40-17F2 1 tmpltnemrgmrkts17f212182019.htm

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
October 17, 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

Templeton Global Investment Trust
Franklin Real Estate Securities Trust
Franklin Strategic Series
Franklin High Income Trust
Institutional Fiduciary 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 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 February 28, 2019.  The Funds’ management is responsible for its assertion and the Company’s 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 February 28, 2019, and with respect to agreement of security purchases and sales, for the period from November 30, 2018 (the date of our last examinations), through February 28, 2019:

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 such security positions to the books and records of the Funds.
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 February 28, 2019 with respect to securities reflected in the investment accounts 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

October 17, 2019




 
 
Franklin Templeton Services, LLC
3310 Quality Drive
Rancho Cordova, CA 95670
tel   (800) 632.2350
franklintempleton.com
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) of Rule 17f-2, as interpreted in Franklin Investors Securities Trust SEC No-Action Letter (publicly available September 24, 1992), and subsection (c) of Rule 17f-2 of the Investment Company Act of 1940, as of February 28, 2019, 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) of Rule 17f-2, as interpreted in Franklin Investors Securities Trust SEC No-Action Letter (publicly available September 24, 1992), and subsection (c) of Rule 17f-2 of the Investment Company Act of 1940, as of February 28, 2019, 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 Board
Date October 17, 2019


/s/ROBERT G. KUBILIS
Robert G. Kubilis
Chief Financial Officer and Chief Accounting Officer
Templeton, New Jersey and Alternative Strategies Funds Board
Date October 17, 2019


/s/MATTHEW T. HINKLE
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
Date October 17, 2019



Attachment I
Fund
 
Period
 
Franklin Limited Duration Income Trust
 
November 30, 2018 - February 28, 2019
       
Templeton Global Investment Trust:
   
 
Templeton Emerging Markets Balanced Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Emerging Markets Small Cap Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Frontier Markets Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Global Balanced Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Dynamic Equity Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Real Estate Securities Trust:
   
 
Franklin Real Estate Securities Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Strategic Series:
   
 
Franklin Biotechnology Discovery Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Flexible Alpha Bond Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Select U.S. Equity Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Growth Opportunities Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Natural Resources Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Small Cap Growth Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Small-Mid Cap Growth Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Strategic Income Fund
 
November 30, 2018 - February 28, 2019
       
Franklin High Income Trust:
   
 
Franklin High Income Fund
 
November 30, 2018 - February 28, 2019
       
Institutional Fiduciary Trust:
   
 
Money Market Portfolio
 
November 30, 2018 - February 28, 2019
       
Franklin Global Trust:
   
 
Franklin Emerging Market Debt Opportunities Fund
 
November 30, 2018 - February 28, 2019
 
Franklin International Growth Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Global Listed Infrastructure Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Gold and Precious Metals Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Universal Trust
 
November 30, 2018 - February 28, 2019
       
Templeton China World Fund
 
November 30, 2018 - February 28, 2019
       
Templeton Emerging Markets Fund
 
November 30, 2018 - February 28, 2019
       
Templeton Emerging Markets Income Fund
 
November 30, 2018 - February 28, 2019
       
Templeton Funds:
   
 
Templeton Foreign Fund
 
November 30, 2018 - February 28, 2019
 
Templeton World Fund
 
November 30, 2018 - February 28, 2019
 
Templeton International Climate Change Fund
 
November 30, 2018 - February 28, 2019
     

Attachment I
Templeton Global Income Fund
 
November 30, 2018 - February 28, 2019
     
Templeton Global Smaller Companies Fund
 
November 30, 2018 - February 28, 2019
       
Templeton Growth Fund, Inc.
 
November 30, 2018 - February 28, 2019
       
Templeton Income Trust:
   
 
Templeton Emerging Markets Bond Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Global Bond Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Global Total Return Fund
 
November 30, 2018 - February 28, 2019
 
Templeton International Bond Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Custodian Funds:
   
 
Franklin DynaTech Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Growth Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Income Fund
 
November 30, 2018 - February 28, 2019
 
Franklin U.S. Government Securities Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Utilities Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Focused Growth Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Strategic Mortgage Portfolio
 
November 30, 2018 - February 28, 2019
       
Franklin Investors Securities Trust:
   
 
Franklin Adjustable U.S. Government Securities Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Balanced Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Convertible Securities Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Equity Income Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Floating Rate Daily Access Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Low Duration Total Return Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Real Return Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Total Return Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Templeton Global Trust:
   
 
Templeton Global Currency Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Templeton International Trust:
   
 
Franklin India Growth Fund
 
November 30, 2018 - February 28, 2019
       
Templeton Developing Markets Trust
 
November 30, 2018 - February 28, 2019
       
Franklin Fund Allocator Series:
   
 
Franklin Conservative Allocation Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Corefolio Allocation Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Founding Funds Allocation Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Growth Allocation Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart Retirement Income Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart 2020 Retirement Target Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart 2025 Retirement Target Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart 2030 Retirement Target Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart 2035 Retirement Target Fund
 
November 30, 2018 - February 28, 2019

Attachment I
 
Franklin LifeSmart 2040 Retirement Target Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart 2045 Retirement Target Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart 2050 Retirement Target Fund
 
November 30, 2018 - February 28, 2019
 
Franklin LifeSmart 2055 Retirement Target Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Moderate Allocation Fund
 
November 30, 2018 - February 28, 2019
 
Franklin NextStep Conservative Fund
 
November 30, 2018 - February 28, 2019
 
Franklin NextStep Moderate Fund
 
November 30, 2018 - February 28, 2019
 
Franklin NextStep Growth Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Payout 2018 Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Payout 2019 Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Payout 2020 Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Payout 2021 Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Payout 2022 Fund
 
November 30, 2018 - February 28, 2019
       
Franklin Templeton Variable Insurance Products Trust:
   
 
Franklin Flex Cap Growth VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Founding Funds Allocation VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Income VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Mutual Global Discovery VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Mutual Shares VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Rising Dividends VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Small Cap Value VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Small-Mid Cap Growth VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin Strategic Income VIP Fund
 
November 30, 2018 - February 28, 2019
 
Franklin VolSmart Allocation VIP Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Developing Markets VIP Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Foreign VIP Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Growth VIP Fund
 
November 30, 2018 - February 28, 2019
 
Templeton Global Bond VIP Fund
 
November 30, 2018 - February 28, 2019
       
Templeton Dragon Fund, Inc.
 
November 30, 2018 - February 28, 2019
     
Templeton Institutional Funds:
   
 
International Equity Series
 
November 30, 2018 - February 28, 2019
 
Global Equity Series
 
November 30, 2018 - February 28, 2019
     
Franklin ETF Trust:
   
 
Franklin Liberty Short Duration U.S. Government ETF
 
November 30, 2018 - February 28, 2019
       
Franklin Managed Trust:
   
 
Franklin Rising Dividends Fund
 
November 30, 2018 - February 28, 2019