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: February 28, 2026

ITEM 1. | REPORT TO STOCKHOLDERS

(a) The Report to Shareholders is filed herewith

Semiannual
Report
Templeton
Emerging
Markets
Fund
February
28,
2026
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Managed
Distribution
Policy
:
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
4
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
11
Notes
to
Financial
Statements
14
Important
Information
to
Shareholders
22
Annual
Meeting
of
Shareholders
24
Dividend
Reinvestment
and
Cash
Purchase
Plan
25
Shareholder
Information
27
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Fund
Dear
Shareholder,
This
semiannual
report
for
Templeton
Emerging
Markets
Fund
covers
the
period
ended
February
28,
2026.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
net
assets
in
emerging
country
equity
securities.
Our
investment
strategy
employs
a
fundamental,
value-oriented,
long-term
approach.
We
focus
on
the
market
price
of
a
company’s
securities
relative
to
our
evaluation
of
the
company’s
long-
term
earnings,
asset
value
and
cash
flow
potential.
As
we
look
for
investments,
we
focus
on
specific
companies
and
undertake
in-depth
research
to
construct
an
action
list
from
which
we
make
our
buy
decisions.
Before
we
make
a
purchase,
we
look
at
the
company’s
potential
for
earnings
and
growth
over
a
five-year
horizon.
During
our
analysis,
we
also
consider
the
company’s
position
in
its
sector,
the
economic
framework
and
political
environment.
Performance
Overview
For
the
six
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+39.86%
based
on
net
asset
value
and
+45.83%
based
on
market
price.
The
Fund’s
benchmark,
the
MSCI
Emerging
Markets
Index-NR,
which
is
designed
to
measure
the
equity
market
performance
of
global
emerging
markets,
posted
a
+28.87%
cumulative
total
return
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
4
.
The
Board
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.
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.
Geographic
Composition
2/28/26
%
of
Total
Investments
Asia
78.6%
Latin
America
&
Caribbean
11.7%
Middle East & Africa
3.6%
North
America
1.8%
Europe
1.3%
Short-Term
Investments
3.0%
Top
10
Countries*
2/28/26
a
%
of
Total
Net
Assets
a
a
South
Korea
25.4%
Taiwan
22.6%
China
20.6%
India
8.2%
Brazil
8.1%
Mexico
2.5%
South
Africa
2.2%
Hong
Kong
2.1%
United
States
1.8%
United
Arab
Emirates
1.5%
*
Does
not
include
cash
and
cash
equivalents.
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Return
(NR)
reflects
no
deduction
for
fees,
expenses
or
taxes
but
are
net
of
dividend
tax
withholding.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
7
.
Templeton
Emerging
Markets
Fund
3
franklintempleton.com
Semiannual
Report
Thank
you
for
your
continued
participation
in
Templeton
Emerging
Markets
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Chetan
Sehgal,
CFA
Andrew
Ness,
ASIP
Portfolio
Management
Team
Top
10
Holdings
2/28/26
Company
Industry
,
Country
%
of
Total
Net
Assets
a
aa
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
16.0%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
SK
Hynix,
Inc.
8.6%
Semiconductors
&
Semiconductor
Equipment,
South
Korea
Samsung
Electronics
Co.
Ltd.
7.8%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Prosus
NV
3.3%
Broadline
Retail,
China
MediaTek,
Inc.
2.7%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Hyundai
Motor
Co.
2.7%
Automobiles,
South
Korea
ICICI
Bank
Ltd.
2.6%
Banks,
India
Grupo
Financiero
Banorte
SAB
de
CV
2.5%
Banks,
Mexico
Alibaba
Group
Holding
Ltd.
2.3%
Broadline
Retail,
China
Techtronic
Industries
Co.
Ltd.
2.1%
Machinery,
Hong
Kong
CFA
®
is
a
trademark
owned
by
CFA
Institute.
ASIP
stands
for
Associate
of
the
United
Kingdom
Society
for
Investment
Professionals
(now
CFA
Society
of
the
United
Kingdom).
Performance
Summary
as
of
February
28,
2026
Templeton
Emerging
Markets
Fund
4
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/28/26
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.
Share
Prices
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
+39.86%
+45.83%
+39.86%
+45.83%
1-Year
+66.71%
+81.01%
+66.71%
+81.01%
5-Year
+47.43%
+51.95%
+8.07%
+8.73%
10-Year
+263.31%
+299.44%
+13.77%
+14.85%
Symbol:
EMF
2/28/26
8/31/25
Change
Net
Asset
Value
(NAV)
$22.67
$17.27
+$5.40
Market
Price
(NYSE)
$20.80
$15.27
+$5.53
Distributions
Per
Share
(9/1/25–2/28/26)
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
$0.7656
$0.1708
$0.2799
$1.2163
See
page
5
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Fund
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
To
the
extent
the
portfolio
invests
in
a
concentration
of
certain
securities,
regions
or
industries
,
it
is
subject
to
increased
volatility.
The
managers’
environmental
social
and
governance
(ESG)
strategies
may
limit
the
types
and
number
of
investments
available
and,
as
a
result,
may
forgo
favorable
market
opportunities
or
underperform
strategies
that
are
not
subject
to
such
criteria.
There
is
no
guarantee
that
the
strategy's
ESG
directives
will
be
successful
or
will
result
in
better
performance.
The
Fund
may
invest
in
eligible
China
A
shares
(“Stock
Connect
Securities”)
listed
and
traded
on
the
Shanghai
Stock
Exchange
through
the
Shanghai-Hong
Kong
Stock
Connect
program,
as
well
as
eligible
China
A
shares
listed
and
traded
on
the
Shenzhen
Stock
Exchange
through
the
Shenzhen-Hong
Kong
Stock
Connect
program
(collec-
tively,
“Stock
Connect”)
and
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
(“CIBM”)
through
the
China-Hong
Kong
Bond
Connect
program
(“Bond
Connect”).
Trading
through
Stock
Connect
is
subject
to
a
number
of
restrictions
that
may
affect
the
Fund’s
investments
and
returns.
For
example,
investors
in
Stock
Connect
Securi-
ties
are
generally
subject
to
Chinese
securities
regulations
and
the
listing
rules
of
the
respective
Exchange,
among
other
restrictions.
In
addition,
Stock
Connect
Securities
generally
may
not
be
sold,
purchased
or
otherwise
transferred
other
than
through
Stock
Connect
in
accordance
with
applicable
rules.
While
Stock
Connect
is
not
subject
to
individual
investment
quotas,
daily
and
aggregate
investment
quotas
apply
to
all
Stock
Connect
participants,
which
may
restrict
or
preclude
the
Fund’s
ability
to
invest
in
Stock
Connect
Securities.
Trading
in
the
Stock
Connect
program
is
subject
to
trading,
clearance
and
settlement
procedures
that
are
untested
in
China,
which
could
pose
risks
to
the
Fund.
Finally,
the
withholding
tax
treatment
of
dividends
and
capital
gains
payable
to
overseas
investors
currently
is
unsettled.
In
China,
the
Hong
Kong
Monetary
Authority
Central
Money
Markets
Unit
holds
Bond
Connect
securities
on
behalf
of
ultimate
investors
(such
as
the
Fund)
in
accounts
maintained
with
a
China-based
custodian
(either
the
China
Central
Depository
&
Clearing
Co.
or
the
Shanghai
Clearing
House).
This
recordkeeping
system
subjects
the
Fund
to
various
risks,
including
the
risk
that
the
Fund
may
have
a
limited
ability
to
enforce
rights
as
a
bondholder
and
the
risks
of
settlement
delays
and
counterparty
default
of
the
Hong
Kong
sub-custodian.
In
addition,
enforcing
the
ownership
rights
of
a
beneficial
holder
of
Bond
Connect
securities
is
untested
and
courts
in
China
have
limited
experience
in
applying
the
concept
of
beneficial
ownership.
Bond
Connect
uses
the
trading
infrastructure
of
both
Hong
Kong
and
China
and
is
not
available
on
trading
holidays
in
Hong
Kong.
As
a
result,
prices
of
securities
purchased
through
Bond
Connect
may
fluctuate
at
times
when
a
Fund
is
unable
to
add
to
or
exit
its
position.
Securities
offered
through
Bond
Connect
may
lose
their
eligibility
for
trading
through
the
program
at
any
time.
If
Bond
Connect
securities
lose
their
eligibility
for
trading
through
the
program,
they
may
be
sold
but
can
no
longer
be
purchased
through
Bond
Connect.
The
application
and
interpretation
of
the
laws
and
regulations
of
Hong
Kong
and
China,
and
the
rules,
policies
or
guidelines
published
or
applied
by
relevant
regulators
and
exchanges
in
respect
of
the
Stock
Connect
and
Bond
Connect
programs,
are
uncertain,
and
they
may
have
a
detrimental
effect
on
the
Fund’s
investments
and
returns.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
zero
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
voluntary
fee
waivers,
expense
caps
and/or
reimbursements.
Voluntary
waivers
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Templeton
Emerging
Markets
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.27
$14.81
$13.63
$13.72
$20.09
$17.58
Income
from
investment
operations:
Net
investment
income
a
.............
0.05
0.23
0.28
0.35
0.30
0.11
Net
realized
and
unrealized
gains
(losses)
6.57
3.13
1.58
0.68
(5.60)
3.04
Total
from
investment
operations
........
6.62
3.36
1.86
1.03
(5.30)
3.15
Less
distributions
from:
Net
investment
income
..............
(0.77)
(0.59)
(0.73)
(0.41)
(0.41)
(0.18)
Net
realized
gains
.................
(0.45)
(0.36)
—
(0.72)
(0.70)
(0.48)
Total
distributions
...................
(1.22)
(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
period
..........
$22.67
$17.27
$14.81
$13.63
$13.72
$20.09
Market
value,
end
of
period
b
...........
$20.80
$15.27
$12.81
$11.71
$11.85
$17.89
Total
return
(based
on
net
asset
value
per
share)
c
...........................
39.86%
24.27%
14.50%
8.26%
(27.44)%
18.04%
Total
return
(based
on
market
value
per
share)
c
...........................
45.83%
28.30%
16.11%
8.59%
(29.18)%
20.40%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
e
..........................
1.30%
1.35%
1.44%
1.49%
1.50%
1.49%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
1.30%
f
1.34%
1.43%
1.47%
1.49%
1.48%
Net
investment
income
...............
0.57%
1.49%
2.06%
2.63%
1.81%
0.52%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$338,850
$258,217
$226,225
$213,497
$216,704
$323,924
Portfolio
turnover
rate
................
9.53%
16.68%
19.14%
26.18%
20.05%
23.19%
Total
credit
facility
outstanding
at
end
of
period
(000’s)
......................
$10,000
$5,000
$5,000
$10,000
$25,000
$15,000
Asset
coverage
per
$1,000
of
debt
......
$34,885
$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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Includes
expenses
related
to
borrowings
of
0.12%,
0.14%,
0.18%,
0.31%,
0.14%
and
0.05%
for
the
period
ended
February
28,
2026,
and
years
ended
August
31,
2025,
2024,
2023,
2022
and
2021,
respectively.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited),
February
28,
2026
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.8%
Brazil
2.9%
a
Hypera
SA
.....................
Pharmaceuticals
296,999
$
1,337,119
TOTVS
SA
.....................
Software
265,545
1,960,055
Vale
SA
........................
Metals
&
Mining
310,399
5,356,676
XP,
Inc.
,
A
......................
Capital
Markets
56,706
1,220,880
9,874,730
Chile
1.0%
Banco
Santander
Chile
,
ADR
.......
Banks
103,137
3,497,376
China
20.6%
b
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
427,033
7,727,906
a,b
Baidu,
Inc.
,
A
....................
Interactive
Media
&
Services
220,089
3,418,717
c,d
Budweiser
Brewing
Co.
APAC
Ltd.
,
144A
,
Reg
S
..................
Beverages
2,786,896
2,767,973
BYD
Co.
Ltd.
,
H
.................
Automobiles
408,159
4,920,400
China
Merchants
Bank
Co.
Ltd.
,
A
....
Banks
1,003,542
5,667,800
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,048,088
868,547
a,c
Daqo
New
Energy
Corp.
,
ADR
......
Semiconductors
&
Semiconductor
Equipment
27,784
670,150
d
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
732,186
407,283
Haier
Smart
Home
Co.
Ltd.
,
D
.......
Household
Durables
710,943
1,673,501
b
JD.com,
Inc.
,
A
..................
Broadline
Retail
48,309
641,335
b,d
Kuaishou
Technology
,
144A
,
Reg
S
...
Interactive
Media
&
Services
178,269
1,413,591
NARI
Technology
Co.
Ltd.
,
A
........
Electrical
Equipment
1,010,200
4,020,615
b
NetEase,
Inc.
...................
Entertainment
106,353
2,395,622
c
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
.......................
Insurance
408,660
3,535,173
Prosus
NV
.....................
Broadline
Retail
215,895
11,097,098
b
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
105,365
6,932,367
b
Trip.com
Group
Ltd.
..............
Hotels,
Restaurants
&
Leisure
40,268
2,089,835
Uni-President
China
Holdings
Ltd.
....
Food
Products
1,402,258
1,383,725
Weichai
Power
Co.
Ltd.
,
H
.........
Machinery
551,016
2,292,949
Weifu
High-Technology
Group
Co.
Ltd.
,
B
...........................
Automobile
Components
189,613
362,380
a,d
Wuxi
Biologics
Cayman,
Inc.
,
144A
,
Reg
S
...........................
Life
Sciences
Tools
&
Services
1,068,964
5,488,308
69,775,275
Hong
Kong
2.1%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
445,945
7,222,383
Hungary
1.0%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
91,177
3,413,661
India
8.2%
ACC
Ltd.
.......................
Construction
Materials
52,724
923,626
Asahi
India
Glass
Ltd.
.............
Automobile
Components
3,805
37,704
a
Ather
Energy
Ltd.
................
Automobiles
74,262
580,293
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
20,298
2,413,082
Brigade
Enterprises
Ltd.
...........
Real
Estate
Management
&
Development
81,498
622,042
a
Eternal
Ltd.
.....................
Hotels,
Restaurants
&
Leisure
772,027
2,089,206
Federal
Bank
Ltd.
................
Banks
162,267
535,422
HDFC
Bank
Ltd.
.................
Banks
515,312
5,037,176
ICICI
Bank
Ltd.
..................
Banks
587,231
8,929,856
Infosys
Ltd.
.....................
IT
Services
97,628
1,399,291
a,c
MakeMyTrip
Ltd.
.................
Hotels,
Restaurants
&
Leisure
21,465
1,212,128
a
Niva
Bupa
Health
Insurance
Co.
Ltd.
..
Insurance
1,238,919
1,022,489
a,d
Pine
Labs
Ltd.
,
144A
,
Reg
S
........
Financial
Services
605,186
1,265,302
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a
ReNew
Energy
Global
plc
,
A
........
Independent
Power
and
Renewable
Electricity
Producers
272,530
$
1,504,365
27,571,982
Indonesia
0.4%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
2,892,397
1,150,880
Italy
0.1%
a,d
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
13,187
217,389
Mexico
2.5%
Grupo
Financiero
Banorte
SAB
de
CV
,
O
...........................
Banks
745,391
8,500,020
a,d
Nemak
SAB
de
CV
,
144A
,
Reg
S
....
Automobile
Components
19,021
3,567
8,503,587
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
26,105
1,262,960
Philippines
0.5%
BDO
Unibank,
Inc.
...............
Banks
674,535
1,604,149
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
2.2%
Discovery
Ltd.
...................
Insurance
296,782
4,871,148
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,497,907
2,693,402
7,564,550
South
Korea
25.4%
a,c,d
Delivery
Hero
SE
,
144A
,
Reg
S
......
Hotels,
Restaurants
&
Leisure
89,449
2,057,317
Doosan
Bobcat,
Inc.
..............
Machinery
65,329
2,945,865
a
Hanmi
Pharm
Co.
Ltd.
.............
Pharmaceuticals
2,939
1,210,868
Hyundai
Motor
Co.
...............
Automobiles
19,548
9,164,578
a
KT
Skylife
Co.
Ltd.
...............
Media
45,931
162,884
LG
Corp.
.......................
Industrial
Conglomerates
84,535
6,325,681
Misto
Holdings
Corp.
..............
Textiles,
Apparel
&
Luxury
Goods
37,539
1,276,432
NAVER
Corp.
...................
Interactive
Media
&
Services
21,710
3,835,167
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
175,564
26,276,898
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
16,469
2,636,431
a
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
3,200
1,037,423
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
39,278
29,041,858
85,971,402
Taiwan
22.6%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
878,256
6,717,598
g
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
660,354
3,604,509
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
150,024
9,241,415
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
869,019
54,225,216
Zhen
Ding
Technology
Holding
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
439,038
2,902,643
76,691,381
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
1.3%
Kasikornbank
PCL
...............
Banks
203,986
$
1,318,648
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
2,057,149
1,720,220
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,027,937
741,838
Thai
Beverage
PCL
...............
Beverages
1,870,265
679,212
4,459,918
Turkiye
0.3%
BIM
Birlesik
Magazalar
A/S
.........
Consumer
Staples
Distribution
&
Retail
65,035
990,554
United
Arab
Emirates
1.5%
Emaar
Development
PJSC
.........
Real
Estate
Management
&
Development
627,827
3,307,456
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,564,396
1,242,734
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
1,321,905
539,840
5,090,030
United
States
1.8%
c
Cognizant
Technology
Solutions
Corp.
,
A
...........................
IT
Services
46,457
2,993,224
Genpact
Ltd.
....................
Professional
Services
79,158
3,144,156
6,137,380
Total
Common
Stocks
(Cost
$
153,982,119
)
.....................................
320,999,587
a
Preferred
Stocks
5.2%
Brazil
5.2%
Banco
Bradesco
SA
,
ADR
..........
Banks
1,347,488
5,511,226
h
Itau
Unibanco
Holding
SA
,
ADR
,
3
.24
%
Banks
784,435
7,099,137
h
Petroleo
Brasileiro
SA
-
Petrobras
,
3
.95
%
.......................
Oil,
Gas
&
Consumable
Fuels
664,660
5,099,205
17,709,568
Total
Preferred
Stocks
(Cost
$
9,732,981
)
.......................................
17,709,568
Rights
a
a
Rights
0.0%
†
Brazil
0.0%
†
a
Hypera
SA
,
3/17/26
...............
Pharmaceuticals
33,120
13,567
Total
Rights
(Cost
$
–
)
........................................................
13,567
Shares
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a,e
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
38,214
53,455
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
53,455
Total
Long
Term
Investments
(Cost
$
163,715,100
)
...............................
338,776,177
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Short
Term
Investments
3.1%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.1%
United
States
3.1%
i,j
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.583
%
......
10,380,516
$
10,380,516
Total
Money
Market
Funds
(Cost
$
10,380,516
)
..................................
10,380,516
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
10,380,516
)
................................
10,380,516
a
a
a
Total
Investments
(Cost
$
174,095,616
)
103.1
%
..................................
$349,156,693
k
Credit
Facility
(
3.0
)
%
.........................................................
(10,000,000)
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(306,807)
Net
Assets
100.0%
...........................................................
$338,849,886
a
a
a
See
A
bbreviations
on
page
21
.
†
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
February
28,
2026,
the
aggregate
value
of
these
securities
was
$24,619,373,
representing
7.3%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
February
28,
2026.
See
Note
1(d).
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
February
28,
2026,
the
aggregate
value
of
these
securities
was
$13,620,730,
representing
4.0%
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
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
h
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
i
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
k
See
Note
7
regarding
credit
facility.
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$163,715,100
Cost
-
Non-controlled
affiliates
(Note
3
c
)
........................................................
10,380,516
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$4,261,629)
..................................
$338,776,177
Value
-
Non-controlled
affiliates
(Note
3
c
)
.......................................................
10,380,516
Foreign
currency,
at
value
(cost
$123)
...........................................................
122
Receivables:
Investment
securities
sold
...................................................................
1,677,726
Dividends
...............................................................................
627,434
Total
assets
..........................................................................
351,461,975
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
487,113
Credit
facility
(Note
7
)
......................................................................
10,000,000
Management
fees
.........................................................................
260,441
Trustees'
fees
and
expenses
.................................................................
23
Accrued
interest
(Note
7)
...................................................................
52,188
Deferred
taxes
on
unrealized
appreciation
........................................................
1,713,141
Accrued
expenses
and
other
liabilities
...........................................................
99,183
Total
liabilities
.........................................................................
12,612,089
Net
assets,
at
value
.................................................................
$338,849,886
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$169,128,007
Total
distributable
earnings
(losses)
.............................................................
169,721,879
Net
assets,
at
value
.................................................................
$338,849,886
Shares
outstanding
.........................................................................
14,947,897
Net
asset
value
per
share
a
....................................................................
$22.67
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Templeton
Emerging
Markets
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$342,554)
Unaffiliated
issuers
........................................................................
$2,549,708
Non-controlled
affiliates
(Note
3
c
)
.............................................................
139,304
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(4,690)
Non-controlled
affiliates
(Note
3
c
)
.............................................................
9,261
Total
investment
income
...................................................................
2,693,583
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,517,477
Transfer
agent
fees
.........................................................................
13,934
Custodian
fees
.............................................................................
24,621
Reports
to
shareholders
fees
..................................................................
19,523
Registration
and
filing
fees
....................................................................
5,188
Professional
fees
...........................................................................
106,444
Trustees'
fees
and
expenses
..................................................................
15,449
Interest
expense
(Note
7)
.....................................................................
150,938
Other
....................................................................................
26,591
Total
expenses
.........................................................................
1,880,165
Expenses
waived/paid
by
affiliates
(Note
3
c
)
...................................................
(5,268)
Net
expenses
.........................................................................
1,874,897
Net
investment
income
................................................................
818,686
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$215,312)
Unaffiliated
issuers
......................................................................
16,006,390
Foreign
currency
transactions
................................................................
50,485
Net
realized
gain
(loss)
..................................................................
16,056,875
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
81,485,859
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(41,961)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
494,858
Net
change
in
unrealized
appreciation
(depreciation)
............................................
81,938,756
Net
realized
and
unrealized
gain
(loss)
............................................................
97,995,631
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$98,814,317
Templeton
Emerging
Markets
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Templeton
Emerging
Markets
Fund
Six
Months
Ended
February
28,
2026
(unaudited)
Year
Ended
August
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$818,686
$3,454,768
Net
realized
gain
(loss)
.................................................
16,056,875
5,552,390
Net
change
in
unrealized
appreciation
(depreciation)
...........................
81,938,756
41,480,734
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
98,814,317
50,487,892
Distributions
to
shareholders
..............................................
(18,181,127)
(14,365,395)
Capital
share
transactions
(Note
2
)
..........................................
—
(4,130,408)
Net
increase
(decrease)
in
net
assets
...................................
80,633,190
31,992,089
Net
assets:
Beginning
of
period
.....................................................
258,216,696
226,224,607
End
of
period
..........................................................
$338,849,886
$258,216,696
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Templeton
Emerging
Markets
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
February
28,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
Semiannual
Report
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
d.
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
February
28,
2026,
the
Fund
held
$4,369,097
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.
Securities
on
loan
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
e.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
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
February
28,
2026, 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).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
f.
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.
The
Fund
employs
a
managed
distribution
policy
whereby
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.
g.
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.
h.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
February
28,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the
period
ended
February
28,
2026
and
year
ended
August
31,
2025,
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.
During
the
period
ended
February
28,
2026
and
year
ended
August
31,
2025,
transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated daily
and
paid
monthly,
to
TAML
based
on
the
average daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
February
28,
2026,
the
annualized
gross
effective
investment
management
fee
rate
was 1.050%
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.
Period
Ended
February
28,
2026
Year
Ended
August
31,
2025
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
–
$–
327,224
$4,130,408
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
–%
14.68%
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
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
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
period
ended
February
28,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4.
Income
Taxes
At
February
28,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
wash
sales,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax
and
corporate
actions.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
February
28,
2026,
aggregated
$27,966,020 and
$41,390,599,
respectively.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Emerging
Markets
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
............
$9,670,973
$34,539,599
$(33,830,056)
$—
$—
$10,380,516
10,380,516
$139,304
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.583%
............
$1,204,122
$1,115,768
$(2,319,890)
$—
$—
$—
—
$9,261
Total
Affiliated
Securities
...
$10,875,095
$35,655,367
$(36,149,946)
$—
$—
$10,380,516
$148,565
Cost
of
investments
..........................................................................
$188,550,401
Unrealized
appreciation
........................................................................
$184,818,183
Unrealized
depreciation
........................................................................
(24,211,891)
Net
unrealized
appreciation
(depreciation)
..........................................................
$160,606,292
3.
Transactions
with
Affiliates
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
6.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Certain
investments
in
Chinese
companies
are
made
through
a
special
structure
known
as
a
VIE.
In
a
VIE
structure,
foreign
investors,
such
as
the
Fund,
will
only
own
stock
in
a
shell
company
rather
than
directly
in
the
VIE,
which
must
be
owned
by
Chinese
nationals
(and/or
Chinese
companies)
to
obtain
the
licenses
and/or
assets
required
to
operate
in
a
restricted
or
prohibited
sector
in
China.
The
value
of
the
shell
company
is
derived
from
its
ability
to
consolidate
the
VIE
into
its
financials
pursuant
to
contractual
arrangements
that
allow
the
shell
company
to
exert
a
degree
of
control
over,
and
obtain
economic
benefits
arising
from,
the
VIE
without
formal
legal
ownership.
While
VIEs
are
a
longstanding
industry
practice
and
are
well
known
by
Chinese
officials
and
regulators,
the
structure
historically
has
not
been
formally
recognized
under
Chinese
law
and
it
is
uncertain
whether
Chinese
officials
or
regulators
will
withdraw
their
implicit
acceptance
of
the
structure.
It
is
also
uncertain
whether
the
contractual
arrangements,
which
may
be
subject
to
conflicts
of
interest
between
the
legal
owners
of
the
VIE
and
foreign
investors,
would
be
enforced
by
Chinese
courts
or
arbitration
bodies.
Prohibitions
of
these
structures
by
the
Chinese
government,
or
the
inability
to
enforce
such
contracts,
from
which
the
shell
company
derives
its
value,
would
likely
cause
the
VIE-structured
holding(s)
to
suffer
significant,
detrimental,
and
possibly
permanent
losses,
and
in
turn,
adversely
affect
the
Fund’s
returns
and
net
asset
value.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the Fund
had
little
or
no
value
at
February
28,
2026.
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
9,
2026,
the
Fund
renewed
the
Credit
Facility
for
$20
million
for
a
one-year
term,
maturing
on
January
8,
2027.
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
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Under
the
terms
of
the
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
at
the
applicable
rate,
pay
an
annual
commitment
fee
of
0.25%
based
on
the
unused
portion
of
the
Credit
Facility
or
0.15%
whenever
the
outstanding
borrowings
exceed
75%
of
the
commitment
amount.
As
security
for
the
obligations
of
the
Fund
under
the
Credit
Facility,
the
Fund
has
granted
to
BNS
a
security
interest
in
the
assets
of
the
Fund.
At
February
28,
2026,
the
Fund
had
outstanding
borrowings
of
$10,000,000,
which
approximates
fair
value,
and
incurred
interest
expenses
at
a
rate
equal
to
the
term
Secured
Overnight
Financing
Rate
plus
1.00%.
The
borrowings
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
The
average
borrowings
and
the
average
interest
rate
for
the
days
with
outstanding
borrowings
during
the period
ended
February
28,
2026,
were $5,939,227
and
5.10%,
respectively.
8. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of February
28,
2026,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Brazil
................................
$
9,874,730
$
—
$
—
$
9,874,730
Chile
................................
3,497,376
—
—
3,497,376
China
...............................
2,053,875
67,721,400
—
69,775,275
Hong
Kong
...........................
—
7,222,383
—
7,222,383
Hungary
.............................
3,413,661
—
—
3,413,661
India
................................
4,562,088
23,009,894
—
27,571,982
Indonesia
............................
—
1,150,880
—
1,150,880
Italy
.................................
—
217,389
—
217,389
Mexico
..............................
8,503,587
—
—
8,503,587
Peru
................................
1,262,960
—
—
1,262,960
Philippines
............................
—
1,604,149
—
1,604,149
Russia
...............................
—
—
—
b
—
South
Africa
...........................
7,564,550
—
—
7,564,550
South
Korea
..........................
—
85,971,402
—
85,971,402
Taiwan
...............................
—
76,691,381
—
76,691,381
Thailand
.............................
—
4,459,918
—
4,459,918
Turkiye
..............................
—
990,554
—
990,554
United
Arab
Emirates
....................
5,090,030
—
—
5,090,030
United
States
..........................
6,137,380
—
—
6,137,380
Preferred
Stocks
........................
17,709,568
—
—
17,709,568
Rights
................................
13,567
—
—
13,567
7.
Credit
Facility
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
9.
Distributions
Subsequent
to
February
28,
2026
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
10.
Operating
Segments
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.
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.
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
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Escrows
and
Litigation
Trusts
...............
$
—
$
—
$
53,455
$
53,455
Short
Term
Investments
...................
10,380,516
—
—
10,380,516
Total
Investments
in
Securities
...........
$80,063,888
$269,039,350
c
$53,455
$349,156,693
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$269,039,350,
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.
Record
Date
Payable
Date
Amount
3/24/2026
3/31/2026
$
0.2200
Selected
Portfolio
ADR
American
Depositary
Receipt
8. Fair
Value
Measurements
(continued)
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
22
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Semiannual
Report
Share
Repurchase
Program
The
Fund's
Board
has
authorized
an
open-market
share
repurchase
program,
pursuant
to
which
the
Fund
may
purchase
Fund
shares,
from
time
to
time,
up
to
10%
of
the
Fund's
common
shares
in
open-market
transactions,
at
the
discretion
of
management.
The
timing
and
amount
of
repurchases
are
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
10%
threshold
is
reached,
no
further
repurchases
could
be
completed
until
authorized
by
the
Board.
Until
the
10%
threshold
is
reached,
Fund
management
will
have
the
flexibility
to
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
9,
2026,
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
8,
2027.
The
terms
of
the
Credit
Facility
Renewal
are
the
same
as
the
terms
of
the
Existing
Credit
Facility.
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
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
(unaudited)
23
franklintempleton.com
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Report
permanent
capital
structure
and
the
absence
of
daily
liquidity
requirements,
the
Fund’s
closed-end
fund
structure
is
particularly
well-suited
for
leverage.
Templeton
Emerging
Markets
Fund
Annual
Meeting
of
Shareholders:
March
9,
2026
(unaudited)
24
franklintempleton.com
Semiannual
Report
The
Annual
Meeting
of
Shareholders
of
Templeton
Emerging
Markets
Fund
(the
“Fund”)
was
held
at
the
Fund’s
offices,
300
S.E.
2nd
Street,
Fort
Lauderdale,
Florida,
on
March
9,
2026.
The
purpose
of
the
meeting
was
to
elect
four
Trustees
of
the
Fund
and
to
ratify
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
August
31,
2026.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Harris
J.
Ashton,
Mary
C.
Choksi,
Edith
E.
Holiday,
and
J.
Michael
Luttig.*
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,
2026.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
four
Trustees:
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,
2026:
*
Ann
Torre
Bates,
Terrence
J.
Checki
,
Gregory
E.
Johnson,
Rupert
H.
Johnson,
Jr.,
David
W.
Niemiec
,
Larry
D.
Thompson
and
Constantine
D.
Tseretopoulos
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders.
Term
Expiring
2029
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Harris
J.
Ashton
7,543,656
50.47%
61.86%
4,650,294
31.11%
38.14%
Mary
C.
Choksi
7,556,133
50.55%
61.97%
4,637,818
31.03%
38.03%
Edith
E.
Holiday
7,027,626
47.01%
57.63%
5,166,325
34.56%
42.37%
J.
Michael
Luttig
7,239,357
48.43%
59.37%
4,954,594
33.15%
40.63%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
12,073,531
80.77%
99.01%
Against
60,612
0.41%
0.50%
Abstain
59,809
0.40%
0.49%
Templeton
Emerging
Markets
Fund
25
franklintempleton.com
Semiannual
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
Computershare
Trust
Company,
N.A.
and
sent
to
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006
Providence,
RI
02940-3078
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
Computershare
Trust
Company,
N.A.
(Plan
Agent),
P.O.
Box
43006
Providence,
RI
02940-3078.
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)
26
franklintempleton.com
Semiannual
Report
Transfer
Agent
Computershare
Trust
Company,
N.A.
P.O.
Box
43006
Providence,
RI
02940-3078
(888)
888-0151
www.computershare.com/us
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.computershare.com/us
or
dial
(888)
888-0151
(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
Computershare
Trust
Company,
N.A.
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
Computershare
Trust
Company,
N.A.
at
(888)
888-0151.
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
(888)
888-0151.
Registered
shareholders
can
access
their
Fund
account
on-line.
For
information
go
to
Computershare
Trust
Company,
N.A.'s
web
site
at
www.computershare.com/
us
and
follow
the
instructions.
The
daily
closing
net
asset
value
as
of
the
previous
business
day
may
be
obtained
when
available
by
calling
Franklin
Templeton
Fund
Information
after
7
a.m.
Pacific
time
any
business
day
at
(800)
DIAL
BEN/342-5236.
The
Fund’s
net
asset
value
and
dividends
are
also
listed
on
the
NASDAQ
Stock
Market,
Inc.’s
Mutual
Fund
Quotation
Service
(“NASDAQ
MFQS”).
Shareholders
not
receiving
copies
of
reports
to
shareholders
because
their
shares
are
registered
in
the
name
of
a
broker
or
a
custodian
can
request
that
they
be
added
to
the
Fund’s
mailing
list,
by
writing
Templeton
Emerging
Markets
Fund,
100
Fountain
Parkway,
P.O.
Box
33030,
St.
Petersburg,
FL
33733-8030.
Templeton
Emerging
Markets
Fund
Shareholder
Information
27
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
28
franklintempleton.com
Not
part
of
the
Semiannual
report
1.
Computershare
Trust
Company,
N.A.
("Computershare"),
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
Computershare
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
Computershare
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,
Computershare
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
Computershare
has
completed
its
purchases,
the
market
price
exceeds
the
net
asset
value
per
share,
the
average
per
share
purchase
price
paid
by
Computershare
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
Computershare,
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
Computershare
at
www.computershare.com/us
or
by
check
payable
to
“Computershare
Trust
Company,
N.A.”
and
sent
to
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006,
Providence,
RI
02940-3078,
Attention:
Templeton
Emerging
Markets
Fund.
Computershare
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.
Computershare
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.
Computershare
shall
return
to
the
participant
his
or
her
entire
voluntary
cash
payment
upon
written
notice
of
withdrawal
received
by
Computershare
not
less
than
48
hours
before
such
payment
is
to
be
invested.
Such
written
notice
shall
be
sent
to
Computershare
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
Computershare
shall
determine.
Participant
funds
held
by
Computershare
uninvested
will
not
bear
interest,
and
it
is
understood
that,
in
any
event,
Computershare
shall
have
no
liability
in
connection
with
any
inability
to
purchase
Fund
shares
within
30
days
after
29
franklintempleton.com
Not
part
of
the
Semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
the
payable
date
for
any
dividend
or
distribution
as
herein
provided,
or
with
the
timing
of
any
purchases
effected.
Computershare
shall
have
no
responsibility
as
to
the
value
of
the
Fund
shares
acquired
for
participant
accounts.
For
the
purposes
of
purchases
in
the
open
market,
Computershare
may
aggregate
purchases
with
those
of
other
participants,
and
the
average
price
(including
trading
fees)
of
all
shares
purchased
by
Computershare
shall
be
the
price
per
share
allocable
to
all
participants.
7.
Computershare
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.
Computershare
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,
Computershare
will
deliver
to
participants,
without
charge,
a
certificate
or
certificates
for
all
or
a
portion
of
the
full
shares
held
by
Computershare.
8.
Computershare
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.
Computershare
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,
Computershare
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
Computershare
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,
Computershare
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.
Computershare’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.
Computershare
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
Computershare
in
writing.
Such
withdrawal
or
termination
will
be
effective
immediately
if
notice
is
received
by
Computershare
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
Computershare
or
the
Fund
upon
90
days’
notice
in
writing
mailed
to
participants.
Upon
any
withdrawal
or
termination,
Computershare
will
cause
a
certificate
or
certificates
for
the
full
shares
held
by
Computershare
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
Computershare
to
have
Computershare
sell
part
or
all
of
the
shares
held
for
him
and
to
remit
the
proceeds
to
him.
Computershare
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,
Computershare
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
Computershare
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,
Computershare
receives
written
notice
of
the
termination
of
a
participant
account
under
the
Plan.
Any
such
amendment
may
include
an
appointment
by
Computershare
in
its
place
and
stead
of
a
successor
Plan
Administrator
under
these
terms
and
conditions,
with
full
power
and
authority
30
franklintempleton.com
Not
part
of
the
Semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
to
perform
all
or
any
of
the
acts
to
be
performed
by
Computershare
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.
13.
Computershare
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
Computershare’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
Computershare
shall
be
in
writing
addressed
to
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006
Providence,
RI
02940-3078,
Attention:
Templeton
Emerging
Markets
Fund,
or
www.Computershare.com/us
or
such
other
address
as
Computershare
shall
furnish
to
the
participant,
and
shall
have
been
deemed
to
be
given
or
made
when
received
by
Computershare.
15.
Any
notice
or
other
communication
which
by
any
provision
of
the
Plan
is
required
to
be
given
by
Computershare
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
Computershare’s
records.
The
participant
agrees
to
notify
Computershare
promptly
of
any
change
of
address.
16.
These
terms
and
conditions
shall
be
governed
by
and
construed
in
accordance
with
the
laws
of
the
State
of
New
York
and
the
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission,
as
they
may
be
amended
from
time
to
time.
TLEMF-S
04/26
©
2026
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund’s
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Templeton
Emerging
Markets
Fund
Investment
Manager
Transfer
Agent
Fund
Information
Templeton
Asset
Management
Ltd.
Computershare
150
Royall
St.,
Suite
101
Canton,
MA
02021
Toll
Free
Number:
888-888-0151
International
Phone
Number:
781-575-2879
www.computershare.com
(800)
DIAL
BEN
®
/
342-5236

(b) Not applicable

ITEM 2. | CODE OF ETHICS.

Not applicable

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. | SCHEDULE OF INVESTMENTS.

| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

| (b) | Not applicable.

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

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

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

Not applicable.

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

Not applicable.

| ITEM 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

| 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 chief 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) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant’s internal control over financial reporting.

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 period ended February 28, 2026, 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 | $15,511
Fees and/or compensation paid by the Fund for securities lending activities and related services |
Fees paid to Securities Lending Agent from revenue split | $379
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) | $10,523
Other fees not included above | $38
Aggregate fees/compensation paid by the Fund for securities lending activities | $10,940
Net income from securities lending activities | $4,571

| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

| (a) | Not applicable.

| (b) | Not applicable.

| ITEM 19. | EXHIBITS.

(a) (1) Not applicable

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

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: | April 29, 2026 |

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: | /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |
Date: | April 29, 2026 |
By: | /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |
Date: | April 29, 2026 |

0000809708 N-CSRS false 0000809708 2025-09-01 2026-02-28