Templeton Emerging Markets Fund August 31, 2021

Templeton Emerging Markets August 31, 2021 Fund

Closed-End Fund Portfolio Holdings

The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio Holdings Release Policy and is "as of" the date indicated. This portfolio data should not be relied upon as a complete listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio holdings data of over-the-counter derivative investments such as Credit Default Swaps, Interest Rate Swaps or other Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete portfolio data can be found in the statement of investments in the annual and semi-annual report to shareholders.

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

6155915 ACC LTD 23,700 $782,626 0.24% N/A N/A

BK6YZP5 ALIBABA GROUP HOLDING LTD 1,024,929 $21,461,457 6.62% N/A N/A

B06L266 AMERICANAS SA 169,697 $1,357,431 0.42% N/A N/A

B800MQ5 ASTRA INTERNATIONAL TBK PT 5,818,600 $2,129,414 0.66% N/A N/A

BG36ZK1 B3 SA - BRASIL BOLSA BALCAO 1,214,652 $3,305,287 1.02% N/A N/A

BTF8BT7 BAIC MOTOR CORP LTD 360,000 $131,420 0.04% N/A N/A

B0FXT17 BAIDU INC 11,594 $1,820,489 0.56% N/A N/A

6124142 BAJAJ HOLDINGS & INVESTMENT LTD 60,969 $3,636,909 1.12% N/A N/A

059460303 BANCO BRADESCO SA 1,188,173 $5,323,015 1.64% N/A N/A

BANCO SANTANDER MEXICO SA BD49WQ3 INSTITUCION DE BANCA MULTIPLE 766,117 $4,466,462 1.38% N/A N/A GRUPO FINANCIERO SANTAND

BRILLIANCE CHINA AUTOMOTIVE 6181482 8,358,200 $3,829,261 1.18% N/A N/A HOLDINGS LTD

B1DYPZ5 CHINA MERCHANTS BANK CO LTD 303,000 $2,499,008 0.77% N/A N/A

BP3R273 CHINA MERCHANTS BANK CO LTD 646,400 $4,898,637 1.51% N/A N/A

CHINA RESOURCES CEMENT B41XC98 3,300,424 $3,236,005 1.00% N/A N/A HOLDINGS LTD

6193766 CHINA RESOURCES LAND LTD 769,150 $2,856,850 0.88% N/A N/A

COGNIZANT TECHNOLOGY SOLUTIONS 192446102 53,741 $4,100,975 1.27% N/A N/A CORP

6354251 COSCO SHIPPING PORTS LTD 261,371 $217,354 0.07% N/A N/A

B3N4087 DAQO NEW ENERGY CORP 56,769 $3,480,507 1.07% N/A N/A

B66CTX7 FILA HOLDINGS CORP 72,241 $2,793,119 0.86% N/A N/A

368287207 GAZPROM PJSC 112,393 $931,848 0.29% N/A N/A

GUANGZHOU TINCI MATERIALS BD5LR63 271,529 $5,729,254 1.77% N/A N/A TECHNOLOGY CO LTD

HEALTH & HAPPINESS H&H BF5L8M0 549,500 $1,572,018 0.49% N/A N/A INTERNATIONAL HOLDINGS LTD

DDD1120953 HEMISPHERE PROPERTIES INDIA LTD 38,214 $0 0.00% N/A N/A

6438564 HON HAI PRECISION INDUSTRY CO LTD 1,083,541 $4,336,536 1.34% N/A N/A franklintempleton.com 1 Templeton Emerging Markets Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

BSZ2BY7 ICICI BANK LTD 1,521,061 $14,908,151 4.60% N/A N/A

457756500 IFT MONEY MARKET PORTFOLIO 10,710,960 $10,710,960 3.31% N/A N/A

6205122 INFOSYS LTD 88,535 $2,067,954 0.64% N/A N/A

BK8WRM8 INTERCORP FINANCIAL SERVICES INC 50,820 $1,149,040 0.35% N/A N/A

2849739 ITAU UNIBANCO HOLDING SA 1,016,753 $6,029,345 1.86% N/A N/A

6888794 KASIKORNBANK PCL 709,952 $2,700,075 0.83% N/A N/A

KESHUN WATERPROOF BHQPST2 705,700 $1,830,268 0.56% N/A N/A TECHNOLOGIES CO LTD

6491095 KIATNAKIN PHATRA BANK PCL 534,625 $931,112 0.29% N/A N/A

B4070X1 KT SKYLIFE CO LTD 45,931 $409,260 0.13% N/A N/A

6451668 LARGAN PRECISION CO LTD 4,400 $425,172 0.13% N/A N/A

B8CL0T5 LEGOCHEM BIOSCIENCES INC 27,948 $1,299,524 0.40% N/A N/A

6537030 LG CORP 92,317 $7,575,752 2.34% N/A N/A

2523367 LOJAS AMERICANAS SA 562,185 $632,798 0.20% N/A N/A

LONGSHINE TECHNOLOGY GROUP CO BKDQ8C2 517,228 $1,572,489 0.49% N/A N/A LTD

BYZDW27 LUKOIL PJSC 85,666 $7,255,822 2.24% N/A N/A

560317208 MAIL.RU GROUP LTD 56,814 $1,143,717 0.35% N/A N/A

B3V5GG2 MASSMART HOLDINGS LTD 503,977 $2,044,242 0.63% N/A N/A

6611570 MCB BANK LTD 1,048,503 $1,038,174 0.32% N/A N/A

B1FRH89 M DIAS BRANCO SA 109,200 $668,013 0.21% N/A N/A

6372480 MEDIATEK INC 293,544 $9,539,986 2.94% N/A N/A

B1FSSM3 NAGACORP LTD 730,000 $586,895 0.18% N/A N/A

6622691 NASPERS LTD 16,479 $2,842,869 0.88% N/A N/A

6560393 NAVER CORP 37,552 $14,225,565 4.39% N/A N/A

BYQ32R1 NEMAK SAB DE CV 1,845,731 $589,066 0.18% N/A N/A

64110W102 NETEASE INC 19,485 $1,898,228 0.59% N/A N/A

NEW ORIENTAL EDUCATION & 647581107 150,280 $339,632 0.10% N/A N/A TECHNOLOGY GROUP INC

NEW ORIENTAL EDUCATION & BN4MKV3 29,900 $65,333 0.02% N/A N/A TECHNOLOGY GROUP INC

B05DVL1 PCHOME ONLINE INC 134,582 $525,634 0.16% N/A N/A

BD5CPS4 PING AN BANK CO LTD 852,800 $2,347,784 0.72% N/A N/A

PING AN INSURANCE GROUP CO OF B01FLR7 40,000 $309,721 0.10% N/A N/A CHINA LTD

PING AN INSURANCE GROUP CO OF BP3R284 258,876 $2,001,145 0.62% N/A N/A CHINA LTD

6693233 POSCO 13,896 $4,001,655 1.24% N/A N/A

BJDS7L3 PROSUS NV 59,028 $5,224,669 1.61% N/A N/A

BC9ZH86 RICHTER GEDEON NYRT 90,408 $2,710,343 0.84% N/A N/A

6771720 SAMSUNG ELECTRONICS CO LTD 523,971 $34,608,651 10.68% N/A N/A

B12C0T9 SAMSUNG LIFE INSURANCE CO LTD 83,591 $5,362,232 1.66% N/A N/A

80585Y308 SBERBANK OF RUSSIA PJSC 422,882 $7,552,207 2.33% N/A N/A franklintempleton.com 2 Templeton Emerging Markets Fund August 31, 2021

Security Security Shares/ Market % of Coupon Maturity Identifier Name Positions Held Value TNA Rate Date

ETYPUS001 SCOTIABK NYE 04JUN20 -15,000,000 -$15,000,000 -4.63% N/A 02/20/49

BKPN4N4 SOULBRAIN CO LTD/NEW 14,678 $3,578,096 1.10% N/A N/A

TAIWAN SEMICONDUCTOR 6889106 1,936,177 $42,564,928 13.14% N/A N/A MANUFACTURING CO LTD

B01NPJ1 TATA CONSULTANCY SERVICES LTD 90,710 $4,699,371 1.45% N/A N/A

6461377 TATA INVESTMENT CORP LTD 98,321 $1,697,972 0.52% N/A N/A

G87572163 TENCENT HOLDINGS LTD 343,404 $21,209,449 6.55% N/A N/A

TENCENT MUSIC ENTERTAINMENT BFZYWR2 305,859 $2,703,793 0.83% N/A N/A GROUP

B15F664 THAI BEVERAGE PCL 1,836,100 $927,061 0.29% N/A N/A

B10LQP6 TOTVS SA 47,700 $365,322 0.11% N/A N/A

B10RZP7 UNILEVER PLC 81,734 $4,550,774 1.40% N/A N/A

B29MKF5 UNI-PRESIDENT CHINA HOLDINGS LTD 2,389,094 $2,258,056 0.70% N/A N/A

2196286 VALE SA 261,139 $4,983,840 1.54% N/A N/A

WEIFU HIGH-TECHNOLOGY GROUP CO 6944953 269,612 $539,286 0.17% N/A N/A LTD

N97284108 YANDEX NV 87,356 $6,717,676 2.07% N/A N/A

franklintempleton.com 3 Templeton Emerging Markets Fund August 31, 2021

Important Legal Information

• Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition. The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the information.

• The net market value of all currency forward contracts is included in cash and other net assets, reflected in the base currency of the fund. The net market value of any Credit Default, Interest Rate and/or other Swap contract positions are displayed as exposure to the issuing counterparty (e.g., "Citibank") .

• Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year.

• The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments.

• 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.

Franklin Templeton Portfolio Advisors, Inc. TRANSFER AGENT One Franklin Parkway American Stock Transfer & Trust Co., LLC San Mateo, CA 94403 6201 15th Avenue (800) DIAL BEN/342-5236 Brooklyn, NY 11219 franklintempleton.com

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