FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04985
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TEMPLETON EMERGING MARKETS FUND
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(Exact name of registrant as specified in charter)
500 EAST BROWARD BLVD., SUITE 2100, FORT LAUDERDALE, FL 33394-3091
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(Address of principal executive offices) (Zip code)
CRAIG S. TYLE, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
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(Name and address of agent for service)
Registrant's telephone number, including area code: (954) 527-7500
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Date of fiscal year end: 08/31
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Date of reporting period: 5/31/06
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ITEM 1. SCHEDULE OF INVESTMENTS.
Templeton Emerging Markets Fund
QUARTERLY STATEMENT OF INVESTMENTS
MAY 31, 2006
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CONTENTS
Statement of Investments ........................................... 3
Notes to Statement of Investments .................................. 9
[LOGO](R)
FRANKLIN TEMPLETON
INVESTMENTS
Franklin o TEMPLETON o Mutual Series
Quarterly Statement of Investments | 1
This page intentionally left blank.
Templeton Emerging Markets Fund
STATEMENT OF INVESTMENTS, MAY 31, 2006 (UNAUDITED)
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INDUSTRY SHARES/RIGHTS VALUE
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LONG TERM INVESTMENTS 97.2%
COMMON STOCKS AND RIGHTS 89.9%
ARGENTINA 0.1%
Banco Macro Bansud SA, ADR ........................ Commercial Banks 10,600 $ 231,080
a BBVA Banco Frances SA, ADR ........................ Commercial Banks 2,800 22,400
a Grupo Financiero Galicia SA, ADR .................. Commercial Banks 8,600 55,900
a Ternium SA, ADR ................................... Metals & Mining 3,600 84,240
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393,620
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AUSTRIA 0.5%
Erste Bank der oesterreichischen Sparkassen AG .... Commercial Banks 400 22,804
Wienerberger AG ................................... Building Products 35,150 1,802,070
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1,824,874
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BRAZIL 2.0%
Centrais Eletricas Brasileiras SA ................. Electric Utilities 67,922,000 1,265,170
Centrais Eletricas Brasileiras SA (Non-Taxable) ... Electric Utilities 91,072,000 1,696,381
Companhia de Bebidas das Americas (AmBev) ......... Beverages 2,510,000 915,386
a Companhia de Bebidas das Americas (AmBev),
rts., 2/20/49 ................................... Beverages 632 20
Souza Cruz SA ..................................... Tobacco 229,973 3,247,615
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7,124,572
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CHINA 11.1%
Aluminum Corp. of China Ltd., H ................... Metals & Mining 4,148,000 3,341,626
b Aluminum Corp. of China Ltd., Reg S ............... Metals & Mining 502,000 404,411
Anhui Conch Cement Co. Ltd., H .................... Construction Materials 972,000 1,804,130
China Life Insurance Co. Ltd., H .................. Insurance 320,000 478,462
China Mobile (Hong Kong) Ltd. ..................... Wireless Telecommunication Services 1,135,500 5,920,313
China Resources Enterprise Ltd. ................... Distributors 682,000 1,314,209
China Shenhua Energy Co. Ltd., H .................. Oil, Gas & Consumable Fuels 744,000 1,275,450
China Telecom Corp. Ltd., H ....................... Diversified Telecommunication Services 1,636,000 532,456
China Travel International Investment
Hong Kong Ltd. .................................. Hotels, Restaurants & Leisure 3,022,000 732,304
Chongqing Changan Automobile Co. Ltd., B .......... Automobiles 722,800 405,272
Citic Pacific Ltd. ................................ Industrial Conglomerates 454,192 1,355,281
CNOOC Ltd. ........................................ Oil, Gas & Consumable Fuels 6,512,000 4,994,251
Datang International Power Generation Co.
Ltd., H ......................................... Independent Power Producers & Energy Traders 416,000 273,466
Denway Motors Ltd. ................................ Automobiles 5,596,730 1,983,837
GOME Electrical Appliances Holdings Ltd. .......... Specialty Retail 40,000 30,677
Huadian Power International Corp. Ltd., H ......... Independent Power Producers & Energy Traders 2,538,000 670,632
Huaneng Power International Inc., H ............... Independent Power Producers & Energy Traders 1,011,000 651,569
PetroChina Co. Ltd., H ............................ Oil, Gas & Consumable Fuels 7,278,000 7,833,170
c PetroChina Co. Ltd., H, 144A ...................... Oil, Gas & Consumable Fuels 1,856,000 1,997,577
Shanghai Industrial Holdings Ltd. ................. Industrial Conglomerates 973,000 1,931,402
a TCL Multimedia Technology Holdings Ltd. ........... Household Durables 440,508 52,237
Travelsky Technology Ltd., H ...................... IT Services 1,109,000 1,357,983
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39,340,715
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CROATIA 1.1%
b Pliva d.d., GDR, Reg S ............................ Pharmaceuticals 194,200 4,074,316
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Quarterly Statement of Investments | 3
Templeton Emerging Markets Fund
STATEMENT OF INVESTMENTS, MAY 31, 2006 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS AND RIGHTS (CONTINUED)
CZECH REPUBLIC 0.1%
Philip Morris CR AS .................................... Tobacco 344 $ 191,492
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FINLAND 0.4%
Nokian Renkaat OYJ ..................................... Auto Components 85,680 1,281,553
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HONG KONG 1.8%
Cheung Kong (Holdings) Ltd. ............................ Real Estate 298,000 3,230,363
Cheung Kong Infrastructure Holdings Ltd. ............... Electric Utilities 254,000 751,373
Dairy Farm International Holdings Ltd. ................. Food & Staples Retailing 215,800 763,932
Hopewell Holdings Ltd. ................................. Transportation Infrastructure 19,000 51,674
MTR Corp. Ltd. ......................................... Road & Rail 665,830 1,609,176
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6,406,518
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HUNGARY 2.8%
BorsodChem Rt. ......................................... Chemicals 47,907 537,650
Gedeon Richter Ltd. .................................... Pharmaceuticals 11,894 2,321,460
a Magyar Telekom PLC ..................................... Diversified Telecommunication Services 594,174 2,452,773
MOL Magyar Olaj-es Gazipari Rt. ........................ Oil, Gas & Consumable Fuels 26,545 2,720,040
OTP Bank ............................................... Commercial Banks 52,789 1,754,396
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9,786,319
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INDIA 2.3%
Gail India Ltd. ........................................ Gas Utilities 295,286 1,504,680
Himatsingka Seide Ltd. ................................. Textiles, Apparel & Luxury Goods 194,000 478,088
Hindalco Industries Inc. ............................... Metals & Mining 20,500 78,796
Hindustan Petroleum Corp. Ltd. ......................... Oil, Gas & Consumable Fuels 434,540 2,875,333
Indian Oil Corp. Ltd. .................................. Oil, Gas & Consumable Fuels 7,300 72,164
Nestle India Ltd. ...................................... Food Products 2,100 48,799
Oil & Natural Gas Corp. Ltd. ........................... Oil, Gas & Consumable Fuels 100,330 2,410,802
c Oil & Natural Gas Corp. Ltd., 144A ..................... Oil, Gas & Consumable Fuels 30,430 731,194
Tata Tea Ltd. .......................................... Food Products 695 10,779
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8,210,635
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INDONESIA 0.5%
PT Astra International Tbk ............................. Automobiles 1,187,000 1,256,899
PT Bank Danamon Indonesia Tbk .......................... Commercial Banks 1,109,500 551,453
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1,808,352
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ISRAEL 0.6%
a Check Point Software Technologies Ltd. ................. Software 75,100 1,450,932
a Israel Discount Bank ................................... Commercial Banks 175,034 325,494
a Taro Pharmaceutical Industries Ltd. .................... Pharmaceuticals 36,010 434,281
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2,210,707
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MALAYSIA 2.1%
Maxis Communications Bhd. .............................. Wireless Telecommunication Services 1,146,500 2,794,416
Resorts World Bhd. ..................................... Hotels, Restaurants & Leisure 632,500 2,125,172
Sime Darby Bhd. ........................................ Industrial Conglomerates 908,400 1,488,565
Tanjong PLC ............................................ Hotels, Restaurants & Leisure 149,800 577,582
YTL Power International Bhd. ........................... Water Utilities 883,884 474,683
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7,460,418
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4 | Quarterly Statement of Investments
Templeton Emerging Markets Fund
STATEMENT OF INVESTMENTS, MAY 31, 2006 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS AND RIGHTS (CONTINUED)
MEXICO 4.0%
America Movil SA de CV, L, ADR ..................... Wireless Telecommunication Services 46,400 $ 1,515,424
a Fomento Economico Mexicano SA de CV
(Femsa), ADR ..................................... Beverages 40,189 3,447,814
Grupo Bimbo SA de CV, A ............................ Food Products 176,271 513,501
Grupo Televisa SA .................................. Media 169,698 618,691
Kimberly Clark de Mexico SA de CV, A ............... Household Products 1,572,800 5,331,525
Telefonos de Mexico SA de CV (Telmex), L, ADR ...... Diversified Telecommunication Services 133,674 2,645,409
Wal-Mart de Mexico SA de CV, V ..................... Food & Staples Retailing 2,024 5,537
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14,077,901
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PANAMA 0.3%
Banco Latinoamericano de Exportaciones SA, E ....... Commercial Banks 56,700 946,323
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PHILIPPINES 0.7%
San Miguel Corp., B ................................ Beverages 1,862,699 2,484,303
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POLAND 1.5%
Polski Koncern Naftowy Orlen SA .................... Oil, Gas & Consumable Fuels 157,325 2,753,891
Telekomunikacja Polska SA .......................... Diversified Telecommunication Services 424,829 2,660,797
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5,414,688
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PORTUGAL 0.2%
Jeronimo Martins SGPS SA ........................... Food & Staples Retailing 46,779 828,001
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RUSSIA 6.8%
Gazprom ............................................ Oil, Gas & Consumable Fuels 406,490 4,329,119
b Gazprom, ADR, Reg S ................................ Oil, Gas & Consumable Fuels 16,500 706,200
LUKOIL, ADR ........................................ Oil, Gas & Consumable Fuels 101,006 7,802,713
LUKOIL, ADR (London Exchange) ...................... Oil, Gas & Consumable Fuels 19,010 1,469,473
Mining and Metallurgical Co. Norilsk Nickel ........ Metals & Mining 44,079 5,421,717
a Mobile Telesystems, ADR ............................ Wireless Telecommunication Services 77,300 2,319,000
a,d ZAO Polyus Gold Co. ................................ Metals & Mining 44,639 2,276,589
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24,324,811
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SINGAPORE 1.2%
ComfortDelGro Corp. Ltd. ........................... Road & Rail 1,505,000 1,391,401
Fraser and Neave Ltd. .............................. Industrial Conglomerates 248,367 3,019,659
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4,411,060
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SOUTH AFRICA 9.6%
Anglo American PLC ................................. Metals & Mining 199,236 7,906,472
Edgars Consolidated Stores Ltd. .................... Specialty Retail 279,251 1,439,451
a Imperial Holdings Ltd. ............................. Air Freight & Logistics 84,630 1,808,253
JD Group Ltd. ...................................... Specialty Retail 53,720 629,703
MTN Group Ltd. ..................................... Wireless Telecommunication Services 137,500 1,136,397
Nampak Ltd. ........................................ Containers & Packaging 182,864 470,761
Nedbank Group Ltd. ................................. Commercial Banks 285,187 4,866,311
Old Mutual PLC (GBP Traded) ........................ Insurance 1,808,410 5,691,124
Remgro Ltd. ........................................ Diversified Financial Services 396,049 7,875,143
SABMiller PLC ...................................... Beverages 62,888 1,159,315
Sappi Ltd. ......................................... Paper & Forest Products 99,239 1,222,321
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34,205,251
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Quarterly Statement of Investments | 5
Templeton Emerging Markets Fund
STATEMENT OF INVESTMENTS, MAY 31, 2006 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS AND RIGHTS (CONTINUED)
SOUTH KOREA 16.9%
Daewoo Shipbuilding & Marine Engineering Co.
Ltd. .............................................. Machinery 98,640 $ 2,711,896
Hana Financial Group Inc. .......................... Commercial Banks 112,352 5,096,649
Hite Brewery Co. Ltd. .............................. Beverages 2,659 288,197
a Hynix Semiconductor Inc. ........................... Semiconductors & Semiconductor Equipment 33,690 1,139,981
Hyundai Development Co. ............................ Construction & Engineering 104,630 5,299,542
Hyundai Motor Co. Ltd. ............................. Automobiles 1,710 132,901
Kangwon Land Inc. .................................. Hotels, Restaurants & Leisure 244,468 4,329,956
Kookmin Bank ....................................... Commercial Banks 23,750 1,946,310
Korea Gas Corp. .................................... Gas Utilities 35,380 1,204,648
LG Card Co. Ltd. ................................... Consumer Finance 91,240 4,534,503
LG Chem Ltd. ....................................... Chemicals 37,030 1,505,555
LG Corp. ........................................... Industrial Conglomerates 53,000 1,723,327
LG Electronics Inc. ................................ Household Durables 28,840 2,104,219
LG Petrochemical Co. Ltd. .......................... Chemicals 33,950 692,857
a,c Lotte Shopping Co. Ltd., GDR, 144A ................. Multiline Retail 163,000 2,885,100
Samsung Electronics Co. Ltd. ....................... Semiconductors & Semiconductor Equipment 21,456 13,885,029
Samsung Fine Chemicals Co. Ltd. .................... Chemicals 48,300 1,276,832
Shinhan Financial Group Co. Ltd. ................... Commercial Banks 46,340 2,160,933
SK Corp. ........................................... Oil, Gas & Consumable Fuels 49,120 3,313,795
SK Telecom Co. Ltd. ................................ Wireless Telecommunication Services 17,080 4,072,687
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60,304,917
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SWEDEN 0.9%
Oriflame Cosmetics SA, SDR ......................... Personal Products 93,598 3,173,253
a Oriflame Cosmetics, rts., 6/26/06 .................. Personal Products 93,598 99,083
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3,272,336
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TAIWAN 13.5%
Asustek Computer Inc. .............................. Computers & Peripherals 721,000 1,703,752
AU Optronics Corp. ................................. Electronic Equipment & Instruments 627,000 923,815
BenQ Corp. ......................................... Computers & Peripherals 856,000 630,610
China Motor Corp. .................................. Automobiles 345,000 363,470
Chinatrust Financial Holding Co. Ltd. .............. Commercial Banks 1,322,336 1,064,969
Chunghwa Telecom Co. Ltd. .......................... Diversified Telecommunication Services 1,416,000 2,652,099
D-Link Corp. ....................................... Communications Equipment 2,019,946 2,446,509
Lite-On It Corp. ................................... Computers & Peripherals 82,000 110,579
Lite-On Technology Corp. ........................... Computers & Peripherals 2,198,098 3,437,637
MediaTek Inc. ...................................... Semiconductors & Semiconductor Equipment 238,900 2,688,417
Mega Financial Holding Co. Ltd. .................... Commercial Banks 7,342,661 5,248,851
Premier Image Technology Corp. ..................... Leisure Equipment & Products 1,165,160 1,709,459
President Chain Store Corp. ........................ Food & Staples Retailing 926,188 1,931,305
Realtek Semiconductor Corp. ........................ Semiconductors & Semiconductor Equipment 2,183,200 2,487,492
Siliconware Precision Industries Co. ............... Semiconductors & Semiconductor Equipment 1,005,561 1,286,967
Sunplus Technology Co. Ltd. ........................ Semiconductors & Semiconductor Equipment 1,807,614 2,166,767
Synnex Technology International Corp. .............. Electronic Equipment & Instruments 1,088,320 1,226,420
Taiwan Mobile Co. Ltd. ............................. Wireless Telecommunication Services 5,208,372 5,202,682
Taiwan Semiconductor Manufacturing Co. Ltd. ........ Semiconductors & Semiconductor Equipment 2,608,044 4,909,163
Uni-President Enterprises Corp. .................... Food Products 5,154,350 3,781,090
6 | Quarterly Statement of Investments
Templeton Emerging Markets Fund
STATEMENT OF INVESTMENTS, MAY 31, 2006 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS AND RIGHTS (CONTINUED)
TAIWAN (CONTINUED)
United Microelectronics Corp. ........................ Semiconductors & Semiconductor Equipment 592,000 $ 373,292
a Yageo Corp. .......................................... Electronic Equipment & Instruments 375,000 145,154
Yang Ming Marine Transport Corp. ..................... Marine 186,000 116,413
Yuanta Core Pacific Securities Co. ................... Capital Markets 2,323,113 1,624,402
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48,231,314
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THAILAND 2.8%
Aromatics (Thailand) Public Co. Ltd., fgn. ........... Chemicals 100,200 64,637
Bangkok Bank Public Co. Ltd., fgn. ................... Commercial Banks 452,000 1,256,379
Kasikornbank Public Co. Ltd., fgn. ................... Commercial Banks 1,756,600 2,948,011
Land and Houses Public Co. Ltd., fgn. ................ Household Durables 2,920,032 539,825
Siam Cement Public Co. Ltd., fgn. .................... Construction Materials 311,820 1,995,125
Siam Commercial Bank Public Co. Ltd., fgn. ........... Commercial Banks 918,100 1,372,275
Thai Airways International Public Co. Ltd., fgn. ..... Airlines 163,800 193,287
a,c Thai Beverages Co., Ltd., 144A ....................... Beverages 4,000 658
a TMB Bank Public Co. Ltd., fgn. ....................... Commercial Banks 16,171,500 1,492,688
a True Corp. Public Co. Ltd., rts., 3/28/08 ............ Diversified Telecommunication Services 246,818 --
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9,862,885
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TURKEY 4.0%
Arcelik AS, Br. ...................................... Household Durables 417,921 2,602,876
a KOC Holding AS ....................................... Industrial Conglomerates 383,350 1,486,136
a Migros Turk TAS ...................................... Food & Staples Retailing 194,700 1,608,580
Tupras-Turkiye Petrol Rafineleri AS .................. Oil, Gas & Consumable Fuels 287,186 4,836,625
Turk Hava Yollari Anonim Ortakligi ................... Airlines 3,000 11,153
a,c Turk Hava Yollari Anonim Ortakligi, 144A ............. Airlines 435,000 1,617,255
Turkcell Iletisim Hizmetleri AS ...................... Wireless Telecommunication Services 20,000 91,516
Turkiye Is Bankasi (Isbank), C ....................... Commercial Banks 221,726 1,296,396
Turkiye Vakiflar Bankasi T.A.O. ...................... Commercial Banks 124,104 552,099
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14,102,636
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UNITED STATES 2.0%
HSBC Holdings PLC .................................... Commercial Banks 220,149 3,856,339
Provident Financial PLC .............................. Consumer Finance 285,785 3,250,043
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7,106,382
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UNITED STATES 0.1%
Avon Products Inc. ................................... Personal Products 8,800 278,960
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TOTAL COMMON STOCKS AND RIGHTS
(COST $224,426,892) ................................. 319,965,859
Quarterly Statement of Investments | 7
Templeton Emerging Markets Fund
STATEMENT OF INVESTMENTS, MAY 31, 2006 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES VALUE
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LONG TERM INVESTMENTS (CONTINUED)
PREFERRED STOCKS 7.3%
BRAZIL 7.2%
Banco Bradesco SA, ADR, pfd. ...................................... Commercial Banks 234,474 $ 7,163,181
Braskem SA, pfd., A ............................................... Chemicals 40,566 248,123
Companhia Vale do Rio Doce, ADR, pfd., A .......................... Metals & Mining 132,050 5,151,270
Petroleo Brasileiro SA, ADR, pfd. ................................. Oil, Gas & Consumable Fuels 115,180 8,795,145
Sadia SA, pfd. .................................................... Food Products 16,306 41,463
Suzano Bahia Sul Papel e Celulose SA, pfd., A ..................... Paper & Forest Products 118,196 680,965
Unibanco - Uniao de Bancos Brasileiros SA,
GDR, pfd. ....................................................... Commercial Banks 45,300 2,891,499
Usinas Siderurgicas de Minas Gerais SA, pfd., A ................... Metals & Mining 21,058 688,706
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25,660,352
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RUSSIA 0.1%
Surgutneftegaz, pfd. .............................................. Oil, Gas & Consumable Fuels 507,000 537,420
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TOTAL PREFERRED STOCKS
(COST $13,929,329) .............................................. 26,197,772
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TOTAL LONG TERM INVESTMENTS
(COST $238,356,221) ............................................. 346,163,631
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SHORT TERM INVESTMENTS
(COST $8,103,490) 2.3%
UNITED STATES 2.3%
e Franklin Institutional Fiduciary Trust
Money Market Portfolio, 4.71% ................................... 8,103,490 8,103,490
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TOTAL INVESTMENTS
(COST $246,459,711) 99.5% ....................................... 354,267,121
OTHER ASSETS, LESS LIABILITIES 0.5% .............................. 1,796,758
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NET ASSETS 100.0% ................................................ $356,063,879
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CURRENCY ABBREVIATION
GBP - British Pound
SELECTED PORTFOLIO ABBREVIATIONS
ADR - American Depository Receipt
GDR - Global Depository Receipt
SDR - Swedish Depository Receipt
a Non-income producing.
b Security was purchased pursuant to Regulation S under the Securities Act of
1933, which exempts from registration securities offered and sold outside of the
United States. Such a security cannot be sold in the United States without
either an effective registration statement filed pursuant to the Securities Act
of 1933, or pursuant to an exemption from registration. These securities have
been deemed liquid under guidelines approved by the Fund's Board of Trustees. At
May 31, 2006, the aggregate value of these securities was $5,184,927,
representing 1.46% of net assets.
c Security was purchased pursuant to Rule 144A under the Securities Act of 1933
and may be sold in transactions exempt from registration only to qualified
institutional buyers or in a public offering registered under the Securities Act
of 1933. These securities have been deemed liquid under guidelines approved by
the Fund's Board of Trustees. At May 31, 2006, the aggregate value of these
securities was $7,231,784, representing 2.03% of net assets.
d See Note 2 regarding restricted securities.
e The Franklin Institutional Fiduciary Trust Money Market Portfolio is managed
by an affiliate of the Fund's investment manager. The rate shown is the
annualized seven-day yield at period end.
8 | See Notes to Statement of Investments. | Quarterly Statement of Investments
Templeton Emerging Markets Fund
NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED)
Templeton Emerging Markets Fund (the Fund) is registered under the Investment
Company Act of 1940 as a diversified, closed-end investment company.
1. INCOME TAXES
At May 31, 2006, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:
Cost of investments ..................................... $ 251,003,670
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Unrealized appreciation ................................. $ 108,954,153
Unrealized depreciation ................................. (5,690,702)
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Net unrealized appreciation (depreciation) .............. $ 103,263,451
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2. RESTRICTED SECURITIES
At May 31, 2006, the Fund held investments in restricted securities, valued in
accordance with procedures approved by the Fund's Board of Trustees as
reflecting fair value, as follows:
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ACQUISITION
SHARES ISSUER DATE COST VALUE
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44,639 ZAO Polyus Gold Co. .................. 1/02/06 $ -- $2,276,589
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TOTAL RESTRICTED SECURITIES (0.64% of Net Assets)
For information on the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund's most recent
semiannual or annual shareholder report.
Quarterly Statement of Investments | 9
ITEM 2. CONTROLS AND PROCEDURES.
(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains
disclosure controls and procedures that are designed to ensure that information
required to be disclosed in the Registrant's filings under the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 is recorded,
processed, summarized and reported within the periods specified in the rules and
forms of the Securities and Exchange Commission. Such information is accumulated
and communicated to the Registrant's management, including its principal
executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure. The Registrant's management,
including the principal executive officer and the principal financial officer,
recognizes that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired
control objectives.
Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio
Holdings on Form N-Q, the Registrant had carried out an evaluation, under the
supervision and with the participation of the Registrant's management, including
the Registrant's principal executive officer and the Registrant's principal
financial officer, of the effectiveness of the design and operation of the
Registrant's disclosure controls and procedures. Based on such evaluation, the
Registrant's principal executive officer and principal financial officer
concluded that the Registrant's disclosure controls and procedures are
effective.
(b) CHANGES IN INTERNAL CONTROLS. There have been no significant changes
in the Registrant's internal controls or in other factors that could
significantly affect the internal controls subsequent to the date of their
evaluation in connection with the preparation of this Quarterly Schedule of
Portfolio Holdings on Form N-Q.
ITEM 3. EXHIBITS.
(a) Certifications pursuant to Section 30a-2 of the Investment Company Act of
1940 of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration,
and Galen G. Vetter, Chief Financial Officer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
TEMPLETON EMERGING MARKETS FUND
By /s/JIMMY D. GAMBILL
-----------------------
Jimmy D. Gambill
Chief Executive Officer -
Finance and Administration
Date July 27, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/JIMMY D. GAMBILL
-----------------------
Jimmy D. Gambill
Chief Executive Officer -
Finance and Administration
Date July 27, 2006
By /s/GALEN G. VETTER
------------------------------
Galen G. Vetter
Chief Financial Officer
Date July 27, 2006