Templeton Emerging Markets Fund (the Fund) is a closed-end investment company. The Fund seeks long-term capital appreciation by investing at least 80% of its net assets in emerging country equity securities. It makes investments in countries, such as Brazil, China, India, Thailand, Turkey, Russia, South Korea, Hong Kong, Indonesia and Untied States. It invests in various sectors, including oil, gas and consumable fuels, commercial banks, metals and mining, automobiles, and food and staples retailing. The Fund may invest in the Institutional Fiduciary Trust Money Market Portfolio (Sweep Money Fund), an open-end investment company managed by Franklin Advisers, Inc. Templeton Asset Management Ltd. is the Funds’ investment manager.