UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 
FORM N-CSR
 
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: 8/31/23
 
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
.
 
 
Annual
Report
Templeton
Emerging
Markets
Fund
August
31,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
Contents
Fund
Overview
2
Performance
Summary
5
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
13
Notes
to
Financial
Statements
16
Report
of
Independent
Registered
Public
Accounting
Firm
25
Tax
Information
26
Important
Information
to
Shareholders
27
Annual
Meeting
of
Shareholders
34
Dividend
Reinvestment
and
Cash
Purchase
Plan
35
Board
Members
and
Officers
37
Shareholder
Information
42
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
Templeton
Emerging
Markets
Fund
Dear
Shareholder,
This
annual
report
for
Templeton
Emerging
Markets
Fund
covers
the
fiscal
year
ended
August
31,
2023.
Fund
Overview
Q.
What
is
the
Fund's
investment
strategy?
A.
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.
Q.
What
were
the
overall
market
conditions
during
the
Fund's
reporting
period?
A.
Emerging
market
equities
rose
slightly.
Several
tailwinds
within
the
year—a
weaker
U.S.
dollar,
signs
of
receding
inflation
and
China’s
pivot
away
from
Zero-COVID-19
overshadowed
pockets
of
negative
sentiment
from
events
such
as
a
liquidity
crisis
in
the
banking
sector
in
developed
markets,
high
interest
rates
and
a
weaker-than-
expected
post-COVID-19
recovery
in
China.
Brazil,
South
Korea
and
Taiwan
advanced—Brazil,
which
lagged
from
political
uncertainty
and
policy
risks
earlier
in
the
reporting
period,
saw
some
rebound
on
its
new
fiscal
framework
and
expectations
of
interest
rate
cuts.
A
positive
outlook
stemming
from
artificial
intelligence-fueled
growth
helped
the
technology-heavy
markets
of
South
Korea
and
Taiwan.
India
also
advanced
as
it
rose
in
the
second
half
of
the
period
after
a
subdued
first
half,
aided
by
resilient
macroeconomic
data
and
corporate
earnings.
Conversely,
China
and
the
Middle
East
were
amongst
weaker
markets.
Concerns
around
China’s
slow
consumption
recovery
eclipsed
gains
from
government
stimulus
to
shore
up
the
economy
and
positive
regulatory
developments
within
the
technology
sector.
A
moderation
in
oil
prices
weighed
on
oil-producing
countries
in
the
Middle
East.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
Our
investment
strategy
employs
a
bottom-up,
research-
driven
approach
focused
on
identifying
long-term
earnings
power
at
a
discount
to
intrinsic
value.
Our
opportunity
lies
in
identifying
companies
for
which
the
market
underestimates
or
misprices
the
probability,
magnitude,
or
timing
of
its
long-term
earnings
power.
Country
and
sector
weightings
are
a
residual
of
our
bottom-up
stock
selection
process,
and
we
always
seek
to
ensure
the
portfolio
is
appropriately
diversified
based
on
our
professional
judgment.
Our
portfolio
construction
process
seeks
to
build
a
research-driven,
high-conviction
portfolio
that
is
primarily
driven
by
company
specific
factors
and
focused
on
the
long
term.
Performance
Overview
The
Fund
posted
cumulative
total
returns
of
+8.59%
based
on
market
price
and
+8.26%
based
on
net
asset
value
for
the
12
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
+1.25%
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.
Q.
What
were
the
leading
contributors
to
performance?
A.
Key
contributors
to
the
Fund’s
absolute
performance
included
Brilliance
China,
POSCO
and
Samsung
Electronics.
Brilliance
China
Automotive
is
a
Chinese
car
maker
noted
for
its
association
with
German
luxury
car
maker
BMW.
Its
shares
moved
higher
after
trading
resumed
in
October
2022
following
a
suspension
of
one
and
a
half
years.
The
company
announced
two
special
dividends
which
were
key
drivers
of
returns
in
the
period.
Its
share
price
has
remained
volatile
on
rising
competition
in
China,
price
cuts
from
competitors
and
uncertainty
around
dividends.
POSCO
is
a
South
Korea-based
steel
product
manufacturer.
Its
share
price
had
rallied
on
optimism
around
its
battery
materials
business
(where
the
company
has
materially
raised
their
longer-term
targets)
supported
its
share
price.
We
sold
our
holdings
in
POSCO
as
the
stock
price
rallied
to
a
level
above
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
Annual
Report
our
assessment
of
the
company’s
intrinsic
value.
Samsung
Electronics
is
one
of
the
largest
memory
semiconductor
manufacturers
in
the
world.
Its
share
price
has
seen
some
recovery
after
declining
last
year
on
optimism
around
bottoming
of
the
memory
cycle
supported
by
supply
cuts.
An
improvement
in
the
outlook
for
semiconductor
stocks
due
to
robust
artificial
intelligence-driven
demand
for
advanced
chips
also
fueled
the
upward
momentum
of
the
stock.
At
a
sector
level,
financials,
information
technology
and
consumer
discretionary
were
the
top
contributors
to
absolute
performance.
Marketwise,
South
Korea,
India
and
Taiwan
were
leading
contributors
on
an
absolute
basis.
Q.
What
were
the
leading
detractors
from
performance?
A.
During
the
12
months
under
review,
key
detractors
from
the
Fund’s
absolute
performance
were
Daqo
New
Energy,
Guangzhou
Tinci
Materials
and
Americanas.
The
share
price
of
Chinese
polysilicon
producer
Daqo
New
Energy
declined
alongside
a
fall
in
polysilicon
prices
and
a
weaker
outlook
for
prices
due
to
capacity
expansion
in
the
industry.
We
remain
positive
on
the
company
as
it
is
amongst
the
lowest-cost
polysilicon
producers
within
the
industry
and
should
benefit
from
growth
in
solar
installations.
Guangzhou
Tinci
Materials
Technology
is
a
China-based
producer
of
electrolytes
for
electric
vehicle
(EV)
batteries.
Concerns
around
U.S.
policies
restricting
Chinese
companies
from
supplying
to
the
U.S.
and
heightened
competition
weighed
on
the
stock
price.
The
company
is
amongst
the
segment’s
lowest-cost
producers
and
should
be
a
key
beneficiary
of
EV
penetration
growth.
Americanas
is
a
Brazilian
e-commerce
company
and
operator
of
convenience
stores.
Disappointing
results
for
the
third
quarter
of
2022,
news
of
accounting
inconsistencies
and
the
departure
of
its
new
leadership
team
pressured
its
share
price.
High
inflation
and
elevated
interest
rates
also
made
for
a
difficult
environment.
We
divested
our
position
in
January
2023.
At
a
sector
level,
real
estate
was
the
sole
detractor
from
absolute
performance.
Geographically,
Thailand,
Hong
Kong
and
Cambodia
were
the
top
detractors
on
an
absolute
basis.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
We
did
not
make
any
significant
changes
to
the
Fund’s
investment
process
over
the
reporting
period.
As
always,
changes
in
the
portfolio’s
positions
and
country/sector
weights
are
the
result
of
our
bottom-up
stock
selection
process,
rather
than
any
macro
themes.
In
the
past
12
months,
we
increased
the
Fund’s
holdings
the
most
in
Chile,
Hungary
and
Thailand
as
we
continued
to
identify
companies
with
long-term
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
In
terms
of
sectors,
additions
were
made
in
health
care,
industrials
and
utilities.
In
contrast,
the
Fund
reduced
its
investments
in
India,
Taiwan
and
Brazil
in
favor
of
opportunities
that
we
found
more
compelling.
Sectors
which
experienced
the
largest
sales
were
financials,
materials
and
information
technology.
Geographic
Composition
8/31/23
%
of
Total
Net
Assets
Asia
79.2%
Latin
America
&
Caribbean
11.3%
North
America
3.3%
Europe
2.9%
Middle East & Africa
1.2%
Short-Term
Investments
&
Other
Net
Assets
2.1%
Top
10
Countries*
8/31/23
a
%
of
Total
Net
Assets
a
a
China
26.9%
South
Korea
19.9%
Taiwan
14.6%
India
12.6%
Brazil
8.2%
United
States
3.3%
Thailand
2.5%
Mexico
1.7%
Hong
Kong
1.7%
United
Kingdom
1.2%
*
Does
not
include
cash
and
cash
equivalents.
Templeton
Emerging
Markets
Fund
4
franklintempleton.com
Annual
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
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
August
31,
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.
Top
10
Holdings
8/31/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
aa
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
10.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Samsung
Electronics
Co.
Ltd.
5.4%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
ICICI
Bank
Ltd.
5.4%
Banks,
India
Alibaba
Group
Holding
Ltd.
5.3%
Broadline
Retail,
China
NAVER
Corp.
3.4%
Interactive
Media
&
Services,
South
Korea
Tencent
Holdings
Ltd.
3.1%
Interactive
Media
&
Services,
China
Petroleo
Brasileiro
SA
3.0%
Oil,
Gas
&
Consumable
Fuels,
Brazil
MediaTek
,
Inc.
2.8%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Prosus
NV
2.7%
Broadline
Retail,
China
Samsung
Life
Insurance
Co.
Ltd.
2.5%
Insurance,
South
Korea
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
August
31,
2023
Templeton
Emerging
Markets
Fund
5
franklintempleton.com
Annual
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
8/31/23
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
1-Year
+8.26%
+8.59%
+8.26%
+8.59%
5-Year
+8.17%
+10.84%
+1.58%
+2.08%
10-Year
+35.10%
+35.57%
+3.05%
+3.09%
See
page
7
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Fund
Performance
Summary
6
franklintempleton.com
Annual
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.
8/31/13–8/31/23
Templeton
Emerging
Markets
Fund
Performance
Summary
7
franklintempleton.com
Annual
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.
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
(9/1/22–8/31/23)
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
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Year
Ended
August
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$13.72
$20.09
$17.58
$16.09
$16.90
Income
from
investment
operations:
Net
investment
income
a
.........................
0.35
0.30
0.11
0.15
0.21
b
Net
realized
and
unrealized
gains
(losses)
...........
0.68
(5.60)
3.04
2.44
(0.27)
Total
from
investment
operations
....................
1.03
(5.30)
3.15
2.59
(0.06)
Less
distributions
from:
Net
investment
income
..........................
(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
...............................
(1.13)
(1.11)
(0.66)
(1.15)
(0.78)
Repurchase
of
shares
..........................
0.01
0.04
0.02
0.05
0.03
Net
asset
value,
end
of
year
.......................
$13.63
$13.72
$20.09
$17.58
$16.09
Market
value,
end
of
year
c
.........................
$11.71
$11.85
$17.89
$15.38
$14.18
Total
return
(based
on
net
asset
value
per
share)
d
.......
8.26%
(27.44)%
18.04%
16.34%
0.29%
Total
return
(based
on
market
value
per
share)
d
.........
8.59%
(29.18)%
20.40%
16.45%
2.80%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.49%
1.50%
1.49%
1.52%
1.60%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.47%
1.49%
1.48%
1.50%
1.58%
Net
investment
income
...........................
2.63%
1.81%
0.52%
0.90%
1.30%
b
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$213,497
$216,704
$323,924
$285,668
$268,845
Portfolio
turnover
rate
............................
26.18%
20.05%
23.19%
17.56%
21.56%
Total
outstanding
borrowings
on
credit
facility
at
end
of
year
(000’s)
.......................................
$10,000
$25,000
$15,000
$15,000
$10,000
Asset
coverage
per
$1,000
of
debt
..................
$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.
Templeton
Emerging
Markets
Fund
Schedule
of
Investments,
August
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Industry
Shares
a
Value
a
Common
Stocks
91.2%
Brazil
1.5%
TOTVS
SA
.....................
Software
16,080
$
90,096
Vale
SA
........................
Metals
&
Mining
231,595
3,044,336
3,134,432
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
743,786
379,250
Chile
0.9%
b
Banco
Santander
Chile,
ADR
.......
Banks
103,137
1,973,011
China
26.9%
a,c
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
940,944
10,920,733
a,c
Alibaba
Group
Holding
Ltd.,
ADR
....
Broadline
Retail
4,330
402,257
d
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
360,000
99,538
a,c
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
201,040
3,590,422
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
190,243
753,921
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
5,251,513
2,133,574
Chervon
Holdings
Ltd.
.............
Household
Durables
118,628
391,779
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
240,341
1,046,683
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
716,290
2,836,380
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
2,723,222
902,025
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
121,662
514,229
COSCO