Emerging Markets Growth Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-04692

Emerging Markets Growth Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

11100 Santa Monica Boulevard, 15th Floor

Los Angeles, California 90025

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (310) 996-6000

Date of fiscal year end: June 30

Date of reporting period: December 31, 2014

Laurie D. Neat

Emerging Markets Growth Fund, Inc.

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

Copies to:

Rob Helm, Esq.

Dechert LLP

1900 K Street, N.W.

Washington, DC 20006-2009

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

Emerging Markets Growth Fund^SM

Semi-annual report
for the six months ended
December 31, 2014

Emerging Markets Growth Fund seeks long-term growth of capital and invests primarily in common stock and other equity securities of issuers in developing countries.

Fund results shown in this report are for past periods and are not predictive of results for future periods. The results shown are before taxes on fund distributions and sale of fund shares. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, please call (800) 421-4989.

Investing in developing markets involves risks, such as significant currency and price fluctuations, political instability, differing securities regulations and periods of illiquidity, which are detailed in the fund’s prospectus. Investments in developing markets have been more volatile than investments in developed markets, reflecting the greater uncertainties of investing in less established economies. Individuals investing in developing markets should have a long-term perspective and be able to tolerate potentially sharp declines in the value of their investments.

Contents

1	Letter to investors
2	20 largest equity holdings
7	Investment portfolio
15	Financial statements
17	Notes to financial statements

Fellow investors:

Emerging markets stocks declined following gains in the first half of 2014 as oil prices dropped and Russia grappled with its worst economic crisis since its 1998 default. The value of Emerging Markets Growth Fund fell 9.84% with distributions reinvested for the six-month period, while its benchmark, the unmanaged MSCI Emerging Markets Investable Market Index (IMI) lost 7.77%^*. Energy stocks posted the steepest losses, with markets in Russia and Brazil falling sharply. Most emerging markets currencies declined further against the U.S. dollar, eroding equity returns.

Asian markets were a bright spot, fueled by reform momentum and expectations that several oil-importing countries might benefit from lower prices. Chinese stocks rallied despite concerns about slowing economic growth. Investors seemed to take heart from continued stimulus measures and a November interest rate cut. India and Indonesia rose modestly after posting sharp gains in the first half of the year amid investor enthusiasm over the election of new reform-minded governments. Health care stocks were one of the few sectors to gain across emerging markets; financials also ended the period higher.

Market review

Russian stocks sank 44%, hurt by the dramatic slide of the ruble. The country’s currency fell 43% as investors worried about weaker oil prices and the impact of economic sanctions following Russia’s annexation of Crimea in March. Russia’s central bank raised the key interest rate by 650 basis points to 17% in mid-December to help stem the currency’s deterioration. Standard & Poor’s indicated that it might downgrade Russia’s sovereign rating below investment-grade status for the first time in a decade, after lowering it to BBB-in April (S&P cut Russia’s rating to non-investment grade in January).

* Unless otherwise noted, country and sector returns are based on MSCI Emerging Markets IMI indices, expressed in U.S. dollars and assume the reinvestment of dividends. Results reflect dividends net of withholding taxes.

Results at a glance

	Cumulative total returns						Average annual total returns
For periods ended December 31, 2014, with distributions reinvested	6 months			1 year			3 years			5 years			10 years			Lifetime1
Emerging Markets Growth Fund		–9.84	%		–7.52	%		1.97	%		–0.57	%		8.61	%		14.08	%
MSCI Emerging Markets IMI2,3		–7.77			–1.79			4.46			1.93			8.64			10.87	4
MSCI Emerging Markets Index3,5		–7.84			–2.19			4.04			1.78			8.43			10.79	4

1	Since May 30, 1986.
2	Returns for the MSCI Emerging Markets Investable Market Index (IMI) were calculated using the MSCI Emerging Markets Index with dividends gross of withholding taxes from December 31, 1987 to December 31, 2000, and with dividends net of withholding taxes from January 1, 2001 to November 30, 2007, and using the MSCI Emerging Markets IMI with dividends net of withholding taxes thereafter.
3	The indices are unmanaged and, therefore, have no expenses.
4	The MSCI Emerging Markets Index did not start until December 31, 1987. As a result, the International Finance Corporation (IFC) Global Composite Index was used in lieu of the MSCI Emerging Markets Index from May 30, 1986 to December 31, 1987.
5	Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.

The total annual fund operating expense ratio was 0.73% as of the most recent fiscal year-end, and was 0.77% including “Acquired Fund” fees and expenses, as reflected in the prospectus dated October 31, 2014.

Emerging Markets Growth Fund 1

Lower commodity prices also weighed on Brazilian equities. The MSCI Brazil IMI dropped 23%, hampered by the 17% depreciation of the real, concerns about poor economic growth, a corruption scandal in the oil industry and political concerns over October’s presidential election. Dilma Rousseff was narrowly re-elected, dampening hope for reform (though investors seemed to take some comfort from the appointment of Joaquim Levy as finance minister in November). Brazil’s central bank hiked the Selic rate by 50 basis points to 11.75% in December, following a 25-basis-point increase in October, despite the slowing economy.

Chinese stocks advanced as the government’s targeted stimulus measures seemed to bolster investor confidence. The MSCI China IMI rose 7%, with financial stocks climbing sharply. The People’s Bank of China surprised many observers in November when it cut interest rates for the first time in more than two years. Real estate shares also rebounded on the heels of significant declines earlier in the year; Chinese authorities further eased mortgage lending restrictions at the end of September. Among a series of other policy measures following last year’s sweeping reforms, the government announced in July that it would focus on improving corporate governance at state-owned enterprises and increasing private ownership in select industries, including energy and telecommunications. Meanwhile, the much-anticipated Shanghai–Hong Kong Stock Connect was launched in November, opening a number of domestic companies to foreign investors. Domestically oriented A-shares jumped more than 50%.

Stock markets in India and Indonesia ended the six-month period higher, bouncing back from last year’s struggles with weak currencies and deteriorating current account deficits. Indian stocks climbed 2% following Prime Minister Narendra Modi’s historic election in May. Indonesian equities advanced 3%, with Joko Widodo winning the presidential election in July.

Portfolio review^*

Investments in commodity-related stocks weighed on portfolio returns. A substantial slide in oil prices — combined with reduced capital expenditures — hurt several energy exploration and production firms and oil services companies, including Cobalt International Energy and Bumi Armada. Several investments in the materials

^* Percentage of net assets for all securities mentioned in the portfolio review are listed in the top 20 holdings chart, except for Yandex and Hyundai Mobis, which each make up about 1.0% of total net assets, CSR and Zhuzhou CSR Times Electric, which are 1.7% combined, First Quantum Minerals and Cobalt International Energy, which are each 0.7%, and Bumi Armada, which comprises 0.5%.

20 largest equity holdings

				Price change
	Percent of			for the
	net assets as			six months ended
	of 12/31/14			12/31/14*
ICICI Bank		2.3	%		16.5	%
Bank of China		2.3			25.0
China Pacific Insurance		2.3			42.0
China Overseas Land & Investment		2.2			21.6
Taiwan Semiconductor Manufacturing		2.1			4.2
Samsung Electronics		1.7			–7.0
AIA Group		1.6			9.6
China Mengniu Dairy		1.5			–11.4
Bharti Airtel		1.5			–0.8
Infosys		1.5			14.9
Wynn Macau		1.4			–28.9
Bangkok Bank		1.4			–1.3
HDFC Bank		1.3			9.8
Delta Electronics		1.3			–18.4
Melco Crown Entertainment		1.3			–28.9
Samsonite International		1.2			–10.2
Oil Search		1.2			–29.1
Beijing Enterprises Holdings		1.2			–17.4
Hyundai Motor		1.1			–33.1
China Everbright International		1.1			3.1
Total		31.5	%

* The percent change is reflected in U.S. dollars. The actual gain or loss on the total position in the fund may differ from the percentage shown.

2 Emerging Markets Growth Fund

Where the fund’s assets were invested

																Value of holdings
	Percent of net assets									MSCI EM IMI1						12/31/14
	12/31/13			6/30/14			12/31/14			6/30/14			12/31/14			(in thousands)
Asia-Pacific
China		19.3	%		21.3	%		27.5	%		18.4	%		21.7	%	$	1,366,768
Hong Kong		7.0			7.5			7.6			—			—			377,158
India		8.7			12.6			14.1			6.8			7.4			701,539
Indonesia		1.4			1.8			1.8			2.6			2.9			89,437
Malaysia		3.1			3.1			2.5			4.0			3.7			126,517
Philippines		.9			.8			1.0			1.0			1.3			47,528
Singapore		.8			.9			1.0			—			—			49,042
South Korea		9.9			9.2			6.4			15.6			14.8			316,359
Taiwan		4.9			5.3			5.3			13.3			13.4			262,942
Thailand		1.8			2.1			1.8			2.4			2.6			91,865
		57.8			64.6			69.0			64.1			67.8			3,429,155
Latin America
Argentina		—			.3			.6			—			—			27,981
Brazil		7.9			6.9			5.2			10.2			8.3			256,003
Chile		1.2			1.1			1.2			1.5			1.4			60,895
Colombia		—			—			—			.9			.7			—
Mexico		3.4			3.4			3.5			4.8			4.7			176,327
Peru		—			.1			.1			.4			.4			5,739
		12.5			11.8			10.6			17.8			15.5			526,945
Eastern Europe and Middle East
Greece		—			.3			.1			.8			.5			7,385
Israel		.6			.6			.1			—			—			5,471
Oman		.5			.4			.5			—			—			24,112
Russia		6.9			6.8			4.4			4.8			2.8			218,067
Turkey		.4			—			—			1.7			1.8			—
United Arab Emirates		.3			.3			.5			.5			.7			23,911
Other2		—			—			—			2.5			2.7			—
		8.7			8.4			5.6			10.3			8.5			278,946
Africa
Egypt		—			—			—			.3			.4			—
South Africa		1.1			1.9			2.7			7.5			7.8			132,113
		1.1			1.9			2.7			7.8			8.2			132,113
Other markets3
Australia		1.0			1.3			1.2									58,727
Austria		.4			.4			.5									24,611
Canada		1.3			1.5			1.1									55,143
Italy		.2			.2			.2									10,102
Luxembourg		1.2			—			—									—
Netherlands		.8			.7			.3									14,635
Switzerland		.5			.6			.7									35,053
United Kingdom		3.1			2.6			2.0									100,184
United States of America		2.5			2.3			2.3									116,024
		11.0			9.6			8.3									414,479
Multinational		.3			.4			.4									18,471
Other4		4.9			—			—									—
Other assets less liabilities (including short-term securities and forward currency contracts)		3.7			3.3			3.4									168,299
Total net assets		100.0	%		100.0	%		100.0	%							$	4,968,408

1	A dash indicates that the market is not included in the index. Source: MSCI.
2	Includes: Czech Republic, Hungary, Poland and Qatar.
3	Includes investments in companies incorporated in the region that have significant operations in emerging markets.
4	Includes securities in initial period of acquisition.

Emerging Markets Growth Fund 3

sector also fell considerably. Shares of First Quantum Minerals detracted as copper prices ebbed and the metals conglomerate grappled with concerns that a tax plan overhaul in Zambia might erode profits.

The choice of consumer discretionary stocks also hindered fund returns. Shares of Hyundai Motor and its auto parts supplier Hyundai Mobis slumped as investors reacted to Hyundai Motor’s more-than-$10-billion purchase of land for its new headquarters in Seoul — over triple the property’s appraised value.

Investments in several Hong Kong–listed casinos fell as gambling revenue in Macau declined, hurt by the impact of China’s anti-corruption campaign (annual revenue in 2014 fell for the first time since Chinese casinos were liberalized in 2001). Managers continue to invest in gaming stocks, like Wynn Macau, that they believe will be supported by longer term demand and solid mass-market revenues.

Stock selection in Russia weighed on fund results, with shares of Internet firm Yandex falling sharply with the rest of the country’s equity market.

The choice among stocks in the industrials sector was a bright spot. Investments in railway companies CSR and Zhuzhou CSR Times Electric gained, fueled by hopes for continued infrastructure spending as firms further expanded their businesses. Locomotive manufacturers CSR and CNR announced plans to merge at the end of the year, forming a $26 billion company and further establishing China’s role as a global supplier of high-speed trains.

Investments in the financials sector also posted strong gains, with several firms in China benefiting from stimulus measures and looser monetary policy. Bank of China shares rallied 25%. China Pacific Insurance climbed 42%, helped by stable profits and expectations that the insurer might benefit from continued reform initiatives. India’s ICICI Bank also rose meaningfully, bolstered by solid earnings and expectations for an improving economy. Stock selection in India had a positive impact on fund returns overall, with health care firms posting strong gains as pharmaceutical companies continued to profit from significant global demand. Shares of business outsourcing firm Infosys also rose sharply.

Outlook

Developing countries are expected to face a number of crosscurrents in the coming year, including continued geopolitical risk in Russia, commodity weakness and a strong U.S. dollar. At the same time, the U.S. economy has been picking up momentum, central banks in Europe and Japan have adopted looser policies, and China’s government seems focused on providing targeted stimulus and interest rate cuts to help stabilize growth. Markets like India also appear to be on track with new reforms, economic recovery seems to be underway and inflationary pressures have been reined in, opening the door to potential interest rate cuts (the Reserve Bank of India

	Six months ended 12/31/14
	Expressed in			Expressed in
Percent change in key markets*	U.S. dollars			local currency
Asia-Pacific
China		7.5	%		7.5	%
India		2.4			7.5
Indonesia		3.4			8.0
Malaysia		–13.8			–6.2
Philippines		4.9			7.5
South Korea		–13.4			–5.9
Taiwan		–4.1			1.5
Thailand		0.7			2.1
Latin America
Brazil		–22.7			–6.7
Chile		–11.6			–3.1
Colombia		–29.3			–10.6
Mexico		–10.8			1.3
Peru		–2.6			–2.4
Eastern Europe and Middle East
Czech Republic		–11.6			1.0
Greece		–43.2			–35.7
Hungary		–23.3			–11.5
Poland		–16.2			–2.0
Russia		–43.6			–11.2
Turkey		–1.9			8.2
United Arab Emirates		–3.1			–3.1
Qatar		7.1			7.1
Africa
Egypt		7.8			7.8
South Africa		–3.4			5.0
Emerging Markets Growth Fund		–9.8	%

*	The market indices, which are compiled by MSCI, reflect dividends net of withholding taxes.
	The market indices are unmanaged and, therefore, have no expenses.

4 Emerging Markets Growth Fund

lowered its key interest rate in January). Lower oil prices are likely to be a headwind for most commodity exporters, but should benefit oil-importing Asian economies such as India.

From a stock market perspective, emerging markets have lagged developed market equities in the last few years as corporate earnings have disappointed from a bird’s eye view. But many emerging markets companies continue to deliver, with select firms likely to capitalize on burgeoning demand in their respective markets and industries. Recent weakness in emerging markets has also created investment opportunities at attractive valuations. Managers tend to favor small and mid-cap stocks, with an emphasis on consumer-oriented companies and financial services as well as industrials firms.

About 21% of the fund’s total net assets are invested in the consumer sectors. Managers are finding value in a range of consumer-related stocks as living standards continue to improve and people spend more on everything from health care and education to travel and higher quality clothing and food. Select telecommunications and technology stocks offer additional opportunities as people in developing markets rely more on smartphones and other forms of technology to communicate and conduct day-to-day business. About 15% of the fund’s total net assets are composed of technology and telecommunications stocks, including Taiwan Semiconductor Manufacturing, which makes cutting-edge chips for smartphones, and India’s Infosys, which is expected to profit from sustained global demand for business outsourcing services.

Financials also make up a significant portion of the portfolio at about 24% of total net assets. Managers are finding attractive opportunities in a number of Asian financial companies that they believe are likely to grow long-term earnings and establish even stronger footholds in their local markets as demand for services increases. They also tend to favor private institutions that seem well positioned to gain market share from less efficient state-owned enterprises over time.

Managers remain interested in a number of industrials firms that seem poised to reap the rewards of increased infrastructure spending, as well as demand for niche products. Industrials comprise nearly 14% of the fund’s assets. Managers are concentrating on companies that should be supported by specific reforms in areas such as cleaner energy in China, as well as select utilities firms in other markets that stand to benefit from regulatory changes and restructuring efforts. Overall, the fund is less invested in energy and materials stocks than the MSCI Emerging Markets IMI, with holdings in these sectors making up about 12% of the fund’s total net assets.

We believe the emerging markets universe offers a wide range of compelling investment opportunities, and we look forward to reporting to you again in another six months.

Sincerely,

Victor D. Kohn

President

February 18, 2015

Emerging Markets Growth Fund 5

About the fund and its adviser

Emerging Markets Growth Fund was organized in 1986 by the International Finance Corporation (IFC), an affiliate of the World Bank, as a vehicle for investing in the securities of companies based in developing countries. The premise behind the formation of the fund was that rapid growth in these countries could create very attractive investment opportunities. It also was felt that the availability of equity capital would stimulate the development of capital markets and encourage countries to liberalize their investment regulations.

Capital International,Inc., the fund’s investment adviser, is part of The Capital Group Companies,^SM Inc. one of the world’s most experienced investment advisory organizations, with roots dating back to 1931. The fund has been managed by Capital International or an affiliate since 1986. Capital Group employs a research-driven approach to investing and has a global investment research network spanning three continents. This network of analysts and portfolio managers travels the world scrutinizing thousands of companies and keeping a close watch on industry trends and government actions.

Capital Group has devoted substantial resources to the task of evaluating and managing investments in developing countries. It is an intensive effort that combines company and industry analysis with broader political and macroeconomic views. We believe that our extensive worldwide research capabilities and integrated global investment process continue to provide Emerging Markets Growth Fund with a competitive edge.

6 Emerging Markets Growth Fund

Investment portfolio December 31, 2014

Sector diversification										unaudited
	Equity securities
	Common stocks			Convertible stocks			Bonds & notes			Percent of net assets
Financials		24.0	%		—	%		—	%*		24.0	%
Consumer discretionary		13.6			—			—	*		13.6
Industrials		13.6			—			—			13.6
Information technology		10.2			—			—			10.2
Consumer staples		6.9			—			.1			7.0
Materials		6.8			—			—			6.8
Health care		5.2			—	*		—			5.2
Energy		5.0			—			—			5.0
Telecommunication services		4.6			—			—			4.6
Utilities		4.2			—			—			4.2
Other		1.9			—			—			1.9
Government		—			—			.5			.5
		96.0	%		—	%*		.6	%		96.6
Short-term securities											2.4
Other assets less liabilities (including forward currency contracts)											1.0
Net assets											100.0	%

* Amount rounds to less than .1%.

Equity securities

Asia-Pacific 69.0%	Shares		Value (000)
China 27.5%
Anhui Conch Cement Co. Ltd.	4,410,554	$	15,765
Anhui Conch Cement Co. Ltd. (Hong Kong)	3,500		13
Bank of China Ltd. (Hong Kong)	201,697,724		112,928
Baoxin Auto Group Ltd. (Hong Kong)	22,270,500		12,788
Beijing Enterprises Holdings Ltd. (Hong Kong)	7,506,500		58,682
China Everbright International Ltd. (Hong Kong)	35,934,000		52,968
China High Speed Transmission Equipment Group Co., Ltd. (Hong Kong)1	39,390,600		24,331
China Longyuan Power Group Corp., Ltd. (Hong Kong)	13,042,000		13,435
China Mengniu Dairy Co. (Hong Kong)	18,260,000		74,875
China Modern Dairy Holdings Ltd. (Hong Kong)1	88,258,000		24,989
China Overseas Grand Oceans Group, Ltd. (Hong Kong)	9,390,100		4,748
China Overseas Land & Investment Ltd. (Hong Kong)	36,496,000		107,707
China Pacific Insurance (Group) Co., Ltd. (Hong Kong)	22,322,000		111,865
China Resources Land Ltd. (Hong Kong)	14,894,131		39,093
China Shenhua Energy Co., Ltd.	392,200		1,283
China Shineway Pharmaceutical Group Ltd. (Hong Kong)	3,765,000		5,691
China Unicom Ltd. (Hong Kong)	28,752,836		38,585
China Vanke Co. Ltd.	791,100		1,799
China Vanke Co. Ltd. (Hong Kong)1	5,413,500		12,014

Emerging Markets Growth Fund 7

Equity securities (continued)

Asia-Pacific (continued)	Shares		Value (000)
China (continued)
CSR Corp. Ltd. (Hong Kong)		30,651,000	$	41,265
EVA Precision Industrial Holdings Ltd. (Hong Kong)		55,058,000		12,428
First Tractor Co. Ltd. (Hong Kong)		11,974,000		8,767
Fu Ji Food and Catering Services Holdings Ltd. (Hong Kong)1		1,019,572		168
Goodbaby International Holdings Ltd. (Hong Kong)		30,288,000		10,517
Great Wall Motor Co., Ltd. (Hong Kong)		1,703,000		9,611
Guangdong Investment Ltd. (Hong Kong)		5,724,000		7,448
Haitian International Holdings Ltd. (Hong Kong)		20,649,000		43,297
Honghua Group Ltd. (Hong Kong)		42,178,000		5,390
Huaneng Power International, Inc. (Hong Kong)		41,916,000		56,594
Industrial and Commercial Bank of China Ltd. (Hong Kong)		38,171,708		27,729
Jiangsu Hengli Highpressure Oil Cylinder Co., Ltd.		7,316,586		15,714
Jiangsu Hengrui Medicine Co., Ltd.		3,919,992		23,680
Lenovo Group Ltd. (Hong Kong)		24,764,000		32,285
Longfor Properties Co., Ltd. (Hong Kong)		18,324,268		23,516
MicroPort Scientific Corp. (Hong Kong)1		5,325,404		2,244
Mindray Medical International Ltd. (ADR)		318,100		8,398
Minth Group Ltd. (Hong Kong)		21,508,000		44,359
New Oriental Education & Technology Group, Inc. (ADR)1		138,900		2,835
Nine Dragons Paper (Holdings) Ltd. (Hong Kong)		5,318,300		4,628
Sany Heavy Equipment International Holdings Co., Ltd. (Hong Kong)1		43,311,000		11,327
Shandong Weigao Group Medical Polymer Co., Ltd. (Hong Kong)		7,661,800		6,164
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (Hong Kong)		4,643,000		16,654
Shanghai Jahwa United Co., Ltd.		3,040,841		16,819
Shanghai Pharmaceutical (Group) Co., Ltd. (Hong Kong)		10,479,600		23,556
Shenguan Holdings Group Ltd. (Hong Kong)		45,800,000		15,242
Sino Biopharmaceutical Ltd. (Hong Kong)		28,956,000		26,192
Sinofert Holdings Ltd. (Hong Kong)1		101,702,000		16,568
Tencent Holdings Ltd. (Hong Kong)		363,500		5,216
Want Want China Holdings Ltd. (Hong Kong)		4,527,000		5,939
Weichai Power Co., Ltd. (Hong Kong)		9,961,040		41,807
Whirlpool China Co., Ltd., Class A		5,399,904		10,692
Zhongsheng Group Holdings Ltd. (Hong Kong)		36,928,000		33,303
Zhuzhou CSR Times Electric Co., Ltd. (Hong Kong)		7,344,500		42,857
				1,366,768
Hong Kong 7.6%
AIA Group Ltd.		14,607,200		80,434
Cheung Kong Infrastructure Holdings Ltd.		4,311,000		31,770
China Yongda Automobiles Services Holdings Ltd.		6,126,000		4,018
Chow Sang Sang Holdings International Ltd.		3,780,800		9,907
Galaxy Entertainment Group Ltd.		4,797,000		26,703
Hilong Holding Ltd.		12,984,000		3,035
Jardine Matheson Holdings Ltd.		122,800		7,473
Melco Crown Entertainment Ltd. (ADR)		2,480,500		63,005
MGM China Holdings Ltd.		4,094,800		10,323

8 Emerging Markets Growth Fund

	Shares		Value (000)
Hong Kong (continued)
Samsonite International SA		20,784,600	$	61,528
Stella International Holdings Ltd.		1,954,000		5,152
VTech Holdings Ltd.		301,600		4,315
Wynn Macau, Ltd.		24,927,600		69,495
				377,158
India 14.1%
Apollo Hospitals Enterprise Ltd.		1,330,565		23,785
Apollo Hospitals Enterprise Ltd. (GDR)2		239,100		4,279
Bajaj Auto Ltd.		344,706		13,236
Bharat Electronics Ltd.		322,001		15,043
Bharti Airtel Ltd.		13,308,519		73,986
CRISIL Ltd.		104,294		3,138
Emami Ltd.		676,434		8,409
Glenmark Pharmaceuticals Ltd.		3,296,473		40,093
HDFC Bank Ltd.		4,278,006		64,156
HDFC Bank Ltd. (ADR)		7,100		360
Housing Development Finance Corp. Ltd.		2,890,450		51,710
ICICI Bank Ltd.		8,173,330		45,396
ICICI Bank Ltd. (ADR)		6,062,500		70,022
Info Edge (India) Ltd.		1,288,951		17,350
Infosys Ltd.		2,363,576		73,510
ITC Ltd.		1,745,821		10,165
Jain Irrigation Systems Ltd. (DVR)		342,509		278
Just Dial Ltd.		159,559		3,410
Kotak Mahindra Bank Ltd.		787,961		15,689
Larsen & Toubro Ltd.		289,062		6,795
Steel Authority of India Ltd.		30,077,062		39,116
Sun Pharmaceutical Industries Ltd.		3,628,157		47,410
Tata Steel Ltd.		3,916,406		24,592
Tech Mahindra Ltd.		560,473		22,989
Thermax Ltd.		331,403		5,583
Torrent Power Ltd.		119,772		298
United Spirits Ltd.1		47,240		2,076
VA Tech Wabag Ltd.		800,627		18,665
				701,539
Indonesia 1.8%
PT Agung Podomoro Land Tbk		170,161,500		4,569
PT Bank Mandiri (Persero) Tbk, Series B		16,312,192		14,080
PT Bank Rakyat Indonesia (Persero) Tbk		17,726,800		16,506
PT Elang Mahkota Teknologi Tbk		44,456,400		28,125
PT Surya Citra Media Tbk		92,492,100		26,157
				89,437
Malaysia 2.5%
Bumi Armada Bhd.		78,333,430		24,486
CIMB Group Holdings Bhd.		15,351,934		24,391

Emerging Markets Growth Fund 9

Equity securities (continued)

	Shares		Value (000)
Asia-Pacific (continued)
Malaysia (continued)
Genting Bhd		4,990,100	$	12,651
Genting Bhd, warrants, expires 12/18/181		2,194,675		1,751
IHH Healthcare Bhd.		19,524,400		26,867
IJM Corp. Bhd.		16,953,654		31,861
Naim Cendera Holdings Bhd.1		3,861,700		3,279
StemLife Bhd.		10,645,350		1,231
				126,517
Philippines 1.0%
Bayan Telecommunications Holdings Corp., Class A (acquired 2/12/98, cost: $1,850,000)1,3		724,790		—
Bayan Telecommunications Holdings Corp., Class B (acquired 2/12/98, cost: $616,000)1,3		241,431		—
Energy Development Corp.		80,341,924		14,643
International Container Terminal Services, Inc.		11,759,028		30,120
SM Investments Corp.		152,580		2,765
				47,528
Singapore 1.0%
CapitaRetail China Trust		7,132,560		8,692
KrisEnergy Ltd.1		10,391,000		4,929
Olam International Ltd.		7,185,868		10,937
Olam International Ltd., warrants, expires 1/29/181		447,230		157
Yoma Strategic Holdings Ltd.1		49,020,000		24,327
				49,042
South Korea 6.4%
AMOREPACIFIC Corp.		2,800		5,625
Daum Kakao Corp.		102,000		11,390
Hana Financial Group Inc.		873,087		25,222
Hyundai Engineering & Construction Co., Ltd.		220,693		8,356
Hyundai Mobis Co., Ltd.		239,958		51,072
Hyundai Motor Co.		322,997		49,037
Hyundai Motor Co., preference shares		56,638		6,859
LG Household & Health Care Ltd.		46,878		26,564
LG Uplus Corp.		3,813,223		39,646
Orion Corp.		11,369		10,456
Samsung Electronics Co., Ltd.		2,965		3,564
Samsung Electronics Co., Ltd. (GDR)2		130,728		78,568
				316,359
Taiwan 5.3%
AirTAC International Group		4,124,810		37,032
CTCI Corp.		19,302,000		30,676
Delta Electronics, Inc.		10,790,348		64,115
MediaTek Inc.		298,620		4,347
Merida Industry Co., Ltd.		197,300		1,338
Taiwan Cement Corp.		5,227,000		7,139
Taiwan Semiconductor Manufacturing Co. Ltd.		23,849,568		105,242
Yungtay Engineering Co., Ltd.		5,227,000		13,053
				262,942

10 Emerging Markets Growth Fund

	Shares		Value (000)
Thailand 1.8%
Bangkok Bank PCL, nonvoting depository receipt		11,533,900	$	67,704
Kasikornbank PCL, nonvoting depository receipt		1,635,300		11,292
PTT PCL		1,312,600		12,869
				91,865
Latin America 10.0%
Argentina 0.6%
Grupo Financiero Galicia SA, Class B		5		—
YPF Sociedad Anónima, Class D (ADR)		1,057,100		27,981
				27,981
Brazil 4.6%
Banco Bradesco SA, preferred nominative (ADR)		1,771,630		23,687
BRF SA, ordinary nominative		75		2
BRF SA, ordinary nominative (ADR)		150,700		3,519
BTG Pactual Group, units		446,000		4,723
CCR SA, ordinary nominative		3,690,800		21,396
Gerdau SA (ADR)		1,888,000		6,702
Hypermarcas SA, ordinary nominative1		8,361,600		52,374
Itaú Unibanco Holding SA, preferred nominative (ADR)		2,308,314		30,031
Mills Estruturas e Serviços de Engenharia SA, ordinary nominative		378,000		1,358
QGEP Participações SA, ordinary nominative		6,252,000		16,934
TIM Participações SA, ordinary nominative		1,128,500		5,001
TIM Participações SA, ordinary nominative (ADR)		71,900		1,597
Usinas Siderúrgicas de Minas Gerais SA – Usiminas, Class A, preferred nominative1		4,006,000		7,611
Vale SA, Class A, preferred nominative		485,200		3,510
Vale SA, Class A, preferred nominative (ADR)		487,000		3,535
Vale SA, ordinary nominative (ADR)		3,754,000		30,708
Wilson Sons Ltd. (BDR)		1,334,100		16,060
				228,748
Chile 1.2%
Enersis SA		16,189,523		5,302
Enersis SA (ADR)		1,954,850		31,336
Inversiones La Construcción SA		1,901,502		23,049
Ripley Corp SA		2,494,234		1,208
				60,895
Mexico 3.5%
América Móvil, SAB de CV, Series L (ADR)		1,875,500		41,599
CEMEX, SAB de CV, ordinary participation certificates, units (ADR)1		4,393,054		44,765
Fibra Uno Administración, SA de CV		10,042,800		29,597
Grupo Comercial Chedraui, SAB de CV, Class B1		1,813,000		5,198
Grupo Sanborns, SAB de CV, Series B1		4,982,600		7,761
Impulsora del Desarrollo y el Empleo en América Latina, SA de CV, Series B-11		15,661,244		43,501
Minera Frisco, SAB de CV, ordinary participation certificate, Series A11		2,645,366		3,853
Urbi Desarrollos Urbanos, SA de CV (Mexico)1		1,046,737		53
				176,327
Peru 0.1%
Graña y Montero SAA (ADR)		454,000		5,739

Emerging Markets Growth Fund 11

Equity securities (continued)

Eastern Europe and Middle East 5.6%	Shares		Value (000)
Greece 0.1%
Eurobank Ergasias SA1		5,626,309	$	1,250
Jumbo SA		601,638		6,135
				7,385
Israel 0.1%
Shufersal Ltd.		2,567,201		5,471
Oman 0.5%
bank muscat SAOG		15,444,678		23,284
Russia 4.4%
Baring Vostok Private Equity Fund, LP (acquired 12/15/00, cost: $5,573,000)1,3,4,5,6		11,783,118		15,575
Baring Vostok Private Equity Fund III, LP (acquired 3/30/05, cost: $17,966,000)3,4,5,6		23,512,961		24,907
Baring Vostok Private Equity Fund IV, LP (acquired 4/25/07, cost: $18,567,000)1,3,4,5,6		20,566,291		11,898
Baring Vostok Fund IV Supplemental Fund, LP (acquired 10/8/07, cost: $32,945,000)1,3,4,5,6		35,924,517		22,657
Globaltrans Investment PLC (GDR)		249,985		1,269
New Century Capital Partners, LP (acquired 12/7/95, cost: $686,000)1,3,5		5,247,900		2,535
OAO TMK (GDR)		445,005		1,028
OJSC Alrosa		37,574,769		38,969
OJSC Magnit		20,509		3,262
OJSC Magnit (GDR)		177,810		8,018
OJSC MegaFon (GDR)		322,618		4,424
OJSC Mobile TeleSystems (ADR)		1,423,500		10,221
OJSC Moscow Exchange		10,514,906		10,167
OJSC Rosneft Oil Company (GDR)		731,291		2,567
OJSC Surgutneftegas, preference1		8,674,425		4,213
Sberbank of Russia		7,844,268		7,041
Yandex NV, Class A1		2,745,900		49,316
				218,067
Turkey 0.0%
Aktaş Elektrik Ticaret AŞ1		4,273		—
United Arab Emirates 0.5%
DP World Ltd.		1,138,619		23,911
Africa 2.7%
South Africa 2.7%
Barloworld Ltd.		1,720,738		14,186
Discovery Ltd.		2,400,507		22,930
Mr Price Group Ltd.		240,639		4,861
MTN Group Ltd.		251,515		4,773
Naspers Ltd., Class N		283,956		36,559
Shoprite Holdings Ltd.		2,707,900		39,197
Telkom SA SOC Ltd.1		1,591,800		9,607
				132,113

12 Emerging Markets Growth Fund

Other markets 8.3%	Shares		Value (000)
Australia 1.2%
Oil Search Ltd.		9,089,677	$	58,727
Austria 0.5%
Vienna Insurance Group AG		552,924		24,611
Canada 1.1%
Centerra Gold Inc.		3,610,800		18,772
First Quantum Minerals Ltd.		2,559,433		36,371
				55,143
Italy 0.2%
Tenaris SA (ADR)		334,400		10,102
Netherlands 0.3%
Fugro NV, depository receipts		709,518		14,635
Switzerland 0.7%
Dufry AG1		236,460		35,053
United Kingdom 2.0%
Glencore PLC1		5,806,352		26,725
Global Ports Investments PLC (GDR)		2,368,003		5,820
Ophir Energy PLC1		5,834,759		12,669
PZ Cussons PLC		1,567,400		7,434
SABMiller PLC		113,603		5,879
Sedibelo Platinum Mines Ltd.1		16,963,500		8,876
Standard Chartered PLC		1,303,982		19,554
Tullow Oil PLC		2,090,418		13,227
				100,184
United States of America 2.3%
AES Corp.		2,254,500		31,044
Alibaba Group Holding Ltd. (ADR)1		133,000		13,824
Arcos Dorados Holdings, Inc., Class A		2,417,300		13,078
Cobalt International Energy, Inc.1		3,752,793		33,362
Ctrip.com International, Ltd. (ADR)1		135,773		6,178
MercadoLibre, Inc.		82,500		10,532
Xoom Corp.1		457,200		8,006
				116,024
Multinational 0.4%
Capital International Private Equity Fund IV, LP (acquired 3/29/05, cost: $16,411,000)3,4,5,6		50,652,328		17,060
International Hospital Corp. Holding NV, Class A (acquired 9/25/97, cost: $8,011,000)1,3,4		609,873		402
International Hospital Corp. Holding NV, Class B, convertible preferred (acquired 2/12/07, cost: $3,504,000)1,3,4		622,354		411
Pan-African Investment Partners II Ltd., Class A, preferred (acquired 6/20/08, cost: $7,355,000)1,3,4,5		3,800		598
				18,471
Total equity securities (cost: $4,160,576,000)				4,772,026

Emerging Markets Growth Fund 13

Bonds & notes

Latin America 0.6%	Principal amount (000)		Value (000)
Brazil 0.6%
Brazil Notas do Tesouro Nacional, Series B, 6.00% 8/15/507	BRL	27	$	24,982
Marfrig Holdings (Europe) BV 8.375% 5/9/18	$	985		975
Marfrig Overseas Ltd. 9.50% 5/4/20		1,272		1,298
				27,255
Asia-Pacific 0.0%
China 0.0%
Fu Ji Food and Catering Services Holdings Ltd., 0.00% convertible, 10/18/208	CNY	93,400		—
Eastern Europe and Middle East 0.0%
Oman 0.0%
bank muscat SAOG 4.50% convertible, 3/20/16	OMR	212		58
bank muscat SAOG 4.50% convertible, 3/20/17		2,746		770
				828
Total bonds & notes (cost: $32,121,000)				28,083
Short-term securities
Corporate short-term notes 2.4%
Bank of Tokyo-Mitsubishi UFJ Ltd. 0.10% due 1/7/15	$	80,000		79,998
Sumitomo Mitsui Banking Corp. 0.12% due 1/14/152		40,800		40,797
Total short-term securities (cost: $120,797,000)				120,795
Total investment securities (cost: $4,313,494,000)				4,920,904
Other assets less liabilities (including forward currency contracts)				47,504
Net assets			$	4,968,408

1	Security did not produce income during the last 12 months.
2	Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933 (not including purchases of securities that were publicly offered in the primary local market but were not registered under U.S. securities laws). 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 $123,644,000, which represented 2.49% of the net assets of the fund.
3	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. These securities, acquired at a cost of $113,484,000, may be subject to legal or contractual restrictions on resale. The total value of all such securities was $96,043,000, which represented 1.93% of the net assets of the fund.
4	This issuer represents investment in an affiliate as defined in the Investment Company Act of 1940. This definition includes, but is not limited to, issuers in which the fund owns more than 5% of the outstanding voting securities. Capital International Private Equity Fund IV, LP is also considered an affiliate since this issuer has the same investment adviser as the fund.
5	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 partnerships is reported.
6	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.
7	Index-linked bond whose principal amount moves with a government retail price index.
8	Scheduled interest and/or principal payment was not received.

Key to abbreviations

Securities:

ADR — American Depositary Receipts

BDR — Brazilian Depositary Receipts

DVR — Differential Voting Rights

GDR — Global Depositary Receipts

Currency:

BRL — Brazilian real

CNY — Chinese renminbi

OMR — Omani rial

See notes to financial statements

14 Emerging Markets Growth Fund

Financial statements

Statement of assets and liabilities at December 31, 2014	unaudited
	(dollars in thousands, except per-share data)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $4,203,162)	$	4,827,396
Affiliated issuers (cost: $110,332)		93,508	$	4,920,904
Cash				194
Cash denominated in non-U.S. currency (cost: $1,400)				1,399
Unrealized appreciation on forward currency contracts				2,505
Receivables for:
Sales of investments		49,163
Sales of fund’s shares		1,816
Dividends and interest		4,646
Non-U.S. taxes		2,013		57,638
				4,982,640
Liabilities:
Unrealized depreciation on forward currency contracts				111
Payables for:
Purchases of investments		3,407
Investment advisory services		2,960
Directors’ compensation		1,970
Repurchase of fund’s shares		5,436
Other accrued expenses		348		14,121
				14,232
Net assets at December 31, 2014:
Equivalent to $6.78 per share on 732,437,035 shares of $0.01 par value capital stock outstanding (authorized capital stock – 2,000,000,000 shares)			$	4,968,408
Net assets consist of:
Capital paid in on shares of stock			$	4,496,721
Distributions in excess of net investment income				(56,994	)
Accumulated net realized loss				(80,737	)
Net unrealized appreciation				609,418
Net assets at December 31, 2014			$	4,968,408

See notes to financial statements

Emerging Markets Growth Fund 15

Statement of operations for the six months ended December 31, 2014	unaudited
	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. withholding tax of $3,293; also includes $653 from affiliates)	$	44,271
Interest (includes $9 from affiliates)		791		$	45,062
Fees and expenses:
Investment advisory services		20,021
Custodian		939
Registration statement and prospectus		29
Auditing and legal		294
Reports to shareholders		1
Directors’ compensation		393
Other		557
Total expenses before expense reduction		22,234
Custodian expense reduction		2			22,232
Net investment income					22,830
Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments (includes $7,608 gain from affiliates)		139,594
Forward currency contracts		25,036
Currency transactions		(1,196	)		163,434
Net unrealized (depreciation) appreciation on:
Investments		(763,608	)
Forward currency contracts		4,176
Currency translations		(385	)		(759,817	)
Net realized gain and unrealized depreciation on investments, forward currency contracts and currency					(596,383	)
Net decrease in net assets resulting from operations				$	(573,553	)

Statements of changes in net assets
	(dollars in thousands)

	Six months ended			Year ended
	December 31, 2014*			June 30, 2014
Operations:
Net investment income	$	22,830		$	76,309
Net realized gain on investments, forward currency contracts, currency transactions and in-kind redemption		163,434			97,797
Net unrealized (depreciation) appreciation on investments, forward currency contracts and currency translations		(759,817	)		879,393
Net (decrease) increase in net assets resulting from operations		(573,553	)		1,053,499
Dividends and distributions paid to shareholders:
Dividends from net investment income		(97,584	)		(114,887	)
Distributions from net realized gain on investments		(182,621	)		(344,660	)
Total dividends and distributions paid to shareholders		(280,205	)		(459,547	)
Capital share transactions:
Proceeds from shares sold: 12,010,279 and 53,493,672 shares, respectively		93,645			412,002
Proceeds from shares issued in reinvestment of net investment income dividends and net realized gain distributions: 39,626,363 and 58,008,358 shares, respectively		266,289			447,825
Cost of shares repurchased: 138,447,990 and 366,368,599 shares, respectively		(1,064,222	)		(2,875,510	)
Cost of shares repurchased in connection with in-kind redemptions for the year ended June 30, 2014: 210,008,947 shares		—			(1,615,760	)
Net decrease in net assets resulting from capital share transactions		(704,288	)		(3,631,443	)
Total decrease in net assets		(1,558,046	)		(3,037,491	)
Net assets:
Beginning of period		6,526,454			9,563,945
End of period (including distributions in excess of net investment income and undistributed net investment income: $(56,994) and $17,760, respectively)	$	4,968,408		$	6,526,454

^* Unaudited.

See notes to financial statements

16 Emerging Markets Growth Fund

Notes to financial statements

1. Organization

Emerging Markets Growth Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940 as an open-end diversified management investment company. The fund seeks long-term growth of capital and invests primarily in common stock and other equity securities of issuers in developing countries.

On October 22, 2014, shareholders approved the elimination of certain fundamental policies in order to allow the fund to convert from an open-end interval fund to an open-end, daily valued fund on October 31, 2014. Shareholders also approved updates to and the elimination of certain fundamental investment policies of the fund.

2. Significant accounting policies

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

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

Dividends and distributions to shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date.

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

Shares issued and redeemed — The fund intends to issue shares in exchange for cash and redeem shares in cash, however, the investment adviser, at its discretion, may accept securities in exchange of fund shares or pay a redemption in whole or in part by a distribution of the fund’s portfolio securities. An issuance or redemption of shares “in-kind” is based upon the closing value of the securities as of the trade date. Realized gains/losses resulting from redemptions of shares in-kind are reflected separately in the statement of operations.

3. Valuation

Capital International, Inc., the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value of the fund is generally determined as of approximately 4.00 p.m. New York time each day the New York Stock Exchange is open. Prior to October 31, 2014, the net asset value of the fund was only determined on the last business day of each week and month except on any day on which the New York Stock Exchange was closed for trading.

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

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

Emerging Markets Growth Fund 17

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

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

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

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

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

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

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

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive

18 Emerging Markets Growth Fund

markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of December 31, 2014 (dollars in thousands):

	Investment securities
	Level 11		Level 21,2		Level 32		Total
Assets:
Equity securities:
Asia-Pacific	$	144,620	$	3,284,535	$	—	$	3,429,155
Latin America		499,637		—		53		499,690
Eastern Europe and Middle East		59,537		141,009		77,572		278,118
Other markets		181,269		356,447		27,347		565,063
Bonds & notes		—		28,083		—		28,083
Short-term securities		—		120,795		—		120,795
Total	$	885,063	$	3,930,869	$	104,972	$	4,920,904

	Other investments3
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on forward currency contracts	$	—	$	2,505		$	—	$	2,505
Liabilities:
Unrealized depreciation on forward currency contracts		—		(111	)		—		(111	)
Total	$	—	$	2,394		$	—	$	2,394

1	Investment securities with a market value of $3,566,401,000, which represented 71.78% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading.
2	Level 2 and Level 3 include investment securities with an aggregate value of $3,886,961,000, which represented 78.23% of the net assets of the fund, that were fair valued under guidelines adopted by authority of the fund’s board of directors. Of this amount, securities with an aggregate value of $3,775,912,000 were fair valued as a result of significant market movements following the close of local trading.
3	Forward currency contracts are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions during the six months ended December 31, 2014 (dollars in thousands):

	Beginning value at 7/1/2014		Gross transfers into Level 34		Purchases		Sales			Net realized gain5		Net unrealized depreciation5			Gross transfers out of Level 34		Ending value at 12/31/2014
Private equity funds	$	171,104	$	—	$	2,662	$	(9,060	)	$	7,607	$	(77,083	)	$	—	$	95,230
Other securities6		11,569		—		9,691		(10,164	)		473		(1,827	)		—		9,742
Total	$	182,673	$	—	$	12,353	$	(19,224	)	$	8,080	$	(78,910	)	$	—	$	104,972
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2014 (dollars in thousands):																	$	(83,450	)

4	Transfers into and out of Level 3 are based on the beginning market value of the quarter in which they occurred.
5	Net realized gain and unrealized depreciation are included in the related amounts on investments in the statement of operations.
6	Represents less than 1% of portfolio securities as of December 31, 2014.

The fund owns an interest in multiple private equity funds, which are considered alternative investments and are classified as Level 3 investment securities. The private equity funds are fair valued using the net asset value based on the fund’s financial statements adjusted for known company or market events, updated market pricing for underlying securities, and/or fund transactions (i.e., drawdowns and distributions) and may include other unobservable inputs.

Emerging Markets Growth Fund 19

The other unobservable inputs used in the fair value measurements of the fund’s private equity investments are directional adjustments based on relevant market data (such as significant movement of a country-specific exchange-traded fund or index after the financial statement date of the private equity fund). Significant increases (decreases) of these inputs could result in significantly higher (lower) fair valuation. There were no other unobservable inputs as of December 31, 2014.

The following table lists the characteristics of the alternative investments held by the fund as of December 31, 2014 (dollars in thousands):

Investment type	Investment strategy		Fair value	Unfunded commitment*		Remaining life†	Redemption terms	Unobservable input(s)	Range
Private equity funds	Primarily private sector equity investments (i.e., expansion capital, buyouts) in emerging markets	$	95,230	$	13,520	≤1 to 4 years	Redemptions are not permitted. These funds distribute proceeds from the liquidation of underlying assets of the funds.	Market index adjustment	0 to 30%

*	Unfunded capital commitments represent agreements 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.
†	Represents the remaining life of the fund term or the estimated period of liquidation.

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

Issuer risks — The prices of, and the income generated by, securities held by the fund may also decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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

Investing outside the United States — Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled or operate. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the United States may be heightened in connection with investments in 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 may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent

20 Emerging Markets Growth Fund

on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, there may be increased settlement risks for transactions in local securities.

Derivatives risks — Derivatives may expose the fund to certain additional risks relative to traditional securities such as credit risks of the counterparty, imperfect correlation between derivatives prices and prices of related assets, rates or indices, potential for increased volatility and reduced liquidity.

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

5. Certain investment techniques

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

On a daily basis, forward currency contracts are valued and unrealized appreciation or depreciation for open forward currency contracts is recorded in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations and statement of changes in net assets.

As of December 31, 2014, the fund had open OTC forward currency contracts to sell currencies, as shown in the following table. The average notional amount of open OTC forward currency contracts was $194,442,000 over the prior 12-month period.

		Notional amount (000)			U.S. valuation (000)
	Counterparty	Non-U.S.	U.S.		Amount		Unrealized appreciation/ (depreciation)
Sales:
Brazilian real to U.S. dollar expiring 1/9/2015	UBS AG	BRL19,918	$	7,787	$	7,486	$	303
British pound to U.S. dollar expiring 1/12/2015	Bank of New York Mellon	GBP16,909		26,516		26,353		163
British pound to U.S. dollar expiring 1/13/2015	Bank of America	GBP10,885		17,067		16,964		103
Euro to U.S. dollar expiring 1/12/2015	Bank of America	EUR27,494		33,868		33,271		597
Euro to U.S. dollar expiring 1/12/2015	UBS AG	EUR4,914		6,090		5,947		143
Israeli shekel to U.S. dollar expiring 1/7/2015	JPMorgan Chase	ILS19,262		4,828		4,939		(111	)
South Korean won to U.S. dollar expiring 1/20/2015	Citibank N.A.	KRW43,929,332		40,493		39,933		560
Taiwanese dollar won to U.S. dollar expiring 1/20/2015	JPMorgan Chase	TWD1,753,132		56,114		55,478		636
Forward currency contracts — net							$	2,394

Rights of offset — The fund has entered into enforceable master netting agreements with certain counterparties for forward currency contracts, where on any date amounts payable by each party to the other (in the same currency with respect to the same transaction) may be closed or offset by each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to these master netting agreements in the statement of assets and liabilities.

Emerging Markets Growth Fund 21

The following table presents the fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the fund’s statement of assets and liabilities. The net amount column shows the impact of offsetting on the fund’s statement of assets and liabilities as of December 31, 2014 (dollars in thousands) if close-out netting was exercised:

				Gross amounts not offset in the statement of assets and liabilities and subject to a
	Gross amounts			master netting agreement
Counterparty	recognized in the statement of assets and liabilities			Available to offset			Non-cash collateral*		Cash collateral		Net amount
Assets
Forwards
Bank of America	$	700		$	—		$	—	$	—	$	700
Bank of New York Mellon		163			—			—		—		163
Citibank N.A.		560			—			—		—		560
JPMorgan Chase		636			(111	)		—		—		525
UBS AG		446			—			—		—		446
	$	2,505		$	(111	)	$	—	$	—	$	2,394
Liabilities
Forwards
JPMorgan Chase	$	(111	)	$	111		$	—	$	—	$	—

*Non-cash collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to 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 six months ended December 31, 2014, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.

The fund is not subject to examination by U.S. federal tax authorities for tax years before 2010, by state authorities for tax years before 2009 and by tax authorities outside the U.S. for tax years before 2007.

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. Gains realized by the fund on the sale of securities in certain countries are subject to non-U.S. taxes. The fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; unrealized appreciation of certain investments in securities outside the U.S; 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. For the six months ended December 31, 2014, the tax character of distributions paid to shareholders were ordinary income and long-term capital gain in the amounts of $97,584,000 and $182,621,000, respectively. For the year ended June 30, 2014, the tax character of distributions paid to shareholders were ordinary income and long-term capital gain in the amounts of $114,887,000 and $344,660,000, respectively.

22 Emerging Markets Growth Fund

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of June 30, 2014, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income	$	70,540
Undistributed long-term capital gain		3,217

As of December 31, 2014, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):

Gross unrealized appreciation on investment securities	$	1,205,189
Gross unrealized depreciation on investment securities		(695,078	)
Net unrealized appreciation on investment securities		510,111
Cost of investment securities		4,410,793

7. Fees and transactions with related parties

Capital International, Inc. (the “Adviser”) is the fund’s investment adviser. American Funds Distributors^®, Inc. (“AFD”), the fund’s principal underwriter, is affiliated with the Adviser. The Adviser and AFD are considered related parties to the fund.

Investment advisory services — The fund has an Investment Advisory and Service Agreement with the Adviser that provides for monthly management fees determined on the last business day of each calendar week and month. The Adviser is wholly owned by Capital Group International, Inc., which is indirectly wholly owned by The Capital Group Companies,^SM Inc. These fees are based on an annual rate of 0.90% on the first $400 million of the fund’s net assets; 0.80% of assets in excess of $400 million but not exceeding $1 billion; 0.70% of assets in excess of $1 billion but not exceeding $2 billion; 0.65% of assets in excess of $2 billion but not exceeding $4 billion; 0.625% of assets in excess of $4 billion but not exceeding $6 billion; 0.60% of assets in excess of $6 billion but not exceeding $8 billion; 0.58% of assets in excess of $8 billion but not exceeding $11 billion; 0.56% of assets in excess of $11 billion but not exceeding $15 billion; 0.54% of assets in excess of $15 billion but not exceeding $20 billion; and 0.52% of assets in excess of $20 billion.

Distribution services — The fund has a principal underwriting agreement with AFD. AFD does not receive compensation for any sale of the fund’s shares.

Directors’ compensation — Directors who are unaffiliated with the Adviser may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or the American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Directors’ compensation shown on the accompanying financial statements includes $438,000 in current fees (either paid in cash or deferred) and a net decrease of $45,000 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 the Adviser. No affiliated officers or directors received any compensation directly from the fund.

8. Investment transactions and other disclosures

The fund made purchases and sales of investment securities, excluding short-term securities, of $762,442,000 and $1,644,311,000, respectively, during the six months ended December 31, 2014.

The fund receives an expense reduction in its custodian fee equal to the amount of interest calculated on certain cash balances held at the custodian bank. For the six months ended December 31, 2014, the custodian fee of $939,000 was reduced by $2,000.

Emerging Markets Growth Fund 23

9. Investments in affiliates

If the fund owns more than 5% of the outstanding voting securities of an issuer, the fund’s investment in that issuer represents an investment in an affiliate as defined in the Investment Company Act of 1940. In addition, Capital International Private Equity Fund IV, LP is considered an affiliate since this issuer has the same investment adviser as the fund. A summary of the fund’s transactions in the securities of affiliated issuers during the six months ended December 31, 2014, is as follows (dollars in thousands):

Issuer	Beginning shares		Additions		Reductions		Ending shares		Dividend and interest income		Value of affiliate at 12/31/2014
Affiliated private equity funds/private placements:
Baring Vostok Private Equity Fund*		11,783,118		—		—		11,783,118	$	—	$	15,575
Baring Vostok Private Equity Fund III*		23,512,961		—		—		23,512,961		653		24,907
Baring Vostok Capital Partners IV*		53,863,990		2,626,818		—		56,490,808		—		34,555
Capital International Private Equity Fund IV*		50,616,424		35,904		—		50,652,328		9		17,060
International Hospital		1,232,227		—		—		1,232,227		—		813
Pan-African Investment Partners II		3,800		—		—		3,800		—		598
									$	662	$	93,508

* For private equity funds structured as limited partnerships, shares are not applicable and therefore the fund’s interest in the partnerships is reported.

24 Emerging Markets Growth Fund

Financial highlights unaudited

	Six months ended			Year ended June 30
	12/31/141,2			2014			2013			2012			2011			2010
Net asset value, beginning of period		$7.97			$7.45			$7.39			$9.93			$8.13			$6.72
Income (loss) from investment operations3:
Net investment income		.03			.07			.12			.17			.16			.15
Net realized and unrealized (loss) gain on investments		(.82	)		.86			.19			(2.33	)		1.81			1.39
Total (loss) income from investment operations		(.79	)		.93			.31			(2.16	)		1.97			1.54
Less dividends and distributions:
Dividends from net investment income		(.14	)		(.10	)		(.21	)		(.12	)		(.17	)		(.13	)
Distributions from net realized gains		(.26	)		(.31	)		(.04	)		(.26	)		—			—
Total dividends and distributions		(.40	)		(.41	)		(.25	)		(.38	)		(.17	)		(.13	)
Net asset value, end of period		$6.78			$7.97			$7.45			$7.39			$9.93			$8.13
Total return		(9.84	)%		12.69	%		3.95	%		(21.69	)%		24.29	%		22.83	%
Ratios/Supplemental data:
Net assets, end of period (in millions)		$4,968			$6,526			$9,564			$11,851			$16,827			$12,878
Ratio of expenses to average net assets		.75	%4		.73	%		.73	%		.68	%		.68	%		.71	%
Ratio of net investment income to average net assets		.77	%4		.88	%		1.55	%		2.02	%		1.65	%		1.86	%
Portfolio turnover rate		13.45	%		40.65	%		40.99	%		39.30	%		40.66	%		49.38	%

1	Unaudited.
2	Based on operations for the period shown and, accordingly, may not be representative of a full year.
3	The per-share data is based on average shares outstanding.
4	Annualized.

See notes to financial statements

Emerging Markets Growth Fund 25

Expense example unaudited

As a shareholder of the fund, you incur ongoing costs, including investment advisory services fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2014 through December 31, 2014).

Actual expenses:

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Beginning		Ending		Expenses		Annualized
	account value		account value		paid during		expense
	7/1/2014		12/31/2014		period*		ratio
Actual return	$	1,000.00	$	901.58	$	3.59		.75	%
Hypothetical 5% return before expenses		1,000.00		1,021.42		3.82		.75

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the six-month period).

26 Emerging Markets Growth Fund

Results of special meeting of shareholders held October 22, 2014

Shares outstanding on August 18, 2014 (record date):	795,442,664
Total shares voting on October 22, 2014:	573,506,657	(72.1% of shares outstanding)

								Percent
			Percent					of shares					Percent
			of shares			Votes		voting			Votes		of shares
	Votes for		voting for			against		against			abstaining		abstaining
To eliminate certain of the fund’s fundamental policies in connection with converting the fund to an open-end, daily valued fund:
		549,358,453		95.8	%		22,558,774		3.9	%		1,589,429		0.3	%
To update the fund’s fundamental investment policies regarding:
Borrowing		505,912,828		88.2			63,933,794		11.2			3,660,035		0.6
Issuance of senior securities		499,893,714		87.2			69,952,908		12.2			3,660,035		0.6
Underwriting		499,893,714		87.2			69,952,908		12.2			3,660,035		0.6
Investments in commodities/real estate		499,947,748		87.2			69,898,874		12.2			3,660,035		0.6
Lending		499,893,714		87.2			69,952,908		12.2			3,660,035		0.6
Industry concentration		508,000,165		88.6			63,917,063		11.2			1,589,429		0.3
To eliminate the fund’s fundamental investment policies regarding:
Investments in securities with unlimited liability		482,486,797		84.1			89,375,341		15.6			1,644,518		0.3
Short sales		487,978,771		85.1			83,938,457		14.6			1,589,429		0.3
Country ownership limits		507,970,224		88.6			63,947,003		11.2			1,589,429		0.3
Diversification standards		508,000,165		88.6			63,917,063		11.2			1,589,429		0.3

Emerging Markets Growth Fund 27

Offices of the fund and of the investment adviser

Capital International, Inc.

11100 Santa Monica Boulevard, 15th Floor

Los Angeles, CA 90025-3302

333 South Hope Street

Los Angeles, CA 90071-1406

400 South Hope Street

Los Angeles, CA 90071-2801

6455 Irvine Center Drive

Irvine, CA 92618-4518

Transfer agent for shareholder accounts

JPMorgan Investor Services Co.

One Beacon Street

Boston, MA 02108

Custodian of assets

JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017-2070

Counsel

Dechert LLP

1900 K Street, N. W.

Washington, D.C. 20006-2009

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

This report is for the information of shareholders of Emerging Markets Growth Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund.

Investors should carefully consider investment objectives, risks, charges and expenses.This and other important information is in the prospectus, which can be obtained from Capital International by calling (800) 421-4989 and should be read carefully before investing.

Lit. No. MFGESRX-015-0215P (NLS) Printed in USA TAG/AFD/9099-S42383

© 2015 Emerging Markets Growth Fund, Inc.

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

The Schedule of Investments is included in the semi-annual report to shareholders.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, as the Registrant is not a closed-end management investment company.

ITEM 10 – 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 Committee on Directors 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 evaluates, selects and nominates independent director candidates to the full Board. While the Committee normally is able to identify from its own 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 Committee, 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 Committee.

ITEM 11 – 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), 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 Registrant’s second fiscal quarter of 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.

ITEM 12 – 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, as amended, and Sections 302 and 906 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 GROWTH FUND, INC.

By /s/ Victor D. Kohn

Victor D. Kohn, President and

Chief Executive Officer

Date: February 27, 2015

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/ Victor D. Kohn

Victor D. Kohn, President and

Chief Executive Officer

Date: February 27, 2015

By /s/ Bryan K. Nielsen

Bryan K. Nielsen, Treasurer

Date: February 27, 2015