TEMPLETON EMERGING MARKETS FUND $15.32 (New York symbol EMF; CWA Fund Rating: Speculative) is a closed-end fund that invests in equities from emerging economies. The fund’s manager is Franklin Templeton. Templeton Emerging Market Fund provides broad geographic diversification. Although volatile, it provides access to fast-growing economies such as Brazil, China, India and others. The $445.4 million fund’s regional allocation is Asia (58.2%), Europe (18.7%) and Latin America (23.1%). Asian country allocations are China (16.4%), Turkey (9.7%), Thailand (7.7%), India (6.5%), South Korea (6.3%), Hong Kong (4.3%), Taiwan (3.0%), Indonesia (2.8%) and Pakistan (1.5%). Europe comprises Russia (10.4%), Poland (3.1%), Hungary (1.8%), Austria (1.7%) and Sweden (1.6%). Latin American holdings comprise Brazil (21.5%) and Mexico (1.6%). Templeton Emerging Market Fund’s top holdings are Petrobras (Brazilian energy), 6.3%; Cia Vale Do Rio Doce (Brazil-based metals and mining), 6.6%; Akbank (Turkish bank), 4.4%; Petrochina (Chinese oil & gas), 4.4%; Banco Bradesco (Brazilian bank), 3.3%; Lukoil Holdings (Russian oil & gas), 2.9%; Tupras-Turkiye Petrol Rafineleri AS (Turkish refinery), 2.9%; CNOOC Limited (Chinese oil & gas), 2.9%; Sesa Goa (Indian iron ore mining), 2.8%; and Gazprom (Russian gas utility), 2.6%. Templeton Emerging Markets Fund sells for a 5% discount from the current value of its assets. Templeton Emerging Markets Fund is a buy.