Templeton Emerging Markets Fund

Statement of Investments, November 30, 2019 (unaudited)

		Industry	Shares	Value
	Common Stocks 92.9%
	Argentina 0.1%
	Banco BBVA Argentina SA, ADR	Banks	50,300	$196,673
	Brazil 3.4%
a	B2W Cia Digital	Internet & Direct Marketing Retail	104,800	1,393,294
	B3 SA - Brasil Bolsa Balcao	Capital Markets	97,800	1,101,296
	Lojas Americanas SA	Multiline Retail	395,760	1,538,120
	M. Dias Branco SA	Food Products	109,200	852,418
	Mahle-Metal Leve SA	Auto Components	82,900	484,949
	Totvs SA	Software	58,500	893,151
a	Vale SA	Metals & Mining	283,700	3,345,956
				9,609,184
	Cambodia 0.5%
	NagaCorp Ltd.	Hotels, Restaurants & Leisure	730,000	1,286,952
	China 26.8%
a	Alibaba Group Holding Ltd., ADR	Internet & Direct Marketing Retail	89,281	17,856,200
	BAIC Motor Corp. Ltd., H	Automobiles	360,000	201,896
a	Baidu Inc., ADR	Interactive Media & Services	13,012	1,542,312
	Brilliance China Automotive Holdings Ltd.	Automobiles	7,881,200	8,135,120
	China Construction Bank Corp., H	Banks	5,658,400	4,503,415
	China Merchants Bank Co. Ltd., A	Banks	289,000	1,480,660
	China Merchants Bank Co. Ltd., H	Banks	490,500	2,318,468
	China Mobile Ltd.	Wireless Telecommunication Services	360,500	2,717,175
	China Petroleum & Chemical Corp., H	Oil, Gas & Consumable Fuels	2,153,100	1,207,505
	China Resources Cement Holdings Ltd.	Construction Materials	3,015,100	3,609,122
	CNOOC Ltd.	Oil, Gas & Consumable Fuels	1,885,000	2,735,583
	COSCO SHIPPING Ports Ltd.	Transportation Infrastructure	345,560	281,205
	Health & Happiness H&H International Holdings Ltd.	Food Products	382,600	1,666,708
	NetEase Inc., ADR	Entertainment	3,897	1,228,802
	Ping An Bank Co. Ltd., A	Banks	852,800	1,854,164
	Ping An Insurance Group Co. of China Ltd., A	Insurance	208,349	2,477,393
a	Prosus NV	Internet & Direct Marketing Retail	11,570	788,601
	Sunny Optical Technology Group Co. Ltd.	Electronic Equipment, Instruments & Components	145,400	2,383,150
	Tencent Holdings Ltd.	Interactive Media & Services	437,900	18,561,438
	Uni-President China Holdings Ltd.	Food Products	976,000	991,236
	Weifu High-Technology Co. Ltd., B	Auto Components	294,712	474,383
				77,014,536
	Czech Republic 0.3%
	Moneta Money Bank AS	Banks	243,000	806,630
	Hong Kong 0.1%
	Dairy Farm International Holdings Ltd.	Food & Staples Retailing	56,900	332,865
	Hungary 1.0%
	Richter Gedeon Nyrt	Pharmaceuticals	153,270	2,934,592

Quarterly Statement of Investments  |  See Notes to Statement of Investments.  |  1

Templeton Emerging Markets Fund
Statement of Investments (unaudited)

		Industry	Shares	Value
	Common Stocks (continued)
	India 7.8%
	Bajaj Holdings & Investment Ltd.	Diversified Financial Services	44,578	$2,214,548
	Coal India Ltd.	Oil, Gas & Consumable Fuels	276,220	790,173
	Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	264,190	1,241,986
	ICICI Bank Ltd.	Banks	1,757,254	12,554,438
	Infosys Ltd.	IT Services	268,602	2,606,880
	Tata Chemicals Ltd.	Chemicals	179,300	1,691,566
	Tata Investment Corp. Ltd.	Capital Markets	122,221	1,422,298
				22,521,889
	Indonesia 1.1%
	Astra International Tbk PT	Automobiles	7,108,200	3,275,668
	Kenya 0.3%
	Equity Group Holdings PLC	Banks	1,946,807	972,455
	Macau 1.0%
	MGM China Holdings Ltd.	Hotels, Restaurants & Leisure	1,193,600	1,774,893
	Sands China Ltd.	Hotels, Restaurants & Leisure	237,600	1,123,074
				2,897,967
	Mexico 2.0%
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, ADR	Banks	791,217	4,992,579
	Nemak SAB de CV	Auto Components	1,917,631	802,098
				5,794,677
	Nigeria 0.0%†
	Nigerian Breweries PLC	Beverages	132,031	18,729
	Pakistan 0.6%
	MCB Bank Ltd.	Banks	1,335,010	1,708,469
	Peru 0.5%
	Intercorp Financial Services Inc.	Banks	34,920	1,395,054
	Philippines 0.3%
	BDO Unibank Inc.	Banks	260,750	778,404
	Russia 8.8%
	Gazprom PJSC, ADR	Oil, Gas & Consumable Fuels	501,844	3,986,649
	LUKOIL PJSC, ADR	Oil, Gas & Consumable Fuels	85,666	8,169,110
a	Mail.Ru Group Ltd., GDR	Interactive Media & Services	99,578	2,011,476
	Sberbank of Russia PJSC, ADR	Banks	437,637	6,402,629
a	Yandex NV, A	Interactive Media & Services	109,621	4,600,793
				25,170,657
	South Africa 2.8%
	Massmart Holdings Ltd.	Food & Staples Retailing	563,906	1,646,528
	Naspers Ltd., N	Internet & Direct Marketing Retail	44,581	6,372,782
				8,019,310
	South Korea 16.0%
	Fila Korea Ltd.	Textiles, Apparel & Luxury Goods	40,950	1,788,331
	Hankook Tire & Technology Co. Ltd.	Auto Components	17,600	495,277
	Hanon Systems	Auto Components	84,734	774,508
	HDC Hyundai Development Co-Engineering & Construction	Construction & Engineering	25,754	602,676

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Templeton Emerging Markets Fund

Statement of Investments (unaudited)

		Industry	Shares	Value
	Common Stocks (continued)
	South Korea (continued)
	KT Skylife Co. Ltd.	Media	59,360	$447,124
	LG Corp.	Industrial Conglomerates	94,283	5,665,470
	Naver Corp.	Interactive Media & Services	57,860	8,422,695
	POSCO	Metals & Mining	14,133	2,757,081
	Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	495,675	21,101,300
	Samsung Life Insurance Co. Ltd.	Insurance	23,200	1,405,870
	SK Hynix Inc.	Semiconductors & Semiconductor Equipment	29,470	2,017,776
	SK Innovation Co. Ltd.	Oil, Gas & Consumable Fuels	4,530	561,669
				46,039,777
	Taiwan 10.8%
	Catcher Technology Co. Ltd.	Technology Hardware, Storage & Peripherals	105,000	858,062
	CTBC Financial Holding Co. Ltd.	Banks	2,387,000	1,708,295
	FIT Hon Teng Ltd.	Electronic Equipment, Instruments & Components	1,173,700	367,353
	Hon Hai Precision Industry Co. Ltd.	Electronic Equipment, Instruments & Components	1,220,712	3,538,469
	Largan Precision Co. Ltd.	Electronic Equipment, Instruments & Components	6,400	929,678
a	PChome Online Inc.	Internet & Direct Marketing Retail	237,482	898,404
	Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	2,291,400	22,890,734
				31,190,995
	Thailand 2.7%
	Kasikornbank PCL, fgn.	Banks	644,900	3,310,465
	Kiatnakin Bank PCL, fgn.	Banks	893,200	2,026,303
	Siam Commercial Bank PCL, fgn.	Banks	283,000	1,134,062
	Thai Beverage PCL, fgn.	Beverages	1,836,100	1,194,757
	Univanich Palm Oil PCL, fgn.	Food Products	762,100	132,506
				7,798,093
	United Kingdom 2.9%
	Unilever PLC	Personal Products	142,280	8,424,663
	United States 3.1%
	Cognizant Technology Solutions Corp., A	IT Services	104,301	6,686,737
a	IMAX Corp.	Entertainment	108,700	2,337,050
				9,023,787
	Total Common Stocks (Cost $191,863,892)			267,212,026
	Preferred Stocks 5.0%
	Brazil 5.0%
b	Banco Bradesco SA, 7.039%, ADR, pfd.	Banks	827,240	6,493,834
b	Itau Unibanco Holding SA, 9.156%, ADR, pfd.	Banks	695,797	5,663,788
b	Petroleo Brasileiro SA, 1.919%, ADR, pfd.	Oil, Gas & Consumable Fuels	167,100	2,292,612
	Total Preferred Stocks (Cost $7,599,169)			14,450,234
	Total Investments before Short Term Investments (Cost $199,463,061)			281,662,260

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Templeton Emerging Markets Fund
Statement of Investments (unaudited)

		Shares	Value
	Short Term Investments (Cost $16,828,955) 5.8%
	Money Market Funds 5.8%
	United States 5.8%
c,d	Institutional Fiduciary Trust Money Market Portfolio, 1.35%	16,828,955	$16,828,955
	Total Investments (Cost $216,292,016) 103.7%		298,491,215
	Credit Facility (3.5)%		(10,000,000)
	Other Assets, less Liabilities (0.2)%		(708,328)
	Net Assets 100.0%		$287,782,887

See Abbreviations on page 7.

^†Rounds to less than 0.1% of net assets.

^aNon-income producing.

^bVariable rate security. The rate shown represents the yield at period end.

^cSee  Note 4 regarding investments in affiliated management investment companies.

^dThe rate shown is the annualized seven-day effective yield at period end.

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Templeton Emerging Markets Fund

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.

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Templeton Emerging Markets Fund
Notes to Statement of Investments (unaudited)

2.  FINANCIAL INSTRUMENT VALUATION (continued)

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 November 30, 2019, the Fund had 8.8% of its net assets invested in Russia. 

4.  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 November 30, 2019, the Fund held investments in affiliated management investment companies as follows:

	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	Dividend Income
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 1.35%	$16,797,137	$10,143,195	$(10,111,377)	$  —	$  —	$16,828,955	16,828,955	$70,386

5.  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)

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Templeton Emerging Markets Fund

Notes to Statement of Investments (unaudited)

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 November 30, 2019, in valuing the Fund’s assets carried at fair value, is as follows:

	Level 1	Level 2	Level 3	Total
Assets:
Investments in Securities:a
Equity Investments:b
Russia	$21,184,008	$3,986,649	$—	$25,170,657
All Other Equity Investments	256,491,603	—	—	256,491,603
Short Term Investments	16,828,955	—	—	16,828,955
Total Investments in Securities	$294,504,566	$3,986,649	$ —	$298,491,215

^aFor detailed categories, see the accompanying Statement of Investments.

^bIncludes common and preferred stocks. 

6.  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. 

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.

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