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VALUE

BLEND

GROWTH

SECTOR

GLOBAL

INTERNATIONAL

HYBRID

ASSET ALLOCATION

FIXED INCOME

TAX-FREE INCOME

< GAIN FROM OUR PERSPECTIVE® >

Annual Report

Templeton Emerging Markets Fund

Investment Manager Templeton Asset Management Ltd.

Transfer Agent BNY Mellon Shareowner Services P.O. Box 358015 Pittsburgh, PA 15252-8015 Toll free number: (800) 416-5585 Hearing Impaired phone number: (800) 231-5469 Foreign Shareholders phone number: (201) 680-6578 www.bnymellon.com/shareowner/equityaccess

Fund Information (800) 342-5236

Investors should be aware that the value of investments made for the Fund may go down as well as up. Like any investment in securities, the value of the Fund’s portfolio will be subject to the risk of loss from market, currency, economic, political and other factors. The Fund and its investors are not protected from such losses by the investment manager. Therefore, investors who cannot accept this risk should not invest in shares of the Fund.

To ensure the highest quality of service, telephone calls to or from our service departments may be monitored, recorded and accessed. These calls can be identified by the presence of a regular beeping tone.

© 2011 Franklin Templeton Investments. All rights reserved.

TLEMF A 10/11

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