Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
TLEMF-Q1PH
1
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Fund
2
Notes
to
Schedule
of
Investments
6
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited),
November
30,
2023
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
90.4%
Brazil
2.5%
a
Hypera
SA
.....................
Pharmaceuticals
136,038
$
934,026
TOTVS
SA
.....................
Software
135,558
917,781
Vale
SA
........................
Metals
&
Mining
231,595
3,476,314
5,328,121
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
743,786
358,836
Chile
0.9%
Banco
Santander
Chile
,
ADR
.......
Banks
103,137
2,018,391
China
23.3%
a
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
940,944
8,746,911
a
Alibaba
Group
Holding
Ltd.
,
ADR
....
Broadline
Retail
4,330
324,230
b
BAIC
Motor
Corp.
Ltd.
,
H
,
144A
,
Reg
S
Automobiles
360,000
109,261
a
Baidu,
Inc.
,
A
....................
Interactive
Media
&
Services
219,540
3,257,946
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.
,
A
...........
Construction
Materials
190,243
574,248
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
3,882,943
2,084,360
c
Chervon
Holdings
Ltd.
.............
Household
Durables
118,628
265,781
China
Merchants
Bank
Co.
Ltd.
,
H
....
Banks
866,377
3,023,826
c
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
2,723,222
627,131
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
121,662
445,451
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
870,604
584,735
a
Daqo
New
Energy
Corp.
,
ADR
......
Semiconductors
&
Semiconductor
Equipment
48,458
1,146,516
b,c
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
732,186
303,885
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
A
....................
Chemicals
721,896
2,447,240
Haier
Smart
Home
Co.
Ltd.
,
D
.......
Household
Durables
710,943
879,571
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
556,887
776,889
JD.com,
Inc.
,
A
..................
Broadline
Retail
11,101
151,427
a,b
Meituan
Dianping
,
B
,
144A
,
Reg
S
...
Hotels,
Restaurants
&
Leisure
106,481
1,232,741
NetEase,
Inc.
...................
Entertainment
68,590
1,547,358
Ping
An
Bank
Co.
Ltd.
,
A
...........
Banks
752,652
1,020,952
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
.......................
Insurance
441,337
2,024,362
Prosus
NV
.....................
Broadline
Retail
191,737
6,339,042
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
159,807
6,657,767
a
Tencent
Music
Entertainment
Group
,
ADR
........................
Entertainment
106,963
910,255
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,153,926
1,377,734
Weifu
High-Technology
Group
Co.
Ltd.
,
B
...........................
Automobile
Components
269,612
307,513
a,b
Wuxi
Biologics
Cayman,
Inc.
,
144A
,
Reg
S
...........................
Life
Sciences
Tools
&
Services
423,738
2,352,750
49,519,882
Hong
Kong
2.0%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
422,602
4,293,819
Hungary
1.2%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
99,365
2,503,972
India
12.4%
ACC
Ltd.
.......................
Construction
Materials
53,985
1,215,639
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
18,318
1,616,744
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Federal
Bank
Ltd.
................
Banks
896,458
$
1,585,732
HDFC
Bank
Ltd.
.................
Banks
210,497
3,946,779
Hindalco
Industries
Ltd.
............
Metals
&
Mining
114,555
710,520
ICICI
Bank
Ltd.
..................
Banks
990,441
11,062,402
Infosys
Ltd.
.....................
IT
Services
157,195
2,747,977
a
One
97
Communications
Ltd.
.......
Financial
Services
179,316
1,888,015
a
PB
Fintech
Ltd.
..................
Insurance
50,392
504,224
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
833,195
1,187,112
26,465,144
Indonesia
0.7%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
4,418,882
1,539,706
Italy
0.5%
a,b
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
41,863
996,637
Mexico
2.2%
Grupo
Financiero
Banorte
SAB
de
CV
,
O
...........................
Banks
456,986
4,250,880
a,b
Nemak
SAB
de
CV
,
144A
,
Reg
S
....
Automobile
Components
1,497,103
327,651
4,578,531
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
46,998
899,542
Philippines
0.3%
BDO
Unibank,
Inc.
...............
Banks
258,301
622,066
Russia
0.0%
d
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
86,387
—
d
Sberbank
of
Russia
PJSC
..........
Banks
1,014,728
—
—
South
Africa
0.7%
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,056,427
1,507,575
South
Korea
20.4%
Doosan
Bobcat,
Inc.
..............
Machinery
63,626
2,221,541
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
42,245
1,234,437
KT
Skylife
Co.
Ltd.
...............
Media
45,931
213,316
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
42,870
1,487,836
LG
Chem
Ltd.
...................
Chemicals
1,441
553,117
LG
Corp.
.......................
Industrial
Conglomerates
85,492
5,493,782
NAVER
Corp.
...................
Interactive
Media
&
Services
44,723
7,132,780
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
224,652
12,568,639
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
105,964
5,683,714
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
11,792
4,260,227
Soulbrain
Co.
Ltd.
................
Chemicals
12,094
2,573,963
43,423,352
Taiwan
15.5%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
811,661
2,624,327
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
180,223
5,417,846
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,287,421
23,442,352
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
75,622
$
1,447,113
32,931,638
Thailand
2.3%
Kasikornbank
PCL
...............
Banks
752,290
2,722,243
Kiatnakin
Phatra
Bank
PCL
.........
Banks
534,625
722,352
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,027,937
700,557
Thai
Beverage
PCL
...............
Beverages
2,211,443
827,311
4,972,463
United
Arab
Emirates
0.5%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,264,456
1,017,387
United
Kingdom
1.1%
Unilever
plc
.....................
Personal
Care
Products
51,301
2,447,308
United
States
3.3%
Cognizant
Technology
Solutions
Corp.
,
A
...........................
IT
Services
47,587
3,349,173
Genpact
Ltd.
....................
Professional
Services
105,617
3,586,753
6,935,926
Total
Common
Stocks
(Cost
$
158,590,525
)
.....................................
192,360,296
a
Preferred
Stocks
7.4%
Brazil
7.4%
Banco
Bradesco
SA
,
ADR
..........
Banks
1,278,669
4,257,967
Itau
Unibanco
Holding
SA
,
ADR
.....
Banks
710,707
4,548,525
e
Petroleo
Brasileiro
SA
,
16.18
%
......
Oil,
Gas
&
Consumable
Fuels
939,436
6,856,807
15,663,299
Total
Preferred
Stocks
(Cost
$
12,855,507
)
......................................
15,663,299
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
$
171,446,032
)
...............................
208,023,595
Short
Term
Investments
4.8%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.8%
United
States
4.8%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.036
%
.........
10,281,414
10,281,414
Total
Money
Market
Funds
(Cost
$
10,281,414
)
..................................
10,281,414
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
8
.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.036
%
.........
25,391
$
25,391
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
25,391
)
....................................................................
25,391
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
10,306,805
)
................................
10,306,805
a
a
a
Total
Investments
(Cost
$
181,752,837
)
102
.6
%
..................................
$218,330,400
Credit
Facility
(
2
.4
)
%
.........................................................
(5,000,000)
Other
Assets,
less
Liabilities
(
0
.2
)
%
...........................................
(570,953)
Net
Assets
100.0%
...........................................................
$212,759,447
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
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
November
30,
2023,
the
aggregate
value
of
these
securities
was
$5,322,925,
representing
2.5%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
November
30,
2023.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Emerging
Markets
Fund
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
1.
Organization
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.
2. 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
November
30,
2023,
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.
Templeton
Emerging
Markets
Fund
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
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
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.
3.
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.
During
the
period
ended
November
30,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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
November
30,
2023,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    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
,
5.036
%
$16,401,348
$6,275,010
$(12,394,944)
$—
$—
$10,281,414
10,281,414
$135,081
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.036
%
$—
$33,315
$(7,924)
$—
$—
$25,391
25,391
$74
Total
Affiliated
Securities
...
$16,401,348
$6,308,325
$(12,402,868)
$—
$—
$10,306,805
$135,155
2. Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
5,328,121
$
—
$
—
$
5,328,121
Cambodia
............................
—
358,836
—
358,836
Chile
................................
2,018,391
—
—
2,018,391
China
...............................
3,526,353
45,993,529
—
49,519,882
Hong
Kong
...........................
—
4,293,819
—
4,293,819
Hungary
.............................
2,503,972
—
—
2,503,972
India
................................
—
26,465,144
—
26,465,144
Indonesia
............................
—
1,539,706
—
1,539,706
Italy
.................................
—
996,637
—
996,637
Mexico
..............................
4,578,531
—
—
4,578,531
Peru
................................
899,542
—
—
899,542
Philippines
............................
—
622,066
—
622,066
Russia
...............................
—
—
—
a
—
South
Africa
...........................
1,507,575
—
—
1,507,575
South
Korea
..........................
—
43,423,352
—
43,423,352
Taiwan
...............................
—
32,931,638
—
32,931,638
Thailand
.............................
—
4,972,463
—
4,972,463
United
Arab
Emirates
....................
1,017,387
—
—
1,017,387
United
Kingdom
........................
—
2,447,308
—
2,447,308
United
States
..........................
6,935,926
—
—
6,935,926
Preferred
Stocks
........................
15,663,299
—
—
15,663,299
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
10,306,805
—
—
10,306,805
Total
Investments
in
Securities
...........
$54,285,902
$164,044,498
c
$—
$218,330,400
a
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  November
30,
2023.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$164,044,498,
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
4. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report. 
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