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, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Semiannual

Report

Templeton

Emerging

Markets

Fund

February

28,

2025

Not

FDIC

Insured

No

Bank

Guarantee

May

Lose

Value

Managed

Distribution

Policy

:

Effective

March

1,

2025,

the

Fund

has

implemented

a

managed

distribution

plan

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

The

Fund

intends

to

make

quarterly

distributions

to

shareholders

at

the

fixed

rate

of

$0.22

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund's

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

quarter

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund's

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

Under

the

managed

distribution

plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

quarterly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund's

investment

performance

from

the

amount

of

the

Fund's

distributions

or

from

the

terms

of

the

Fund's

managed

distribution

plan.

The

Board

may

amend

the

terms

of

the

Plan

or

terminate

the

Plan

at

any

time

without

prior

notice

to

the

Fund’s

shareholders,

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Plan.

The

amendment

or

termination

of

the

Plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

Plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

fixed

rate

to

determine

if

an

adjustment

should

be

made.

Shareholders

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

this

distribution

or

from

the

terms

of

the

Plan.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

Please

see

the

"Important

Information

to

Shareholders"

section

for

additional

information.

franklintempleton.com

Semiannual

Report

1

Contents

Fund

Overview

2

Performance

Summary

4

Financial

Highlights

and

Schedule

of

Investments

6

Financial

Statements

11

Notes

to

Financial

Statements

14

Important

Information

to

Shareholders

23

Annual

Meeting

of

Shareholders

25

Dividend

Reinvestment

and

Cash

Purchase

Plan

26

Shareholder

Information

28

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,

2025.

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

The

Fund

posted

cumulative

total

returns

of

+3.37%

based

on

market

price

and

+4.26%

based

on

net

asset

value

for

the

six

months

under

review.

The

Fund’s

benchmark,

the

MSCI

Emerging

Markets

(EM)

Index-NR,

designed

to

measure

the

equity

market

performance

of

global

emerging

markets,

posted

a

+0.37%

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

.

Effective

March

1,

2025,

the

Fund

has

implemented

a

managed

distribution

plan

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

The

Fund

intends

to

make

quarterly

distributions

to

shareholders

at

the

fixed

rate

of

$0.22

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund’s

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

quarter

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

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.

As

the

Fund

had

not

implemented

the

managed

distribution

plan

as

of

the

period

covered

by

this

semiannual

report,

the

Fund’s

distribution

policy

has

resulted

in

no

distributions

of

capital.

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

2/28/25

%

of

Total

Net

Assets

Asia

78.4%

Latin

America

&

Caribbean

11.5%

North

America

3.9%

Middle East & Africa

3.1%

Europe

1.3%

Short-Term

Investments

&

Other

Net

Assets

1.8%

Top

10

Countries*

2/28/25

a

%

of

Total

Net

Assets

a

a

China

25.0%

Taiwan

18.5%

South

Korea

17.0%

India

11.7%

Brazil

7.9%

United

States

3.9%

Thailand

3.0%

South

Africa

2.3%

Mexico

2.1%

Hong

Kong

2.1%

*

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

2/28/25

Company

Industry

,

Country

%

of

Total

Net

Assets

a

aa

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

12.6%

Semiconductors

&

Semiconductor

Equipment,

Taiwan

ICICI

Bank

Ltd.

4.8%

Banks,

India

Alibaba

Group

Holding

Ltd.

4.8%

Broadline

Retail,

China

Prosus

NV

4.5%

Broadline

Retail,

China

Samsung

Electronics

Co.

Ltd.

3.7%

Technology

Hardware,

Storage

&

Peripherals,

South

Korea

SK

Hynix,

Inc.

3.4%

Semiconductors

&

Semiconductor

Equipment,

South

Korea

Tencent

Holdings

Ltd.

3.3%

Interactive

Media

&

Services,

China

MediaTek,

Inc.

3.1%

Semiconductors

&

Semiconductor

Equipment,

Taiwan

HDFC

Bank

Ltd.

2.6%

Banks,

India

Petroleo

Brasileiro

SA

2.3%

Oil,

Gas

&

Consumable

Fuels,

Brazil

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,

2025

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

2/28/25

1

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

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

+4.26%

+3.37%

+4.26%

+3.37%

1-Year

+15.40%

+14.84%

+15.40%

+14.84%

5-Year

+22.14%

+24.13%

+4.08%

+4.42%

10-Year

+49.09%

+50.16%

+4.07%

+4.15%

Symbol:

EMF

2/28/25

8/31/24

Change

Net

Asset

Value

(NAV)

$14.90

$14.81

+$0.09

Market

Price

(NYSE)

$12.70

$12.81

-$0.11

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.

Distributions

Per

Share

(9/1/24–2/28/25)

Net

Investment

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

Total

$0.1491

$0.0401

$0.3222

$0.5114

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,

2025

(unaudited)

Year

Ended

August

31,

2024

2023

2022

2021

2020

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.81

$13.63

$13.72

$20.09

$17.58

$16.09

Income

from

investment

operations:

Net

investment

income

a

.............

0.05

0.28

0.35

0.30

0.11

0.15

Net

realized

and

unrealized

gains

(losses)

0.51

1.58

0.68

(5.60)

3.04

2.44

Total

from

investment

operations

........

0.56

1.86

1.03

(5.30)

3.15

2.59

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.73)

(0.41)

(0.41)

(0.18)

(0.60)

Net

realized

gains

.................

(0.36)

—

(0.72)

(0.70)

(0.48)

(0.55)

Total

distributions

...................

(0.51)

(0.73)

(1.13)

(1.11)

(0.66)

(1.15)

Repurchase

of

shares

................

0.04

0.05

0.01

0.04

0.02

0.05

Net

asset

value,

end

of

period

..........

$14.90

$14.81

$13.63

$13.72

$20.09

$17.58

Market

value,

end

of

period

b

...........

$12.70

$12.81

$11.71

$11.85

$17.89

$15.38

Total

return

(based

on

net

asset

value

per

share)

c

...........................

4.26%

14.50%

8.26%

(27.44)%

18.04%

16.34%

Total

return

(based

on

market

value

per

share)

c

...........................

3.37%

16.11%

8.59%

(29.18)%

20.40%

16.45%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

..........................

1.40%

1.44%

1.49%

1.50%

1.49%

1.52%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.38%

1.43%

1.47%

1.49%

1.48%

1.50%

Net

investment

income

...............

0.70%

2.06%

2.63%

1.81%

0.52%

0.90%

Supplemental

data

Net

assets

,

end

of

period

(000’s)

........

$223,970

$226,225

$213,497

$216,704

$323,924

$285,668

Portfolio

turnover

rate

................

7.61%

19.14%

26.18%

20.05%

23.19%

17.56%

Total

credit

facility

outstanding

at

end

of

period

(000’s)

......................

$5,000

$5,000

$10,000

$25,000

$15,000

$15,000

Asset

coverage

per

$1,000

of

debt

......

$45,794

$46,245

$22,350

$9,668

$22,595

$20,045

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.

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

(unaudited),

February

28,

2025

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

93.0%

Brazil

2.7%

a

Hypera

SA

.....................

Pharmaceuticals

254,773

$

824,340

b

Oncoclinicas

do

Brasil

Servicos

Medicos

SA

..........................

Health

Care

Providers

&

Services

723,907

690,999

TOTVS

SA

.....................

Software

205,148

1,218,139

Vale

SA

........................

Metals

&

Mining

231,595

2,169,365

c

XP,

Inc.

,

A

......................

Capital

Markets

80,429

1,138,070

6,040,913

Cambodia

0.1%

b,c

NagaCorp

Ltd.

..................

Hotels,

Restaurants

&

Leisure

743,786

299,538

Chile

1.0%

Banco

Santander

Chile

,

ADR

.......

Banks

103,137

2,231,885

China

25.0%

d

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

647,311

10,703,090

b,d

Baidu,

Inc.

,

A

....................

Interactive

Media

&

Services

237,340

2,585,540

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.

,

A

...........

Construction

Materials

183,175

325,248

e

Budweiser

Brewing

Co.

APAC

Ltd.

,

144A

,

Reg

S

..................

Beverages

2,949,455

3,162,853

China

Merchants

Bank

Co.

Ltd.

,

A

....

Banks

186,562

1,080,145

China

Merchants

Bank

Co.

Ltd.

,

H

....

Banks

586,210

3,441,207

China

Resources

Building

Materials

Technology

Holdings

Ltd.

.........

Construction

Materials

174,714

34,227

c

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

1,169,704

657,604

b,c

Daqo

New

Energy

Corp.

,

ADR

......

Semiconductors

&

Semiconductor

Equipment

48,253

977,123

e

Greentown

Service

Group

Co.

Ltd.

,

Reg

S

...........................

Real

Estate

Management

&

Development

732,186

366,056

c

Haier

Smart

Home

Co.

Ltd.

,

D

.......

Household

Durables

710,943

1,395,786

Health

&

Happiness

H&H

International

Holdings

Ltd.

..................

Food

Products

501,316

587,293

d

JD.com,

Inc.

,

A

..................

Broadline

Retail

11,101

232,134

b,d,e

Kuaishou

Technology

,

144A

,

Reg

S

...

Interactive

Media

&

Services

358,478

2,341,195

d

NetEase,

Inc.

...................

Entertainment

100,637

2,003,624

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

.......................

Insurance

441,337

2,615,918

Prosus

NV

.....................

Broadline

Retail

230,610

10,155,164

d

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

121,662

7,487,873

Uni-President

China

Holdings

Ltd.

....

Food

Products

1,717,050

1,806,015

Weichai

Power

Co.

Ltd.

,

H

.........

Machinery

921,336

1,814,442

Weifu

High-Technology

Group

Co.

Ltd.

,

B

...........................

Automobile

Components

269,612

460,733

b,e

Wuxi

Biologics

Cayman,

Inc.

,

144A

,

Reg

S

...........................

Life

Sciences

Tools

&

Services

594,480

1,723,240

55,956,510

Hong

Kong

2.1%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

331,096

4,633,590

Hungary

1.2%

Richter

Gedeon

Nyrt.

.............

Pharmaceuticals

94,148

2,612,786

India

11.7%

ACC

Ltd.

.......................

Construction

Materials

44,570

930,479

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

10,158

1,347,874

Federal

Bank

Ltd.

................

Banks

776,706

1,585,512

HDFC

Bank

Ltd.

.................

Banks

297,704

5,925,577

ICICI

Bank

Ltd.

..................

Banks

775,572

10,758,911

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)

Infosys

Ltd.

.....................

IT

Services

107,652

$

2,104,967

Natco

Pharma

Ltd.

...............

Pharmaceuticals

3,470

30,668

b

Niva

Bupa

Health

Insurance

Co.

Ltd.

..

Insurance

675,800

568,998

b,c

ReNew

Energy

Global

plc

,

A

........

Independent

Power

and

Renewable

Electricity

Producers

151,276

953,039

b

Zomato

Ltd.

....................

Hotels,

Restaurants

&

Leisure

788,953

2,015,071

26,221,096

Indonesia

0.5%

Astra

International

Tbk.

PT

.........

Industrial

Conglomerates

4,288,099

1,172,640

Italy

0.1%

b,e

Wizz

Air

Holdings

plc

,

144A

,

Reg

S

...

Passenger

Airlines

13,187

278,674

Mexico

2.2%

Grupo

Financiero

Banorte

SAB

de

CV

,

O

...........................

Banks

654,192

4,609,963

b,e

Nemak

SAB

de

CV

,

144A

,

Reg

S

....

Automobile

Components

1,469,302

193,009

4,802,972

Peru

0.5%

Intercorp

Financial

Services,

Inc.

.....

Banks

32,081

1,027,875

Philippines

0.4%

BDO

Unibank,

Inc.

...............

Banks

373,532

966,156

Russia

0.0%

f,g

LUKOIL

PJSC

...................

Oil,

Gas

&

Consumable

Fuels

86,387

—

f,g

Sberbank

of

Russia

PJSC

..........

Banks

1,014,728

—

—

South

Africa

2.3%

Discovery

Ltd.

...................

Insurance

326,159

3,607,448

Netcare

Ltd.

....................

Health

Care

Providers

&

Services

2,265,313

1,634,512

5,241,960

South

Korea

17.0%

b,e

Delivery

Hero

SE

,

144A

,

Reg

S

......

Hotels,

Restaurants

&

Leisure

89,419

2,556,349

Doosan

Bobcat,

Inc.

..............

Machinery

69,301

2,233,742

Fila

Holdings

Corp.

...............

Textiles,

Apparel

&

Luxury

Goods

42,245

1,082,900

Hyundai

Motor

Co.

...............

Automobiles

14,780

1,959,766

KT

Skylife

Co.

Ltd.

...............

Media

45,931

140,108

b

LG

Corp.

.......................

Industrial

Conglomerates

67,408

3,073,669

b

LigaChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

6,522

493,770

NAVER

Corp.

...................

Interactive

Media

&

Services

30,007

4,263,226

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

219,088

8,198,360

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

62,476

3,706,979

Samsung

SDI

Co.

Ltd.

............

Electronic

Equipment,

Instruments

&

Components

12,837

1,981,625

SK

Hynix,

Inc.

...................

Semiconductors

&

Semiconductor

Equipment

56,779

7,535,193

b

Soulbrain

Co.

Ltd.

................

Chemicals

6,481

830,153

38,055,840

Taiwan

18.5%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

924,810

4,788,215

Lite-On

Technology

Corp.

..........

Technology

Hardware,

Storage

&

Peripherals

243,961

781,489

MediaTek,

Inc.

..................

Semiconductors

&

Semiconductor

Equipment

153,213

6,853,091

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)

Taiwan

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

926,407

$

28,256,355

Yageo

Corp.

....................

Electronic

Equipment,

Instruments

&

Components

48,310

818,504

41,497,654

Thailand

3.0%

Kasikornbank

PCL

...............

Banks

773,598

3,436,783

Kiatnakin

Phatra

Bank

PCL

.........

Banks

534,625

862,325

Minor

International

PCL

............

Hotels,

Restaurants

&

Leisure

1,514,472

1,289,893

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

3,027,937

480,242

Thai

Beverage

PCL

...............

Beverages

1,870,265

713,550

6,782,793

United

Arab

Emirates

0.8%

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

2,564,396

1,159,049

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

1,321,905

593,872

1,752,921

United

States

3.9%

Cognizant

Technology

Solutions

Corp.

,

A

...........................

IT

Services

44,865

3,738,600

Genpact

Ltd.

....................

Professional

Services

93,077

4,953,558

8,692,158

Total

Common

Stocks

(Cost

$

150,869,376

)

.....................................

208,267,961

a

Preferred

Stocks

5.2%

Brazil

5.2%

Banco

Bradesco

SA

,

ADR

..........

Banks

1,326,836

2,587,330

h

Itau

Unibanco

Holding

SA

,

ADR

,

3.59

%

Banks

710,707

3,901,781

h

Petroleo

Brasileiro

SA

,

12.37

%

......

Oil,

Gas

&

Consumable

Fuels

838,976

5,119,939

11,609,050

Total

Preferred

Stocks

(Cost

$

10,931,734

)

......................................

11,609,050

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

b,f

Hemisphere

Properties

India

Ltd.,

Escrow

Account

................

38,214

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

—

Total

Long

Term

Investments

(Cost

$

161,801,110

)

...............................

219,877,011

Short

Term

Investments

4.2%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

4.2%

United

States

4.2%

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.06

%

..........

9,405,326

9,405,326

Total

Money

Market

Funds

(Cost

$

9,405,326

)

...................................

9,405,326

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

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

k

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.06

%

..........

61,740

$

61,740

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

61,740

)

....................................................................

61,740

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

9,467,066

)

.................................

9,467,066

a

a

a

Total

Investments

(Cost

$

171,268,176

)

102.4

%

..................................

$229,344,077

l

Credit

Facility

(

2.2

)

%

.........................................................

(5,000,000)

Other

Assets,

less

Liabilities

(

0.2

)

%

...........................................

(374,147)

Net

Assets

100.0%

...........................................................

$223,969,930

a

a

a

See

A

bbreviations

on

page

22

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

b

Non-income

producing.

c

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2025.

See

Note

1(d).

d

Variable

interest

entity

(VIE).

See

Note

6

regarding

investments

made

through

a

VIE

structure.

At

February

28,

2025,

the

aggregate

value

of

these

securities

was

$25,353,456,

representing

11.3%

of

net

assets.

e

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,

2025,

the

aggregate

value

of

these

securities

was

$10,621,376,

representing

4.7%

of

net

assets.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

g

See

Note

6

regarding

investments

in

Russian

securities.

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

1(d)

regarding

securities

on

loan.

l

See

Note

7

regarding

credit

facility.

Templeton

Emerging

Markets

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2025

(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

...................................................................

$161,801,110

Cost

-

Non-controlled

affiliates

(Note

3

c

)

........................................................

9,467,066

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$1,661,399)

..................................

$219,877,011

Value

-

Non-controlled

affiliates

(Note

3

c

)

.......................................................

9,467,066

Foreign

currency,

at

value

(cost

$78)

............................................................

78

Receivables:

Investment

securities

sold

...................................................................

1,366,375

Dividends

...............................................................................

843,071

Total

assets

..........................................................................

231,553,601

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

322,464

Capital

shares

redeemed

...................................................................

31,334

Credit

facility

(Note

7

)

......................................................................

5,000,000

Management

fees

.........................................................................

190,005

Trustees'

fees

and

expenses

.................................................................

1,681

Accrued

interest

(Note

7)

...................................................................

33,269

Payable

upon

return

of

securities

loaned

(Note

1

d

)

..................................................

61,740

Deferred

taxes

on

unrealized

appreciation

........................................................

1,815,623

Accrued

expenses

and

other

liabilities

...........................................................

127,555

Total

liabilities

.........................................................................

7,583,671

Net

assets,

at

value

.................................................................

$223,969,930

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$170,183,757

Total

distributable

earnings

(losses)

.............................................................

53,786,173

Net

assets,

at

value

.................................................................

$223,969,930

Shares

outstanding

.........................................................................

15,030,734

Net

asset

value

per

share

a

....................................................................

$14.90

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,

2025

(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

$312,596)

Unaffiliated

issuers

........................................................................

$2,110,189

Non-controlled

affiliates

(Note

3

c

)

.............................................................

226,838

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

1,120

Non-controlled

affiliates

(Note

3

c

)

.............................................................

287

Total

investment

income

...................................................................

2,338,434

Expenses:

Management

fees

(Note

3

a

)

...................................................................

1,236,944

Transfer

agent

fees

.........................................................................

6,018

Custodian

fees

............................................................................

22,335

Reports

to

shareholders

fees

..................................................................

17,485

Registration

and

filing

fees

....................................................................

6,757

Professional

fees

...........................................................................

89,447

Trustees'

fees

and

expenses

..................................................................

14,908

Interest

expense

(Not

e

7)

....................................................................

147,792

Other

....................................................................................

29,170

Total

expenses

.........................................................................

1,570,856

Expenses

waived/paid

by

affiliates

(Note

3

c

)

...................................................

(18,216)

Net

expenses

.........................................................................

1,552,640

Net

investment

income

................................................................

785,794

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$188,617)

Unaffiliated

issuers

......................................................................

1,436,727

Foreign

currency

transactions

................................................................

42

Net

realized

gain

(loss)

..................................................................

1,436,769

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

6,070,264

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(18,719)

Change

in

deferred

taxes

on

unrealized

appreciation

...............................................

320,339

Net

change

in

unrealized

appreciation

(depreciation)

............................................

6,371,884

Net

realized

and

unrealized

gain

(loss)

............................................................

7,808,653

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$8,594,447

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,

2025

(unaudited)

Year

Ended

August

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$785,794

$4,384,244

Net

realized

gain

(loss)

.................................................

1,436,769

12,245,086

Net

change

in

unrealized

appreciation

(depreciation)

...........................

6,371,884

11,893,724

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

8,594,447

28,523,054

Distributions

to

shareholders

..............................................

(7,774,466)

(11,273,471)

Capital

share

transactions

(Note

2

)

..........................................

(3,074,658)

(4,521,710)

Net

increase

(decrease)

in

net

assets

...................................

(2,254,677)

12,727,873

Net

assets:

Beginning

of

period

.....................................................

226,224,607

213,496,734

End

of

period

..........................................................

$223,969,930

$226,224,607

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,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

Templeton

Emerging

Markets

Fund

Notes

to

Financial

Statements

(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,

2025,

the

Fund

held

$1,740,963

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.

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.

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,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

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.

Effective

March

1,

2025,

the

Board

has

implemented

a

new

managed

distribution

plan

where

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

The

Fund

intends

to

distribute

$0.22

per

share

quarterly.

The

Fund’s

distribution

level

may

be

changed

by

the

Board

in

the

future.

Under

the

policy,

the

Fund

is

managed

with

a

goal

of

generating

as

much

of

the

distribution

as

possible

from

net

investment

income

and

short-term

capital

gains.

The

balance

of

the

distribution

will

then

come

from

long-term

capital

gains

to

the

extent

permitted

and,

if

necessary,

a

return

of

capital.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

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,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

During

the periods

ended

February

28,

2025 and August

31,

2024,

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

Under

the

Board

approved

open-market

share

repurchase

program,

the

Fund

may

purchase,

from

time

to

time,

Fund

shares

in

open-market

transactions,

at

the

discretion

of

management. Since

the

inception

of

the

program,

the

Fund

has

repurchased

a

total

of 3,054,373 shares.

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:

Effective March

1,

2025,

the

Fund

will

pay

fees,

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,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 1.100%

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

Six

Months

Ended

February

28,

2025

Year

Ended

August

31,

2024

Shares

Amount

Shares

Amount

Shares

repurchased

......................

244,387

$3,074,658

387,907

$4,521,710

Weighted

average

discount

of

cost

of

repurchase

to

net

asset

value

of

shares

repurchased

.....

15.11%

14.47%

Subsidiary

Affiliation

Templeton

Asset

Management

Ltd.

(TAML)

Investment

manager

Franklin

Templeton

Investment

Management

Ltd.

(FTIML)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Annualized

Fee

Rate

Net

Assets

1.100%

Up

to

and

including

$1

billion

1.050%

Over

$1

billion,

up

to

and

including

$2

billion

1.000%

In

excess

of

$2

billion

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

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. 

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

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4.

Income

Taxes

At

February

28,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Emerging

Markets

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.06%

.

$13,057,834

$15,597,258

$(19,249,766)

$—

$—

$9,405,326

9,405,326

$226,838

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.06%

.

$—

$539,845

$(478,105)

$—

$—

$61,740

61,740

$287

Total

Affiliated

Securities

...

$13,057,834

$16,137,103

$(19,727,871)

$—

$—

$9,467,066

$227,125

Cost

of

investments

..........................................................................

$175,634,831

Unrealized

appreciation

........................................................................

$81,098,444

Unrealized

depreciation

........................................................................

(27,389,198)

Net

unrealized

appreciation

(depreciation)

..........................................................

$53,709,246

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Templeton

Emerging

Markets

Fund

Notes

to

Financial

Statements

(unaudited)

19

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

passive

foreign

investment

company

shares,

foreign

capital

gains

tax

and

corporate

actions.

5.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

February

28,

2025,

aggregated

$16,860,460 and

$24,468,659,

respectively. 

At

February

28,

2025,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$61,740

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

6.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as

the

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the

Fund’s

returns

and

net

asset

value.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Fund

has

exposure

to

Russian

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

4.

Income

Taxes

(continued)

Templeton

Emerging

Markets

Fund

Notes

to

Financial

Statements

(unaudited)

20

franklintempleton.com

Semiannual

Report

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,

2025.

7.

Credit

Facility

The

Fund

participates

in

a

senior

secured

revolving

credit

facility

agreement

(Credit

Facility)

with

The

Bank

of

Nova

Scotia

(BNS)

pursuant

to

which

the

Fund

may

borrow

up

to

a

maximum

commitment

amount

of

$20

million.

The

Credit

Facility

provides

a

source

of

funds

to

the

Fund

to

purchase

additional

investments

as

part

of

its

investment

strategy.

Effective

January

10,

2025,

the

Fund

renewed

the

Credit

Facility

for

$20

million

for

a

one-year

term,

maturing

on

January

9,

2026.

Under

the

terms

of

the

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

at

the

applicable

rate,

pay

an

annual

commitment

fee

of

0.25%

based

on

the

unused

portion

of

the

Credit

Facility

or

0.15%

whenever

the

outstanding

borrowings

exceed

75%

of

the

commitment

amount.

As

security

for

the

obligations

of

the

Fund

under

the

Credit

Facility,

the

Fund

has

granted

to

BNS

a

security

interest

in

the

assets

of

the

Fund.

At

February

28,

2025,

the

Fund

had

outstanding

borrowings

of

$5,000,000,

which

approximates

fair

value,

and

incurred

interest

expenses

at

a

rate

equal

to

the

term

Secured

Overnight

Financing

Rate

plus

1.00%.

The

borrowings

are

categorized

as

Level

2

within

the

fair

value

hierarchy.

The

average

borrowings

and

the

average

interest

rate

for

the

days

with

outstanding

borrowings

during

the period

ended

February

28,

2025,

were $5,000,000

and

5.88%,

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,

2025,

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:

Common

Stocks

:

Brazil

................................

$

6,040,913

$

—

$

—

$

6,040,913

Cambodia

............................

—

299,538

—

299,538

Chile

................................

2,231,885

—

—

2,231,885

China

...............................

4,639,657

51,316,853

—

55,956,510

6.

Concentration

of

Risk

(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.

Operating

Segments

The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures.

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

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. 

10.

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

other

than

those

already

disclosed

in

the

financial

statements.

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Hong

Kong

...........................

$

—

$

4,633,590

$

—

$

4,633,590

Hungary

.............................

2,612,786

—

—

2,612,786

India

................................

953,039

25,268,057

—

26,221,096

Indonesia

............................

—

1,172,640

—

1,172,640

Italy

.................................

—

278,674

—

278,674

Mexico

..............................

4,802,972

—

—

4,802,972

Peru

................................

1,027,875

—

—

1,027,875

Philippines

............................

966,156

—

—

966,156

Russia

...............................

—

—

—

a

—

South

Africa

...........................

5,241,960

—

—

5,241,960

South

Korea

..........................

—

38,055,840

—

38,055,840

Taiwan

...............................

—

41,497,654

—

41,497,654

Thailand

.............................

—

6,782,793

—

6,782,793

United

Arab

Emirates

....................

1,752,921

—

—

1,752,921

United

States

..........................

8,692,158

—

—

8,692,158

Preferred

Stocks

........................

11,609,050

—

—

11,609,050

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

9,467,066

—

—

9,467,066

Total

Investments

in

Securities

...........

$60,038,438

$169,305,639

b

$—

$229,344,077

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$169,305,639,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

8. Fair

Value

Measurements

(continued)

Templeton

Emerging

Markets

Fund

Notes

to

Financial

Statements

(unaudited)

22

franklintempleton.com

Semiannual

Report

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

Templeton

Emerging

Markets

Fund

23

franklintempleton.com

Semiannual

Report

Important

Information

to

Shareholders

Share

Repurchase

Program

On

February

24,

2025,

the

Fund’s

Board

reauthorized

an

open-market

share

repurchase

program

which

includes

an

initial

authorization

for

the

Fund

to

repurchase

up

to

10%

of

the

Fund’s

outstanding

shares

in

open-market

transactions,

at

the

discretion

of

management.

The

timing

and

amount

of

repurchases

continue

to

be

at

the

discretion

of

the

investment

manager,

taking

into

account

various

factors,

including,

but

not

limited

to,

the

level

of

the

discount,

the

Fund’s

performance,

portfolio

holdings,

dividend

history,

market

conditions,

cash

on

hand,

the

availability

of

other

attractive

investments

and

whether

the

sale

of

certain

portfolio

securities

would

be

undesirable

because

of

liquidity

concerns

or

because

the

sale

might

subject

the

Fund

to

adverse

tax

consequences.

Any

repurchases

would

be

made

on

a

national

securities

exchange

at

the

prevailing

market

price,

subject

to

exchange

requirements,

federal

securities

laws

and

rules

that

restrict

repurchases,

and

the

terms

of

any

outstanding

leverage

or

borrowing

of

the

Fund.

If

and

when

the

Fund’s

additional

10%

threshold

is

reached,

no

further

repurchases

could

be

completed

until

authorized

by

the

Board.

Until

the

additional

10%

threshold

is

reached,

Fund

management

will

have

the

flexibility

to

commence

share

repurchases

if

and

when

it

is

determined

to

be

appropriate

in

light

of

prevailing

circumstances.

The

share

repurchase

program

is

intended

to

benefit

shareholders

by

enabling

the

Fund

to

repurchase

shares

at

a

discount

to

net

asset

value,

thereby

increasing

the

proportionate

interest

of

each

remaining

shareholder

in

the

Fund.

In

the

Notes

to

Financial

Statements

section,

please

see

note

2

(Shares

of

Beneficial

Interest)

for

additional

information

regarding

shares

repurchased.

Managed

Distribution

Plan

The

Board

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.

The

amendment

or

termination

of

the

plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

shares.

The

plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

fixed

rate

to

determine

if

an

adjustment

should

be

made.

In

compliance

with

Rule

19a-1

of

the

Investment

Company

Act

of

1940,

shareholders

will

receive

a

notice

that

details

the

source

of

income

for

each

dividend

such

as

net

investment

income,

gain

from

the

sale

of

securities

and

return

of

principal.

However,

determination

of

the

actual

source

of

the

Fund’s

dividend

can

only

be

made

at

year-end.

The

actual

source

amounts

of

all

Fund

dividends

will

be

included

in

the

Fund’s

annual

or

semiannual

reports.

In

addition,

the

tax

treatment

may

differ

from

the

accounting

treatment

used

to

calculate

the

source

of

the

Fund’s

dividends

as

shown

on

shareholders’

statements.

Shareholders

should

refer

to

their

Form

1099-DIV

for

the

character

and

amount

of

distributions

for

income

tax

reporting

purposes.

Since

each

shareholder’s

tax

situation

is

unique,

it

may

be

advisable

to

consult

a

tax

advisor

as

to

the

appropriate

treatment

of

Fund

distributions.

Approval

of

Renewed

Borrowing

Arrangements

On

January

10,

2025,

the

Fund

renewed

the

existing

committed,

senior,

secured

line

of

credit

facility

(“Existing

Credit

Facility”)

with

The

Bank

of

Nova

Scotia

for

an

additional

364-day

term

(“Credit

Facility

Renewal”),

until

January

9,

2026.

The

terms

of

the

Credit

Facility

Renewal

are

the

same

as

the

terms

of

the

Existing

Credit

Facility.

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

24

franklintempleton.com

Semiannual

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

10,

2025

(unaudited)

25

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

10,

2025.

The

purpose

of

the

meeting

was

to

elect

three

Trustees

of

the

Fund

and

to

ratify

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

August

31,

2025.

At

the

meeting,

the

following

persons

were

elected

by

the

shareholders

to

serve

as

Trustees

of

the

Fund:

Gregory

E.

Johnson,

Rupert

H.

Johnson,

Jr.,

and

Constantine

D.

Tseretopoulos.*

Shareholders

also

ratified

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

August

31,

2025.

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

1.

Election

of

three

Trustees:

The

Fund

is

not

aware

of

broker

non-votes

received

with

respect

to

this

item.

2.

Ratification

of

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

August

31,

2025:

The

Fund

is

not

aware

of

broker

non-votes

received

with

respect

to

this

item.

*

Harris

J.

Ashton,

Ann

Torre

Bates,

Terrence

J.

Checki

,

Mary

C.

Choksi,

Edith

E.

Holiday,

David

W.

Niemiec

,

J.

Michael

Luttig

,

and

Larry

D.

Thompson

are

Trustees

of

the

Fund

who

are

currently

serving

and

whose

terms

of

office

continued

after

the

Annual

Meeting

of

Shareholders.

Term

Expiring

2028

For

%

of

Outstanding

Shares

%

of

Shares

Present

Withheld

%

of

Outstanding

Shares

%

of

Shares

Present

Gregory

E.

Johnson

11,528,541

75.98%

91.36%

1,089,863

7.18%

8.64%

Rupert

H.

Johnson,

Jr.

11,578,517

76.31%

91.76%

1,039,888

6.85%

8.24%

Constantine

D.

Tseretopoulos

11,584,386

76.35%

91.81%

1,034,018

6.81%

8.19%

Shares

Voted

%

of

Outstanding

Shares

%

of

Shares

Present

For

11,700,274

77.11%

92.72%

Against

838,181

5.52%

6.64%

Abstain

79,950

0.53%

0.63%

Templeton

Emerging

Markets

Fund

Dividend

Reinvestment

and

Cash

Purchase

Plan

26

franklintempleton.com

Semiannual

Report

The

Fund

offers

a

Dividend

Reinvestment

and

Cash

Purchase

Plan

(the

“Plan”)

with

the

following

features:

Shareholders

must

affirmatively

elect

to

participate

in

the

Plan.

If

you

decide

to

use

this

service,

share

dividends

and

capital

gains

distributions

will

be

reinvested

automatically

in

shares

of

the

Fund

for

your

account.

Whenever

the

Fund

declares

dividends

in

either

cash

or

shares

of

the

Fund,

if

the

market

price

is

equal

to

or

exceeds

net

asset

value

at

the

valuation

date,

the

participant

will

receive

the

dividends

entirely

in

new

shares

at

a

price

equal

to

the

net

asset

value,

but

not

less

than

95%

of

the

then

current

market

price

of

the

Fund’s

shares.

If

the

market

price

is

lower

than

net

asset

value

or

if

dividends

and/or

capital

gains

distributions

are

payable

only

in

cash,

the

participant

will

receive

shares

purchased

on

the

New

York

Stock

Exchange

or

otherwise

on

the

open

market.

A

participant

has

the

option

of

submitting

additional

cash

payments

to

the

Plan

Administrator,

in

any

amounts

of

at

least

$100,

up

to

a

maximum

of

$5,000

per

month,

for

the

purchase

of

Fund

shares

for

his

or

her

account.

These

payments

can

be

made

by

check

payable

to

Equiniti

Trust

Company,

LLC

(the

“Plan

Administrator”)

and

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560

Attention:

Templeton

Emerging

Markets

Fund.

The

Plan

Administrator

will

apply

such

payments

(less

a

$5.00

service

charge

and

less

a

pro

rata

share

of

trading

fees)

to

purchases

of

Fund

shares

on

the

open

market.

The

automatic

reinvestment

of

dividends

and/or

capital

gains

does

not

relieve

the

participant

of

any

income

tax

that

may

be

payable

on

dividends

or

distributions.

Whenever

shares

are

purchased

on

the

New

York

Stock

Exchange

or

otherwise

on

the

open

market,

each

participant

will

pay

a

pro

rata

portion

of

trading

fees.

Trading

fees

will

be

deducted

from

amounts

to

be

invested.

The

Plan

Administrator’s

fee

for

a

sale

of

shares

through

the

Plan

is

$15.00

per

transaction

plus

a

$0.12

per

share

trading

fee.

A

participant

may

withdraw

from

the

Plan

without

penalty

at

any

time

by

written

notice

to

the

Plan

Administrator

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560.

Upon

withdrawal,

the

participant

will

receive,

without

charge,

share

certificates

issued

in

the

participant’s

name

for

all

full

shares

held

by

the

Plan

Administrator;

or,

if

the

participant

wishes,

the

Plan

Administrator

will

sell

the

participant’s

shares

and

send

the

proceeds

to

the

participant,

less

a

service

charge

of

$15.00

and

less

trading

fees

of

$0.12

per

share.

The

Plan

Administrator

will

convert

any

fractional

shares

held

at

the

time

of

withdrawal

to

cash

at

the

current

market

price

and

send

a

check

to

the

participant

for

the

net

proceeds.

For

more

information,

please

see

the

Plan’s

Terms

&

Conditions

located

at

the

back

of

this

report.

Templeton

Emerging

Markets

Fund

Dividend

Reinvestment

and

Cash

Purchase

Plan

27

franklintempleton.com

Semiannual

Report

Transfer

Agent

Equiniti

Trust

Company,

LLC

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-056

(800)

416-5585

www.equiniti.com

Direct

Deposit

Service

for

Registered

Shareholders

Cash

distributions

can

now

be

electronically

credited

to

a

checking

or

saving

account

at

any

financial

institution

that

participates

in

the

Automated

Clearing

House

(“ACH”)

system.

The

Direct

Deposit

service

is

provided

for

registered

shareholders

at

no

charge.

To

enroll

in

the

service,

access

your

account

online

by

going

to

www.equiniti.com

or

dial

(800)

416-

5585

(toll

free)

and

follow

the

instructions.

Direct

Deposit

will

begin

with

the

next

scheduled

distribution

payment

date

following

enrollment

in

the

service.

Direct

Registration

If

you

are

a

registered

shareholder

of

the

Fund,

purchases

of

shares

of

the

Fund

can

be

electronically

credited

to

your

Fund

account

at

Equiniti

Trust

Company,

LLC

through

Direct

Registration.

This

service

provides

shareholders

with

a

convenient

way

to

keep

track

of

shares

through

book

entry

transactions,

electronically

move

book-entry

shares

between

broker-dealers,

transfer

agents

and

DRS

eligible

issuers,

and

eliminate

the

possibility

of

lost

certificates.

For

additional

information,

please

contact

Equiniti

Trust

Company,

LLC

at

(800)

416-5585.

Shareholder

Information

Shares

of

Templeton

Emerging

Markets

Fund

are

traded

on

the

New

York

Stock

Exchange

under

the

symbol

“EMF.”

Information

about

the

net

asset

value

and

the

market

price

is

available

at

franklintempleton.com.

For

current

information

about

dividends

and

shareholder

accounts,

call

(800)

416-5585.

Registered

shareholders

can

access

their

Fund

account

on-line.

For

information

go

to

Equiniti

Trust

Company,

LLC’s

web

site

at

www.equiniti.com

and

follow

the

instructions.

The

daily

closing

net

asset

value

as

of

the

previous

business

day

may

be

obtained

when

available

by

calling

Franklin

Templeton

Fund

Information

after

7

a.m.

Pacific

time

any

business

day

at

(800)

DIAL

BEN/342-5236.

The

Fund’s

net

asset

value

and

dividends

are

also

listed

on

the

NASDAQ

Stock

Market,

Inc.’s

Mutual

Fund

Quotation

Service

(“NASDAQ

MFQS”).

Shareholders

not

receiving

copies

of

reports

to

shareholders

because

their

shares

are

registered

in

the

name

of

a

broker

or

a

custodian

can

request

that

they

be

added

to

the

Fund’s

mailing

list,

by

writing

Templeton

Emerging

Markets

Fund,

100

Fountain

Parkway,

P.O.

Box

33030,

St.

Petersburg,

FL

33733-8030.

Templeton

Emerging

Markets

Fund

Shareholder

Information

28

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.

29

franklintempleton.com

Not

part

of

the

Semiannual

report

TERMS

AND

CONDITIONS

OF

DIVIDEND

REINVESTMENT

AND

CASH

PURCHASE

PLAN

1.

Equiniti

Trust

Company,

LLC

("Equiniti"),

will

act

as

Plan

Administrator

and

will

open

an

account

for

participating

shareholders

(“participant”)

under

the

Dividend

Reinvestment

and

Cash

Purchase

Plan

(the

“Plan”)

in

the

same

name

as

that

in

which

the

participant’s

present

shares

are

registered,

and

put

the

Plan

into

effect

as

of

the

first

record

date

for

a

dividend

or

capital

gains

distribution

after

Equiniti

receives

the

authorization

duly

executed

by

such

participant.

2.

Whenever

Templeton

Emerging

Markets

Fund

(the

“Fund”)

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

in

either

cash

or

shares

of

the

Fund

(“Fund

shares”),

if

the

market

price

per

share

on

the

valuation

date

equals

or

exceeds

the

net

asset

value

per

share,

participants

will

receive

such

dividend

or

distribution

entirely

in

Fund

shares,

and

Equiniti

shall

automatically

receive

such

Fund

shares

for

participant

accounts

including

aggregate

fractions.

The

number

of

additional

Fund

shares

to

be

credited

to

participant

accounts

shall

be

determined

by

dividing

the

equivalent

dollar

amount

of

the

capital

gains

distribution

or

dividend

payable

to

participating

holders

by

the

net

asset

value

per

share

of

the

Fund

shares

on

the

valuation

date,

provided

that

the

Fund

shall

not

issue

such

shares

at

a

price

lower

than

95%

of

the

current

market

price

per

share.

The

valuation

date

will

be

the

payable

date

for

such

distribution

or

dividend.

3.

Whenever

the

Fund

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

only

in

cash,

or

if

the

Fund’s

net

asset

value

per

share

exceeds

the

market

price

per

share

on

the

valuation

date,

Equiniti

shall

apply

the

amount

of

such

dividend

or

distribution

payable

to

participants

to

the

purchase

of

Fund

shares

on

the

open

market

(less

their

pro

rata

share

of

trading

fees

incurred

with

respect

to

open

market

purchases

in

connection

with

the

reinvestment

of

such

dividend

or

distribution).

If,

before

Equiniti

has

completed

its

purchases,

the

market

price

exceeds

the

net

asset

value

per

share,

the

average

per

share

purchase

price

paid

by

Equiniti

may

exceed

the

net

asset

value

of

the

Fund’s

shares,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

dividend

or

capital

gains

distribution

had

been

paid

in

shares

issued

by

the

Fund

at

net

asset

value

per

share.

Such

purchases

will

be

made

promptly

after

the

payable

date

for

such

dividend

or

distribution,

and

in

no

event

more

than

30

days

after

such

date

except

where

temporary

curtailment

or

suspension

of

purchase

is

necessary

to

comply

with

applicable

provisions

of

the

Federal

securities

laws.

4.

A

participant

has

the

option

of

submitting

additional

payments

to

Equiniti,

in

any

amounts

of

at

least

$100,

up

to

a

maximum

of

$5,000

per

month,

for

the

purchase

of

Fund

shares

for

his

or

her

account.

These

payments

may

be

made

electronically

through

Equiniti

at

www.equiniti.

com

or

by

check

payable

to

“Equiniti

Trust

Company,

LLC”

and

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

Attention:

Templeton

Emerging

Markets

Fund.

Equiniti

shall

apply

such

payments

(less

a

$5.00

service

charge

and

less

a

pro

rata

share

of

trading

fees)

to

purchases

of

Fund

shares

on

the

open

market,

as

discussed

below

in

paragraph

6.

Equiniti

shall

make

such

purchases

promptly

on

approximately

the

15th

of

each

month

or,

during

a

month

in

which

a

dividend

or

distribution

is

paid,

beginning

on

the

dividend

payment

date,

and

in

no

event

more

than

30

days

after

receipt,

except

where

necessary

to

comply

with

provisions

of

the

Federal

securities

laws.

Any

voluntary

payment

received

less

than

two

business

days

before

an

investment

date

shall

be

invested

during

the

following

month

unless

there

are

more

than

30

days

until

the

next

investment

date,

in

which

case

such

payment

will

be

returned

to

the

participant.

Equiniti

shall

return

to

the

participant

his

or

her

entire

voluntary

cash

payment

upon

written

notice

of

withdrawal

received

by

Equiniti

not

less

than

48

hours

before

such

payment

is

to

be

invested.

Such

written

notice

shall

be

sent

to

Equiniti

by

the

participant,

as

discussed

below

in

paragraph

14.

5.

For

all

purposes

of

the

Plan:

(a)

the

market

price

of

the

Fund’s

shares

on

a

particular

date

shall

be

the

last

sale

price

on

the

New

York

Stock

Exchange

on

that

date

if

a

business

day

and

if

not,

on

the

preceding

business

day,

or

if

there

is

no

sale

on

such

Exchange

on

such

date,

then

the

mean

between

the

closing

bid

and

asked

quotations

for

such

shares

on

such

Exchange

on

such

date,

and

(b)

net

asset

value

per

share

of

the

Fund’s

shares

on

a

particular

date

shall

be

as

determined

by

or

on

behalf

of

the

Fund.

6.

Open

market

purchases

provided

for

above

may

be

made

on

any

securities

exchange

where

Fund

shares

are

traded,

in

the

over-the-counter

market

or

in

negotiated

transactions

and

may

be

on

such

terms

as

to

price,

delivery

and

otherwise

as

Equiniti

shall

determine.

Participant

funds

held

by

Equiniti

uninvested

will

not

bear

interest,

and

it

is

understood

that,

in

any

event,

Equiniti

shall

have

no

liability

in

connection

with

any

inability

to

purchase

Fund

shares

within

30

days

after

the

payable

date

for

any

dividend

or

distribution

as

herein

provided,

or

with

the

timing

of

any

purchases

effected.

Equiniti

shall

have

no

responsibility

30

franklintempleton.com

Not

part

of

the

Semiannual

report

TERMS

AND

CONDITIONS

OF

DIVIDEND

REINVESTMENT

AND

CASH

PURCHASE

PLAN

(continued)

as

to

the

value

of

the

Fund

shares

acquired

for

participant

accounts.

For

the

purposes

of

purchases

in

the

open

market,

Equiniti

may

aggregate

purchases

with

those

of

other

participants,

and

the

average

price

(including

trading

fees)

of

all

shares

purchased

by

Equiniti

shall

be

the

price

per

share

allocable

to

all

participants.

7.

Equiniti

will

hold

shares

acquired

pursuant

to

this

Plan,

together

with

the

shares

of

other

participants

acquired

pursuant

to

this

Plan,

in

its

name

or

that

of

its

nominee.

Equiniti

will

forward

to

participants

any

proxy

solicitation

material

and

will

vote

any

shares

so

held

for

participants

only

in

accordance

with

the

proxies

returned

by

participants

to

the

Fund.

Upon

written

request,

Equiniti

will

deliver

to

participants,

without

charge,

a

certificate

or

certificates

for

all

or

a

portion

of

the

full

shares

held

by

Equiniti.

8.

Equiniti

will

confirm

to

participants

each

acquisition

made

for

an

account

as

soon

as

practicable

but

not

later

than

ten

business

days

after

the

date

thereof.

Equiniti

will

send

to

participants

a

detailed

account

statement

showing

total

dividends

and

distributions,

date

of

investment,

shares

acquired

and

price

per

share,

and

total

shares

of

record

for

the

account.

Although

participants

may

from

time

to

time

have

an

undivided

fractional

interest

(computed

to

three

decimal

places)

in

a

share

of

the

Fund,

no

certificates

for

a

fractional

share

will

be

issued.

However,

dividends

and

distributions

on

fractional

shares

will

be

credited

to

participant

accounts.

In

the

event

of

termination

of

an

account

under

the

Plan,

Equiniti

will

adjust

for

any

such

undivided

fractional

interest

in

cash

at

the

market

price

of

the

Fund’s

shares

on

the

date

of

termination.

9.

Any

share

dividends

or

split

shares

distributed

by

the

Fund

on

shares

held

by

Equiniti

for

participants

will

be

credited

to

participant

accounts.

In

the

event

that

the

Fund

makes

available

to

its

shareholders

transferable

rights

to

purchase

additional

Fund

shares

or

other

securities,

Equiniti

will

sell

such

rights

and

apply

the

proceeds

of

the

sale

to

the

purchase

of

additional

Fund

shares

for

the

participant

accounts.

The

shares

held

for

participants

under

the

Plan

will

be

added

to

underlying

shares

held

by

participants

in

calculating

the

number

of

rights

to

be

issued.

10.

Equiniti’s

service

charge

for

capital

gains

or

income

dividend

purchases

will

be

paid

by

the

Fund

when

shares

are

issued

by

the

Fund

or

purchased

on

the

open

market.

Equiniti

will

deduct

a

$5.00

service

charge

from

each

voluntary

cash

payment.

Participants

will

be

charged

a

pro

rata

share

of

trading

fees

on

all

open

market

purchases.

11.

Participants

may

withdraw

shares

from

such

participant’s

account

or

terminate

their

participation

under

the

Plan

by

notifying

Equiniti

in

writing.

Such

withdrawal

or

termination

will

be

effective

immediately

if

notice

is

received

by

Equiniti

not

less

than

two

days

prior

to

any

dividend

or

distribution

record

date;

otherwise

such

withdrawal

or

termination

will

be

effective

after

the

investment

of

any

current

dividend

or

distribution

or

voluntary

cash

payment.

The

Plan

may

be

terminated

by

Equiniti

or

the

Fund

upon

90

days’

notice

in

writing

mailed

to

participants.

Upon

any

withdrawal

or

termination,

Equiniti

will

cause

a

certificate

or

certificates

for

the

full

shares

held

by

Equiniti

for

participants

and

cash

adjustment

for

any

fractional

shares

(valued

at

the

market

value

of

the

shares

at

the

time

of

withdrawal

or

termination)

to

be

delivered

to

participants,

less

any

trading

fees.

Alternatively,

a

participant

may

elect

by

written

notice

to

Equiniti

to

have

Equiniti

sell

part

or

all

of

the

shares

held

for

him

and

to

remit

the

proceeds

to

him.

Equiniti

is

authorized

to

deduct

a

$15.00

service

charge

and

a

$0.12

per

share

trading

fee

for

this

transaction

from

the

proceeds.

If

a

participant

disposes

of

all

shares

registered

in

his

name

on

the

books

of

the

Fund,

Equiniti

may,

at

its

option,

terminate

the

participant’s

account

or

determine

from

the

participant

whether

he

wishes

to

continue

his

participation

in

the

Plan.

12.

These

terms

and

conditions

may

be

amended

or

supplemented

by

Equiniti

or

the

Fund

at

any

time

or

times,

except

when

necessary

or

appropriate

to

comply

with

applicable

law

or

the

rules

or

policies

of

the

U.S.

Securities

and

Exchange

Commission

or

any

other

regulatory

authority,

only

by

mailing

to

participants

appropriate

written

notice

at

least

90

days

prior

to

the

effective

date

thereof.

The

amendment

or

supplement

shall

be

deemed

to

be

accepted

by

participants

unless,

prior

to

the

effective

date

thereof,

Equiniti

receives

written

notice

of

the

termination

of

a

participant

account

under

the

Plan.

Any

such

amendment

may

include

an

appointment

by

Equiniti

in

its

place

and

stead

of

a

successor

Plan

Administrator

under

these

terms

and

conditions,

with

full

power

and

authority

to

perform

all

or

any

of

the

acts

to

be

performed

by

Equiniti

under

these

terms

and

conditions.

Upon

any

such

appointment

of

a

Plan

Administrator

for

the

purpose

of

receiving

dividends

and

distributions,

the

Fund

will

be

authorized

to

pay

to

such

successor

Plan

Administrator,

for

a

participant’s

account,

all

dividends

and

distributions

payable

on

Fund

shares

held

in

a

participant’s

name

or

under

the

Plan

for

retention

or

application

by

such

successor

Plan

Administrator

as

provided

in

these

terms

and

conditions.

31

franklintempleton.com

Not

part

of

the

Semiannual

report

TERMS

AND

CONDITIONS

OF

DIVIDEND

REINVESTMENT

AND

CASH

PURCHASE

PLAN

(continued)

13.

Equiniti

shall

at

all

times

act

in

good

faith

and

agree

to

use

its

best

efforts

within

reasonable

limits

to

ensure

the

accuracy

of

all

services

performed

under

this

Agreement

and

to

comply

with

applicable

law,

but

shall

assume

no

responsibility

and

shall

not

be

liable

for

loss

or

damage

due

to

errors

unless

such

error

is

caused

by

Equiniti’s

negligence,

bad

faith

or

willful

misconduct

or

that

of

its

employees.

14.

Any

notice,

instruction,

request

or

election

which

by

any

provision

of

the

Plan

is

required

or

permitted

to

be

given

or

made

by

the

participant

to

Equiniti

shall

be

in

writing

addressed

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-

0560,

Attention:

Templeton

Emerging

Markets

Fund,

or

www.equiniti.com

or

such

other

address

as

Equiniti

shall

furnish

to

the

participant,

and

shall

have

been

deemed

to

be

given

or

made

when

received

by

Equiniti.

15.

Any

notice

or

other

communication

which

by

any

provision

of

the

Plan

is

required

to

be

given

by

Equiniti

to

the

participant

shall

be

in

writing

and

shall

be

deemed

to

have

been

sufficiently

given

for

all

purposes

by

being

deposited

postage

prepaid

in

a

post

office

letter

box

addressed

to

the

participant

at

his

or

her

address

as

it

shall

last

appear

on

Equiniti’s

records.

The

participant

agrees

to

notify

Equiniti

promptly

of

any

change

of

address.

16.

These

terms

and

conditions

shall

be

governed

by

and

construed

in

accordance

with

the

laws

of

the

State

of

New

York

and

the

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission,

as

they

may

be

amended

from

time

to

time.

TLEMF-S

04/25

©

2025

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.

Equiniti

Trust

Company,

LLC

6201

15th

Avenue

Brooklyn,

NY

11219

Toll

Free

Number:

(800)

416-5585

Hearing

Impaired

Number:

(866)

703-9077

International

Number:

(718)

921-8124

Hearing

Impaired

International

Number:

(718)

921-8386

www.equiniti.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.

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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.

	(a)	(b)	(c)	(d)
Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Program	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
Month #1 (9/1/24 - 9/30/24)	11,670.000	12.86	11,670.000	699,156.00
Month #2 (10/1/24 - 10/31/24)	36,589.000	13.30	36,589.000	662,567.00
Month #3 (11/1/24 - 11/30/24)	31,078.000	12.78	31,078.000	631,489.00
Month #4 (12/1/24 - 12/31/24)	56,108.000	12.43	56,108.000	575,381.00
Month #5 (1/1/25 - 1/31/25)	52,433.000	12.11	52,433.000	522,948.00
Month #6 (2/1/25 - 2/28/25)	56,509.000	12.84	56,509.000	1,940,739.00
Total	244,387.000		244,387.000

The Fund’s Board authorized an open-market share repurchase program pursuant to which the Fund had the ability to purchase, from time to time, up to 10% of the Fund’s shares outstanding in open-market transactions, at the discretion of management. On February 24, 2025, the Fund’s Board reauthorized for the Fund to repurchase up to 10% of the Fund’s outstanding shares in open-market transactions, at the discretion of management.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

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, 2025, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

Gross income earned by the Fund from securities lending activities	$1,519
Fees and/or compensation paid by the Fund for securities lending activities and related services
Fees paid to Securities Lending Agent from revenue split	$103
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)	-
Other fees not included above	$9
Aggregate fees/compensation paid by the Fund for securities lending activities	$112
Net income from securities lending activities	$1,407

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) (2) 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 Funds

By:	/s/ Christopher Kings
	Christopher Kings
	Chief Executive Officer – Finance and Administration
Date:	April 28, 2025

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

By:	/s/ Christopher Kings
	Christopher Kings
	Chief Executive Officer – Finance and Administration
Date:	April 28, 2025
By:	/s/ Jeffery White
	Jeffery White
	Chief Financial Officer, Chief Accounting Officer and Treasurer
Date:	April 28, 2025