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    <title>SEC.gov | Templeton Emerging Markets Income Fund – Omission of Shareholder Proposal Submitted by The McGowan Group Asset Management Retirement Plan, FBO Spencer McGowan</title>
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        <h1 class="article-title">Templeton Emerging Markets Income Fund – Omission of Shareholder Proposal Submitted by The McGowan Group Asset Management Retirement Plan, FBO Spencer McGowan</h1>
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                            Feb. 5, 2021
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            <div class="article-body"><p class="text-right">February 5, 2021</p>

<p>E. Taylor Brody<br />
Stradley Ronon Stevens & Young, LLP<br />
Suite 2600<br />
2005 Market Street<br />
Philadelphia, PA 19103-7018</p>

<p>Re:Templeton Emerging Markets Income Fund</p>

<p>Omission of Shareholder Proposal Submitted by The McGowan Group Asset Management Retirement Plan, FBO Spencer McGowan Pursuant to Rule 14a-8 under the Securities and Exchange Act of 1934, as amended</p>

<p>Dear Mr. Brody:</p>

<p>In a letter dated December 29, 2020, on behalf of Templeton Emerging Markets Income Fund (the “Fund”), you requested confirmation from the staff of the Division of Investment Management that it would not recommend enforcement action to the Securities and Exchange Commission (the “Commission”) if a shareholder proposal and supporting statement (the “Proposal”) submitted by The McGowan Group Asset Management Retirement Plan, FBO Spencer McGowan (the “Proponent”), is excluded from the proxy materials for the Fund’s 2021 Annual Meeting (the “Proxy Materials”). The Proposal provides:</p>

<p class="margin-left-20">BE IT RESOLVED, that the shareholders of Templeton Emerging Markets Income Fund, Inc. (“TEI” or the “Fund”), assembled at the annual meeting in person and by proxy, request that the Board of Directors (“Board”) authorize and take all steps necessary to pursue a self-tender offer for at least 30% of outstanding common shares of the Fund at net asset value (“NAV”).</p>

<p>The Fund argues that the Proposal may be excluded from the Proxy Materials, as permitted by Rule 14a-8(b)(1) under the Securities Exchange Act of 1934, as amended, because the Proponent does not hold securities entitled to be voted on the Proposal. You represent that the Proponent holds securities that are entitled to vote only on certain matters, which do not include the subject of the Proposal. Rule 14a-8(b) requires that in order to be eligible to have a proposal included in a company’s proxy materials, a shareholder must hold “securities entitled to be voted on the proposal.”</p>

<p>Based on the information you provided, there appears to be some basis for your view that the Proposal may be excluded in reliance on Rule 14a-8(b)(1). Accordingly, we will not recommend enforcement action to the Commission if the Fund excludes the Proposal from its Proxy Materials in reliance on Rule 14a-8(b)(1). In reaching this position, we have not found it necessary to address the alternative bases for omission of the Proposal upon which the Fund relies.</p>

<p>Attached is a description of the informal procedures the Division follows in responding to shareholder proposals. If you have any questions or comments concerning this matter, please feel free to contact me at (202) 551-7565.</p>

<div style="position: relative; left: 50%;">
<p>Sincerely,</p>

<p>Elena Stojic<br />
Attorney-Adviser</p>
</div>

<p>cc: Spencer McGowam<br />
Adam Finerman, Esq.<br />
Lori Weber, Esq.</p>

<p>Christian Sandoe<br />
Jay Williamson</p>
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