N-CSR 1 temf-efp18155_ncsr.htm TEMPLETON EMERGING MARKETS FUND - N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

Franklin Templeton

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: August 31

Date of reporting period: August 31, 2025

ITEM 1. | REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Annual
Report
Templeton
Emerging
Markets
Fund
August
31,
2025
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
Managed
Distribution
Policy
:
Effective
March
1,
2025,
the
Fund
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
quarterly
distributions
to
shareholders
at
the
fixed
rate
of
$0.22
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund's
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
quarter
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund's
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
Under
the
managed
distribution
plan,
to
the
extent
that
sufficient
investment
income
is
not
available
on
a
quarterly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
No
conclusions
should
be
drawn
about
the
Fund's
investment
performance
from
the
amount
of
the
Fund's
distributions
or
from
the
terms
of
the
Fund's
managed
distribution
plan.
The
Board
may
amend
the
terms
of
the
Plan
or
terminate
the
Plan
at
any
time
without
prior
notice
to
the
Fund’s
shareholders,
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Plan.
The
amendment
or
termination
of
the
Plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
Plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
fixed
rate
to
determine
if
an
adjustment
should
be
made.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
this
distribution
or
from
the
terms
of
the
Plan.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Please
see
the
"Important
Information
to
Shareholders"
section
for
additional
information.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
6
Financial
Highlights
and
Schedule
of
Investments
9
Financial
Statements
14
Notes
to
Financial
Statements
17
Report
of
Independent
Registered
Public
Accounting
Firm
26
Tax
Information
27
Important
Information
to
Shareholders
28
Annual
Meeting
of
Shareholders
36
Dividend
Reinvestment
and
Cash
Purchase
Plan
37
Board
Members
and
Officers
39
Shareholder
Information
44
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,
2025.
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
(EM)
equities
rose
despite
a
challenging
macroeconomic
environment.
Several
macroeconomic
themes
were
mainstay
during
the
period.
U.S.
tariffs
featured
heavily.
The
negotiation
process
between
the
U.S.
and
other
countries
saw
several
unexpected
turns.
Trade
policy
tensions
thawed
between
the
U.S
and
China,
marking
a
tariff
reprieve.
This
had
occurred
sooner
than
expected.
Where
most
countries
experienced
lower
tariff
rates
as
they
embarked
on
negotiations
with
the
U.S.,
India,
Mexico
and
Brazil
saw
a
sudden
increase
in
U.S.
levies.
U.S.
tariffs
on
India
doubled
to
50%.
While
Latin
America
had
previously
been
relatively
insulated
from
U.S.
tariffs
compared
to
other
regions,
several
countries
in
the
region
have
since
faced
higher
adjusted
U.S.
tariffs
on
their
imports.
U.S.
tariffs
on
selected
Brazilian
goods
now
stand
at
50%—a
large
jump
from
the
10%
set
in
April
2025—and
certain
Mexican
goods
are
now
subject
to
a
25%
US
tariff
rate.
The
uncertainty
and
frequency
of
policy
changes
have
led
to
significant
market
volatility.
The
U.S.
approach
towards
the
rest
of
the
world
and
policy
uncertainty
has
also
put
in
question
U.S.
exceptionalism,
which
has
had
some
impact
on
flows
and
the
strength
of
the
U.S.
dollar.
However,
despite
the
looming
threat
of
tariffs,
semiconductor
companies
lodged
in
the
artificial
intelligence
(AI)
supply
chain
kept
up
with
positive
outlooks.
While
alluding
to
the
uncertainties
from
tariffs,
several
Taiwan-based
semiconductor
and
related
firms
expressed
confidence
in
the
growth
trajectory
of
AI,
leading
to
an
improved
business
outlook.
AI
continued
to
see
rapid
progress;
multiple
new
models
have
been
released
in
2025
alone.
Corporations
across
sectors
have
started
to
use
AI
models
in
some
form,
although
these
are
still
in
initial
stages.
Investments
in
AI
and
related
developments
have
been
key
drivers
for
markets.
Geopolitical
issues—major
ones
include
Russia-Ukraine,
Middle
East
and
U.S.-China
relations—have
continued
market
volatility.
This
has
also
affected
commodity
prices.
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
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.
We
remained
overweight
in
the
semiconductor
sector,
which
should
continue
to
be
a
key
beneficiary
of
investments
in
AI.
While
uncertainty
on
U.S.
tariffs
remains,
its
direct
impact
on
the
portfolio
holdings
is
limited,
and
most
of
the
companies
in
the
portfolio
are
industry
leaders
which
we
believe
should
allow
them
to
alleviate
the
impact
by
passing
on
the
extra
cost
to
the
supply
chain
and
customers.
Performance
Overview
The
Fund
posted
cumulative
total
returns
of
+28.30%
based
on
market
price
and
+24.27%
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
+16.80%
cumulative
total
return
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
6
.
Effective
March
1,
2025,
the
Fund
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
quarterly
distributions
to
shareholders
at
the
fixed
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
10
.
Templeton
Emerging
Markets
Fund
3
franklintempleton.com
Annual
Report
rate
of
$0.22
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
quarter
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
The
Fund
sends
a
Form
1099-DIV
to
shareholders
each
calendar
year
describing
how
to
report
the
Fund's
distributions
for
federal
income
tax
purposes.
A
portion
of
the
Fund
distribution
to
shareholders
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
a
shareholder
invested
in
a
Fund
is
paid
back
to
them.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
The
Fund
sends
a
Form
1099-DIV
to
shareholders
each
calendar
year
describing
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Please
see
“Important
Information
to
Shareholders”
section
for
additional
information.
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
Taiwan
Semiconductor
Manufacturing
Company
(TSMC),
Prosus
and
Alibaba.
TSMC
is
the
world’s
largest
semiconductor
foundry
company.
Its
chips
are
used
in
a
wide
variety
of
solutions,
including
personal
computers,
automotive
and
industrial
equipment,
and
phones.
Strong
monthly
numbers,
quarterly
results
and
continued
optimism
about
demand
from
AI
Geographic
Composition
8/31/25
%
of
Total
Net
Assets
Asia
78.6%
Latin
America
&
Caribbean
12.3%
Middle East & Africa
3.5%
North
America
2.7%
Europe
1.5%
Short-Term
Investments
&
Other
Net
Assets
1.4%
Top
10
Countries*
8/31/25
a
%
of
Total
Net
Assets
a
a
China
24.4%
Taiwan
20.2%
South
Korea
17.5%
India
10.9%
Brazil
8.2%
Mexico
2.7%
United
States
2.7%
Thailand
2.7%
South
Africa
2.3%
Hong
Kong
1.9%
*
Does
not
include
cash
and
cash
equivalents.
Top
10
Holdings
8/31/25
Company
Industry
,
Country
%
of
Total
Net
Assets
a
aa
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
13.4%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Prosus
NV
5.4%
Broadline
Retail,
China
SK
Hynix,
Inc.
4.3%
Semiconductors
&
Semiconductor
Equipment,
South
Korea
ICICI
Bank
Ltd.
3.8%
Banks,
India
Samsung
Electronics
Co.
Ltd.
3.5%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Tencent
Holdings
Ltd.
3.2%
Interactive
Media
&
Services,
China
Alibaba
Group
Holding
Ltd.
3.0%
Broadline
Retail,
China
MediaTek,
Inc.
2.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Grupo
Financiero
Banorte
SAB
de
CV
2.6%
Banks,
Mexico
Hon
Hai
Precision
Industry
Co.
Ltd.
2.3%
Electronic
Equipment,
Instruments
&
Components,
Taiwan
Templeton
Emerging
Markets
Fund
4
franklintempleton.com
Annual
Report
applications,
along
with
continued
momentum
for
Asian
semiconductor
stocks
due
to
AI
and
a
spillover
in
positive
sentiment
of
its
customer
NVIDIA
(not
a
portfolio
holding),
sent
its
stock
higher.
Prosus
is
a
leading
global
investment
company
and
the
largest
shareholder
of
Tencent
Holdings,
a
Chinese
technology
company.
The
company
also
has
ownership
in
multiple
food
delivery
platforms.
Prosus’
share
price
tracked
Tencent’s
stock,
which
rose
on
the
company’s
release
of
its
earnings
results
for
several
quarters,
a
slew
of
stimulus
measures
in
China
and
investor
enthusiasm
for
China’s
technology
companies
after
breakthroughs
in
China’s
AI
capabilities.
Regular
buybacks
also
aided
performance
of
Prosus
during
the
period.
Prosus’
share
price
was
also
supported
by
its
own
better-than-expected
results
and
a
positive
outlook
for
the
non-Tencent
businesses.
Alibaba
Group
Holding
is
a
Chinese
e-commerce
company
that
provides
brands
and
merchants
with
the
infrastructure
to
acquire
and
sell
to
customers
online.
Alibaba’s
share
price
rose
initially
on
expectations
of
its
inclusion
in
Hong
Kong
Stock
Connect
in
late
2024,
and
that
the
company’s
new
strategy
to
charge
merchant
service
fees
could
potentially
boost
its
revenue.
Aided
by
China’s
stimulus
measures
to
boost
the
country’s
economy
and
equity
market,
Alibaba’s
strong
December
2024
quarter
results
announcement
along
with
the
company’s
optimism
and
commitment
to
invest
in
AI
boosted
its
share
price
returns.
An
increase
in
competitive
intensity
in
on-demand
services
led
to
some
volatility,
however,
strong
operating
metrics
for
its
June
2025
quarter
results
sent
its
share
price
higher.
At
a
sector
level,
financials,
information
technology
(IT)
and
consumer
discretionary
were
the
top
contributors
to
absolute
performance.
Marketwise,
China,
Taiwan
and
South
Korea
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
included
Samsung
Electronics,
Samsung
SDI
and
Infosys.
Samsung
Electronics
is
one
of
the
largest
memory
semiconductor
manufacturers
in
the
world.
It
also
manufactures
a
wide
range
of
consumer
and
industrial
electronics
and
equipment.
The
company
has
reported
tepid
results,
impacted
by
a
low
share
in
the
high-margin
and
fast-
growing
high-bandwidth
memory
business.
In
our
view,
the
company
seems
to
have
lost
its
technological
leadership
in
the
memory
segment
and
is
going
through
a
difficult
phase.
South
Korea-based
Samsung
SDI
is
a
leading
manufacturer
of
lithium-ion
batteries
for
electric
vehicles,
energy
storage,
power
tools
and
IT
products.
Utilization
of
its
key
plants
were
impacted
by
weak
demand
as
well
as
loss
of
market
share
with
its
key
clients.
Fundamentals
have
deteriorated
significantly,
and
the
company’s
share
price
has
reacted
accordingly.
The
near
term
looks
challenging,
and
meaningful
recovery
in
earnings
will
take
time.
The
company
is
scaling
up
capacity
in
the
U.S.,
which
we
believe
should
be
a
beneficiary
of
the
U.S.
Inflation
Reduction
Act
benefits.
The
company
also
owns
a
meaningful
stake
in
Samsung
Display,
a
manufacturer
of
organic
light
emitting
diode
(OLED)
panels,
and
any
monetization
there
should
help
to
crystallize
some
value,
in
our
view.
Infosys
is
an
India-based
technology
services
provider
of
end-to-end
business
solutions
such
as
IT
consulting
and
software
services.
Its
share
price
fell
alongside
other
Indian
IT
outsourcing
stocks
over
concerns
of
a
slowdown
in
discretionary
IT
spending
by
its
U.S.
clients.
The
energy
sector
was
the
largest
absolute
detractor
at
the
sector
level.
By
country,
the
Philippines
detracted
marginally.
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
in
Brazil,
Mexico
and
the
United
Arab
Emirates
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
industrials,
real
estate
and
utilities.
In
contrast,
the
Fund
reduced
its
investments
in
China/Hong
Kong,
India
and
South
Korea
in
favor
of
opportunities
that
we
found
more
compelling.
Sectors
which
experienced
the
largest
sales
were
communication
services,
financials
and
materials.
Templeton
Emerging
Markets
Fund
5
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,
2025,
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
August
31,
2025
Templeton
Emerging
Markets
Fund
6
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
8/31/25
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
+24.27%
+28.30%
+24.27%
+28.30%
5-Year
+31.92%
+37.94%
+5.70%
+6.64%
10-Year
+133.79%
+155.54%
+8.86%
+9.84%
See
page
8
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
See
page
8
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.
8/31/15–8/31/25
Templeton
Emerging
Markets
Fund
Performance
Summary
8
franklintempleton.com
Annual
Report
Share
Prices
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
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.
Symbol:
EMF
8/31/25
8/31/24
Change
Net
Asset
Value
(NAV)
$17.27
$14.81
+$2.46
Market
Price
(NYSE)
$15.27
$12.81
+$2.46
Distributions
Per
Share
(9/1/24–8/31/25)
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
$0.5891
$0.0401
$0.3222
$0.9514
Templeton
Emerging
Markets
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
Year
Ended
August
31,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$14.81
$13.63
$13.72
$20.09
$17.58
Income
from
investment
operations:
Net
investment
income
a
.........................
0.23
0.28
0.35
0.30
0.11
Net
realized
and
unrealized
gains
(losses)
...........
3.13
1.58
0.68
(5.60)
3.04
Total
from
investment
operations
....................
3.36
1.86
1.03
(5.30)
3.15
Less
distributions
from:
Net
investment
income
..........................
(0.59)
(0.73)
(0.41)
(0.41)
(0.18)
Net
realized
gains
.............................
(0.36)
—
(0.72)
(0.70)
(0.48)
Total
distributions
...............................
(0.95)
(0.73)
(1.13)
(1.11)
(0.66)
Repurchase
of
shares
............................
0.05
0.05
0.01
0.04
0.02
Net
asset
value,
end
of
year
.......................
$17.27
$14.81
$13.63
$13.72
$20.09
Market
value,
end
of
year
b
.........................
$15.27
$12.81
$11.71
$11.85
$17.89
Total
return
(based
on
net
asset
value
per
share)
c
.......
24.27%
14.50%
8.26%
(27.44)%
18.04%
Total
return
(based
on
market
value
per
share)
c
.........
28.30%
16.11%
8.59%
(29.18)%
20.40%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.35%
1.44%
1.49%
1.50%
1.49%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.34%
1.43%
1.47%
1.49%
1.48%
Net
investment
income
...........................
1.49%
2.06%
2.63%
1.81%
0.52%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$258,217
$226,225
$213,497
$216,704
$323,924
Portfolio
turnover
rate
............................
16.68%
19.14%
26.18%
20.05%
23.19%
Total
credit
facility
outstanding
at
end
of
year
(000’s)
.....
$5,000
$5,000
$10,000
$25,000
$15,000
Asset
coverage
per
$1,000
of
debt
..................
$52,643
$46,245
$22,350
$9,668
$22,595
a
Based
on
average
daily
shares
outstanding.
b
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
c
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,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Industry
Shares
a
Value
a
Common
Stocks
93.0%
Brazil
2.6%
Hypera
SA
.....................
Pharmaceuticals
296,999
$
1,336,587
a
Oncoclinicas
do
Brasil
Servicos
Medicos
SA
..........................
Health
Care
Providers
&
Services
607,187
302,370
TOTVS
SA
.....................
Software
220,776
1,755,018
Vale
SA
........................
Metals
&
Mining
231,595
2,373,253
XP,
Inc.,
A
......................
Capital
Markets
56,706
1,028,647
6,795,875
Chile
1.0%
Banco
Santander
Chile,
ADR
.......
Banks
103,137
2,479,413
China
24.4%
b
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
468,613
7,759,139
a,b
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
237,340
2,809,058
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
A
...........
Construction
Materials
183,175
302,413
c,d
Budweiser
Brewing
Co.
APAC
Ltd.,
144A,
Reg
S
..................
Beverages
2,786,896
3,022,125
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
764,487
4,599,733
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,211,228
879,405
a,c
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
48,253
1,223,214
d
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
732,186
468,293
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
710,943
1,647,527
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
81,772
154,841
b
JD.com,
Inc.,
A
..................
Broadline
Retail
44,451
688,775
a,b,d
Kuaishou
Technology,
144A,
Reg
S
...
Interactive
Media
&
Services
178,269
1,747,275
NARI
Technology
Co.
Ltd.,
A
........
Electrical
Equipment
1,038,201
3,168,679
b
NetEase,
Inc.
...................
Entertainment
100,637
2,759,548
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
441,337
3,213,219
Prosus
NV
.....................
Broadline
Retail
224,152
13,865,930
b
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
105,365
8,159,941
Uni-President
China
Holdings
Ltd.
....
Food
Products
1,402,258
1,675,013
Weichai
Power
Co.
Ltd.,
H
.........
Machinery
921,336
1,936,807
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
269,612
469,166
a,d
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
594,480
2,557,377
63,107,478
Hong
Kong
1.9%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
378,780
4,898,534
Hungary
1.1%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
94,148
2,855,821
India
10.9%
ACC
Ltd.
.......................
Construction
Materials
36,129
738,223
a
Ather
Energy
Ltd.
................
Automobiles
158,311
807,766
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
8,085
1,170,409
Brigade
Enterprises
Ltd.
...........
Real
Estate
Management
&
Development
66,809
699,576
a
Eternal
Ltd.
.....................
Hotels,
Restaurants
&
Leisure
768,184
2,737,054
Federal
Bank
Ltd.
................
Banks
695,916
1,513,596
HDFC
Bank
Ltd.
.................
Banks
527,506
5,693,598
ICICI
Bank
Ltd.
..................
Banks
619,022
9,808,328
Infosys
Ltd.
.....................
IT
Services
107,652
1,805,646
a
Niva
Bupa
Health
Insurance
Co.
Ltd.
..
Insurance
1,015,129
937,515
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a
ReNew
Energy
Global
plc,
A
........
Independent
Power
and
Renewable
Electricity
Producers
282,885
$
2,152,755
28,064,466
Indonesia
0.5%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
4,288,099
1,430,570
Italy
0.1%
a,d
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
13,187
242,873
Mexico
2.7%
Grupo
Financiero
Banorte
SAB
de
CV,
O
...........................
Banks
742,348
6,789,296
a,c,d
Nemak
SAB
de
CV,
144A,
Reg
S
....
Automobile
Components
758,807
158,148
6,947,444
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
26,105
1,036,891
Philippines
0.5%
BDO
Unibank,
Inc.
...............
Banks
530,206
1,254,420
Russia
0.0%
a,e,f
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
86,387
—
a,e,f
Sberbank
of
Russia
PJSC
..........
Banks
1,014,728
—
—
South
Africa
2.3%
Discovery
Ltd.
...................
Insurance
314,419
3,867,853
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,497,907
1,964,093
5,831,946
South
Korea
17.5%
a,d
Delivery
Hero
SE,
144A,
Reg
S
......
Hotels,
Restaurants
&
Leisure
113,164
3,002,126
Doosan
Bobcat,
Inc.
..............
Machinery
62,548
2,389,490
Hanmi
Pharm
Co.
Ltd.
.............
Pharmaceuticals
3,605
783,634
Hyundai
Motor
Co.
...............
Automobiles
24,779
3,900,908
KT
Skylife
Co.
Ltd.
...............
Media
45,931
172,621
LG
Corp.
.......................
Industrial
Conglomerates
71,509
3,823,493
a
LigaChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
6,522
690,933
Misto
Holdings
Corp.
..............
Textiles,
Apparel
&
Luxury
Goods
42,245
1,265,625
NAVER
Corp.
...................
Interactive
Media
&
Services
25,980
3,993,745
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
181,409
9,063,157
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
29,467
3,027,238
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
10,308
1,527,613
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
58,946
11,231,417
Soulbrain
Co.
Ltd.
................
Chemicals
1,294
202,656
45,074,656
Taiwan
20.2%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
899,310
5,937,201
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
243,961
1,032,065
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
153,213
6,808,179
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
926,407
34,695,250
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
261,452
1,183,937
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Zhen
Ding
Technology
Holding
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
394,217
$
2,515,316
52,171,948
Thailand
2.7%
Kasikornbank
PCL
...............
Banks
659,865
3,432,364
Kiatnakin
Phatra
Bank
PCL
.........
Banks
466,939
857,396
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
2,057,149
1,487,987
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,027,937
418,447
Thai
Beverage
PCL
...............
Beverages
1,870,265
670,480
6,866,674
Turkiye
0.3%
BIM
Birlesik
Magazalar
A/S
.........
Consumer
Staples
Distribution
&
Retail
58,100
748,357
United
Arab
Emirates
1.2%
Emaar
Development
PJSC
.........
Real
Estate
Management
&
Development
365,011
1,463,846
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,564,396
1,158,986
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
1,321,905
589,483
3,212,315
United
States
2.7%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
44,865
3,241,496
Genpact
Ltd.
....................
Professional
Services
81,473
3,693,986
6,935,482
Total
Common
Stocks
(Cost
$149,964,600)
.....................................
239,955,163
a
Preferred
Stocks
5.6%
Brazil
5.6%
Banco
Bradesco
SA,
ADR
..........
Banks
1,363,256
4,239,726
g
Itau
Unibanco
Holding
SA,
ADR,
3.11%
Banks
761,588
5,437,738
g
Petroleo
Brasileiro
SA
-
Petrobras,
11.19%
......................
Oil,
Gas
&
Consumable
Fuels
838,976
4,812,408
14,489,872
Total
Preferred
Stocks
(Cost
$10,933,942)
......................................
14,489,872
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a,e
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
38,214
28,725
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
28,725
Total
Long
Term
Investments
(Cost
$160,898,542)
...............................
254,473,760
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
Short
Term
Investments
4.2%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.7%
United
States
3.7%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.25%
..........
9,670,973
$
9,670,973
Total
Money
Market
Funds
(Cost
$9,670,973)
...................................
9,670,973
j
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.25%
..........
1,204,122
1,204,122
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,204,122)
.................................................................
1,204,122
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$10,875,095
)
................................
10,875,095
a
a
a
Total
Investments
(Cost
$171,773,637)
102.8%
..................................
$265,348,855
k
Credit
Facility
(1.9)%
.........................................................
(5,000,000)
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(2,132,159)
Net
Assets
100.0%
...........................................................
$258,216,696
a
a
a
See
A
bbreviations
on
page
25
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Variable
interest
entity
(VIE).
See
Note
6
regarding
investments
made
through
a
VIE
structure.
At
August
31,
2025,
the
aggregate
value
of
these
securities
was
$23,923,736,
representing
9.3%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
August
31,
2025.
See
Note
1(c).
d
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
August
31,
2025,
the
aggregate
value
of
these
securities
was
$11,198,217,
representing
4.3%
of
net
assets.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
f
See
Note
6
regarding
investments
in
Russian
securities.
g
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
h
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
j
See
Note
1(c)
regarding
securities
on
loan.
k
See
Note
7
regarding
credit
facility.
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$160,898,542
Cost
-
Non-controlled
affiliates
(Note
3
c
)
........................................................
10,875,095
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$1,432,116)
..................................
$254,473,760
Value
-
Non-controlled
affiliates
(Note
3
c
)
.......................................................
10,875,095
Foreign
currency,
at
value
(cost
$380,470)
........................................................
380,470
Receivables:
Investment
securities
sold
...................................................................
1,046,380
Dividends
...............................................................................
587,576
Total
assets
..........................................................................
267,363,281
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
380,384
Credit
facility
(Note
7
)
......................................................................
5,000,000
Management
fees
.........................................................................
227,342
Trustees'
fees
and
expenses
.................................................................
1,963
Accrued
interest
(Note
7)
...................................................................
35,700
Payable
upon
return
of
securities
loaned
(Note
1
c
)
..................................................
1,204,122
Deferred
taxes
on
unrealized
appreciation
........................................................
2,207,999
Accrued
expenses
and
other
liabilities
...........................................................
89,075
Total
liabilities
.........................................................................
9,146,585
Net
assets,
at
value
.................................................................
$258,216,696
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$169,128,007
Total
distributable
earnings
(losses)
.............................................................
89,088,689
Net
assets,
at
value
.................................................................
$258,216,696
Shares
outstanding
.........................................................................
14,947,897
Net
asset
value
per
share
a
....................................................................
$17.27
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Operations
for
the
year
ended
August
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
Templeton
Emerging
Markets
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$760,700)
Unaffiliated
issuers
........................................................................
$6,136,579
Non-controlled
affiliates
(Note
3
c
)
.............................................................
419,239
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
931
Non-controlled
affiliates
(Note
3
c
)
.............................................................
2,662
Total
investment
income
...................................................................
6,559,411
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,490,904
Custodian
fees
.............................................................................
53,083
Reports
to
shareholders
fees
..................................................................
29,451
Registration
and
filing
fees
....................................................................
10,085
Professional
fees
...........................................................................
187,716
Trustees'
fees
and
expenses
..................................................................
30,421
Interest
expense
(Not
e
7)
....................................................................
286,700
Other
....................................................................................
49,180
Total
expenses
.........................................................................
3,137,540
Expenses
waived/paid
by
affiliates
(Note
3
c
)
...................................................
(32,897)
Net
expenses
.........................................................................
3,104,643
Net
investment
income
................................................................
3,454,768
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$588,081)
Unaffiliated
issuers
......................................................................
5,550,017
Foreign
currency
transactions
................................................................
2,373
Net
realized
gain
(loss)
..................................................................
5,552,390
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
41,569,581
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(16,810)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(72,037)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
41,480,734
Net
realized
and
unrealized
gain
(loss)
............................................................
47,033,124
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$50,487,892
Templeton
Emerging
Markets
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
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integral
part
of
these
financial
statements.
16
Templeton
Emerging
Markets
Fund
Year
Ended
August
31,
2025
Year
Ended
August
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$3,454,768
$4,384,244
Net
realized
gain
(loss)
.................................................
5,552,390
12,245,086
Net
change
in
unrealized
appreciation
(depreciation)
...........................
41,480,734
11,893,724
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
50,487,892
28,523,054
Distributions
to
shareholders
..............................................
(14,365,395)
(11,273,471)
Capital
share
transactions
(Note
2
)
..........................................
(4,130,408)
(4,521,710)
Net
increase
(decrease)
in
net
assets
...................................
31,992,089
12,727,873
Net
assets:
Beginning
of
year
.......................................................
226,224,607
213,496,734
End
of
year
...........................................................
$258,216,696
$226,224,607
Templeton
Emerging
Markets
Fund
17
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
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
August
31,
2025,
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
18
franklintempleton.com
Annual
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.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Fund.
Additionally,
at
August
31,
2025,
the
Fund
held
$277,596
in
U.S.
Government
and
Agency
securities
as
collateral.
These
securities
are
held
as
collateral
in
segregated
accounts
with
the
Fund's
custodian.
The
Fund
cannot
repledge
or
resell
these
securities
held
as
collateral.
As
such,
the
non-cash
collateral
is
excluded
from
the
Statement
of
Assets
and
Liabilities. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees 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.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
19
franklintempleton.com
Annual
Report
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
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
August
31,
2025, 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. Effective
March
1,
2025,
the
Board
has
implemented
a
new
managed
distribution
plan
where
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
distribute
$0.22
per
share
quarterly.
The
Fund’s
distribution
level
may
be
changed
by
the
Board
in
the
future.
Under
the
policy,
the
Fund
is
managed
with
a
goal
of
generating
as
much
of
the
distribution
as
possible
from
net
investment
income
and
short-term
capital
gains.
The
balance
of
the
distribution
will
then
come
from
long-term
capital
gains
to
the
extent
permitted
and,
if
necessary,
a
return
of
capital.
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
August
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the years
ended
August
31,
2025 and August
31,
2024,
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.
Transactions
in
the
Fund's
shares
were
as
follows:
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
20
franklintempleton.com
Annual
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
Effective March
1,
2025,
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:
Prior
to March
1,
2025,
the
Fund
paid
fees,
calculated daily and
paid
monthly,
to TAML
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
August
31,
2025,
the
gross
effective
investment
management
fee
rate
was 1.074%
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.
Year
Ended
August
31,
2025
Year
Ended
August
31,
2024
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
327,224
$4,130,408
387,907
$4,521,710
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
14.68%
14.47%
Subsidiary
Affiliation
Templeton
Asset
Management
Ltd.
(TAML)
Investment
manager
Franklin
Templeton
Investment
Management
Ltd.
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Annualized
Fee
Rate
Net
Assets
1.050%
Up
to
and
including
$1
billion
1.000%
Over
$1
billion,
up
to
and
including
$2
billion
0.950%
In
excess
of
$2
billion
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
2.
Shares
of
Beneficial
Interest
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
21
franklintempleton.com
Annual
Report
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,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
August
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4.
Income
Taxes
The
tax
character
of
distributions
paid
during
the
years
ended
August
31,
2025
and
2024,
was
as
follows:
At
August
31,
2025,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
,
undistributed
ordinary
income
and
undistributed
long
term
capital
gains
for
income
tax
purposes
were
as
follows:
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Emerging
Markets
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.25%
.
$13,057,834
$34,440,861
$(37,827,722)
$—
$—
$9,670,973
9,670,973
$419,239
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.25%
.
$—
$3,092,513
$(1,888,391)
$—
$—
$1,204,122
1,204,122
$2,662
Total
Affiliated
Securities
...
$13,057,834
$37,533,374
$(39,716,113)
$—
$—
$10,875,095
$421,901
2025
2024
Distributions
paid
from:
Ordinary
income
..........................................................
$9,467,208
$11,273,471
Long
term
capital
gain
......................................................
4,898,187
—
$14,365,395
$11,273,471
Cost
of
investments
..........................................................................
$186,228,422
Unrealized
appreciation
........................................................................
$108,446,332
Unrealized
depreciation
........................................................................
(29,325,899)
Net
unrealized
appreciation
(depreciation)
..........................................................
$79,120,433
3.
Transactions
with
Affiliates
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
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
year
ended
August
31,
2025,
aggregated
$38,095,801 and
$51,108,228,
respectively.
At
August
31,
2025,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$1,204,122
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
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.
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
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$9,801,924
Undistributed
long
term
capital
gains
..............................................................
2,827,711
Total
distributable
earnings
.....................................................................
$12,629,635
4.
Income
Taxes
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
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
August
31,
2025.
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
$20
million.
The
Credit
Facility
provides
a
source
of
funds
to
the
Fund
to
purchase
additional
investments
as
part
of
its
investment
strategy.
Effective
January
10,
2025,
the
Fund
renewed
the
Credit
Facility
for
$20
million
for
a
one-year
term,
maturing
on
January
9,
2026.
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
August
31,
2025,
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 year
ended
August
31,
2025,
were $5,000,000
and
5.65%,
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)
6.
Concentration
of
Risk
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
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 August
31,
2025,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
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 year.
9.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
chief
investment
officer of the
Fund’s
Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
6,795,875
$
—
$
—
$
6,795,875
Chile
................................
2,479,413
—
—
2,479,413
China
...............................
1,223,214
61,884,264
—
63,107,478
Hong
Kong
...........................
—
4,898,534
—
4,898,534
Hungary
.............................
—
2,855,821
—
2,855,821
India
................................
2,960,521
25,103,945
—
28,064,466
Indonesia
............................
—
1,430,570
—
1,430,570
Italy
.................................
—
242,873
—
242,873
Mexico
..............................
6,947,444
—
—
6,947,444
Peru
................................
1,036,891
—
—
1,036,891
Philippines
............................
1,254,420
—
—
1,254,420
Russia
...............................
—
—
—
a
—
South
Africa
...........................
3,867,853
1,964,093
—
5,831,946
South
Korea
..........................
—
45,074,656
—
45,074,656
Taiwan
...............................
—
52,171,948
—
52,171,948
Thailand
.............................
—
6,866,674
—
6,866,674
Turkiye
..............................
748,357
—
—
748,357
United
Arab
Emirates
....................
1,158,986
2,053,329
—
3,212,315
United
States
..........................
6,935,482
—
—
6,935,482
Preferred
Stocks
........................
14,489,872
—
—
14,489,872
Escrows
and
Litigation
Trusts
...............
—
—
28,725
28,725
Short
Term
Investments
...................
10,875,095
—
—
10,875,095
Total
Investments
in
Securities
...........
$60,773,423
$204,546,707
b
$28,725
$265,348,855
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$204,546,707,
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.
8. Fair
Value
Measurements
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
10.
New
Accounting
Pronouncements
In
December
2023,
the
FASB
issued
ASU
No.
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Tax
Disclosures.
The
amendments
enhance
income
tax
disclosures
by
requiring
greater
disaggregation
in
the
rate
reconciliation
and
income
taxes
paid
by
jurisdiction,
while
removing
certain
disclosure
requirements.
The
ASU
is
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
is
currently
evaluating
the
impact
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
11.
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
Selected
Portfolio
ADR
American
Depositary
Receipt
9.
Operating
Segments
(continued)
Templeton
Emerging
Markets
Fund
Report
of
Independent
Registered
Public
Accounting
Firm
26
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Templeton
Emerging
Markets
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Templeton
Emerging
Markets
Fund
(the
"Fund")
as
of
August
31,
2025,
the
related
statement
of
operations
for
the
year
ended
August
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
August
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
August
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
August
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
August
31,
2025
by
correspondence
with
the
custodians,
transfer
agents,
agent
bank
and
brokers;
when
replies
were
not
received
from
a
custodian
or
broker,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
San
Francisco,
California
October
20,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Emerging
Markets
Fund
Tax
Information
(unaudited)
27
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
August
31,
2025:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intends
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
fiscal
year
ended
August
31,
2025:
Pursuant
to:
Amount
Reported
Long-Term
Capital
Gain
Dividends
Distributed
§852(b)(3)(C)
$4,898,187
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$55,184
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$2,997,266
Short-Term
Capital
Gain
Dividends
Distributed
§871(k)(2)(C)
$609,613
Section
163(j)
Interest
Earned
§163(j)
$363,421
Amount
Reported
Foreign
Taxes
Paid
$1,160,419
Foreign
Source
Income
Earned
$5,814,430
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
28
franklintempleton.com
Annual
Report
Share
Repurchase
Program
On
February
24,
2025,
the
Fund’s
Board
reauthorized
an
open-market
share
repurchase
program
which
includes
an
initial
authorization
for
the
Fund
to
repurchase
up
to
10%
of
the
Fund’s
outstanding
shares
in
open-market
transactions,
at
the
discretion
of
management.
The
timing
and
amount
of
repurchases
continue
to
be
at
the
discretion
of
the
investment
manager,
taking
into
account
various
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
additional
10%
threshold
is
reached,
no
further
repurchases
could
be
completed
until
authorized
by
the
Board.
Until
the
additional
10%
threshold
is
reached,
Fund
management
will
have
the
flexibility
to
commence
share
repurchases
if
and
when
it
is
determined
to
be
appropriate
in
light
of
prevailing
circumstances.
The
share
repurchase
program
is
intended
to
benefit
shareholders
by
enabling
the
Fund
to
repurchase
shares
at
a
discount
to
net
asset
value,
thereby
increasing
the
proportionate
interest
of
each
remaining
shareholder
in
the
Fund.
In
the
Notes
to
Financial
Statements
section,
please
see
note
2
(Shares
of
Beneficial
Interest)
for
additional
information
regarding
shares
repurchased.
Managed
Distribution
Plan
The
Fund
has
implemented
a
managed
distribution
plan
where
the
Fund
distributes
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
quarterly
distributions
to
shareholders
at
the
fixed
rate
of
$0.22
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
quarter
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
Under
the
managed
distribution
plan,
to
the
extent
that
sufficient
investment
income
is
not
available
on
a
quarterly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
No
conclusions
should
be
drawn
about
the
Fund’s
investment
performance
from
the
amount
of
the
Fund’s
distributions
or
from
the
terms
of
the
Fund’s
managed
distribution
plan.
The
Board
may
amend
the
terms
of
the
plan
or
terminate
the
plan
at
any
time
without
prior
notice
to
the
Fund’s
shareholders,
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
plan.
The
amendment
or
termination
of
the
plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
shares.
The
plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
fixed
rate
to
determine
if
an
adjustment
should
be
made.
In
compliance
with
Rule
19a-1
of
the
Investment
Company
Act
of
1940,
shareholders
will
receive
a
notice
that
details
the
source
of
income
for
each
dividend
such
as
net
investment
income,
gain
from
the
sale
of
securities
and
return
of
principal.
However,
determination
of
the
actual
source
of
the
Fund’s
dividend
can
only
be
made
at
year-end.
The
actual
source
amounts
of
all
Fund
dividends
will
be
included
in
the
Fund’s
annual
or
semiannual
reports.
In
addition,
the
tax
treatment
may
differ
from
the
accounting
treatment
used
to
calculate
the
source
of
the
Fund’s
dividends
as
shown
on
shareholders’
statements.
Shareholders
should
refer
to
their
Form
1099-DIV
for
the
character
and
amount
of
distributions
for
income
tax
reporting
purposes.
Since
each
shareholder’s
tax
situation
is
unique,
it
may
be
advisable
to
consult
a
tax
advisor
as
to
the
appropriate
treatment
of
Fund
distributions.
Approval
of
Renewed
Borrowing
Arrangements
On
January
10,
2025,
the
Fund
renewed
the
existing
committed,
senior,
secured
line
of
credit
facility
(“Existing
Credit
Facility”)
with
The
Bank
of
Nova
Scotia
for
an
additional
364-day
term
(“Credit
Facility
Renewal”),
until
January
9,
2026.
The
terms
of
the
Credit
Facility
Renewal
are
the
same
as
the
terms
of
the
Existing
Credit
Facility.
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
29
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Annual
Report
The
purpose
of
the
Credit
Facility
is
to
provide
the
Fund
with
a
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
Fund’s
closed-end
fund
structure
is
particularly
well-suited
for
leverage.
Information
About
the
Fund’s
Goal
and
Main
Investments,
Principal
Investment
Strategy,
and
Principal
Risks
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
market
companies,
including
common
and
preferred
stock,
and
common
stock
purchase
warrants.
Principal
Investment
Strategy
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
securities
of
companies
located
or
operating
in
“emerging
market
countries.”
Emerging
market
countries
include
those
currently
considered
to
be
emerging
or
developing
by
the
United
Nations
or
the
countries’
authorities
or
by
S&P
Dow
Jones,
Morgan
Stanley
Capital
International
or
Russell
index
providers.
The
Fund
considers
frontier
markets
to
be
a
subset
of
emerging
markets
and
any
investments
in
frontier
markets
will
be
counted
toward
the
Fund’s
80%
investment
policy.
These
countries
typically
are
located
in
the
Asia-Pacific
region
(including
Hong
Kong),
Eastern
Europe,
Central
and
South
America,
the
Middle
East
and
Africa.
The
Fund
invests
primarily
in
the
equity
securities
of
emerging
market
companies,
principally
common
and
preferred
stocks.
The
Fund
invests
primarily
in
the
equity
securities
(principally
common
and
preferred
stocks
and
American,
Global
and
European
Depositary
Receipts)
of
developing
market
companies.
For
purposes
of
the
Fund’s
investments,
emerging
market
companies
are
those:
(1)
whose
principal
securities
trading
markets
are
in
emerging
market
countries;
or
(2)
that
derive
50%
or
more
of
their
total
revenue
or
profit
from
either
goods
or
services
produced
or
sales
made
in
emerging
market
countries,
or;
(3)
that
have
50%
or
more
of
their
assets
in
emerging
market
countries,
or;
(4)
that
are
linked
to
currencies
of
emerging
market
countries,
or;
(5)
that
are
organized
under
the
laws
of,
or
with
principal
offices
in,
emerging
market
countries.
The
Fund’s
investments
in
equity
securities
may
include
investments
in
the
securities
of
companies
of
any
capitalization,
including
small
and
mid
capitalization
companies.
The
Fund
also
invests
in
American,
Global,
and
European
Depositary
Receipts.
The
Fund,
from
time
to
time,
may
have
significant
investments
in
one
or
more
countries,
such
as
China
or
South
Korea,
or
in
particular
industries
or
sectors,
based
on
economic
conditions.
Investments
in
Chinese
companies
also
may
be
made
through
a
special
structure
known
as
a
variable
interest
entity
(VIE)
that
is
designed
to
provide
foreign
investors
with
exposure
to
Chinese
companies
that
operate
in
certain
sectors
in
which
China
restricts
or
prohibits
foreign
investments.
In
addition
to
the
Fund’s
main
investments,
the
Fund
may
invest
up
to
20%
of
its
net
assets
in
the
securities
of
issuers
in
developed
market
countries.
When
choosing
equity
investments
for
the
Fund,
the
investment
manager
applies
a
fundamental,
research-driven,
long-term
approach,
focusing
on
companies
with
sustainable
earnings
power
that
are
trading
at
a
discount
to
intrinsic
worth.
In
assessing
individual
investment
opportunities,
the
investment
manager
also
considers
a
variety
of
factors,
including
a
company’s
profit
and
loss
outlook,
balance
sheet
strength,
cash
flow
trends
and
asset
value
in
relation
to
the
current
price
of
the
company’s
securities,
as
well
as
material
environmental,
social
and
governance
(ESG)
factors
throughout
the
investment
process,
including
the
Fund's
security-selection
and
portfolio
construction
process.
In
analyzing
ESG
factors,
the
investment
manager
conducts
a
materiality-based
ESG
assessment
through
both
in-depth
research
and
engagement
with
companies
as
appropriate
to
assess
how
a
company's
practices
are
aimed
at
improving
or
maintaining
the
ESG
footprint
of
its
operating
model.
The
following
provides
examples
of
ESG
elements
that
may
be
taken
into
consideration
when
assessing
a
company:
Environmental
considerations,
which
can
include
issues
such
as
resource
efficiency,
carbon
emissions
management,
waste
prevention
and
recycling
and
pollution
prevention
and
control.
Social
considerations,
which
can
include
issues
such
as
labor
standards,
fair
wages,
diversity
and
gender
balance,
health
and
safety
practices
and
product
safety.
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
30
franklintempleton.com
Annual
Report
Governance
considerations,
which
can
include
issues
such
as
appropriate
accounting
practices,
alignment
of
interests,
board
effectiveness,
capital
allocation,
shareholder
rights
and
quality
of
disclosures.
The
investment
manager’s
assessment
of
an
issuer
may
differ
from
that
of
other
funds
or
an
investor’s
assessment
of
such
issuer.
As
a
result,
securities
selected
by
the
investment
manager
may
not
reflect
the
beliefs
and
values
of
any
particular
investor.
ESG
factors
are
often
not
uniformly
measured
or
defined,
which
could
impact
the
investment
manager’s
ability
to
assess
an
issuer.
The
Fund
may
underperform
other
funds
that
do
not
consider
an
issuer’s
ESG
factors
or
that
use
a
different
methodology
to
identify
and/or
incorporate
ESG
factors.
The
Fund
is
a
“non-diversified”
fund,
which
means
it
generally
invests
a
greater
portion
of
its
assets
in
the
securities
of
one
or
more
issuers
and
invests
overall
in
a
smaller
number
of
issuers
than
a
diversified
fund.
In
addition,
for
temporary
defensive
purposes,
the
Fund
may
invest
less
than
80%
of
its
assets
in
emerging
market
country
equity
securities.
Securities
in
which
the
Fund
may
invest
include
illiquid
securities
(i.e.,
any
investment
that
the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment)
and
those
that
are
neither
listed
on
a
stock
exchange
nor
traded
over-the-counter.
The
Fund
generally
does
not
intend
to
invest
more
than
15%
of
its
total
assets
in
illiquid
securities,
including
non-publicly
traded
securities,
together
with
securities
which
cannot
be
readily
resold
because
of
legal
or
contractual
restrictions
or
which
are
otherwise
not
generally
marketable
(including
repurchase
agreements
having
more
than
seven
days
remaining
to
maturity).
The
Fund
may
invest
in
eligible
China
A
shares.
China
A
shares
can
be
accessed
through
the
Stock
Connect
program,
which
covers
securities
listed
and
traded
on
the
Shanghai
Stock
Exchange
through
the
Shanghai-Hong
Kong
Stock
Connect
program,
as
well
as
securities
listed
and
traded
on
the
Shenzhen
Stock
Exchange
through
the
Shenzhen-Hong
Kong
Stock
Connect
program.
China
A
shares
can
also
be
accessed
through
other
means,
including
Qualified
Foreign
Institutional
Investor
regime
(QFII).
The
Fund
may
invest
its
uninvested
cash
balances
in
affiliated
Franklin
Templeton
money
market
funds.
Additionally,
the
Fund
invests
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
The
Fund
may
invest
up
to
10%
of
its
total
assets
in
shares
of
exchange-traded
funds
(ETFs)
for
the
purpose
of
short-
term
cash
management.
In
trying
to
achieve
its
investment
goals,
the
Fund
may
invest
up
to
10%
of
its
net
assets
in
participatory
notes.
The
Fund
intends
to
purchase
and
hold
securities
for
long-
term
capital
appreciation
and
does
not
expect
to
trade
for
short-term
gain.
The
Fund
employs
leverage
through
the
use
of
a
senior
secured
revolving
credit
facility
which
provides
the
Fund
with
a
continuing
source
of
funds
to
purchase
additional
investments
in
the
ordinary
course
of
business
and
pursue
certain
investment
strategies
[
See
the
Notes
to
Financial
Statements
for
further
information
].
Principal
Investment
Risks
You
could
lose
money
by
investing
in
the
Fund.
Closed-end
fund
shares
are
not
deposits
or
obligations
of,
or
guaranteed
or
endorsed
by,
any
bank,
and
are
not
insured
by
the
Federal
Deposit
Insurance
Corporation,
the
Federal
Reserve
Board,
or
any
other
agency
of
the
U.S.
government.
Foreign
Securities
(non-U.S.)
Investing
in
foreign
securities
typically
involves
different
risks
than
investing
in
U.S.
securities,
and
includes
risks
associated
with:
(i)
internal
and
external
political
and
economic
developments
–
e.g.,
the
political,
economic
and
social
policies
and
structures
of
some
foreign
countries
may
be
less
stable
and
more
volatile
than
those
in
the
U.S.
or
some
foreign
countries
may
be
subject
to
trading
restrictions
or
economic
sanctions;
diplomatic
and
political
developments
could
affect
the
economies,
industries,
and
securities
and
currency
markets
of
the
countries
in
which
the
Fund
is
invested,
which
can
include
rapid
and
adverse
political
changes;
social
instability;
regional
conflicts;
sanctions
imposed
by
the
United
States,
other
nations
or
other
governmental
entities,
including
supranational
entities;
terrorism;
and
war;
(ii)
trading
practices
–
e.g.,
government
supervision
and
regulation
of
foreign
securities
and
currency
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
31
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Report
markets,
trading
systems
and
brokers
may
be
less
than
in
the
U.S.;
(iii)
availability
of
information
–
e.g.,
foreign
issuers
may
not
be
subject
to
the
same
disclosure,
accounting
and
financial
reporting
standards
and
practices
as
U.S.
issuers;
(iv)
limited
markets
–
e.g.,
the
securities
of
certain
foreign
issuers
may
be
less
liquid
(harder
to
sell)
and
more
volatile;
and
(v)
currency
exchange
rate
fluctuations
and
policies
–
e.g.,
fluctuations
may
negatively
affect
investments
denominated
in
foreign
currencies
and
any
income
received
or
expenses
paid
by
the
Fund
in
that
foreign
currency.
The
risks
of
foreign
investments
may
be
greater
in
developing
or
emerging
market
countries.
There
are
special
risks
associated
with
investments
in
China,
including
expropriation,
confiscatory
taxation,
nationalization
and
exchange
control
regulations
(including
currency
blockage).
Heightened
geopolitical
risks
and
adverse
Government
policies
can
have
an
impact
on
Chinese
companies.
In
addition,
investments
in
Taiwan
and
Hong
Kong
(Greater
China)
could
be
adversely
affected
by
its
political
and
economic
relationship
with
China.
Chinese
companies
with
securities
listed
on
U.S.
securities
exchanges,
including
those
that
utilize
VIE
structures,
may
be
delisted
if
they
do
not
meet
U.S.
accounting
standards
and
auditor
oversight
requirements,
which
could
significantly
decrease
the
liquidity
and
value
of
such
investments.
In
addition,
the
standards
for
environmental,
social
and
corporate
governance
matters
in
Greater
China
tend
to
be
lower
than
such
standards
in
more
developed
economies.
There
may
be
significant
obstacles
to
obtaining
information
necessary
for
investigations
into
or
litigation
against
companies
located
in
or
operating
in
China
and
shareholders
may
have
limited
legal
remedies.
Trade
disputes
and
the
imposition
of
tariffs
on
goods
and
services
can
affect
the
economies
of
countries
in
which
the
Fund
invests,
particularly
those
countries
with
large
export
sectors,
as
well
as
the
global
economy.
Trade
disputes
can
result
in
increased
costs
of
production
and
reduced
profitability
for
non-export-dependent
companies
that
rely
on
imports
to
the
extent
a
country
engages
in
retaliatory
tariffs.
Trade
disputes
may
also
lead
to
increased
currency
exchange
rate
volatility.
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
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.
Investments
in
South
Korean
issuers
may
subject
the
Fund
to
legal,
regulatory,
political,
currency,
security,
and
economic
risks
that
are
specific
to
South
Korea.
In
addition,
economic
and
political
developments
of
South
Korea's
neighbors
or
potential
hostilities
with
North
Korea
may
have
an
adverse
effect
on
the
South
Korean
economy.
The
South
Korean
economy
is
heavily
reliant
on
trading
exports,
especially
with
other
Asian
countries
and
the
U.S.
Conditions
that
weaken
demand
for
key
South
Korean
exports,
and
disruptions
or
decreases
in
trade
activity
could
lead
to
declines
in
economic
growth.
Emerging
Market
Countries
The
Fund’s
investments
in
emerging
market
countries
are
subject
to
all
of
the
risks
of
foreign
investing
generally,
and
have
additional
heightened
risks
due
to
a
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets,
including:
delays
in
settling
portfolio
securities
transactions;
currency
and
capital
controls;
greater
sensitivity
to
interest
rate
changes;
pervasiveness
of
corruption
and
crime;
currency
exchange
rate
volatility;
and
inflation,
deflation
or
currency
devaluation.
Templeton
Emerging
Markets
Fund
Important
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to
Shareholders
(unaudited)
32
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The
risks
of
investing
in
traditional
emerging
markets
are
magnified
in
frontier
markets
countries
(which
are
a
subset
of
emerging
markets
countries)
because
they
generally
have
smaller
economies
and
less
developed
capital
markets
than
in
traditional
emerging
markets.
Frontier
Market
Countries
Frontier
market
countries,
which
are
a
subset
of
emerging
market
countries,
generally
have
smaller
economies
and
even
less
developed
capital
markets
than
traditional
emerging
markets,
and,
as
a
result,
the
risks
of
investing
in
emerging
market
countries
are
magnified
in
frontier
market
countries.
The
magnification
of
risks
are
the
result
of:
potential
for
extreme
price
volatility
and
illiquidity
in
frontier
markets;
government
ownership
or
control
of
parts
of
private
sector
and
of
certain
companies;
trade
barriers,
exchange
controls,
managed
adjustments
in
relative
currency
values
and
other
protectionist
measures
imposed
or
negotiated
by
frontier
market
countries
or
their
trading
partners;
and
the
relatively
new
and
unsettled
securities
laws
in
many
frontier
market
countries.
Market
The
market
values
of
securities
or
other
investments
owned
by
the
Fund
will
go
up
or
down,
sometimes
rapidly
or
unpredictably.
The
market
value
of
a
security
or
other
investment
may
be
reduced
by
market
activity
or
other
results
of
supply
and
demand
unrelated
to
the
issuer.
This
is
a
basic
risk
associated
with
all
investments.
When
there
are
more
sellers
than
buyers,
prices
tend
to
fall.
Likewise,
when
there
are
more
buyers
than
sellers,
prices
tend
to
rise.
In
addition,
the
value
of
the
Fund’s
investments
may
go
up
or
down
due
to
general
market
or
other
conditions
that
are
not
specifically
related
to
a
particular
issuer,
such
as:
real
or
perceived
adverse
economic
changes,
including
widespread
liquidity
issues
and
defaults
in
one
or
more
industries;
changes
in
interest,
inflation
or
exchange
rates;
unexpected
natural
and
man-made
world
events,
such
as
diseases
or
disasters;
financial,
political
or
social
disruptions,
including
terrorism
and
war;
and
U.S.
trade
disputes
or
other
disputes
with
specific
countries
that
could
result
in
additional
tariffs,
trade
barriers
and/or
investment
restrictions
in
certain
securities
in
those
countries.
Any
of
these
conditions
can
adversely
affect
the
economic
prospects
of
many
companies,
sectors,
nations,
regions
and
the
market
in
general,
in
ways
that
cannot
necessarily
be
foreseen.Stock
prices
tend
to
go
up
and
down
more
dramatically
than
those
of
debt
securities.
A
slower-growth
or
recessionary
economic
environment
could
have
an
adverse
effect
on
the
prices
of
the
various
stocks
held
by
the
Fund.
Leverage
The
Fund
employs
leverage
through
the
use
of
a
senior
secured
revolving
credit
facility
which
provides
the
Fund
with
a
continuing
source
of
funds
to
purchase
additional
investments
in
the
ordinary
course
of
business
and
pursue
certain
investment
strategies.
The
Fund’s
use
of
leverage
creates
the
opportunity
for
increased
returns
in
the
Fund,
but
it
also
creates
special
risks.
To
the
extent
used,
there
is
no
assurance
that
the
Fund’s
leveraging
strategies
will
be
successful.
Leverage
is
a
speculative
technique
that
may
expose
the
Fund
to
greater
risk
and
increased
costs.
Leverage
tends
to
magnify,
sometimes
significantly,
the
effect
of
any
increase
or
decrease
in
the
Fund’s
exposure
to
an
asset
or
class
of
assets
and
may
cause
the
Fund’s
NAV
per
share
to
be
volatile.
Non-Diversification
A
"non-diversified"
fund
generally
invests
a
greater
portion
of
its
assets
in
the
securities
of
one
or
more
issuers
and
invests
overall
in
a
smaller
number
of
issuers
than
a
diversified
fund.
The
Fund
may
be
more
sensitive
to
a
single
economic,
business,
political,
regulatory
or
other
occurrence
than
a
more
diversified
fund
might
be,
which
may
negatively
impact
the
Fund’s
performance
and
result
in
greater
fluctuation
in
the
value
of
the
Fund's
shares
and
a
greater
risk
of
loss.
Value
Style
Investing
A
value
stock
may
not
increase
in
price
as
anticipated
by
the
investment
manager
if
other
investors
fail
to
recognize
the
company's
value
and
bid
up
the
price,
the
markets
favor
faster-growing
companies,
or
the
factors
that
the
investment
manager
believes
will
increase
the
price
of
the
security
do
not
occur
or
do
not
have
the
anticipated
effect.
Management
The
Fund
is
subject
to
management
risk
because
it
is
an
actively
managed
investment
portfolio.
The
Fund's
investment
manager
applies
investment
techniques
and
risk
analyses
in
making
investment
decisions
for
the
Fund,
but
there
can
be
no
guarantee
that
these
decisions
will
produce
the
desired
results.
Templeton
Emerging
Markets
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Important
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to
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Report
Focus
To
the
extent
that
the
Fund
focuses
on
particular
countries,
regions,
industries,
sectors
or
types
of
investments
from
time
to
time,
the
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
countries,
regions,
industries,
sectors
or
investments.
Information
technology
companies
Companies
operating
within
information
technology
related
industries
may
be
affected
by
worldwide
technological
developments,
the
success
of
their
products
and
services
(which
may
be
outdated
quickly),
anticipated
products
or
services
that
are
delayed
or
cancelled,
and
investor
perception
of
the
company
and/or
its
products
or
services.
These
companies
typically
face
intense
competition
and
potentially
rapid
product
obsolescence.
They
may
also
have
limited
product
lines,
markets,
financial
resources
or
personnel.
Technology
companies
are
also
heavily
dependent
on
intellectual
property
rights
and
may
be
adversely
affected
by
loss
or
impairment
of
those
rights.
There
can
be
no
assurance
these
companies
will
be
able
to
successfully
protect
their
intellectual
property
to
prevent
the
misappropriation
of
their
technology,
or
that
competitors
will
not
develop
technology
that
is
substantially
similar
or
superior
to
such
companies’
technology.
These
companies
typically
engage
in
significant
amounts
of
spending
on
research
and
development,
and
there
is
no
guarantee
that
the
products
or
services
produced
by
these
companies
will
be
successful.
Technology
companies
are
also
potential
targets
for
cyberattacks,
which
can
have
a
materially
adverse
impact
on
the
performance
of
these
companies.
The
customers
and/or
suppliers
of
technology
companies
may
be
concentrated
in
a
particular
country,
region
or
industry.
Any
adverse
event
affecting
one
of
these
countries,
regions
or
industries
could
have
a
negative
impact
on
these
companies.
Financial
services
companies
Financial
services
companies
are
subject
to
extensive
government
regulation
that
may
affect
their
profitability
in
many
ways,
including
by
limiting
the
amount
and
types
of
loans
and
other
commitments
they
can
make,
and
the
interest
rates
and
fees
they
can
charge.
A
financial
services
company's
profitability,
and
therefore
its
stock
prices,
is
especially
sensitive
to
interest
rate
changes
as
well
as
the
ability
of
borrowers
to
repay
their
loans.
Changing
regulations,
continuing
consolidations,
and
development
of
new
products
and
structures
all
are
likely
to
have
a
significant
impact
on
financial
services
companies.
China
A
Shares
With
respect
to
the
Fund’s
investments
in
eligible
China
A
shares
through
Stock
Connect,
the
Fund
will
be
subject
to
Chinese
securities
regulations
and
the
listing
rules
of
the
respective
stock
exchange.
Such
securities
generally
may
not
be
sold,
purchased
or
otherwise
transferred
other
than
through
Stock
Connect.
Although
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
eligible
China
A
shares.
For
example,
an
investor
cannot
purchase
and
sell
the
same
security
on
the
same
trading
day.
Trading
in
the
Stock
Connect
program
is
subject
to
trading,
clearance
and
settlement
procedures
that
are
untested
in
China,
and
the
withholding
tax
treatment
of
dividends
and
capital
gains
payable
to
overseas
investors
is
currently
unsettled.
The
application
and
interpretation
of
the
laws
and
regulations
published
or
applied
by
relevant
regulators
and
exchanges
with
respect
to
the
Stock
Connect
program
are
uncertain,
and
they
may
have
a
detrimental
effect
on
the
Fund’s
investments
and
returns.
Small
and
Mid
Capitalization
Companies
Securities
issued
by
small
and
mid
capitalization
companies
may
be
more
volatile
in
price
than
those
of
larger
companies
and
may
involve
substantial
risks.
Such
risks
may
include
greater
sensitivity
to
economic
conditions,
less
certain
growth
prospects,
lack
of
depth
of
management
and
funds
for
growth
and
development,
and
limited
or
less
developed
product
lines
and
markets.
In
addition,
small
and
mid
capitalization
companies
may
be
particularly
affected
by
interest
rate
increases,
as
they
may
find
it
more
difficult
to
borrow
money
to
continue
or
expand
operations,
or
may
have
difficulty
in
repaying
any
loans.
The
markets
for
securities
issued
by
small
and
mid
capitalization
companies
also
tend
to
be
less
liquid
than
the
markets
for
securities
issued
by
larger
companies.
Liquidity
The
trading
market
for
a
particular
security
or
type
of
security
or
other
investments
in
which
the
Fund
invests
may
become
less
liquid
or
even
illiquid.
Reduced
liquidity
will
have
an
adverse
impact
on
the
Fund’s
ability
to
sell
such
securities
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
34
franklintempleton.com
Annual
Report
or
other
investments
when
necessary
to
meet
the
Fund’s
liquidity
needs,
which
may
arise
or
increase
in
response
to
a
specific
economic
event
or
because
the
investment
manager
wishes
to
purchase
particular
investments
or
believes
that
a
higher
level
of
liquidity
would
be
advantageous.
Reduced
liquidity
will
also
generally
lower
the
value
of
such
securities
or
other
investments.
Market
prices
for
such
securities
or
other
investments
may
be
relatively
volatile.
Participatory
Notes
Participatory
notes
involve
risks
that
are
in
addition
to
the
risks
normally
associated
with
a
direct
investment
in
the
underlying
equity
securities.
The
Fund
is
subject
to
the
risk
that
the
issuer
of
the
participatory
note
(i.e.,
the
issuing
bank
or
broker-dealer),
which
is
the
only
responsible
party
under
the
note,
is
unable
or
refuses
to
perform
under
the
terms
of
the
participatory
note.
While
the
holder
of
a
participatory
note
is
entitled
to
receive
from
the
issuing
bank
or
broker-dealer
any
dividends
or
other
distributions
paid
on
the
underlying
securities,
the
holder
is
not
entitled
to
the
same
rights
as
an
owner
of
the
underlying
securities,
such
as
voting
rights.
Participatory
notes
are
also
not
traded
on
exchanges,
are
privately
issued,
and
may
be
illiquid.
There
can
be
no
assurance
that
the
trading
price
or
value
of
participatory
notes
will
equal
the
value
of
the
underlying
value
of
the
equity
securities
they
seek
to
replicate
ESG
Considerations
ESG
considerations
are
one
of
a
number
of
factors
that
the
investment
manager
examines
when
considering
investments
for
the
Fund’s
portfolio.
In
light
of
this,
the
issuers
in
which
the
Fund
invests
may
not
be
considered
ESG-focused
issuers
and
may
have
lower
or
adverse
ESG
assessments.
Consideration
of
ESG
factors
may
affect
the
Fund’s
exposure
to
certain
issuers
or
industries
and
may
not
work
as
intended.
In
addition,
ESG
considerations
assessed
as
part
of
the
Fund’s
investment
process
may
vary
across
types
of
eligible
investments
and
issuers.
In
certain
circumstances,
there
may
be
times
when
not
every
investment
is
assessed
for
ESG
factors
and,
when
they
are,
not
every
ESG
factor
may
be
identified
or
evaluated.
The
investment
manager’s
assessment
of
an
issuer’s
ESG
factors
is
subjective
and
will
likely
differ
from
that
of
investors,
third
party
service
providers
(e.g.,
ratings
providers)
and
other
funds.
As
a
result,
securities
selected
by
the
investment
manager
may
not
reflect
the
beliefs
and
values
of
any
particular
investor.
The
investment
manager
also
may
be
dependent
on
the
availability
of
timely,
complete
and
accurate
ESG
data
reported
by
issuers
and/or
third-
party
research
providers,
the
timeliness,
completeness
and
accuracy
of
which
is
out
of
the
investment
manager’s
control.
ESG
factors
are
often
not
uniformly
measured
or
defined,
which
could
impact
the
investment
manager’s
ability
to
assess
an
issuer.
While
the
investment
manager
views
ESG
considerations
as
having
the
potential
to
contribute
to
the
Fund’s
long-term
performance,
there
is
no
guarantee
that
such
results
will
be
achieved.
Cybersecurity
Cybersecurity
incidents,
both
intentional
and
unintentional,
may
allow
an
unauthorized
party
to
gain
access
to
Fund
assets,
Fund
or
customer
data
(including
private
shareholder
information),
or
proprietary
information,
cause
the
Fund,
the
investment
manager,
and/or
their
service
providers
(including,
but
not
limited
to,
Fund
accountants,
custodians,
sub-custodians,
transfer
agents
and
financial
intermediaries)
to
suffer
data
breaches,
data
corruption
or
loss
of
operational
functionality
or
prevent
Fund
investors
from
purchasing,
redeeming
or
exchanging
shares
or
receiving
distributions.
The
investment
manager
has
limited
ability
to
prevent
or
mitigate
cybersecurity
incidents
affecting
third
party
service
providers,
and
such
third
party
service
providers
may
have
limited
indemnification
obligations
to
the
Fund
or
the
investment
manager.
Cybersecurity
incidents
may
result
in
financial
losses
to
the
Fund
and
its
shareholders,
and
substantial
costs
may
be
incurred
in
an
effort
to
prevent
or
mitigate
future
cybersecurity
incidents.
Issuers
of
securities
in
which
the
Fund
invests
are
also
subject
to
cybersecurity
risks,
and
the
value
of
these
securities
could
decline
if
the
issuers
experience
cybersecurity
incidents.
Because
technology
is
frequently
changing,
new
ways
to
carry
out
cyber
attacks
are
always
developing.
Therefore,
there
is
a
chance
that
some
risks
have
not
been
identified
or
prepared
for,
or
that
an
attack
may
not
be
detected,
which
puts
limitations
on
the
Fund's
ability
to
plan
for
or
respond
to
a
cyber
attack.
Like
other
funds
and
business
enterprises,
the
Fund,
the
investment
manager,
and
their
service
providers
are
subject
to
the
risk
of
cyber
incidents
occurring
from
time
to
time.
Please
see
the
Performance
Summary
section
of
this
report
for
additional
risk
disclosure.
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
35
franklintempleton.com
Annual
Report
The
following
information
is
a
summary
of
certain
changes
since
the
last
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
the
Fund.
There
have
not
been
any
material
changes
during
the
last
fiscal
year.
Templeton
Emerging
Markets
Fund
Annual
Meeting
of
Shareholders:
March
10,
2025
(unaudited)
36
franklintempleton.com
Annual
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
10,
2025.
The
purpose
of
the
meeting
was
to
elect
three
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,
2025.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Gregory
E.
Johnson,
Rupert
H.
Johnson,
Jr.,
and
Constantine
D.
Tseretopoulos.*
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,
2025.
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
three
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,
2025:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
*
Harris
J.
Ashton,
Ann
Torre
Bates,
Terrence
J.
Checki
,
Mary
C.
Choksi,
Edith
E.
Holiday,
David
W.
Niemiec
,
J.
Michael
Luttig
,
and
Larry
D.
Thompson
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders.
Term
Expiring
2028
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Gregory
E.
Johnson
11,528,541
75.98%
91.36%
1,089,863
7.18%
8.64%
Rupert
H.
Johnson,
Jr.
11,578,517
76.31%
91.76%
1,039,888
6.85%
8.24%
Constantine
D.
Tseretopoulos
11,584,386
76.35%
91.81%
1,034,018
6.81%
8.19%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
11,700,274
77.11%
92.72%
Against
838,181
5.52%
6.64%
Abstain
79,950
0.53%
0.63%
Templeton
Emerging
Markets
Fund
37
franklintempleton.com
Annual
Report
Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
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
(unaudited)
38
franklintempleton.com
Annual
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
Board
Members
and
Officers
(unaudited)
39
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
1992
115
Bar-S
Foods
(meat
packing
company)
(1981-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Ann
Torre
Bates
(1958)
Trustee
Since
2008
26
Ares
Core
Infrastructure
Fund
(closed-end
investment
management
company)
(October
2024-present);
Ares
Strategic
Income
Fund
(closed-end
investment
management
company)
(2022-present);
Ares
Capital
Corporation
(specialty
finance
company)
(2010-present);
and
formerly
,
United
Natural
Foods,
Inc.
(food
distribution)
(2013-2023)
and
Navient
Corporation
(loan
management,
servicing
and
asset
recovery)
(2014-2016).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Executive
Vice
President
and
Chief
Financial
Officer,
NHP
Incorporated
(manager
of
multifamily
housing)
(1995-1997);
and
Vice
President
and
Treasurer,
US
Airways,
Inc.
(until
1995).
Terrence
J.
Checki
(1945)
Trustee
Since
2023
115
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Templeton
Emerging
Markets
Fund
40
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Mary
C.
Choksi
(1950)
Trustee
Since
2016
115
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
115
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-2023),
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
115
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
David
W.
Niemiec
(1949)
Trustee
Since
2005
26
Hess
Midstream
LP
(oil
and
gas
midstream
infrastructure)
(2017-present).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Advisor,
Saratoga
Partners
(private
equity
fund);
and
formerly
,
Managing
Director,
Saratoga
Partners
(1998-2001)
and
SBC
Warburg
Dillon
Read
(investment
banking)
(1997-1998);
Vice
Chairman,
Dillon,
Read
&
Co.
Inc.
(investment
banking)
(1991-1997);
and
Chief
Financial
Officer,
Dillon,
Read
&
Co.
Inc.
(1982-1997).
Independent
Board
Members
(continued)
Templeton
Emerging
Markets
Fund
41
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Larry
D.
Thompson
(1945)
Trustee
Since
2005
115
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
1999
17
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Gregory
E.
Johnson
2
(1961)
Chairman
of
the
Board,
Vice
President
and
Trustee
Chairman
of
the
Board
and
Vice
President
since
2023
and
Trustee
since
2007
124
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
Rupert
H.
Johnson,
Jr.
3
(1940)
Trustee
Since
2013
115
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton
fund
complex.
Independent
Board
Members
(continued)
Templeton
Emerging
Markets
Fund
42
franklintempleton.com
Annual
Report
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
1.
Information
is
for
the
calendar
year
ended
December
31,
2024,
unless
otherwise
noted.
We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
2.
Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
3.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
a
major
shareholder
of
Resources,
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Bjorn
A.
Davis
(1965)
Chief
Compliance
Officer
Since
October
2024
Not
Applicable
Not
Applicable
100
First
Stamford
Place
Stamford,
CT
06902
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Franklin
Templeton
Global
Regulatory
Compliance
US
Advisory
Services;
Chief
Compliance
Officer,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers
LLC,
Franklin
Templeton
Institutional
LLC,
Templeton
Investment
Counsel
LLC
and
Templeton
Global
Advisors
Limited
(since
2023);
formerly
,
Director,
Franklin
Templeton
Global
Regulatory
Compliance;
Chief
Compliance
Officer,
K2
Advisors,
LLC
and
K2/D&S
Management
Co.,
LLC
(2011
-
2023).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
One
Madison
Avenue
New
York,
NY
10010
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
Franklin
Distributors,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton
fund
complex.
Christopher
Kings
(1974)
Chief
Executive
Officer
-
Finance
and
Administration
Since
2024
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton
fund
complex.
Manraj
S.
Sekhon
(1969)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
7
Temasek
Blvd.,
Suntec
Tower
1,
#38-03
Singapore
038987
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Investment
Officer,
Franklin
Templeton
Emerging
Markets
Equity;
and
officer
of
certain
funds
in
the
Franklin
Templeton
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
and
Secretary
Vice
President
since
2015
and
Secretary
since
2023
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton
fund
complex.
Jeffrey
W.
White
(1971)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2024
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Financial
Officer,
Chief
Accounting
Officer
&
Treasurer
and
officer
of
certain
funds
in
the
Franklin
Templeton
fund
complex;
and
formerly
,
Director
and
Assistant
Treasurer
within
Franklin
Templeton
Global
Fund
Tax
and
Fund
Administration
and
Financial
Reporting
(2017-2023).
Interested
Board
Members
and
Officers
(continued)
Templeton
Emerging
Markets
Fund
43
franklintempleton.com
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The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
U.S.
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
each
of
Ann
Torre
Bates
and
David
W.
Niemiec
as
an
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
qualify
as
such
an
expert
in
view
of
their
extensive
business
background
and
experience.
Ms.
Bates
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2008.
She
currently
serves
as
a
director
of
Ares
Capital
Corporation
(2010-present)
and
United
Natural
Foods,
Inc.
(2013-present)
and
was
formerly
a
director
of
Navient
Corporation
from
2014
to
2016,
SLM
Corporation
from
1997
to
2014
and
Allied
Capital
Corporation
from
2003
to
2010,
Executive
Vice
President
and
Chief
Financial
Officer
of
NHP
Incorporated
from
1995
to
1997
and
Vice
President
and
Treasurer
of
US
Airways,
Inc.
until
1995.
Mr.
Niemiec
has
served
as
a
member
of
the
Fund
Audit
Committee
since
2005,
currently
serves
as
an
Advisor
to
Saratoga
Partners
and
was
formerly
its
Managing
Director
from
1998
to
2001
and
serves
as
a
director
of
Hess
Midstream
LP
(2017-present).
Mr.
Niemiec
was
formerly
a
director
of
Emeritus
Corporation
from
1999
to
2010
and
OSI
Pharmaceuticals,
Inc.
from
2006
to
2010,
Managing
Director
of
SBC
Warburg
Dillon
Read
from
1997
to
1998,
and
was
Vice
Chairman
from
1991
to
1997
and
Chief
Financial
Officer
from
1982
to
1997
of
Dillon,
Read
&
Co.
Inc.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Bates
and
Mr.
Niemiec
have
each
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Bates
and
Mr.
Niemiec
are
independent
Board
members
as
that
term
is
defined
under
the
applicable
U.S.
Securities
and
Exchange
Commission
Rules
and
Releases.
Interested
Board
Members
and
Officers
(continued)
Templeton
Emerging
Markets
Fund
Shareholder
Information
44
franklintempleton.com
Annual
Report
Board
Approval
of
Investment
Management
Agreements
(unaudited)
TEMPLETON
EMERGING
MARKETS
FUND
(Fund)
At
an
in-person
meeting
held
on
May
29,
2025
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Templeton
Asset
Management
Ltd.
(TAML)
and
the
Fund
and
the
investment
sub-advisory
agreement
between
TAML
and
Franklin
Templeton
Investment
Management
Limited
(Sub-
Adviser),
an
affiliate
of
TAML,
on
behalf
of
the
Fund
(each
a
Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
to
consider
the
renewal
of
each
Management
Agreement.
TAML
and
the
Sub-Adviser
are
each
referred
to
herein
as
a
Manager.
In
considering
the
continuance
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
each
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
each
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
also
considered
prior
to
and
at
the
Meeting.
The
Board
further
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
each
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
each
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
the
information
it
received
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
each
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund
(including
its
share
price
discount
to
net
asset
value);
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
each
Manager
and
its
affiliates;
and
management
fees
charged
by
each
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
acknowledged
the
ongoing
integration
of
acquired
third-party
fund
families
into
the
Franklin
Templeton
(FT)
family
of
funds
and
management’s
continued
development
of
strategies
to
address
evolving
changes
in
domestic
policy
and
continuing
geopolitical
concerns.
The
Board
noted
recent
actions
that
it
took
at
its
February
2025
meeting,
including
the
authorization
of
a
managed
distribution
plan
pursuant
to
which
the
Fund
will
make
quarterly
distributions
to
shareholders
at
the
fixed
rate
of
$0.22
per
share
and
the
approval
of
an
open-market
share
repurchase
program
that
authorizes
the
Fund
to
purchase,
from
time
to
time,
up
to
10%
of
the
Fund’s
common
shares
in
open-market
transactions,
at
the
discretion
of
the
management.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Managers’
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
Templeton
Emerging
Markets
Fund
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45
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environment,
as
well
as
its
evaluation
of
ways
to
incorporate
private
assets
into
more
traditional
investment
vehicles.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
continued
focus
on
developing
potential
use
cases
for
tokenization
and
the
blockchain
and
the
use
of
artificial
intelligence
tools
to
help
streamline
day-to-day
tasks.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
each
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2024.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
Such
results
are
based
on
net
asset
value
without
regard
to
market
discounts
or
premiums.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
leveraged
closed-end
emerging
markets
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe.
The
Board
discussed
with
management
the
small
size
of
the
Fund’s
Performance
Universe,
which
included
only
the
Fund
and
one
other
leveraged
closed-end
emerging
markets
fund
(peer
fund),
and
that
therefore
no
quintile
information
was
provided
for
the
Fund.
The
Board
noted
that
the
Fund
outperformed
its
peer
fund
seven
of
the
10
calendar
years
ended
December
31,
2024.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
underlying
fund
expenses;
investment-related
expenses;
and
other
non-management
fees.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
one
other
leveraged
closed-end
emerging
markets
fund.
The
Board
noted
the
small
size
of
the
Fund’s
Expense
Group,
which
included
only
the
two
funds,
and
that
therefore
no
quintile
information
was
provided
for
the
Fund.
The
Board
further
noted
that,
of
the
two
funds
in
the
Expense
Group,
the
Fund’s
Management
Rate
was
the
more
expensive,
but
its
actual
total
expense
ratio
was
the
less
expensive.
The
Board
also
noted
that,
effective
March
1,
2025,
the
Fund’s
Management
Rate
was
reduced
by
5
basis
points
at
each
breakpoint
tier.
The
Board
noted
that
the
Fund’s
Sub-
Adviser
is
paid
by
TAML
out
of
the
management
fee
TAML
receives
from
the
Fund
and
that
the
allocation
of
the
fee
between
TAML
and
the
Sub-Adviser
reflected
the
services
provided
by
each
to
the
Fund.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
and
the
sub-advisory
fee
paid
to
the
Sub-Adviser
are
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
TAML
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2024,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
Templeton
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The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
each
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
each
Manager,
but
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
each
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
each
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
each
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
The
Board
believes
that
each
Manager’s
ability
to
realize
economies
of
scale
and
the
sharing
of
such
benefit
is
a
more
relevant
consideration
in
the
case
of
an
open-end
fund
whose
size
increases
as
a
result
of
the
continuous
sale
of
its
shares.
A
closed-end
fund,
such
as
the
Fund,
does
not
continuously
offer
shares,
and
growth
following
its
initial
public
offering
will
primarily
result
from
market
appreciation,
which
benefits
its
shareholders.
While
believing
economies
of
scale
to
be
less
of
a
factor
in
the
context
of
a
closed-end
fund,
the
Board
believes
at
some
point
an
increase
in
size
may
lead
to
economies
of
scale
that
would
be
shared
with
the
Fund
and
its
shareholders
and
intends
to
monitor
future
growth
of
the
Fund
accordingly.
The
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Managers’
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
each
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
does
not
currently
have
an
asset
size
that
would
likely
enable
the
Fund
to
achieve
economies
of
scale,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
each
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuance
of
each
Management
Agreement
with
each
Manager
for
an
additional
one-year
period.
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.
47
franklintempleton.com
Not
part
of
the
Annual
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
48
franklintempleton.com
Not
part
of
the
Annual
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.
49
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Not
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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-A
10/25
©
2025
Franklin
Templeton
Investments.
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reserved.
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Fund
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as
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Like
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Fund’s
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will
be
subject
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currency,
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and
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The
Fund
and
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are
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manager.
Therefore,
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who
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should
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Fund.
To
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service,
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calls
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and
from
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areas
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monitored
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Annual
Report
Templeton
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Fund
Investment
Manager
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Agent
Fund
Information
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(b) Not applicable

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 19(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.

The Board of Trustees of the Registrant has determined that Ann Torre Bates and David W. Niemiec possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Ann Torre Bates and David W. Niemiec as the Audit Committee’s financial experts. Ann Torre Bates and David W. Niemiec are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending August 31, 2024 and August 31, 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $53,545 in August 31, 2024 and $47,840 in August 31, 2025.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in August 31, 2024 and $0 in August 31, 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $0 in August 31, 2024 and $10,000 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant’s investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2024 and $0 in August 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Registrant’s Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

(i) pre-approval of all audit and audit related services;

(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $140,000 in August 31, 2024 and $200,966 in August 31, 2025.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) The independent board members are acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

David W. Niemiec

Ann Torre Bates

J. Michael Luttig

Terrence J. Checki

Constantine D. Tseretopoulos

(b) Not applicable

ITEM 6. | SCHEDULE OF INVESTMENTS.

| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

| (b) | Not applicable.

ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

FRANKLIN TEMPLETON EMERGING MARKETS EQUITY GROUP

Proxy Voting Policies & Procedures

An SEC Compliance Rule Policy and Procedures*

RESPONSIBILITY OF THE INVESTMENT MANAGERS 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 guidelines, and TGEG’s custom sustainability guidelines, where appropriate. 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 guidelines’’ or Glass Lewis’s US guidelines (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 may request 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 make their 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 issues throughout the year.

THE PROXY GROUP

The Proxy Group’s ‘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

| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) As of August 31, 2025, the portfolio managers of the Fund are as follows:

Chetan Sehgal CFA, Director of Global Emerging Markets/Small Cap Strategies of the Templeton Emerging Markets Group and portfolio manager of Asset Management

Mr. Sehgal has been a portfolio manager of the emerging markets equity portion of the Fund since March 2017. He joined Franklin Templeton Investments in 1995.

Andrew Ness, ASIP, Portfolio Manager of FTIML

Mr. Ness has been portfolio manager of the Fund since April 2021. He joined Franklin Templeton in 2018.

Messrs. Sehgal and Ness are jointly and primarily responsible for the day-to-day management of the Fund. Each manager has equal authority over all aspects of the Fund’s investment portfolio, including, but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which each portfolio manager may perform these functions, and the nature of these functions, may change from time to time.

CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.

ASIP stands for Associate of the United Kingdom Society for Investment Professionals (now CFA Society of the United Kingdom).

(a)(2) This section reflects information about the portfolio manager as of the fiscal year ended August 31, 2025.

The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

Name | Number of Other Registered Investment Companies Managed1 | Assets of Other Registered Investment Companies Managed | Number of Other Pooled Investment Vehicles Managed1 | Assets of Other Pooled Investment Vehicles Managed (x $1 million)1 | Number of Other Accounts Managed1 | Assets of Other Accounts Managed (x $1 million)1
Chetan Sehgal | 5 | 2,425.9 | 13 | 7,352.4 | 32 | 1,007.7
Andrew Ness | 4 | 2,081.0 | 8 | 5,470.5 | 22 | 821.6

1The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the individual managers listed would not be solely responsible for managing such listed amounts.

2Of these accounts, Messrs. Sehgal and Ness both manage one other account with $821.3 million in assets with a performance fee.

Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation (as noted, in the chart above, if any). This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.

Conflicts. The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a

portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The structure of a portfolio manager’s compensation may give rise to potential conflicts of interest. A portfolio manager’s base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be a relationship between a portfolio manager’s marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the manager have adopted a code of ethics which they believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

Compensation. The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager’s level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager’s compensation consists of the following three elements:

Base salary Each portfolio manager is paid a base salary.

Annual bonus Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund’s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

| • | Investment performance. Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

| • | Non-investment performance. The more qualitative contributions of the portfolio manager to the investment manager’s business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

| • | Responsibilities. The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager’s appraisal.

Additional long-term equity-based compensation Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

Benefits Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

Ownership of Fund shares. The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by each portfolio manager (such amounts may change from time to time):

Portfolio Manager | Dollar Range of Fund Shares Beneficially Owned |
Chetan Sehgal | None |
Andrew Ness | None |

Note: Because the portfolio managers are all foreign nationals, they do not hold shares in this U.S. registered Fund; however they own shares in other similar Franklin Templeton funds managed by them, registered offshore and appropriate for foreign nationals.

Item 14. | 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 Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
September 1 – September 28, 2024 | 11,670 | $12.86 | 11,670 | 699,156
October 1 – October 31, 2024 | 36,589 | $13.30 | 36,589 | 662,567
November 1 – November 30, 2024 | 31,078 | $12.78 | 31,078 | 631,489
December 1 – December 31, 2024 | 56,108 | $12.43 | 56,108 | 575,381
January 1 – January 31, 2025 | 52,433 | $12.11 | 52,433 | 522,948
February 1 – February 28, 2025 | 56,509 | $12.84 | 56,509 | 466,439
March 1 – March 31, 2025 | 30,161 | $12.95 | 30,161 | 436,278
April 1 – April 30, 2025 | 28,751 | $11.94 | 28,751 | 407,527
May 1 – May 31, 2025 | 18,407 | $13.35 | 18,407 | 389,120
June 1 – June 30, 2025 | 5,518 | $13.74 | 5,518 | 383,602
July 1 – July 31, 2025 | - | - | - | 383,602
August 1 – August 31, 2025 | - | - | - | 383,602
Total | 327,224 |  | 327,224 |

ITEM 15. | 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 16. | CONTROLS AND PROCEDURES.

| (a) | The Registrant’s chief executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

Item 17. | 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 year ended August 31, 2025, 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 | $10,799
Fees and/or compensation paid by the Fund for securities lending activities and related services |
Fees paid to Securities Lending Agent from revenue split | $316
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) | $6,862
Other fees not included above | $28
Aggregate fees/compensation paid by the Fund for securities lending activities | $7,206
Net income from securities lending activities | $3,593

ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

| (a) | Not applicable.

| (b) | Not applicable.

ITEM 19. | EXHIBITS.

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

(c) Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit.

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, there unto duly authorized.

Templeton Emerging Markets Fund
By: | /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |
Date: | October 29, 2025 |

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: | October 29, 2025 |

By: | /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |
Date: | October 29, 2025 |