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: 11/30/05
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ITEM 1. SCHEDULE OF INVESTMENTS.
TEMPLETON EMERGING MARKETS FUND
QUARTERLY STATEMENT OF INVESTMENTS
NOVEMBER 30, 2005
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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
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TEMPLETON EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED)
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INDUSTRY SHARES/RIGHTS VALUE
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COMMON STOCKS 92.8%
Austria 0.3%
Wienerberger AG ................................. Building Products 23,150 $ 890,080
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BRAZIL 2.7%
Centrais Eletricas Brasileiras SA ............... Electric Utilities 67,922,000 1,242,231
Centrais Eletricas Brasileiras SA (Non-Taxable) . Electric Utilities 91,072,000 1,665,624
Companhia de Bebidas das Americas ............... Beverages 2,585,000 866,946
Embraer-Empresa Bras de Aeronautica SA .......... Aerospace & Defense 255,866 1,811,441
Souza Cruz SA ................................... Tobacco 229,973 3,182,154
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8,768,396
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CHINA 10.6%
Aluminum Corp. of China Ltd., H ................. Metals & Mining 4,146,000 2,994,042
Anhui Conch Cement Co. Ltd., H .................. Construction Materials 1,178,000 1,298,829
(a)China Construction Bank, H ...................... Commercial Banks 200,000 65,767
(a),(b)China Construction Bank, H, 144A ................ Commercial Banks 7,541,000 2,479,761
China International Marine Containers (Group),
Co. Ltd., B ................................... Machinery 357,500 277,993
China Mobile (Hong Kong) Ltd. ................... Wireless Telecommunication Services 2,045,500 10,049,977
China Resources Enterprise Ltd. ................. Distributors 1,662,000 2,957,677
China Travel International Investment
Hong Kong Ltd. ................................ Hotels, Restaurants & Leisure 2,112,000 490,238
Chongqing Changan Automobile Co. Ltd., B ........ Automobiles 722,800 217,177
CITIC Pacific Ltd. .............................. Industrial Conglomerates 450,192 1,233,665
Denway Motors Ltd. .............................. Automobiles 5,068,730 1,568,740
GOME Electrical Appliances Holdings Ltd. ........ Specialty Retail 130,000 76,696
Huadian Power International Corp. Ltd., H ....... Independent Power Producers & Energy Traders 2,922,000 800,718
Huaneng Power International, Inc., H ............ Independent Power Producers & Energy Traders 642,000 438,785
PetroChina Co. Ltd., H .......................... Oil, Gas & Consumable Fuels 5,932,000 4,628,040
(b)PetroChina Co. Ltd., H, 144A .................... Oil, Gas & Consumable Fuels 1,856,000 1,448,018
Shanghai Industrial Holdings Ltd. ............... Industrial Conglomerates 970,000 1,820,017
TCL Multimedia Technology Holdings Ltd. ......... Household Durables 1,312,508 206,492
Travelsky Technology Ltd., H .................... IT Services 1,177,000 1,016,932
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34,069,564
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CROATIA 0.8%
Pliva d.d., GDR, Reg S .......................... Pharmaceuticals 194,200 2,530,426
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CZECH REPUBLIC 0.0%(c)
Philip Morris CR AS ............................. Tobacco 164 114,493
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FINLAND 0.3%
Nokian Renkaat OYJ .............................. Auto Components 66,510 866,782
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GREECE 0.0%(c)
Coca-Cola Hellenic Bottling Co. SA .............. Beverages 4,130 107,745
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Quarterly Statement of Investments | 3
TEMPLETON EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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COMMON STOCKS (CONT.)
HONG KONG 2.2%
Cheung Kong (Holdings) Ltd. ................................ Real Estate 409,000 $ 4,256,351
Cheung Kong Infrastructure Holdings Ltd. ................... Electric Utilities 254,000 822,144
Dairy Farm International Holdings Ltd.
(USD Traded) .............................................. Food & Staples Retailing 214,000 749,000
Hopewell Holdings Ltd. ..................................... Transportation Infrastructure 22,000 54,046
MTR Corp. Ltd. ............................................. Road & Rail 655,513 1,314,475
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7,196,016
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HUNGARY 2.2%
BorsodChem Rt .............................................. Chemicals 47,907 524,208
Gedeon Richter Ltd. ........................................ Pharmaceuticals 11,894 2,140,217
Magyar Telekom Ltd. ........................................ Diversified Telecommunication Services 579,274 2,610,934
MOL Magyar Olaj-es Gazipari Rt ............................. Oil, Gas & Consumable Fuels 16,688 1,596,419
OTP Bank ................................................... Commercial Banks 8,758 289,534
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7,161,312
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INDIA 2.6%
Bharat Petroleum Corp. Ltd. ................................ Oil, Gas & Consumable Fuels 4,800 45,798
Gail India Ltd. ............................................ Gas Utilities 295,286 1,718,695
Hindustan Lever Ltd. ....................................... Household Products 450,033 1,784,343
Hindustan Petroleum Corp. Ltd. ............................. Oil, Gas & Consumable Fuels 432,140 3,199,380
Indian Oil Corp. Ltd. ...................................... Oil, Gas & Consumable Fuels 7,300 84,453
Ranbaxy Laboratories Ltd. .................................. Pharmaceuticals 3,000 25,179
Tata Tea Ltd. .............................................. Food Products 84,090 1,609,511
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8,467,359
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INDONESIA 0.4%
PT Astra International Tbk ................................. Automobiles 1,102,000 1,000,319
PT Bank Danamon Indonesia Tbk .............................. Commercial Banks 1,034,500 402,449
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1,402,768
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MALAYSIA 2.3%
Kuala Lumpur Kepong Bhd .................................... Food Products 224,600 493,430
Maxis Communications Bhd ................................... Wireless Telecommunication Services 1,045,000 2,406,432
Resorts World Bhd .......................................... Hotels, Restaurants & Leisure 704,500 2,107,160
Sime Darby Bhd ............................................. Industrial Conglomerates 801,600 1,336,707
Tanjong PLC ................................................ Hotels, Restaurants & Leisure 149,800 574,934
YTL Power International Bhd ................................ Water Utilities 893,884 537,088
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7,455,751
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MEXICO 4.2%
Fomento Economico Mexicano SA de CV (Femsa),
ADR ....................................................... Beverages 53,789 3,657,114
Grupo Bimbo SA de CV, A .................................... Food Products 176,271 625,306
(a)Grupo Televisa SA .......................................... Media 86,224 341,400
Kimberly Clark de Mexico SA de CV, A ....................... Household Products 1,572,800 5,728,347
Telefonos de Mexico SA de CV (Telmex), L, ADR .............. Diversified Telecommunication Services 133,674 2,998,308
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13,350,475
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PANAMA 0.3%
Banco Latinoamericano de Exportaciones SA, E ............... Commercial Banks 56,000 966,560
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4 | Quarterly Statement of Investments
TEMPLETON EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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COMMON STOCKS (CONT.)
PHILIPPINES 1.0%
San Miguel Corp., B ........................................ Beverages 1,862,699 $ 3,052,191
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POLAND 1.7%
Polski Koncern Naftowy Orlen SA ............................ Oil, Gas & Consumable Fuels 132,725 2,402,770
Telekomunikacja Polska SA .................................. Diversified Telecommunication Services 424,829 3,076,334
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5,479,104
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PORTUGAL 0.2%
(a)Jeronimo Martins SGPS SA ................................... Food & Staples Retailing 45,619 655,858
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RUSSIA 4.0%
Lukoil Holdings, ADR ....................................... Oil, Gas & Consumable Fuels 84,156 4,801,100
Mining and Metallurgical Co. Norilsk Nickel ................ Metals & Mining 44,639 3,758,604
Mobile Telesystems, ADR .................................... Wireless Telecommunication Services 75,100 2,663,797
Unified Energy Systems ..................................... Electric Utilities 3,508,000 1,433,018
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12,656,519
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SINGAPORE 3.7%
ComfortDelGro Corp. Ltd. ................................... Road & Rail 1,505,000 1,334,930
DBS Group Holdings Ltd. .................................... Commercial Banks 49,000 475,194
Fraser and Neave Ltd. ...................................... Industrial Conglomerates 387,367 3,962,775
Keppel Corp. Ltd. .......................................... Industrial Conglomerates 406,000 2,808,941
Singapore Press Holdings Ltd. .............................. Media 301,250 801,623
Singapore Technologies Engineering Ltd. .................... Aerospace & Defense 477,000 741,831
Singapore Telecommunications Ltd. .......................... Diversified Telecommunication Services 1,127,142 1,672,950
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11,798,244
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SOUTH AFRICA 8.7%
Anglo American PLC ......................................... Metals & Mining 221,710 6,937,663
Edgars Consolidated Stores Ltd. ............................ Specialty Retail 70,000 328,399
(a)Imperial Holdings Ltd. ..................................... Air Freight & Logistics 75,200 1,437,959
JD Group Ltd. .............................................. Specialty Retail 4,500 50,375
Nampak Ltd. ................................................ Containers & Packaging 151,110 376,687
Nedbank Group Ltd. ......................................... Commercial Banks 254,224 3,444,183
(b)Nedbank Group Ltd., 144A ................................... Commercial Banks 26,486 358,828
Old Mutual PLC (GBP Traded) ................................ Insurance 1,731,710 4,529,783
Remgro Ltd. ................................................ Diversified Financial Services 394,749 6,907,160
SABMiller PLC .............................................. Beverages 62,888 1,125,608
Sappi Ltd. ................................................. Paper & Forest Products 196,710 2,106,106
(a)Steinhoff International Holdings Ltd. ...................... Household Durables 90,000 241,074
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27,843,825
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SOUTH KOREA 19.6%
CJ Corp. ................................................... Food Products 37,520 3,742,959
Daewoo Shipbuilding & Marine Engineering
Co. Ltd. .................................................. Machinery 191,200 4,432,154
Daishin Securities Co. Ltd. ................................ Capital Markets 2,800 56,135
Hana Financial Holdings .................................... Commercial Banks 111,240 4,218,114
Hite Brewery Co. Ltd. ...................................... Beverages 12,885 1,875,311
Hyundai Development Co. .................................... Construction & Engineering 103,330 4,362,269
Kangwon Land Inc. .......................................... Hotels, Restaurants & Leisure 215,068 4,249,537
Korea Gas Corp. ............................................ Gas Utilities 35,180 1,154,582
Quarterly Statement of Investments | 5
TEMPLETON EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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COMMON STOCKS (CONT.)
SOUTH KOREA (CONT.)
(a)LG Card Co. Ltd. ......................................... Consumer Finance 70,210 $ 3,430,985
LG Chem Ltd. ............................................. Chemicals 60,150 3,043,735
(a)LG Corp. ................................................. Industrial Conglomerates 125,000 3,397,590
LG Electronics Inc. ...................................... Household Durables 28,540 2,162,163
LG Petrochemical Co. Ltd. ................................ Chemicals 42,920 1,131,433
(a)LG Philips LCD Co. Ltd. .................................. Electronic Equipment & Instruments 14,680 641,675
POSCO .................................................... Metals & Mining 8,650 1,730,000
Samsung Electronics Co. Ltd. ............................. Semiconductors & Semiconductor Equipment 20,486 11,807,834
Samsung Fine Chemicals Co. Ltd. .......................... Chemicals 80,460 2,516,556
Samsung Heavy Industries Co. Ltd. ........................ Machinery 102,550 1,502,419
Shinhan Financial Group Co. Ltd. ......................... Commercial Banks 46,340 1,786,603
SK Corp. ................................................. Oil, Gas & Consumable Fuels 46,130 2,400,983
SK Telecom Co. Ltd. ...................................... Wireless Telecommunication Services 17,040 3,194,487
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62,837,524
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SWEDEN 0.8%
Oriflame Cosmetics SA, SDR ............................... Personal Products 93,598 2,464,906
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TAIWAN 13.6%
Acer Inc. ................................................ Computers & Peripherals 513,361 1,138,062
BenQ Corp. ............................................... Computers & Peripherals 842,000 761,218
Chinatrust Financial Holding Co. Ltd. .................... Commercial Banks 1,301,336 1,046,411
Chunghwa Telecom Co. Ltd. ................................ Diversified Telecommunication Services 1,265,000 2,151,393
D-Link Corp. ............................................. Communications Equipment 2,019,946 2,323,370
Delta Electronics Inc. ................................... Electronic Equipment & Instruments 509,179 1,025,483
Elan Microelectronics Corp. .............................. Semiconductors & Semiconductor Equipment 979 384
Lite-On Technology Corp. ................................. Computers & Peripherals 2,560,098 3,227,287
MediaTek Inc. ............................................ Semiconductors & Semiconductor Equipment 391,900 4,098,431
Mega Financial Holding Co. Ltd. .......................... Commercial Banks 6,421,661 4,215,260
Premier Image Technology Corp. ........................... Leisure Equipment & Products 1,443,160 1,791,274
President Chain Store Corp. .............................. Food & Staples Retailing 929,188 1,705,034
Realtek Semiconductor Corp. .............................. Semiconductors & Semiconductor Equipment 2,164,200 2,427,949
Siliconware Precision Industries Co. ..................... Semiconductors & Semiconductor Equipment 1,005,561 1,066,602
Sunplus Technology Co. Ltd. .............................. Semiconductors & Semiconductor Equipment 1,802,614 1,812,537
Synnex Technology International Corp. .................... Electronic Equipment & Instruments 1,024,320 1,207,222
Taiwan Mobile Co. Ltd. ................................... Wireless Telecommunication Services 5,151,372 4,564,925
Taiwan Semiconductor Manufacturing Co. Ltd. .............. Semiconductors & Semiconductor Equipment 2,484,044 4,409,918
Uni-President Enterprises Corp. .......................... Food Products 6,670,350 2,826,124
Yang Ming Marine Transport Corp. ......................... Marine 128,000 80,393
Yuanta Core Pacific Securities Co. ....................... Capital Markets 2,793,113 1,675,093
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43,554,370
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THAILAND 3.4%
Bangkok Bank Public Co. Ltd., fgn. ....................... Commercial Banks 420,000 1,069,221
BEC World Public Co. Ltd., fgn. .......................... Media 1,397,900 447,382
Kasikornbank Public Co. Ltd., fgn. ....................... Commercial Banks 1,756,600 2,725,722
Land and House Public Co. Ltd., fgn. ..................... Household Durables 2,895,032 572,057
Shin Corp. Public Co. Ltd., fgn. ......................... Wireless Telecommunication Services 1,357,900 1,267,527
Siam Cement Public Co. Ltd., fgn. ........................ Construction Materials 286,920 1,725,207
Siam Commercial Bank Public Co. Ltd., fgn. ............... Commercial Banks 908,000 1,051,206
Siam Makro Public Co. Ltd., fgn. ......................... Food & Staples Retailing 129,400 223,379
6 | Quarterly Statement of Investments
TEMPLETON EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)
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INDUSTRY SHARES/RIGHTS VALUE
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COMMON STOCKS (CONT.)
THAILAND (CONT.)
Thai Airways International Public Co. Ltd., fgn. .......... Airlines 132,900 $ 135,011
(a)TMB Bank Public Co. Ltd., fgn. ............................ Commercial Banks 16,171,500 1,552,652
(a)True Corp. Public Co. Ltd., rts., 3/28/08 ................. Diversified Telecommunication Services 246,818 --
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10,769,364
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TURKEY 3.7%
Arcelik AS, Br ............................................ Household Durables 417,921 2,680,364
KOC Holding AS ............................................ Industrial Conglomerates 373,850 1,832,733
Migros Turk TAS ........................................... Food & Staples Retailing 224,485 2,184,447
(a)Petkim Petrokimya Holding AS .............................. Chemicals 16,197 91,343
Tupras-Turkiye Petrol Rafineleri AS ....................... Oil, Gas & Consumable Fuels 184,686 3,240,344
Turkiye Is Bankasi, C ..................................... Commercial Banks 221,726 1,912,417
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11,941,648
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UNITED KINGDOM 2.6%
HSBC Holdings PLC ......................................... Commercial Banks 341,219 5,478,267
Provident Financial PLC ................................... Consumer Finance 282,070 2,907,435
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8,385,702
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UNITED STATES 0.3%
Avon Products Inc. ........................................ Personal Products 32,000 875,200
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TOTAL COMMON STOCKS (COST $208,386,415) ................... 297,455,124
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PREFERRED STOCKS 5.9%
BRAZIL 5.9%
Banco Bradesco SA, ADR, pfd. .............................. Commercial Banks 117,237 7,198,352
Cia Vale do Rio Doce, ADR, pfd., A ........................ Metals & Mining 76,800 2,906,112
Klabin SA, pfd. ........................................... Containers & Packaging 465 907
Petroleo Brasileiro SA, ADR, pfd. ......................... Oil, Gas & Consumable Fuels 82,780 5,099,248
Suzano Bahia Sul Papel e Celulose SA, pfd., A ............. Paper & Forest Products 118,196 681,230
Unibanco Uniao de Bancos Brasileiros SA, GDR,pfd. ......... Commercial Banks 26,800 1,657,312
Usinas Siderurgicas de Minas Gerais SA, pfd., A ........... Metals & Mining 52,158 1,223,766
Votorantim Celulose E Papel SA, ADR, pfd. ................. Paper & Forest Products 11,000 135,630
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TOTAL PREFERRED STOCKS (COST $7,438,874) .................. 18,902,557
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Quarterly Statement of Investments | 7
TEMPLETON EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)
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SHARES VALUE
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SHORT TERM INVESTMENTS (COST $6,022,756) 1.9%
UNITED STATES 1.9%
(d)Franklin Institutional Fiduciary Trust Money Market Portfolio 6,022,756 $ 6,022,756
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TOTAL INVESTMENTS
(COST $221,848,045) 100.0% 320,587,495
OTHER ASSETS, LESS LIABILITIES 0.0%C .......................... (133,882)
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NET ASSETS 100.0%.............................................. $ 320,453,613
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CURRENCY ABBREVIATIONS
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 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 November 30, 2005,
the aggregate value of these securities was $4,286,607, representing 1.34%
of net assets.
(c) Rounds to less than 0.05% of net assets.
(d) The Franklin Institutional Fiduciary Trust Money Market Portfolio is
managed by an affiliate of the Fund's investment manager.
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 November 30, 2005, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:
Cost of investments ...................................... $ 226,403,317
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Unrealized appreciation .................................. $ 97,479,129
Unrealized depreciation .................................. (3,294,951)
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Net unrealized appreciation (depreciation) ............... $ 94,184,178
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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
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Jimmy D. Gambill
Chief Executive Officer -
Finance and Administration
Date January 23, 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
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Jimmy D. Gambill
Chief Executive Officer -
Finance and Administration
Date January 23, 2006
By /s/GALEN G. VETTER
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Galen G. Vetter
Chief Financial Officer
Date January 23, 2006