Templeton Emerging Markets Fund 提交截至2026年8月31日财年报告

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04985

Templeton Emerging Markets Fund

(Exact name of registrant as specified in charter)

300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant’s telephone number, including area code: (954) 527-7500

Date of fiscal year end: August 31

Date of reporting period: August 31, 2026

(a) The Report to Shareholders is filed herewith

Annual

Report

Templeton

Emerging

Markets

Fund

August

31,

2026

Not

FDIC

Insured

No

Bank

Guarantee

May

Lose

Value

If

you

need

assistance

accessing

this

content,

please

reach

out

to

your

sales

representative

or

send

an

email

to

[email protected]

.

Managed

Distribution

Plan

:

The

Board

has

implemented

a

managed

distribution

plan

whereby

the

Fund

distributes

a

level

distribution

amount

to

shareholders.

Effective

June

1,

2026,

the

Fund

intends

to

make

quarterly

distributions

to

shareholders

at

a

fixed

rate

of

$0.24

per

share.

Prior

to

June

1,

2026,

the

Fund

made

quarterly

distributions

to

shareholders

at

a

fixed

rate

of

$0.22

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund's

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

quarter

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund's

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

Under

the

managed

distribution

plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

quarterly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund's

investment

performance

from

the

amount

of

the

Fund's

distributions

or

from

the

terms

of

the

Fund's

managed

distribution

plan.

The

Board

may

amend

the

terms

of

the

plan

or

terminate

the

plan

at

any

time

without

prior

notice

to

the

Fund’s

shareholders,

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

plan.

The

amendment

or

termination

of

the

Plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

fixed

rate

to

determine

if

an

adjustment

should

be

made.

Shareholders

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

this

distribution

or

from

the

terms

of

the

plan.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

Please

see

the

"Important

Information

to

Shareholders"

section

for

additional

information.

franklintempleton.com

Annual

Report

1

Contents

Fund

Overview

2

Performance

Summary

5

Financial

Highlights

and

Schedule

of

Investments

8

Financial

Statements

13

Notes

to

Financial

Statements

16

Report

of

Independent

Registered

Public

Accounting

Firm

25

Tax

Information

26

Important

Information

to

Shareholders

27

Annual

Meeting

of

Shareholders

35

Dividend

Reinvestment

and

Cash

Purchase

Plan

36

Board

Members

and

Officers

38

Shareholder

Information

43

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Annual

Report

Templeton

Emerging

Markets

Fund

Dear

Shareholder,

This

annual

report

for

Templeton

Emerging

Markets

Fund

covers

the

fiscal

year

ended

August

31,

2026.

Fund

Overview

Q.

What

is

the

Fund’s

investment

strategy?

A.

The

Fund

seeks

long-term

capital

appreciation

by

investing,

under

normal

market

conditions,

at

least

80%

of

its

net

assets

in

emerging

country

equity

securities.

Our

investment

strategy

employs

a

fundamental,

value-

oriented,

long-term

approach.

We

focus

on

the

market

price

of

a

company’s

securities

relative

to

our

evaluation

of

the

company’s

long-term

earnings,

asset

value

and

cash

flow

potential.

As

we

look

for

investments,

we

focus

on

specific

companies

and

undertake

in-depth

research

to

construct

an

action

list

from

which

we

make

our

buy

decisions.

Before

we

make

a

purchase,

we

look

at

the

company’s

potential

for

earnings

and

growth

over

a

five-year

horizon.

During

our

analysis,

we

also

consider

the

company’s

position

in

its

sector,

the

economic

framework

and

political

environment.

Q.

What

were

the

overall

market

conditions

during

the

Fund’s

reporting

period?

A.

Emerging

market

(EM)

equities

rose

during

the

reporting

period,

although

market

conditions

remained

volatile.

Investor

sentiment

was

shaped

by

developments

in

global

trade

policy,

continued

investment

in

artificial

intelligence

(AI)

and

elevated

geopolitical

risks.

Trade

policy

remained

an

important

influence

on

markets

during

the

reporting

period.

While

the

initial

tariff

shock

had

occurred

earlier

in

April

2025,

subsequent

negotiations

and

agreements

between

the

U.S.

and

several

major

trading

partners,

including

China,

reduced

some

of

the

most

acute

concerns.

Nevertheless,

changes

in

U.S.

tariff

policy

continued

to

contribute

to

periods

of

uncertainty

and

market

volatility.

A

key

driver

of

returns

was

AI,

particularly

in

North

Asia.

AI

is

rapidly

proliferating

across

sectors

and

is

expected

to

drive

strong

demand

for

AI

computing

for

many

years

to

come,

which

we

believe

should

be

structurally

positive

for

the

entire

AI

server

supply

chain.

However,

the

third

quarter

of

the

calendar

year

saw

technology

stocks

coming

under

pressure

as

investors

reassessed

the

potential

returns

from

substantial

AI-related

capital

spending,

elevated

valuations

and

rising

financing

costs.

Concerns

about

the

sustainability

of

AI

investments,

together

with

forced

deleveraging

amplified

the

declines

of

these

stocks.

Geopolitical

tensions

also

remained

elevated

in

the

last

12

months,

particularly

in

the

Middle

East.

The

escalation

of

conflict

involving

Iran,

Israel

and

the

U.S.

disrupted

regional

markets

and

shipping

through

the

Strait

of

Hormuz,

contributing

to

higher

oil

prices

and

increased

risk

aversion.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

Our

investment

strategy

employs

a

bottom-up,

research-

driven

approach

focused

on

identifying

companies

with

structural

growth

and

sustainable

earnings

power

that

are

trading

at

a

discount

to

intrinsic

value.

Our

portfolio

construction

process

seeks

to

build

a

research-driven,

high-

conviction

portfolio

driven

primarily

by

company

specific

factors

and

a

long-term

investment

horizon.

Against

this

backdrop,

we

remained

overweight

in

the

semiconductor

sector,

reflecting

our

view

of

AI

as

a

long-term

theme

for

EMs.

Within

memory,

we

see

structural

growth

drivers

for

high-bandwidth

memory

(HBM),

supported

by

expanding

AI

applications

and

rising

memory

requirements.

HBM

is

more

complex

to

manufacture

than

conventional

memory,

reflecting

sophisticated

stacking

and

advanced

packaging.

It

also

requires

close

customer

qualification,

while

next-generation

HBM

is

becoming

increasingly

customized

to

specific

customer

requirements.

Performance

Overview

For

the

12

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+58.29%

based

on

net

asset

value

and

+60.98%

based

on

market

price.

The

Fund’s

benchmark,

the

MSCI

Emerging

Markets

(EM)

Index-NR,

which

is

a

market

capitalization-weighted

index

that

is

designed

to

measure

the

equity

market

performance

in

global

emerging

markets,

posted

a

+39.25%

cumulative

total

return

for

the

same

period.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

on

page

5

.

1.

Source:

Morningstar.

The

MSCI

Emerging

Markets

Index-NR

reflects

the

performance

of

MSCI

Emerging

Markets

Index

(gross

returns)

from

Fund

inception

through

12/31/2000

and

the

MSCI

Emerging

Markets

Index-NR

thereafter.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

9

.

Templeton

Emerging

Markets

Fund

3

franklintempleton.com

Annual

Report

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.

The

Board

has

implemented

a

managed

distribution

plan

whereby

the

Fund

distributes

a

level

distribution

amount

to

shareholders.

Effective

June

1,

2026,

the

Fund

intends

to

make

quarterly

distributions

to

shareholders

at

a

fixed

rate

of

$0.24

per

share.

Prior

to

June

1,

2026,

the

Fund

made

quarterly

distributions

to

shareholders

at

a

fixed

rate

of

$0.22

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund’s

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

quarter

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

The

Fund

sends

a

Form

1099-DIV

to

shareholders

each

calendar

year

describing

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

Please

see

“Important

Information

to

Shareholders”

section

for

additional

information.

Q.

What

were

the

leading

contributors

to

performance?

A.

Key

contributors

to

the

Fund’s

absolute

performance

included

SK

Hynix,

Taiwan

Semiconductor

Manufacturing

Company

(TSMC),

and

Samsung

Electronics.

SK

Hynix

is

a

South

Korean

semiconductor

company

and

a

leading

manufacturer

of

memory

semiconductors,

which

are

used

globally

across

a

wide

range

of

solutions.

SK

Hynix’s

share

price

ascent

was

driven

by

strong

earnings,

continued

AI-related

memory

demand

and

tight

memory

supply.

Corporate

actions

such

as

its

Nasdaq

ADR

listing

and

new

shareholder

return

program

were

also

supportive.

TSMC

is

the

world’s

largest

semiconductor

foundry

company.

Its

chips

are

used

in

a

wide

variety

of

solutions,

including

high-performance

computing,

smartphones,

automotive

and

industrial

equipment.

Its

share

price

advanced

on

strong

earnings

growth

and

continued

demand

for

leading-edge

process

technologies,

particularly

for

AI

applications.

TSMC’s

leading

position

in

advanced

chip

manufacturing

has

positioned

it

to

benefit

from

continued

growth

in

AI-related

semiconductor

demand.

Samsung

Electronics

is

one

of

the

largest

memory

semiconductor

manufacturers

in

the

world.

It

also

manufactures

a

wide

range

of

consumer

and

industrial

electronics

and

equipment.

Its

shares

benefited

from

improving

memory

market

conditions,

including

strong

AI-

Geographic

Composition

8/31/26

%

of

Total

Investments

Asia

82.0%

Latin

America

&

Caribbean

9.5%

Middle East & Africa

3.1%

North

America

1.8%

Other

0.9%

Short-Term

Investments

2.7%

Top

10

Countries*

8/31/26

a

%

of

Total

Net

Assets

a

a

Taiwan

26.9%

South

Korea

25.8%

China

20.7%

India

8.3%

Brazil

6.7%

South

Africa

2.6%

Mexico

1.9%

United

States

1.8%

Hong

Kong

1.7%

Thailand

1.2%

*

Does

not

include

cash

and

cash

equivalents.

Top

10

Holdings

8/31/26

Company

Industry

,

Country

%

of

Total

Net

Assets

a

aa

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

17.3%

Semiconductors

&

Semiconductor

Equipment,

Taiwan

Samsung

Electronics

Co.

Ltd.

9.3%

Technology

Hardware,

Storage

&

Peripherals,

South

Korea

SK

Hynix,

Inc.

8.8%

Semiconductors

&

Semiconductor

Equipment,

South

Korea

MediaTek,

Inc.

3.4%

Semiconductors

&

Semiconductor

Equipment,

Taiwan

BYD

Co.

Ltd.

2.7%

Automobiles,

China

Prosus

NV

2.6%

Broadline

Retail,

China

ICICI

Bank

Ltd.

2.4%

Banks,

India

Lite-On

Technology

Corp.

2.3%

Technology

Hardware,

Storage

&

Peripherals,

Taiwan

Hon

Hai

Precision

Industry

Co.

Ltd.

2.1%

Electronic

Equipment,

Instruments

&

Components,

Taiwan

Wuxi

Biologics

Cayman,

Inc.

1.9%

Life

Sciences

Tools

&

Services,

China

Templeton

Emerging

Markets

Fund

4

franklintempleton.com

Annual

Report

related

demand,

higher

memory

prices

and

tight

industry

supply,

alongside

progress

in

its

HBM4

product

roadmap.

At

the

sector

level,

information

technology,

financials,

and

industrials

were

the

top

contributors

to

absolute

performance.

By

market,

South

Korea,

Taiwan,

and

Brazil

were

leading

contributors

on

an

absolute

basis.

Q.

What

were

the

leading

detractors

from

performance?

A.

During

the

12

months

under

review,

key

detractors

from

the

Fund’s

absolute

performance

included

Prosus,

HDFC

Bank

and

Kuaishou

Technology.

Prosus

is

a

leading

global

investment

company

and

the

largest

shareholder

of

Tencent

Holdings,

a

Chinese

technology

company

(also

held

in

the

portfolio).

The

company

also

has

ownership

across

food

delivery,

payments,

and

online

marketplaces.

Its

share

price

largely

moved

in

line

with

Tencent’s

and

fell

over

the

year.

Prosus’

share

price

performance

was

also

impacted

by

capital

allocation

and

integration

concerns

over

some

of

its

recent

acquisitions.

HDFC

Bank

is

India's

leading

private

sector

bank.

The

stock

price

was

affected

by

the

general

lackluster

sentiment

surrounding

Indian

equities,

and

changes

in

senior

leadership

during

the

period.

China-based

Kuaishou

Technology

operates

as

a

content

community

and

social

platform.

Its

share

price

declined

in

August

2026

after

reporting

its

latest

quarterly

earnings.

The

company

has

provided

weaker

than

expected

outlook

for

the

remainder

of

the

year,

impacted

by

weak

demand

environment,

higher

tax

scrutiny

for

merchant

partners

and

increased

competition.

At

the

sector

level,

communication

services,

consumer

staples

and

utilities

were

the

largest

absolute

detractors.

By

country,

India,

the

U.S.

and

China

detracted

marginally.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

We

did

not

make

any

significant

changes

to

the

Fund’s

investment

process

over

the

reporting

period.

As

always,

changes

in

the

portfolio’s

positions

and

country/sector

weights

continued

to

be

driven

by

our

bottom-up

stock

selection

process

rather

than

top-down

asset

allocation

decisions.

Over

the

period,

we

increased

the

Fund’s

holdings

in

China/

Hong

Kong,

India,

and

South

Africa

as

we

continued

to

identify

companies

with

long-term

earnings

power

trading

at

a

discount

to

their

intrinsic

worth.

In

terms

of

sectors,

additions

were

made

in

consumer

discretionary,

materials

and

industrials.

In

contrast,

the

Fund

reduced

its

investments

in

South

Korea,

Taiwan,

and

Thailand

in

favor

of

opportunities

that

we

found

more

compelling.

The

largest

reductions

at

the

sector

level

were

information

technology,

energy,

and

utilities.

Thank

you

for

your

continued

participation

in

Templeton

Emerging

Markets

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Chetan

Sehgal,

CFA

Andrew

Ness,

ASIP

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

August

31,

2026,

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.

ASIP

stands

for

Associate

of

the

United

Kingdom

Society

for

Investment

Professionals

(now

CFA

Society

of

the

United

Kingdom).

Performance

Summary

as

of

August

31,

2026

Templeton

Emerging

Markets

Fund

5

franklintempleton.com

Annual

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

and

graph

do

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

8/31/26

1

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Share

Prices

Cumulative

Total

Return

2

Average

Annual

Total

Return

2

Based

on

NAV

3

Based

on

market

price

4

Based

on

NAV

3

Based

on

market

price

4

1-Year

+58.29%

+60.98%

+58.29%

+60.98%

5-Year

+76.91%

+84.43%

+12.09%

+13.02%

10-Year

+218.13%

+235.62%

+12.27%

+12.87%

Symbol:

EMF

8/31/26

8/31/25

Change

Net

Asset

Value

(NAV)

$25.14

$17.27

+$7.87

Market

Price

(NYSE)

$22.45

$15.27

+$7.18

Distributions

Per

Share

(9/1/25–8/31/26)

Net

Investment

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

Total

$1.2256

$0.1708

$0.2799

$1.6763

See

page

7

for

Performance

Summary

footnotes.

Templeton

Emerging

Markets

Fund

Performance

Summary

6

franklintempleton.com

Annual

Report

See

page

7

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

8/31/16–8/31/26

Templeton

Emerging

Markets

Fund

Performance

Summary

7

franklintempleton.com

Annual

Report

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

All

investments

involve

risks,

including

possible

loss

of

principal.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

To

the

extent

the

portfolio

invests

in

a

concentration

of

certain

securities,

regions

or

industries

,

it

is

subject

to

increased

volatility.

The

managers’

environmental

social

and

governance

(ESG)

strategies

may

limit

the

types

and

number

of

investments

available

and,

as

a

result,

may

forgo

favorable

market

opportunities

or

underperform

strategies

that

are

not

subject

to

such

criteria.

There

is

no

guarantee

that

the

strategy's

ESG

directives

will

be

successful

or

will

result

in

better

performance.

The

Fund

may

invest

in

eligible

China

A

shares

(“Stock

Connect

Securities”)

listed

and

traded

on

the

Shanghai

Stock

Exchange

through

the

Shanghai-Hong

Kong

Stock

Connect

program,

as

well

as

eligible

China

A

shares

listed

and

traded

on

the

Shenzhen

Stock

Exchange

through

the

Shenzhen-Hong

Kong

Stock

Connect

program

(collec-

tively,

“Stock

Connect”)

and

may

invest

in

China

Interbank

bonds

traded

on

the

China

Interbank

Bond

Market

(“CIBM”)

through

the

China-Hong

Kong

Bond

Connect

program

(“Bond

Connect”).

Trading

through

Stock

Connect

is

subject

to

a

number

of

restrictions

that

may

affect

the

Fund’s

investments

and

returns.

For

example,

investors

in

Stock

Connect

Securi-

ties

are

generally

subject

to

Chinese

securities

regulations

and

the

listing

rules

of

the

respective

Exchange,

among

other

restrictions.

In

addition,

Stock

Connect

Securities

generally

may

not

be

sold,

purchased

or

otherwise

transferred

other

than

through

Stock

Connect

in

accordance

with

applicable

rules.

While

Stock

Connect

is

not

subject

to

individual

investment

quotas,

daily

and

aggregate

investment

quotas

apply

to

all

Stock

Connect

participants,

which

may

restrict

or

preclude

the

Fund’s

ability

to

invest

in

Stock

Connect

Securities.

Trading

in

the

Stock

Connect

program

is

subject

to

trading,

clearance

and

settlement

procedures

that

are

untested

in

China,

which

could

pose

risks

to

the

Fund.

Finally,

the

withholding

tax

treatment

of

dividends

and

capital

gains

payable

to

overseas

investors

currently

is

unsettled.

In

China,

the

Hong

Kong

Monetary

Authority

Central

Money

Markets

Unit

holds

Bond

Connect

securities

on

behalf

of

ultimate

investors

(such

as

the

Fund)

in

accounts

maintained

with

a

China-based

custodian

(either

the

China

Central

Depository

&

Clearing

Co.

or

the

Shanghai

Clearing

House).

This

recordkeeping

system

subjects

the

Fund

to

various

risks,

including

the

risk

that

the

Fund

may

have

a

limited

ability

to

enforce

rights

as

a

bondholder

and

the

risks

of

settlement

delays

and

counterparty

default

of

the

Hong

Kong

sub-custodian.

In

addition,

enforcing

the

ownership

rights

of

a

beneficial

holder

of

Bond

Connect

securities

is

untested

and

courts

in

China

have

limited

experience

in

applying

the

concept

of

beneficial

ownership.

Bond

Connect

uses

the

trading

infrastructure

of

both

Hong

Kong

and

China

and

is

not

available

on

trading

holidays

in

Hong

Kong.

As

a

result,

prices

of

securities

purchased

through

Bond

Connect

may

fluctuate

at

times

when

a

Fund

is

unable

to

add

to

or

exit

its

position.

Securities

offered

through

Bond

Connect

may

lose

their

eligibility

for

trading

through

the

program

at

any

time.

If

Bond

Connect

securities

lose

their

eligibility

for

trading

through

the

program,

they

may

be

sold

but

can

no

longer

be

purchased

through

Bond

Connect.

The

application

and

interpretation

of

the

laws

and

regulations

of

Hong

Kong

and

China,

and

the

rules,

policies

or

guidelines

published

or

applied

by

relevant

regulators

and

exchanges

in

respect

of

the

Stock

Connect

and

Bond

Connect

programs,

are

uncertain,

and

they

may

have

a

detrimental

effect

on

the

Fund’s

investments

and

returns.

To

the

extent

that

the

Fund

has

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Fund’s

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments

may

be

impaired.

The

Fund

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

zero

value.

In

addition,

any

exposure

that

the

Fund

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Fund’s

portfolio.

The

extent

and

duration

of

Russia’s

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impossible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Fund’s

performance

and

the

value

of

an

investment

in

the

Fund,

even

beyond

any

direct

exposure

the

Fund

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

voluntary

fee

waivers,

expense

caps

and/or

reimbursements.

Voluntary

waivers

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4.

Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

5.

Source:

Morningstar.

The

MSCI

Emerging

Markets

Index-NR

reflects

the

performance

of

MSCI

Emerging

Markets

Index

(gross

returns)

from

Fund

inception

through

12/31/2000

and

the

MSCI

Emerging

Markets

Index-NR

thereafter.

The

MSCI

Emerging

Markets

Index

is

a

market

capitalization-weighted

index

that

is

designed

to

measure

equity

market

performance

in

the

global

emerging

markets.

Net

Return

(NR)

reflects

no

deduction

for

fees,

expenses

or

taxes

but

are

net

of

dividend

tax

withholding.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Templeton

Emerging

Markets

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.27

$14.81

$13.63

$13.72

$20.09

Income

from

investment

operations:

Net

investment

income

a

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

0.18

0.23

0.28

0.35

0.30

Net

realized

and

unrealized

gains

(losses)

...........

9.37

3.13

1.58

0.68

(5.60)

Total

from

investment

operations

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

9.55

3.36

1.86

1.03

(5.30)

Less

distributions

from:

Net

investment

income

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

(1.23)

(0.59)

(0.73)

(0.41)

(0.41)

Net

realized

gains

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

(0.45)

(0.36)

—

(0.72)

(0.70)

Total

distributions

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

(1.68)

(0.95)

(0.73)

(1.13)

(1.11)

Repurchase

of

shares

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

—

0.05

0.05

0.01

0.04

Net

asset

value,

end

of

year

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

$25.14

$17.27

$14.81

$13.63

$13.72

Market

value,

end

of

year

b

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

$22.45

$15.27

$12.81

$11.71

$11.85

Total

return

(based

on

net

asset

value

per

share)

c

.......

58.29%

24.27%

14.50%

8.26%

(

27.44)%

Total

return

(based

on

market

value

per

share)

c

.........

60.98%

28.30%

16.11%

8.59%

(

29.18)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

d

.....

1.34%

1.35%

1.44%

1.49%

1.50%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.34%

e

1.34%

1.43%

1.47%

1.49%

Net

investment

income

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

0.82%

1.49%

2.06%

2.63%

1.81%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$375,162

$258,217

$226,225

$213,497

$216,704

Portfolio

turnover

rate

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

20.48%

16.68%

19.14%

26.18%

20.05%

Total

credit

facility

outstanding

at

end

of

year

(000’s)

.....

$10,000

$5,000

$5,000

$10,000

$25,000

Asset

coverage

per

$1,000

of

debt

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

$38,516

$52,643

$46,245

$22,350

$9,668

a

Based

on

average

daily

shares

outstanding.

b

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

c

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

d

Includes

expenses

related

to

borrowings

of

0.13%,

0.14%,

0.18%,

0.31%

and

0.14%

for

the

years

ended

August

31,

2026,

2025,

2024,

2023

and

2022,

respectively.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Emerging

Markets

Fund

Schedule

of

Investments,

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

a

a

Industry

Shares

a

Value

a

Common

Stocks

97.1%

Brazil

2.8%

Hypera

SA

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

Pharmaceuticals

332,771

$

1,393,624

TOTVS

SA

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

Software

286,965

1,963,295

Vale

SA

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

Metals

&

Mining

364,755

5,480,247

XP,

Inc.

,

A

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

Capital

Markets

96,744

1,763,643

10,600,809

Chile

1.0%

a

Banco

Santander

Chile

,

ADR

.......

Banks

103,137

3,584,011

China

20.8%

b

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

427,033

6,104,337

b,c

Baidu,

Inc.

,

A

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

Interactive

Media

&

Services

170,283

2,036,593

a,d

Budweiser

Brewing

Co.

APAC

Ltd.

,

144A

,

Reg

S

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

Beverages

2,711,173

2,069,275

BYD

Co.

Ltd.

,

H

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

Automobiles

914,330

10,092,236

China

Merchants

Bank

Co.

Ltd.

,

A

....

Banks

1,023,518

6,109,694

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

1,048,088

742,383

a,c

Daqo

New

Energy

Corp.

,

ADR

......

Semiconductors

&

Semiconductor

Equipment

27,784

358,136

d

Greentown

Service

Group

Co.

Ltd.

,

Reg

S

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

Real

Estate

Management

&

Development

732,186

391,679

Haier

Smart

Home

Co.

Ltd.

,

D

.......

Household

Durables

710,943

1,482,107

Henan

Pinggao

Electric

Co.

Ltd.

,

A

...

Electrical

Equipment

1,750,198

5,168,639

c,d

Innovent

Biologics,

Inc.

,

144A

,

Reg

S

.

Biotechnology

77,618

1,023,772

b

JD.com,

Inc.

,

A

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

Broadline

Retail

48,309

683,074

b,d

Kuaishou

Technology

,

144A

,

Reg

S

...

Interactive

Media

&

Services

341,845

1,454,837

NARI

Technology

Co.

Ltd.

,

A

........

Electrical

Equipment

939,500

3,209,597

b

NetEase,

Inc.

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

Entertainment

142,826

3,480,605

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

H

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

Insurance

408,660

2,931,137

Prosus

NV

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

Broadline

Retail

215,895

9,617,312

b

Tencent

Holdings

Ltd.

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

Interactive

Media

&

Services

112,810

6,479,263

b,c

Trip.com

Group

Ltd.

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

Hotels,

Restaurants

&

Leisure

78,243

3,512,094

Uni-President

China

Holdings

Ltd.

....

Food

Products

1,402,258

1,327,399

Weichai

Power

Co.

Ltd.

,

A

..........

Machinery

90,985

366,924

Weichai

Power

Co.

Ltd.

,

H

.........

Machinery

411,434

1,662,010

Weifu

High-Technology

Group

Co.

Ltd.

,

B

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

Automobile

Components

153,513

246,660

c,d

Wuxi

Biologics

Cayman,

Inc.

,

144A

,

Reg

S

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

Life

Sciences

Tools

&

Services

1,175,078

7,287,897

77,837,660

Hong

Kong

1.7%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

363,274

6,247,732

Hungary

0.8%

Richter

Gedeon

Nyrt.

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

Pharmaceuticals

71,748

2,990,846

India

8.3%

ACC

Ltd.

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

Construction

Materials

52,724

706,437

Asahi

India

Glass

Ltd.

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

Automobile

Components

583

5,830

c

Ather

Energy

Ltd.

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

Automobiles

74,262

1,339,356

Bajaj

Holdings

&

Investment

Ltd.

.....

Financial

Services

20,298

2,480,138

Brigade

Enterprises

Ltd.

...........

Real

Estate

Management

&

Development

132,138

909,003

a

Dr.

Reddy's

Laboratories

Ltd.

,

ADR

...

Pharmaceuticals

127,490

1,546,454

c

Eternal

Ltd.

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

Hotels,

Restaurants

&

Leisure

772,027

2,656,086

Federal

Bank

Ltd.

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

Banks

153,720

575,066

HDFC

Bank

Ltd.

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

Banks

844,108

6,270,880

c

Hemisphere

Properties

India

Ltd.

....

Real

Estate

Management

&

Development

38,214

51,570

ICICI

Bank

Ltd.

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

Banks

587,231

8,945,076

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

India

(continued)

Infosys

Ltd.

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

IT

Services

124,036

$

1,476,969

c,e

Manipal

Health

Enterprises

Ltd.

......

Health

Care

Providers

&

Services

84,750

679,202

c

Niva

Bupa

Health

Insurance

Co.

Ltd.

..

Insurance

1,238,919

1,055,910

c,d

Pine

Labs

Ltd.

,

144A

,

Reg

S

........

Financial

Services

1,137,371

1,957,134

c

ReNew

Energy

Global

plc

,

A

........

Independent

Power

and

Renewable

Electricity

Producers

58,633

398,704

31,053,815

Indonesia

0.2%

Astra

International

Tbk.

PT

.........

Industrial

Conglomerates

2,892,397

783,074

Mexico

1.9%

Grupo

Financiero

Banorte

SAB

de

CV

,

O

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

Banks

640,644

7,254,359

Peru

0.3%

Intercorp

Financial

Services,

Inc.

.....

Banks

22,406

1,223,816

Philippines

0.3%

BDO

Unibank,

Inc.

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

Banks

674,535

1,253,788

Russia

0.0%

c,f,g

LUKOIL

PJSC

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

Oil,

Gas

&

Consumable

Fuels

86,387

—

c,f,g

Sberbank

of

Russia

PJSC

..........

Banks

1,014,728

—

—

South

Africa

2.7%

Discovery

Ltd.

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

Insurance

296,782

4,759,754

Harmony

Gold

Mining

Co.

Ltd.

......

Metals

&

Mining

121,637

2,385,280

Netcare

Ltd.

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

Health

Care

Providers

&

Services

2,497,907

2,793,592

9,938,626

South

Korea

25.8%

a,c,d

Delivery

Hero

SE

,

144A

,

Reg

S

......

Hotels,

Restaurants

&

Leisure

67,739

2,876,882

Doosan

Bobcat,

Inc.

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

Machinery

69,179

3,139,191

Hyundai

Motor

Co.

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

Automobiles

15,090

4,440,828

KakaoBank

Corp.

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

Banks

177,222

2,824,051

KT

Skylife

Co.

Ltd.

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

Media

45,931

137,886

LG

Corp.

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

Industrial

Conglomerates

78,819

6,847,067

Misto

Holdings

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

37,539

1,147,395

NAVER

Corp.

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

Interactive

Media

&

Services

20,308

3,210,004

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

184,345

34,801,182

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

16,469

3,660,609

c

Samsung

SDI

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,583

664,385

SK

Hynix,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

27,348

33,098,951

96,848,431

Taiwan

26.9%

a,c,d

FIT

Hon

Teng

Ltd.

,

144A

,

Reg

S

.....

Electronic

Equipment,

Instruments

&

Components

2,893,980

1,957,924

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

982,795

7,741,274

Lite-On

Technology

Corp.

..........

Technology

Hardware,

Storage

&

Peripherals

884,566

8,497,189

MediaTek,

Inc.

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

Semiconductors

&

Semiconductor

Equipment

102,088

12,630,734

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

863,779

64,914,612

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Taiwan

(continued)

Zhen

Ding

Technology

Holding

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

324,064

$

5,100,030

100,841,763

Thailand

1.2%

Kasikornbank

PCL

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

Banks

186,034

1,390,872

Minor

International

PCL

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

Hotels,

Restaurants

&

Leisure

2,057,149

1,373,258

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

3,027,937

1,205,331

Thai

Beverage

PCL

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

Beverages

1,870,265

683,740

4,653,201

Turkiye

0.1%

BIM

Birlesik

Magazalar

A/S

.........

Consumer

Staples

Distribution

&

Retail

56,870

477,610

United

Arab

Emirates

0.5%

Emaar

Development

PJSC

.........

Real

Estate

Management

&

Development

249,481

863,451

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

1,478,360

636,252

Spinneys

1961

Holding

plc

.........

Consumer

Staples

Distribution

&

Retail

1,317,451

463,048

1,962,751

United

States

1.8%

Cognizant

Technology

Solutions

Corp.

,

A

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

IT

Services

54,532

3,521,677

Genpact

Ltd.

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

Professional

Services

88,035

3,343,569

6,865,246

Total

Common

Stocks

(Cost

$

176,809,852

)

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

364,417,538

a

Preferred

Stocks

3.9%

Brazil

3.9%

h

Banco

Bradesco

SA

,

ADR

,

9

.24

%

....

Banks

1,347,488

4,419,761

h

Itau

Unibanco

Holding

SA

,

ADR

,

3

.86

%

Banks

784,435

5,969,550

h

Petroleo

Brasileiro

SA

-

Petrobras

,

8

.17

%

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

Oil,

Gas

&

Consumable

Fuels

468,675

4,072,092

14,461,403

Total

Preferred

Stocks

(Cost

$

8,514,811

)

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

14,461,403

Total

Long

Term

Investments

(Cost

$

185,324,663

)

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

378,878,941

Short

Term

Investments

2.9%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.0%

United

States

2.0%

i,j

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.629

%

......

7,707,928

7,707,928

Total

Money

Market

Funds

(Cost

$

7,707,928

)

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

7,707,928

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

k

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.9%

Money

Market

Funds

0.9%

i,j

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.629

%

......

3,237,056

$

3,237,056

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

3,237,056

)

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

3,237,056

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

10,944,984

)

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

10,944,984

a

a

a

Total

Investments

(Cost

$

196,269,647

)

103.9

%

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

$389,823,925

l

Credit

Facility

(

2.7

)

%

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

(10,000,000)

Other

Assets,

less

Liabilities

(

1.2

)

%

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

(4,661,487)

Net

Assets

100.0%

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

$375,162,438

a

a

a

See

A

bbreviations

on

page

24

.

a

A

portion

or

all

of

the

security

is

on

loan

at

August

31,

2026.

See

Note

1(d).

b

Variable

interest

entity

(VIE).

See

Note

6

regarding

investments

made

through

a

VIE

structure.

At

August

31,

2026,

the

aggregate

value

of

these

securities

was

$23,750,803,

representing

6.3%

of

net

assets.

c

Non-income

producing.

d

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

August

31,

2026,

the

aggregate

value

of

these

securities

was

$19,019,400,

representing

5.1%

of

net

assets.

e

See

Note

7

regarding

restricted

securities.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

g

See

Note

6

regarding

investments

in

Russian

securities.

h

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

i

See

Note

3(c)

regarding

investments

in

affiliated

management

investment

companies.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

k

See

Note

1(d)

regarding

securities

on

loan.

l

See

Note

8

regarding

credit

facility.

Templeton

Emerging

Markets

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

Templeton

Emerging

Markets

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$185,324,663

Cost

-

Non-controlled

affiliates

(Note

3

c

)

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

10,944,984

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$6,357,927)

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

$378,878,941

Value

-

Non-controlled

affiliates

(Note

3

c

)

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

10,944,984

Foreign

currency,

at

value

(cost

$1,994)

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

1,994

Receivables:

Investment

securities

sold

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

179,156

Dividends

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

699,431

Total

assets

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

390,704,506

Liabilities:

Payables:

Investment

securities

purchased

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

247,548

Credit

facility

(Note

8

)

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

10,000,000

Management

fees

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

327,551

Trustees'

fees

and

expenses

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

546

Accrued

interest

(Note

8)

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

65,372

Payable

upon

return

of

securities

loaned

(Note

1

d

)

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

3,237,056

Deferred

taxes

on

unrealized

appreciation

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

1,520,628

Accrued

expenses

and

other

liabilities

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

143,367

Total

liabilities

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

15,542,068

Net

assets,

at

value

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

$375,162,438

Net

assets

consist

of:

Paid-in

capital

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

$168,669,520

Total

distributable

earnings

(losses)

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

206,492,918

Net

assets,

at

value

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

$375,162,438

Shares

outstanding

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

14,923,892

Net

asset

value

per

share

a

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

$25.14

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Emerging

Markets

Fund

Financial

Statements

Statement

of

Operations

for

the

year

ended

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

Templeton

Emerging

Markets

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$762,812)

Unaffiliated

issuers

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

$6,675,143

Non-controlled

affiliates

(Note

3

c

)

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

259,592

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(11,410)

Non-controlled

affiliates

(Note

3

c

)

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

27,106

Total

investment

income

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

6,950,431

Expenses:

Management

fees

(Note

3

a

)

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

3,383,397

Transfer

agent

fees

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

19,556

Custodian

fees

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

76,075

Reports

to

shareholders

fees

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

56,804

Registration

and

filing

fees

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

12,489

Professional

fees

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

286,804

Trustees'

fees

and

expenses

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

37,156

Interest

expense

(Note

8)

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

399,101

Other

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

62,557

Total

expenses

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

4,333,939

Expenses

waived/paid

by

affiliates

(Note

3

c

)

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

(11,511)

Net

expenses

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

4,322,428

Net

investment

income

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

2,628,003

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$218,689)

Unaffiliated

issuers

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

39,223,796

Foreign

currency

transactions

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

(16,718)

Net

realized

gain

(loss)

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

39,207,078

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

99,979,060

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(49,088)

Change

in

deferred

taxes

on

unrealized

appreciation

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

687,371

Net

change

in

unrealized

appreciation

(depreciation)

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

100,617,343

Net

realized

and

unrealized

gain

(loss)

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

139,824,421

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$142,452,424

Templeton

Emerging

Markets

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

Templeton

Emerging

Markets

Fund

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$2,628,003

$3,454,768

Net

realized

gain

(loss)

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

39,207,078

5,552,390

Net

change

in

unrealized

appreciation

(depreciation)

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

100,617,343

41,480,734

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

142,452,424

50,487,892

Distributions

to

shareholders

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

(25,048,195)

(14,365,395)

Capital

share

transactions

(Note

2

)

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

(458,487)

(4,130,408)

Net

increase

(decrease)

in

net

assets

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

116,945,742

31,992,089

Net

assets:

Beginning

of

year

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

258,216,696

226,224,607

End

of

year

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

$375,162,438

$258,216,696

Templeton

Emerging

Markets

Fund

Notes

to

Financial

Statements

16

franklintempleton.com

Annual

Report

1.

Organization

and

Significant

Accounting

Policies

Templeton

Emerging

Markets

Fund (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

August

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.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

Templeton

Emerging

Markets

Fund

Notes

to

Financial

Statements

17

franklintempleton.com

Annual

Report

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Purchased

on

a

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund.

Additionally,

at

August

31,

2026,

the

Fund

held

$3,472,550

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Fund's

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statement

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Templeton

Emerging

Markets

Fund

Notes

to

Financial

Statements

18

franklintempleton.com

Annual

Report

e.

Income

and

Deferred

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if