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
May
31,
2023,
the
reconciliation is
as follows:
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
China
...............................
$
3,608,360
$
51,204,230
$
—
$
54,812,590
Hong
Kong
...........................
—
3,355,635
—
3,355,635
Hungary
.............................
—
2,505,175
—
2,505,175
India
................................
—
25,498,962
—
25,498,962
Indonesia
............................
—
1,845,687
—
1,845,687
Mexico
..............................
350,424
—
—
350,424
Pakistan
.............................
101,434
—
—
101,434
Peru
................................
998,708
—
—
998,708
Russia
...............................
—
—
—
a
—
South
Africa
...........................
1,128,805
—
—
1,128,805
South
Korea
..........................
—
43,318,216
—
43,318,216
Taiwan
...............................
—
34,846,704
—
34,846,704
Thailand
.............................
—
5,077,998
—
5,077,998
United
Arab
Emirates
....................
1,054,268
80,600
—
1,134,868
United
Kingdom
........................
—
2,964,900
—
2,964,900
United
States
..........................
6,032,908
—
—
6,032,908
Preferred
Stocks
........................
14,554,676
—
—
14,554,676
Warrants
..............................
8,475
—
—
8,475
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
11,633,777
—
—
11,633,777
Total
Investments
in
Securities
...........
$44,707,420
$171,163,721
c
$—
$215,871,141
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
May
31,
2023.
b
Includes
financial
instruments
determined
to
have
no
value
at
May
31,
2023.
c
Includes
foreign
securities
valued
at
$171,083,121,
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
a
Transfer
Into
Level
3
Transfer
Out
of
Level
3
b
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
......
—
c
—
(1,038,911)
—
—
—
(1,186,5
89
)
2,225,500
—
c
—
Escrows
and
Litigation
Trusts
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
.......
$2,551,901
$—
$(1,038,911)
$—
$(2,551,901)
$—
$(1,186,589)
$2,225,500
$—
$—
