Final answer:
Eggs and developing follicles are located in the cortex of the ovary, where they mature and are eventually released during ovulation.
Step-by-step explanation:
Eggs and developing follicles are located within the cortex of the ovary. The cortex is the outer portion beneath the tunica albuginea and is comprised of ovarian stroma. Within this region, oocytes (immature eggs) develop in structures known as follicles, each surrounded by supportive cells. When these follicles mature, one eventually ruptures during ovulation to release an egg. Any remaining cells form the corpus luteum, which degenerates if pregnancy does not occur.