0002071691-26-016960.txt : 20260727 0002071691-26-016960.hdr.sgml : 20260727 20260727150941 ACCESSION NUMBER: 0002071691-26-016960 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260531 FILED AS OF DATE: 20260727 DATE AS OF CHANGE: 20260727 PERIOD START: 20260831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEMPLETON EMERGING MARKETS FUND CENTRAL INDEX KEY: 0000809708 ORGANIZATION NAME: EIN: 592767040 STATE OF INCORPORATION: FL FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-04985 FILM NUMBER: 261205418 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 NPORT-P 1 primary_doc.xml NPORT-P false 0000809708 XXXXXXXX Templeton Emerging Markets Fund 811-04985 0000809708 CZCIR4LW4R7Y5KBS5R36 300 S.E. 2nd Street Fort Lauderdale 33301-1923 954-527-7500 Templeton Emerging Markets Fund CZCIR4LW4R7Y5KBS5R36 2026-08-31 2026-05-31 N 405034990.07 14135808.19 390899181.88 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 10000000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 UST MSCI Emerging Markets Index-NR HB10520 Banco Bradesco SA 549300CTUU1RFXHQJE44 Banco Bradesco SA 059460303 1347488.00000000 NS USD 4702733.12000000 1.203055247489 Long EP CORP BR N 1 N N N Banco Santander Chile 3YJP8HORPAEXJ80D6368 Banco Santander Chile 05965X109 103137.00000000 NS USD 3293164.41000000 0.842458762426 Long EC CORP CL N 1 N N Cognizant Technology Solutions Corp. 5493006IEVQEFQO40L83 Cognizant Technology Solutions Corp., Class A 192446102 54532.00000000 NS USD 3040431.66000000 0.777804559573 Long EC CORP US N 1 N N Vale SA 254900SMTWBX7RU2SR20 Vale SA N/A 364755.00000000 NS 5988444.78000000 1.531966567747 Long EC CORP BR N 1 N N N Daqo New Energy Corp. 529900711JBZ5O7VA827 Daqo New Energy Corp. 23703Q203 27784.00000000 NS USD 462325.76000000 0.118272378513 Long EC CORP KY N 1 N N Grupo Financiero Banorte SAB de CV N/A Grupo Financiero Banorte SAB de CV, Class O N/A 640644.00000000 NS 6680626.91000000 1.709040903557 Long EC CORP MX N 1 N N N Dr Reddy's Laboratories Ltd. 335800OVDPY3DVZR2798 Dr. Reddy's Laboratories Ltd. 256135203 70691.00000000 NS USD 963518.33000000 0.246487681392 Long EC CORP IN N 1 N N Petroleo Brasileiro SA 5493000J801JZRCMFE49 Petroleo Brasileiro SA - Petrobras N/A 664660.00000000 NS 5533837.51000000 1.415668736727 Long EP CORP BR N 1 N N N Franklin Institutional U.S. Government Money Market Fund 549300M4TP89K77LG374 Franklin Institutional U.S. Government Money Market Fund 457756500 8634256.44100000 NS USD 8634256.44000000 2.208819265999 Long STIV RF US N 1 N N N Itau Unibanco Holding SA 5493002W2IVG62O3ZJ94 Itau Unibanco Holding SA 465562106 784435.00000000 NS USD 6181347.80000000 1.581315102853 Long EP CORP BR N 1 N N N Sberbank of Russia PJSC 549300WE6TAF5EEWQS81 Sberbank of Russia PJSC N/A 1014728.00000000 NS 0.00000000 0.000000 Long EC CORP RU N 3 N N N Bajaj Holdings & Investment Ltd. 335800NL7NWD9IPOHL48 Bajaj Holdings & Investment Ltd. 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N/A 732186.00000000 NS 413770.42000000 0.105850930158 Long EC CORP KY N 2 N N N Star Petroleum Refining PCL N/A Star Petroleum Refining PCL N/A 3027937.00000000 NS 688407.77000000 0.176108777380 Long EC CORP TH N 2 N N N Emaar Development PJSC N/A Emaar Development PJSC N/A 249481.00000000 NS 988780.16000000 0.252950173813 Long EC CORP AE N 2 N N N Haier Smart Home Co. Ltd. 3003002BYTNGNJTWSH07 Haier Smart Home Co. Ltd., Class D N/A 710943.00000000 NS 1544881.42000000 0.395212241829 Long EC CORP CN N 1 N N Federal Bank Ltd. 335800J8VWGE2HGWF417 Federal Bank Ltd. N/A 162267.00000000 NS 493256.11000000 0.126184994204 Long EC CORP IN N 2 N N N Prosus NV 635400Z5LQ5F9OLVT688 Prosus NV N/A 215895.00000000 NS 9818811.12000000 2.511852563307 Long EC CORP NL N 2 N N N Hemisphere Properties India Ltd. N/A Hemisphere Properties India Ltd. N/A 38214.00000000 NS 56187.91000000 0.014374015757 Long EC CORP IN N 2 N N N HDFC Bank Ltd. 335800ZQ6I4E2JXENC50 HDFC Bank Ltd. N/A 648327.00000000 NS 5082227.84000000 1.300137753053 Long EC CORP IN N 2 N N N Alibaba Group Holding Ltd. 5493001NTNQJDH60PM02 Alibaba Group Holding Ltd. N/A 427033.00000000 NS 6620788.44000000 1.693732999940 Long EC CORP KY N 2 N N N Budweiser Brewing Co. APAC Ltd. 549300YF1MR4GTF18132 Budweiser Brewing Co. APAC Ltd. N/A 2786896.00000000 NS 2483530.28000000 0.635337804508 Long EC CORP KY N 2 N N N JD.com, Inc. 549300HVTWB0GJZ16V92 JD.com, Inc., Class A N/A 48309.00000000 NS 696412.00000000 0.178156423006 Long EC CORP KY N 2 N N N Wuxi Biologics Cayman, Inc. 5493001TD2TH6VDTJU11 Wuxi Biologics Cayman, Inc. N/A 1175078.00000000 NS 5025912.74000000 1.285731199494 Long EC CORP KY N 2 N N N Eternal Ltd. 335800T4VOF9ETHF8W59 Eternal Ltd. N/A 772027.00000000 NS 2034669.17000000 0.520509958658 Long EC CORP IN N 2 N N N Kuaishou Technology 300300FCDZBE6UP9ED24 Kuaishou Technology N/A 229899.00000000 NS 1339992.90000000 0.342797570860 Long EC CORP KY N 2 N N N NetEase, Inc. 5299004AF4DSJDB0PA32 NetEase, Inc. N/A 142826.00000000 NS 3501875.93000000 0.895851434929 Long EC CORP KY N 2 N N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 Tencent Holdings Ltd. N/A 105365.00000000 NS 5724650.65000000 1.464482637816 Long EC CORP KY N 2 N N N Wizz Air Holdings plc 213800COXGZCORLJZA85 Wizz Air Holdings plc N/A 13187.00000000 NS 182797.60000000 0.046763362133 Long EC CORP JE N 2 N N KakaoBank Corp. 988400VAVCFSK6VF9Q87 KakaoBank Corp. N/A 155511.00000000 NS 2313898.57000000 0.591942546124 Long EC CORP KR N 2 N N N Trip.com Group Ltd. 2549004RMYDSRQL4KW41 Trip.com Group Ltd. N/A 40268.00000000 NS 1897227.06000000 0.485349457851 Long EC CORP KY N 2 N N N China Merchants Bank Co. Ltd. 549300MKO5B60FFIHF58 China Merchants Bank Co. Ltd., Class A N/A 1023518.00000000 NS 5749948.16000000 1.470954257910 Long EC CORP CN N 2 N N N NARI Technology Co. Ltd. 3003006IGH1W58MAQM05 NARI Technology Co. Ltd., Class A N/A 939500.00000000 NS 3456245.41000000 0.884178215307 Long EC CORP CN N 2 N N N Henan Pinggao Electric Co. Ltd. 300300PSM0I8NOJ2Y515 Henan Pinggao Electric Co. Ltd., Class A N/A 1049695.00000000 NS 3293503.81000000 0.842545587882 Long EC CORP CN N 2 N N N Emirates Central Cooling Systems Corp. N/A Emirates Central Cooling Systems Corp. N/A 1651503.00000000 NS 718093.81000000 0.183703073141 Long EC CORP AE N 2 N N N Spinneys 1961 Holding plc N/A Spinneys 1961 Holding plc N/A 1317451.00000000 NS 413287.88000000 0.105727486563 Long EC CORP AE N 2 N N N Brazilian Real N/A Brazilian Real N/A -0.05000000 OU Currencies -0.01000000 -0.00000000255 Short STIV BR N 1 N N N Ather Energy Ltd. 335800SZ7EUDQVUICH52 Ather Energy Ltd. N/A 74262.00000000 NS 753161.22000000 0.192674033334 Long EC CORP IN N 2 N N N ICICI Bank Ltd. R7RX8ER1V4666J8D1I38 ICICI Bank Ltd. N/A 587231.00000000 NS 7762751.63000000 1.985870523613 Long EC CORP IN N 2 N N N Pine Labs Ltd. 335800PNP7BSLLVIBK61 Pine Labs Ltd. N/A 1137371.00000000 NS 1729311.35000000 0.442393187338 Long EC CORP IN N 2 N N N Doosan Bobcat, Inc. 9884007K6X0Q0112FX44 Doosan Bobcat, Inc. N/A 65519.00000000 NS 2802933.52000000 0.717047681327 Long EC CORP KR N 2 N N N Niva Bupa Health Insurance Co. Ltd. 335800YR5ALVTOUNCU55 Niva Bupa Health Insurance Co. Ltd. N/A 1238919.00000000 NS 1088718.75000000 0.278516507699 Long EC CORP IN N 2 N N N Delivery Hero SE 529900C3EX1FZGE48X78 Delivery Hero SE N/A 69404.00000000 NS 2973136.87000000 0.760589176907 Long EC CORP DE N 2 N N Yuan Renminbi N/A Yuan Renminbi N/A -0.04000000 OU Currencies -0.01000000 -0.00000000255 Short STIV CN N 1 N N N EURO N/A EURO N/A 64.29000000 OU Currencies 74.98999999 0.000019183974 Long STIV XX N 1 N N N Franklin Institutional U.S. Government Money Market Fund 549300M4TP89K77LG374 Franklin Institutional U.S. Government Money Market Fund N/A 1828735.20000000 NS USD 1828735.20000000 0.467827840213 Long STIV RF US N 1 N N Genpact Ltd. 529900OSEC6Q0L4L5B35 Genpact Ltd. N/A 88035.00000000 NS USD 2900753.25000000 0.742071967520 Long EC CORP BM N 1 N N N ReNew Energy Global plc 254900SL77LA2KAG7R65 ReNew Energy Global plc, Class A N/A 272530.00000000 NS USD 1741466.70000000 0.445502774302 Long EC CORP GB N 1 N N N XP, Inc. 5493008KDA8NBZRJST80 XP, Inc., Class A N/A 73054.00000000 NS USD 1217810.18000000 0.311540733890 Long EC CORP KY N 1 N N N Hong Kong Dollar N/A Hong Kong Dollar N/A -6.91000000 OU Currencies -0.88000000 -0.00000022512 Short STIV HK N 1 N N N Forint N/A Forint N/A 0.40000000 OU Currencies 0.00000000 0.000000 Long STIV HU N 1 N N N Rupiah N/A Rupiah N/A -1.70000000 OU Currencies 0.00000000 0.000000 Short STIV ID N 1 N N N Indian Rupee N/A Indian Rupee N/A -5.30000000 OU Currencies -0.06000000 -0.00000001534 Short STIV IN N 1 N N N Won N/A Won N/A -4324387.58000000 OU Currencies -2869.53000000 -0.00073408442 Short STIV KR N 1 N N N Mexican Peso N/A Mexican Peso N/A 6024583.75999999 OU Currencies 347498.63000000 0.088897251799 Long STIV MX N 1 N N N Intercorp Financial Services, Inc. 5299004181WFTEWB1398 Intercorp Financial Services, Inc. N/A 26105.00000000 NS USD 1291675.40000000 0.330436966838 Long EC CORP PA N 1 N N N Philippine Peso N/A Philippine Peso N/A -0.03000000 OU Currencies 0.00000000 0.000000 Short STIV PH N 1 N N N New Taiwan Dollar N/A New Taiwan Dollar N/A -4.51000000 OU Currencies -0.14000000 -0.00000003581 Short STIV TW N 1 N N N MakeMyTrip Ltd. 529900DNT8HNJ7RYUO60 MakeMyTrip Ltd. N/A 21465.00000000 NS USD 1003274.10000000 0.256658019895 Long EC CORP MU N 1 N N Rand N/A Rand N/A 264.29000000 OU Currencies 16.30000000 0.000004169873 Long STIV ZA N 1 N N N 2026-06-30 Templeton Emerging Markets Fund Monica Krogh Monica Krogh Assistant Treasurer XXXX NPORT-EX 2 TEMF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
TLEMF-Q3PH
1
If
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.
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Fund
2
Notes
to
Schedule
of
Investments
6
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited),
May
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
96.3%
Brazil
2.7%
Hypera
SA
.....................
Pharmaceuticals
332,771
$
1,445,325
TOTVS
SA
.....................
Software
266,080
1,744,311
Vale
SA
........................
Metals
&
Mining
364,755
5,988,445
XP,
Inc.,
A
......................
Capital
Markets
73,054
1,217,810
10,395,891
Chile
0.9%
a
Banco
Santander
Chile,
ADR
.......
Banks
103,137
3,293,164
China
18.9%
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
427,033
6,620,788
b
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
170,283
2,879,369
c
Budweiser
Brewing
Co.
APAC
Ltd.,
144A,
Reg
S
..................
Beverages
2,786,896
2,483,530
BYD
Co.
Ltd.,
H
.................
Automobiles
879,277
10,235,379
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
1,023,518
5,749,948
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,048,088
666,025
a,b
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
27,784
462,326
c
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
732,186
413,770
a
Haier
Smart
Home
Co.
Ltd.,
D
.......
Household
Durables
710,943
1,544,881
Henan
Pinggao
Electric
Co.
Ltd.,
A
...
Electrical
Equipment
1,171,695
3,676,289
b,c
Innovent
Biologics,
Inc.,
144A,
Reg
S
.
Biotechnology
3,144
33,384
JD.com,
Inc.,
A
..................
Broadline
Retail
48,309
696,412
c
Kuaishou
Technology,
144A,
Reg
S
...
Interactive
Media
&
Services
229,899
1,339,993
NARI
Technology
Co.
Ltd.,
A
........
Electrical
Equipment
939,500
3,456,245
NetEase,
Inc.
...................
Entertainment
142,826
3,501,876
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
408,660
3,129,984
Prosus
NV
.....................
Broadline
Retail
215,895
9,818,811
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
112,810
6,129,150
b
Trip.com
Group
Ltd.
..............
Hotels,
Restaurants
&
Leisure
40,268
1,897,227
Uni-President
China
Holdings
Ltd.
....
Food
Products
1,402,258
1,406,391
Weichai
Power
Co.
Ltd.,
H
.........
Machinery
491,883
2,613,024
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Automobile
Components
153,513
261,356
b,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
1,175,078
5,025,913
74,042,071
Hong
Kong
1.5%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
379,931
5,640,304
Hungary
0.9%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
82,782
3,502,976
India
7.1%
ACC
Ltd.
.......................
Construction
Materials
52,724
776,351
Asahi
India
Glass
Ltd.
.............
Automobile
Components
3,805
36,151
b
Ather
Energy
Ltd.
................
Automobiles
74,262
753,161
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
20,298
2,213,541
Brigade
Enterprises
Ltd.
...........
Real
Estate
Management
&
Development
92,196
632,963
a
Dr.
Reddy's
Laboratories
Ltd.,
ADR
...
Pharmaceuticals
70,691
963,518
b
Eternal
Ltd.
.....................
Hotels,
Restaurants
&
Leisure
772,027
2,034,669
Federal
Bank
Ltd.
................
Banks
162,267
493,256
HDFC
Bank
Ltd.
.................
Banks
648,327
5,082,228
b
Hemisphere
Properties
India
Ltd.
....
Real
Estate
Management
&
Development
38,214
56,188
ICICI
Bank
Ltd.
..................
Banks
587,231
7,762,752
Infosys
Ltd.
.....................
IT
Services
124,036
1,518,686
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
a,b
MakeMyTrip
Ltd.
.................
Hotels,
Restaurants
&
Leisure
21,465
$
1,003,274
b
Niva
Bupa
Health
Insurance
Co.
Ltd.
..
Insurance
1,238,919
1,088,719
b,c
Pine
Labs
Ltd.,
144A,
Reg
S
........
Financial
Services
1,137,371
1,729,311
b
ReNew
Energy
Global
plc,
A
........
Independent
Power
and
Renewable
Electricity
Producers
272,530
1,741,467
27,886,235
Indonesia
0.2%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
2,892,397
809,288
Italy
0.1%
a,b,c
Wizz
Air
Holdings
plc,
144A,
Reg
S
...
Passenger
Airlines
13,187
182,798
Mexico
1.7%
Grupo
Financiero
Banorte
SAB
de
CV,
O
...........................
Banks
640,644
6,680,627
Peru
0.3%
Intercorp
Financial
Services,
Inc.
.....
Banks
26,105
1,291,675
Philippines
0.3%
BDO
Unibank,
Inc.
...............
Banks
674,535
1,248,122
Russia
0.0%
b,d
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
86,387
—
b,d
Sberbank
of
Russia
PJSC
..........
Banks
1,014,728
—
—
South
Africa
2.6%
Discovery
Ltd.
...................
Insurance
296,782
5,094,437
Harmony
Gold
Mining
Co.
Ltd.
......
Metals
&
Mining
130,974
2,395,980
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,497,907
2,723,589
10,214,006
South
Korea
30.0%
a,b,c
Delivery
Hero
SE,
144A,
Reg
S
......
Hotels,
Restaurants
&
Leisure
69,404
2,973,137
Doosan
Bobcat,
Inc.
..............
Machinery
65,519
2,802,934
Hanmi
Pharm
Co.
Ltd.
.............
Pharmaceuticals
2,939
956,782
Hyundai
Motor
Co.
...............
Automobiles
15,090
7,219,788
KakaoBank
Corp.
................
Banks
160,455
2,387,462
KT
Skylife
Co.
Ltd.
...............
Media
45,931
135,006
LG
Corp.
.......................
Industrial
Conglomerates
82,295
8,011,470
Misto
Holdings
Corp.
..............
Textiles,
Apparel
&
Luxury
Goods
37,539
928,235
NAVER
Corp.
...................
Interactive
Media
&
Services
22,863
3,543,497
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
184,345
38,674,410
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
16,469
4,254,965
b
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
1,583
723,041
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
28,673
44,644,090
117,254,817
Taiwan
26.0%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
911,795
8,346,389
Lite-On
Technology
Corp.
..........
Technology
Hardware,
Storage
&
Peripherals
866,812
6,402,713
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
122,125
16,603,090
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
863,779
63,993,357
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Zhen
Ding
Technology
Holding
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
385,882
$
6,298,019
101,643,568
Thailand
1.0%
Kasikornbank
PCL
...............
Banks
186,034
1,148,958
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
2,057,149
1,420,225
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,027,937
688,408
Thai
Beverage
PCL
...............
Beverages
1,870,265
659,222
3,916,813
Turkiye
0.1%
BIM
Birlesik
Magazalar
A/S
.........
Consumer
Staples
Distribution
&
Retail
56,870
456,799
United
Arab
Emirates
0.5%
Emaar
Development
PJSC
.........
Real
Estate
Management
&
Development
249,481
988,780
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
1,651,503
718,094
Spinneys
1961
Holding
plc
.........
Consumer
Staples
Distribution
&
Retail
1,317,451
413,288
2,120,162
United
States
1.5%
a
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
54,532
3,040,432
Genpact
Ltd.
....................
Professional
Services
88,035
2,900,753
5,941,185
Total
Common
Stocks
(Cost
$170,930,763)
.....................................
376,520,501
a
Preferred
Stocks
4.2%
Brazil
4.2%
Banco
Bradesco
SA,
ADR
..........
Banks
1,347,488
4,702,733
e
Itau
Unibanco
Holding
SA,
ADR,
3.72%
Banks
784,435
6,181,348
e
Petroleo
Brasileiro
SA
-
Petrobras,
1.94%
.......................
Oil,
Gas
&
Consumable
Fuels
664,660
5,533,838
16,417,919
Total
Preferred
Stocks
(Cost
$11,039,640)
......................................
16,417,919
Total
Long
Term
Investments
(Cost
$181,970,403)
...............................
392,938,420
Short
Term
Investments
2.6%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.1%
United
States
2.1%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.579%
......
8,453,755
8,453,755
Total
Money
Market
Funds
(Cost
$8,453,755)
...................................
8,453,755
Templeton
Emerging
Markets
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
8
.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
f,g
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.579%
......
1,828,735
$
1,828,735
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,828,735)
.................................................................
1,828,735
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$10,282,490
)
................................
10,282,490
a
a
a
Total
Investments
(Cost
$192,252,893)
103.1%
..................................
$403,220,910
Credit
Facility
(2.6)%
.........................................................
(10,000,000)
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(2,322,800)
Net
Assets
100.0%
...........................................................
$390,898,110
a
a
a
a
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2026.
b
Non-income
producing.
c
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
May
31,
2026,
the
aggregate
value
of
these
securities
was
$14,181,836,
representing
3.6%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Emerging
Markets
Fund
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
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.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
May
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Templeton
Emerging
Markets
Fund
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
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.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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,
2026,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Emerging
Markets
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.579%
............
$9,670,973
$47,877,434
$(49,094,652)
$—
$—
$8,453,755
8,453,755
$209,582
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.579%
............
$1,204,122
$3,607,500
$(2,982,887)
$—
$—
$1,828,735
1,828,735
$13,792
Total
Affiliated
Securities
...
$10,875,095
$51,484,934
$(52,077,539)
$—
$—
$10,282,490
$223,374
2. Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Brazil
................................
$
10,395,891
$
—
$
—
$
10,395,891
Chile
................................
3,293,164
—
—
3,293,164
China
...............................
3,413,598
70,628,473
—
74,042,071
Hong
Kong
...........................
—
5,640,304
—
5,640,304
Hungary
.............................
3,502,976
—
—
3,502,976
India
................................
3,744,410
24,141,825
—
27,886,235
Indonesia
............................
809,288
—
—
809,288
Italy
.................................
—
182,798
—
182,798
Mexico
..............................
6,680,627
—
—
6,680,627
Peru
................................
1,291,675
—
—
1,291,675
Philippines
............................
—
1,248,122
—
1,248,122
Russia
...............................
—
—
—
b,c
—
South
Africa
...........................
7,818,026
2,395,980
—
10,214,006
South
Korea
..........................
—
117,254,817
—
117,254,817
Taiwan
...............................
—
101,643,568
—
101,643,568
Thailand
.............................
1,148,958
2,767,855
—
3,916,813
Turkiye
..............................
—
456,799
—
456,799
United
Arab
Emirates
....................
—
2,120,162
—
2,120,162
United
States
..........................
5,941,185
—
—
5,941,185
Preferred
Stocks
........................
16,417,919
—
—
16,417,919
Short
Term
Investments
...................
10,282,490
—
—
10,282,490
Total
Investments
in
Securities
...........
$74,740,207
$328,480,703
d
$—
$403,220,910
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the
Fund
had
little
or
no
value
at
May
31,
2026.
c
Includes
financial
instruments
determined
to
have
no
value.
d
Includes
foreign
securities
valued
at
$328,480,703,
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.
Selected
Portfolio
ADR
American
Depositary
Receipt
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.