <br><sup>1</sup><br>| 55 |
| Convertible stocks  | 122017 |  | 69897 | 191914 |
| Convertible bonds & notes  |  | 5537 | 49940 | 55477 |
| Bonds, notes & other debt instruments  |  | 8029 | 5000 | 13029 |
| Short-term securities | 3569215 |  |  | 3569215 |
| Total | $80574861 | $468177 | $904654 | $81947692 |

---

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended

September 30, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**10/1/2024**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** | **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**9/30/2025**<br>|
| Investment securities | &nbsp;&nbsp; $780767 | &nbsp;&nbsp; $11766 | &nbsp;&nbsp; $93729 | &nbsp;&nbsp; $(131931)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $175595 | &nbsp;&nbsp; $(25272)<br>| &nbsp;&nbsp; $904654 |
| Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | Net unrealized appreciation during the period on Level 3 investment securities held at September 30, 2025 | &nbsp;&nbsp; $150966 |

---

<sup>1</sup>

Amount less than one thousand

<sup>2</sup>

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

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

---

| | |
|:---|:---|
| SMALLCAP World Fund | **30** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**9/30/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**techniques**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average**<sup>1</sup> <br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>2</sup> <br>|
| Common stocks | $146445 | Market comparables | EV/EBITDA multiple | 57.6x | 57.6x | Increase |
| Common stocks | $146445 | Market comparables | EV/Sales multiple | 2.0x - 6.7x | 4.8x | Increase |
| Common stocks | $146445 | Market comparables | Discount to EV/Sales multiple | 11% | 11% | Decrease |
| Common stocks | $146445 | Market comparables | &nbsp;&nbsp; Net adjustment (decrease) based <br> on movement of market <br> comparables<br>| 5% - 54% | 29% | Decrease |
| Common stocks | $146445 | Market comparables | DLOM | 5% - 15% | 7% | Decrease |
| Common stocks | $146445 | Market comparables | Risk discount  | 10% - 25% | 23% | Decrease |
| Common stocks | $146445 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Common stocks | $146445 | &nbsp;&nbsp; Estimated recovery <br> value<br>| De minimis | Not applicable | Not applicable | Not applicable |
| Preferred securities | $633372 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Preferred securities | $633372 | &nbsp;&nbsp; Discounted cash <br> flow | WACC | 9% - 12% | 10% | Decrease |
| Preferred securities | $633372 | &nbsp;&nbsp; Discounted cash <br> flow | Risk discount  | 10% - 96% | 52% | Decrease |
| Preferred securities | $633372 | Market comparables | EV/EBITDA multiple | 57.6x | 57.6x | Increase |
| Preferred securities | $633372 | Market comparables | EV/Sales multiple | 3.1x - 9.4x | 6.5x | Increase |
| Preferred securities | $633372 | Market comparables | EV/Gross Profit multiple | 14.0x - 15.1x | 14.8x | Increase |
| Preferred securities | $633372 | Market comparables | &nbsp;&nbsp; Net adjustment (decrease) based <br> on movement of market <br> comparables<br>| 4% | 4% | Decrease |
| Preferred securities | $633372 | Market comparables | &nbsp;&nbsp; Premium to EV/Gross Profit <br> multiple<br>| 15% | 15% | Increase |
| Preferred securities | $633372 | Market comparables | DLOM  | 5% - 16% | 9% | Decrease |
| Preferred securities | $633372 | Market comparables | Risk discount  | 10% - 25% | 16% | Decrease |
| Preferred securities | $633372 | &nbsp;&nbsp; Estimated recovery <br> value<br>| Expected proceeds | Not applicable | Not applicable | Not applicable |
| Rights & warrants | $— <br><sup>3</sup> | Black-Scholes | Underlying share price | Not applicable | Not applicable | Not applicable |
| Rights & warrants | $— <br><sup>3</sup> | Black-Scholes | Implied volatility | 30% | 30% | Increase |
| Rights & warrants | $— <br><sup>3</sup> | &nbsp;&nbsp; Estimated recovery <br> value<br>| De minimis | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $69897 | Market comparables | EV/Sales multiple | 1.7x | 1.7x | Increase |
| Convertible stocks | $69897 | Market comparables | &nbsp;&nbsp; Net adjustment (decrease) based <br> on movement of market <br> comparables<br>| 52% | 52% | Decrease |
| Convertible stocks | $69897 | Market comparables | DLOM | 16% | 16% | Decrease |
| Convertible stocks | $69897 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Convertible bonds & <br> notes | $49940 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Convertible bonds & <br> notes | $49940 | Transaction | Discount for uncertainty | 10% | 10% | Decrease |
| Convertible bonds & <br> notes | $49940 | &nbsp;&nbsp; Accreted value <br> method | Redemption price | Not applicable | Not applicable | Not applicable |
| Convertible bonds & <br> notes | $49940 | &nbsp;&nbsp; Accreted value <br> method | Yield | 15% | 15% | Decrease |
| Convertible bonds & <br> notes | $49940 | &nbsp;&nbsp; Indicative market <br> quotation<br>| Broker quote | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other <br> debt instruments<br>| $5000<br>| Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
|  | $904654<br>|  |  |  |  |  |

---

<sup>1</sup>

Weighted average is by relative fair value.

<sup>2</sup>

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

<sup>3</sup>

Amount less than one thousand.

---

| | |
|:---|:---|
| **31** | SMALLCAP World Fund |

---

------

---

| |
|:---|
| **Key to abbreviations** |
| DLOM = Discount for lack of marketability |
| EBITDA = Earnings before interest, tax, depreciation, and amortization |
| EV = Enterprise value |
| WACC = Weighted average cost of capital |

---

**4. Risk factors**

------

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

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

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

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

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

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

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

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less

---

| | |
|:---|:---|
| SMALLCAP World Fund | **32** |

---

------

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

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

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

**5. Certain investment techniques**

------

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

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

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

As of September 30, 2025, the total value of securities on loan was $2,155,640,000, and the total value of collateral received was $2,266,424,000. Collateral received includes cash of $462,555,000 and U.S. government securities of $1,803,869,000. Investment securities purchased from cash collateral are disclosed in the fund's investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

---

| | |
|:---|:---|
| **33** | SMALLCAP World Fund |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Taxation and distributions**

------

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

As of and during the year ended September 30, 2025, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

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

**Non-U.S. taxation** — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended September 30, 2025, the fund recognized $596,000 in EU reclaims (net of $17,000 in fees and the effect of realized gain or loss from currency translations) related to European court rulings, which is included in dividend income in the fund's statement of operations. For U.S. income tax purposes, EU reclaims received by the fund reduce the amount of foreign taxes that a fund may pass through to its shareholders to be utilized as tax deductions or credit on their income tax returns. If the fund receives EU reclaims and either does not pass through foreign taxes in the current year or EU reclaims received exceed foreign taxes for the year, and the fund previously passed through the refunded EU taxes to its shareholders, the fund will enter into a closing agreement with the Internal Revenue Service in order to satisfy potential tax liability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

During the year ended September 30, 2025, the fund reclassified $152,716,000 from total distributable earnings to capital paid in on shares of capital stock to align financial reporting with tax reporting. The fund also utilized capital loss carryforward of $910,931,000.

As of September 30, 2025, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Undistributed ordinary income | $697452 |
| Undistributed long-term capital gains | 3189434 |
| Post-October capital loss deferral\* | (718968)<br>|
| Gross unrealized appreciation on investments | 27684456 |
| Gross unrealized depreciation on investments | (2498822)<br>|
| Net unrealized appreciation (depreciation) on investments | 25185634 |
| Cost of investments | 56762058 |

---

\*

This deferral is considered incurred in the subsequent year.

---

| | |
|:---|:---|
| SMALLCAP World Fund | **34** |

---

------

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

---

| | | |
|:---|:---|:---|
| | **Year ended September 30,** | **Year ended September 30,** |
| <br>**Share class** | **2025** | **2024** |
| Class A | &nbsp;&nbsp; $169460 | $178041 |
| Class C | &nbsp;&nbsp; 115 | 323 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 2433 | 2923 |
| Class F-2 | &nbsp;&nbsp; 86995 | 84892 |
| Class F-3 | &nbsp;&nbsp; 63437 | 55699 |
| Class 529-A | &nbsp;&nbsp; 9601 | 10167 |
| Class 529-C | &nbsp;&nbsp; — |  |
| Class 529-E | &nbsp;&nbsp; 214 | 266 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 2450 | 2342 |
| Class 529-F-3 | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | &nbsp;&nbsp; 43 | 136 |
| Class R-2 | &nbsp;&nbsp; 253 | 702 |
| Class R-2E | &nbsp;&nbsp; 84 | 110 |
| Class R-3 | &nbsp;&nbsp; 2733 | 3151 |
| Class R-4 | &nbsp;&nbsp; 3768 | 4312 |
| Class R-5E | &nbsp;&nbsp; 1703 | 1588 |
| Class R-5 | &nbsp;&nbsp; 2487 | 2827 |
| Class R-6 | &nbsp;&nbsp; 252426 | 223391 |
| Total | &nbsp;&nbsp; $598203 | $570870 |

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<sup>†</sup>

Amount less than one thousand.

**7. Fees and transactions with related parties**

------

CRMC, the fund's investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, CCG and AFS are considered related parties to the fund.

**Investment advisory services** — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.800% on the first $1 billion of daily net assets and decreasing to 0.583% on such assets in excess of $89 billion. For the year ended September 30, 2025, the investment advisory services fees were $455,333,000, which were equivalent to an annualized rate of 0.604% of average daily net assets.

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

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

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| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class A | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Class 529-A | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Classes C, 529-C and R-1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2E | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Classes 529-E and R-3 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

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| | |
|:---|:---|
| **35** | SMALLCAP World Fund |

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------

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of September 30, 2025, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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

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

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended September 30, 2025, the 529 plan services fees were $1,028,000, which were equivalent to 0.054% of the average daily net assets of each 529 share class.

For the year ended September 30, 2025, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>| **529 plan** <br>**services**<br>|
| Class A | $66643 | $35592 | $8098 | Not applicable |
| Class C | 2938 | 391 | 89 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 991 | 752 | 122 | Not applicable |
| Class F-2 | Not applicable | 10976 | 2864 | Not applicable |
| Class F-3 | Not applicable | 48 | 1953 | Not applicable |
| Class 529-A | 3456 | 1945 | 467 | $836 |
| Class 529-C | 281 | 36 | 9 | 15 |
| Class 529-E | 239 | 29 | 15 | 26 |
| Class 529-T |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-1 |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | Not applicable | 168 | 84 | 151 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 381 | 37 | 11 | Not applicable |
| Class R-2 | 3143 | 1458 | 126 | Not applicable |
| Class R-2E | 203 | 69 | 10 | Not applicable |
| Class R-3 | 3230 | 970 | 194 | Not applicable |
| Class R-4 | 1391 | 564 | 167 | Not applicable |
| Class R-5E | Not applicable | 308 | 61 | Not applicable |
| Class R-5 | Not applicable | 145 | 81 | Not applicable |
| Class R-6 | Not applicable | 204 | 8282 | Not applicable |
| Total class-specific expenses | $82896 | $53692 | $22633 | $1028 |

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\*

Amount less than one thousand.

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| | |
|:---|:---|
| SMALLCAP World Fund | **36** |

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**Directors' deferred compensation** — Directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors' compensation of $1,098,000 in the fund's statement of operations reflects $237,000 in current fees (either paid in cash or deferred) and a net increase of $861,000 in the value of the deferred amounts.

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

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

**Security transactions with related funds** — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of directors. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended September 30, 2025, the fund engaged in such purchase and sale transactions with related funds in the amounts of $263,868,000 and $702,298,000, respectively, which generated $559,261,000 of net realized gains from such sales.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended September 30, 2025.

**8. Committed line of credit**

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The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund's statement of operations. The fund did not borrow on this line of credit at any time during the year ended September 30, 2025.

**9. Indemnifications**

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

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| | |
|:---|:---|
| **37** | SMALLCAP World Fund |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Capital share transactions**

------

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** |
| Class A | $1403871 | 20362 | &nbsp;&nbsp;&nbsp; $166945 | 2455 | &nbsp;&nbsp;&nbsp; $(3667103)<br>| (53228)<br>| &nbsp;&nbsp;&nbsp; $(2096287)<br>| (30411)<br>|
| Class C | 33241 | 596 | &nbsp;&nbsp;&nbsp; 114 | 2 | &nbsp;&nbsp;&nbsp; (100859)<br>| (1817)<br>| &nbsp;&nbsp;&nbsp; (67504)<br>| (1219)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 18727 | 275 | &nbsp;&nbsp;&nbsp; 2404 | 36 | &nbsp;&nbsp;&nbsp; (85424)<br>| (1262)<br>| &nbsp;&nbsp;&nbsp; (64293)<br>| (951)<br>|
| Class F-2 | 2531332 | 35574 | &nbsp;&nbsp;&nbsp; 84466 | 1207 | &nbsp;&nbsp;&nbsp; (3349821)<br>| (48232)<br>| &nbsp;&nbsp;&nbsp; (734023)<br>| (11451)<br>|
| Class F-3 | 1411440 | 20001 | &nbsp;&nbsp;&nbsp; 62899 | 906 | &nbsp;&nbsp;&nbsp; (1317877)<br>| (18748)<br>| &nbsp;&nbsp;&nbsp; 156462 | 2159 |
| Class 529-A | 131385 | 1932 | &nbsp;&nbsp;&nbsp; 9598 | 144 | &nbsp;&nbsp;&nbsp; (270267)<br>| (3952)<br>| &nbsp;&nbsp;&nbsp; (129284)<br>| (1876)<br>|
| Class 529-C | 6599 | 116 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (13260)<br>| (232)<br>| &nbsp;&nbsp;&nbsp; (6661)<br>| (116)<br>|
| Class 529-E | 3867 | 60 | &nbsp;&nbsp;&nbsp; 213 | 3 | &nbsp;&nbsp;&nbsp; (10622)<br>| (163)<br>| &nbsp;&nbsp;&nbsp; (6542)<br>| (100)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 54604 | 788 | &nbsp;&nbsp;&nbsp; 2449 | 36 | &nbsp;&nbsp;&nbsp; (46901)<br>| (673)<br>| &nbsp;&nbsp;&nbsp; 10152 | 151 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | 4384 | 75 | &nbsp;&nbsp;&nbsp; 43 | 1 | &nbsp;&nbsp;&nbsp; (6504)<br>| (112)<br>| &nbsp;&nbsp;&nbsp; (2077)<br>| (36)<br>|
| Class R-2 | 60820 | 1050 | &nbsp;&nbsp;&nbsp; 253 | 4 | &nbsp;&nbsp;&nbsp; (116250)<br>| (1999)<br>| &nbsp;&nbsp;&nbsp; (55177)<br>| (945)<br>|
| Class R-2E | 6669 | 102 | &nbsp;&nbsp;&nbsp; 84 | 1 | &nbsp;&nbsp;&nbsp; (9408)<br>| (142)<br>| &nbsp;&nbsp;&nbsp; (2655)<br>| (39)<br>|
| Class R-3 | 102748 | 1608 | &nbsp;&nbsp;&nbsp; 2729 | 43 | &nbsp;&nbsp;&nbsp; (147425)<br>| (2301)<br>| &nbsp;&nbsp;&nbsp; (41948)<br>| (650)<br>|
| Class R-4 | 71551 | 1047 | &nbsp;&nbsp;&nbsp; 3767 | 56 | &nbsp;&nbsp;&nbsp; (163886)<br>| (2393)<br>| &nbsp;&nbsp;&nbsp; (88568)<br>| (1290)<br>|
| Class R-5E | 42505 | 611 | &nbsp;&nbsp;&nbsp; 1703 | 25 | &nbsp;&nbsp;&nbsp; (44780)<br>| (642)<br>| &nbsp;&nbsp;&nbsp; (572)<br>| (6)<br>|
| Class R-5 | 31039 | 429 | &nbsp;&nbsp;&nbsp; 2482 | 35 | &nbsp;&nbsp;&nbsp; (73521)<br>| (1011)<br>| &nbsp;&nbsp;&nbsp; (40000)<br>| (547)<br>|
| Class R-6 | 4989938 | 70003 | &nbsp;&nbsp;&nbsp; 250837 | 3553 | &nbsp;&nbsp;&nbsp; (2341112)<br>| (32831)<br>| &nbsp;&nbsp;&nbsp; 2899663 | 40725 |
| Total net increase <br> (decrease)<br>| $10904720 | 154629 | &nbsp;&nbsp;&nbsp; $590987 | 8507 | &nbsp;&nbsp;&nbsp; $(11765020)<br>| (169738)<br>| &nbsp;&nbsp;&nbsp; $(269313)<br>| (6602)<br>|
| **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** |
| Class A | $1597741 | 24515 | &nbsp;&nbsp;&nbsp; $175689 | 2681 | &nbsp;&nbsp;&nbsp; $(3378387)<br>| (51876)<br>| &nbsp;&nbsp;&nbsp; $(1604957)<br>| (24680)<br>|
| Class C | 41836 | 793 | &nbsp;&nbsp;&nbsp; 322 | 6 | &nbsp;&nbsp;&nbsp; (113842)<br>| (2170)<br>| &nbsp;&nbsp;&nbsp; (71684)<br>| (1371)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 19217 | 302 | &nbsp;&nbsp;&nbsp; 2893 | 45 | &nbsp;&nbsp;&nbsp; (102493)<br>| (1600)<br>| &nbsp;&nbsp;&nbsp; (80383)<br>| (1253)<br>|
| Class F-2 | 2487708 | 37015 | &nbsp;&nbsp;&nbsp; 82502 | 1223 | &nbsp;&nbsp;&nbsp; (2568847)<br>| (37832)<br>| &nbsp;&nbsp;&nbsp; 1363 | 406 |
| Class F-3 | 1444644 | 21648 | &nbsp;&nbsp;&nbsp; 55326 | 826 | &nbsp;&nbsp;&nbsp; (1051215)<br>| (15877)<br>| &nbsp;&nbsp;&nbsp; 448755 | 6597 |
| Class 529-A | 139685 | 2180 | &nbsp;&nbsp;&nbsp; 10164 | 158 | &nbsp;&nbsp;&nbsp; (264519)<br>| (4113)<br>| &nbsp;&nbsp;&nbsp; (114670)<br>| (1775)<br>|
| Class 529-C | 7516 | 139 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (17723)<br>| (330)<br>| &nbsp;&nbsp;&nbsp; (10207)<br>| (191)<br>|
| Class 529-E | 3886 | 64 | &nbsp;&nbsp;&nbsp; 266 | 4 | &nbsp;&nbsp;&nbsp; (10203)<br>| (166)<br>| &nbsp;&nbsp;&nbsp; (6051)<br>| (98)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 52226 | 795 | &nbsp;&nbsp;&nbsp; 2341 | 36 | &nbsp;&nbsp;&nbsp; (45984)<br>| (695)<br>| &nbsp;&nbsp;&nbsp; 8583 | 136 |
| Class 529-F-3 | 40 | 1 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 40 | 1 |
| Class R-1 | 12930 | 257 | &nbsp;&nbsp;&nbsp; 135 | 2 | &nbsp;&nbsp;&nbsp; (6076)<br>| (112)<br>| &nbsp;&nbsp;&nbsp; 6989 | 147 |
| Class R-2 | 63857 | 1161 | &nbsp;&nbsp;&nbsp; 701 | 13 | &nbsp;&nbsp;&nbsp; (111097)<br>| (2028)<br>| &nbsp;&nbsp;&nbsp; (46539)<br>| (854)<br>|
| Class R-2E | 6500 | 106 | &nbsp;&nbsp;&nbsp; 110 | 2 | &nbsp;&nbsp;&nbsp; (6935)<br>| (112)<br>| &nbsp;&nbsp;&nbsp; (325)<br>| (4)<br>|
| Class R-3 | 107748 | 1774 | &nbsp;&nbsp;&nbsp; 3148 | 51 | &nbsp;&nbsp;&nbsp; (156277)<br>| (2569)<br>| &nbsp;&nbsp;&nbsp; (45381)<br>| (744)<br>|
| Class R-4 | 83050 | 1288 | &nbsp;&nbsp;&nbsp; 4311 | 66 | &nbsp;&nbsp;&nbsp; (166577)<br>| (2576)<br>| &nbsp;&nbsp;&nbsp; (79216)<br>| (1222)<br>|
| Class R-5E | 41340 | 624 | &nbsp;&nbsp;&nbsp; 1588 | 24 | &nbsp;&nbsp;&nbsp; (37478)<br>| (569)<br>| &nbsp;&nbsp;&nbsp; 5450 | 79 |
| Class R-5 | 28876 | 423 | &nbsp;&nbsp;&nbsp; 2823 | 41 | &nbsp;&nbsp;&nbsp; (78679)<br>| (1151)<br>| &nbsp;&nbsp;&nbsp; (46980)<br>| (687)<br>|
| Class R-6 | 3392262 | 50546 | &nbsp;&nbsp;&nbsp; 222082 | 3263 | &nbsp;&nbsp;&nbsp; (1563961)<br>| (22954)<br>| &nbsp;&nbsp;&nbsp; 2050383 | 30855 |
| Total net increase <br> (decrease)<br>| $9531062 | 143631 | &nbsp;&nbsp;&nbsp; $564401 | 8441 | &nbsp;&nbsp;&nbsp; $(9680293)<br>| (146730)<br>| &nbsp;&nbsp;&nbsp; $415170 | 5342 |

---

\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

**11. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations,

if any, of $30,109,087,000 and $30,406,022,000, respectively, during the year ended September 30, 2025.

---

| | |
|:---|:---|
| SMALLCAP World Fund | **38** |

---

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended**  | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of year**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| <br>**Net asset** <br>**value,** <br>**end** <br>**of year**<br>| <br>**Total return**<sup>2,3</sup> <br>| <br>**Net assets,** <br>**end of** <br>**year** <br>**(in millions)** <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup> <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss) to** <br>**average** <br>**net assets**<sup>3</sup> <br>|
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 9/30/2025 | $70.82 | $.22 | $4.45 | $4.67 | $(.43)<br>| $— | $(.43)<br>| $75.06 | 6.62<br> %<br>| $28070 | 1.03<br> %<br>| 1.03<br> %<br>| .31<br> %<br>|
| 9/30/2024 | 58.93 | .23 | 12.08 | 12.31 | (.42)<br>|  | (.42)<br>| 70.82 | 21.01 | 28639 | 1.04 | 1.04 | .35 |
| 9/30/2023 | 51.99 | .25 | 6.69 | 6.94 |  |  |  | 58.93 | 13.31 | 25283 | 1.05 | 1.05 | .42 |
| 9/30/2022 | 88.19 | (.04)<br>| (28.76)<br>| (28.80)<br>|  | (7.40)<br>| (7.40)<br>| 51.99 | (35.39)<br>| 23553 | 1.01 | 1.01 | (.05)<br>|
| 9/30/2021 | 66.23 | (.37)<br>| 23.60 | 23.23 |  | (1.27)<br>| (1.27)<br>| 88.19 | 35.35 | 38095 | 1.02 | 1.02 | (.44)<br>|
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 9/30/2025 | 57.23 | (.25)<br>| 3.59 | 3.34 | (.02)<br>|  | (.02)<br>| 60.55 | 5.84 | 286 | 1.78 | 1.78 | (.45)<br>|
| 9/30/2024 | 47.70 | (.21)<br>| 9.79 | 9.58 | (.05)<br>|  | (.05)<br>| 57.23 | 20.11 | 340 | 1.78 | 1.78 | (.40)<br>|
| 9/30/2023 | 42.40 | (.16)<br>| 5.46 | 5.30 |  |  |  | 47.70 | 12.48 | 349 | 1.79 | 1.79 | (.34)<br>|
| 9/30/2022 | 73.86 | (.46)<br>| (23.60)<br>| (24.06)<br>|  | (7.40)<br>| (7.40)<br>| 42.40 | (35.86)<br>| 378 | 1.75 | 1.75 | (.81)<br>|
| 9/30/2021 | 56.04 | (.82)<br>| 19.91 | 19.09 |  | (1.27)<br>| (1.27)<br>| 73.86 | 34.36 | 713 | 1.75 | 1.75 | (1.18)<br>|
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 9/30/2025 | 71.92 | .41 | 4.50 | 4.91 | (.63)<br>|  | (.63)<br>| 76.20 | 6.91 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .76 <br><sup>5</sup><br>| .76 <br><sup>5</sup><br>| .58 <br><sup>5</sup><br>|
| 9/30/2024 | 59.82 | .43 | 12.27 | 12.70 | (.60)<br>|  | (.60)<br>| 71.92 | 21.35 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .75 <br><sup>5</sup><br>| .75 <br><sup>5</sup><br>| .64 <br><sup>5</sup><br>|
| 9/30/2023 | 52.73 | .42 | 6.79 | 7.21 | (.12)<br>|  | (.12)<br>| 59.82 | 13.63 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .77 <br><sup>5</sup><br>| .77 <br><sup>5</sup><br>| .70 <br><sup>5</sup><br>|
| 9/30/2022 | 89.14 | .13 | (29.14)<br>| (29.01)<br>|  | (7.40)<br>| (7.40)<br>| 52.73 | (35.21 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .76 <br><sup>5</sup><br>| .76 <br><sup>5</sup><br>| .19 <br><sup>5</sup><br>|
| 9/30/2021 | 66.78 | (.18)<br>| 23.81 | 23.63 |  | (1.27)<br>| (1.27)<br>| 89.14 | 35.64 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .79 <br><sup>5</sup><br>| .79 <br><sup>5</sup><br>| (.21 )<sup>5</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 9/30/2025 | 69.65 | .17 | 4.38 | 4.55 | (.39)<br>|  | (.39)<br>| 73.81 | 6.58 | 406 | 1.08 | 1.08 | .25 |
| 9/30/2024 | 57.95 | .19 | 11.90 | 12.09 | (.39)<br>|  | (.39)<br>| 69.65 | 20.96 | 449 | 1.08 | 1.08 | .30 |
| 9/30/2023 | 51.14 | .22 | 6.59 | 6.81 |  |  |  | 57.95 | 13.25 | 446 | 1.08 | 1.08 | .38 |
| 9/30/2022 | 86.92 | (.07)<br>| (28.31)<br>| (28.38)<br>|  | (7.40)<br>| (7.40)<br>| 51.14 | (35.41)<br>| 454 | 1.05 | 1.05 | (.10)<br>|
| 9/30/2021 | 65.31 | (.39)<br>| 23.27 | 22.88 |  | (1.27)<br>| (1.27)<br>| 86.92 | 35.31 | 791 | 1.05 | 1.05 | (.48)<br>|
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 9/30/2025 | 73.03 | .40 | 4.59 | 4.99 | (.62)<br>|  | (.62)<br>| 77.40 | 6.92 | 9994 | .77 | .77 | .56 |
| 9/30/2024 | 60.74 | .42 | 12.47 | 12.89 | (.60)<br>|  | (.60)<br>| 73.03 | 21.32 | 10266 | .77 | .77 | .62 |
| 9/30/2023 | 53.55 | .43 | 6.88 | 7.31 | (.12)<br>|  | (.12)<br>| 60.74 | 13.64 | 8514 | .77 | .77 | .70 |
| 9/30/2022 | 90.40 | .14 | (29.59)<br>| (29.45)<br>|  | (7.40)<br>| (7.40)<br>| 53.55 | (35.23)<br>| 7311 | .76 | .76 | .20 |
| 9/30/2021 | 67.69 | (.15)<br>| 24.13 | 23.98 |  | (1.27)<br>| (1.27)<br>| 90.40 | 35.69 | 10659 | .76 | .76 | (.18)<br>|
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 9/30/2025 | 72.58 | .50 | 4.54 | 5.04 | (.70)<br>|  | (.70)<br>| 76.92 | 7.04 | 7068 | .65 | .65 | .70 |
| 9/30/2024 | 60.36 | .50 | 12.38 | 12.88 | (.66)<br>|  | (.66)<br>| 72.58 | 21.46 | 6512 | .66 | .66 | .74 |
| 9/30/2023 | 53.22 | .50 | 6.83 | 7.33 | (.19)<br>|  | (.19)<br>| 60.36 | 13.75 | 5018 | .66 | .66 | .82 |
| 9/30/2022 | 89.80 | .22 | (29.40)<br>| (29.18)<br>|  | (7.40)<br>| (7.40)<br>| 53.22 | (35.14)<br>| 3904 | .65 | .65 | .32 |
| 9/30/2021 | 67.18 | (.07)<br>| 23.96 | 23.89 |  | (1.27)<br>| (1.27)<br>| 89.80 | 35.83 | 5382 | .66 | .66 | (.08)<br>|
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 9/30/2025 | 69.64 | .20 | 4.37 | 4.57 | (.41)<br>|  | (.41)<br>| 73.80 | 6.63 | 1607 | 1.05 | 1.05 | .29 |
| 9/30/2024 | 57.95 | .20 | 11.90 | 12.10 | (.41)<br>|  | (.41)<br>| 69.64 | 20.95 | 1647 | 1.07 | 1.07 | .32 |
| 9/30/2023 | 51.14 | .23 | 6.58 | 6.81 |  |  |  | 57.95 | 13.27 | 1473 | 1.08 | 1.08 | .39 |
| 9/30/2022 | 86.91 | (.05)<br>| (28.32)<br>| (28.37)<br>|  | (7.40)<br>| (7.40)<br>| 51.14 | (35.40)<br>| 1378 | 1.04 | 1.04 | (.08)<br>|
| 9/30/2021 | 65.29 | (.38)<br>| 23.27 | 22.89 |  | (1.27)<br>| (1.27)<br>| 86.91 | 35.31 | 2227 | 1.04 | 1.04 | (.47)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **39** | SMALLCAP World Fund |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value,**<br> **end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 9/30/2025 | $58.47 | $(.28)<br>| $3.68 | $3.40 | $— | $— | $— | $61.87 | 5.80<br> %<br>| $28 | 1.81<br> %<br>| 1.81<br> %<br>| (.48)%<br>|
| 9/30/2024 | 48.72 | (.23)<br>| 9.98 | 9.75 |  |  |  | 58.47 | 20.08 | 33 | 1.81 | 1.81 | (.44)<br>|
| 9/30/2023 | 43.33 | (.20)<br>| 5.59 | 5.39 |  |  |  | 48.72 | 12.39 | 37 | 1.86 | 1.86 | (.40)<br>|
| 9/30/2022 | 75.34 | (.51)<br>| (24.10)<br>| (24.61)<br>|  | (7.40)<br>| (7.40)<br>| 43.33 | (35.90)<br>| 44 | 1.81 | 1.81 | (.87)<br>|
| 9/30/2021 | 57.17 | (.86)<br>| 20.30 | 19.44 |  | (1.27)<br>| (1.27)<br>| 75.34 | 34.30 | 89 | 1.79 | 1.79 | (1.22)<br>|
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 9/30/2025 | 66.32 | .05 | 4.17 | 4.22 | (.28)<br>|  | (.28)<br>| 70.26 | 6.40 | 49 | 1.26 | 1.26 | .08 |
| 9/30/2024 | 55.22 | .08 | 11.32 | 11.40 | (.30)<br>|  | (.30)<br>| 66.32 | 20.73 | 53 | 1.26 | 1.26 | .12 |
| 9/30/2023 | 48.83 | .11 | 6.28 | 6.39 |  |  |  | 55.22 | 13.04 | 50 | 1.27 | 1.27 | .19 |
| 9/30/2022 | 83.48 | (.19)<br>| (27.06)<br>| (27.25)<br>|  | (7.40)<br>| (7.40)<br>| 48.83 | (35.53)<br>| 48 | 1.25 | 1.25 | (.29)<br>|
| 9/30/2021 | 62.89 | (.53)<br>| 22.39 | 21.86 |  | (1.27)<br>| (1.27)<br>| 83.48 | 35.04 | 81 | 1.26 | 1.26 | (.68)<br>|
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 9/30/2025 | 71.69 | .36 | 4.50 | 4.86 | (.57)<br>|  | (.57)<br>| 75.98 | 6.85 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .83 <br><sup>5</sup><br>| .83 <br><sup>5</sup><br>| .51 <br><sup>5</sup><br>|
| 9/30/2024 | 59.65 | .37 | 12.24 | 12.61 | (.57)<br>|  | (.57)<br>| 71.69 | 21.26 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .83 <br><sup>5</sup><br>| .83 <br><sup>5</sup><br>| .57 <br><sup>5</sup><br>|
| 9/30/2023 | 52.59 | .39 | 6.76 | 7.15 | (.09)<br>|  | (.09)<br>| 59.65 | 13.55 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .83 <br><sup>5</sup><br>| .83 <br><sup>5</sup><br>| .64 <br><sup>5</sup><br>|
| 9/30/2022 | 88.95 | .10 | (29.06)<br>| (28.96)<br>|  | (7.40)<br>| (7.40)<br>| 52.59 | (35.24 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .81 <br><sup>5</sup><br>| .81 <br><sup>5</sup><br>| .15 <br><sup>5</sup><br>|
| 9/30/2021 | 66.67 | (.22)<br>| 23.77 | 23.55 |  | (1.27)<br>| (1.27)<br>| 88.95 | 35.60 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .84 <br><sup>5</sup><br>| .84 <br><sup>5</sup><br>| (.26 )<sup>5</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 9/30/2025 | 71.53 | .31 | 4.49 | 4.80 | (.52)<br>|  | (.52)<br>| 75.81 | 6.76 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .90 <br><sup>5</sup><br>| .90 <br><sup>5</sup><br>| .45 <br><sup>5</sup><br>|
| 9/30/2024 | 59.51 | .32 | 12.21 | 12.53 | (.51)<br>|  | (.51)<br>| 71.53 | 21.17 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .90 <br><sup>5</sup><br>| .90 <br><sup>5</sup><br>| .49 <br><sup>5</sup><br>|
| 9/30/2023 | 52.48 | .34 | 6.74 | 7.08 | (.05)<br>|  | (.05)<br>| 59.51 | 13.48 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .90 <br><sup>5</sup><br>| .90 <br><sup>5</sup><br>| .56 <br><sup>5</sup><br>|
| 9/30/2022 | 88.82 | .06 | (29.00)<br>| (28.94)<br>|  | (7.40)<br>| (7.40)<br>| 52.48 | (35.28 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .87 <br><sup>5</sup><br>| .87 <br><sup>5</sup><br>| .09 <br><sup>5</sup><br>|
| 9/30/2021 | 66.57 | (.29)<br>| 23.81 | 23.52 |  | (1.27)<br>| (1.27)<br>| 88.82 | 35.60 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .80 <br><sup>5</sup><br>| .80 <br><sup>5</sup><br>| (.42 )<sup>5</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 9/30/2025 | 71.21 | .41 | 4.46 | 4.87 | (.62)<br>|  | (.62)<br>| 75.46 | 6.91 | 306 | .76 | .76 | .59 |
| 9/30/2024 | 59.25 | .41 | 12.16 | 12.57 | (.61)<br>|  | (.61)<br>| 71.21 | 21.32 | 278 | .77 | .77 | .63 |
| 9/30/2023 | 52.24 | .43 | 6.71 | 7.14 | (.13)<br>|  | (.13)<br>| 59.25 | 13.65 | 223 | .75 | .75 | .72 |
| 9/30/2022 | 88.37 | .14 | (28.87)<br>| (28.73)<br>|  | (7.40)<br>| (7.40)<br>| 52.24 | (35.22)<br>| 190 | .76 | .76 | .21 |
| 9/30/2021<sup>7,8</sup> <br>| 65.50 | (.16)<br>| 24.30 | 24.14 |  | (1.27)<br>| (1.27)<br>| 88.37 | 37.11 <br><sup>9</sup><br>| 274 | .80 <br><sup>10</sup><br>| .80 <br><sup>10</sup><br>| (.21 )<sup>10</sup><br>|
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 9/30/2025 | 71.32 | .45 | 4.47 | 4.92 | (.67)<br>|  | (.67)<br>| 75.57 | 6.98 | — <br><sup>6</sup><br>| .70 | .70 | .64 |
| 9/30/2024 | 59.33 | .59 | 12.02 | 12.61 | (.62)<br>|  | (.62)<br>| 71.32 | 21.40 | — <br><sup>6</sup><br>| .71 | .71 | .89 |
| 9/30/2023 | 52.32 | .44 | 6.72 | 7.16 | (.15)<br>|  | (.15)<br>| 59.33 | 13.66 | — <br><sup>6</sup><br>| .73 | .73 | .74 |
| 9/30/2022 | 88.45 | .17 | (28.90)<br>| (28.73)<br>|  | (7.40)<br>| (7.40)<br>| 52.32 | (35.19)<br>| — <br><sup>6</sup><br>| .71 | .71 | .25 |
| 9/30/2021<sup>7,8</sup> <br>| 65.50 | (.09)<br>| 24.31 | 24.22 |  | (1.27)<br>| (1.27)<br>| 88.45 | 37.23 <br><sup>9</sup><br>| — <br><sup>6</sup><br>| .76 <br><sup>10</sup><br>| .71 <br><sup>10</sup><br>| (.12 )<sup>10</sup><br>|
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 9/30/2025 | 59.51 | (.24)<br>| 3.74 | 3.50 | (.07)<br>|  | (.07)<br>| 62.94 | 5.88 | 40 | 1.75 | 1.75 | (.40)<br>|
| 9/30/2024 | 49.73 | (.19)<br>| 10.17 | 9.98 | (.20)<br>|  | (.20)<br>| 59.51 | 20.15 | 40 | 1.75 | 1.75 | (.35)<br>|
| 9/30/2023 | 44.18 | (.14)<br>| 5.69 | 5.55 |  |  |  | 49.73 | 12.52 | 26 | 1.75 | 1.75 | (.28)<br>|
| 9/30/2022 | 76.62 | (.45)<br>| (24.59)<br>| (25.04)<br>|  | (7.40)<br>| (7.40)<br>| 44.18 | (35.86)<br>| 24 | 1.74 | 1.74 | (.77)<br>|
| 9/30/2021 | 58.09 | (.85)<br>| 20.65 | 19.80 |  | (1.27)<br>| (1.27)<br>| 76.62 | 34.35 | 36 | 1.75 | 1.75 | (1.18)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| SMALLCAP World Fund | **40** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value,**<br> **end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 9/30/2025 | $59.69 | $(.24)<br>| $3.76 | $3.52 | $(.04)<br>| $— | $(.04)<br>| $63.17 | 5.86<br> %<br>| $429 | 1.75<br> %<br>| 1.75<br> %<br>| (.41)%<br>|
| 9/30/2024 | 49.78 | (.20)<br>| 10.19 | 9.99 | (.08)<br>|  | (.08)<br>| 59.69 | 20.15 | 462 | 1.75 | 1.75 | (.36)<br>|
| 9/30/2023 | 44.23 | (.15)<br>| 5.70 | 5.55 |  |  |  | 49.78 | 12.50 | 428 | 1.76 | 1.76 | (.29)<br>|
| 9/30/2022 | 76.71 | (.48)<br>| (24.60)<br>| (25.08)<br>|  | (7.40)<br>| (7.40)<br>| 44.23 | (35.87)<br>| 412 | 1.76 | 1.76 | (.81)<br>|
| 9/30/2021 | 58.16 | (.85)<br>| 20.67 | 19.82 |  | (1.27)<br>| (1.27)<br>| 76.71 | 34.37 | 719 | 1.75 | 1.75 | (1.17)<br>|
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 9/30/2025 | 68.16 | (.08)<br>| 4.29 | 4.21 | (.16)<br>|  | (.16)<br>| 72.21 | 6.18 | 36 | 1.45 | 1.45 | (.11)<br>|
| 9/30/2024 | 56.77 | (.04)<br>| 11.63 | 11.59 | (.20)<br>|  | (.20)<br>| 68.16 | 20.49 | 36 | 1.46 | 1.46 | (.06)<br>|
| 9/30/2023 | 50.29 | .01 | 6.47 | 6.48 |  |  |  | 56.77 | 12.85 | 31 | 1.46 | 1.46 | .01 |
| 9/30/2022 | 85.92 | (.34)<br>| (27.89)<br>| (28.23)<br>|  | (7.40)<br>| (7.40)<br>| 50.29 | (35.67)<br>| 27 | 1.46 | 1.46 | (.51)<br>|
| 9/30/2021 | 64.83 | (.71)<br>| 23.07 | 22.36 |  | (1.27)<br>| (1.27)<br>| 85.92 | 34.76 | 48 | 1.46 | 1.46 | (.88)<br>|
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 9/30/2025 | 65.96 | .03 | 4.14 | 4.17 | (.27)<br>|  | (.27)<br>| 69.86 | 6.35 | 680 | 1.30 | 1.30 | .04 |
| 9/30/2024 | 54.93 | .05 | 11.27 | 11.32 | (.29)<br>|  | (.29)<br>| 65.96 | 20.67 | 685 | 1.30 | 1.30 | .09 |
| 9/30/2023 | 48.59 | .09 | 6.25 | 6.34 |  |  |  | 54.93 | 13.03 | 611 | 1.31 | 1.31 | .16 |
| 9/30/2022 | 83.16 | (.23)<br>| (26.94)<br>| (27.17)<br>|  | (7.40)<br>| (7.40)<br>| 48.59 | (35.58)<br>| 587 | 1.31 | 1.31 | (.35)<br>|
| 9/30/2021 | 62.68 | (.57)<br>| 22.32 | 21.75 |  | (1.27)<br>| (1.27)<br>| 83.16 | 34.95 | 978 | 1.31 | 1.31 | (.73)<br>|
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 9/30/2025 | 70.21 | .23 | 4.42 | 4.65 | (.45)<br>|  | (.45)<br>| 74.41 | 6.67 | 558 | 1.00 | 1.00 | .33 |
| 9/30/2024 | 58.42 | .25 | 11.98 | 12.23 | (.44)<br>|  | (.44)<br>| 70.21 | 21.04 | 617 | 1.00 | 1.00 | .38 |
| 9/30/2023 | 51.52 | .27 | 6.63 | 6.90 |  |  |  | 58.42 | 13.35 | 585 | 1.01 | 1.01 | .45 |
| 9/30/2022 | 87.46 | (.04)<br>| (28.50)<br>| (28.54)<br>|  | (7.40)<br>| (7.40)<br>| 51.52 | (35.38)<br>| 583 | 1.01 | 1.01 | (.05)<br>|
| 9/30/2021 | 65.68 | (.35)<br>| 23.40 | 23.05 |  | (1.27)<br>| (1.27)<br>| 87.46 | 35.37 | 987 | 1.01 | 1.01 | (.43)<br>|
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 9/30/2025 | 71.69 | .38 | 4.49 | 4.87 | (.59)<br>|  | (.59)<br>| 75.97 | 6.89 | 217 | .80 | .80 | .54 |
| 9/30/2024 | 59.64 | .39 | 12.23 | 12.62 | (.57)<br>|  | (.57)<br>| 71.69 | 21.29 | 205 | .81 | .81 | .59 |
| 9/30/2023 | 52.58 | .40 | 6.76 | 7.16 | (.10)<br>|  | (.10)<br>| 59.64 | 13.56 | 166 | .81 | .81 | .66 |
| 9/30/2022 | 88.94 | .11 | (29.07)<br>| (28.96)<br>|  | (7.40)<br>| (7.40)<br>| 52.58 | (35.24)<br>| 138 | .81 | .81 | .17 |
| 9/30/2021 | 66.64 | (.19)<br>| 23.76 | 23.57 |  | (1.27)<br>| (1.27)<br>| 88.94 | 35.63 | 188 | .80 | .80 | (.22)<br>|
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 9/30/2025 | 74.56 | .46 | 4.67 | 5.13 | (.65)<br>|  | (.65)<br>| 79.04 | 6.98 | 270 | .70 | .70 | .64 |
| 9/30/2024 | 61.99 | .46 | 12.74 | 13.20 | (.63)<br>|  | (.63)<br>| 74.56 | 21.41 | 296 | .71 | .71 | .68 |
| 9/30/2023 | 54.65 | .47 | 7.02 | 7.49 | (.15)<br>|  | (.15)<br>| 61.99 | 13.68 | 288 | .71 | .71 | .75 |
| 9/30/2022 | 92.04 | .18 | (30.17)<br>| (29.99)<br>|  | (7.40)<br>| (7.40)<br>| 54.65 | (35.18)<br>| 288 | .70 | .70 | .25 |
| 9/30/2021 | 68.86 | (.11)<br>| 24.56 | 24.45 |  | (1.27)<br>| (1.27)<br>| 92.04 | 35.77 | 510 | .71 | .71 | (.13)<br>|
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 9/30/2025 | 73.76 | .51 | 4.61 | 5.12 | (.69)<br>|  | (.69)<br>| 78.19 | 7.04 | 31296 | .65 | .65 | .71 |
| 9/30/2024 | 61.34 | .50 | 12.58 | 13.08 | (.66)<br>|  | (.66)<br>| 73.76 | 21.46 | 26519 | .66 | .66 | .74 |
| 9/30/2023 | 54.08 | .50 | 6.95 | 7.45 | (.19)<br>|  | (.19)<br>| 61.34 | 13.76 | 20160 | .66 | .66 | .82 |
| 9/30/2022 | 91.12 | .23 | (29.87)<br>| (29.64)<br>|  | (7.40)<br>| (7.40)<br>| 54.08 | (35.15)<br>| 16261 | .65 | .65 | .33 |
| 9/30/2021 | 68.15 | (.06)<br>| 24.30 | 24.24 |  | (1.27)<br>| (1.27)<br>| 91.12 | 35.84 | 19437 | .66 | .66 | (.07)<br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **41** | SMALLCAP World Fund |

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Financial highlights (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes<sup>11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>5</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>6</sup> Amount less than $1 million.

<sup>7</sup> Based on operations for a period that is less than a full year.

<sup>8</sup> Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

<sup>9</sup> Not annualized.

<sup>10</sup> Annualized.

<sup>11</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

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| | |
|:---|:---|
| SMALLCAP World Fund | **42** |

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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of SMALLCAP World Fund, Inc. (the "Fund"), including the investment portfolio, as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California

November 10, 2025

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

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| | |
|:---|:---|
| **43** | SMALLCAP World Fund |

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Tax informationunaudited

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We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended September 30, 2025:

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| | |
|:---|:---|
| Foreign taxes | $0.13 per share |
| Foreign source income | $0.62 per share |
| Qualified dividend income | $678337000 |
| Section 199A dividends | $2579000 |
| Section 163(j) interest dividends | $97210000 |
| Corporate dividends received deduction | $155111000 |
| U.S. government income that may be exempt from state taxation | $68231000 |

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**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2026, to determine the *calendar year* amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.**

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| | |
|:---|:---|
| SMALLCAP World Fund | **44** |

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Changes in and disagreements with accountants

------

None

Matters submitted for shareholder vote

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None

Remuneration paid to directors, officers and others

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Refer to the directors' deferred compensation disclosure in the notes to financial statements.

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| | |
|:---|:---|
| **45** | SMALLCAP World Fund |

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Approval of Investment Advisory and Service Agreement

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The fund's board has approved the continuation of the fund's Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through November 30, 2026. The board approved the agreement following the recommendation of the fund's Contracts Committee (the "committee"), which is composed of all the fund's independent board members. The board and the committee determined in the exercise of their business judgment that the fund's advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

**1. Nature, extent and quality of services**

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

**2. Investment results**

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund's lifetime) through March 31, 2025. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with the fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

**3. Advisory fees and total expenses**

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

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| | |
|:---|:---|
| SMALLCAP World Fund | **46** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Ancillary benefits**

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

**5. Adviser financial information**

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

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| | |
|:---|:---|
| **47** | SMALLCAP World Fund |

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#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
None

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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

------

#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the directors' deferred compensation disclosure in the notes to financial statements.

------

#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included as part of the material filed under Item 7 of this Form under Approval of Investment Advisory and Service Agreement.

------

#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of directors. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent director candidates to the full board of directors. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

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#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

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

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#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

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#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

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

**SMALLCAP World Fund, Inc.**

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: November 28, 2025

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

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: November 28, 2025

By /s/ Hong T. Le

Hong T. Le, Treasurer and

Principal Financial Officer

Date: November 28, 2025

------

## Ex-99.Cert

**CERTIFICATION**

**I, Michael W. Stockton, certify that:**

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: November 28, 2025

<u>/s/ Michael W. Stockton</u> Michael W. Stockton,

Executive Vice President and Principal Executive Officer

SMALLCAP World Fund, Inc.

**CERTIFICATION**

I, **Hong T. Le**, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: November 28, 2025

<u>/s/ Hong T. Le</u> Hong T. Le,

Treasurer and Principal Financial Officer

SMALLCAP World Fund, Inc.

------

## Exhibit 99.906

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

MICHAEL W. STOCKTON, Executive Vice President and Principal Executive Officer, and HONG T. LE, Treasurer and Principal Financial Officer of SMALLCAP World Fund, Inc. (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer

**SMALLCAP World Fund, Inc.**

<u>/s/ Michael W. Stockton</u>

Michael W. Stockton, Executive Vice President and Principal Executive Officer

Date: November 28, 2025

Principal Financial Officer

**SMALLCAP World Fund, Inc.**

<u>/s/ Hong T. Le</u>

Hong T. Le, Treasurer and Principal Financial Officer

Date: November 28, 2025

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

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

------