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Templeton Emerging Markets Fund

Notes to Financial Statements (continued)

  • 3.

    TRANSACTIONS WITH AFFILIATES (continued)

    • a.

      Management Fees (continued)

Prior to May 1, 2011, the Fund paid fees to TAML based on the average daily net assets of the Fund as follows:

Annualized Fee Rate

Net Assets

1.250% 1.200% 1.150% 1.100% 1.050% 1.000%

Up to and including $500 million Over $500 million, up to and including $3 billion Over $3 billion, up to and including $4 billion Over $4 billion, up to and including $15 billion Over $15 billion, up to and including $20 billion In excess of $20 billion

b. Administrative Fees

The Fund pays an administrative fee to FT Services of 0.15% per year of the average daily net assets of the Fund.

4. EXPENSE OFFSET ARRANGEMENT

The Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s custodian expenses. During the year ended August 31, 2011, there were no credits earned.

5. INCOME TAXES During the year ended August 31, 2011, the Fund utilized $3,946,208 of capital loss carryforwards.

The tax character of distributions paid during the years ended August 31, 2011 and 2010, was as follows:

Distributions paid from ordinary income . . . . . .

2011

2010

$2,692,868

$2,542,876

At August 31, 2011, the cost of investments, net unrealized appreciation (depreciation), undistrib-

uted ordinary income and undistributed long term capital gains for income tax purposes were as follows:

Unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unrealized depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$204,904,208 (24,386,374)

Net unrealized appreciation (depreciation) . . . . . . . . . . . . . . .

$180,517,834

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Undistributed ordinary income . . . . . . . . . . . . . . . . . . . . . . . Undistributed long term capital gains . . . . . . . . . . . . . . . . . .

Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18 | Annual Report

$216,676,811

$ 3,937,278 1,046,066

$

4,983,344

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