485BPOS 1 scwf485b.htm

SEC. File Nos. 033-32785

811-05888

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM N-1A

Registration Statement

Under

the Securities Act of 1933

Post-Effective Amendment No. 46

and

Registration Statement

Under

the Investment Company Act of 1940

Amendment No. 49

____________________

SMALLCAP WORLD FUND, INC.

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive
Irvine, California 92618-4518

(Address of Principal Executive Offices)

Registrant's telephone number, including area code:

(213) 486-9200

____________________

Michael W. Stockton, Secretary

SMALLCAP World Fund, Inc.

333 South Hope Street

Los Angeles, California 90071-1406

(Name and Address of Agent for Service)

____________________

Copies to:

Mark D. Perlow

Dechert LLP

One Bush Street, Suite 1600

San Francisco, California 94104

(Counsel for the Registrant)

____________________

Approximate date of proposed public offering:

It is proposed that this filing become effective on November 1, 2015, pursuant to paragraph (b) of Rule 485.



	SMALLCAP World Fund^® Prospectus November 1, 2015


Class A	B	C	F-1	F-2	529-A	529-B	529-C	529-E
SMCWX	SCWBX	SCWCX	SCWFX	SMCFX	CSPAX	CSPBX	CSPCX	CSPEX


529-F-1	R-1	R-2	R-2E	R-3	R-4	R-5E	R-5	R-6
CSPFX	RSLAX	RSLBX	RSEBX	RSLCX	RSLEX	RSLDX	RSLFX	RLLGX

Table of contents


Investment objective	1
Fees and expenses of the fund	1
Principal investment strategies	2
Principal risks	3
Investment results	4
Management	6
Purchase and sale of fund shares	7
Tax information	7
Payments to broker-dealers and other financial intermediaries	7
Investment objective, strategies and risks	8
Management and organization	11
Shareholder information	14
Purchase, exchange and sale of shares	15
How to sell shares	20
Distributions and taxes	23
Choosing a share class	24
Sales charges	25
Sales charge reductions and waivers	27
Rollovers from retirement plans to IRAs	30
Plans of distribution	30
Other compensation to dealers	31
Fund expenses	32
Financial highlights	33

The U.S. Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Investment objective

The fund’s investment objective is to provide you with long-term growth of capital.

Fees and expenses of the fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional and in the “Sales charge reductions and waivers” section on page 27 of the prospectus and on page 63 of the fund’s statement of additional information.


Shareholder fees (fees paid directly from your investment)
	Share classes
		A and 529-A	B and 529-B	C and 529-C	529-E	F-1, F-2 and 529-F-1	All R share classes
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)		5.75%	none	none	none	none	none
Maximum deferred sales charge (load) (as a percentage of the amount redeemed)		1.00¹	5.00%	1.00%	none	none	none
Maximum sales charge (load) imposed on reinvested dividends		none	none	none	none	none	none
Redemption or exchange fees		none	none	none	none	none	none


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
	Share classes
	A	B	C	F-1	F-2	529-A	529-B	529-C	529-E
Management fees	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%
Distribution and/or service (12b-1) fees	0.24	1.00	1.00	0.25	none	0.21	0.99	0.99	0.50
Other expenses	0.20	0.20	0.24	0.21	0.18	0.31	0.33	0.32	0.26
Total annual fund operating expenses	1.07	1.83	1.87	1.09	0.81	1.15	1.95	1.94	1.39


	529-F-1	R-1	R-2	R-2E	R-3	R-4	R-5E	R-5	R-6
Management fees	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%	0.63%
Distribution and/or service (12b-1) fees	0.00	0.99	0.74	0.60²	0.50	0.25	none	none	none
Other expenses	0.31	0.20	0.45²	0.31	0.25²	0.18	0.24²	0.13	0.08
Total annual fund operating expenses	0.94	1.82	1.82	1.54	1.38	1.06	0.87	0.76	0.71

¹ A contingent deferred sales charge of 1.00% applies on certain redemptions within one year following purchases of $1 million or more made without an initial sales charge.

² Based on estimated amounts for the current fiscal year.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating

1 SMALLCAP World Fund / Prospectus

expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Share classes	1 year	3 years	5 years	10 years
A	$678	$ 896	$1,131	$1,806
B	686	976	1,190	1,949
C	290	588	1,011	2,190
F-1	111	347	601	1,329
F-2	83	259	450	1,002
529-A	685	919	1,172	1,892
529-B	698	1,012	1,252	2,067
529-C	297	609	1,047	2,264
529-E	142	440	761	1,669
529-F-1	96	300	520	1,155
R-1	185	573	985	2,137
R-2	185	573	985	2,137
R-2E	157	486	839	1,834
R-3	140	437	755	1,657
R-4	108	337	585	1,294
R-5E	89	278	482	1,073
R-5	78	243	422	942
R-6	73	227	395	883

For the share classes listed below, you would pay the following if you did not redeem your shares:


Share classes	1 year	3 years	5 years	10 years
B	$186	$576	$ 990	$1,949
C	190	588	1,011	2,190
529-B	198	612	1,052	2,067
529-C	197	609	1,047	2,264

Portfolio turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the fiscal year ended September 30, 2014, the fund’s portfolio turnover rate was 38% of the average value of its portfolio.

Principal investment strategies

Normally the fund invests at least 80% of its net assets in growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) of companies with small market capitalizations. The investment adviser currently defines “small market capitalization” companies to be companies with market capitalizations of $4.0 billion or less. The investment adviser has periodically re-evaluated and adjusted this definition and may continue to do so in the future. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. Because of this, the fund may have less than 80% of its net assets in small market capitalization

SMALLCAP World Fund / Prospectus 2

stocks at any given time. Under normal circumstances, the fund will invest a significant portion of its assets outside the United States, including in emerging markets.

The investment adviser uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value.

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; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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 and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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.

3 SMALLCAP World Fund / Prospectus

of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States 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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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, there may be increased settlement risks for transactions in local securities.

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 employed by the investment adviser in this process 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.

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

Investment results

The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with different broad measures of market results. This information provides some indication of the risks of investing in the fund. The Lipper Global Small-/Mid-Cap Funds Average includes the fund and other funds that disclose investment objectives and/or strategies reasonably comparable to those of the fund. The Consumer Price Index provides a comparison of the fund’s results to inflation. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting americanfunds.com.

SMALLCAP World Fund / Prospectus 4


Average annual total returns For the periods ended December 31, 2014 (with maximum sales charge):
Share class	Inception date	1 year	5 years	10 years	Lifetime
A — Before taxes	4/30/1990	–4.04%	10.11%	7.76%	9.47%
— After taxes on distributions		–6.18	9.29	6.95	N/A
— After taxes on distributions and sale of fund shares		–0.47	8.08	6.40	N/A


Share classes (before taxes)	Inception date	1 year	5 years	10 years	Lifetime
B	3/15/2000	–3.49%	10.31%	7.73%	3.57%
C	3/15/2001	0.09	10.55	7.55	7.78
F-1	3/15/2001	1.77	11.44	8.41	8.40
F-2	8/1/2008	2.08	11.75	N/A	8.13
529-A	2/19/2002	–4.13	10.05	7.71	9.09
529-B	2/20/2002	–3.63	10.19	7.64	8.95
529-C	2/20/2002	0.03	10.48	7.47	8.63
529-E	3/15/2002	1.50	11.07	8.04	8.73
529-F-1	9/17/2002	1.92	11.59	8.55	11.76
R-1	6/19/2002	1.03	10.60	7.58	9.09
R-2	5/31/2002	1.03	10.58	7.54	8.62
R-3	6/20/2002	1.48	11.09	8.04	9.62
R-4	7/24/2002	1.83	11.47	8.42	11.38
R-5	5/15/2002	2.13	11.81	8.75	9.52
R-6	5/1/2009	2.17	11.86	N/A	17.50


Indexes	1 year	5 years	10 years	Lifetime (from Class A inception)
MSCI All Country World Small Cap Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes)	1.78%	11.61%	8.17%	N/A
Lipper Global Small-/Mid-Cap Funds Average (reflects no deductions for sales charges, account fees or U.S. federal income taxes)	–1.06	9.99	6.86	9.42%
Consumer Price Index	0.76	1.69	2.12	2.46

5 SMALLCAP World Fund / Prospectus

After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k) plan, individual retirement account (IRA) or 529 college savings plan.

Management

Investment adviser Capital Research and Management Company^SM

Portfolio managers The individuals primarily responsible for the portfolio management of the fund are:

Portfolio manager/ Fund title (if applicable)	Portfolio manager experience in this fund	Primary title with investment adviser
Jonathan Knowles Vice Chairman of the Board	16 years	Partner– Capital World Investors
Gregory W. Wendt President and Director	8 years	Partner – Capital Research Global Investors
Brady L. Enright Senior Vice President	11 years	Partner – Capital World Investors
J. Blair Frank Senior Vice President	17 years	Partner – Capital Research Global Investors
Lawrence Kymisis Senior Vice President	8 years	Partner – Capital Research Global Investors
Julian N. Abdey Vice President	4 years	Partner – Capital World Investors
Bradford F. Freer Vice President	8 years	Partner – Capital World Investors
Mark E. Denning	24 years	Partner – Capital Research Global Investors
Claudia P. Huntington	20 years	Partner – Capital Research Global Investors
Harold H. La	3 years	Partner – Capital Research Global Investors
Aidan O’Connell	3 years	Partner – Capital Research Global Investors
Andraz Razen	6 years	Partner – Capital World Investors

SMALLCAP World Fund / Prospectus 6

Purchase and sale of fund shares

The minimum amount to establish an account for all share classes is $250 and the minimum to add to an account is $50. For a payroll deduction retirement plan account, payroll deduction savings plan account or employer-sponsored 529 account, the minimum is $25 to establish or add to an account.

If you are a retail investor, you may sell (redeem) shares on any business day through your dealer or financial advisor or by writing to American Funds Service Company^®at P.O. Box 6007, Indianapolis, Indiana 46206-6007; telephoning American Funds Service Company at (800) 421-4225; faxing American Funds Service Company at (888) 421-4351; or accessing our website at americanfunds.com. Please contact your plan administrator or recordkeeper to sell (redeem) shares from your retirement plan.

Tax information

Dividends and capital gain distributions you receive from the fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-favored.

Payments to broker-dealers and other financial intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial advisor to recommend the fund over another investment. Ask your individual financial advisor or visit your financial intermediary’s website for more information.

7 SMALLCAP World Fund / Prospectus

Investment objective, strategies and risks

The fund’s investment objective is to provide you with long-term growth of capital. While it has no present intention to do so, the fund’s board may change the fund’s investment objective without shareholder approval upon 60 days’ written notice to shareholders. Normally the fund invests at least 80% of its net assets in growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) of companies with small market capitalizations. This policy is subject to change only upon 60 days’ written notice to shareholders. The investment adviser currently defines “small market capitalization” companies to be companies with market capitalizations of $4.0 billion or less. The investment adviser has periodically re-evaluated and adjusted this definition and may continue to do so in the future. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. Because of this, the fund may have less than 80% of its net assets in small market capitalization stocks at any given time. Under normal circumstances, the fund will invest a significant portion of its assets outside the United States, including in emerging markets.

The fund may also hold cash or money market instruments, including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The percentage of the fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of fund shares. For temporary defensive purposes, the fund may invest without limitation in such instruments. The investment adviser may determine that it is appropriate to invest a substantial portion of the fund’s assets in such instruments in response to certain circumstances, such as periods of market turmoil. A larger percentage of such holdings could moderate the fund’s investment results in a period of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of the fund’s loss in a period of falling market prices and provide liquidity to make additional investments or to meet redemptions.

The following are certain risks associated with the fund’s investment strategies.

SMALLCAP World Fund / Prospectus 8

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.

Investing outside the United States — Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 operate or generate revenue. 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 the imposition of price controls or punitive taxes, that could adversely impact revenues. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

In addition to the investment strategies described above, the fund has other investment practices that are described in the statement of additional information, which includes a description of certain risks related to the fund’s investment strategies and other investment practices. The fund’s investment results will depend on the ability of the fund’s investment adviser to navigate the risks discussed above as well as those described in the statement of additional information.

Fund comparative indexes The investment results table in this prospectus shows how the fund’s average annual total returns compare with various broad measures of market

9 SMALLCAP World Fund / Prospectus

results. The MSCI All Country World Small Cap Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets. Results reflect dividends net of withholding taxes. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. This index was not in existence when the fund’s Class A shares were first sold; therefore, lifetime results are not shown. The Lipper Global Small-/Mid-Cap Funds Average is composed of funds that invest at least 75% of their equity assets in companies both inside and outside of the United States with market capitalizations (on a three-year weighted basis) below Lipper’s global large-cap floor. The results of the underlying funds in the average include the reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions and other fund expenses, but do not reflect the effect of sales charges, account fees or U.S. federal income taxes. The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Widely used as a measure of inflation, the CPI is computed by the U.S. Department of Labor, Bureau of Labor Statistics.

Fund results All fund results in this prospectus reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results reflect any fee waivers and/or expense reimbursements in effect during the periods presented.

SMALLCAP World Fund / Prospectus 10

Management and organization

Investment adviser Capital Research and Management Company, an experienced investment management organization founded in 1931, serves as the investment adviser to the fund and other funds, including the American Funds. Capital Research and Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071. Capital Research and Management Company manages the investment portfolio and business affairs of the fund. The total management fee paid by the fund, as a percentage of average net assets, for the previous fiscal year appears in the Annual Fund Operating Expenses table under “Fees and expenses of the fund.” Please see the statement of additional information for further details. A discussion regarding the basis for approval of the fund’s Investment Advisory and Service Agreement by the fund’s board of directors is contained in the fund’s annual report to shareholders for the fiscal year ended September 30, 2014.

Capital Research and Management Company manages equity assets through three equity investment divisions and fixed-income assets through its fixed-income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital World Investors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another.

The equity investment divisions may, in the future, be incorporated as wholly owned subsidiaries of Capital Research and Management Company. In that event, Capital Research and Management Company would continue to be the investment adviser, and day-to-day investment management of equity assets would continue to be carried out through one or more of these subsidiaries. Although not currently contemplated, Capital Research and Management Company could incorporate its fixed-income investment division in the future and engage it to provide day-to-day investment management of fixed-income assets. Capital Research and Management Company and each of the funds it advises have received an exemptive order from the U.S. Securities and Exchange Commission that allows Capital Research and Management Company to use, upon approval of the fund’s board, its management subsidiaries and affiliates to provide day-to-day investment management services to the fund, including making changes to the management subsidiaries and affiliates providing such services. The fund’s shareholders have approved this arrangement; however, there is no assurance that Capital Research and Management Company will incorporate its investment divisions or exercise any authority granted to it under the exemptive order.

In addition, shareholders approved a proposal to reorganize the fund into a Delaware statutory trust. The reorganization may be completed in the next 12 months; however, the fund reserves the right to delay the implementation.

Portfolio holdings Portfolio holdings information for the fund is available on the American Funds website at americanfunds.com. A description of the fund’s policies and procedures regarding disclosure of information about its portfolio holdings is available in the statement of additional information.

11 SMALLCAP World Fund / Prospectus

The Capital System^SM Capital Research and Management Company uses a system of multiple portfolio managers in managing mutual fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers who decide how their respective segments will be invested. In addition, Capital Research and Management Company’s investment analysts may make investment decisions with respect to a portion of a fund’s portfolio. Investment decisions are subject to a fund’s objective(s), policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions. The table below shows the investment experience and role in management of the fund for each of the fund’s primary portfolio managers.


Portfolio manager	Investment experience	Experience in this fund	Role in management of the fund
Jonathan Knowles	Investment professional for 24 years, all with Capital Research and Management Company or affiliate	16 years (plus 5 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Gregory W. Wendt	Investment professional for 28 years, all with Capital Research and Management Company or affiliate	8 years (plus 23 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Brady L. Enright	Investment professional for 24 years in total; 19 years with Capital Research and Management Company or affiliate	11 years (plus 8 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
J. Blair Frank	Investment professional for 22 years in total; 21 years with Capital Research and Management Company or affiliate	17 years (plus 4 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Lawrence Kymisis	Investment professional for 20 years in total; 12 years with Capital Research and Management Company or affiliate	8 years (plus 4 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Julian N. Abdey	Investment professional for 20 years in total; 13 years with Capital Research and Management Company or affiliate	4 years (plus 8 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager

SMALLCAP World Fund / Prospectus 12


Portfolio manager	Investment experience	Experience in this fund	Role in management of the fund
Bradford F. Freer	Investment professional for 23 years in total; 22 years with Capital Research and Management Company or affiliate	8 years (plus 5 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Mark E. Denning	Investment professional for 33 years, all with Capital Research and Management Company or affiliate	24 years (plus 1 year of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Claudia P. Huntington	Investment professional for 43 years in total; 40 years with Capital Research and Management Company or affiliate	20 years (plus 5 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Harold H. La	Investment professional for 18 years in total; 17 years with Capital Research and Management Company or affiliate	3 years (plus 13 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Aidan O’Connell	Investment professional for 17 years in total; 11 years with Capital Research and Management Company or affiliate	3 years (plus 8 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager
Andraz Razen	Investment professional for 17 years in total; 11 years with Capital Research and Management Company or affiliate	6 years (plus 5 years of prior experience as an investment analyst for the fund)	Serves primarily as an equity portfolio manager

Information regarding the portfolio managers’ compensation, their ownership of securities in the fund and other accounts they manage is in the statement of additional information.

13 SMALLCAP World Fund / Prospectus

Certain privileges and/or services described on the following pages of this prospectus and in the statement of additional information may not be available to you, depending on your investment dealer or retirement plan recordkeeper. Please see your financial advisor, investment dealer or retirement plan recordkeeper for more information.

Shareholder information

Shareholder services American Funds Service Company, the fund’s transfer agent, offers a wide range of services that you can use to alter your investment program should your needs or circumstances change. These services may be terminated or modified at any time upon 60 days’ written notice.

A more detailed description of policies and services is included in the fund’s statement of additional information and the owner’s guide sent to new American Funds shareholders entitled Welcome. Class 529 shareholders should also refer to the applicable program description for information on policies and services relating specifically to their account(s). These documents are available by writing to or calling American Funds Service Company.

SMALLCAP World Fund / Prospectus 14

Unless otherwise noted, references to Class A, B, C or F-1 shares on the following pages also refer to the corresponding Class 529-A, 529-B, 529-C or 529-F-1 shares. Unless otherwise noted, references to Class F shares refer to both Class F-1 and F-2 shares and references to Class R shares refer to Class R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6 shares.

Purchase, exchange and sale of shares

The fund’s transfer agent, on behalf of the fund and American Funds Distributors,^®the fund’s distributor, is required by law to obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your or such person’s identity. If you do not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal activity, the fund and American Funds Distributors reserve the right to close your account or take such other action they deem reasonable or required by law.

When purchasing shares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated, your money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper instructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the net asset value (plus any applicable sales charge, in the case of Class A shares) next determined after investment instructions are received and accepted by the transfer agent. If investment instructions are not received, your money will be invested in Class A shares of American Funds Money Market Fund^® on the third business day after receipt of your investment.

If the amount of your cash investment is $10,000 or less, no fund is designated, and you made a cash investment (excluding exchanges) within the last 16 months, your money will be invested in the same proportion and in the same fund or funds and in the same class of shares in which your last cash investment was made.

Different procedures may apply to certain employer-sponsored arrangements, including, but not limited to, SEPs and SIMPLE IRAs.

Valuing shares The net asset value of each share class of the fund is the value of a single share of that class. The fund calculates the net asset value each day the New York Stock Exchange is open for trading as of approximately 4 p.m. New York time, the normal close of regular trading. If, for example, the New York Stock Exchange closes at 1 p.m. New York time, the fund’s net asset value would still be determined as of 4 p.m. New York time. In this example, portfolio securities traded on the New York Stock Exchange would be valued at their closing prices unless the investment adviser determines that a “fair value” adjustment is appropriate due to subsequent events. Assets are valued primarily on the basis of market quotations. However, the fund has adopted procedures for making fair value determinations if market quotations are not readily available or are not considered reliable. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of the investment adviser, materially affect the value of any of the fund’s securities that trade principally in those international markets, those securities will be valued in accordance with fair value procedures. Use of these procedures is intended to result in more appropriate net asset values. In addition, such use is intended to reduce potential arbitrage opportunities otherwise available to short-term investors.

Because the fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price its shares, the values of

15 SMALLCAP World Fund / Prospectus

securities held in the fund may change on days when you will not be able to purchase or redeem fund shares.

Your shares will be purchased at the net asset value (plus any applicable sales charge, in the case of Class A shares) or sold at the net asset value next determined after American Funds Service Company receives your request, provided that your request contains all information and legal documentation necessary to process the transaction. A contingent deferred sales charge may apply at the time you sell certain Class A, B and C shares.

Purchase of Class A and C shares You may generally open an account and purchase Class A and C shares by contacting any financial advisor (who may impose transaction charges in addition to those described in this prospectus) authorized to sell the fund’s shares. You may purchase additional shares in various ways, including through your financial advisor and by mail, telephone, the Internet and bank wire.

Class B shares Class B and 529-B shares may not be purchased or acquired, except by exchange from Class B or 529-B shares of another fund in the American Funds family. Any other investment received by the fund that is intended for Class B or 529-B shares will instead be invested in Class A or 529-A shares and will be subject to any applicable sales charges.

Shareholders with investments in Class B and 529-B shares may continue to hold such shares until they convert to Class A or 529-A shares. However, no additional investments will be accepted in Class B or 529-B shares. Dividends and capital gain distributions may continue to be reinvested in Class B or 529-B shares until their conversion dates. In addition, shareholders invested in Class B or 529-B shares will be able to exchange those shares for Class B or 529-B shares of other American Funds offering Class B or 529-B shares until they convert.

Automatic conversion of Class B and C shares Class B shares automatically convert to Class A shares in the month of the eight-year anniversary of the purchase date. Class C shares automatically convert to Class F-1 shares in the month of the 10-year anniversary of the purchase date; however, Class 529-C shares will not convert to Class 529-F-1 shares. The Internal Revenue Service currently takes the position that these automatic conversions are not taxable. Should its position change, the automatic conversion feature may be suspended. If this were to happen, you would have the option of converting your Class B, 529-B or C shares to the respective share classes at the anniversary dates described above. This exchange would be based on the relative net asset values of the two classes in question, without the imposition of a sales charge or fee, but you might face certain tax consequences as a result.

Purchase of Class F shares You may generally open an account and purchase Class F shares only through fee-based programs of investment dealers that have special agreements with the fund’s distributor, through certain registered investment advisors and through other intermediaries approved by the fund’s distributor. These intermediaries typically charge ongoing fees for services they provide. Intermediary fees are not paid by the fund and normally range from .75% to 1.50% of assets annually, depending on the services offered.

Purchase of Class 529 shares Class 529 shares may be purchased only through an account established with a 529 college savings plan managed by the American Funds organization. You may open this type of account and purchase Class 529 shares by contacting any financial advisor (who may impose transaction charges in addition to those described in this prospectus) authorized to sell such an account. You may

SMALLCAP World Fund / Prospectus 16

purchase additional shares in various ways, including through your financial advisor and by mail, telephone, the Internet and bank wire.

Class 529-E shares may be purchased only by employees participating through an eligible employer plan.

Accounts holding Class 529 shares are subject to a $10 account setup fee and an annual $10 account maintenance fee. These fees are waived until further notice.

Investors residing in any state may purchase Class 529 shares through an account established with a 529 college savings plan managed by the American Funds organization. Class 529-A, 529-B, 529-C and 529-F-1 shares are structured similarly to the corresponding Class A, B, C and F-1 shares. For example, the same initial sales charges apply to Class 529-A shares as to Class A shares.

Purchase of Class R shares Class R shares are generally available only to retirement plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, and to nonqualified deferred compensation plans and certain voluntary employee benefit association and post-retirement benefit plans. Class R shares also are generally available only to retirement plans where plan level or omnibus accounts are held on the books of the fund. Class R-5E, R-5 and R-6 shares are generally available only to fee-based programs or through retirement plan intermediaries. In addition, Class R-5 and R-6 shares are available for investment by other registered investment companies approved by the fund’s investment adviser or distributor. Class R shares generally are not available to retail nonretirement accounts, traditional and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and 529 college savings plans.

Purchases by employer-sponsored retirement plans Eligible retirement plans generally may open an account and purchase Class A or R shares by contacting any investment dealer (who may impose transaction charges in addition to those described in this prospectus) authorized to sell these classes of the fund’s shares. Some or all R share classes may not be available through certain investment dealers. Additional shares may be purchased through a plan’s administrator or recordkeeper.

Class A shares are generally not available for retirement plans using the PlanPremier^® or Recordkeeper Direct^®recordkeeping programs. These programs are proprietary recordkeeping solutions for small retirement plans.

Employer-sponsored retirement plans that are eligible to purchase Class R shares may instead purchase Class A shares and pay the applicable Class A sales charge, provided that their recordkeepers can properly apply a sales charge on plan investments. These plans are not eligible to make initial purchases of $1 million or more in Class A shares and thereby invest in Class A shares without a sales charge, nor are they eligible to establish a statement of intention that qualifies them to purchase Class A shares without a sales charge. More information about statements of intention can be found under “Sales charge reductions and waivers” in this prospectus. Plans investing in Class A shares with a sales charge may purchase additional Class A shares in accordance with the sales charge table in this prospectus.

Employer-sponsored retirement plans that invested in Class A shares without any sales charge before April 1, 2004, and that continue to meet the eligibility requirements in effect as of that date for purchasing Class A shares at net asset value, may continue to purchase Class A shares without any initial or contingent deferred sales charge.

17 SMALLCAP World Fund / Prospectus

A 403(b) plan may not invest in Class A or C shares unless it was invested in Class A or C shares before January 1, 2009.

Purchase minimums and maximums Purchase minimums described in this prospectus may be waived in certain cases. In addition, the fund reserves the right to redeem the shares of any shareholder for their then current net asset value per share if the shareholder’s aggregate investment in the fund falls below the fund’s minimum initial investment amount. See the statement of additional information for details.

For accounts established with an automatic investment plan, the initial purchase minimum of $250 may be waived if the purchases (including purchases through exchanges from another fund) made under the plan are sufficient to reach $250 within five months of account establishment.

The effective purchase maximums for Class 529-A, 529-C, 529-E and 529-F-1 shares will reflect the maximum applicable contribution limits under state law. See the applicable program description for more information.

The purchase maximum for Class C shares is $500,000 per transaction. In addition, if you have significant American Funds holdings, you may not be eligible to invest in Class C or 529-C shares. Specifically, you may not purchase Class C or 529-C shares if you are eligible to purchase Class A or 529-A shares at the $1 million or more sales charge discount rate (that is, at net asset value). See “Sales charge reductions and waivers” in this prospectus and the statement of additional information for more details regarding sales charge discounts.

SMALLCAP World Fund / Prospectus 18

Exchange Generally, you may exchange your shares for shares of the same class of other American Funds without a sales charge. Class A, C or F-1 shares may generally be exchanged for the corresponding 529 share class without a sales charge. Class B shares may not be exchanged for Class 529-B shares. Exchanges from Class A, C or F-1 shares to the corresponding 529 share class, particularly in the case of Uniform Gifts to Minors Act or Uniform Transfers to Minors Act custodial accounts, may result in significant legal and tax consequences, as described in the applicable program description. Please consult your financial advisor before making such an exchange.

Exchanges of shares from American Funds Money Market Fund initially purchased without a sales charge generally will be subject to the appropriate sales charge. For purposes of computing the contingent deferred sales charge on Class B and C shares, the length of time you have owned your shares will be measured from the first day of the month in which shares were purchased and will not be affected by any permitted exchange.

Exchanges have the same tax consequences as ordinary sales and purchases. For example, to the extent you exchange shares held in a taxable account that are worth more now than what you paid for them, the gain will be subject to taxation.

See “Transactions by telephone, fax or the Internet” in the section “How to sell shares” of this prospectus for information regarding electronic exchanges.

Please see the statement of additional information for details and limitations on moving investments in certain share classes to different share classes and on moving investments held in certain accounts to different accounts.

19 SMALLCAP World Fund / Prospectus

How to sell shares

You may sell (redeem) shares in any of the following ways:

Employer-sponsored retirement plans

Shares held in eligible retirement plans may be sold through the plan’s administrator or recordkeeper.

Through your dealer or financial advisor (certain charges may apply)

· Shares held for you in your dealer’s name must be sold through the dealer.

· Generally, Class F shares must be sold through intermediaries such as dealers or financial advisors.

Writing to American Funds Service Company

· Requests must be signed by the registered shareholder(s).

· A signature guarantee is required if the redemption is:

— more than $125,000;

— made payable to someone other than the registered shareholder(s); or

— sent to an address other than the address of record or to an address of record that has been changed within the previous 10 days.

· American Funds Service Company reserves the right to require signature guarantee(s) on any redemption.

· Additional documentation may be required for redemptions of shares held in corporate, partnership or fiduciary accounts.

Telephoning or faxing American Funds Service Company or using the Internet

· Redemptions by telephone, fax or the Internet (including American FundsLine and americanfunds.com) are limited to $125,000 per American Funds shareholder each day.

· Checks must be made payable to the registered shareholder.

· Checks must be mailed to an address of record that has been used with the account for at least 10 days.

If you recently purchased shares and subsequently request a redemption of those shares, you will receive proceeds from the redemption once a sufficient period of time has passed to reasonably ensure that checks or drafts, including certified or cashier’s checks, for the shares purchased have cleared (normally 10 business days).

Although payment of redemptions normally will be in cash, the fund’s articles of incorporation permit payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund’s board of directors. The disposal of the securities received in-kind may be subject to brokerage costs and such securities remain at market risk until sold.

Transactions by telephone, fax or the Internet Generally, you are automatically eligible to redeem or exchange shares by telephone, fax or the Internet, unless you notify us in writing that you do not want any or all of these services. You may reinstate these services at any time.

Unless you decide not to have telephone, fax or Internet services on your account(s), you agree to hold the fund, American Funds Service Company, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these

SMALLCAP World Fund / Prospectus 20

privileges, provided that American Funds Service Company employs reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine. If reasonable procedures are not employed, American Funds Service Company and/or the fund may be liable for losses due to unauthorized or fraudulent instructions.

Frequent trading of fund shares The fund and American Funds Distributors reserve the right to reject any purchase order for any reason. The fund is not designed to serve as a vehicle for frequent trading. Frequent trading of fund shares may lead to increased costs to the fund and less efficient management of the fund’s portfolio, potentially resulting in dilution of the value of the shares held by long-term shareholders. Accordingly, purchases, including those that are part of exchange activity, that the fund or American Funds Distributors has determined could involve actual or potential harm to the fund may be rejected.

The fund, through its transfer agent, American Funds Service Company, maintains surveillance procedures that are designed to detect frequent trading in fund shares. Under these procedures, various analytics are used to evaluate factors that may be indicative of frequent trading. For example, transactions in fund shares that exceed certain monetary thresholds may be scrutinized. American Funds Service Company also may review transactions that occur close in time to other transactions in the same account or in multiple accounts under common ownership or influence. Trading activity that is identified through these procedures or as a result of any other information available to the fund will be evaluated to determine whether such activity might constitute frequent trading. These procedures may be modified from time to time as appropriate to improve the detection of frequent trading, to facilitate monitoring for frequent trading in particular retirement plans or other accounts and to comply with applicable laws.

In addition to the fund’s broad ability to restrict potentially harmful trading as described above, the fund’s board of directors has adopted a “purchase blocking policy” under which any shareholder redeeming shares having a value of $5,000 or more from a fund will be precluded from investing in that fund for 30 calendar days after the redemption transaction. This policy also applies to redemptions and purchases that are part of exchange transactions. Under the fund’s purchase blocking policy, certain purchases will not be prevented and certain redemptions will not trigger a purchase block, such as:

· purchases and redemptions of shares having a value of less than $5,000;

· transactions in Class 529 shares;

· purchases and redemptions by investment companies managed or sponsored by the fund’s investment adviser or its affiliates, including reallocations and transactions allowing the investment company to meet its redemptions and purchases;

· retirement plan contributions, loans and distributions (including hardship withdrawals) identified as such on the retirement plan recordkeeper’s system;

· purchase transactions involving in-kind transfers of shares of the fund, rollovers, Roth IRA conversions and IRA recharacterizations, where the entity maintaining the shareholder account is able to identify the transaction as one of these types of transactions; and

· systematic redemptions and purchases, where the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase.

Generally, purchases and redemptions will not be considered “systematic” unless the transaction is prescheduled for a specific date.

21 SMALLCAP World Fund / Prospectus

The fund reserves the right to waive the purchase blocking policy with respect to specific shareholder accounts in those instances where American Funds Service Company determines that its surveillance procedures are adequate to detect frequent trading in fund shares.

American Funds Service Company will work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts and bank trust companies) to apply their own procedures, provided that American Funds Service Company believes the intermediary’s procedures are reasonably designed to enforce the frequent trading policies of the fund. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you.

If American Funds Service Company identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner’s transactions or restrict the account owner’s trading. If American Funds Service Company is not satisfied that the intermediary has taken appropriate action, American Funds Service Company may terminate the intermediary’s ability to transact in fund shares.

There is no guarantee that all instances of frequent trading in fund shares will be prevented.

Notwithstanding the fund’s surveillance procedures and purchase blocking policy described above, all transactions in fund shares remain subject to the right of the fund, American Funds Distributors and American Funds Service Company to restrict potentially abusive trading generally, including the types of transactions described above that will not be prevented or trigger a block under the purchase blocking policy. See the statement of additional information for more information about how American Funds Service Company may address other potentially abusive trading activity in the American Funds.

SMALLCAP World Fund / Prospectus 22

Distributions and taxes

Dividends and distributions The fund intends to distribute dividends to you, usually in December.

Capital gains, if any, are usually distributed in December. When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment.

You may elect to reinvest dividends and/or capital gain distributions to purchase additional shares of this fund or other American Funds, or you may elect to receive them in cash. Dividends and capital gain distributions for 529 share classes and retirement plan shareholders will be reinvested automatically.

Taxes on dividends and distributions For federal tax purposes, dividends and distributions of short-term capital gains are taxable as ordinary income. The fund’s distributions of net long-term capital gains are taxable as long-term capital gains. Any dividends or capital gain distributions you receive from the fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash.

Dividends and capital gain distributions that are automatically reinvested in a tax-favored retirement or education savings account do not result in federal or state income tax at the time of reinvestment.

Taxes on transactions Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

Exchanges within a tax-favored retirement plan account will not result in a capital gain or loss for federal or state income tax purposes. With limited exceptions, distributions from a retirement plan account are taxable as ordinary income.

Shareholder fees Fees borne directly by the fund normally have the effect of reducing a shareholder’s taxable income on distributions. By contrast, fees paid directly to advisors by a fund shareholder for ongoing advice are deductible for income tax purposes only to the extent that they (combined with certain other qualifying expenses) exceed 2% of such shareholder’s adjusted gross income.

Please see your tax advisor for more information. Holders of Class 529 shares should refer to the applicable program description for more information regarding the tax consequences of selling Class 529 shares.

23 SMALLCAP World Fund / Prospectus

Choosing a share class

The fund offers different classes of shares through this prospectus. The services or share classes available to you may vary depending upon how you wish to purchase shares of the fund.

Each share class represents an investment in the same portfolio of securities, but each class has its own sales charge and expense structure, allowing you to choose the class that best fits your situation. For example, Class F-1 shares are subject to a 12b-1 fee while Class F-2 shares are not. The different fee structures allow the investor to choose how to pay for advisory platform expenses. Class R shares offer different levels of 12b-1 and recordkeeping fees so that a plan can choose the class that best meets the cost associated with obtaining investment related services and participant level recordkeeping for the plan. When you purchase shares of the fund for an individual-type account, you should choose a share class. If none is chosen, your investment will be made in Class A shares or, in the case of a 529 plan investment, Class 529-A shares.

Factors you should consider when choosing a class of shares include:

· how long you expect to own the shares;

· how much you intend to invest;

· total expenses associated with owning shares of each class;

· whether you qualify for any reduction or waiver of sales charges (for example, Class A or 529-A shares may be a less expensive option over time, particularly if you qualify for a sales charge reduction or waiver);

· whether you plan to take any distributions in the near future (for example, the contingent deferred sales charge will not be waived if you sell your Class 529-B or 529-C shares to cover higher education expenses); and

· availability of share classes:

— Class B and 529-B shares may not be purchased or acquired except by exchange from Class B or 529-B shares of another fund in the American Funds family;

— Class C shares are not available to retirement plans that do not currently invest in such shares and that are eligible to invest in Class R shares, including retirement plans established under Internal Revenue Code Sections 401(a) (including 401(k) plans), 403(b) or 457;

— Class F and 529-F-1 shares are generally available only to fee-based programs of investment dealers that have special agreements with the fund’s distributor, to certain registered investment advisors and to other intermediaries approved by the fund’s distributor; and

— Class R shares are generally available only to retirement plans established under Internal Revenue Code Sections 401(a) (including 401(k) plans), 403(b) or 457, and to nonqualified deferred compensation plans and certain voluntary employee benefit association and post-retirement benefit plans.

Each investor’s financial considerations are different. You should speak with your financial advisor to help you decide which share class is best for you.

SMALLCAP World Fund / Prospectus 24

Sales charges

Class A shares The initial sales charge you pay each time you buy Class A shares differs depending upon the amount you invest and may be reduced or eliminated for larger purchases as indicated below. The “offering price,” the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.


	Sales charge as a percentage of:
Investment	Offering price	Net amount invested	Dealer commission as a percentage of offering price
Less than $25,000	5.75%	6.10%	5.00%
$25,000 but less than $50,000	5.00	5.26	4.25
$50,000 but less than $100,000	4.50	4.71	3.75
$100,000 but less than $250,000	3.50	3.63	2.75
$250,000 but less than $500,000	2.50	2.56	2.00
$500,000 but less than $750,000	2.00	2.04	1.60
$750,000 but less than $1 million	1.50	1.52	1.20
$1 million or more and certain other investments described below	none	none	see below

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares. Similarly, any contingent deferred sales charge paid by you on investments in Class A shares may be higher or lower than the 1% charge described below due to rounding.

Except as provided below, investments in Class A shares of $1 million or more may be subject to a 1% contingent deferred sales charge if the shares are sold within one year of purchase. The contingent deferred sales charge is based on the original purchase cost or the current market value of the shares being sold, whichever is less.

Class A share purchases not subject to sales charges The following investments are not subject to any initial or contingent deferred sales charge if American Funds Service Company is properly notified of the nature of the investment:

· investments made by accounts that are part of certain qualified fee-based programs and that purchased Class A shares before the discontinuation of the relevant investment dealer’s load-waived Class A share program with the American Funds; and

· certain rollover investments from retirement plans to IRAs (see “Rollovers from retirement plans to IRAs” in this prospectus for more information).

The distributor may pay dealers a commission of up to 1% on investments made in Class A shares with no initial sales charge. The fund may reimburse the distributor for these payments through its plans of distribution (see “Plans of distribution” in this prospectus).

25 SMALLCAP World Fund / Prospectus

Transfers from certain 529 plans to plans managed by the American Funds organization will be made with no sales charge. No commission will be paid to the dealer on such a transfer. Please see the statement of additional information for more information.

Certain other investors may qualify to purchase shares without a sales charge, such as employees of investment dealers and registered investment advisors authorized to sell American Funds and employees of The Capital Group Companies, Inc. and its affiliates. Please see the statement of additional information for further details.

Class B and C shares For Class B shares, a contingent deferred sales charge may be applied to shares you sell within six years of the date you purchased the Class B shares, as shown in the table below. The contingent deferred sales charge is eliminated six years after purchase.


Contingent deferred sales charge on Class B shares
Year of redemption:	1	2	3	4	5	6	7+
Contingent deferred sales charge:	5%	4%	4%	3%	2%	1%	0%

Class C shares are sold without any initial sales charge. American Funds Distributors pays 1% of the amount invested to dealers who sell Class C shares. A contingent deferred sales charge of 1% applies if Class C shares are sold within one year of purchase. The contingent deferred sales charge is eliminated one year after purchase.

Any contingent deferred sales charge paid by you on sales of Class B or C shares, expressed as a percentage of the applicable redemption amount, may be higher or lower than the percentages described above due to rounding.

Class 529-E and Class F shares Class 529-E and Class F shares are sold without any initial or contingent deferred sales charge.

Class R shares Class R shares are sold without any initial or contingent deferred sales charge. The distributor will pay dealers annually asset-based compensation of up to 1.00% for sales of Class R-1 shares, up to .75% for Class R-2 shares, up to .60% for Class R-2E shares, up to .50% for Class R-3 shares and up to .25% for Class R-4 shares. No dealer compensation is paid from fund assets on sales of Class R-5E, R-5 or R-6 shares. The fund may reimburse the distributor for these payments through its plans of distribution.

See “Plans of distribution” in this prospectus for ongoing compensation paid to your dealer or financial advisor for all share classes.

Contingent deferred sales charges Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a contingent deferred sales charge. In addition, the contingent deferred sales charge may be waived in certain circumstances. See “Contingent deferred sales charge waivers” in the section “Sales charge reductions and waivers” of this prospectus. The contingent deferred sales charge is based on the original purchase cost or the current market value of the shares being sold, whichever is less. For purposes of determining the contingent deferred sales charge, if you sell only some of your shares, shares that are not subject to any contingent deferred sales charge will be sold first, followed by shares that you have owned the longest.

SMALLCAP World Fund / Prospectus 26

Sales charge reductions and waivers

To receive a reduction in your Class A initial sales charge, you must let your financial advisor or American Funds Service Company know at the time you purchase shares that you qualify for such a reduction. If you do not let your advisor or American Funds Service Company know that you are eligible for a reduction, you may not receive the sales charge discount to which you are otherwise entitled. In order to determine your eligibility to receive a sales charge discount, it may be necessary for you to provide your advisor or American Funds Service Company with information and records (including account statements) of all relevant accounts invested in the American Funds.

In addition to the information in this prospectus, you may obtain more information about share classes, sales charges and sales charge reductions and waivers through a link on the home page of the American Funds website at americanfunds.com, from the statement of additional information or from your financial advisor.

Reducing your Class A initial sales charge Consistent with the policies described in this prospectus, you and your “immediate family” (your spouse — or equivalent, if recognized under local law — and your children under the age of 21) may combine all of your American Funds investments to reduce Class A sales charges. In addition, two or more retirement plans of an employer or an employer’s affiliates may combine all of their American Funds investments to reduce Class A sales charges. Certain investments in the American Funds Target Date Retirement Series,^® American Funds Portfolio Series^SM and American Funds College Target Date Series^®may also be combined for this purpose. Please see the applicable series’ prospectus for further information. However, for this purpose, investments representing direct purchases of American Funds Money Market Fund are excluded. Following are different ways that you may qualify for a reduced Class A sales charge:

Aggregating accounts To receive a reduced Class A sales charge, investments made by you and your immediate family (see above) may be aggregated if made for your own account(s) and/or certain other accounts, such as:

· trust accounts established by the above individuals (please see the statement of additional information for details regarding aggregation of trust accounts where the person(s) who established the trust is/are deceased);

· solely controlled business accounts; and

· single-participant retirement plans.

Investments made through employer-sponsored retirement plan accounts will not be aggregated with individual-type accounts.

Concurrent purchases You may combine simultaneous purchases (including, upon your request, purchases for gifts) of any class of shares of two or more American Funds (excluding American Funds Money Market Fund) to qualify for a reduced Class A sales charge.

Rights of accumulation You may take into account your accumulated holdings in all share classes of the American Funds (excluding American Funds Money Market Fund) to determine the initial sales charge you pay on each purchase of Class A shares. Subject to your investment dealer’s capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existing holdings (as of the day prior to your additional American Funds investment) or (b) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals. Please see the statement of additional information for further

27 SMALLCAP World Fund / Prospectus

details. You should retain any records necessary to substantiate the historical amounts you have invested.

If you make a gift of shares, upon your request you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your American Funds accounts.

Statement of intention You may reduce your Class A sales charge by establishing a statement of intention. A statement of intention allows you to combine all purchases of all share classes of the American Funds (excluding American Funds Money Market Fund) that you intend to make over a 13-month period to determine the applicable sales charge; however, purchases made under a right of reinvestment, appreciation of your holdings, and reinvested dividends and capital gains do not count as purchases made during the statement period. Your accumulated holdings (as described and calculated under “Rights of accumulation” above) eligible to be aggregated as of the day immediately before the start of the statement period may be credited toward satisfying the statement. A portion of your account may be held in escrow to cover additional Class A sales charges that may be due if your total purchases over the statement period do not qualify you for the applicable sales charge reduction. Employer-sponsored retirement plans may be restricted from establishing statements of intention. See the discussion regarding employer-sponsored retirement plans under “Purchase, exchange and sale of shares” in this prospectus for more information.

Right of reinvestment If you notify American Funds Service Company prior to the time of reinvestment, you may reinvest proceeds from a redemption, dividend payment or capital gain distribution without a sales charge in the same fund or other American Funds, provided that the reinvestment occurs within 90 days after the date of the redemption, dividend payment or distribution and is made into the same account from which you redeemed the shares or received the dividend payment or distribution. If the account has been closed, you may reinvest without a sales charge if the new receiving account has the same registration as the closed account and the reinvestment is made within 90 days after the date of redemption, dividend payment or distribution.

Proceeds from a Class B share redemption for which a contingent deferred sales charge was paid will be reinvested in Class A shares without any initial sales charge. If you redeem Class B shares without paying a contingent deferred sales charge, you may reinvest the proceeds in Class B shares or purchase Class A shares. If you purchase Class A shares, you are responsible for paying any applicable Class A sales charges. Proceeds from any other type of redemption and all dividend payments and capital gain distributions will be reinvested in the same share class from which the original redemption, dividend payment or distribution was made. Any contingent deferred sales charge on Class A or C shares will be credited to your account. Redemption proceeds of Class A shares representing direct purchases in American Funds Money Market Fund that are reinvested in other American Funds will be subject to a sales charge.

Proceeds will be reinvested at the next calculated net asset value after your request is received by American Funds Service Company, provided that your request contains all information and legal documentation necessary to process the transaction. For purposes of this “right of reinvestment policy,” automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. You may not reinvest proceeds in the American Funds as described in this paragraph if such proceeds are subject to a purchase block as described under “Frequent trading of fund shares” in this

SMALLCAP World Fund / Prospectus 28

prospectus. This paragraph does not apply to certain rollover investments as described under “Rollovers from retirement plans to IRAs” in this prospectus.

Contingent deferred sales charge waivers The contingent deferred sales charge on Class A, B and C shares may be waived in the following cases:

· permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent deferred sales charge would apply to the initial shares purchased;

· tax-free returns of excess contributions to IRAs;

· redemptions due to death or postpurchase disability of the shareholder (this generally excludes accounts registered in the names of trusts and other entities);

· for 529 share classes only, redemptions due to a beneficiary’s death, postpurchase disability or receipt of a scholarship (to the extent of the scholarship award);

· redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document; and

· the following types of transactions, if together they do not exceed 12% of the value of an account annually (see the statement of additional information for further details about waivers regarding these types of transactions):

— redemptions due to receiving required minimum distributions from retirement accounts upon reaching age 70½ (required minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a waiver); and

— if you have established an automatic withdrawal plan, redemptions through such a plan (including any dividends and/or capital gain distributions taken in cash).

To have your Class A, B or C contingent deferred sales charge waived, you must inform your advisor or American Funds Service Company at the time you redeem shares that you qualify for such a waiver.

29 SMALLCAP World Fund / Prospectus

Rollovers from retirement plans to IRAs

Assets from retirement plans may be invested in Class A, C or F shares through an IRA rollover, subject to the other provisions of this prospectus. Class C shares are not available if the assets are being rolled over from investments held in the American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs.

Rollovers to IRAs from retirement plans that are rolled into Class A shares will be subject to applicable sales charges. The following rollovers to Class A shares will be made without a sales charge:

· rollovers to Capital Bank and Trust Company^SM IRAs if the assets were invested in American Funds at the time of distribution;

· rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian; and

· rollovers to Capital Bank and Trust Company IRAs from investments held in the American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs.

IRA rollover assets that roll over without a sales charge as described above will not be subject to a contingent deferred sales charge, and investment dealers will be compensated solely with an annual service fee that begins to accrue immediately. All other rollovers invested in Class A shares, as well as future contributions to the IRA, will be subject to sales charges and to the terms and conditions generally applicable to Class A share investments as described in this prospectus and in the statement of additional information.

Plans of distribution

The fund has plans of distribution, or “12b-1 plans,” for certain share classes under which it may finance activities intended primarily to sell shares, provided that the categories of expenses are approved in advance by the fund’s board of directors. The plans provide for payments, based on annualized percentages of average daily net assets, of:


Up to:	Share class(es)
0.30%	Class A shares
0.50%	Class 529-A, F-1, 529-F-1 and R-4 shares
0.75%	Class 529-E and R-3 shares
0.85%	Class R-2E shares
1.00%	Class B, 529-B, C, 529-C, R-1 and R-2 shares

For all share classes indicated above, up to .25% may be used to pay service fees to qualified dealers for providing certain shareholder services. The amount remaining for each share class, if any, may be used for distribution expenses.

The 12b-1 fees paid by each applicable share class of the fund, as a percentage of average net assets for the previous fiscal year (or, for Class R-2E shares only, based on estimated amounts for the current fiscal year), are indicated in the Annual Fund Operating Expenses table on page 1 of this prospectus. Since these fees are paid out of the fund’s assets on an ongoing basis, over time they may cost you more than paying other types of sales charges or service fees and reduce the return on your investment. The higher fees for Class B and C shares may cost you more over time than paying the initial sales charge for Class A shares.

SMALLCAP World Fund / Prospectus 30

Other compensation to dealers

American Funds Distributors, at its expense, provides additional compensation to investment dealers. These payments may be made, at the discretion of American Funds Distributors, to the top 100 dealers (or their affiliates) that have sold shares of the American Funds. A number of factors will be considered in determining payments, including the qualifying dealer’s sales, assets and positive cash flows, and the quality of the dealer’s relationship with American Funds Distributors. The payment will be determined using a formula applied consistently to dealers based on the relevant facts and circumstances. The level of payments made to a qualifying firm in any given year will vary and (excluding payments for meetings as described below) will represent the sum of (a) up to .10% of the previous year’s American Funds sales by that dealer and (b) up to .02% of American Funds assets attributable to that dealer, with an adjustment made for the dealer’s positive cash flows and the quality of the dealer’s relationship with American Funds Distributors. For calendar year 2014, aggregate payments made by American Funds Distributors to dealers were less than .02% of the average assets of the American Funds. Aggregate payments made by American Funds Distributors to dealers may also change from year to year. American Funds Distributors makes these payments to help defray the costs incurred by qualifying dealers in connection with efforts to educate financial advisors about the American Funds so that they can make recommendations and provide services that are suitable and meet shareholder needs. American Funds Distributors will, on an annual basis, determine the advisability of continuing these payments.

Firms receiving additional compensation payments must sign a letter acknowledging the purpose of the payment and American Funds Distributors’ goal that the payment will help facilitate education of the firm’s financial advisors about the American Funds to help the advisors make suitable recommendations and better serve their clients who invest in the funds. The letters generally require the firms to (1) have significant assets invested in the American Funds, (2) perform the due diligence necessary to classify the American Funds as “approved” or “preferred” (or an equivalent) on their platform, (3) not provide financial advisors, branch managers or associated persons with any financial incentives to promote the sales of one approved fund group over another approved group, (4) provide individual advice to their clients through financial advisors, (5) provide American Funds Distributors broad access to their financial advisors and product platforms and develop a business plan to achieve such access, and (6) work with the fund’s transfer agent to promote operational efficiencies and to facilitate necessary communication between the American Funds and the firm’s clients who own shares of the American Funds.

American Funds Distributors may also pay expenses associated with meetings and other training and educational opportunities conducted by selling dealers, advisory platform providers and other intermediaries to facilitate educating financial advisors and shareholders about the American Funds. For example, some of these expenses may include, but not be limited to, meeting sponsor fees, meeting location fees, and fees to obtain lists of financial advisors to better tailor training and education opportunities.

If investment advisers, distributors or other affiliates of mutual funds pay additional compensation or other incentives to investment dealers in differing amounts, dealer firms and their advisors may have financial incentives for recommending a particular mutual fund over other mutual funds or investments. You should consult with your financial advisor and review carefully any disclosure by your financial advisor’s firm as to compensation received.

31 SMALLCAP World Fund / Prospectus

Fund expenses

Note that references to Class A, B, C and F-1 shares in this “Fund expenses” section do not include the corresponding Class 529 shares.

In periods of market volatility, assets of the fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in the Annual Fund Operating Expenses table on page 1 of this prospectus.

For all share classes except Class B shares, “Other expenses” items in the Annual Fund Operating Expenses table in this prospectus include fees for administrative services provided by the fund’s investment adviser and its affiliates. Administrative services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. The fund's investment adviser receives an administrative services fee at the annual rate of .01% of the average daily net assets of the fund attributable to Class A shares and .05% of the average daily net assets of the fund attributable to Class C, F, R and 529 shares for its provision of administrative services.

The “Other expenses” items in the Annual Fund Operating Expenses table also include custodial, legal, transfer agent and subtransfer agent/recordkeeping payments and various other expenses applicable to all share classes.

Retail investors Subtransfer agent/recordkeeping payments may be made to third parties (including affiliates of the fund’s investment adviser) that provide subtransfer agent, recordkeeping and/or shareholder services with respect to certain shareholder accounts in lieu of the transfer agent providing such services. The amount paid for subtransfer agent/recordkeeping services varies depending on the share class and services provided, and typically ranges from $3 to $19 per account. For Class 529 shares, an expense of up to a maximum of .10% paid to a state or states for oversight and administrative services is included as an “Other expenses” item.

Employer-sponsored retirement plan investors The amount paid for subtransfer agent/ recordkeeping services varies depending on the share class selected and the entity receiving the payments. The table below shows the maximum payments to entities providing these services to retirement plans.


	Payments to affiliated entities	Payments to unaffiliated entities
Class A	0.05% of assets or $12 per participant position¹	0.05% of assets or $12 per participant position¹
Class R-1	0.10% of assets	0.10% of assets
Class R-2	0.15% of assets plus $27 per participant position² or 0.35% of assets³	0.25% of assets
Class R-2E	N/A	0.20% of assets
Class R-3	0.10% of assets plus $12 per participant position² or 0.19% of assets³	0.15% of assets
Class R-4	0.10% of assets	0.10% of assets
Class R-5E	N/A	0.15% of assets
Class R-5	0.05% of assets	0.05% of assets
Class R-6	none	none

¹Payment amount depends on the date services commenced.

²Payment with respect to Recordkeeper Direct program.

³Payment with respect to PlanPremier program.

SMALLCAP World Fund / Prospectus 32

Financial highlights

The Financial Highlights table is intended to help you understand the fund’s results for the past five fiscal years (and for the six months ended March 31, 2015). Certain information reflects financial results for a single share of a particular class. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and capital gain distributions). The information in the Financial Highlights table has been audited by Deloitte & Touche LLP (except for the six months ended March 31, 2015) whose current report, along with the fund’s financial statements, is included in the statement of additional information, which is available upon request. The information for the six-month period presented has been derived from the fund’s unaudited financial statements and includes all adjustments that management considers necessary for a fair presentation of such information for the period presented.


		Income (loss) from investment operations¹			Dividends and distributions
	Net asset value, beginning of period	Net investment income (loss)	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return^2,3	Net assets, end of period (in millions)	Ratio of expenses to average net assets	Ratio of net income (loss) to average net assets
Class A:
Six months ended 3/31/2015^4,5	$48.66	$(.06)	$ 3.90	$ 3.84	$ —	$(4.75)	$(4.75)	$47.75	8.38%	$17,745	1.10%⁶	(.24)%⁶
Year ended 9/30/2014	48.91	.01	2.17	2.18	—	(2.43)	(2.43)	48.66	4.43	16,857	1.07	.02
Year ended 9/30/2013	39.27	.06	10.12	10.18	(.54)	—	(.54)	48.91	26.29	16,454	1.13	.15
Year ended 9/30/2012	31.45	.08	7.85	7.93	(.11)	—	(.11)	39.27	25.26	13,557	1.14	.23
Year ended 9/30/2011	35.82	.09	(3.94)	(3.85)	(.52)	—	(.52)	31.45	(11.01)	11,926	1.09	.23
Year ended 9/30/2010	30.26	.14	5.62	5.76	(.20)	—	(.20)	35.82	19.11	14,432	1.13	.43
Class B:
Six months ended 3/31/2015^4,5	45.33	(.22)	3.60	3.38	—	(4.75)	(4.75)	43.96	7.95	97	1.85⁶	(1.00)⁶
Year ended 9/30/2014	46.06	(.36)	2.06	1.70	—	(2.43)	(2.43)	45.33	3.66	121	1.83	(.77)
Year ended 9/30/2013	36.95	(.26)	9.56	9.30	(.19)	—	(.19)	46.06	25.29	185	1.89	(.63)
Year ended 9/30/2012	29.72	(.20)	7.43	7.23	—	—	—	36.95	24.33	214	1.90	(.58)
Year ended 9/30/2011	33.87	(.20)	(3.71)	(3.91)	(.24)	—	(.24)	29.72	(11.68)	266	1.86	(.55)
Year ended 9/30/2010	28.66	(.11)	5.32	5.21	—	—	—	33.87	18.18	397	1.89	(.37)

33 SMALLCAP World Fund / Prospectus


		Income (loss) from investment operations¹			Dividends and distributions
	Net asset value, beginning of period	Net investment income (loss)	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return^2,3	Net assets, end of period (in millions)	Ratio of expenses to average net assets	Ratio of net income (loss) to average net assets
Class C:
Six months ended 3/31/2015^4,5	$44.77	$(.23)	$ 3.56	$ 3.33	$ —	$(4.75)	$(4.75)	$43.35	7.95%	$ 904	1.90%⁶	(1.04)%⁶
Year ended 9/30/2014	45.54	(.36)	2.02	1.66	—	(2.43)	(2.43)	44.77	3.61	892	1.87	(.79)
Year ended 9/30/2013	36.60	(.26)	9.45	9.19	(.25)	—	(.25)	45.54	25.26	920	1.93	(.65)
Year ended 9/30/2012	29.44	(.19)	7.35	7.16	—	—	—	36.60	24.32	779	1.93	(.56)
Year ended 9/30/2011	33.61	(.19)	(3.69)	(3.88)	(.29)	—	(.29)	29.44	(11.70)	725	1.86	(.53)
Year ended 9/30/2010	28.44	(.10)	5.28	5.18	(.01)	—	(.01)	33.61	18.19	865	1.88	(.32)
Class F-1:
Six months ended 3/31/2015^4,5	48.23	(.05)	3.85	3.80	—	(4.75)	(4.75)	47.28	8.37	655	1.07⁶	(.21)⁶
Year ended 9/30/2014	48.51	—	2.15	2.15	—	(2.43)	(2.43)	48.23	4.42	624	1.09	(—)
Year ended 9/30/2013	38.94	.09	10.03	10.12	(.55)	—	(.55)	48.51	26.33	868	1.07	.21
Year ended 9/30/2012	31.18	.09	7.78	7.87	(.11)	—	(.11)	38.94	25.30	655	1.12	.25
Year ended 9/30/2011	35.53	.10	(3.92)	(3.82)	(.53)	—	(.53)	31.18	(11.02)	583	1.08	.25
Year ended 9/30/2010	30.03	.15	5.57	5.72	(.22)	—	(.22)	35.53	19.16	654	1.10	.46
Class F-2:
Six months ended 3/31/2015^4,5	48.92	.01	3.91	3.92	—	(4.75)	(4.75)	48.09	8.51	1,394	.82⁶	.03⁶
Year ended 9/30/2014	49.03	.15	2.17	2.32	—	(2.43)	(2.43)	48.92	4.72	1,208	.81	.31
Year ended 9/30/2013	39.38	.21	10.12	10.33	(.68)	—	(.68)	49.03	26.68	629	.82	.48
Year ended 9/30/2012	31.54	.20	7.86	8.06	(.22)	—	(.22)	39.38	25.69	344	.83	.55
Year ended 9/30/2011	35.93	.20	(3.96)	(3.76)	(.63)	—	(.63)	31.54	(10.79)	266	.82	.53
Year ended 9/30/2010	30.39	.25	5.63	5.88	(.34)	—	(.34)	35.93	19.46	246	.81	.78
(The Financial Highlights table continues on the following page.)

SMALLCAP World Fund / Prospectus 34


		Income (loss) from investment operations¹			Dividends and distributions
	Net asset value, beginning of period	Net investment income (loss)	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return^2,3	Net assets, end of period (in millions)	Ratio of expenses to average net assets	Ratio of net income (loss) to average net assets
Class 529-A:
Six months ended 3/31/2015^4,5	$48.29	$(.07)	$ 3.85	$ 3.78	$ —	$(4.75)	$(4.75)	$47.32	8.32%	$1,000	1.17%⁶	(.31)%⁶
Year ended 9/30/2014	48.59	(.03)	2.16	2.13	—	(2.43)	(2.43)	48.29	4.37	933	1.15	(.05)
Year ended 9/30/2013	39.03	.04	10.05	10.09	(.53)	—	(.53)	48.59	26.18	884	1.19	.09
Year ended 9/30/2012	31.27	.07	7.80	7.87	(.11)	—	(.11)	39.03	25.22	689	1.19	.19
Year ended 9/30/2011	35.63	.08	(3.92)	(3.84)	(.52)	—	(.52)	31.27	(11.05)	541	1.14	.20
Year ended 9/30/2010	30.13	.13	5.58	5.71	(.21)	—	(.21)	35.63	19.06	548	1.16	.41
Class 529-B:
Six months ended 3/31/2015^4,5	45.75	(.25)	3.64	3.39	—	(4.75)	(4.75)	44.39	7.90	14	1.97⁶	(1.12)⁶
Year ended 9/30/2014	46.52	(.42)	2.08	1.66	—	(2.43)	(2.43)	45.75	3.53	17	1.95	(.89)
Year ended 9/30/2013	37.30	(.30)	9.66	9.36	(.14)	—	(.14)	46.52	25.17	25	1.99	(.73)
Year ended 9/30/2012	30.03	(.23)	7.50	7.27	—	—	—	37.30	24.21	30	2.01	(.68)
Year ended 9/30/2011	34.23	(.23)	(3.76)	(3.99)	(.21)	—	(.21)	30.03	(11.78)	36	1.95	(.63)
Year ended 9/30/2010	28.98	(.13)	5.38	5.25	—	—	—	34.23	18.12	52	1.97	(.44)
Class 529-C:
Six months ended 3/31/2015^4,5	45.50	(.24)	3.61	3.37	—	(4.75)	(4.75)	44.12	7.90	294	1.95⁶	(1.10)⁶
Year ended 9/30/2014	46.27	(.40)	2.06	1.66	—	(2.43)	(2.43)	45.50	3.53	280	1.94	(.85)
Year ended 9/30/2013	37.20	(.29)	9.60	9.31	(.24)	—	(.24)	46.27	25.21	273	1.98	(.70)
Year ended 9/30/2012	29.95	(.21)	7.46	7.25	—	—	—	37.20	24.21	222	2.00	(.62)
Year ended 9/30/2011	34.19	(.22)	(3.76)	(3.98)	(.26)	—	(.26)	29.95	(11.77)	186	1.94	(.61)
Year ended 9/30/2010	28.94	(.12)	5.37	5.25	—	—	—	34.19	18.10	194	1.97	(.40)
Class 529-E:
Six months ended 3/31/2015^4,5	47.41	(.13)	3.79	3.66	—	(4.75)	(4.75)	46.32	8.21	52	1.40⁶	(.54)⁶
Year ended 9/30/2014	47.87	(.14)	2.11	1.97	—	(2.43)	(2.43)	47.41	4.10	49	1.39	(.30)
Year ended 9/30/2013	38.45	(.06)	9.91	9.85	(.43)	—	(.43)	47.87	25.90	48	1.43	(.15)
Year ended 9/30/2012	30.79	(.03)	7.70	7.67	(.01)	—	(.01)	38.45	24.90	38	1.45	(.07)
Year ended 9/30/2011	35.11	(.03)	(3.87)	(3.90)	(.42)	—	(.42)	30.79	(11.32)	31	1.43	(.08)
Year ended 9/30/2010	29.70	.04	5.50	5.54	(.13)	—	(.13)	35.11	18.71	31	1.46	.11

35 SMALLCAP World Fund / Prospectus


		Income (loss) from investment operations¹			Dividends and distributions
	Net asset value, beginning of period	Net investment income (loss)	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return^2,3	Net assets, end of period (in millions)	Ratio of expenses to average net assets	Ratio of net income (loss) to average net assets
Class 529-F-1:
Six months ended 3/31/2015^4,5	$48.53	$(.02)	$ 3.89	$ 3.87	$ —	$(4.75)	$(4.75)	$47.65	8.47%	$ 86	.95%⁶	(.10)%⁶
Year ended 9/30/2014	48.73	.08	2.15	2.23	—	(2.43)	(2.43)	48.53	4.57	80	.94	.16
Year ended 9/30/2013	39.14	.13	10.07	10.20	(.61)	—	(.61)	48.73	26.43	73	.98	.30
Year ended 9/30/2012	31.35	.14	7.83	7.97	(.18)	—	(.18)	39.14	25.51	53	.99	.39
Year ended 9/30/2011	35.72	.15	(3.94)	(3.79)	(.58)	—	(.58)	31.35	(10.90)	43	.94	.40
Year ended 9/30/2010	30.20	.20	5.59	5.79	(.27)	—	(.27)	35.72	19.31	47	.95	.62
Class R-1:
Six months ended 3/31/2015^4,5	45.85	(.22)	3.65	3.43	—	(4.75)	(4.75)	44.53	7.98	40	1.83⁶	(.97)⁶
Year ended 9/30/2014	46.56	(.35)	2.07	1.72	—	(2.43)	(2.43)	45.85	3.66	39	1.82	(.74)
Year ended 9/30/2013	37.40	(.23)	9.66	9.43	(.27)	—	(.27)	46.56	25.37	42	1.84	(.57)
Year ended 9/30/2012	30.07	(.17)	7.50	7.33	—	—	—	37.40	24.38	37	1.86	(.50)
Year ended 9/30/2011	34.32	(.19)	(3.77)	(3.96)	(.29)	—	(.29)	30.07	(11.68)	35	1.84	(.52)
Year ended 9/30/2010	29.05	(.09)	5.39	5.30	(.03)	—	(.03)	34.32	18.25	43	1.87	(.30)
Class R-2:
Six months ended 3/31/2015^4,5	45.84	(.21)	3.64	3.43	—	(4.75)	(4.75)	44.52	7.98	696	1.82⁶	(.96)⁶
Year ended 9/30/2014	46.56	(.35)	2.06	1.71	—	(2.43)	(2.43)	45.84	3.64	689	1.83	(.75)
Year ended 9/30/2013	37.39	(.23)	9.67	9.44	(.27)	—	(.27)	46.56	25.41	736	1.83	(.55)
Year ended 9/30/2012	30.07	(.18)	7.50	7.32	—	—	—	37.39	24.34	647	1.89	(.52)
Year ended 9/30/2011	34.30	(.20)	(3.76)	(3.96)	(.27)	—	(.27)	30.07	(11.72)	581	1.86	(.54)
Year ended 9/30/2010	29.03	(.11)	5.38	5.27	—	—	—	34.30	18.19	712	1.93	(.37)
Class R-2E:
Six months ended 3/31/2015^4,5	48.67	(.02)	3.90	3.88	—	(4.75)	(4.75)	47.80	8.47⁷	—⁸	.94^6,7	(.09)^6,7
Period from 8/29/2014 to 9/30/2014^4,9	50.83	(.01)	(2.15)	(2.16)	—	—	—	48.67	(4.25)¹⁰	—⁸	.08^2,10	(.01)^2,10
(The Financial Highlights table continues on the following page.)

SMALLCAP World Fund / Prospectus 36


		Income (loss) from investment operations¹			Dividends and distributions
	Net asset value, beginning of period	Net investment income (loss)	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return^2,3	Net assets, end of period (in millions)	Ratio of expenses to average net assets	Ratio of net income (loss) to average net assets
Class R-3:
Six months ended 3/31/2015^4,5	$47.34	$(.12)	$ 3.77	$ 3.65	$ —	$(4.75)	$(4.75)	$46.24	8.20%	$827	1.38%⁶	(.52)%⁶
Year ended 9/30/2014	47.79	(.14)	2.12	1.98	—	(2.43)	(2.43)	47.34	4.12	811	1.39	(.30)
Year ended 9/30/2013	38.39	(.05)	9.89	9.84	(.44)	—	(.44)	47.79	25.90	836	1.40	(.12)
Year ended 9/30/2012	30.73	(.02)	7.68	7.66	—	—	—	38.39	24.92	694	1.42	(.05)
Year ended 9/30/2011	35.03	(.03)	(3.84)	(3.87)	(.43)	—	(.43)	30.73	(11.28)	586	1.41	(.08)
Year ended 9/30/2010	29.64	.04	5.49	5.53	(.14)	—	(.14)	35.03	18.71	667	1.44	.13
Class R-4:
Six months ended 3/31/2015^4,5	48.33	(.05)	3.87	3.82	—	(4.75)	(4.75)	47.40	8.39	755	1.05⁶	(.20)⁶
Year ended 9/30/2014	48.59	.02	2.15	2.17	—	(2.43)	(2.43)	48.33	4.46	727	1.06	.03
Year ended 9/30/2013	39.03	.09	10.04	10.13	(.57)	—	(.57)	48.59	26.31	712	1.07	.21
Year ended 9/30/2012	31.25	.11	7.80	7.91	(.13)	—	(.13)	39.03	25.38	550	1.08	.30
Year ended 9/30/2011	35.60	.10	(3.91)	(3.81)	(.54)	—	(.54)	31.25	(10.98)	441	1.07	.26
Year ended 9/30/2010	30.12	.15	5.58	5.73	(.25)	—	(.25)	35.60	19.15	486	1.09	.48
Class R-5:
Six months ended 3/31/2015^4,5	49.39	.02	3.96	3.98	—	(4.75)	(4.75)	48.62	8.55	491	.75⁶	.10⁶
Year ended 9/30/2014	49.46	.15	2.21	2.36	—	(2.43)	(2.43)	49.39	4.78	452	.76	.29
Year ended 9/30/2013	39.71	.22	10.22	10.44	(.69)	—	(.69)	49.46	26.72	550	.77	.51
Year ended 9/30/2012	31.80	.22	7.93	8.15	(.24)	—	(.24)	39.71	25.77	384	.78	.60
Year ended 9/30/2011	36.21	.22	(3.99)	(3.77)	(.64)	—	(.64)	31.80	(10.74)	314	.77	.56
Year ended 9/30/2010	30.60	.26	5.66	5.92	(.31)	—	(.31)	36.21	19.50	347	.78	.79

37 SMALLCAP World Fund / Prospectus


		Income (loss) from investment operations¹			Dividends and distributions
	Net asset value, beginning of period	Net investment income (loss)	Net gains (losses) on securities (both realized and unrealized)	Total from investment operations	Dividends (from net investment income)	Distributions (from capital gains)	Total dividends and distributions	Net asset value, end of period	Total return^2,3	Net assets, end of period (in millions)	Ratio of expenses to average net assets	Ratio of net income (loss) to average net assets
Class R-6:
Six months ended 3/31/2015^4,5	$48.93	$.03	$ 3.92	$ 3.95	$ —	$(4.75)	$(4.75)	$48.13	8.57%	$2,111	.71%⁶	.15%⁶
Year ended 9/30/2014	49.00	.21	2.15	2.36	—	(2.43)	(2.43)	48.93	4.82	1,859	.71	.41
Year ended 9/30/2013	39.34	.25	10.12	10.37	(.71)	—	(.71)	49.00	26.80	1,206	.72	.57
Year ended 9/30/2012	31.52	.24	7.84	8.08	(.26)	—	(.26)	39.34	25.79	768	.73	.67
Year ended 9/30/2011	35.89	.24	(3.96)	(3.72)	(.65)	—	(.65)	31.52	(10.68)	494	.72	.64
Year ended 9/30/2010	30.31	.27	5.62	5.89	(.31)	—	(.31)	35.89	19.57	411	.73	.84


	Six months ended March 31, 2015^2,4,5	Year ended September 30
	Six months ended March 31, 2015^2,4,5	2014		2013	2012	2011	2010
Portfolio turnover rate for all share classes	15%	38%	37%		35%	39%	45%

¹ Based on average shares outstanding.

² Not annualized.

³ Total returns exclude any applicable sales charges, including contingent deferred sales charges.

⁴ Based on operations for the period shown and, accordingly, is not representative of a full year.

⁵ Unaudited.

⁶ Annualized.

⁷ Although the fund has a plan of distribution for Class R-2E shares, fees for distribution services are not paid by the fund on accounts for which a broker-dealer (or other financial intermediary) has not been assigned, including amounts invested in the fund by Capital Research and Management Company and/or its affiliates. If fees for distribution services were charged on these assets, fund expenses would be higher and net income and total return would be lower.

⁸ Amount less than $1 million.

⁹ Class R-2E shares were offered beginning August 29, 2014.

¹⁰ Class R-2E assets consisted solely of seed capital invested by Capital Research and Management Company; therefore, certain fees were not accrued.

SMALLCAP World Fund / Prospectus 38



	For shareholder services	American Funds Service Company (800) 421-4225
	For retirement plan services	Call your employer or plan administrator
	For 529 plans	American Funds Service Company (800) 421-4225, ext. 529
	For 24-hour information	American FundsLine (800) 325-3590 americanfunds.com For Class R share information, visit AmericanFundsRetirement.com
	Telephone calls you have with American Funds may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to American Funds on the telephone, you consent to such monitoring and recording.

Multiple translations This prospectus may be translated into other languages. If there is any inconsistency or ambiguity as to the meaning of any word or phrase in a translation, the English text will prevail. Liability is not limited as a result of any material misstatement or omission introduced in the translation.

Annual/Semi-annual report to shareholders The shareholder reports contain additional information about the fund, including financial statements, investment results, portfolio holdings, a discussion of market conditions and the fund’s investment strategies, and the independent registered public accounting firm’s report (in the annual report).

Program description The CollegeAmerica^® 529 program description contains additional information about the policies and services related to 529 plan accounts.

Statement of additional information (SAI) and codes of ethics The current SAI, as amended from time to time, contains more detailed information about the fund, including the fund’s financial statements, and is incorporated by reference into this prospectus. This means that the current SAI, for legal purposes, is part of this prospectus. The codes of ethics describe the personal investing policies adopted by the fund, the fund’s investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the U.S. Securities and Exchange Commission (SEC). These and other related materials about the fund are available for review or to be copied at the SEC’s Public Reference Room in Washington, D.C., (202) 551-8090, on the EDGAR database on the SEC’s website at sec.gov or, after payment of a duplicating fee, via email request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. The codes of ethics, current SAI and shareholder reports are also available, free of charge, on our website, americanfunds.com.

E-delivery and household mailings Each year you are automatically sent an updated summary prospectus and annual and semi-annual reports for the fund. You may also occasionally receive proxy statements for the fund. In order to reduce the volume of mail you receive, when possible, only one copy of these documents will be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, americanfunds.com.

If you would like to opt out of household-based mailings or receive a complimentary copy of the current SAI, codes of ethics, annual/semi-annual report to shareholders or applicable program description, please call American Funds Service Company at (800) 421-4225 or write to the secretary of the fund at 333 South Hope Street, Los Angeles, California 90071-1406.

Securities Investor Protection Corporation (SIPC) Shareholders may obtain information about SIPC^® on its website at sipc.org or by calling (202) 371-8300.




MFGEPRX-035-1115P Litho in USA CGD/RRD/8018	Investment Company File No. 811-05888

THE FUND MAKES AVAILABLE A SPANISH TRANSLATION OF THE ABOVE PROSPECTUS IN CONNECTION WITH THE PUBLIC OFFERING AND SALE OF ITS SHARES. THE ENGLISH LANGUAGE PROSPECTUS ABOVE IS A FAIR AND ACCURATE REPRESENTATION OF THE SPANISH EQUIVALENT.

/s/	MICHAEL W. STOCKTON
	MICHAEL W. STOCKTON
	SECRETARY

SMALLCAP World Fund, Inc.^®

Part B
Statement of Additional Information

November 1, 2015

This document is not a prospectus but should be read in conjunction with the current prospectus of SMALLCAP World Fund (the “fund”) dated November 1, 2015. You may obtain a prospectus from your financial advisor, by calling American Funds Service Company^®at (800) 421-4225 or by writing to the fund at the following address:

SMALLCAP World Fund, Inc.
Attention: Secretary

333 South Hope Street
Los Angeles, California 90071

Certain privileges and/or services described below may not be available to all shareholders (including shareholders who purchase shares at net asset value through eligible retirement plans) depending on the shareholder’s investment dealer or retirement plan recordkeeper. Please see your financial advisor, investment dealer, plan recordkeeper or employer for more information.


Class A	SMCWX	Class 529-A	CSPAX	Class R-1	RSLAX
Class B	SCWBX	Class 529-B	CSPBX	Class R-2	RSLBX
Class C	SCWCX	Class 529-C	CSPCX	Class R-2E	RSEBX
Class F-1	SCWFX	Class 529-E	CSPEX	Class R-3	RSLCX
Class F-2	SMCFX	Class 529-F-1	CSPFX	Class R-4	RSLEX

				Class R-5E	RSLDX

				Class R-5	RSLFX
				Class R-6	RLLGX

Table of Contents

Item	Page no.
Certain investment limitations and guidelines	2
Description of certain securities, investment techniques and risks	3
Fund policies	15
Management of the fund	17
Execution of portfolio transactions	44
Disclosure of portfolio holdings	47
Price of shares	49
Taxes and distributions	52
Purchase and exchange of shares	55
Sales charges	60
Sales charge reductions and waivers	63
Selling shares	67
Shareholder account services and privileges	68
General information	71
Appendix	80
Investment portfolio
Financial statements

SMALLCAP World Fund — Page 1

Certain investment limitations and guidelines

The following limitations and guidelines are considered at the time of purchase, under normal circumstances, and are based on a percentage of the fund’s net assets unless otherwise noted. This summary is not intended to reflect all of the fund’s investment limitations.

Equity securities – small capitalization issuers

· Normally the fund invests at least 80% of its net assets in growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) of companies with small market capitalizations. The investment adviser currently defines “small market capitalization” companies to be companies with market capitalizations of $4.0 billion or less. The investment adviser has periodically re-evaluated and adjusted this definition and may continue to do so in the future. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. Because of this, the fund may have less than 80% of its net assets in small market capitalization stocks at any given time. Under normal circumstances, the fund will invest a significant portion of its assets outside the United States, including in emerging markets.

Investing outside the U.S.

· The fund may invest a significant portion of its assets in companies located outside the United States, including companies located in developing countries. (See “Investing outside the U.S.” below for more information.)

· In determining the domicile of an issuer, the fund’s investment adviser will consider the domicile determination of a leading provider of global indexes, such as Morgan Stanley Capital International, and may also take into account such factors as where the issuer’s securities are listed and where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations and/or generates revenues.

Debt instruments

· The fund may invest up to 10% of its assets in straight debt securities rated Baa1 or below and BBB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser, or unrated but determined to be of equivalent quality. The fund currently intends to look to the ratings from Moody’s Investors Service, Standard & Poor’s Corporation and Fitch Ratings. If rating agencies differ, securities will be considered to have received the highest of these ratings, consistent with the fund's investment policies.

* * * * * *

The fund may experience difficulty liquidating certain portfolio securities during significant market declines or periods of heavy redemptions.

SMALLCAP World Fund — Page 2

Description of certain securities, investment techniques and risks

The descriptions below are intended to supplement the material in the prospectus under “Investment objective, strategies and risks.”

Equity securities — Equity securities represent an ownership position in a company. Equity securities held by the fund typically consist of common stocks. The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic and other conditions. For example, prices of these securities can be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Holders of equity securities are not creditors of the issuer. If an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer’s assets, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid.

There may be little trading in the secondary market for particular equity securities, which may adversely affect the fund’s ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

The growth-oriented, equity-type securities generally purchased by the fund may involve large price swings and potential for loss, particularly in the case of smaller capitalization stocks.

Investing in smaller capitalization stocks — Investing in smaller capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. Transaction costs in stocks of smaller capitalization companies may be higher than those of larger capitalization companies. Because the fund emphasizes the stocks of issuers with smaller market capitalizations (by U.S. standards), it can be expected to have more difficulty obtaining information about the issuers or valuing or disposing of its securities than it would if it were to concentrate on more widely held stocks. The fund determines relative market capitalizations using U.S. standards. Accordingly, the fund's investments in certain companies outside the United States may have larger market capitalizations relative to other companies within those countries.

Capital Research and Management Company (the “investment adviser”) believes that the issuers of smaller capitalization stocks often have sales and earnings growth rates that exceed those of larger companies and that such growth rates may in turn be reflected in more rapid share price appreciation. However, investing in smaller capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. For example, smaller companies often have limited product lines, limited operating histories, limited markets, and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Also, their securities may be thinly traded (and therefore have to be sold at a discount from current prices or sold in small lots over an extended period of time), may be followed by fewer investment research analysts and may be subject to wider price swings, thus creating a greater chance of loss than securities of larger capitalization companies.

Investing in private companies — The fund may invest in companies that have not publicly offered their securities. Investing in private companies can involve greater risks than those associated with investing in publicly traded companies. For example, the securities of a private company may be subject to the risk that market conditions, developments within the company, investor perception, or regulatory decisions may delay or prevent the company from ultimately offering its securities to the public. Furthermore, these investments are generally considered to be illiquid until a company’s public offering and are often subject to additional contractual restrictions on resale that would prevent the fund from selling its company shares for a period of time following the public offering.

SMALLCAP World Fund — Page 3

Investments in private companies can offer the fund significant growth opportunities at attractive prices. However, these investments can pose greater risk, and, consequently, there is no guarantee that positive results can be achieved in the future.

Debt instruments — Debt securities, also known as “fixed-income securities,” are used by issuers to borrow money. Bonds, notes, debentures, asset-backed securities (including those backed by mortgages), and loan participations and assignments are common types of debt securities. Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values and their values accrete over time to face value at maturity. Some debt securities bear interest at rates that are not fixed, but that vary with changes in specified market rates or indices. The market prices of debt securities fluctuate depending on such factors as interest rates, credit quality and maturity. In general, market prices of debt securities decline when interest rates rise and increase when interest rates fall. These fluctuations will generally be greater for longer-term debt securities than for shorter-term debt securities. Prices of these securities can also be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices.

Lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, are described by the rating agencies as speculative and involve greater risk of default or price changes due to changes in the issuer’s creditworthiness than higher rated debt securities, or they may already be in default. Such securities are sometimes referred to as “junk bonds” or high yield bonds. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. It may be more difficult to dispose of, and to determine the value of, lower rated debt securities. Investment grade bonds in the ratings categories A or Baa/BBB also may be more susceptible to changes in market or economic conditions than bonds rated in the highest rating categories.

Certain additional risk factors relating to debt securities are discussed below:

Sensitivity to interest rate and economic changes — Debt securities may be sensitive to economic changes, political and corporate developments, and interest rate changes. In addition, during an economic downturn or a period of rising interest rates, issuers that are highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities and derivative instruments. For example, during the financial crisis of 2007-2009, the Federal Reserve implemented a number of economic policies that impacted, and may continue to impact, interest rates and the market. These policies, as well as potential actions by governmental entities both in and outside of the U.S., may expose fixed-income markets to heightened volatility and may reduce liquidity for certain investments, which could cause the value of the fund’s portfolio to decline.

Payment expectations — Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market, the fund may have to replace the security with a lower yielding security, resulting in decreased income to investors. If the issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings, the fund may incur losses or expenses in seeking recovery of amounts owed to it.

Liquidity and valuation — There may be little trading in the secondary market for particular debt securities, which may affect adversely the fund’s ability to value accurately or dispose of

SMALLCAP World Fund — Page 4

such debt securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of debt securities.

The investment adviser attempts to reduce the risks described above through diversification of the fund’s portfolio and by credit analysis of each issuer, as well as by monitoring broad economic trends and corporate and legislative developments, but there can be no assurance that it will be successful in doing so.

Credit ratings for debt securities provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The rating of an issuer is a rating agency’s view of past and future potential developments related to the issuer and may not necessarily reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a rating is assigned and updated. The investment adviser considers these ratings of securities as one of many criteria in making its investment decisions.

Bond rating agencies may assign modifiers (such as +/–) to ratings categories to signify the relative position of a credit within the rating category. Investment policies that are based on ratings categories should be read to include any security within that category, without giving consideration to the modifier except where otherwise provided. See the Appendix to this statement of additional information for more information about credit ratings.

Securities with equity and debt characteristics — Certain securities have a combination of equity and debt characteristics. Such securities may at times behave more like equity than debt or vice versa.

Preferred stock — Preferred stock represents an equity interest in an issuer that generally entitles the holder to receive, in preference to common stockholders and the holders of certain other stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the issuer. Preferred stocks may pay fixed or adjustable rates of return, and preferred stock dividends may be cumulative or non-cumulative and participating or non-participating. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer’s common stockholders, while prior unpaid dividends on non-cumulative preferred stock are forfeited. Participating preferred stock may be entitled to a dividend exceeding the issuer’s declared dividend in certain cases, while non-participating preferred stock is entitled only to the stipulated dividend. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. As with debt securities, the prices and yields of preferred stocks often move with changes in interest rates and the issuer’s credit quality. Additionally, a company’s preferred stock typically pays dividends only after the company makes required payments to holders of its bonds and other debt. Accordingly, the price of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the issuing company’s financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

Convertible securities — A convertible security is a debt obligation, preferred stock or other security that may be converted, within a specified period of time and at a stated conversion rate, into common stock or other equity securities of the same or a different issuer. The conversion may occur automatically upon the occurrence of a predetermined event or at the option of either the issuer or the security holder. Under certain circumstances, a convertible security may also be called for redemption or conversion by the issuer after a particular date and at predetermined price specified upon issue. If a convertible security held by the fund is called for redemption or conversion, the fund could be required to tender the security for redemption, convert it into the underlying common stock, or sell it to a third party.

SMALLCAP World Fund — Page 5

The holder of a convertible security is generally entitled to participate in the capital appreciation resulting from a market price increase in the issuer’s common stock and to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in an issuer’s capital structure and, therefore, normally entail less risk than the issuer’s common stock. However, convertible securities may also be subordinate to any senior debt obligations of the issuer, and, therefore, an issuer’s convertible securities may entail more risk than such senior debt obligations. Convertible securities usually offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of a convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and, accordingly, convertible securities are subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may cushion the security against declines in the price of the underlying asset but may also cause the price of the security to fluctuate based upon changes in interest rates and the credit quality of the issuer. As with a straight fixed-income security, the price of a convertible security tends to increase when interest rates decline and decrease when interest rates rise. Like the price of a common stock, the price of a convertible security also tends to increase as the price of the underlying stock rises and to decrease as the price of the underlying stock declines.

Hybrid securities — A hybrid security is a type of security that also has equity and debt characteristics. Like equities, which have no final maturity, a hybrid security may be perpetual. On the other hand, like debt securities, a hybrid security may be callable at the option of the issuer on a date specified at issue. Additionally, like common equities, which may stop paying dividends at virtually any time without violating any contractual terms or conditions, hybrids typically allow for issuers to withhold payment of interest until a later date or to suspend coupon payments entirely without triggering an event of default. Hybrid securities are normally at the bottom of an issuer’s debt capital structure because holders of an issuer’s hybrid securities are structurally subordinated to the issuer’s senior creditors. In bankruptcy, hybrid security holders should only get paid after all senior creditors of the issuer have been paid but before any disbursements are made to the issuer’s equity holders. Accordingly, hybrid securities may be more sensitive to economic changes than more senior debt securities. Such securities may also be viewed as more equity-like by the market when the issuer or its parent company experiences financial difficulties.

Contingent convertible or contingent capital securities are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain trigger events. One type of contingent convertible security has characteristics designed to absorb losses, where the liquidation value of the security may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer’s capital levels below a specified threshold, the liquidation value of the security may be reduced in whole or in part. The write-down of the security’s par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security’s par value. Such securities may, but are not required to, provide for circumstances under which the liquidation value of the security may be adjusted back up to par, such as an improvement in capitalization or earnings. Another type of contingent convertible security provides for mandatory conversion of the security into common shares of the issuer under certain circumstances. The mandatory conversion might

SMALLCAP World Fund — Page 6

relate, for example, to the issuer’s failure to maintain a capital minimum. Since the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all) and conversion would deepen the subordination of the investor, effectively worsening the investor’s standing in the case of an issuer’s insolvency. An automatic write-down or conversion event with respect to a contingent convertible security will typically be triggered by a reduction in the issuer’s capital level, but may also be triggered by regulatory actions, such as a change in regulatory capital requirements, or by other factors.

Investing outside the U.S. — Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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. These issuers may also be more susceptible to actions of foreign governments such as the imposition of price controls or punitive taxes that could adversely impact revenues. To the extent the fund invests in securities that are denominated in currencies other than the U.S. dollar, 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. Securities markets in certain countries may be more volatile or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholdings taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

Additional costs could be incurred in connection with the fund’s investment activities outside the United States. Brokerage commissions may be higher outside the United States, and the fund will bear certain expenses in connection with its currency transactions. Furthermore, increased custodian costs may be associated with maintaining assets in certain jurisdictions.

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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Additionally, there may be increased settlement risks for transactions in local securities.

Although there is no universally accepted definition, the investment adviser generally considers an emerging market to be a market that is in the earlier stages of its industrialization cycle with a low per capita gross domestic product (“GDP”) and a low market capitalization to GDP ratio relative to those in the United States and the European Union, and would include markets commonly referred to as “frontier markets.”

Certain risk factors related to emerging markets

Currency fluctuations — Certain emerging markets’ currencies have experienced and in the future may experience significant declines against the U.S. dollar. For example, if the U.S.

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dollar appreciates against foreign currencies, the value of the fund’s emerging markets securities holdings would generally depreciate and vice versa. Further, the fund may lose money due to losses and other expenses incurred in converting various currencies to purchase and sell securities valued in currencies other than the U.S. dollar, as well as from currency restrictions, exchange control regulation and currency devaluations.

Government regulation — Certain developing countries lack uniform accounting, auditing and financial reporting and disclosure standards, have less governmental supervision of financial markets than in the United States, and do not honor legal rights enjoyed in the United States. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some developing countries. While the fund will only invest in markets where these restrictions are considered acceptable by the investment adviser, a country could impose new or additional repatriation restrictions after the fund’s investment. If this happened, the fund’s response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to the fund’s liquidity needs and other factors. Further, some attractive equity securities may not be available to the fund due to foreign shareholders already holding the maximum amount legally permissible.

While government involvement in the private sector varies in degree among developing countries, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any developing country, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of the fund’s investments.

Fluctuations in inflation rates — Rapid fluctuations in inflation rates may have negative impacts on the economies and securities markets of certain emerging market countries.

Less developed securities markets — Emerging markets may be less well-developed than other markets. These markets have lower trading volumes than the securities markets of more developed countries and may be unable to respond effectively to increases in trading volume. Consequently, these markets may be substantially less liquid than those of more developed countries, and the securities of issuers located in these markets may have limited marketability. These factors may make prompt liquidation of substantial portfolio holdings difficult or impossible at times.

Settlement risks — Settlement systems in developing countries are generally less well organized than those of developed markets. Supervisory authorities may also be unable to apply standards comparable to those in developed markets. Thus, there may be risks that settlement may be delayed and that cash or securities belonging to the fund may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that delivery of a security be made before payment is received. In such cases, default by a broker or bank (the “counterparty”) through whom the transaction is effected might cause the fund to suffer a loss. The fund will seek, where possible, to use counterparties whose financial status is such that this risk is reduced. However, there can be no certainty that the fund will be successful in eliminating this risk, particularly as counterparties operating in developing countries frequently lack the standing or financial resources of those in developed countries. There may also be a danger that, because of uncertainties in the operation of settlement systems in individual

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markets, competing claims may arise with respect to securities held by or to be transferred to the fund.

Insufficient market information — The fund may encounter problems assessing investment opportunities in certain emerging markets in light of limitations on available information and different accounting, auditing and financial reporting standards. In such circumstances, the fund’s investment adviser will seek alternative sources of information, and to the extent the investment adviser is not satisfied with the sufficiency of the information obtained with respect to a particular market or security, the fund will not invest in such market or security.

Taxation — Taxation of dividends, interest and capital gains received by the fund varies among developing countries and, in some cases, is comparatively high. In addition, developing countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that the fund could become subject in the future to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

Litigation — The fund and its shareholders may encounter substantial difficulties in obtaining and enforcing judgments against individuals residing outside of the U.S. and companies domiciled outside of the U.S.

Fraudulent securities — Securities purchased by the fund may subsequently be found to be fraudulent or counterfeit, resulting in a loss to the fund.

Investing through Stock Connect — The fund may invest in China A-shares of certain Chinese companies listed and traded on the Shanghai Stock Exchange (“SSE”) through the Shanghai-Hong Kong Stock Connect Program (“Stock Connect”). Stock Connect is a securities trading and clearing program developed by the Stock Exchange of Hong Kong, the SSE and the China Securities Depository and Clearing Corporation Limited. Stock Connect facilitates foreign investment in the People’s Republic of China (“PRC”) via brokers in Hong Kong. Investors through Stock Connect are subject to PRC regulations and SSE listing rules, among others. These could include limitations on trading or suspension of trading. These regulations are relatively new, untested and subject to changes which could adversely impact the fund’s rights with respect to the securities. As Stock Connect is new there are no assurances that the necessary systems to run the program will function properly.

Stock Connect is subject to aggregate and daily quota limitations on purchases and the fund may experience delays in transacting via Stock Connect. Once the daily quota is reached, the remaining orders for that day are rejected. A-shares obtained on Stock Connect may only be sold, purchased or otherwise transferred through Stock Connect. Stock Connect only operates when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets for the corresponding settlement dates. The fund’s shares are held in an omnibus account and registered in nominee name. The fund may have additional risks relating to investments in China, for example, through purchases in H shares of Chinese companies listed on the Hong Kong Exchange or as a Qualified Foreign Institutional Investor (“QFII”) purchasing A shares in China. Please see the sections on risks relating to investing outside of the United States and risks of investing in emerging markets for further information.

Restricted or illiquid securities — The fund may purchase securities subject to restrictions on resale. Restricted securities may only be sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”), or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. Difficulty in

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selling such securities may result in a loss to the fund or cause it to incur additional administrative costs.

Some fund holdings (including some restricted securities) may be deemed illiquid if they cannot be sold in the ordinary course of business at approximately the price at which the fund values them. The determination of whether a holding is considered liquid or illiquid is made by the fund’s adviser under procedures adopted by the fund’s board. The fund’s adviser makes this determination based on factors it deems relevant, such as the frequency and volume of trading, the commitment of dealers to make markets and the availability of qualified investors, all of which can change from time to time. The fund may incur significant additional costs in disposing of illiquid securities. If the fund holds more than its allowable amount of illiquid assets due to appreciation of illiquid securities, the depreciation of liquid securities or changes in market conditions, the fund will seek over time to increase its investments in liquid securities to the extent practicable.

Currency transactions — The fund may enter into currency transactions to provide for the purchase or sale of a currency needed to purchase a security denominated in that currency (often referred to as a spot or cover transaction). The fund may also enter into forward currency contracts to protect against changes in currency exchange rates. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Although forward contracts entered into by the fund will typically involve the purchase or sale of a currency against the U.S. dollar, the fund also may purchase or sell one currency against another currency (other than the U.S. dollar).

Currency exchange rates generally are determined by forces of supply and demand in the foreign exchange markets and the relative merits of investment in different countries as viewed from an international perspective. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

Generally, the fund will not attempt to protect against all potential changes in exchange rates and the use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities. If the value of the underlying securities declines or the amount of the fund’s commitment increases because of changes in exchange rates, the fund may need to provide additional cash or securities to satisfy its commitment under the forward contract. The fund is also subject to the risk that it may be delayed or prevented from obtaining payments owed to it under the forward contract as a result of the insolvency or bankruptcy of the counterparty with which it entered into the forward contract or the failure of the counterparty to comply with the terms of the contract.

While entering into forward currency transactions could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency. Entering into forward currency transactions may change the fund’s exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as expected by the fund’s investment adviser. For example, if the fund’s investment adviser increases the fund’s exposure to a foreign currency using forward contracts and that foreign currency’s value declines, the fund may incur a loss. The fund will segregate liquid assets that will be marked to market daily to meet its forward contract commitments to the extent required by the U.S. Securities and Exchange Commission.

Forward currency transactions also may affect the character and timing of income, gain, or loss recognized by the fund for U.S. tax purposes. The use of forward currency contracts could result in the application of the mark-to-market provisions of the Internal Revenue Code and may cause an increase (or decrease) in the amount of taxable dividends paid by the fund.

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Repurchase agreements — The fund may enter into repurchase agreements under which the fund buys a security and obtains a simultaneous commitment from the seller to repurchase the security at a specified time and price. Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan by the fund that is collateralized by the security purchased. Repurchase agreements permit the fund to maintain liquidity and earn income over periods of time as short as overnight. The seller must maintain with a custodian collateral equal to at least the repurchase price, including accrued interest. The fund will only enter into repurchase agreements involving securities of the type in which it could otherwise invest. If the seller under the repurchase agreement defaults, the fund may incur a loss if the value of the collateral securing the repurchase agreement has declined and may incur disposition costs and delays in connection with liquidating the collateral. If bankruptcy proceedings are commenced with respect to the seller, realization of the collateral by the fund may be delayed or limited.

Obligations backed by the “full faith and credit” of the U.S. government — U.S. government obligations include the following types of securities:

U.S. Treasury securities — U.S. Treasury securities include direct obligations of the U.S. Treasury, such as Treasury bills, notes and bonds. For these securities, the payment of principal and interest is unconditionally guaranteed by the U.S. government, and thus they are of high credit quality. Such securities are subject to variations in market value due to fluctuations in interest rates and in government policies, but, if held to maturity, are expected to be paid in full (either at maturity or thereafter).

Federal agency securities — The securities of certain U.S. government agencies and government-sponsored entities are guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government. Such agencies and entities include, but are not limited to, the Federal Financing Bank (“FFB”), the Government National Mortgage Association (“Ginnie Mae”), the Veterans Administration (“VA”), the Federal Housing Administration (“FHA”), the Export-Import Bank (“Exim Bank”), the Overseas Private Investment Corporation (“OPIC”), the Commodity Credit Corporation (“CCC”) and the Small Business Administration (“SBA”).

Other federal agency obligations — Additional federal agency securities are neither direct obligations of, nor guaranteed by, the U.S. government. These obligations include securities issued by certain U.S. government agencies and government-sponsored entities. However, they generally involve some form of federal sponsorship: some operate under a congressional charter; some are backed by collateral consisting of “full faith and credit” obligations as described above; some are supported by the issuer’s right to borrow from the Treasury; and others are supported only by the credit of the issuing government agency or entity. These agencies and entities include, but are not limited to: the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”), the Tennessee Valley Authority and the Federal Farm Credit Bank System.

In 2008, Freddie Mac and Fannie Mae were placed into conservatorship by their new regulator, the Federal Housing Finance Agency (“FHFA”). Simultaneously, the U.S. Treasury made a commitment of indefinite duration to maintain the positive net worth of both firms. As conservator, the FHFA has the authority to repudiate any contract either firm has entered into prior to the FHFA’s appointment as conservator (or receiver should either firm go into default) if the FHFA, in its sole discretion determines that performance of the contract is burdensome and repudiation would promote the orderly administration of Fannie Mae’s or Freddie Mac’s affairs. While the FHFA has indicated that it does not intend to repudiate the guaranty obligations of either entity, doing so could adversely affect holders of their mortgage-backed securities. For example, if a contract were repudiated, the liability for any direct compensatory damages would accrue to the entity’s conservatorship estate and could only be satisfied to the extent the estate had available assets. As a result, if interest payments on Fannie Mae or Freddie

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Mac mortgage-backed securities held by the fund were reduced because underlying borrowers failed to make payments or such payments were not advanced by a loan servicer, the fund’s only recourse might be against the conservatorship estate, which might not have sufficient assets to offset any shortfalls.

The FHFA, in its capacity as conservator, has the power to transfer or sell any asset or liability of Fannie Mae or Freddie Mac. The FHFA has indicated it has no current intention to do this; however, should it do so a holder of a Fannie Mae or Freddie Mac mortgage-backed security would have to rely on another party for satisfaction of the guaranty obligations and would be exposed to the credit risk of that party.

Certain rights provided to holders of mortgage-backed securities issued by Fannie Mae or Freddie Mac under their operative documents may not be enforceable against the FHFA, or enforcement may be delayed during the course of the conservatorship or any future receivership. For example, the operative documents may provide that upon the occurrence of an event of default by Fannie Mae or Freddie Mac, holders of a requisite percentage of the mortgage-backed security may replace the entity as trustee. However, under the Federal Housing Finance Regulatory Reform Act of 2008, holders may not enforce this right if the event of default arises solely because a conservator or receiver has been appointed.

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Cash and cash equivalents — The fund may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (a) commercial paper (for example, short-term notes with maturities typically up to 12 months in length issued by corporations, governmental bodies or bank/corporation sponsored conduits (asset-backed commercial paper)); (b) short-term bank obligations (for example, certificates of deposit, bankers’ acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (c) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (d) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed, in one year or less; and (e) corporate bonds and notes that mature, or that may be redeemed, in one year or less.

Forward commitment, when issued and delayed delivery transactions — The fund may enter into commitments to purchase or sell securities at a future date. When the fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement. If the other party to such a transaction fails to deliver or pay for the securities, the fund could miss a favorable price or yield opportunity, or could experience a loss.

The fund may enter into roll transactions, such as a mortgage dollar roll where the fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price. During the period between the sale and repurchase (the “roll period”), the fund forgoes principal and interest paid on the mortgage-backed securities. The fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”), if any, as well as by the interest earned on the cash proceeds of the initial sale. The fund could suffer a loss if the contracting party fails to perform the future transaction and the fund is therefore unable to buy back the mortgage-backed securities it initially sold. The fund also takes the risk that the mortgage-backed securities that it repurchases at a later date will have less favorable market characteristics than the securities originally sold (e.g., greater prepayment risk). These transactions are accounted for as purchase and sale transactions, which may increase the fund’s portfolio turnover rate.

With to be announced (TBA) transactions, the particular securities (i.e., specified mortgage pools) to be delivered or received are not identified at the trade date, but are “to be announced” at a later settlement date. However, securities to be delivered must meet specified criteria, including face value, coupon rate and maturity, and be within industry-accepted “good delivery” standards.

The fund will not use these transactions for the purpose of leveraging and will segregate liquid assets that will be marked to market daily in an amount sufficient to meet its payment obligations in these transactions. Although these transactions will not be entered into for leveraging purposes, to the extent the fund’s aggregate commitments in connection with these transactions exceed its segregated assets, the fund temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject to market risk). Should market values of the fund’s portfolio securities decline while the fund is in a leveraged position, greater depreciation of its net assets would likely occur than if it were not in such a position. The fund will not borrow money to settle these transactions and, therefore, will liquidate other portfolio securities in advance of settlement if necessary to generate additional cash to meet its obligations. After a transaction is entered into, the fund may still dispose of or renegotiate the transaction. Additionally, prior to receiving delivery of securities as part of a transaction, the fund may sell such securities.

Cybersecurity risks — With the increased use of technologies such as the Internet to conduct business, the fund has become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Cybersecurity breaches may involve, among other things, infection by computer viruses or other malicious software code or unauthorized access to the fund’s

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digital information systems, networks or devices through “hacking” or other means, in each case for the purpose of misappropriating assets or sensitive information (including, for example, personal shareholder information), corrupting data or causing operational disruption or failures in the physical infrastructure or operating systems that support the fund. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to the fund’s systems, networks or devices. For example, denial-of-service attacks on the investment adviser’s or an affiliate’s website could effectively render the fund’s network services unavailable to fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may cause the fund to lose proprietary information, suffer data corruption or lose operational capacity, which, in turn, could cause the fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. While the fund and its investment adviser have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for.

In addition, cybersecurity failures by or breaches of the fund’s third-party service providers (including, but not limited to, the fund’s investment adviser, transfer agent, custodian, administrators and other financial intermediaries) may disrupt the business operations of the service providers and of the fund, potentially resulting in financial losses, the inability of fund shareholders to transact business with the fund and of the fund to process transactions, the inability of the fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The fund and its shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that the fund will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the fund’s third-party service providers in the future, particularly as the fund cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund’s investments in such issuers to lose value.

* * * * * *

Portfolio turnover — Portfolio changes will be made without regard to the length of time particular investments may have been held. Short-term trading profits are not the fund’s objective, and changes in its investments are generally accomplished gradually, though short-term transactions may occasionally be made. High portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads or brokerage commissions. It may also result in the realization of net capital gains, which are taxable when distributed to shareholders, unless the shareholder is exempt from taxation or his or her account is tax-favored.

The fund’s portfolio turnover rates for the fiscal years ended September 30, 2014 and 2013 were 38% and 37%, respectively. The portfolio turnover rate would equal 100% if each security in a fund’s portfolio were replaced once per year. See “Financial highlights” in the prospectus for the fund’s annual portfolio turnover rate for each of the last five fiscal years.

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Fund policies

All percentage limitations in the following fund policies are considered at the time securities are purchased and are based on the fund’s net assets unless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess occurs immediately after, and is caused by, an acquisition by the fund. In managing the fund, the fund’s investment adviser may apply more restrictive policies than those listed below.

Fundamental policies — The fund has adopted the following policies, which may not be changed without approval by holders of a majority of its outstanding shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the “1940 Act”), as the vote of the lesser of (a) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (b) more than 50% of the outstanding voting securities.

1. Except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (“SEC”), SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction, the fund may not:

a. Borrow money;

b. Issue senior securities;

c. Underwrite the securities of other issuers;

d. Purchase or sell real estate or commodities;

e. Make loans; or

f. Purchase the securities of any issuer if, as a result of such purchase, the fund’s investments would be concentrated in any particular industry.

2. The fund may not invest in companies for the purpose of exercising control or management.

Nonfundamental policies — The following policy may be changed without shareholder approval:

The fund may not acquire securities of open-end investment companies or unit investment trusts registered under the 1940 Act in reliance on Sections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

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Additional information about the fund’s policies — The information below is not part of the fund’s fundamental or nonfundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the fund. Information is also provided regarding the fund’s current intention with respect to certain investment practices permitted by the 1940 Act.

For purposes of fundamental policy 1a, the fund may borrow money in amounts of up to 33-1/3% of its total assets from banks for any purpose. Additionally, the fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed).

For purposes of fundamental policy 1b, a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the fund at the time the loan is made (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, to the extent the fund covers its commitments under certain types of agreements and transactions, including mortgage-dollar-roll transactions, sale-buybacks, when-issued, delayed-delivery, or forward commitment transactions, and other similar trading practices, by segregating or earmarking liquid assets equal in value to the amount of the fund’s commitment, such agreement or transaction will not be considered a senior security by the fund.

For purposes of fundamental policy 1c, the policy will not apply to the fund to the extent the fund may be deemed an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objectives and strategies.

For purposes of fundamental policy 1e, the fund may not lend more than 33-1/3% of its total assets, provided that this limitation shall not apply to the fund’s purchase of debt obligations.

For purposes of fundamental policy 1f, the fund may not invest more than 25% of its total assets in the securities of issuers in a particular industry. This policy does not apply to investments in securities of the U.S. Government, its agencies or Government Sponsored Enterprises or repurchase agreements with respect thereto.

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Management of the fund

Board of directors and officers

Independent directors¹

The fund’s nominating and governance committee and board select independent directors with a view toward constituting a board that, as a body, possesses the qualifications, skills, attributes and experience to appropriately oversee the actions of the fund’s service providers, decide upon matters of general policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills, attributes and experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience, education and skills.

The fund seeks independent directors who have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively in the context of the fund’s board and committee structure and who have the ability and willingness to dedicate sufficient time to effectively fulfill their duties and responsibilities.

Each independent director has a significant record of accomplishments in governance, business, not-for-profit organizations, government service, academia, law, accounting or other professions. Although no single list could identify all experience upon which the fund’s independent directors draw in connection with their service, the following table summarizes key experience for each independent director. These references to the qualifications, attributes and skills of the directors are pursuant to the disclosure requirements of the SEC, and shall not be deemed to impose any greater responsibility or liability on any director or the board as a whole. Notwithstanding the accomplishments listed below, none of the independent directors is considered an “expert” within the meaning of the federal securities laws with respect to information in the fund’s registration statement.

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Name, year of birth and position with fund (year first elected as a director²)	Principal occupation(s) during the past five years	Number of portfolios in fund complex overseen by director	Other directorships³ held by director during the past five years	Other relevant experience
Ronald P. Badie, 1942 Director (2010)	Retired	3	Amphenol Corporation; Nautilus, Inc. Former director of Merisel, Inc. (until 2011); Obagi Medical Products, Inc. (until 2013)	· Service as vice chairman, international and domestic commercial and investment banking firm · Corporate board experience · M.B.A.
Joseph C. Berenato, 1946 Chairman of the Board (Independent and Non-Executive) (2000)	Former Chairman and CEO, Ducommun Incorporated (aerospace components manufacturer)	15	Ducommun Incorporated	· Service as chief financial officer, aerospace components manufacturer · Senior corporate management experience, corporate banking · Corporate board experience · Service as director, Federal Reserve Board of Los Angeles · Service on trustee board for educational organizations · M.B.A., Finance, M.A., English, B.S., Engineering
Louise H. Bryson, 1944 Director (2010)	Chair Emerita of the Board of Trustees, J. Paul Getty Trust	7	None	· Senior management experience with media and entertainment companies · Service on advisory and trustee boards for charitable, educational and nonprofit organizations · M.B.A., M.A.T.

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Name, year of birth and position with fund (year first elected as a director²)	Principal occupation(s) during the past five years	Number of portfolios in fund complex overseen by director	Other directorships³ held by director during the past five years	Other relevant experience
Robert J. Denison, 1941 Director (2010)	Chair, First Security Management (private investment)	6	None	· Service as chief executive officer of international investment management firm · Corporate board experience · Service on advisory and trustee boards for charitable, educational and nonprofit organizations · Adjunct professor, finance and accounting · M.B.A.
Mary Anne Dolan, 1947 Director (2008)	Founder and President, MAD Ink (communications company)	10	None	· Senior management and editorial experience with multiple newspaper publishers and news service organizations · Service as director of writers conference
John G. Freund,1953 Director (2000)	Founder and Managing Director, Skyline Ventures (a venture capital investor in health care companies)	3	Collegium Pharmaceutical, Inc.; Proteon Therapeutics, Inc.; Tetraphase Pharmaceuticals, Inc.; XenoPort, Inc. Former director of Hansen Medical, Inc. (until 2010); MAP Pharmaceuticals, Inc. (until 2011); MAKO Surgical Corporation (until 2013); Concert Pharmaceuticals, Inc. (until 2015)	· Experience in investment banking, and senior management at multiple venture capital firms and a medical device company · Corporate board experience · M.D., M.B.A.

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Name, year of birth and position with fund (year first elected as a director²)	Principal occupation(s) during the past five years	Number of portfolios in fund complex overseen by director	Other directorships³ held by director during the past five years	Other relevant experience
Linda Griego, 1947 Director (2015)	President and CEO, Griego Enterprises, Inc. (business management company)	7	AECOM Technology Corporation; CBS Corporation Former director of SouthWest Water Company (until 2010)	· Former Deputy Mayor, City of Los Angeles · Service in numerous federal, state and city commission appointments focused on, among other areas, economic development · Service as president for a television production company focused on programming for the Latino market · Corporate board experience · Board service for hospitals, and philanthropic, educational and nonprofit organizations
Leonade D. Jones, 1947 Director (1995)	Retired	10	None	· Service as treasurer of a diversified media and education company · Founder of e-commerce and educational loan exchange businesses · Corporate board and investment advisory committee experience · Service on advisory and trustee boards for charitable, educational, public and nonprofit organizations · J.D., M.B.A.

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Name, year of birth and position with fund (year first elected as a director²)	Principal occupation(s) during the past five years	Number of portfolios in fund complex overseen by director	Other directorships³ held by director during the past five years	Other relevant experience
William H. Kling,1942 Director (1990)	President Emeritus and former CEO, American Public Media	10	None	· Service as chief executive officer, media and entertainment company · Media and technology consultant · Corporate board experience · Service on advisory and trustee boards for charitable and nonprofit organizations · B.A., economics, M.S., mass communications
Christopher E. Stone, 1956 Director (2007)	President, Open Society Foundations; former Professor of the Practice of Criminal Justice, John F. Kennedy School of Government, Harvard University	6	None	· Service on advisory and trustee boards for charitable, international jurisprudence and nonprofit organizations · J.D., M.Phil., criminology

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Interested director(s) ^4,5

Interested directors have similar qualifications, skills and attributes as the independent directors. Interested directors are senior executive officers and/or directors of Capital Research and Management Company or its affiliates. Such management roles with the fund’s service providers also permit the interested directors to make a significant contribution to the fund’s board.


Name, year of birth and position with fund (year first elected as a director/officer²)	Principal occupation(s) during the past five years and positions held with affiliated entities or the Principal Underwriter of the fund	Number of portfolios in fund complex overseen by director	Other directorships³ held by director during the past five years
Jonathan Knowles, Ph.D., 1961 Vice Chairman of the Board (2000)	Partner – Capital World Investors, Capital International, Inc.; Director, The Capital Group Companies, Inc.	1	None
Gregory W. Wendt, 1961 President and Director (1992)	Partner – Capital Research Global Investors, Capital Research and Management Company	1	None

Other officers⁵


Name, year of birth and position with fund (year first elected as an officer²)	Principal occupation(s) during the past five years and positions held with affiliated entities or the Principal Underwriter of the fund
Paul F. Roye, 1953 Executive Vice President (2007)	Senior Vice President – Fund Business Management Group, Capital Research and Management Company; Director, Capital Research and Management Company
Brady L. Enright, 1967 Senior Vice President (2004)	Partner – Capital World Investors, Capital Research and Management Company
J. Blair Frank, 1966 Senior Vice President (1999)	Partner – Capital Research Global Investors, Capital Research and Management Company
Lawrence Kymisis, 1970 Senior Vice President (2008)	Partner – Capital Research Global Investors, Capital Research Company*
Julian N. Abdey, 1972 Vice President (2014)	Partner – Capital World Investors, Capital Research and Management Company
Walter R. Burkley, 1966 Vice President (2007)	Senior Vice President and Senior Counsel – Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company*
Bradford F. Freer, 1969 Vice President (2008)	Partner – Capital World Investors, Capital Research and Management Company

SMALLCAP World Fund — Page 22


Name, year of birth and position with fund (year first elected as an officer²)	Principal occupation(s) during the past five years and positions held with affiliated entities or the Principal Underwriter of the fund
Michael W. Stockton, 1967 Secretary (2014)	Vice President — Fund Business Management Group, Capital Research and Management Company
Jeffrey P. Regal, 1971 Treasurer (2010)	Vice President – Investment Operations, Capital Research and Management Company
Julie E. Lawton, 1973 Assistant Secretary (2010)	Assistant Vice President – Fund Business Management Group, Capital Research and Management Company
Dori Laskin, 1951 Assistant Treasurer (2011)	Vice President – Investment Operations, Capital Research and Management Company
Neal F. Wellons, 1971 Assistant Treasurer (2008)	Vice President – Investment Operations, Capital Research and Management Company

* Company affiliated with Capital Research and Management Company.

¹ The term independent director refers to a director who is not an “interested person” of the fund within the meaning of the 1940 Act.

²Directors and officers of the fund serve until their resignation, removal or retirement.

³ This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each director as a director/trustee of a public company or a registered investment company. Unless otherwise noted, all directorships/trusteeships are current.

⁴ The term interested director refers to a director who is an “interested person” of the fund within the meaning of the 1940 Act, on the basis of his or her affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).

⁵ All of the officers listed except Julian N. Abdey, J. Blair Frank and Lawrence Kymisis are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.

The address for all directors and officers of the fund is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.

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Fund shares owned by directors as of December 31, 2014:


Name	Dollar range¹ of fund shares owned	Aggregate dollar range¹ of shares owned in all funds in the American Funds family overseen by director	Dollar range^1,2of independent directors deferred compensation³allocated to fund	Aggregate dollar range^1,2of independent directors deferred compensation³ allocated to all funds within American Funds family overseen by director
Independent directors
Ronald P. Badie	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Joseph C. Berenato	$50,001 – $100,000	Over $100,000	Over $100,000	Over $100,000
Louise H. Bryson	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Robert J. Denison	None	None	$10,001 – $50,000	Over $100,000
Mary Anne Dolan	$10,001 – $50,000	Over $100,000	N/A	N/A
John G. Freund	None	None	Over $100,000	Over $100,000
Linda Griego⁴	None	Over $100,000	N/A	N/A
Leonade D. Jones	Over $100,000	Over $100,000	Over $100,000	Over $100,000
William H. Kling	Over $100,000	Over $100,000	N/A	N/A
Christopher E. Stone	$50,001 – $100,000	Over $100,000	N/A	N/A


Name	Dollar range¹ of fund shares owned	Aggregate dollar range¹ of shares owned in all funds in the American Funds family overseen by director
Interested directors
Jonathan Knowles	Over $100,000	Over $100,000
Gregory W. Wendt	Over $100,000	Over $100,000

¹ Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; and Over $100,000. The amounts listed for interested directors include shares owned through The Capital Group Companies, Inc. retirement plan and 401(k) plan.

² N/A indicates that the listed individual, as of December 31, 2014, was not a director of a particular fund, did not allocate deferred compensation to the fund or did not participate in the deferred compensation plan.

³ Eligible directors may defer their compensation under a nonqualified deferred compensation plan. Amounts deferred by the director accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the director.

⁴ Ms. Griego was elected to the board effective June 1, 2015.

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Director compensation — No compensation is paid by the fund to any officer or director who is a director, officer or employee of the investment adviser or its affiliates. Except for the independent directors listed in the “Board of directors and officers — Independent directors” table under the “Management of the fund” section in this statement of additional information, all other officers and directors of the fund are directors, officers or employees of the investment adviser or its affiliates. The boards of funds advised by the investment adviser typically meet either individually or jointly with the boards of one or more other such funds with substantially overlapping board membership (in each case referred to as a “board cluster”). The fund typically pays each independent director an annual fee, which ranges from $13,125 to $29,666, based primarily on the total number of board clusters on which that independent director serves.

In addition, the fund generally pays independent directors attendance and other fees for meetings of the board and its committees. Board and committee chairs receive additional fees for their services.

Independent directors also receive attendance fees for certain special joint meetings and information sessions with directors and trustees of other groupings of funds advised by the investment adviser. The fund and the other funds served by each independent director each pay an equal portion of these attendance fees.

No pension or retirement benefits are accrued as part of fund expenses. Independent directors may elect, on a voluntary basis, to defer all or a portion of their fees through a deferred compensation plan in effect for the fund. The fund also reimburses certain expenses of the independent directors.

Director compensation earned during the fiscal year ended September 30, 2014:


Name	Aggregate compensation (including voluntarily deferred compensation¹) from the fund	Total compensation (including voluntarily deferred compensation¹) from all funds managed by Capital Research and Management Company or its affiliates
Ronald P. Badie²	$52,582		$137,528
Joseph C. Berenato²	53,873		263,573
Louise H. Bryson²	39,561		246,484
Robert J. Denison	36,416		209,906
Mary Anne Dolan	33,374		372,119
John G. Freund²	51,291		134,986
Linda Griego³	None		144,639
Leonade D. Jones²	36,998		322,191
William H. Kling	35,916		327,160
Christopher E. Stone	35,354		208,240

¹Amounts may be deferred by eligible directors under a nonqualified deferred compensation plan adopted by the fund in 1993. Deferred amounts accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the directors. Compensation shown in this table for the fiscal year ended September 30, 2014 does not include earnings on amounts deferred in previous fiscal years. See footnote 2 to this table for more information.

² Since the deferred compensation plan’s adoption, the total amount of deferred compensation accrued by the fund (plus earnings thereon) through the end of the 2014 fiscal year for participating directors is as follows: Ronald P. Badie ($290,964), Joseph C. Berenato ($320,926), Louise H. Bryson ($230,312), John G. Freund ($1,109,504), and Leonade D. Jones ($549,695). Amounts deferred and accumulated earnings thereon are not funded and are general unsecured liabilities of the fund until paid to the directors.

³ Ms. Griego was elected to the board effective June 1, 2015.

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Fund organization and the board of directors — The fund, an open-end, diversified management investment company, was organized as a Maryland corporation on December 18, 1989. Although the board of directors has delegated day-to-day oversight to the investment adviser, all fund operations are supervised by the fund’s board, which meets periodically and performs duties required by applicable state and federal laws.

At a meeting of the fund’s shareholders on November 24, 2009, shareholders approved the reorganization of the fund to a Delaware statutory trust. The reorganization may be completed in the next year; however, the fund reserves the right to delay the implementation. A summary comparison of the governing documents and state laws affecting the Delaware statutory trust and the current form of organization of the fund can be found in a joint proxy statement available on the SEC’s website at sec.gov.

Under Maryland law, the business affairs of a fund are managed under the direction of the board of directors, and all powers of the fund are exercised by or under the authority of the board except as reserved to the shareholders by law or the fund’s charter or by-laws. Maryland law requires each director to perform his/her duties as a director, including his/her duties as a member of any board committee on which he/she serves, in good faith, in a manner he/she reasonably believes to be in the best interest of the fund, and with the care that an ordinarily prudent person in a like position would use under similar circumstances.

Independent board members are paid certain fees for services rendered to the fund as described above. They may elect to defer all or a portion of these fees through a deferred compensation plan in effect for the fund.

The fund has several different classes of shares. Shares of each class represent an interest in the same investment portfolio. Each class has pro rata rights as to voting, redemption, dividends and liquidation, except that each class bears different distribution expenses and may bear different transfer agent fees and other expenses properly attributable to the particular class as approved by the board of directors and set forth in the fund’s rule 18f-3 Plan. Each class’ shareholders have exclusive voting rights with respect to the respective class’ rule 12b-1 plans adopted in connection with the distribution of shares and on other matters in which the interests of one class are different from interests in another class. Shares of all classes of the fund vote together on matters that affect all classes in substantially the same manner. Each class votes as a class on matters that affect that class alone. Note that 529 college savings plan account owners invested in Class 529 shares are not shareholders of the fund and, accordingly, do not have the rights of a shareholder, such as the right to vote proxies relating to fund shares. As the legal owner of the fund’s Class 529 shares, Virginia College Savings Plan^SM(Virginia529^SM) will vote any proxies relating to the fund’s Class 529 shares. In addition, the directors have the authority to establish new series and classes of shares, and to split or combine outstanding shares into a greater or lesser number, without shareholder approval.

The fund does not hold annual meetings of shareholders. However, significant matters that require shareholder approval, such as certain elections of board members or a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders have one vote per share owned. At the request of the holders of at least 10% of the shares, the fund will hold a meeting at which any member of the board could be removed by a majority vote.

The fund’s articles of incorporation and by-laws, as well as separate indemnification agreements with independent directors, provide in effect that, subject to certain conditions, the fund will indemnify its officers and directors against liabilities or expenses actually and reasonably incurred by them relating to their service to the fund. However, directors are not protected from liability by reason of their willful

SMALLCAP World Fund — Page 26

misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office.

Removal of directors by shareholders — At any meeting of shareholders, duly called and at which a quorum is present, shareholders may, by the affirmative vote of the holders of a majority of the votes entitled to be cast, remove any director from office and may elect a successor or successors to fill any resulting vacancies for the unexpired terms of removed directors. In addition, the directors of the fund will promptly call a meeting of shareholders for the purpose of voting upon the removal of any directors when requested in writing to do so by the record holders of at least 10% of the outstanding shares.

Leadership structure — The board’s chair is currently an independent director who is not an “interested person” of the fund within the meaning of the 1940 Act. The board has determined that an independent chair facilitates oversight and enhances the effectiveness of the board. The independent chair’s duties include, without limitation, generally presiding at meetings of the board, approving board meeting schedules and agendas, leading meetings of the independent directors in executive session, facilitating communication with committee chairs, and serving as the principal independent director contact for fund management and counsel to the independent directors and the fund.

Risk oversight — Day-to-day management of the fund, including risk management, is the responsibility of the fund’s contractual service providers, including the fund’s investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible for specific portions of the fund’s operations, including the processes and associated risks relating to the fund’s investments, integrity of cash movements, financial reporting, operations and compliance. The board of directors oversees the service providers’ discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard, the board receives reports regarding the operations of the fund’s service providers, including risks. For example, the board receives reports from investment professionals regarding risks related to the fund’s investments and trading. The board also receives compliance reports from the fund’s and the investment adviser’s chief compliance officers addressing certain areas of risk.

Committees of the fund’s board, which are comprised of independent board members, none of whom is an “interested person” of the fund within the meaning of the 1940 Act, as well as joint committees of independent board members of funds managed by Capital Research and Management Company, also explore risk management procedures in particular areas and then report back to the full board. For example, the fund’s audit committee oversees the processes and certain attendant risks relating to financial reporting, valuation of fund assets, and related controls. Similarly, a joint review and advisory committee oversees certain risk controls relating to the fund’s transfer agency services.

Not all risks that may affect the fund can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the fund’s objectives. As a result of the foregoing and other factors, the ability of the fund’s service providers to eliminate or mitigate risks is subject to limitations.

Committees of the board of directors — The fund has an audit committee comprised of Ronald P. Badie, Leonade D. Jones, William H. Kling and Christopher E. Stone. The committee provides oversight regarding the fund’s accounting and financial reporting policies and practices, its internal controls and the internal controls of the fund’s principal service providers. The committee acts as a liaison between the fund’s independent registered public accounting firm and the full board of directors. The audit committee held five meetings during the 2014 fiscal year.

The fund has a contracts committee comprised of all of its independent board members. The committee’s principal function is to request, review and consider the information deemed necessary to

SMALLCAP World Fund — Page 27

evaluate the terms of certain agreements between the fund and its investment adviser or the investment adviser’s affiliates, such as the Investment Advisory and Service Agreement, Principal Underwriting Agreement, Administrative Services Agreement and Plans of Distribution adopted pursuant to rule 12b-1 under the 1940 Act, that the fund may enter into, renew or continue, and to make its recommendations to the full board of directors on these matters. The contracts committee held one meeting during the 2014 fiscal year.

The fund has a nominating and governance committee comprised of Louise H. Bryson, Robert J. Denison, Mary Anne Dolan and John G. Freund. 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 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 fund, addressed to the fund’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 committee. The nominating and governance committee held two meetings during the 2014 fiscal year.

Proxy voting procedures and principles — The fund’s investment adviser, in consultation with the fund’s board, has adopted Proxy Voting Procedures and Principles (the “Principles”) with respect to voting proxies of securities held by the fund, other American Funds and American Funds Insurance Series. The complete text of these principles is available on the American Funds website at americanfunds.com. Proxies are voted by a committee of the appropriate equity investment division of the investment adviser under authority delegated by the funds’ boards. Therefore, if more than one fund invests in the same company, they may vote differently on the same proposal.

The Principles, which have been in effect in substantially their current form for many years, provide an important framework for analysis and decision-making by all funds. However, they are not exhaustive and do not address all potential issues. The Principles provide a certain amount of flexibility so that all relevant facts and circumstances can be considered in connection with every vote. As a result, each proxy received is voted on a case-by-case basis considering the specific circumstances of each proposal. The voting process reflects the funds’ understanding of the company’s business, its management and its relationship with shareholders over time.

The investment adviser seeks to vote all U.S. proxies; however, in certain circumstances it may be impracticable or impossible to do so. Proxies for companies outside the U.S. also are voted, provided there is sufficient time and information available. After a proxy statement is received, the investment adviser prepares a summary of the proposals contained in the proxy statement. A notation of any potential conflicts of interest also is included in the summary (see below for a description of Capital Research and Management Company’s special review procedures).

For proxies of securities managed by a particular investment division of the investment adviser, the initial voting recommendation is made by one or more of the division’s investment analysts familiar with the company and industry. A second recommendation is made by a proxy coordinator (an investment analyst or other individual with experience in corporate governance and proxy voting matters) within the appropriate investment division, based on knowledge of these Principles and familiarity with proxy-related issues. The proxy summary and voting recommendations are made available to the appropriate proxy voting committee for a final voting decision.

In addition to its proprietary proxy voting, governance and executive compensation research, Capital Research and Management Company may utilize research provided by Institutional Shareholder

SMALLCAP World Fund — Page 28

Services, Glass-Lewis & Co. or other third party advisory firms on a case-by-case basis. It does not, as a policy, follow the voting recommendations provided by these firms. It periodically assesses the information provided by the advisory firms and reports to the Joint Proxy Committee of the American Funds (“JPC”), as appropriate.

The JPC is composed of independent board members from each board. The JPC’s role is to facilitate appropriate oversight of the proxy voting process and provide valuable input on corporate governance and related matters. Members of the JPC also may be called upon to resolve voting conflicts involving funds co-managed by the investment adviser’s equity investment divisions and vote proxies when necessary as a result of regulatory requirements (see below for more information).

From time to time the investment adviser may vote proxies issued by, or on proposals sponsored or publicly supported by (a) a client with substantial assets managed by the investment adviser or its affiliates, (b) an entity with a significant business relationship with the American Funds organization, or (c) a company with a director of an American Fund on its board (each referred to as an “Interested Party”). Other persons or entities may also be deemed an Interested Party if facts or circumstances appear to give rise to a potential conflict. The investment adviser analyzes these proxies and proposals on their merits and does not consider these relationships when casting its vote.

The investment adviser has developed procedures to identify and address instances where a vote could appear to be influenced by such a relationship. Under the procedures, prior to a final vote being cast by the investment adviser, the relevant proxy committees’ voting results for proxies issued by Interested Parties are reviewed by a Special Review Committee (“SRC”) of the investment division voting the proxy if the vote was in favor of the Interested Party.

If a potential conflict is identified according to the procedure above, the SRC will be provided with a summary of any relevant communications with the Interested Party, the rationale for the voting decision, information on the organization’s relationship with the party and any other pertinent information. The SRC will evaluate the information and determine whether the decision was in the best interest of fund shareholders. It will then accept or override the voting decision or determine alternative action. The SRC includes senior investment professionals and legal and compliance professionals.

In cases where a fund is co-managed and a portfolio company is held by more than one of the investment adviser’s equity investment divisions, voting ties are resolved by one of the following methods. First, for those funds that have delegated tie-breaking authority to the investment adviser, the outcome will be determined by the equity investment division or divisions with the larger position in the portfolio company as of the record date for the shareholder meeting. For the remaining funds, members of the JPC representing those funds will determine the outcome based on a review of the same information provided to the relevant investment analysts, proxy coordinators and proxy committee members.

Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will be available on or about September 1 of each year (a) without charge, upon request by calling American Funds Service Company at (800) 421-4225, (b) on the American Funds website and (c) on the SEC’s website at sec.gov.

The following summary sets forth the general positions of the American Funds, American Funds Insurance Series and the investment adviser on various proposals. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service Company or visiting the American Funds website.

SMALLCAP World Fund — Page 29

Director matters — The election of a company’s slate of nominees for director generally is supported. Votes may be withheld for some or all of the nominees if this is determined to be in the best interest of shareholders or if, in the opinion of the investment adviser, such nominee has not fulfilled his or her fiduciary duty. Separation of the chairman and CEO positions also may be supported.

Governance provisions — Typically, proposals to declassify a board (elect all directors annually) are supported based on the belief that this increases the directors’ sense of accountability to shareholders. Proposals for cumulative voting generally are supported in order to promote management and board accountability and an opportunity for leadership change. Proposals designed to make director elections more meaningful, either by requiring a majority vote or by requiring any director receiving more withhold votes than affirmative votes to tender his or her resignation, generally are supported.

Shareholder rights — Proposals to repeal an existing poison pill generally are supported. (There may be certain circumstances, however, when a proxy voting committee of a fund or an investment division of the investment adviser believes that a company needs to maintain anti-takeover protection.) Proposals to eliminate the right of shareholders to act by written consent or to take away a shareholder’s right to call a special meeting typically are not supported.

Compensation and benefit plans — Option plans are complicated, and many factors are considered in evaluating a plan. Each plan is evaluated based on protecting shareholder interests and a knowledge of the company and its management. Considerations include the pricing (or repricing) of options awarded under the plan and the impact of dilution on existing shareholders from past and future equity awards. Compensation packages should be structured to attract, motivate and retain existing employees and qualified directors; however, they should not be excessive.

Routine matters — The ratification of auditors, procedural matters relating to the annual meeting and changes to company name are examples of items considered routine. Such items generally are voted in favor of management’s recommendations unless circumstances indicate otherwise.

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Principal fund shareholders — The following table identifies those investors who own of record, or are known by the fund to own beneficially, 5% or more of any class of its shares as of the opening of business on October 1, 2015. Unless otherwise indicated, the ownership percentages below represent ownership of record rather than beneficial ownership.


Name and address	Ownership	Ownership percentage
Edward D. Jones & Co. Omnibus Account Saint Louis, MO	Record	Class A Class B Class 529-A	21.15% 13.10 7.02
First Clearing, LLC Custody Account Saint Louis, MO	Record	Class A Class C Class F-1 Class F-2	7.90 9.11 5.95 26.72
Pershing, LLC Custody Account Jersey City, NJ	Record	Class A Class B Class C Class F-1 Class F-2 Class R-1 Class R-2E	6.48 6.79 7.79 18.02 8.96 9.29 75.58
Morgan Stanley & Co., Inc. Omnibus Account Jersey City, NJ	Record	Class C Class F-2	7.22 7.31
Raymond James Omnibus Account St. Petersburg, FL	Record	Class C Class F-1	6.18 14.66
Merrill Lynch Omnibus Account Jacksonville, FL	Record	Class C Class F-2	5.14 7.84
National Financial Services, LLC Omnibus Account Jersey City, NJ	Record	Class F-1	13.92
Charles Schwab & Co., Inc. Custody Account #1 San Francisco, CA	Record	Class F-1	8.79
Charles Schwab & Co., Inc. Custody Account #2 San Francisco, CA	Record	Class F-1	5.87
LPL Financial Omnibus Account San Diego, CA	Record	Class F-1	5.41
Capital Group Private Client Services Account Irvine, CA	Record	Class F-2	11.55
UBS WM USA Omnibus Account Jersey City, NJ	Record	Class F-2	9.02
Capital Research and Management Company Corporate Account Los Angeles, CA	Record	Class R-2E	13.44
Advanced Veterinary Care, Inc. Retirement Plan Farmington, CT	Record Beneficial	Class R-2E	10.98
Lincoln Life Insurance Company Omnibus Account Fort Wayne, IN	Record	Class R-4	9.12
Edward D. Jones & Co. Retirement Plan Norwood, MA	Record Beneficial	Class R-5	14.68

SMALLCAP World Fund — Page 31


Name and address	Ownership	Ownership percentage
John Hancock Life Insurance Co. USA Omnibus Account Boston, MA	Record	Class R-5	11.97
Transamerica Life Insurance Co. 401K Plan Los Angeles, CA	Record Beneficial	Class R-5	8.00
MAC & Co. Account #1 Pittsburgh, PA	Record	Class R-5	5.02
MAC & Co. Account #2 Pittsburgh, PA	Record	Class R-5	5.00
American Funds Growth Portfolio Irvine, CA	Record	Class R-6	19.39
American Funds 2030 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	13.31
American Funds 2035 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	11.58
American Funds 2025 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	5.98
American Funds 2040 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	10.59
The Capital Group Companies Retirement Plan Los Angeles, CA	Record Beneficial	Class R-6	6.55
American Funds 2045 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	6.46
American Funds 2050 Target Date Retirement Fund Los Angeles, CA	Record	Class R-6	5.38

As of October 1, 2015, the officers and directors of the fund, as a group, owned beneficially or of record less than 1% of the outstanding shares of the fund.

Unless otherwise noted, references in this statement of additional information to Class F shares, Class R shares or Class 529 shares refer to both F share classes, all R share classes or all 529 share classes, respectively.

SMALLCAP World Fund — Page 32

Investment adviser — Capital Research and Management Company, the fund’s investment adviser, founded in 1931, maintains research facilities in the United States and abroad (Beijing, Geneva, Hong Kong, London, Los Angeles, Mumbai, New York, San Francisco, Singapore, Tokyo and Washington, D.C.). These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South Hope Street, Los Angeles, CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc., a holding company for several investment management subsidiaries. Capital Research and Management Company manages equity assets through three equity investment divisions and fixed-income assets through its fixed-income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital World Investors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another. Portfolio managers in Capital International Investors rely on a research team that also provides investment services to institutional clients and other accounts advised by affiliates of Capital Research and Management Company. The investment adviser, which is deemed under the Commodity Exchange Act (the “CEA”) to be the operator of the fund, has claimed an exclusion from the definition of the term commodity pool operator under the CEA with respect to the fund and, therefore, is not subject to registration or regulation as such under the CEA with respect to the fund.

The investment adviser has adopted policies and procedures that address issues that may arise as a result of an investment professional’s management of the fund and other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities. The investment adviser believes that its policies and procedures are reasonably designed to address these issues.

Compensation of investment professionals — As described in the prospectus, the investment adviser uses a system of multiple portfolio managers in managing fund assets. In addition, Capital Research and Management Company’s investment analysts may make investment decisions with respect to a portion of a fund’s portfolio within their research coverage.

Portfolio managers and investment analysts are paid competitive salaries by Capital Research and Management Company. In addition, they may receive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual’s portfolio results, contributions to the organization and other factors.

To encourage a long-term focus, bonuses based on investment results are calculated by comparing pretax total investment returns to relevant benchmarks over the most recent year, a four-year rolling average and an eight-year rolling average with greater weight placed on the four-year and eight-year rolling averages. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund invests and measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriate industry or sector indexes reflecting their areas of expertise. Capital Research and Management Company makes periodic subjective assessments of analysts’ contributions to the investment process and this is an element of their overall compensation. The investment results of each of the fund’s portfolio managers may be measured against one or more benchmarks, depending on his or her investment focus, such as: Lipper Small Cap Growth Funds Index, Lipper International Small Cap Funds Index, MSCI USA Small Cap Index and MSCI All Country World ex USA Small Cap Index. From time to time, Capital Research and Management Company may adjust or customize these benchmarks to better reflect the universe of comparably managed funds of competitive investment management firms.

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Portfolio manager fund holdings and other managed accounts — As described below, portfolio managers may personally own shares of the fund. In addition, portfolio managers may manage portions of other mutual funds or accounts advised by Capital Research and Management Company or its affiliates.

The following table reflects information as of September 30, 2014:


Portfolio manager	Dollar range of fund shares owned¹	Number of other registered investment companies (RICs) for which portfolio manager is a manager (assets of RICs in billions)²		Number of other pooled investment vehicles (PIVs) for which portfolio manager is a manager (assets of PIVs in billions)³		Number of other accounts for which portfolio manager is a manager (assets of other accounts in billions)⁴
Jonathan Knowles	$100,001 – $500,000	3	$185.4	None		None
Gregory W. Wendt	Over $1,000,000	None		None		None
Brady L. Enright	$100,001 – $500,000	2	$126.6	None		None
J. Blair Frank	Over $1,000,000	3	$170.6	None		None
Lawrence Kymisis	$100,001 – $500,000	1	$123.5	None		None
Julian N. Abdey	$100,001 – $500,000	None		None		None
Bradford F. Freer	$100,001 – $500,000	None		None		None
Mark E. Denning	$100,001 – $500,000	5	$253.1	1	$0.21	None
Claudia P. Huntington	Over $1,000,000	4	$85.3	None		None
Harold H. La	$100,001 – $500,000	3	$105.4	None		None
Aidan O’Connell	$100,001 – $500,000	None		None		None
Andraz Razen	$100,001 – $500,000	None		None		None

¹Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000. The amounts listed include shares owned through The Capital Group Companies, Inc. retirement plan and 401(k) plan.

²Indicates RIC(s) for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s) and are not the total assets managed by the individual, which is a substantially lower amount. No RIC or account has an advisory fee that is based on the performance of the RIC or account.

³Represents funds advised or sub-advised by Capital Research and Management Company or its affiliates and sold outside the United States and/or fixed-income assets in institutional accounts managed by investment adviser subsidiaries of Capital Group International, Inc., an affiliate of Capital Research and Management Company. Assets noted are the total net assets of the funds or accounts and are not the total assets managed by the individual, which is a substantially lower amount. No fund or account has an advisory fee that is based on the performance of the fund or account.

⁴Reflects other professionally managed accounts held at companies affiliated with Capital Research and Management Company. Personal brokerage accounts of portfolio managers and their families are not reflected.

SMALLCAP World Fund — Page 34

Investment Advisory and Service Agreement — The Investment Advisory and Service Agreement (the “Agreement”) between the fund and the investment adviser will continue in effect until November 30, 2016, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (a) the board of directors, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the fund, and (b) the vote of a majority of directors who are not parties to the Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Agreement provides that the investment adviser has no liability to the fund for its acts or omissions in the performance of its obligations to the fund not involving willful misconduct, bad faith, gross negligence or reckless disregard of its obligations under the Agreement. The Agreement also provides that either party has the right to terminate it, without penalty, upon 60 days’ written notice to the other party, and that the Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act). In addition, the Agreement provides that the investment adviser may delegate all, or a portion of, its investment management responsibilities to one or more subsidiary advisers approved by the fund’s board, pursuant to an agreement between the investment adviser and such subsidiary. Any such subsidiary adviser will be paid solely by the investment adviser out of its fees.

In addition to providing investment advisory services, the investment adviser furnishes the services and pays the compensation and travel expenses of persons to perform the fund’s executive, administrative, clerical and bookkeeping functions, and provides suitable office space, necessary small office equipment and utilities, general purpose accounting forms, supplies and postage used at the fund’s offices. The fund pays all expenses not assumed by the investment adviser, including, but not limited to: custodian, stock transfer and dividend disbursing fees and expenses; shareholder recordkeeping and administrative expenses; costs of the designing, printing and mailing of reports, prospectuses, proxy statements and notices to its shareholders; taxes; expenses of the issuance and redemption of fund shares (including stock certificates, registration and qualification fees and expenses); expenses pursuant to the fund’s plans of distribution (described below); legal and auditing expenses; compensation, fees and expenses paid to independent directors; association dues; costs of stationery and forms prepared exclusively for the fund; and costs of assembling and storing shareholder account data.

SMALLCAP World Fund — Page 35

As compensation for its services, the investment adviser received a monthly fee that is accrued daily, calculated at the annual rates of:


Rate		Net asset level
		In excess of	Up to
0.800%	$ 0		$ 1,000,000,000
0.700	1,000,000,000		2,000,000,000
0.670	2,000,000,000		3,000,000,000
0.650	3,000,000,000		5,000,000,000
0.635	5,000,000,000		8,000,000,000
0.625	8,000,000,000		13,000,000,000
0.615	13,000,000,000		17,000,000,000
0.605	17,000,000,000		21,000,000,000
0.600	21,000,000,000		27,000,000,000
0.595	27,000,000,000

For the fiscal years ended September 30, 2014, 2013 and 2012, the investment adviser received from the fund management fees of $163,611,000, $136,894,000, and $120,413,000, respectively.

Administrative services — The investment adviser and its affiliates provide certain administrative services for shareholders of the fund’s Class A, C, F, R and 529 shares. Services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders.

These services are provided pursuant to an Administrative Services Agreement (the “Administrative Agreement”) between the fund and the investment adviser relating to the fund’s Class A, C, F, R and 529 shares. The Administrative Agreement will continue in effect until November 30, 2016, unless sooner renewed or terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by the vote of a majority of the members of the fund’s board who are not parties to the Administrative Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The fund may terminate the Administrative Agreement at any time by vote of a majority of independent board members. The investment adviser has the right to terminate the Administrative Agreement upon 60 days’ written notice to the fund. The Administrative Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).

Under the Administrative Agreement, the investment adviser receives an administrative services fee at the annual rate of .01% of the average daily net assets of the fund attributable to Class A shares and .05% of the average daily net assets of the fund attributable to Class C, F, R and 529 shares for administrative services. Administrative services fees are paid monthly and accrued daily.

SMALLCAP World Fund — Page 36

During the 2014 fiscal year, administrative services fees were:


	Administrative services fee
Class A	$1,729,000
Class C	470,000
Class F-1	434,000
Class F-2	427,000
Class 529-A	473,000
Class 529-B	11,000
Class 529-C	144,000
Class 529-E	25,000
Class 529-F-1	40,000
Class R-1	21,000
Class R-2	368,000
Class R-2E	—*
Class R-3	425,000
Class R-4	373,000
Class R-5	267,000
Class R-6	782,000

* Amount less than $1,000.

Principal Underwriter and plans of distribution — American Funds Distributors, Inc. (the “Principal Underwriter”) is the principal underwriter of the fund’s shares. The Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.

The Principal Underwriter receives revenues relating to sales of the fund’s shares, as follows:

· For Class A and 529-A shares, the Principal Underwriter receives commission revenue consisting of the balance of the Class A and 529-A sales charge remaining after the allowances by the Principal Underwriter to investment dealers.

· For Class B and 529-B shares sold prior to April 21, 2009, the Principal Underwriter sold its rights to the .75% distribution-related portion of the 12b-1 fees paid by the fund, as well as any contingent deferred sales charges, to a third party. The Principal Underwriter compensated investment dealers for sales of Class B and 529-B shares out of the proceeds of this sale and kept any amounts remaining after this compensation was paid.

· For Class C and 529-C shares, the Principal Underwriter receives any contingent deferred sales charges that apply during the first year after purchase.

In addition, the fund reimburses the Principal Underwriter for advancing immediate service fees to qualified dealers and advisors upon the sale of Class C and 529-C shares. The fund also reimburses the Principal Underwriter for service fees (and, in the case of Class 529-E shares, commissions) paid on a quarterly basis to intermediaries, such as qualified dealers or financial advisors, in connection with investments in Class F-1, 529-F-1, 529-E, R-1, R-2, R-2E, R-3 and R-4 shares.

SMALLCAP World Fund — Page 37

Commissions, revenue or service fees retained by the Principal Underwriter after allowances or compensation to dealers were:


	Fiscal year	Commissions, revenue or fees retained	Allowance or compensation to dealers
Class A	2014	$5,220,000	$22,863,000
	2013	4,154,000	18,311,000
	2012	2,728,000	12,346,000
Class C	2014	25,000	1,217,000
	2013	—	894,000
	2012	154,000	573,000
Class 529-A	2014	418,000	1,841,000
	2013	391,000	1,764,000
	2012	355,000	1,643,000
Class 529-C	2014	10,000	251,000
	2013	8,000	229,000
	2012	24,000	210,000

Plans of distribution — The fund has adopted plans of distribution (the “Plans”) pursuant to rule 12b-1 under the 1940 Act. The Plans permit the fund to expend amounts to finance any activity primarily intended to result in the sale of fund shares, provided the fund’s board of directors has approved the category of expenses for which payment is being made.

Each Plan is specific to a particular share class of the fund. As the fund has not adopted a Plan for Class F-2, R-5E, R-5 or R-6, no 12b-1 fees are paid from Class F-2, R-5E, R-5 or R-6 share assets and the following disclosure is not applicable to these share classes.

Payments under the Plans may be made for service-related and/or distribution-related expenses. Service-related expenses include paying service fees to qualified dealers. Distribution-related expenses include commissions paid to qualified dealers. The amounts actually paid under the Plans for the past fiscal year, expressed as a percentage of the fund’s average daily net assets attributable to the applicable share class, are disclosed in the prospectus under “Fees and expenses of the fund.” Further information regarding the amounts available under each Plan is in the “Plans of Distribution” section of the prospectus.

SMALLCAP World Fund — Page 38

Following is a brief description of the Plans:

Class A and 529-A — For Class A and 529-A shares, up to .25% of the fund’s average daily net assets attributable to such shares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid to the Principal Underwriter for distribution-related expenses. The fund may annually expend up to .30% for Class A shares and up to .50% for Class 529-A shares under the applicable Plan.

Distribution-related expenses for Class A and 529-A shares include dealer commissions and wholesaler compensation paid on sales of shares of $1 million or more purchased without a sales charge. Commissions on these “no load” purchases (which are described in further detail under the “Sales Charges” section of this statement of additional information) in excess of the Class A and 529-A Plan limitations and not reimbursed to the Principal Underwriter during the most recent fiscal quarter are recoverable for 15 months, provided that the reimbursement of such commissions does not cause the fund to exceed the annual expense limit. After 15 months, these commissions are not recoverable.

Class B and 529-B — The Plans for Class B and 529-B shares provide for payments to the Principal Underwriter of up to .25% of the fund’s average daily net assets attributable to such shares for paying service-related expenses and .75% for distribution-related expenses, which include the financing of commissions paid to qualified dealers.

Other share classes (Class C, F-1, 529-C, 529-E, 529-F-1, R-1, R-2, R-2E, R-3 and R-4) — The Plans for each of the other share classes that have adopted Plans provide for payments to the Principal Underwriter for paying service-related and distribution-related expenses of up to the following amounts of the fund’s average daily net assets attributable to such shares:


Share class	Service related payments¹	Distribution related payments¹	Total allowable under the Plans²
Class C	0.25%	0.75%	1.00%
Class F-1	0.25	—	0.50
Class 529-C	0.25	0.75	1.00
Class 529-E	0.25	0.25	0.75
Class 529-F-1	0.25	—	0.50
Class R-1	0.25	0.75	1.00
Class R-2	0.25	0.50	1.00
Class R-2E	0.25	0.35	0.85
Class R-3	0.25	0.25	0.75
Class R-4	0.25	—	0.50

¹Amounts in these columns represent the amounts approved by the board of directors under the applicable Plan.

²The fund may annually expend the amounts set forth in this column under the current Plans with the approval of the board of directors.

SMALLCAP World Fund — Page 39

During the 2014 fiscal year, 12b-1 expenses accrued and paid, and if applicable, unpaid, were:


	12b-1 expenses	12b-1 unpaid liability outstanding
Class A	$40,926,000	$3,154,000
Class B	1,566,000	111,000
Class C	9,365,000	833,000
Class F-1	2,168,000	146,000
Class 529-A	1,996,000	162,000
Class 529-B	214,000	17,000
Class 529-C	2,864,000	306,000
Class 529-E	254,000	24,000
Class 529-F-1	—	—
Class R-1	417,000	38,000
Class R-2	5,468,000	527,000
Class R-2E	—	—
Class R-3	4,234,000	378,000
Class R-4	1,859,000	169,000

Approval of the Plans — As required by rule 12b-1 and the 1940 Act, the Plans (together with the Principal Underwriting Agreement) have been approved by the full board of directors and separately by a majority of the independent directors of the fund who have no direct or indirect financial interest in the operation of the Plans or the Principal Underwriting Agreement. In addition, the selection and nomination of independent directors of the fund are committed to the discretion of the independent directors during the existence of the Plans.

Potential benefits of the Plans to the fund include quality shareholder services, savings to the fund in transfer agency costs, and benefits to the investment process from growth or stability of assets. The Plans may not be amended to materially increase the amount spent for distribution without shareholder approval. Plan expenses are reviewed quarterly by the board of directors and the Plans must be renewed annually by the board of directors.

A portion of the fund’s 12b-1 expense is paid to financial advisors to compensate them for providing ongoing services. If you have questions regarding your investment in the fund or need assistance with your account, please contact your financial advisor. If you need a financial advisor, please call American Funds Distributors at (800) 421-4120 for assistance.

Fee to Virginia529 — With respect to Class 529 shares, as compensation for its oversight and administration, Virginia529 receives a quarterly fee accrued daily and calculated at the annual rate of .10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds, .07% on net assets between $30 billion and $50 billion, .06% on net assets between $50 billion and $70 billion and .05% on net assets over $70 billion. The fee for any given calendar quarter is accrued and calculated on the basis of average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter.

SMALLCAP World Fund — Page 40

Other compensation to dealers — As of July 2015, the top dealers (or their affiliates) that American Funds Distributors anticipates will receive additional compensation (as described in the prospectus) include:

AIG Advisor Group

FSC Securities Corporation

Royal Alliance Associates, Inc.

SagePoint Financial, Inc.

Woodbury Financial Services, Inc.

AEGON/Transamerica/Diversified

Diversified Capital Corporation

Diversified Resources, LLC

Diversified Securities, Incorporated

Merrill Lynch Life Insurance Company Of New York

Transam Securities, Inc.

Transamerica Advisors Life Insurance Company

Transamerica Financial Advisors, Inc.

Transamerica Financial Life Insurance Company

Transamerica Investors Securities Corporation

TransAmerica Life Insurance Co.

Transamerica Premier Life Insurance Company

Western Reserve Life Insurance Co.

American Portfolios Financial Services, Inc.

AXA Advisors

AXA Advisors, LLC

Cadaret, Grant & Co., Inc.

Cambridge

Cambridge Investment Research, Inc.

Cetera Financial Group

Cetera Advisor Networks LLC

Cetera Advisors LLC

Cetera Financial Specialists LLC

Cetera Investment Services LLC

CIMAS, LLC

First Allied Securities Inc

Investors Capital Corp.

J.P. Turner & Company, L.L.C.

Legend Equities Corporation

Summit Brokerage Services, Inc.

Commonwealth

Commonwealth Financial Network

D.A. Davidson & Co.

Crowell, Weedon & Co.

D.A. Davidson & Co.

Edward Jones Organization

Edward Jones Health Savings Account

Edward Jones

Hefren-Tillotson

Hefren-Tillotson, Inc.

SMALLCAP World Fund — Page 41

HTK / Janney Montgomery Group

Hornor, Townsend & Kent, Inc.

Janney Montgomery Scott LLC

J.J.B. Hilliard Lyons

Hilliard Lyons Trust Company LLC

J. J. B. Hilliard, W. L. Lyons, LLC

J.P. Morgan Chase Banc One

J.P. Morgan Institutional Investments, Inc.

J.P. Morgan Securities LLC

JP Morgan Chase Bank, N.A.

Ladenburg Thalmann Group

Investacorp, Inc.

KMS Financial Services, Inc.

Ladenburg, Thalmann & Co., Inc.

Triad Advisors, Inc.

Securities America, Inc.

Securities Service Network Inc.

Lincoln Network

Lincoln Capital Corp (RI)

Lincoln Financial Advisors Corp

Lincoln Financial Distributors, Inc.

Lincoln Financial Securities Corporation

Lincoln Investment Advisors Corporation

Lincoln Management

Lincoln-Legacy

LPL Group

LPL Financial LLC

Mass Mutual / MML

MassMutual Trust Company FSB

Massmutual Trust Company, FSB (The)

MML Distributors LLC

MML Investors Services, LLC

Merrill Lynch Banc of America

Bank Of America

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Metlife Enterprises

MetLife Advisers, LLC

Metlife Securities Inc.

New England Securities

Morgan Stanley Smith Barney

Morgan Stanley Smith Barney LLC

NFP Securities

NFP Advisor Services LLC

NFP Securities Inc

NMIS

Northwestern Mutual Investment Services, LLC

NPH / Jackson National

Invest Financial Corporation

Investment Centers of America, Inc.

National Planning Corporation

SII Investments, Inc.

Park Avenue Securities LLC

SMALLCAP World Fund — Page 42

PFS

PFS Investments Inc.

Puplava Securities, Inc.

PNC Network

PNC Bank, National Association

PNC Investments LLC

Raymond James Group

Morgan Keegan & Company, Inc.

Raymond James & Associates, Inc.

Raymond James Financial Services Inc.

RBC Capital Markets Corporation

Robert W. Baird & Co, Incorporated

Securian / H. Beck / CRI

CRI Securities, LLC

H. Beck, Inc.

Minnesota Life Insurance Company

Securian Financial Services, Inc.

Stifel, Nicolaus & Company, Incorporated

UBS

UBS Financial Services Inc.

UBS Securities, LLC

Voya Financial

ING Financial Advisers, LLC

Voya Financial Advisors Inc

Voya Financial Partners LLC

Voya Retirement Advisors LLC

Wells Fargo Network

First Clearing LLC

Wells Fargo

Wells Fargo Advisors Financial Network, LLC

Wells Fargo Advisors Investment Services Group

Wells Fargo Advisors Latin American Channel

Wells Fargo Advisors Private Client Group

Wells Fargo Bank, N.A.

Wells Fargo Securities, LLC

SMALLCAP World Fund — Page 43

Execution of portfolio transactions

The investment adviser places orders with broker-dealers for the fund’s portfolio transactions. Purchases and sales of equity securities on a securities exchange or an over-the-counter market are effected through broker-dealers who receive commissions for their services. Generally, commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities traded on U.S. exchanges and may not be subject to negotiation. Equity securities may also be purchased from underwriters at prices that include underwriting fees. Purchases and sales of fixed-income securities are generally made with an issuer or a primary market maker acting as principal with no stated brokerage commission. The price paid to an underwriter for fixed-income securities includes underwriting fees. Prices for fixed-income securities in secondary trades usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the securities.

In selecting broker-dealers, the investment adviser strives to obtain “best execution” (the most favorable total price reasonably attainable under the circumstances) for the fund’s portfolio transactions, taking into account a variety of factors. These factors include the size and type of transaction, the nature and character of the markets for the security to be purchased or sold, the cost, quality, likely speed and reliability of execution and settlement, the broker-dealer’s or execution venue’s ability to offer liquidity and anonymity and the potential for minimizing market impact. The investment adviser considers these factors, which involve qualitative judgments, when selecting broker-dealers and execution venues for fund portfolio transactions. The investment adviser views best execution as a process that should be evaluated over time as part of an overall relationship with particular broker-dealer firms. The investment adviser and its affiliates negotiate commission rates with broker-dealers based on what they believe is necessary to obtain best execution. They seek, on an ongoing basis, to determine what the reasonable levels of commission rates are in the marketplace in respect of both execution and research — taking various considerations into account, including the extent to which a broker-dealer has put its own capital at risk, historical commission rates, commission rates that other institutional investors are paying, and the provision of brokerage and research products and services. The fund does not consider the investment adviser as having an obligation to obtain the lowest commission rate available for a portfolio transaction to the exclusion of price, service and qualitative considerations. Brokerage commissions are only a small part of total execution costs and other factors, such as market impact and speed of execution, contribute significantly to overall transaction costs.

The investment adviser may execute portfolio transactions with broker-dealers who provide certain brokerage and/or investment research services to it, either directly or through a commission sharing arrangement, but only when in the investment adviser’s judgment the broker-dealer is capable of providing best execution for that transaction. The receipt of these services permits the investment adviser to supplement its own research and analysis and makes available the views of, and information from, individuals and the research staffs of other firms. Such views and information may be provided in the form of written reports, telephone contacts and meetings with securities analysts. These services may include, among other things, reports and other communications with respect to individual companies, industries, countries and regions, economic, political and legal developments, as well as scheduling meetings with corporate executives and seminars and conferences related to relevant subject matters. The investment adviser considers these services to be supplemental to its own internal research efforts and therefore the receipt of investment research from broker-dealers does not tend to reduce the expenses involved in the investment adviser’s research efforts. If broker-dealers were to discontinue providing such services, it is unlikely the investment adviser would attempt to replicate them on its own, in part because they would then no longer provide an independent, supplemental viewpoint. Nonetheless, if it were to attempt to do so, the investment adviser would incur substantial additional costs. Research services that the investment adviser receives from broker-dealers may be used by the investment adviser in servicing the fund and other funds and accounts that it advises; however, not all such services will necessarily benefit the fund.

SMALLCAP World Fund — Page 44

The investment adviser may pay commissions in excess of what other broker-dealers might have charged for certain portfolio transactions in recognition of brokerage and/or investment research services. In this regard, the investment adviser has adopted a brokerage allocation procedure consistent with the requirements of Section 28(e) of the U.S. Securities Exchange Act of 1934. Section 28(e) permits the investment adviser and its affiliates to cause an account to pay a higher commission to a broker-dealer to compensate the broker-dealer or another service provider for certain brokerage and/or investment research services provided to the investment adviser and its affiliates, if the investment adviser and each affiliate makes a good faith determination that such commissions are reasonable in relation to the value of the services provided by such broker-dealer to the investment adviser and its affiliates in terms of that particular transaction or the investment adviser’s overall responsibility to the fund and other accounts that it advises. Certain brokerage and/or investment research services may not necessarily benefit all accounts paying commissions to each such broker-dealer; therefore, the investment adviser and its affiliates assess the reasonableness of commissions in light of the total brokerage and investment research services provided to the investment adviser and its affiliates. Further, investment research services may be used by all investment associates of the investment adviser and its affiliates, regardless of whether they advise accounts with trading activity that generates eligible commissions.

In accordance with their internal brokerage allocation procedure, the investment adviser and its affiliates periodically assess the brokerage and investment research services provided by each broker-dealer and each other service provider from which they receive such services. As part of its ongoing relationships, the investment adviser and its affiliates routinely meet with firms to discuss the level and quality of the brokerage and research services provided, as well as the value and cost of such services. In valuing the brokerage and investment research services the investment adviser and its affiliates receive from broker-dealers and other research providers in connection with its good faith determination of reasonableness, the investment adviser and its affiliates take various factors into consideration, including the quantity, quality and usefulness of the services to the investment adviser and its affiliates. Based on this information and applying their judgment, the investment adviser and its affiliates set an annual research budget.

Research analysts and portfolio managers periodically participate in a research poll to determine the usefulness and value of the research provided by individual broker-dealers and research providers. Based on the results of this research poll, the investment adviser and its affiliates may, through commission sharing arrangements with certain broker-dealers, direct a portion of commissions paid to a broker-dealer to be used to compensate the broker-dealer for proprietary research or to be paid to a third-party research provider for research it has provided.

When executing portfolio transactions in the same equity security for the funds and accounts, or portions of funds and accounts, over which the investment adviser, through its equity investment divisions, has investment discretion, each investment division within the adviser and its affiliates normally aggregates its respective purchases or sales and executes them as part of the same transaction or series of transactions. When executing portfolio transactions in the same fixed-income security for the fund and the other funds or accounts over which it or one of its affiliated companies has investment discretion, the investment adviser normally aggregates such purchases or sales and executes them as part of the same transaction or series of transactions. The objective of aggregating purchases and sales of a security is to allocate executions in an equitable manner among the funds and other accounts that have concurrently authorized a transaction in such security.

The investment adviser currently owns an interest in IEX Group and Luminex Trading and Analytics. The investment adviser may place orders on these or other exchanges or alternative trading systems in which it, or one of its affiliates, has an ownership interest, provided such ownership interest is less than five percent of the total ownership interests in the entity. The investment adviser is subject to the same best execution obligations when trading on any such exchange or alternative trading system.

SMALLCAP World Fund — Page 45

Purchase and sale transactions may be effected directly among and between certain funds or accounts advised by the investment adviser or its affiliates, including the fund. The investment adviser maintains cross-trade policies and procedures and places a cross-trade only when such a trade is in the best interest of all participating clients and is not prohibited by the participating funds’ or accounts’ investment management agreement or applicable law.

The investment adviser may place orders for the fund’s portfolio transactions with broker-dealers who have sold shares of the funds managed by the investment adviser or its affiliated companies; however, it does not consider whether a broker-dealer has sold shares of the funds managed by the investment adviser or its affiliated companies when placing any such orders for the fund’s portfolio transactions.

Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The cost to the fund of engaging in such contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because such contracts are entered into on a principal basis, their prices usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the contracts. The fund may incur additional fees in connection with the purchase or sale of certain contracts.

Brokerage commissions paid on portfolio transactions for the fiscal years ended September 30, 2014, 2013 and 2012 amounted to $18,359,000, $18,470,000 and $15,753,000, respectively. The increase in brokerage commissions paid since 2012 is attributable to an increase in the volume of trading activity.

The fund is required to disclose information regarding investments in the securities of its “regular” broker-dealers (or parent companies of its regular broker-dealers) that derive more than 15% of their revenue from broker-dealer, underwriter or investment adviser activities. A regular broker-dealer is (a) one of the 10 broker-dealers that received from the fund the largest amount of brokerage commissions by participating, directly or indirectly, in the fund’s portfolio transactions during the fund’s most recently completed fiscal year; (b) one of the 10 broker-dealers that engaged as principal in the largest dollar amount of portfolio transactions of the fund during the fund’s most recently completed fiscal year; or (c) one of the 10 broker-dealers that sold the largest amount of securities of the fund during the fund’s most recently completed fiscal year.

At the end of the 2014 fiscal year, the fund did not hold securities of any of its regular broker-dealers.

SMALLCAP World Fund — Page 46

Disclosure of portfolio holdings

The fund’s investment adviser, on behalf of the fund, has adopted policies and procedures with respect to the disclosure of information about fund portfolio securities. These policies and procedures have been reviewed by the fund’s board of directors, and compliance will be periodically assessed by the board in connection with reporting from the fund’s Chief Compliance Officer.

Under these policies and procedures, the fund’s complete list of portfolio holdings available for public disclosure, dated as of the end of each calendar quarter, is permitted to be posted on the American Funds website no earlier than the 10th day after such calendar quarter. In practice, the publicly disclosed portfolio is typically posted on the American Funds website within 30 days after the end of the calendar quarter. The publicly disclosed portfolio may exclude certain securities when deemed to be in the best interest of the fund as permitted by applicable regulations. In addition, the fund’s list of top 10 equity portfolio holdings measured by percentage of net assets, dated as of the end of each calendar month, is permitted to be posted on the American Funds website no earlier than the 10th day after such month. Such portfolio holdings information may be disclosed to any person pursuant to an ongoing arrangement to disclose portfolio holdings information to such person no earlier than one day after the day on which the information is posted on the American Funds website.

The fund’s custodian, outside counsel, auditor, financial printers, proxy voting service providers, pricing information vendors, consultants or agents operating under a contract with the investment adviser or its affiliates, co-litigants (such as in connection with a bankruptcy proceeding related to a fund holding) and certain other third parties described below, each of which requires portfolio holdings information for legitimate business and fund oversight purposes, may receive fund portfolio holdings information earlier. See the “General information” section in this statement of additional information for further information about the fund’s custodian, outside counsel and auditor.

The fund’s portfolio holdings, dated as of the end of each calendar month, are made available to up to 20 key broker-dealer relationships with research departments to help them evaluate the fund for eligibility on approved lists or in model portfolios. These firms include certain of those listed under the “Other compensation to dealers” section of this statement of additional information and certain broker-dealer firms that offer trading platforms for registered investment advisers. Monthly holdings may be provided to these intermediaries no earlier than the 10th day after the end of the calendar month. In practice, monthly holdings are provided within 30 days after the end of the calendar month. Holdings may also be disclosed more frequently to certain statistical and data collection agencies including Morningstar, Lipper, Inc., Value Line, Vickers Stock Research, Bloomberg, Overlap and Thomson Financial Research.

Affiliated persons of the fund, including officers of the fund and employees of the investment adviser and its affiliates, who receive portfolio holdings information are subject to restrictions and limitations on the use and handling of such information pursuant to applicable codes of ethics, including requirements not to trade in securities based on confidential and proprietary investment information, to maintain the confidentiality of such information, and to pre-clear securities trades and report securities transactions activity, as applicable. For more information on these restrictions and limitations, please see the “Code of ethics” section in this statement of additional information and the Code of Ethics. Third-party service providers of the fund and other entities, as described in this statement of additional information, receiving such information are subject to confidentiality obligations. When portfolio holdings information is disclosed other than through the American Funds website to persons not affiliated with the fund, such persons will be bound by agreements (including confidentiality agreements) or fiduciary or other obligations that restrict and limit their use of the information to legitimate business uses only. None of the fund, its investment adviser or any of their affiliates receives compensation or other consideration in connection with the disclosure of information about portfolio securities.

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Subject to board policies, the authority to disclose a fund’s portfolio holdings, and to establish policies with respect to such disclosure, resides with the appropriate investment-related committees of the fund’s investment adviser. In exercising their authority, the committees determine whether disclosure of information about the fund’s portfolio securities is appropriate and in the best interest of fund shareholders. The investment adviser has implemented policies and procedures to address conflicts of interest that may arise from the disclosure of fund holdings. For example, the investment adviser’s code of ethics specifically requires, among other things, the safeguarding of information about fund holdings and contains prohibitions designed to prevent the personal use of confidential, proprietary investment information in a way that would conflict with fund transactions. In addition, the investment adviser believes that its current policy of not selling portfolio holdings information and not disclosing such information to unaffiliated third parties until such holdings have been made public on the American Funds website (other than to certain fund service providers and other third parties for legitimate business and fund oversight purposes) helps reduce potential conflicts of interest between fund shareholders and the investment adviser and its affiliates.

The fund’s investment adviser and its affiliates provide investment advice to clients other than the fund that have investment objectives that may be substantially similar to those of the fund. These clients also may have portfolios consisting of holdings substantially similar to those of the fund and generally have access to current portfolio holdings information for their accounts. These clients do not owe the fund’s investment adviser or the fund a duty of confidentiality with respect to disclosure of their portfolio holdings.

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Price of shares

Shares are purchased at the offering price or sold at the net asset value price next determined after the purchase or sell order is received by the fund or the Transfer Agent provided that your request contains all information and legal documentation necessary to process the transaction. The Transfer Agent may accept written orders for the sale of fund shares on a future date. These orders are subject to the Transfer Agent’s policies, which generally allow shareholders to provide a written request to sell shares at the net asset value on a specified date no more than five business days after receipt of the order by the Transfer Agent. Any request to sell shares on a future date will be rejected if the request is not in writing, if the requested transaction date is more than five business days after the Transfer Agent receives the request or if the request does not contain all information and legal documentation necessary to process the transaction.

The offering or net asset value price is effective for orders received prior to the time of determination of the net asset value and, in the case of orders placed with dealers or their authorized designees, accepted by the Principal Underwriter, the Transfer Agent, a dealer or any of their designees. In the case of orders sent directly to the fund or the Transfer Agent, an investment dealer should be indicated. The dealer is responsible for promptly transmitting purchase and sell orders to the Principal Underwriter.

Orders received by the investment dealer or authorized designee, the Transfer Agent or the fund after the time of the determination of the net asset value will be entered at the next calculated offering price. Note that investment dealers or other intermediaries may have their own rules about share transactions and may have earlier cut-off times than those of the fund. For more information about how to purchase through your intermediary, contact your intermediary directly.

Prices that appear in the newspaper do not always indicate prices at which you will be purchasing and redeeming shares of the fund, since such prices generally reflect the previous day’s closing price, while purchases and redemptions are made at the next calculated price. The price you pay for shares, the offering price, is based on the net asset value per share, which is calculated once daily as of approximately 4 p.m. New York time, which is the normal close of trading on the New York Stock Exchange, each day the New York Stock Exchange is open. If, for example, the New York Stock Exchange closes at 1 p.m. New York time, the fund’s share price would still be determined as of 4 p.m. New York time. In such example, portfolio securities traded on the New York Stock Exchange would be valued at their closing prices unless the investment adviser determines that a fair value adjustment is appropriate due to subsequent events. The New York Stock Exchange is currently closed on weekends and on the following holidays: New Year’s Day; Martin Luther King, Jr. Day; Presidents’ Day; Good Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving; and Christmas Day. Each share class of the fund has a separately calculated net asset value (and share price).

All portfolio securities of funds managed by Capital Research and Management Company (other than American Funds Money Market Fund^®) are valued, and the net asset values per share for each share class are determined, as indicated below. The fund follows standard industry practice by typically reflecting changes in its holdings of portfolio securities on the first business day following a portfolio trade.

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.

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Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. The pricing vendors base prices on, among other things, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities, spreads and other relationships observed in the markets among comparable securities and proprietary pricing models such as yield measures calculated using factors such as cash flows, prepayment information, default rates, delinquency and loss assumptions, financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific deal information and other reference data. The fund’s investment adviser performs certain checks on vendor prices prior to calculation of the fund’s net asset value. When the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics (e.g., convertible bonds, preferred stocks, units comprised of more than one type of security, etc.), or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser.

Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors.

Assets or liabilities initially expressed in terms of currencies other than U.S. dollars are translated prior to the next determination of the net asset value of the fund’s shares into U.S. dollars at the prevailing market rates.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are valued at fair value as determined in good faith under fair value guidelines adopted by authority of the fund’s board. Subject to board oversight, the fund’s board has delegated the obligation to make fair valuation determinations to a valuation committee established by the fund’s investment adviser. The board receives regular reports describing fair-valued securities and the valuation methods used.

The valuation committee has adopted guidelines and procedures (consistent with SEC rules and guidance) to consider certain relevant principles and factors when making all fair value determinations. As a general principle, securities lacking readily available market quotations, or that have quotations that are considered unreliable by the investment adviser, are valued in good faith by the valuation committee based upon what the fund might reasonably expect to receive upon their current sale. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred. The valuation committee considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security and changes in overall market conditions. The valuation committee employs additional fair value procedures to address issues related to equity holdings of applicable fund portfolios outside the United States. Securities owned by these funds trade in markets that open and close at different times, reflecting time zone differences. If significant events occur after the close of a market (and before these fund’s net asset values are next determined) which affect the value of portfolio securities, appropriate adjustments from closing market prices may be made to reflect these events. Events of this type could include, for example, earthquakes and other natural disasters or significant price changes in other markets (e.g., U.S. stock markets).

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Each class of shares represents interests in the same portfolio of investments and is identical in all respects to each other class, except for differences relating to distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, the designation of each class of shares, conversion features and exchange privileges. Expenses attributable to the fund, but not to a particular class of shares, are borne by each class pro rata based on relative aggregate net assets of the classes. Expenses directly attributable to a class of shares are borne by that class of shares. Liabilities attributable to particular share classes, such as liabilities for repurchase of fund shares, are deducted from total assets attributable to such share classes.

Net assets so obtained for each share class are then divided by the total number of shares outstanding of that share class, and the result, rounded to the nearest cent, is the net asset value per share for that class.

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Taxes and distributions

Disclaimer: Some of the following information may not apply to certain shareholders, including those holding fund shares in a tax-favored account, such as a retirement plan or education savings account. Shareholders should consult their tax advisors about the application of federal, state and local tax law in light of their particular situation.

Taxation as a regulated investment company — The fund intends to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to qualify as a regulated investment company, and avoid being subject to federal income taxes, the fund intends to distribute substantially all of its net investment income and realized net capital gains on a fiscal year basis, and intends to comply with other tests applicable to regulated investment companies under Subchapter M.

The Code includes savings provisions allowing the fund to cure inadvertent failures of certain qualification tests required under Subchapter M. However, should the fund fail to qualify under Subchapter M, the fund would be subject to federal, and possibly state, corporate taxes on its taxable income and gains.

Amounts not distributed by the fund on a timely basis in accordance with a calendar year distribution requirement may be subject to a nondeductible 4% excise tax. Unless an applicable exception applies, to avoid the tax, the fund must distribute during each calendar year an amount equal to the sum of (a) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (b) at least 98.2% of its capital gains in excess of its capital losses for the twelve month period ending on October 31, and (c) all ordinary income and capital gains for previous years that were not distributed during such years.

Dividends paid by the fund from ordinary income or from an excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income dividends. For corporate shareholders, a portion of the fund’s ordinary income dividends may be eligible for the 70% deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. This deduction does not include dividends received from non-U.S. corporations and dividends on stocks the fund has not held for more than 45 days during the 90-day period beginning 45 days before the stock became ex-dividend (90 and 180 days for certain preferred stock). Corporate shareholders can only apply the lower rate to the qualified portion of a fund’s dividends if they have held the shares in the fund on which the dividends were paid for the applicable 45 day or 90 day holding period surrounding the ex-dividend date of the fund’s dividends.

The fund may declare a capital gain distribution consisting of the excess of net realized long-term capital gains over net realized short-term capital losses. Net capital gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund. For fund fiscal years beginning on or after December 22, 2010, capital losses may be carried forward indefinitely and retain their character as either short-term or long-term. Under prior law, net capital losses could be carried forward for eight tax years and were treated as short-term capital losses. The fund is required to use capital losses arising in fiscal years beginning on or after December 22, 2010 before using capital losses arising in fiscal years prior to December 22, 2010.

The fund may retain a portion of net capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholders of the fund. Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and would increase the basis in their shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.

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Distributions of net capital gain that the fund properly designates as a capital gain distribution generally will be taxable as long-term capital gain, regardless of the length of time the shares of the fund have been held by a shareholder. Any loss realized upon the redemption of shares held at the time of redemption for six months or less from the date of their purchase will be treated as a long-term capital loss to the extent of any capital gain distributions (including any undistributed amounts treated as distributed capital gains, as described above) during such six-month period.

Capital gain distributions by the fund result in a reduction in the net asset value of the fund’s shares. Investors should consider the tax implications of buying shares just prior to a capital gain distribution. The price of shares purchased at that time includes the amount of the forthcoming distribution. Those purchasing just prior to a distribution will subsequently receive a partial return of their investment capital upon payment of the distribution, which will be taxable to them.

Redemptions and exchanges of fund shares — Redemptions of shares, including exchanges for shares of other American Funds, may result in federal, state and local tax consequences (gain or loss) to the shareholder.

Any loss realized on a redemption or exchange of shares of the fund will be disallowed to the extent substantially identical shares are reacquired within the 61-day period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss disallowed under this rule will be added to the shareholder’s tax basis in the new shares purchased.

If a shareholder exchanges or otherwise disposes of shares of the fund within 90 days of having acquired such shares, and if, as a result of having acquired those shares, the shareholder subsequently pays a reduced or no sales charge for shares of the fund, or of a different fund acquired before January 31^st of the year following the year the shareholder exchanged or otherwise disposed of the original fund shares, the sales charge previously incurred in acquiring the fund’s shares will not be taken into account (to the extent such previous sales charges do not exceed the reduction in sales charges) for the purposes of determining the amount of gain or loss on the exchange, but will be treated as having been incurred in the acquisition of such other fund(s).

Tax consequences of investments in non-U.S. securities — Dividend and interest income received by the fund from sources outside the United States may be subject to withholding and other taxes imposed by such foreign jurisdictions. Tax conventions between certain countries and the United States, however, may reduce or eliminate these foreign taxes. Some foreign countries impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of the total assets of the fund at the close of the taxable year consists of securities of foreign corporations, the fund may elect to pass through to shareholders the foreign taxes paid by the fund. If such an election is made, shareholders may claim a credit or deduction on their federal income tax returns for, and will be required to treat as part of the amounts distributed to them, their pro rata portion of qualified taxes paid by the fund to foreign countries. The application of the foreign tax credit depends upon the particular circumstances of each shareholder.

Foreign currency gains and losses, including the portion of gain or loss on the sale of debt securities attributable to fluctuations in foreign exchange rates, are generally taxable as ordinary income or loss. These gains or losses may increase or decrease the amount of dividends payable by the fund to shareholders. A fund may elect to treat gain and loss on certain foreign currency contracts as capital gain and loss instead of ordinary income or loss.

If the fund invests in stock of certain passive foreign investment companies (PFICs), the fund intends to mark-to-market these securities and recognize any gains at the end of its fiscal and excise tax years. Deductions for losses are allowable only to the extent of any previously recognized gains. Both gains

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and losses will be treated as ordinary income or loss, and the fund is required to distribute any resulting income. If the fund is unable to identify an investment as a PFIC security and thus does not make a timely mark-to-market election, the fund may be subject to adverse tax consequences.

Other tax considerations — After the end of each calendar year, individual shareholders holding fund shares in taxable accounts will receive a statement of the federal income tax status of all distributions. Shareholders of the fund also may be subject to state and local taxes on distributions received from the fund.

For fund shares acquired on or after January 1, 2012, the fund is required to report cost basis information for redemptions, including exchanges, to both shareholders and the IRS.

Shareholders may obtain more information about cost basis online at americanfunds.com/costbasis.

Under the backup withholding provisions of the Code, the fund generally will be required to withhold federal income tax on all payments made to a shareholder if the shareholder either does not furnish the fund with the shareholder’s correct taxpayer identification number or fails to certify that the shareholder is not subject to backup withholding. Backup withholding also applies if the IRS notifies the shareholder or the fund that the taxpayer identification number provided by the shareholder is incorrect or that the shareholder has previously failed to properly report interest or dividend income.

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons (i.e., U.S. citizens and legal residents and U.S. corporations, partnerships, trusts and estates). Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the fund, including the possibility that such a shareholder may be subject to U.S. withholding taxes.

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Unless otherwise noted, all references in the following pages to Class A, B, C or F-1 shares also refer to the corresponding Class 529-A, 529-B, 529-C or 529-F-1 shares. Class 529 shareholders should also refer to the applicable program description for information on policies and services specifically relating to these accounts. Shareholders holding shares through an eligible retirement plan should contact their plan’s administrator or recordkeeper for information regarding purchases, sales and exchanges.

Purchase and exchange of shares

Purchases by individuals — As described in the prospectus, you may generally open an account and purchase fund shares by contacting a financial advisor or investment dealer authorized to sell the fund’s shares. You may make investments by any of the following means:

Contacting your financial advisor — Deliver or mail a check to your financial advisor.

By mail — For initial investments, you may mail a check, made payable to the fund, directly to the address indicated on the account application. Please indicate an investment dealer on the account application. You may make additional investments by filling out the “Account Additions” form at the bottom of a recent transaction confirmation and mailing the form, along with a check made payable to the fund, using the envelope provided with your confirmation.

The amount of time it takes for us to receive regular U.S. postal mail may vary and there is no assurance that we will receive such mail on the day you expect. Mailing addresses for regular U.S. postal mail can be found in the prospectus. To send investments or correspondence to us via overnight mail or courier service, use either of the following addresses:

American Funds

12711 North Meridian Street

Carmel, IN 46032-9181

American Funds

5300 Robin Hood Road

Norfolk, VA 23513-2407

By telephone — Using the American FundsLine. Please see the “Shareholder account services and privileges” section of this statement of additional information for more information regarding this service.

By Internet — Using americanfunds.com. Please see the “Shareholder account services and privileges” section of this statement of additional information for more information regarding this service.

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By wire — If you are making a wire transfer, instruct your bank to wire funds to:

Wells Fargo Bank

ABA Routing No. 121000248

Account No. 4600-076178

Your bank should include the following information when wiring funds:

For credit to the account of:

American Funds Service Company

(fund’s name)

For further credit to:

(shareholder’s fund account number)

(shareholder’s name)

You may contact American Funds Service Company at (800) 421-4225 if you have questions about making wire transfers.

Other purchase information — Class 529 shares may be purchased only through CollegeAmerica by investors establishing qualified higher education savings accounts. Class 529-E shares may be purchased only by investors participating in CollegeAmerica through an eligible employer plan. The American Funds state tax-exempt funds are qualified for sale only in certain jurisdictions, and tax-exempt funds in general should not serve as retirement plan investments. In addition, the fund and the Principal Underwriter reserve the right to reject any purchase order.

Class R-5 and R-6 shares may be made available to certain charitable foundations organized and maintained by The Capital Group Companies, Inc. or its affiliates.

Class R-5 and R-6 shares may also be made available to Virginia529 for use in the Virginia Education Savings Trust and the Virginia Prepaid Education Program and other registered investment companies approved by the fund’s investment adviser or distributor. Class R-6 shares are also available to other post employment benefits plans.

Purchase minimums and maximums — All investments are subject to the purchase minimums and maximums described in the prospectus. As noted in the prospectus, purchase minimums may be waived or reduced in certain cases.

In the case of American Funds non-tax-exempt funds, the initial purchase minimum of $25 may be waived for the following account types:

· Payroll deduction retirement plan accounts (such as, but not limited to, 403(b), 401(k), SIMPLE IRA, SARSEP and deferred compensation plan accounts); and

· Employer-sponsored CollegeAmerica accounts.

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The following account types may be established without meeting the initial purchase minimum:

· Retirement accounts that are funded with employer contributions; and

· Accounts that are funded with monies set by court decree.

The following account types may be established without meeting the initial purchase minimum, but shareholders wishing to invest in two or more funds must meet the normal initial purchase minimum of each fund:

· Accounts that are funded with (a) transfers of assets, (b) rollovers from retirement plans, (c) rollovers from 529 college savings plans or (d) required minimum distribution automatic exchanges; and

· American Funds Money Market Fund accounts registered in the name of clients of Capital Guardian Trust Company’s Capital Group Private Client Services division.

Certain accounts held on the fund’s books, known as omnibus accounts, contain multiple underlying accounts that are invested in shares of the fund. These underlying accounts are maintained by entities such as financial intermediaries and are subject to the applicable initial purchase minimums as described in the prospectus and this statement of additional information. However, in the case where the entity maintaining these accounts aggregates the accounts’ purchase orders for fund shares, such accounts are not required to meet the fund’s minimum amount for subsequent purchases.

Exchanges — You may only exchange shares into other American Funds within the same share class. However, exchanges from Class A shares of American Funds Money Market Fund may be made to Class C shares of other American Funds for dollar cost averaging purposes. Exchanges are not permitted from Class A shares of American Funds Money Market Fund to Class C shares of American Funds Short-Term Tax-Exempt Bond Fund, Intermediate Bond Fund of America, Limited Term Tax-Exempt Bond Fund of America, Short-Term Bond Fund of America or American Funds Inflation Linked Bond Fund. Exchange purchases are subject to the minimum investment requirements of the fund purchased and no sales charge generally applies. However, exchanges of shares from American Funds Money Market Fund are subject to applicable sales charges, unless the American Funds Money Market Fund shares were acquired by an exchange from a fund having a sales charge, or by reinvestment or cross-reinvestment of dividends or capital gain distributions. Exchanges of Class F shares generally may only be made through fee-based programs of investment firms that have special agreements with the fund’s distributor and certain registered investment advisors.

You may exchange shares of other classes by contacting the Transfer Agent, by contacting your investment dealer or financial advisor, by using American FundsLine or americanfunds.com, or by telephoning (800) 421-4225 toll-free, or faxing (see “American Funds Service Company service areas” in the prospectus for the appropriate fax numbers) the Transfer Agent. For more information, see “Shareholder account services and privileges” in this statement of additional information. These transactions have the same tax consequences as ordinary sales and purchases.

Shares held in employer-sponsored retirement plans may be exchanged into other American Funds by contacting your plan administrator or recordkeeper. Exchange redemptions and purchases are processed simultaneously at the share prices next determined after the exchange order is received (see “Price of shares” in this statement of additional information).

Frequent trading of fund shares — As noted in the prospectus, certain redemptions may trigger a purchase block lasting 30 calendar days under the fund’s “purchase blocking policy.” Under this policy, systematic redemptions will not trigger a purchase block and systematic purchases will not be prevented if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase. For purposes of this policy, systematic redemptions include, for

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example, regular periodic automatic redemptions and statement of intention escrow share redemptions. Systematic purchases include, for example, regular periodic automatic purchases and automatic reinvestments of dividends and capital gain distributions. Generally, purchases and redemptions will not be considered “systematic” unless the transaction is prescheduled for a specific date.

Other potentially abusive activity — In addition to implementing purchase blocks, American Funds Service Company will monitor for other types of activity that could potentially be harmful to the American Funds — for example, short-term trading activity in multiple funds. When identified, American Funds Service Company will request that the shareholder discontinue the activity. If the activity continues, American Funds Service Company will freeze the shareholder account to prevent all activity other than redemptions of fund shares.

Moving between share classes

If you wish to “move” your investment between share classes (within the same fund or between different funds), we generally will process your request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about how sales charges are handled for various scenarios.

Exchanging Class B shares for Class A shares — If you exchange Class B shares for Class A shares during the contingent deferred sales charge period you are responsible for paying any applicable deferred sales charges attributable to those Class B shares, but you will not be required to pay a Class A sales charge. If, however, you exchange your Class B shares for Class A shares after the contingent deferred sales charge period, you are responsible for paying any applicable Class A sales charges.

Exchanging Class C shares for Class A shares — If you exchange Class C shares for Class A shares, you are still responsible for paying any Class C contingent deferred sales charges and applicable Class A sales charges.

Exchanging Class C shares for Class F shares — If you are part of a qualified fee-based program and you wish to exchange your Class C shares for Class F shares to be held in the program, you are still responsible for paying any applicable Class C contingent deferred sales charges.

Exchanging Class F shares for Class A shares — You can exchange Class F shares held in a qualified fee-based program for Class A shares without paying an initial Class A sales charge if you are leaving or have left the fee-based program. You can exchange Class F shares received in a conversion from Class C shares for Class A shares at any time without paying an initial Class A sales charge if you notify American Funds Service Company of the conversion when you make your request. If you have already redeemed your Class F shares, the foregoing requirements apply and you must purchase Class A shares within 90 days after redeeming your Class F shares to receive the Class A shares without paying an initial Class A sales charge.

Exchanging Class A shares for Class F shares — If you are part of a qualified fee-based program and you wish to exchange your Class A shares for Class F shares to be held in the program, any Class A sales charges (including contingent deferred sales charges) that you paid or are payable will not be credited back to your account.

Exchanging Class A shares for Class R shares — Provided it is eligible to invest in Class R shares, a retirement plan currently invested in Class A shares may exchange its shares for Class R shares. Any Class A sales charges that the retirement plan previously paid will not be credited back to the plan’s account.

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Exchanging Class F-1 shares for Class F-2 shares — If you are part of a qualified fee-based program that offers Class F-2 shares, you may exchange your Class F-1 shares for Class F-2 shares to be held in the program.

Moving between other share classes — If you desire to move your investment between share classes and the particular scenario is not described in this statement of additional information, please contact American Funds Service Company at (800) 421-4225 for more information.

Non-reportable transactions — Automatic conversions described in the prospectus will be non-reportable for tax purposes. In addition, an exchange of shares from one share class of a fund to another share class of the same fund will be treated as a non-reportable exchange for tax purposes, provided that the exchange request is received in writing by American Funds Service Company and processed as a single transaction. However, a movement between a 529 share class and a non-529 share class of the same fund will be reportable.

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Sales charges

Class A purchases

Purchases by certain 403(b) plans

A 403(b) plan may not invest in Class A or C shares unless such plan was invested in Class A or C shares before January 1, 2009.

Participant accounts of a 403(b) plan that were treated as an individual-type plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that were treated as an employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an employer-sponsored plan for sales charge purposes. Participant accounts of a 403(b) plan that is established on or after January 1, 2009, are treated as accounts of an employer-sponsored plan for sales charge purposes.

Purchases by SEP plans and SIMPLE IRA plans

Participant accounts in a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small Employers IRA (SIMPLE IRA) will be aggregated at the plan level for Class A sales charge purposes if an employer adopts a prototype plan produced by American Funds Distributors, Inc. or (a) the employer or plan sponsor submits all contributions for all participating employees in a single contribution transmittal or the contributions are identified as related to the same plan; (b) each transmittal is accompanied by checks or wire transfers and generally must be submitted through the transfer agent’s automated contribution system if held on the fund’s books; and (c) if the fund is expected to carry separate accounts in the name of each plan participant and (i) the employer or plan sponsor notifies the funds’ transfer agent or the intermediary holding the account that the separate accounts of all plan participants should be linked and (ii) all new participant accounts are established by submitting the appropriate documentation on behalf of each new participant. Participant accounts in a SEP or SIMPLE plan that are eligible to aggregate their assets at the plan level may not also aggregate the assets with their individual accounts. The ability to link SEP and SIMPLE IRA accounts at the plan level may not be available to you depending on the policies and system capabilities of your financial intermediary.

Other purchases

Pursuant to a determination of eligibility by a vice president or more senior officer of the Capital Research and Management Company Fund Administration Unit, or by his or her designee, Class A shares of the American Funds stock, stock/bond and bond funds may be sold at net asset value to:


	(1)	current or retired directors, trustees, officers and advisory board members of, and certain lawyers who provide services to, the funds managed by Capital Research and Management Company, current or retired employees and partners of The Capital Group Companies, Inc. and its affiliated companies, certain family members of the above persons, and trusts or plans primarily for such persons;
	(2)	currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and

SMALLCAP World Fund — Page 60


		children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with the Principal Underwriter (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children (these policies are subject to the dealer’s policies and system capabilities);
	(3)	currently registered investment advisors (“RIAs”) and assistants directly employed by such RIAs, retired RIAs with respect to accounts established while active, or full-time employees (collectively, “Eligible RIAs”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible RIAs or the spouses, children or parents of the Eligible RIAs are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the funds, plans for the RIA firms, and plans that include as participants only the Eligible RIAs, their spouses, parents and/or children (these policies are subject to the RIA’s policies and system capabilities);
	(4)	companies exchanging securities with the fund through a merger, acquisition or exchange offer;
	(5)	insurance company separate accounts;
	(6)	accounts managed by subsidiaries of The Capital Group Companies, Inc.;
	(7)	The Capital Group Companies, Inc. and its affiliated companies;
	(8)	an individual or entity with a substantial business relationship with The Capital Group Companies, Inc. or its affiliates, or an individual or entity related or relating to such individual or entity;
	(9)	wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts whose underlying investments are managed by any affiliate of The Capital Group Companies, Inc.; and
	(10)	full-time employees of banks that have sales agreements with the Principal Underwriter, who are solely dedicated to directly supporting the sale of mutual funds.

Shares are offered at net asset value to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established under this net asset value privilege, additional investments can be made at net asset value for the life of the account. These privileges may not be available if your account is held with an investment dealer or through an employer-sponsored retirement plan.

Transfers to CollegeAmerica — A transfer from the Virginia Prepaid Education ProgramSM or the Virginia Education Savings TrustSM to a CollegeAmerica account will be made with no sales charge. No commission will be paid to the dealer on such a transfer. Investment dealers will be compensated solely with an annual service fee that begins to accrue immediately.

Moving between accounts — Investments in certain account types may be moved to other account types without incurring additional Class A sales charges. These transactions include, for example:

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· redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

· required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

· death distributions paid to a beneficiary’s account that are used by the beneficiary to purchase fund shares in a different account.

Loan repayments — Repayments on loans taken from a retirement plan are not subject to sales charges if American Funds Service Company is notified of the repayment.

Dealer commissions and compensation — Commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to initial sales charges. These purchases consist of a) purchases of $1 million or more, and b) purchases by employer-sponsored defined contribution-type retirement plans investing $1 million or more or with 100 or more eligible employees. Commissions on such investments (other than IRA rollover assets that roll over at no sales charge under the fund’s IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: 1.00% on amounts of less than $10 million, .50% on amounts of at least $10 million but less than $25 million and .25% on amounts of at least $25 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $10 million (but less than $25 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of .50%.

A dealer concession of up to 1% may be paid by the fund under its Class A plan of distribution to reimburse the Principal Underwriter in connection with dealer and wholesaler compensation paid by it with respect to investments made with no initial sales charge.

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Sales charge reductions and waivers

Reducing your Class A sales charge — As described in the prospectus, there are various ways to reduce your sales charge when purchasing Class A shares. Additional information about Class A sales charge reductions is provided below.

Statement of intention — By establishing a statement of intention (the "Statement"), you enter into a nonbinding commitment to purchase shares of the American Funds (excluding American Funds Money Market Fund) over a 13-month period and receive the same sales charge (expressed as a percentage of your purchases) as if all shares had been purchased at once, unless the Statement is upgraded as described below.

The Statement period starts on the date on which your first purchase made toward satisfying the Statement is processed. Your accumulated holdings (as described in the paragraph below titled “Rights of accumulation”) eligible to be aggregated as of the day immediately before the start of the Statement period may be credited toward satisfying the Statement.

You may revise the commitment you have made in your Statement upward at any time during the Statement period. If your prior commitment has not been met by the time of the revision, the Statement period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised Statement. If your prior commitment has been met by the time of the revision, your original Statement will be considered met and a new Statement will be established.

The Statement will be considered completed if the shareholder dies within the 13-month Statement period. Commissions to dealers will not be adjusted or paid on the difference between the Statement amount and the amount actually invested before the shareholder’s death.

When a shareholder elects to use a Statement, shares equal to 5% of the dollar amount specified in the Statement may be held in escrow in the shareholder’s account out of the initial purchase (or subsequent purchases, if necessary) by the Transfer Agent. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder’s account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified Statement period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder’s account at the time a purchase was made during the Statement period will receive a corresponding commission adjustment if appropriate.

In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a Statement.

Shareholders purchasing shares at a reduced sales charge under a Statement indicate their acceptance of these terms and those in the prospectus with their first purchase.

Aggregation — Qualifying investments for aggregation include those made by you and your “immediate family” as defined in the prospectus, if all parties are purchasing shares for their own accounts and/or:

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· individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales charges” in this statement of additional information);

· SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by American Funds Distributors, Inc.;

· business accounts solely controlled by you or your immediate family (for example, you own the entire business);

· trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s own accounts);

· endowments or foundations established and controlled by you or your immediate family; or

· 529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

· for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

· made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

· for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares;

· for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations;

· for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales charges” in this statement of additional information), or made for participant accounts of two or more such plans, in each case of a single employer or affiliated employers as defined in the 1940 Act; or

· for a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype plan produced by American Funds Distributors, Inc.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

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Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

Concurrent purchases — As described in the prospectus, you may reduce your Class A sales charge by combining purchases of all classes of shares in the American Funds, as well as applicable holdings in the American Funds Target Date Retirement Series, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series and American Funds College Target Date Series. Shares of American Funds Money Market Fund purchased through an exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds Money Market Fund are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

Rights of accumulation — Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all share classes of the American Funds, as well as applicable holdings in the American Funds Target Date Retirement Series, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series and American Funds College Target Date Series, to determine your sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds Money Market Fund are excluded. Subject to your investment dealer’s or recordkeeper’s capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existing holdings (the “market value”) as of the day prior to your American Funds investment or (b) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the “cost value”). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals. You must contact your financial advisor or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your American Funds Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your American Funds investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

You may not purchase Class C or 529-C shares if such combined holdings cause you to be eligible to purchase Class A or 529-A shares at the $1 million or more sales charge discount rate (i.e. at net asset value).

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If you make a gift of American Funds Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your American Funds and applicable American Legacy accounts.

CDSC waivers for Class A, B and C shares — As noted in the prospectus, a contingent deferred sales charge (“CDSC”) may be waived for redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Transfer Agent of the other joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Transfer Agent is notified of the death of a joint tenant will be subject to a CDSC.

In addition, a CDSC may be waived for the following types of transactions, if together they do not exceed 12% of the value of an “account” (defined below) annually (the “12% limit”):

· Required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70½ (required minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a waiver).

· Redemptions through an automatic withdrawal plan (“AWP”) (see “Automatic withdrawals” under “Shareholder account services and privileges” in this statement of additional information). For each AWP payment, assets that are not subject to a CDSC, such as shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular AWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through an AWP will also count toward the 12% limit. In the case of an AWP, the 12% limit is calculated at the time an automatic redemption is first made, and is recalculated at the time each additional automatic redemption is made. Shareholders who establish an AWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.

For purposes of this paragraph, “account” means your investment in the applicable class of shares of the particular fund from which you are making the redemption.

CDSC waivers are allowed only in the cases listed here and in the prospectus. For example, CDSC waivers will not be allowed on redemptions of Class 529-B and 529-C shares due to termination of CollegeAmerica; a determination by the Internal Revenue Service that CollegeAmerica does not qualify as a qualified tuition program under the Code; proposal or enactment of law that eliminates or limits the tax-favored status of CollegeAmerica; or elimination of the fund by Virginia529 as an option for additional investment within CollegeAmerica.

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Selling shares

The methods for selling (redeeming) shares are described more fully in the prospectus. If you wish to sell your shares by contacting American Funds Service Company directly, any such request must be signed by the registered shareholders. To contact American Funds Service Company via overnight mail or courier service, see “Purchase and exchange of shares.”

A signature guarantee may be required for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchange or the Financial Industry Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agent reserves the right to require a signature guarantee on any redemptions.

Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts. You must include with your written request any shares you wish to sell that are in certificate form.

If you sell Class A, B or C shares and request a specific dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any applicable CDSC, equals the dollar amount requested.

If you hold multiple American Funds and a CDSC applies to the shares you are redeeming, the CDSC will be calculated based on the applicable class of shares of the particular fund from which you are making the redemption.

Redemption proceeds will not be mailed until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified or cashier’s checks) for shares purchased have cleared (which may take up to 10 business days from the purchase date). Except for delays relating to clearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), sale proceeds will be paid on or before the seventh day following receipt and acceptance of an order. Interest will not accrue or be paid on amounts that represent uncashed distribution or redemption checks.

You may request that redemption proceeds of $1,000 or more from American Funds Money Market Fund be wired to your bank by writing American Funds Service Company. A signature guarantee is required on all requests to wire funds.

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Shareholder account services and privileges

The following services and privileges are generally available to all shareholders. However, certain services and privileges described in the prospectus and this statement of additional information may not be available for Class 529 shareholders or if your account is held with an investment dealer or through an employer-sponsored retirement plan.

Automatic investment plan — An automatic investment plan enables you to make monthly or quarterly investments in the American Funds through automatic debits from your bank account. To set up a plan, you must fill out an account application and specify the amount that you would like to invest and the date on which you would like your investments to occur. The plan will begin within 30 days after your account application is received. Your bank account will be debited on the day or a few days before your investment is made, depending on the bank’s capabilities. The Transfer Agent will then invest your money into the fund you specified on or around the date you specified. If the date you specified falls on a weekend or holiday, your money will be invested on the following business day. However, if the following business day falls in the next month, your money will be invested on the business day immediately preceding the weekend or holiday. If your bank account cannot be debited due to insufficient funds, a stop-payment or the closing of the account, the plan may be terminated and the related investment reversed. You may change the amount of the investment or discontinue the plan at any time by contacting the Transfer Agent.

Automatic reinvestment — Dividends and capital gain distributions are reinvested in additional shares of the same class and fund at net asset value unless you indicate otherwise on the account application. You also may elect to have dividends and/or capital gain distributions paid in cash by informing the fund, the Transfer Agent or your investment dealer. Dividends and capital gain distributions paid to retirement plan shareholders or shareholders of the 529 share classes will be automatically reinvested.

If you have elected to receive dividends and/or capital gain distributions in cash, and the postal or other delivery service is unable to deliver checks to your address of record, or you do not respond to mailings from American Funds Service Company with regard to uncashed distribution checks, your distribution option may be automatically converted to having all dividends and other distributions reinvested in additional shares.

Cross-reinvestment of dividends and distributions — For all share classes, except the 529 classes of shares, you may cross-reinvest dividends and capital gains (distributions) into other American Funds in the same share class at net asset value, subject to the following conditions:

(1) the aggregate value of your account(s) in the fund(s) paying distributions equals or exceeds $5,000 (this is waived if the value of the account in the fund receiving the distributions equals or exceeds that fund’s minimum initial investment requirement);

(2) if the value of the account of the fund receiving distributions is below the minimum initial investment requirement, distributions must be automatically reinvested; and

(3) if you discontinue the cross-reinvestment of distributions, the value of the account of the fund receiving distributions must equal or exceed the minimum initial investment requirement. If you do not meet this requirement within 90 days of notification, the fund has the right to automatically redeem the account.

Automatic exchanges — For all share classes, you may automatically exchange shares of the same class in amounts of $50 or more among any of the American Funds on any day (or preceding business day if the day falls on a nonbusiness day) of each month you designate.

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Automatic withdrawals — Depending on the type of account, for all share classes except R shares, you may automatically withdraw shares from any of the American Funds. You can make automatic withdrawals of $50 or more. You can designate the day of each period for withdrawals and request that checks be sent to you or someone else. Withdrawals may also be electronically deposited to your bank account. The Transfer Agent will withdraw your money from the fund you specify on or around the date you specify. If the date you specified falls on a weekend or holiday, the redemption will take place on the previous business day. However, if the previous business day falls in the preceding month, the redemption will take place on the following business day after the weekend or holiday. You should consult with your advisor or intermediary to determine if your account is eligible for automatic withdrawals.

Withdrawal payments are not to be considered as dividends, yield or income. Generally, automatic investments may not be made into a shareholder account from which there are automatic withdrawals. Withdrawals of amounts exceeding reinvested dividends and distributions and increases in share value would reduce the aggregate value of the shareholder’s account. The Transfer Agent arranges for the redemption by the fund of sufficient shares, deposited by the shareholder with the Transfer Agent, to provide the withdrawal payment specified.

Redemption proceeds from an automatic withdrawal plan are not eligible for reinvestment without a sales charge.

Account statements — Your account is opened in accordance with your registration instructions. Transactions in the account, such as additional investments, will be reflected on regular confirmation statements from the Transfer Agent. Dividend and capital gain reinvestments, purchases through automatic investment plans and certain retirement plans, as well as automatic exchanges and withdrawals, will be confirmed at least quarterly.

American FundsLine and americanfunds.com — You may check your share balance, the price of your shares or your most recent account transaction; redeem shares (up to $125,000 per American Funds shareholder each day) from nonretirement plan accounts; or exchange shares around the clock with American FundsLine or using americanfunds.com. To use American FundsLine, call (800) 325-3590 from a TouchTone™ telephone. Redemptions and exchanges through American FundsLine and americanfunds.com are subject to the conditions noted above and in “Telephone and Internet purchases, redemptions and exchanges” below. You will need your fund number (see the list of the American Funds under the “General information — fund numbers” section in this statement of additional information), personal identification number (generally the last four digits of your Social Security number or other tax identification number associated with your account) and account number.

Generally, all shareholders are automatically eligible to use these services. However, if you are not currently authorized to do so, you may complete an American FundsLink Authorization Form. Once you establish this privilege, you, your financial advisor or any person with your account information may use these services.

Telephone and Internet purchases, redemptions and exchanges — By using the telephone (including American FundsLine) or the Internet (including americanfunds.com), or fax purchase, redemption and/or exchange options, you agree to hold the fund, the Transfer Agent, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges. Generally, all shareholders are automatically eligible to use these services. However, you may elect to opt out of these services by writing the Transfer Agent (you may also reinstate them at any time by writing the Transfer Agent). If the Transfer Agent does not employ reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine, it and/or the fund may be liable for

SMALLCAP World Fund — Page 69

losses due to unauthorized or fraudulent instructions. In the event that shareholders are unable to reach the fund by telephone because of technical difficulties, market conditions or a natural disaster, redemption and exchange requests may be made in writing only.

Checkwriting — You may establish check writing privileges for Class A shares (but not Class 529-A shares) of American Funds Money Market Fund upon meeting the fund’s initial purchase minimum of $1,000. This can be done by using an account application. If you request check writing privileges, you will be provided with checks that you may use to draw against your account. These checks may be made payable to anyone you designate and must be signed by the authorized number of registered shareholders exactly as indicated on your account application.

Redemption of shares — The fund’s articles of incorporation permit the fund to direct the Transfer Agent to redeem the shares of any shareholder for their then current net asset value per share if at such time the shareholder of record owns shares having an aggregate net asset value of less than the minimum initial investment amount required of new shareholders as set forth in the fund’s current registration statement under the 1940 Act, and subject to such further terms and conditions as the board of directors of the fund may from time to time adopt.

While payment of redemptions normally will be in cash, the fund’s articles of incorporation permit payment of the redemption price wholly or partly with portfolio securities or other fund assets under conditions and circumstances determined by the fund’s board of directors. For example, redemptions could be made in this manner if the board determined that making payments wholly in cash over a particular period would be unfair and/or harmful to other fund shareholders.

Share certificates — Shares are credited to your account. The fund does not issue share certificates.

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General information

Custodian of assets — Securities and cash owned by the fund, including proceeds from the sale of shares of the fund and of securities in the fund’s portfolio, are held by State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111, as custodian. If the fund holds securities of issuers outside the U.S., the custodian may hold these securities pursuant to subcustodial arrangements in banks outside the U.S. or branches of U.S. banks outside the U.S.

Transfer agent services — American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records of shareholder accounts, processes purchases and redemptions of the fund’s shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based principally on the number of accounts serviced, contained in a Shareholder Services Agreement between the fund and American Funds Service Company.

In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds Service Company or its affiliates and the third parties receive compensation according to such agreements. Compensation for transfer agency and shareholder services, whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected in the expenses of the fund as disclosed in the prospectus.

During the 2014 fiscal year, transfer agent fees, gross of any payments made by American Funds Service Company to third parties, were:


	Transfer agent fee
Class A	$29,031,000
Class B	275,000
Class C	1,589,000
Class F-1	1,204,000
Class F-2	840,000
Class 529-A	1,290,000
Class 529-B	34,000
Class 529-C	420,000
Class 529-E	45,000
Class 529-F-1	108,000
Class R-1	54,000
Class R-2	2,810,000
Class R-2E	—*
Class R-3	1,534,000
Class R-4	779,000
Class R-5	280,000
Class R-6	11,000

* Amount less than $1,000.

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Independent registered public accounting firm — Deloitte & Touche LLP, 695 Town Center Drive, Costa Mesa, CA 92626, serves as the fund’s independent registered public accounting firm, providing audit services, preparation of tax returns and review of certain documents to be filed with the SEC. The financial statements included in this statement of additional information from the annual report have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The selection of the fund’s independent registered public accounting firm is reviewed and determined annually by the board of directors.

Independent legal counsel — Dechert LLP, One Bush Street, Suite 1600, San Francisco, CA 94104, serves as independent legal counsel (“counsel”) for the fund and for independent directors in their capacities as such. Counsel does not provide legal services to the fund’s investment adviser, but provides an insignificant amount of legal services unrelated to the operations of the fund to an investment adviser affiliate. A determination with respect to the independence of the fund’s counsel will be made at least annually by the independent directors of the fund, as prescribed by applicable 1940 Act rules.

Prospectuses, reports to shareholders and proxy statements — The fund’s fiscal year ends on September 30. Shareholders are provided updated summary prospectuses annually and at least semi-annually with reports showing the fund’s investment portfolio or summary investment portfolio, financial statements and other information. Shareholders may request a copy of the fund’s current prospectus at no cost by calling (800) 421-4225 or by sending an email request to prospectus@americanfunds.com. Shareholders may also access the fund’s current summary prospectus, prospectus, statement of additional information and shareholder reports at americanfunds.com/prospectus. The fund’s annual financial statements are audited by the fund’s independent registered public accounting firm, Deloitte & Touche LLP. In addition, shareholders may also receive proxy statements for the fund. In an effort to reduce the volume of mail shareholders receive from the fund when a household owns more than one account, the Transfer Agent has taken steps to eliminate duplicate mailings of summary prospectuses, shareholder reports and proxy statements. To receive additional copies of a summary prospectus, report or proxy statement, shareholders should contact the Transfer Agent.

Shareholders may also elect to receive updated summary prospectuses, annual reports and semi-annual reports electronically by signing up for electronic delivery on our website, americanfunds.com. Upon electing the electronic delivery of updated summary prospectuses and other reports, a shareholder will no longer automatically receive such documents in paper form by mail. A shareholder who elects electronic delivery is able to cancel this service at any time and return to receiving updated summary prospectuses and other reports in paper form by mail.

Summary prospectuses, prospectuses, annual reports and semi-annual reports that are mailed to shareholders by the American Funds organization are printed with ink containing soy and/or vegetable oil on paper containing recycled fibers.

Codes of ethics — The fund and Capital Research and Management Company and its affiliated companies, including the fund’s Principal Underwriter, have adopted codes of ethics that allow for personal investments, including securities in which the fund may invest from time to time. These codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of private placement securities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification of compliance with codes of ethics; blackout periods on personal investing for certain investment personnel; ban on short-term trading profits for investment personnel; limitations on service as a director of publicly traded companies; disclosure of personal securities transactions; and policies regarding political contributions.

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Determination of net asset value, redemption price and maximum offering price per share for Class A shares — March 31, 2015


Net asset value and redemption price per share (Net assets divided by shares outstanding)	$47.75
Maximum offering price per share (100/94.25 of net asset value per share, which takes into account the fund’s current maximum sales charge)	$50.66

Other information — The fund reserves the right to modify the privileges described in this statement of additional information at any time.

The fund’s financial statements, including the investment portfolio and the report of the fund’s independent registered public accounting firm contained in the annual report, are included in this statement of additional information.

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Fund numbers — Here are the fund numbers for use with our automated telephone line, American FundsLine^®, or when making share transactions:


	Fund numbers
Fund	Class A	Class B	Class C	Class F-1	Class F-2
Stock and stock/fixed income funds
AMCAP Fund^®	002	202	302	402	602
American Balanced Fund^®	011	211	311	411	611
American Funds Developing World Growth and Income Fund^SM	30100	32100	33100	34100	36100
American Funds Global Balanced Fund^SM	037	237	337	437	637
American Mutual Fund^®	003	203	303	403	603
Capital Income Builder^®	012	212	312	412	612
Capital World Growth and Income Fund^®	033	233	333	433	633
EuroPacific Growth Fund^®	016	216	316	416	616
Fundamental Investors^®	010	210	310	410	610
The Growth Fund of America^®	005	205	305	405	605
The Income Fund of America^®	006	206	306	406	606
International Growth and Income Fund^SM	034	234	334	434	634
The Investment Company of America^®	004	204	304	404	604
The New Economy Fund^®	014	214	314	414	614
New Perspective Fund^®	007	207	307	407	607
New World Fund^®	036	236	336	436	636
SMALLCAP World Fund^®	035	235	335	435	635
Washington Mutual Investors Fund^SM	001	201	301	401	601
Fixed income funds
American Funds Inflation Linked Bond Fund^®	060	260	360	460	660
American Funds Mortgage Fund^®	042	242	342	442	642
American Funds Short-Term Tax-Exempt Bond Fund^®	039	N/A	N/A	439	639
American Funds Tax-Exempt Fund of New York^®	041	241	341	441	641
American High-Income Municipal Bond Fund^®	040	240	340	440	640
American High-Income Trust^®	021	221	321	421	621
The Bond Fund of America^®	008	208	308	408	608
Capital World Bond Fund^®	031	231	331	431	631
Intermediate Bond Fund of America^®	023	223	323	423	623
Limited Term Tax-Exempt Bond Fund of America^®	043	243	343	443	643
Short-Term Bond Fund of America^®	048	248	348	448	648
The Tax-Exempt Bond Fund of America^®	019	219	319	419	619
The Tax-Exempt Fund of California^®	020	220	320	420	620
The Tax-Exempt Fund of Maryland^®*	024	224	324	424	624
The Tax-Exempt Fund of Virginia^®*	025	225	325	425	625
U.S. Government Securities Fund^®	022	222	322	422	622
Money market fund
American Funds Money Market Fund^®	059	259	359	459	659

___________

*Qualified for sale only in certain jurisdictions.

SMALLCAP World Fund — Page 74


	Fund numbers
Fund	Class 529-A	Class 529-B	Class 529-C	Class 529-E	Class 529-F-1
Stock and stock/fixed income funds
AMCAP Fund	1002	1202	1302	1502	1402
American Balanced Fund	1011	1211	1311	1511	1411
American Funds Developing World Growth and Income Fund	10100	12100	13100	15100	14100
American Funds Global Balanced Fund	1037	1237	1337	1537	1437
American Mutual Fund	1003	1203	1303	1503	1403
Capital Income Builder	1012	1212	1312	1512	1412
Capital World Growth and Income Fund	1033	1233	1333	1533	1433
EuroPacific Growth Fund	1016	1216	1316	1516	1416
Fundamental Investors	1010	1210	1310	1510	1410
The Growth Fund of America	1005	1205	1305	1505	1405
The Income Fund of America	1006	1206	1306	1506	1406
International Growth and Income Fund	1034	1234	1334	1534	1434
The Investment Company of America	1004	1204	1304	1504	1404
The New Economy Fund	1014	1214	1314	1514	1414
New Perspective Fund	1007	1207	1307	1507	1407
New World Fund	1036	1236	1336	1536	1436
SMALLCAP World Fund	1035	1235	1335	1535	1435
Washington Mutual Investors Fund	1001	1201	1301	1501	1401
Fixed income funds
American Funds Inflation Linked Bond Fund	1060	1260	1360	1560	1460
American Funds Mortgage Fund	1042	1242	1342	1542	1442
American High-Income Trust	1021	1221	1321	1521	1421
The Bond Fund of America	1008	1208	1308	1508	1408
Capital World Bond Fund	1031	1231	1331	1531	1431
Intermediate Bond Fund of America	1023	1223	1323	1523	1423
Short-Term Bond Fund of America	1048	1248	1348	1548	1448
U.S. Government Securities Fund	1022	1222	1322	1522	1422
Money market fund
American Funds Money Market Fund	1059	1259	1359	1559	1459

SMALLCAP World Fund — Page 75


	Fund numbers
Fund	Class R-1	Class R-2	Class R-2E	Class R-3	Class R-4	Class R-5E	Class R-5	Class R-6
Stock and stock/fixed income funds
AMCAP Fund	2102	2202	4102	2302	2402	2702	2502	2602
American Balanced Fund	2111	2211	4111	2311	2411	2711	2511	2611
American Funds Developing World Growth and Income Fund	21100	22100	41100	23100	24100	27100	25100	26100
American Funds Global Balanced Fund	2137	2237	4137	2337	2437	2737	2537	2637
American Mutual Fund	2103	2203	4103	2303	2403	2703	2503	2603
Capital Income Builder	2112	2212	4112	2312	2412	2712	2512	2612
Capital World Growth and Income Fund	2133	2233	4133	2333	2433	2733	2533	2633
EuroPacific Growth Fund	2116	2216	4116	2316	2416	2716	2516	2616
Fundamental Investors	2110	2210	4110	2310	2410	2710	2510	2610
The Growth Fund of America	2105	2205	4105	2305	2405	2705	2505	2605
The Income Fund of America	2106	2206	4106	2306	2406	2706	2506	2606
International Growth and Income Fund	2134	2234	41034	2334	2434	27034	2534	2634
The Investment Company of America	2104	2204	4104	2304	2404	2704	2504	2604
The New Economy Fund	2114	2214	4114	2314	2414	2714	2514	2614
New Perspective Fund	2107	2207	4107	2307	2407	2707	2507	2607
New World Fund	2136	2236	4136	2336	2436	2736	2536	2636
SMALLCAP World Fund	2135	2235	4135	2335	2435	2735	2535	2635
Washington Mutual Investors Fund	2101	2201	4101	2301	2401	2701	2501	2601
Fixed income funds
American Funds Inflation Linked Bond Fund	2160	2260	4160	2360	2460	2760	2560	2660
American Funds Mortgage Fund	2142	2242	4142	2342	2442	2742	2542	2642
American High-Income Trust	2121	2221	4121	2321	2421	2721	2521	2621
The Bond Fund of America	2108	2208	4108	2308	2408	2708	2508	2608
Capital World Bond Fund	2131	2231	4131	2331	2431	2731	2531	2631
Intermediate Bond Fund of America	2123	2223	4123	2323	2423	2723	2523	2623
Short-Term Bond Fund of America	2148	2248	4148	2348	2448	2748	2548	2648
U.S. Government Securities Fund	2122	2222	4122	2322	2422	2722	2522	2622
Money market fund
American Funds Money Market Fund	2159	2259	4159	2359	2459	2759	2559	2659

SMALLCAP World Fund — Page 76


	Fund numbers
Fund	Class A	Class B	Class C	Class F-1	Class F-2
American Funds Target Date Retirement Series^®
American Funds 2060 Target Date Retirement Fund^SM	083	283	383	483	683
American Funds 2055 Target Date Retirement Fund^®	082	282	382	482	682
American Funds 2050 Target Date Retirement Fund^®	069	269	369	469	669
American Funds 2045 Target Date Retirement Fund^®	068	268	368	468	668
American Funds 2040 Target Date Retirement Fund^®	067	267	367	467	667
American Funds 2035 Target Date Retirement Fund^®	066	266	366	466	36066
American Funds 2030 Target Date Retirement Fund^®	065	265	365	465	665
American Funds 2025 Target Date Retirement Fund^®	064	264	364	464	664
American Funds 2020 Target Date Retirement Fund^®	063	263	363	463	663
American Funds 2015 Target Date Retirement Fund^®	062	262	362	462	662
American Funds 2010 Target Date Retirement Fund^®	061	261	361	461	661


	Fund numbers
Fund	Class R-1	Class R-2	Class R-2E	Class R-3	Class R-4	Class R-5E	Class R-5	Class R-6
American Funds Target Date Retirement Series^®
American Funds 2060 Target Date Retirement Fund^SM	2183	2283	4183	2383	2483	2783	2583	2683
American Funds 2055 Target Date Retirement Fund^®	2182	2282	4182	2382	2482	2782	2582	2682
American Funds 2050 Target Date Retirement Fund^®	2169	2269	4169	2369	2469	2769	2569	2669
American Funds 2045 Target Date Retirement Fund^®	2168	2268	4168	2368	2468	2768	2568	2668
American Funds 2040 Target Date Retirement Fund^®	2167	2267	4167	2367	2467	2767	2567	2667
American Funds 2035 Target Date Retirement Fund^®	2166	2266	4166	2366	2466	2766	2566	2666
American Funds 2030 Target Date Retirement Fund^®	2165	2265	4165	2365	2465	2765	2565	2665
American Funds 2025 Target Date Retirement Fund^®	2164	2264	4164	2364	2464	2764	2564	2664
American Funds 2020 Target Date Retirement Fund^®	2163	2263	4163	2363	2463	2763	2563	2663
American Funds 2015 Target Date Retirement Fund^®	2162	2262	4162	2362	2462	2762	2562	2662
American Funds 2010 Target Date Retirement Fund^®	2161	2261	4161	2361	2461	2761	2561	2661


	Fund numbers
Fund	Class 529-A	Class 529-B	Class 529-C	Class 529-E	Class 529-F-1
American Funds College Target Date Series^®
American Funds College 2033 Fund^SM	10103	12103	13103	15103	14103
American Funds College 2030 Fund^®	1094	1294	1394	1594	1494
American Funds College 2027 Fund^®	1093	1293	1393	1593	1493
American Funds College 2024 Fund^®	1092	1292	1392	1592	1492
American Funds College 2021 Fund^®	1091	1291	1391	1591	1491
American Funds College 2018 Fund^®	1090	1290	1390	1590	1490
American Funds College Enrollment Fund^®	1088	1288	1388	1588	1488

SMALLCAP World Fund — Page 77


		Fund numbers
Fund		Class A		Class B			Class C		Class F-1			Class F-2
American Funds Portfolio Series^SM
American Funds Global Growth Portfolio^SM		055		255			355		455			655
American Funds Growth Portfolio^SM		053		253			353		453			653
American Funds Growth and Income Portfolio^SM		051		251			351		451			651
American Funds Balanced Portfolio^SM		050		250			350		450			650
American Funds Income Portfolio^SM		047		247			347		447			647
American Funds Tax-Advantaged Income Portfolio^SM		046		246			346		446			646
American Funds Preservation Portfolio^SM		045		245			345		445			645
American Funds Tax-Exempt Preservation Portfolio^SM		044		244			344		444			644
		Class 529-A		Class 529-B			Class 529-C		Class 529-E			Class 529-F-1
American Funds Global Growth Portfolio		1055		1255			1355		1555			1455
American Funds Growth Portfolio		1053		1253			1353		1553			1453
American Funds Growth and Income Portfolio		1051		1251			1351		1551			1451
American Funds Balanced Portfolio		1050		1250			1350		1550			1450
American Funds Income Portfolio		1047		1247			1347		1547			1447
American Funds Tax-Advantaged Income Portfolio		N/A		N/A			N/A		N/A			N/A
American Funds Preservation Portfolio		1045		1245			1345		1545			1445
American Funds Tax-Exempt Preservation Portfolio		N/A		N/A			N/A		N/A			N/A
	Class R-1		Class R-2		Class R-2E	Class R-3		Class R-4		Class R-5E	Class R-5		Class R-6
American Funds Global Growth Portfolio	2155		2255		4155	2355		2455		2755	2555		2655
American Funds Growth Portfolio	2153		2253		4153	2353		2453		2753	2553		2653
American Funds Growth and Income Portfolio	2151		2251		4151	2351		2451		2751	2551		2651
American Funds Balanced Portfolio	2150		2250		4150	2350		2450		2750	2550		2650
American Funds Income Portfolio	2147		2247		4147	2347		2447		2747	2547		2647
American Funds Tax-Advantaged Income Portfolio	N/A		N/A		N/A	N/A		N/A		N/A	N/A		N/A
American Funds Preservation Portfolio	2145		2245		4145	2345		2445		2745	2545		2645
American Funds Tax-Exempt Preservation Portfolio	N/A		N/A		N/A	N/A		N/A		N/A	N/A		N/A

SMALLCAP World Fund — Page 78


	Fund numbers
Fund	Class A		Class B			Class C		Class F-1			Class F-2
American Funds Retirement Income Portfolio Series^SM
American Funds Retirement Income Portfolio – Conservative^SM	30109		32109			33109		34109			36109
American Funds Retirement Income Portfolio – Moderate^SM	30110		32110			33110		34110			36110
American Funds Retirement Income Portfolio – Enhanced^SM	30111		32111			33111		34111			36111
	Class R-1	Class R-2		Class R-2E	Class R-3		Class R-4		Class R-5E	Class R-5		Class R-6
American Funds Retirement Income Portfolio – Conservative	21109	22109		41109	23109		24109		27109	25109		26109
American Funds Retirement Income Portfolio – Moderate	21110	22110		41110	23110		24110		27110	25110		26110
American Funds Retirement Income Portfolio – Enhanced	21111	22111		41111	23111		24111		27111	25111		26111

SMALLCAP World Fund — Page 79

Appendix

The following descriptions of debt security ratings are based on information provided by Moody’s Investors Service, Standard & Poor’s Corporation and Fitch Ratings, Inc.

Description of bond ratings

Moody’s
Long-term rating definitions

Aaa
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A
Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Baa
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B
Obligations rated B are considered speculative and are subject to high credit risk.

Caa
Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk.

Ca
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

SMALLCAP World Fund — Page 80

Standard & Poor’s
Long-term issue credit ratings

AAA
An obligation rated AAA has the highest rating assigned by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

AA
An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.

A
An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.

BBB
An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

BB, B, CCC, CC, and C

Obligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB
An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation.

B
An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation.

CCC
An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC
An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but Standard & Poor’s expects default to be a virtual certainty, regardless of the anticipated time to default.

SMALLCAP World Fund — Page 81

C
An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D
An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor’s believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation’s rating is lowered to D if it is subject to a distressed exchange offer.

Plus (+) or minus (–)

The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that Standard & Poor’s does not rate a particular obligation as a matter of policy.

SMALLCAP World Fund — Page 82

Fitch Ratings, Inc.
Long-term credit ratings

AAA
Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA
Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A
High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

BBB
Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

BB
Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

B
Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC
Substantial credit risk. Default is a real possibility.

CC
Very high levels of credit risk. Default of some kind appears probable.

C
Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C category rating for an issuer include:

· The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;

· The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

· Fitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

SMALLCAP World Fund — Page 83

RD
Restricted default. RD ratings indicate an issuer that in Fitch Ratings’ opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

· The selective payment default on a specific class or currency of debt;

· The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

· The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

· Execution of a distressed debt exchange on one or more material financial obligations.

D
Default. D ratings indicate an issuer that in Fitch Ratings’ opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer’s financial obligations or local commercial practice.

Note: The modifiers “+” or “–” may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA long-term rating category, or to categories below B.

SMALLCAP World Fund — Page 84

Description of commercial paper ratings

Moody’s

Commercial paper ratings (highest three ratings)

P-1

Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2

Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3

Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

Standard & Poor’s

Commercial paper ratings (highest three ratings)

A-1

A short-term obligation rated A-1 is rated in the highest category by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitment on these obligations is extremely strong.

A-2

A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory.

A-3

A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

SMALLCAP World Fund — Page 85

SMALLCAP World Fund®

Investment portfolio

March 31, 2015

unaudited

Common stocks 94.56% Health care 18.85%	Shares	Value (000)
Incyte Corp.1	4,367,600	$400,334
Endo International PLC1	2,900,518	260,176
Endo International PLC (CAD denominated)1	100,000	9,005
bluebird bio, Inc.1,2	2,091,565	252,598
Molina Healthcare, Inc.1,2	3,488,100	234,714
Synageva BioPharma Corp.1,2	2,179,974	212,613
Centene Corp.1	2,970,000	209,949
Myriad Genetics, Inc.1,2	5,780,656	204,635
BioMarin Pharmaceutical Inc.1	1,296,500	161,570
Hikma Pharmaceuticals PLC3	4,840,153	152,483
EXACT Sciences Corp.1,2	6,605,000	145,442
GW Pharmaceuticals PLC (ADR)1,2	1,565,700	142,682
Kite Pharma, Inc.1	1,546,200	89,185
Kite Pharma, Inc.1,4	481,446	27,770
Brookdale Senior Living Inc.1	3,046,750	115,045
athenahealth, Inc.1	929,371	110,958
Juno Therapeutics, Inc.1,3,5	1,831,501	91,101
Juno Therapeutics, Inc.1	301,000	18,259
Spire Healthcare Group PLC1,3	17,738,990	98,331
Sysmex Corp.3	1,698,000	94,381
Zeltiq Aesthetics, Inc.1,2	3,002,044	92,553
Ultragenyx Pharmaceutical Inc.1	1,411,470	87,638
Alnylam Pharmaceuticals, Inc.1	833,700	87,055
Illumina, Inc.1	450,800	83,687
CONMED Corp.2	1,635,000	82,551
Ocular Therapeutix, Inc.1,2	1,705,700	71,614
Intuitive Surgical, Inc.1	135,000	68,179
Agios Pharmaceuticals, Inc.1	698,000	65,821
Hologic, Inc.1	1,965,000	64,894
Galapagos NV1,2,3	2,422,427	57,491
Teleflex Inc.	460,700	55,666
NuVasive, Inc.1	1,184,000	54,452
HeartWare International, Inc.1	596,993	52,398
Prothena Corp. PLC1	1,263,214	48,179
Fisher & Paykel Healthcare Corp. Ltd.3	9,663,437	47,455
ACADIA Pharmaceuticals Inc.1	1,443,000	47,027
Pharmacyclics, Inc.1	183,656	47,007
Neurocrine Biosciences, Inc.1	1,150,200	45,674
Neovasc Inc. (CAD denominated)1,2	4,277,000	38,497
Neovasc Inc.1,2	503,836	4,534
Team Health Holdings, Inc.1	727,000	42,537
Novadaq Technologies Inc.1	2,505,948	40,697
INC Research Holdings, Inc., Class A1	1,216,216	39,807
PerkinElmer, Inc.	745,000	38,099
Virbac SA3	160,200	37,858
BTG PLC1,3	3,350,000	35,385
XenoPort, Inc.1,2	4,769,000	33,955

SMALLCAP World Fund — Page 1 of 16

unaudited

Common stocks Health care (continued)	Shares	Value (000)
Insulet Corp.1	1,012,700	$33,774
Flexion Therapeutics, Inc.1,2	1,419,252	31,962
Nihon Kohden Corp.3	1,113,000	30,354
KYTHERA Biopharmaceuticals, Inc.1	587,300	29,453
Fleury SA, ordinary nominative	5,825,000	29,202
ChemoCentryx, Inc.1,2	3,467,240	26,178
Genomma Lab Internacional, SAB de CV, Series B1	27,263,000	25,827
Tong Ren Tang Technologies Co., Ltd., Class H3	16,820,000	24,739
AAC Holdings, Inc.1	800,000	24,464
QIAGEN NV1,3	968,751	24,446
Glenmark Pharmaceuticals Ltd.3	1,921,103	24,190
Zafgen, Inc.1	605,000	23,964
Ironwood Pharmaceuticals, Inc., Class A1	1,475,000	23,600
Achillion Pharmaceuticals, Inc.1	2,325,000	22,925
Eurofins Scientific SE, non-registered shares3	73,500	19,813
Orexigen Therapeutics, Inc.1	2,407,400	18,850
Thoratec Corp.1	435,000	18,222
Genmab A/S1,3	235,000	17,680
Celldex Therapeutics, Inc.1	627,000	17,475
Gerresheimer AG, non-registered shares3	310,000	17,118
Grifols, SA, Class B (ADR)	308,200	10,112
Grifols, SA, Class A, non-registered shares3	135,000	5,797
Castlight Health, Inc., Class B1	1,969,767	15,285
Krka, dd, Novo mesto3	231,262	15,263
Trupanion, Inc.1,2	1,822,500	14,580
Circassia Pharmaceuticals PLC1,3	3,260,000	13,531
Mesoblast Ltd.1,3	4,700,000	12,947
Wright Medical Group, Inc.1	438,485	11,313
PT Siloam International Hospitals Tbk1,3	10,213,800	10,466
MD Medical Group Investments PLC (GDR)3	1,868,188	8,780
CYBERDYNE Inc.1,3	254,000	6,631
Pharmstandard OJSC (GDR)1,3	891,206	3,737
GI Dynamics, Inc. (CDI)1,2,3	30,320,000	3,134
OTCPharm PJSC1,3	924,610	2,883
		5,120,636
Consumer discretionary 18.48%
Netflix, Inc.1	812,043	338,370
Domino’s Pizza, Inc.2	3,125,769	314,296
Lions Gate Entertainment Corp.2	6,996,000	237,304
Paddy Power PLC3	2,229,500	191,095
Ted Baker PLC2,3	3,154,993	116,931
Dollarama Inc.	2,078,000	116,160
John Wiley & Sons, Inc., Class A	1,740,530	106,416
Mr Price Group Ltd.3	4,926,826	105,372
Melco International Development Ltd.3	59,147,000	99,837
Rightmove PLC3	1,962,000	87,103
Brinker International, Inc.	1,412,500	86,953
Inchcape PLC3	6,465,600	75,978
ASOS PLC1,3	1,369,755	73,295
YOOX SpA1,3	2,621,469	72,500
Eclat Textile Co., Ltd.3	5,490,160	71,975
Gentex Corp.	3,909,134	71,537
Penske Automotive Group, Inc.	1,345,000	69,254
Jarden Corp.1	1,293,750	68,439

SMALLCAP World Fund — Page 2 of 16

unaudited

Common stocks Consumer discretionary (continued)	Shares	Value (000)
L’Occitane International SA3	21,620,000	$61,660
Matahari Department Store Tbk PT3	40,820,000	61,327
TOD’S SpA3	655,000	59,440
Tiffany & Co.	667,000	58,703
Domino’s Pizza Enterprises Ltd.3	2,084,956	58,701
Tesla Motors, Inc.1	303,200	57,235
Cedar Fair, LP	990,000	56,826
Entertainment One Ltd.3	12,659,782	56,735
Sotheby’s Holdings, Inc.	1,320,000	55,783
Cox & Kings Ltd.2,3	10,407,346	53,850
Cox & Kings Ltd. (GDR)2,3	330,000	1,707
Jubilant FoodWorks Ltd.1,3	2,220,098	52,435
ASKUL Corp.3	2,193,600	51,676
POYA International Co., Ltd.2,3	5,342,660	50,776
Lands’ End, Inc.1	1,400,000	50,232
zooplus AG, non-registered shares1,2,3	527,778	48,330
Chow Sang Sang Holdings International Ltd.3	21,564,000	46,723
OSIM International Ltd3	32,224,000	45,965
Brunello Cucinelli SpA3	2,573,331	45,280
Installed Building Products, Inc.1,2	2,068,345	45,007
Ocado Group PLC1,3	8,533,708	44,507
Tele Columbus AG1,2,3	2,976,000	43,803
Moncler SpA3	2,597,230	43,538
Nord Anglia Education, Inc.1	1,910,000	43,395
Jumbo SA3	4,087,964	42,494
START TODAY Co., Ltd.3	1,450,000	38,219
Poundland Group PLC3	6,904,506	37,347
TravelCenters of America LLC1,2	2,023,750	35,294
Standard Pacific Corp.1	3,754,000	33,786
Century Communities, Inc.1,2	1,716,000	33,170
Estácio Participações SA, ordinary nominative	5,675,000	32,967
Eros International PLC, Class A1	1,871,666	32,698
Skechers USA, Inc., Class A1	437,000	31,425
Five Below, Inc.1	864,000	30,732
Rentrak Corp.1	550,000	30,558
Ctrip.com International, Ltd. (ADR)1	512,000	30,013
Boyd Gaming Corp.1	2,049,000	29,096
Daily Mail and General Trust PLC, Class A, nonvoting3	2,210,000	28,912
Brunswick Corp.	560,000	28,812
Greene King PLC3	2,190,000	27,152
EVINE Live Inc., Class A1,2	3,987,540	26,756
Chipotle Mexican Grill, Inc.1	39,890	25,950
Mothercare PLC3	8,455,000	25,862
PT Multipolar Tbk3	351,330,000	25,605
Titan Co. Ltd.3	3,760,000	25,520
Stella International Holdings Ltd.3	10,549,500	25,192
Hathway Cable and Datacom Ltd.1,3,5	35,250,000	25,149
Six Flags Entertainment Corp.	500,000	24,205
Homeinns Hotel Group (ADR)1	1,006,000	23,812
Pacific Textiles Holdings Ltd.3	17,000,000	23,532
Arcos Dorados Holdings Inc., Class A	4,735,000	23,344
Zee Entertainment Enterprises Ltd.3	3,885,000	21,191
Papa Murphy’s Holdings, Inc.1,2	1,126,400	20,433
Lennar Corp., Class A	394,000	20,413
Beauty Community PCL, foreign registered2,3	15,000,000	19,682

SMALLCAP World Fund — Page 3 of 16

unaudited

Common stocks Consumer discretionary (continued)	Shares	Value (000)
zulily, inc., Class A1	1,500,700	$19,494
I.T Limited3	57,710,000	19,207
Toll Brothers, Inc.1	471,800	18,561
Cie. Plastic Omnium SA3	678,658	17,864
Merida Industry Co., Ltd.3	2,217,600	17,409
Navitas Ltd.3	4,625,000	17,177
Melco Crown Entertainment Ltd. (ADR)	800,000	17,168
China Lodging Group, Ltd. (ADR)1	840,000	16,548
B2W - Cia. Digital, ordinary nominative1	2,600,800	16,257
World Wrestling Entertainment, Inc., Class A	1,140,000	15,971
Major Cineplex Group PCL3	15,220,000	15,314
Cavco Industries, Inc.1	204,000	15,312
Zhongsheng Group Holdings Ltd.3	22,854,000	15,118
Qunar Cayman Islands Ltd., Class B (ADR)1	365,000	15,056
TAKKT AG3	801,778	14,690
Intercontinental Hotels Group PLC3	371,045	14,482
SHW AG, non-registered shares3	300,000	14,362
Playmates Toys Ltd.3	57,268,000	13,983
D.R. Horton, Inc.	490,000	13,955
Dick Smith Holdings Ltd.3	9,090,940	13,476
American Axle & Manufacturing Holdings, Inc.1	505,000	13,044
Valeo SA, non-registered shares3	86,000	12,856
ITT Educational Services, Inc.1,2	1,869,000	12,691
PARADISE Co., Ltd.3	581,000	12,671
Topps Tiles PLC3	7,000,000	12,105
HUGO BOSS AG3	99,231	12,083
Techtronic Industries Co. Ltd.3	3,570,000	12,024
DSW Inc., Class A	320,000	11,802
GVC Holdings PLC3	1,663,694	11,737
William Hill PLC3	2,047,800	11,255
DO & CO AG, non-registered shares3	150,000	11,130
Gourmet Master Co. Ltd.3	2,478,000	11,053
Sitoy Group Holdings Ltd.3	16,545,800	10,578
Parkson Retail Asia Ltd.3	23,182,000	10,135
Tribhovandas Bhimji Zaveri Ltd.2,3	4,335,732	10,133
Talwalkars Better Value Fitness Ltd.2,3	1,694,000	10,109
Café de Coral Holdings Ltd.3	2,820,000	10,089
Ace Hardware Indonesia Tbk PT3	174,400,000	9,800
Hankook Tire Co., Ltd.3	233,473	9,525
Murphy USA Inc.1	125,000	9,046
Ripley Corp SA	17,726,000	8,545
Weight Watchers International, Inc.1	1,100,000	7,689
Samsonite International SA3	2,175,000	7,539
POLYTEC Holding AG, non-registered shares3	834,369	7,263
Texhong Textile Group Ltd.3	6,350,000	7,085
GAEC Educação SA, ordinary nominative	1,450,000	6,915
International Housewares Retail Co. Ltd.3	29,700,000	6,666
PT Astra Otoparts Tbk3	22,795,300	6,272
Central European Media Enterprises Ltd., Class A1	2,220,000	5,905
Mood Media Corp.1,2	6,375,000	3,171
Mood Media Corp. (CDI)1,2	3,710,000	1,845
NagaCorp Ltd.3	7,330,000	4,872
Fox Factory Holding Corp.1	308,096	4,726
Fourlis Holdings SA1,3	1,326,355	3,844
Dixons Carphone PLC3	615,000	3,763

SMALLCAP World Fund — Page 4 of 16

unaudited

Common stocks Consumer discretionary (continued)	Shares	Value (000)
Minth Group Ltd.3	1,824,000	$3,597
China Zenix Auto International Ltd. (ADR)1	2,152,000	2,561
Phorm Corp. Ltd.1,3	15,890,000	2,092
eLong, Inc. (ADR)1	50,415	868
Career Education Corp.1	134,967	679
Mulberry Group PLC3	51,890	658
Powerland AG, non-registered shares1,2,3	1,155,176	372
Ten Alps PLC1,3	3,439,001	34
Strayer Education, Inc.1	423	23
Five Star Travel Corp.1,3,5	96,033	21
		5,018,045
Industrials 13.38%
AA PLC1,2,3	43,792,318	261,265
Moog Inc., Class A1	2,572,800	193,089
Hoshizaki Electric Co., Ltd.3	2,780,700	181,316
ITT Corp.	3,508,121	140,009
Loomis AB, Class B3	3,690,452	113,050
Northgate PLC2,3	10,626,805	93,170
Spirax-Sarco Engineering PLC3	1,781,000	89,966
MonotaRO Co., Ltd.3	2,460,600	89,339
King Slide Works Co., Ltd.2,3	5,572,000	83,840
Oshkosh Corp.	1,605,900	78,352
Havells India Ltd.3	16,048,000	78,177
Wizz Air Holdings PLC1,2,3	3,498,684	72,088
IDEX Corp.	875,000	66,351
American Airlines Group Inc.	1,213,000	64,022
Continental Building Products, Inc.1,2	2,705,000	61,106
BELIMO Holding AG3	28,050	60,867
Takeuchi Mfg. Co., Ltd.2,3	1,306,300	59,208
Waste Connections, Inc.	1,206,000	58,057
Japan Airport Terminal Co. Ltd.3	940,000	56,979
PARK24 Co., Ltd.3	2,765,000	56,633
Gujarat Pipavav Port Ltd.1,3	14,381,091	55,569
Flughafen Zürich AG3	68,400	53,884
Generac Holdings Inc.1	1,099,300	53,525
NORMA Group SE, non-registered shares3	1,051,339	52,974
Clean Harbors, Inc.1	930,700	52,845
Johnson Electric Holdings Ltd.3	14,528,875	51,201
Boer Power Holdings Ltd.3	34,202,000	50,936
Exponent, Inc.	535,000	47,561
MITIE Group PLC3	11,527,502	47,146
Landstar System, Inc.	691,000	45,813
Watsco, Inc.	350,000	43,995
Masco Corp.	1,625,000	43,387
TransDigm Group Inc.	190,000	41,557
JetBlue Airways Corp.1	2,100,000	40,425
Michael Page International PLC3	5,170,000	39,935
Alliance Global Group, Inc.3	66,295,000	39,258
Orbital ATK, Inc.	449,000	34,407
Dätwyler Holding Inc., non-registered shares3	240,000	33,477
CIMC Enric Holdings Ltd.3	31,276,000	30,403
Amara Raja Batteries Ltd.3	2,173,886	28,914
Meggitt PLC3	3,470,000	28,192
Rotork PLC3	745,000	27,286

SMALLCAP World Fund — Page 5 of 16

unaudited

Common stocks Industrials (continued)	Shares	Value (000)
Grupo Aeroportuario del Centro Norte, SAB de CV, Series B	5,550,000	$27,030
ARC Document Solutions, Inc.1,2	2,903,951	26,803
Summit Ascent Holdings Ltd.1,3	48,620,000	25,923
Rheinmetall AG3	510,000	24,680
Graco Inc.	340,000	24,534
Carborundum Universal Ltd.3	7,985,000	24,320
Chart Industries, Inc.1	670,700	23,525
KEYW Holding Corp.1,2	2,836,400	23,344
Virgin America Inc.1	767,000	23,317
BTS Rail Mass Transit Growth Infrastructure Fund3	71,183,700	22,753
Sinmag Equipment Corp.2,3	3,800,000	22,393
Intertek Group PLC3	577,000	21,361
WageWorks, Inc.1	400,000	21,332
Robert Half International Inc.	337,000	20,395
Regus PLC3	6,205,000	20,027
J. Kumar Infraprojects Ltd.2,3	1,780,000	19,404
The Brink’s Co.	701,000	19,369
Bossard Holding AG3	157,920	18,742
Shun Tak Holdings Ltd.3	37,460,000	18,077
Alaska Air Group, Inc.	260,000	17,207
AKR Corporindo Tbk PT3	40,759,000	15,961
AirAsia Bhd.3	24,750,000	15,902
Geberit AG3	41,000	15,391
PayPoint PLC3	1,220,000	14,816
DKSH Holding AG3	179,551	14,638
Teleperformance SA3	204,247	14,000
Aeroflot - Russian Airlines OJSC3	23,429,000	13,639
Harmonic Drive Systems Inc.3	610,000	13,471
Shanghai Industrial Holdings Ltd.3	4,185,000	12,880
China Shipping Container Lines Co., Ltd., Class H1,3	35,460,000	11,237
Okabe Co., Ltd.3	1,208,000	11,165
Orient Overseas (International) Ltd.3	1,753,000	10,707
USG Corp.1	397,000	10,600
Stock Building Supply Holdings, Inc.1	579,222	10,461
Briggs & Stratton Corp.	500,000	10,270
Pegasus Hava Tasimaciligi AS1,3	1,095,000	10,193
Andritz AG3	170,000	10,166
Advisory Board Co.1	172,819	9,208
Houston Wire & Cable Co.	868,094	8,447
COSCO Pacific Ltd.3	5,990,000	7,857
Avianca Holdings SA, preferred, restricted-voting (ADR)	666,700	7,547
Globaltrans Investment PLC (GDR)3	1,631,761	7,386
TD Power Systems Ltd.3	1,072,405	6,148
Jungheinrich AG, nonvoting preferred3	85,000	5,483
Pfeiffer Vacuum Technology AG, non-registered shares3	64,000	5,448
Mills Estruturas e Serviços de Engenharia SA, ordinary nominative	2,110,401	5,244
Frigoglass SAIC1,3	2,464,018	4,186
China Automation Group Ltd.1,3	27,000,000	3,169
Zuiko Corp.3	71,300	2,725
Cebu Air, Inc.3	795,360	1,511
		3,633,966

SMALLCAP World Fund — Page 6 of 16

unaudited

Common stocks Information technology 13.13%	Shares	Value (000)
Qorvo, Inc.1	3,884,370	$309,584
AAC Technologies Holdings Inc.3	29,127,750	179,204
Kakaku.com, Inc.3	9,426,000	156,354
Demandware, Inc.1,2	2,486,056	151,401
Palo Alto Networks, Inc.1	1,014,350	148,176
Zynga Inc., Class A1	47,635,000	135,760
Finisar Corp.1,2	5,318,000	113,486
Topcon Corp.3	4,063,110	99,691
Hamamatsu Photonics KK3	3,083,200	93,318
Halma PLC3	8,614,967	89,216
CDW Corp.	2,060,000	76,714
Semiconductor Manufacturing International Corp.1,3	787,175,000	75,752
Hermes Microvision Inc.3	1,298,000	74,681
58.com Inc., Class A (ADR)1	1,128,000	59,649
National Instruments Corp.	1,819,628	58,301
eMemory Technology Inc.2,3	5,358,000	58,201
Coupons.com Inc.1,2	4,881,613	57,310
MercadoLibre, Inc.	451,000	55,256
Zebra Technologies Corp., Class A1	568,900	51,608
Playtech PLC3	4,189,000	48,318
Zoopla Property Group PLC3	17,336,200	46,474
Xoom Corp.1,2	3,075,805	45,184
Alcatel-Lucent1,3	11,726,125	44,377
QIWI PLC, Class B (ADR)	1,788,000	42,948
Inphi Corp.1,2	2,340,699	41,735
Dolby Laboratories, Inc., Class A	1,041,856	39,757
ASM International NV3	851,500	39,296
JUST EAT PLC1,3	5,940,000	38,407
Cray Inc.1	1,303,772	36,610
Ellie Mae, Inc.1	652,000	36,062
EPAM Systems, Inc.1	588,300	36,057
Autodesk, Inc.1	605,000	35,477
FireEye, Inc.1	894,188	35,097
RIB Software AG2,3	2,476,356	34,822
Cypress Semiconductor Corp.1	2,385,000	33,652
Veeco Instruments Inc.1	1,089,209	33,275
JDS Uniphase Corp.1	2,489,000	32,656
Actua Corp1,2	2,094,000	32,436
Hana Microelectronics PCL3	23,935,000	32,335
NCC Group PLC2,3	10,840,000	31,529
Pandora Media, Inc.1	1,925,000	31,204
TravelSky Technology Ltd., Class H3	25,420,000	29,248
SUNeVision Holdings Ltd.3	89,298,000	29,122
Nemetschek AG3	223,268	28,954
Silicon Laboratories Inc.1	539,992	27,415
OBIC Co., Ltd.3	632,500	26,878
LendingClub Corp.1,3,5	1,474,744	26,081
Atmel Corp.	3,077,840	25,331
Knowles Corp.1	1,296,091	24,976
ASM Pacific Technology Ltd.3	2,314,700	24,069
Cornerstone OnDemand, Inc.1	795,749	22,989
Criteo SA (ADR)1	560,000	22,120
Spectris PLC3	680,000	21,780
Suprema Inc.2,3	868,200	21,668
Trimble Navigation Ltd.1	840,000	21,168

SMALLCAP World Fund — Page 7 of 16

unaudited

Common stocks Information technology (continued)	Shares	Value (000)
Wix.com Ltd.1	1,100,000	$21,076
KLA-Tencor Corp.	340,650	19,856
CoStar Group, Inc.1	100,000	19,783
Gogo Inc.1	1,000,000	19,060
YY Inc., Class A (ADR)1	309,000	16,857
Good Technology Corp.1,3,4	3,636,364	16,655
Domino Printing Sciences PLC3	1,200,000	16,635
Semtech Corp.1	620,000	16,520
Cvent, Inc.1	569,500	15,969
Persistent Systems Ltd.3	1,335,163	15,237
Ixia1	1,245,000	15,102
ON Semiconductor Corp.1	1,230,000	14,895
Taiyo Yuden Co., Ltd.3	960,000	14,001
MagnaChip Semiconductor Corp.1,2	2,355,000	12,882
SciQuest, Inc.1	740,000	12,528
M/A-COM Technology Solutions Holdings, Inc.1	326,004	12,147
Alten SA, non-registered shares3	250,000	11,481
VTech Holdings Ltd.3	685,000	9,762
NHN Entertainment Corp.1,3	151,000	9,703
Ultimate Software Group, Inc.1	55,700	9,466
Tableau Software, Inc., Class A1	100,000	9,252
Cognex Corp.	161,202	7,994
Jay Mart PCL3	22,812,500	7,357
Goldpac Group Ltd.3	12,000,000	7,075
Tangoe, Inc.1	422,400	5,829
iEnergizer Ltd.1,2,3	7,650,500	4,313
Remark Media, Inc.1	108,065	464
		3,565,068
Financials 10.25%
SVB Financial Group1	1,305,700	165,876
Umpqua Holdings Corp.	6,904,541	118,620
Validus Holdings, Ltd.	2,813,000	118,427
Financial Engines, Inc.	2,520,930	105,450
ING Vysya Bank Ltd.3	7,018,649	104,885
GT Capital Holdings, Inc.3	3,485,200	104,101
Kotak Mahindra Bank Ltd.3	4,940,000	103,528
Haversham Holdings PLC1,2,3	42,870,000	101,749
PacWest Bancorp	1,942,149	91,067
Outfront Media Inc.	2,640,929	79,017
WHA Corp. PCL, foreign2,3	77,735,590	75,164
East West Bancorp, Inc.	1,855,000	75,053
HCC Insurance Holdings, Inc.	1,257,000	71,234
Onex Corp.	1,179,100	68,472
First Republic Bank	1,141,825	65,187
Shriram Transport Finance Co. Ltd.3	3,595,363	63,977
VZ Holding AG3	263,200	51,378
Talmer Bancorp, Inc., Class A	3,234,028	49,529
EFG International AG3	3,757,378	46,306
Altisource Residential Corp.	2,188,650	45,655
Avanza Bank Holding AB3	1,280,526	44,679
Janus Capital Group Inc.	2,543,000	43,714
Cathay General Bancorp, Inc.	1,510,000	42,959
Fibra Uno Administración, SA de CV	15,355,891	40,681
Repco Home Finance Ltd.2,3	3,809,357	38,963

SMALLCAP World Fund — Page 8 of 16

unaudited

Common stocks Financials (continued)	Shares	Value (000)
Kemper Corp.	1,000,000	$38,960
Great Western Bancorp, Inc.	1,617,000	35,590
GRUH Finance Ltd.3	8,619,701	33,765
Genworth Mortgage Insurance Australia Ltd.3	12,815,157	32,107
Foxtons Group PLC3	9,596,590	29,211
Mercury General Corp.	500,000	28,875
Manappuram Finance Ltd.2,3	54,930,986	28,460
Inversiones La Construcción SA	2,334,000	27,318
Texas Capital Bancshares, Inc.1	557,700	27,132
Grupo Financiero Galicia SA, Class B (ADR)	1,113,000	25,766
Endurance Specialty Holdings Ltd.	400,000	24,456
Old Republic International Corp.	1,635,000	24,427
Land and Houses PCL, nonvoting depository receipt3	80,350,000	23,999
Kenedix, Inc.3	5,703,000	23,262
Chailease Holding Co. Ltd.3	9,317,000	23,190
Redwood Trust, Inc.	1,276,320	22,808
GRIVALIA PROPERTIES Real Estate Investments Co. SA3	2,791,674	22,778
Cerved Information Solutions SPA, non-registered shares1,3	3,301,037	22,002
CenterState Banks, Inc.	1,802,399	21,467
LSL Property Services PLC3	4,166,350	20,918
Bank of the Ozarks, Inc.	555,000	20,496
Signature Bank1	157,800	20,448
RenaissanceRe Holdings Ltd.	205,000	20,445
ICRA Ltd.3	300,000	19,209
Sino-Ocean Land Holdings Ltd.3	30,764,317	18,617
RE/MAX Holdings, Inc., Class A	550,000	18,265
City Union Bank Ltd.3	11,545,000	17,872
CRISIL Ltd.3	535,000	17,217
Bank of Ireland1,3	45,456,798	17,202
K. Wah International Holdings Ltd.3	34,759,947	17,152
Greenhill & Co., Inc.	420,000	16,653
Mahindra Lifespace Developers Ltd.2,3	2,157,380	16,240
Numis Corp. PLC3	4,549,282	16,033
Banca Generali SpA3	493,000	15,439
Tokyo Tatemono Co., Ltd.3	2,037,000	14,928
Macquarie Mexican REIT	8,661,000	13,588
Square 1 Financial, Inc., Class A1	435,788	11,666
Clifton Bancorp Inc.	816,606	11,522
Altisource Asset Management Corp.1	56,153	10,396
Tune Ins Holdings Bhd.3	18,416,000	9,941
Soundwill Holdings Ltd.3	5,690,000	9,297
Bao Viet Holdings3	6	—
		2,784,788
Consumer staples 5.63%
Emami Ltd.3	8,965,000	143,819
Emmi AG2,3	286,000	98,831
Pinnacle Foods Inc.	2,389,050	97,497
Super Group Ltd.2,3	89,194,000	96,796
Raia Drogasil SA, ordinary nominative	10,577,374	94,918
Puregold Price Club, Inc.3	94,980,900	88,206
Glanbia PLC3	4,737,600	87,935
Kaveri Seed Co. Ltd.2,3	4,130,970	64,953
Nu Skin Enterprises, Inc., Class A	944,200	56,850
Hypermarcas SA, ordinary nominative1	8,592,600	53,038

SMALLCAP World Fund — Page 9 of 16

unaudited

Common stocks Consumer staples (continued)	Shares	Value (000)
Herbalife Ltd.	1,160,500	$49,623
Stock Spirits Group PLC2,3	16,000,000	49,061
COSMOS Pharmaceutical Corp.3	242,200	37,888
LT Group, Inc.3	101,570,000	36,976
Sprouts Farmers Market, Inc.1	998,000	35,160
Diplomat Pharmacy, Inc.1	941,777	32,567
Emperador Inc.3	118,013,800	31,391
PZ Cussons PLC3	6,175,000	31,189
Fresh Del Monte Produce Inc.	750,000	29,183
Petra Foods Ltd.3	9,183,000	25,528
VST Industries Ltd.2,3	1,003,400	25,179
Pigeon Corp.3	279,000	23,488
HITEJINRO CO., LTD.3	1,141,679	22,814
Davide Campari-Milano SpA3	3,150,000	21,933
Karex Bhd.3	15,575,500	19,313
Lenta Ltd. (GDR)1,3	2,097,000	16,251
Lenta Ltd. (GDR)1,3,5	348,700	2,702
7-Eleven Malaysia Holdings Bhd.3	43,455,800	18,755
Del Monte Pacific Ltd.3	66,733,314	17,149
Origin Enterprises PLC3	1,910,000	16,771
Kernel Holding SA1,3	1,642,578	15,980
Eurocash SA3	1,762,000	15,221
CALBEE, Inc.3	350,000	15,215
Real Nutriceutical Group Ltd.3	39,400,000	11,297
Sundrug Co., Ltd.3	194,900	10,135
Treasury Wine Estates Ltd.3	2,506,860	9,744
Coca-Cola Icecek AS, Class C3	567,512	9,581
Convenience Retail Asia Ltd.3	12,810,000	8,096
O’Key Group SA (GDR)3	1,545,300	5,739
R.E.A. Holdings PLC3	800,000	3,784
		1,530,556
Materials 4.15%
Chr. Hansen Holding A/S3	2,617,000	120,203
James Hardie Industries PLC (CDI)3	9,733,929	112,552
AptarGroup, Inc.	1,266,579	80,453
PolyOne Corp.	2,049,000	76,530
Intrepid Potash, Inc.1,2	5,640,352	65,146
Silgan Holdings Inc.	1,011,500	58,798
OM Group, Inc.2	1,560,000	46,847
Yingde Gases Group Co. Ltd.3	46,640,000	34,785
Stillwater Mining Co.1	2,665,000	34,432
Lundin Mining Corp.1	7,410,000	29,896
United States Steel Corp.	1,123,000	27,401
Arkema SA3	345,000	27,231
Nampak Ltd.3	7,828,075	26,217
Stella-Jones Inc.	825,000	25,899
FUCHS PETROLUB SE3	717,294	25,828
Mayr-Melnhof Karton AG, non-registered shares3	240,300	24,800
CPMC Holdings Ltd.3	46,500,000	24,455
Huhtamäki Oyj3	724,000	22,517
CCL Industries Inc., Class B, non-voting	200,000	22,502
Lenzing AG3	328,000	22,068
Valspar Corp.	249,800	20,991
UPL Ltd.3	2,950,000	20,836

SMALLCAP World Fund — Page 10 of 16

unaudited

Common stocks Materials (continued)	Shares	Value (000)
Sirius Minerals Plc1,2,3	158,537,760	$20,753
Symrise AG3	320,500	20,272
Boral Ltd.3	4,160,000	20,220
Mountain Province Diamonds Inc.1	4,964,264	18,657
Croda International PLC3	422,000	17,130
Synthomer PLC3	3,600,000	16,410
Constellium NV, Class A1	524,000	10,648
Yip’s Chemical Holdings Ltd.3	15,054,000	8,474
Greatview Aseptic Packaging Co. Ltd.3	16,320,000	8,473
Platinum Group Metals Ltd.1	13,475,000	7,341
ArtGo Mining Holdings Ltd.1,3	40,427,000	6,783
Gem Diamonds Ltd.1,3	3,259,910	6,641
Kenmare Resources PLC1,3	109,972,782	5,947
Cape Lambert Resources Ltd.2,3	47,330,825	2,160
Marrone Bio Innovations, Inc.1	450,000	1,741
Kennady Diamonds Inc.1	372,952	1,034
Sundance Resources Ltd.1,3	58,500,000	929
Hummingbird Resources PLC1,3	1,650,000	759
Rusoro Mining Ltd.1	21,437,000	677
Eastern Platinum Ltd.1	486,500	591
African Minerals Ltd.1,3	11,233,121	—
		1,126,027
Energy 3.04%
InterOil Corp.1	2,344,500	108,175
Diamondback Energy, Inc.1	1,180,950	90,744
Oasis Petroleum Inc.1	3,906,900	55,556
Ophir Energy PLC1,3	23,575,318	46,999
Peyto Exploration & Development Corp.	1,742,800	46,730
Nostrum Oil & Gas PLC1,3	5,023,150	41,542
Paramount Resources Ltd.1	1,590,500	39,180
Veresen Inc.	2,680,600	35,303
Concho Resources Inc.1	279,500	32,400
Keyera Corp.	476,200	31,676
Petronet LNG Ltd.3	10,460,000	28,666
Oil States International, Inc.1	707,500	28,137
Parsley Energy, Inc., Class A1	1,752,300	28,002
Synergy Resources Corp.1	1,777,323	21,061
SBM Offshore NV1,3	1,516,670	18,875
WorleyParsons Ltd.3	2,135,000	15,512
Memorial Resource Development Corp.1	844,713	14,985
Exillon Energy PLC1,3	7,684,660	14,808
Delphi Energy Corp.1,2	12,435,000	14,334
Tourmaline Oil Corp.1	410,000	12,408
Falkland Oil and Gas Ltd.1,3	24,225,000	10,845
Clayton Williams Energy, Inc.1	201,000	10,177
Genel Energy PLC1,3	1,304,800	9,101
Gulf Keystone Petroleum Ltd.1,3,5	15,715,000	8,504
C&J Energy Services, Ltd.1	666,000	7,413
Frank’s International NV	395,000	7,386
Amerisur Resources PLC1,3	16,000,000	7,112
Lekoil Ltd. (CDI)1,2,3	19,430,400	6,769
Gulf Marine Services PLC3	3,400,000	6,310
BNK Petroleum Inc.1,2	12,804,914	5,662
Core Laboratories NV	40,000	4,180

SMALLCAP World Fund — Page 11 of 16

unaudited

Common stocks Energy (continued)	Shares	Value (000)
Savannah Petroleum PLC1,2,3	7,844,000	$3,433
KrisEnergy Ltd.1,3	8,407,400	3,301
San Leon Energy PLC1,2,3	155,300,000	2,988
Africa Oil Corp. (SEK denominated)1,3	823,400	1,201
Africa Oil Corp.1	700,067	1,017
Tethys Petroleum Ltd.1	12,161,000	1,248
Tethys Petroleum Ltd. (GBP denominated)1,3	4,647,487	439
Borders & Southern Petroleum PLC1,3	20,265,000	1,686
Cairn Energy PLC1,3	723,600	1,676
Range Resources Ltd.1,3	100,000,000	949
African Petroleum Corp. Ltd.1,3	14,458,909	610
Esrey Energy Ltd.1	650,000	49
		827,149
Utilities 1.45%
ENN Energy Holdings Ltd.3	20,923,000	128,274
CESC Ltd.3	6,615,832	63,815
Manila Water Co., Inc.3	81,300,900	49,230
Ratchaburi Electricity Generating Holding PCL3	10,079,800	18,968
Ratchaburi Electricity Generating Holding PCL, nonvoting depository receipts3	7,945,000	14,951
Infraestructura Energética Nova, SAB de CV	5,297,600	28,910
Huadian Fuxin Energy Corp. Ltd., Class H3	40,770,000	19,937
NRG Yield, Inc., Class A	335,523	17,021
Greenko Group PLC1,2,3	9,748,155	15,042
Energy World Corp. Ltd.1,3	47,700,000	13,914
CT Environmental Group Ltd.3	11,988,000	12,912
Mytrah Energy Ltd.1,2,3	10,418,000	10,122
		393,096
Telecommunication services 1.25%
HKBN Ltd.1,2,3	59,297,000	73,733
Iridium Communications Inc.1,2	4,889,615	47,478
Orange Polska SA3	16,935,000	42,533
Cogent Communications Holdings, Inc.	1,135,000	40,099
Reliance Communications Ltd.1,3	28,138,000	26,634
Total Access Communication PCL3	9,964,000	25,094
Telephone and Data Systems, Inc.	850,637	21,181
RingCentral, Inc., Class A1	1,135,000	17,399
Globe Telecom, Inc.3	365,000	16,405
United States Cellular Corp.1	375,900	13,427
Hutchison Telecommunications Hong Kong Holdings Ltd.3	28,662,000	13,276
NewSat Ltd.1,3	26,555,563	2,326
Let’s GOWEX, SA, non-registered shares1,3	106,245	—
		339,585
Miscellaneous 4.95%
Other common stocks in initial period of acquisition		1,343,517
Total common stocks (cost: $18,262,925,000)		25,682,433
Preferred securities 0.01% Consumer discretionary 0.01%
Zee Entertainment Enterprises Ltd., 6.00% preferred, expires 2022	194,670,000	2,488

SMALLCAP World Fund — Page 12 of 16

unaudited

Preferred securities Consumer staples 0.00%	Shares	Value (000)
R.E.A. Holdings PLC 9.00%	96,000	$176
Total preferred securities (cost: $1,515,000)		2,664
Rights & warrants 0.05% Information technology 0.04%
Foursquare Labs, Inc., warrants, expire 20331,3,4	1,163,990	11,820
Financials 0.01%
WHA Corp. PCL, warrants, expire 20201,2	6,909,830	1,656
Materials 0.00%
Sirius Minerals Plc, warrants, expire 20151,2,3	40,000,000	89
Miscellaneous 0.00%
Other rights & warrants in initial period of acquisition		1,281
Total rights & warrants (cost: $927,000)		14,846
Convertible stocks 0.52% Information technology 0.26%
Domo, Inc., Series D-2, convertible preferred2,3,4	2,965,036	25,000
DocuSign, Inc., Series E, convertible preferred3,4	1,236,304	22,216
DocuSign, Inc., Series B, convertible preferred3,4	66,593	1,197
DocuSign, Inc., Series D, convertible preferred3,4	47,810	859
DocuSign, Inc., Series B1, convertible preferred3,4	19,947	359
Foursquare Labs, Inc., Series D, convertible preferred3,4	1,551,988	20,000
		69,631
Health care 0.23%
Proteus Digital Health, Inc., Series G, convertible preferred3,4	3,044,139	40,000
Adaptimmune Therapeutics Ltd., Series A, convertible preferred2,3,4	16,938,900	9,951
Stem CentRx, Inc., Series F-1, convertible preferred3,4	332,000	7,853
Natera, Inc., Series F, convertible preferred3,4	638,569	5,000
		62,804
Telecommunication services 0.03%
Iridium Communications Inc., Series A, convertible preferred2,5	60,000	7,486
Total convertible stocks (cost: $127,587,000)		139,921
Bonds, notes & other debt instruments 0.16% U.S. Treasury bonds & notes 0.12% U.S. Treasury 0.12%	Principal amount (000)
U.S. Treasury 0.25% 2015	$19,700	19,706
U.S. Treasury 0.25% 2015	12,907	12,914
Total U.S. Treasury bonds & notes		32,620

SMALLCAP World Fund — Page 13 of 16

unaudited

Bonds, notes & other debt instruments Corporate bonds & notes 0.04% Telecommunication services 0.03%	Principal amount (000)	Value (000)
NII Capital Corp. 10.00% 20166	$12,125	$5,941
NII Capital Corp. 8.875% 20196	1,025	492
NII Capital Corp. 7.625% 20216	4,000	1,260
		7,693
Consumer discretionary 0.01%
Central European Media Enterprises Ltd., First Lien, 15.00% 20177	3,892	3,935
Total corporate bonds & notes		11,628
Total bonds, notes & other debt instruments (cost: $43,179,000)		44,248
Short-term securities 5.36%
AstraZeneca PLC 0.11% due 6/3/20155	24,400	24,393
Australia & New Zealand Banking Group, Ltd. 0.16% due 4/27/20155	25,000	24,998
Bank of Nova Scotia 0.16% due 5/13/20155	49,600	49,596
Chariot Funding, LLC 0.22% due 4/23/20155	31,600	31,597
Fannie Mae 0.12%–0.20% due 4/1/2015–12/14/2015	78,100	78,022
Federal Farm Credit Banks 0.11% due 4/13/2015	40,000	40,000
Federal Home Loan Bank 0.06%–0.19% due 4/24/2015–11/16/2015	325,600	325,442
Freddie Mac 0.10%–0.17% due 6/16/2015–12/1/2015	227,400	227,339
General Electric Co. 0.08% due 4/1/2015	1,850	1,850
KfW 0.14%–0.15% due 4/23/2015–4/27/20155	71,700	71,698
Mitsubishi UFJ Trust and Banking Corp. 0.24%–0.25% due 5/6/2015–6/3/20155	78,700	78,680
Novartis Finance Corp. 0.10% due 4/7/20155	50,000	49,999
Old Line Funding, LLC 0.17%–0.21% due 4/8/2015–4/27/20155	35,800	35,798
Procter & Gamble Co. 0.10% due 6/19/20155	35,000	34,992
Province of Ontario 0.12% due 4/30/2015	62,700	62,694
Reckitt Benckiser Treasury Services PLC 0.25% due 7/23/20155	25,800	25,780
Sumitomo Mitsui Banking Corp. 0.24%–0.25% due 5/11/2015–5/27/20155	62,900	62,884
Svenska Handelsbanken Inc. 0.20% due 4/13/20155	15,600	15,599
Thunder Bay Funding, LLC 0.27% due 7/20/20155	50,000	49,959
Toronto-Dominion Holdings USA Inc. 0.15%–0.27% due 5/26/2015–9/2/20155	80,000	79,955
Toyota Motor Credit Corp. 0.15% due 5/14/2015	33,900	33,896
Victory Receivables Corp. 0.18% due 5/20/20155	50,000	49,986
Total short-term securities (cost: $1,455,085,000)		1,455,157
Total investment securities 100.66% (cost: $19,891,218,000)		27,339,269
Other assets less liabilities (0.66)%		(178,752)
Net assets 100.00%		$27,160,517

As permitted by U.S. Securities and Exchange Commission regulations, “Miscellaneous” securities include holdings in their first year of acquisition that have not previously been publicly disclosed.

SMALLCAP World Fund — Page 14 of 16

unaudited

Forward currency contracts

The fund has entered into forward currency contracts as shown in the following table. The average notional amount of open forward currency contracts was $163,506,000 over the prior 12-month period.

	Settlement date	Counterparty	Contract amount		Unrealized appreciation (depreciation) at 3/31/2015 (000)
	Settlement date	Counterparty	Receive (000)	Deliver (000)	Unrealized appreciation (depreciation) at 3/31/2015 (000)
Sales:
Australian dollars	4/23/2015	Barclays Bank PLC	$2,206	A$2,900	$1
Australian dollars	5/1/2015	HSBC Bank	$26,286	A$33,400	895
Australian dollars	5/28/2015	UBS AG	$3,037	A$4,000	1
British pounds	4/20/2015	Citibank	$6,028	£4,000	95
British pounds	4/22/2015	HSBC Bank	$2,010	£1,360	(7)
British pounds	4/22/2015	HSBC Bank	$2,948	£2,000	(18)
British pounds	4/23/2015	HSBC Bank	$6,321	£4,290	(42)
British pounds	5/11/2015	Barclays Bank PLC	$31,237	£21,063	1
Canadian dollars	4/9/2015	UBS AG	$28,632	C$34,000	1,790
Canadian dollars	4/13/2015	Bank of America, N.A.	$2,836	C$3,370	175
Euros	4/15/2015	HSBC Bank	$8,503	€7,726	194
Euros	4/20/2015	Citibank	$9,859	€9,200	(36)
Euros	4/22/2015	HSBC Bank	$3,941	€3,750	(93)
Japanese yen	4/9/2015	UBS AG	$6,460	¥768,000	56
Japanese yen	4/9/2015	HSBC Bank	$9,990	¥1,200,000	(17)
Japanese yen	4/14/2015	UBS AG	$9,204	¥1,117,300	(114)
Japanese yen	4/16/2015	Bank of America, N.A.	$5,977	¥725,000	(70)
Japanese yen	4/20/2015	Citibank	$3,004	¥364,000	(31)
Japanese yen	4/23/2015	JPMorgan Chase	$9,313	¥1,125,000	(70)
Japanese yen	4/27/2015	Bank of America, N.A.	$49,603	¥5,940,000	55
Japanese yen	4/27/2015	UBS AG	$7,307	¥875,000	8
Japanese yen	5/19/2015	Bank of New York Mellon	$5,243	¥625,000	28
					$2,801

SMALLCAP World Fund — Page 15 of 16

unaudited

1	Security did not produce income during the last 12 months.
2	Represents an affiliated company as defined under the Investment Company Act of 1940.
3	Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in “Miscellaneous,“ was $11,457,583,000, which represented 42.18% of the net assets of the fund. This amount includes $11,139,444,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
4	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
5	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $846,958,000, which represented 3.12% of the net assets of the fund.
6	Scheduled interest and/or principal payment was not received.
7	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.

Private placement securities	Acquisition date(s)	Cost (000)	Value (000)	Percent of net assets
Proteus Digital Health, Inc., Series G, convertible preferred	5/6/2014-7/23/2014	$40,000	$40,000	.15%
Foursquare Labs, Inc., Series D, convertible preferred	12/3/2013	20,000	20,000	.07
Foursquare Labs, Inc., warrants, expire 2033	12/3/2013	—	11,820	.04
Kite Pharma, Inc.	4/24/2014-6/24/2014	7,366	27,770	.10
Domo, Inc., Series D-2, convertible preferred	3/31/2015	25,000	25,000	.09
DocuSign, Inc., Series E, convertible preferred	2/28/2014	16,236	22,216	.08
DocuSign, Inc., Series B, convertible preferred	2/28/2014	875	1,197	.00
DocuSign, Inc., Series D, convertible preferred	2/28/2014	628	859	.00
DocuSign, Inc., Series B1, convertible preferred	2/28/2014	262	359	.00
Good Technology Corp.	8/27/2012	20,000	16,655	.06
Adaptimmune Therapeutics Ltd., Series A, convertible preferred	2/23/2015	10,000	9,951	.04
Stem CentRx, Inc., Series F-1, convertible preferred	6/10/2014	4,007	7,853	.03
Natera, Inc., Series F, convertible preferred	11/24/2014	5,000	5,000	.02
Total private placement securities		$149,374	$188,680	.70%

Key to abbreviations and symbols

ADR = American Depositary Receipts

CDI = CREST Depository Receipts

GDR = Global Depositary Receipts

A$ = Australian dollars

CAD/C$ = Canadian dollars

€ = Euros

GBP/£ = British pounds

¥ = Japanese yen

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

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

MFGEFPX-035-0515O-S42177

SMALLCAP World Fund — Page 16 of 16

Summary investment portfolio March 31, 2015	unaudited

Industry sector diversification	Percent of net assets

Country diversification by domicile	Percent of net assets
United States		48.90	%
United Kingdom		10.00
Euro zone*		6.06
India		4.81
Japan		4.63
China		2.81
Canada		2.55
Hong Kong		2.48
Taiwan		1.54
Other countries		11.52
Short-term securities & other assets less liabilities		4.70

*	Countries using the euro as a common currency; those represented in the fund’s portfolio are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Slovenia and Spain.

Common stocks 94.56%	Shares		Value (000)
Health care 18.85%
Incyte Corp.¹		4,367,600	$	400,334
Endo International PLC¹		2,900,518		260,176
Endo International PLC (CAD denominated)¹		100,000		9,005
bluebird bio, Inc.^1,2		2,091,565		252,598
Molina Healthcare, Inc.^1,2		3,488,100		234,714
Synageva BioPharma Corp.^1,2		2,179,974		212,613
Centene Corp.¹		2,970,000		209,949
Myriad Genetics, Inc.^1,2		5,780,656		204,635
BioMarin Pharmaceutical Inc.¹		1,296,500		161,570
Hikma Pharmaceuticals PLC³		4,840,153		152,483
EXACT Sciences Corp.^1,2		6,605,000		145,442
GW Pharmaceuticals PLC (ADR)^1,2		1,565,700		142,682
Kite Pharma, Inc.¹		1,546,200		89,185
Kite Pharma, Inc.^1,4		481,446		27,770
Brookdale Senior Living Inc.¹		3,046,750		115,045
athenahealth, Inc.¹		929,371		110,958
Juno Therapeutics, Inc.^1,3,5		2,132,501		109,360

4	SMALLCAP World Fund

	Shares		Value (000)
Spire Healthcare Group PLC^1,3		17,738,990	$	98,331
Sysmex Corp.³		1,698,000		94,381
Zeltiq Aesthetics, Inc.^1,2		3,002,044		92,553
Other securities				1,996,852
				5,120,636

Consumer discretionary 18.48%
Netflix, Inc.¹		812,043		338,370
Domino’s Pizza, Inc.²		3,125,769		314,296
Lions Gate Entertainment Corp.²		6,996,000		237,304
Paddy Power PLC³		2,229,500		191,095
Ted Baker PLC^2,3		3,154,993		116,931
Dollarama Inc.		2,078,000		116,160
John Wiley & Sons, Inc., Class A		1,740,530		106,416
Mr Price Group Ltd.³		4,926,826		105,372
Melco International Development Ltd.³		59,147,000		99,837
Other securities				3,392,264
				5,018,045

Industrials 13.38%
AA PLC^1,2,3		43,792,318		261,265
Moog Inc., Class A¹		2,572,800		193,089
Hoshizaki Electric Co., Ltd.³		2,780,700		181,316
ITT Corp.		3,508,121		140,009
Loomis AB, Class B³		3,690,452		113,050
Northgate PLC^2,3		10,626,805		93,170
Spirax-Sarco Engineering PLC³		1,781,000		89,966
MonotaRO Co., Ltd.³		2,460,600		89,339
Other securities				2,472,762
				3,633,966

Information technology 13.13%
Qorvo, Inc.¹		3,884,370		309,584
AAC Technologies Holdings Inc.³		29,127,750		179,204
Kakaku.com, Inc.³		9,426,000		156,354
Demandware, Inc.^1,2		2,486,056		151,401
Palo Alto Networks, Inc.¹		1,014,350		148,176
Zynga Inc., Class A¹		47,635,000		135,760
Finisar Corp.^1,2		5,318,000		113,486
Topcon Corp.³		4,063,110		99,691
Hamamatsu Photonics KK³		3,083,200		93,318
Halma PLC³		8,614,967		89,216
Other securities				2,088,878
				3,565,068

Financials 10.25%
SVB Financial Group¹		1,305,700		165,876
Umpqua Holdings Corp.		6,904,541		118,620
Validus Holdings, Ltd.		2,813,000		118,427
Financial Engines, Inc.		2,520,930		105,450
ING Vysya Bank Ltd.³		7,018,649		104,885
GT Capital Holdings, Inc.³		3,485,200		104,101
Kotak Mahindra Bank Ltd.³		4,940,000		103,528

SMALLCAP World Fund

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Haversham Holdings PLC^1,2,3		42,870,000	$	101,749
PacWest Bancorp		1,942,149		91,067
Other securities				1,771,085
				2,784,788

Consumer staples 5.63%
Emami Ltd.³		8,965,000		143,819
Emmi AG^2,3		286,000		98,831
Pinnacle Foods Inc.		2,389,050		97,497
Super Group Ltd.^2,3		89,194,000		96,796
Raia Drogasil SA, ordinary nominative		10,577,374		94,918
Other securities				998,695
				1,530,556

Materials 4.15%
Chr. Hansen Holding A/S³		2,617,000		120,203
James Hardie Industries PLC (CDI)³		9,733,929		112,552
Other securities				893,272
				1,126,027

Energy 3.04%
InterOil Corp.¹		2,344,500		108,175
Diamondback Energy, Inc.¹		1,180,950		90,744
Other securities				628,230
				827,149

Utilities 1.45%
ENN Energy Holdings Ltd.³		20,923,000		128,274
Other securities				264,822
				393,096

Telecommunication services 1.25%
Other securities				339,585

Miscellaneous 4.95%
Other common stocks in initial period of acquisition				1,343,517

Total common stocks (cost: $18,262,925,000)				25,682,433

Preferred securities 0.01%
Other 0.01%
Other securities				2,664

Total preferred securities (cost: $1,515,000)				2,664

Rights & warrants 0.05%
Other 0.05%
Other securities				13,565

6	SMALLCAP World Fund

	Shares		Value (000)
Miscellaneous 0.00%
Other rights & warrants in initial period of acquisition			$	1,281

Total rights & warrants (cost: $927,000)				14,846

Convertible stocks 0.52%
Other 0.52%
Other securities				139,921

Total convertible stocks (cost: $127,587,000)				139,921

Bonds, notes & other debt instruments 0.16%	Principal amount (000)
Other bonds & notes 0.16%
Other securities				44,248

Total bonds, notes & other debt instruments (cost: $43,179,000)				44,248

Short-term securities 5.36%
Federal Home Loan Bank 0.06%–0.19% due 4/24/2015–11/16/2015	$	325,600		325,442
Freddie Mac 0.10%–0.17% due 6/16/2015–12/1/2015		227,400		227,339
Mitsubishi UFJ Trust and Banking Corp. 0.24%–0.25% due 5/6/2015–6/3/2015⁵		78,700		78,680
Victory Receivables Corp. 0.18% due 5/20/2015⁵		50,000		49,986
Other securities				773,710

Total short-term securities (cost: $1,455,085,000)				1,455,157
Total investment securities 100.66% (cost: $19,891,218,000)				27,339,269
Other assets less liabilities (0.66)%				(178,752	)

Net assets 100.00%			$	27,160,517

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

SMALLCAP World Fund

Forward currency contracts

The fund has entered into forward currency contracts as shown in the following table. The average notional amount of open forward currency contracts was $163,506,000 over the prior 12-month period.

			Contract amount		Unrealized appreciation (depreciation)
	Settlement date	Counterparty	Receive (000)	Deliver (000)	at 3/31/2015 (000)
Sales:
Australian dollars	4/23/2015	Barclays Bank PLC	$2,206	A$2,900		$1
Australian dollars	5/1/2015	HSBC Bank	$26,286	A$33,400		895
Australian dollars	5/28/2015	UBS AG	$3,037	A$4,000		1
British pounds	4/20/2015	Citibank	$6,028	£4,000		95
British pounds	4/22/2015	HSBC Bank	$2,010	£1,360		(7	)
British pounds	4/22/2015	HSBC Bank	$2,948	£2,000		(18	)
British pounds	4/23/2015	HSBC Bank	$6,321	£4,290		(42	)
British pounds	5/11/2015	Barclays Bank PLC	$31,237	£21,063		1
Canadian dollars	4/9/2015	UBS AG	$28,632	C$34,000		1,790
Canadian dollars	4/13/2015	Bank of America, N.A.	$2,836	C$3,370		175
Euros	4/15/2015	HSBC Bank	$8,503	€7,726		194
Euros	4/20/2015	Citibank	$9,859	€9,200		(36	)
Euros	4/22/2015	HSBC Bank	$3,941	€3,750		(93	)
Japanese yen	4/9/2015	UBS AG	$6,460	¥768,000		56
Japanese yen	4/9/2015	HSBC Bank	$9,990	¥1,200,000		(17	)
Japanese yen	4/14/2015	UBS AG	$9,204	¥1,117,300		(114	)
Japanese yen	4/16/2015	Bank of America, N.A.	$5,977	¥725,000		(70	)
Japanese yen	4/20/2015	Citibank	$3,004	¥364,000		(31	)
Japanese yen	4/23/2015	JPMorgan Chase	$9,313	¥1,125,000		(70	)
Japanese yen	4/27/2015	Bank of America, N.A.	$49,603	¥5,940,000		55
Japanese yen	4/27/2015	UBS AG	$7,307	¥875,000		8
Japanese yen	5/19/2015	Bank of New York Mellon	$5,243	¥625,000		28
						$2,801

8	SMALLCAP World Fund

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund’s affiliated-company holdings is either shown in the summary investment portfolio or included in the value of “Other securities” under the respective industry sectors. Further details on such holdings and related transactions during the six months ended March 31, 2015, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Dividend income (000)		Value of affiliates at 3/31/2015 (000)
Domino’s Pizza, Inc.		3,218,769		—		93,000		3,125,769	$	1,774	$	314,296
AA PLC^1,3		44,319,669		—		527,351		43,792,318		—		261,265
bluebird bio, Inc.¹		2,287,565		—		196,000		2,091,565		—		252,598
Lions Gate Entertainment Corp.		7,146,000		—		150,000		6,996,000		838		237,304
Molina Healthcare, Inc.¹		3,488,100		—		—		3,488,100		—		234,714
Synageva BioPharma Corp.¹		2,190,074		35,000		45,100		2,179,974		—		212,613
Myriad Genetics, Inc.¹		5,725,556		120,000		64,900		5,780,656		—		204,635
Demandware, Inc.¹		1,803,000		683,056		—		2,486,056		—		151,401
EXACT Sciences Corp.^1,6		3,001,000		3,604,000		—		6,605,000		—		145,442
GW Pharmaceuticals PLC (ADR)¹		1,215,600		350,100		—		1,565,700		—		142,682
Ted Baker PLC³		3,154,993		—		—		3,154,993		570		116,931
Finisar Corp.¹		4,833,000		485,000		—		5,318,000		—		113,486
Haversham Holdings PLC^1,3		—		42,870,000		—		42,870,000		—		101,749
Emmi AG³		240,600		45,400		—		286,000		—		98,831
Super Group Ltd.³		89,194,000		—		—		89,194,000		—		96,796
Northgate PLC³		10,626,805		—		—		10,626,805		718		93,170
Zeltiq Aesthetics, Inc.¹		3,002,044		—		—		3,002,044		—		92,553
King Slide Works Co., Ltd.³		4,913,000		659,000		—		5,572,000		—		83,840
CONMED Corp.		710,000		925,000		—		1,635,000		391		82,551
WHA Corp. PCL, foreign³		—		77,735,590		—		77,735,590		—		75,164
WHA Corp. PCL, warrants, expire 2020¹		—		6,909,830		—		6,909,830		—		1,656
HKBN Ltd.^1,3		—		59,297,000		—		59,297,000		—		73,733
Wizz Air Holdings PLC^1,3		—		3,498,684		—		3,498,684		—		72,088
Ocular Therapeutix, Inc.^1,6		735,000		970,700		—		1,705,700		—		71,614
Intrepid Potash, Inc.¹		4,895,000		745,352		—		5,640,352		—		65,146
Kaveri Seed Co. Ltd.³		3,470,177		660,793		—		4,130,970		328		64,953
Continental Building Products, Inc.¹		2,705,000		—		—		2,705,000		—		61,106
Takeuchi Mfg. Co., Ltd.³		1,232,300		74,000		—		1,306,300		267		59,208
eMemory Technology Inc.³		—		5,358,000		—		5,358,000		—		58,201
Galapagos NV^1,3		2,422,427		—		—		2,422,427		—		57,491
Coupons.com Inc.¹		4,587,996		293,617		—		4,881,613		—		57,310
Cox & Kings Ltd.³		9,592,000		1,425,346		610,000		10,407,346		—		53,850
Cox & Kings Ltd. (GDR)³		330,000		—		—		330,000		—		1,707
Iridium Communications Inc.¹		4,889,615		—		—		4,889,615		—		47,478
Iridium Communications Inc., Series A, convertible preferred⁵		60,000		—		—		60,000		—		7,486
POYA International Co., Ltd.³		4,712,660		630,000		—		5,342,660		—		50,776
Stock Spirits Group PLC³		16,000,000		—		—		16,000,000		—		49,061

SMALLCAP World Fund

	Beginning shares		Additions		Reductions		Ending shares		Dividend income (000)		Value of affiliates at 3/31/2015 (000)
zooplus AG, non-registered shares^1,3		148,400		379,378		—		527,778	$	—	$	48,330
OM Group, Inc.		1,560,000		—		—		1,560,000		246		46,847
Xoom Corp.¹		3,035,570		40,235		—		3,075,805		—		45,184
Installed Building Products, Inc.¹		2,068,345		—		—		2,068,345		—		45,007
Tele Columbus AG^1,3		—		2,976,000		—		2,976,000		—		43,803
Neovasc Inc. (CAD denominated)¹		4,277,000		—		—		4,277,000		—		38,497
Neovasc Inc.¹		—		503,836		—		503,836		—		4,534
Inphi Corp.¹		1,785,699		555,000		—		2,340,699		—		41,735
Repco Home Finance Ltd.³		4,040,440		—		231,083		3,809,357		—		38,963
TravelCenters of America LLC¹		2,023,750		—		—		2,023,750		—		35,294
RIB Software AG³		2,476,356		—		—		2,476,356		4		34,822
XenoPort, Inc.¹		4,769,000		—		—		4,769,000		—		33,955
Century Communities, Inc.¹		—		1,716,000		—		1,716,000		—		33,170
Actua Corp¹		2,094,000		—		—		2,094,000		—		32,436
Flexion Therapeutics, Inc.¹		979,252		440,000		—		1,419,252		—		31,962
NCC Group PLC^3,6		5,665,000		5,175,000		—		10,840,000		126		31,529
Manappuram Finance Ltd.³		54,930,986		—		—		54,930,986		798		28,460
ARC Document Solutions, Inc.¹		3,734,755		—		830,804		2,903,951		—		26,803
EVINE Live Inc., Class A¹		3,987,540		—		—		3,987,540		—		26,756
ChemoCentryx, Inc.¹		3,426,800		40,440		—		3,467,240		—		26,178
VST Industries Ltd.³		1,003,400		—		—		1,003,400		—		25,179
Domo, Inc., Series D-2, convertible preferred^3,4		—		2,965,036		—		2,965,036		—		25,000
KEYW Holding Corp.¹		2,836,400		—		—		2,836,400		—		23,344
Sinmag Equipment Corp.^3,6		75,000		3,725,000		—		3,800,000		—		22,393
Suprema Inc.³		868,200		—		—		868,200		—		21,668
Sirius Minerals Plc^1,3		139,533,460		19,004,300		—		158,537,760		—		20,753
Sirius Minerals Plc, warrants, expire 2015^1,3		40,000,000		—		—		40,000,000		—		89
Papa Murphy’s Holdings, Inc.¹		1,102,000		24,400		—		1,126,400		—		20,433
Beauty Community PCL, foreign registered³		—		15,000,000		—		15,000,000		—		19,682
J. Kumar Infraprojects Ltd.³		1,780,000		—		—		1,780,000		—		19,404
Mahindra Lifespace Developers Ltd.³		2,157,380		—		—		2,157,380		—		16,240
Greenko Group PLC^1,3		9,748,155		—		—		9,748,155		—		15,042
Trupanion, Inc.¹		—		1,822,500		—		1,822,500		—		14,580
Delphi Energy Corp.^1,6		6,713,685		5,721,315		—		12,435,000		—		14,334
MagnaChip Semiconductor Corp.¹		1,200,000		1,155,000		—		2,355,000		—		12,882
ITT Educational Services, Inc.¹		1,519,000		350,000		—		1,869,000		—		12,691
Tribhovandas Bhimji Zaveri Ltd.³		4,335,732		—		—		4,335,732		—		10,133
Mytrah Energy Ltd.^1,3		10,418,000		—		—		10,418,000		—		10,122
Talwalkars Better Value Fitness Ltd.³		1,694,000		—		—		1,694,000		—		10,109
Adaptimmune Therapeutics Ltd., Series A, convertible preferred^3,4		—		16,938,900		—		16,938,900		—		9,951

10	SMALLCAP World Fund

	Beginning shares		Additions		Reductions		Ending shares		Dividend income (000)		Value of affiliates at 3/31/2015 (000)
Lekoil Ltd. (CDI)^1,3		14,070,000		5,360,400		—		19,430,400	$	—	$	6,769
Lekoil Ltd. (CDI)^1,5		5,360,400		—		5,360,400		—		—		—
BNK Petroleum Inc.¹		12,804,914		—		—		12,804,914		—		5,662
Mood Media Corp.¹		6,375,000		—		—		6,375,000		—		3,171
Mood Media Corp. (CDI)¹		3,710,000		—		—		3,710,000		—		1,845
iEnergizer Ltd.^1,3		7,650,500		—		—		7,650,500		—		4,313
Savannah Petroleum PLC^1,3		7,844,000		—		—		7,844,000		—		3,433
GI Dynamics, Inc. (CDI)^1,3		30,320,000		—		—		30,320,000		—		3,134
San Leon Energy PLC^1,3		155,300,000		—		—		155,300,000		—		2,988
Cape Lambert Resources Ltd.³		47,330,825		—		—		47,330,825		—		2,160
Powerland AG, non-registered shares^1,3		1,200,000		—		44,824		1,155,176		—		372
7-Eleven Malaysia Holdings Bhd.^3,7		76,209,600		—		32,753,800		43,455,800		600		—
Achillion Pharmaceuticals, Inc.^1,7		4,930,000		185,000		2,790,000		2,325,000		—		—
Boer Power Holdings Ltd.^3,7		39,202,000		—		5,000,000		34,202,000		843		—
China High Precision
Automation Group Ltd.^3,7		53,032,000		—		53,032,000		—		—		—
Duluth Metals Ltd.^1,7		7,024,000		—		7,024,000		—		—		—
Five Below, Inc.^1,7		2,530,694		467,000		2,133,694		864,000		—		—
Frigoglass SAIC^1,3,7		3,052,380		—		588,362		2,464,018		—		—
Gem Diamonds Ltd.^1,3,7		7,625,000		—		4,365,090		3,259,910		—		—
Houston Wire & Cable Co.⁷		1,150,000		—		281,906		868,094		276		—
Mistras Group, Inc.⁷		1,460,000		—		1,460,000		—		—		—
Mothercare PLC^3,7		4,450,000		4,005,000		—		8,455,000		—		—
Stock Building Supply Holdings, Inc.^1,7		1,785,000		—		1,205,778		579,222		—		—
Tethys Petroleum Ltd.^1,7		12,161,000		—		—		12,161,000		—		—
Tethys Petroleum Ltd. (GBP denominated)^1,3,7		4,647,487		—		—		4,647,487		—		—
Tilaknager Industries Ltd.⁷		8,270,086		—		8,270,086		—		—		—
TriQuint Semiconductor, Inc.^1,7		9,012,000		—		9,012,000		—		—		—
Ultragenyx Pharmaceutical Inc.^1,7		1,628,457		—		216,987		1,411,470		—		—
									$	7,779	$	5,017,026

SMALLCAP World Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Security did not produce income during the last 12 months.
²	Represents an affiliated company as defined under the Investment Company Act of 1940.
³	Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities, including those in “Miscellaneous“ and “Other securities,“ was $11,457,583,000, which represented 42.18% of the net assets of the fund. This amount includes $11,139,444,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
⁴	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
⁵	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $846,958,000, which represented 3.12% of the net assets of the fund.
⁶	This security was an unaffiliated issuer in its initial period of acquisition at 9/30/2014; it was not publicly disclosed.
⁷	Unaffiliated issuer at 3/31/2015.

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Kite Pharma, Inc.	4/24/2014-6/24/2014	$	7,366	$	27,770		.10	%
Adaptimmune Therapeutics Ltd., Series A, convertible preferred	2/23/2015		10,000		9,951		.04
Other private placement securities			132,008		150,959		.56
Total private placement securities		$	149,374	$	188,680		.70	%

Key to abbreviations and symbols

ADR = American Depositary Receipts

CDI = CREST Depository Interest

GDR = Global Depositary Receipts

A$ = Australian dollars

CAD/C$ = Canadian dollars

€ = Euros

GBP/£ = British pounds

¥ = Japanese yen

See Notes to Financial Statements

12	SMALLCAP World Fund

Financial statements

Statement of assets and liabilities	unaudited
at March 31, 2015	(dollars in thousands)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $16,137,367)	$	22,322,243
Affiliated issuers (cost: $3,753,851)		5,017,026	$	27,339,269
Cash denominated in currencies other than U.S. dollars (cost: $689)				689
Cash				7,006
Unrealized appreciation on open forward currency contracts				3,299
Receivables for:
Sales of investments		67,850
Sales of fund’s shares		24,475
Closed forward currency contracts		45
Dividends and interest		25,058
Other		290		117,718
				27,467,981

Liabilities:
Unrealized depreciation on open forward currency contracts				498
Payables for:
Purchases of investments		235,393
Repurchases of fund’s shares		27,251
Investment advisory services		14,401
Services provided by related parties		9,728
Directors’ deferred compensation		3,340
Other		16,853		306,966
Net assets at March 31, 2015			$	27,160,517

Net assets consist of:
Capital paid in on shares of capital stock			$	19,569,874
Accumulated net investment loss				(181,340	)
Undistributed net realized gain				336,246
Net unrealized appreciation				7,435,737
Net assets at March 31, 2015			$	27,160,517

See Notes to Financial Statements

SMALLCAP World Fund

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

Total authorized capital stock — 1,000,000 shares,
$.01 par value (572,884 total shares outstanding)

			Shares			Net asset value
	Net assets		outstanding			per share
Class A	$	17,744,764		371,651		$	47.75
Class B		97,436		2,216			43.96
Class C		903,904		20,853			43.35
Class F-1		654,537		13,843			47.28
Class F-2		1,394,118		28,989			48.09
Class 529-A		1,000,128		21,134			47.32
Class 529-B		13,763		310			44.39
Class 529-C		294,042		6,664			44.12
Class 529-E		51,870		1,120			46.32
Class 529-F-1		85,677		1,798			47.65
Class R-1		39,920		897			44.53
Class R-2		696,431		15,642			44.52
Class R-2E		17		—	*		47.80
Class R-3		827,140		17,887			46.24
Class R-4		754,744		15,924			47.40
Class R-5		491,413		10,107			48.62
Class R-6		2,110,613		43,849			48.13

*	Amount less than one thousand.

See Notes to Financial Statements

14	SMALLCAP World Fund

Statement of operations	unaudited
for the six months ended March 31, 2015	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $4,415; also includes $7,779 from affiliates)	$	109,040
Interest (net of non-U.S. taxes of $70)		1,708		$	110,748
Fees and expenses*:
Investment advisory services		81,590
Distribution services		34,121
Transfer agent services		21,646
Administrative services		3,053
Reports to shareholders		952
Registration statement and prospectus		709
Directors’ compensation		301
Auditing and legal		83
Custodian		1,739
State and local taxes		3
Other		710			144,907
Net investment loss					(34,159	)

Net realized gain and unrealized appreciation on investments, forward currency contracts and currency:
Net realized gain on:
Investments (net of non-U.S. taxes of $21; also includes $18,342 net loss from affiliates)		386,337
Forward currency contracts		17,581
Currency transactions		443			404,361
Net unrealized appreciation (depreciation) on:
Investments (net of non-U.S. taxes of $14,573)		1,731,118
Forward currency contracts		(2,476	)
Currency translations		(82	)		1,728,560
Net realized gain and unrealized appreciation on investments, forward currency contracts and currency					2,132,921
Net increase in net assets resulting from operations				$	2,098,762

*	Additional information related to class-specific fees and expenses is included in the Notes to Financial Statement.

See Notes to Financial Statements

SMALLCAP World Fund

Statements of changes in net assets

(dollars in thousands)

	Six months ended			Year ended
	March 31,			September 30,
	2015*			2014

Operations:
Net investment loss	$	(34,159	)	$	(6,006	)
Net realized gain on investments, forward currency contracts and currency transactions		404,361			2,602,946
Net unrealized appreciation (depreciation) on investments, forward currency contracts and currency translations		1,728,560			(1,519,670	)
Net increase in net assets resulting from operations		2,098,762			1,077,270

Distributions paid to shareholders from net realized gain on investments		(2,489,778	)		(1,231,152	)

Net capital share transactions		1,913,377			1,351,365

Total increase in net assets		1,522,361			1,197,483

Net assets:
Beginning of period		25,638,156			24,440,673
End of period (including accumulated net investment loss: $(181,340) and $(147,181), respectively)	$	27,160,517		$	25,638,156

*	Unaudited.

See Notes to Financial Statements

16	SMALLCAP World Fund

Notes to financial statements

unaudited

1. Organization

SMALLCAP World Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940 as an open-end, diversified investment company. The fund seeks long-term growth of capital through investments in smaller companies in the U.S. and around the world. 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 12 months; however, the fund reserves the right to delay the implementation.

The fund has 17 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) and seven retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1,F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5 and R-6	None	None	None

*	Class B and 529-B shares of the fund 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.

SMALLCAP World Fund

2. Significant accounting policies

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

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

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses 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.

Dividends and distributions to shareholders — Dividends and distributions to shareholders 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.

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 of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

18	SMALLCAP World Fund

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

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

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

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

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors.

SMALLCAP World Fund

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

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

20	SMALLCAP World Fund

the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of March 31, 2015 (dollars in thousands):

	Investment securities
		Level 1		Level 2*		Level 3		Total
Assets:
Common stocks:
Health care	$	4,264,642	$	764,893	$	91,101	$	5,120,636
Consumer discretionary		2,527,206		2,490,818		21		5,018,045
Industrials		1,353,134		2,280,832		—		3,633,966
Information technology		2,103,074		1,445,339		16,655		3,565,068
Financials		1,601,219		1,183,569		—		2,784,788
Consumer staples		448,836		1,081,720		—		1,530,556
Materials		529,584		596,443		—		1,126,027
Energy		595,823		230,377		949		827,149
Utilities		45,931		347,165		—		393,096
Telecommunication services		139,584		200,001		—		339,585
Miscellaneous		761,442		582,075		—		1,343,517
Preferred securities		2,664		—		—		2,664
Rights & warrants		1,656		1,370		11,820		14,846
Convertible stocks		—		7,486		132,435		139,921
Bonds, notes & other debt instruments		—		44,248		—		44,248
Short-term securities		—		1,455,157		—		1,455,157
Total	$	14,374,795	$	12,711,493	$	252,981	$	27,339,269

	Other investments^†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	3,299		$	—	$	3,299
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(498	)		—		(498	)
Total	$	—	$	2,801		$	—	$	2,801

*	Securities with a value of $9,723,830,000, which represented 35.80% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading.

^†	Forward currency contracts are not included in the investment portfolio.

4. Risk factors

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

SMALLCAP World Fund

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; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.

Issuer risks — The prices of, and the income generated by, securities held by the fund may also 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 and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations 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 or operate. 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. 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 accounting practices and different regulatory, legal and reporting standards, 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. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

22	SMALLCAP World Fund

on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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, there may be increased settlement risks for transactions in local securities.

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 employed by the investment adviser in this process 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

Forward currency contracts — The fund has entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund’s investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the fund’s investment adviser values forward currency contracts and records unrealized appreciation or depreciation for open forward currency contracts in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency.

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations.

SMALLCAP World Fund

The following tables present the financial statement impacts resulting from the fund’s use of forward currency contracts as of, or for the six months ended, March 31, 2015 (dollars in thousands):

	Assets			Liabilities
Contract	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Forward currency	Unrealized appreciation on open forward currency contracts	$	3,299	Unrealized depreciation on open forward currency contracts	$	498

Forward currency	Receivables for closed forward currency contracts		45	Payables for closed forward currency contracts		—
		$	3,344		$	498

Net realized gain

Net unrealized depreciation

Contract

Location on statement of operations

Value

Location on statement of operations

Value

Forward currency

Net realized gain on forward currency contracts

17,581

Net unrealized depreciation on forward currency contracts

(2,476

)

Collateral — The fund participates in a collateral program due to its use of forward currency contracts. The program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations.

Rights of offset — The fund has entered into enforceable master netting agreements with certain counterparties for forward currency contracts, where on any date amounts payable by each party to the other (in the same currency with respect to the same transaction) may be closed or offset by each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statement of assets and liabilities.

24	SMALLCAP World Fund

The following table presents the fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the fund’s statement of assets and liabilities. The net amount column shows the impact of offsetting on the fund’s statement of assets and liabilities as of March 31, 2015 (dollars in thousands) if close-out netting was exercised:

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral		Net amount
Assets:
Bank of America, N.A.	$	276	$	(70	)	$	—		$	—	$	206
Bank of New York Mellon		28		—			—			—		28
Barclays Bank PLC		1		—			—			—		1
Citibank		95		(68	)		—			—		27
HSBC Bank		1,089		(177	)		—			—		912
UBS AG		1,855		(113	)		(1,306	)		—		436
Total	$	3,344	$	(428	)	$	(1,306	)	$	—	$	1,610
Liabilities:
Bank of America, N.A.	$	70	$	(70	)	$	—		$	—	$	—
Citibank		68		(68	)		—			—		—
HSBC Bank		177		(177	)		—			—		—
JPMorgan Chase		70		—			—			—		70
UBS AG		113		(113	)		—			—		—
Total	$	498	$	(428	)	$	—		$	—	$	70

*	Non-cash collateral is shown on a settlement basis.

6. Taxation and distributions

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

As of and during the period ended March 31, 2015, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2010, by state tax authorities for tax years before 2009 and by tax authorities outside the U.S. for tax years before 2007.

SMALLCAP World Fund

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. Gains realized by the fund on the sale of securities in certain countries are subject to non-U.S. taxes. The fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which 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.; deferred expenses; cost of investments sold; and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of September 30, 2014, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed long-term capital gains

2,452,874

As of March 31, 2015, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):

Gross unrealized appreciation on investment securities	$	8,950,705
Gross unrealized depreciation on investment securities		(1,649,947	)
Net unrealized appreciation on investment securities		7,300,758
Cost of investment securities		20,038,511

26	SMALLCAP World Fund

No distributions from ordinary income were paid to shareholders during the six months ended March 31, 2015, or for the year ended September 30, 2014. Tax-basis distributions paid to shareholders from long-term capital gains were as follows (dollars in thousands):

Share class	Six months ended March 31, 2015		Year ended September 30, 2014
Class A	$	1,620,297	$	819,310
Class B		11,193		8,984
Class C		91,765		48,666
Class F-1		60,500		45,043
Class F-2		118,437		32,777
Class 529-A		91,366		44,604
Class 529-B		1,553		1,211
Class 529-C		28,795		14,431
Class 529-E		4,863		2,446
Class 529-F-1		7,765		3,680
Class R-1		3,940		2,147
Class R-2		69,423		37,717
Class R-2E*		1		—
Class R-3		78,623		42,124
Class R-4		69,525		34,905
Class R-5		43,654		27,390
Class R-6		188,078		65,717
Total	$	2,489,778	$	1,231,152

*	Class R-2E shares were offered beginning August 29, 2014.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors,^® Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.800% on the first $1 billion of daily net assets and decreasing to 0.595% on such assets in excess of $27 billion. For the six months ended March 31, 2015, the investment advisory services fee was $81,590,000, which was equivalent to an annualized rate of 0.630% 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, 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

SMALLCAP World Fund

to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of directors has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of March 31, 2015, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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. In addition, the fund reimburses AFS for amounts paid 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 Class A, C, F, 529 and R shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. Under the agreement, Class A shares pay an annual fee of 0.01% and Class C, F, 529 and R shares pay an annual fee of 0.05% of their respective average daily net assets.

28	SMALLCAP World Fund

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the 529 college savings plan. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.05% on such assets in excess of $70 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

For the six months ended March 31, 2015, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services			Transfer agent services			Administrative services			529 plan services
Class A		$20,168			$16,178			$849		Not applicable
Class B		536			108			Not applicable		Not applicable
Class C		4,392			846			221		Not applicable
Class F-1		779			349			156		Not applicable
Class F-2		Not applicable			719			315		Not applicable
Class 529-A		1,023			729			238		$423
Class 529-B		75			14			4		7
Class 529-C		1,398			230			71		126
Class 529-E		123			25			12		22
Class 529-F-1		—			63			20		36
Class R-1		192			24			10		Not applicable
Class R-2		2,531			1,232			170		Not applicable
Class R-2E		—	*		—	*		—	*	Not applicable
Class R-3		1,996			679			200		Not applicable
Class R-4		908			343			182		Not applicable
Class R-5		Not applicable			100			116		Not applicable
Class R-6		Not applicable			7			489		Not applicable
Total class-specific expenses		$34,121			$21,646			$3,053		$614

Amount less than one thousand.

SMALLCAP World Fund

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 $301,000 in the fund’s statement of operations includes $194,000 in current fees (either paid in cash or deferred) and a net increase of $107,000 in the value of the deferred amounts.

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

8. Capital share transactions

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

	Sales¹					Reinvestments of distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares		Amount			Shares			Amount			Shares

Six months ended March 31, 2015

Class A	$	747,451		15,809		$	1,593,439		35,036	$	(1,210,668	)		(25,604	)	$	1,130,222			25,241
Class B		702		15			11,120		265		(31,884	)		(733	)		(20,062	)		(453	)
Class C		56,781		1,315			90,963		2,199		(111,460	)		(2,588	)		36,284			926
Class F-1		72,138		1,545			59,775		1,328		(91,978	)		(1,973	)		39,935			900
Class F-2		228,409		4,812			113,364		2,477		(141,736	)		(2,987	)		200,037			4,302
Class 529-A		50,686		1,082			91,347		2,026		(60,879	)		(1,300	)		81,154			1,808
Class 529-B		164		4			1,551		36		(4,434	)		(101	)		(2,719	)		(61	)
Class 529-C		15,281		348			28,786		683		(22,970	)		(522	)		21,097			509
Class 529-E		2,980		65			4,861		110		(4,191	)		(91	)		3,650			84
Class 529-F-1		8,343		176			7,763		171		(9,086	)		(192	)		7,020			155
Class R-1		3,664		83			3,930		93		(6,193	)		(140	)		1,401			36
Class R-2		70,109		1,585			69,391		1,633		(115,075	)		(2,606	)		24,425			612
Class R-2E		8		—	²		—		—		—			—			8			—	²
Class R-3		81,702		1,782			78,595		1,783		(128,764	)		(2,806	)		31,533			759
Class R-4		71,062		1,514			69,524		1,540		(102,622	)		(2,178	)		37,964			876
Class R-5		53,803		1,119			43,649		943		(53,461	)		(1,113	)		43,991			949
Class R-6		270,270		5,738			188,059		4,106		(180,892	)		(3,990	)		277,437			5,854
Total net increase (decrease)	$	1,733,553		36,992		$	2,456,117		54,429	$	(2,276,293	)		(48,924	)	$	1,913,377			42,497

30	SMALLCAP World Fund

	Sales¹					Reinvestments of distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares		Amount			Shares			Amount			Shares

Year ended September 30, 2014

Class A	$	1,773,336		35,700		$	806,618		16,543	$	(2,096,014	)		(42,216	)	$	483,940			10,027
Class B		3,569		77			8,918		195		(75,332	)		(1,622	)		(62,845	)		(1,350	)
Class C		142,256		3,097			48,176		1,067		(203,684	)		(4,439	)		(13,252	)		(275	)
Class F-1		282,255		5,746			44,660		924		(570,459	)		(11,619	)		(243,544	)		(4,949	)
Class F-2		693,213		13,899			30,757		629		(132,925	)		(2,668	)		591,045			11,860
Class 529-A		111,968		2,271			44,594		921		(101,340	)		(2,052	)		55,222			1,140
Class 529-B		635		13			1,211		26		(10,160	)		(216	)		(8,314	)		(177	)
Class 529-C		35,995		770			14,425		314		(38,441	)		(821	)		11,979			263
Class 529-E		5,793		119			2,446		51		(6,380	)		(131	)		1,859			39
Class 529-F-1		15,345		309			3,679		76		(12,328	)		(248	)		6,696			137
Class R-1		9,478		202			2,139		46		(13,283	)		(282	)		(1,666	)		(34	)
Class R-2		144,638		3,074			37,700		816		(219,917	)		(4,681	)		(37,579	)		(791	)
Class R-2E³		10		—	²		—		—		—			—			10			—	²
Class R-3		199,353		4,114			42,110		885		(259,313	)		(5,358	)		(17,850	)		(359	)
Class R-4		191,098		3,875			34,902		721		(207,103	)		(4,203	)		18,897			393
Class R-5		119,562		2,382			27,377		554		(243,151	)		(4,893	)		(96,212	)		(1,957	)
Class R-6		709,607		14,300			65,717		1,344		(112,345	)		(2,256	)		662,979			13,388
Total net increase (decrease)	$	4,438,111		89,948		$	1,215,429		25,112	$	(4,302,175	)		(87,705	)	$	1,351,365			27,355

¹	Includes exchanges between share classes of the fund.
²	Amount less than one thousand.
³	Class R-2E shares were offered beginning August 29, 2014.

9. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $4,147,907,000 and $3,756,629,000, respectively, during the six months ended March 31, 2015.

SMALLCAP World Fund

Financial highlights

			Income (loss) from investment operations¹
	Net asset		Net			Net gains (losses)
	value,		investment			on securities			Total from
	beginning		income			(both realized			investment
	of period		(loss)			and unrealized)			operations
Class A:
Six months ended 3/31/2015^4,5	$	48.66	$	(.06	)	$	3.90		$	3.84
Year ended 9/30/2014		48.91		.01			2.17			2.18
Year ended 9/30/2013		39.27		.06			10.12			10.18
Year ended 9/30/2012		31.45		.08			7.85			7.93
Year ended 9/30/2011		35.82		.09			(3.94	)		(3.85	)
Year ended 9/30/2010		30.26		.14			5.62			5.76
Class B:
Six months ended 3/31/2015^4,5		45.33		(.22	)		3.60			3.38
Year ended 9/30/2014		46.06		(.36	)		2.06			1.70
Year ended 9/30/2013		36.95		(.26	)		9.56			9.30
Year ended 9/30/2012		29.72		(.20	)		7.43			7.23
Year ended 9/30/2011		33.87		(.20	)		(3.71	)		(3.91	)
Year ended 9/30/2010		28.66		(.11	)		5.32			5.21
Class C:
Six months ended 3/31/2015^4,5		44.77		(.23	)		3.56			3.33
Year ended 9/30/2014		45.54		(.36	)		2.02			1.66
Year ended 9/30/2013		36.60		(.26	)		9.45			9.19
Year ended 9/30/2012		29.44		(.19	)		7.35			7.16
Year ended 9/30/2011		33.61		(.19	)		(3.69	)		(3.88	)
Year ended 9/30/2010		28.44		(.10	)		5.28			5.18
Class F-1:
Six months ended 3/31/2015^4,5		48.23		(.05	)		3.85			3.80
Year ended 9/30/2014		48.51		—			2.15			2.15
Year ended 9/30/2013		38.94		.09			10.03			10.12
Year ended 9/30/2012		31.18		.09			7.78			7.87
Year ended 9/30/2011		35.53		.10			(3.92	)		(3.82	)
Year ended 9/30/2010		30.03		.15			5.57			5.72
Class F-2:
Six months ended 3/31/2015^4,5		48.92		.01			3.91			3.92
Year ended 9/30/2014		49.03		.15			2.17			2.32
Year ended 9/30/2013		39.38		.21			10.12			10.33
Year ended 9/30/2012		31.54		.20			7.86			8.06
Year ended 9/30/2011		35.93		.20			(3.96	)		(3.76	)
Year ended 9/30/2010		30.39		.25			5.63			5.88
Class 529-A:
Six months ended 3/31/2015^4,5		48.29		(.07	)		3.85			3.78
Year ended 9/30/2014		48.59		(.03	)		2.16			2.13
Year ended 9/30/2013		39.03		.04			10.05			10.09
Year ended 9/30/2012		31.27		.07			7.80			7.87
Year ended 9/30/2011		35.63		.08			(3.92	)		(3.84	)
Year ended 9/30/2010		30.13		.13			5.58			5.71

32	SMALLCAP World Fund

Dividends and distributions
Dividends						Total										Ratio of			Ratio of net
(from net			Distributions			dividends			Net asset					Net assets,		expenses			income (loss)
investment			(from capital			and			value, end		Total			end of period		to average			to average
income)			gains)			distributions			of period		return^2,3			(in millions)		net assets			net assets

$	—		$	(4.75	)	$	(4.75	)	$	47.75		8.38	%	$	17,745		1.10	%⁶		(.24	)%⁶
	—			(2.43	)		(2.43	)		48.66		4.43			16,857		1.07			.02
	(.54	)		—			(.54	)		48.91		26.29			16,454		1.13			.15
	(.11	)		—			(.11	)		39.27		25.26			13,557		1.14			.23
	(.52	)		—			(.52	)		31.45		(11.01	)		11,926		1.09			.23
	(.20	)		—			(.20	)		35.82		19.11			14,432		1.13			.43

	—			(4.75	)		(4.75	)		43.96		7.95			97		1.85	⁶		(1.00	)⁶
	—			(2.43	)		(2.43	)		45.33		3.66			121		1.83			(.77	)
	(.19	)		—			(.19	)		46.06		25.29			185		1.89			(.63	)
	—			—			—			36.95		24.33			214		1.90			(.58	)
	(.24	)		—			(.24	)		29.72		(11.68	)		266		1.86			(.55	)
	—			—			—			33.87		18.18			397		1.89			(.37	)

	—			(4.75	)		(4.75	)		43.35		7.95			904		1.90	⁶		(1.04	)⁶
	—			(2.43	)		(2.43	)		44.77		3.61			892		1.87			(.79	)
	(.25	)		—			(.25	)		45.54		25.26			920		1.93			(.65	)
	—			—			—			36.60		24.32			779		1.93			(.56	)
	(.29	)		—			(.29	)		29.44		(11.70	)		725		1.86			(.53	)
	(.01	)		—			(.01	)		33.61		18.19			865		1.88			(.32	)

	—			(4.75	)		(4.75	)		47.28		8.37			655		1.07	⁶		(.21	)⁶
	—			(2.43	)		(2.43	)		48.23		4.42			624		1.09			—
	(.55	)		—			(.55	)		48.51		26.33			868		1.07			.21
	(.11	)		—			(.11	)		38.94		25.30			655		1.12			.25
	(.53	)		—			(.53	)		31.18		(11.02	)		583		1.08			.25
	(.22	)		—			(.22	)		35.53		19.16			654		1.10			.46

	—			(4.75	)		(4.75	)		48.09		8.51			1,394		.82	⁶		.03	⁶
	—			(2.43	)		(2.43	)		48.92		4.72			1,208		.81			.31
	(.68	)		—			(.68	)		49.03		26.68			629		.82			.48
	(.22	)		—			(.22	)		39.38		25.69			344		.83			.55
	(.63	)		—			(.63	)		31.54		(10.79	)		266		.82			.53
	(.34	)		—			(.34	)		35.93		19.46			246		.81			.78

	—			(4.75	)		(4.75	)		47.32		8.32			1,000		1.17	⁶		(.31	)⁶
	—			(2.43	)		(2.43	)		48.29		4.37			933		1.15			(.05	)
	(.53	)		—			(.53	)		48.59		26.18			884		1.19			.09
	(.11	)		—			(.11	)		39.03		25.22			689		1.19			.19
	(.52	)		—			(.52	)		31.27		(11.05	)		541		1.14			.20
	(.21	)		—			(.21	)		35.63		19.06			548		1.16			.41

See page 38 for footnotes.

SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations¹
	Net asset		Net			Net gains (losses)
	value,		investment			on securities			Total from
	beginning		income			(both realized			investment
	of period		(loss)			and unrealized)			operations
Class 529-B:
Six months ended 3/31/2015^4,5	$	45.75	$	(.25	)	$	3.64		$	3.39
Year ended 9/30/2014		46.52		(.42	)		2.08			1.66
Year ended 9/30/2013		37.30		(.30	)		9.66			9.36
Year ended 9/30/2012		30.03		(.23	)		7.50			7.27
Year ended 9/30/2011		34.23		(.23	)		(3.76	)		(3.99	)
Year ended 9/30/2010		28.98		(.13	)		5.38			5.25
Class 529-C:
Six months ended 3/31/2015^4,5		45.50		(.24	)		3.61			3.37
Year ended 9/30/2014		46.27		(.40	)		2.06			1.66
Year ended 9/30/2013		37.20		(.29	)		9.60			9.31
Year ended 9/30/2012		29.95		(.21	)		7.46			7.25
Year ended 9/30/2011		34.19		(.22	)		(3.76	)		(3.98	)
Year ended 9/30/2010		28.94		(.12	)		5.37			5.25
Class 529-E:
Six months ended 3/31/2015^4,5		47.41		(.13	)		3.79			3.66
Year ended 9/30/2014		47.87		(.14	)		2.11			1.97
Year ended 9/30/2013		38.45		(.06	)		9.91			9.85
Year ended 9/30/2012		30.79		(.03	)		7.70			7.67
Year ended 9/30/2011		35.11		(.03	)		(3.87	)		(3.90	)
Year ended 9/30/2010		29.70		.04			5.50			5.54
Class 529-F-1:
Six months ended 3/31/2015^4,5		48.53		(.02	)		3.89			3.87
Year ended 9/30/2014		48.73		.08			2.15			2.23
Year ended 9/30/2013		39.14		.13			10.07			10.20
Year ended 9/30/2012		31.35		.14			7.83			7.97
Year ended 9/30/2011		35.72		.15			(3.94	)		(3.79	)
Year ended 9/30/2010		30.20		.20			5.59			5.79
Class R-1:
Six months ended 3/31/2015^4,5		45.85		(.22	)		3.65			3.43
Year ended 9/30/2014		46.56		(.35	)		2.07			1.72
Year ended 9/30/2013		37.40		(.23	)		9.66			9.43
Year ended 9/30/2012		30.07		(.17	)		7.50			7.33
Year ended 9/30/2011		34.32		(.19	)		(3.77	)		(3.96	)
Year ended 9/30/2010		29.05		(.09	)		5.39			5.30
Class R-2:
Six months ended 3/31/2015^4,5		45.84		(.21	)		3.64			3.43
Year ended 9/30/2014		46.56		(.35	)		2.06			1.71
Year ended 9/30/2013		37.39		(.23	)		9.67			9.44
Year ended 9/30/2012		30.07		(.18	)		7.50			7.32
Year ended 9/30/2011		34.30		(.20	)		(3.76	)		(3.96	)
Year ended 9/30/2010		29.03		(.11	)		5.38			5.27

34	SMALLCAP World Fund

Dividends and distributions
Dividends						Total										Ratio of			Ratio of net
(from net			Distributions			dividends			Net asset					Net assets,		expenses			income (loss)
investment			(from capital			and			value, end		Total			end of period		to average			to average
income)			gains)			distributions			of period		return^2,3			(in millions)		net assets			net assets

$	—		$	(4.75	)	$	(4.75	)	$	44.39		7.90	%	$	14		1.97	%⁶		(1.12	)%⁶
	—			(2.43	)		(2.43	)		45.75		3.53			17		1.95			(.89	)
	(.14	)		—			(.14	)		46.52		25.17			25		1.99			(.73	)
	—			—			—			37.30		24.21			30		2.01			(.68	)
	(.21	)		—			(.21	)		30.03		(11.78	)		36		1.95			(.63	)
	—			—			—			34.23		18.12			52		1.97			(.44	)

	—			(4.75	)		(4.75	)		44.12		7.90			294		1.95	⁶		(1.10	)⁶
	—			(2.43	)		(2.43	)		45.50		3.53			280		1.94			(.85	)
	(.24	)		—			(.24	)		46.27		25.21			273		1.98			(.70	)
	—			—			—			37.20		24.21			222		2.00			(.62	)
	(.26	)		—			(.26	)		29.95		(11.77	)		186		1.94			(.61	)
	—			—			—			34.19		18.10			194		1.97			(.40	)

	—			(4.75	)		(4.75	)		46.32		8.21			52		1.40	⁶		(.54	)⁶
	—			(2.43	)		(2.43	)		47.41		4.10			49		1.39			(.30	)
	(.43	)		—			(.43	)		47.87		25.90			48		1.43			(.15	)
	(.01	)		—			(.01	)		38.45		24.90			38		1.45			(.07	)
	(.42	)		—			(.42	)		30.79		(11.32	)		31		1.43			(.08	)
	(.13	)		—			(.13	)		35.11		18.71			31		1.46			.11

	—			(4.75	)		(4.75	)		47.65		8.47			86		.95	⁶		(.10	)⁶
	—			(2.43	)		(2.43	)		48.53		4.57			80		.94			.16
	(.61	)		—			(.61	)		48.73		26.43			73		.98			.30
	(.18	)		—			(.18	)		39.14		25.51			53		.99			.39
	(.58	)		—			(.58	)		31.35		(10.90	)		43		.94			.40
	(.27	)		—			(.27	)		35.72		19.31			47		.95			.62

	—			(4.75	)		(4.75	)		44.53		7.98			40		1.83	⁶		(.97	)⁶
	—			(2.43	)		(2.43	)		45.85		3.66			39		1.82			(.74	)
	(.27	)		—			(.27	)		46.56		25.37			42		1.84			(.57	)
	—			—			—			37.40		24.38			37		1.86			(.50	)
	(.29	)		—			(.29	)		30.07		(11.68	)		35		1.84			(.52	)
	(.03	)		—			(.03	)		34.32		18.25			43		1.87			(.30	)

	—			(4.75	)		(4.75	)		44.52		7.98			696		1.82	⁶		(.96	)⁶
	—			(2.43	)		(2.43	)		45.84		3.64			689		1.83			(.75	)
	(.27	)		—			(.27	)		46.56		25.41			736		1.83			(.55	)
	—			—			—			37.39		24.34			647		1.89			(.52	)
	(.27	)		—			(.27	)		30.07		(11.72	)		581		1.86			(.54	)
	—			—			—			34.30		18.19			712		1.93			(.37	)

See page 38 for footnotes.

SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations¹
	Net asset		Net			Net gains (losses)
	value,		investment			on securities			Total from
	beginning		income			(both realized			investment
	of period		(loss)			and unrealized)			operations
Class R-2E:
Six months ended 3/31/2015^4,5	$	48.67	$	(.02	)	$	3.90		$	3.88
Period from 8/29/2014 to 9/30/2014^4,9		50.83		(.01	)		(2.15	)		(2.16	)
Class R-3:
Six months ended 3/31/2015^4,5		47.34		(.12	)		3.77			3.65
Year ended 9/30/2014		47.79		(.14	)		2.12			1.98
Year ended 9/30/2013		38.39		(.05	)		9.89			9.84
Year ended 9/30/2012		30.73		(.02	)		7.68			7.66
Year ended 9/30/2011		35.03		(.03	)		(3.84	)		(3.87	)
Year ended 9/30/2010		29.64		.04			5.49			5.53
Class R-4:
Six months ended 3/31/2015^4,5		48.33		(.05	)		3.87			3.82
Year ended 9/30/2014		48.59		.02			2.15			2.17
Year ended 9/30/2013		39.03		.09			10.04			10.13
Year ended 9/30/2012		31.25		.11			7.80			7.91
Year ended 9/30/2011		35.60		.10			(3.91	)		(3.81	)
Year ended 9/30/2010		30.12		.15			5.58			5.73
Class R-5:
Six months ended 3/31/2015^4,5		49.39		.02			3.96			3.98
Year ended 9/30/2014		49.46		.15			2.21			2.36
Year ended 9/30/2013		39.71		.22			10.22			10.44
Year ended 9/30/2012		31.80		.22			7.93			8.15
Year ended 9/30/2011		36.21		.22			(3.99	)		(3.77	)
Year ended 9/30/2010		30.60		.26			5.66			5.92
Class R-6:
Six months ended 3/31/2015^4,5		48.93		.03			3.92			3.95
Year ended 9/30/2014		49.00		.21			2.15			2.36
Year ended 9/30/2013		39.34		.25			10.12			10.37
Year ended 9/30/2012		31.52		.24			7.84			8.08
Year ended 9/30/2011		35.89		.24			(3.96	)		(3.72	)
Year ended 9/30/2010		30.31		.27			5.62			5.89

	Six months
	ended
	March 31,			Year ended September 30
	2015^{2, 4, 5}			2014			2013			2012			2011			2010
Portfolio turnover rate for all share classes		15	%		38	%		37	%		35	%		39	%		45	%

See Notes to Financial Statements

36	SMALLCAP World Fund

Dividends and distributions
Dividends						Total											Ratio of			Ratio of net
(from net			Distributions			dividends			Net asset					Net assets,			expenses			income (loss)
investment			(from capital			and			value, end		Total			end of period			to average			to average
income)			gains)			distributions			of period		return^2,3			(in millions)			net assets			net assets

$	—		$	(4.75	)	$	(4.75	)	$	47.80		8.47	%⁷	$	—	⁸		.94	%^6,7		(.09	)%^6,7
	—			—			—			48.67		(4.25	)¹⁰		—	⁸		.08	^2,10		(.01	)^2,10

	—			(4.75	)		(4.75	)		46.24		8.20			827			1.38	⁶		(.52	)⁶
	—			(2.43	)		(2.43	)		47.34		4.12			811			1.39			(.30	)
	(.44	)		—			(.44	)		47.79		25.90			836			1.40			(.12	)
	—			—			—			38.39		24.92			694			1.42			(.05	)
	(.43	)		—			(.43	)		30.73		(11.28	)		586			1.41			(.08	)
	(.14	)		—			(.14	)		35.03		18.71			667			1.44			.13

	—			(4.75	)		(4.75	)		47.40		8.39			755			1.05	⁶		(.20	)⁶
	—			(2.43	)		(2.43	)		48.33		4.46			727			1.06			.03
	(.57	)		—			(.57	)		48.59		26.31			712			1.07			.21
	(.13	)		—			(.13	)		39.03		25.38			550			1.08			.30
	(.54	)		—			(.54	)		31.25		(10.98	)		441			1.07			.26
	(.25	)		—			(.25	)		35.60		19.15			486			1.09			.48

	—			(4.75	)		(4.75	)		48.62		8.55			491			.75	⁶		.10	⁶
	—			(2.43	)		(2.43	)		49.39		4.78			452			.76			.29
	(.69	)		—			(.69	)		49.46		26.72			550			.77			.51
	(.24	)		—			(.24	)		39.71		25.77			384			.78			.60
	(.64	)		—			(.64	)		31.80		(10.74	)		314			.77			.56
	(.31	)		—			(.31	)		36.21		19.50			347			.78			.79

	—			(4.75	)		(4.75	)		48.13		8.57			2,111			.71	⁶		.15	⁶
	—			(2.43	)		(2.43	)		48.93		4.82			1,859			.71			.41
	(.71	)		—			(.71	)		49.00		26.80			1,206			.72			.57
	(.26	)		—			(.26	)		39.34		25.79			768			.73			.67
	(.65	)		—			(.65	)		31.52		(10.68	)		494			.72			.64
	(.31	)		—			(.31	)		35.89		19.57			411			.73			.84

See page 38 for footnotes.

SMALLCAP World Fund

Financial highlights (continued)

¹	Based on average shares outstanding.
²	Not annualized.
³	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
⁴	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁵	Unaudited.
⁶	Annualized.
⁷	Although the fund has a plan of distribution for Class R-2E shares, fees for distribution services are not paid by the fund on accounts for which a broker-dealer (or other financial intermediary) has not been assigned, including amounts invested in the fund by CRMC and/or its affiliates. If fees for distribution services were charged on these assets, fund expenses would be higher and net income and total return would be lower.
⁸	Amount less than $1 million.
⁹	Class R-2E shares were offered beginning August 29, 2014.
¹⁰	Class R-2E assets consisted solely of seed capital invested by CRMC; therefore, certain fees were not accrued.

SMALLCAP World Fund®

Investment portfolio

September 30, 2014

Common stocks 90.54% Consumer discretionary 19.46%	Shares	Value (000)
Netflix, Inc.1	943,743	$425,798
Domino’s Pizza, Inc.2	3,218,769	247,716
Lions Gate Entertainment Corp.2	7,146,000	235,604
Paddy Power PLC	2,174,500	157,018
Mr Price Group Ltd.	6,915,383	130,141
Melco International Development Ltd.	55,345,000	128,012
John Wiley & Sons, Inc., Class A	1,971,083	110,597
Five Below, Inc.1	2,530,694	100,241
Ted Baker PLC2	3,154,993	95,287
Dollarama Inc.	1,039,000	88,133
ASOS PLC1	2,264,755	82,609
Tesla Motors, Inc.1	331,200	80,376
Brinker International, Inc.	1,412,500	71,741
Entertainment One Ltd.	13,659,782	69,977
Inchcape PLC	6,465,600	67,502
CBS Outdoor Americas, Inc.	2,252,900	67,452
OSIM International Ltd	31,600,000	65,147
TOD’S SpA	655,000	64,901
Tiffany & Co.	667,000	64,239
Rightmove PLC	1,812,000	63,216
Penske Automotive Group, Inc.	1,502,000	60,966
YOOX SpA1	2,571,469	59,014
PT Matahari Department Store Tbk	44,070,000	58,682
Jumbo SA1	4,622,964	58,449
Gourmet Master Co., Ltd.	6,690,000	55,091
Coupons.com Inc.1,2	4,587,996	54,872
Domino’s Pizza Enterprises Ltd.	2,351,583	54,006
Lands’ End, Inc.1	1,300,000	53,456
Gentex Corp.	1,954,567	52,324
Jarden Corp.1	862,500	51,845
Chow Sang Sang Holdings International Ltd.	21,564,000	51,377
START TODAY Co., Ltd.	2,344,000	51,016
Liberty Global PLC, Class C1	877,628	35,996
Liberty Global PLC, Class A1	351,978	14,973
Cox & Kings Ltd.2	9,592,000	49,078
Cox & Kings Ltd. (GDR)2,3	330,000	1,688
Eclat Textile Co., Ltd.	5,490,160	49,903
Jubilant FoodWorks Ltd.1	2,495,098	49,720
Zee Entertainment Enterprises Ltd.	9,270,000	47,153
Sotheby’s Holdings, Inc.	1,320,000	47,150
Weight Watchers International, Inc.	1,702,000	46,703
L’Occitane International SA	19,659,750	45,068
Brunello Cucinelli SpA	2,149,015	44,840
Estácio Participações SA, ordinary nominative	4,190,000	43,548
ASKUL Corp.	2,038,600	42,752
PT Multipolar Tbk	497,040,000	42,423
Ocado Group PLC1	8,533,708	36,661

SMALLCAP World Fund — Page 1 of 15

Common stocks Consumer discretionary (continued)	Shares	Value (000)
Moncler SpA	2,552,730	$36,434
Group 1 Automotive, Inc.	475,700	34,588
Arcos Dorados Holdings Inc., Class A	5,735,000	34,295
Rentrak Corp.1	550,000	33,517
Stella International Holdings Ltd.	11,999,500	31,139
SeaWorld Entertainment, Inc.	1,584,500	30,470
Hathway Cable and Datacom Ltd.1,3,4	7,050,000	29,600
PARADISE Co., Ltd.	900,000	29,467
Poya Co., Ltd.2	4,712,660	29,435
Home Inns & Hotels Management Inc. (ADR)1	1,006,000	29,164
Ctrip.com International, Ltd. (ADR)1	512,000	29,061
Installed Building Products, Inc.1,2	2,068,345	29,060
Daily Mail and General Trust PLC, Class A, nonvoting	2,210,000	27,444
Eros International PLC, Class A1	1,871,666	27,345
Murphy USA Inc.1	510,000	27,061
Chipotle Mexican Grill, Inc.1	39,890	26,590
Minth Group Ltd.	13,690,000	26,517
Merida Industry Co., Ltd.	3,635,100	25,334
Titan Co. Ltd.	3,760,000	24,836
Zhongsheng Group Holdings Ltd.	22,854,000	24,488
Lennar Corp., Class A	619,000	24,036
Brunswick Corp.	560,000	23,598
Nord Anglia Education, Inc.1	1,313,700	22,333
China Lodging Group, Ltd. (ADR)1	840,000	21,647
Melco Crown Entertainment Ltd. (ADR)	800,000	21,032
Boyd Gaming Corp.1	2,049,000	20,818
ValueVision Media, Inc., Class A1,2	3,987,540	20,456
Navitas Ltd.	4,625,000	20,247
zulily, inc., Class A1	534,000	20,233
TravelCenters of America LLC1,2	2,023,750	19,995
I.T Limited	57,710,000	19,398
Mothercare PLC2	4,450,000	19,316
Redrow PLC	4,185,000	19,044
Major Cineplex Group PCL	23,845,000	17,796
Dick Smith Holdings Ltd.	9,090,940	17,511
Parkson Retail Asia Ltd.	23,182,000	15,446
Toll Brothers, Inc.1	471,800	14,701
Intercontinental Hotels Group PLC	371,045	14,310
eLong, Inc. (ADR)1	690,000	14,200
Cavco Industries, Inc.1	204,000	13,872
TAKKT AG	801,778	13,681
GVC Holdings PLC	1,663,694	13,512
Standard Pacific Corp.1	1,794,000	13,437
Playmates Toys Ltd.	57,268,000	13,128
HUGO BOSS AG	99,231	12,403
William Hill PLC	2,047,800	12,277
Oxford Industries, Inc.	200,000	12,198
Topps Tiles PLC	7,000,000	11,830
Golden Eagle Retail Group Ltd.	10,014,000	11,646
Hankook Tire Co., Ltd.	233,473	11,394
PT Ace Hardware Indonesia Tbk	156,400,000	11,359
Papa Murphy’s Holdings, Inc.1,2	1,102,000	11,240
Tribhovandas Bhimji Zaveri Ltd.2	4,335,732	11,218
Fourlis Holdings SA1	2,035,000	10,847
zooplus AG, non-registered shares1	148,400	10,322

SMALLCAP World Fund — Page 2 of 15

Common stocks Consumer discretionary (continued)	Shares	Value (000)
Techtronic Industries Co. Ltd.	3,570,000	$10,322
D.R. Horton, Inc.	490,000	10,055
Pinnacle Entertainment, Inc.1	400,000	10,036
SHW AG, non-registered shares	230,000	9,741
Fox Factory Holding Corp.1	625,000	9,687
DSW Inc., Class A	320,000	9,635
Valeo SA, non-registered shares	86,000	9,571
Ripley Corp SA	17,726,000	9,532
Mando Corp.3	72,600	9,425
American Axle & Manufacturing Holdings, Inc.1	505,000	8,469
PT Astra Otoparts Tbk	23,746,000	8,380
Café de Coral Holdings Ltd.	2,240,000	7,587
POLYTEC Holding AG, non-registered shares	834,369	6,724
ITT Educational Services, Inc.1,2	1,519,000	6,517
Mood Media Corp.1,2	6,375,000	3,700
Mood Media Corp. (CDI)1,2	3,710,000	2,153
Talwalkars Better Value Fitness Ltd.2	1,694,000	5,589
Giordano International Ltd.	9,820,000	5,324
NagaCorp Ltd.	7,330,000	5,249
Powerland AG, non-registered shares1,2	1,200,000	4,092
China Zenix Auto International Ltd. (ADR)1	2,152,000	3,809
Alpargatas SA, preferred nominative	891,022	3,753
Phorm Corp. Ltd.1	15,890,000	2,995
Jin Co., Ltd.	78,600	2,119
Grand Korea Leisure Co. Ltd.	40,931	1,627
Quiksilver, Inc.1	500,000	860
Ten Alps PLC1	3,439,001	37
Five Star Travel Corp.1,3,4	96,033	21
Spot Runner, Inc.1,3,5	2,980,544	—
Fontainebleau Resorts LLC, Class A, nonvoting units1,3,4,5	1,900,000	—
		4,987,796
Health care 14.97%
Myriad Genetics, Inc.1,2	5,725,556	220,835
Incyte Corp.1	4,445,600	218,057
Endo International PLC1	3,088,324	211,134
Hikma Pharmaceuticals PLC	5,625,153	158,036
Regeneron Pharmaceuticals, Inc.1	424,900	153,185
Synageva BioPharma Corp.1,2	2,190,074	150,633
Molina Healthcare, Inc.1,2	3,488,100	147,547
Centene Corp.1	1,735,000	143,502
athenahealth, Inc.1	929,371	122,389
Brookdale Senior Living Inc.1	3,255,250	104,884
GW Pharmaceuticals PLC (ADR)1,2	1,215,600	98,281
BioMarin Pharmaceutical Inc.1	1,347,500	97,236
Ultragenyx Pharmaceutical Inc.1,2	1,628,457	92,171
Illumina, Inc.1	543,900	89,156
Sysmex Corp.	2,150,000	86,451
bluebird bio, Inc.1,2	2,287,565	82,078
Team Health Holdings, Inc.1	1,217,300	70,591
Zeltiq Aesthetics, Inc.1,2	3,002,044	67,936
Alnylam Pharmaceuticals, Inc.1	848,700	66,283
Intuitive Surgical, Inc.1	135,000	62,346
NuVasive, Inc.1	1,702,936	59,381
Spire Healthcare Group PLC1	11,664,000	54,704

SMALLCAP World Fund — Page 3 of 15

Common stocks Health care (continued)	Shares	Value (000)
Insulet Corp.1	1,382,345	$50,939
Achillion Pharmaceuticals, Inc.1,2	4,930,000	49,201
Teleflex Inc.	460,700	48,392
Hologic, Inc.1	1,965,000	47,808
Genomma Lab Internacional, SAB de CV, Series B1	18,433,000	44,290
Grifols, SA, Class A, non-registered shares	665,000	27,247
Grifols, SA, Class B, non-registered shares	463,950	16,525
Nihon Kohden Corp.	806,500	42,356
Fisher & Paykel Healthcare Corp. Ltd.	9,663,437	39,152
BTG PLC1	3,350,000	38,016
Galapagos NV1,2	2,422,427	36,655
HeartWare International, Inc.1	441,600	34,281
Virbac SA	160,200	33,700
Pharmacyclics, Inc.1	283,656	33,310
PerkinElmer, Inc.	745,000	32,482
Theravance, Inc.	1,897,000	32,420
Novadaq Technologies Inc.1	2,505,948	31,801
Covance Inc.1	400,000	31,480
Tong Ren Tang Technologies Co., Ltd., Class H	22,770,000	31,436
Agios Pharmaceuticals, Inc.1	488,000	29,939
Prothena Corp. PLC1	1,263,214	27,993
CONMED Corp.	710,000	26,156
XenoPort, Inc.1,2	4,769,000	25,657
Fleury SA, ordinary nominative	4,380,600	25,323
Neovasc Inc.1,2	4,277,000	24,269
Nobel Biocare Holding AG	1,350,000	23,968
Premier, Inc., Class A1	725,000	23,824
PT Siloam International Hospitals Tbk1	18,060,000	22,269
QIAGEN NV1	968,751	22,061
MD Medical Group Investments PLC (GDR)	2,632,000	21,582
Ironwood Pharmaceuticals, Inc., Class A1	1,605,000	20,793
Gerresheimer AG, non-registered shares	310,000	20,133
ACADIA Pharmaceuticals Inc.1	812,797	20,125
Orexigen Therapeutics, Inc.1	4,719,655	20,106
Eurofins Scientific SE, non-registered shares	73,500	19,031
Neurocrine Biosciences, Inc.1	1,150,200	18,024
KYTHERA Biopharmaceuticals, Inc.1	547,300	17,930
Flexion Therapeutics, Inc.1,2	979,252	17,881
Circassia Pharmaceuticals PLC1	3,260,000	16,066
Medivation, Inc.1	160,000	15,819
ChemoCentryx, Inc.1,2	3,426,800	15,421
Castlight Health, Inc., Class B1	1,129,167	14,611
Seattle Genetics, Inc.1	372,000	13,831
Wright Medical Group, Inc.1	438,485	13,286
GI Dynamics, Inc. (CDI)1,2	30,320,000	12,742
Theravance Biopharma, Inc.1	542,000	12,493
Pharmstandard OJSC (GDR)1	920,771	11,740
Orthofix International NV1	377,000	11,672
Krka, dd, Novo mesto	99,787	8,243
Mesoblast Ltd.1	1,560,000	5,901
		3,837,196

SMALLCAP World Fund — Page 4 of 15

Common stocks Industrials 12.79%	Shares	Value (000)
AA PLC1,2	44,319,669	$231,712
Moog Inc., Class A1	2,572,800	175,980
Hoshizaki Electric Co., Ltd.	2,955,700	137,982
ITT Corp.	2,946,621	132,421
Northgate PLC2	10,626,805	83,347
Loomis AB, Class B	2,883,452	82,516
Spirax-Sarco Engineering PLC	1,758,000	80,541
CIMC Enric Holdings Ltd.	77,741,000	77,692
Intertek Group PLC	1,775,000	75,420
BELIMO Holding AG	28,050	69,927
IDEX Corp.	875,000	63,324
MonotaRO Co., Ltd.	2,513,800	62,962
Havells India Ltd.	14,550,000	62,396
Oshkosh Corp.	1,340,000	59,161
Takeuchi Mfg. Co., Ltd.2	1,232,300	58,539
Waste Connections, Inc.	1,206,000	58,515
Landstar System, Inc.	791,000	57,102
King Slide Works Co., Ltd.2	4,913,000	55,478
Johnson Electric Holdings Ltd.	14,528,875	55,385
MITIE Group PLC	11,709,000	54,649
Polypore International, Inc.1	1,397,100	54,361
Boer Power Holdings Ltd.2	39,202,000	53,415
American Airlines Group Inc.	1,420,000	50,382
Clean Harbors, Inc.1	919,500	49,579
Rotork PLC	1,045,000	46,842
PARK24 Co., Ltd.	2,765,000	44,119
Flughafen Zⁿrich AG	68,400	42,952
Chart Industries, Inc.1	670,700	41,000
Continental Building Products, Inc.1,2	2,705,000	39,493
Masco Corp.	1,625,000	38,870
Alliance Global Group, Inc.	66,295,000	38,408
Exponent, Inc.	535,000	37,921
Japan Airport Terminal Co. Ltd.	940,000	37,711
AirAsia Bhd.	48,188,700	37,164
NORMA Group SE, non-registered shares	872,600	36,503
Harmonic Drive Systems Inc.	2,398,100	35,466
TransDigm Group Inc.	190,000	35,023
KEYW Holding Corp.1,2	2,836,400	31,399
ARC Document Solutions, Inc.1,2	3,734,755	30,252
Watsco, Inc.	350,000	30,163
Mistras Group, Inc.1,2	1,460,000	29,784
Stock Building Supply Holdings, Inc.1,2	1,785,000	28,042
Michael Page International PLC	3,800,000	25,787
Carborundum Universal Ltd.	7,985,000	25,716
Meggitt PLC	3,470,000	25,382
Graco Inc.	340,000	24,813
Gujarat Pipavav Port Ltd.1	8,596,674	23,601
Exova Group PLC1	8,140,000	23,291
Pegasus Hava Tasimaciligi AS1	1,885,000	22,025
BTS Rail Mass Transit Growth Infrastructure Fund	71,183,700	21,624
Globaltrans Investment PLC (GDR)4	1,529,400	12,847
Globaltrans Investment PLC (GDR)	1,028,600	8,640
Rheinmetall AG	445,000	21,414
Amara Raja Batteries Ltd.	2,173,886	21,065
Pfeiffer Vacuum Technology AG, non-registered shares	249,000	20,961

SMALLCAP World Fund — Page 5 of 15

Common stocks Industrials (continued)	Shares	Value (000)
Summit Ascent Holdings Ltd.1	48,620,000	$20,350
Orient Overseas (International) Ltd.	3,653,000	20,230
MSA Safety Inc.	400,000	19,760
PayPoint PLC	1,220,000	19,452
PT AKR Corporindo Tbk	40,759,000	18,230
Shun Tak Holdings Ltd.	35,460,000	17,399
Regus PLC	6,205,000	17,071
Robert Half International Inc.	337,000	16,513
Mills Estruturas e Serviços de Engenharia SA, ordinary nominative	2,140,000	15,650
Cummins India Ltd.	1,418,800	15,416
Houston Wire & Cable Co.2	1,150,000	13,777
DKSH Holding AG	179,551	13,400
Okabe Co., Ltd.	1,208,000	13,283
Geberit AG1	41,000	13,262
Nok Airlines PCL	26,730,400	13,025
Beacon Roofing Supply, Inc.1	500,000	12,740
Teleperformance SA	204,247	12,636
Shanghai Industrial Holdings Ltd.	4,185,000	12,396
Avis Budget Group, Inc.1	210,000	11,527
Alaska Air Group, Inc.	260,000	11,320
USG Corp.1	397,000	10,914
Frigoglass SAIC1,2	3,052,380	10,409
National Express Group PLC	2,363,800	9,101
J. Kumar Infraprojects Ltd.2	1,780,000	9,074
Andritz AG	170,000	9,065
COSCO Pacific Ltd.	5,990,000	7,946
Cebu Air, Inc.	4,800,000	7,321
TD Power Systems Ltd.	1,209,982	6,562
Pacific Basin Shipping Ltd.	11,650,000	6,302
Pipavav Defence and Offshore Engineering Co. Ltd.1	9,925,000	6,196
China Automation Group Ltd.1	27,000,000	5,424
Jaiprakash Associates Ltd.1	7,350,000	3,148
		3,279,963
Information technology 11.10%
TriQuint Semiconductor, Inc.1,2	9,012,000	171,859
AAC Technologies Holdings Inc.	29,287,250	170,107
Palo Alto Networks, Inc.1	1,132,350	111,084
Topcon Corp.	4,664,710	106,160
MercadoLibre, Inc.	914,000	99,306
Demandware, Inc.1	1,803,000	91,809
Kakaku.com, Inc.	5,995,000	85,163
Halma PLC	8,514,967	84,481
Semiconductor Manufacturing International Corp.1	787,175,000	81,101
Finisar Corp.1	4,833,000	80,373
Hamamatsu Photonics KK	1,665,100	79,099
QIWI PLC, Class B (ADR)	2,113,000	66,750
Xoom Corp.1,2	3,035,570	66,631
National Instruments Corp.	2,094,264	64,776
CDW Corp.	2,060,000	63,963
Playtech PLC	5,413,421	63,011
OBIC Co., Ltd.	1,710,300	61,129
International Rectifier Corp.1	1,497,734	58,771
Concur Technologies, Inc.1	439,869	55,784
Dolby Laboratories, Inc., Class A1	1,268,400	53,006

SMALLCAP World Fund — Page 6 of 15

Common stocks Information technology (continued)	Shares	Value (000)
Cornerstone OnDemand, Inc.1	1,458,000	$50,170
Zebra Technologies Corp., Class A1	568,900	40,375
Ellie Mae, Inc.1	1,191,000	38,827
ASM International NV	1,051,665	38,222
Alcatel-Lucent1	11,726,125	36,390
Zynga Inc., Class A1	13,165,000	35,545
Knowles Corp.1	1,296,091	34,346
Cray Inc.1	1,303,772	34,211
RIB Software AG2	2,476,356	33,921
Autodesk, Inc.1	605,000	33,335
Monitise PLC1	66,996,190	32,855
Itron, Inc.1	815,000	32,038
JDS Uniphase Corp.1	2,489,000	31,859
Hana Microelectronics PCL	23,935,000	31,187
SUNeVision Holdings Ltd.	87,600,000	30,460
KLA-Tencor Corp.	340,650	26,836
Inphi Corp.1,2	1,785,699	25,678
Trimble Navigation Ltd.1	840,000	25,620
Montage Technology Group Ltd.1	1,179,900	24,648
Suprema Inc.1,2	868,200	24,065
ASM Pacific Technology Ltd.	2,314,700	22,909
Atmel Corp.1	2,777,840	22,445
Spectris PLC	761,721	22,326
Persistent Systems Ltd.	956,000	21,742
Nemetschek AG	223,258	21,516
FireEye, Inc.1	694,188	21,214
M/A-COM Technology Solutions Holdings, Inc.1	893,839	19,521
Belden Inc.	300,000	19,206
Gogo Inc.1	1,000,000	16,860
Semtech Corp.1	620,000	16,833
Oxford Instruments PLC	1,011,000	16,718
Wix.com Ltd.1	1,000,000	16,250
CoStar Group, Inc.1	100,000	15,554
RF Micro Devices, Inc.1	1,305,000	15,060
Good Technology Corp.1,3,4,5	3,636,364	14,927
Kingdee International Software Group Co. Ltd.1	50,000,000	14,810
Cvent, Inc.1	569,500	14,448
MagnaChip Semiconductor Corp.1	1,200,000	14,040
NHN Entertainment Corp.1	151,000	11,805
SciQuest, Inc.1	740,000	11,130
ON Semiconductor Corp.1	1,230,000	10,996
Alten SA, non-registered shares	250,000	10,722
Jay Mart PCL	22,812,500	9,850
Pandora Media, Inc.1	405,000	9,785
iEnergizer Ltd.1,2	7,650,500	8,496
VTech Holdings Ltd.	685,000	8,451
Broadleaf Co., Ltd.	500,000	8,051
Ultimate Software Group, Inc.1	55,700	7,882
Tableau Software, Inc., Class A1	100,000	7,265
Cognex Corp.	161,202	6,492
Tangoe, Inc.1	422,400	5,723
Agilysys, Inc.1	460,340	5,400
Youku Tudou Inc., Class A (ADR)1	300,000	5,376
Anritsu Corp.	650,000	4,961
Rally Software Development Corp.1	400,000	4,804

SMALLCAP World Fund — Page 7 of 15

Common stocks Information technology (continued)	Shares	Value (000)
NetSuite Inc.1	50,000	$4,477
Silicon Graphics International Corp.1	141,800	1,309
Immersion Corp.1	97,800	839
China High Precision Automation Group Ltd.1,2,3	53,032,000	683
Remark Media, Inc.1	108,065	680
PChome Online Inc.	22,168	216
		2,846,723
Financials 9.84%
SVB Financial Group1	1,355,900	151,983
GT Capital Holdings, Inc.	4,782,200	112,955
Validus Holdings, Ltd.	2,763,000	108,144
Umpqua Holdings Corp.	6,141,041	101,143
Financial Engines, Inc.	2,520,930	86,254
Kotak Mahindra Bank Ltd.	4,940,000	81,035
PacWest Bancorp	1,942,149	80,075
Onex Corp.	1,380,600	76,873
Tokyo Tatemono Co., Ltd.	7,865,000	63,608
East West Bancorp, Inc.	1,855,000	63,070
HCC Insurance Holdings, Inc.	1,257,000	60,701
Greenhill & Co., Inc.	1,288,500	59,902
First Republic Bank	1,141,825	56,383
Altisource Residential Corp.	2,188,650	52,528
Fibra Uno Administración, SA de CV	15,355,891	50,548
Eurobank Properties Real Estate Investment Co.	4,152,355	47,202
Springleaf Holdings, Inc.1	1,464,200	46,752
BOK Financial Corp.	680,000	45,206
VZ Holding AG	263,200	44,551
Ocwen Financial Corp.1	1,675,000	43,852
Talmer Bancorp, Inc., Class A	3,068,056	42,431
Avanza Bank Holding AB	1,154,000	38,941
Altisource Asset Management Corp.1	56,153	37,904
EFG International AG1	3,757,378	37,822
Cathay General Bancorp, Inc.	1,510,000	37,493
Janus Capital Group Inc.	2,543,000	36,975
Genworth Mortgage Insurance Australia Ltd.	12,090,000	36,202
Kemper Corp.	1,000,000	34,150
GRUH Finance Ltd.	10,900,000	33,780
Actua Corp1,2	2,094,000	33,546
Shriram Transport Finance Co. Ltd.	2,222,137	33,544
Inversiones La Construcción SA	2,334,000	31,268
Crédito Real, SAB de CV	10,961,030	31,021
Foxtons Group PLC	8,044,590	28,039
ING Vysya Bank Ltd.	2,907,649	27,977
Repco Home Finance Ltd.2	4,040,440	27,919
Kenedix, Inc.1	6,413,000	27,658
Texas Capital Bancshares, Inc.1	461,700	26,631
Manappuram Finance Ltd.2	54,930,986	26,283
Cerved Information Solutions SPA, non-registered shares1	4,220,000	26,032
Altisource Portfolio Solutions SA1	253,415	25,544
Tune Ins Holdings Bhd.	36,816,000	25,363
Mercury General Corp.	500,000	24,405
Old Republic International Corp.	1,635,000	23,348
Chailease Holding Co. Ltd.	9,317,000	22,634
Endurance Specialty Holdings Ltd.	400,000	22,072

SMALLCAP World Fund — Page 8 of 15

Common stocks Financials (continued)	Shares	Value (000)
LSL Property Services PLC	4,166,350	$22,019
RenaissanceRe Holdings Ltd.	205,000	20,498
Numis Corp. PLC	4,549,282	19,599
K. Wah International Holdings Ltd.	34,354,357	19,202
CenterState Banks, Inc.	1,802,399	18,655
Redwood Trust, Inc.	1,110,000	18,404
Mahindra Lifespace Developers Ltd.2	2,157,380	17,995
Bank of Ireland1	45,456,798	17,856
Banca Generali SpA	673,069	17,793
Signature Bank1	157,800	17,683
Square 1 Financial, Inc., Class A1	871,576	16,760
Macquarie Mexican REIT	8,661,000	15,251
Sino-Ocean Land Holdings Ltd.	27,537,317	14,505
East West Banking Corp.1	20,155,900	12,104
Plus500 Ltd.	1,796,283	11,939
Soundwill Holdings Ltd.	5,690,000	9,057
Bao Viet Holdings	4,137,486	7,835
Metropolitan Bank & Trust Co.	3,252,015	6,290
TCS Group Holding PLC (GDR)1,4	1,046,200	4,907
Starwood Property Trust, Inc.	109,200	2,398
Popular, Inc.1	45,800	1,348
Banco Espírito Santo, SA1,3	2,587,339	—
		2,523,845
Consumer staples 5.32%
Emami Ltd.	9,430,000	106,454
Raia Drogasil SA, ordinary nominative	10,577,374	90,487
Puregold Price Club, Inc.	115,461,300	89,277
Super Group Ltd.2	89,194,000	89,145
Emmi AG	240,600	82,283
Stock Spirits Group PLC2	16,000,000	75,636
PZ Cussons PLC	12,672,000	75,127
Glanbia PLC	4,737,600	68,395
Hypermarcas SA, ordinary nominative1	7,392,600	53,094
Pinnacle Foods Inc.	1,509,000	49,269
Kaveri Seed Co. Ltd.2	3,470,177	45,599
Nu Skin Enterprises, Inc., Class A	944,200	42,517
7-Eleven Malaysia Holdings Bhd.1,2	76,209,600	41,584
Davide Campari-Milano SpA	5,388,500	38,896
Herbalife Ltd.	744,182	32,558
COSMOS Pharmaceutical Corp.	242,200	30,718
Petra Foods Ltd.	9,183,000	29,082
Sprouts Farmers Market, Inc.1	998,000	29,012
LT Group, Inc.	81,670,000	28,462
VST Industries Ltd.2	1,003,400	26,454
Fresh Del Monte Produce Inc.	750,000	23,925
Origin Enterprises PLC	2,290,000	22,271
Lenta Ltd. (GDR)1	2,017,462	21,526
Del Monte Pacific Ltd.	38,825,000	15,555
Eurocash SA	1,468,000	14,327
Wumart Stores, Inc., Class H	15,080,000	14,100
HITEJINRO CO., LTD.	625,679	13,726
Real Nutriceutical Group Ltd.	39,400,000	13,396
Kernel Holding SA1	1,642,578	12,355
Coca-Cola Icecek AS, Class C	567,512	12,252

SMALLCAP World Fund — Page 9 of 15

Common stocks Consumer staples (continued)	Shares	Value (000)
CALBEE, Inc.	350,000	$11,457
O’Key Group SA (GDR)	1,546,000	11,286
Cosco Capital, Inc.	61,970,400	11,033
Treasury Wine Estates Ltd.	2,506,860	9,306
Convenience Retail Asia Ltd.	12,810,000	8,777
Sundrug Co., Ltd.	194,900	8,663
Tilaknager Industries Ltd.2	8,270,086	5,966
R.E.A. Holdings PLC	800,000	5,253
Bizim Toptan Satis Magazalari AS, non-registered shares	399,482	3,255
		1,362,478
Energy 4.52%
InterOil Corp.1	2,344,500	127,212
Ophir Energy PLC1	25,755,318	95,740
Bonanza Creek Energy, Inc.1	1,454,300	82,750
C&J Energy Services, Inc.1	2,516,000	76,864
Diamondback Energy, Inc.1	982,000	73,434
Peyto Exploration & Development Corp.	2,020,400	63,754
Paramount Resources Ltd.1	1,105,000	63,294
Nostrum Oil & Gas PLC1	5,023,150	61,482
Concho Resources Inc.1	403,000	50,532
Africa Oil Corp.1	5,371,067	23,595
Africa Oil Corp. (SEK denominated)1	3,923,713	17,264
Keyera Corp.	506,200	40,782
Oil States International, Inc.1	650,000	40,235
Memorial Resource Development Corp.1	1,022,300	27,714
Oasis Petroleum Inc.1	600,000	25,086
Veresen Inc.	1,590,000	24,178
Parsley Energy, Inc., Class A1	1,095,200	23,361
SBM Offshore NV1	1,516,670	22,020
Lekoil Ltd. (CDI)1,2	14,070,000	15,511
Lekoil Ltd. (CDI)1,2,4	5,360,400	5,909
Exillon Energy PLC1	7,684,660	19,559
Tourmaline Oil Corp.1	410,000	18,169
Gulf Keystone Petroleum Ltd.1,4	15,715,000	15,859
PrairieSky Royalty Ltd.	483,100	15,205
Genel Energy PLC1	1,087,926	14,850
Amerisur Resources PLC1	16,000,000	14,655
KrisEnergy Ltd.1	22,000,000	13,538
Cairn Energy PLC1	4,709,000	13,474
Prosafe SE	2,029,000	11,868
Falkland Oil and Gas Ltd.1	24,225,000	11,193
BNK Petroleum Inc.1,2	12,804,914	10,633
Clean Energy Fuels Corp.1	800,000	6,240
Savannah Petroleum PLC1,2	7,844,000	5,993
Core Laboratories NV	40,000	5,854
San Leon Energy PLC1,2	155,300,000	5,602
Tethys Petroleum Ltd.1,2	12,161,000	3,366
Tethys Petroleum Ltd. (GBP denominated)1,2	4,647,487	1,253
Borders & Southern Petroleum PLC1	20,265,000	3,238
African Petroleum Corp. Ltd.1	25,268,321	3,068
Akastor ASA	762,000	3,066

SMALLCAP World Fund — Page 10 of 15

Common stocks Energy (continued)	Shares	Value (000)
Range Resources Ltd.1	100,000,000	$1,702
Esrey Energy Ltd.1	650,000	48
		1,159,150
Materials 4.48%
James Hardie Industries PLC (CDI)	9,733,929	102,015
Chr. Hansen Holding A/S	2,617,000	101,153
AptarGroup, Inc.	1,600,000	97,120
Intrepid Potash, Inc.1,2	4,895,000	75,628
Silgan Holdings Inc.	1,439,500	67,656
PolyOne Corp.	1,717,000	61,091
Yingde Gases Group Co. Ltd.	46,640,000	44,088
OM Group, Inc.	1,560,000	40,482
Sealed Air Corp.	1,135,000	39,589
United States Steel Corp.	995,600	38,998
CPMC Holdings Ltd.	46,500,000	37,189
Sirius Minerals PLC1,2	139,533,460	31,103
Stillwater Mining Co.1	1,990,000	29,910
Nampak Ltd.	7,828,075	28,536
Lundin Mining Corp.1	5,630,000	27,799
FUCHS PETROLUB SE	717,294	26,079
Mayr-Melnhof Karton AG, non-registered shares	240,300	25,525
Gem Diamonds Ltd.1,2	7,625,000	23,734
Mountain Province Diamonds Inc.1,3	4,222,222	20,592
Huhtamäki Oyj	724,000	19,880
Valspar Corp.	249,800	19,732
Greatview Aseptic Packaging Co. Ltd.	28,381,000	18,641
Boral Ltd.	4,160,000	18,102
Symrise AG	320,500	17,071
Kenmare Resources PLC1	109,972,782	16,937
UPL Ltd.	2,950,000	16,243
Croda International PLC	422,000	14,045
Yip’s Chemical Holdings Ltd.	19,728,000	13,491
Synthomer PLC	3,600,000	12,373
Western Areas Ltd.	3,150,000	11,914
Platinum Group Metals Ltd.1	13,475,000	11,911
Arkema SA	165,000	11,070
Constellium NV, Class A1	396,000	9,746
Cape Lambert Resources Ltd.2	47,330,825	3,813
African Minerals Ltd.1	11,233,121	3,141
Lonmin PLC1	910,000	2,741
Kennady Diamonds Inc.1	372,952	2,597
Duluth Metals Ltd.1,2	7,024,000	1,505
Marrone Bio Innovations, Inc.1	450,000	1,197
Hummingbird Resources PLC1	1,650,000	1,190
Eastern Platinum Ltd.1	1,350,000	1,157
Rusoro Mining Ltd.1	21,437,000	479
China Forestry Holdings Co., Ltd.1,3	29,142,000	375
		1,147,638

SMALLCAP World Fund — Page 11 of 15

Common stocks Utilities 1.86%	Shares	Value (000)
ENN Energy Holdings Ltd.	29,722,296	$194,452
CESC Ltd.	4,521,832	54,916
Manila Water Co., Inc.	81,300,900	53,443
Infraestructura Energética Nova, SAB de CV	7,927,600	48,379
Ratchaburi Electricity Generating Holding PCL	8,350,000	15,258
Ratchaburi Electricity Generating Holding PCL, nonvoting depository receipts	7,945,000	14,518
Greenko Group PLC1,2	9,748,155	26,905
Huadian Fuxin Energy Corp. Ltd., Class H	40,770,000	23,890
NRG Yield, Inc., Class A	335,523	15,786
Mytrah Energy Ltd.1,2	10,418,000	15,010
Energy World Corp. Ltd.1	47,700,000	14,826
		477,383
Telecommunication services 1.30%
Telephone and Data Systems, Inc.	3,021,600	72,397
Cogent Communications Holdings, Inc.	1,372,000	46,113
Iridium Communications Inc.1	4,889,615	43,273
Total Access Communication PCL	9,964,000	32,266
Reliance Communications Ltd.1	18,551,252	29,737
tw telecom inc.1	500,000	20,805
PT Sarana Menara Nusantara Tbk1	60,415,000	19,857
United States Cellular Corp.1	470,000	16,676
Globe Telecom, Inc.	365,000	13,200
RingCentral, Inc., Class A1	1,001,854	12,734
Hutchison Telecommunications Hong Kong Holdings Ltd.	28,662,000	11,443
T-Mobile US, Inc.1	334,810	9,666
NewSat Ltd.1	26,555,563	4,650
		332,817
Miscellaneous 4.90%
Other common stocks in initial period of acquisition		1,257,346
Total common stocks (cost: $17,510,111,000)		23,212,335
Preferred securities 0.01% Miscellaneous 0.01%
Other preferred securities in initial period of acquisition		2,709
Total preferred securities (cost: $1,515,000)		2,709
Rights & warrants 0.05% Information technology 0.05%
Foursquare Labs, Inc., warrants, expire 20331,3,5	1,163,990	11,600
Materials 0.00%
Sirius Minerals PLC, warrants, expire 20151,2,3	40,000,000	1,245
Miscellaneous 0.00%
Other rights & warrants in initial period of acquisition		997
Total rights & warrants (cost: $927,000)		13,842

SMALLCAP World Fund — Page 12 of 15

Convertible stocks 0.54% Health care 0.29%	Shares	Value (000)
Proteus Digital Health, Inc., Series G, convertible preferred3,5	3,044,139	$40,000
Juno Therapeutics, Inc., Series B, convertible preferred3,5	7,326,007	20,000
Adaptimmune Ltd., Series A, convertible preferred3,5	169,389	10,000
Stem CentRx, Inc., Series F-1, convertible preferred3,5	332,000	4,007
		74,007
Information technology 0.15%
Foursquare Labs, Inc., Series D, convertible preferred3,5	1,551,988	20,000
DocuSign, Inc., Series E, convertible preferred3,5	1,236,304	16,236
DocuSign, Inc., Series B, convertible preferred3,5	66,593	874
DocuSign, Inc., Series D, convertible preferred3,5	47,810	628
DocuSign, Inc., Series B1, convertible preferred3,5	19,947	262
		38,000
Financials 0.08%
LendingClub Corp., Series F, convertible preferred3,5	1,474,744	17,077
OFG Bancorp, Series C, 8.75% noncumulative convertible preferred5	1,870	2,637
		19,714
Telecommunication services 0.02%
Iridium Communications Inc., Series A, convertible preferred4	60,000	6,889
Consumer discretionary 0.00%
Spot Runner, Inc., Series C, convertible preferred1,3,5	1,626,016	—
Total convertible stocks (cost: $140,877,000)		138,610
Convertible bonds 0.04% Energy 0.04%	Principal amount (000)
Clean Energy Fuels Corp. 5.25% convertible notes 20184	$10,833	9,730
Total convertible bonds (cost: $10,833,000)		9,730
Bonds, notes & other debt instruments 0.29% U.S. Treasury bonds & notes 0.26% U.S. Treasury 0.26%
U.S. Treasury 0.25% 2015	19,700	19,726
U.S. Treasury 4.00% 2015	45,500	46,171
Total U.S. Treasury bonds & notes		65,897
Corporate bonds & notes 0.03% Telecommunication services 0.02%
NII Capital Corp. 10.00% 20166	12,125	3,577
NII Capital Corp. 8.875% 2019	1,025	307
NII Capital Corp. 7.625% 2021	4,000	780
		4,664
Consumer discretionary 0.01%
Central European Media Enterprises Ltd., First Lien, 15.00% 20177	3,580	3,677
Total corporate bonds & notes		8,341
Total bonds, notes & other debt instruments (cost: $76,126,000)		74,238

SMALLCAP World Fund — Page 13 of 15

Short-term securities 8.54%	Principal amount (000)	Value (000)
Bank of Montreal 0.00% due 10/7/2014	$48,500	$48,500
Bank of Nova Scotia 0.17%–0.18% due 1/13/2015–1/15/20154	111,100	111,061
Bank of Tokyo-Mitsubishi UFJ, Ltd. 0.16% due 10/23/20144	22,500	22,498
Canadian Imperial Holdings Inc. 0.00% due 2/11/2015	25,000	24,993
Coca-Cola Co. 0.12% due 10/6/2014–10/15/20144	81,000	80,999
Electricité de France 0.20%–0.33% due 10/1/2014–1/2/20154	96,800	96,754
Fannie Mae 0.07%–0.14% due 11/17/2014–4/1/2015	276,800	276,779
Federal Farm Credit Banks 0.11% due 4/13/2015	40,000	39,987
Federal Home Loan Bank 0.07%–0.17% due 10/8/2014–7/21/2015	283,880	283,841
Freddie Mac 0.09%–0.15% due 10/7/2014–7/9/2015	403,200	403,051
General Electric Capital Corp. 0.13% due 10/1/2014	66,500	66,500
GlaxoSmithKline Finance PLC 0.18% due 1/20/20154	64,600	64,556
JPMorgan Chase & Co. 0.18%–0.28% due 11/13/2014–1/14/20154	36,000	35,988
KfW 0.11% due 10/23/20144	35,000	34,999
Mizuho Funding LLC 0.24% due 1/23/20154	50,000	49,964
National Australia Funding (Delaware) Inc. 0.16% due 12/3/20144	24,100	24,092
Nordea North America, Inc. 0.18%–0.22% due 10/8/2014–1/23/20154	90,000	89,979
Old Line Funding, LLC 0.21%–0.22% due 10/21/2014–1/26/20154	43,800	43,784
PepsiCo Inc. 0.08% due 10/14/20144	42,000	41,999
Procter & Gamble Co. 0.12% due 12/16/20144	55,900	55,891
Province of Ontario 0.10% due 10/21/2014	50,000	49,998
Québec (Province of) 0.10% due 11/3/20144	50,000	49,995
Reckitt Benckiser Treasury Services PLC 0.20%–0.23% due 11/21/2014–2/12/20154	95,000	94,970
Roche Holdings, Inc. 0.09% due 11/5/20144	48,800	48,795
Toronto-Dominion Holdings USA Inc. 0.21% due 1/26/20154	50,000	49,979
Total short-term securities (cost: $2,189,682,000)		2,189,952
Total investment securities 100.01% (cost: $19,930,071,000)		25,641,416
Other assets less liabilities (0.01)%		(3,260)
Net assets 100.00%		$25,638,156

1	Security did not produce income during the last 12 months.
2	Represents an affiliated company as defined under the Investment Company Act of 1940.
3	Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities including those in ”Miscellaneous,” was $245,667,000, which represented .96% of the net assets of the fund.
4	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,109,204,000, which represented 4.33% of the net assets of the fund.
5	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
6	Scheduled interest and/or principal payment was not received.
7	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.

Private placement securities	Acquisition date(s)	Cost (000)	Value (000)	Percent of net assets
Proteus Digital Health, Inc., Series G, convertible preferred	5/6/2014-7/23/2014	$40,000	$40,000	.16
Foursquare Labs, Inc., Series D, convertible preferred	12/3/2013	20,000	20,000	.08
Foursquare Labs, Inc., warrants, expire 2033	12/3/2013	—	11,600	.05
Juno Therapeutics, Inc., Series B, convertible preferred	7/30/2014	20,000	20,000	.08
DocuSign, Inc., Series E, convertible preferred	2/28/2014	16,236	16,236	.06
DocuSign, Inc., Series B, convertible preferred	2/28/2014	875	875	.00
DocuSign, Inc., Series D, convertible preferred	2/28/2014	628	628	.00
DocuSign, Inc., Series B1, convertible preferred	2/28/2014	262	262	.00
LendingClub Corp., Series F, convertible preferred	4/15/2014	15,000	17,077	.07

SMALLCAP World Fund — Page 14 of 15

Private placement securities	Acquisition date(s)	Cost (000)	Value (000)	Percent of net assets
Good Technology Corp.	8/27/2012	$20,000	$14,927	.06
Adaptimmune Ltd., Series A, convertible preferred	9/23/2014	10,000	10,000	.04
Stem CentRx, Inc., Series F-1, convertible preferred	6/10/2014	4,007	4,007	.01
OFG Bancorp, Series C, 8.75% noncumulative convertible preferred	6/28/2014	1,870	2,637	.01
Spot Runner, Inc., Series C, convertible preferred	10/25/2006	6,000	—	.00
Spot Runner, Inc.	10/25/2006-3/20/2008	15,071	—	.00
Fontainebleau Resorts LLC, Class A, nonvoting units	10/5/2005-6/1/2007	21,500	—	.00
Total private placement securities		$191,449	$158,249	.62

Key to abbreviations

ADR = American Depositary Receipts

CDI = CREST Depository Interest

GDR = Global Depositary Receipts

SEK = Swedish kroner

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

MFGEFPX-035-1114O-S42227

SMALLCAP World Fund — Page 15 of 15

Summary investment portfolio September 30, 2014

Industry sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
United States		46.03	%
United Kingdom		10.28
Euro zone*		4.80
Japan		4.56
India		3.93
China		3.80
Canada		2.42
Hong Kong		2.41
Philippines		1.57
Switzerland		1.43
Other countries		10.24
Short-term securities & other assets less liabilities		8.53

*	Countries using the euro as a common currency; those represented in the fund’s portfolio are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Slovenia and Spain.

Common stocks 90.54%	Shares		Value (000)
Consumer discretionary 19.46%
Netflix, Inc.¹		943,743	$	425,798
Domino’s Pizza, Inc.²		3,218,769		247,716
Lions Gate Entertainment Corp.²		7,146,000		235,604
Paddy Power PLC		2,174,500		157,018
Mr Price Group Ltd.		6,915,383		130,141
Melco International Development Ltd.		55,345,000		128,012
John Wiley & Sons, Inc., Class A		1,971,083		110,597
Five Below, Inc.¹		2,530,694		100,241
Ted Baker PLC²		3,154,993		95,287
Dollarama Inc.		1,039,000		88,133
ASOS PLC¹		2,264,755		82,609
Other securities				3,186,640
				4,987,796

Health care 14.97%
Myriad Genetics, Inc.^1,2		5,725,556		220,835
Incyte Corp.¹		4,445,600		218,057
Endo International PLC¹		3,088,324		211,134
Hikma Pharmaceuticals PLC		5,625,153		158,036
Regeneron Pharmaceuticals, Inc.¹		424,900		153,185
Synageva BioPharma Corp.^1,2		2,190,074		150,633
Molina Healthcare, Inc.^1,2		3,488,100		147,547
Centene Corp.¹		1,735,000		143,502
athenahealth, Inc.¹		929,371		122,389
Brookdale Senior Living Inc.¹		3,255,250		104,884
GW Pharmaceuticals PLC (ADR)^1,2		1,215,600		98,281
BioMarin Pharmaceutical Inc.¹		1,347,500		97,236
Ultragenyx Pharmaceutical Inc.^1,2		1,628,457		92,171
Illumina, Inc.¹		543,900		89,156
Sysmex Corp.		2,150,000		86,451
Other securities				1,743,699
				3,837,196

Industrials 12.79%
AA PLC^1,2		44,319,669		231,712
Moog Inc., Class A¹		2,572,800		175,980
Hoshizaki Electric Co., Ltd.		2,955,700		137,982
ITT Corp.		2,946,621		132,421
Northgate PLC²		10,626,805		83,347
Other securities				2,518,521
				3,279,963

8	SMALLCAP World Fund

			Value
	Shares		(000)
Information technology 11.10%
TriQuint Semiconductor, Inc.^1,2		9,012,000	$	171,859
AAC Technologies Holdings Inc.		29,287,250		170,107
Palo Alto Networks, Inc.¹		1,132,350		111,084
Topcon Corp.		4,664,710		106,160
MercadoLibre, Inc.		914,000		99,306
Demandware, Inc.¹		1,803,000		91,809
Kakaku.com, Inc.		5,995,000		85,163
Halma PLC		8,514,967		84,481
Other securities				1,926,754
				2,846,723

Financials 9.84%
SVB Financial Group¹		1,355,900		151,983
GT Capital Holdings, Inc.		4,782,200		112,955
Validus Holdings, Ltd.		2,763,000		108,144
Umpqua Holdings Corp.		6,141,041		101,143
Financial Engines, Inc.		2,520,930		86,254
Other securities				1,963,366
				2,523,845

Consumer staples 5.32%
Emami Ltd.		9,430,000		106,454
Raia Drogasil SA, ordinary nominative		10,577,374		90,487
Puregold Price Club, Inc.		115,461,300		89,277
Super Group Ltd.²		89,194,000		89,145
Other securities				987,115
				1,362,478

Energy 4.52%
InterOil Corp.¹		2,344,500		127,212
Ophir Energy PLC¹		25,755,318		95,740
Bonanza Creek Energy, Inc.¹		1,454,300		82,750
Other securities				853,448
				1,159,150

Materials 4.48%
James Hardie Industries PLC (CDI)		9,733,929		102,015
Chr. Hansen Holding A/S		2,617,000		101,153
AptarGroup, Inc.		1,600,000		97,120
Other securities				847,350
				1,147,638

Utilities 1.86%
ENN Energy Holdings Ltd.		29,722,296		194,452
Other securities				282,931
				477,383

Telecommunication services 1.30%
Other securities				332,817


Miscellaneous 4.90%
Other common stocks in initial period of acquisition				1,257,346

Total common stocks (cost: $17,510,111,000)				23,212,335

Preferred securities 0.01%
Miscellaneous 0.01%
Other preferred securities in initial period of acquisition				2,709

Total preferred securities (cost: $1,515,000)				2,709

SMALLCAP World Fund

Rights & warrants 0.05%	Shares		Value (000)
Other 0.05%
Other securities			$	12,845

Miscellaneous 0.00%
Other rights & warrants in initial period of acquisition				997

Total rights & warrants (cost: $927,000)				13,842

Convertible stocks 0.54%
Other 0.54%
Other securities				138,610

Total convertible stocks (cost: $140,877,000)				138,610

Convertible bonds 0.04%		Principal amount (000)
Energy 0.04%
Other securities				9,730

Total convertible bonds (cost: $10,833,000)				9,730

Bonds, notes & other debt instruments 0.29%
Other 0.29%
Other securities				74,238

Total bonds, notes & other debt instruments (cost: $76,126,000)				74,238

Short-term securities 8.54%
Bank of Nova Scotia 0.17%-0.18% due 1/13/2015-1/15/2015³	$	111,100		111,061
Electricité de France 0.20%-0.33% due 10/1/2014-1/2/2015³		96,800		96,754
Fannie Mae 0.07%-0.14% due 11/17/2014-4/1/2015		276,800		276,779
Federal Home Loan Bank 0.07%-0.17% due 10/8/2014-7/21/2015		283,880		283,841
Freddie Mac 0.09%-0.15% due 10/7/2014-7/9/2015		403,200		403,051
Nordea North America, Inc. 0.18%-0.22% due 10/8/2014-1/23/2015³		90,000		89,979
Reckitt Benckiser Treasury Services PLC 0.20%-0.23% due 11/21/2014-2/12/2015³		95,000		94,970
Other securities				833,517

Total short-term securities (cost: $2,189,682,000)				2,189,952
Total investment securities 100.01% (cost: $19,930,071,000)				25,641,416
Other assets less liabilities (0.01)%				(3,260	)

Net assets 100.00%			$	25,638,156

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some of these securities (with an aggregated value of $158,249,000, an aggregated cost of $191,449,000, and which represented .62% of the net assets of the fund) were acquired from 10/5/2005 to 9/23/2014 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

10	SMALLCAP World Fund

Forward currency contracts

The fund has entered into forward currency contracts to sell currencies as shown in the following table. The average notional amount of open forward currency contracts was $159,291,000 over the prior 12-month period.

			Contract amount		Unrealized appreciation
	Settlement date	Counterparty	Receive (000)	Deliver (000)	at 9/30/2014 (000)
Sales:
Australian dollars	10/20/2014	Barclays Bank PLC	$2,634	A$2,900		$	99
Australian dollars	11/18/2014	UBS AG	$3,625	A$4,000			135
Canadian dollars	10/10/2014	UBS AG	$31,848	C$34,000			1,497
Euros	10/17/2014	HSBC Bank	$7,527	€5,825			169
Japanese yen	10/16/2014	UBS AG	$8,229	¥875,000			251
Japanese yen	10/17/2014	Barclays Bank PLC	$60,329	¥6,440,000			1,603
Japanese yen	10/23/2014	Barclays Bank PLC	$8,398	¥900,000			191
Japanese yen	11/14/2014	Bank of New York Mellon	$20,786	¥2,000,000			1,332

						$	5,277

Investments in affiliates

	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Dividend or interest income (000)		Value of affiliates at 9/30/2014 (000)
Domino’s Pizza, Inc.		2,940,000		278,769		—		3,218,769	$	2,913	$	247,716
Lions Gate Entertainment Corp.		7,381,000		1,226,605		1,461,605		7,146,000		1,368		235,604
AA PLC¹		—		44,319,669		—		44,319,669		—		231,712
Myriad Genetics, Inc.¹		2,758,800		2,966,756		—		5,725,556		—		220,835
TriQuint Semiconductor, Inc.¹		2,619,500		6,392,500		—		9,012,000		—		171,859
Synageva BioPharma Corp.¹		2,230,074		44,700		84,700		2,190,074		—		150,633
Molina Healthcare, Inc.¹		3,417,000		71,100		—		3,488,100		—		147,547
GW Pharmaceuticals PLC (ADR)¹		—		1,215,600		—		1,215,600		—		98,281
Ted Baker PLC		2,882,993		272,000		—		3,154,993		1,681		95,287
Ultragenyx Pharmaceutical Inc.¹		—		2,518,428		889,971		1,628,457		—		92,171
Ultragenyx Pharmaceutical Inc., Series B, convertible preferred		2,789,614		—		2,789,614		—		196		—
Super Group Ltd.		44,597,000		44,597,000		—		89,194,000		3,218		89,145
Northgate PLC		10,626,805		—		—		10,626,805		1,774		83,347
bluebird bio, Inc.¹		1,695,648		1,771,565		1,179,648		2,287,565		—		82,078
Stock Spirits Group PLC		—		16,000,000		—		16,000,000		257		75,636
Intrepid Potash, Inc.¹		—		4,895,000		—		4,895,000		—		75,628
Zeltiq Aesthetics, Inc.¹		—		3,002,044		—		3,002,044		—		67,936
Xoom Corp.¹		—		3,035,570		—		3,035,570		—		66,631
Takeuchi Mfg. Co., Ltd.		—		1,232,300		—		1,232,300		121		58,539
King Slide Works Co., Ltd.		1,999,000		2,914,000		—		4,913,000		821		55,478
Coupons.com Inc.¹		—		4,587,996		—		4,587,996		—		54,872
Coupons.com Inc., Series B, convertible preferred¹		8,191,724		—		8,191,724		—		—		—
Boer Power Holdings Ltd.		39,202,000		—		—		39,202,000		1,566		53,415
Cox & Kings Ltd.		10,592,000		—		1,000,000		9,592,000		157		49,078
Cox & Kings Ltd. (GDR)⁴		330,000		—		—		330,000		6		1,688
Achillion Pharmaceuticals, Inc.¹		4,130,000		800,000		—		4,930,000		—		49,201
Kaveri Seed Co. Ltd.		—		3,470,177		—		3,470,177		134		45,599
7-Eleven Malaysia Holdings Bhd.¹		—		76,209,600		—		76,209,600		—		41,584
Continental Building Products, Inc.¹		—		2,705,000		—		2,705,000		—		39,493
Galapagos NV¹		2,378,928		43,499		—		2,422,427		—		36,655
RIB Software AG		—		2,476,356		—		2,476,356		130		33,921
Actua Corp¹		1,137,000		957,000		—		2,094,000		—		33,546
Sirius Minerals PLC¹		52,304,735		87,228,725		—		139,533,460		—		31,103

SMALLCAP World Fund

	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Dividend or interest income (000)		Value of affiliates at 9/30/2014 (000)
Sirius Minerals PLC, warrants, expire 2015¹		—		40,000,000		—		40,000,000	$	—	$	1,245
KEYW Holding Corp.¹		2,836,400		—		—		2,836,400		—		31,399
ARC Document Solutions, Inc.¹		2,765,764		1,778,354		809,363		3,734,755		—		30,252
Mistras Group, Inc.¹		2,052,000		—		592,000		1,460,000		—		29,784
Poya Co., Ltd.		—		4,712,660		—		4,712,660		598		29,435
Installed Building Products, Inc.¹		—		2,068,345		—		2,068,345		—		29,060
Stock Building Supply Holdings, Inc.¹		1,000,000		785,000		—		1,785,000		—		28,042
Repco Home Finance Ltd.		—		4,040,440		—		4,040,440		80		27,919
Greenko Group PLC¹		9,748,155		—		—		9,748,155		—		26,905
VST Industries Ltd.		715,400		288,000		—		1,003,400		1,168		26,454
Manappuram Finance Ltd.		54,930,986		—		—		54,930,986		1,607		26,283
Inphi Corp.¹		762,363		1,023,336		—		1,785,699		—		25,678
XenoPort, Inc.¹		3,620,000		1,149,000		—		4,769,000		—		25,657
Neovasc Inc.¹		—		4,277,000		—		4,277,000		—		24,269
Suprema Inc.¹		868,200		—		—		868,200		—		24,065
Gem Diamonds Ltd.¹		7,750,000		1,861,686		1,986,686		7,625,000		—		23,734
Lekoil Ltd. (CDI)¹		14,070,000		—		—		14,070,000		—		15,511
Lekoil Ltd. (CDI)^1,3		—		5,360,400		—		5,360,400		—		5,909
ValueVision Media, Inc., Class A¹		3,440,761		803,370		256,591		3,987,540		—		20,456
TravelCenters of America LLC¹		1,581,250		442,500		—		2,023,750		—		19,995
Mothercare PLC		4,480,000		—		30,000		4,450,000		—		19,316
Mahindra Lifespace Developers Ltd.		2,157,380		—		—		2,157,380		428		17,995
Flexion Therapeutics, Inc.¹		—		979,252		—		979,252		—		17,881
ChemoCentryx, Inc.¹		3,131,800		295,000		—		3,426,800		—		15,421
Mytrah Energy Ltd.¹		10,418,000		—		—		10,418,000		—		15,010
Houston Wire & Cable Co.		1,678,900		—		528,900		1,150,000		587		13,777
GI Dynamics, Inc. (CDI)¹		—		30,320,000		—		30,320,000		—		12,742
Papa Murphy’s Holdings, Inc.¹		—		1,102,000		—		1,102,000		—		11,240
Tribhovandas Bhimji Zaveri Ltd.		3,439,332		896,400		—		4,335,732		160		11,218
BNK Petroleum Inc.¹		11,543,380		1,261,534		—		12,804,914		—		10,633
Frigoglass SAIC¹		3,052,380		—		—		3,052,380		—		10,409
J. Kumar Infraprojects Ltd.		—		1,780,000		—		1,780,000		11		9,074
iEnergizer Ltd.¹		—		7,650,500		—		7,650,500		—		8,496
ITT Educational Services, Inc.¹		—		1,519,000		—		1,519,000		—		6,517
Savannah Petroleum PLC¹		—		7,844,000		—		7,844,000		—		5,993
Tilaknager Industries Ltd.		8,890,000		—		619,914		8,270,086		109		5,966
Mood Media Corp.¹		6,375,000		—		6,375,000		—		—		3,700
Mood Media Corp. (CDI)¹		3,710,000		—		3,710,000		—		—		2,153
San Leon Energy PLC¹		—		155,300,000		—		155,300,000		—		5,602
Talwalkars Better Value Fitness Ltd.		1,694,000		—		—		1,694,000		42		5,589
Tethys Petroleum Ltd.¹		12,161,000		—		—		12,161,000		—		3,366
Tethys Petroleum Ltd. (GBP denominated)¹		1,147,487		3,500,000		—		4,647,487		—		1,253
Powerland AG, non-registered shares¹		1,200,000		—		—		1,200,000		—		4,092
Cape Lambert Resources Ltd.		47,330,825		—		—		47,330,825		841		3,813
Duluth Metals Ltd.¹		7,699,700		—		675,700		7,024,000		—		1,505
China High Precision Automation Group Ltd.^1,4		67,422,000		—		14,390,000		53,032,000		—		683
Agilysys, Inc.^1,5		1,280,591		—		820,251		460,340		—		—
AIA Engineering Ltd.⁵		4,840,050		—		4,840,050		—		—		—
ArthroCare Corp.^1,5		2,232,950		2,129		2,235,079		—		—		—
Autoneum Holding AG^1,5		373,780		—		373,780		—		—		—
Bizim Toptan Satis Magazalari AS, non-registered shares⁵		2,466,000		—		2,066,518		399,482		231		—
Body Central Corp⁵		—		1,080,000		1,080,000		—		—		—
Cadence Pharmaceuticals, Inc.^1,5		5,939,969		—		5,939,969		—		—		—
CEC Unet PLC^1,5		35,100,775		—		35,100,775		—		—		—
Comfort Systems USA, Inc.⁵		2,476,000		—		2,476,000		—		136		—
Demandware, Inc.^1,5		2,200,000		50,000		447,000		1,803,000		—		—
Domino’s Pizza Enterprises Ltd.⁵		4,752,365		—		2,400,782		2,351,583		1,106		—
Emeritus Corp.^1,5		2,729,700		1,050,000		3,779,700		—		—		—
Exelixis, Inc.^1,5		9,216,800		600,552		9,817,352		—		—		—
Falkland Oil and Gas Ltd.^1,5		24,225,000		—		—		24,225,000		—		—
First Southern Bancorp, Inc.^1,3,5		1,344,915		889,774		2,234,689		—		—		—
First Southern Bancorp, Inc., Series C, convertible preferred^1,5,6		2,299		—		2,299		—		—		—
Goodpack Ltd.⁵		30,777,000		—		30,777,000		—		1,226		—

12	SMALLCAP World Fund

	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Dividend or interest income (000)		Value of affiliates at 9/30/2014 (000)
Gran Colombia Gold SA⁵		906,700		—		906,700		—	$	—	$	—
Home Federal Bancorp, Inc.⁵		1,384,249		—		1,384,249		—		166		—
ICG Group, Inc.^1,5		1,137,000		957,000		2,094,000		—		—		—
Iridium Communications Inc.^1,5		4,721,812		2,842,327		2,674,524		4,889,615		—		—
Iridium Communications Inc., Series A, convertible preferred^3,5		60,000		—		—		60,000		420		—
Kingdee International Software Group Co. Ltd.^1,5		134,868,000		—		84,868,000		50,000,000		—		—
LSL Property Services PLC⁵		5,956,350		—		1,790,000		4,166,350		2,103		—
Manila Water Co., Inc.⁵		104,200,900		—		22,900,000		81,300,900		1,253		—
MonotaRO Co., Ltd.⁵		3,348,300		224,400		1,058,900		2,513,800		301		—
Montage Technology Group Ltd.^1,5		1,231,884		967,916		1,019,900		1,179,900		—		—
Moog Inc., Class A^1,5		2,282,800		415,000		125,000		2,572,800		—		—
Mvelaserve Ltd.⁵		9,194,800		—		9,194,800		—		—		—
NII Capital Corp. 10.00% 2016^5,6		—	$	12,125,000		—	$	12,125,000		1,038		—
NII Capital Corp. 7.625% 2021⁵		—	$	4,000,000		—	$	4,000,000		244		—
NII Holdings, Inc., Class B^1,5		5,595,000		6,442,000		12,037,000		—		—		—
OM Group, Inc.⁵		1,820,000		89,000		349,000		1,560,000		423		—
OpenTable, Inc.^1,5		1,490,000		290,000		1,780,000		—		—		—
Ophir Energy PLC^1,5		30,708,378		5,918,400		10,871,460		25,755,318		—		—
Orexigen Therapeutics, Inc.^1,5		6,535,000		550,200		2,365,545		4,719,655		—		—
Orthofix International NV^1,5		1,116,826		—		739,826		377,000		—		—
Petrodorado Energy Ltd.⁵		38,400,000		—		38,400,000		—		—		—
Puregold Price Club, Inc.⁵		149,636,300		2,555,000		36,730,000		115,461,300		551		—
Rally Software Development Corp.^1,5		656,217		1,043,783		1,300,000		400,000		—		—
Responsys, Inc.^1,5		2,815,000		—		2,815,000		—		—		—
Schweitzer-Mauduit International, Inc.⁵		1,742,800		—		1,742,800		—		796		—
Tsukui Corp.⁵		2,595,000		—		2,595,000		—		70		—
Vistaprint NV^1,5		1,860,000		—		1,860,000		—		—		—
Vocus, Inc.^1,5		1,513,538		—		1,513,538		—		—		—
									$	30,037	$	3,511,714

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹	Security did not produce income during the last 12 months.
²	Represents an affiliated company as defined under the Investment Company Act of 1940.
³	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,109,204,000, which represented 4.33% of the net assets of the fund.
⁴	Valued under fair value procedures adopted by authority of the board of directors. The total value of all such securities including those in “Miscellaneous” and “Other securities,” was $245,667,000, which represented .96% of the net assets of the fund.
⁵	Unaffiliated issuer at 9/30/2014.
⁶	Scheduled interest and/or principal payment was not received.

Key to abbreviations and symbols

ADR = American Depositary Receipts

CDI = CREST Depository Receipts

GDR = Global Depositary Receipts

A$ = Australian dollars

C$ = Canadian dollars

€ = Euros

GBP = British pounds

¥ = Japanese yen

See Notes to Financial Statements

SMALLCAP World Fund

Financial statements

Statement of assets and liabilities
at September 30, 2014		(dollars in thousands)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $17,023,261)	$	22,129,702
Affiliated issuers (cost: $2,906,810)		3,511,714	$	25,641,416
Cash denominated in currencies other than U.S. dollars (cost: $2,191)				1,567
Cash				77
Unrealized appreciation on open forward currency contracts				5,277
Receivables for:
Sales of investments		79,077
Sales of fund’s shares		30,804
Closed forward currency contracts		1,213
Dividends and interest		24,273
Other		203		135,570
				25,783,907
Liabilities:
Payables for:
Purchases of investments		77,374
Repurchases of fund’s shares		32,594
Investment advisory services		13,641
Services provided by related parties		9,176
Directors’ deferred compensation		3,269
Other		9,697		145,751
Net assets at September 30, 2014			$	25,638,156

Net assets consist of:
Capital paid in on shares of capital stock			$	17,656,497
Accumulated net investment loss				(147,181	)
Undistributed net realized gain				2,421,663
Net unrealized appreciation				5,707,177
Net assets at September 30, 2014			$	25,638,156

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

Total authorized capital stock — 1,000,000 shares, $.01 par value (530,387 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	16,856,374		346,410		$	48.66
Class B		120,965		2,669			45.33
Class C		892,140		19,927			44.77
Class F-1		624,177		12,943			48.23
Class F-2		1,207,610		24,687			48.92
Class 529-A		933,180		19,326			48.29
Class 529-B		16,958		371			45.75
Class 529-C		280,051		6,155			45.50
Class 529-E		49,116		1,036			47.41
Class 529-F-1		79,737		1,643			48.53
Class R-1		39,493		861			45.85
Class R-2		689,022		15,030			45.84
Class R-2E		10		—	*		48.67
Class R-3		810,786		17,128			47.34
Class R-4		727,245		15,048			48.33
Class R-5		452,290		9,158			49.39
Class R-6		1,859,002		37,995			48.93

*Amount less than one thousand.

See Notes to Financial Statements

14	SMALLCAP World Fund

Statement of operations
for the year ended September 30, 2014	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $13,443; also includes $28,755 from affiliates)		$	277,815
Interest (includes $1,282 from affiliates)			5,929		$	283,744
Fees and expenses*:
Investment advisory services			163,611
Distribution services			71,331
Transfer agent services			40,304
Administrative services			5,989
Reports to shareholders			1,427
Registration statement and prospectus			608
Directors’ compensation			825
Auditing and legal			229
Custodian			3,977
Other			1,449			289,750
Net investment loss						(6,006	)

Net realized gain and unrealized depreciation on investments, forward currency contracts and currency:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $337; also includes $294,663 net gain from affiliates)			2,596,381
Forward currency contracts			9,243
Currency transactions			(2,678	)		2,602,946
Net unrealized (depreciation) appreciation on:
Investments (net of non-U.S. taxes of $8,985)			(1,526,341	)
Forward currency contracts			7,315
Currency translations			(644	)		(1,519,670	)
Net realized gain and unrealized depreciation on investments, forward currency contracts and currency						1,083,276

Net increase in net assets resulting from operations					$	1,077,270

*Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.

See Notes to Financial Statements

SMALLCAP World Fund

Statements of changes in net assets

		(dollars in thousands)

	Year ended September 30
	2014			2013
Operations:
Net investment (loss) income	$	(6,006	)	$	22,410
Net realized gain on investments, forward currency contracts and currency transactions		2,602,946			1,811,729
Net unrealized (depreciation) appreciation on investments, forward currency contracts and currency translations		(1,519,670	)		3,230,899
Net increase in net assets resulting from operations		1,077,270			5,065,038

Dividends and distributions paid to shareholders:
Dividends from net investment income		—			(257,779	)
Distributions from net realized gain on investments		(1,231,152	)		—
Total dividends and distributions paid to shareholders		(1,231,152	)		(257,779	)

Net capital share transactions		1,351,365			(27,946	)

Total increase in net assets		1,197,483			4,779,313

Net assets:
Beginning of year		24,440,673			19,661,360
End of year (including accumulated net investment loss and distributions in excess of net investment income: $(147,181) and $(177,799), respectively)	$	25,638,156		$	24,440,673

See Notes to Financial Statements

16	SMALLCAP World Fund

Notes to financial statements

1. Organization

SMALLCAP World Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks long-term growth of capital through investments in smaller companies in the U.S. and around the world. 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 12 months; however, the fund reserves the right to delay the implementation.

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75%	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Classes B and 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class F-1 after 10 years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Classes F-1, F-2 and 529-F-1	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5 and R-6	None	None	None

*Class B and 529-B shares of the fund are not available for purchase.

On August 29, 2014, the fund made an additional retirement plan share class (Class R-2E) available for sale pursuant to an amendment to its registration statement filed with the U.S. Securities and Exchange Commission. Refer to the fund’s prospectus for more details.

2. Significant accounting policies

SMALLCAP World Fund

Dividends and distributions to shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date.

3. Valuation

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

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of directors as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related

18	SMALLCAP World Fund

corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The fund’s board of directors has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of directors with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of September 30, 2014 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Consumer discretionary	$	4,947,062	$	31,288	$	9,446	$	4,987,796
Health care		3,837,196		—		—		3,837,196
Industrials		3,279,963		—		—		3,279,963
Information technology		2,831,113		—		15,610		2,846,723
Financials		2,523,845		—		—		2,523,845
Consumer staples		1,362,478		—		—		1,362,478
Energy		1,159,150		—		—		1,159,150
Materials		1,126,671		20,592		375		1,147,638
Utilities		477,383		—		—		477,383
Telecommunication services		332,817		—		—		332,817
Miscellaneous		1,231,917		23,705		1,724		1,257,346
Preferred securities		2,709		—		—		2,709
Rights & warrants		—		2,242		11,600		13,842
Convertible stocks		—		9,526		129,084		138,610
Convertible bonds		—		9,730		—		9,730
Bonds, notes & other debt instruments		—		74,238		—		74,238
Short-term securities		—		2,189,952		—		2,189,952
Total	$	23,112,304	$	2,361,273	$	167,839	$	25,641,416

	Other investments^*
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	5,277	$	—	$	5,277

*	Forward currency contracts are not included in the investment portfolio.

SMALLCAP World Fund

4. Risk factors

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

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, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. 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, and may be 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, there may be increased settlement risks for transactions in local securities.

5. Certain investment techniques

20	SMALLCAP World Fund

The following tables present the financial statement impacts resulting from the fund’s use of forward currency contracts as of September 30, 2014 (dollars in thousands):

	Assets			Liabilities
Contract	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Forward currency	Unrealized appreciation on open forward currency contracts	$	5,277	Unrealized depreciation on open forward currency contracts	$	—
Forward currency	Receivables for closed forward currency contracts		1,213	Payables for closed forward currency contracts		—

		$	6,490		$	—

Net realized gain

Net unrealized appreciation

Contract

Location on statement of operations

Value

Location on statement of operations

Value

Forward currency

Net realized gain on forward currency contracts

9,243

Net unrealized appreciation on forward currency contracts

7,315

Rights of offset — The fund has entered into enforceable master netting agreements with certain counterparties for forward currency contracts, where amounts payable by each party to the other in the same currency, with the same settlement date and with the same counterparty are settled net of each party’s payment obligation. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to netting arrangements in the statement of assets and liabilities.

The following table presents the fund’s forward currency contracts by counterparty, including those that are subject to potential offset on the statement of assets and liabilities as of September 30, 2014 (dollars in thousands):

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset		Non-cash collateral*			Cash collateral		Net amount
Assets:
Bank of New York Mellon	$	2,545	$	—	$	(2,403	)	$	—	$	142
Barclays Bank PLC		1,893		—		(1,664	)		—		229
HSBC Bank		169		—		—			—		169
UBS AG		1,883		—		(1,524	)		—		359
Total	$	6,490	$	—	$	(5,591	)	$	—	$	899

* Non-cash collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds 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.

SMALLCAP World Fund

As of and during the period ended September 30, 2014, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which 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.; deferred expenses; cost of investments sold; non-U.S. taxes on capital gains; and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. The 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, 2014, the fund reclassified $733,000 from capital paid in on shares of capital stock to accumulated net investment loss, $35,891,000 from undistributed net realized gain to accumulated net investment loss and $115,758,000 from undistributed net realized gain to capital paid in on shares of capital stock to align financial reporting with tax reporting.

As of September 30, 2014, the tax-basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):

Undistributed long-term capital gains	$	2,452,874
Gross unrealized appreciation on investment securities		7,031,369
Gross unrealized depreciation on investment securities		(1,502,203	)
Net unrealized appreciation on investment securities		5,529,166
Cost of investment securities		20,112,250

The tax character of distributions paid to shareholders was as follows (dollars in thousands):

	Year ended September 30, 2014						Year ended September 30, 2013
Share class	Ordinary income		Long-term capital gains		Total dividends and distributions paid		Ordinary income		Long-term capital gains		Total dividends and distributions paid
Class A	$	—	$	819,310	$	819,310	$	182,045	$	—	$	182,045
Class B		—		8,984		8,984		999		—		999
Class C		—		48,666		48,666		5,125		—		5,125
Class F-1		—		45,043		45,043		8,428		—		8,428
Class F-2		—		32,777		32,777		7,141		—		7,141
Class 529-A		—		44,604		44,604		9,344		—		9,344
Class 529-B		—		1,211		1,211		97		—		97
Class 529-C		—		14,431		14,431		1,428		—		1,428
Class 529-E		—		2,446		2,446		423		—		423
Class 529-F-1		—		3,680		3,680		843		—		843
Class R-1		—		2,147		2,147		253		—		253
Class R-2		—		37,717		37,717		4,501		—		4,501
Class R-2E*		—		—		—
Class R-3		—		42,124		42,124		7,719		—		7,719
Class R-4		—		34,905		34,905		8,016		—		8,016
Class R-5		—		27,390		27,390		7,046		—		7,046
Class R-6		—		65,717		65,717		14,371		—		14,371
Total	$	—	$	1,231,152	$	1,231,152	$	257,779	$	—	$	257,779

* Class R-2E shares were offered beginning August 29, 2014.

22	SMALLCAP World Fund

7. Fees and transactions with related parties

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 0.595% on such assets in excess of $27 billion. For the year ended September 30, 2014, the investment advisory services fee was $163,611,000, which was equivalent to an annualized rate of 0.630% of average daily net assets.

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

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded. As of September 30, 2014, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

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

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. In addition, the fund reimburses AFS for amounts paid 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 Class A, C, F, 529 and R shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. Under the agreement, Class A shares pay an annual fee of 0.01% and Class C, F, 529 and R shares pay an annual fee of 0.05% of their respective average daily net assets.

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the 529 college savings plan. During the period October 1, 2013, to March 31, 2014, the quarterly fee was based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. Effective April 1, 2014, the quarterly fee was amended to provide for reduced annual rates of 0.07%, 0.06% and 0.05% over $30 billion, $50 billion and $70 billion, respectively, of the net assets invested in Class 529 shares of the American Funds. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

SMALLCAP World Fund

For the year ended September 30, 2014, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$40,926		$29,031			$1,729		Not applicable
Class B		1,566		275			Not applicable		Not applicable
Class C		9,365		1,589			470		Not applicable
Class F-1		2,168		1,204			434		Not applicable
Class F-2		Not applicable		840			427		Not applicable
Class 529-A		1,996		1,290			473		$882
Class 529-B		215		34			11		20
Class 529-C		2,864		420			144		269
Class 529-E		253		45			25		47
Class 529-F-1		—		108			40		74
Class R-1		417		54			21		Not applicable
Class R-2		5,468		2,810			368		Not applicable
Class R-2E*		—		—	^†		—	^†	Not applicable
Class R-3		4,234		1,534			425		Not applicable
Class R-4		1,859		779			373		Not applicable
Class R-5		Not applicable		280			267		Not applicable
Class R-6		Not applicable		11			782		Not applicable
Total class-specific expenses		$71,331		$40,304			$5,989		$1,292

*	Class R-2E shares were offered beginning August 29, 2014.
^†	Amount less than one thousand.

Directors’ deferred compensation — Directors who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation of $825,000 in the fund’s statement of operations includes $320,000 in current fees (either paid in cash or deferred) and a net increase of $505,000 in the value of the deferred amounts.

8. Capital share transactions

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

	Sales¹					Reinvestments of dividends and distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares			Amount		Shares		Amount			Shares			Amount			Shares

Year ended September 30, 2014

Class A	$	1,773,336		35,700		$	806,618		16,543	$	(2,096,014	)		(42,216	)	$	483,940			10,027
Class B		3,569		77			8,918		195		(75,332	)		(1,622	)		(62,845	)		(1,350	)
Class C		142,256		3,097			48,176		1,067		(203,684	)		(4,439	)		(13,252	)		(275	)
Class F-1		282,255		5,746			44,660		924		(570,459	)		(11,619	)		(243,544	)		(4,949	)
Class F-2		693,213		13,899			30,757		629		(132,925	)		(2,668	)		591,045			11,860
Class 529-A		111,968		2,271			44,594		921		(101,340	)		(2,052	)		55,222			1,140
Class 529-B		635		13			1,211		26		(10,160	)		(216	)		(8,314	)		(177	)
Class 529-C		35,995		770			14,425		314		(38,441	)		(821	)		11,979			263
Class 529-E		5,793		119			2,446		51		(6,380	)		(131	)		1,859			39
Class 529-F-1		15,345		309			3,679		76		(12,328	)		(248	)		6,696			137
Class R-1		9,478		202			2,139		46		(13,283	)		(282	)		(1,666	)		(34	)
Class R-2		144,638		3,074			37,700		816		(219,917	)		(4,681	)		(37,579	)		(791	)
Class R-2E²		10		—	³		—		—		—			—			10			—	³
Class R-3		199,353		4,114			42,110		885		(259,313	)		(5,358	)		(17,850	)		(359	)
Class R-4		191,098		3,875			34,902		721		(207,103	)		(4,203	)		18,897			393
Class R-5		119,562		2,382			27,377		554		(243,151	)		(4,893	)		(96,212	)		(1,957	)
Class R-6		709,607		14,300			65,717		1,344		(112,345	)		(2,256	)		662,979			13,388
Total net increase (decrease)	$	4,438,111		89,948		$	1,215,429		25,112	$	(4,302,175	)		(87,705	)	$	1,351,365			27,355


24	SMALLCAP World Fund

	Sales¹				Reinvestments of dividends and distributions				Repurchases¹						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended September 30, 2013

Class A	$	1,557,151		36,059	$	178,221		4,529	$	(2,101,305	)		(49,421	)	$	(365,933	)		(8,833	)
Class B		5,244		129		990		26		(78,159	)		(1,942	)		(71,925	)		(1,787	)
Class C		115,494		2,852		5,050		137		(163,006	)		(4,082	)		(42,462	)		(1,093	)
Class F-1		230,756		5,343		8,312		213		(183,653	)		(4,490	)		55,415			1,066
Class F-2		261,399		6,191		6,474		164		(98,197	)		(2,254	)		169,676			4,101
Class 529-A		105,543		2,476		9,343		239		(93,329	)		(2,193	)		21,557			522
Class 529-B		680		17		97		3		(10,704	)		(264	)		(9,927	)		(244	)
Class 529-C		31,723		779		1,427		38		(35,946	)		(884	)		(2,796	)		(67	)
Class 529-E		5,599		134		422		11		(5,392	)		(130	)		629			15
Class 529-F-1		15,329		359		842		21		(9,884	)		(230	)		6,287			150
Class R-1		8,611		209		252		7		(12,509	)		(308	)		(3,646	)		(92	)
Class R-2		155,700		3,807		4,497		120		(221,139	)		(5,411	)		(60,942	)		(1,484	)
Class R-3		212,178		5,045		7,712		200		(244,770	)		(5,852	)		(24,880	)		(607	)
Class R-4		189,212		4,445		8,015		205		(173,149	)		(4,082	)		24,078			568
Class R-5		151,856		3,552		7,030		177		(99,358	)		(2,287	)		59,528			1,442
Class R-6		282,881		6,554		14,371		366		(79,857	)		(1,824	)		217,395			5,096
Total net increase (decrease)	$	3,329,356		77,951	$	253,055		6,456	$	(3,610,357	)		(85,654	)	$	(27,946	)		(1,247	)

¹	Includes exchanges between share classes of the fund.
²	Class R-2E shares were offered beginning August 29, 2014.
³	Amount less than one thousand.

9. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $8,918,488,000 and $9,052,667,000, respectively, during the year ended September 30, 2014.

SMALLCAP World Fund

Financial highlights

			Income (loss) from investment operations¹									Dividends and distributions
	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Class A:
Year ended 9/30/2014	$	48.91	$	.01		$	2.17		$	2.18		$	—		$	(2.43	)	$	(2.43	)	$	48.66		4.43	%	$	16,857		1.07	%		.02	%
Year ended 9/30/2013		39.27		.06			10.12			10.18			(.54	)		—			(.54	)		48.91		26.29			16,454		1.13			.15
Year ended 9/30/2012		31.45		.08			7.85			7.93			(.11	)		—			(.11	)		39.27		25.26			13,557		1.14			.23
Year ended 9/30/2011		35.82		.09			(3.94	)		(3.85	)		(.52	)		—			(.52	)		31.45		(11.01	)		11,926		1.09			.23
Year ended 9/30/2010		30.26		.14			5.62			5.76			(.20	)		—			(.20	)		35.82		19.11			14,432		1.13			.43
Class B:
Year ended 9/30/2014		46.06		(.36	)		2.06			1.70			—			(2.43	)		(2.43	)		45.33		3.66			121		1.83			(.77	)
Year ended 9/30/2013		36.95		(.26	)		9.56			9.30			(.19	)		—			(.19	)		46.06		25.29			185		1.89			(.63	)
Year ended 9/30/2012		29.72		(.20	)		7.43			7.23			—			—			—			36.95		24.33			214		1.90			(.58	)
Year ended 9/30/2011		33.87		(.20	)		(3.71	)		(3.91	)		(.24	)		—			(.24	)		29.72		(11.68	)		266		1.86			(.55	)
Year ended 9/30/2010		28.66		(.11	)		5.32			5.21			—			—			—			33.87		18.18			397		1.89			(.37	)
Class C:
Year ended 9/30/2014		45.54		(.36	)		2.02			1.66			—			(2.43	)		(2.43	)		44.77		3.61			892		1.87			(.79	)
Year ended 9/30/2013		36.60		(.26	)		9.45			9.19			(.25	)		—			(.25	)		45.54		25.26			920		1.93			(.65	)
Year ended 9/30/2012		29.44		(.19	)		7.35			7.16			—			—			—			36.60		24.32			779		1.93			(.56	)
Year ended 9/30/2011		33.61		(.19	)		(3.69	)		(3.88	)		(.29	)		—			(.29	)		29.44		(11.70	)		725		1.86			(.53	)
Year ended 9/30/2010		28.44		(.10	)		5.28			5.18			(.01	)		—			(.01	)		33.61		18.19			865		1.88			(.32	)
Class F-1:
Year ended 9/30/2014		48.51		—			2.15			2.15			—			(2.43	)		(2.43	)		48.23		4.42			624		1.09			—
Year ended 9/30/2013		38.94		.09			10.03			10.12			(.55	)		—			(.55	)		48.51		26.33			868		1.07			.21
Year ended 9/30/2012		31.18		.09			7.78			7.87			(.11	)		—			(.11	)		38.94		25.30			655		1.12			.25
Year ended 9/30/2011		35.53		.10			(3.92	)		(3.82	)		(.53	)		—			(.53	)		31.18		(11.02	)		583		1.08			.25
Year ended 9/30/2010		30.03		.15			5.57			5.72			(.22	)		—			(.22	)		35.53		19.16			654		1.10			.46
Class F-2:
Year ended 9/30/2014		49.03		.15			2.17			2.32			—			(2.43	)		(2.43	)		48.92		4.72			1,208		.81			.31
Year ended 9/30/2013		39.38		.21			10.12			10.33			(.68	)		—			(.68	)		49.03		26.68			629		.82			.48
Year ended 9/30/2012		31.54		.20			7.86			8.06			(.22	)		—			(.22	)		39.38		25.69			344		.83			.55
Year ended 9/30/2011		35.93		.20			(3.96	)		(3.76	)		(.63	)		—			(.63	)		31.54		(10.79	)		266		.82			.53
Year ended 9/30/2010		30.39		.25			5.63			5.88			(.34	)		—			(.34	)		35.93		19.46			246		.81			.78
Class 529-A:
Year ended 9/30/2014		48.59		(.03	)		2.16			2.13			—			(2.43	)		(2.43	)		48.29		4.37			933		1.15			(.05	)
Year ended 9/30/2013		39.03		.04			10.05			10.09			(.53	)		—			(.53	)		48.59		26.18			884		1.19			.09
Year ended 9/30/2012		31.27		.07			7.80			7.87			(.11	)		—			(.11	)		39.03		25.22			689		1.19			.19
Year ended 9/30/2011		35.63		.08			(3.92	)		(3.84	)		(.52	)		—			(.52	)		31.27		(11.05	)		541		1.14			.20
Year ended 9/30/2010		30.13		.13			5.58			5.71			(.21	)		—			(.21	)		35.63		19.06			548		1.16			.41
Class 529-B:
Year ended 9/30/2014		46.52		(.42	)		2.08			1.66			—			(2.43	)		(2.43	)		45.75		3.53			17		1.95			(.89	)
Year ended 9/30/2013		37.30		(.30	)		9.66			9.36			(.14	)		—			(.14	)		46.52		25.17			25		1.99			(.73	)
Year ended 9/30/2012		30.03		(.23	)		7.50			7.27			—			—			—			37.30		24.21			30		2.01			(.68	)
Year ended 9/30/2011		34.23		(.23	)		(3.76	)		(3.99	)		(.21	)		—			(.21	)		30.03		(11.78	)		36		1.95			(.63	)
Year ended 9/30/2010		28.98		(.13	)		5.38			5.25			—			—			—			34.23		18.12			52		1.97			(.44	)

26	SMALLCAP World Fund

			Income (loss) from investment operations¹									Dividends and distributions
	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Class 529-C:
Year ended 9/30/2014	$	46.27	$	(.40	)	$	2.06		$	1.66		$	—		$	(2.43	)	$	(2.43	)	$	45.50		3.53	%	$	280			1.94	%		(.85	)%
Year ended 9/30/2013		37.20		(.29	)		9.60			9.31			(.24	)		—			(.24	)		46.27		25.21			273			1.98			(.70	)
Year ended 9/30/2012		29.95		(.21	)		7.46			7.25			—			—			—			37.20		24.21			222			2.00			(.62	)
Year ended 9/30/2011		34.19		(.22	)		(3.76	)		(3.98	)		(.26	)		—			(.26	)		29.95		(11.77	)		186			1.94			(.61	)
Year ended 9/30/2010		28.94		(.12	)		5.37			5.25			—			—			—			34.19		18.10			194			1.97			(.40	)
Class 529-E:
Year ended 9/30/2014		47.87		(.14	)		2.11			1.97			—			(2.43	)		(2.43	)		47.41		4.10			49			1.39			(.30	)
Year ended 9/30/2013		38.45		(.06	)		9.91			9.85			(.43	)		—			(.43	)		47.87		25.90			48			1.43			(.15	)
Year ended 9/30/2012		30.79		(.03	)		7.70			7.67			(.01	)		—			(.01	)		38.45		24.90			38			1.45			(.07	)
Year ended 9/30/2011		35.11		(.03	)		(3.87	)		(3.90	)		(.42	)		—			(.42	)		30.79		(11.32	)		31			1.43			(.08	)
Year ended 9/30/2010		29.70		.04			5.50			5.54			(.13	)		—			(.13	)		35.11		18.71			31			1.46			.11
Class 529-F-1:
Year ended 9/30/2014		48.73		.08			2.15			2.23			—			(2.43	)		(2.43	)		48.53		4.57			80			.94			.16
Year ended 9/30/2013		39.14		.13			10.07			10.20			(.61	)		—			(.61	)		48.73		26.43			73			.98			.30
Year ended 9/30/2012		31.35		.14			7.83			7.97			(.18	)		—			(.18	)		39.14		25.51			53			.99			.39
Year ended 9/30/2011		35.72		.15			(3.94	)		(3.79	)		(.58	)		—			(.58	)		31.35		(10.90	)		43			.94			.40
Year ended 9/30/2010		30.20		.20			5.59			5.79			(.27	)		—			(.27	)		35.72		19.31			47			.95			.62
Class R-1:
Year ended 9/30/2014		46.56		(.35	)		2.07			1.72			—			(2.43	)		(2.43	)		45.85		3.66			39			1.82			(.74	)
Year ended 9/30/2013		37.40		(.23	)		9.66			9.43			(.27	)		—			(.27	)		46.56		25.37			42			1.84			(.57	)
Year ended 9/30/2012		30.07		(.17	)		7.50			7.33			—			—			—			37.40		24.38			37			1.86			(.50	)
Year ended 9/30/2011		34.32		(.19	)		(3.77	)		(3.96	)		(.29	)		—			(.29	)		30.07		(11.68	)		35			1.84			(.52	)
Year ended 9/30/2010		29.05		(.09	)		5.39			5.30			(.03	)		—			(.03	)		34.32		18.25			43			1.87			(.30	)
Class R-2:
Year ended 9/30/2014		46.56		(.35	)		2.06			1.71			—			(2.43	)		(2.43	)		45.84		3.64			689			1.83			(.75	)
Year ended 9/30/2013		37.39		(.23	)		9.67			9.44			(.27	)		—			(.27	)		46.56		25.41			736			1.83			(.55	)
Year ended 9/30/2012		30.07		(.18	)		7.50			7.32			—			—			—			37.39		24.34			647			1.89			(.52	)
Year ended 9/30/2011		34.30		(.20	)		(3.76	)		(3.96	)		(.27	)		—			(.27	)		30.07		(11.72	)		581			1.86			(.54	)
Year ended 9/30/2010		29.03		(.11	)		5.38			5.27			—			—			—			34.30		18.19			712			1.93			(.37	)
Class R-2E:
Period from 8/29/2014 to 9/30/2014^3,4		50.83		(.01	)		(2.15	)		(2.16	)		—			—			—			48.67		(4.25	)		—	⁵		.08⁶			(.01	)⁶
Class R-3:
Year ended 9/30/2014		47.79		(.14	)		2.12			1.98			—			(2.43	)		(2.43	)		47.34		4.12			811			1.39			(.30	)
Year ended 9/30/2013		38.39		(.05	)		9.89			9.84			(.44	)		—			(.44	)		47.79		25.90			836			1.40			(.12	)
Year ended 9/30/2012		30.73		(.02	)		7.68			7.66			—			—			—			38.39		24.92			694			1.42			(.05	)
Year ended 9/30/2011		35.03		(.03	)		(3.84	)		(3.87	)		(.43	)		—			(.43	)		30.73		(11.28	)		586			1.41			(.08	)
Year ended 9/30/2010		29.64		.04			5.49			5.53			(.14	)		—			(.14	)		35.03		18.71			667			1.44			.13

See page 28 for footnotes.

SMALLCAP World Fund

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Class R-4:
Year ended 9/30/2014	$	48.59	$	.02	$	2.15		$	2.17		$	—		$	(2.43	)	$	(2.43	)	$	48.33		4.46	%	$	727		1.06	%		.03	%
Year ended 9/30/2013		39.03		.09		10.04			10.13			(.57	)		—			(.57	)		48.59		26.31			712		1.07			.21
Year ended 9/30/2012		31.25		.11		7.80			7.91			(.13	)		—			(.13	)		39.03		25.38			550		1.08			.30
Year ended 9/30/2011		35.60		.10		(3.91	)		(3.81	)		(.54	)		—			(.54	)		31.25		(10.98	)		441		1.07			.26
Year ended 9/30/2010		30.12		.15		5.58			5.73			(.25	)		—			(.25	)		35.60		19.15			486		1.09			.48
Class R-5:
Year ended 9/30/2014		49.46		.15		2.21			2.36			—			(2.43	)		(2.43	)		49.39		4.78			452		.76			.29
Year ended 9/30/2013		39.71		.22		10.22			10.44			(.69	)		—			(.69	)		49.46		26.72			550		.77			.51
Year ended 9/30/2012		31.80		.22		7.93			8.15			(.24	)		—			(.24	)		39.71		25.77			384		.78			.60
Year ended 9/30/2011		36.21		.22		(3.99	)		(3.77	)		(.64	)		—			(.64	)		31.80		(10.74	)		314		.77			.56
Year ended 9/30/2010		30.60		.26		5.66			5.92			(.31	)		—			(.31	)		36.21		19.50			347		.78			.79
Class R-6:
Year ended 9/30/2014		49.00		.21		2.15			2.36			—			(2.43	)		(2.43	)		48.93		4.82			1,859		.71			.41
Year ended 9/30/2013		39.34		.25		10.12			10.37			(.71	)		—			(.71	)		49.00		26.80			1,206		.72			.57
Year ended 9/30/2012		31.52		.24		7.84			8.08			(.26	)		—			(.26	)		39.34		25.79			768		.73			.67
Year ended 9/30/2011		35.89		.24		(3.96	)		(3.72	)		(.65	)		—			(.65	)		31.52		(10.68	)		494		.72			.64
Year ended 9/30/2010		30.31		.27		5.62			5.89			(.31	)		—			(.31	)		35.89		19.57			411		.73			.84

	Year ended September 30
	2014			2013			2012			2011			2010
Portfolio turnover rate for all share classes		38	%		37	%		35	%		39	%		45	%

¹	Based on average shares outstanding.
²	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³	Based on operations for the period shown and, accordingly, is not representative of a full year.
⁴	Class R-2E shares were offered beginning August 29, 2014.
⁵	Amount less than $1 million.
⁶	Class R-2E assets consisted solely of seed capital invested by CRMC; therefore, certain fees were not accrued.

See Notes to Financial Statements

28	SMALLCAP World Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

SMALLCAP World Fund, Inc.:

We have audited the accompanying statement of assets and liabilities of SMALLCAP World Fund, Inc. (the “Fund”), including the investment portfolio and the summary investment portfolio, as of September 30, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2014 correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of SMALLCAP World Fund, Inc. as of September 30, 2014, 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 periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Costa Mesa, California

November 10, 2014

SMALLCAP World Fund, Inc.

Part C

Other Information

Item 28. Exhibits for Registration Statement (1940 Act No. 811-05888 and 1933 Act. No. 033-32785)

(a-1)

Articles of Incorporation – Articles of Incorporation effective as of 12/18/89 – previously filed (see Post-Effective (“P/E”) Amendment No. 13 filed 11/26/97); Articles of Amendment effective as of 12/21/89 – previously filed (see P/E Amendment No. 13 filed 11/26/97); Articles of Amendment effective as of 1/24/90 – previously filed (see P/E Amendment No. 13 filed 11/26/97); Articles Supplementary effective as of 6/2/94 – previously filed (see P/E Amendment No. 13 filed 11/26/97); Articles Supplementary effective as of 1/13/00 – previously filed (see P/E Amendment No. 17 filed 3/10/00); Articles Supplementary effective as of 1/24/01 – previously filed (see P/E Amendment No. 20 filed 3/12/01); Articles Supplementary effective as of 1/18/02 – previously filed (see P/E Amendment No. 22 filed 2/15/02); Articles Supplementary effective as of 6/9/00 – previously filed (see P/E Amendment No. 30 filed 7/1/08); Articles Supplementary effective as of 5/23/08 – previously filed (see P/E Amendment No. 30 filed 7/1/08); Articles Supplementary effective as of 9/25/08 – previously filed (see P/E Amendment No. 31 filed 11/28/08); Articles Supplementary dated 3/20/09 – previously filed (see P/E Amendment No. 32 filed 4/8/09); Articles Supplementary effective 7/2/14 – previously filed (see P/E Amendment No. 42 filed 8/28/14); and Certificate of Correction effective 8/22/14 – previously filed (see P/E Amendment No. 42 filed 8/28/14)

(a-2)

Articles Supplementary effective 9/4/15

(b)

By-laws – By-laws as amended 6/8/10 – previously filed (see P/E Amendment No. 36 filed 11/30/11)

(c)

Instruments Defining Rights of Security Holders – Form of share certificate - previously filed (see P/E Amendment No. 20 filed 3/12/01)

(d)

Investment Advisory Contracts – Amended Investment Advisory and Service Agreement dated 1/1/10 – previously filed (see P/E Amendment No. 35 filed 11/30/10)

(e-1)

Underwriting Contracts – Form of Class F Share Participation Agreement – previously filed (see P/E Amendment No. 42 filed 8/28/14); and Form of Bank/Trust Company Participation Agreement for Class F Shares – previously filed (see P/E Amendment No. 42 filed 8/28/14)

(e-2)

Form of Amended and Restated Principal Underwriting Agreement effective 11/20/15; Form of Selling Group Agreement; and Form of Bank/Trust Company Selling Group Agreement

(f)

Bonus or Profit Sharing Contracts - Deferred Compensation Plan effective 3/21/13 – previously filed (see P/E Amendment No. 40 filed 11/29/13)

(g)

Custodian Agreements – Form of Global Custody Agreement dated 12/14/06 – previously filed (see P/E Amendment No. 29 filed 11/30/07)

(h-1)

Other Material Contracts - Form of Indemnification Agreement dated 7/1/04 - previously filed (see P/E Amendment No. 26 filed 11/30/04)

(h-2)

Form of Amended and Restated Shareholder Services Agreement dated 11/20/15; and Form of Amended and Restated Administrative Services Agreement dated 11/20/15

(i-1)

Legal Opinion – Legal Opinion – previously filed (see P/E Amendment No. 13 filed 11/26/97; P/E Amendment No. 17 filed 3/8/00; P/E Amendment No. 20 filed 3/12/01; P/E Amendment No. 22 filed 2/14/02; P/E Amendment No. 23 filed 5/10/02; P/E Amendment No. 30 filed 7/1/08; P/E Amendment No. 32 filed 4/8/09 and P/E Amendment No. 42 filed 8/28/14)

(i-2)

Legal Opinion

(j)

Other Opinions – Consent of Independent Registered Public Accounting Firm

(k) Omitted Financial Statements – None

(l) Initial Capital Agreements – None

(m)

Rule 12b-1 Plan – Class A shares Plan of Distribution – previously filed (see P/E Amendment No. 13 filed 11/26/97); Form of Class 529-A shares Plan of Distribution – previously filed (see P/E Amendment No. 22 filed 2/14/02); and Forms of Amended Plans of Distribution for Class B, C, F, 529-B, 529-C, 529-E, 529-F, R-1, R-2, R-3 and R-4 shares – previously filed (see P/E Amendment No. 27 filed 11/30/05); Forms of Amendment to Plan of Distribution for Class F-1 and Class 529-F-1 dated 6/16/08 – previously filed (see P/E Amendment No. 30 filed 7/1/08); and Form of Plan of Distribution for Class R-2E shares dated 8/29/14 – previously filed (see P/E Amendment No. 42 filed 8/28/14)

(n)

Rule 18f-3 Plan – Form of Amended and Restated Multiple Class Plan dated 11/20/15

(o)

Reserved

(p)

Code of Ethics – Code of Ethics for The Capital Group Companies dated October 2015; and Code of Ethics for Registrant

Item 29. Persons Controlled by or Under Common Control with the Fund

None

Item 30. Indemnification

The Registrant is a joint-insured under Investment Adviser/Mutual Fund Errors and Omissions Policies, which insure its officers and directors against certain liabilities. However, in no event will Registrant maintain insurance to indemnify any such person for any act for which Registrant itself is not permitted to indemnify the individual.

Article VIII of the Registrant’s Articles of Incorporation and Article V of the Registrant’s By-Laws as well as the indemnification agreements that the Registrant has entered into with each of its directors who is not an “interested person” of the Registrant (as defined under the Investment Company Act of 1940, as amended), provide in effect that the Registrant will indemnify its officers and directors against any liability or expenses actually and reasonably incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the Investment Company Act of 1940, as amended, and their respective terms, these provisions do not protect any person against any liability to the Registrant or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Registrant will comply with the indemnification requirements contained in the Investment Company Act of 1940, as amended, and Release Nos. 7221 (June 9, 1972) and 11330 (September 4, 1980).

Item 31. Business and Other Connections of the Investment Adviser

None

Item 32. Principal Underwriters

(a) American Funds Distributors, Inc. is the Principal Underwriter of shares of: AMCAP Fund, American Balanced Fund, American Funds College Target Date Series, American Funds Developing World Growth and Income Fund, American Funds Fundamental Investors, American Funds Global Balanced Fund, The American Funds Income Series, American Funds Inflation Linked Bond Fund, American Funds Money Market Fund, American Funds Mortgage Fund, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series, American Funds Short-Term Tax-Exempt Bond Fund, American Funds Target Date Retirement Series, American Funds Tax-Exempt Fund of New York, The American Funds Tax-Exempt Series I, The American Funds Tax-Exempt Series II, American High-Income Municipal Bond Fund, American High-Income Trust, American Mutual Fund, The Bond Fund of America, Capital Group Emerging Markets Total Opportunities Fund, Capital Income Builder, Capital Group Private Client Services Funds, Capital World Bond Fund, Capital World Growth and Income Fund, Emerging Markets Growth Fund, Inc., EuroPacific Growth Fund, The Growth Fund of America, The Income Fund of America, Intermediate Bond Fund of America, International Growth and Income Fund, The Investment Company of America, Limited Term Tax-Exempt Bond Fund of America, The New Economy Fund, New Perspective Fund, New World Fund, Inc., Short-Term Bond Fund of America, SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund of America and Washington Mutual Investors Fund

(b)

	(1) Name and Principal Business Address	(2) Positions and Offices with Underwriter	(3) Positions and Offices with Registrant
LAO	Raymond Ahn	Vice President	None
IRV	Laurie M. Allen	Senior Vice President	None
LAO	William C. Anderson	Senior Vice President and Director of Investment Services	None
LAO	Dion T. Angelopoulos	Assistant Vice President	None
LAO	Curtis A. Baker	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	T. Patrick Bardsley	Vice President	None
LAO	Shakeel A. Barkat	Senior Vice President	None
LAO	Brett A. Beach	Assistant Vice President	None
LAO	Jerry R. Berg	Regional Vice President	None

LAO	Joseph W. Best, Jr.	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Sandeep S. Bhasin	Vice President	None
LAO	Roger J. Bianco, Jr.	Vice President	None
LAO	Ryan M. Bickle	Vice President, Capital Group Institutional Investment Services Division	None
LAO	John A. Blanchard	Senior Vice President	None
LAO	Marek Blaskovic	Regional Vice President	None
LAO	Gerard M. Bockstie, Jr.	Senior Vice President	None
LAO	Jill M. Boudreau	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Andre W. Bouvier	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Michael A. Bowman	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	William P. Brady	Senior Vice President	None
IRV	Jason E. Brady	Regional Vice President	None
LAO	Mickey L. Brethower	Senior Vice President	None
LAO	Kevin G. Broulette	Assistant Vice President	None
LAO	C. Alan Brown	Vice President	None
LAO	E. Chapman Brown, Jr.	Regional Vice President	None
LAO	Toni L. Brown	Senior Vice President, Capital Group Institutional Investment Services Division	None

LAO	Gary D. Bryce	Regional Vice President	None
LAO	Sheryl M. Burford	Assistant Vice President	None
LAO	Ronan J. Burke	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Steven Calabria	Vice President	None
LAO	Thomas E. Callahan	Vice President	None
LAO	Anthony J. Camilleri	Regional Vice President	None
SNO	Susan H. Campbell	Vice President	None
LAO	Damian F. Carroll	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	James D. Carter	Vice President	None
LAO	Stephen L. Caruthers	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Brian C. Casey	Senior Vice President	None
LAO	Christopher J. Cassin	Senior Vice President	None
LAO	Craig L. Castner	Regional Vice President	None
LAO	Christopher M. Cefalo	Regional Vice President	None
LAO	Becky C. Chao	Vice President	None
LAO	David D. Charlton	Senior Vice President and Director of Marketing	None
LAO	Thomas M. Charon	Senior Vice President	None
LAO	Daniel A. Chodosch	Regional Vice President	None
LAO	Wellington Choi	Senior Vice President, Capital Group Institutional Investment Services Division	None

LAO	Paul A. Cieslik	Senior Vice President	None
LAO	Andrew R. Claeson	Regional Vice President	None
LAO	Sara M. Clegg	Assistant Vice President	None
LAO	Kevin G. Clifford	Director, Chairman, President and Chief Executive Officer; President, Capital Group Institutional Investment Services Division	None
LAO	Ruth M. Collier	Senior Vice President	None
IND	Timothy J. Colvin	Regional Vice President	None
LAO	Christopher M. Conwell	Vice President	None
LAO	C. Jeffrey Cook	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Charles H. Cote	Vice President	None
LAO	Joseph G. Cronin	Vice President	None
LAO	D. Erick Crowdus	Vice President	None
LAO	Brian M. Daniels	Vice President	None
LAO	William F. Daugherty	Senior Vice President	None
LAO	Scott T. Davis	Assistant Vice President	None
LAO	Shane L. Davis	Vice President	None
LAO	Peter J. Deavan	Vice President	None
LAO	Guy E. Decker	Senior Vice President	None
LAO	Renee A. Degner	Regional Vice President	None
LAO	Daniel Delianedis	Senior Vice President	None
LAO	Mark A. Dence	Vice President	None

LAO	Stephen Deschenes	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Mario P. DiVito	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Joanne H. Dodd	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Kevin F. Dolan	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Thomas L. Donham	Assistant Vice President	None
LAO	John H. Donovan IV	Assistant Vice President	None
LAO	John J. Doyle	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Ryan T. Doyle	Regional Vice President	None
LAO	Craig Duglin	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Alan J. Dumas	Regional Vice President	None
LAO	John E. Dwyer IV	Senior Vice President, Capital Group Institutional Investment Services Division	None
IND	Karyn B. Dzurisin	Regional Vice President	None
LAO	Kevin C. Easley	Regional Vice President	None
LAO	Damian Eckstein	Regional Vice President	None
LAO	Matthew J. Eisenhardt	Senior Vice President	None
LAO	Timothy L. Ellis	Senior Vice President	None

LAO	John M. Fabiano	Regional Vice President	None
LAO	E. Luke Farrell	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Mark A. Ferraro	Regional Vice President	None
LAO	James M. Ferrauilo	Assistant Vice President	None
LAO	Lorna Fitzgerald	Vice President	None
LAO	William F. Flannery	Senior Vice President	None
LAO	Kevin H. Folks	Regional Vice President	None
LAO	David R. Ford	Regional Vice President	None
LAO	Vanda S. Freesman	Assistant Vice President	None
LAO	Daniel Frick	Senior Vice President	None
SNO	Arturo V. Garcia, Jr.	Assistant Vice President	None
LAO	J. Gregory Garrett	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Brian K. Geiger	Regional Vice President	None
LAO	Jacob M. Gerber	Vice President, Capital Group Institutional Investment Services Division	None
LAO	J. Christopher Gies	Senior Vice President	None
LAO	Pamela A. Gillett	Regional Vice President	None
LAO	William F. Gilmartin	Regional Vice President	None
LAO	Robert E. Greeley, Jr.	Regional Vice President	None
LAO	Jeffrey J. Greiner	Senior Vice President	None
LAO	Eric M. Grey	Senior Vice President	None

LAO	E. Renee Grimm	Regional Vice President	None
IRV	Steven Guida	Senior Vice President	None
LAO	Sam S. Gumma	Regional Vice President	None
IRV	DeAnn C. Haley	Assistant Vice President	None
LAO	Philip E. Haning	Regional Vice President	None
LAO	Dale K. Hanks	Vice President, Capital Group Institutional Investment Services Division	None
LAO	David R. Hanna	Regional Vice President	None
LAO	Derek S. Hansen	Vice President	None
LAO	Julie O. Hansen	Vice President	None
LAO	John R. Harley	Senior Vice President	None
LAO	Calvin L. Harrelson III	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Robert J. Hartig, Jr.	Senior Vice President	None
LAO	Craig W. Hartigan	Senior Vice President	None
LAO	Clifford W. “Webb” Heidinger	Regional Vice President	None
LAO	Brock A. Hillman	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Jennifer M. Hoang	Vice President	None
LAO	David F. Holstein	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Heidi B. Horwitz-Marcus	Senior Vice President	None
LAO	David R. Hreha	Regional Vice President	None

LAO	Frederic J. Huber	Vice President, Capital Group Institutional Investment Services Division	None
LAO	David K. Hummelberg	Director, Senior Vice President, Treasurer and Controller	None
LAO	Jeffrey K. Hunkins	Vice President	None
LAO	Marc G. Ialeggio	Senior Vice President	None
IND	David K. Jacocks	Assistant Vice President	None
LAO	W. Chris Jenkins	Vice President	None
LAO	Daniel J. Jess II	Regional Vice President	None
IND	Jameel S. Jiwani	Regional Vice President	None
LAO	Sarah C. Johnson	Assistant Vice President	None
LAO	Brendan M. Jonland	Regional Vice President	None
LAO	David G. Jordt	Regional Vice President	None
LAO	Stephen T. Joyce	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Thomas J. Joyce	Vice President	None
LAO	Maria Karahalis	Senior Vice President, Capital Group Institutional Investment Services Division
LAO	John P. Keating	Senior Vice President	None
LAO	Brian G. Kelly	Senior Vice President	None
LAO	Christopher J. Kennedy	Regional Vice President	None
LAO	Ryan C. Kidwell	Vice President	None
LAO	Christopher W. Kilroy	Senior Vice President	None

LAO	Layla S. Kim	Vice President	None
LAO	Charles A. King	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Mark Kistler	Senior Vice President	None
LAO	Jeffrey G. Klepacki	Senior Vice President	None
NYO	Dorothy Klock	Senior Vice President	None
LAO	Stephen J. Knutson	Assistant Vice President	None
IRV	Elizabeth K. Koster	Vice President	None
LAO	James M. Kreider	Vice President	None
SNO	David D. Kuncho	Assistant Vice President	None
LAO	Richard M. Lang	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Christopher F. Lanzafame	Senior Vice President	None
LAO	Andrew Le Blanc	Senior Vice President	None
LAO	Richard Lee	Assistant Vice President	None
LAO	Matthew N. Leeper	Regional Vice President	None
LAO	Clay M. Leveritt	Regional Vice President	None
LAO	Lorin E. Liesy	Vice President	None
LAO	Louis K. Linquata	Senior Vice President	None
LAO	James M. Maher	Regional Vice President	None
LAO	Brendan T. Mahoney	Senior Vice President	None
LAO	Nathan G. Mains	Vice President	None
LAO	Sirish S. Mani	Assistant Vice President	None

LAO	Mark A. Marinella	Senior Vice President	None
LAO	Brooke M. Marrujo	Vice President	None
LAO	Stephen B. May	Regional Vice President	None
LAO	Dana C. McCollum	Vice President	None
LAO	Joseph A. McCreesh, III	Vice President	None
LAO	Ross M. McDonald	Vice President	None
LAO	Timothy W. McHale	Secretary	None
LAO	Max J. McQuiston	Regional Vice President	None
LAO	Scott M. Meade	Senior Vice President	None
LAO	David A. Merrill	Assistant Vice President	None
LAO	William T. Mills	Senior Vice President	None
LAO	Sean C. Minor	Vice President	None
LAO	James R. Mitchell III	Vice President	None
LAO	Charles L. Mitsakos	Senior Vice President	None
LAO	Ryan D. Moore	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Steven A. Moreno	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	David H. Morrison	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Andrew J. Moscardini	Senior Vice President, Capital Group Institutional Investment Services Division	None
NYO	Timothy J. Murphy	Vice President	None

LAO	Marc E. Nabi	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Jon C. Nicolazzo	Vice President	None
LAO	Earnest M. Niemi	Vice President	None
LAO	William E. Noe	Senior Vice President	None
LAO	Matthew P. O’Connor	Director and Executive Vice President; Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Jonathan H. O’Flynn	Vice President	None
LAO	Peter A. Olsen	Regional Vice President	None
LAO	Jeffrey A. Olson	Vice President	None
LAO	Thomas A. O’Neil	Vice President	None
IRV	Paula A. Orologas	Assistant Vice President	None
LAO	Gregory H. Ortman	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Shawn M. O’Sullivan	Vice President	None
IND	Lance T. Owens	Regional Vice President	None
LAO	Kristina E. Page	Regional Vice President	None
LAO	Rodney Dean Parker II	Vice President	None
LAO	Lynn M. Patrick	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Timothy C. Patterson	Assistant Vice President	None
LAO	W. Burke Patterson, Jr.	Senior Vice President	None

LAO	Gary A. Peace	Senior Vice President	None
LAO	Robert J. Peche	Vice President, Capital Group Institutional Investment Services Division	None
LAO	David K. Petzke	Senior Vice President	None
LAO	Adam W. Phillips	Assistant Vice President	None
IND	Mary E. Phillips	Assistant Vice President	None
LAO	Joseph M. Piccolo	Vice President	None
LAO	Keith A. Piken	Vice President	None
LAO	John Pinto	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Carl S. Platou	Senior Vice President	None
LAO	David T. Polak	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Charles R. Porcher	Vice President	None
LAO	Leah K. Porter	Vice President	None
SNO	Richard P. Prior	Senior Vice President	None
LAO	Steven J. Quagrello	Senior Vice President	None
LAO	Michael R. Quinn	Senior Vice President	None
LAO	James R. Raker	Vice President, Capital Group Institutional Investment Services Division	None
SNO	John P. Raney	Vice President	None
LAO	James P. Rayburn	Vice President	None
LAO	Rene M. Reincke	Vice President	None

LAO	Jeffrey J. Robinson	Vice President	None
LAO	Matthew M. Robinson	Regional Vice President	None
LAO	Thomas W. Rose	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Rome D. Rottura	Senior Vice President	None
LAO	Shane A. Russell	Vice President	None
LAO	William M. Ryan	Senior Vice President	None
LAO	Dean B. Rydquist	Director, Senior Vice President and Chief Compliance Officer	None
IND	Brenda S. Rynski	Regional Vice President	None
LAO	Richard A. Sabec, Jr.	Senior Vice President	None
LAO	Paul V. Santoro	Senior Vice President	None
LAO	Keith A. Saunders	Regional Vice President	None
LAO	Joe D. Scarpitti	Senior Vice President	None
IRV	MaryAnn Scarsone	Assistant Vice President	None
LAO	Mark A. Seaman	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	James J. Sewell III	Senior Vice President	None
LAO	Arthur M. Sgroi	Senior Vice President	None
LAO	Brad W. Short	Vice President	None
LAO	Nathan W. Simmons	Vice President	None
LAO	Connie F. Sjursen	Vice President	None
LAO	Melissa A. Sloane	Regional Vice President	None
LAO	Matthew T. Smith	Assistant Vice President	None

SNO	Stacy D. Smolka	Vice President	None
LAO	J. Eric Snively	Vice President	None
LAO	Kristen J. Spazafumo	Vice President	None
LAO	Michael P. Stern	Senior Vice President	None
LAO	Andrew J. Strandquist	Regional Vice President	None
LAO	Gretchen L. Taibl	Assistant Vice President	None
LAO	Peter D. Thatch	Senior Vice President	None
LAO	John B. Thomas	Vice President	None
LAO	Cynthia M. Thompson	Senior Vice President, Capital Group Institutional Investment Services Division	None
HRO	Stephen B. Thompson	Regional Vice President	None
LAO	Mark R. Threlfall	Vice President	None
IND	James P. Toomey	Vice President	None
LAO	Luke N. Trammell	Vice President	None
IND	Christopher E. Trede	Vice President	None
LAO	Jordan A. Trevino	Regional Vice President	None
LAO	Shaun C. Tucker	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	David E. Unanue	Senior Vice President	None
LAO	Idoya Urrutia	Assistant Vice President	None
LAO	Scott W. Ursin-Smith	Senior Vice President	None
LAO	Patrick D. Vance	Regional Vice President	None
SNO	Cindy T. Vaquiax	Vice President	None

LAO	Srinkanth Vemuri	Vice President	None
LAO	Spilios Venetsanopoulos	Regional Vice President	None
LAO	J. David Viale	Senior Vice President	None
LAO	Robert D. Vigneaux III	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Todd R. Wagner	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Jon N. Wainman	Regional Vice President	None
LAO	Sherrie S. Walling	Assistant Vice President	None
LAO	Brian M. Walsh	Vice President	None
SNO	Chris L. Wammack	Vice President	None
LAO	Matthew W. Ward	Regional Vice President	None
LAO	Thomas E. Warren	Senior Vice President	None
LAO	George J. Wenzel	Senior Vice President	None
LAO	Jason M. Weybrecht	Vice President, Capital Group Institutional Investment Services Division	None
LAO	Adam B. Whitehead	Regional Vice President	None
LAO	N. Dexter Williams	Senior Vice President, Capital Group Institutional Investment Services Division	None
LAO	Steven Wilson	Vice President	None
LAO	Steven C. Wilson	Vice President	None
LAO	Kurt A. Wuestenberg	Senior Vice President	None
LAO	Jonathan A. Young	Senior Vice President	None

LAO

Jason P. Young

Senior Vice President

None

LAO

Raul Zarco, Jr.

Vice President, Capital Group Institutional Investment Services Division

None

__________

DCO	Business Address, 3000 K Street N.W., Suite 230, Washington, DC 20007-5140
GVO-1	Business Address, 3 Place des Bergues, 1201 Geneva, Switzerland
HRO	Business Address, 5300 Robin Hood Road, Norfolk, VA 23513
IND	Business Address, 12811 North Meridian Street, Carmel, IN 46032
IRV	Business Address, 6455 Irvine Center Drive, Irvine, CA 92618
LAO	Business Address, 333 South Hope Street, Los Angeles, CA 90071
LAO-W	Business Address, 11100 Santa Monica Blvd., 15^th Floor, Los Angeles, CA 90025
NYO	Business Address, 630 Fifth Avenue, 36^th Floor, New York, NY 10111
SFO	Business Address, One Market, Steuart Tower, Suite 2000, San Francisco, CA 94105
SNO	Business Address, 3500 Wiseman Boulevard, San Antonio, TX 78251

Item 33. Location of Accounts and Records

Accounts, books and other records required by Rules 31a-1 and 31a-2 under the Investment Company Act of 1940, as amended, are maintained and kept in the offices of the Registrant’s investment adviser, Capital Research and Management Company, 333 South Hope Street, Los Angeles, California 90071, 6455 Irvine Center Drive, Irvine, California 92618, and/or 5300 Robin Hood Road, Norfolk, Virginia 23513.

Registrant’s records covering shareholder accounts are maintained and kept by its transfer agent, American Funds Service Company, 6455 Irvine Center Drive, Irvine, California 92618; 12811 North Meridian Street, Carmel, Indiana 46032; 3500 Wiseman Boulevard, San Antonio, Texas 78251; and 5300 Robin Hood Road, Norfolk, Virginia 23513.

Registrant’s records covering portfolio transactions are maintained and kept by its custodian, State Street Bank and Trust Company, One Lincoln Street, Boston, Massachusetts 02111.

Item 34. Management Services

None

Item 35. Undertakings

n/a

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Los Angeles, and State of California, on the 29^th day of October, 2015.

SMALLCAP World Fund, Inc.

By: /s/ Paul F. Roye

(Paul F. Roye, Executive Vice President)

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below on October 29, 2015, by the following persons in the capacities indicated.

	Signature	Title
(1)	Principal Executive Officer:
	/s/ Paul F. Roye	Executive Vice President
	Paul F. Roye

(2)	Principal Financial Officer and
	Principal Accounting Officer:
	/s/ Jeffrey P. Regal	Treasurer
	Jeffrey P. Regal

(3)	Directors:

	Ronald P. Badie*	Director
	Joseph C. Berenato*	Chairman of the Board (Independent and Non-Executive)
	Louise H. Bryson*	Director
	Robert J. Denison*	Director
	Mary Anne Dolan*	Director
	John G. Freund*	Director
	Linda Griego*	Director
	Leonade D. Jones*	Director
	William H. Kling*	Director
	Jonathan Knowles*	Vice Chairman of the Board
	Christopher E. Stone*	Director
	Gregory W. Wendt*	President and Director

	/s/ Michael W. Stockton
	(Michael W. Stockton, pursuant to a power of attorney filed herewith)

Counsel represents that this amendment does not contain disclosures that would make the amendment ineligible for effectiveness under the provisions of Rule 485(b).

/s/ Rachel V. Nass

(Rachel V. Nass, Counsel)

POWER OF ATTORNEY

I, Ronald P. Badie, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

The Growth Fund of America (File No. 002-14728, File No. 811-00862)

SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

SMALLCAP World Fund

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Jennifer L. Butler

Steven I. Koszalka

Michael W. Stockton

Susan K. Countess

Julie E. Lawton

Viviane T. Russo

Raymond F. Sullivan, Jr.

Dori Laskin

Jeffrey P. Regal

Neal F. Wellons

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at Laguna Beach, CA, this 15^thday of July, 2015.

(City, State)

/s/ Ronald P. Badie

Ronald P. Badie, Board member

POWER OF ATTORNEY

I, Joseph C. Berenato, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

Capital Income Builder (File No. 033-12967, File No. 811-05085)

Capital World Growth and Income Fund (File No. 033-54444, File No. 811-07338)

The Growth Fund of America (File No. 002-14728, File No. 811-00862)

The New Economy Fund (File No. 002-83848, File No. 811-03735)

SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

SMALLCAP World Fund

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Jennifer L. Butler

Steven I. Koszalka

Michael W. Stockton

Susan K. Countess

Julie E. Lawton

Viviane T. Russo

Raymond F. Sullivan, Jr.

Dori Laskin

Jeffrey P. Regal

Neal F. Wellons

EXECUTED at Redondo Beach, CA, this 13^thday of July, 2015.

(City, State)

/s/ Joseph C. Berenato

Joseph C. Berenato, Board member

POWER OF ATTORNEY

I, Louise H. Bryson, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

AMCAP Fund (File No. 002-26516, File No. 811-01435)

American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)

American Mutual Fund (File No. 002-10607, File No. 811-00572)

The Growth Fund of America (File No. 002-14728, File No. 811-00862)

The Investment Company of America (File No. 002-10811, File No. 811-00116)

SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

SMALLCAP World Fund

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Jennifer L. Butler

Steven I. Koszalka

Michael W. Stockton

Susan K. Countess

Julie E. Lawton

Viviane T. Russo

Raymond F. Sullivan, Jr.

Brian D. Bullard

Dori Laskin

Jeffrey P. Regal

Neal F. Wellons

EXECUTED at San Marino, CA, this 11^thday of July, 2015.

(City, State)

/s/ Louise H. Bryson

Louise H. Bryson, Board member

POWER OF ATTORNEY

I, Robert J. Denison, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):

American Funds Fundamental Investors (File No. 002-10760, File No. 811-00032)

Capital Income Builder (File No. 033-12967, File No. 811-05085)

Capital World Growth and Income Fund (File No. 033-54444, File No. 811-07338)

The Growth Fund of America (File No. 002-14728, File No. 811-00862)

The New Economy Fund (File No. 002-83848, File No. 811-03735)

SMALLCAP World Fund, Inc. (File No. 033-32785, File No. 811-05888)

SMALLCAP World Fund

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

Jennifer L. Butler

Steven I. Koszalka

Michael W. Stockton

Susan K. Countess

Julie E. Lawton

Viviane T. Russo

Raymond F. Sullivan, Jr.

Dori Laskin

Jeffrey P. Regal

Neal F. Wellons

EXECUTED at Tucson, AZ, this 9^thday of July, 2015.

(City, State)

/s/ Robert J. Denison

Robert J. Denison, Board member

POWER OF ATTORNEY

I, Mary Anne Dolan, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):