Company: TXEMF
Filing Date: 2025-05-06
Form Type: 40-17F2
Source: 0000916488-25-000006
Chunk: 1

Company: TEMPLETON EMERGING MARKETS INCOME FUND
Filing Date: 2025-05-06
Form: 40-17F2
Chunk 1
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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 Developing Markets Trust
Templeton Emerging Markets Fund
Templeton Emerging Markets Income Fund
Templeton Global Investment Trust
Templeton Income Trust
Templeton Institutional Funds

And the Boards of Directors and Management of:Templeton Dragon Fund, Inc.

We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that the
Funds listed in Attachment A (the “Funds”) complied with the requirements of subsections (b) and
(c) of Rule 17f-2 under the Investment Company Act of 1940 (“the Act”) (the “specified requirements”)
as of November 30, 2024. The Funds’ management is responsible for its assertion and the Funds' compliance
with the specified 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 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. An examination involves performing procedures to obtain evidence about whether
management’s assertion is fairly stated in all material respects. The nature, timing and extent of
the procedures selected depend on our judgment, including an assessment of the risks of material misstatement
of management’s assertion, whether due to fraud or error. We believe that the evidence we obtained
is sufficient and appropriate to provide a reasonable basis for our opinion.

PricewaterhouseCoopers
LLP, 405 Howard Street, Suite 600, San Francisco, CA 94105 T: (415) 498 5000, www.pwc.com/us

[PWC
Logo]

Included
among our procedures were the following tests performed as of November 30, 2024, and with respect to
agreement of security purchases and sales or