Templeton Emerging Markets Fund (EMF) NPORT-P Templeton Emerging Markets Fund (Nov 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TLEMF-Q1PH

1

Schedule

of

Investments

(unaudited)

Templeton

Emerging

Markets

Fund

2

Notes

to

Schedule

of

Investments

6

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

(unaudited),

November

30,

2022

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

91.9%

Brazil

2.5%

Americanas

SA

..................

Internet

&

Direct

Marketing

Retail

312,039

$

634,753

TOTVS

SA

.....................

Software

16,080

95,590

Vale

SA

........................

Metals

&

Mining

260,748

4,305,115

a

XP,

Inc.,

A

......................

Capital

Markets

24,872

435,509

5,470,967

Cambodia

0.2%

a

NagaCorp

Ltd.

..................

Hotels,

Restaurants

&

Leisure

736,916

535,267

Chile

0.7%

Banco

Santander

Chile,

ADR

.......

Banks

103,137

1,609,968

China

27.6%

a

Alibaba

Group

Holding

Ltd.

.........

Internet

&

Direct

Marketing

Retail

996,539

10,845,704

a

Alibaba

Group

Holding

Ltd.,

ADR

....

Internet

&

Direct

Marketing

Retail

6,343

555,393

b

BAIC

Motor

Corp.

Ltd.,

H,

144A,

Reg

S

Automobiles

360,000

99,444

a

Baidu,

Inc.,

A

....................

Interactive

Media

&

Services

113,708

1,534,590

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

A

...........

Construction

Materials

233,200

1,095,712

a,c

Brilliance

China

Automotive

Holdings

Ltd.

.........................

Automobiles

8,358,200

4,761,867

Chervon

Holdings

Ltd.

.............

Household

Durables

7,600

43,527

China

Merchants

Bank

Co.

Ltd.,

A

....

Banks

438,562

2,176,896

China

Merchants

Bank

Co.

Ltd.,

H

....

Banks

687,088

3,489,821

China

Resources

Cement

Holdings

Ltd.

Construction

Materials

2,723,222

1,478,229

China

Resources

Land

Ltd.

.........

Real

Estate

Management

&

Development

121,662

565,121

COSCO

SHIPPING

Ports

Ltd.

.......

Transportation

Infrastructure

797,371

605,433

a

Daqo

New

Energy

Corp.,

ADR

......

Semiconductors

&

Semiconductor

Equipment

48,458

2,757,745

b

Greentown

Service

Group

Co.

Ltd.,

Reg

S

...........................

Real

Estate

Management

&

Development

732,186

505,686

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

A

....................

Chemicals

703,945

4,537,800

Health

&

Happiness

H&H

International

Holdings

Ltd.

..................

Food

Products

686,624

835,590

JD.com,

Inc.,

A

..................

Internet

&

Direct

Marketing

Retail

11,101

316,915

NetEase

,

Inc.

...................

Entertainment

130,526

1,887,264

Ping

An

Bank

Co.

Ltd.,

A

...........

Banks

852,800

1,581,075

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

H

.......................

Insurance

404,337

2,496,428

Prosus

NV

.....................

Internet

&

Direct

Marketing

Retail

80,992

5,301,036

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

223,708

8,459,975

a

Tencent

Music

Entertainment

Group,

ADR

........................

Entertainment

285,091

1,998,488

Uni

-President

China

Holdings

Ltd.

....

Food

Products

2,385,868

2,094,257

Weifu

High-Technology

Group

Co.

Ltd.,

B

...........................

Auto

Components

269,612

449,158

a,b

Wuxi

Biologics

Cayman,

Inc.,

144A,

Reg

S

...........................

Life

Sciences

Tools

&

Services

80,660

528,635

61,001,789

Hong

Kong

1.4%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

251,059

3,060,508

Hungary

0.9%

Richter

Gedeon

Nyrt

.

.............

Pharmaceuticals

90,408

1,945,434

India

11.9%

Bajaj

Holdings

&

Investment

Ltd.

.....

Diversified

Financial

Services

28,211

2,192,053

HDFC

Bank

Ltd.

.................

Banks

220,295

4,372,458

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

India

(continued)

ICICI

Bank

Ltd.

..................

Banks

1,167,910

$

13,694,425

Infosys

Ltd.

.....................

IT

Services

88,535

1,800,931

a

PB

Fintech

Ltd.

..................

Insurance

101,565

568,153

Tata

Consultancy

Services

Ltd.

......

IT

Services

43,339

1,821,435

a

Zomato

Ltd.

....................

Internet

&

Direct

Marketing

Retail

2,278,796

1,857,415

26,306,870

Indonesia

0.8%

Astra

International

Tbk

.

PT

.........

Automobiles

4,313,301

1,668,812

Mexico

2.3%

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

ADR

.................

Banks

766,117

4,604,363

a,b

Nemak

SAB

de

CV,

144A,

Reg

S

....

Auto

Components

1,845,731

550,181

5,154,544

Pakistan

0.2%

MCB

Bank

Ltd.

..................

Banks

1,048,503

556,605

Peru

0.5%

c

Intercorp

Financial

Services,

Inc.

.....

Banks

46,998

1,156,151

Russia

0.0%

d

LUKOIL

PJSC

...................

Oil,

Gas

&

Consumable

Fuels

86,387

—

a,d

Sberbank

of

Russia

PJSC

..........

Banks

1,014,728

—

a,b,d

VK

Co.

Ltd.,

GDR,

Reg

S

..........

Interactive

Media

&

Services

56,814

—

a,d

Yandex

NV,

A

...................

Interactive

Media

&

Services

87,356

—

—

South

Africa

0.3%

Netcare

Ltd.

....................

Health

Care

Providers

&

Services

848,707

735,011

South

Korea

19.3%

Fila

Holdings

Corp.

...............

Textiles,

Apparel

&

Luxury

Goods

83,240

2,142,602

KT

Skylife

Co.

Ltd.

...............

Media

45,931

304,595

a

LegoChem

Biosciences,

Inc.

........

Life

Sciences

Tools

&

Services

33,474

1,005,625

LG

Chem

Ltd.

...................

Chemicals

1,728

997,321

LG

Corp.

.......................

Industrial

Conglomerates

98,917

6,449,849

NAVER

Corp.

...................

Interactive

Media

&

Services

45,318

6,660,538

POSCO

Holdings,

Inc.

............

Metals

&

Mining

12,652

2,928,116

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

296,278

14,393,495

Samsung

Life

Insurance

Co.

Ltd.

.....

Insurance

86,446

4,906,654

Soulbrain

Co.

Ltd.

................

Chemicals

17,332

2,880,647

42,669,442

Taiwan

15.3%

Hon

Hai

Precision

Industry

Co.

Ltd.

...

Electronic

Equipment,

Instruments

&

Components

381,630

1,254,457

MediaTek

,

Inc.

..................

Semiconductors

&

Semiconductor

Equipment

360,421

8,743,234

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

1,477,450

23,820,507

33,818,198

Thailand

2.5%

Kasikornbank

PCL

...............

Banks

662,952

2,741,870

Kiatnakin

Phatra

Bank

PCL

.........

Banks

534,625

1,094,556

Star

Petroleum

Refining

PCL

........

Oil,

Gas

&

Consumable

Fuels

2,264,747

751,380

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Thailand

(continued)

Thai

Beverage

PCL

...............

Beverages

1,836,100

$

859,859

5,447,665

United

Arab

Emirates

0.7%

a

Americana

Restaurants

International

plc,

(AED

Traded)

..............

Hotels,

Restaurants

&

Leisure

318,588

227,247

a

Americana

Restaurants

International

plc,

(SAR

Traded)

..............

Hotels,

Restaurants

&

Leisure

547,734

390,484

a,e

Emirates

Central

Cooling

Systems

Corp.

Water

Utilities

2,264,456

826,106

1,443,837

United

Kingdom

1.6%

Unilever

plc

.....................

Personal

Products

70,522

3,527,497

United

States

3.2%

Cognizant

Technology

Solutions

Corp.,

A

...........................

IT

Services

51,668

3,214,266

Genpact

Ltd.

....................

IT

Services

85,929

3,962,186

7,176,452

Total

Common

Stocks

(Cost

$166,885,017)

.....................................

203,285,017

a

Preferred

Stocks

6.4%

Brazil

6.4%

f

Banco

Bradesco

SA,

ADR,

3.97%

....

Banks

1,492,166

4,431,733

f

Itau

Unibanco

Holding

SA,

ADR,

2.09%

Banks

947,575

4,718,923

f

Petroleo

Brasileiro

SA,

43.15%

......

Oil,

Gas

&

Consumable

Fuels

987,956

5,073,761

14,224,417

Total

Preferred

Stocks

(Cost

$16,303,509)

......................................

14,224,417

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,d

Hemisphere

Properties

India

Ltd.,

Escrow

Account

................

38,214

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

—

Total

Long

Term

Investments

(Cost

$183,188,526)

...............................

217,509,434

Templeton

Emerging

Markets

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

See

A

bbreviations

on

page

8

.

Short

Term

Investments

11.4%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

11.4%

United

States

11.4%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

.........

25,261,949

$

25,261,949

Total

Money

Market

Funds

(Cost

$25,261,949)

..................................

25,261,949

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$25,261,949

)

................................

25,261,949

a

a

a

Total

Investments

(Cost

$208,450,475)

109.7%

..................................

$242,771,383

Credit

Facility

(9.0)%

.........................................................

(20,000,000)

Other

Assets,

less

Liabilities

(0.7)%

...........................................

(1,590,389)

Net

Assets

100.0%

...........................................................

$221,180,994

a

a

a

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

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.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$1,683,946,

representing

0.8%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

November

30,

2022.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Emerging

Markets

Fund

Notes

to

Schedule

of

Investments

(unaudited)

6

Quarterly

Schedule

of

Investments

1.

Organization

Templeton

Emerging

Markets

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-

end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Fund’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

November

30,

2022,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

Templeton

Emerging

Markets

Fund

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

3.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. 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,

2022,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Emerging

Markets

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.446%

$

24,580,506

$

11,775,684

$

(11,094,241)

$

—

$

—

$

25,261,949

25,261,949

$

161,598

Total

Affiliated

Securities

...

$24,580,506

$11,775,684

$(11,094,241)

$—

$—

$25,261,949

$161,598

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Brazil

................................

$

5,470,967

$

—

$

—

$

5,470,967

Cambodia

............................

—

535,267

—

535,267

Chile

................................

1,609,968

—

—

1,609,968

China

...............................

10,073,493

50,928,296

—

61,001,789

Hong

Kong

...........................

—

3,060,508

—

3,060,508

Hungary

.............................

—

1,945,434

—

1,945,434

India

................................

—

26,306,870

—

26,306,870

Indonesia

............................

—

1,668,812

—

1,668,812

Mexico

..............................

5,154,544

—

—

5,154,544

Pakistan

.............................

556,605

—

—

556,605

Peru

................................

1,156,151

—

—

1,156,151

Russia

...............................

—

—

—

a

—

Templeton

Emerging

Markets

Fund

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

Currency

AED

Emirati

Dirham

SAR

Saudi

Riyal

A

reconciliation

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,

2022,

the

reconciliation is

as follows:

Abbreviations

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

South

Africa

...........................

$

—

$

735,011

$

—

$

735,011

South

Korea

..........................

—

42,669,442

—

42,669,442

Taiwan

...............................

—

33,818,198

—

33,818,198

Thailand

.............................

—

5,447,665

—

5,447,665

United

Arab

Emirates

....................

826,106

617,731

—

1,443,837

United

Kingdom

........................

—

3,527,497

—

3,527,497

United

States

..........................

7,176,452

—

—

7,176,452

Preferred

Stocks

........................

14,224,417

—

—

14,224,417

Escrows

and

Litigation

Trusts

...............

—

—

—

b

—

Short

Term

Investments

...................

25,261,949

—

—

25,261,949

Total

Investments

in

Securities

...........

$71,510,652

$171,260,731

c

$—

$242,771,383

a

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the

Fund

had

little

or

no

value

at

November

30,

2022.

b

Includes

financial

instruments

determined

to

have

no

value

at

November

30,

2022.

c

Includes

foreign

securities

valued

at

$170,643,000,

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.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

a

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Templeton

Emerging

Markets

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

China

......

$

2,551,901

$

—

$

—

$

—

$

(2,551,901)

$

—

$

—

$

—

$

—

$

—

Russia

......

—

b

—

—

—

—

—

—

—

—

b

—

Escrows

and

Litigation

Trusts

—

b

—

—

—

—

—

—

—

—

b

—

Total

Investments

in

Securities

.......

$2,551,901

$—

$—

$—

$(2,551,901)

$—

$—

$—

$—

$—

a

Transfers

out

of

L

evel

3

were

as

a

result

of

changes

in

the

levels

of

observable

liquidity

and

the

improved

reliability

of

a

significant

input.

b

Includes

financial

instruments

determined

to

have

no

value.

Selected

Portfolio

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.