0001727644-21-000083.txt : 20210423 0001727644-21-000083.hdr.sgml : 20210423 20210423162144 ACCESSION NUMBER: 0001727644-21-000083 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20210228 FILED AS OF DATE: 20210423 DATE AS OF CHANGE: 20210423 EFFECTIVENESS DATE: 20210423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON EMERGING MARKETS FUND CENTRAL INDEX KEY: 0000809708 IRS NUMBER: 592767040 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04985 FILM NUMBER: 21849960 BUSINESS ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 BUSINESS PHONE: 954-527-7500 MAIL ADDRESS: STREET 1: 300 S.E. 2ND STREET CITY: FORT LAUDERDALE STATE: FL ZIP: 33301-1923 FORMER COMPANY: FORMER CONFORMED NAME: TEMPLETON EMERGING MARKETS FUND INC DATE OF NAME CHANGE: 19920703 N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
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)
 
Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: (954) 527-7500_
 
Date of fiscal year end: _8/31__
 
Date of reporting period: 2/28/21_
 
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable.
 
Semiannual
Report
Templeton
Emerging
Markets
Fund
February
28,
2021
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
Contents
Semiannual
Report
Templeton
Emerging
Markets
Fund
2
Performance
Summary
6
Financial
Highlights
and
Statement
of
Investments
8
Financial
Statements
12
Notes
to
Financial
Statements
15
Tax
Information
23
Important
Information
to
Shareholders
24
Annual
Meeting
of
Shareholders
26
Dividend
Reinvestment
and
Cash
Purchase
Plan
27
Shareholder
Information
29
Visit
@
franklintempleton.com
@
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Templeton
Emerging
Markets
Fund
Dear
Shareholder:
This
semiannual
report
for
Templeton
Emerging
Markets
Fund
covers
the
period
ended
February
28
,
202
1
.
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.
Performance
Overview
The
Fund
posted
cumulative
total
returns
of
+32.38%
based
on
market
price
and
+25.14%
based
on
net
asset
value
for
the
six
months
under
review.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
6
.
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.
Economic
and
Market
Overview
The
novel
coronavirus
(COVID-19)
pandemic
pushed
the
economies
of
many
emerging
market
countries
into
contractions
during
the
six
months
ended
February
28,
2021.
China
was
a
notable
exception,
however,
and
the
severity
of
the
contractions
in
other
countries
has
generally
reduced
over
time.
Emerging
market
central
banks
mostly
held
their
interest
rates
steady,
maintaining
the
accommodative
monetary
policies
they
adopted
prior
to
the
period
to
support
their
economies.
After
a
small
dip
in
September
2020,
emerging
market
equities
posted
significant
gains
in
the
fourth
quarter.
Concerns
of
new
strains
and
outbreaks
of
COVID-19
were
outweighed
by
news
of
vaccine
breakthroughs,
which
fueled
optimism
about
economies
reopening,
and
U.S.
stimulus
measures.
Equity
gains
slowed
in
2021,
due
in
part
to
investor
concerns
about
inflation
and
stock
overvaluation.
Regarding
individual
countries,
China’s
year-on-year
growth
rate
accelerated
in
the
third
and
fourth
quarters
of
2020,
driven
by
retail
sales
and
industrial
production.
Taiwan’s
year-on-year
growth
rate
also
accelerated
in
the
third
and
fourth
quarters—hitting
a
nearly
10-year
high
rate
in
the
fourth
quarter—aided
by
government
stimulus
and
foreign
demand
for
electronics
parts.
South
Korea’s
year-on-year
growth
rate
contracted
in
the
third
and
fourth
quarters,
partly
due
to
negative
growth
in
construction,
consumption
and
exports.
The
year-on-year
growth
rate
of
India
contracted
in
the
third
quarter
before
growing
modestly
in
the
fourth
quarter,
aided
by
growth
in
private
and
public
spending,
manufacturing
and
construction.
Russia’s
year-on-year
growth
rate
contracted
in
the
third
quarter,
with
low
oil
prices
hurting
the
country’s
energy
export-dependent
economy.
Brazil’s
year-on-year
growth
rates
contracted
in
the
third
and
fourth
quarters
of
2020,
dragged
down
by
contractions
in
exports.
Turning
to
specific
countries’
monetary
policies,
the
People’s
Bank
of
China
held
its
benchmark
loan
prime
rate
steady
during
the
period.
The
central
banks
of
Taiwan,
South
Korea,
Brazil
and
Russia
left
their
benchmark
interest
rates—all
at
record
lows
entering
the
period—unchanged.
India
also
held
its
benchmark
interest
rate
steady.
In
this
environment,
emerging
market
stocks,
as
measured
by
the
MSCI
Emerging
Markets
Index-NR,
posted
a
+22.32%
total
return
for
the
six
months
ended
February
28,
2021.
1
Chinese
equities
rose
during
the
period,
though
they
generally
lagged
their
emerging
market
peers.
The
country’s
continued
economic
recovery,
which
has
been
the
most
robust
of
any
major
economy,
provided
a
foundation
Geographic
Composition
2/28/21
%
of
Total
Net
Assets
Asia
78.5%
Europe
9.1%
Latin
America
&
Caribbean
6.8%
Middle East & Africa
4.2%
North
America
1.2%
Short-Term
Investments
&
Other
Net
Assets
0.2%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Statement
of
Investments
(SOI).
The
SOI
begins
on
page
9
.
Templeton
Emerging
Markets
Fund
3
franklintempleton.com
Semiannual
Report
for
investor
confidence.
Gains
were
limited,
however,
by
increased
Chinese
government
regulation
of
internet
companies,
new
U.S.
government
restrictions
on
investment
in
Chinese
companies
and
investor
concerns
that
monetary
policy
could
tighten.
Taiwanese
equities
grew
significantly
during
the
period,
with
the
country’s
export-dependent
economy
benefiting
from
the
strong
performance
of
large
technology-related
companies.
The
government’s
successful
efforts
to
control
COVID-19
have
helped
the
economy
avoid
any
post-COVID-19
quarterly
contractions.
Russian
equities
rose
due
mostly
to
fourth-quarter
2020
gains
fueled
by
higher
oil
prices
and
improved
projections
for
global
energy
demand.
Brazilian
equities
rose
during
the
period
due
to
an
economic
rebound
in
late
2020
following
massive
stimulus
measures.
Gains
were
limited
by
monthly
declines
early
and
late
in
the
period
due
to
concerns
about
COVID-19,
weakness
of
the
Brazilian
real
and
government
interference
in
a
state-owned
oil
company.
Investment
Strategy
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.
Manager’s
Discussion
During
the
six
months
under
review,
key
contributors
to
the
Fund’s
absolute
performance
included
Samsung
Electronics,
Taiwan
Semiconductor
Manufacturing
Co.
(TSMC)
and
Tencent
Holdings.
A
leading
global
semiconductor
manufacturer,
Samsung
Electronics
is
also
one
of
the
world’s
biggest
smartphone
producers
as
well
as
a
key
supplier
of
organic
light-emitting
diode
(LED)
displays.
An
improving
outlook
for
the
memory
chip
market
boosted
the
stock.
The
company
has
benefited
from
the
global
shortage
of
chips,
raising
expectations
of
strong
earnings
in
the
coming
quarters.
New
foundry
orders
from
high-profile
clients
further
lifted
market
confidence
in
its
chip-making
business.
Investors
also
eyed
potential
market
share
gains
for
Samsung
across
the
semiconductor,
smartphone,
and
fifth
generation
wireless
technology
(5G)
network
equipment
industries
amid
U.S.
restrictions
against
Chinese
technology
companies.
TSMC
is
one
of
the
world’s
leading
semiconductor
makers
and
counts
major
technology
companies
among
its
clients.
The
company
has
been
a
beneficiary
of
increased
demand
from
cloud
applications
related
to
remote
working
and
online
education,
trends
which
the
pandemic
has
accelerated.
The
chip
maker’s
better-than-expected
fourth-quarter
2020
profit,
upgraded
sales
growth
forecasts
and
increased
capital
spending
targets
boosted
investors’
longer-term
outlook
for
the
company.
With
its
world-leading
market
position
and
dominance
in
producing
cutting-edge
chips,
investors
continue
to
view
TSMC
as
a
beneficiary
of
growing
global
demand
for
high-performance
computing
and
other
technologies.
Tencent
is
one
of
the
largest
internet
services
companies
in
China.
The
company
provides
online
gaming,
social
network,
financial
technology,
cloud
and
other
entertainment-related
services.
Above-consensus
revenue
and
net
profit
in
the
second
and
third
quarters
of
2020,
driven
by
strong
growth
in
its
online
gaming
business,
continued
to
support
the
upward
share-price
trend.
The
successful
listing
of
an
online
video
company
in
which
Tencent
has
a
stake
and
the
development
of
new
initiatives
led
investors
to
maintain
a
positive
view
on
the
stock.
Shares
faced
some
short-term
pressure,
however,
as
China
unveiled
draft
anti-monopoly
rules
for
its
internet
industry.
Conversely,
major
detractors
from
absolute
performance
included
Alibaba
Group
Holding,
B2W
Cia
Digital
and
China
Resources
Cement
Holdings.
Top
10
Countries
2/28/21
a
%
of
Total
Net
Assets
a
a
China
29.8%
South
Korea
21.8%
Taiwan
17.3%
India
6.7%
Russia
6.0%
Brazil
5.3%
South
Africa
4.2%
United
Kingdom
2.0%
Thailand
1.6%
United
States
1.2%
Templeton
Emerging
Markets
Fund
4
franklintempleton.com
Semiannual
Report
Alibaba
is
the
leading
e-commerce
company
in
China.
It
also
provides
cloud
computing
services
and
is
involved
in
payment,
financing
and
logistics
services.
Shares
fell
as
regulators
stepped
up
their
scrutiny
of
the
internet
industry
through
a
series
of
actions,
including
the
release
of
draft
online
microlending
and
anti-monopoly
rules.
Alibaba
also
grappled
with
a
halt
to
its
plan
to
publicly
list
its
financial
technology
arm,
as
well
as
an
antitrust
probe
into
its
merchant
policy.
Operationally,
the
company
reported
solid
revenue
and
earnings
growth
for
the
December
quarter
of
2020
which
exceeded
market
expectations.
B2W
Cia
Digital
is
a
major
Brazilian
e-commerce
company.
Although
the
company
reported
above-consensus
third-
quarter
2020
corporate
results
supported
by
a
double-digit
growth
in
gross
merchandise
value,
shares
lagged
on
lower
growth
trends
versus
its
peers.
Vaccine-driven
optimism
also
diverted
investors’
interest
away
from
digital
companies
that
had
fared
well
during
the
lockdown.
China
Resources
Cement
is
a
leading
cement
and
concrete
producer
in
southern
China.
Sentiment
in
the
stock
was
impacted
by
concerns
about
the
possibility
of
tightening
government
policy
in
the
property
sector.
Third-quarter
2020
corporate
results,
however,
exceeded
market
expectations.
In
the
past
six
months,
we
increased
the
Fund’s
holdings
in
Taiwan,
South
Africa
and
Brazil
due
to
the
availability
of
what
we
deemed
to
be
attractive
investment
opportunities.
In
terms
of
sectors,
additions
were
made
in
consumer
discretionary,
real
estate
and
financials.
We
initiated
exposure
to
several
new
investments
as
we
continued
to
identify
companies
with
sustainable
earnings
power
trading
at
a
discount
to
their
intrinsic
worth.
Key
additions
included
China
Resources
Land,
one
of
the
leading
property
investment
and
development
companies
in
China,
Flat
Glass
Group,
a
leading
Chinese
photovoltaic
glass
manufacturer,
and
LegoChem
Biosciences,
a
South
Korean
biopharmaceutical
company.
We
also
added
to
our
existing
high-conviction
portfolio
holdings
with
purchases
in
MediaTek,
a
major
Taiwanese
integrated
circuit
design
company,
Samsung
Life
Insurance,
one
of
the
largest
insurance
companies
in
South
Korea,
and
the
aforementioned
Alibaba.
In
contrast,
the
Fund
reduced
its
investments
in
Russia,
China
and
the
U.S.
in
favor
of
opportunities
we
found
more
compelling.
Sectors
which
experienced
the
largest
sales
were
communication
services,
energy
and
materials.
Key
reductions
included
Tencent
Music
Entertainment
Group,
an
online
music
entertainment
platform
operator
in
China,
Mail.Ru
Group,
a
Russian
internet
company,
and
Baidu,
a
Chinese
language
internet
search
provider.
The
Fund
liquidated
its
positions
in
China
Mobile,
a
Chinese
wireless
telecommunications
provider,
CNOOC,
a
Chinese
energy
company,
and
Sunny
Optical
Technology
Group,
a
prominent
manufacturer
of
optical-related
products
in
China.
It
is
important
to
recognize
the
effect
of
currency
movements
on
the
Fund’s
performance.
In
general,
if
the
value
of
the
U.S.
dollar
goes
up
compared
with
a
foreign
currency,
an
investment
traded
in
that
foreign
currency
will
go
down
in
value
because
it
will
be
worth
fewer
U.S.
dollars.
This
can
have
a
negative
effect
on
Fund
performance.
Conversely,
when
the
U.S.
dollar
weakens
in
relation
to
a
foreign
currency,
an
investment
traded
in
that
foreign
currency
will
increase
in
value,
which
can
contribute
to
Fund
performance.
For
the
six
months
ended
February
28,
2021,
the
U.S.
dollar
declined
in
value
relative
to
most
currencies.
As
a
result,
the
Fund’s
performance
was
positively
affected
by
the
portfolio’s
investment
predominantly
in
securities
with
non-U.S.
currency
exposure.
However,
one
cannot
expect
the
same
result
in
future
periods.
Effective
April
1,
2021,
Andrew
Ness
was
added
as
co-lead
portfolio
manager,
joining
current
co-lead
portfolio
manager
Chetan
Sehgal.
Thank
you
for
your
continued
participation
in
Templeton
Emerging
Markets
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Top
10
Holdings
2/28/21
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
12.6%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Samsung
Electronics
Co.
Ltd.
11.1%
Technology
Hardware,
Storage
&
Peripherals,
South
Korea
Tencent
Holdings
Ltd.
9.2%
Interactive
Media
&
Services,
China
Alibaba
Group
Holding
Ltd.
8.9%
Internet
&
Direct
Marketing
Retail,
China
NAVER
Corp.
4.6%
Interactive
Media
&
Services,
South
Korea
Naspers
Ltd.
3.8%
Internet
&
Direct
Marketing
Retail,
South
Africa
ICICI
Bank
Ltd.
3.6%
Banks,
India
LG
Corp.
2.4%
Industrial
Conglomerates,
South
Korea
MediaTek
,
Inc.
2.4%
Semiconductors
&
Semiconductor
Equipment,
Taiwan
Brilliance
China
Automotive
Holdings
Ltd.
2.2%
Automobiles,
China
Templeton
Emerging
Markets
Fund
5
franklintempleton.com
Semiannual
Report
Sincerely,
Chetan
Sehgal,
CFA
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
February
28,
2021,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
February
28,
2021
Templeton
Emerging
Markets
Fund
6
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
2/28/21
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
+25.14%
+32.38%
+25.14%
+32.38%
1-Year
+38.11%
+47.86%
+38.11%
+47.86%
5-Year
+146.42%
+162.87%
+19.77%
+21.32%
10-Year
+56.08%
+59.36%
+4.55%
+4.77%
Distributions
(9/1/20–2/28/21)
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
$0.1803
$0.0449
$0.4318
$0.6570
See
page
7
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Fund
Performance
Summary
7
franklintempleton.com
Semiannual
Report
All
investments
involve
risks,
including
possible
loss
of
principal.
Special
risks
are
associated
with
foreign
investing,
including
currency
volatility,
economic
instability,
and
social
and
political
developments
of
countries
where
the
Fund
invests.
Emerging
markets
are
subject
to
all
of
the
risks
of
foreign
investing
gener-
ally
and
involve
heightened
risks
due
to
these
markets’
smaller
size
and
lesser
liquidity,
and
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets.
Some
of
these
heightened
risks
may
include
political
and
social
uncertainty
(for
example,
regional
conflicts
and
risk
of
war);
pervasiveness
of
corruption
and
crime
in
these
countries’
economic
systems;
delays
in
settling
portfolio
securities
transactions;
risk
of
loss
arising
out
of
the
system
of
share
registration
and
custody
used
in
these
countries;
greater
sensitivity
to
interest
rate
changes;
currency
and
capital
controls;
currency
exchange
rate
volatility;
and
inflation,
deflation
or
currency
devaluation.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager’s
investment
decisions
will
produce
the
desired
results.
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
(collectively,
“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
Securities
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
settle-
ment
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.
The
Fund
may
also
invest
a
portion
of
its
assets
in
Russian
securities.
The
U.S.
and
other
nations
have
imposed
and
could
impose
additional
sanctions
on
certain
issuers
in
Russia
due
to
regional
conflicts.
These
sanctions
could
result
in
the
devaluation
of
Russia’s
currency,
a
downgrade
in
Russian
issuers’
credit
ratings,
or
a
decline
in
the
value
and
liquidity
of
Russian
stocks
or
other
securities.
The
Fund
may
be
prohibited
from
investing
in
securities
issued
by
compa-
nies
subject
to
such
sanctions.
In
addition,
if
the
Fund
holds
the
securities
of
an
issuer
that
is
subject
to
such
sanctions,
an
immediate
freeze
of
that
issuer’s
securities
could
result,
impairing
the
ability
of
the
Fund
to
buy,
sell,
receive
or
deliver
those
securities.
There
is
also
the
risk
that
countermeasures
could
be
taken
by
Russia’s
government,
which
could
involve
the
seizure
of
the
Fund’s
assets.
Such
sanctions
could
adversely
affect
Russia’s
economy,
possibly
forcing
the
economy
into
a
recession.
These
risks
could
affect
the
value
of
the
Fund’s
portfolio.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
1.
The
Fund
has
a
fee
waiver
associated
with
any
investment
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
10/31/21.
Fund
investment
results
reflect
the
fee
waiver;
without
this
waiver,
the
results
would
have
been
lower.
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.
Templeton
Emerging
Markets
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
February
28,
2021
(unaudited)
Year
Ended
August
31,
2020
2019
2018
2017
2016
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.58
$16.09
$16.90
$18.32
$13.92
$13.34
Income
from
investment
operations:
Net
investment
income
a
.............
0.03
0.15
0.21
b
0.14
0.16
0.19
Net
realized
and
unrealized
gains
(losses)
4.34
2.44
(0.27)
(0.51)
4.39
1.67
Total
from
investment
operations
........
4.37
2.59
(0.06)
(0.37)
4.55
1.86
Less
distributions
from:
Net
investment
income
..............
(0.18)
(0.60)
(0.20)
(0.25)
(0.20)
(0.31)
Net
realized
gains
.................
(0.48)
(0.55)
(0.58)
(0.87)
(0.97)
Total
distributions
...................
(0.66)
(1.15)
(0.78)
(1.12)
(0.20)
(1.28)
Repurchase
of
shares
..............
0.01
0.05
0.03
0.07
0.05
Net
asset
value,
end
of
period
..........
$21.30
$17.58
$16.09
$16.90
$18.32
$13.92
Market
value,
end
of
period
c
...........
$19.67
$15.38
$14.18
$14.61
$16.45
$12.56
Total
return
(based
on
market
value
per
share)
d
...........................
32.38%
16.45%
2.80%
(5.14)%
33.10%
22.57%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.44%
1.52%
1.60%
1.38%
1.37%
1.39%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.44%
f
1.50%
1.58%
1.38%
f
1.37%
f,g
1.38%
Net
investment
income
...............
0.34%
0.90%
1.30%
b
0.79%
1.03%
1.49%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$344,279
$285,668
$268,845
$287,115
$321,004
$250,642
Portfolio
turnover
rate
................
8.49%
17.56%
21.56%
11.69%
20.38%
42.16%
Total
outstanding
borrowings
on
credit
facility
at
end
of
period
(000’s)
..........
$15,000
$15,000
$10,000
$—
$—
$—
Asset
coverage
per
$1,000
of
debt
......
$23,952
$20,045
$27,885
$—
$—
$—
a
Based
on
average
daily
shares
outstanding.
b
Net
investment
income
per
share
includes
approximately
$0.06
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.95%.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Emerging
Markets
Fund
Statement
of
Investments
(unaudited),
February
28,
2021
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
97.4%
Brazil
2.9%
a
B2W
Cia
Digital
..................
Internet
&
Direct
Marketing
Retail
66,200
$
968,950
B3
SA
-
Brasil
Bolsa
Balcao
........
Capital
Markets
144,700
1,402,485
a
Lojas
Americanas
SA
.............
Multiline
Retail
574,820
2,359,878
a
M
Dias
Branco
SA
................
Food
Products
109,200
558,051
TOTVS
SA
.....................
Software
47,700
267,178
Vale
SA
........................
Metals
&
Mining
261,139
4,405,804
9,962,346
Cambodia
0.3%
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
730,000
966,646
China
29.8%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
1,024,819
30,794,976
b
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
360,000
128,777
a
Baidu,
Inc.,
ADR
.................
Interactive
Media
&
Services
11,594
3,286,435
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
8,358,200
7,476,837
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
337,500
2,661,443
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
585,800
4,492,355
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
3,225,100
3,837,174
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
405,600
1,927,466
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
228,871
166,343
c
Flat
Glass
Group
Co.
Ltd.,
H
........
Semiconductors
&
Semiconductor
Equipment
358,300
1,336,467
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
416,500
1,653,221
NetEase,
Inc.,
ADR
...............
Entertainment
19,485
2,140,427
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
852,800
2,815,932
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
A
.......................
Insurance
215,136
2,829,999
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
40,000
494,983
a
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
11,570
1,379,278
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
363,237
31,600,534
a
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
39,379
1,012,828
Uni-President
China
Holdings
Ltd.
....
Food
Products
1,739,294
2,089,229
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Auto
Components
269,612
525,919
102,650,623
Czech
Republic
0.3%
a,b
Moneta
Money
Bank
A/S,
144A,
Reg
S
Banks
243,000
885,997
a
Hong
Kong
0.1%
Dairy
Farm
International
Holdings
Ltd.
.
Food
&
Staples
Retailing
56,900
246,025
Hungary
0.8%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
97,008
2,759,650
India
6.7%
Apollo
Hospitals
Enterprise
Ltd.
......
Health
Care
Providers
&
Services
9,702
401,144
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
60,969
2,993,079
Coal
India
Ltd.
..................
Oil,
Gas
&
Consumable
Fuels
375,088
770,638
a
ICICI
Bank
Ltd.
..................
Banks
1,521,061
12,429,733
Infosys
Ltd.
.....................
IT
Services
268,602
4,577,577
Tata
Investment
Corp.
Ltd.
.........
Capital
Markets
122,221
1,834,796
23,006,967
Templeton
Emerging
Markets
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Indonesia
0.6%
Astra
International
Tbk.
PT
.........
Automobiles
5,503,600
$
2,076,592
Mexico
1.2%
a
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
ADR
.................
Banks
770,617
3,652,725
b
Nemak
SAB
de
CV,
144A,
Reg
S
....
Auto
Components
1,845,731
546,909
4,199,634
Pakistan
0.3%
MCB
Bank
Ltd.
..................
Banks
1,048,503
1,205,342
Peru
0.3%
Intercorp
Financial
Services,
Inc.
.....
Banks
34,920
1,204,740
Russia
6.0%
Gazprom
PJSC,
ADR
.............
Oil,
Gas
&
Consumable
Fuels
198,196
1,146,419
LUKOIL
PJSC,
ADR
..............
Oil,
Gas
&
Consumable
Fuels
85,666
6,383,096
a,b
Mail.Ru
Group
Ltd.,
GDR,
Reg
S
.....
Interactive
Media
&
Services
27,325
733,676
Sberbank
of
Russia
PJSC,
ADR
.....
Banks
437,637
6,368,468
a
Yandex
NV,
A
...................
Interactive
Media
&
Services
96,749
6,190,485
20,822,144
South
Africa
4.2%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
503,977
1,487,986
Naspers
Ltd.,
N
..................
Internet
&
Direct
Marketing
Retail
54,833
12,937,854
14,425,840
South
Korea
21.8%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
72,241
2,557,713
KT
Skylife
Co.
Ltd.
...............
Media
45,931
347,766
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
17,255
817,955
LG
Corp.
.......................
Industrial
Conglomerates
100,761
8,369,443
NAVER
Corp.
...................
Interactive
Media
&
Services
47,751
15,841,027
POSCO
.......................
Metals
&
Mining
14,133
3,496,895
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
523,971
38,263,507
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
79,291
5,256,942
74,951,248
Taiwan
17.3%
Catcher
Technology
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
140,000
963,347
CTBC
Financial
Holding
Co.
Ltd.
.....
Banks
320,000
229,629
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,338,712
5,375,333
Largan
Precision
Co.
Ltd.
..........
Electronic
Equipment,
Instruments
&
Components
4,400
519,799
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
260,000
8,341,074
PChome
Online,
Inc.
..............
Internet
&
Direct
Marketing
Retail
237,482
701,641
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,982,689
43,294,895
59,425,718
Thailand
1.6%
Kasikornbank
PCL
...............
Banks
644,900
2,940,512
Kiatnakin
Phatra
Bank
PCL
.........
Banks
893,200
1,715,929
Thai
Beverage
PCL
...............
Beverages
1,836,100
1,011,166
5,667,607
Templeton
Emerging
Markets
Fund
Statement
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
Kingdom
2.0%
Unilever
plc
.....................
Personal
Products
129,916
$
6,770,724
United
States
1.2%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
57,634
4,234,946
Total
Common
Stocks
(Cost
$170,704,933)
.....................................
335,462,789
Preferred
Stocks
2.4%
Brazil
2.4%
d
Banco
Bradesco
SA,
ADR,
4.35%
....
Banks
970,024
4,015,899
d
Itau
Unibanco
Holding
SA,
ADR,
5.87%
Banks
917,597
4,156,715
8,172,614
Total
Preferred
Stocks
(Cost
$7,689,212)
.......................................
8,172,614
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,e,f
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
38,214
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
Total
Long
Term
Investments
(Cost
$178,394,145)
...............................
343,635,403
Short
Term
Investments
4.4%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.4%
United
States
4.4%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.............
15,278,100
15,278,100
Total
Money
Market
Funds
(Cost
$15,278,100)
..................................
15,278,100
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$15,278,100
)
................................
15,278,100
a
a
a
a
Total
Investments
(Cost
$193,672,245)
104.2%
..................................
$358,913,503
i
Credit
Facility
(4.4)%
.........................................................
(15,000,000)
Other
Assets,
less
Liabilities
0.2%
.............................................
364,998
Net
Assets
100.0%
...........................................................
$344,278,501
a
a
a
See
Abbreviations
on
page
22
.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2021,
the
aggregate
value
of
these
securities
was
$2,295,359,
representing
0.7%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
February
28,
2021.
See
Note
1(c).
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
f
See
Note
8
regarding
restricted
securities.
g
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
i
See
Note
9
regarding
Credit
Facility.
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2021
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$178,394,145
Cost
-
Non-controlled
affiliates
(Not
e
3c
)
........................................................
15,278,100
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$658,609)
...................................
$343,635,403
Value
-
Non-controlled
affiliates
(Not
e
3c
)
.......................................................
15,278,100
Receivables:
Investment
securities
sold
...................................................................
912,766
Dividends
...............................................................................
1,247,884
Total
assets
..........................................................................
361,074,153
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
346,786
Credit
facility
(Note
9
)
......................................................................
15,000,000
Management
fees
.........................................................................
344,416
Trustees'
fees
and
expenses
.................................................................
265
Accrued
interest
expense
(Not
e
9
)
............................................................
51,951
Deferred
tax
...............................................................................
920,361
Accrued
expenses
and
other
liabilities
...........................................................
131,873
Total
liabilities
.........................................................................
16,795,652
Net
assets,
at
value
.................................................................
$344,278,501
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$184,583,995
Total
distributable
earnings
(losses)
.............................................................
159,694,506
Net
assets,
at
value
.................................................................
$344,278,501
Shares
outstanding
.........................................................................
16,166,143
Net
asset
value
per
share
....................................................................
$21.30
Templeton
Emerging
Markets
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
February
28,
2021
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Templeton
Emerging
Markets
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$553,673)
Unaffiliated
issuers
........................................................................
$2,781,580
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
6,728
Total
investment
income
...................................................................
2,788,308
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,962,527
Interest
expense
(Note
9
)
.....................................................................
88,726
Tran
sfer
agent
fees
.........................................................................
27,376
Custodian
fees
............................................................................
33,110
Reports
to
shareholders
......................................................................
12,486
Registration
and
filing
fees
....................................................................
12,723
Professional
fees
...........................................................................
94,507
Trustees'
fees
and
expenses
..................................................................
19,070
Other
....................................................................................
16,342
Total
expenses
.........................................................................
2,266,867
Expenses
waived/paid
by
affiliates
(Note
3c)
...................................................
(9,142)
Net
expenses
.........................................................................
2,257,725
Net
investment
income
................................................................
530,583
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
5,272,660
Foreign
currency
transactions
................................................................
(30,742)
Net
realized
gain
(loss)
..................................................................
5,241,918
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
65,762,984
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(41,921)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(869,239)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
64,851,824
Net
realized
and
unrealized
gain
(loss)
............................................................
70,093,742
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$70,624,325
Templeton
Emerging
Markets
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Templeton
Emerging
Markets
Fund
Six
Months
Ended
February
28,
2021
(unaudited)
Year
Ended
August
31,
2020
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$530,583
$2,401,738
Net
realized
gain
(loss)
.................................................
5,241,918
10,211,171
Net
change
in
unrealized
appreciation
(depreciation)
...........................
64,851,824
29,492,075
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
70,624,325
42,104,984
Distributions
to
shareholders
..............................................
(10,624,047)
(19,047,626)
Capital
share
transactions
from
repurchase
of
shares
(Note
2
)
....................
(1,389,778)
(6,234,813)
Net
increase
(decrease)
in
net
assets
...................................
58,610,500
16,822,545
Net
assets:
Beginning
of
period
.....................................................
285,668,001
268,845,456
End
of
period
..........................................................
$344,278,501
$285,668,001
Templeton
Emerging
Markets
Fund
15
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
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
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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 Fund's
administrator
has
responsibility
for
oversight
of
valuation,
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,
book
values,
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,
2021,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
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
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
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
The
Fund
received
$732,227
in
U.S.
Government
and
Agency
securities
as
collateral.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and  excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
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,
2021,
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. 
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Foreign
Currency
Translation 
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Estimated
expenses
are
accrued
daily.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not
yet
occurred.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
February
28,
2021,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the
periods ended
February
28,
2021
and
August
31,
2020
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
1,918,964
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:
Six
Months
Ended
February
28,
2021
Year
Ended
August
31,
2020
Shares
Amount
Shares
Amount
Shares
repurchased
......................
87,100
$1,389,778
451,370
$6,234,813
Weighted
average
discount
of
market
price
to
net
asset
value
of
shares
repurchased
..........
11.70%
12.52%
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
TAML
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
February
28,
2021,
the
annualized
gross
effective
investment
management
fee
rate
was
1.250%
of
the
Fund’s
average
daily
net
assets. 
*On
March
8,
2021,
the
shareholders
of
the
Fund
approved
a
new
subadvisory
agreement
between
TAML
and
FTIML.
The
subadvisory
fee
will
be
paid
by
TAML
and
will
not
be
an
additional
expense
of
the
Fund.
The
new
agreement
became
effective
on
April
1,
2021.
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
for
purposes
other
than
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,
2021,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Annualized
Fee
Rate
Net
Assets
1.250%
Up
to
and
including
$1
billion
1.200%
Over
$1
billion,
up
to
and
including
$5
billion
1.150%
Over
$5
billion,
up
to
and
including
$10
billion
1.100%
Over
$10
billion,
up
to
and
including
$15
billion
1.050%
Over
$15
billion,
up
to
and
including
$20
billion
1.000%
In
excess
of
$20
billion
    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,
0%
.........
$19,017,262
$25,361,813
$(29,100,975)
$—
$—
$15,278,100
15,278,100
$—
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$2,133,558
$(2,133,558)
$
$
$—
$—
Total
Affiliated
Securities
....
$19,017,262
$27,495,371
$(31,234,533)
$—
$—
$15,278,100
$—
3.
Transactions
with
Affiliates
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
4.
Income
Taxes
At
February
28,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
passive
foreign
investment
company
shares,
corporate
actions
and
wash
sales.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
February
28,
2021,
aggregated
$26,249,809
and
$34,692,890,
respectively.
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.
Current
political
and
financial
uncertainty
surrounding
the
European
Union
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
Europe.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
The
United
States
and
other
nations
have
imposed
and
could
impose
additional
sanctions
on
certain
issuers
in
Russia
due
to
regional
conflicts.
These
sanctions
could
result
in
the
devaluation
of
Russia’s
currency,
a
downgrade
in
Russian
issuers’
credit
ratings,
or
a
decline
in
the
value
and
liquidity
of
Russian
stocks
or
other
securities.
Such
sanctions
could
also
adversely
affect
Russia’s
economy.
The
Fund
may
be
prohibited
from
investing
in
securities
issued
by
companies
subject
to
such
sanctions.
In
addition,
if
the
Fund
holds
the
securities
of
an
issuer
that
is
subject
to
such
sanctions,
an
immediate
freeze
of
that
issuer’s
securities
could
result,
impairing
the
ability
of
the
Fund
to
buy,
sell,
receive
or
deliver
those
securities.
There
is
also
the
risk
that
countermeasures
could
be
taken
by
Russia’s
government,
which
could
involve
the
seizure
of
the
Fund’s
assets.
These
risks
could
affect
the
value
of
the
Fund's
portfolio.
While
the
Fund
holds
securities
of
certain
issuers
impacted
by
the
sanctions,
existing
investments
do
not
presently
violate
the
applicable
terms
and
conditions
of
the
sanctions.
The
sanctions
currently
do
not
affect
the
Fund's
ability
to
sell
these
securities.
At
February
28,
2021,
the
Fund
had
6.0%
of
its
net
assets
invested
in
Russia.
7. Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
Cost
of
investments
..........................................................................
$201,172,757
Unrealized
appreciation
........................................................................
$175,187,383
Unrealized
depreciation
........................................................................
(17,446,637)
Net
unrealized
appreciation
(depreciation)
..........................................................
$157,740,746
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
8.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
February
28,
2021,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
9.
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
$15
million.
The
Credit
Facility
provides
a
source
of
funds
to
the
Fund
to
purchase
additional
investments
as
part
of
its
investment
strategy.
Effective
November
25,
2020,
the
Fund
renewed
the
Credit
Facility
for
$15
million,
for
a
one-year
term,
maturing
on
November
24,
2021.
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,
2021,
the
Fund
had
outstanding
borrowings
of
$15,000,000,
which
approximates
fair
value,
and
incurred
interest
expenses
at
a
rate
equal
to
the
6-month
U.S.
Dollar
London
Interbank
Offered
Rate
plus
0.85%.
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,
2021,
were
$15,000,000
and
2.37%,
respectively.
10. 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)
Shares
Issuer
Acquisition
Date
Cost
Value
Templeton
Emerging
Markets
Fund
38,214
Hemisphere
Properties
India
Ltd.,
Escrow
Account
...
10/30/20
$
$
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$—
$—
Templeton
Emerging
Markets
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
February
28,
2021,
in
valuing
the
Fund’s
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period. 
11.
New
Accounting
Pronouncements
In
March
2020,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2020-04,
Reference
Rate
Reform
(Topic
848)
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
amendments
in
the
ASU
provides
optional
temporary
financial
reporting
relief
from
the
effect
of
certain
types
of
contract
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
and
other
interbank-offered
based
reference
rates
as
of
the
end
of
2021.
The
ASU
is
effective
for
certain
reference
rate-related
contract
modifications
that
occur
during
the
period
March
12,
2020
through
December
31,
2022. Management
has
reviewed
the
requirements
and
believes
the
adoption
of
this
ASU
will
not
have
a
material
impact
on
the
financial
statements.
12.
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
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
...............................
$
9,962,346
$
$
$
9,962,346
Cambodia
............................
966,646
966,646
China
...............................
6,439,690
96,210,933
102,650,623
Czech
Republic
.......................
885,997
885,997
Hong
Kong
...........................
246,025
246,025
Hungary
.............................
2,759,650
2,759,650
India
................................
23,006,967
23,006,967
Indonesia
............................
2,076,592
2,076,592
Mexico
..............................
4,199,634
4,199,634
Pakistan
.............................
1,205,342
1,205,342
Peru
................................
1,204,740
1,204,740
Russia
..............................
6,924,161
13,897,983
20,822,144
South
Africa
..........................
1,487,986
12,937,854
14,425,840
South
Korea
..........................
74,951,248
74,951,248
Taiwan
..............................
59,425,718
59,425,718
Thailand
.............................
5,667,607
5,667,607
United
Kingdom
.......................
6,770,724
6,770,724
United
States
.........................
4,234,946
4,234,946
Preferred
Stocks
........................
8,172,614
8,172,614
Escrows
and
Litigation
Trusts
...............
a
Short
Term
Investments
...................
15,278,100
15,278,100
Total
Investments
in
Securities
...........
$59,109,559
$299,803,944
b
$—
$358,913,503
a
Includes
securities
determined
to
have
no
value
at
February
28,
2021.
b
Includes
foreign
securities
valued
at
$299,803,944,
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.
10. 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
GDR
Global
Depositary
Receipt
Templeton
Emerging
Markets
Fund
Tax
Information
(unaudited)
23
franklintempleton.com
Semiannual
Report
1.
Qualified
dividends
are
taxed
at
reduced
long
term
capital
gains
tax
rates.
In
determining
the
amount
of
foreign
tax
credit
that
may
be
applied
against
the
U.S.
tax
liability
of
individuals
receiving
foreign
source
qualified
dividends,
adjustments
may
be
required
to
the
foreign
tax
credit
limitation
calculation
to
reflect
the
rate
differential
applicable
to
such
dividend
income.
The
rules
however
permit
certain
individuals
to
elect
not
to
apply
the
rate
differential
adjustments
for
capital
gains
and/or
dividends
for
any
taxable
year.
Please
consult
your
tax
advisor
and
the
instructions
to
Form
1116
for
more
information.
At
August
31,
2020,
more
than
50%
of
the
Fund's
total
assets
were
invested
in
securities
of
foreign
issuers.
In
most
instances,
foreign
taxes
were
withheld
from
income
paid
to
the
Fund
on
these
investments.
As
shown
in
the
table
below,
the
Fund
hereby
reports
to
shareholders
the
foreign
source
income
and
foreign
taxes
paid,
pursuant
to
Section
853
of
the
Internal
Revenue
Code.
This
written
statement
will
allow
shareholders
of
record
on
December
15,
2020,
to
treat
their
proportionate
share
of
foreign
taxes
paid
by
the
Fund
as
having
been
paid
directly
by
them.
The
shareholder
shall
consider
these
amounts
as
foreign
taxes
paid
in
the
tax
year
in
which
they
receive
the
Fund
distribution.
The
following
table
provides
a
detailed
analysis
of
foreign
tax
paid,
foreign
source
income,
and
foreign
source
qualified
dividends
as
reported
by
the
Fund,
to
shareholders
of
record.
Foreign
Tax
Paid
Per
Share
is
the
amount
per
share
available
to
you,
as
a
tax
credit
(assuming
you
held
your
shares
in
the
Fund
for
a
minimum
of
16
days
during
the
31-day
period
beginning
15
days
before
the
ex-dividend
date
of
the
Fund’s
distribution
to
which
the
foreign
taxes
relate),
or,
as
a
tax
deduction.
Foreign
Source
Income
Per
Share
is
the
amount
per
share
of
income
dividends
attributable
to
foreign
securities
held
by
the
Fund,
plus
any
foreign
taxes
withheld
on
these
dividends.
The
amounts
reported
include
foreign
source
qualified
dividends
that
have
not
been
adjusted
for
the
rate
differential
applicable
to
such
dividend
income.
1
Foreign
Source
Qualified
Dividends
Per
Share
is
the
amount
per
share
of
foreign
source
qualified
dividends
plus
any
foreign
taxes
withheld
on
these
dividends.
These
amounts
represent
the
portion
of
the
Foreign
Source
Income
Per
Share
that
were
derived
from
qualified
foreign
securities
held
by
the
Fund.
1
At
the
beginning
of
each
calendar
year,
shareholders
will
receive
Form
1099-DIV
which
will
include
their
share
of
taxes
paid
during
the
prior
calendar
year. Shareholders
are
advised
to
check
with
their
tax
advisors
for
information
on
the
treatment
of
these
amounts
on
their
income
tax
returns.
Foreign
Tax
Paid
Per
Share
Foreign
Source
Income
Per
Share
Foreign
Source
Qualified
Dividends
Per
Share
$0.0469
$0.2721
$0.2485
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
24
franklintempleton.com
Semiannual
Report
Share
Repurchase
Program
The
Fund’s
Board
previously
authorized
the
Fund
to
repurchase
up
to
10%
of
the
Fund’s
outstanding
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
In
exercising
its
discretion
consistent
with
its
portfolio
management
responsibilities,
the
investment
manager
will
take
into
account
various
other
factors,
including,
but
not
limited
to,
the
level
of
the
discount,
the
Fund’s
performance,
portfolio
holdings,
dividend
history,
market
conditions,
cash
on
hand,
the
availability
of
other
attractive
investments
and
whether
the
sale
of
certain
portfolio
securities
would
be
undesirable
because
of
liquidity
concerns
or
because
the
sale
might
subject
the
Fund
to
adverse
tax
consequences.
Any
repurchases
would
be
made
on
a
national
securities
exchange
at
the
prevailing
market
price,
subject
to
exchange
requirements,
Federal
securities
laws
and
rules
that
restrict
repurchases,
and
the
terms
of
any
outstanding
leverage
or
borrowing
of
the
Fund.
If
and
when
the
Fund’s
10%
threshold
is
reached,
no
further
repurchases
could
be
completed
until
authorized
by
the
Board.
Until
the
10%
threshold
is
reached,
Fund
management
will
have
the
flexibility
to
commence
share
repurchases
if
and
when
it
is
determined
to
be
appropriate
in
light
of
prevailing
circumstances.
In
the
Notes
to
Financial
Statements
section,
please
see
note
2
(Shares
of
Beneficial
Interest)
for
additional
information
regarding
shares
repurchased.
Sub-advisory
Agreement
At
the
March
8,
2021,
Annual
Meeting
of
Shareholders
of
Templeton
Emerging
Markets
Fund,
shareholders
approved
a
new
sub-advisory
agreement
between
Templeton
Asset
Management
Ltd.
(“TAML”),
the
investment
manager
to
the
Fund,
and
Franklin
Templeton
Investment
Management
Limited
(“FTIML”)(the
“FTIML
Sub-Advisory
Agreement”).
The
FTIML
Sub-Advisory
Agreement
became
effective
April
1,
2021.
The
FTIML
Sub-Advisory
Agreement
allows
Andrew
Ness
to
serve
as
a
portfolio
manager
for
the
Fund.
Chetan
Sehgal,
who
was
the
sole
portfolio
manager
of
the
Fund
continues
serving
as
a
portfolio
manager.
Messrs.
Sehgal
and
Ness
will
serve
as
co-lead
portfolio
managers
for
the
Fund.
Mr.
Ness
is
a
seasoned
emerging
markets
equity
portfolio
manager
who
joined
Franklin
Templeton
(“FT”)
in
2018.
Since
then,
he
has
jointly
managed
the
FT
Global
Emerging
Markets
Strategy
across
FT’s
affiliated
entities
with
Mr.
Sehgal.
Messrs.
Sehgal
and
Ness
are
currently
co-
portfolio
managers
of
the
Luxembourg
and
United
Kingdom
domiciled
vehicles
within
the
FT
Global
Emerging
Markets
Equity
Strategy,
which
follow
a
similar
investment
process
to
the
Fund.
The
FTIML
Sub-Advisory
Agreement
will
have
no
impact
upon
the
Fund’s
expenses
because
the
Fund
will
continue
to
pay
the
same
amount
of
compensation
to
TAML.
Approval
of
Renewed
Borrowing
Arrangements
On
October
20,
2020,
the
Board
approved
the
renewal
of
the
Fund’s
existing
committed,
senior,
secured
line
of
credit
facility
(“Existing
Credit
Facility”)
with
The
Bank
of
Nova
Scotia
for
an
additional
one-year
term
(“Credit
Facility
Renewal”).
The
terms
of
the
Credit
Facility
Renewal
are
the
same
as
the
terms
of
the
Existing
Credit
Facility
with
the
exception
of
there
being
an
increase
in
the
Applicable
Margin
with
respect
to
London
Inter-Bank
Offered
Rate
(LIBOR)
Loans
from
80bp
to
85bp.
The
purpose
of
the
Credit
Facility
Renewal
is
to
provide
the
Fund
with
a
continuing
source
of
funds
to
purchase
additional
investments
in
the
ordinary
course
of
business
and
pursue
certain
investment
strategies.
Given
the
permanent
capital
structure
and
the
absence
of
daily
liquidity
requirements,
the
Fund’s
closed-end
fund
structure
is
particularly
well-suited
for
leverage.
Management
believes
that
the
Fund
would
continue
to
benefit
from
the
use
of
low-
cost
debt
capital
presently
afforded
by
the
Existing
Credit
Facility
for
an
additional
one
year
period
in
order
to
invest
in
higher
return
equity
assets
over
the
long-term.
Management
continues
to
believe
that
it
remains
an
appropriate
time
to
continue
this
strategy
as
the
outlook
for
emerging
markets
is
positive
and
interest
rates
remain
low,
so
potential
long-term
returns
could
exceed
the
cost
of
the
debt.
Further,
while
leverage
has
the
potential
to
increase
volatility,
Management
believes
that
the
Fund’s
ongoing
accretive
buyback
program
will
continue
to
serve
to
mitigate
the
market
price
volatility
of
the
Fund.
Agreement
and
Declaration
of
Trust
and
By-Laws
On
January
21,
2021,
the
Fund’s
Board
approved
changes
to
the
Fund’s
Agreement
and
Declaration
of
Trust
(the
“Declaration
of
Trust”)
and
the
Fund’s
By-Laws
(the
“By-
Laws”
and,
together
with
the
Declaration
of
Trust,
the
“Governing
Instruments”),
which
were
immediately
effective.
The
Declaration
of
Trust
was
amended
to
provide
as
follows:
Templeton
Emerging
Markets
Fund
Important
Information
to
Shareholders
25
franklintempleton.com
Semiannual
Report
-
To
qualify
for
nomination
and
service
as
a
Trustee,
individuals
must
meet
certain
additional
qualifications,
including
that
individuals
may
be
disqualified
if
they
engaged
in
disabling
conduct
outlined
in
the
Declaration
of
Trust.
-
Individuals
that
are
associated
with
other
investment
vehicles
and
investment
advisers
may
not
be
eligible
for
nomination
and
service
as
a
Trustee
if
the
Board
finds
that
such
associations
have
conflicts
of
interest
with
the
long-
term
best
interests
of
the
Fund,
impede
the
ability
of
the
nominee
to
perform,
or
impede
the
free-flow
of
information
from
management.
-
Individuals
that
are
acting
in
concert
with
control
persons
of
investment
companies
in
violation
of
Section
12(d)(1)
of
the
1940
Act
shall
be
disqualified
from
nomination
and
service
as
a
Trustee.
-
Only
the
Board
may
amend
the
By-Laws.
-
The
Trustees
shall
be
subject
to
the
fiduciary
duties
and
the
business
judgment
rule
under
Delaware
Corporate
Law
and
the
appointment,
designation
or
identification
of
a
Trustee
as
the
Chair
of
the
Board,
a
member
or
chair
of
a
committee
of
the
Trustees,
an
expert
on
any
topic
or
in
any
area,
or
the
lead
independent
Trustee,
or
any
other
special
appointment,
designation
or
identification
of
a
Trustee
does
not
affect
this
standard.
-
Unless
otherwise
expressly
provided
in
the
Declaration
of
Trust
or
required
by
federal
law,
the
Trustees
shall
act
in
their
sole
discretion
and
may
take
any
action
or
exercise
any
power
without
any
vote
or
consent
of
the
shareholders.
The
By-Laws
were
amended
to
provide
as
follows:
-
Only
the
Board
may
amend
the
By-Laws.
-
Shareholder
proponents
must
provide
proof
of
Fund
holdings
when
notice
of
a
proposal
is
received
by
the
secretary
of
the
Trust.
-
Notice
from
a
shareholder
proponent
with
respect
to
a
Trustee
nominee
must
also
include
an
indication
of
whether
such
nominee
is
or
will
be
an
“interested
person”
of
the
Trust
and
the
consent
of
the
person
to
be
named
as
nominee.
Such
notice
must
also
provide
the
nominee
information
for
any
proposed
substitute
nominee
in
the
event
that
a
proposed
nominee
is
unwilling
or
unable
to
serve,
including
by
reason
of
any
disqualification.
-
A
Trustee
questionnaire
and
any
supplemental
information
reasonably
requested
by
the
Trust
must
be
completed,
executed
and
returned
to
the
Trust
within
5
business
days
of
receipt.
-
For
purposes
of
disclosing
the
number
of
shares
which
are
beneficially
owned
by
a
proponent
shareholder,
shares
“beneficially
owned”
shall
have
the
meaning
in
Rules
13d-3
and
13d-5
under
the
Exchange
Act
(i.e.,
possessing
investment
or
voting
discretion)
and
include
shares
the
shareholder
has
the
right
to
acquire
pursuant
to
any
agreement
or
upon
exercise
of
conversion
rights
or
warrants,
or
otherwise.
-
No
shareholder
proposal
may
be
brought
before
an
annual
meeting,
unless
shareholders
have
power
to
vote
on
the
subject
matter
of
the
shareholder
proposal,
whether
or
not
submitted
as
a
precatory
recommendation
to
the
Board.
-
If
a
meeting
is
postponed
or
adjourned
and
a
new
record
date
is
set,
any
proxy
received
from
a
shareholder
with
respect
to
the
original
record
date
will
remain
in
full
force
and
effect
with
respect
to
shares
held
by
the
shareholder
on
the
new
record
date,
unless
explicitly
revoked.
-
The
chairperson
of
the
Board,
or
in
the
absence
of
the
chairperson
of
the
Board,
the
president
of
the
Trust,
any
vice
president
or
other
authorized
officer
of
the
Trust,
may
adopt
rules
for
the
orderly
conduct
of
shareholder
meetings.
-
In
the
event
of
a
vacancy
on
the
Board,
the
size
of
the
Board
is
automatically
reduced
until
the
Board
increases
the
size
of
the
Board.
-
The
Board
may
require
all
of
its
members
(including
nominees)
to
agree
in
writing
as
to
matters
of
corporate
governance,
business
ethics
and
confidentiality,
including
a
background
check.
-
The
Board
or
the
shareholders
may
ratify
any
act,
omission,
failure
to
act
or
determination
made
not
to
act
by
the
Trust
or
its
officers
to
the
extent
that
the
Board
or
the
shareholders
could
have
originally
authorized
the
act.
The
Declaration
of
Trust
and
the
By-Laws
may
be
inspected
in
their
entirety
upon
request
to
the
Franklin
Templeton
Companies,
LLC,
Attention:
Fund
Secretary,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301.
Templeton
Emerging
Markets
Fund
Annual
Meeting
of
Shareholders
26
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
8,
2021.
The
purpose
of
the
meeting
was
to
elect
four
Trustees
of
the
Fund,
to
approve
a
new
Subadvisory
Agreement
with
Franklin
Templeton
Investment
Management
Limited
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,
2021.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Ann
Torre
Bates,
David
W.
Niemiec,
Larry
D.
Thompson
and
Robert
E.
Wade.*
The
proposals
to
approve
a
new
Subadvisory
Agreement
with
Franklin
Templeton
Investment
Management
Limited
and
the
ratification
of
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
August
31,
2021,
were
approved
by
shareholders.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
four
Trustees:
There
were
no
broker
non-votes
received
with
respect
to
this
item.
2.
To
approve
a
new
Subadvisory
Agreement
with
Franklin
Templeton
Investment
Management
Limited:
3.
Ratification
of
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
August
31,
2010:
*
Harris
J.
Ashton,
Mary
C.
Choksi,
Edith
E.
Holiday,
Gregory
E.
Johnson,
Rupert
H.
Johnson,
Jr.,
J.
Michael
Luttig
and
Constantine
D.
Tseretopoulos
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders.
Term
Expiring
2024
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Ann
Torre
Bates
10,300,257
63.70%
79.66%
2,629,999
16.26%
20.34%
David
W.
Niemiec
10,239,597
63.32%
79.19%
2,690,659
16.64%
20.81%
Larry
D.
Thompson
10,265,270
63.48%
79.39%
2,664,986
16.48%
20.61%
Robert
E.
Wade
10,233,204
63.28%
79.14%
2,697,052
16.68%
20.86%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
10,112,883
62.54%
78.21%
Against
178,587
1.10%
1.38%
Abstain
116,120
0.72%
0.90%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
12,743,205
78.81%
98.55%
Against
71,819
0.44%
0.56%
Abstain
115,232
0.71%
0.89%
Templeton
Emerging
Markets
Fund
27
franklintempleton.com
Annual
Report
Dividend
Reinvestment
and
Cash
Purchase
Plan
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
American
Stock
Transfer
and
Trust
Company,
LLC
(the
“Plan
Administrator”)
and
sent
to
American
Stock
Transfer
and
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
American
Stock
Transfer
and
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
28
franklintempleton.com
Annual
Report
Transfer
Agent
American
Stock
Transfer
and
Trust
Company,
LLC
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-056
(800)
416-5585
www.astfinancial.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.astfinancial.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
American
Stock
Transfer
and
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
American
Stock
Transfer
and
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
American
Stock
Transfer
and
Trust
Company,
LLC’s
web
site
at
www.
astfinancial.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
29
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
EMERGING
MARKETS
FUND
(Fund)
At
a
meeting
held
on
February
23,
2021
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Templeton
Asset
Management
Ltd.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
telephonic
contract
renewal
meeting
at
which
the
Independent
Trustees
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters
and,
in
some
cases,
requested
additional
information
from
the
Manager
relating
to
the
contract.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund
(including
its
share
price
discount
to
net
asset
value);
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
noted
management’s
continuing
efforts
and
expenditures
in
establishing
effective
business
continuity
plans
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
such
as
cybersecurity
in
the
current
work-from-home
environment
and
liquidity
risk
management.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
Franklin
Templeton
(FT)
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
enhancing
services
and
controlling
costs,
as
reflected
in
its
outsourcing
of
certain
administrative
functions,
and
growth
opportunities,
as
evidenced
by
its
recent
acquisition
of
the
Legg
Mason
companies.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Templeton
Emerging
Markets
Fund
Shareholder
Information
30
franklintempleton.com
Semiannual
Report
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2020.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
Such
results
are
based
on
net
asset
value
without
regard
to
market
discounts
or
premiums.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
leveraged
closed-end
emerging
markets
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
five-
and
10-year
periods
was
equal
to
the
median
of
its
Performance
Universe,
but
for
the
three
year
period
was
below
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-
and
five-year
periods
was
above
the
median
of
its
Performance
Universe,
and
for
the
ten-year
period
was
equal
to
the
median
of
its
Performance
Universe.
The
Board
noted
management’s
explanation
that
the
Performance
Universe
was
very
small
and
consisted
of
only
three
closed-end
funds.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
underlying
fund
expenses;
investment-related
expenses;
and
other
non-management
fees.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
two
other
leveraged
closed-end
emerging
markets
funds.
The
Board
noted
the
small
size
of
the
Fund’s
Expense
Group,
which
included
only
three
funds,
and
that
therefore
no
quintile
information
was
provided
for
the
Fund.
The
Board
further
noted
that
the
Fund’s
Management
Rate,
while
the
most
expensive
and
ranked
third
in
the
small
Expense
Group,
was
only
approximately
5
basis
points
higher
than
the
Management
Rate
that
ranked
second
in
the
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
was
the
least
expensive
of
the
three
funds
in
the
Expense
Group.
The
Board
further
noted
management’s
explanation
that
the
above
median
Management
Rate
is
due
to
cost
factors
relating
to
the
Fund’s
operations,
such
as
the
quality
and
experience
of
its
portfolio
manager
and
research
staff,
and
the
depth
of
the
Manager’s
physical
presence
and
coverage
in
the
geographical
areas
in
which
the
Fund
invests.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2020,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
further
noted
management’s
representation
that
the
profitability
analysis
excluded
the
impact
of
the
recent
acquisition
of
the
Legg
Mason
companies
and
that
management
expects
to
incorporate
the
legacy
Legg
Mason
companies
into
the
profitability
analysis
beginning
next
year.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
Templeton
Emerging
Markets
Fund
Shareholder
Information
31
franklintempleton.com
Semiannual
Report
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
The
Board
believes
that
the
Manager’s
ability
to
realize
economies
of
scale
and
the
sharing
of
such
benefit
is
a
more
relevant
consideration
in
the
case
of
an
open-end
fund
whose
size
increases
as
a
result
of
the
continuous
sale
of
its
shares.
A
closed-end
fund,
such
as
the
Fund,
does
not
continuously
offer
shares,
and
growth
following
its
initial
public
offering
will
primarily
result
from
market
appreciation,
which
benefits
its
shareholders.
While
believing
economies
of
scale
to
be
less
of
a
factor
in
the
context
of
a
closed-
end
fund,
the
Board
believes
at
some
point
an
increase
in
size
may
lead
to
economies
of
scale
that
would
be
shared
with
the
Fund
and
its
shareholders.
The
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
The
Board
recognized
that,
given
the
decline
in
assets
for
the
Fund,
the
Fund
is
not
expected
to
experience
additional
economies
of
scale
in
the
foreseeable
future.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Statement
of
Investments
The
Fund
files
a
complete
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
32
franklintempleton.com
Not
part
of
the
semiannual
report
1.
American
Stock
Transfer
and
Trust
Company,
LLC
(“AST”),
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
AST
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
AST
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,
AST
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
AST
has
completed
its
purchases,
the
market
price
exceeds
the
net
asset
value
per
share,
the
average
per
share
purchase
price
paid
by
AST
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
AST,
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
AST
at
www.astfinancial.com
or
by
check
payable
to
“American
Stock
Transfer
and
Trust
Company,
LLC”
and
sent
to
American
Stock
Transfer
and
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attention:
Templeton
Emerging
Markets
Fund.
AST
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.
AST
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.
AST
shall
return
to
the
participant
his
or
her
entire
voluntary
cash
payment
upon
written
notice
of
withdrawal
received
by
AST
not
less
than
48
hours
before
such
payment
is
to
be
invested.
Such
written
notice
shall
be
sent
to
AST
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
AST
shall
determine.
Participant
funds
held
by
AST
uninvested
will
not
bear
interest,
and
it
is
understood
that,
in
any
event,
AST
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.
33
franklintempleton.com
Not
part
of
the
semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
AST
shall
have
no
responsibility
as
to
the
value
of
the
Fund
shares
acquired
for
participant
accounts.
For
the
purposes
of
purchases
in
the
open
market,
AST
may
aggregate
purchases
with
those
of
other
participants,
and
the
average
price
(including
trading
fees)
of
all
shares
purchased
by
AST
shall
be
the
price
per
share
allocable
to
all
participants.
7.
AST
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.
AST
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,
AST
will
deliver
to
participants,
without
charge,
a
certificate
or
certificates
for
all
or
a
portion
of
the
full
shares
held
by
AST.
8.
AST
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.
AST
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,
AST
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
AST
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,
AST
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.
AST’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.
AST
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
AST
in
writing.
Such
withdrawal
or
termination
will
be
effective
immediately
if
notice
is
received
by
AST
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
AST
or
the
Fund
upon
90
days’
notice
in
writing
mailed
to
participants.
Upon
any
withdrawal
or
termination,
AST
will
cause
a
certificate
or
certificates
for
the
full
shares
held
by
AST
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
AST
to
have
AST
sell
part
or
all
of
the
shares
held
for
him
and
to
remit
the
proceeds
to
him.
AST
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,
AST
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
AST
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,
AST
receives
written
notice
of
the
termination
of
a
participant
account
under
the
Plan.
Any
such
amendment
may
include
an
appointment
by
AST
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
AST
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.
34
franklintempleton.com
Not
part
of
the
semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
13.
AST
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
AST’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
AST
shall
be
in
writing
addressed
to
American
Stock
Transfer
and
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-
0560,
Attention:
Templeton
Emerging
Markets
Fund,
or
www.
astfinancial.com
or
such
other
address
as
AST
shall
furnish
to
the
participant,
and
shall
have
been
deemed
to
be
given
or
made
when
received
by
AST.
15.
Any
notice
or
other
communication
which
by
any
provision
of
the
Plan
is
required
to
be
given
by
AST
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
AST’s
records.
The
participant
agrees
to
notify
AST
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
04/21
©
2021
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.
American
Stock
Transfer
&
Trust
Co.,
LLC
6201
15th
Avenue
Brooklyn,
NY
11219
Toll
Free
Number:
(800)
416-5585
Hearing
Impaired
Number:
(866)
703-9077
International
Phone
Number:
(718)
921-8124
www.astfinancial.com
(800)
DIAL
BEN
®
/
342-5236
Item 2. Code of Ethics. 
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial experts are Ann Torre Bates and David W. Niemiec
and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
 
Item 4.
Principal Accountant Fees and Services.       N/A
 
 
Item 5. Audit Committee
of Listed Registrants.
 
Members of the Audit Committee are:  David W. Niemiec, Ann Torre Bates and Constantine D. Tseretopoulos.
 
 
Item 6. Schedule of Investments.
  N/A
 
 
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                     N/A
 
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.  N/A
 
 
 
 
 
 
 
 
 
 
Item 9. 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 (9/1/20 - 9/30/20)
35,406.000
15.36
35,406.000
 
1,808,146.00
 
Month #2 (10/1/20 - 10/31/20)
34,640.000
15.84
34,640.000
 
1,773,506.00
Month #3 (11/1/20 - 11/30/20)
12,654.000
16.85
12,654.000
 
1,760,852.00
Month #4 (12/1/20 - 12/31/20)
-
-
-
1,760,852.00
Month #5 (1/1/21 - 1/31/21)
4,400.000
19.11
4,400.000
 
1,756,452.00
Month #6 (2/1/21 - 2/28/21)
-               
-                      
 
1,756,452.00
Total
87,100.000               
 
87,100.000
 
 
 
The Board previously authorized an open-market share repurchase program pursuant to which the Fund may purchase, from time to time, Fund shares in open-market transactions, at the discretion of management. Effective February 26, 2013, the Board approved a modification to the Fund’s previously announced open-market share repurchase program to authorize the Fund to repurchase up to 10% of the Fund’s shares outstanding in open market transactions as of that date, at the discretion of management. Since the inception of the program, the Fund had repurchased a total of 1,918,964 shares.
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a)
 Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b)
 Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
 
Item 12. 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 six months ended February 28, 2021, 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
$ 7,407
Fees and/or compensation paid by the Fund for securities lending activities and related services
 
Fees paid to Securities Lending Agent from revenue split
$ 614
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)
$ 8
Other fees not included above
$ 57
Aggregate fees/compensation paid by the Fund for securities lending activities
$ 679
Net income from securities lending activities
$
6
,728
 
 
Item 13. Exhibits.
 
(a)(1)
Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer
 
 
 
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, thereunto duly authorized.
 
TEMPLETON EMERGING MARKETS FUND
 
 
By S\Matthew T. Hinkle_______
      Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date April 23, 2021
 
 
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\Matthew T. Hinkle_______
      Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date April 23, 2021
 
 
 
By ­­­­­­­­ S\Robert G. Kubilis ______
      Robert G. Kubilis
      Chief Financial Officer and Chief Accounting Officer
Date April 23, 2021
EX-99.CODE ETH 2 coe.htm
Code of Ethics for Principal Executives
&
Senior Financial
Officers
 
 
Procedures              
Revised December 10, 2018
 
 
 

FRANKLIN
TEMPLETON
FUNDS

 
CODE OF ETHICS
FOR
PRINCIPAL
EXECUTIVES
AND
SENIOR FINANCIAL OFFICERS
 

I.
            
Covered
Officers and Purpose of the Code

 
This
code
of
ethics
(the
"Code")
applies
to
the
Principal
Executive
Officers,
Principal
Financial
Officer
and
Principal
Accounting
Officer
(the
"Covered
Officers,"
each
of
whom
is
set
forth in
Exhibit
A)
of
each investment
company
advised by
a
Franklin
Resources
subsidiary
and
that
is
registered
with
the
United
States
Securities
&
Exchange
Commission
(“SEC”)
(collectively,
"FT
Funds")
for
the
purpose
of
promoting:
 
·
        
Honest
and
ethical
conduct,
including
the
ethical
resolution
of
actual
or
apparent
conflicts
of
interest
between
personal
and
professional
relationships;
·
        
Full,
fair,
accurate,
timely
and
understandable
disclosure
in
reports
and
documents
that
a
registrant
files
with,
or
submits
to,
the
SEC
and
in
other
public
communications
made
by
or
on
behalf
of
the
FT
Funds;
·
        
Compliance
with
applicable
laws
and
governmental
rules
and
regulations;
·
        
The
prompt
internal
reporting
of
violations
of
the
Code
to
an
appropriate
person
or
persons
identified
in
the
Code;
and
·
        
Accountability
for
adherence
to
the
Code.
 
Each
Covered
Officer
will
be
expected
to
adhere
to
a
high
standard
of
business
ethics
and
must
be
sensitive
to
situations
that
may
give
rise
to
actual
as
well
as
apparent
conflicts
of
interest.
 
 
 
 
*
Rule 38a-1
under
the
Investment
Company
Act of 1940
(“1940
Act”)
and
Rule
206(4)-7
under
the
Investment
Advisers
Act
of
1940 (“Advisers Act”)
(together
the “Compliance Rule”)
require registered
investment
companies
and
registered
investment
advisers
to,
among other
things, adopt and implement
written
policies
and
procedures reasonably
designed to
prevent
violations
of the
federal
securities
laws
(“Compliance
Rule
Policies
and
Procedures”).
 
CONFIDENTIAL
INFORMATION.
 
This
document
is
the
proprietary
product
of
Franklin
Templeton
Investments.
It
may
NOT
be
distributed
outside
the
company
unless
it is
made subject to
a
non-disclosure agreement
and/or
such
release
receives
authorization
by
an FTI
Chief Compliance
Officer.
 
Any
unauthorized
use,
reproduction
or
transfer
of this
document
is strictly
prohibited.
Franklin
Templeton
Investments
©
2014.
All
Rights Reserved.
 

II.
             
Other Policies and Procedures
 
This
Code
shall
be
the
sole
code
of
ethics
adopted
by
the
Funds
for
purposes
of
Section
406
of
the
Sarbanes-Oxley
Act
and
the
rules
and
forms
applicable
to
registered
investment
companies
thereunder.
 
Franklin
Resources,
Inc.
has
separately
adopted
the
Code
of
Ethics
and
Business
Conduct
(“Business
Conduct”),
which
is
applicable
to
all
officers,
directors
and
employees
of
Franklin
Resources,
Inc.,
including
Covered
Officers.
It
summarizes
the
values,
principles
and
business
practices
that
guide
the
employee’s
business
conduct
and
also
provides a set of basic
principles
to
guide
officers,
directors
and
employees  regarding  the
minimum
ethical
requirements
expected
of
them.
It
supplements
the
values,
principles
and
business
conduct
identified
in
the
Code
and
other
existing
employee
policies.
 
Additionally,
the
Franklin
Templeton
Funds
have
separately
adopted
the
FTI
Personal
Investments
and
Insider
Trading
Policy
governing
personal
securities
trading
and
other
related
matters.
The
Code
for
Insider
Trading
provides
for
separate
requirements
that
apply
to
the
Covered
Officers
and
others,
and
therefore
is
not
part
of
this
Code.
 
Insofar
as
other
policies
or
procedures
of
Franklin
Resources,
Inc.,
the
Funds,
the
Funds’
adviser,
principal
underwriter,
or
other
service
providers
govern
or
purport
to
govern
the
behavior
or
activities
of
the
Covered Officers
who
are subject
to this Code, they are
superceded
by
this
Code
to
the
extent
that
they
overlap
or
conflict
with
the
provisions
of
this
Code.
Please
review these other documents or consult with
the
Legal
Department
if have questions regarding
the
applicability
of
these
policies
to
you.
 

III.
             
Covered Officers Should Handle
Ethically
Actual and
Apparent
Conflicts of
Interest

 
Overview.
A
"conflict
of
interest"
occurs
when
a
Covered
Officer's
private
interest
interferes
with
the
interests
of,
or
his
or
her
service
to,
the
FT
Funds.
For
example,
a
conflict
of
interest
would
arise
if
a
Covered
Officer,
or
a
member
of
his
family,
receives
improper
personal
benefits
as
a
result
of
apposition
with
the
FT
Funds.
 
Certain
conflicts
of
interest
arise
out
of
the
relationships
between
Covered
Officers
and
the
FT
Funds
and
already
are
subject
to
conflict
of
interest
provisions
in
the
Investment
Company
Act
of
1940
("Investment
Company
Act")
and
the
Investment
Advisers
Act
of
1940
("Investment
Advisers
Act").
For
example,
Covered
Officers
may
not
individually
engage
in
certain
transactions
(such
as
the
purchase
or
sale
of
securities
or
other
property)
with
the
FT
Funds
because
of
their
status
as
"affiliated
persons"
of
the
FT
Funds.
The
FT
Funds’
and
the
investment
advisers’
compliance
programs
and
procedures
are
designed
to
prevent,
or
identify
and
correct,
violations
of
these
provisions.
This
Code
does not,
and
is not
intended
to,
repeat
or replace
these
programs
and
procedures,
and
such
conflicts
fall
outside
of
the
parameters
of
this
Code.
 
Although
typically
not
presenting
an
opportunity
for
improper
personal
benefit,
conflicts
arise
from,
or
as
a
result
of,
the
contractual
relationship
between
the
FT
Funds,
the
investment
advisers
and
the
fund
administrator
of
which
the
Covered
Officers
are
also
officers
or
employees.
As
a
result,
this
Code
recognizes
that
the
Covered
Officers
will,
in
the
normal
course
of
their
duties
(whether
formally
for
the
FT
Funds,
for
the
adviser,
the
administrator,
or

 

for
all
three),
be
involved
in
establishing
policies
and
implementing
decisions
that
will
have
different
effects
on
the
adviser,
administrator
and
the
FT
Funds.
The
participation
of
the
Covered
Officers
in
such
activities
is
inherent
in
the
contractual
relationship
between
the
FT
Funds,
the
adviser,
and
the
administrator
and
is
consistent
with
the
performance
by
the
Covered
Officers
of
their
duties
as
officers
of
the
FT
Funds.
Thus,
if
performed
in
conformity
with
the
provisions
of
the
Investment
Company
Act
and
the
Investment
Advisers
Act,
such
activities
will
be
deemed
to
have
been
handled
ethically.
In
addition,
it
is
recognized
by
the
FT
Funds'
Boards
of
Directors
("Boards")
that
the
Covered
Officers
may
also
be
officers
or
employees
of
one
or
more
other
investment
companies
covered
by
this
or
other
codes.
 
Other
conflicts
of
interest
are
covered
by
the
Code,
even
if
such
conflicts
of
interest
are
not
subject
to
provisions
in
the
Investment
Company
Act
and
the
Investment
Advisers
Act.
The
following
list
provides
examples
of
conflicts
of
interest
under
the
Code,
but
Covered
Officers
should
keep
in
mind
that
these
examples
are
not
exhaustive.
The
overarching
principle
is
that
the
personal
interest
of
a
Covered
Officer
should
not
be
placed
improperly
before
the
interest
of
the
FT
Funds.
 
Each
Covered
Officer
must:
·
        
Not
use
his
or
her
personal
influence
or
personal
relationships
improperly
to
influence
investment
decisions
or
financial
reporting
by
the
FT
Funds
whereby
the
Covered
Officer
would
benefit
personally
to
the
detriment
of
the
FT
Funds;
·
        
Not
cause
the
FT
Funds
to
take
action,
or
fail
to
take
action,
for
the
individual
personal
benefit
of
the
Covered
Officer
rather
than
the
benefit
the
FT
Funds;
·
        
Not
retaliate
against
any
other
Covered
Officer
or
any
employee
of
the
FT
Funds
or
their
affiliated
persons
for
reports
of
potential
violations
that
are
made
in
good
faith;
·
        
Report
at
least
annually
the
following
affiliations
or
other
relationships:
1
o
   
all
directorships
for
public
companies
and
all
companies
that
are
required
to
file
reports
with
the
SEC;
o
   
any
direct
or
indirect
business
relationship
with
any
independent
directors
of
the
FT
Funds;
o
   
any
direct
or
indirect
business
relationship
with
any
independent
public
accounting
firm
(which
are
not
related
to
the
routine
issues
related
to
the
firm’s
service
as
the
Covered
Persons
accountant);
and
o
   
any
direct
or
indirect
interest
in
any
transaction
with
any
FT
Fund
that
will
benefit
the
officer
(not
including
benefits
derived
from
the
advisory,
sub-advisory,
distribution
or
service
agreements
with
affiliates
of
Franklin
Resources).
These
reports
will
be
reviewed
by
the
Legal
Department
for
compliance
with
the
Code.
There
are
some
conflict
of
interest
situations
that
should
always
be
approved
in
writing
by
Franklin
Resources
General
Counsel
or
Deputy
General
Counsel,
if
material.
Examples
of
these
include
2
:
·
        
Service
as
a
director
on
the
board
of
any
public
or
private
Company.
 
 
1
Reporting
of
these
affiliations
or
other
relationships
shall
be
made
by
completing
the
annual
Directors
and
Officers
Questionnaire
and
returning
the
questionnaire
to
Franklin
Resources
Inc,
General
Counsel
or
Deputy
General
Counsel.
2
 
Any
activity
or
relationship
that
would
present
a
conflict
for
a
Covered
Officer
may
also
present
a
conflict
for
the
Covered
Officer
if
a
member
of
the
Covered
Officer's
immediate
family
engages
in
such
an
activity
or
has
such
a
relationship.
The
Cover
Person
should
also
obtain
written
approval
by
FT’s
General
Counsel
in
such
situations.
·
        
The
receipt
of
any
gifts
in
excess
of
$100
from
any
person,
from
any
corporation
or
association.
·
        
The
receipt
of
any
entertainment
from
any
Company
with
which
the
FT
Funds
has
current
or
prospective
business
dealings
unless
such
entertainment
is
business
related,
reasonable
in
cost,
appropriate
as
to
time
and
place,
and
not
so
frequent
as
to
raise
any
question
of
impropriety.
Notwithstanding
the
foregoing,
the
Covered
Officers
must
obtain
prior
approval
from
the
Franklin
Resources
General
Counsel
for
any
entertainment
with
a
value
in
excess
of
$1000.
·
        
Any
ownership
interest
in,
or
any
consulting
or
employment
relationship
with,
any
of
the
FT
Fund’s
service
providers,
other
than
an
investment
adviser,
principal
underwriter,
administrator
or
any
affiliated
person
thereof.
·
        
A
direct
or
indirect
financial
interest
in
commissions,
transaction
charges
or
spreads
paid
by
the
FT
Funds
for
effecting
portfolio
transactions
or
for
selling
or
redeeming
shares
other
than
an
interest
arising
from
the
Covered
Officer's
employment,
such
as
compensation
or
equity
ownership.
·
        
Franklin
Resources
General
Counsel
or
Deputy
General
Counsel
will
provide
a
report
to
the
FT
Funds
Audit
Committee
of
any
approvals
granted
at
the
next
regularly
scheduled
meeting.
 

IV.
            
Disclosure and Compliance

 
·
        
Each
Covered
Officer
should
familiarize
himself
with
the
disclosure
requirements
generally
applicable
to
the
FT
Funds;
·
        
Each
Covered
Officer
should
not
knowingly
misrepresent,
or
cause
others
to
misrepresent,
facts
about
the
FT
Funds
to
others,
whether
within
or
outside
the
FT
Funds,
including
to
the
FT
Funds’
directors
and
auditors,
and
to
governmental
regulators
and
self-regulatory
organizations;
·
        
Each
Covered
Officer
should,
to
the
extent
appropriate
within
his
or
her
area
of
responsibility,
consult
with
other
officers
and
employees
of
the
FT
Funds,
the
FT
Fund’s
adviser
and
the
administrator
with
the
goal
of
promoting
full,
fair,
accurate,
timely
and
understandable
disclosure
in
the
reports
and
documents
the
FT
Funds
file
with,
or
submit
to,
the
SEC
and
in
other
public
communications
made
by
the
FT
Funds;
and
·
        
It
is
the
responsibility
of
each
Covered
Officer
to
promote
compliance
with
the
standards
and
restrictions
imposed
by
applicable
laws,
rules
and
regulations.
 

V.
            
Reporting
and Accountability

 
Each
Covered
Officer
must:
·
        
Upon
becoming
a
covered
officer
affirm
in
writing
to
the
Board
that
he
or
she
has
received,
read,
and
understands
the
Code
(see
Exhibit
B);
·
        
Annually
thereafter
affirm
to
the
Board
that
he
has
complied
with
the
requirements
of
the
Code;
and
·
        
Notify
Franklin
Resources’
General
Counsel
or
Deputy
General
Counsel
promptly
if
he
or
she
knows
of
any
violation
of
this
Code.
Failure
to
do
so
is
itself
is
a
violation
of
this

 

Code.
Franklin
Resources’
General
Counsel
and
Deputy
General
Counsel
are
responsible
for
applying
this
Code
to
specific
situations
in
which
questions
are
presented
under
it
and
have
the
authority
to
interpret
this
Code
in
any
particular
situation.
3
 
However,
the
Independent
Directors
of
the
respective
FT
Funds
will
consider
any
approvals
or
waivers
4
sought
by
any
Chief
Executive
Officers
of
the
Funds.
 
The
FT
Funds
will
follow
these
procedures
in
investigating
and
enforcing
this
Code:
 
·
        
Franklin
Resources
General
Counsel
or
Deputy
General
Counsel
will
take
all
appropriate
action
to
investigate
any
potential
violations
reported
to
the
Legal
Department;
·
        
If,
after
such
investigation,
the
General
Counsel
or
Deputy
General
Counsel
believes
that
no
violation
has
occurred,
The
General
Counsel
is
not
required
to
take
any
further
action;
·
        
Any
matter
that
the
General
Counsel
or
Deputy
General
Counsel
believes
is
a
violation
will
be
reported
to
the
Independent
Directors
of
the
appropriate
FT
Fund;
·
        
If
the
Independent
Directors
concur
that
a
violation
has
occurred,
it
will
inform
and
make
a
recommendation
to
the
Board
of
the
appropriate
FT
Fund
or
Funds,
which
will
consider
appropriate
action,
which
may
include
review
of,
and
appropriate
modifications
to, applicable
policies
and
procedures;
notification
to
appropriate
personnel
of
the
investment
adviser
or
its
board;
or
a
recommendation
to
dismiss
the
Covered
Officer;
·
        
The
Independent
Directors
will
be
responsible
for
granting
waivers,
as
appropriate;
and
·
        
Any
changes
to
or
waivers
of
this
Code
will,
to
the
extent
required,
are
disclosed
as
provided
by
SEC
rules.
5

VI.
            
Other Policies and Procedures

 
This
Code
shall
be
the
sole
code
of
ethics
adopted
by
the
FT
Funds
for
purposes
of
Section
406
of
the
Sarbanes-Oxley
Act
and
the
rules
and
forms
applicable
to
registered
investment
companies
thereunder.
Insofar
as
other
policies
or
procedures
of
the
FT
Funds,
the
FT
Funds'
advisers,
principal
underwriter,
or
other
service
providers
govern
or
purport
to
govern
the
behavior
or
activities
of
the
Covered
Officers
who
are
subject
to
this
Code,
they
are
superseded
by
this
Code
to
the
extent
that
they
overlap
or
conflict
with
the
provisions
of
this
Code.
The
FTI
Personal
Investments
and
Insider
Trading
Policy,
adopted
by
the
FT
Funds,
FT
investment
advisers
and
FT
Fund’s
principal
underwriter
pursuant
to
Rule
17j-1
under
the
Investment
Company
Act,
the
Code
of
Ethics
and
Business
Conduct
and
more
detailed
policies
and
procedures
set
forth
in
FT’s
Employee
Handbook
are
separate
requirements
applying
to
the
Covered
Officers
and
others,
and
are
not
part
of
this
Code.
 
 
 
 
3
Franklin
Resources
General
Counsel
and
Deputy
General
Counsel
are
authorized
to
consult,
as
appropriate,
with
members
of
the
Audit
Committee,
counsel
to
the
FT
Funds
and
counsel
to
the
Independent
Directors,
and
are
encouraged
to
do
so.
4
Item
2
of
Form
N-CSR
defines
"waiver"
as
"the
approval
by
the
registrant
of
a
material
departure
from
a
provision
of
the
code
of
ethics"
and
"implicit
waiver,"
which
must
also
be
disclosed,
as
"the
registrant's
failure
to
take
action
within
a
reasonable
period
of
time
regarding
a
material
departure
from
a
provision
of
the
code
of
ethics
that
has
been
made
known
to
an
executive
officer"
of
the
registrant.
See
Part
X.
5
 
See
Part
X.

 

VII.
             
Amendments

 
Any
amendments
to
this
Code,
other
than
amendments
to
Exhibit
A,
must
be
approved
or
ratified
by
a
majority
vote
of
the
FT
Funds’
Board
including
a
majority
of
independent
directors.

VIII.
             
Confidentiality

 
All
reports
and
records
prepared
or
maintained
pursuant
to
this
Code
will
be
considered
confidential
and
shall
be
maintained
and
protected
accordingly.
Except
as
otherwise
required
by
law or
this Code,
such matters
shall
not
be disclosed
to anyone
other than
the FT
Funds’ Board
and
their
counsel.

IX.
            
Internal Use

 
The
Code
is
intended
solely
for
the
internal
use
by
the
FT
Funds
and
does
not
constitute
an
admission,
by
or
on
behalf
of
any
FT
Funds,
as
to
any
fact,
circumstance,
or
legal
conclusion.
 
X.
                 
Disclosure
on
Form
N-CSR
 
Item
2
of
Form
N-CSR
requires
a
registered
management
investment
company
to
disclose
annually
whether,
as
of
the
end
of
the
period
covered
by
the
report,
it
has
adopted
a
code
of
ethics
that
applies
to
the
registrant's
principal
executive
officer,
principal
financial
officer,
principal
accounting
officer
or
controller,
or
persons
performing
similar
functions,
regardless
of
whether
these
officers
are
employed
by
the
registrant
or
a
third
party.
If
the
registrant
has
not
adopted
such
a
code
of
ethics,
it
must
explain
why
it
has
not
done
so.
The
registrant
must
also:
(1)
file
with
the
SEC
a
copy
of
the
code
as
an
exhibit
to
its
annual
report;
(2)
post
the
text
of
the
code
on
its
Internet
website
and
disclose,
in
its
most
recent
report
on
Form
N-CSR,
its
Internet
address
and
the
fact
that
it
has
posted
the
code
on
its
Internet
website;
or
(3)
undertake
in
its
most
recent
report
on
Form
N-CSR
to
provide
to
any
person
without
charge,
upon
request,
a
copy
of
the
code
and
explain
the
manner
in
which
such
request
may
be
made.
Disclosure
is
also
required
of
amendments
to,
or
waivers
(including
implicit
waivers)
from,
a
provision
of
the
code
in
the
registrant's
annual
report
on
Form
N-CSR
or
on
its
website.
If
the
registrant
intends
to
satisfy
the
requirement
to
disclose
amendments
and
waivers
by
posting
such
information
on
its
website,
it
will
be
required
to
disclose
its
Internet
address
and
this
intention.
The
Legal
Department
shall
be
responsible
for
ensuring
that:
·
        
a
copy
of
the
Code
is
filed
with
the
SEC
as
an
exhibit
to
each
Fund’s
annual
report;
and
·
        
any
amendments
to,
or
waivers
(including
implicit
waivers)
from,
a
provision
of
the
Code
is
disclosed
in
the
registrant's
annual
report
on
Form
N-CSR.
In
the
event
that
the
foregoing
disclosure
is
omitted
or
is
determined
to
be
incorrect,
the
Legal
Department
shall
promptly
file
such
information
with
the
SEC
as
an
amendment
to
Form
N-CSR.
In
such
an
event,
the
Fund
Chief
Compliance
Officer
shall
review
the
Code
and
propose
such
changes
to
the
Code
as
are
necessary
or
appropriate
to
prevent
reoccurrences.
 

EXHIBIT
A

 
Persons
Covered
by
the
Franklin
Templeton
Funds
Code
of
Ethics
December
2018
 
 
 

FRANKLIN GROUP
OF FUNDS

 
Edward
Perks                           President
and
Chief Executive Officer
Investment
Management
Rupert H. Johnson, Jr.                                            Chairman
of the Board and
Vice President– Investment
Management
Don
Taylor                                                President
and
Chief Executive Officer
Investment
Management
Sonal
Desai)                             President
and
Chief
Executive
Officer
Investment
Management
Matthew Hinkle                          Chief Executive Officer
Finance
and Administration
 
 
 

FRANKLIN MUTUAL
SERIES FUNDS

 
Peter Langerman                       Chief Executive Officer
Investment Management
Matthew Hinkle                                                Chief Executive Officer
Finance
and Administration
Robert G. Kubilis                                                Chief Financial Officer and Chief Accounting Officer
 
 

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

 
Mat S. Gulley                            Chief Executive Officer
Investment
Management
Matthew Hinkle                                                Chief Executive
Officer
Finance
and Administration
Robert G. Kubilis                                      Chief Financial Officer and Chief Accounting
Officer
 
 
 

TEMPLETON
GROUP
OF FUNDS

 
Manraj S. Sekhon                      President and
Chief Executive Officer
Investment
Management
Michael
Hasenstab,
Ph.D.
President and Chief Executive Officer
Investment
Management
Norman
Boersma                                                   President
and
Chief Executive Officer
Investment
Management
Matthew Hinkle                                                Chief Executive Officer
Finance
and Administration
Robert G. Kubilis                       Chief Financial Officer, Chief Accounting Officer and Treasurer

 

Exhibit
B
ACKNOWLEDGMENT FORM

 

Franklin
Templeton
Funds
Code
of
Ethics

For
Principal
Executives
and
Senior
Financial
Officers
 
 
Instructions:
1.
     
Complete
all
sections
of
this
form.
2.
     
Print
the
completed
form,
sign,
and
date.
3.
 
Submit
completed
form
to
FT’s
General
Counsel
c/o
Code
of
Ethics
Administration
within
10
days
of
becoming
a
Covered
Officer
and
by
February
15
th
of
each
subsequent
year.
 
Inter-office
mail:
Code
of
Ethics
Administration,
Global
Compliance
SM-920/2
Fax:                       
(650)
312-5646
E-mail:                     
Code
of
Ethics
Inquiries
&
Requests
(internal
address);
lpreclear@franklintempleton.com
(external
address)
 
 
Covered
Officer’s
Name:
 
Title:
 
Department:
 
Location:
 
Certification
for
Year
Ending:
 
 
 
To:   
 
Franklin
Resources
General
Counsel,
Legal
Department
 
I
acknowledge
receiving,
reading
and
understanding
the
Franklin
Templeton
Fund’s
Code
of
Ethics
for
Principal
Executive
Officers
and
Senior
Financial
Officers
(the
“Code”).
I
will
comply
fully
with
all
provisions
of
the
Code
to
the
extent
they
apply
to
me
during
the
period
of
my
employment.
I
further
understand
and
acknowledge
that
any
violation
of
the
Code
may
subject
me
to
disciplinary
action,
including
termination
of
employment.
 
 
 
 
 
                                                                  
Signature                                                               Date signed
EX-99.CERT 3 temf302.htm
I, Matthew T. Hinkle, certify that:
 
1. I have reviewed this report on Form N-CSR of Templeton Emerging Markets Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
4/23/2021
 
 
 
S\MATTHEW T. HINKLE
 
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
 
 
 
 
I, Robert G. Kubilis, certify that:
 
1. I have reviewed this report on Form N-CSR of Templeton Emerging Markets Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
4/23/2021
 
 
 
S\ROBERT G. KUBILIS
 
Robert G. Kubilis
Chief Financial Officer and Chief Accounting Officer
 
EX-99.906 CERT 4 temf906.htm
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 
I, Robert G. Kubilis, Chief Financial Officer of the Templeton Emerging Markets Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
 
1.
                 
The periodic report on Form N-CSR of the Registrant for the period ended 2/28/2021 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.
                 
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
Dated:  4/23/2021
 
                                                S\ROBERT G. KUBILIS
                                                                                                           
                                                Robert G. Kubilis
Chief Financial Officer and Chief Accounting Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 
I, Matthew T. Hinkle, Chief Executive Officer of the Templeton Emerging Markets Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
 
1.
                 
The periodic report on Form N-CSR of the Registrant for the period ended 2/28/2021 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.
                 
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
Dated:  4/23/2021
 
                                                S\MATTHEW T. HINKLE
                                                                                                           
                                                Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
                        

 
 
 
 
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