Templeton
Emerging
Markets
Small
Cap
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$333,583)
Unaffiliated
issuers
........................................................................
$2,478,391
Non-controlled
affiliates
(Note
3
f
)
.............................................................
217,185
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
1,397
Non-controlled
affiliates
(Note
3
f
)
.............................................................
1,027
Total
investment
income
...................................................................
2,698,000
Expenses:
Management
fees
(Note
3
a
)
...................................................................
2,541,085
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
215,663
Class
C
................................................................................
45,645
Class
R
................................................................................
5,122
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
146,466
Class
C
................................................................................
7,754
Class
R
................................................................................
1,739
Class
R6
...............................................................................
5,997
Advisor
Class
............................................................................
130,057
Custodian
fees
.............................................................................
62,050
Reports
to
shareholders
fees
..................................................................
32,224
Registration
and
filing
fees
....................................................................
50,370
Professional
fees
...........................................................................
34,077
Trustees'
fees
and
expenses
..................................................................
27,147
Other
....................................................................................
27,386
Total
expenses
.........................................................................
3,332,782
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
..............................................
(348,095)
Net
expenses
.........................................................................
2,984,687
Net
investment
income
(loss)
............................................................
(286,687)
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$1,537,879)
Unaffiliated
issuers
......................................................................
(8,500,869)
Foreign
currency
transactions
................................................................
2,274
Net
realized
gain
(loss)
..................................................................
(8,498,595)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
40,110,085
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(5,263)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
109,623
Net
change
in
unrealized
appreciation
(depreciation)
............................................
40,214,445
Net
realized
and
unrealized
gain
(loss)
............................................................
31,715,850
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$31,429,163
