NPORT-EX 2 Templeton_Emerging_Markets.htm
Templeton
Emerging
Markets
Fund
Statement
of
Investments
(unaudited),
May
31,
2020
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Industry
Shares
a
Value
a
Common
Stocks
96.7%
Brazil
3.3%
a
B2W
Cia
Digital
..................
Internet
&
Direct
Marketing
Retail
66,200
$
1,136,335
B3
SA
-
Brasil
Bolsa
Balcao
........
Capital
Markets
144,700
1,234,852
a
Lojas
Americanas
SA
.............
Multiline
Retail
399,644
1,753,550
a
M
Dias
Branco
SA
................
Food
Products
109,200
739,177
TOTVS
SA
.....................
Software
47,700
179,717
a
Vale
SA
........................
Metals
&
Mining
283,700
2,817,042
7,860,673
Cambodia
0.4%
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
730,000
871,127
China
32.1%
a
Alibaba
Group
Holding
Ltd.,
ADR
....
Internet
&
Direct
Marketing
Retail
94,995
19,701,013
b,c
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
360,000
144,902
a
Baidu,
Inc.,
ADR
.................
Interactive
Media
&
Services
17,360
1,849,708
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
7,881,200
6,893,489
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
490,500
2,297,009
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
290,900
1,378,436
China
Mobile
Ltd.
................
Wireless
Telecommunication
Services
488,500
3,409,407
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
3,015,100
3,784,701
CNOOC
Ltd.
....................
Oil,
Gas
&
Consumable
Fuels
2,099,000
2,336,901
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
345,560
172,525
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
382,600
1,747,291
NetEase
,
Inc.,
ADR
...............
Entertainment
3,897
1,492,161
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
852,800
1,553,315
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
A
.......................
Insurance
215,136
2,131,391
a
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
11,570
965,383
Sunny
Optical
Technology
Group
Co.
Ltd.
.........................
Electronic
Equipment,
Instruments
&
Components
155,400
2,052,901
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
386,300
20,452,628
a
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
162,288
2,096,761
Uni
-President
China
Holdings
Ltd.
....
Food
Products
811,000
839,097
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Auto
Components
269,612
461,907
75,760,926
Czech
Republic
0.2%
b,c
Moneta
Money
Bank
A/S,
144A,
Reg
S
Banks
243,000
537,216
Hong
Kong
0.1%
Dairy
Farm
International
Holdings
Ltd.
.
Food
&
Staples
Retailing
56,900
240,118
Hungary
1.2%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
134,700
2,933,177
India
6.5%
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
53,928
1,433,243
Coal
India
Ltd.
..................
Oil,
Gas
&
Consumable
Fuels
375,088
704,107
Glenmark
Pharmaceuticals
Ltd.
......
Pharmaceuticals
264,190
1,240,300
ICICI
Bank
Ltd.
..................
Banks
1,757,254
7,691,122
Infosys
Ltd.
.....................
IT
Services
268,602
2,463,875
Tata
Chemicals
Ltd.
..............
Chemicals
179,300
728,007
Tata
Investment
Corp.
Ltd.
.........
Capital
Markets
122,221
1,176,669
15,437,323
Templeton
Emerging
Markets
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Indonesia
0.9%
Astra
International
Tbk
.
PT
.........
Automobiles
6,376,200
$
2,081,757
Kenya
0.2%
a
Equity
Group
Holdings
plc
..........
Banks
1,383,724
456,707
a
Macau
0.4%
MGM
China
Holdings
Ltd.
..........
Hotels,
Restaurants
&
Leisure
801,200
946,790
Mexico
1.3%
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
ADR
.................
Banks
791,217
2,563,543
b,c
Nemak
SAB
de
CV,
144A,
Reg
S
....
Auto
Components
1,917,631
419,414
2,982,957
Pakistan
0.4%
MCB
Bank
Ltd.
..................
Banks
1,055,710
952,478
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
34,920
894,650
Russia
8.1%
Gazprom
PJSC,
ADR
.............
Oil,
Gas
&
Consumable
Fuels
302,044
1,696,211
LUKOIL
PJSC,
ADR
..............
Oil,
Gas
&
Consumable
Fuels
85,666
6,436,496
a,c
Mail.Ru
Group
Ltd.,
GDR,
Reg
S
.....
Interactive
Media
&
Services
82,999
1,489,239
Sberbank
of
Russia
PJSC,
ADR
.....
Banks
437,637
4,990,704
a
Yandex
NV,
A
...................
Interactive
Media
&
Services
109,621
4,410,053
19,022,703
South
Africa
3.3%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
503,977
613,607
Naspers
Ltd.,
N
..................
Internet
&
Direct
Marketing
Retail
44,581
7,082,105
7,695,712
South
Korea
19.1%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
55,510
1,732,224
Hankook
Tire
&
Technology
Co.
Ltd.
..
Auto
Components
17,600
334,959
KT
Skylife
Co.
Ltd.
...............
Media
59,360
387,334
LG
Corp.
.......................
Industrial
Conglomerates
94,283
4,828,355
NAVER
Corp.
...................
Interactive
Media
&
Services
58,507
10,731,309
POSCO
.......................
Metals
&
Mining
14,133
2,076,105
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
490,770
20,194,001
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
77,442
2,872,296
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
29,470
1,949,280
45,105,863
Taiwan
11.6%
Catcher
Technology
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
105,000
763,789
CTBC
Financial
Holding
Co.
Ltd.
.....
Banks
320,000
213,020
b,c
FIT
Hon
Teng
Ltd.,
144A,
Reg
S
.....
Electronic
Equipment,
Instruments
&
Components
2,919,100
764,473
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,220,712
3,087,523
Largan
Precision
Co.
Ltd.
..........
Electronic
Equipment,
Instruments
&
Components
4,400
563,048
PChome
Online,
Inc.
..............
Internet
&
Direct
Marketing
Retail
237,482
919,214
Templeton
Emerging
Markets
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
2,174,400
$
21,186,052
27,497,119
Thailand
2.0%
Kasikornbank
PCL
...............
Banks
644,900
1,971,598
Kiatnakin
Bank
PCL
..............
Banks
893,200
1,193,367
Siam
Commercial
Bank
PCL
(The)
...
Banks
283,000
658,347
Thai
Beverage
PCL
...............
Beverages
1,836,100
818,730
Univanich
Palm
Oil
PCL
...........
Food
Products
456,300
59,673
4,701,715
United
Kingdom
3.2%
Unilever
plc
.....................
Personal
Products
142,280
7,638,908
United
States
2.0%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
62,305
3,302,165
a
IMAX
Corp.
.....................
Entertainment
106,900
1,348,009
4,650,174
Total
Common
Stocks
(Cost
$178,615,010)
.....................................
228,268,093
Preferred
Stocks
3.1%
Brazil
3.1%
d
Banco
Bradesco
SA,
ADR,
13.35%
...
Banks
970,024
3,356,283
d
Itau
Unibanco
Holding
SA,
ADR,
10.64%
......................
Banks
917,597
3,899,787
7,256,070
Total
Preferred
Stocks
(Cost
$10,518,816)
......................................
7,256,070
Total
Long
Term
Investments
(Cost
$189,133,826)
...............................
235,524,163
Short
Term
Investments
6.7%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
6.7%
United
States
6.7%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.............
15,813,651
15,813,651
Total
Money
Market
Funds
(Cost
$15,813,651)
..................................
15,813,651
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$15,813,651
)
................................
15,813,651
a
a
a
a
Total
Investments
(Cost
$204,947,477)
106.5%
..................................
$251,337,814
Credit
Facility
(6.4)%
.........................................................
(15,000,000)
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(321,431)
Net
Assets
100.0%
...........................................................
$236,016,383
a
a
a
Templeton
Emerging
Markets
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
See
A
bbreviations
on
page
8
.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
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.
At
May
31,
2020,
the
aggregate
value
of
these
securities
was
$1,866,005,
representing
0.8%
of
net
assets.
c
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
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
May
31,
2020,
the
aggregate
value
of
these
securities
was
$3,355,244,
representing
1.4%
of
net
assets.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Emerging
Markets
Fund
5
Notes
to
Statement
of
Investments
(unaudited)
1.
Organization
Templeton
Emerging
Markets
Fund
(Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-
end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
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.
Occasionally,
events
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,
the VC
monitors
price
movements
following
the
close
of
trading
in
foreign
stock
markets
through
a
series
of
country
specific
market
proxies
(such
as
baskets
of
American
Depositary
Receipts,
futures
contracts
and
exchange
traded
funds).
These
price
movements
are
measured
against
established
trigger
thresholds
for
each
specific
market
proxy
to
assist
in
determining
if
an
event
has
occurred
that
may
call
into
question
the
reliability
of
the
values
of
the
foreign
securities
held
by
the
Fund.
If
such
an
event
occurs,
the
securities
may
be
valued
using
fair
value
procedures,
which
may
include
the
use
of
independent
pricing
services.
At
May
31,
2020,
a
market
event
occurred
resulting
in
a
portion
of
the
securities
held
by
the
Fund
being
valued
using
fair
value
procedures.
Templeton
Emerging
Markets
Fund
Notes
to
Statement
of
Investments
(unaudited)
6
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
significant
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
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
May
31,
2020,
the
Fund
had
8.1%
of
its
net
assets
invested
in
Russia.
4. 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.
5.
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.
During
the
period
ended
May
31,
2020,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows: 
a
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
a
Templeton
Emerging
Markets
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
...........
$16,797,137
$38,550,746
$(39,534,232)
$
—
$
—
$
15,813,651
15,813,651
$
104,014
Total
Affiliated
Securities
......
$16,797,137
$38,550,746
$(39,534,232)
$—
$—
$15,813,651
$104,014
2. Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Statement
of
Investments
(unaudited)
7
6. Fair
Value
Measurements 
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund’s
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund’s
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2020,
in
valuing
the
Fund’s
assets
carried
at
fair
value,
is
as
follows:
7.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Statement
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
...............................
$
7,860,673
$
—
$
—
$
7,860,673
Cambodia
............................
871,127
—
—
871,127
China
...............................
74,795,543
965,383
—
75,760,926
Czech
Republic
.......................
537,216
—
—
537,216
Hong
Kong
...........................
240,118
—
—
240,118
Hungary
.............................
2,933,177
—
—
2,933,177
India
................................
—
15,437,323
—
15,437,323
Indonesia
............................
2,081,757
—
—
2,081,757
Kenya
...............................
456,707
—
—
456,707
Macau
..............................
946,790
—
—
946,790
Mexico
..............................
2,982,957
—
—
2,982,957
Pakistan
.............................
952,478
—
—
952,478
Peru
................................
894,650
—
—
894,650
Russia
..............................
4,410,053
14,612,650
—
19,022,703
South
Africa
..........................
7,695,712
—
—
7,695,712
South
Korea
..........................
45,105,863
—
—
45,105,863
Taiwan
..............................
27,497,119
—
—
27,497,119
Thailand
.............................
4,701,715
—
—
4,701,715
United
Kingdom
.......................
—
7,638,908
—
7,638,908
United
States
.........................
4,650,174
—
—
4,650,174
Preferred
Stocks
........................
7,256,070
—
—
7,256,070
Short
Term
Investments
...................
15,813,651
—
—
15,813,651
Total
Investments
in
Securities
...........
$212,683,550
$38,654,264
$—
$251,337,814
Templeton
Emerging
Markets
Fund
Notes
to
Statement
of
Investments
(unaudited)
8
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.