UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-04985
Templeton Emerging Markets Fund
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale, FL
33301-1923
(Address of principal executive offices) (Zip code)
Alison Baur, One Franklin Parkway, San Mateo, CA
94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code: 954
527-7500
Date of fiscal year end: 8/31
Date of reporting period: 2/29/24
Item 1. Reports to
Stockholders.
a.)
The following
is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under
the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR
270.30e-1.)
b.)
Include a copy of each notice
transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR
270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
Semiannual
Report
Templeton
Emerging
Markets
Fund
February
29,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
11
Notes
to
Financial
Statements
14
Important
Information
to
Shareholders
22
Annual
Meeting
of
Shareholders
23
Dividend
Reinvestment
and
Cash
Purchase
Plan
24
Shareholder
Information
26
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Fund
Dear
Shareholder,
This
semiannual
report
for
Templeton
Emerging
Markets
Fund
covers
the
period
ended
February
29,
2024
.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
net
assets
in
emerging
country
equity
securities.
Our
investment
strategy
employs
a
fundamental,
value-oriented,
long-term
approach.
We
focus
on
the
market
price
of
a
company’s
securities
relative
to
our
evaluation
of
the
company’s
long-
term
earnings,
asset
value
and
cash
flow
potential.
As
we
look
for
investments,
we
focus
on
specific
companies
and
undertake
in-depth
research
to
construct
an
action
list
from
which
we
make
our
buy
decisions.
Before
we
make
a
purchase,
we
look
at
the
company’s
potential
for
earnings
and
growth
over
a
five-year
horizon.
During
our
analysis,
we
also
consider
the
company’s
position
in
its
sector,
the
economic
framework
and
political
environment.
Performance
Overview
The
Fund
posted
cumulative
total
returns
of
+4.51%
based
on
market
price
and
+3.44%
based
on
net
asset
value
for
the
six
months
under
review.
The
Fund’s
benchmark,
the
MSCI
Emerging
Markets
(EM)
Index-NR,
designed
to
measure
the
equity
market
performance
of
global
emerging
markets,
posted
a
+4.93%
cumulative
total
return
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Geographic
Composition
2/29/24
%
of
Total
Net
Assets
Asia
78.5%
Latin
America
&
Caribbean
13.9%
North
America
3.4%
Europe
2.5%
Middle East & Africa
1.3%
Short-Term
Investments
&
Other
Net
Assets
0.4%
Top
10
Countries*
2/29/24
a
%
of
Total
Net
Assets
a
a
China
22.5%
South
Korea
20.9%
Taiwan
16.9%
India
12.7%
Brazil
10.0%
United
States
3.4%
Thailand
2.6%
Mexico
2.4%
Hong
Kong
1.8%
Hungary
1.2%
*
Does
not
include
cash
and
cash
equivalents.
Top
10
Holdings
2/29/24
Company
Industry
,
Country
%
of
Total
Net
Assets
a
aa
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
12.1%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Samsung
Electronics
Co.
Ltd.
6.0%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
ICICI
Bank
Ltd.
5.3%
Banks,
India
Alibaba
Group
Holding
Ltd.
4.1%
Broadline
Retail,
China
Samsung
Life
Insurance
Co.
Ltd.
3.6%
Insurance,
South
Korea
Tencent
Holdings
Ltd.
3.5%
Interactive
Media
&
Services,
China
Petroleo
Brasileiro
SA
3.3%
Oil,
Gas
&
Consumable
Fuels,
Brazil
Prosus
NV
2.9%
Broadline
Retail,
China
NAVER
Corp.
2.8%
Interactive
Media
&
Services,
South
Korea
MediaTek,
Inc.
2.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Return
(NR)
reflects
no
deduction
for
fees,
expenses
or
taxes
but
are
net
of
dividend
tax
withholding.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
7
.
Templeton
Emerging
Markets
Fund
3
franklintempleton.com
Semiannual
Report
Thank
you
for
your
continued
participation
in
Templeton
Emerging
Markets
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Chetan
Sehgal,
CFA
Andrew
Ness,
ASIP
Portfolio
Management
Team
CFA
®
is
a
trademark
owned
by
CFA
Institute.
ASIP
stands
for
Associate
of
the
United
Kingdom
Society
for
Investment
Professionals
(now
CFA
Society
of
the
United
Kingdom).
Performance
Summary
as
of
February
29,
2024
Templeton
Emerging
Markets
Fund
4
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/29/24
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
+3.44%
+4.51%
+3.44%
+4.51%
1-Year
+8.45%
+7.73%
+8.45%
+7.73%
5-Year
+9.53%
+7.75%
+1.84%
+1.50%
10-Year
+37.55%
+35.56%
+3.24%
+3.09%
See
page
5
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Fund
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
To
the
extent
the
portfolio
invests
in
a
concentration
of
certain
securities,
regions
or
industries
,
it
is
subject
to
increased
volatility.
The
managers’
environmental
social
and
governance
(ESG)
strategies
may
limit
the
types
and
number
of
investments
available
and,
as
a
result,
may
forgo
favorable
market
opportunities
or
underperform
strategies
that
are
not
subject
to
such
criteria.
There
is
no
guarantee
that
the
strategy's
ESG
directives
will
be
successful
or
will
result
in
better
performance.
The
Fund
may
invest
in
eligible
China
A
shares
(“Stock
Connect
Securities”)
listed
and
traded
on
the
Shanghai
Stock
Exchange
through
the
Shanghai-Hong
Kong
Stock
Connect
program,
as
well
as
eligible
China
A
shares
listed
and
traded
on
the
Shenzhen
Stock
Exchange
through
the
Shenzhen-Hong
Kong
Stock
Connect
program
(collec-
tively,
“Stock
Connect”)
and
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
(“CIBM”)
through
the
China-Hong
Kong
Bond
Connect
program
(“Bond
Connect”).
Trading
through
Stock
Connect
is
subject
to
a
number
of
restrictions
that
may
affect
the
Fund’s
investments
and
returns.
For
example,
investors
in
Stock
Connect
Securi-
ties
are
generally
subject
to
Chinese
securities
regulations
and
the
listing
rules
of
the
respective
Exchange,
among
other
restrictions.
In
addition,
Stock
Connect
Securities
generally
may
not
be
sold,
purchased
or
otherwise
transferred
other
than
through
Stock
Connect
in
accordance
with
applicable
rules.
While
Stock
Connect
is
not
subject
to
individual
investment
quotas,
daily
and
aggregate
investment
quotas
apply
to
all
Stock
Connect
participants,
which
may
restrict
or
preclude
the
Fund’s
ability
to
invest
in
Stock
Connect
Securities.
Trading
in
the
Stock
Connect
program
is
subject
to
trading,
clearance
and
settlement
procedures
that
are
untested
in
China,
which
could
pose
risks
to
the
Fund.
Finally,
the
withholding
tax
treatment
of
dividends
and
capital
gains
payable
to
overseas
investors
currently
is
unsettled.
In
China,
the
Hong
Kong
Monetary
Authority
Central
Money
Markets
Unit
holds
Bond
Connect
securities
on
behalf
of
ultimate
investors
(such
as
the
Fund)
in
accounts
maintained
with
a
China-based
custodian
(either
the
China
Central
Depository
&
Clearing
Co.
or
the
Shanghai
Clearing
House).
This
recordkeeping
system
subjects
the
Fund
to
various
risks,
including
the
risk
that
the
Fund
may
have
a
limited
ability
to
enforce
rights
as
a
bondholder
and
the
risks
of
settlement
delays
and
counterparty
default
of
the
Hong
Kong
sub-custodian.
In
addition,
enforcing
the
ownership
rights
of
a
beneficial
holder
of
Bond
Connect
securities
is
untested
and
courts
in
China
have
limited
experience
in
applying
the
concept
of
beneficial
ownership.
Bond
Connect
uses
the
trading
infrastructure
of
both
Hong
Kong
and
China
and
is
not
available
on
trading
holidays
in
Hong
Kong.
As
a
result,
prices
of
securities
purchased
through
Bond
Connect
may
fluctuate
at
times
when
a
Fund
is
unable
to
add
to
or
exit
its
position.
Securities
offered
through
Bond
Connect
may
lose
their
eligibility
for
trading
through
the
program
at
any
time.
If
Bond
Connect
securities
lose
their
eligibility
for
trading
through
the
program,
they
may
be
sold
but
can
no
longer
be
purchased
through
Bond
Connect.
The
application
and
interpretation
of
the
laws
and
regulations
of
Hong
Kong
and
China,
and
the
rules,
policies
or
guidelines
published
or
applied
by
relevant
regulators
and
exchanges
in
respect
of
the
Stock
Connect
and
Bond
Connect
programs,
are
uncertain,
and
they
may
have
a
detrimental
effect
on
the
Fund’s
investments
and
returns.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
zero
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
voluntary
fee
waivers,
expense
caps
and/or
reimbursements.
Voluntary
waivers
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(9/1/23–2/29/24)
Net
Investment
Income
$0.7270
Templeton
Emerging
Markets
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$13.63
$13.72
$20.09
$17.58
$16.09
$16.90
Income
from
investment
operations:
Net
investment
income
a
.............
0.07
0.35
0.30
0.11
0.15
0.21
b
Net
realized
and
unrealized
gains
(losses)
0.39
0.68
(5.60)
3.04
2.44
(0.27)
Total
from
investment
operations
........
0.46
1.03
(5.30)
3.15
2.59
(0.06)
Less
distributions
from:
Net
investment
income
..............
(0.73)
(0.41)
(0.41)
(0.18)
(0.60)
(0.20)
Net
realized
gains
.................
—
(0.72)
(0.70)
(0.48)
(0.55)
(0.58)
Total
distributions
...................
(0.73)
(1.13)
(1.11)
(0.66)
(1.15)
(0.78)
Repurchase
of
shares
..............
0.02
0.01
0.04
0.02
0.05
0.03
Net
asset
value,
end
of
period
..........
$13.38
$13.63
$13.72
$20.09
$17.58
$16.09
Market
value,
end
of
period
c
...........
$11.53
$11.71
$11.85
$17.89
$15.38
$14.18
Total
return
(based
on
net
asset
value
per
share)
d
...........................
3.44%
8.26%
(27.44)%
18.04%
16.34%
0.29%
Total
return
(based
on
market
value
per
share)
d
...........................
4.51%
8.59%
(29.18)%
20.40%
16.45%
2.80%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.45%
1.49%
1.50%
1.49%
1.52%
1.60%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.43%
1.47%
1.49%
1.48%
1.50%
1.58%
Net
investment
income
...............
1.05%
2.63%
1.81%
0.52%
0.90%
1.30%
b
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$206,935
$213,497
$216,704
$323,924
$285,668
$268,845
Portfolio
turnover
rate
................
9.76%
26.18%
20.05%
23.19%
17.56%
21.56%
Total
outstanding
borrowings
on
credit
facility
at
end
of
period
(000’s)
..........
$5,000
$10,000
$25,000
$15,000
$15,000
$10,000
Asset
coverage
per
$1,000
of
debt
......
$42,387
$22,350
$9,668
$22,595
$20,045
$27,885
a
Based
on
average
daily
shares
outstanding.
b
Net
investment
income
per
share
includes
approximately
$0.06
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.95%.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited),
February
29,
2024
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
92.3%
Brazil
2.7%
a
Hypera
SA
.....................
Pharmaceuticals
136,038
$
899,742
a
Oncoclinicas
do
Brasil
Servicos
Medicos
SA
..........................
Health
Care
Providers
&
Services
382,933
793,388
TOTVS
SA
.....................
Software
135,558
836,850
Vale
SA
........................
Metals
&
Mining
231,595
3,120,792
5,650,772
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
743,786
339,203
Chile
1.0%
Banco
Santander
Chile,
ADR
.......
Banks
103,137
2,024,579
China
22.5%
b
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
897,715
8,253,360
b
Alibaba
Group
Holding
Ltd.,
ADR
....
Broadline
Retail
4,330
320,550
c
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
360,000
107,499
a,b
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
237,340
3,003,178
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
190,243
455,965
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
3,357,619
1,954,457
Chervon
Holdings
Ltd.
.............
Household
Durables
118,628
226,667
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
924,877
3,576,541
China
Resources
Building
Materials
Technology
Holdings
Ltd.
.........
Construction
Materials
2,723,222
472,376
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
121,662
371,602
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
870,604
519,489
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
48,458
1,031,186
c
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
732,186
263,071
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
694,654
1,993,568
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
710,943
963,647
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
518,589
774,645
b
JD.com,
Inc.,
A
..................
Broadline
Retail
11,101
125,285
a,b,c
Meituan
Dianping,
B,
144A,
Reg
S
...
Hotels,
Restaurants
&
Leisure
106,481
1,081,020
b
NetEase,
Inc.
...................
Entertainment
79,187
1,720,158
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
752,652
1,106,260
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
441,337
1,962,713
Prosus
NV
.....................
Broadline
Retail
202,344
5,910,613
b
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
207,621
7,273,142
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,231,996
1,339,862
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
269,612
347,455
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
636,896
1,508,567
46,662,876
Hong
Kong
1.8%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
338,086
3,647,372
Hungary
1.2%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
89,618
2,386,457
India
12.7%
ACC
Ltd.
.......................
Construction
Materials
52,056
1,650,115
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
18,318
$
2,021,166
Federal
Bank
Ltd.
................
Banks
896,458
1,625,042
HDFC
Bank
Ltd.
.................
Banks
246,829
4,169,754
Hindalco
Industries
Ltd.
............
Metals
&
Mining
95,229
577,800
ICICI
Bank
Ltd.
..................
Banks
855,326
10,866,082
Infosys
Ltd.
.....................
IT
Services
128,090
2,578,407
a
One
97
Communications
Ltd.
.......
Financial
Services
276,407
1,338,227
a
PB
Fintech
Ltd.
..................
Insurance
4,582
64,468
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
660,922
1,315,843
26,206,904
Indonesia
0.6%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
3,462,509
1,152,663
Italy
0.4%
a,c
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
34,476
932,555
Mexico
2.4%
Grupo
Financiero
Banorte
SAB
de
CV,
O
...........................
Banks
456,986
4,723,767
a,c
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
1,497,103
305,606
5,029,373
Peru
0.5%
Intercorp
Financial
Services,
Inc.
.....
Banks
35,551
970,542
Philippines
0.3%
BDO
Unibank,
Inc.
...............
Banks
258,301
703,565
Russia
0.0%
d,e
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
86,387
—
d,e
Sberbank
of
Russia
PJSC
..........
Banks
1,014,728
—
—
South
Africa
0.8%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,265,313
1,601,646
South
Korea
20.9%
Doosan
Bobcat,
Inc.
..............
Machinery
63,626
2,240,559
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
42,245
1,214,419
KT
Skylife
Co.
Ltd.
...............
Media
45,931
191,454
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
31,477
1,253,375
LG
Corp.
.......................
Industrial
Conglomerates
69,111
4,852,104
NAVER
Corp.
...................
Interactive
Media
&
Services
39,068
5,721,598
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
224,652
12,367,204
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
102,058
7,409,729
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
12,356
3,501,175
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
24,051
2,827,924
Soulbrain
Co.
Ltd.
................
Chemicals
8,600
1,758,345
43,337,886
Taiwan
16.9%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
991,160
3,229,459
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
150,466
5,426,074
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,145,034
25,075,816
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
75,622
$
1,335,209
35,066,558
Thailand
2.6%
Kasikornbank
PCL
...............
Banks
752,290
2,578,057
Kiatnakin
Phatra
Bank
PCL
.........
Banks
534,625
767,016
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
485,417
429,226
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,027,937
752,926
Thai
Beverage
PCL
...............
Beverages
2,211,443
829,854
5,357,079
United
Arab
Emirates
0.5%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,263,706
1,010,776
United
Kingdom
0.9%
Unilever
plc
.....................
Personal
Care
Products
37,114
1,812,507
United
States
3.4%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
44,865
3,545,232
Genpact
Ltd.
....................
Professional
Services
105,617
3,590,978
7,136,210
Total
Common
Stocks
(Cost
$154,718,443)
.....................................
191,029,523
a
Preferred
Stocks
7.3%
Brazil
7.3%
Banco
Bradesco
SA,
ADR
..........
Banks
1,278,669
3,554,700
f
Itau
Unibanco
Holding
SA,
ADR,
2.91%
Banks
710,707
4,847,022
f
Petroleo
Brasileiro
SA,
14.59%
......
Oil,
Gas
&
Consumable
Fuels
838,976
6,774,115
15,175,837
Total
Preferred
Stocks
(Cost
$10,836,699)
......................................
15,175,837
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,d
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
38,214
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$165,555,142)
...............................
206,205,360
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
See
A
bbreviations
on
page
21
.
Short
Term
Investments
3.2%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.2%
United
States
3.2%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.984%
.........
6,524,212
$
6,524,212
Total
Money
Market
Funds
(Cost
$6,524,212)
...................................
6,524,212
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$6,524,212
)
.................................
6,524,212
a
a
a
Total
Investments
(Cost
$172,079,354)
102.8%
..................................
$212,729,572
i
Credit
Facility
(2.4)%
.........................................................
(5,000,000)
Other
Assets,
less
Liabilities
(0.4)%
...........................................
(794,540)
Net
Assets
100.0%
...........................................................
$206,935,032
a
a
a
a
Non-income
producing.
b
Variable
interest
entity
(VIE).
See
the
Fund’s
statement
of
additional
information
and/or
notes
to
financial
statements
regarding
investments
made
through
a
VIE
structure.
At
February
29,
2024,
the
aggregate
value
of
these
securities
was
$21,776,693,
representing
10.5%
of
net
assets.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
29,
2024,
the
aggregate
value
of
these
securities
was
$4,198,318,
representing
2.0%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
e
See
Note
6
regarding
investments
in
Russian
securities.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
i
See
Note
7
regarding
Credit
Facility.
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
February
29,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$165,555,142
Cost
-
Non-controlled
affiliates
(Note
3
c
)
........................................................
6,524,212
Value
-
Unaffiliated
issuers
..................................................................
$206,205,360
Value
-
Non-controlled
affiliates
(Note
3
c
)
.......................................................
6,524,212
Foreign
currency,
at
value
(cost
$25,747)
.........................................................
25,755
Receivables:
Investment
securities
sold
...................................................................
401,572
Dividends
...............................................................................
1,032,772
Total
assets
..........................................................................
214,189,671
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
489,653
Capital
shares
redeemed
...................................................................
56,429
Credit
facility
(Note
7)
......................................................................
5,000,000
Management
fees
.........................................................................
177,692
Trustees'
fees
and
expenses
.................................................................
2,023
Accrued
interest
(Note
7)
...................................................................
43,179
Deferred
tax
...............................................................................
1,342,743
Accrued
expenses
and
other
liabilities
...........................................................
142,920
Total
liabilities
.........................................................................
7,254,639
Net
assets,
at
value
.................................................................
$206,935,032
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$175,496,994
Total
distributable
earnings
(losses)
.............................................................
31,438,038
Net
assets,
at
value
.................................................................
$206,935,032
Shares
outstanding
.........................................................................
15,461,239
Net
asset
value
per
share
a
....................................................................
$13.38
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
29,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Templeton
Emerging
Markets
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$302,954)
Unaffiliated
issuers
........................................................................
$2,344,169
Non-controlled
affiliates
(Note
3
c
)
.............................................................
208,047
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
3,973
Non-controlled
affiliates
(Note
3
c
)
.............................................................
157
Total
investment
income
...................................................................
2,556,346
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,132,146
Transfer
agent
fees
.........................................................................
27,467
Custodian
fees
.............................................................................
25,607
Reports
to
shareholders
fees
..................................................................
12,642
Registration
and
filing
fees
....................................................................
18,023
Professional
fees
...........................................................................
47,170
Trustees'
fees
and
expenses
..................................................................
13,699
Interest
expense
(Note
7)
.....................................................................
181,959
Other
....................................................................................
31,685
Total
expenses
.........................................................................
1,490,398
Expenses
waived/paid
by
affiliates
(Not
e
3c)
...................................................
(14,890)
Net
expenses
.........................................................................
1,475,508
Net
investment
income
................................................................
1,080,838
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$308,504)
Unaffiliated
issuers
......................................................................
4,543,619
Foreign
currency
transactions
................................................................
31,810
Net
realized
gain
(loss)
..................................................................
4,575,429
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
1,175,596
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(11,767)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
174,804
Net
change
in
unrealized
appreciation
(depreciation)
............................................
1,338,633
Net
realized
and
unrealized
gain
(loss)
............................................................
5,914,062
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$6,994,900
Templeton
Emerging
Markets
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Templeton
Emerging
Markets
Fund
Six
Months
Ended
February
29,
2024
(unaudited)
Year
Ended
August
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$1,080,838
$5,507,051
Net
realized
gain
(loss)
.................................................
4,575,429
861,117
Net
change
in
unrealized
appreciation
(depreciation)
...........................
1,338,633
9,637,129
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
6,994,900
16,005,297
Distributions
to
shareholders
..............................................
(11,273,471)
(17,752,979)
Capital
share
transactions
(Note
2
)
..........................................
(2,283,131)
(1,459,355)
Net
increase
(decrease)
in
net
assets
...................................
(6,561,702)
(3,207,037)
Net
assets:
Beginning
of
period
.....................................................
213,496,734
216,703,771
End
of
period
..........................................................
$206,935,032
$213,496,734
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
14
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Templeton
Emerging
Markets
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
February
29,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
15
franklintempleton.com
Semiannual
Report
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
February
29,
2024,
the
Fund
had
no
securities
on
loan.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
16
franklintempleton.com
Semiannual
Report
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
February
29,
2024, the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Estimated
expenses
are
accrued
daily.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
February
29,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the periods
ended
February
29,
2024 and
August
31,
2023,
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
Under
the
Board
approved
open-market
share
repurchase
program,
the
Fund
may
purchase,
from
time
to
time,
Fund
shares
in
open-market
transactions,
at
the
discretion
of
management. Since
the
inception
of
the
program,
the
Fund
has
repurchased
a
total
of 2,623,868 shares.
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
February
29,
2024
Year
Ended
August
31,
2023
Shares
Amount
Shares
Amount
Shares
repurchased
......................
201,789
$2,283,131
127,798
$1,459,355
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.....
14.55%
13.29%
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
17
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to TAML
based
on
the average
daily net
assets
of
the
Fund
as
follows:
For
the
period
ended
February
29,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 1.100%
of
the
Fund’s
average daily
net
assets.
Under
a
subadvisory
agreement,
FTIML,
an
affiliate
of
TAML,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
TAML
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
subadvisory
fee
is
equal
to
an
annual
rate
of
50%
of
the
net
investment
advisory
fee.
For
purposes
of
the
subadvisory
agreement,
the
net
investment
advisory
fee
equals
(i)
96%
of
an
amount
equal
to
the
total
management
fees
payable
to
TAML,
minus
any
Fund
fees
and/or
expenses
waived
or
reimbursed
by
TAML,
minus
(ii)
any
fees
payable
by
TAML
to
FT
Services
for
administrative
services.
b.
Administrative
Fees
Under
an
agreement
with
TAML,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
TAML
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
February
29,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Subsidiary
Affiliation
Templeton
Asset
Management
Ltd.
(TAML)
Investment
manager
Franklin
Templeton
Investment
Management
Ltd.
(FTIML)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Annualized
Fee
Rate
Net
Assets
1.100%
Up
to
and
including
$1
billion
1.050%
Over
$1
billion,
up
to
and
including
$2
billion
1.000%
In
excess
of
$2
billion
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
18
franklintempleton.com
Semiannual
Report
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
August
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
February
29,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
29,
2024,
aggregated
$20,040,314 and
$28,887,846,
respectively.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Emerging
Markets
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.984%
$16,401,348
$18,021,160
$(27,898,296)
$—
$—
$6,524,212
6,524,212
$208,047
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.984%
$—
$171,318
$(171,318)
$—
$—
$—
—
$157
Total
Affiliated
Securities
...
$16,401,348
$18,192,478
$(28,069,614)
$—
$—
$6,524,212
$208,204
Capital
loss
carryforwards
not
subject
to
expiration:
Long
term
................................................................................
3,103,425
Cost
of
investments
..........................................................................
$180,632,694
Unrealized
appreciation
........................................................................
$68,995,408
Unrealized
depreciation
........................................................................
(36,898,530)
Net
unrealized
appreciation
(depreciation)
..........................................................
$32,096,878
3.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
19
franklintempleton.com
Semiannual
Report
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Investing
in
China
A
shares
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities.
In
general,
A
shares
are
issued
by
companies
incorporated
in
the
People’s
Republic
of
China
(PRC)
and
listed
on
the
Shanghai
and
Shenzhen
Stock
Exchanges
and
available
for
investment
by
domestic
(Chinese)
investors
and
holders
of
a
Qualified
Foreign
Institutional
Investor
(QFII) license
and,
in
the
case
of
certain
eligible
A
shares,
through
the
Shanghai
and
Shenzhen
Stock
Connect
programs.
The
Shanghai
and
Shenzhen
Stock
Exchanges
are,
however,
substantially
smaller,
less
liquid
and
more
volatile
than
the
major
securities
markets
in
the
United
States.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the Fund
had
little
or
no
value
at
February
29,
2024.
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
20
franklintempleton.com
Semiannual
Report
7.
Credit
Facility
The
Fund
participates
in
a
senior
secured
revolving
credit
facility
agreement
(Credit
Facility)
with
The
Bank
of
Nova
Scotia
(BNS)
pursuant
to
which
the
Fund
may
borrow
up
to
a
maximum
commitment
amount
of
$25
million,
which
matured
on
January
12,
2024.
The
Credit
Facility
provides
a
source
of
funds
to
the
Fund
to
purchase
additional
investments
as
part
of
its
investment
strategy.
Effective
January
12,
2024,
the
Fund
renewed
the
Credit
Facility
for
$20
million,
which
was
a
decrease
from
the
previous
$25
million,
for
a
one-year
term,
maturing
on
January
10,
2025.
Under
the
terms
of
the
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
at
the
applicable
rate,
pay
an
annual
commitment
fee
of
0.25%
based
on
the
unused
portion
of
the
Credit
Facility
or
0.15%
whenever
the
outstanding
borrowings
exceed
75%
of
the
commitment
amount.
As
security
for
the
obligations
of
the
Fund
under
the
Credit
Facility,
the
Fund
has
granted
to
BNS
a
security
interest
in
the
assets
of
the
Fund.
At
February
29,
2024,
the
Fund
had
outstanding
borrowings
of
$5,000,000,
which
approximates
fair
value,
and
incurred
interest
expenses
at
a
rate
equal
to
the
term
Secured
Overnight
Financing
Rate
plus
1.00%.
The
borrowings
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
The
average
borrowings
and
the
average
interest
rate
for
the
days
with
outstanding
borrowings
during
the period
ended
February
29,
2024,
were
$5,576,923
and
6.50%,
respectively.
8. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of February
29,
2024,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
5,650,772
$
—
$
—
$
5,650,772
Cambodia
............................
—
339,203
—
339,203
Chile
................................
2,024,579
—
—
2,024,579
China
...............................
4,229,367
42,433,509
—
46,662,876
Hong
Kong
...........................
—
3,647,372
—
3,647,372
Hungary
.............................
2,386,457
—
—
2,386,457
India
................................
—
26,206,904
—
26,206,904
Indonesia
............................
—
1,152,663
—
1,152,663
Italy
.................................
—
932,555
—
932,555
Mexico
..............................
5,029,373
—
—
5,029,373
Peru
................................
970,542
—
—
970,542
Philippines
............................
—
703,565
—
703,565
Russia
...............................
—
—
—
a
—
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(Unaudited)
21
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
9.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
South
Africa
...........................
$
1,601,646
$
—
$
—
$
1,601,646
South
Korea
..........................
—
43,337,886
—
43,337,886
Taiwan
...............................
—
35,066,558
—
35,066,558
Thailand
.............................
—
5,357,079
—
5,357,079
United
Arab
Emirates
....................
1,010,776
—
—
1,010,776
United
Kingdom
........................
—
1,812,507
—
1,812,507
United
States
..........................
7,136,210
—
—
7,136,210
Preferred
Stocks
........................
15,175,837
—
—
15,175,837
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
6,524,212
—
—
6,524,212
Total
Investments
in
Securities
...........
$51,739,771
$160,989,801
b
$—
$212,729,572
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$160,989,801,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
8. Fair
Value
Measurements
(continued)
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
22
franklintempleton.com
Semiannual
Report
Share
Repurchase
Program
The
Fund’s
Board
previously
authorized
the
Fund
to
repurchase
up
to
10%
of
the
Fund’s
outstanding
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
In
exercising
its
discretion
consistent
with
its
portfolio
management
responsibilities,
the
investment
manager
will
take
into
account
various
other
factors,
including,
but
not
limited
to,
the
level
of
the
discount,
the
Fund’s
performance,
portfolio
holdings,
dividend
history,
market
conditions,
cash
on
hand,
the
availability
of
other
attractive
investments
and
whether
the
sale
of
certain
portfolio
securities
would
be
undesirable
because
of
liquidity
concerns
or
because
the
sale
might
subject
the
Fund
to
adverse
tax
consequences.
Any
repurchases
would
be
made
on
a
national
securities
exchange
at
the
prevailing
market
price,
subject
to
exchange
requirements,
Federal
securities
laws
and
rules
that
restrict
repurchases,
and
the
terms
of
any
outstanding
leverage
or
borrowing
of
the
Fund.
If
and
when
the
Fund’s
10%
threshold
is
reached,
no
further
repurchases
could
be
completed
until
authorized
by
the
Board.
Until
the
10%
threshold
is
reached,
Fund
management
will
have
the
flexibility
to
conduct
share
repurchases
if
and
when
it
is
determined
to
be
appropriate
in
light
of
prevailing
circumstances.
In
the
Notes
to
Financial
Statements
section,
please
see
note
2
(Shares
of
Beneficial
Interest)
for
additional
information
regarding
shares
repurchased.
Approval
of
Renewed
Borrowing
Arrangements
The
Fund
is
a
party
to
a
committed,
senior,
secured
revolving
credit
facility
(“Existing
Credit
Facility”)
with
The
Bank
of
Nova
Scotia,
which
matured
on
January
12,
2024.
Effective
January
12,
2024,
the
Fund
renewed
the
Existing
Credit
Facility
for
an
additional
364-day
term
(“Credit
Facility
Renewal”),
maturing
on
January
10,
2025.
The
terms
of
the
Credit
Facility
Renewal
are
substantially
the
same
as
the
terms
of
the
Existing
Credit
Facility,
except
the
amount
of
the
commitment
of
the
Credit
Facility
Renewal
was
reduced
from
$25
million
to
$20
million.
Please
see
Note
7
for
additional
details.
The
purpose
of
the
Credit
Facility
Renewal
is
to
provide
the
Fund
with
a
continuing
source
of
funds
to
purchase
additional
investments
and
pursue
certain
investment
strategies.
Given
the
permanent
capital
structure
and
the
absence
of
daily
liquidity
requirements,
the
investment
manager
believes
the
Fund's
closed-end
fund
structure
is
particularly
well-suited
for
leverage.
Templeton
Emerging
Markets
Fund
Annual
Meeting
of
Shareholders:
March
4,
2024
(unaudited)
23
franklintempleton.com
Semiannual
Report
The
Annual
Meeting
of
Shareholders
of
Templeton
Emerging
Markets
Fund
(the
“Fund”)
was
held
at
the
Fund’s
offices,
300
S.E.
2nd
Street,
Fort
Lauderdale,
Florida,
on
March
4,
2024.
The
purpose
of
the
meeting
was
to
elect
four
Trustees
of
the
Fund
and
to
ratify
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
August
31,
2024.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Ann
Torre
Bates,
Terrence
J.
Checki,
David
W.
Niemiec
and
Larry
D.
Thompson.*
Shareholders
also
ratified
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
August
31,
2024.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
four
Trustees:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
2.
Ratification
of
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
August
31,
2024:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
*
Harris
J.
Ashton,
Mary
C.
Choksi,
Edith
E.
Holiday,
Gregory
E.
Johnson,
Rupert
H.
Johnson,
Jr.,
J.
Michael
Luttig
,
and
Constantine
D.
Tseretopoulos
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders.
Term
Expiring
2027
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Ann
Torre
Bates
9,966,871
64.27%
86.02%
1,619,844
10.44%
13.98%
Terrence
J.
Checki
9,961,059
64.23%
85.97%
1,625,656
10.48%
14.03%
David
W.
Niemiec
9,910,833
63.91%
85.54%
1,675,882
10.81%
14.46%
Larry
D.
Thompson
9,793,041
63.15%
84.52%
1,793,674
11.57%
15.48%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
9,886,503
63.75%
85.33%
Against
1,620,378
10.45%
13.98%
Abstain
79,832
0.51%
0.69%
Templeton
Emerging
Markets
Fund
Dividend
Reinvestment
and
Cash
Purchase
Plan
24
franklintempleton.com
Not
part
of
the
Semiannual
report
The
Fund
offers
a
Dividend
Reinvestment
and
Cash
Purchase
Plan
(the
“Plan”)
with
the
following
features:
Shareholders
must
affirmatively
elect
to
participate
in
the
Plan.
If
you
decide
to
use
this
service,
share
dividends
and
capital
gains
distributions
will
be
reinvested
automatically
in
shares
of
the
Fund
for
your
account.
Whenever
the
Fund
declares
dividends
in
either
cash
or
shares
of
the
Fund,
if
the
market
price
is
equal
to
or
exceeds
net
asset
value
at
the
valuation
date,
the
participant
will
receive
the
dividends
entirely
in
new
shares
at
a
price
equal
to
the
net
asset
value,
but
not
less
than
95%
of
the
then
current
market
price
of
the
Fund’s
shares.
If
the
market
price
is
lower
than
net
asset
value
or
if
dividends
and/or
capital
gains
distributions
are
payable
only
in
cash,
the
participant
will
receive
shares
purchased
on
the
New
York
Stock
Exchange
or
otherwise
on
the
open
market.
A
participant
has
the
option
of
submitting
additional
cash
payments
to
the
Plan
Administrator,
in
any
amounts
of
at
least
$100,
up
to
a
maximum
of
$5,000
per
month,
for
the
purchase
of
Fund
shares
for
his
or
her
account.
These
payments
can
be
made
by
check
payable
to
Equiniti
Trust
Company,
LLC
(the
“Plan
Administrator”)
and
sent
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560
Attention:
Templeton
Emerging
Markets
Fund.
The
Plan
Administrator
will
apply
such
payments
(less
a
$5.00
service
charge
and
less
a
pro
rata
share
of
trading
fees)
to
purchases
of
Fund
shares
on
the
open
market.
The
automatic
reinvestment
of
dividends
and/or
capital
gains
does
not
relieve
the
participant
of
any
income
tax
that
may
be
payable
on
dividends
or
distributions.
Whenever
shares
are
purchased
on
the
New
York
Stock
Exchange
or
otherwise
on
the
open
market,
each
participant
will
pay
a
pro
rata
portion
of
trading
fees.
Trading
fees
will
be
deducted
from
amounts
to
be
invested.
The
Plan
Administrator’s
fee
for
a
sale
of
shares
through
the
Plan
is
$15.00
per
transaction
plus
a
$0.12
per
share
trading
fee.
A
participant
may
withdraw
from
the
Plan
without
penalty
at
any
time
by
written
notice
to
the
Plan
Administrator
sent
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560.
Upon
withdrawal,
the
participant
will
receive,
without
charge,
share
certificates
issued
in
the
participant’s
name
for
all
full
shares
held
by
the
Plan
Administrator;
or,
if
the
participant
wishes,
the
Plan
Administrator
will
sell
the
participant’s
shares
and
send
the
proceeds
to
the
participant,
less
a
service
charge
of
$15.00
and
less
trading
fees
of
$0.12
per
share.
The
Plan
Administrator
will
convert
any
fractional
shares
held
at
the
time
of
withdrawal
to
cash
at
the
current
market
price
and
send
a
check
to
the
participant
for
the
net
proceeds.
For
more
information,
please
see
the
Plan’s
Terms
&
Conditions
located
at
the
back
of
this
report.
Templeton
Emerging
Markets
Fund
Dividend
Reinvestment
and
Cash
Purchase
Plan
25
franklintempleton.com
Not
part
of
the
Semiannual
report
Transfer
Agent
Equiniti
Trust
Company,
LLC
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-056
(800)
416-5585
www.equiniti.com
Direct
Deposit
Service
for
Registered
Shareholders
Cash
distributions
can
now
be
electronically
credited
to
a
checking
or
saving
account
at
any
financial
institution
that
participates
in
the
Automated
Clearing
House
(“ACH”)
system.
The
Direct
Deposit
service
is
provided
for
registered
shareholders
at
no
charge.
To
enroll
in
the
service,
access
your
account
online
by
going
to
www.equiniti.com
or
dial
(800)
416-
5585
(toll
free)
and
follow
the
instructions.
Direct
Deposit
will
begin
with
the
next
scheduled
distribution
payment
date
following
enrollment
in
the
service.
Direct
Registration
If
you
are
a
registered
shareholder
of
the
Fund,
purchases
of
shares
of
the
Fund
can
be
electronically
credited
to
your
Fund
account
at
Equiniti
Trust
Company,
LLC
through
Direct
Registration.
This
service
provides
shareholders
with
a
convenient
way
to
keep
track
of
shares
through
book
entry
transactions,
electronically
move
book-entry
shares
between
broker-dealers,
transfer
agents
and
DRS
eligible
issuers,
and
eliminate
the
possibility
of
lost
certificates.
For
additional
information,
please
contact
Equiniti
Trust
Company,
LLC
at
(800)
416-5585.
Shareholder
Information
Shares
of
Templeton
Emerging
Markets
Fund
are
traded
on
the
New
York
Stock
Exchange
under
the
symbol
“EMF.”
Information
about
the
net
asset
value
and
the
market
price
is
available
at
franklintempleton.com.
For
current
information
about
dividends
and
shareholder
accounts,
call
(800)
416-5585.
Registered
shareholders
can
access
their
Fund
account
on-line.
For
information
go
to
Equiniti
Trust
Company,
LLC’s
web
site
at
www.equiniti.com
and
follow
the
instructions.
The
daily
closing
net
asset
value
as
of
the
previous
business
day
may
be
obtained
when
available
by
calling
Franklin
Templeton
Fund
Information
after
7
a.m.
Pacific
time
any
business
day
at
(800)
DIAL
BEN/342-5236.
The
Fund’s
net
asset
value
and
dividends
are
also
listed
on
the
NASDAQ
Stock
Market,
Inc.’s
Mutual
Fund
Quotation
Service
(“NASDAQ
MFQS”).
Shareholders
not
receiving
copies
of
reports
to
shareholders
because
their
shares
are
registered
in
the
name
of
a
broker
or
a
custodian
can
request
that
they
be
added
to
the
Fund’s
mailing
list,
by
writing
Templeton
Emerging
Markets
Fund,
100
Fountain
Parkway,
P.O.
Box
33030,
St.
Petersburg,
FL
33733-8030.
Templeton
Emerging
Markets
Fund
Shareholder
Information
26
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
27
franklintempleton.com
Semiannual
Report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
1.
Equiniti
Trust
Company,
LLC
("Equiniti"),
will
act
as
Plan
Administrator
and
will
open
an
account
for
participating
shareholders
(“participant”)
under
the
Dividend
Reinvestment
and
Cash
Purchase
Plan
(the
“Plan”)
in
the
same
name
as
that
in
which
the
participant’s
present
shares
are
registered,
and
put
the
Plan
into
effect
as
of
the
first
record
date
for
a
dividend
or
capital
gains
distribution
after
Equiniti
receives
the
authorization
duly
executed
by
such
participant.
2.
Whenever
Templeton
Emerging
Markets
Fund
(the
“Fund”)
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
in
either
cash
or
shares
of
the
Fund
(“Fund
shares”),
if
the
market
price
per
share
on
the
valuation
date
equals
or
exceeds
the
net
asset
value
per
share,
participants
will
receive
such
dividend
or
distribution
entirely
in
Fund
shares,
and
Equiniti
shall
automatically
receive
such
Fund
shares
for
participant
accounts
including
aggregate
fractions.
The
number
of
additional
Fund
shares
to
be
credited
to
participant
accounts
shall
be
determined
by
dividing
the
equivalent
dollar
amount
of
the
capital
gains
distribution
or
dividend
payable
to
participating
holders
by
the
net
asset
value
per
share
of
the
Fund
shares
on
the
valuation
date,
provided
that
the
Fund
shall
not
issue
such
shares
at
a
price
lower
than
95%
of
the
current
market
price
per
share.
The
valuation
date
will
be
the
payable
date
for
such
distribution
or
dividend.
3.
Whenever
the
Fund
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
only
in
cash,
or
if
the
Fund’s
net
asset
value
per
share
exceeds
the
market
price
per
share
on
the
valuation
date,
Equiniti
shall
apply
the
amount
of
such
dividend
or
distribution
payable
to
participants
to
the
purchase
of
Fund
shares
on
the
open
market
(less
their
pro
rata
share
of
trading
fees
incurred
with
respect
to
open
market
purchases
in
connection
with
the
reinvestment
of
such
dividend
or
distribution).
If,
before
Equiniti
has
completed
its
purchases,
the
market
price
exceeds
the
net
asset
value
per
share,
the
average
per
share
purchase
price
paid
by
Equiniti
may
exceed
the
net
asset
value
of
the
Fund’s
shares,
resulting
in
the
acquisition
of
fewer
shares
than
if
the
dividend
or
capital
gains
distribution
had
been
paid
in
shares
issued
by
the
Fund
at
net
asset
value
per
share.
Such
purchases
will
be
made
promptly
after
the
payable
date
for
such
dividend
or
distribution,
and
in
no
event
more
than
30
days
after
such
date
except
where
temporary
curtailment
or
suspension
of
purchase
is
necessary
to
comply
with
applicable
provisions
of
the
Federal
securities
laws.
4.
A
participant
has
the
option
of
submitting
additional
payments
to
Equiniti,
in
any
amounts
of
at
least
$100,
up
to
a
maximum
of
$5,000
per
month,
for
the
purchase
of
Fund
shares
for
his
or
her
account.
These
payments
may
be
made
electronically
through
Equiniti
at
www.equiniti.
com
or
by
check
payable
to
“Equiniti
Trust
Company,
LLC”
and
sent
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attention:
Templeton
Emerging
Markets
Fund.
Equiniti
shall
apply
such
payments
(less
a
$5.00
service
charge
and
less
a
pro
rata
share
of
trading
fees)
to
purchases
of
Fund
shares
on
the
open
market,
as
discussed
below
in
paragraph
6.
Equiniti
shall
make
such
purchases
promptly
on
approximately
the
15th
of
each
month
or,
during
a
month
in
which
a
dividend
or
distribution
is
paid,
beginning
on
the
dividend
payment
date,
and
in
no
event
more
than
30
days
after
receipt,
except
where
necessary
to
comply
with
provisions
of
the
Federal
securities
laws.
Any
voluntary
payment
received
less
than
two
business
days
before
an
investment
date
shall
be
invested
during
the
following
month
unless
there
are
more
than
30
days
until
the
next
investment
date,
in
which
case
such
payment
will
be
returned
to
the
participant.
Equiniti
shall
return
to
the
participant
his
or
her
entire
voluntary
cash
payment
upon
written
notice
of
withdrawal
received
by
Equiniti
not
less
than
48
hours
before
such
payment
is
to
be
invested.
Such
written
notice
shall
be
sent
to
Equiniti
by
the
participant,
as
discussed
below
in
paragraph
14.
5.
For
all
purposes
of
the
Plan:
(a)
the
market
price
of
the
Fund’s
shares
on
a
particular
date
shall
be
the
last
sale
price
on
the
New
York
Stock
Exchange
on
that
date
if
a
business
day
and
if
not,
on
the
preceding
business
day,
or
if
there
is
no
sale
on
such
Exchange
on
such
date,
then
the
mean
between
the
closing
bid
and
asked
quotations
for
such
shares
on
such
Exchange
on
such
date,
and
(b)
net
asset
value
per
share
of
the
Fund’s
shares
on
a
particular
date
shall
be
as
determined
by
or
on
behalf
of
the
Fund.
6.
Open
market
purchases
provided
for
above
may
be
made
on
any
securities
exchange
where
Fund
shares
are
traded,
in
the
over-the-counter
market
or
in
negotiated
transactions
and
may
be
on
such
terms
as
to
price,
delivery
and
otherwise
as
Equiniti
shall
determine.
Participant
funds
held
by
Equiniti
uninvested
will
not
bear
interest,
and
it
is
understood
that,
in
any
event,
Equiniti
shall
have
no
liability
in
connection
with
any
inability
to
purchase
Fund
shares
within
30
days
after
the
payable
date
for
any
dividend
or
distribution
as
herein
provided,
or
with
the
timing
of
any
purchases
effected.
Equiniti
shall
have
no
responsibility
28
franklintempleton.com
Semiannual
Report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
as
to
the
value
of
the
Fund
shares
acquired
for
participant
accounts.
For
the
purposes
of
purchases
in
the
open
market,
Equiniti
may
aggregate
purchases
with
those
of
other
participants,
and
the
average
price
(including
trading
fees)
of
all
shares
purchased
by
Equiniti
shall
be
the
price
per
share
allocable
to
all
participants.
7.
Equiniti
will
hold
shares
acquired
pursuant
to
this
Plan,
together
with
the
shares
of
other
participants
acquired
pursuant
to
this
Plan,
in
its
name
or
that
of
its
nominee.
Equiniti
will
forward
to
participants
any
proxy
solicitation
material
and
will
vote
any
shares
so
held
for
participants
only
in
accordance
with
the
proxies
returned
by
participants
to
the
Fund.
Upon
written
request,
Equiniti
will
deliver
to
participants,
without
charge,
a
certificate
or
certificates
for
all
or
a
portion
of
the
full
shares
held
by
Equiniti.
8.
Equiniti
will
confirm
to
participants
each
acquisition
made
for
an
account
as
soon
as
practicable
but
not
later
than
ten
business
days
after
the
date
thereof.
Equiniti
will
send
to
participants
a
detailed
account
statement
showing
total
dividends
and
distributions,
date
of
investment,
shares
acquired
and
price
per
share,
and
total
shares
of
record
for
the
account.
Although
participants
may
from
time
to
time
have
an
undivided
fractional
interest
(computed
to
three
decimal
places)
in
a
share
of
the
Fund,
no
certificates
for
a
fractional
share
will
be
issued.
However,
dividends
and
distributions
on
fractional
shares
will
be
credited
to
participant
accounts.
In
the
event
of
termination
of
an
account
under
the
Plan,
Equiniti
will
adjust
for
any
such
undivided
fractional
interest
in
cash
at
the
market
price
of
the
Fund’s
shares
on
the
date
of
termination.
9.
Any
share
dividends
or
split
shares
distributed
by
the
Fund
on
shares
held
by
Equiniti
for
participants
will
be
credited
to
participant
accounts.
In
the
event
that
the
Fund
makes
available
to
its
shareholders
transferable
rights
to
purchase
additional
Fund
shares
or
other
securities,
Equiniti
will
sell
such
rights
and
apply
the
proceeds
of
the
sale
to
the
purchase
of
additional
Fund
shares
for
the
participant
accounts.
The
shares
held
for
participants
under
the
Plan
will
be
added
to
underlying
shares
held
by
participants
in
calculating
the
number
of
rights
to
be
issued.
10.
Equiniti’s
service
charge
for
capital
gains
or
income
dividend
purchases
will
be
paid
by
the
Fund
when
shares
are
issued
by
the
Fund
or
purchased
on
the
open
market.
Equiniti
will
deduct
a
$5.00
service
charge
from
each
voluntary
cash
payment.
Participants
will
be
charged
a
pro
rata
share
of
trading
fees
on
all
open
market
purchases.
11.
Participants
may
withdraw
shares
from
such
participant’s
account
or
terminate
their
participation
under
the
Plan
by
notifying
Equiniti
in
writing.
Such
withdrawal
or
termination
will
be
effective
immediately
if
notice
is
received
by
Equiniti
not
less
than
two
days
prior
to
any
dividend
or
distribution
record
date;
otherwise
such
withdrawal
or
termination
will
be
effective
after
the
investment
of
any
current
dividend
or
distribution
or
voluntary
cash
payment.
The
Plan
may
be
terminated
by
Equiniti
or
the
Fund
upon
90
days’
notice
in
writing
mailed
to
participants.
Upon
any
withdrawal
or
termination,
Equiniti
will
cause
a
certificate
or
certificates
for
the
full
shares
held
by
Equiniti
for
participants
and
cash
adjustment
for
any
fractional
shares
(valued
at
the
market
value
of
the
shares
at
the
time
of
withdrawal
or
termination)
to
be
delivered
to
participants,
less
any
trading
fees.
Alternatively,
a
participant
may
elect
by
written
notice
to
Equiniti
to
have
Equiniti
sell
part
or
all
of
the
shares
held
for
him
and
to
remit
the
proceeds
to
him.
Equiniti
is
authorized
to
deduct
a
$15.00
service
charge
and
a
$0.12
per
share
trading
fee
for
this
transaction
from
the
proceeds.
If
a
participant
disposes
of
all
shares
registered
in
his
name
on
the
books
of
the
Fund,
Equiniti
may,
at
its
option,
terminate
the
participant’s
account
or
determine
from
the
participant
whether
he
wishes
to
continue
his
participation
in
the
Plan.
12.
These
terms
and
conditions
may
be
amended
or
supplemented
by
Equiniti
or
the
Fund
at
any
time
or
times,
except
when
necessary
or
appropriate
to
comply
with
applicable
law
or
the
rules
or
policies
of
the
U.S.
Securities
and
Exchange
Commission
or
any
other
regulatory
authority,
only
by
mailing
to
participants
appropriate
written
notice
at
least
90
days
prior
to
the
effective
date
thereof.
The
amendment
or
supplement
shall
be
deemed
to
be
accepted
by
participants
unless,
prior
to
the
effective
date
thereof,
Equiniti
receives
written
notice
of
the
termination
of
a
participant
account
under
the
Plan.
Any
such
amendment
may
include
an
appointment
by
Equiniti
in
its
place
and
stead
of
a
successor
Plan
Administrator
under
these
terms
and
conditions,
with
full
power
and
authority
to
perform
all
or
any
of
the
acts
to
be
performed
by
Equiniti
under
these
terms
and
conditions.
Upon
any
such
appointment
of
a
Plan
Administrator
for
the
purpose
of
receiving
dividends
and
distributions,
the
Fund
will
be
authorized
to
pay
to
such
successor
Plan
Administrator,
for
a
participant’s
account,
all
dividends
and
distributions
payable
on
Fund
shares
held
in
a
participant’s
name
or
under
the
Plan
for
retention
or
application
by
such
successor
Plan
Administrator
as
provided
in
these
terms
and
conditions.
29
franklintempleton.com
Semiannual
Report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
13.
Equiniti
shall
at
all
times
act
in
good
faith
and
agree
to
use
its
best
efforts
within
reasonable
limits
to
ensure
the
accuracy
of
all
services
performed
under
this
Agreement
and
to
comply
with
applicable
law,
but
shall
assume
no
responsibility
and
shall
not
be
liable
for
loss
or
damage
due
to
errors
unless
such
error
is
caused
by
Equiniti’s
negligence,
bad
faith
or
willful
misconduct
or
that
of
its
employees.
14.
Any
notice,
instruction,
request
or
election
which
by
any
provision
of
the
Plan
is
required
or
permitted
to
be
given
or
made
by
the
participant
to
Equiniti
shall
be
in
writing
addressed
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-
0560,
Attention:
Templeton
Emerging
Markets
Fund,
or
www.equiniti.com
or
such
other
address
as
Equiniti
shall
furnish
to
the
participant,
and
shall
have
been
deemed
to
be
given
or
made
when
received
by
Equiniti.
15.
Any
notice
or
other
communication
which
by
any
provision
of
the
Plan
is
required
to
be
given
by
Equiniti
to
the
participant
shall
be
in
writing
and
shall
be
deemed
to
have
been
sufficiently
given
for
all
purposes
by
being
deposited
postage
prepaid
in
a
post
office
letter
box
addressed
to
the
participant
at
his
or
her
address
as
it
shall
last
appear
on
Equiniti’s
records.
The
participant
agrees
to
notify
Equiniti
promptly
of
any
change
of
address.
16.
These
terms
and
conditions
shall
be
governed
by
and
construed
in
accordance
with
the
laws
of
the
State
of
New
York
and
the
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission,
as
they
may
be
amended
from
time
to
time.
TLEMF
S
04/24
©
2024
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund’s
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Templeton
Emerging
Markets
Fund
Investment
Manager
Transfer
Agent
Fund
Information
Templeton
Asset
Management
Ltd.
Equiniti
Trust
Company,
LLC
6201
15th
Avenue
Brooklyn,
NY
11219
Toll
Free
Number:
(800)
416-5585
Hearing
Impaired
Number:
(866)
703-9077
International
Number:
(718)
921-8124
Hearing
Impaired
International
Number:
(718)
921-8386
www.equiniti.com
(800)
DIAL
BEN
®
/
342-5236
Item 2. Code of Ethics.
(a) The
Registrant has adopted a code of ethics that applies to its principal executive
officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant
to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code
of ethics that applies to its principal executive officers and principal
financial and accounting officer.
Item 3. Audit Committee
Financial Expert.
(a)(1) The
Registrant has an audit committee financial expert serving on its audit
committee.
(2) The
audit committee financial experts are Ann Torre Bates and David W. Niemiec and they
are "independent" as defined under the relevant Securities and
Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees
and Services. N/A
Item
5. Audit Committee
of Listed Registrants.
Members of the Audit Committee are: Ann Torre Bates,
David W. Niemiec and
Constantine D. Tseretopoulos.
Item
6. Schedule of Investments.
N/A
Item
7
. Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment Companies.
The board of trustees of the Fund has delegated the authority
to vote proxies related to the portfolio securities held by the Fund to the
Fund's investment manager, Templeton Asset Management Ltd. (Asset Management)in
accordance with the Proxy Voting Policies and Procedures (Policies) adopted by
the investment manager.
RESPONSIBILITY OF THE INVESTMENT MANAGER TO VOTE
PROXIES
Franklin Templeton Emerging Markets Equity Group, a
separate investment group within Franklin Templeton, comprised of investment
personnel from the SEC-registered investment advisers listed on Appendix A
(hereinafter individually an “Investment Manager” and collectively the
"Investment Managers") have delegated the administrative duties with
respect to voting proxies for securities to the Franklin Templeton Proxy Group.
Proxy duties consist of disseminating proxy materials and analyses of issuers
whose stock is owned by any client (including both investment companies and any
separate accounts managed by the Investment Managers) that has either delegated
proxy voting administrative responsibility to the Investment Managers or has
asked for information and/or recommendations on the issues to be voted. The
Investment Managers will inform advisory clients that have not delegated the
voting responsibility but that have requested voting advice about the
Investment Managers’ views on such proxy votes. The Proxy Group also provides
these services to other advisory affiliates of the Investment Managers.
The Proxy Group will process proxy votes on behalf of,
and the Investment Managers vote proxies solely in the best interests of,
separate account clients, the Investment Managers’-managed investment company
shareholders, or shareholders of funds that have appointed Franklin Templeton
International Services S.à.r.l. (“FTIS S.à.r.l.”) as the Management Company,
provided such funds or clients have properly delegated such responsibility in
writing, or, where employee benefit plan assets subject to the Employee
Retirement Income Security Act of 1974, as amended, are involved (“ERISA
accounts”), in the best interests of the plan participants and beneficiaries
(collectively, "Advisory Clients"), unless (i) the power to vote has
been specifically retained by the named fiduciary in the documents in which the
named fiduciary appointed the Investment Managers or (ii) the documents
otherwise expressly prohibit the Investment Managers from voting proxies. The Investment
Managers recognize that the exercise of voting rights on securities held by
ERISA plans for which the Investment Managers have voting responsibility is a
fiduciary duty that must be exercised with care, skill, prudence and diligence.
In certain circumstances, Advisory Clients are
permitted to direct their votes in a solicitation pursuant to the Investment
Management Agreement. An Advisory Client that wishes to direct its vote shall
give reasonable prior written notice to the Investment Managers indicating such
intention and provide written instructions directing the Investment Managers or
the Proxy Group to vote regarding the solicitation. Where such prior written
notice is received, the Proxy Group will vote proxies in accordance with such
written notification received from the Advisory Client.
The Investment Managers have adopted and implemented
Proxy Voting Policies and Procedures (“Proxy Policies”) that they believe are
reasonably designed to ensure that proxies are voted in the best interest of
Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6
under the Investment Advisers Act of 1940. To the extent that the Investment
Managers have a subadvisory agreement with an affiliated investment manager
(the “Affiliated Subadviser”) with respect to a particular Advisory Client, the
Investment Managers may delegate proxy voting responsibility to the Affiliated
Subadviser. The Investment Managers may also delegate proxy voting
responsibility to a subadviser that is not an Affiliated Subadviser in certain
limited situations as disclosed to fund shareholders (e.g., where an Investment
Manager to a pooled investment vehicle has engaged a subadviser that is not an
Affiliated Subadviser to manage all or a portion of the assets).
*
Rule 38a-1
under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under
the Investment Advisers Act of 1940 (“Advisers Act”) (together the “Compliance
Rule”) require registered investment companies and registered investment
advisers to, among other things, adopt and implement written policies and
procedures reasonably designed to prevent violations of the federal securities
laws (“Compliance Rule Policies and Procedures”).
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
All proxies received by the Proxy Group will be voted
based upon the Investment Managers’ instructions and/or policies. To assist it
in analyzing proxies of equity securities, the Investment Managers subscribe to
Institutional Shareholder Services Inc. ("ISS"), an unaffiliated
third-party corporate governance research service that provides in-depth
analyses of shareholder meeting agendas and vote recommendations. In addition,
the Investment Managers subscribe to ISS’s Proxy Voting Service and Vote
Disclosure Service. These services include receipt of proxy ballots, custodian
bank relations, account maintenance, vote execution, ballot reconciliation,
vote record maintenance, comprehensive reporting
capabilities, and vote disclosure services. Also, the Investment Managers
subscribe to Glass, Lewis & Co., LLC ("Glass Lewis"), an
unaffiliated third-party analytical research firm, to receive analyses and vote
recommendations on the shareholder meetings of publicly held U.S. companies, as
well as a limited subscription to its international research.
For accounts managed by the Templeton Global Equity
Group (“TGEG”), in making voting decisions, the Investment Managers may
consider Glass Lewis’s Proxy Voting Guidelines, ISS’s Benchmark Policies, ISS’s
Sustainability Policy, and TGEG’s custom sustainability guidelines, which
reflect what TGEG believes to be good environmental, social, and governance
practices. Although analyses provided by ISS, Glass Lewis, and/or another
independent third-party proxy service provider (each a “Proxy Service”) are
thoroughly reviewed and considered in making a final voting decision, the
Investment Managers do not consider recommendations from a Proxy Service or any
third-party to be determinative of the Investment Managers’ ultimate decision.
Rather, the Investment Managers exercise their independent judgment in making
voting decisions. As a matter of policy, the officers, directors and employees
of the Investment Managers and the Proxy Group will not be influenced by
outside sources whose interests conflict with the interests of Advisory
Clients.
For ease of reference, the Proxy Policies often refer
to all Advisory Clients. However, our processes and practices seek to ensure
that proxy voting decisions are suitable for individual Advisory Clients. In
some cases, the Investment Managers’ evaluation may result in an individual
Advisory Client or Investment Manager voting differently, depending upon the
nature and objective of the fund or account, the composition of its portfolio,
whether the Investment Manager has adopted a specialty or custom voting policy,
and other factors.
Proxy Services
Certain of the Investment Managers’ separate accounts
or funds (or a portion thereof) are included under Franklin Templeton
Investment Solutions (“FTIS”), a separate investment group within Franklin
Templeton, and employ a quantitative strategy.
For such accounts, FTIS’s proprietary methodologies
rely on a combination of quantitative, qualitative, and behavioral analysis
rather than fundamental security research and analyst coverage that an
actively-managed portfolio would ordinarily employ. Accordingly, absent client
direction, in light of the high number of positions held by such accounts and
the considerable time and effort that would be required to review proxy
statements and ISS or Glass Lewis recommendations, the Investment Manager may
review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in
particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines
(the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent
with the best interest of its clients, to provide standing instructions to the
Proxy Group to vote proxies according to the recommendations of ISS or Glass
Lewis.
In addition, the Investment Managers receive in-house
voting research from Franklin Templeton’s Stewardship Team (FT Stewardship). FT
Stewardship provides customized research on specific corporate governance
issues that is tailored to the investment manager and corporate engagement
undertaken. This research may include opinions on voting decisions, however
there is no obligation or inference for the Investment Manager to formally vote
in line with these opinions. This research supports the independent vote
decision making process, and may reduce reliance on third-party advice for
certain votes.
The Investment Manager, however, retains the ability
to vote a proxy differently than ISS or Glass Lewis recommends if the
Investment Manager determines that it would be in the best interests of Advisory
Clients.
Conflicts of Interest
All conflicts of interest will be resolved in the best
interests of the Advisory Clients. The Investment Managers are affiliates of a
large, diverse financial services firm with many affiliates and makes its best
efforts to mitigate conflicts of interest. However, as a general matter, the
Investment Managers take the position that relationships between certain
affiliates that do not use the “Franklin Templeton” name (“Independent
Affiliates”) and an issuer (e.g., an investment management relationship between
an issuer and an Independent Affiliate) do not present a conflict of interest
for an Investment Manager in voting proxies with respect to such issuer
because: (i) the Investment Managers operate as an independent business unit
from the Independent Affiliate business units, and (ii) informational barriers
exist between the Investment Managers and the Independent Affiliate business
units.
Material conflicts of interest could arise in a
variety of situations, including as a result of the Investment Managers’ or an
affiliate’s (other than an Independent Affiliate as described above): (i)
material business relationship with an issuer or proponent, (ii) direct or
indirect pecuniary interest in an issuer or proponent; or (iii) significant
personal or family relationship with an issuer or proponent. Material conflicts
of interest are identified by the Proxy Group based upon analyses of client,
distributor, broker dealer, and vendor lists, information periodically gathered
from directors and officers, and information derived from other sources,
including public filings. The Proxy Group gathers and analyzes this information
on a best-efforts basis, as much of this information is provided directly by
individuals and groups other than the Proxy Group, and the Proxy Group relies
on the accuracy of the information it receives from such parties.
Nonetheless, even though a potential conflict of
interest between the Investment Managers or an affiliate (other than an
Independent Affiliate as described above) and an issuer may exist: (1) the Investment
Managers may vote in opposition to the recommendations of an issuer’s
management even if contrary to the recommendations of a third-party proxy
voting research provider; (2) if management has made no recommendations, the
Proxy Group may defer to the voting instructions of the Investment Managers;
and (3) with respect to shares held by Franklin Resources, Inc. or its
affiliates for their own corporate accounts, such shares may be voted without regard
to these conflict procedures.
Otherwise, in situations where a material conflict of
interest is identified between the Investment Managers or one of its affiliates
(other than Independent Affiliates) and an issuer, the Proxy Group may vote
consistent with the voting recommendation of a Proxy Service or send the proxy
directly to the relevant Advisory Clients with the Investment Managers’
recommendation regarding the vote for approval. To address certain affiliate
conflict situations, the Investment Managers will employ pass-through voting or
mirror voting when required pursuant to a fund’s governing documents or
applicable law.
Where the Proxy Group refers a matter to an Advisory
Client, it may rely upon the instructions of a representative of the Advisory
Client, such as the board of directors or trustees, a committee of the board,
or an appointed delegate in the case of a U.S. registered investment company, a
conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its
Management Company, the Independent Review Committee for Canadian investment
funds, or a plan administrator in the case of an employee benefit plan. A
quorum of the board of directors or trustees or of a committee of the board can
be reached by a majority of members, or a majority of non-recused members. The
Proxy Group may determine to vote all shares held by Advisory Clients of the
Investment Managers and affiliated Investment Managers (other than Independent
Affiliates) in accordance with the instructions of one or more of the Advisory
Clients.
The Investment Managers may also decide whether to
vote proxies for securities deemed to present conflicts of interest that are
sold following a record date, but before a shareholder meeting date. The
Investment Managers may consider various factors in deciding whether to vote
such proxies, including the Investment Managers’ long-term view of the issuer’s
securities for investment, or it may defer the decision to vote to the
applicable Advisory Client. The Investment Managers also may be unable to vote,
or choose not to vote, a proxy for securities deemed to present a conflict of
interest for any of the reasons outlined in the first paragraph of the section
of these policies entitled “Proxy Procedures.”
Weight Given Management Recommendations
One of the primary factors the Investment Managers
consider when determining the desirability of investing in a particular company
is the quality and depth of that company's management. Accordingly, the
recommendation of management on any issue is a factor that the Investment
Managers consider in determining how proxies should be voted. However, the
Investment Managers do not consider recommendations from management to be
determinative of the Investment Managers’ ultimate decision. Each issue is
considered on its own merits, and the Investment Managers will not support the
position of a company's management in any situation where it determines that
the ratification of management's position would adversely affect the investment
merits of owning that company's shares.
Engagement with Issuers
The Investment Managers believe that engagement with
issuers is important to good corporate governance and to assist in making proxy
voting decisions. The Investment Managers may engage with issuers to discuss
specific ballot items to be voted on in advance of an annual or special meeting
to obtain further information or clarification on the proposals. The Investment
Managers may also engage with management on a range of environmental, social or
corporate governance issues throughout the year.
THE PROXY GROUP
The Proxy Group is part of Franklin Templeton’s
Stewardship Team. Full-time staff members and support staff are devoted to
proxy voting administration and oversight and providing support and assistance
where needed. On a daily basis, the Proxy Group will review each proxy upon
receipt as well as any agendas, materials and recommendations that they receive
from a Proxy Service or other sources. The Proxy Group maintains a record of
all shareholder meetings that are scheduled for companies whose securities are
held by the Investment Managers’ managed funds and accounts. For each
shareholder meeting, a member of the Proxy Group will consult with the research
analyst that follows the security and provide the analyst with the agenda,
analyses of one or more Proxy Services, recommendations and any other
information provided to the Proxy Group. Except in situations identified as
presenting material conflicts of interest, the Investment Managers’ research
analyst and relevant portfolio manager(s) are responsible for making the final
voting decision based on their review of the agenda, analyses of one or more
Proxy Services, proxy statements, their knowledge of the company and any other
information publicly available.
In situations where the Investment Managers have not
responded with vote recommendations to the Proxy Group by the deadline date,
the Proxy Group may vote consistent with the vote recommendations of a Proxy
Service. Except in cases where the Proxy Group is voting consistent with the
voting recommendation of a Proxy Service, the Proxy Group must obtain voting
instructions from the Investment Managers’ research analysts, relevant
portfolio manager(s), legal counsel and/or the Advisory Client prior to
submitting the vote. In the event that an account holds a security that an
Investment Manager did not purchase on its behalf, and the Investment Manager
does not normally consider the security as a potential investment for other
accounts, the Proxy Group may vote consistent with the voting recommendations
of a Proxy Service or take no action on the meeting.
PROXY ADMINISTRATION PROCEDURES
Situations Where Proxies Are Not Voted
The Proxy Group is fully cognizant of its
responsibility to process proxies and maintain proxy records as may be required
by relevant rules and regulations. In addition, the Investment Managers
understand their fiduciary duty to vote proxies and that proxy voting decisions
may affect the value of shareholdings. Therefore, the Investment Managers will
generally attempt to process every proxy they receive for all domestic and
foreign securities.
However, there may be situations in which the
Investment Managers may be unable to successfully vote a proxy, or may choose
not to vote a proxy, such as where: (i) a proxy ballot was not received from
the custodian bank; (ii) a meeting notice was received too late; (iii) there
are fees imposed upon the exercise of a vote and it is determined that such
fees outweigh the benefit of voting; (iv) there are legal encumbrances to
voting, including blocking restrictions in certain markets that preclude the
ability to dispose of a security if an Investment Manager votes a proxy or
where the Investment Manager is prohibited from voting by applicable law,
economic or other sanctions, or other regulatory or market requirements,
including but not limited to, effective Powers of Attorney;(v) additional
documentation or the disclosure of beneficial owner details is required; (vi)
the Investment Managers held shares on the record date but has sold them prior
to the meeting date; (vii) the Advisory Client held shares on the record date,
but the Advisory Client closed the account prior to the meeting date; (viii) a
proxy voting service is not offered by the custodian in the market; (ix) due to
either system error or human error, the Investment Managers’ intended vote is
not correctly submitted; (x) the Investment Managers believe it is not in the
best interest of the Advisory Client to vote the proxy for any other reason not
enumerated herein; or (xi) a security is subject to a securities lending or
similar program that has transferred legal title to the security to another
person.
Rejected Votes
Even if the Investment Managers use reasonable efforts
to vote a proxy on behalf of their Advisory Clients, such vote or proxy may be
rejected because of (a) operational or procedural issues experienced by one or
more third parties involved in voting proxies in such jurisdictions; (b)
changes in the process or agenda for the meeting by the issuer for which the
Investment Managers do not have sufficient notice; or (c) the exercise by the
issuer of its discretion to reject the vote of the Investment Managers. In
addition, despite the best efforts of the Proxy Group and its agents, there may
be situations where the Investment Managers’ votes are not received, or
properly tabulated, by an issuer or the issuer’s agent.
Securities on Loan
The Investment Managers or their affiliates may, on
behalf of one or more of the proprietary registered investment companies
advised by the Investment Managers or their affiliates, make efforts to recall
any security on loan where the Investment Manager or its affiliates (a) learn
of a vote on an event that may materially affect a security on loan and (b)
determine that it is in the best interests of such proprietary registered
investment companies to recall the security for voting purposes. The ability to
timely recall shares is not entirely within the control of the Investment
Managers. Under certain circumstances, the recall of shares in time for such
shares to be voted may not be possible due to applicable proxy voting record
dates or other administrative considerations.
Split Voting
There may be instances in certain non-U.S. markets where
split voting is not allowed. Split voting occurs when a position held within an
account is voted in accordance with two differing instructions. Some markets
and/or issuers only allow voting on an entire position and do not accept split
voting. In certain cases, when more than one Franklin Templeton investment
manager has accounts holding shares of an issuer that are held in an omnibus
structure, the Proxy Group will seek direction from an appropriate
representative of the Advisory Client with multiple Investment Managers (such
as a conducting officer of the Management Company in the case of a SICAV), or
the Proxy Group will submit the vote based on the voting instructions provided
by the Investment Manager with accounts holding the greatest number of shares of
the security within the omnibus structure.
Bundled Items
If several issues are bundled together in a single
voting item, the Investment Managers will assess the total benefit to
shareholders and the extent that such issues should be subject to separate
voting proposals.
PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME
SECURITIES & PRIVATELY HELD ISSUERS
From time to time, certain custodians may process
events for fixed income securities through their proxy voting channels rather
than corporate action channels for administrative convenience. In such cases,
the Proxy Group will receive ballots for such events on the ISS voting
platform. The Proxy Group will solicit voting instructions from the Investment
Managers for each account or fund involved. If the Proxy Group does not receive
voting instructions from the Investment Managers, the Proxy Group will take no
action on the event. The Investment Managers may be unable to vote a proxy for
a fixed income security, or may choose not to vote a proxy, for the reasons
described under the section entitled “Proxy Procedures.”
In the rare instance where there is a vote for a
privately held issuer, the decision will generally be made by the relevant
portfolio managers or research analysts.
The Proxy Group will monitor such meetings involving
fixed income securities or privately held issuers for conflicts of interest in
accordance with these procedures. If a fixed income or privately held issuer is
flagged as a potential conflict of interest, the Investment Managers may
nonetheless vote as it deems in the best interests of its Advisory Clients. The
Investment Managers will report such decisions on an annual basis to Advisory
Clients as may be required.
Appendix A
These Proxy Policies apply to accounts managed by
personnel within Franklin Templeton Emerging Markets Equity Group, which
includes the following Investment Managers:
Franklin Templeton Investment Management Limited
Templeton Asset Management Ltd.
Franklin Templeton Investments (ME) Limited
Templeton Asset Management Ltd.
Franklin Templeton Investments (ME) Limited
Item 8. Portfolio Managers
of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.
|
|
(a) |
(b) |
(c) |
(d) |
|
Period |
Total Number of Shares
Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased
as Part of Publicly Announced Plans or Program |
Maximum Number (or
Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans
or Programs |
|
Month #1 (9/1/23 - 9/30/23) |
33,888.000 |
11.56 |
33,888.000 |
1,064,845.00 |
|
Month #2 (10/1/23 - 10/31/23) |
67,769.000 |
11.07 |
67,769.000 |
997,076.00 |
|
Month #3 (11/1/23 - 11/30/23) |
37,702.000 |
11.58 |
37,702.000 |
959,374.00 |
|
Month #4 (12/1/23 - 12/31/23) |
23,855.000 |
11.61 |
23,855.000 |
935,519.00 |
|
Month #5 (1/1/24 - 1/31/24) |
20,311.000 |
11.10 |
20,311.000 |
915,208.00 |
|
Month #6 (2/1/24 - 2/29/24) |
18,264.000 |
11.48 |
18,264.000 |
896,944.00 |
|
Total |
201,789.000 |
|
201,789.000 |
|
The Board previously
authorized an open-market share repurchase program pursuant to which the Fund
may purchase, from time to time, Fund shares in open-market transactions, at the
discretion of management. Effective December 13, 2018, the Board approved a
modification to its existing open-market share repurchase program to authorize
the Fund to repurchase an additional 10% of the Fund’s shares outstanding in
open market transactions, at the discretion of management. Since the inception
of the program, the Fund had repurchased a total of 2,623,868 shares.
Item 10. Submission of Matters
to a Vote of Security Holders.
There have been no changes to the procedures by which
shareholders may recommend nominees to the Registrant's Board of Trustees that
would require disclosure herein.
Item 11. Controls and
Procedures.
(a)
Evaluation of Disclosure Controls and
Procedures. The Registrant maintains disclosure controls and procedures
that are designed to provide reasonable assurance that information required to
be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934,
as amended, and the Investment Company Act of 1940 is recorded, processed,
summarized and reported within the periods specified in the rules and forms of
the Securities and Exchange Commission. Such information is accumulated and
communicated to the Registrant’s management, including its principal executive
officer and principal financial officer, as appropriate, to allow timely
decisions regarding required disclosure. The Registrant’s management, including
the principal executive officer and the principal financial officer, recognizes
that any set of controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired
control objectives.
Within 90 days prior to the
filing date of this Shareholder Report on Form N-CSR, the Registrant had carried
out an evaluation, under the supervision and with the participation of the
Registrant’s management, including the Registrant’s principal executive officer
and the Registrant’s principal financial officer, of the effectiveness of the
design and operation of the Registrant’s disclosure controls and procedures.
Based on such evaluation, the Registrant’s principal executive officer and
principal financial officer concluded that the Registrant’s disclosure controls
and procedures are effective.
(b)
Changes in Internal Controls: There
have been no changes 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 internal
control over financial reporting.
Item 12. Disclosure of
Securities Lending Activities for Closed-End Management Investment Company.
Securities
lending agent
The board of trustees
has approved the Fund’s participation in a securities lending program. Under the
securities lending program, JP Morgan Chase Bank serves as the Fund’s securities
lending agent.
For
the period ended February 29, 2024, the income earned by the Fund as well as
the fees and/or compensation paid by the Fund in dollars pursuant to a
securities lending agreement between the Trust with respect to the Fund and the
Securities Lending Agent were as follows (figures may differ from those shown
in shareholder reports due to time of availability and use of estimates):
|
Gross income
earned by the Fund from securities lending activities |
$4,621 |
|
Fees and/or compensation
paid by the Fund for securities lending activities and related services |
|
|
Fees paid to Securities Lending Agent from revenue split |
$362 |
|
Fees paid for any cash collateral management service (including
fees deducted from a pooled cash collateral reinvestment vehicle) not included
in a revenue split |
$- |
|
Administrative fees not included in a revenue split |
$- |
|
Indemnification fees not included in a revenue split |
$- |
|
Rebate (paid to borrower) |
$95 |
|
Other fees not included above |
$34 |
|
Aggregate fees/compensation
paid by the Fund for securities lending activities |
$491 |
|
Net income
from securities lending activities |
$4,130 |
Item 13. Recovery of Erroneously
Awarded Compensation.
(a) N/A
(b) N/A
Item 14. Exhibits.
(a)(1) Code of Ethics
(a)(2) Certifications
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings,
Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief
Financial Officer, Chief Accounting Officer and Treasurer
(a)(2)(1) There were no
written solicitations to purchase securities under Rule 23c-1 under the Act
sent or given during the period covered by the report by or on behalf of the
Registrant to 10 or more persons.
(a)(2)(2) There was no change
in the Registrant’s independent public accountant during the period covered by
the report.
(b) Certifications pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief
Executive Officer - Finance and Administration, and Jeffrey White, Chief
Financial Officer, Chief Accounting Officer and Treasurer
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.
TEMPLETON EMERGING MARKETS
FUND
By S\CHRISTOPHER KINGS _________________
Christopher
Kings
Chief Executive Officer
- Finance and Administration
Date April 29, 2024
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\CHRISTOPHER KINGS _________________
Christopher
Kings
Chief Executive Officer
- Finance and Administration
Date April 29, 2024
By S\JEFFREY WHITE______________________
Jeffrey
White
Chief Financial
Officer, Chief Accounting Officer and Treasurer
Date April 29, 2024