Templeton Emerging Markets Fund : Fact Sheet - Closed End

Closed-End Fund Fact Sheet

Fund Description

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.

Fund Overview

Total Net Assets Fund Inception Date Number of Issuers Dividend Frequency NAV Per Share

$247 million 2/26/1987 80

Annually in December

Performance

Total Returns % (as of 3/31/2022)

Fund (Market Price) Fund (at NAV)

10.65 2/26/1987

MSCI Emerging Markets Index-NR

Calendar Year Total Returns %

• $15.45 Fund (Market Price)

  Market Price Per Share Discount/Premium Outstanding Shares

• $13.75 Fund (NAV)

-11.00% 15,975,407

Annual Expense Ratio (with Waiver) 1.48%

Annual Expense Ratio (without Waiver) 1.49%CUSIP Symbol

880191101

EMF

Fund Management

Years withYears ofFirm Experience

Chetan Sehgal, CFA Andrew Ness

27 29

3 27

Asset Allocation (%)

Equity

Cash & Cash Equivalents

103.47 -3.47

Fund (Market Price)

CUMULATIVE

AVERAGE ANNUAL

Since

YTD

1Yr

3Yrs

5Yrs

10 Yrs InceptionInception

Date

-14.28 -13.06

-22.75 -22.54

3.16 2.69

5.68 5.22

2.73 2.53

10.45 2/26/1987

-6.97

-11.37

4.94

5.98

3.36

N/A

2021

2020

2019

2018

2017

2016

2015

2014

2013 2012

-8.39 -5.51

24.29 17.66

26.80 26.10

-14.80 -15.53

44.98 41.53

23.23 26.11

-27.06 -26.32

-5.13 -0.65

-4.05 14.56

-7.60 15.50

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

-22.71 -19.33

20.55 117.48 -54.55 37.47 23.29 30.54 16.25 89.69 -0.37

Fund (NAV)

22.78 106.92 -57.34 51.59 28.41 28.54 25.76 53.06

1.01

Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund's investment returns and principal values will change with market conditions, and you may have a gain or a loss when you sell your shares. Please visit franklintempleton.com for the most recent month-end performance.

The fund has a fee waiver associated with any investment it makes in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through October 31, 2022. Fund investment results reflect the fee waiver; without this waiver, the results would have been lower.

Top Ten Holdings (% of Total)

Issuer Name

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 12.29

SAMSUNG ELECTRONICS CO LTD 10.40

ALIBABA GROUP HOLDING LTD 6.12

ICICI BANK LTD 5.58

NAVER CORP 4.07

TENCENT HOLDINGS LTD 3.81

MEDIATEK INC 3.71

CHINA MERCHANTS BANK CO LTD 2.91

GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD 2.65

LG CORP 2.51

Portfolio Characteristics

Price to Earnings 12.02x (12-mo Trailing)

Price to Book 1.68x

Price to Cash Flow 8.10x

Dividend Yield 2.49%

Unlike open-end funds (mutual funds), closed-end funds are not continuously offered. Closed-end funds trade on the secondary market through a national stock exchange at a price which may be above (a premium), but is often below (a discount to) the net asset value (NAV) of the fund's portfolio.

tel: (800) DIAL BEN/342-5236 franklintempleton.com

Not FDIC Insured | May Lose Value | No Bank Guarantee

Templeton Emerging Markets Fund	March 31, 2022
Composition of Fund
Geographic	% of Total	Sector	% of Total
China	29.12	Information Technology	35.45
South Korea	23.78	Financials	23.45
Taiwan	17.25	Consumer Discretionary	12.86
Brazil	10.68	Communication Services	10.38
India	9.63	Materials	10.23
United States	3.57	Consumer Staples	3.86
Thailand	2.13	Industrials	3.07
Mexico	1.83	Energy	1.77
United Kingdom	1.50	Health Care	1.61
Others	3.98	Real Estate	0.79
Cash & Cash Equivalents	-3.47	Cash & Cash Equivalents	-3.47
What Are the Risks?

All investments involve risks, including possible loss of principal. Special risks are associated with foreign investing, including currency volatility, economic instability, and social and political developments of countries where the fund invests. Emerging markets, of which frontier markets are a subset, are subject to all of the risks of foreign investing generally and have additional heightened risks due to these markets' smaller size and lesser liquidity, and lack of established legal, political, business and social frameworks to support securities markets. The risks of investing in traditional emerging markets are magnified in frontier markets countries because they generally have smaller economies and even less developed capital markets than in traditional emerging markets. To the extent that the fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. Unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. For a more complete discussion of the fund's primary risks, including those related to investment in specific countries such as China, Hong Kong, Taiwan and Russia, please see the Fund's latest annual report.

Glossary

Dividend Yield: The annual dividend received on an equity security as a percentage of the price. For a portfolio, the value represents a weighted average of the stocks it holds. It should not be used as an indication of the income received from this portfolio.

Price to Book: The price per share of a stock divided by its book value (i.e., net worth) per share. For a portfolio, the value represents a weighted average of the stocks it holds. Price to Cash Flow: Supplements price/earnings ratio as a measure of relative value for a stock. For a portfolio, the value represents a weighted average of the stocks it holds.

Price to Earnings (12-mo Trailing): The share price of a stock, divided by its per-share earnings over the past year. For a portfolio, the value represents a weighted average of the stocks it holds.

Important Information

The index is unmanaged and includes reinvestment of any income or 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. Index data is provided for comparison purposes only. The fund is not managed against an index.

Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.

Net Returns (NR) include income net of tax withholding when dividends are paid.

All MSCI data is provided "as is." The Fund described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the Fund described herein. Copying or redistributing the MSCI data is strictly prohibited.

Performance: Total return calculations represent the cumulative and the average annual changes in value of an investment over the periods indicated. YTD returns have not been annualized. Fund returns at market price assumes reinvestment of distributions based on the dividend reinvestment and cash purchase plan. Fund returns at NAV assumes reinvestment of distributions based on net asset value (net of fund expenses). See the fund's annual report for full information on expenses.

Benchmark: 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.

Fund Management: CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Negative Cash Weightings: The negative cash position reflects a temporary position that is a result of a delay in securities settlement transactions.

Top Ten Holdings: The portfolio manager for the fund reserves the right to withhold release of information with respect to holdings that would otherwise be included.

Portfolio Characteristics: The dividend yield quoted here is the yield on securities within the Portfolio and should not be used as an indication of the income received from this portfolio. Composition of Fund: Percentage may not equal 100% due to rounding.

Franklin Distributors, LLC. Member FINRA/SIPC.

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