40-17F2 1 temif17f2-202410.htm Untitled Document

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:

811-07866

September 26, 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 Income 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 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 February 29, 2024. 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 February 29, 2024, and with respect to agreement of security purchases and sales, for the period from January 1, 2024 (the date of our last examination), through February 29, 2024:

- 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 304 security purchases and 386 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 February 29, 2024 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

September 26, 2024

2

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Attachment A

  

Franklin Custodian Funds:

Examination Period

Franklin DynaTech Funda

January 1, 2024 – February 29, 2024

Franklin Growth Funda

January 1, 2024 – February 29, 2024

Franklin Income Funda

January 1, 2024 – February 29, 2024

Franklin U.S. Government Securities Funda

January 1, 2024 – February 29, 2024

Franklin Utilities Funda

January 1, 2024 – February 29, 2024

  

Franklin ETF Trust:

 

Franklin Short Duration U.S. Government ETF a

January 1, 2024 – February 29, 2024

Franklin Floating Rate Master Trust:

 

Franklin Floating Rate Income Fund a

January 1, 2024 – February 29, 2024

Franklin Fund Allocator Series:

 

Franklin Conservative Allocation Fund a

January 1, 2024 – February 29, 2024

Franklin Corefolio Allocation Funda

January 1, 2024 – February 29, 2024

Franklin Emerging Market Core Equity (IU) Funda

January 1, 2024 – February 29, 2024

Franklin Global Allocation Funda

January 1, 2024 – February 29, 2024

Franklin Growth Allocation Funda

January 1, 2024 – February 29, 2024

Franklin International Core Equity (IU) Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart Retirement Income Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2020 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2025 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2030 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2035 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2040 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2045 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2050 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2055 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2060 Retirement Target Funda

January 1, 2024 – February 29, 2024

Franklin Moderate Allocation Funda

January 1, 2024 – February 29, 2024

Franklin U.S. Core Equity (IU) Funda

January 1, 2024 – February 29, 2024

Franklin Global Trust:

 

Franklin Emerging Market Debt Opportunities Funda

January 1, 2024 – February 29, 2024

Franklin International Growth Funda

January 1, 2024 – February 29, 2024

Franklin Gold and Precious Metals Funda

January 1, 2024 – February 29, 2024

Franklin High Income Trust:

 

Franklin High Income Funda

January 1, 2024 – February 29, 2024

Franklin Investors Securities Trust:

 

Franklin Convertible Securities Funda

January 1, 2024 – February 29, 2024

Franklin Equity Income Funda

January 1, 2024 – February 29, 2024

Franklin Floating Rate Daily Access Funda

January 1, 2024 – February 29, 2024

Franklin Long Duration Credit Funda

January 1, 2024 – February 29, 2024

Franklin Low Duration Total Return Funda

January 1, 2024 – February 29, 2024

  

Franklin Low Duration U.S. Government Securities Funda

January 1, 2024 – February 29, 2024

Franklin Managed Income Funda

January 1, 2024 – February 29, 2024

Franklin Total Return Funda

January 1, 2024 – February 29, 2024

Franklin Limited Duration Income Trusta

January 1, 2024 – February 29, 2024

Franklin Managed Trust:

 

Franklin Rising Dividends Funda

January 1, 2024 – February 29, 2024

Franklin Real Estate Securities Trust:

 

Franklin Real Estate Securities Funda

January 1, 2024 – February 29, 2024

Franklin Strategic Mortgage Portfolioa

January 1, 2024 – February 29, 2024

Franklin Strategic Series:

 

Franklin Biotechnology Discovery Funda

January 1, 2024 – February 29, 2024

Franklin Growth Opportunities Funda

January 1, 2024 – February 29, 2024

Franklin Natural Resources Funda

January 1, 2024 – February 29, 2024

Franklin Small Cap Growth Funda

January 1, 2024 – February 29, 2024

Franklin Small-Mid Cap Growth Funda

January 1, 2024 – February 29, 2024

Franklin Strategic Income Funda

January 1, 2024 – February 29, 2024

Franklin Templeton SMACS: Series Ea

January 1, 2024 – February 29, 2024

Franklin Templeton SMACS: Series Ia

January 1, 2024 – February 29, 2024

Franklin Templeton ETF Trust:

 

Franklin Exponential Data ETFa

January 1, 2024 – February 29, 2024

Franklin Focused Growth ETFa

January 1, 2024 – February 29, 2024

Franklin FTSE Eurozone ETFa

January 1, 2024 – February 29, 2024

Franklin FTSE Japan ETFa

January 1, 2024 – February 29, 2024

Franklin FTSE Japan Hedged ETFa

January 1, 2024 – February 29, 2024

Franklin U.S. Core Bond ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Core Dividend Tilt Index ETFa

January 1, 2024 – February 29, 2024

Franklin U.S. Equity Index ETFa

January 1, 2024 – February 29, 2024

Franklin U.S. Large Cap Multifactor Index ETFa

January 1, 2024 – February 29, 2024

Franklin U.S. Mid Cap Multifactor Index ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Small Cap Multifactor Index ETFa

January 1, 2024 – February 29, 2024

Franklin U.S. Treasury Bond ETFa

January 1, 2024 – February 29, 2024

Franklin Ultra Short Bond ETFa

January 1, 2024 – February 29, 2024

Franklin Templeton Variable Insurance Products Trust:

 

Franklin Allocation VIP Funda

January 1, 2024 – February 29, 2024

Franklin DynaTech VIP Funda

January 1, 2024 – February 29, 2024

Franklin Income VIP Funda

January 1, 2024 – February 29, 2024

Franklin Rising Dividends VIP Funda

January 1, 2024 – February 29, 2024

Franklin Small Cap Value VIP Funda

January 1, 2024 – February 29, 2024

Franklin Small-Mid Cap Growth VIP Funda

January 1, 2024 – February 29, 2024

Franklin Strategic Income VIP Funda

January 1, 2024 – February 29, 2024

Franklin VolSmart Allocation VIP Funda

January 1, 2024 – February 29, 2024

Templeton Developing Markets VIP Funda

January 1, 2024 – February 29, 2024

Templeton Foreign VIP Funda

January 1, 2024 – February 29, 2024

Templeton Global Bond VIP Funda

January 1, 2024 – February 29, 2024

  

Franklin U.S. Government Money Funda

January 1, 2024 – February 29, 2024

Franklin Universal Trusta

January 1, 2024 – February 29, 2024

Institutional Fiduciary Trust:

 

Money Market Portfolioa

January 1, 2024 – February 29, 2024

Templeton China World Funda

January 1, 2024 – February 29, 2024

Templeton Developing Markets Trusta

January 1, 2024 – February 29, 2024

Templeton Emerging Markets Funda

January 1, 2024 – February 29, 2024

Templeton Emerging Markets Income Funda

January 1, 2024 – February 29, 2024

Templeton Funds:

 

Templeton International Climate Change Fund a

January 1, 2024 – February 29, 2024

Templeton Global Investment Trust:

 

Franklin Templeton SMACS: Series EMa

January 1, 2024 – February 29, 2024

Templeton Emerging Markets Small Cap Funda

January 1, 2024 – February 29, 2024

Templeton Global Balanced Funda

January 1, 2024 – February 29, 2024

Templeton Income Trust:

 

Templeton Global Bond Funda

January 1, 2024 – February 29, 2024

Templeton Global Total Return Funda

January 1, 2024 – February 29, 2024

Templeton International Bond Funda

January 1, 2024 – February 29, 2024

Templeton Sustainable Emerging Markets Bond Funda

January 1, 2024 – February 29, 2024

Templeton Institutional Funds:

 

International Equity Seriesa

January 1, 2024 – February 29, 2024

Templeton Dragon Fund, Inc.a

January 1, 2024 – February 29, 2024

Legend:

a: December 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

  

Franklin Custodian Funds:

Examination Period

Franklin DynaTech Fund a

January 1, 2024 – February 29, 2024

Franklin Growth Fund a

January 1, 2024 – February 29, 2024

Franklin Income Fund a

January 1, 2024 – February 29, 2024

Franklin U.S. Government Securities Fund a

January 1, 2024 – February 29, 2024

Franklin Utilities Fund a

January 1, 2024 – February 29, 2024

Franklin ETF Trust:

 

Franklin Short Duration U.S. Government ETF a

January 1, 2024 – February 29, 2024

Franklin Floating Rate Master Trust:

 

Franklin Floating Rate Income Fund a

January 1, 2024 – February 29, 2024

Franklin Fund Allocator Series:

 

Franklin Conservative Allocation Fund a

January 1, 2024 – February 29, 2024

Franklin Corefolio Allocation Fund a

January 1, 2024 – February 29, 2024

Franklin Emerging Market Core Equity (IU) Fund a

January 1, 2024 – February 29, 2024

Franklin Global Allocation Fund a

January 1, 2024 – February 29, 2024

Franklin Growth Allocation Fund a

January 1, 2024 – February 29, 2024

Franklin International Core Equity (IU) Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart Retirement Income Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2020 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2025 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2030 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2035 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2040 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2045 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2050 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2055 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin LifeSmart 2060 Retirement Target Fund a

January 1, 2024 – February 29, 2024

Franklin Moderate Allocation Fund a

January 1, 2024 – February 29, 2024

Franklin U.S. Core Equity (IU) Fund a

January 1, 2024 – February 29, 2024

Franklin Global Trust:

 

Franklin Emerging Market Debt Opportunities Fund a

January 1, 2024 – February 29, 2024

Franklin International Growth Fund a

January 1, 2024 – February 29, 2024

Franklin Gold and Precious Metals Fund a

January 1, 2024 – February 29, 2024

Franklin High Income Trust:

 

Franklin High Income Fund a

January 1, 2024 – February 29, 2024

Franklin Investors Securities Trust:

 

Franklin Convertible Securities Fund a

January 1, 2024 – February 29, 2024

Franklin Equity Income Fund a

January 1, 2024 – February 29, 2024

Franklin Floating Rate Daily Access Fund a

January 1, 2024 – February 29, 2024

Franklin Long Duration Credit Fund a

January 1, 2024 – February 29, 2024

Franklin Low Duration Total Return Fund a

January 1, 2024 – February 29, 2024

  

Franklin Low Duration U.S. Government Securities Funda

January 1, 2024 – February 29, 2024

Franklin Managed Income Fund a

January 1, 2024 – February 29, 2024

Franklin Total Return Fund a

January 1, 2024 – February 29, 2024

Franklin Limited Duration Income Trust a

January 1, 2024 – February 29, 2024

Franklin Managed Trust:

 

Franklin Rising Dividends Fund a

January 1, 2024 – February 29, 2024

Franklin Real Estate Securities Trust:

 

Franklin Real Estate Securities Fund a

January 1, 2024 – February 29, 2024

Franklin Strategic Mortgage Portfolio a

January 1, 2024 – February 29, 2024

Franklin Strategic Series:

 

Franklin Biotechnology Discovery Fund a

January 1, 2024 – February 29, 2024

Franklin Growth Opportunities Fund a

January 1, 2024 – February 29, 2024

Franklin Natural Resources Fund a

January 1, 2024 – February 29, 2024

Franklin Small Cap Growth Fund a

January 1, 2024 – February 29, 2024

Franklin Small-Mid Cap Growth Fund a

January 1, 2024 – February 29, 2024

Franklin Strategic Income Fund a

January 1, 2024 – February 29, 2024

Franklin Templeton SMACS: Series E a

January 1, 2024 – February 29, 2024

Franklin Templeton SMACS: Series I a

January 1, 2024 – February 29, 2024

Franklin Templeton ETF Trust:

 

Franklin Exponential Data ETF a

January 1, 2024 – February 29, 2024

Franklin Focused Growth ETF a

January 1, 2024 – February 29, 2024

Franklin FTSE Eurozone ETF a

January 1, 2024 – February 29, 2024

Franklin FTSE Japan ETF a

January 1, 2024 – February 29, 2024

Franklin FTSE Japan Hedged ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Core Bond ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Core Dividend Tilt Index ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Equity Index ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Large Cap Multifactor Index ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Mid Cap Multifactor Index ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Small Cap Multifactor Index ETF a

January 1, 2024 – February 29, 2024

Franklin U.S. Treasury Bond ETF a

January 1, 2024 – February 29, 2024

Franklin Ultra Short Bond ETF a

January 1, 2024 – February 29, 2024

Franklin Templeton Variable Insurance Products Trust:

 

Franklin Allocation VIP Fund a

January 1, 2024 – February 29, 2024

Franklin DynaTech VIP Fund a

January 1, 2024 – February 29, 2024

Franklin Income VIP Fund a

January 1, 2024 – February 29, 2024

Franklin Rising Dividends VIP Fund a

January 1, 2024 – February 29, 2024

Franklin Small Cap Value VIP Fund a

January 1, 2024 – February 29, 2024

Franklin Small-Mid Cap Growth VIP Fund a

January 1, 2024 – February 29, 2024

Franklin Strategic Income VIP Fund a

January 1, 2024 – February 29, 2024

Franklin VolSmart Allocation VIP Fund a

January 1, 2024 – February 29, 2024

Templeton Developing Markets VIP Fund a

January 1, 2024 – February 29, 2024

Templeton Foreign VIP Fund a

January 1, 2024 – February 29, 2024

Templeton Global Bond VIP Fund a

January 1, 2024 – February 29, 2024

  

Franklin U.S. Government Money Fund a

January 1, 2024 – February 29, 2024

Franklin Universal Trust a

January 1, 2024 – February 29, 2024

Institutional Fiduciary Trust:

 

Money Market Portfolio a

January 1, 2024 – February 29, 2024

Templeton China World Fund a

January 1, 2024 – February 29, 2024

Templeton Developing Markets Trust a

January 1, 2024 – February 29, 2024

Templeton Emerging Markets Fund a

January 1, 2024 – February 29, 2024

Templeton Emerging Markets Income Fund a

January 1, 2024 – February 29, 2024

Templeton Funds:

 

Templeton International Climate Change Fund a

January 1, 2024 – February 29, 2024

Templeton Global Investment Trust:

 

Franklin Templeton SMACS: Series EM a

January 1, 2024 – February 29, 2024

Templeton Emerging Markets Small Cap Fund a

January 1, 2024 – February 29, 2024

Templeton Global Balanced Fund a

January 1, 2024 – February 29, 2024

Templeton Income Trust:

 

Templeton Global Bond Fund a

January 1, 2024 – February 29, 2024

Templeton Global Total Return Fund a

January 1, 2024 – February 29, 2024

Templeton International Bond Fund a

January 1, 2024 – February 29, 2024

Templeton Sustainable Emerging Markets Bond Fund a

January 1, 2024 – February 29, 2024

Templeton Institutional Funds:

 

International Equity Series a

January 1, 2024 – February 29, 2024

Templeton Dragon Fund, Inc. a

January 1, 2024 – February 29, 2024

Legend:

a: December 31, 2023 represents the date of our last examination.