Templeton Emerging Markets Fund : Fact Sheet

Templeton Emerging Markets Fund (EMF)

Blend Factsheet as of March 31, 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	2.45	23.98	2.45		-6.49	8.47	-0.12	1.39	9.94	2/26/1987
NAV Returns	6.91	21.82	6.91		-5.07	7.35	-0.33	1.50	10.18	2/26/1987
Benchmark	3.96	14.04	3.96		-10.70	7.83	-0.91	2.00	-	-

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 a fund's NAV. Premium / Discount reflectsthedifferencebetweentheNAVand theMarketPriceof 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 excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder's investment. At year-end the Fund will issue a Form 1099 with the final composition of the distribution for tax purposes. A current estimate of the distribution's composition can be found on each fund's individual page or in the most recent distribution press release and/or Section 19 notice located in the press release section of each fund's individual page.

Growth of $10,000

Inception through March 31, 2023

Market Price Returns, assuming dividends reinvested

600K					$305,441
400K
200K
0K
Feb-87	May-94	Aug-01	Nov-08	Feb-16	Mar-23

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	$13.46
Market Price	$11.70
Premium/Discount	-13.08%
Last Distribution Paid	$0.4054
Distribution Rate at Market
Price (%)	3.46
Distribution Rate at NAV (%)	3.01
Dividend Frequency, if any	Annually

Benchmark(s)

MSCI Emerging Markets Index-NR

Fund Characteristics		Fund
Total Net Assets		$211.62 Million
Number of Issuers		77
Price to Book		1.48x
Price to Earnings (12-Month Trailing)		9.42x
Price to Cash Flow		5.31x
Dividend Yield		3.75%
Risk Statistics (3-Year)
	Fund	Benchmark
Beta	1.13	-
R-Squared	0.93	-
Sharpe Ratio	0.29	0.37
Standard Deviation (%)	21.93	18.59
Alpha (%)	-0.88	-
Information Ratio	-0.07	-
Tracking Error	6.48	-

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Templeton Emerging Markets Fund (EMF)	as of March 31, 2023
Top Equity Issuers (% of Total)	Portfolio Management

	Fund
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	12.20
ALIBABA GROUP HOLDING LTD	5.84
ICICI BANK LTD	5.76
SAMSUNG ELECTRONICS CO LTD	5.72
TENCENT HOLDINGS LTD	3.69
MEDIATEK INC	3.46
PROSUS NV	3.00
NAVER CORP	2.98
LG CORP	2.62
CHINA MERCHANTS BANK CO LTD	2.27

Sector Allocation (% of Total)

	Fund
Information Technology	26.39
Financials	23.62
Consumer Discretionary	14.84
Communication Services	9.89
Materials	8.44
Industrials	6.96
Consumer Staples	3.42
Health Care	2.87
Other	3.61
Cash & Cash Equivalents	-0.03

	Years with Firm	Years of Experience
Chetan Sehgal, CFA	28	30
Andrew Ness	4	28

What should I know before investing?

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 andeven less developed capital markets than in traditional Emergingmarkets. To the extent thatthe fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the fund maybe 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 andtheir aftermaths,such as the spreadof deadly diseases; natural,environmental or man-madedisasters; 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 thatcannot necessarily be foreseen. The manager's portfolio selection strategy is not solely based on ESG considerations, andtherefore the issuers in which the fundinvests maynot be considered ESG-focusedcompanies.

Integrating ESG considerations into the investment process is not a guarantee that better performance will be achieved. For a more complete discussion of the fund's primary risks, including those relatedto investmentin specific countries such as China, Hong Kong, Taiwan and Russia, please see the fund's latest annual report.

Glossary

Geographic Allocation (% of Total)

	Fund
China	30.22
South Korea	19.68
Taiwan	16.36
India	11.47
Brazil	8.10
United States	3.46
Thailand	2.57
United Kingdom	1.54
Other	6.64
Cash & Cash Equivalents	-0.03

Market Cap Breakdown (% of Equity) (USD)

	Fund
<2.0 Billion	5.56
2.0-5.0 Billion	8.80
5.0-10.0 Billion	9.05
10.0-25.0 Billion	16.40
25.0-50.0 Billion	8.08
>50.0 Billion	52.12

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 a fund's returnvariesfromtheaverageof its previousreturns. Thelarger thestandard deviation,thegreaterthelikelihood(andrisk)thata fund's performance will fluctuate fromtheaveragereturn. Alpha istheannualized 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 a stock divided byits book value(i.e., net worth)per share. Fora portfolio, thevaluerepresents a weightedaverageof thestocks it holds. Price to Earnings (12-MonthTrailing) is thesharepriceof a stock, dividedby itsper-shareearningsoverthepast year. Fora portfolio, thevaluerepresentsa weightedaverageof thestocksit holds. Price to Cash Flow Supplementsprice/earningsratioasa measureof relativevalue for a stock. Fora portfolio, thevaluerepresentsa weightedaverage of thestocks it holds. Dividend Yield is theannualdividendreceivedon an equitysecurityas a percentage of theprice. 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.

Important Information

Distributions are not guaranteed and are subject to change.

The Closed-End Funds are not 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.

Negative Cash Weightings: Thenegativecashposition reflectsa temporary positionthatis a resultof a delay insecuritiessettlement transactions.

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. NetReturns(NR) includeincome netof taxwithholdingwhen dividendsare paid. 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 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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2023-04-20 UTC 14:23:26:879