# EDGAR Filing Document

**Accession Number:** 0000794458
**File Stem:** 0001193125-26-098068
**Filing Date:** 2026-3
**Character Count:** 105408
**Document Hash:** ebcaa17b2bd2af7c0db5d5bc92cc27b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098068.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098068

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EMERGING MARKETS EQUITIES FUND INC
- **CENTRAL INDEX KEY:** 0000794458

**ORGANIZATION NAME:**
- **EIN:** 954026510
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04692
- **FILM NUMBER:** 26734021

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 310-486-9200

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EMERGING MARKETS GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### EMERGING MARKETS EQUITIES FUND, INC (Series ID: S000011439)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000031644 | Class M      | EMRGX           |
| C000192775 | Class F-3    | EMGEX           |
| C000192776 | Class R-6    | REFGX           |
| C000260637 | Class F-2    | EMEEX           |

?xml version='1.0' encoding='ASCII'? 17b583bd-7abf-4c3c-82b7-9fd596c38691

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number
811-04692

#### Emerging Markets Equities Fund, Inc.
(Exact name of registrant as specified in charter)

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6455 Irvine Center Drive

Irvine, California 92618

(Address of principal executive offices)

Gregory F. Niland

5300 Robin Hood Rd.

Norfolk, VA 23513

(Name and address of agent for service)

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

#### Date of fiscal year end:
June 30

#### Date of reporting period:
December 31, 2025

ITEM 1 - Reports to Stockholders

![TSR - Capital no AF Logo](images_2387.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## Emerging Markets Equities Fund
**Class M \| EMRGX** for the six months ended December 31, 2025

This semi-annual shareholder report contains important information about Emerging Markets Equities Fund (the "fund") for the period from July 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/EMEF-M-literature**. You can also request this information by contacting us at **(800) 421-4225**.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class M | &nbsp;&nbsp;$40 | 0.74%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $507 |
| Total number of portfolio holdings | 122 |
| Portfolio turnover rate | 21% |

---

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

Availability of additional information

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

capitalgroup.com/EMEF-M-literature.

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

Lit. No. MFMXSRX-015-0226© 2026 Capital Group. All rights reserved.

![TSR - Capital no AF Logo](images_2387.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## Emerging Markets Equities Fund
**Class F-2 \| EMEEX** for the six months ended December 31, 2025

This semi-annual shareholder report contains important information about Emerging Markets Equities Fund (the "fund") for the period from July 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/EMEF-F2-literature**. You can also request this information by contacting us at **(800) 421-4225**.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$45 | 0.85%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $507 |
| Total number of portfolio holdings | 122 |
| Portfolio turnover rate | 21% |

---

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

Availability of additional information

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

capitalgroup.com/EMEF-F2-literature.

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

Lit. No. MFF2SRX-015-0226© 2026 Capital Group. All rights reserved.

![TSR - Capital no AF Logo](images_2387.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## Emerging Markets Equities Fund
**Class F-3 \| EMGEX** for the six months ended December 31, 2025

This semi-annual shareholder report contains important information about Emerging Markets Equities Fund (the "fund") for the period from July 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/EMEF-F3-literature**. You can also request this information by contacting us at **(800) 421-4225**.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$40 | 0.74%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $507 |
| Total number of portfolio holdings | 122 |
| Portfolio turnover rate | 21% |

---

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

Availability of additional information

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

capitalgroup.com/EMEF-F3-literature.

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

Lit. No. MFF3SRX-015-0226© 2026 Capital Group. All rights reserved.

![TSR - Capital no AF Logo](images_2387.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## Emerging Markets Equities Fund
**Class R-6 \| REFGX** for the six months ended December 31, 2025

This semi-annual shareholder report contains important information about Emerging Markets Equities Fund (the "fund") for the period from July 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/EMEF-R6-literature**. You can also request this information by contacting us at **(800) 421-4225**.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$40 | 0.74%\* |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $507 |
| Total number of portfolio holdings | 122 |
| Portfolio turnover rate | 21% |

---

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

Availability of additional information

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

capitalgroup.com/EMEF-R6-literature.

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

Lit. No. MFR6SRX-015-0226© 2026 Capital Group. All rights reserved.

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#### ITEM 2 - Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.

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#### ITEM 3 - Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.

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#### ITEM 4 - Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.

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

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

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

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![](imgbf8e25b41.jpg)

**Emerging Markets Equities Fund**

Financial Statements and Other Information

N-CSR Items 7-11

for the six months ended December 31, 2025

Lit. No. MFGEFP2-015-0226© 2026 Capital Group. All rights reserved.

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Investment portfolio December 31, 2025unaudited

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---

| | | |
|:---|:---|:---|
| Common stocks 96.92% | Shares | Value<br> (000)<br>|
| **Asia-Pacific 77.12%** | **Asia-Pacific 77.12%** | **Asia-Pacific 77.12%** |
| **China 25.88%** | **China 25.88%** | **China 25.88%** |
| Alibaba Group Holding, Ltd.  | 591303 | $10822 |
| Anhui Conch Cement Co., Ltd., Class H  | 595629 | 1685 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 20537 | 6239 |
| China Merchants Bank Co., Ltd., Class H  | 653000 | 4416 |
| China Resources Land, Ltd.  | 1000500 | 3485 |
| Chongqing Brewery Co., Ltd., Class A  | 162183 | 1212 |
| Duality Biotherapeutics, Inc. <sup>(a)</sup>  | 36300 | 1383 |
| Full Truck Alliance Co., Ltd., Class A (ADR)  | 466960 | 5011 |
| GenFleet Therapeutics (Shanghai), Inc., Class H <sup>(a)</sup>  | 562400 | 1712 |
| H World Group, Ltd. (ADR)  | 68478 | 3222 |
| Industrial and Commercial Bank of China, Ltd., Class H  | 1200000 | 972 |
| Innovent Biologics, Inc. <sup>(a)</sup>  | 472900 | 4608 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A  | 235703 | 3697 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A  | 544370 | 4629 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 25600 | 234 |
| Kanzhun, Ltd., Class A (ADR)  | 322050 | 6563 |
| Meituan, Class B <sup>(a)</sup>  | 170800 | 2254 |
| Midea Group Co., Ltd., Class A  | 210288 | 2351 |
| NetEase, Inc.  | 433900 | 11941 |
| NetEase, Inc. (ADR)  | 22514 | 3098 |
| Neway Valve (Suzhou) Co., Ltd., Class A  | 560100 | 4157 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 43756 | 4962 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H  | 1088000 | 940 |
| PICC Property and Casualty Co., Ltd., Class H  | 2936000 | 6156 |
| Shenzhen Inovance Technology Co., Ltd., Class A  | 653803 | 7033 |
| Tencent Holdings, Ltd.  | 348565 | 26710 |
| Trip.com Group, Ltd. (ADR)  | 13395 | 963 |
| Tsingtao Brewery Co., Ltd., Class H  | 134000 | 837 |
|  |  | 131292 |
| **Hong Kong 1.13%** | **Hong Kong 1.13%** | **Hong Kong 1.13%** |
| AIA Group, Ltd.  | 558600 | 5738 |
| **India 15.47%** | **India 15.47%** | **India 15.47%** |
| 360 ONE WAM, Ltd.  | 210243 | 2776 |
| Axis Bank, Ltd.  | 450790 | 6381 |
| Bharti Airtel, Ltd.  | 183795 | 4312 |
| BSE, Ltd.  | 71893 | 2106 |
| Central Depository Services (India), Ltd.  | 64120 | 1030 |
| Cholamandalam Investment and Finance Co., Ltd.  | 366173 | 6920 |
| Embassy Office Parks REIT  | 844365 | 4092 |
| Eternal, Ltd. <sup>(a)</sup>  | 1771193 | 5495 |
| FSN E-Commerce Ventures, Ltd. <sup>(a)</sup>  | 381766 | 1126 |
| Godrej Consumer Products, Ltd.  | 108827 | 1480 |
| HDFC Bank, Ltd.  | 74293 | 821 |
| ICICI Bank, Ltd.  | 277850 | 4148 |
| Kotak Mahindra Bank, Ltd.  | 406482 | 9955 |
| Lenskart Solutions, Ltd. <sup>(a),(a)(b)</sup>  | 423946 | 2126 |
| MakeMyTrip, Ltd. <sup>(a)</sup>  | 67791 | 5567 |
| Maruti Suzuki India, Ltd.  | 23079 | 4290 |
| Max Healthcare Institute, Ltd.  | 401652 | 4671 |
| Shriram Finance, Ltd.  | 168378 | 1866 |
| Tube Investments of India, Ltd.  | 46873 | 1364 |
| TVS Motor Co., Ltd.  | 95167 | 3936 |
| United Spirits, Ltd.  | 184345 | 2961 |
| Varun Beverages, Ltd.  | 195571 | 1065 |
|  |  | 78488 |

---

Emerging Markets Equities Fund, Inc.<sub>1</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Asia-Pacific (continued)** | **Asia-Pacific (continued)** | **Asia-Pacific (continued)** |
| **Indonesia 1.88%** | **Indonesia 1.88%** | **Indonesia 1.88%** |
| Bank Central Asia Tbk PT  | 10068609 | $4860 |
| Indosat Tbk PT  | 26168300 | 3641 |
| Sumber Alfaria Trijaya Tbk PT  | 4140004 | 490 |
| Telkom Indonesia (Persero) Tbk PT, Class B  | 2530700 | 526 |
|  |  | 9517 |
| **Malaysia 0.31%** | **Malaysia 0.31%** | **Malaysia 0.31%** |
| Public Bank Bhd.  | 1422900 | 1592 |
| **Philippines 1.76%** | **Philippines 1.76%** | **Philippines 1.76%** |
| BDO Unibank, Inc.  | 1053660 | 2402 |
| International Container Terminal Services, Inc.  | 678389 | 6505 |
|  |  | 8907 |
| **South Korea 12.65%** | **South Korea 12.65%** | **South Korea 12.65%** |
| BNK Financial Group, Inc.  | 369504 | 4063 |
| Coupang, Inc., Class A <sup>(a)</sup>  | 249075 | 5876 |
| Hana Financial Group, Inc.  | 112863 | 7362 |
| Hanwha Aerospace Co., Ltd.  | 2997 | 1950 |
| KB Financial Group, Inc.  | 11420 | 987 |
| KT Corp.  | 23999 | 911 |
| KT Corp. (ADR)  | 266538 | 5056 |
| NAVER Corp.  | 6263 | 1049 |
| Samsung Electronics Co., Ltd.  | 194964 | 16249 |
| Samsung Fire & Marine Insurance Co., Ltd.  | 10160 | 3502 |
| Samsung Life Insurance Co., Ltd.  | 7923 | 863 |
| SK hynix, Inc.  | 35990 | 16297 |
|  |  | 64165 |
| **Taiwan 16.54%** | **Taiwan 16.54%** | **Taiwan 16.54%** |
| AirTAC International Group  | 177904 | 5266 |
| LITE-ON Technology Corp.  | 524456 | 2701 |
| MediaTek, Inc.  | 250042 | 11330 |
| Nien Made Enterprise Co., Ltd.  | 117000 | 1340 |
| Taiwan Semiconductor Manufacturing Co., Ltd.  | 1295239 | 63277 |
|  |  | 83914 |
| **Thailand 0.85%** | **Thailand 0.85%** | **Thailand 0.85%** |
| Kasikornbank PCL, foreign registered shares  | 453200 | 2800 |
| Siam Cement PCL, foreign registered shares  | 262800 | 1526 |
|  |  | 4326 |
| **Vietnam 0.65%** | **Vietnam 0.65%** | **Vietnam 0.65%** |
| Asia Commercial Joint Stock Bank  | 3610606 | 3295 |
| **Total Asia-Pacific** | **Total Asia-Pacific** | 391234 |
| **Latin America 8.57%** | **Latin America 8.57%** | **Latin America 8.57%** |
| **Brazil 5.49%** | **Brazil 5.49%** | **Brazil 5.49%** |
| Banco BTG Pactual SA, units  | 739084 | 7053 |
| Estre Ambiental, Inc. <sup>(a)(c)(d)</sup>  | 591120 | — <br><sup>(e)</sup><br>|
| Motiva Infraestrutura de Mobilidade SA  | 1367209 | 3742 |
| Multiplan Empreendimentos Imobiliarios SA  | 281806 | 1397 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 129092 | 2161 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares  | 78542 | 931 |
| Rede D'Or Sao Luiz SA  | 483221 | 3578 |
| Rumo SA  | 1799132 | 4806 |

---

---

| | |
|:---|:---|
| **2** | Emerging Markets Equities Fund, Inc. |

---

------

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| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Latin America (continued)** | **Latin America (continued)** | **Latin America (continued)** |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| TIM SA  | 518641 | $2029 |
| Vale SA, ordinary nominative shares  | 51404 | 672 |
| Vibra Energia SA  | 310522 | 1460 |
|  |  | 27829 |
| **Mexico 3.08%** | **Mexico 3.08%** | **Mexico 3.08%** |
| America Movil, SAB de CV, Class B (ADR)  | 87520 | 1809 |
| BBB Foods, Inc., Class A <sup>(a)</sup>  | 129398 | 4321 |
| Coca-Cola FEMSA, SAB de CV (ADR)  | 10199 | 966 |
| Corp. Inmobiliaria Vesta, SAB de CV  | 357040 | 1092 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B  | 57781 | 1518 |
| Grupo Financiero Banorte, SAB de CV, Series O  | 532254 | 4934 |
| Prologis Property Mexico, SA de CV, REIT  | 238149 | 998 |
|  |  | 15638 |
| **Total Latin America** | **Total Latin America** | 43467 |
| **Eastern Europe and Middle East 6.38%** | **Eastern Europe and Middle East 6.38%** | **Eastern Europe and Middle East 6.38%** |
| **Greece 0.41%** | **Greece 0.41%** | **Greece 0.41%** |
| National Bank of Greece SA  | 135382 | 2062 |
| **Kazakhstan 0.42%** | **Kazakhstan 0.42%** | **Kazakhstan 0.42%** |
| Halyk Savings Bank of Kazakhstan OJSC (GDR) <sup>(d)</sup>  | 71788 | 2146 |
| **Russian Federation 0.00%** | **Russian Federation 0.00%** | **Russian Federation 0.00%** |
| Alrosa PJSC <sup>(a)(c)</sup>  | 12604 | — <br><sup>(e)</sup><br>|
| Baring Vostok Capital Fund IV Supplemental Fund, LP <sup>(a)(c)(f)(g)(h)</sup>  | 43189450 | — <br><sup>(e)</sup><br>|
| Baring Vostok Private Equity Fund IV, LP <sup>(a)(c)(f)(g)(h)</sup>  | 23604516 | — <br><sup>(e)</sup><br>|
| Rosneft Oil Co. PJSC <sup>(c)</sup>  | 570845 | — <br><sup>(e)</sup><br>|
| Sberbank of Russia PJSC <sup>(c)</sup>  | 11761726 | — <br><sup>(e)</sup><br>|
|  |  | — <br><sup>(e)</sup><br>|
| **Saudi Arabia 1.28%** | **Saudi Arabia 1.28%** | **Saudi Arabia 1.28%** |
| Al Rajhi Banking and Investment Corp., non-registered shares  | 248808 | 6468 |
| **Slovenia 0.47%** | **Slovenia 0.47%** | **Slovenia 0.47%** |
| Nova Ljubljanska Banka dd (GDR)  | 56381 | 2395 |
| **Turkey 0.32%** | **Turkey 0.32%** | **Turkey 0.32%** |
| Akbank TAS  | 986566 | 1608 |
| **United Arab Emirates 3.48%** | **United Arab Emirates 3.48%** | **United Arab Emirates 3.48%** |
| Abu Dhabi Commercial Bank PJSC  | 629065 | 2450 |
| Abu Dhabi Islamic Bank PJSC  | 1169617 | 6611 |
| Adnoc Gas PLC  | 5191369 | 5018 |
| Emaar Properties PJSC  | 937408 | 3586 |
|  |  | 17665 |
| **Total Eastern Europe and Middle East** | **Total Eastern Europe and Middle East** | 32344 |
| **Africa 3.06%** | **Africa 3.06%** | **Africa 3.06%** |
| **South Africa 3.06%** | **South Africa 3.06%** | **South Africa 3.06%** |
| Capitec Bank Holdings, Ltd.  | 17812 | 4473 |
| Discovery, Ltd.  | 101097 | 1390 |
| Gold Fields, Ltd.  | 22691 | 990 |
| MTN Group, Ltd.  | 319557 | 3265 |
| Valterra Platinum, Ltd. (ZAR denominated)  | 63586 | 5383 |
|  |  | 15501 |

---

Emerging Markets Equities Fund, Inc.<sub>3</sub>

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Other markets 1.79%** | **Other markets 1.79%** | **Other markets 1.79%** |
| **Canada 0.36%** | **Canada 0.36%** | **Canada 0.36%** |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 163139 | $1855 |
| **United Kingdom 0.00%** | **United Kingdom 0.00%** | **United Kingdom 0.00%** |
| Sedibelo Platinum Mines, Ltd. <sup>(a)(c)</sup>  | 17665800 | — <br><sup>(e)</sup><br>|
| **United States 1.43%** | **United States 1.43%** | **United States 1.43%** |
| Genpact, Ltd.  | 41021 | 1919 |
| MercadoLibre, Inc. <sup>(a)</sup>  | 2645 | 5328 |
|  |  | 7247 |
| **Total Other markets** | **Total Other markets** | 9102 |
| **Total common stocks** (cost: $395,714,000) |  | 491648 |
| Preferred securities 0.01% |  |  |
| **Asia-Pacific 0.01%** | **Asia-Pacific 0.01%** | **Asia-Pacific 0.01%** |
| **India 0.01%** | **India 0.01%** | **India 0.01%** |
| TVS Motor Co., Ltd., 6.00% preferred shares <sup>(a)</sup>  | 581568 | 64 |
| **Total preferred securities** (cost: $49,000) |  | 64 |
| Short-term securities 3.23% |  |  |
| **Money market investments 3.23%** | **Money market investments 3.23%** | **Money market investments 3.23%** |
| Capital Group Central Cash Fund 3.79% <sup>(i)(j)</sup>  | 163621 | 16364 |
| **Total short-term securities** (cost: $16,361,000) | **Total short-term securities** (cost: $16,361,000) | 16364 |
| **Total investment securities 100.16%** (cost: $412,124,000) | **Total investment securities 100.16%** (cost: $412,124,000) | 508076 |
| Other assets less liabilities (0.16)% | Other assets less liabilities (0.16)% | (796)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** | $507280 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>7/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.23%** |  |  |  |  |  |  |  |
| **Money market investments 3.23%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(i)</sup>  | $23928 | &nbsp;&nbsp; $87941 | &nbsp;&nbsp; $95509 | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $16364 | &nbsp;&nbsp; $408 |
| **Money market investments purchased with collateral** <br>**from securities on loan 0.00%**<br>|  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(i)</sup>  |  | &nbsp;&nbsp; — <br><sup>(k)</sup><br>|  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(l)</sup><br>|
| **Total 3.23%** |  |  |  | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $16364 | &nbsp;&nbsp; $408 |

---

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>|
| Baring Vostok Capital Fund IV Supplemental Fund, LP <sup>(a)(c)(f)(g)</sup> <br>| 10/8/2007-8/29/2019 | $25044 | $— <br><sup>(e)</sup><br>0.00 %<sup>(m)</sup><br>|
| Baring Vostok Private Equity Fund IV, LP <sup>(a)(c)(f)(g)</sup> <br>| 12/15/2016-12/28/2020 | 11441 | — <br><sup>(e)</sup><br>0.00 <br><sup>(m)</sup><br>|
| **Total** |  | $36485 | $— <br><sup>(e)</sup><br>0.00 %<sup>(m)</sup><br>|

---

---

| | |
|:---|:---|
| **4** | Emerging Markets Equities Fund, Inc. |

---

------

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

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $1,063,000, which represented less than 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

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

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $2,146,000, which represented 0.42% of the net assets of the fund. 

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

<sup>(f)</sup> Cost and market value do not include prior distributions to the fund from income or proceeds realized from securities held by the private equity fund. Therefore, the cost and market value may not be indicative of the private equity fund's performance. For private equity funds structured as limited partnerships, shares are not applicable and therefore the fund's interest in the partnership is reported. 

<sup>(g)</sup> Excludes an unfunded capital commitment representing an agreement which obligates the fund to meet capital calls in the future. Capital calls can only be made if and when certain requirements have been fulfilled; thus, the timing and the amount of such capital calls cannot readily be determined. 

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

<sup>(i)</sup> Rate represents the seven-day yield at 12/31/2025.

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

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

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

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

---

| |
|:---|
| **Key to abbreviation(s)** |
| ADR = American Depositary Receipts |
| GDR = Global Depositary Receipts |

---

<br> REIT = Real Estate Investment Trust <br> ZAR = South African rand

Refer to the notes to financial statements.

Emerging Markets Equities Fund, Inc.<sub>5</sub>

------

Financial statements

**Statement of assets and liabilities** at December 31, 2025unaudited

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $395,763) | $491712 |  |
| Affiliated issuers (cost: $16,361) | 16364 | $508076 |
| Cash |  | 236 |
| Cash denominated in currencies other than U.S. dollars (cost: $209) |  | 210 |
| Receivables for: |  |  |
| Sales of investments | 18 |  |
| Sales of fund's shares | 326 |  |
| Services provided by related parties | 66 |  |
| Dividends | 1211 |  |
| Securities lending income | —<br> \*<br>|  |
| Other | 222 | 1843<br>|
|  |  | 510365 |
| **Liabilities:** |  |  |
| Payables for: |  |  |
| Purchases of investments | 59 |  |
| Repurchases of fund's shares | 123 |  |
| Investment advisory services | 265 |  |
| Services provided by related parties | 3 |  |
| Directors' deferred compensation | 464 |  |
| Non-U.S. taxes | 2114 |  |
| Other | 57 | 3085<br>|
| Commitments and contingencies<sup>†</sup> <br>|  |  |
| **Net assets at December 31, 2025** |  | $507280 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of capital stock |  | $340742 |
| Total distributable earnings (accumulated loss) |  | 166538<br>|
| **Net assets at December 31, 2025** |  | $507280 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Refer to Note 5 for further information on unfunded commitments.

------

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

**Total authorized capital stock — 2,000,000 shares, $.01 par value (60,025 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class M | $371713 | 43935 | $8.46 |
| Class F-2 | 11 | 1 | 8.42 |
| Class F-3 | 135532 | 16086 | 8.43 |
| Class R-6 | 24 | 3 | 8.50 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **6** | Emerging Markets Equities Fund |

---

------

Financial statements (continued)

**Statement of operations** for the six months ended December 31, 2025unaudited

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Dividends (net of non-U.S. taxes of $563; <br>also includes $408 from affiliates)<br>| $5072 |  |
| Securities lending income (net of fees) | 112 |  |
| Interest from unaffiliated issuers | 8 | $5192 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 1791 |  |
| Transfer agent services | 5 |  |
| Administrative services | 20 |  |
| Reports to shareholders | 6 |  |
| Registration statement and prospectus | 56 |  |
| Directors' compensation | 74 |  |
| Auditing and legal | 246 |  |
| Custodian | 137 |  |
| State and local taxes | 1 |  |
| Other | 47 |  |
| Total fees and expenses before waivers and/or reimbursements | 2383 |  |
| Less waivers and/or reimbursements of fees and expenses: |  |  |
| Transfer agent services waiver | — <br><sup>†</sup><br>|  |
| Miscellaneous fee reimbursement | 230 |  |
| Total fees and expenses after waivers and/or reimbursements |  | 2153<br>|
| Net investment income |  | 3039<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments (net of non-U.S. taxes of $571): |  |  |
| Unaffiliated issuers | 48254 |  |
| Affiliated issuers | 3 |  |
| In-kind redemptions | 11287 |  |
| Currency transactions | (303)<br>| 59241 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments (net of non-U.S. taxes of $2,041): |  |  |
| Unaffiliated issuers | (169)<br>|  |
| Affiliated issuers | 1 |  |
| Currency translations | 63 | (105) <br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 59136<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $62175 |

---

\*

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

<sup>†</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

Emerging Markets Equities Fund<sub>7</sub>

------

Financial statements (continued)

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**December 31,**<br>| **Year ended** <br>**June 30,**<br>|
|  | **2025\*** | **2025** |
| **Operations:** |  |  |
| Net investment income | $3039 | $17212 |
| Net realized gain (loss) | 59241 | 248688 |
| Net unrealized appreciation (depreciation) | (105)<br>| (105007)<br>|
| Net increase (decrease) in net assets resulting from operations | 62175 | 160893 |
| **Distributions paid to shareholders** | (19462)<br>| (19151)<br>|
| **Net capital share transactions** | (109206)<br>| (940713)<br>|
| **Total increase (decrease) in net assets**  | (66493)<br>| (798971)<br>|
| **Net assets:** |  |  |
| Beginning of period | 573773 | 1372744 |
| End of period | $507280 | $573773 |

---

\*

Unaudited.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **8** | Emerging Markets Equities Fund |

---

------

Notes to financial statementsunaudited

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

**1. Organization**

------

Emerging Markets Equities Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company. The fund seeks long-term growth of capital.

The fund has four share classes consisting of three retail share classes (Classes M, F-2 and F-3), and one retirement plan share class (Class R-6). The retirement plan share class is generally offered only through eligible employer-sponsored retirement plans. The fund's share classes are described further in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Initial sales charge** | &nbsp;&nbsp; **Contingent deferred sales charge upon** <br> **redemption**<br>| **Conversion feature** |
| Classes M\*, F2 and F-3 | None | None | None |
| Class R-6 | None | None | None |

---

\*

Class M 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.

**2. Significant accounting policies**

------

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

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

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

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

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

Emerging Markets Equities Fund<sub>9</sub>

------

**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.

**In-kind redemptions** — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. During the six months ended December 31, 2025, the fund delivered $39,743,000 of investment securities in connection with in-kind redemptions. Net realized gains or losses resulting from redemptions of shares in-kind are reflected separately in the fund's statement of operations.

**3. Valuation**

------

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

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

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

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

---

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

---

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

---

| | |
|:---|:---|
| **10** | Emerging Markets Equities Fund |

---

------

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

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

**Classifications** — The fund's investment adviser classifies the fund's assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund's valuation levels as of December 31, 2025, were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Common stocks: |  |  |  |  |
| Asia-Pacific | $46557 | $344677 | $— | $391234 |
| Latin America | 18730 | 24737 | —<br> \*<br>| 43467 |
| Eastern Europe and Middle East |  | 32344 | —<br> \*<br>| 32344 |
| Africa |  | 15501 |  | 15501 |
| Other markets | 9102 |  | —<br> \*<br>| 9102 |
| Preferred securities |  | 64 |  | 64 |
| Short-term securities | 16364 |  |  | 16364 |
| Total | $90753 | $417323 | $—<br> \*<br>| $508076 |

---

\*

Amount less than one thousand.

**4. Risk factors**

------

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

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

Emerging Markets Equities Fund<sub>11</sub>

------

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

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

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

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

**Exposure to country, region, industry or sector** — Subject to the fund's investment limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.

**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.

---

| | |
|:---|:---|
| **12** | Emerging Markets Equities Fund |

---

------

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

**Investing in depositary receipts** — Depositary receipts are securities that evidence ownership interests in, and represent the right to receive, a security or a pool of securities that have been deposited with a bank or trust depository. Such securities may be less liquid or may trade at a lower price than the underlying securities of the issuer. Additionally, receipt of corporate information about the underlying issuer and proxy disclosure may not be timely and there may not be a correlation between such information and the market value of the depositary receipts.

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

**5. Certain investment techniques**

------

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

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

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

As of December 31, 2025, the fund did not have any securities out on loan.

**Unfunded commitments** — The fund invests in private equity funds that involve unfunded capital commitments, which obligate the fund to meet capital calls in the future. Payment would be made when a capital call is requested. Capital calls can only be made if and when certain requirements have been fulfilled; thus, the timing of such capital calls cannot readily be determined. As of December 31, 2025, the fund's maximum potential exposure from the unfunded commitment was $3,366,000, which would represent .66% of the net assets of the fund should such commitment become due.

Emerging Markets Equities Fund<sub>13</sub>

------

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

**6. Taxation and distributions**

------

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

As of and during the period ended December 31, 2025, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

**Non-U.S. taxation** — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

As of December 31, 2025, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Gross unrealized appreciation on investments | $226475 |
| Gross unrealized depreciation on investments | (100703)<br>|
| Net unrealized appreciation (depreciation) on investments | 125772 |
| Cost of investments | 382304 |

---

Distributions paid were characterized for tax purposes as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid** <br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class M | &nbsp;&nbsp; $2913 | $11362 | $14275 | &nbsp;&nbsp;&nbsp;&nbsp; $17322 | $— | $17322 |
| Class F-2\* | &nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Class F-3 | &nbsp;&nbsp; 1029 | 4157 | 5186 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |  | 1829 |
| Class R-6 | &nbsp;&nbsp; — <br><sup>†</sup><br>| 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|  | — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $3942 | $15520 | $19462 | &nbsp;&nbsp;&nbsp;&nbsp; $19151 | $— | $19151 |

---

\*

Class F-2 shares began investment operations on June 2, 2025.

<sup>†</sup>

Amount less than one thousand.

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| | |
|:---|:---|
| **14** | Emerging Markets Equities Fund |

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

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

------

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

**Investment advisory services** — The fund has an investment advisory and service agreement with CIInc that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.618% on the first $15 billion of daily net assets and decreasing to 0.520% on such assets in excess of $20 billion. For the six months ended December 31, 2025, the investment advisory services fees were $1,791,000, which were equivalent to an annualized rate of 0.618% 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** — Capital Client Group, Inc. ("CCG"), an affiliate of CIInc, is the principal underwriter of the fund's shares. CCG does not receive any compensation related to the sale of shares of the fund.

**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. For the six months ended December 31, 2025, AFS waived transfer agent services fees of less than one thousand for share class F-2. AFS does not intend to recoup this waiver.

**Administrative services** — The fund has an administrative services agreement with CIInc under which the fund compensates CIInc for providing administrative services to Class F-2, F-3 and R-6 shares. Administrative services are provided by CIInc and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to Class F-2, F-3 and R-6 shares. Currently the fund pays CIInc an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to Class F-2, F-3 and R-6 shares for CIInc's provision of administrative services.

For the six months ended December 31, 2025, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **Share class** | **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class M | $4 | $— |
| Class F-2 | —<br> \*<br>| —<br> \*<br>|
| Class F-3 | 1 | 20 |
| Class R-6 | —<br> \*<br>| —<br> \*<br>|
| Total class-specific expenses | $5 | $20 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursement** — CIInc has agreed to reimburse a portion of miscellaneous fees and expenses of the fund. For the six months ended ended December 31, 2025, total fees and expenses reimbursed by CIInc were $230,000. CIInc may recoup all or a portion of this reimbursement by the end of the current fiscal year. This reimbursement may be adjusted or discontinued, subject to any restrictions in the fund's prospectus. Fees and expenses in the statement of operations are presented gross of any reimbursement from CIInc.

**Directors' deferred compensation** — Directors who were unaffiliated with CIInc may have elected 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 $74,000 in the fund's statement of operations reflects $2,000 in current fees and a net increase of $72,000 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 CIInc, CCG and AFS. No affiliated officers or directors received any compensation directly from the fund.

---

| | |
|:---|:---|
| Emerging Markets Equities Fund | **15** |

---

------

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

**Security transactions with related funds** — The fund purchased investment securities from, and sold investment securities to, other funds managed by CIInc (or funds managed by certain affiliates of CIInc) under procedures adopted by the fund's board of directors. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common directors and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended December 31, 2025, the fund engaged in such purchase and sale transactions with related funds in the amounts of $2,662,000 and $447,000, respectively, which generated $107,000 of net realized gains from such sales.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CIInc-managed funds (or funds managed by certain affiliates of CIInc), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended December 31, 2025.

**8. Committed line of credit**

------

The fund participates with certain CIInc affiliates in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund's statement of operations. The fund did not borrow on this line of credit at any time during the six months ended December 31, 2025.

**9. Indemnifications**

------

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

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| | |
|:---|:---|
| **16** | Emerging Markets Equities Fund |

---

------

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

**10. Capital share transactions**

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** | **Six months ended December 31, 2025** |
| Class M | $5536 | 664 | &nbsp;&nbsp;&nbsp; $13623 | 1628 | &nbsp;&nbsp;&nbsp; $(125252)<br>| (14827)<br>| &nbsp;&nbsp;&nbsp; $(106093)<br>| (12535)<br>|
| Class F-2 |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-3 | 8538 | 1016 | &nbsp;&nbsp;&nbsp; 5184 | 622 | &nbsp;&nbsp;&nbsp; (16837)<br>| (2088)<br>| &nbsp;&nbsp;&nbsp; (3115)<br>| (450)<br>|
| Class R-6 | 2 | 1 | &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; 2 | 1 |
| Total net increase (decrease) | $14076 | 1681 | &nbsp;&nbsp;&nbsp; $18807 | 2250 | &nbsp;&nbsp;&nbsp; $(142089)<br>| (16915)<br>| &nbsp;&nbsp;&nbsp; $(109206)<br>| (12984)<br>|
| **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** | **Year ended June 30, 2025** |
| Class M | $11424 | 1536 | &nbsp;&nbsp;&nbsp; $5021 | 743 | &nbsp;&nbsp;&nbsp; $(971041)<br>| (134775)<br>| &nbsp;&nbsp;&nbsp; $(954596)<br>| (132496)<br>|
| Class F-2<sup>3</sup> <br>| 10 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 10 | 1 |
| Class F-3 | 39925 | 5515 | &nbsp;&nbsp;&nbsp; 1827 | 271 | &nbsp;&nbsp;&nbsp; (27887)<br>| (4069)<br>| &nbsp;&nbsp;&nbsp; 13865 | 1717 |
| Class R-6 | 8 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>2</sup><br>| — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; 8 | — <br><sup>2</sup><br>|
| Total net increase (decrease) | $51367 | 7052 | &nbsp;&nbsp;&nbsp; $6848 | 1014 | &nbsp;&nbsp;&nbsp; $(998928)<br>| (138844)<br>| &nbsp;&nbsp;&nbsp; $(940713)<br>| (130778)<br>|

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Class F-2 shares began investment operations on June 2, 2025.

**11. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $113,150,000 and $189,932,000, respectively, during the six months ended December 31, 2025.

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| | |
|:---|:---|
| Emerging Markets Equities Fund | **17** |

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------

Financial highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended**  | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of year**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| <br>**Net asset** <br>**value, end** <br>**of year**<br>| <br>**Total return**<sup>2</sup> <br>| <br>**Net assets,** <br>**end of year** <br>**(in millions)**<br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimbursements**<sup>3,4</sup> <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**reimburse-** <br>**ments**<sup>2,3,4</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>2</sup> <br>|
| **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  | **Class M:**  |
| 12/31/2025<sup>5,6</sup> <br>| $7.87 | $.04 | $.88 | $.92 | $(.04)<br>| $(.29)<br>| $(.33)<br>| $8.46 | 11.80 %<sup>7</sup><br>| $372 | .81 %<sup>8</sup><br>| .74 %<sup>8</sup><br>| 1.04 %<sup>8</sup><br>|
| 6/30/2025 | 6.74 | .10 | 1.13 | 1.23 | (.10)<br>|  | (.10)<br>| 7.87 | 18.55 | 444 | .69 | .69 | 1.42 |
| 6/30/2024 | 6.67 | .12 | .05 | .17 | (.10)<br>|  | (.10)<br>| 6.74 | 2.60 | 1273 | .68 | .68 | 1.79 |
| 6/30/2023 | 6.32 | .12 | .31 | .43 | (.08)<br>|  | (.08)<br>| 6.67 | 6.96 | 1429 | .70 | .70 | 1.87 |
| 6/30/2022 | 10.33 | .09 | (3.17)<br>| (3.08)<br>| (.10)<br>| (.83)<br>| (.93)<br>| 6.32 | (31.89)<br>| 1446 | .79 | .76 | 1.07 |
| 6/30/2021 | 7.81 | .11 | 3.03 | 3.14 | (.08)<br>| (.54)<br>| (.62)<br>| 10.33 | 41.33 | 2222 | .87 | .76 | 1.13 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 12/31/2025<sup>5,6</sup> <br>| 7.83 | .04 | .87 | .91 | (.03)<br>| (.29)<br>| (.32)<br>| 8.42 | 11.78 <br><sup>7</sup><br>| — <br><sup>9</sup><br>| 1.53 <br><sup>8</sup><br>| .85 <br><sup>8</sup><br>| .97 <br><sup>8</sup><br>|
| 6/30/2025<sup>5,10</sup> <br>| 7.43 | .02 | .38 | .40 |  |  |  | 7.83 | 5.38 <br><sup>7</sup><br>| — <br><sup>9</sup><br>| .96 <br><sup>8</sup><br>| .96 <br><sup>8</sup><br>| 3.89 <br><sup>8</sup><br>|
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 12/31/2025<sup>5,6</sup> <br>| 7.83 | .05 | .88 | .93 | (.04)<br>| (.29)<br>| (.33)<br>| 8.43 | 11.82 <br><sup>7</sup><br>| 135 | .85 <br><sup>8</sup><br>| .74 <br><sup>8</sup><br>| 1.09 <br><sup>8</sup><br>|
| 6/30/2025 | 6.71 | .11 | 1.11 | 1.22 | (.10)<br>|  | (.10)<br>| 7.83 | 18.60 | 130 | .73 | .73 | 1.51 |
| 6/30/2024 | 6.65 | .12 | .04 | .16 | (.10)<br>|  | (.10)<br>| 6.71 | 2.42 | 100 | .71 | .71 | 1.81 |
| 6/30/2023 | 6.30 | .12 | .31 | .43 | (.08)<br>|  | (.08)<br>| 6.65 | 6.95 | 90 | .73 | .73 | 1.91 |
| 6/30/2022 | 10.30 | .08 | (3.15)<br>| (3.07)<br>| (.10)<br>| (.83)<br>| (.93)<br>| 6.30 | (31.90)<br>| 57 | .83 | .83 | .93 |
| 6/30/2021 | 7.79 | .10 | 3.03 | 3.13 | (.08)<br>| (.54)<br>| (.62)<br>| 10.30 | 41.27 | 105 | .89 | .89 | 1.06 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 12/31/2025<sup>5,6</sup> <br>| 7.90 | .05 | .88 | .93 | (.04)<br>| (.29)<br>| (.33)<br>| 8.50 | 11.85 <br><sup>7</sup><br>| — <br><sup>9</sup><br>| .86 <br><sup>8</sup><br>| .74 <br><sup>8</sup><br>| 1.09 <br><sup>8</sup><br>|
| 6/30/2025 | 6.76 | .12 | 1.12 | 1.24 | (.10)<br>|  | (.10)<br>| 7.90 | 18.61 | — <br><sup>9</sup><br>| .74 | .74 | 1.75 |
| 6/30/2024 | 6.70 | .12 | .04 | .16 | (.10)<br>|  | (.10)<br>| 6.76 | 2.40 | — <br><sup>9</sup><br>| .71 | .71 | 1.82 |
| 6/30/2023 | 6.34 | .12 | .32 | .44 | (.08)<br>|  | (.08)<br>| 6.70 | 7.06 | — <br><sup>9</sup><br>| .74 | .74 | 1.85 |
| 6/30/2022 | 10.38 | .08 | (3.18)<br>| (3.10)<br>| (.11)<br>| (.83)<br>| (.94)<br>| 6.34 | (32.00)<br>| — <br><sup>9</sup><br>| .82 | .82 | .99 |
| 6/30/2021 | 7.79 | .09 | 3.04 | 3.13 |  | (.54)<br>| (.54)<br>| 10.38 | 41.13 | — <br><sup>9</sup><br>| 1.00 | .90 | .99 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**December 31,** <br>**2025**<sup>5,6,7,11</sup>  | **Year ended June 30,** | **Year ended June 30,** | **Year ended June 30,** | **Year ended June 30,** | **Year ended June 30,** |
|  | **Six months** <br>**ended** <br>**December 31,** <br>**2025**<sup>5,6,7,11</sup>  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes<sup>12</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|

---

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

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CIInc and/or AFS, if any.

<sup>3</sup> This ratio does not include acquired fund fees and expenses.

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

<sup>5</sup> Based on operations for a period that is less than a full year.

<sup>6</sup> Unaudited.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

<sup>9</sup> Amount less than $1 million.

<sup>10</sup> Class F-2 shares began investment operations on June 2, 2025.

<sup>11</sup> Rates exclude in-kind transactions, if any.

<sup>12</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

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| | |
|:---|:---|
| **18** | Emerging Markets Equities Fund |

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Changes in and disagreements with accountants

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None

Matters submitted for shareholder vote

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**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

71,505,381

Total shares voting on November 25, 2025:

32,362,477 (45.3% of shares outstanding)

The proposal: To elect board members

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| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Noriko Honda Chen | 32299476 | 99.8% | 63001 | 0.2% |
| Mathews Cherian | 32299476 | 99.8% | 63001 | 0.2% |
| John G. Freund | 32299476 | 99.8% | 63001 | 0.2% |
| Pablo R. González Guajardo | 32280404 | 99.7% | 82073 | 0.3% |
| Pedro J. Greer, Jr. | 32299476 | 99.8% | 63001 | 0.2% |
| Merit E. Janow | 32299476 | 99.8% | 63001 | 0.2% |
| William D. Jones | 32299476 | 99.8% | 63001 | 0.2% |
| Earl Lewis, Jr. | 32299476 | 99.8% | 63001 | 0.2% |
| Kenneth M. Simril | 32299476 | 99.8% | 63001 | 0.2% |
| Christopher E. Stone | 32299476 | 99.8% | 63001 | 0.2% |
| Kathy J. Williams | 32299476 | 99.8% | 63001 | 0.2% |
| Amy Zegart | 32299476 | 99.8% | 63001 | 0.2% |

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Remuneration paid to directors, officers and others

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

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| | |
|:---|:---|
| Emerging Markets Equities Fund | **19** |

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Approval of Investment Advisory and Service Agreement

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The fund's board has approved the continuation of the fund's Investment Advisory and Service Agreement (the "agreement") with Capital International, Inc. (the "investment adviser") for an additional one-year term through January 31, 2027. The board approved the agreement following the recommendation of the fund's Contracts Committee (the "committee"), which is composed of all the fund's independent board members. The board and the committee determined in the exercise of their business judgment that the fund's advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

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

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

**2. Investment results**

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund's lifetime) through June 30, 2025. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with the fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund's investment results have been sufficient for renewal of the agreement, and that the investment adviser's record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

**3. Advisory fees and total expenses**

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

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| | |
|:---|:---|
| **20** | Emerging Markets Equities Fund |

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

**4. Ancillary benefits**

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

**5. Adviser financial information**

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

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| | |
|:---|:---|
| Emerging Markets Equities Fund | **21** |

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

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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form under Matters submitted for shareholder vote.

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

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

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

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

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

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

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

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

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

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

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#### ITEM 19 - Exhibits
(a)(1) Not applicable for filing of semi-annual reports to shareholders.

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

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

**Emerging Markets Equities Fund, Inc.**

By /s/ Donald H. Rolfe

Donald H. Rolfe,

Principal Executive Officer

Date: March 09, 2026

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

By /s/ Donald H. Rolfe

Donald H. Rolfe,

Principal Executive Officer

Date: March 09, 2026

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: March 09, 2026

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## Exhibit 99.906

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

DONALD H. ROLFE, Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of Emerging Markets Equities Fund, Inc. (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer

**Emerging Markets Equities Fund, Inc.**

<u>/s/ Donald H. Rolfe</u>

Donald H. Rolfe, Principal Executive Officer

Date: March 09, 2026

Principal Financial Officer

**Emerging Markets Equities Fund, Inc.**

<u>/s/ Gregory F. Niland</u>

Gregory F. Niland, Treasurer and Principal Financial Officer

Date: March 09, 2026

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

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

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## Ex-99.Cert

**CERTIFICATION**

I, **Donald H. Rolfe**, certify that:

1. I have reviewed this report on Form N-CSR of **Emerging Markets Equities Fund, Inc.**;

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

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

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

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

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

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

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

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

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

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

Date: March 09, 2026

<u>/s/ Donald H. Rolfe</u> Donald H. Rolfe, Principal Executive Officer

Emerging Markets Equities Fund, Inc.

**CERTIFICATION**

I, **Gregory F. Niland**, certify that:

1. I have reviewed this report on Form N-CSR of **Emerging Markets Equities Fund, Inc.**;

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

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

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

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

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

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

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

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

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

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

Date: March 09, 2026

<u>/s/ Gregory F. Niland</u> Gregory F. Niland,

Treasurer and Principal Financial Officer

Emerging Markets Equities Fund, Inc.

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