6. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
November
30,
2021,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
of
assets
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
November
30,
2021,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
...............................
$
9,251,210
$
—
$
—
$
9,251,210
Cambodia
............................
—
588,100
—
588,100
China
...............................
12,493,079
70,045,030
2,999,035
85,537,144
Egypt
...............................
387,626
—
—
387,626
Hungary
.............................
2,401,182
—
—
2,401,182
India
................................
—
26,864,660
—
26,864,660
Indonesia
............................
—
2,346,214
—
2,346,214
Mexico
..............................
5,192,041
—
—
5,192,041
Pakistan
.............................
924,400
—
—
924,400
Peru
................................
1,473,780
—
—
1,473,780
Russia
..............................
6,284,391
16,566,764
—
22,851,155
South
Africa
..........................
3,341,917
—
—
3,341,917
South
Korea
..........................
—
65,778,626
—
65,778,626
Taiwan
..............................
659,692
53,037,044
—
53,696,736
Thailand
.............................
—
4,565,841
—
4,565,841
United
Kingdom
.......................
—
4,174,874
—
4,174,874
United
States
.........................
4,959,918
—
—
4,959,918
Preferred
Stocks
........................
8,955,143
—
—
8,955,143
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
10,143,048
—
—
10,143,048
Total
Investments
in
Securities
...........
$66,467,427
$243,967,153
b
$2,999,035
$313,433,615
a
Includes
securities
determined
to
have
no
value
at
November
30,
2021.
b
Includes
foreign
securities
valued
at
$243,967,153,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
