Schedule 14A Information

Proxy Statement Pursuant to Section 14(A) of the

Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant                                   [X]

Filed by a Party other than the Registrant     [  ]

Check the appropriate box:

[   ]  Preliminary Proxy Statement                 [ ] Confidential, for Use of the Commission

[X]  Definitive Proxy Statement                         Only (as permitted by Rule 14a-6(e)(2))

[   ]  Definitive Additional Materials

[   ]  Soliciting Material under Section 240.14a-12

Templeton Emerging Markets Fund

 (Name of Registrant as Specified in its Charter)

Name of Person(s) Filing Proxy Statement, other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required.

[ ]  Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1)  Title of each class of securities to which transaction applies:

(2)  Aggregate number of securities to which transaction applies:

(3)  Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

(4)  Proposed maximum aggregate value of transaction:

(5)  Total fee paid:

[ ]  Fee paid previously with preliminary materials.

[ ]  Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:

(2) Form, Schedule or Registration Statement No.:

(3) Filing Party:

(4) Date Filed:

TEMPLETON EMERGING MARKETS FUND

IMPORTANT SHAREHOLDER INFORMATION

These materials are for the Annual Meeting of Shareholders (the “Meeting”) scheduled for March 2, 2015, at 12 Noon, Eastern time. The enclosed materials discuss the proposals (the “Proposals” or each, a “Proposal”) to be voted on at the Meeting, and contain the Notice of Meeting, proxy statement and proxy card. A proxy card is, in essence, a ballot. When you vote your proxy, it tells us how you wish to vote on important issues relating to Templeton Emerging Markets Fund (the “Fund”). If you specify a vote on a Proposal, your proxy will be voted as you indicate. If you specify a vote on any Proposal, but not all Proposals, your proxy will be voted as specified on each such Proposal and, on any Proposals for which no vote is specified, your proxy will be voted in accordance with the Trustees’ recommendations on page 1 of the proxy statement. If you simply sign, date and return the proxy card, but do not specify a vote on any Proposal, your proxy will be voted in accordance with the Trustees’ recommendations on page 1 of the proxy statement.

We urge you to spend a few minutes reviewing the Proposals in the proxy statement. Then, please fill out and sign the proxy card and return it to us so that we know how you would like to vote. When shareholders return their proxies promptly, the Fund may be able to save money by not having to conduct additional mailings.

We welcome your comments. If you have any questions, call Fund Information at (800) DIAL BEN^®/342-5236.

This page intentionally left blank.

TEMPLETON EMERGING MARKETS FUND

NOTICE OF 2015 ANNUAL MEETING OF SHAREHOLDERS

The Annual Meeting of Shareholders (the “Meeting”) of Templeton Emerging Markets Fund (the “Fund”) will be held at the Fund’s offices, 300 S.E. 2nd Street, Fort Lauderdale, Florida 33301-1923 on March 2, 2015, at 12 Noon, Eastern time.

During the Meeting, shareholders of the Fund will vote on the following Proposals:

1. The election of four Trustees of the Fund to hold office for the terms specified.

2. The ratification of the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund for the fiscal year ending August 31, 2015.

3. If properly presented, a shareholder proposal requesting the Fund’s Board of Trustees institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity.

By Order of the Board of Trustees,

Lori A. Weber
Vice President and Secretary

January 2, 2015

Please sign and promptly return the proxy card or voting instruction form in the enclosed
self-addressed envelope regardless of the number of shares you own. If you have any questions,
call Fund Information at (800) DIAL BEN^®/342-5236.

This page intentionally left blank.

TEMPLETON EMERGING MARKETS FUND

PROXY STATEMENT

n INFORMATION ABOUT VOTING

Who is asking for my vote?

The Board of Trustees of Templeton Emerging Markets Fund (the “Fund”), in connection with the Fund’s Annual Meeting of Shareholders (the “Meeting”), has requested your vote.

Who is eligible to vote?

Shareholders of record at the close of business on December 12, 2014, are entitled to be present and to vote at the Meeting or any adjourned Meeting. Each share of record is entitled to one vote (and a proportionate fractional vote for each fractional share) on each matter presented at the Meeting. The Notice of Meeting, the proxy statement, and the proxy card were first mailed to shareholders of record on or about January 2, 2015.

On what issues am I being asked to vote?

You are being asked to vote on three Proposals:

1. The election of four Trustees of the Fund;

2. The ratification of the selection of PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund for the fiscal year ending August 31, 2015; and

3. If properly presented, a shareholder proposal requesting the Fund’s Board of Trustees institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity.

How do the Fund’s Trustees recommend that I vote?

The Trustees unanimously recommend that you vote FOR the election of the four nominees for Trustee (Proposal 1), FOR the ratification of the selection of PwC as the independent registered public accounting firm for the Fund for the fiscal year ending August 31, 2015 (Proposal 2), and AGAINST the shareholder proposal (Proposal 3).

How do I ensure that my vote is accurately recorded?

You may attend the Meeting and vote in person or you may complete and return the enclosed proxy card. If you are eligible to vote by telephone or through the Internet, instructions are enclosed.

1

Proxy cards that are properly signed, dated and received at or prior to the Meeting will be voted as specified. If you specify a vote on any of the Proposals, your proxy will be voted as you indicate. With respect to any Proposal for which you do not specify a vote, your proxy will be voted in accordance with the Trustees’ recommendations above. If you simply sign, date and return the proxy card, but do not specify a vote on any Proposal, your proxy will be voted in accordance with the Trustees’ recommendations above.

May I revoke my proxy?

You may revoke your proxy at any time before it is voted by forwarding a written revocation or a later-dated proxy to the Fund that is received by the Fund at or prior to the Meeting, or by attending the Meeting and voting in person.

What if my shares are held in a brokerage account?

If your shares are held by your broker, then in order to vote in person at the Meeting, you will need to obtain a “Legal Proxy” from your broker and present it to the Inspector of Election at the Meeting. Also, in order to revoke your proxy, you may need to forward your written revocation or a later-dated proxy card to your broker rather than to the Fund.

May I attend the Meeting in Person?

Shareholders of record at the close of business on December 12, 2014 are entitled to attend the Meeting. Eligible shareholders who intend to attend the Meeting in person will need to bring proof of share ownership as of December 12, 2014 and a valid picture identification, such as a driver’s license or passport, for admission to the Meeting. Seating is very limited. Shareholders without proof of ownership and identification will not be admitted.

n THE PROPOSALS

PROPOSAL 1: ELECTION OF TRUSTEES

How are nominees selected?

The Board of Trustees of the Fund (the “Board” or the “Trustees”) has a Nominating Committee consisting of Edith E. Holiday (Chairperson), Frank J. Crothers and Frank A. Olson, none of whom is an “interested person” of the Fund as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). Trustees who are not interested persons of the Fund are referred to as the “Independent Trustees,” and Trustees who are interested persons of the Fund are referred to as the “Interested Trustees.”

The Nominating Committee is responsible for selecting candidates to serve as Trustees and recommending such candidates (a) for selection and nomination as Independent Trustees by the

2

incumbent Independent Trustees and the full Board; and (b) for selection and nomination as Interested Trustees by the full Board. In considering a candidate’s qualifications, the Nominating Committee generally considers the potential candidate’s educational background, business or professional experience, and reputation. In addition, the Nominating Committee has established as minimum qualifications for Board membership as an Independent Trustee: (1) that such candidate be independent from relationships with the Fund’s investment manager and other principal service providers both within the terms and the spirit of the statutory independence requirements specified under the 1940 Act and the rules thereunder; (2) that such candidate demonstrate an ability and willingness to make the considerable time commitment, including personal attendance at Board meetings, believed necessary to his or her function as an effective Board member; and (3) that such candidate have no continuing relationship as a director, officer or board member of any U.S. registered investment company other than those within the Franklin Templeton Investments fund complex or a closed-end business development company primarily investing in non-public entities. The Nominating Committee has not adopted any specific policy on the issue of diversity, but will take this into account, among other factors, in its consideration of new candidates to the Board.

When the Board has or expects to have a vacancy, the Nominating Committee receives and reviews information on individuals qualified to be recommended to the full Board as nominees for election as Trustees, including any recommendations by “Qualifying Fund Shareholders” (as defined below). Such individuals are evaluated based upon the criteria described above. To date, the Nominating Committee has been able to identify, and expects to continue to be able to identify, from its own resources an ample number of qualified candidates. The Nominating Committee, however, will review recommendations from Qualifying Fund Shareholders to fill vacancies on the Board if these recommendations are submitted in writing and addressed to the Nominating Committee at the Fund’s offices and are presented with appropriate background material concerning the candidate that demonstrates his or her ability to serve as a Trustee, including as an Independent Trustee, of the Fund. A Qualifying Fund Shareholder is a shareholder who (i) has continuously owned of record, or beneficially through a financial intermediary, shares of the Fund having a net asset value of not less than two hundred fifty thousand dollars ($250,000) during the twenty-four month period prior to submitting the recommendation; and

Qualifying Fund Shareholder and the length of time that the shares have been owned by the Qualifying Fund Shareholder; (c) a description of all arrangements and understandings between the Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (d) the name, age, date of birth, business address and residence address of the person or persons being recommended; (e) such other information regarding each person recommended by the Qualifying Fund Shareholder as would be required to be included in a proxy statement filed pursuant to the proxy rules of the U.S. Securities and Exchange Commission (“SEC”) had the nominee been nominated by the

3

Board; (f) whether the shareholder making the recommendation believes the person recommended would or would not be an “interested person” of the Fund, as defined in the 1940 Act; and (g) the written consent of each person recommended to serve as a Trustee of the Fund if so nominated and elected/appointed.

The Nominating Committee may amend these procedures from time to time, including the procedures relating to the evaluation of nominees and the process for submitting recommendations to the Nominating Committee.

The Board has adopted and approved a formal written charter for the Nominating Committee. A copy of the charter was included in the Fund’s proxy statement for its 2014 Annual Meeting of Shareholders.

Who are the nominees and Trustees?

The Board is divided into three classes. Each class has a term of three years. Each year, the term of office of one class expires. This year, the terms of four Trustees expire: Ann Torre Bates, David W. Niemiec, Larry D. Thompson and Robert E. Wade. These individuals have been nominated for three-year terms, set to expire at the 2018 Annual Meeting of Shareholders. These terms continue, however, until their successors are duly elected and qualified. All of the nominees are currently members of the Board and deemed to be Independent Trustees. In addition, all of the current nominees and Trustees are also directors or trustees of other investment companies within the Franklin Templeton Investments fund complex.

Interested Trustees of the Fund hold director and/or officer positions with, or are principal stockholders of, Franklin Resources, Inc. (“Resources”) and its affiliates. Resources is a publicly owned holding company, a principal stockholder of which is Rupert H. Johnson, Jr., who beneficially owned approximately 17.2% of its outstanding shares as of August 31, 2014. The shares deemed to be beneficially owned by Rupert H. Johnson, Jr. include certain shares held by a private charitable foundation or by his spouse, of which he disclaims beneficial ownership. Resources, a global investment management organization operating as Franklin Templeton Investments, is primarily engaged, through various subsidiaries, in providing investment management, share distribution, transfer agent and administrative services to a family of investment companies. Resources is a New York Stock Exchange (“NYSE”) listed holding company (NYSE: BEN). Rupert H. Johnson, Jr., Chairman of the Board, Trustee and Vice President of the Fund, is the uncle of Gregory E. Johnson, a Trustee of the Fund. There are no other family relationships among the Trustees or nominees for Trustee.

Each nominee currently is available and has consented to serve if elected. If any of the nominees should become unavailable, the designated proxy holders will vote in their discretion for another person or persons who may be nominated to serve as Trustees.

4

In addition to personal qualities, such as integrity, in considering candidates for the Fund Board, the Nominating Committee seeks to find persons of good reputation whose experience and background evidence that such person has the ability to comprehend, discuss and critically analyze materials and issues presented, in exercising judgments and reaching informed conclusions relevant to fulfillment of a Fund Trustee’s duties and fiduciary obligations. Information on the business activities of the nominees and other Trustees during the past five years and beyond appears below and it is believed that the specific background of each Trustee evidences such ability and is appropriate to his or her serving on the Fund’s Board. As indicated, Harris J. Ashton and Frank A. Olson have both served as chief executive officers of NYSE listed public corporations; Larry D. Thompson and Edith E. Holiday each have legal backgrounds, including high level legal positions with departments of the U.S. Government; David W. Niemiec and Ann Torre Bates each have been chief financial officers of major corporations; J. Michael Luttig has fifteen years of judicial experience as a Federal Appeals Court Judge; Robert E. Wade has over thirty years of experience as a practicing attorney; Constantine D. Tseretopoulos has professional and executive experience as founder and Chief of Staff of a hospital; Frank J. Crothers has served as the chief executive officer of several foreign closely held corporations; and Rupert H. Johnson, Jr. and Gregory E. Johnson are both high ranking executive officers of Resources.

Listed below with the business activities of the nominees and Trustees are their names and years of birth, their positions and length of service with the Fund and the number of portfolios in the Franklin Templeton Investments fund complex that they oversee.

Nominees for Independent Trustee to serve until 2018 Annual Meeting of Shareholders:

7

Independent Trustees serving until 2017 Annual Meeting of Shareholders:

8

The following tables provide the dollar range of the equity securities of the Fund and of all U.S. registered funds in the Franklin Templeton Investments fund complex beneficially owned by the Trustees as of December 12, 2014:

Independent Trustees:

Interested Trustees:

How often do the Trustees meet and what are they paid?

The role of the Trustees is to provide general oversight of the Fund’s business and to ensure that the Fund is operated for the benefit of all of the Fund’s shareholders. The Trustees anticipate meeting at least five times during the current fiscal year to review the operations of the Fund and the Fund’s investment performance, and will meet more frequently as necessary. The Trustees also oversee the services furnished to the Fund by Templeton Asset Management Ltd.—Hong Kong branch, the Fund’s investment manager (the “Investment Manager”), and various other service providers.

The Fund’s Independent Trustees constitute the sole independent Board members of 14 investment companies in the Franklin Templeton Investments fund complex for which each Independent Trustee currently is paid a $155,000 annual retainer fee, together with a $7,000 per meeting fee for attendance at each regularly scheduled Board meeting, a portion of which fees are

9

allocated to the Fund. To the extent held, compensation also may be paid for attendance at specially called Board meetings. The Fund’s Lead Independent Trustee is paid an annual supplemental retainer of $25,000 for service to such investment companies, a portion of which is allocated to the Fund. Board members who serve on the Audit Committee of the Fund and such other investment companies receive a flat fee of $3,000 per Audit Committee meeting attended in person and $2,000 per Audit Committee telephonic meeting attended, a portion of which is allocated to the Fund. David W. Niemiec, who serves as Chairman of the Audit Committee of the Fund and such other investment companies, receives an additional fee of $15,000 per year, a portion of which is allocated to the Fund. Members of a committee are not separately compensated for any committee meeting held on the day of a regularly scheduled Board meeting.

During the fiscal year ended August 31, 2014, there were five meetings of the Board, three meetings of the Audit Committee, and three meetings of the Nominating Committee. Each Trustee then in office attended at least 75% of the aggregate of the total number of meetings of the Board and the total number of meetings held by all committees of the Board on which the Trustee served. The Fund does not currently have a formal policy regarding Trustees’ attendance at the annual shareholders’ meeting. No Trustees attended the Fund’s last annual meeting held on February 28, 2014.

Independent Trustees are also reimbursed for expenses incurred in connection with attending Board meetings. The Interested Trustees and certain officers of the Fund who are shareholders of Resources are not compensated by the Fund for their services, but may receive indirect remuneration due to their participation in management fees and other fees received by the Investment Manager and its affiliates from the funds in Franklin Templeton Investments. The Investment Manager or its affiliates pay the salaries and expenses of the officers and the Interested Trustees. No pension or retirement benefits are accrued as part of Fund expenses.

The table below indicates the total fees paid to the Independent Trustees by the Fund individually and by all of the funds in the Franklin Templeton Investments fund complex. These Trustees also serve as directors or trustees of other funds in Franklin Templeton Investments, many of which hold meetings at different dates and times. The Trustees and the Fund’s management believe that having the same individuals serving on the boards of many of the funds in Franklin Templeton Investments enhances the ability of each fund to obtain, at a relatively modest cost to each separate fund, the services of high caliber, experienced and knowledgeable Independent Trustees who can bring their experience and talents to, and effectively oversee the management of, several funds.

10

⁽¹⁾ Compensation received for the fiscal year ended August 31, 2014.
⁽²⁾ Compensation received for the 12 months ended September 30, 2014.
⁽³⁾ We base the number of boards on the number of U.S. registered investment companies in the Franklin Templeton Investments
fund complex. This number does not include the total number of series or funds within each investment company for which the
Board members are responsible. Franklin Templeton Investments currently includes 46 U.S. registered investment companies, with
approximately 154 U.S. based funds or series.
⁽⁴⁾ Ms. Bates and Mr. Wade also are independent trustees of Franklin Mutual Series Funds and may, in the future, receive payments
pursuant to a discontinued retirement plan that generally provides payments to independent board members who have served seven
years or longer for such fund.

Board members historically have followed a policy of having substantial investments in one or more of the funds in Franklin Templeton Investments, as is consistent with their individual financial goals. In February 1998, this policy was formalized through adoption of a requirement that each Board member invest one-third of the fees received for serving as a director or trustee of a Templeton fund (excluding committee fees) in shares of one or more Templeton funds (which may include the Fund) until the value of such investments equals or exceeds five times the annual retainer and regular Board meeting fees paid to such Board member. Investments in the name of family members or entities controlled by a Board member constitute fund holdings of such Board member for purposes of this policy, and a three-year phase-in period applies to such investment requirements for newly elected Board members. In implementing such policy, a Board member’s fund holdings existing on February 27, 1998, were valued as of such date with subsequent investments valued at cost.

Who are the Executive Officers of the Fund?

Officers of the Fund are appointed by the Trustees and serve at the pleasure of the Board. Listed below, for the Executive Officers, are their names, years of birth and addresses, as well as their positions and length of service with the Fund, and principal occupations during at least the past five years.

11

12

PROPOSAL 2: RATIFICATION OF THE SELECTION OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

How are independent auditors selected?

The Board has a standing Audit Committee currently comprised of David W. Niemiec
(Chairman), Ann Torre Bates, Frank J. Crothers and Constantine D. Tseretopoulos, all of
whom are Independent Trustees and considered to be “independent” as that term is defined by
the NYSE’s listing standards. In addition to her service on the Audit Committee of the Fund,
Ms. Bates also serves on the audit committees of other public companies. The Board has
determined, however, that such simultaneous service does not impair Ms. Bates’ ability to
effectively serve on the Fund’s Audit Committee. The Audit Committee is responsible for the

13

appointment, compensation and retention of the Fund’s independent registered public accounting firm (“independent auditors”), including evaluating their independence, recommending the selection of the Fund’s independent auditors to the full Board, and meeting with such independent auditors to consider and review matters relating to the Fund’s financial reports and internal auditing.

Which independent auditors did the Board select?

The Audit Committee and the Board have selected the firm of PricewaterhouseCoopers LLP (“PwC”) as the independent auditors for the Fund for the current fiscal year. PwC has examined and reported on the fiscal year-end financial statements dated August 31, 2014, and certain related SEC filings. You are being asked to ratify the Board’s selection of PwC for the current fiscal year ending August 31, 2015. Services to be performed by the independent auditors include examining and reporting on the fiscal year-end financial statements of the Fund and certain related filings with the SEC.

The selection of PwC as the independent auditors for the Fund for the fiscal year ending August 31, 2015, was recommended by the Audit Committee and approved by the Board on October 21, 2014. PwC’s reports on the financial statements of the Fund for the fiscal years for which it has served as auditors did not contain an adverse opinion or a disclaimer of opinion, nor were qualified or modified as to uncertainty, audit scope or accounting principles.

The Audit Committee and the Board have been advised by PwC that neither PwC nor any of its members have any material direct or indirect financial interest in the Fund. Representatives of PwC are not expected to be present at the Meeting, but will have the opportunity to make a statement if they wish, and will be available should any matter arise requiring their presence.

n AUDITOR INFORMATION

Audit Fees. The aggregate fees paid to PwC for professional services rendered by PwC for the audit of the Fund’s annual financial statements or for services that are normally provided by PwC in connection with statutory and regulatory filings or engagements were $42,699 for the fiscal year ended August 31, 2014, and $43,400 for the fiscal year ended August 31, 2013.

Audit-Related Fees. There were no fees paid to PwC for assurance and related services rendered by PwC to the Fund that are reasonably related to the performance of the audit or review of the Fund’s financial statements and not reported under “Audit Fees” above for the fiscal years ended August 31, 2014, and August 31, 2013.

In addition, the Audit Committee pre-approves PwC’s engagement for audit-related services to be provided to the Investment Manager and certain entities controlling, controlled by, or under common control with the Investment Manager that provide ongoing services to the Fund,

14

which engagements relate directly to the operations and financial reporting of the Fund. For the fiscal years ended August 31, 2014, and August 31, 2013, there were no fees paid to PwC for such services.

Tax Fees. There were no fees paid to PwC for professional services rendered by PwC to the Fund for tax compliance, tax advice and tax planning for the fiscal years ended August 31, 2014, and August 31, 2013.

In addition, the Audit Committee pre-approves PwC’s engagement for tax services to be provided to the Investment Manager and certain entities controlling, controlled by, or under common control with the Investment Manager that provide ongoing services to the Fund, which engagements relate directly to the operations and financial reporting of the Fund. The fees for these services were $3,830 for the fiscal year ended August 31, 2014, and $3,100 for the fiscal year ended August 31, 2013. The services for which these fees were paid included technical tax consultation for capital gain tax and withholding tax reporting for foreign governments and requirements on local countries’ self-certification forms.

All Other Fees. The aggregate fees paid for products and services provided by PwC to the Fund, other than the services reported above, were $95 for the fiscal year ended August 31, 2014, and $0 for the fiscal year ended August 31, 2013. The services for which these fees were paid included review of materials provided to the Board in connection with the investment management contract renewal process.

In addition, the Audit Committee pre-approves PwC’s engagement for other services to be provided to the Investment Manager and certain entities controlling, controlled by, or under common control with the Investment Manager that provide ongoing services to the Fund, which engagements relate directly to the operations and financial reporting of the Fund. The fees for these services were $164,516 for the fiscal year ended August 31, 2014, and $0 for the fiscal year ended August 31, 2013. The services for which these fees were paid included review of materials provided to the Board in connection with the investment management contract renewal process.

Aggregate Non-Audit Fees. The aggregate fees paid to PwC for non-audit services provided by PwC to the Fund, to the Investment Manager or to any entity controlling, controlled by, or under common control with the Investment Manager that provides ongoing services to the Fund were $168,441 for the fiscal year ended August 31, 2014, and $3,100 for the fiscal year ended August 31, 2013. The aggregate non-audit fees for the fiscal year ended August 31, 2014, include the amounts shown under Tax Fees ($0) (including services provided to the Investment Manager and its control entities ($3,830)) and All Other Fees ($95) (including services provided to the Investment Manager and its control entities ($164,516)).

15

The Audit Committee has determined that the provision of the non-audit services that were rendered to the Investment Manager and to any entities controlling, controlled by, or under common control with the Investment Manager that provide ongoing services to the Fund is compatible with maintaining PwC’s independence.

Audit Committee Pre-Approval Policies and Procedures. As of the date of this proxy statement, the Audit Committee has not adopted written pre-approval policies and procedures within the meaning of Regulation S-X. As a result, all such services described above and provided by PwC must be directly pre-approved by the Audit Committee or by a designated member of the Audit Committee.

Audit Committee Charter. The Board has adopted and approved a formal written charter for the Audit Committee which sets forth the Audit Committee’s responsibilities. A copy of the charter is attached as Exhibit A to this proxy statement.

As required by the charter, the Audit Committee reviewed the Fund’s audited financial statements and met with management, as well as with PwC, the Fund’s independent auditors, to discuss the financial statements.

Audit Committee Report. The Audit Committee received the written disclosures and the letter from PwC required by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) regarding PwC’s communications with the Audit Committee concerning independence. The Audit Committee also received the report of PwC regarding the results of their audit. In connection with the Audit Committee’s review of the financial statements and PwC’s report, the members of the Audit Committee discussed with a representative of PwC, PwC’s independence, as well as the matters required to be discussed by Auditing Standard No. 16, Communications with Audit Committees, issued by the PCAOB, including the following: PwC’s responsibilities in accordance with generally accepted auditing standards; PwC’s responsibilities for information prepared by management that accompanies the Fund’s audited financial statements and any procedures performed and the results; the initial selection of, and whether there were any changes in, significant accounting policies or their application; management’s judgments and accounting estimates; whether there were any significant audit adjustments; whether there were any disagreements with management; whether there was any consultation with other accountants; whether there were any major issues discussed with management prior to PwC’s retention; whether the auditors encountered any difficulties in dealing with management in performing the audit; and PwC’s judgments about the quality of the Fund’s accounting principles.

Based on its review and discussions with management and PwC, the Audit Committee did not become aware of any material misstatements or omissions in the financial statements. Accordingly, the Audit Committee recommended to the Board that the audited financial

16

statements be included in the Fund’s Annual Report to Shareholders for the fiscal year ended
August 31, 2014, for filing with the SEC.

AUDIT COMMITTEE

David W. Niemiec (Chairman)
Ann Torre Bates
Frank J. Crothers
Constantine D. Tseretopoulos

PROPOSAL 3: SHAREHOLDER PROPOSAL REQUESTING THE BOARD INSTITUTE
TRANSPARENT PROCEDURES TO AVOID HOLDING INVESTMENTS IN
COMPANIES THAT, IN MANAGEMENT’S JUDGMENT, SUBSTANTIALLY
CONTRIBUTE TO GENOCIDE OR CRIMES AGAINST HUMANITY

At the Meeting, a shareholder of the Fund will ask you to vote on his proposal requesting the
Board institute transparent procedures to avoid holding investments in companies that, in
management’s judgment, substantially contribute to genocide or crimes against humanity. THE
TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE AGAINST THIS
PROPOSAL.

What is the Shareholder Proposal?

Mr. Eric Cohen, 22 Spring Street, Lexington, MA 02421, a shareholder who claims beneficial
ownership of approximately 140 shares of the Fund as of August 11, 2014 has submitted the
following proposal:

Genocide-free Investing Proposal

WHEREAS

We believe that:

1. Investors do not want their investments to help fund genocide.

a) While reasonable people may disagree about socially responsible investing, few
want their investments to help fund genocide.

b) KRC Research’s 2010 study showed 88% of respondents want their mutual funds
to be genocide-free.

c) Millions of investors have voted for genocide-free investing proposals similar to
this one, submitted by supporters of Investors Against Genocide, despite active
management opposition at Franklin Templeton, Fidelity, Vanguard and
JPMorgan.

17

d) In 2012, a genocide-free investing proposal at ING’s Emerging Countries Fund
passed decisively, 59.8% to 10.7% with 29.5% abstaining.

2. Examples below demonstrate that Franklin Templeton’s policies inadequately support
genocide-free investing because Franklin Templeton and the funds it manages:

a) Hold 698,599,685 shares of PetroChina, 3.3% of the class outstanding
(12/31/2013). PetroChina, through its controlling shareholder, China National
Petroleum Company, is Sudan’s largest business partner, thereby helping fund
ongoing government-sponsored genocide and crimes against humanity.

b) Hold 795,802,363 shares of Sinopec, 4.7% of the class outstanding (12/31/2013).
Sinopec is another large oil company in Sudan.

c) Claim to consider “social and political issues in their risk assessment of individual
fund holdings,” but maintain large holdings of PetroChina/Sinopec long after
being made aware of their connection to genocide, an inherent risk factor.

d) Excuse holding PetroChina by saying “engagement is better than departure”
while providing no evidence of effective engagement.

e) Make investments in PetroChina that, while legal, are inconsistent with U.S.
sanctions explicitly prohibiting transactions relating to Sudan’s petroleum
industry.

3. Templeton Emerging Markets Fund itself holds shares in PetroChina and Sinopec
(5/31/14).

4. Individuals, through ownership of shares of Franklin Templeton funds, may
inadvertently invest in companies that help support genocide. With no policy to
prevent these investments, Franklin Templeton may at any time add or increase
holdings in problem companies.

5. Franklin Templeton’s commitment to the UN Principles for Responsible Investment
supports genocide-free investing because Franklin Templeton agrees to incorporate
social issues into investment decision-making processes and “better align investors
with broader objectives of society.”

6. Franklin Templeton can implement a genocide-free investing policy because:

a) Ample alternative investments exist.

b) Avoiding problem companies need not have a significant effect on investment
performance, as shown in Gary Brinson’s classic asset allocation study.

c) Appropriate disclosure can address any legal concerns regarding the exclusion of
problem companies.

d) Management can easily obtain independent assessments to identify companies
connected to genocide.

18

e) Other large financial firms (including T. Rowe Price and TIAA-CREF) have
adopted policies to avoid such investments.

7. Investor action can influence foreign governments, as in South Africa. Likewise,
similar action on Talisman Energy helped end the conflict in South Sudan.

RESOLVED

Shareholders request that the Board institute transparent procedures to avoid holding investments in companies that, in management’s judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights. Such procedures may include time-limited engagement with problem companies if management believes that their behavior can be changed.

What is the Recommendation of the Trustees?

THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT YOU VOTE AGAINST

THIS PROPOSAL.

Why do the Trustees Unanimously Recommend a Vote Against this Proposal?

1. Our approach to effecting change differs from that expressed in this Proposal.

The conditions in the Darfur region of Sudan are deplorable, and the Board and the Investment Manager support efforts toward positive and meaningful reform there. The Board and the Investment Manager also recognize and are respectful of the fact that there are many different perspectives and opinions on the best way to approach this and similar issues. In the Investment Manager’s 25 years of experience investing in emerging markets, it has seen that fostering economic and business development through investment can often help in achieving reforms.

2. The Fund has responsibilities to its shareholders.

The Fund must act in what it believes to be the best interests of its shareholders and has to make investment decisions that are consistent with the investment guidelines contained in the Fund’s prospectus. In keeping with these obligations, the Investment Manager considers all material factors in assessing the merits of an investment and seeks to achieve the best investment results, consistent with stated investment goals and policies.

3. The Board believes that the Investment Manager’s approach is preferable to the approach recommended by the Shareholder Proposal.

The Investment Manager considers these issues on a company-by-company basis as part of the investment management process. The Investment Manager and the Fund’s Board believe that this investment approach, which considers these issues on an investment-by-investment basis

19

and as part of the overall investment management process, is preferable to the approach recommended by this shareholder proposal. Our public statement regarding investment in PetroChina, which is reproduced below from the Franklin Templeton Investments website, provides an example of the considerations implemented by the Investment Manager:

Franklin Templeton Investments: Statement on PetroChina

Currently, several groups that are trying to effect change in the Darfur region of Sudan are asking individual investors and asset managers such as Franklin Templeton to sell holdings of companies identified as having business ties to Sudan. Among the companies being targeted for divestment is PetroChina, which is currently a holding in several Templeton emerging markets funds. PetroChina, which has stated that they do not conduct business in Sudan itself, is being targeted because its parent company, CNPC, has business interests there.

The conditions in the Darfur region of Sudan are deplorable, and we support efforts toward positive and meaningful reform there. We also recognize and are respectful of the fact that there are many different perspectives and opinions on the best way to approach this issue. However, identifying the best way to achieve change continues to be a matter of serious debate. Some have questioned whether divestment will prove effective in this situation. In our 25 years of experience investing in emerging markets, we have seen that fostering economic and business development through investment can often help in achieving reforms.

It is important to note that the Sudan Accountability and Divestment Act of 2007 does not require divestment from any specific company. Our investment professionals will continue to actively engage company managements when they have any concerns with company management or their activities, and PetroChina is no exception to this approach of engagement. As an investment adviser, our fiduciary responsibility to our fund shareholders is to make investment decisions that are consistent with the guidelines in each fund’s prospectus. To achieve this, our investment teams consider all risk factors, including those related to social and political issues, when evaluating a potential holding or making other investment decisions for a given fund.

4. The Investment Manager considers Environmental, Social and Governance considerations as part of the investment selection and risk management process.

The Investment Manager and the Fund’s Board recognize that environmental, social and governance issues have the potential to affect the performance of an investment and, therefore, believes that consideration of these issues should be incorporated into mainstream investment analysis and decision-making processes. Accordingly, such considerations that may affect a company are considered by the Investment Manager as part of the investment management process.

20

5. The Investment Manager and the Fund comply with all applicable legal and regulatory restrictions on investments.

United States law prohibits investments in companies owned or controlled by the government of Sudan. The Investment Manager is committed to complying fully with these investment sanctions and any additional investment sanctions that the United States government might enact with respect to companies doing business in Sudan or any other country. The Board and the Investment Manager recognize and respect that investors have other investment opportunities open to them should they wish to avoid investments in certain companies or countries. However, we do not believe that adding additional procedures limiting otherwise lawful investments and the Investment Manager’s ability to select the best investments for the Fund would be in the best interests of Fund shareholders.

6. A significant majority of the Fund’s shareholders rejected this proposal in 2013.

The proponent submitted an identical proposal for the 2013 Annual Meeting. Over 80% of the Fund shares present and voting on the proposal either voted against the proposal or abstained; less than 20% of the Fund’s shares present and voting on the proposal were voted in favor of the proposal.

ACCORDINGLY, THE BOARD RECOMMENDS A VOTE AGAINST PROPOSAL 3.

n ADDITIONAL INFORMATION ABOUT THE FUND’S BOARD OF TRUSTEES

Board Role in Risk Oversight. The Board, as a whole, considers risk management issues as part of its general oversight responsibilities throughout the year at regular Board meetings, through regular reports that have been developed by management in consultation with the Board and its counsel. These reports address certain investment, valuation and compliance matters. The Board also may receive special written reports or presentations on a variety of risk issues, either upon the Board’s request or upon the Investment Manager’s initiative. In addition, the Audit Committee of the Board meets regularly with the Investment Manager’s internal audit group to review reports on their examinations of functions and processes within Franklin Templeton Investments that affect the Fund.

With respect to investment risk, the Board receives regular written reports describing and analyzing the investment performance of the Fund. In addition, the portfolio managers of the Fund meet regularly with the Board to discuss portfolio performance, including investment risk. To the extent that the Fund changes a particular investment strategy that could have a material impact on the Fund’s risk profile, the Board generally is consulted with respect to such change. To the extent that the Fund invests in certain complex securities, including derivatives, the Board receives periodic reports containing information about exposure of the Fund to such instruments. In addition, the Investment Manager’s investment risk personnel meet regularly

21

with the Board to discuss a variety of issues, including the impact on the Fund of the investment in particular securities or instruments, such as derivatives and commodities.

With respect to valuation, the Fund’s administrator provides regular written reports to the Board that enable the Board to monitor the number of fair valued securities in the Fund’s portfolio, the reasons for the fair valuation and the methodology used to arrive at the fair value. Such reports also include information concerning illiquid securities within the Fund’s portfolio. The Board also reviews dispositional analysis information on the sale of securities that require special valuation considerations such as illiquid or fair valued securities. In addition, the Fund’s Audit Committee reviews valuation procedures and results with the Fund’s independent auditors in connection with the Committee’s review of the results of the audit of the Fund’s year-end financial statements.

With respect to compliance risks, the Board receives regular compliance reports prepared by the Investment Manager’s compliance group and meets regularly with the Fund’s Chief Compliance Officer (“CCO”) to discuss compliance issues, including compliance risks. As required under SEC rules, the Independent Trustees meet regularly in executive session with the CCO and the CCO prepares and presents an annual written compliance report to the Board. The Fund’s Board adopts compliance policies and procedures for the Fund and approves these procedures for the Fund’s service providers. The compliance policies and procedures are specifically designed to detect and prevent violations of the federal securities laws.

The Investment Manager periodically provides an enterprise risk management presentation to the Board to describe the way in which risk is managed on a complex-wide level. The presentation covers such areas as investment risk, reputational risk, personnel risk, and business continuity risk.

Board Structure. Seventy-five percent or more of the Fund’s Board members consist of Independent Trustees who are not deemed to be “interested persons” by reason of their relationship with the Fund’s management or otherwise as provided under the 1940 Act. While the Chairman of the Board is an interested person, the Board is also served by a Lead Independent Trustee. The Lead Independent Trustee, together with independent counsel, reviews proposed agendas for Board meetings and generally acts as a liaison with Fund management with respect to questions and issues raised by the Independent Trustees. The Lead Independent Trustee also presides at separate meetings of Independent Trustees held in advance of each scheduled Board meeting where various matters, including those being considered at such Board meeting, are discussed. It is believed such structure and activities assure that proper consideration is given at Board meetings to matters deemed important to the Fund and its shareholders.

22

n ADDITIONAL INFORMATION ABOUT THE FUND

The Investment Manager. The Investment Manager of the Fund is Templeton Asset Management Ltd.—Hong Kong Branch, a Singapore company with a branch office at The Chater House, 17th Floor, 8 Connaught Road Central, Hong Kong. Pursuant to an investment management agreement, the Investment Manager manages the investment and reinvestment of Fund assets. The Investment Manager is an indirect, wholly owned subsidiary of Resources.

The Administrator. The administrator of the Fund is Franklin Templeton Services, LLC (“FT Services”), with offices at 300 S.E. 2nd Street, Fort Lauderdale, Florida 33301-1923. FT Services is an indirect, wholly owned subsidiary of Resources and an affiliate of the Investment Manager. Pursuant to a subcontract for administrative services, FT Services performs certain administrative functions for the Fund.

The Transfer Agent. The transfer agent, registrar and dividend disbursement agent for the Fund is Computershare Shareowner Services, LLC (formerly, BNY Mellon Shareowner Services), P.O. Box 43006, Providence, RI 02940-3006.

The Custodian. The custodian for the Fund is JPMorgan Chase Bank, 270 Park Avenue, New York, New York 10017-2070.

Other Matters. The Fund’s latest audited financial statements and annual report for the fiscal year ended August 31, 2014, are available free of charge. To obtain a copy, please call (800) DIAL BEN^®/342-5236 or forward a written request to Franklin Templeton Investor Services, LLC, P.O. Box 33030, St. Petersburg, Florida 33733-8030.

Principal Shareholders. As of December 12, 2014, the Fund had 18,009,460 shares outstanding and total net assets of $299,049,841.61. The Fund’s shares are listed on the NYSE

(NYSE: EMF). From time to time, the number of shares held in “street name” accounts of various securities dealers for the benefit of their clients may exceed 5% of the total shares outstanding. To the knowledge of the Fund’s management, as of December 12, 2014, there were no other entities holding beneficially or of record more than 5% of the Fund’s outstanding shares, except as shown in the following table:

23

In addition, to the knowledge of the Fund’s management, as of December 12, 2014, no nominee or Trustee of the Fund owned 1% or more of the outstanding shares of the Fund, and the Trustees and officers of the Fund owned, as a group, less than 1% of the outstanding shares of the Fund.

Contacting the Board of Trustees. If a shareholder wishes to send a communication to the Board, such correspondence should be in writing and addressed to the Board of Trustees at the Fund’s offices, 300 S.E. 2nd Street, Fort Lauderdale, Florida 33301-1923, Attention: Secretary. The correspondence will be given to the Board for review and consideration.

n FURTHER INFORMATION ABOUT VOTING AND THE MEETING

Solicitation of Proxies. Your vote is being solicited by the Trustees. The cost of soliciting proxies, including the fees of a proxy soliciting agent, is borne by the Fund. The Fund reimburses brokerage firms and others for their reasonable expenses in forwarding proxy material to the beneficial owners and soliciting them to execute proxies. The Fund expects that the solicitation would be primarily by mail, but also may include telephone, facsimile, electronic or other means of communication. The Fund does not reimburse Trustees and officers of the Fund, or regular employees and agents of the Investment Manager involved in the solicitation of proxies. The Fund intends to pay all costs associated with the solicitation and the Meeting.

AST Fund Solutions, LLC (the “Solicitor”), has been engaged to assist in the solicitation of proxies, at an estimated cost of $1,500 to $5,000, including expenses. As the date of the Meeting approaches, certain Fund shareholders may receive a telephone call from a representative of the Solicitor if their votes have not yet been received.

Authorization to permit the Solicitor to execute proxies may be obtained by telephonic instructions from shareholders of the Fund. Proxies that are obtained telephonically will be recorded in accordance with the procedures set forth below. The Board believes that these procedures are reasonably designed to ensure that both the identity of the shareholder casting the vote and the voting instructions of the shareholder are accurately determined.

In all cases where a telephonic proxy is solicited, the Solicitor representative is required to ask for each shareholder’s full name and address and to confirm that the shareholder has received the proxy materials in the mail. If the shareholder is a corporation or other entity, the Solicitor representative is required to ask for the person’s title and confirmation that the person is authorized to direct the voting of the shares. If the information solicited agrees with the information provided to the Solicitor, then the Solicitor may ask for the shareholder’s instructions on the Proposals. Although the Solicitor representative is permitted to answer questions about the process, he or she is not permitted to recommend to the shareholder how to vote, other than to read any recommendation set forth in the proxy statement. The Solicitor will record the shareholder’s instructions on the proxy card. Within 72 hours, the shareholder

24

will be sent a letter or mailgram to confirm their vote and asking the shareholder to call the Solicitor immediately if their instructions are not correctly reflected in the confirmation.

If a shareholder wishes to participate in the Meeting, but does not wish to give a proxy by telephone, the shareholder may still submit the proxy card originally sent with the proxy statement by mail, submit your proxy by Internet or by telephone instruction, or attend in person.

Voting by Broker-Dealers. The Fund expects that, before the Meeting, broker-dealer firms holding shares of the Fund in “street name” for their customers will request voting instructions from their customers and beneficial owners. If these instructions are not received by the date specified in the broker-dealer firms’ proxy solicitation materials, the Fund understands that current NYSE Rules permit the broker-dealers to vote on the Proposals on behalf of their customers and beneficial owners. Certain broker-dealers may exercise discretion over shares held in their name for which no instructions are received by voting these shares in the same proportion as they vote shares for which they received instructions.

Quorum. A majority of the Fund’s shares entitled to vote at the Meeting—present in person or represented by proxy—constitutes a quorum at the Meeting. The shares over which broker-dealers have discretionary voting power, the shares that represent “broker non-votes” (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter), and the shares whose proxies reflect an abstention on any item will all be counted as shares present and entitled to vote at the Meeting for purposes of determining whether the required quorum of shares exists.

Method of Tabulation. Provided a quorum is present or represented at the Meeting, Proposal 1, the election of Trustees, requires the affirmative vote of a plurality of the Fund’s shares present in person or represented by proxy and voting on the Proposal at the Meeting. Each of Proposal 2 and Proposal 3 requires the affirmative vote of (i) sixty-seven percent (67%) or more of the voting securities present in person or represented by proxy at the Meeting, if the holders of more than fifty percent (50%) of the outstanding voting securities of the Fund are present or represented by proxy; or (ii) more than fifty percent (50%) of the outstanding voting securities of the Fund, whichever is less. Abstentions and broker non-votes will be treated as votes present at the Meeting, but will not be treated as votes cast. Abstentions and broker non-votes, therefore, will have no effect on Proposal 1, but may have the effect of an “against” vote on Proposal 2 or Proposal 3.

Simultaneous Meetings. The Meeting is to be held at the same time as the annual meetings of shareholders of Templeton Emerging Markets Income Fund and Templeton Global Income Fund. If any shareholder at the Meeting objects to the holding of simultaneous meetings and moves for an adjournment of the Meeting to a time promptly after the simultaneous meetings, the persons designated as proxies will vote in favor of such adjournment.

25

Adjournment. The Chairman of the Board or an authorized officer of the Fund for the Meeting, or the holders of a majority of the shares present (in person or by proxy) and entitled to vote at the Meeting, may adjourn the Meeting from time to time. Such authority to adjourn the Meeting may be used in the event that a quorum is not present at the Meeting or, in the event that a quorum is present but sufficient votes have not been received to approve the Proposals, or for any other reason consistent with Delaware law and the Fund’s By-Laws, including to allow for the further solicitation of proxies. Unless otherwise instructed by a shareholder granting a proxy, the persons designated as proxies may use their discretionary authority to vote as instructed by management of the Fund on questions of adjournment and on any other proposals raised at the Meeting to the extent permitted by the SEC’s proxy rules, including proposals for which management of the Fund did not have timely notice, as set forth in the SEC’s proxy rules and the Fund’s proxy statement for the 2014 annual meeting.

Shareholder Proposals. The Fund anticipates that its 2016 Annual Meeting of Shareholders will be held on or about February 29, 2016. A shareholder who wishes to submit a proposal for consideration for inclusion in the Fund’s proxy statement for the 2016 Annual Meeting of Shareholders must send such written proposal to the Fund’s offices at 300 S.E. 2nd Street, Fort Lauderdale, Florida 33301-1923, Attention: Secretary, so that it is received no later than September 4, 2015 in order to be included in the Fund’s proxy statement and proxy card relating to that meeting and presented at the meeting.

A shareholder of the Fund who has not submitted a written proposal for inclusion in the Fund’s proxy statement by September 4, 2015, as described above, may nonetheless present a proposal at the Fund’s 2016 Annual Meeting of Shareholders if such shareholder notifies the Fund in writing at the Fund’s offices, of such proposal not earlier than October 2, 2015 and not later than November 1, 2015. If a shareholder fails to give notice within these dates, then the matter shall not be eligible for consideration at the shareholders’ meeting. If, notwithstanding the effect of the foregoing notice provisions, a shareholder proposal is acted upon at the 2016 Annual Meeting of Shareholders, the persons designated as proxies for the 2016 Annual Meeting of Shareholders may exercise discretionary voting power with respect to any shareholder proposal not received by the Fund at the Fund’s offices by November 18, 2015. A shareholder proposal may be presented at the 2016 Annual Meeting of Shareholders only if such proposal concerns a matter that may be properly brought before the meeting under applicable federal proxy rules and state law. In addition to the requirements set forth above, a shareholder must comply with the following:

1. A shareholder intending to present a proposal must (i) be entitled to vote at the
meeting; (ii) comply with the notice procedures set forth in this proxy statement and in
the Fund’s By-Laws; and (iii) have been a shareholder of record at the time the
shareholder’s notice was received by the Secretary of the Fund.

2. A notice regarding a nomination for the election of a Trustee shall set forth in writing
(i) the name, age, business address and, if known, residence address of each nominee

26

proposed in such notice; (ii) the principal occupation or employment of each such
nominee; (iii) the number of outstanding shares of the Fund which are beneficially
owned by each such nominee; and (iv) all such other information regarding each such
nominee as would have been required to be included in a proxy statement filed
pursuant to the proxy rules of the SEC had each such nominee been nominated by the
Trustees of the Fund. In addition, the shareholder making such nomination shall
promptly provide any other information reasonably requested by the Fund.

3. A notice regarding a business proposal shall set forth in writing as to each matter: (i) a
brief description of the business desired to be brought before the meeting and the
reasons for conducting such business at the meeting; (ii) the name and address, as they
appear on the Fund’s books, of the shareholder proposing such business; (iii) the
number of shares of the Fund which are beneficially owned by the shareholder;
(iv) any material interest of the shareholder in such business; and (v) all such other
information regarding each such matter that would have been required to be included
in a proxy statement filed pursuant to the proxy rules of the SEC had each such matter
been proposed by the Trustees of the Fund.

Submission of a proposal by a shareholder does not guarantee that the proposal will be
included in the Fund’s proxy statement or presented at the meeting.

By Order of the Board of Trustees,

Lori A. Weber
Vice President and Secretary

January 2, 2015

27

This page intentionally left blank.

EXHIBIT A

TEMPLETON FUNDS AUDIT COMMITTEE CHARTER

I. The Committee.

The Audit Committee (“Committee”) is a committee of, and established by, the Board of
Directors/Trustees of the Fund (the “Board”). The Committee shall consist of such number
of members as set by the Board from time to time, but in no event less than three, and its
members shall be selected by the Board. The Committee shall be comprised entirely of
“independent” members, as defined in Item 3(a)(2) of SEC Form N-CSR (“Disinterested
Board members”). Members shall be financially literate, meaning that each member is able
to read and understand fundamental financial statements, including the Fund’s balance
sheet and income statement. At least one member of the Committee shall be designated by
the Board as an “audit committee financial expert,” as defined in Item 3(b) of SEC Form
N-CSR, unless the Board determines that the Fund does not have an audit committee
financial expert on the Committee.

II. Purposes of the Committee.

The function of the Committee is to be directly responsible for overseeing the Fund’s
accounting and auditing processes, which shall include the appointment, compensation,
retention and oversight of the work of the Fund’s independent registered public accounting
firm (“auditors”) engaged (including resolution of disagreements between management and
the auditors regarding financial reporting) for the purpose of preparing or issuing an audit
report or performing other audit, review or attest services for the Fund. It is management’s
responsibility to maintain appropriate systems for accounting and internal controls. It is
the auditors’ responsibility to plan and carry out an audit in accordance with the standards
of the Public Company Accounting Oversight Board and to report directly to the
Committee. It is not the duty of the Committee to plan or conduct audits or to determine
that the Fund’s financial statements are complete and in accordance with generally
accepted accounting principles; it is the responsibility of the auditors to conduct audits and
the responsibility of management to prepare the Fund’s financial statements in accordance
with generally accepted accounting principles.

In giving its recommendations to the Board with respect to the Fund’s financial statements,
the Committee will rely on:

1. management’s representation that such financial statements have been prepared with
integrity and objectivity and in conformity with generally accepted accounting
principles,

2. the report of the Fund’s auditors with respect to such financial statements.

A-1

Consistent with such allocation of functions, the purposes of the Committee are:

(a) To oversee the Fund’s accounting and financial reporting policies and practices and its
internal controls, and to obtain, where it deems appropriate, reports on internal
controls of service providers to the Fund;

(b) To oversee the quality, objectivity and integrity of the Fund’s financial statements and
the independent audit thereof;

(c) To act as a liaison between the Fund’s auditors and the Board; and

(d) To consider such other matters as it deems appropriate in carrying out its purpose and
any other matters that may be assigned to it by the Board.

In addition, the Committee shall serve as the Fund’s Qualified Legal Compliance
Committee (“QLCC”) pursuant to Section 205 of the SEC’s Standards of Professional
Conduct for Attorneys (the “Standards”). In this capacity, the Committee is required to
adopt and maintain written procedures for the confidential receipt, retention and
consideration of any report of evidence of a material violation. “Evidence of a material
violation” means credible evidence, based upon which it would be unreasonable, under the
circumstances, for a prudent and competent attorney not to conclude that it is reasonably
likely that a material violation of an applicable U.S. federal or state securities law, a
material breach of fiduciary (or similar duty) to the Fund arising under U.S. federal or state
law, or a similar material violation of any U.S. federal or state law has occurred, is
ongoing, or is about to occur.

III. Powers and Duties.

The Committee shall have the following powers and duties to carry out its purposes:

(a) To select the auditors, subject to approval both by the Board and by a separate vote of
the Disinterested Board members, and, in connection therewith, to evaluate the
independence and qualifications of the auditors in accordance with applicable federal
securities laws and regulations and the rules and standards of the Independence
Standards Board and American Institute of Certified Public Accountants.

(b) To be directly responsible for approving the services to be provided by, and the
compensation of, the auditors, including:

(i) pre-approval of all audit and audit related services;

(ii) pre-approval of all non-audit related services to be provided to the Fund by the
auditors;

(iii) pre-approval of all non-audit related services to be provided by the auditors to the
Fund’s investment adviser or to any entity that controls, is controlled by or is
under common control with the Fund’s investment adviser and that provides
ongoing services to the Fund where the non-audit services relate directly to the
operations or financial reporting of the Fund; and

A-2

(iv) if deemed necessary or appropriate, as an alternative to Committee pre-approval
of services to be provided by the auditors, as required by paragraphs (ii) and
(iii) above;

(A) establishment by the Committee of policies and procedures to pre-approve
such services, provided the policies and procedures are detailed as to the
particular service and the Committee is informed of each service and such
policies and procedures do not include delegation of audit committee
responsibilities, as contemplated under the Securities Exchange Act of 1934,
to management; or

(B) delegation by the Committee to one or more designated members of the
Committee who are Disinterested Board members authority to pre-approve
such services, provided the Committee is informed of the decisions of any
member pursuant to such delegated authority no later than its next scheduled
meeting;

subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions
that may be available under applicable law or rules.

(c) To meet with the auditors, including private meetings, as necessary to (i) review the
arrangements for and scope of the annual audit and any special audits; (ii) discuss any
matters or concerns relating to the Fund’s financial statements, including any recorded
and/or unrecorded adjustments to such statements recommended by the auditors, or
other results of audits; (iii) consider the auditors’ comments with respect to the Fund’s
financial, accounting and reporting policies, procedures and internal controls and
management’s responses thereto; and (iv) to review the form of opinion the auditors
propose to render.

(d) To receive and consider reports from the auditors:

(i) as required by generally accepted accounting standards; and

(ii) annually and by update as required by SEC Regulation S-X, regarding: (w) all
critical accounting policies and practices of the Fund to be used; (x) alternative
treatments within generally accepted accounting principles for policies and
practices related to material items that have been discussed with management of
the Fund, including ramifications of the use of such alternative disclosures and
treatments, and the treatment preferred by the auditors; (y) other material written
communications between the auditors and management of the Fund, such as any
management letter or schedule of unadjusted differences; and (z) all non-audit
services provided to any entity in an investment company complex, as defined in
SEC Regulation S-X, that were not pre-approved by the Committee pursuant to
SEC Regulation S-X.

(e) To consider the effect upon the Fund of any changes in accounting principles or
practices proposed by management or the auditors.

A-3

(f) In considering the independence of the auditors, to request from, and discuss with, the
auditors a written statement, and other reports as necessary, describing all
relationships between the auditors and the Fund, the Fund’s investment adviser and
service providers, and other entities advised or serviced by, including any entities
controlling, controlled by or under common control with, the investment adviser or
any other service providers to the Fund that, in the auditors’ judgment, could be
thought to bear upon the auditors’ independence; to receive and consider, if
applicable, periodic reports from the auditors regarding whether the provision of non-
audit services is compatible with maintaining the auditors’ independence; and to
request from the auditors a certificate that they are independent auditors under the
Federal securities laws and are in compliance with all standards adopted by the
Independence Standards Board.

(g) To require that the auditors regularly provide timely information to the Committee
with respect to new rules and pronouncements by applicable regulatory and
accounting standards agencies, along with an explanation of how such developments
may affect the Fund’s financial statements and accounting principles and practices.

(h) To review, at such times and in the manner deemed appropriate by the Committee, the
results of the annual audit of, and the report of the auditors on the Fund’s annual
financial statements, including footnotes and any significant audit findings.

(i) To consider any reports of difficulties that may have arisen during the course of the
audit, including any limitations of the scope of the audit, and management’s response
thereto.

(j) To review certifications of the Fund’s Chief Executive Officer—Finance and
Administration, and Chief Financial Officer and Chief Accounting Officer concerning
(i) all significant deficiencies and material weaknesses in the design or operation of
internal controls over financial reporting which are reasonably likely to adversely
affect the Fund’s ability to record, process, summarize and report financial
information; and (ii) any fraud, whether or not material, that involves management or
other employees who have a significant role in the Fund’s internal controls over
financial reporting, and for any other purposes the Committee deems appropriate, as
required by §302 of the Sarbanes-Oxley Act.

(k) To inform the chief legal officer (“CLO”) and chief executive officer (“CEO”) of the
Fund (or the equivalents thereof) of any report of evidence of a material violation by
the Fund, its officers, directors/trustees, employees (if any), or agents (collectively,
“affiliates”). In connection therewith, the Committee shall:

(i) determine whether an investigation is necessary regarding any report of evidence
of a material violation by the Fund or its affiliates;

(ii) if the Committee determines such an investigation is necessary or appropriate,
(A) notify the Board; (B) initiate an investigation, which may be conducted by

A-4

either the CLO or by outside attorneys; and (C) retain such additional expert
personnel as the Committee deems necessary to assist in the investigation;

(iii) at the conclusion of any such investigation, (A) recommend by a majority vote,
that the Fund implement an appropriate response (as defined in Section 205.2(b)
of the Standards) to evidence of a material violation, and (B) inform the CLO and
the CEO and the Board of the results of such investigation and the appropriate
remedial measures to be adopted;

(iv) acting by majority vote, take all other appropriate action, including the authority
to notify the SEC in the event the Fund fails in any material respect to implement
an appropriate response that the Committee has recommended the Fund to take;
and

(v) otherwise respond to evidence of a material violation.

IV. Other Functions and Procedures of the Committee.

(a) The Committee shall meet at least twice each year or more frequently, in open or
executive sessions, as may be necessary to fulfill its responsibilities. The Committee
shall meet as frequently as circumstances require with (i) the auditors as provided in
III (c), above; and (ii) management’s internal audit department to review and discuss
internal audit functions and reports. The Committee may invite members of
management, the auditors, counsel, advisers and others to attend its meetings as it
deems appropriate. The Committee shall have separate sessions with the auditors,
management and others, as and when it deems appropriate.

(b) The Committee shall establish procedures for (i) the receipt, retention and treatment
of complaints received by the Fund or the Fund’s adviser regarding accounting,
internal accounting controls, or accounting matters relating to the Fund; and (ii) the
confidential, anonymous submission by employees of the Fund or the Fund’s adviser,
administrator, principal underwriter or any other provider of accounting related
services for the Fund, of concerns regarding questionable accounting or auditing
matters.

(c) The Committee shall have the authority to engage special counsel, experts and
advisers as and when it determines necessary to carry out its duties and the Fund must
provide for appropriate funding, as determined by the Committee, for payment of
(i) compensation to any auditors engaged for the purpose of preparing or issuing an
audit report or performing other audit, review or attest services for the Fund;
(ii) compensation to any advisers employed by the Committee; and (iii) ordinary
administrative expenses of the Committee that are necessary or appropriate in
carrying out its duties.

A-5

(d) The Committee shall have unrestricted access to the Fund’s management and
management of the Fund’s adviser, including, but not limited to, their chief executive
officer(s), chief financial officer(s), internal auditors and any other executives and
financial officers.

(e) The Committee shall report its activities to the Board and make such
recommendations as the Committee may deem necessary or appropriate.

(f) The Committee shall review and assess the adequacy of this Charter annually, or more
frequently if it chooses, and recommend any changes to the Board.

(g) The Chair of the Committee shall meet periodically on an informal basis with the
Chairpersons of the Audit Committees of other Funds within the Franklin/Templeton/
Mutual Series complex to share information and discuss items of mutual interest and
shall report back to the Committee on any issues of substance discussed at such
periodic meetings. In addition, the Committee shall meet jointly with Audit
Committees of other Funds within the Franklin/Templeton/Mutual Series complex as
may be appropriate, to attend presentations and review proposals and other matters of
common concern to all such Audit Committees.

ADDITIONAL STATEMENTS FOR CLOSED-END FUNDS ONLY

(The provisions set forth in Appendix A hereto are intended to cover specific requirements and wording mandated by applicable Stock Exchange listing requirements.)

A-6

Appendix A

In addition to the purposes set forth above, the purposes of the Committee include:

(a) preparation of the Audit Committee Disclosure Report required to be included in the
Fund’s annual proxy statement; and

(b) the assistance of oversight, as either part of the full Board or as a Committee, of the
Fund’s compliance with legal and regulatory requirements.

In addition to the powers and duties set forth above, the Committee shall have the following
powers and duties to carry out its purposes:

(a) To obtain and review a report by the auditors, at least annually, describing:

(i) All relationships between the auditors and the Fund, the Fund’s adviser, and any
control affiliate of the adviser that provides ongoing services to the Fund;

(ii) Any material issues raised by the most recent internal quality-control review, or
peer review, of the auditors, or by any inquiry or investigation by governmental
or professional authorities, within the preceding five years, respecting one or
more independent audits carried out by the auditors, and any steps taken to deal
with any such issues; and

(iii) The auditors’ internal quality-control procedures;

(b) To discuss generally, to the extent the Fund issues any earnings press releases or any
financial information and earnings guidance provided to analysts and rating agencies,
any such releases or information and guidance;

(c) To discuss in a general manner, as either part of the full Board or as a Committee, the
Fund’s processes with respect to risk assessment and risk management;

(d) To review and approve, as either part of the full Board or as a Committee, clear
policies relating to the hiring by entities within Franklin Templeton Investments of
employees or former employees of the auditors;

(e) To evaluate, as either part of the full Board or as a Committee, its performance at
least annually; and

(f) Upon appointment of a member (i) to the Committee or (ii) to the audit committee of
another public company, who simultaneously serves on the audit committees of three
or more public companies, to request the Board to determine that such simultaneous
service would not impair the ability of such member to effectively serve on the
Committee.

The Committee shall comply with such other rules of the New York Stock Exchange, Inc.,
other applicable national securities exchanges and the U.S. Securities and Exchange
Commission applicable to closed-end funds, as such may be adopted and amended from time to
time.

A-7

TLEMF PROXY 01/15

.

You can now access your Templeton Emerging Markets Fund account online.

Access your Fund account online via the Investor ServiceDirect™ Website.

The transfer agent for the Fund now makes it easy and convenient to get current information on your shareholder account.

Visit us on the web at http://www.computershare.com/investor

For Technical Assistance call 1-800-416-5585 between 9am-7pm Monday-Friday, Eastern Time

www.computershare.com/investor
The Investor ServiceDirect™ Website
Available 24 hours per day, 7 days per week

TOLL FREE NUMBER: 1-800-416-5585

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS

FOR THE SHAREHOLDER MEETING TO BE HELD ON MARCH 2, 2015.

The Fund’s Notice of Annual Meeting of Shareholders, Proxy Statement and form of Proxy are available on the Internet at http://www.proxyonline.us/docs/emf.pdf. The form of Proxy on the Internet site cannot be used to cast your vote.

q IF YOU HAVE NOT VOTED VIA THE INTERNET OR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. q

Proxy — TEMPLETON EMERGING MARKETS FUND

ANNUAL MEETING OF SHAREHOLDERS - MARCH 2, 2015

The undersigned hereby revokes all previous proxies for his/her shares of Templeton Emerging Markets Fund (the “Fund”) and appoints TARA E. GORMEL, KIMBERLY H. NOVOTNY and LORI A. WEBER, and each of them, proxies of the undersigned with full power of substitution to vote all shares of the Fund that the undersigned is entitled to vote at the Fund's Annual Meeting of Shareholders (the “Meeting”) to be held at 300 S.E. 2nd Street, Fort Lauderdale, Florida 33301-1923 at 12 Noon, Eastern time, on March 2, 2015, including any postponements or adjournments thereof, upon the matters set forth below and instructs them to vote upon any other matters that may properly be acted upon at the Meeting, including any matters presented for which the Fund was not given timely notice.

This Proxy is solicited on behalf of the Board of Trustees. It will be voted as specified. If no specification is made, this Proxy shall be voted FOR Proposal 1 (including all nominees for trustee), FOR Proposal 2, and AGAINST Proposal 3. If any other matters properly come before the Meeting to be voted on, the proxy holders will vote, act and consent on those matters in accordance with the views of management.

(Continued and to be signed on the other side)