Templeton Emerging Markets Fund : Factsheet - Templeton Emerging Markets Fund

Templeton Emerging Markets Fund (EMF)

Blend Factsheet as of September 30, 2023

Investment Overview

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.

Total Returns (%)

			Cumulative				Average Annual				Inception
		3-Mth	6-Mth	YTD	1-Yr	3-Yr	5-Yr	10-Yr	Inception	Date
Market Price Return	-4.48	-3.33	-0.96		19.85	-3.63	1.29	1.81	9.69		2/26/1987
NAV Returns	-3.57	-1.78	5.00		19.65	-3.20	0.89	2.16	9.98	2/26/1987
Benchmark	-2.93	-2.05	1.82		11.70	-1.73	0.55	2.07	-	-

Calendar Year Total Returns (%)

	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Market Price Return	-21.76	-8.39	24.29	26.80	-14.80	44.98	23.23	-27.06	-5.13	-4.05
NAV Returns	-22.80	-5.51	17.66	26.10	-15.53	41.53	26.11	-26.32	-0.65	-7.60
Benchmark	-20.09	-2.54	18.31	18.44	-14.58	37.28	11.19	-14.92	-2.19	-2.60

Performance shown represents past performance and is no guarantee of future results. Current performancemaybe higheror lower than the performanceshown. Investment return andprincipal value will fluctuateso shares, when sold, maybe worth more orless than the original cost.Returns based onMarket Price orNAV, and assumethe reinvestment of all distributions atthe Dividend ReinvestmentPlan Price or NAV,respectively. All returnsinclude the deduction of management fees, operatingexpenses and allother fund expenses, anddo not reflect thededuction of brokerage commissionsor taxesthat investorsmay pay ondistributions orthe saleof shares.When applicable, performancewould havebeen lowerif fees hadnot beenwaivedin variousperiods. Theindex isunmanagedand includesreinvestment of any income or distributions. It does notreflect any fees, expenses or sales charges. One cannot invest directly inan index, and an index is not representative of the fund'sportfolio. Indexdata is providedfor comparisonpurposes only.The fund isnot managedagainst anindex. Returns for periodsof lessthan oneyear arenot annualized.Please visitfranklintempleton.com forthe mostrecent month-endperformance.

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. Voluntarywaiversmaybe modifiedor discontinuedatany timewithoutnotice. NAV istotal assets less totalliabilitiesdividedby thenumberof sharesoutstanding. Market Price, determinedbysupply anddemand,is thepricean investorpurchasesor sells thefund. TheMarketPrice maydifferfrom afund's NAV. Premium / Discount reflectsthedifferencebetweentheNAV andtheMarketPrice of thefund, andrepresents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV. Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. Distribution Rate includes income and return of capital, if any, and includes a prorated special distribution in the month it is paid, if any The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.

Growth of $10,000

Inception through September 30, 2023

Market Price Returns, assuming dividends reinvested

600K					$295,260
400K
200K
0K	Jun-94	Oct-01			Sep-23
Feb-87	Feb-09	Jun-16

The Growth of $10,000 chart reflects a hypothetical $10,000 investment on Market Price and assumes reinvestment of dividends and capital gains. Fund expense, including management fees and other expenses were deducted.

Fund Overview

NYSE Ticker	EMF
Listed Exchange	NYSE
Fund Inception Date	02/26/1987
NAV	$13.22
Market Price	$11.31
Premium/Discount	-14.45%
Last Distribution Paid	$0.4054
Distribution Rate at Market
Price (%)	3.58
Distribution Rate at NAV (%)	3.07
Dividend Frequency, if any	Annually

Benchmark(s)

MSCI Emerging Markets Index-NR

Fund Characteristics		Fund
Total Net Assets		$206.58 Million
Number of Issuers		79
Price to Book		1.38x
Price to Earnings (12-Month Trailing)		10.01x
Price to Cash Flow		5.22x
Dividend Yield		3.31%
Risk Statistics (3-Year)
	Fund	Benchmark
Beta	1.13	-
R-Squared	0.92	-
Sharpe Ratio	-0.24	-0.20
Standard Deviation (%)	20.94	17.65
Alpha (%)	-0.62	-
Information Ratio	-0.23	-
Tracking Error (%)	6.44	-

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Templeton Emerging Markets Fund (EMF)	as of September 30, 2023
Top Equity Issuers (% of Total)	Portfolio Management

	Fund
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	10.31
ICICI BANK LTD	5.52
SAMSUNG ELECTRONICS CO LTD	5.50
ALIBABA GROUP HOLDING LTD	5.12
PETROLEO BRASILEIRO SA	3.30
NAVER CORP	3.23
TENCENT HOLDINGS LTD	3.00
PROSUS NV	2.73
SAMSUNG LIFE INSURANCE CO LTD	2.62
LG CORP	2.57

Sector Allocation (% of Total)

	Fund
Information Technology	25.55
Financials	24.86
Consumer Discretionary	12.19
Communication Services	9.31
Industrials	8.45
Materials	5.95
Health Care	4.09
Energy	3.66
Other	3.73
Cash & Cash Equivalents	2.22

Geographic Allocation (% of Total)

	Fund
China	26.23
South Korea	19.48
Taiwan	14.33
India	12.83
Brazil	8.78
United States	3.29
Thailand	2.45
Mexico	1.93
Other	8.46
Cash & Cash Equivalents	2.22

Market Cap Breakdown (% of Equity) (USD)

	Fund
<2.0 Billion	5.40
2.0-5.0 Billion	8.78
5.0-10.0 Billion	13.93
10.0-25.0 Billion	13.33
25.0-50.0 Billion	11.52
>50.0 Billion	47.05

	Years with Firm	Years of Experience
Chetan Sehgal, CFA	28	31
Andrew Ness	5	28

What should I know before investing?

All investments involve risks, including possible loss of principal. International investments aresubject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnifiedin emerging markets. To the extentthe portfolio invests in a concentration of certain securities, regions or industries, it is subject to increasedvolatility. The managers' environmental social and governance (ESG) strategies maylimit the types andnumber of investments available and, as a result,may forgo favorable marketopportunities 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.

Glossary

Beta A measure of thefund's volatilityrelativeto themarket,as representedbythestatedIndex. A beta greaterthan1.00 indicatesvolatility greater thanthemarket. R-squared measuresthestrengthof thelinear relationshipbetween thefund andits benchmark. R-squaredat1 impliesperfectlinearrelationshipandzeroimpliesno relationshipexists. Sharpe Ratio refersto a risk-adjustedmeasurecalculated using standard deviation and excess returns to determine reward per unit of risk. The higher the ratio, the greater the risk-adjusted performance. Standard Deviation: Measureof thedegreeto which afund's returnvariesfromtheaverageof its previousreturns. Thelargerthestandard deviation,thegreaterthelikelihood(andrisk)thata fund's performancewill fluctuate fromtheaveragereturn. Alpha is theannualized percentage difference between a portfolio's actual returns and its expected performance given its level of market risk, as measured by beta. Information Ratio In investingterminology,theratioof expectedreturnto risk. Usually, thisstatisticaltechnique is usedto measurea manager's performance against a benchmark. This measure explicitly relates the degree by which an investment has beaten the benchmark to theconsistencybywhich theinvestmenthasbeatenthebenchmark. Tracking Error measure of thedeviationof thereturnof a fund compared to the return of a benchmark over a fixed period of time. Expressed as a percentage. The more passively the investment fund is managed,thesmaller thetrackingerror. Price to Book: Thepricepershareof astock dividedbyits book value(i.e., net worth) pershare. For a portfolio, thevaluerepresents aweightedaverageof thestocks it holds. Price to Earnings (12-MonthTrailing) is thesharepriceof a stock, dividedby itsper-shareearningsoverthepast year. Foraportfolio, thevaluerepresentsa weightedaverageof thestocksit holds. Price to Cash Flow: Supplementsprice/earningsratioas ameasure of relativevaluefor astock. For aportfolio, thevaluerepresents aweighted averageof thestocks it holds. Dividend Yield is theannualdividendreceivedon an equitysecurityas apercentage of theprice. Fora 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.

Important Information

Distributions are not guaranteed and are subject to change.

The Closed-End Funds arenot sold or distributed by Franklin Distributors,LLC, or any affiliate of Franklin Resources, Inc. Unlike open-endfunds, shares are not continually offered. Like other public companies, closed-endfunds have a one-timeinitial public offering, and once their shares are first issued, are generally bought and sold through non-affiliatedbroker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-endfunds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.

CFA® andCharteredFinancialAnalyst® aretrademarksownedby CFAInstitute.

The MSCI EmergingMarkets Index isa freefloat-adjustedmarketcapitalizationindex thatisdesignedto measure equitymarket performance in the global emerging markets. The Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. MSCI EmergingMarkets Index-NR reflects theperformanceof MSCI EmergingMarketsIndex (gross returns)from fund inceptionthrough 12/31/2000 and the MSCI Emerging Markets Index-NR thereafter Net Returns (NR) include income net of tax withholding when dividends are paid. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Important data provider notices and terms available at www.franklintempletondatasources.com.

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