UNITED STATES
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: 2/28/23
 
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
28,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Contents
Semiannual
Report
Templeton
Emerging
Markets
Fund
2
Performance
Summary
5
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
13
Notes
to
Financial
Statements
16
Important
Information
to
Shareholders
25
Annual
Meeting
of
Shareholders
26
Dividend
Reinvestment
and
Cash
Purchase
Plan
27
Shareholder
Information
29
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Templeton
Emerging
Markets
Fund
Dear
Shareholder:
This
semiannual
report
for
Templeton
Emerging
Markets
Fund
covers
the
period
ended
February
28,
2023
.
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.
Performance
Overview
The
Fund
posted
cumulative
total
returns
of
+5.34%
based
on
market
price
and
+3.25%
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
-2.29%
cumulative
total
return
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
5
.
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.
Economic
and
Market
Overview
Growth
in
emerging
market
economies
slowed
during
the
six
months
ended
February
28,
2023,
as
countries
across
the
world
grappled
with
high
inflation.
Most
emerging
markets’
central
banks—with
the
notable
exception
of
China—raised
their
benchmark
interest
rates
to
stem
inflation.
Emerging
market
equities
were
hurt
in
September
2022
by
rising
inflation
and
interest-rate
hikes.
Lower-than-expected
inflation
in
2022’s
fourth
quarter
and
January
2023,
along
with
China’s
easing
of
COVID-19
restrictions,
boosted
equities
in
the
middle
of
the
period.
However,
renewed
high
inflation
levels
and
signals
of
future
rate
hikes
by
the
U.S.
Federal
Reserve
led
equities
to
slump
again
in
February.
Regarding
individual
countries,
China’s
year-on-year
economic
growth
rate
accelerated
in
2022’s
third
quarter,
due
in
part
to
supportive
government
policies.
Growth
then
moderated
in
the
fourth
quarter,
during
which
the
country’s
unemployment
rate
hit
a
six-month
high
and
industrial
output
weakened.
Taiwan’s
year-on-year
growth
rate
accelerated
in
2022’s
third
quarter,
spurred
by
strong
private
spending.
Growth
then
contracted
in
the
fourth
quarter—the
first
decline
since
2016—as
exports
shrank
due
to
weak
global
demand
and
private
spending.
South
Korea’s
year-on-year
growth
rate
slightly
accelerated
in
the
third
quarter
before
moderating
in
the
fourth
quarter
as
the
economy
was
hurt
by
weak
private
spending.
India’s
year-on-year
growth
rate
moderated
in
the
third
and
fourth
quarters
as
inflation
and
rising
interest
rates
hurt
domestic
demand
and
weak
global
demand
hurt
exports.
Hungary’s
year-on-year
growth
rate
moderated
in
2022’s
third
and
fourth
quarters,
largely
due
to
slowing
growth
in
the
services
sector.
Brazil’s
year-on-year
growth
rate
was
mostly
steady
in
the
third
quarter
before
moderating
significantly
in
the
fourth
quarter,
which
saw
weak
private
and
public
spending.
Turning
to
specific
countries’
monetary
policies,
the
People’s
Bank
of
China
kept
its
benchmark
interest
rate
unchanged.
The
central
bank
of
Brazil
also
left
its
benchmark
rate
unchanged
during
the
period,
which
came
on
the
heels
of
an
aggressive
cycle
of
tightening
that
started
in
March
2021.
Hungary’s
central
bank
raised
its
benchmark
rate
only
once
Geographic
Composition
2/28/23
%
of
Total
Net
Assets
Asia
82.4%
Latin
America
&
Caribbean
10.3%
North
America
3.6%
Europe
2.5%
Middle East & Africa
1.1%
Short-Term
Investments
&
Other
Net
Assets
0.1%
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
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
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
9
.
Templeton
Emerging
Markets
Fund
3
franklintempleton.com
Semiannual
Report
early
in
the
period,
signaling
an
end
to
its
own
aggressive
cycle
of
tightening.
In
contrast,
the
central
banks
of
Taiwan,
South
Korea
and
India
raised
their
benchmark
interest
rates
multiple
times
to
stem
rising
inflation.
In
this
environment,
emerging
market
stocks,
as
measured
by
the
MSCI
EM
Index-NR,
posted
a
-2.29%
total
return
for
the
six
months
ended
February
28,
2023.
1
Chinese
equities
declined
modestly
during
the
period.
Stocks
rose
in
the
middle
of
the
period
due
to
government
stimulus
measures
and
the
dismantling
of
its
zero-COVID
policy.
These
gains
were
slightly
outweighed,
however,
by
losses
early
and
late
in
the
period
caused
by
a
deteriorating
Chinese
yuan,
rising
inflation,
and
weak
manufacturing.
Taiwanese
equities
rose
modestly
during
the
period,
though
gains
were
held
back
by
weak
global
semiconductor
demand,
which
hurt
the
country’s
export-dependent
economy.
Hungarian
equities
rose
significantly
during
the
period.
Brazilian
equities
declined
modestly,
as
high
inflation
late
in
the
period
wiped
away
earlier
gains.
Investment
Strategy
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.
Manager’s
Discussion
During
the
six
months
under
review,
key
contributors
to
the
Fund’s
absolute
performance
included
Brilliance
China
Automotive
Holdings,
Tencent
Holdings
and
Vale.
Brilliance
China
Automotive
Holdings
is
a
Chinese
carmaker
noted
for
its
association
with
German
luxury
carmaker
BMW
(not
a
Fund
holding).
Shares
of
Brilliance
China
were
the
largest
contributor
during
the
period
as
the
company
saw
its
shares
move
higher
after
trading
was
resumed
in
October
2022
following
a
suspension
of
one-and-a-half
years.
Brilliance
China's
suspension
in
March
2021
was
due
to
audit
issues,
including
a
delay
in
the
publication
of
its
2020
annual
results.
Following
the
suspension,
a
third-party
forensic
investigation
revealed
unauthorized
fund
transfers
and
loan
guarantees
to
its
state-owned
parent
Huachen
Automotive
Group
(not
a
Fund
holding)
and
several
other
counterparties.
The
company
has
announced
that
a
special
dividend
will
be
paid
out
of
the
proceeds
from
a
stake
sale
in
its
affiliate
BMW
Brilliance
Automotive.
However,
gains
were
capped
after
automobile
stocks
fell
upon
Tesla’s
(not
a
Fund
holding)
price
cuts
for
some
models
of
its
electric
vehicles
in
China.
Tencent
Holdings
is
a
leading
Chinese
internet
company
providing
social
entertainment,
messaging,
mobile
games,
cloud
and
payment
services.
Tencent
advanced
alongside
other
Chinese
equities
amid
optimism
about
the
country’s
economic
reopening.
The
company’s
share
price
was
further
Top
10
Countries
2/28/23
a
%
of
Total
Net
Assets
a
a
China
29.7%
South
Korea
19.9%
Taiwan
15.9%
India
11.7%
Brazil
8.4%
United
States
3.6%
Thailand
2.6%
United
Kingdom
1.5%
Hong
Kong
1.2%
Hungary
1.0%
Top
10
Holdings
2/28/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
aa
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
11.9%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
ICICI
Bank
Ltd.
5.8%
Banks,
India
Samsung
Electronics
Co.
Ltd.
5.5%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Alibaba
Group
Holding
Ltd.
5.2%
Internet
&
Direct
Marketing
Retail,
China
Tencent
Holdings
Ltd.
3.6%
Interactive
Media
&
Services,
China
MediaTek
,
Inc.
3.5%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
NAVER
Corp.
3.1%
Interactive
Media
&
Services,
South
Korea
LG
Corp.
3.0%
Industrial
Conglomerates,
South
Korea
Prosus
NV
2.8%
Internet
&
Direct
Marketing
Retail,
China
China
Merchants
Bank
Co.
Ltd.
2.7%
Banks,
China
Templeton
Emerging
Markets
Fund
4
franklintempleton.com
Semiannual
Report
boosted
by
its
latest
earnings
release,
which
showed
a
rise
in
net
profit
due
to
cost
savings,
along
with
receiving
its
first
commercial
game
license
in
more
than
a
year.
In
January
2023,
some
of
its
game
titles
were
approved
by
Chinese
authorities,
which
signaled
further
easing
of
restrictions
on
the
internet
industry.
Vale
is
a
Brazilian
iron
ore
producer.
Shares
of
Vale
were
boosted
by
China’s
reopening,
which
was
widely
expected
to
drive
commodity
demand.
A
subsequent
recovery
in
prices
of
iron
ore,
and
reports
that
Vale
has
landed
a
deal
to
supply
nickel
to
General
Motors
(not
a
Fund
holding)
also
spurred
the
stock.
The
company’s
plans
to
increase
output
for
some
commodities
also
bode
well
for
investor
sentiment.
Conversely,
major
detractors
from
absolute
performance
included
Banco
Bradesco,
Daqo
New
Energy
and
Petroleo
Brasileiro
(Petrobras).
Shares
of
Banco
Bradesco,
Brazil’s
leading
private
sector
bank,
fell
sharply
as
year-over-year
profits
declined
in
2022’s
third
quarter
due
to
increased
provisions
for
bad
loans.
While
the
bad
debt
issue
might
continue
for
a
couple
of
quarters,
we
retain
our
longer-term
conviction
in
the
bank.
A
slowdown
in
the
macroeconomic
environment
along
with
the
risk
of
fiscal
expansion
by
the
new
government
also
impacted
share
prices.
Daqo
New
Energy
is
a
Chinese
producer
of
polysilicon
for
the
solar
industry.
A
decline
in
polysilicon
prices
and
weaker
outlook
for
prices
caused
by
an
industry-wide
capacity
expansion
weighed
on
the
stock.
Petrobras
is
a
Brazilian
energy
company
engaged
in
the
exploration,
production,
and
distribution
of
oil
and
gas.
Shares
have
remained
volatile
on
concerns
of
government
intervention
in
fuel
pricing
policy
and
capital
allocation,
which
could
be
unfavorable
to
minority
shareholders.
In
the
past
six
months,
we
increased
the
Fund’s
holdings
in
Chile,
the
United
Arab
Emirates
and
Thailand.
In
terms
of
sectors,
additions
were
made
in
industrials,
health
care
and
utilities.
We
initiated
exposure
to
several
new
investments
as
we
continued
to
identify
companies
with
what
we
believe
to
be
sustainable
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
Key
additions
included
India-based
payment
solutions
provider
One
97
Communications,
food
delivery-
focused
Chinese
online
shopping
platform
Meituan
Dianping,
and
South
Korea-based
compact
equipment
manufacturer
Doosan
Bobcat.
Additionally,
we
added
to
our
existing
high-
conviction
portfolio
holdings
with
purchases
in
Chile-based
retail
and
commercial
banking
services
provider
Banco
Santander
Chile,
India’s
leading
private
sector
bank
HDFC
Bank,
and
China’s
leading
online
search
platform
Baidu.
In
contrast,
the
Fund
reduced
its
investments
in
Hong
Kong,
Mexico
and
India
in
favor
of
opportunities
we
found
more
compelling.
Sectors
which
experienced
the
largest
sales
were
financials,
information
technology
and
consumer
staples.
In
terms
of
key
sales,
we
closed
positions
in
South
African
general
merchandise
retailer
Massmart
Holdings,
India-based
non-banking
financial
company
Tata
Investment,
and
China-based
waterproof
material
manufacturer
Keshun
Waterproof
Technologies.
We
also
reduced
holdings
in
Mexican
financial
services
provider
Banco
Santander
Mexico,
India-based
ICICI
Bank
and
leading
South
Korea-
based
semiconductor
firm
Samsung
Electronics
to
realign
the
portfolio
and
raise
funds
for
new
opportunities.
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
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
February
28,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
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
28,
2023
Templeton
Emerging
Markets
Fund
5
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
and
graph
do
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
2/28/23
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
+3.25%
+5.34%
+3.25%
+5.34%
1-Year
-12.34%
-15.94%
-12.34%
-15.94%
5-Year
-7.45%
-7.26%
-1.54%
-1.50%
10-Year
+9.28%
+10.68%
+0.89%
+1.02%
See
page
7
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Fund
Performance
Summary
6
franklintempleton.com
Semiannual
Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
9/1/12–8/31/22
Templeton
Emerging
Markets
Fund
Performance
Summary
7
franklintempleton.com
Semiannual
Report
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
volatility,
economic
instability,
and
social
and
political
developments
of
countries
where
the
Fund
invests.
Emerging
markets,
of
which
frontier
markets
are
a
subset,
are
subject
to
all
of
the
risks
of
foreign
investing
generally
and
have
additional
heightened
risks
due
to
these
markets'
smaller
size
and
lesser
liquidity,
and
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets.
The
risks
of
investing
in
traditional
emerging
markets
are
magnified
in
frontier
markets
countries
because
they
generally
have
smaller
economies
and
even
less
developed
capital
markets
than
in
traditional
emerging
markets.
Some
of
these
heightened
risks
may
include
political
and
social
uncertainty
(for
example,
regional
conflicts
and
risk
of
war);
pervasiveness
of
corruption
and
crime
in
these
countries’
economic
systems;
delays
in
settling
portfolio
securities
transactions;
risk
of
loss
arising
out
of
the
system
of
share
registration
and
custody
used
in
these
countries;
greater
sensitivity
to
interest-rate
changes;
currency
and
capital
controls;
currency
exchange
rate
volatility;
and
inflation,
deflation
or
currency
devaluation.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager’s
investment
decisions
will
produce
the
desired
results.
The
manager’s
portfolio
selection
strategy
is
not
solely
based
on
ESG
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
The
manager’s
portfolio
se-
lection
strategy
is
not
solely
based
on
ESG
considerations,
and
therefore
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
companies.
Integrating
ESG
considerations
into
the
investment
process
is
not
a
guarantee
that
better
performance
will
be
achieved.
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
(collectively,
“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
Securities
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
settle-
ment
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.
Russia’s
regional
conflicts,
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
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
regional
conflicts.
The
United
States
and
other
countries
have
also
imposed
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
regional
conflicts.
These
sanctions,
as
well
as
any
other
consequences
related
to
the
regional
conflicts,
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
sanctions
related
to
the
regional
conflicts.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
regional
conflicts,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired
and
these
risks
could
affect
the
value
of
the
Fund’s
portfolio.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
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.
5.
Source:
Morningstar.
The
MSCI
EM
Index-NR
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
equity
market
performance
of
global
emerging
markets.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(9/1/22–2/28/23)
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
$0.4054
$0.3018
$0.4221
$1.1293
Templeton
Emerging
Markets
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8