Edgar Filing: TEMPLETON EMERGING MARKETS FUND

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: 11/30/06
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ITEM 1. SCHEDULE OF INVESTMENTS.

Templeton Emerging Markets Fund

QUARTERLY STATEMENT OF INVESTMENTS
NOVEMBER 30, 2006

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CONTENTS

Statement of Investments ................................................... 3

Notes to Statement of Investments .......................................... 7

[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, 2006 (UNAUDITED)

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INDUSTRY SHARES/RIGHTS VALUE
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LONG TERM INVESTMENTS 99.4%
COMMON STOCKS AND RIGHTS 88.7%
AUSTRIA 0.7%
OMV AG .......................................... Oil, Gas & Consumable Fuels 43,360 $ 2,325,313
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BRAZIL 2.2%
Centrais Eletricas Brasileiras SA ............... Electric Utilities 67,922,000 1,612,559
Centrais Eletricas Brasileiras SA (Non - Taxable) Electric Utilities 91,072,000 2,162,171
Souza Cruz SA ................................... Tobacco 229,973 3,971,682
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7,746,412
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CHINA 12.5%
Aluminum Corp. of China Ltd., H ................. Metals & Mining 9,792,000 7,867,891
China Mobile Ltd. ............................... Wireless Telecommunication Services 385,500 3,241,224
China Petroleum and Chemical Corp., H ........... Oil, Gas & Consumable Fuels 7,874,000 6,225,546
Chongqing Changan Automobile Co. Ltd., B ........ Automobiles 2,140,800 1,249,508
CNOOC Ltd. ...................................... Oil, Gas & Consumable Fuels 6,512,000 5,743,088
Denway Motors Ltd. .............................. Automobiles 6,664,730 2,621,869
PetroChina Co. Ltd., H .......................... Oil, Gas & Consumable Fuels 9,832,000 12,513,650
a PetroChina Co. Ltd., H, 144A .................... Oil, Gas & Consumable Fuels 1,856,000 2,362,219
Yanzhou Coal Mining Co. Ltd., H ................. Oil, Gas & Consumable Fuels 2,340,000 1,663,596
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43,488,591
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HONG KONG 0.5%
Dairy Farm International Holdings Ltd. .......... Food & Staples Retailing 528,600 1,638,660
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HUNGARY 3.6%
b Magyar Telekom PLC .............................. Diversified Telecommunication Services 616,974 3,007,223
MOL Magyar Olaj-es Gazipari Rt. ................. Oil, Gas & Consumable Fuels 56,975 6,406,308
Richter Gedeon Nyrt. ............................ Pharmaceuticals 15,314 3,159,480
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12,573,011
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INDIA 2.4%
Gail India Ltd. ................................. Gas Utilities 295,286 1,768,737
Indian Oil Corp. Ltd. ........................... Oil, Gas & Consumable Fuels 104,300 1,039,024
Oil & Natural Gas Corp. Ltd. .................... Oil, Gas & Consumable Fuels 250,395 4,839,192
a Oil & Natural Gas Corp. Ltd., 144A .............. Oil, Gas & Consumable Fuels 45,645 882,146
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8,529,099
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INDONESIA 0.9%
PT Astra International Tbk ...................... Automobiles 1,409,000 2,452,106
PT Bank Internasional Indonesia Tbk ............. Commercial Banks 23,627,000 605,821
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3,057,927
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MALAYSIA 2.1%
Maxis Communications Bhd. ....................... Wireless Telecommunication Services 1,360,500 3,722,761
Sime Darby Bhd. ................................. Industrial Conglomerates 908,400 1,694,776
Tanjong PLC ..................................... Independent Power Producers & Energy Traders 465,800 1,789,558
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7,207,095
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MEXICO 2.9%
Kimberly Clark de Mexico SAB de CV, A ........... Household Products 1,572,800 6,577,405
Telefonos de Mexico SA de CV, L, ADR ............ Diversified Telecommunication Services 133,674 3,488,891
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10,066,296
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Quarterly Statement of Investments | 3

Templeton Emerging Markets Fund

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2006 (UNAUDITED) (CONTINUED)

LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS AND RIGHTS (CONTINUED)
PAKISTAN 0.5%
Pakistan Telecommunications Corp., A ............ Diversified Telecommunication Services 2,101,000 $ 1,604,237
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PANAMA 0.3%
Banco Latinoamericano de Exportaciones SA, E .... Commercial Banks 56,700 907,200
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POLAND 1.6%
b Grupa Lotos SA .................................. Oil, Gas & Consumable Fuels 55,000 1,550,475
Polski Koncern Naftowy Orlen SA ................. Oil, Gas & Consumable Fuels 234,250 4,209,885
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5,760,360
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RUSSIA 9.8%
Gazprom ......................................... Oil, Gas & Consumable Fuels 169,250 1,980,225
Gazprom, ADR .................................... Oil, Gas & Consumable Fuels 189,110 8,850,348
LUKOIL, ADR ..................................... Oil, Gas & Consumable Fuels 101,006 8,989,534
LUKOIL, ADR (London Exchange) ................... Oil, Gas & Consumable Fuels 36,510 3,242,088
Mining and Metallurgical Co. Norilsk Nickel ..... Metals & Mining 44,679 6,733,125
Mobile Telesystems, ADR ......................... Wireless Telecommunication Services 77,300 3,718,130
b ZAO Polyus Gold Co. ............................. Metals & Mining 14,668 737,067
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34,250,517
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SOUTH AFRICA 7.4%
Edgars Consolidated Stores Ltd. ................. Specialty Retail 466,251 2,435,470
b Imperial Holdings Ltd. .......................... Air Freight & Logistics 84,630 1,740,997
JD Group Ltd. ................................... Specialty Retail 163,080 1,806,061
Massmart Holdings Ltd. .......................... Food & Staples Retailing 204,165 1,864,381
MTN Group Ltd. .................................. Wireless Telecommunication Services 241,400 2,464,674
Old Mutual PLC .................................. Insurance 1,835,260 5,988,110
Remgro Ltd. ..................................... Diversified Financial Services 422,870 9,466,578
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25,766,271
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SOUTH KOREA 16.7%
Hana Financial Group Inc. ....................... Commercial Banks 112,352 5,742,422
Hyundai Development Co. ......................... Construction & Engineering 104,630 6,507,359
Kangwon Land Inc. ............................... Hotels, Restaurants & Leisure 292,418 6,151,366
LG Card Co. Ltd. ................................ Consumer Finance 105,090 6,829,974
Lotte Shopping Co. Ltd. ......................... Multiline Retail 4,860 1,989,810
Samsung Electronics Co. Ltd. .................... Semiconductors & Semiconductor Equipment 25,036 17,187,247
Shinhan Financial Group Co. Ltd. ................ Commercial Banks 65,610 3,194,547
SK Corp. ........................................ Oil, Gas & Consumable Fuels 87,600 6,447,345
SK Telecom Co. Ltd. ............................. Wireless Telecommunication Services 17,080 3,969,742
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58,019,812
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SWEDEN 1.0%
Oriflame Cosmetics SA, SDR ...................... Personal Products 91,120 3,431,765
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TAIWAN 8.7%
Asustek Computer Inc. ........................... Computers & Peripherals 805,200 2,213,429
Lite-On Technology Corp. ........................ Computers & Peripherals 2,208,903 2,865,290
MediaTek Inc. ................................... Semiconductors & Semiconductor Equipment 200,090 2,047,922
Mega Financial Holding Co. Ltd. ................. Commercial Banks 7,825,661 5,928,531
Siliconware Precision Industries Co. ............ Semiconductors & Semiconductor Equipment 1,353,699 2,197,563

4 | Quarterly Statement of Investments

Templeton Emerging Markets Fund

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2006 (UNAUDITED) (CONTINUED)

LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS AND RIGHTS (CONTINUED)
TAIWAN (CONTINUED)
Sunplus Technology Co. Ltd. ..................... Semiconductors & Semiconductor Equipment 1,897,676 $ 1,948,140
Taiwan Mobile Co. Ltd. .......................... Wireless Telecommunication Services 5,208,372 5,209,982
Taiwan Semiconductor Manufacturing Co. Ltd. ..... Semiconductors & Semiconductor Equipment 3,858,717 7,815,274
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30,226,131
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THAILAND 5.9%
Bangkok Bank Public Co. Ltd., fgn. .............. Commercial Banks 618,000 2,255,412
Kasikornbank Public Co. Ltd., fgn. .............. Commercial Banks 2,251,200 4,484,212
Kiatnakin Bank Public Co. Ltd., fgn. ............ Consumer Finance 1,191,000 995,403
Land and Houses Public Co. Ltd., fgn. ........... Household Durables 6,872,332 1,617,808
PTT Exploration and Production Public Co.
Ltd., fgn. ..................................... Oil, Gas & Consumable Fuels 647,300 2,001,680
PTT Public Co. Ltd., fgn. ....................... Oil, Gas & Consumable Fuels 491,000 3,118,763
Siam Cement Public Co. Ltd., fgn. ............... Construction Materials 608,620 4,442,358
Siam Commercial Bank Public Co. Ltd., fgn. ...... Commercial Banks 918,100 1,764,839
b True Corp. Public Co. Ltd., rts., 3/28/08 ....... Diversified Telecommunication Services 246,818 --
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20,680,475
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TURKEY 7.7%
Akbank TAS ...................................... Commercial Banks 2,178,585 12,213,563
Arcelik AS, Br. ................................. Household Durables 540,651 2,993,802
Tupras-Turkiye Petrol Rafineleri AS ............. Oil, Gas & Consumable Fuels 427,186 7,052,426
Turkcell Iletisim Hizmetleri AS ................. Wireless Telecommunication Services 525,317 2,457,201
Turkiye Vakiflar Bankasi T.A.O. ................. Commercial Banks 442,104 1,961,528
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26,678,520
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UNITED KINGDOM 1.3%
HSBC Holdings PLC ............................... Commercial Banks 178,066 3,307,926
Provident Financial PLC ......................... Consumer Finance 110,785 1,397,977
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4,705,903
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TOTAL COMMON STOCKS AND RIGHTS
(COST $214,051,240) ............................ 308,663,595
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PREFERRED STOCKS 10.7%
BRAZIL 10.7%
Banco Bradesco SA, ADR, pfd. .................... Commercial Banks 208,074 7,846,471
Companhia Vale do Rio Doce, ADR, pfd., A ........ Metals & Mining 441,550 10,398,502
Petroleo Brasileiro SA, ADR, pfd. ............... Oil, Gas & Consumable Fuels 167,580 14,227,542
Unibanco - Uniao de Bancos Brasileiros SA,
GDR, pfd. ...................................... Commercial Banks 56,700 4,800,789
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TOTAL PREFERRED STOCKS
(COST $20,090,627) ............................. 37,273,304
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TOTAL LONG TERM INVESTMENTS
(COST $234,141,867) ............................ 345,936,899
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Quarterly Statement of Investments | 5

Templeton Emerging Markets Fund

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2006 (UNAUDITED) (CONTINUED)

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SHARES VALUE
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SHORT TERM INVESTMENTS (COST $4,063,006) 1.2%
MONEY MARKET FUND 1.2%
UNITED STATES 1.2%
c Franklin Institutional Fiduciary Trust
Money Market Portfolio, 4.97% ................... 4,063,006 $ 4,063,006
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TOTAL INVESTMENTS
(COST $238,204,873) 100.6% ..................... 349,999,905
OTHER ASSETS, LESS LIABILITIES (0.6)% ........... (2,127,371)
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NET ASSETS 100.0% .............................. $ 347,872,534
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SELECTED PORTFOLIO ABBREVIATIONS

ADR - American Depository Receipt
GDR - Global Depository Receipt
SDR - Swedish Depository Receipt

a 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, 2006,
the aggregate value of these securities was $3,244,365 representing 0.93%
of net assets.

b Non-income producing for the twelve months ended November 30, 2006.

c 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.

6 | 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, 2006, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments ........................................... $ 245,108,781
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Unrealized appreciation ....................................... $ 105,499,463
Unrealized depreciation ....................................... (608,339)
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Net unrealized appreciation (depreciation) .................... $ 104,891,124
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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 | 7

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 25, 2007

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 25, 2007

By /s/GALEN G. VETTER
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Galen G. Vetter
Chief Financial Officer
Date January 25, 2007