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 16, 2024 |
| | |
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
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Report
of Independent Registered Public Accounting Firm
To the Boards of Trustees and Management
of:
Franklin
Custodian Funds
Franklin ETF Trust
Franklin Floating Rate Master Trust
Franklin
Fund Allocator Series
Franklin Global Trust
Franklin Gold and Precious
Metals Fund
Franklin High Income Trust
Franklin Investors Securities Trust
Franklin
Limited Duration Income Trust
Franklin Managed Trust
Franklin Real Estate
Securities Trust
Franklin Strategic Mortgage Portfolio
Franklin Strategic Series
Franklin
Templeton ETF Trust
Franklin Templeton Variable Insurance Products Trust
Franklin U.S. Government
Money Fund
Franklin Universal Trust
Institutional Fiduciary Trust
Templeton
China World Fund
Templeton Developing Markets Trust
Templeton Emerging Markets Fund
Templeton
Emerging Markets Income Fund
Templeton Funds
Templeton Global Income Fund
Templeton
Global Investment Trust
Templeton Income Trust
Templeton Institutional
Funds
And
the Boards of Directors and Management of:
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 the Funds listed in Attachment A
(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 July 31, 2023. 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
PricewaterhouseCoopers LLP,
405 Howard Street, Suite 600, San Francisco, CA 94105 T: (415) 498 5000, www.pwc.com/us
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procedures
were the following tests performed as of July 31, 2023, and with respect to agreement of security purchases
and sales, for the period from February 1, 2023 (see Attachment A for details), through July 31, 2023:
- Confirmation
of all securities held by Franklin Templeton Investors Services, Inc. (the “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 340 security
purchases
and
522
security
sales
or
maturities
since
our
last
report
from the books and records of the Funds to the records of the Transfer Agent confirmations
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 the specified requirements.
We are required to be independent
and to meet our other ethical responsibilities in accordance with relevant ethical requirements related
to the engagement.
In our opinion, management's assertion that the Funds listed in Attachment A complied
with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940
as of July 31, 2023 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 Boards of Trustees or Boards of Directors of the Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than the specified parties.
/s/PRICEWATERHOUSECOOPERS, LLP
April
16, 2024
2
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Attachment A
| | |
Franklin
Custodian Funds: | Examination Period |
Franklin DynaTech Funda | February 1, 2023 – July 31, 2023 |
Franklin
Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin Income Funda | February
1, 2023 – July 31, 2023 |
Franklin
U.S. Government Securities Funda | February 1, 2023 – July
31, 2023 |
Franklin Utilities Funda | February 1, 2023 – July 31, 2023 |
Franklin Focused Growth Funda | February
1, 2023 – July 31, 2023 |
Franklin
ETF Trust: | |
Franklin
Short Duration U.S. Government ETF a | February 1, 2023 – July
31, 2023 |
Franklin Floating Rate
Master Trust: | |
Franklin
Floating Rate Income Fund a | February 1, 2023 – July
31, 2023 |
Franklin Fund Allocator
Series: | |
Franklin
Conservative Allocation Fund a | February 1, 2023 – July
31, 2023 |
Franklin Corefolio Allocation
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Emerging Market Core Equity (IU) Funda | February 1, 2023 – July
31, 2023 |
Franklin Global Allocation
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Growth Allocation Funda | February 1, 2023 – July 31, 2023 |
Franklin International Core Equity (IU) Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart Retirement Income Funda | February 1, 2023 – July
31, 2023 |
Franklin LifeSmart 2020
Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin LifeSmart 2025 Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart 2030 Retirement Target Funda | February 1, 2023 – July
31, 2023 |
Franklin LifeSmart 2035
Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin LifeSmart 2040 Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart 2045 Retirement Target Funda | February 1, 2023 – July
31, 2023 |
Franklin LifeSmart 2050
Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin LifeSmart 2055 Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart 2060 Retirement Target Funda | February 1, 2023 – July
31, 2023 |
Franklin Moderate Allocation
Funda | February 1, 2023 – July 31, 2023 |
Franklin
U.S. Core Equity (IU) Funda | February 1, 2023 – July
31, 2023 |
Franklin Global Trust: | |
Franklin
Emerging Market Debt Opportunities Funda | February 1, 2023 – July
31, 2023 |
Franklin International
Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin Gold and Precious Metals Funda | February 1, 2023 – July 31, 2023 |
Franklin
High Income Trust: | |
Franklin
High Income Funda | February 1, 2023 – July 31, 2023 |
Franklin Investors Securities Trust: | |
Franklin Convertible
Securities Funda | February 1, 2023 – July 31, 2023 |
Franklin Equity Income Funda | February 1, 2023 – July 31, 2023 |
Franklin Floating Rate Daily Access Funda | February
1, 2023 – July 31, 2023 |
Franklin
Low Duration Total Return Funda | February 1, 2023 – July
31, 2023 |
| | |
Franklin Low Duration U.S. Government Securities
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Managed Income Funda | February 1, 2023 – July 31, 2023 |
Franklin Total Return Funda | February 1, 2023 – July 31, 2023 |
Franklin
Limited Duration Income Trusta | February 1, 2023 – July
31, 2023 |
Franklin Managed Trust: | |
Franklin
Rising Dividends Funda | February 1, 2023 – July 31, 2023 |
Franklin Real Estate Securities Trust: | |
Franklin Real Estate
Securities Funda | February 1, 2023 – July 31, 2023 |
Franklin Strategic Mortgage Portfolioa | February 1, 2023 – July 31, 2023 |
Franklin
Strategic Series: | |
Franklin
Biotechnology Discovery Funda | February 1, 2023 – July
31, 2023 |
Franklin Growth Opportunities
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Natural Resources Funda | February 1, 2023 – July 31, 2023 |
Franklin Small Cap Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin
Small-Mid Cap Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin Strategic Income Funda | February 1, 2023 – July 31, 2023 |
Franklin
Templeton SMACS: Series Ea | February 1, 2023 – July 31, 2023 |
Franklin Templeton SMACS: Series Ia | February 1, 2023 – July 31, 2023 |
Franklin
Templeton ETF Trust: | |
Franklin Exponential Data ETFa | February 1, 2023 – July 31, 2023 |
Franklin
FTSE Europe Hedged ETFa | February 1, 2023 – July 31, 2023 |
Franklin FTSE Japan ETFa | February 1, 2023 – July 31, 2023 |
Franklin
FTSE Japan Hedged ETFa | February 1, 2023 – July 31, 2023 |
Franklin U.S. Core Bond ETF a | February 1, 2023 – July 31, 2023 |
Franklin
U.S. Equity Index ETFa | February 1, 2023 – July 31, 2023 |
Franklin U.S. Treasury Bond ETFa | February 1, 2023 – July 31, 2023 |
Franklin
Ultra Short Bond ETFa | February 1, 2023 – July 31, 2023 |
Franklin Templeton Variable Insurance Products Trust: | |
Franklin
Allocation VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin DynaTech VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin
Income VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin Rising Dividends VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin Small Cap Value VIP Funda | February
1, 2023 – July 31, 2023 |
Franklin
Small-Mid Cap Growth VIP Funda | February 1, 2023 – July
31, 2023 |
Franklin Strategic Income
VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin VolSmart Allocation VIP Funda | February 1, 2023 – July 31, 2023 |
Templeton
Developing Markets VIP Funda | February 1, 2023 – July
31, 2023 |
Templeton Foreign VIP
Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Bond VIP Funda | February 1, 2023 – July 31, 2023 |
| | |
Franklin U.S. Government Money Funda | February 1, 2023 – July 31, 2023 |
Franklin
Universal Trusta | February 1, 2023 – July 31, 2023 |
Institutional Fiduciary Trust: | |
Money Market Portfolioa | February 1, 2023 – July 31, 2023 |
Templeton
China World Funda | February 1, 2023 – July 31, 2023 |
Templeton Developing Markets Trusta | February 1, 2023 – July 31, 2023 |
Templeton
Emerging Markets Funda | February 1, 2023 – July 31, 2023 |
Templeton Emerging Markets Income Funda | February 1, 2023 – July 31, 2023 |
Templeton
Funds: | |
Templeton
International Climate Change Fund a | February 1, 2023 – July
31, 2023 |
Templeton Global Investment
Trust: | |
Franklin
Templeton SMACS: Series EMa | February 1, 2023 – July
31, 2023 |
Templeton Emerging Markets
Small Cap Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Balanced Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Income Funda | February
1, 2023 – July 31, 2023 |
Templeton
Income Trust: | |
Templeton
Global Bond Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Total Return Funda | February 1, 2023 – July 31, 2023 |
Templeton
International Bond Funda | February 1, 2023 – July 31, 2023 |
Templeton Sustainable Emerging Markets Bond Funda | February 1, 2023 – July 31, 2023 |
Templeton
Institutional Funds: | February 1, 2023 – July 31, 2023 |
International Equity Seriesa | February 1, 2023 – July 31, 2023 |
Templeton
Dragon Fund, Inc.a | February 1, 2023 – July 31, 2023 |
Legend:
a: January 31, 2023 represents the date of our last examination.
Franklin Templeton Services, LLC
3355 Data 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 funds indicated in Attachment A (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 subsections (b) and (c) of Rule 17f-2 as of February
29, 2024, and for the periods indicated in Attachment A.
Based on this evaluation, we assert that
the Funds were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of February 29, 2024, and for the periods indicated in Attachment A, with respect
to securities reflected in the investment account of the Funds.
By:
/s/CHRISTOPHER KINGS
Christopher
Kings
Chief Executive Officer - Finance and Administration
Franklin Templeton Group
of Funds
Date September 26, 2024
/s/JEFFREY W. WHITE
Jeffrey
W. White
Chief Financial Officer, Chief Accounting Officer and Treasurer
Franklin & Templeton
Funds Boards
Date September 26, 2024
/s/VIVEK PAI
Vivek
Pai
Chief Financial Officer, Chief Accounting Officer and Treasurer
Franklin Templeton ETF
Trust
Franklin ETF Trust
Date
September
26, 2024
Attachment A
Attachment A
| | |
Franklin
Custodian Funds: | Examination Period |
Franklin DynaTech Funda | February 1, 2023 – July 31, 2023 |
Franklin
Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin Income Funda | February
1, 2023 – July 31, 2023 |
Franklin
U.S. Government Securities Funda | February 1, 2023 – July
31, 2023 |
Franklin Utilities Funda | February 1, 2023 – July 31, 2023 |
Franklin Focused Growth Funda | February
1, 2023 – July 31, 2023 |
Franklin
ETF Trust: | |
Franklin
Short Duration U.S. Government ETF a | February 1, 2023 – July
31, 2023 |
Franklin Floating Rate
Master Trust: | |
Franklin
Floating Rate Income Fund a | February 1, 2023 – July
31, 2023 |
Franklin Fund Allocator
Series: | |
Franklin
Conservative Allocation Fund a | February 1, 2023 – July
31, 2023 |
Franklin Corefolio Allocation
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Emerging Market Core Equity (IU) Funda | February 1, 2023 – July
31, 2023 |
Franklin Global Allocation
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Growth Allocation Funda | February 1, 2023 – July 31, 2023 |
Franklin International Core Equity (IU) Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart Retirement Income Funda | February 1, 2023 – July
31, 2023 |
Franklin LifeSmart 2020
Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin LifeSmart 2025 Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart 2030 Retirement Target Funda | February 1, 2023 – July
31, 2023 |
Franklin LifeSmart 2035
Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin LifeSmart 2040 Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart 2045 Retirement Target Funda | February 1, 2023 – July
31, 2023 |
Franklin LifeSmart 2050
Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin LifeSmart 2055 Retirement Target Funda | February 1, 2023 – July 31, 2023 |
Franklin
LifeSmart 2060 Retirement Target Funda | February 1, 2023 – July
31, 2023 |
Franklin Moderate Allocation
Funda | February 1, 2023 – July 31, 2023 |
Franklin
U.S. Core Equity (IU) Funda | February 1, 2023 – July
31, 2023 |
Franklin Global Trust: | |
Franklin
Emerging Market Debt Opportunities Funda | February 1, 2023 – July
31, 2023 |
Franklin International
Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin Gold and Precious Metals Funda | February 1, 2023 – July 31, 2023 |
Franklin
High Income Trust: | |
Franklin
High Income Funda | February 1, 2023 – July 31, 2023 |
Franklin Investors Securities Trust: | |
Franklin Convertible
Securities Funda | February 1, 2023 – July 31, 2023 |
Franklin Equity Income Funda | February 1, 2023 – July 31, 2023 |
Franklin Floating Rate Daily Access Funda | February
1, 2023 – July 31, 2023 |
Franklin
Low Duration Total Return Funda | February 1, 2023 – July
31, 2023 |
| | |
Franklin Low Duration U.S. Government Securities
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Managed Income Funda | February 1, 2023 – July 31, 2023 |
Franklin Total Return Funda | February 1, 2023 – July 31, 2023 |
Franklin
Limited Duration Income Trusta | February 1, 2023 – July
31, 2023 |
Franklin Managed Trust: | |
Franklin
Rising Dividends Funda | February 1, 2023 – July 31, 2023 |
Franklin Real Estate Securities Trust: | |
Franklin Real Estate
Securities Funda | February 1, 2023 – July 31, 2023 |
Franklin Strategic Mortgage Portfolioa | February 1, 2023 – July 31, 2023 |
Franklin
Strategic Series: | |
Franklin
Biotechnology Discovery Funda | February 1, 2023 – July
31, 2023 |
Franklin Growth Opportunities
Funda | February 1, 2023 – July 31, 2023 |
Franklin
Natural Resources Funda | February 1, 2023 – July 31, 2023 |
Franklin Small Cap Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin
Small-Mid Cap Growth Funda | February 1, 2023 – July 31, 2023 |
Franklin Strategic Income Funda | February 1, 2023 – July 31, 2023 |
Franklin
Templeton SMACS: Series Ea | February 1, 2023 – July 31, 2023 |
Franklin Templeton SMACS: Series Ia | February 1, 2023 – July 31, 2023 |
Franklin
Templeton ETF Trust: | |
Franklin Exponential Data ETFa | February 1, 2023 – July 31, 2023 |
Franklin
FTSE Europe Hedged ETFa | February 1, 2023 – July 31, 2023 |
Franklin FTSE Japan ETFa | February 1, 2023 – July 31, 2023 |
Franklin
FTSE Japan Hedged ETFa | February 1, 2023 – July 31, 2023 |
Franklin U.S. Core Bond ETF a | February 1, 2023 – July 31, 2023 |
Franklin
U.S. Equity Index ETFa | February 1, 2023 – July 31, 2023 |
Franklin U.S. Treasury Bond ETFa | February 1, 2023 – July 31, 2023 |
Franklin
Ultra Short Bond ETFa | February 1, 2023 – July 31, 2023 |
Franklin Templeton Variable Insurance Products Trust: | |
Franklin
Allocation VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin DynaTech VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin
Income VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin Rising Dividends VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin Small Cap Value VIP Funda | February
1, 2023 – July 31, 2023 |
Franklin
Small-Mid Cap Growth VIP Funda | February 1, 2023 – July
31, 2023 |
Franklin Strategic Income
VIP Funda | February 1, 2023 – July 31, 2023 |
Franklin VolSmart Allocation VIP Funda | February 1, 2023 – July 31, 2023 |
Templeton
Developing Markets VIP Funda | February 1, 2023 – July
31, 2023 |
Templeton Foreign VIP
Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Bond VIP Funda | February 1, 2023 – July 31, 2023 |
| | |
Franklin U.S. Government Money Funda | February 1, 2023 – July 31, 2023 |
Franklin
Universal Trusta | February 1, 2023 – July 31, 2023 |
Institutional Fiduciary Trust: | |
Money Market Portfolioa | February 1, 2023 – July 31, 2023 |
Templeton
China World Funda | February 1, 2023 – July 31, 2023 |
Templeton Developing Markets Trusta | February 1, 2023 – July 31, 2023 |
Templeton
Emerging Markets Funda | February 1, 2023 – July 31, 2023 |
Templeton Emerging Markets Income Funda | February 1, 2023 – July 31, 2023 |
Templeton
Funds: | |
Templeton
International Climate Change Fund a | February 1, 2023 – July
31, 2023 |
Templeton Global Investment
Trust: | |
Franklin
Templeton SMACS: Series EMa | February 1, 2023 – July
31, 2023 |
Templeton Emerging Markets
Small Cap Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Balanced Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Income Funda | February
1, 2023 – July 31, 2023 |
Templeton
Income Trust: | |
Templeton
Global Bond Funda | February 1, 2023 – July 31, 2023 |
Templeton Global Total Return Funda | February 1, 2023 – July 31, 2023 |
Templeton
International Bond Funda | February 1, 2023 – July 31, 2023 |
Templeton Sustainable Emerging Markets Bond Funda | February 1, 2023 – July 31, 2023 |
Templeton
Institutional Funds: | February 1, 2023 – July 31, 2023 |
International Equity Seriesa | February 1, 2023 – July 31, 2023 |
Templeton
Dragon Fund, Inc.a | February 1, 2023 – July 31, 2023 |
Legend:
a: January 31, 2023 represents the date of our last examination.
Grafico Azioni Templeton Emerging Markets (NYSE:EMF)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Templeton Emerging Markets (NYSE:EMF)
Storico
Da Mar 2024 a Mar 2025
