X hits on this document

121 views

0 shares

0 downloads

0 comments

3 / 40

Contents

Annual Report

Templeton Emerging Markets Fund . . . . . . . . . . . . .

1 5

Performance Summary . . . . . .

Important Notice to Shareholders . . . . . . . . . . . . .

6

Financial Highlights and Statement of Investments . . . .

7

Financial Statements . . . . . . . 11

Tax Designation . . . . . . . . . . . 22

Annual Meeting of Shareholders . . . . . . . . . . . . . . 24

Notes to Financial Statements . . . . . . . . . . . . . . . 14

Dividend Reinvestment and Cash Purchase Plan . . . . . . . . 25

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . 21

Board Members and Officers . . 27 Shareholder Information . . . . . 32

Annual Report

Templeton Emerging Markets Fund

Your Fund’s Goal and Main Investments: Templeton Emerging Markets Fund seeks long-term capital appreciation by investing, under normal market conditions, at least 80% of its net assets in emerging country equity securities.

Geographic Breakdown Based on Total Net Assets as of 8/31/11

Dear Shareholder:

Asia

62.5%

We are pleased to bring you Templeton Emerging Markets Fund’s annual report for the fiscal year ended August 31, 2011.

Latin America & Caribbean 19.2%

Economic and Market Overview

Europe

17.1%

Middle East & Africa 0.5%

Short-Term Investments & Other Net Assets 0.7%

Emerging market stocks started the fiscal year under review with strong performances, but turned downward as investors shifted their focus from solid equity fundamentals to social unrest in the Middle East and North Africa regions and the earthquake and tsunami in Japan. The eurozone’s debt restructuring issues also remained at the forefront for a large part of the year, leading investors to remain cautious. Subsequently, U.S. debt concerns combined with independent credit rating agency Standard & Poor’s downgrade of the U.S.’s long-term credit rating to AA+ from AAA in early August 2011 created significant confusion and volatility in global financial markets. Global growth concerns, rising inflationary pressures and a lack of major fiscal stimulus measures also weighed on investor sentiment. Central banks in Brazil and Turkey, however, surprised investors by lowering interest rates toward period-end to support their economies.

The fundamental and financial strength of emerging markets was evident during the reporting period as many emerging countries maintained lower debt-to-gross

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI). The SOI begins on page 8.

Annual Report

|1

Document info
Document views121
Page views121
Page last viewedThu Dec 08 01:04:57 UTC 2016
Pages40
Paragraphs2247
Words18169

Comments