UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM N-17F-2

 

CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR

INVESTMENTS IN THE CUSTODY OF

MANAGEMENT INVESTMENT COMPANIES

 

PURSUANT TO RULE N-17F-2 [17 CFR 270.17f-2]

 

 

 

 

1. Investment Company Act File Number:

Date Examination completed:

811-04985

April 12, 2019

 

 

2. State Identification Number:

 

 

 

 

 

 

 

AL

AK

AZ

AR

CA

CO

CT

DE

DC

FL

GA

HI

ID

IL

IN

IA

KS

KY

LA

ME

MD

MA

MI

MN

MS

MO

MT

NE

NV

NH

NJ

NM

NY

NC

ND

OH

OK

OR

PA

RI

SC

SD

TN

TX

UT

VT

VA

WA

WV

WI

WY

PUERTO RICO

 

 

 

3. Exact name of investment company as specified in registration statement:

 

Templeton Emerging Markets Fund

 

 

 

 

 

 

 

4. Address of principal executive office: (number, street, city, state, zip code)

300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923

               

 

 

 

 

[PWC LOGO]

 

Report of Independent Accountants

 

To the Board of Trustees of

 

Franklin Limited Duration Income Trust

Templeton Global Investment Trust

Franklin Real Estate Securities Trust

Franklin Strategic Series

Franklin High Income Trust

Franklin U.S. Government Money Fund

Franklin Templeton Money Fund Trust

Institutional Fiduciary Trust

Franklin Global Trust

Franklin Gold and Precious Metals Fund

Franklin Universal Trust

Templeton China World Fund

Templeton Emerging Markets Fund

Templeton Emerging Markets Income Fund

Templeton Funds

Templeton Global Income Fund

Templeton Global Smaller Companies Fund

Templeton Income Trust

Franklin Custodian Funds

Franklin Strategic Mortgage Portfolio

Franklin Investors Securities Trust

Franklin Templeton Global Trust

Franklin Templeton International Trust

Templeton Developing Markets Trust

Franklin Fund Allocator Series

Franklin Managed Trust

Franklin Templeton Variable Insurance Products Trust

Templeton Institutional Funds

Franklin ETF Trust

Franklin Managed Trust

 

and the Board of Directors of:

 

Templeton Growth Fund, Inc.

Templeton Dragon Fund, Inc.

 

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that each of the Funds listed in Attachment I, (hereafter referred to as the “Funds”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (“the Act”) as of November 30, 2018.  The Funds’ management is responsible for its assertion and the Funds’ compliance with those requirements.  Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination.

 

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Funds' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.  Included among our procedures were the following tests performed as of November 30, 2018, and with respect to agreement of security purchases and sales, for the period from June 30, 2018 (the date of our last examination) through November 30, 2018:

 

 

  • Without prior notice to management, confirmation of all securities held by Franklin Templeton Investors Services, Inc., transfer agent as they pertain to the security positions owned by the Funds and held in book entry form
  • Reconciliation of all such securities to the books and records of the Funds and the transfer agent
  • Agreement of 55 security purchases and 55 security sales since our last report from the books and records of the Funds to the records of the transfer agent

 

We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion.  Our examination does not provide a legal determination on the Funds' compliance with specified requirements.

 

In our opinion, management's assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of November 30, 2018 with respect to securities reflected in the investment account of the Funds is fairly stated, in all material respects.

 

This report is intended solely for the information and use of management and the Board of Directors and Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/PRICEWATERHOUSECOOPERS, LLP

 

April 12, 2019

 

 

PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017

T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us

 

 

 

 

 

 

 

Management Statement Regarding Compliance with Certain

Provisions of the Investment Company Act of 1940

 

We, as members of management of the Franklin Templeton Funds indicated in Attachment I (the “Funds”), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies of the Investment Company Act of 1940.  We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements.  We have performed an evaluation of the Funds’ compliance with the requirements of subsection (b) and (c) of Rule 17f-2 as of November 30, 2018, and for the periods indicated in Attachment I.

 

Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of November 30, 2018, and for the periods indicated in Attachment I, with respect to securities reflected in the investment accounts of the Funds.

 

By:

 

/s/GASTON GARDEY

Gaston Gardey

Chief Financial Officer and Chief Accounting Officer Franklin Funds

Date April 12, 2019

 

 

/s/ROBERT G. KUBILIS

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer – Templeton Funds

Date April 12, 2019

 

 

/s/MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date April 12, 2019

 

 

 

 

 

Attachment I

Fund

 

Period

Franklin Limited Duration Income Trust

 

June 30, 2018 - November 30, 2018

 

 

 

Templeton Global Investment Trust:

 

 

 

Templeton Emerging Markets Balanced Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Emerging Markets Small Cap Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Frontier Markets Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Global Balanced Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Dynamic Equity Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Real Estate Securities Trust:

 

 

 

Franklin Real Estate Securities Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Strategic Series:

 

 

 

Franklin Biotechnology Discovery Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Flexible Alpha Bond Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Select U.S. Equity Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Growth Opportunities Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Natural Resources Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Small Cap Growth Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Small-Mid Cap Growth Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Strategic Income Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin High Income Trust:

 

 

 

Franklin High Income Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin U.S. Government Money Fund

 

June 30, 2018 - November 30, 2018

 

 

 

Franklin Templeton Money Fund Trust

 

June 30, 2018 - November 30, 2018

 

Franklin Templeton U.S. Government Money Market Fund

 

June 30, 2018 - November 30, 2018

 

 

 

Institutional Fiduciary Trust:

 

 

 

Money Market Portfolioa

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Global Trust:

 

 

 

Franklin Emerging Market Debt Opportunities Fund

 

June 30, 2018 - November 30, 2018

 

Franklin International Growth Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Global Listed Infrastructure Fund

 

June 30, 2018 - November 30, 2018

 

 

 

Franklin Gold and Precious Metals Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Universal Trust

 

June 30, 2018 - November 30, 2018

 

 

 

 

Templeton China World Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Templeton Emerging Markets Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Templeton Emerging Markets Income Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Templeton Funds:

 

 

 

Templeton Foreign Fund

 

June 30, 2018 - November 30, 2018

 

Templeton World Fund

 

June 30, 2018 - November 30, 2018

 

Templeton International Climate Change Fund

 

June 30, 2018 - November 30, 2018

 

 

 

Templeton Global Income Fund

 

June 30, 2018 - November 30, 2018

 

 

 

Templeton Global Smaller Companies Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Templeton Growth Fund, Inc.

 

June 30, 2018 - November 30, 2018

 

 

 

Templeton Income Trust:

 

 

 

Templeton Emerging Markets Bond Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Global Bond Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Global Total Return Fund

 

June 30, 2018 - November 30, 2018

 

Templeton International Bond Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Custodian Funds:

 

 

 

Franklin DynaTech Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Growth Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Income Fund

 

June 30, 2018 - November 30, 2018

 

Franklin U.S. Government Securities Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Utilities Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Focused Growth Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Strategic Mortgage Portfolio

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Investors Securities Trust:

 

 

 

Franklin Adjustable U.S. Government Securities Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Balanced Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Convertible Securities Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Equity Income Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Floating Rate Daily Access Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Low Duration Total Return Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Real Return Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Total Return Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Templeton Global Trust:

 

 

 

Templeton Global Currency Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Templeton International Trust:

 

 

 

Franklin India Growth Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Templeton Developing Markets Trust

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Fund Allocator Series:

 

 

 

Franklin Conservative Allocation Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Corefolio Allocation Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Founding Funds Allocation Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Growth Allocation Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart Retirement Income Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2020 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2025 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2030 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2035 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2040 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2045 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2050 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin LifeSmart 2055 Retirement Target Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Moderate Allocation Fund

 

June 30, 2018 - November 30, 2018

 

Franklin NextStep Conservative Fund

 

June 30, 2018 - November 30, 2018

 

Franklin NextStep Moderate Fund

 

June 30, 2018 - November 30, 2018

 

Franklin NextStep Growth Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Payout 2018 Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Payout 2019Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Payout 2020 Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Payout 2021 Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Payout 2022 Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Templeton Variable Insurance Products Trust:

 

 

 

Franklin Flex Cap Growth VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Founding Funds Allocation VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Income VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Mutual Global Discovery VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Mutual Shares VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Rising Dividends VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Small Cap Value VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Small-Mid Cap Growth VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin Strategic Income VIP Fund

 

June 30, 2018 - November 30, 2018

 

Franklin VolSmart Allocation VIP Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Developing Markets VIP Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Foreign VIP Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Global Bond VIP Fund

 

June 30, 2018 - November 30, 2018

 

Templeton Global Bond VIP Fund

 

June 30, 2018 - November 30, 2018

 

 

 

 

Templeton Dragon Fund, Inc.

 

June 30, 2018 - November 30, 2018

 

 

 

Templeton Institutional Funds:

 

 

 

International Equity Series

 

June 30, 2018 - November 30, 2018

 

Global Equity Series

 

June 30, 2018 - November 30, 2018

 

 

 

Franklin ETF Trust:

 

 

 

Franklin Liberty Short Duration U.S. Government ETF

 

June 30, 2018 - November 30, 2018

 

 

 

 

Franklin Managed Trust:

 

 

 

Franklin Rising Dividends Fund

 

June 30, 2018 - November 30, 2018

 
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