Item 2. Code of Ethics.
(a) The
Registrant has adopted a code of ethics that applies to its principal executive
officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant
to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code
of ethics that applies to its principal executive officers and principal
financial and accounting officer.
Item 3. Audit Committee
Financial Expert.
(a)(1) The
Registrant has an audit committee financial expert serving on its audit
committee.
(2) The
audit committee financial experts are Ann Torre Bates and David W. Niemiec and
they are "independent" as defined under the relevant Securities and
Exchange Commission Rules and Releases.
Item
4. Principal Accountant Fees and Services. N/A
Members of the Audit Committee are: David W. Niemiec, Ann
Torre Bates, J. Michael Luttig, Terrence J. Checki and Constantine D.
Tseretopoulos.
Item
6. Schedule of Investments.
N/A
Item
7
. Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment Companies.
The board of trustees of the
Fund has delegated the authority to vote proxies related to the portfolio
securities held by the Fund to the Fund’s investment manager, Franklin
Advisers, Inc., in accordance with the Proxy Voting Policies and Procedures
(Policies) adopted by the investment manager.
Franklin Equity Group, a
separate investment group within Franklin Templeton, comprised of investment
personnel from the SEC-registered investment advisers listed on Appendix A
(hereinafter individually an “Investment Manager” and collectively the "Investment
Managers") have delegated the administrative duties with respect to voting
proxies for securities to the Franklin Templeton Proxy Group. Proxy duties
consist of disseminating proxy materials and analyses of issuers whose stock is
owned by any client (including both investment companies and any separate
accounts managed by the Investment Managers) that has either delegated proxy
voting administrative responsibility to the Investment Managers or has asked
for information and/or recommendations on the issues to be voted. The
Investment Managers will inform advisory clients that have not delegated the
voting responsibility but that have requested voting advice about the
Investment Managers’ views on such proxy votes. The Proxy Group also provides
these services to other advisory affiliates of the Investment Managers.
The Proxy Group will
process proxy votes on behalf of, and the Investment Managers vote proxies
solely in the best interests of, separate account clients, the Investment
Managers’-managed investment company shareholders, or shareholders of funds
that have appointed Franklin Templeton International Services S.à.r.l. (“FTIS
S.à.r.l.”) as the Management Company, provided such funds or clients have
properly delegated such responsibility in writing, or, where employee benefit
plan assets subject to the Employee Retirement Income Security Act of 1974, as
amended, are involved (“ERISA accounts”), in the best interests of the plan
participants and beneficiaries (collectively, "Advisory Clients"), unless
(i) the power to vote has been specifically retained by the named fiduciary in
the documents in which the named fiduciary appointed the Investment Managers or
(ii) the documents otherwise expressly prohibit the Investment Managers from
voting proxies. The Investment Managers recognize that the exercise of voting
rights on securities held by ERISA plans for which the Investment Managers have
voting responsibility is a fiduciary duty that must be exercised with care,
skill, prudence and diligence.
In certain circumstances,
Advisory Clients are permitted to direct their votes in a solicitation pursuant
to the Investment Management Agreement. An Advisory Client that wishes to
direct its vote shall give reasonable prior written notice to the Investment
Managers indicating such intention and provide written instructions directing
the Investment Managers or the Proxy Group to vote regarding the solicitation.
Where such prior written notice is received, the Proxy Group will vote proxies
in accordance with such written notification received from the Advisory Client.
The Investment Managers
have adopted and implemented Proxy Voting Policies and Procedures (“Proxy
Policies”) that they believe are reasonably designed to ensure that proxies are
voted in the best interest of Advisory Clients in accordance with their
fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940.
To the extent that the Investment Managers have a subadvisory agreement with an
affiliated investment manager (the “Affiliated Subadviser”) with respect to a
particular Advisory Client, the Investment Managers may delegate proxy voting
responsibility to the Affiliated Subadviser. The Investment Managers may also
delegate proxy voting responsibility to a subadviser that is not an Affiliated
Subadviser in certain limited situations as disclosed to fund shareholders
(e.g., where an Investment Manager to a pooled investment vehicle has engaged a
subadviser that is not an Affiliated Subadviser to manage all or a portion of
the assets).
* Rule 38a-1 under the
Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the
Investment Advisers Act of 1940 (“Advisers Act”) (together the “Compliance
Rule”) require registered investment companies and registered investment
advisers to, among other things, adopt and implement written policies and
procedures reasonably designed to prevent violations of the federal securities
laws (“Compliance Rule Policies and Procedures”).
HOW THE INVESTMENT
MANAGERS VOTE PROXIES
All proxies received by
the Proxy Group will be voted based upon the Investment Managers’ instructions
and/or policies. To assist it in analyzing proxies of equity securities, the
Investment Managers subscribe to Institutional Shareholder Services Inc.
("ISS"), an unaffiliated third-party corporate governance research
service that provides in-depth analyses of shareholder meeting agendas and vote
recommendations. In addition, the Investment Managers subscribe to ISS’s Proxy
Voting Service and Vote Disclosure Service. These services include receipt of
proxy ballots, custodian bank relations, account maintenance, vote execution,
ballot reconciliation, vote record maintenance, comprehensive reporting
capabilities, and vote disclosure services. Also, the Investment Managers
subscribe to Glass, Lewis & Co., LLC ("Glass Lewis"), an
unaffiliated third-party analytical research firm, to receive
analyses and vote
recommendations on the shareholder meetings of publicly held U.S. companies, as
well as a limited subscription to its international research.
Although analyses
provided by ISS, Glass Lewis, and/or another independent third-party proxy
service provider (each a “Proxy Service”) are thoroughly reviewed and
considered in making a final voting decision, the Investment Managers do not
consider recommendations from a Proxy Service or any third-party to be
determinative of the Investment Managers’ ultimate decision. Rather, the
Investment Managers exercise their independent judgment in making voting
decisions. As a matter of policy, the officers, directors and employees of the
Investment Managers and the Proxy Group will not be influenced by outside
sources whose interests conflict with the interests of Advisory Clients.
For ease of reference,
the Proxy Policies often refer to all Advisory Clients. However, our processes
and practices seek to ensure that proxy voting decisions are suitable for
individual Advisory Clients. In some cases, the Investment Managers’ evaluation
may result in an individual Advisory Client or Investment Manager voting
differently, depending upon the nature and objective of the fund or account,
the composition of its portfolio, whether the Investment Manager has adopted a
specialty or custom voting policy, and other factors.
All conflicts of interest
will be resolved in the best interests of the Advisory Clients. The Investment
Managers are affiliates of a large, diverse financial services firm with many
affiliates and makes its best efforts to mitigate conflicts of interest. However,
as a general matter, the Investment Managers take the position that
relationships between certain affiliates that do not use the “Franklin
Templeton” name (“Independent Affiliates”) and an issuer (e.g., an investment
management relationship between an issuer and an Independent Affiliate) do not
present a conflict of interest for an Investment Manager in voting proxies with
respect to such issuer because: (i) the Investment Managers operate as an
independent business unit from the Independent Affiliate business units, and
(ii) informational barriers exist between the Investment Managers and the
Independent Affiliate business units.
Material conflicts of
interest could arise in a variety of situations, including as a result of the
Investment Managers’ or an affiliate’s (other than an Independent Affiliate as
described above): (i) material business relationship with an issuer or
proponent, (ii) direct or indirect pecuniary interest in an issuer or
proponent; or (iii) significant personal or family relationship with an issuer
or proponent. Material conflicts of interest are identified by the Proxy Group
based upon analyses of client, distributor, broker dealer, and vendor lists,
information periodically gathered from directors and officers, and information
derived from other sources, including public filings. The Proxy Group gathers
and analyzes this information on a best-efforts basis, as much of this
information is provided directly by individuals and groups other than the Proxy
Group, and the Proxy Group relies on the accuracy of the information it
receives from such parties.
Nonetheless, even though
a potential conflict of interest between the Investment Managers or an
affiliate (other than an Independent Affiliate as described above) and an
issuer may exist: (1) the Investment Managers may vote in opposition to the
recommendations of an issuer’s management even if contrary to the
recommendations of a third-party proxy voting research provider; (2) if
management has made no recommendations, the Proxy Group may defer to the voting
instructions of the Investment Managers; and (3) with respect to shares held by
Franklin Resources, Inc. or its affiliates for their own corporate accounts,
such shares may be voted without regard to these conflict procedures.
Otherwise, in situations
where a material conflict of interest is identified between the Investment
Managers or one of its affiliates (other than Independent Affiliates) and an
issuer, the Proxy Group may vote consistent with the voting recommendation of a
Proxy Service or send the proxy directly to the relevant Advisory Clients with
the Investment Managers’ recommendation regarding the vote for approval. To
address certain affiliate conflict situations, the Investment Managers will
employ pass-through voting or mirror voting when required pursuant to a fund’s
governing documents or applicable law.
Where the Proxy Group
refers a matter to an Advisory Client, it may rely upon the instructions of a
representative of the Advisory Client, such as the board of directors or
trustees, a committee of the board, or an appointed delegate in the case of a
U.S. registered investment company, a conducting officer in the case of a fund
that has appointed FTIS S.à.r.l as its Management Company, the Independent
Review Committee for Canadian investment funds, or a plan administrator in the
case of an employee benefit plan. A quorum of the board of directors or
trustees or of a committee of the board can be reached by a majority of
members, or a majority of non-recused members. The Proxy Group may determine to
vote all shares held by Advisory Clients of the Investment Managers and
affiliated Investment Managers (other than Independent Affiliates) in
accordance with the instructions of one or more of the Advisory Clients.
The Investment Managers
may also decide whether to vote proxies for securities deemed to present
conflicts of interest that are sold following a record date, but before a
shareholder meeting date. The Investment Managers may consider various factors
in deciding whether to vote such proxies, including the Investment Managers’
long-term view of the issuer’s securities for investment, or it may defer the
decision to vote to the applicable Advisory Client. The Investment Managers
also may be unable to vote, or choose not to vote, a proxy for securities
deemed to present a conflict of interest for any of the reasons outlined in the
first paragraph of the section of these policies entitled “Proxy Procedures.”
Weight Given
Management Recommendations
One of the primary factors
the Investment Managers consider when determining the desirability of investing
in a particular company is the quality and depth of that company's management.
Accordingly, the recommendation of management on any issue is a factor that the
Investment Managers consider in determining how proxies should be voted.
However, the Investment Managers do not consider recommendations from
management to be determinative of the Investment Managers’ ultimate decision.
Each issue is considered on its own merits, and the Investment Managers will
not support the position of a company's management in any situation where it
determines that the ratification of management's position would adversely
affect the investment merits of owning that company's shares.
The Investment Managers
believe that engagement with issuers is important to good corporate governance
and to assist in making proxy voting decisions. The Investment Managers may
engage with issuers to discuss specific ballot items to be voted on in advance
of an annual or special meeting to obtain further information or clarification
on the proposals. The Investment Managers may also engage with management on a
range of environmental, social or corporate governance issues throughout the
year.
The Proxy Group is part
of Franklin Templeton’s Global Sustainability Strategy Team’s Stewardship Team.
Full-time staff members and support staff are devoted to proxy voting
administration and oversight and providing support and assistance where needed.
On a daily basis, the Proxy Group will review each proxy upon receipt as well
as any agendas, materials and recommendations that they receive from a Proxy
Service or other sources. The Proxy Group maintains a record of all shareholder
meetings that are scheduled for companies whose securities are held by the
Investment Managers’ managed funds and accounts. For each shareholder meeting,
a member of the Proxy Group will consult with the research analyst that follows
the security and provide the analyst with the agenda, analyses of one or more
Proxy Services, recommendations and any other information provided to the Proxy
Group. Except in situations identified as presenting material conflicts of
interest, the Investment Managers’ research analyst and relevant portfolio
manager(s) are responsible for making the final voting decision based on their
review of the agenda, analyses of one or more Proxy Services, proxy statements,
their knowledge of the company and any other information publicly available.
In situations where the
Investment Managers have not responded with vote recommendations to the Proxy
Group by the deadline date, the Proxy Group may vote consistent with the vote
recommendations of a Proxy Service. Except in cases where the Proxy Group is
voting consistent with the voting recommendation of a Proxy Service, the Proxy
Group must obtain voting instructions from the Investment Managers’ research
analysts, relevant portfolio manager(s), legal counsel and/or the Advisory
Client prior to submitting the vote. In the event that an account holds a
security that an Investment Manager did not purchase on its behalf, and the Investment
Manager does not normally consider the security as a potential investment for
other accounts, the Proxy Group may vote consistent with the voting
recommendations of a Proxy Service or take no action on the meeting.
PROXY ADMINISTRATION
PROCEDURES
Situations Where
Proxies Are Not Voted
The Proxy Group is fully
cognizant of its responsibility to process proxies and maintain proxy records
as may be required by relevant rules and regulations. In addition, the
Investment Managers understand their fiduciary duty to vote proxies and that
proxy voting decisions may affect the value of shareholdings. Therefore, the
Investment Managers will generally attempt to process every proxy they receive
for all domestic and foreign securities.
However, there may be situations
in which the Investment Managers may be unable to successfully vote a proxy, or
may choose not to vote a proxy, such as where: (i) a proxy ballot was not
received from the custodian bank; (ii) a meeting notice was received too late;
(iii) there are fees imposed upon the exercise of a vote and it is determined
that such fees outweigh the benefit of voting; (iv) there are legal
encumbrances to voting, including blocking restrictions in certain markets that
preclude the ability to dispose of a security if an Investment Manager votes a
proxy or where the Investment Manager is prohibited from voting by applicable
law, economic or other sanctions, or other regulatory or market requirements,
including but not limited to, effective Powers of Attorney; (v) additional
documentation or the disclosure of beneficial owner details is required; (vi)
the Investment Managers held shares on the record date but has sold them prior
to the meeting date; (vii) the Advisory Client held shares on the record date,
but the Advisory Client closed the account prior to the meeting date; (viii) a
proxy voting service is not offered by the custodian in the market; (ix) due to
either system error or human error, the Investment Managers’ intended vote is
not correctly submitted; (x) the Investment Managers believe it is not in the
best interest of the Advisory Client to vote the proxy for any other reason not
enumerated herein; or (xi) a security is subject to a securities lending or
similar program that has transferred legal title to the security to another
person.
Even if the Investment
Managers use reasonable efforts to vote a proxy on behalf of their Advisory
Clients, such vote or proxy may be rejected because of (a) operational or
procedural issues experienced by one or more third parties involved in voting
proxies in such jurisdictions; (b) changes in the process or agenda for the
meeting by the issuer for which the Investment Managers do not have sufficient
notice; or (c) the exercise by the issuer of its discretion to reject the vote
of the Investment Managers. In addition, despite the best efforts of the Proxy
Group and its agents, there may be situations where the Investment Managers’
votes are not received, or properly tabulated, by an issuer or the issuer’s agent.
The Investment Managers
or their affiliates may, on behalf of one or more of the proprietary registered
investment companies advised by the Investment Managers or their affiliates,
make efforts to recall any security on loan where the Investment Manager or its
affiliates (a) learn of a vote on an event that may materially affect a
security on loan and (b) determine that it is in the best interests of such
proprietary registered investment companies to recall the security for voting purposes.
The ability to timely recall shares is not entirely within the control of the
Investment Managers. Under certain circumstances, the recall of shares in time
for such shares to be voted may not be possible due to applicable proxy voting
record dates or other administrative considerations.
There may be instances in
certain non-U.S. markets where split voting is not allowed. Split voting occurs
when a position held within an account is voted in accordance with two
differing instructions. Some markets and/or issuers only allow voting on an
entire position and do not accept split voting. In certain cases, when more than
one Franklin Templeton investment manager has accounts holding shares of an
issuer that are held in an omnibus structure, the Proxy Group will seek
direction from an appropriate representative of the Advisory Client with
multiple Investment Managers (such as a conducting officer of the Management
Company in the case of a SICAV), or the Proxy Group will submit the vote based
on the voting instructions provided by the Investment Manager with accounts
holding the greatest number of shares of the security within the omnibus
structure.
If several issues are
bundled together in a single voting item, the Investment Managers will assess
the total benefit to shareholders and the extent that such issues should be
subject to separate voting proposals.
PROCEDURES FOR
MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS
From time to time,
certain custodians may process events for fixed income securities through their
proxy voting channels rather than corporate action channels for administrative
convenience. In such cases, the Proxy Group will receive ballots for such
events on the ISS voting platform. The Proxy Group will solicit voting
instructions from the Investment Managers for each account or fund involved. If
the Proxy Group does not receive voting instructions from the Investment
Managers, the Proxy Group will take no action on the event. The Investment Managers
may be unable to vote a proxy for a fixed income security, or may choose not to
vote a proxy, for the reasons described under the section entitled “Proxy
Procedures.”
In the rare instance
where there is a vote for a privately held issuer, the decision will generally
be made by the relevant portfolio managers or research analysts.
The Proxy Group will
monitor such meetings involving fixed income securities or privately held
issuers for conflicts of interest in accordance with these procedures. If a
fixed income or privately held issuer is flagged as a potential conflict of
interest, the Investment Managers may nonetheless vote as it deems in the best
interests of its Advisory Clients. The Investment Managers will report such
decisions on an annual basis to Advisory Clients as may be required.
These Proxy Policies
apply to accounts managed by personnel within
Franklin Equity Group, which includes the
following Investment Managers:
Franklin Advisers, Inc.
(FAV)
Franklin Templeton
Institutional, LLC
The following Proxy
Policies apply to FAV only:
HOW THE INVESTMENT
MANAGERS VOTE PROXIES
Certain of the Investment
Managers’ separate accounts or funds (or a portion thereof) are included under
Franklin Templeton Investment Solutions (“FTIS”), a separate investment group
within Franklin Templeton, and employ a quantitative strategy.
For such accounts, FTIS’s
proprietary methodologies rely on a combination of quantitative, qualitative,
and behavioral analysis rather than fundamental security research and analyst
coverage that an actively-managed portfolio would ordinarily employ. Accordingly,
absent client direction, in light of the high number of positions held by such
accounts and the considerable time and effort that would be required to review
proxy statements and ISS or Glass Lewis recommendations, the Investment Manager
may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in
particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines
(the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine,
consistent with the best interest of its clients, to provide standing
instructions to the Proxy Group to vote proxies according to the
recommendations of ISS or Glass Lewis.
The Investment Manager, however,
retains the ability to vote a proxy differently than ISS or Glass Lewis
recommends if the Investment Manager determines that it would be in the best
interests of Advisory Clients.
Item 8. Portfolio Managers of Closed-End Management
Investment Companies. N/A
Item 9. Purchases of
Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
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Total Number of Shares
Purchased |
Average Price Paid per
Share |
Total Number of Shares
Purchased as Part of Publicly Announced Plans or Program |
Maximum Number (or
Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans
or Programs |
Month #1 (1/1/23 - 1/31/23) |
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Month #2 (2/1/23 - 2/28/23) |
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Month #3 (3/1/23 - 3/31/23) |
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Month #4 (4/1/23 - 4/30/23) |
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Month #5 (5/1/23 - 5/31/23) |
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Month #6 (6/1/23 - 6/30/23) |
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The Board previously authorized
an open-market share repurchase program pursuant to which the Fund may purchase,
from time to time, Fund shares in open-market transactions, at the discretion of
management. Effective February 26, 2013, the Board approved a modification to
the Fund’s previously announced open-market share repurchase program to authorize
the Fund to repurchase up to 10% of the Fund’s shares outstanding in open
market transactions as of that date, at the discretion of management. Since the
inception of the program, the Fund had repurchased a total of 1,230,500 shares.
Item 10. Submission of Matters
to a Vote of Security Holders.
There have been no changes to the procedures by which
shareholders may recommend nominees to the Registrant's Board of Trustees that
would require disclosure herein.
Item 11. Controls and
Procedures.
(a) Evaluation of
Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed
to provide reasonable assurance that information required to be disclosed in
the Registrant’s filings under the Securities Exchange Act of 1934, as amended,
and the Investment Company Act of 1940 is recorded, processed, summarized and
reported within the periods specified in the rules and forms of the Securities
and Exchange Commission. Such information is accumulated and communicated to the
Registrant’s management, including its principal executive officer and
principal financial officer, as appropriate, to allow timely decisions regarding
required disclosure. The Registrant’s management, including the principal executive
officer and the principal financial officer, recognizes that any set of controls
and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder
Report on Form N-CSR, the Registrant had carried out an evaluation,
under the supervision and with the participation of the Registrant’s management,
including the Registrant’s principal executive officer and the Registrant’s
principal financial officer, of the effectiveness of the design and operation
of the Registrant’s disclosure controls and procedures. Based on such evaluation,
the Registrant’s principal executive officer and principal financial officer
concluded that the Registrant’s disclosure controls and procedures are
effective.
(b) Changes in
Internal Controls.
There have been
no changes in the Registrant’s internal control over financial reporting that
occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect the internal control over
financial reporting.
Item 12. Disclosure of Securities
Lending Activities for Closed-End Management Investment Company.
Securities lending agent.
The board of trustees has approved the Fund’s
participation in a securities lending program. Under the securities lending
program, JP Morgan Chase Bank serves as the Fund’s securities lending agent.
The securities lending agent
is responsible for the implementation and administration of the Funds’
securities lending program. Pursuant to the respective Securities Lending
Agreements with the Fund, the securities lending agent performs a variety of
services, including (but not limited to) the following:
o Trade finding, execution
and settlement
o Settlement monitoring and controls, reconciliations,
corporate actions and recall management
o Collateral management and
valuation information
o Invoice management and
billing from counterparties
For the period ended June 30,
2023, the income earned by the Fund as well as the fees and/or compensation
paid by the Fund in dollars pursuant to a securities lending agreement between
the Trust with respect to the Fund and the Securities Lending Agent were as
follows (figures may differ from those shown in shareholder reports due to time
of availability and use of estimates):
Gross income earned by the
Fund from securities lending activities |
|
Fees and/or compensation
paid by the Fund for securities lending activities and related services |
|
Fees paid to Securities
Lending Agent from revenue split |
|
Fees paid for any cash
collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) not included in a revenue split |
|
Administrative fees not
included in a revenue split |
|
Indemnification fees not
included in a revenue split |
|
Rebate (paid to borrower) |
|
Other fees not included
above |
|
Aggregate
fees/compensation paid by the Fund for securities lending activities |
|
Net income from
securities lending activities |
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(a)(2)
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew
T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief
Accounting Officer and Treasurer
(a)(2)(1) There were no
written solicitations to purchase securities under Rule 23c-1 under the Act
sent or given during the period covered by the report by or on behalf of the
Registrant to 10 or more persons.
(a)(2)(2) There was no change
in the Registrant’s independent public accountant during the period covered by
the report.
(b)
Certifications pursuant to Section
906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive
Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer,
Chief Accounting Officer and Treasurer
(c)
Pursuant to the
Securities and Exchange Commission’s Order granting relief from Section 19(b)
of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners
are attached hereto as Exhibit
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
TEMPLETON EMERGING MARKETS
INCOME FUND
By SMATTHEW T. HINKLE______________________
Chief Executive Officer
- Finance and Administration
Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By SMATTHEW T. HINKLE______________________
Chief Executive Officer
- Finance and Administration
By SCHRISTOPHER KINGS______________________
Chief Financial
Officer, Chief Accounting Officer and Treasurer
II.
Other Policies and
Procedures
This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder.
Franklin Resources, Inc. has separately adopted the
Code of Ethics and
Business Conduct (“Business Conduct”), which is applicable to all
officers, directors and employees of Franklin Resources, Inc., including
Covered Officers. It summarizes the values, principles and business practices
that guide the employee’s business conduct and also provides a set of basic
principles to guide officers, directors and employees regarding the minimum
ethical requirements expected of them. It supplements the values, principles
and business conduct identified in the Code and other existing employee
policies.
Additionally, the Franklin Templeton Funds have separately adopted the FTI
Personal Investments and Insider Trading Policy governing personal
securities trading and other related matters. The Code for Insider Trading
provides for separate requirements that apply to the Covered Officers and
others, and therefore is not part of this Code.
Insofar as other policies or procedures of Franklin Resources, Inc., the
Funds, the Funds’ adviser, principal underwriter, or other service providers
govern or purport to govern the behavior or activities of the Covered Officers
who are subject to this Code, they are superceded by this Code to the extent
that they overlap or conflict with the provisions of this Code. Please review
these other documents or consult with the Legal Department if have questions
regarding the applicability of these policies to
you.
III.
Covered Officers Should Handle Ethically Actual and Apparent Conflicts
of Interest
Overview. A "conflict of interest" occurs when a Covered
Officer's private interest interferes with the interests of, or his or her
service to, the FT Funds. For example, a conflict of interest would arise if a
Covered Officer, or a member of his family, receives improper personal benefits
as a result of apposition with the FT Funds.
Certain conflicts of interest arise out of the relationships between
Covered Officers and the FT Funds and already are subject to conflict of
interest provisions in the Investment Company Act of 1940 ("Investment
Company Act") and the Investment Advisers Act of 1940 ("Investment
Advisers Act"). For example, Covered Officers may not individually engage
in certain transactions (such as the purchase or sale of securities or other
property) with the FT Funds because of their status as "affiliated
persons" of the FT Funds. The FT Funds’ and the investment advisers’ compliance
programs and procedures are designed to prevent, or identify and correct,
violations of these provisions. This Code does not, and is not intended to,
repeat or replace these programs and procedures, and such conflicts fall
outside of the parameters of this Code.
Although
typically not presenting an opportunity for improper personal benefit,
conflicts arise from, or as a result of, the contractual relationship between
the FT Funds, the investment advisers and the fund administrator of which the Covered
Officers are also officers or employees. As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the FT Funds, for the adviser, the administrator, or
2
for all three), be involved in
establishing policies and implementing decisions that will have different
effects on the adviser, administrator and the FT Funds. The participation of
the Covered Officers in such activities is inherent in the contractual
relationship between the FT Funds, the adviser, and the administrator and is
consistent with the performance by the Covered Officers of their duties as
officers of the FT Funds. Thus, if performed in conformity with the provisions
of the Investment Company Act and the Investment Advisers Act, such activities
will be deemed to have been handled ethically. In addition, it is recognized by
the FT Funds' Boards of Directors ("Boards") that the Covered
Officers may also be officers or employees of one or more other investment
companies covered by this or other codes.
Other conflicts
of interest are covered by the Code, even if such conflicts of interest are not
subject to provisions in the Investment Company Act and the Investment Advisers
Act. The following list provides examples of conflicts of interest under the
Code, but Covered Officers should keep in mind that these examples are not
exhaustive. The overarching principle is that the personal interest of a
Covered Officer should not be placed improperly before the interest of the FT
Funds.
Each Covered Officer must:
Not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the FT
Funds whereby the Covered
Officer
would benefit personally to the detriment of the FT
Funds;
Not cause the FT Funds to take action, or fail to take action,
for the individual personal benefit of the Covered Officer rather than the
benefit the FT
Funds;
Not retaliate against any other Covered Officer or any employee
of the FT Funds or their affiliated persons for reports of potential violations
that are made in good
faith;
Report at least annually the following affiliations or other
relationships:
1
all directorships for public companies and all companies that are
required to file reports with the
SEC;
any direct or indirect business relationship with any independent
directors of
the FT
Funds;
any direct or indirect business relationship with any independent
public accounting firm (which are not related to the routine issues related to
the
firm’s service as the Covered
Persons accountant);
and
any direct or indirect interest in any transaction with any FT
Fund that will benefit the officer (not including benefits derived from the
advisory, sub-advisory, distribution or service agreements with affiliates of
Franklin
Resources).
These reports will be reviewed
by the Legal Department for compliance with the Code.
There are some
conflict of interest situations that should always be approved in writing by
Franklin Resources General Counsel or Deputy General Counsel, if material.
Examples of these include
2
:
Service as a director on the board of any public or private
Company.
Reporting
of
these
affiliations
or
other
relationships
shall
be
made
by
completing
the
annual
Directors
and
Officers
Questionnaire and returning the
questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.
Any
activity
or
relationship
that
would
present
a
conflict
for
a
Covered Officer
may
also
present
a
conflict
for
the
Covered Officer
if a member of the Covered Officer's
immediate family engages in such an activity or has such a relationship. The
Cover Person should also obtain written approval by FT’s General Counsel in
such situations.
3
VII.
Amendments
Any amendments
to this Code, other than amendments to Exhibit A, must be approved or ratified
by a majority vote of the FT Funds’ Board including a majority of independent
directors.
VIII.
Confidentiality
All reports and records prepared or maintained pursuant to this Code will
be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the FT Funds’ Board and their counsel.
IX.
Internal
Use
The Code is intended solely for the internal use by the FT Funds and does
not constitute an admission, by or on behalf of any FT Funds, as to any fact,
circumstance, or legal conclusion.
X.
Disclosure on Form
N-CSR
Item 2 of Form
N-CSR requires a registered management investment company to disclose annually
whether, as of the end of the period covered by the report, it has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these officers are
employed by the registrant or a third party. If the registrant has not adopted
such a code of ethics, it must explain why it has not done so.
The
registrant must also: (1) file with the SEC a copy of the code as an exhibit to
its annual report; (2) post the text of the code on its Internet website and
disclose, in its most recent report on Form N-CSR, its Internet address and the
fact that it has posted the code on its Internet website; or (3) undertake in
its most recent report on Form N-CSR to provide to any person without charge,
upon request, a copy of the code and explain the manner in which such request
may be made. Disclosure is also required of amendments to, or waivers
(including implicit waivers) from, a provision of the code in the registrant's
annual report on Form N-CSR or on its website. If the registrant intends to
satisfy the requirement to disclose amendments and waivers by posting such
information on its website, it will be required to disclose its Internet
address and this
intention.
The Legal Department shall be
responsible for ensuring that:
a copy of the Code is filed with the SEC as an exhibit to each
Fund’s annual report;
and
any amendments to, or waivers (including implicit waivers) from,
a provision of the
Code is
disclosed in the registrant's annual report on Form
N-CSR.
In the event that the foregoing disclosure is omitted or is determined to
be incorrect, the Legal Department shall promptly file such information with
the SEC as an amendment to Form N-CSR.
In such an event, the Fund Chief Compliance Officer shall review the Code
and propose such changes to the Code as are necessary or appropriate to prevent
reoccurrences.
TEMPLETON
EMERGING MARKETS INCOME FUND
Fort
Lauderdale, FL 33301
For
more information, please contact Franklin Templeton at 1-800-342-5236.
TEMPLETON EMERGING MARKETS INCOME FUND
(“TEI” or the “Fund”)
ANNOUNCES NOTIFICATION OF SOURCES
OF DISTRIBUTIONS
Fort Lauderdale,
Florida, January 30, 2023.
Templeton Emerging
Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on January 31,
2023, and for the fiscal year 2022 year-to-date are as follows:
Estimated Allocations for January Monthly
Distribution as of December 31, 2022:
Cumulative Estimated Allocations fiscal
year-to-date as of December 31, 2022, for the fiscal year ending December 31,
2022:
Shareholders
should not draw any conclusions about the Fund’s investment performance from
the amount of this distribution or from the terms of the Plan. TEI estimates
that it has distributed more than its income and net realized capital gains;
therefore, a portion of the TEI distribution to shareholders may be a return of
capital. A return of capital may occur, for example, when some or all of the
money that a shareholder invested in a Fund is paid back to them. A return of
capital distribution does not necessarily reflect TEI’s investment performance
and should not be confused with ‘yield’ or ‘income’. The amounts and sources of
distributions reported herein are only estimates and are not being provided for
tax reporting purposes. The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund’s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar
year that will describe how to report the Fund’s distributions for federal
income tax purposes.
Average
Annual Total Return (in relation to the change in net asset value (NAV) for
the 5-year period ended on 12/31/2022)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 12/31/2022)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 12/31/2022)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 12/31/2022)4 |
|
|
|
|
|
Fund Performance
and Distribution Rate Information:
Average Annual
Total Return in relation to NAV represents the compound average of the Annual
NAV Total Returns of the Fund for the five-year period ended through December
31, 2022. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions
paid.
The Annualized
Distribution Rate is the current fiscal period’s distribution rate annualized
as a percentage of the Fund’s NAV through December 31, 2022.
Cumulative Total
Return is the percentage change in the Fund’s NAV from December 31, 2021
through December 31, 2022, assuming reinvestment of distributions
paid.
The Cumulative
Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for
the fiscal period December 31, 2021 through December 31, 2022, as a percentage
of the Fund’s NAV as of December 31, 2022.
The Fund’s Board of Trustees (the “Board”) has
authorized a managed distribution plan pursuant to which the Fund makes monthly
distributions to shareholders at an annual minimum fixed rate of 10%, based on
the average monthly NAV of the Fund’s common shares (the “Plan”). The Fund
calculates the average NAV from the previous month based on the number of
business days in the month on which the NAV is calculated. The Plan is intended
to provide shareholders with a constant, but not guaranteed, fixed minimum rate
of distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund’s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed with
a goal of generating as much of the distribution as possible from net ordinary
income and short-term capital gains, that is consistent with the Fund’s
investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund’s investment performance and should not be confused with
“yield” or “income”. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund’s capital
loss carryovers from prior years.
The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund’s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund’s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.
For
further information on Templeton Global Income Fund, please visit our web site
at:
www.franklintempleton.com
Franklin Resources, Inc. is a global investment management organization
with subsidiaries operating as Franklin Templeton and serving clients in over
155 countries. Franklin Templeton’s mission is to help clients achieve better
outcomes through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers, the company
offers specialization on a global scale, bringing extensive capabilities in
fixed income, equity, alternatives and multi-asset solutions. With offices in
more than 30 countries and approximately 1,300 investment professionals, the
California-based company has over 75 years of investment experience and
approximately $1.4 trillion in assets under management as of December 31, 2022.
For more information, please visit franklintempleton.com.
TEMPLETON
EMERGING MARKETS INCOME FUND
Fort
Lauderdale, FL 33301
For
more information, please contact Franklin Templeton at 1-800-342-5236.
TEMPLETON EMERGING MARKETS INCOME
FUND (“TEI” or the “Fund”)
ANNOUNCES NOTIFICATION OF SOURCES
OF DISTRIBUTIONS
Fort Lauderdale, Florida, February 27, 2023.
Templeton Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on February 28,
2023, and for the fiscal year 2023 year-to-date are as follows:
Estimated Allocations for February Monthly
Distribution as of January 31, 2023:
Cumulative Estimated Allocations fiscal
year-to-date as of January 31, 2023, for the fiscal year ending December 31,
2023:
The Fund has experienced a cumulative loss in undistributed net realized and
unrealized capital gains and losses totaling $3.9247 per share. Of that amount,
$1.9026 per share represents unrealized depreciation of portfolio securities.
Shareholders
should not draw any conclusions about the Fund’s investment performance from
the amount of this distribution or from the terms of the Plan. TEI estimates
that it has distributed more than its income and net realized capital gains;
therefore, a portion of the TEI distribution to shareholders may be a return of
capital. A return of capital may occur, for example, when some or all of the
money that a shareholder invested in a Fund is paid back to them. A return of
capital distribution does not necessarily reflect TEI’s investment performance
and should not be confused with ‘yield’ or ‘income’. The amounts and sources of
distributions reported herein are only estimates and are not being provided for
tax reporting purposes. The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund’s investment experience during the
remainder of its fiscal year and may be subject to changes based on tax regulations.
The Fund will send a Form 1099-DIV to shareholders for the calendar year that
will describe how to report the Fund’s distributions for federal income tax
purposes.
Average
Annual Total Return (in relation to the change in net asset value (NAV) for the
5-year period ended on 01/31/2023)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 01/31/2023)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through
01/31/2023)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of
01/31/2023)4 |
|
|
|
|
|
Fund Performance
and Distribution Rate Information:
Average Annual
Total Return in relation to NAV represents the compound average of the Annual
NAV Total Returns of the Fund for the five-year period ended through January
31, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions
paid.
The Annualized
Distribution Rate is the current fiscal period’s distribution rate annualized
as a percentage of the Fund’s NAV through January 31, 2023.
Cumulative Total
Return is the percentage change in the Fund’s NAV from December 31, 2022
through January 31, 2023, assuming reinvestment of distributions
paid.
The Cumulative
Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the
fiscal period December 31, 2022 through January 31, 2023, as a percentage of
the Fund’s NAV as of January 31, 2023.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan pursuant to which the Fund makes monthly distributions to
shareholders at an annual minimum fixed rate of 10%, based on the average
monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the
average NAV from the previous month based on the number of business days in the
month on which the NAV is calculated. The Plan is intended to provide
shareholders with a constant, but not guaranteed, fixed minimum rate of
distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund’s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund’s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund’s investment performance and should not be confused with “yield”
or “income”. Even though the Fund may realize current year capital gains, such
gains may be offset, in whole or in part, by the Fund’s capital loss carryovers
from prior years.
The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund’s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund’s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.
For
further information on Templeton Global Income Fund, please visit our web site
at:
www.franklintempleton.com
Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of January 31, 2023. For more information, please
visit franklintempleton.com.
TEMPLETON
EMERGING MARKETS INCOME FUND
Fort
Lauderdale, FL 33301
For
more information, please contact Franklin Templeton at 1-800-342-5236.
TEMPLETON EMERGING MARKETS INCOME
FUND (“TEI” or the “Fund”)
ANNOUNCES NOTIFICATION OF SOURCES
OF DISTRIBUTIONS
Fort Lauderdale, Florida, March 30, 2023. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on March 31, 2023,
and for the fiscal year 2023 year-to-date are as follows:
Estimated Allocations for March Monthly
Distribution as of February 28, 2023:
Cumulative Estimated Allocations fiscal
year-to-date as of February 28, 2023, for the fiscal year ending December 31,
2023:
The Fund has experienced a cumulative loss in undistributed net realized and
unrealized capital gains and losses totaling $4.2143 per share. Of that amount,
$2.2335 per share represents unrealized depreciation of portfolio securities.
Shareholders should not draw any conclusions about the Fund’s investment
performance from the amount of this distribution or from the terms of the
Plan. TEI estimates that it has distributed more than its income and net
realized capital gains; therefore, a portion of the TEI distribution to
shareholders may be a return of capital. A return of capital may occur, for
example, when some or all of the money that a shareholder invested in a Fund is
paid back to them. A return of capital distribution does not necessarily
reflect TEI’s investment performance and should not be confused with ‘yield’ or
‘income’. The amounts and sources of distributions reported herein are only
estimates and are not being provided for tax reporting purposes. The actual
amounts and sources of the amounts for tax reporting purposes will depend upon
the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send a Form
1099-DIV to shareholders for the calendar year that will describe how to report
the Fund’s distributions for federal income tax purposes.
Average
Annual Total Return (in relation to the change in net asset value (NAV) for
the 5-year period ended on 02/28/2023)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 02/28/2023)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 02/28/2023)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 02/28/2023)4 |
|
|
|
|
|
Fund Performance
and Distribution Rate Information:
Average Annual
Total Return in relation to NAV represents the compound average of the Annual
NAV Total Returns of the Fund for the five-year period ended through February
28, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions
paid.
The Annualized
Distribution Rate is the current fiscal period’s distribution rate annualized
as a percentage of the Fund’s NAV through February 28, 2023.
Cumulative Total
Return is the percentage change in the Fund’s NAV from December 31, 2022
through February 28, 2023, assuming reinvestment of distributions
paid.
The Cumulative
Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for
the fiscal period December 31, 2022 through February 28, 2023, as a percentage
of the Fund’s NAV as of February 28, 2023.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan pursuant to which the Fund makes monthly distributions to
shareholders at an annual minimum fixed rate of 10%, based on the average
monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the
average NAV from the previous month based on the number of business days in the
month on which the NAV is calculated. The Plan is intended to provide
shareholders with a constant, but not guaranteed, fixed minimum rate of
distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund’s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund’s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund’s investment performance and should not be confused with
“yield” or “income”. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund’s capital
loss carryovers from prior years.
The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund’s shareholders.
The amendment or termination of the Plan could have an adverse effect on the
market price of the Fund’s common shares. The Plan will be subject to the
periodic review by the Board, including a yearly review of the annual minimum
fixed rate to determine if an adjustment should be made.
For
further information on Templeton Global Income Fund, please visit our web site
at:
www.franklintempleton.com
Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of February 28, 2023. For more information, please
visit franklintempleton.com.
TEMPLETON
EMERGING MARKETS INCOME FUND
Fort
Lauderdale, FL 33301
For
more information, please contact Franklin Templeton at 1-800-342-5236.
TEMPLETON EMERGING MARKETS INCOME
FUND (“TEI” or the “Fund”)
ANNOUNCES NOTIFICATION OF SOURCES
OF DISTRIBUTIONS
Fort Lauderdale, Florida, April 27, 2023. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on April 28, 2023,
and for the fiscal year 2023 year-to-date are as follows:
Estimated Allocations for April Monthly
Distribution as of March 31, 2023:
Cumulative Estimated Allocations fiscal
year-to-date as of March 31, 2023, for the fiscal year ending December 31,
2023:
Shareholders should not draw any conclusions about the Fund’s investment
performance from the amount of this distribution or from the terms of the
Plan. TEI estimates that it has distributed more than its income and net
realized capital gains; therefore, a portion of the TEI distribution to
shareholders may be a return of capital. A return of capital may occur, for
example, when some or all of the money that a shareholder invested in a Fund is
paid back to them. A return of capital distribution does not necessarily
reflect TEI’s investment performance and should not be confused with ‘yield’ or
‘income’. The amounts and sources of distributions reported herein are only
estimates and are not being provided for tax reporting purposes. The actual
amounts and sources of the amounts for tax reporting purposes will depend upon
the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send a Form
1099-DIV to shareholders for the calendar year that will describe how to report
the Fund’s distributions for federal income tax purposes.
Average
Annual Total Return (in relation to the change in net asset value (NAV) for
the 5-year period ended on 03/31/2023)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 03/31/2023)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 03/31/2023)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 03/31/2023)4 |
|
|
|
|
|
Fund Performance
and Distribution Rate Information:
Average Annual
Total Return in relation to NAV represents the compound average of the Annual
NAV Total Returns of the Fund for the five-year period ended through March 31,
2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a
year, assuming reinvestment of distributions
paid.
The Annualized
Distribution Rate is the current fiscal period’s distribution rate annualized
as a percentage of the Fund’s NAV through March 31, 2023.
Cumulative Total
Return is the percentage change in the Fund’s NAV from December 31, 2022
through March 31, 2023, assuming reinvestment of distributions
paid.
The Cumulative
Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for
the fiscal period December 31, 2022 through March 31, 2023, as a percentage of
the Fund’s NAV as of March 31, 2023.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan pursuant to which the Fund makes monthly distributions to
shareholders at an annual minimum fixed rate of 10%, based on the average
monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the
average NAV from the previous month based on the number of business days in the
month on which the NAV is calculated. The Plan is intended to provide shareholders
with a constant, but not guaranteed, fixed minimum rate of distribution each
month and is intended to narrow the discount between the market price and the
NAV of the Fund’s common shares, but there can be no assurance that the Plan
will be successful in doing so. The Fund is managed with a goal of generating
as much of the distribution as possible from net ordinary income and short-term
capital gains, that is consistent with the Fund’s investment strategy and risk
profile. To the extent that sufficient distributable income is not available on
a monthly basis, the Fund will distribute long-term capital gains and/or return
of capital in order to maintain its managed distribution rate. A return of
capital may occur, for example, when some or all of the money that was invested
in the Fund is paid back to shareholders. A return of capital distribution does
not necessarily reflect the Fund’s investment performance and should not be
confused with “yield” or “income”. Even though the Fund may realize current year
capital gains, such gains may be offset, in whole or in part, by the Fund’s
capital loss carryovers from prior years.
The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund’s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund’s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.
For
further information on Templeton Emerging Markets Income Fund, please visit our
web site at:
www.franklintempleton.com
Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of March 31, 2023. For more information, please
visit franklintempleton.com.
TEMPLETON
EMERGING MARKETS INCOME FUND
Fort
Lauderdale, FL 33301
For
more information, please contact Franklin Templeton at 1-800-342-5236.
TEMPLETON EMERGING MARKETS INCOME
FUND (“TEI” or the “Fund”)
ANNOUNCES NOTIFICATION OF SOURCES
OF DISTRIBUTIONS
Fort Lauderdale, Florida, May 30, 2023. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on May 31, 2023,
and for the fiscal year 2023 year-to-date are as follows:
Estimated Allocations for May Monthly
Distribution as of April 30, 2023:
Cumulative Estimated Allocations fiscal
year-to-date as of April 30, 2023, for the fiscal year ending December 31, 2023:
Shareholders should not draw any conclusions about the Fund’s investment
performance from the amount of this distribution or from the terms of the
Plan. TEI estimates that it has distributed more than its income and net
realized capital gains; therefore, a portion of the TEI distribution to
shareholders may be a return of capital. A return of capital may occur, for
example, when some or all of the money that a shareholder invested in a Fund is
paid back to them. A return of capital distribution does not necessarily
reflect TEI’s investment performance and should not be confused with ‘yield’ or
‘income’. The amounts and sources of distributions reported herein are only
estimates and are not being provided for tax reporting purposes. The actual
amounts and sources of the amounts for tax reporting purposes will depend upon
the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send a Form
1099-DIV to shareholders for the calendar year that will describe how to report
the Fund’s distributions for federal income tax purposes.
Average
Annual Total Return (in relation to the change in net asset value (NAV) for
the 5-year period ended on 04/30/2023)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 04/30/2023)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 04/30/2023)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 04/30/2023)4 |
|
|
|
|
|
Fund Performance
and Distribution Rate Information:
Average Annual
Total Return in relation to NAV represents the compound average of the Annual
NAV Total Returns of the Fund for the five-year period ended through April 30,
2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a
year, assuming reinvestment of distributions
paid.
The Annualized
Distribution Rate is the current fiscal period’s distribution rate annualized
as a percentage of the Fund’s NAV through April 30, 2023.
Cumulative Total
Return is the percentage change in the Fund’s NAV from December 31, 2022
through April 30, 2023, assuming reinvestment of distributions
paid.
The Cumulative
Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for
the fiscal period December 31, 2022 through April 30, 2023, as a percentage of
the Fund’s NAV as of April 30, 2023.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan pursuant to which the Fund makes monthly distributions to
shareholders at an annual minimum fixed rate of 10%, based on the average
monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the
average NAV from the previous month based on the number of business days in the
month on which the NAV is calculated. The Plan is intended to provide
shareholders with a constant, but not guaranteed, fixed minimum rate of
distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund’s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund’s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund’s investment performance and should not be confused with
“yield” or “income”. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund’s capital
loss carryovers from prior years.
The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund’s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund’s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.
For
further information on Templeton Emerging Markets Income Fund, please visit our
web site at:
www.franklintempleton.com
Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of April 30, 2023. For more information, please
visit franklintempleton.com.
TEMPLETON
EMERGING MARKETS INCOME FUND
Fort
Lauderdale, FL 33301
For
more information, please contact Franklin Templeton at 1-800-342-5236.
TEMPLETON EMERGING MARKETS INCOME
FUND (“TEI” or the “Fund”)
ANNOUNCES NOTIFICATION OF SOURCES
OF DISTRIBUTIONS
Fort Lauderdale, Florida, June 29, 2023. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on June 30, 2023,
and for the fiscal year 2023 year-to-date are as follows:
Estimated Allocations for June Monthly
Distribution as of May 31, 2023:
Cumulative Estimated Allocations fiscal
year-to-date as of May 31, 2023, for the fiscal year ending December 31, 2023:
Shareholders should not draw any conclusions about the Fund’s investment
performance from the amount of this distribution or from the terms of the
Plan. TEI estimates that it has distributed more than its income and net
realized capital gains; therefore, a portion of the TEI distribution to
shareholders may be a return of capital. A return of capital may occur, for
example, when some or all of the money that a shareholder invested in a Fund is
paid back to them. A return of capital distribution does not necessarily reflect
TEI’s investment performance and should not be confused with ‘yield’ or
‘income’. The amounts and sources of distributions reported herein are only
estimates and are not being provided for tax reporting purposes. The actual
amounts and sources of the amounts for tax reporting purposes will depend upon
the Fund’s investment experience during the remainder of its fiscal year and
may be subject to changes based on tax regulations. The Fund will send a Form
1099-DIV to shareholders for the calendar year that will describe how to report
the Fund’s distributions for federal income tax purposes.
Average
Annual Total Return (in relation to the change in net asset value (NAV) for
the 5-year period ended on 05/31/2023)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 05/31/2023)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 05/31/2023)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 05/31/2023)4 |
|
|
|
|
|
Fund Performance
and Distribution Rate Information:
Average Annual
Total Return in relation to NAV represents the compound average of the Annual
NAV Total Returns of the Fund for the five-year period ended through May 31,
2023. Annual NAV Total Return is the percentage change in the Fund’s NAV over a
year, assuming reinvestment of distributions
paid.
The Annualized
Distribution Rate is the current fiscal period’s distribution rate annualized
as a percentage of the Fund’s NAV through May 31, 2023.
Cumulative Total
Return is the percentage change in the Fund’s NAV from December 31, 2022
through May 31, 2023, assuming reinvestment of distributions
paid.
The Cumulative
Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for
the fiscal period December 31, 2022 through May 31, 2023, as a percentage of
the Fund’s NAV as of May 31, 2023.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan pursuant to which the Fund makes monthly distributions to
shareholders at an annual minimum fixed rate of 10%, based on the average
monthly NAV of the Fund’s common shares (the “Plan”). The Fund calculates the
average NAV from the previous month based on the number of business days in the
month on which the NAV is calculated. The Plan is intended to provide
shareholders with a constant, but not guaranteed, fixed minimum rate of
distribution each month and is intended to narrow the discount between the
market price and the NAV of the Fund’s common shares, but there can be no
assurance that the Plan will be successful in doing so. The Fund is managed
with a goal of generating as much of the distribution as possible from net
ordinary income and short-term capital gains, that is consistent with the
Fund’s investment strategy and risk profile. To the extent that sufficient
distributable income is not available on a monthly basis, the Fund will
distribute long-term capital gains and/or return of capital in order to
maintain its managed distribution rate. A return of capital may occur, for
example, when some or all of the money that was invested in the Fund is paid
back to shareholders. A return of capital distribution does not necessarily
reflect the Fund’s investment performance and should not be confused with
“yield” or “income”. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund’s capital
loss carryovers from prior years.
The Board may amend the terms of the Plan
or terminate the Plan at any time without prior notice to the Fund’s
shareholders. The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund’s common shares. The Plan will be
subject to the periodic review by the Board, including a yearly review of the
annual minimum fixed rate to determine if an adjustment should be made.
For
further information on Templeton Emerging Markets Income Fund, please visit our
web site at:
www.franklintempleton.com
Franklin Resources,
Inc. is a global investment management organization with subsidiaries operating
as Franklin Templeton and serving clients in over 155 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes through
investment management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers specialization
on a global scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of May 31, 2023. For more information, please visit
franklintempleton.com.
I, Matthew T. Hinkle, certify that:
1.
I have reviewed this report on Form N-CSR of
Templeton Emerging
Markets Income Fund;
2.
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
Based on my knowledge, the
financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4.
The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal
control over financial reporting that occurred during the period covered by
this report that has materially affected, or is reasonably likely to materially
affect, the registrant’s internal control over financial reporting; and
5.
The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's
internal control over financial reporting.
8/28/2023
SMATTHEW T. HINKLE
Matthew T. Hinkle
Chief Executive Officer - Finance and Administration
I, Christopher Kings, certify that:
1.
I have reviewed this report on Form N-CSR of
Templeton Emerging
Markets Income Fund;
2.
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
Based on my knowledge, the
financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4.
The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal
control over financial reporting that occurred during the period covered by
this report that has materially affected, or is reasonably likely to materially
affect, the registrant’s internal control over financial reporting; and
5.
The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's
internal control over financial reporting.
8/28/2023
SCHRISTOPHER KINGS
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and
Treasurer