UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-07866
Templeton
Emerging Markets Income Fund
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale,
FL 33301-1923
(Address of principal executive offices)(Zip code)
Alison Baur,
One Franklin Parkway,
San Mateo,
CA 94403-1906
(Name and address of agent for service)
Registrant’s telephone number, including area
code:
(954) 527-7500
Date of fiscal year end: 12/31
Date of reporting period: 6/30/24
Item 1. Reports to Stockholders.
|
a.) |
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).
|
|
b.) |
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under
the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule. |
Not Applicable.
Templeton
Emerging
Markets
Income
Fund
June
30,
2024
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
Managed
Distribution
Policy
:
Until
December
31,
2023,
the
Fund
employed
a
managed
distribution
policy
whereby
the
Fund
made
distributions
to
common
shareholders
at
an
annual
minimum
fixed
rate
of
10%,
based
on
the
average
monthly
net
asset
value
(NAV)
of
the
Fund's
common
shares.
Effective
January
1,
2024,
the
Board
has
implemented
a
new
managed
distribution
plan
where
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
fixed
rate
of
$0.0475
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund's
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
consistent
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
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
Under
the
managed
distribution
plan,
to
the
extent
that
sufficient
investment
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.
No
conclusions
should
be
drawn
about
the
Fund's
investment
performance
from
the
amount
of
the
Fund's
distributions
or
from
the
terms
of
the
Fund's
managed
distribution
plan.
The
Board
may
amend
the
terms
of
the
Plan
or
terminate
the
Plan
at
any
time
without
prior
notice
to
the
Fund’s
shareholders,
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Plan.
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.
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.
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.
Please
see
the
"Important
Information
to
Shareholders"
section
for
additional
information.
Contents
Fund
Overview
2
Performance
Summary
4
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
15
Notes
to
Financial
Statements
19
Important
Information
to
Shareholders
32
Annual
Meeting
of
Shareholders
34
Dividend
Reinvestment
and
Cash
Purchase
Plan
35
Shareholder
Information
37
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
Templeton
Emerging
Markets
Income
Fund
Dear
Shareholder,
This
semiannual
report
for
Templeton
Emerging
Markets
Income
Fund
covers
the
period
ended
June
30,
2024.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high,
current
income,
with
a
secondary
goal
of
capital
appreciation,
by
investing,
under
normal
market
conditions,
at
least
80%
of
its
net
assets
in
income-
producing
securities
of
sovereign
or
sovereign-related
entities
and
private
sector
companies
in
emerging
market
countries.
For
purposes
of
the
Fund’s
80%
policy,
income-
producing
securities
of
entities
in
emerging
markets
include
derivative
instruments
or
other
investments
that
have
economic
characteristics
similar
to
such
securities.
We
invest
selectively
in
bonds
from
emerging
markets
around
the
world
to
generate
income
for
the
Fund,
seeking
opportunities
while
monitoring
changes
in
interest
rates,
currency
exchange
rates
and
credit
risk.
We
seek
to
manage
the
Fund’s
exposure
to
various
currencies
and
may
use
currency
forward
contracts.
Performance
Overview
For
the
six
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+10.23%
based
on
market
price
and
+3.29%
based
on
net
asset
value.
In
comparison,
U.S.
dollar-
denominated
emerging
market
bonds,
as
measured
by
the
J.P.
Morgan
(JPM)
Emerging
Markets
Bond
Index
(EMBI)
Global
Index,
posted
a
+1.84%
cumulative
total
return
in
U.S.
dollar
terms
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
4
.
Until
December
31,
2023,
the
Fund
employed
a
managed
distribution
policy
whereby
the
Fund
made
distributions
to
common
shareholders
at
an
annual
minimum
fixed
rate
of
10%,
based
on
the
average
monthly
net
asset
value
(NAV)
of
the
Fund’s
common
shares.
Effective
January
1,
2024,
the
Board
has
implemented
a
new
managed
distribution
plan
where
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
fixed
rate
of
$0.0475
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
consistent
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
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
Please
see
“Important
Information
to
Shareholders”
section
for
additional
information.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Portfolio
Composition
6/30/24
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
95.3%
Corporate
Bonds
5.8%
Common
Stocks
1.8%
Other
*,†
0.0%
Short-Term
Investments
&
Other
Net
Assets
‡
-2.9%
*
Rounds
to
less
than
0.1%.
†
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
‡
Includes
U.S.
and
foreign
government
and
agency
securities,
money
market
funds
and
other
net
assets
(including
derivatives).
Geographic
Composition
6/30/24
%
of
Total
Net
Assets
Americas
37.1%
Middle
East
&
Africa
36.3%
Asia
Pacific
21.2%
Other
Europe
4.5%
Supranational
3.8%
Short-Term
Investments
&
Other
Net
Assets
-2.9%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
7
.
Templeton
Emerging
Markets
Income
Fund
Thank
you
for
your
continued
participation
in
Templeton
Emerging
Markets
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Michael
Hasenstab,
Ph.D.
Lead
Portfolio
Manager
Calvin
Ho,
Ph.D.
Portfolio
Manager
Top
10
Countries*
6/30/24
a
%
of
Total
Net
Assets
a
a
Ecuador
8.9%
South
Africa
7.8%
Mexico
7.7%
Kazakhstan
5.7%
Oman
5.7%
India
5.2%
Dominican
Republic
5.1%
Brazil
4.7%
Uzbekistan
4.2%
Ivory
Coast
3.9%
*
Does
not
include
cash
and
cash
equivalents.
Performance
Summary
as
of
June
30,
2024
Templeton
Emerging
Markets
Income
Fund
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
tables
and
graph
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
6/30/24
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Share
Prices
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
+3.29%
+10.23%
+3.29%
+10.23%
1-Year
+11.75%
+15.53%
+11.75%
+15.53%
5-Year
-17.34%
-14.81%
-3.74%
-3.16%
10-Year
-10.47%
-6.43%
-1.10%
-0.66%
Symbol:
TEI
6/30/24
12/31/23
Change
Net
Asset
Value
(NAV)
$5.81
$5.90
-$0.09
Market
Price
(NYSE)
$5.33
$5.10
$0.23
Distributions
Per
Share
(1/1/24–6/30/24)
Net
Investment
Income
$0.2850
See
page
5
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Income
Fund
Performance
Summary
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager’s
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Liquidity
risk
exists
when
securities
or
other
investments
become
more
difficult
to
sell,
or
are
unable
to
be
sold,
at
the
price
at
which
they
have
been
valued.
Derivative
instruments
can
be
illiquid,
may
disproportionate-
ly
increase
losses,
and
have
a
potentially
large
impact
on
performance.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
The
Fund
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
(“CIBM”)
through
the
China
–
Hong
Kong
Bond
Connect
program
(“Bond
Con-
nect”).
In
China,
the
Hong
Kong
Monetary
Authority
Central
Money
Markets
Unit
holds
Bond
Connect
securities
on
behalf
of
ultimate
investors
(such
as
the
Fund)
in
accounts
maintained
with
a
China-based
custodian
(either
the
China
Central
Depository
&
Clearing
Co.
or
the
Shanghai
Clearing
House).
This
recordkeeping
system
subjects
the
Fund
to
various
risks,
including
the
risk
that
the
Fund
may
have
a
limited
ability
to
enforce
rights
as
a
bondholder
and
the
risks
of
settlement
delays
and
counterparty
default
of
the
Hong
Kong
sub-custodian.
In
addition,
enforcing
the
ownership
rights
of
a
beneficial
holder
of
Bond
Connect
securities
is
untested
and
courts
in
China
have
limited
experi-
ence
in
applying
the
concept
of
beneficial
ownership.
Bond
Connect
uses
the
trading
infrastructure
of
both
Hong
Kong
and
China
and
is
not
available
on
trading
holidays
in
Hong
Kong.
As
a
result,
prices
of
securities
purchased
through
Bond
Connect
may
fluctuate
at
times
when
a
Fund
is
unable
to
add
to
or
exit
its
position.
Securities
offered
through
Bond
Connect
may
lose
their
eligibility
for
trading
through
the
program
at
any
time.
If
Bond
Connect
securities
lose
their
eligibility
for
trading
through
the
program,
they
may
be
sold
but
can
no
longer
be
purchased
through
Bond
Connect.
Bond
Connect
is
subject
to
regulation
by
both
Hong
Kong
and
China
and
there
can
be
no
assurance
that
further
regulations
will
not
affect
the
availability
of
securities
in
the
program,
the
frequency
of
redemptions
or
other
limitations.
Bond
Connect
trades
are
settled
in
Chinese
currency,
the
renminbi
(“RMB”).
It
cannot
be
guaranteed
that
inves-
tors
will
have
timely
access
to
a
reliable
supply
of
RMB
in
Hong
Kong.
Bond
Connect
is
relatively
new
and
its
effects
on
the
Chinese
interbank
bond
market
are
uncertain.
In
addition,
the
trading,
settlement
and
IT
systems
required
for
non-Chinese
investors
in
Bond
Connect
are
relatively
new.
In
the
event
of
systems
malfunctions,
trading
via
Bond
Connect
could
be
disrupted.
In
addition,
the
Bond
Connect
program
may
be
subject
to
further
interpretation
and
guidance.
There
can
be
no
assurance
as
to
the
program’s
continued
existence
or
whether
future
developments
regarding
the
program
may
restrict
or
adversely
affect
the
Fund’s
investments
or
returns.
Finally,
uncertainties
in
China
tax
rules
governing
taxation
of
income
and
gains
from
investments
via
Bond
Connect
could
result
in
unexpected
tax
liabilities
for
a
Fund.
The
application
and
interpretation
of
the
laws
and
regulations
of
Hong
Kong
and
China,
and
the
rules,
policies
or
guidelines
published
or
applied
by
relevant
regulators
and
exchanges
in
respect
of
the
Bond
Connect
program,
are
uncertain,
and
may
have
a
detrimental
effect
on
the
Fund’s
investments
and
returns.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
voluntary
fee
waivers,
expense
caps
and/or
reimbursements.
Voluntary
waivers
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Templeton
Emerging
Markets
Income
Fund
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$5.90
$5.72
$7.58
$8.92
$9.95
$10.93
Income
from
investment
operations:
Net
investment
income
a
.............
0.29
0.43
0.45
0.55
0.38
0.66
Net
realized
and
unrealized
gains
(losses)
(0.09)
0.32
(1.67)
(1.13)
(0.84)
(0.86)
Total
from
investment
operations
........
0.20
0.75
(1.22)
(0.58)
(0.46)
(0.20)
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.29)
(0.28)
—
—
(0.37)
(0.78)
Tax
return
of
capital
................
—
(0.29)
(0.65)
(0.76)
(0.20)
—
Total
distributions
...................
(0.29)
(0.57)
(0.65)
(0.76)
(0.57)
(0.78)
Repurchase
of
shares
..............
—
—
b
0.01
—
—
—
Net
asset
value,
end
of
period
..........
$5.81
$5.90
$5.72
$7.58
$8.92
$9.95
Market
value,
end
of
period
c
...........
$5.33
$5.10
$5.49
$7.29
$7.77
$9.19
Total
return
(based
on
net
asset
value
per
share)
d
...........................
3.29%
13.95%
(16.19)%
(6.78)%
(6.14)%
(0.33)%
Total
return
(based
on
market
value
per
share)
d
...........................
10.23%
3.82%
(15.55)%
3.59%
(9.08)%
3.48%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
2.39%
2.32%
1.40%
1.23%
1.17%
1.17%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
2.37%
2.30%
1.38%
1.22%
1.14%
1.06%
Net
investment
income
...............
9.75%
7.65%
7.11%
6.68%
4.22%
6.20%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$274,399
$278,680
$272,330
$363,759
$428,098
$477,471
Portfolio
turnover
rate
................
27.19%
48.95%
35.83%
70.97%
56.68%
27.69%
Total
credit
facility
and
reverse
repurchase
agreements
outstanding
at
end
of
period
(000’s)
...........................
$50,000
$50,000
$36,000
$36,000
$—
$—
Asset
coverage
per
$1,000
of
debt
......
$6,488
$6,574
$8,565
$11,133
$—
$—
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited),
June
30,
2024
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Industry
Shares
a
Value
a
Common
Stocks
1.8%
South
Africa
1.8%
a,b,c
K2016470219
South
Africa
Ltd.,
A
....
Broadline
Retail
93,760,463
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
....
Broadline
Retail
161,018,517
—
b
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
......................
Metals
&
Mining
2,359,882
3,949,810
b
Platinum
Group
Metals
Ltd.,
(USD
Traded)
......................
Metals
&
Mining
469,750
798,575
b,d
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
.................
Metals
&
Mining
48,837
81,740
4,830,125
Total
Common
Stocks
(Cost
$5,513,828)
.......................................
4,830,125
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
5.8%
Bermuda
0.0%
†
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn
.,
11/17/33
.............
Wireless
Telecommunication
Services
589,385
31,052
Zero
Cpn
.,
11/17/33
.............
Wireless
Telecommunication
Services
231,230
67,402
98,454
Costa
Rica
3.8%
a,c
Reventazon
Finance
Trust
,
Senior
Secured
Bond
,
144A,
8
%
,
11/15/33
.
Financial
Services
10,467,360
10,494,731
South
Africa
0.0%
a,d,e,f
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
PIK,
3%,
12/31/22
.....................
Broadline
Retail
8,125,247
—
Senior
Secured
Note,
144A,
PIK,
8%,
12/31/22
.....................
Broadline
Retail
2,886,099
EUR
—
a,d,e,f
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
.....................
Broadline
Retail
61,769,102
—
—
United
Kingdom
2.0%
a,d
ICBC
Standard
Bank
plc
,
Note
,
144A,
Reg
S,
15
%
,
4/15/26
............
Banks
68,200,000,000
UZS
5,393,199
Total
Corporate
Bonds
(Cost
$50,387,197)
......................................
15,986,384
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
95.3%
Argentina
2.8%
Argentina
Government
Bond
,
Senior
Bond,
3.625%,
7/09/35
.....
16,852,222
7,099,617
Senior
Note,
0.75%,
7/09/30
......
967,775
547,286
7,646,903
Benin
2.8%
d
Benin
Government
Bond
,
Senior
Bond,
144A,
4.875%,
1/19/32
5,340,000
EUR
4,805,799
Senior
Bond,
144A,
4.95%,
1/22/35
.
1,410,000
EUR
1,197,931
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Benin
(continued)
d
Benin
Government
Bond,
(continued)
Senior
Bond,
144A,
6.875%,
1/19/52
2,070,000
EUR
$
1,753,704
7,757,434
Brazil
4.7%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/31
..................
62,380,000
BRL
10,098,733
F,
10%,
1/01/29
................
16,530,000
BRL
2,757,620
12,856,353
Colombia
1.0%
Colombia
Titulos
de
Tesoreria
,
B,
7.25%,
10/18/34
.............
4,572,000,000
COP
866,446
B,
6.25%,
7/09/36
..............
1,386,000,000
COP
230,593
B,
9.25%,
5/28/42
..............
8,661,000,000
COP
1,741,154
2,838,193
Dominican
Republic
5.1%
d
Dominican
Republic
Government
Bond,
Senior
Bond,
Reg
S,
6.85%,
1/27/45
14,000,000
13,832,922
Ecuador
8.9%
d
Ecuador
Government
Bond
,
Senior
Bond,
144A,
3.5%,
7/31/35
..
30,733,500
15,371,432
Senior
Note,
144A,
6%,
7/31/30
....
14,039,700
8,927,817
24,299,249
Egypt
2.7%
Egypt
Government
Bond
,
25.151%,
4/16/27
...............
213,900,000
EGP
4,425,834
d
Senior
Bond,
144A,
8.75%,
9/30/51
.
2,960,000
2,236,187
d
Senior
Bond,
144A,
7.5%,
2/16/61
..
1,130,000
760,083
7,422,104
El
Salvador
0.7%
d
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
2,650,000
1,928,683
Gabon
2.3%
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.95%,
6/16/25
.
1,070,000
983,323
Senior
Bond,
144A,
6.625%,
2/06/31
3,650,000
2,756,227
Senior
Bond,
144A,
7%,
11/24/31
...
3,480,000
2,627,270
6,366,820
Ghana
1.6%
e
Ghana
Government
Bond
,
PIK,
8.35%,
2/16/27
.............
16,469,012
GHS
681,744
PIK,
8.5%,
2/15/28
..............
16,493,318
GHS
591,666
PIK,
8.65%,
2/13/29
.............
16,031,176
GHS
509,595
PIK,
5%,
2/12/30
...............
16,054,800
GHS
468,278
PIK,
8.95%,
2/11/31
.............
15,050,905
GHS
405,170
PIK,
9.1%,
2/10/32
..............
15,073,052
GHS
382,664
PIK,
9.25%,
2/08/33
.............
15,095,216
GHS
366,246
PIK,
9.4%,
2/07/34
..............
8,256,612
GHS
193,917
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
(continued)
e
Ghana
Government
Bond,
(continued)
PIK,
9.55%,
2/06/35
.............
8,268,735
GHS
$
189,947
PIK,
9.7%,
2/05/36
..............
8,280,866
GHS
187,596
PIK,
9.85%,
2/03/37
.............
8,293,007
GHS
186,464
PIK,
10%,
2/02/38
..............
8,305,156
GHS
186,263
4,349,550
India
5.2%
India
Government
Bond
,
7.26%,
1/14/29
................
778,000,000
INR
9,426,143
Senior
Bond,
7.18%,
8/14/33
......
399,000,000
INR
4,829,872
14,256,015
Indonesia
3.3%
Indonesia
Government
Bond
,
FR59,
7%,
5/15/27
..............
1,445,000,000
IDR
89,151
FR73,
8.75%,
5/15/31
...........
3,985,000,000
IDR
266,062
FR82,
7%,
9/15/30
..............
4,047,000,000
IDR
247,288
FR87,
6.5%,
2/15/31
............
6,848,000,000
IDR
405,316
FR91,
6.375%,
4/15/32
..........
19,224,000,000
IDR
1,130,847
FR96,
7%,
2/15/33
..............
113,576,000,000
IDR
6,906,808
9,045,472
Ivory
Coast
3.9%
d
Ivory
Coast
Government
Bond
,
Senior
Bond,
144A,
5.25%,
3/22/30
.
2,500,000
EUR
2,442,777
Senior
Bond,
144A,
5.875%,
10/17/31
4,000,000
EUR
3,873,312
Senior
Bond,
144A,
4.875%,
1/30/32
5,000,000
EUR
4,496,424
10,812,513
Kazakhstan
5.7%
Kazakhstan
MEOKAM
,
10.67%,
1/21/26
................
123,900,000
KZT
252,303
15.35%,
11/18/27
...............
21,000,000
KZT
47,134
Kazakhstan
MEUKAM
,
9%,
7/03/27
...................
283,500,000
KZT
545,681
10.4%,
4/12/28
................
738,400,000
KZT
1,455,203
15.3%,
3/03/29
................
1,819,600,000
KZT
4,170,654
10.55%,
7/28/29
................
771,400,000
KZT
1,498,820
11%,
2/04/30
..................
523,000,000
KZT
1,032,680
12%,
3/07/30
..................
889,500,000
KZT
1,820,027
10.3%,
3/17/31
................
570,900,000
KZT
1,078,006
14%,
5/12/31
..................
582,100,000
KZT
1,302,662
Senior
Bond,
5.49%,
3/27/27
......
706,000,000
KZT
1,253,758
Senior
Bond,
5.5%,
9/20/28
.......
301,700,000
KZT
495,268
Senior
Bond,
7.68%,
8/13/29
......
438,100,000
KZT
760,570
15,712,766
Kenya
3.0%
d
Kenya
Government
Bond,
Senior
Note,
144A,
9.75%,
2/16/31
............
8,540,000
8,203,311
Mexico
7.7%
Mexican
Bonos
,
M,
10%,
11/20/36
...............
17,130,000
MXN
943,450
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Mexico
(continued)
Mexican
Bonos,
(continued)
M,
Senior
Bond,
7.75%,
11/23/34
...
53,170,000
MXN
$
2,503,470
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.5%,
5/26/33
...............
85,760,000
MXN
4,038,040
M,
Senior
Bond,
8.5%,
5/31/29
.....
8,900,000
MXN
458,264
M,
Senior
Bond,
8.5%,
11/18/38
....
31,390,000
MXN
1,522,006
M,
Senior
Bond,
7.75%,
11/13/42
...
67,590,000
MXN
2,979,429
Petroleos
Mexicanos
,
Senior
Note,
6.84%,
1/23/30
................
9,790,000
8,624,461
21,069,120
Mongolia
2.2%
d
Mongolia
Government
Bond
,
Senior
Bond,
144A,
4.45%,
7/07/31
.
5,570,000
4,703,865
Senior
Note,
144A,
5.125%,
4/07/26
.
200,000
194,200
Senior
Note,
144A,
3.5%,
7/07/27
..
1,380,000
1,244,070
6,142,135
Oman
5.7%
d
Oman
Government
Bond,
Senior
Bond,
144A,
4.75%,
6/15/26
............
15,970,000
15,676,412
Panama
2.4%
Panama
Government
Bond
,
Senior
Bond,
6.4%,
2/14/35
.......
920,000
873,891
Senior
Bond,
6.7%,
1/26/36
.......
4,030,000
3,920,700
Senior
Bond,
6.875%,
1/31/36
.....
1,770,000
1,732,816
6,527,407
Romania
2.5%
d
Romania
Government
Bond
,
144A,
1.75%,
7/13/30
............
950,000
EUR
832,481
144A,
2.75%,
4/14/41
............
1,420,000
EUR
990,374
144A,
2.875%,
4/13/42
...........
7,350,000
EUR
5,133,831
6,956,686
Seychelles
1.0%
d
Seychelles
International
Bond,
Senior
Bond,
Reg
S,
8%,
1/01/26
........
2,620,680
2,643,123
South
Africa
6.0%
South
Africa
Government
Bond
,
Senior
Bond,
8.875%,
2/28/35
.....
142,300,000
ZAR
6,622,197
Senior
Bond,
8.5%,
1/31/37
.......
83,390,000
ZAR
3,607,559
Senior
Bond,
9%,
1/31/40
........
146,300,000
ZAR
6,341,589
16,571,345
Sri
Lanka
0.6%
d,f
Sri
Lanka
Government
Bond
,
Senior
Bond,
144A,
6.2%,
5/11/27
..
2,420,000
1,426,455
Senior
Bond,
144A,
6.75%,
4/18/28
.
200,000
118,090
Senior
Bond,
144A,
7.85%,
3/14/29
.
291,000
173,290
1,717,835
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Supranational
3.8%
g
Asian
Development
Bank,
Senior
Note,
11.75%,
7/24/24
................
43,233,000,000
COP
$
10,419,291
Uganda
3.2%
Uganda
Government
Bond
,
14.25%,
8/23/29
................
229,000,000
UGX
59,709
16%,
11/14/30
.................
2,987,000,000
UGX
822,929
17%,
4/03/31
..................
248,000,000
UGX
71,094
14.375%,
2/03/33
...............
8,797,000,000
UGX
2,208,338
16%,
5/14/37
..................
21,232,000,000
UGX
5,561,336
8,723,406
Uzbekistan
4.2%
d
Uzbekistan
Government
Bond
,
Senior
Note,
144A,
14%,
7/19/24
...
107,400,000,000
UZS
8,616,392
Senior
Note,
144A,
16.25%,
10/12/26
34,790,000,000
UZS
2,818,567
11,434,959
Zambia
2.3%
Zambia
Government
Bond,
14%,
11/23/27
.....................
182,000,000
ZMW
6,276,338
Total
Foreign
Government
and
Agency
Securities
(Cost
$283,489,210)
............
261,486,345
Shares
Escrows
and
Litigation
Trusts
0.0%
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
1,140,749
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$339,390,235)
...............................
282,302,854
Short
Term
Investments
11.8%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
9.9%
Egypt
9.9%
h
Egypt
Treasury
Bills
,
3/04/25
......................
647,200,000
EGP
11,513,373
3/18/25
......................
884,475,000
EGP
15,602,246
27,115,619
Total
Foreign
Government
and
Agency
Securities
(Cost
$26,771,599)
..............
27,115,619
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.9%
United
States
1.9%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
.........
5,304,129
$
5,304,129
Total
Money
Market
Funds
(Cost
$5,304,129)
...................................
5,304,129
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$32,075,728
)
................................
32,419,748
a
a
a
Total
Investments
(Cost
$371,465,963)
114.7%
..................................
$314,722,602
k
Credit
Facility
(18.2)%
........................................................
(50,000,000)
Other
Assets,
less
Liabilities
3.5%
.............................................
9,676,089
Net
Assets
100.0%
...........................................................
$274,398,691
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
8
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2024,
the
aggregate
value
of
these
securities
was
$126,243,291,
representing
46.0%
of
net
assets.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
g
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
i
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
k
See
Note
10
regarding
Credit
Facility.
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
At
June
30,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c).
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Indian
Rupee
......
HSBK
Buy
1,382,976,200
16,539,414
7/05/24
$
49,013
$
—
Indian
Rupee
......
HSBK
Sell
1,382,976,200
16,580,460
7/05/24
—
(7,967)
Chilean
Peso
......
HSBK
Buy
1,845,200,000
2,044,022
7/08/24
—
(82,973)
Malaysian
Ringgit
...
GSCO
Buy
51,620,000
11,002,878
7/11/24
—
(59,249)
Thai
Baht
.........
DBAB
Buy
465,792,000
12,766,181
7/11/24
—
(77,961)
Hungarian
Forint
....
BNDP
Buy
6,043,670,000
16,696,517
7/15/24
—
(317,537)
Chilean
Peso
......
HSBK
Buy
1,499,500,000
1,616,363
7/18/24
—
(22,365)
Chilean
Peso
......
JPHQ
Buy
1,695,700,000
1,827,952
7/18/24
—
(25,389)
Chilean
Peso
......
JPHQ
Buy
2,227,600,000
2,380,678
7/24/24
—
(12,380)
Columbian
Peso
....
GSCO
Buy
31,120,000,000
7,994,862
7/30/24
—
(532,130)
Columbian
Peso
....
JPHQ
Buy
20,699,500,000
5,316,493
7/30/24
—
(352,649)
Columbian
Peso
....
MSCO
Buy
45,760,000,000
11,758,962
7/30/24
—
(785,485)
Brazilian
Real
......
JPHQ
Buy
15,260,000
2,956,241
8/02/24
—
(236,550)
Brazilian
Real
......
MSCO
Buy
44,800,000
8,676,201
8/02/24
—
(691,785)
Indian
Rupee
......
HSBK
Buy
356,808,577
4,262,131
8/06/24
12,605
—
Indian
Rupee
......
CITI
Buy
837,760,460
10,003,110
9/18/24
19,390
—
Malaysian
Ringgit
...
GSCO
Buy
43,100,000
9,161,636
9/18/24
—
(5,831)
Thai
Baht
.........
HSBK
Buy
11,500,000
325,006
9/18/24
—
(10,420)
South
Korean
Won
..
DBAB
Buy
17,292,000,000
12,600,743
9/19/24
—
(16,093)
South
Korean
Won
..
HSBK
Buy
526,000,000
403,805
9/19/24
—
(20,996)
Indian
Rupee
......
HSBK
Buy
1,382,976,200
16,535,855
10/03/24
963
—
Uruguayan
Peso
....
HSBK
Buy
565,240,000
14,472,923
10/25/24
—
(292,814)
Total
Forward
Exchange
Contracts
...................................................
$81,971
$(3,550,574)
Net
unrealized
appreciation
(depreciation)
............................................
$(3,468,603)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
At
June
30,
2024,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(c).
See
Abbreviations
on
page
31
.
See
Not
e
9
re
garding
other
derivative
information.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
7.565%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
8,093,521
BRL
$
(211,520)
$
—
$
(211,520)
Receive
Fixed
7.62%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
7,983,000
BRL
(204,648)
—
(204,648)
Receive
Fixed
7.625%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
9,180,972
BRL
(236,091)
—
(236,091)
Receive
Fixed
8.19%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/04/27
900,000
BRL
(34,362)
—
(34,362)
Receive
Fixed
8.675%
.
Quarterly
Pay
Floating
1-day
IBR
Quarterly
9/25/28
130,500,000,000
COP
535,522
—
535,522
Receive
Fixed
8.37%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
1,443,981
BRL
(77,105)
—
(77,105)
Receive
Fixed
8.405%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
2,006,000
BRL
(105,999)
—
(105,999)
Receive
Fixed
8.45%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
1,795,371
BRL
(93,817)
—
(93,817)
Receive
Fixed
8.485%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
955,784
BRL
(49,526)
—
(49,526)
Total
Interest
Rate
Swap
Contracts
....................................
$(477,546)
$
—
$(477,546)
*
In
U.S.
dollars
unless
otherwise
indicated.
Templeton
Emerging
Markets
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2024
(unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$366,161,834
Cost
-
Non-controlled
affiliates
(Note
3
c
)
........................................................
5,304,129
Value
-
Unaffiliated
issuers
..................................................................
$309,418,473
Value
-
Non-controlled
affiliates
(Note
3
c
)
.......................................................
5,304,129
Foreign
currency,
at
value
(cost
$969,150)
........................................................
912,845
Receivables:
Interest
.................................................................................
8,991,007
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
3,190,308
Centrally
cleared
swap
contracts
............................................................
994,408
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
81,971
Total
assets
..........................................................................
328,893,141
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
258
Credit
facility
(Note
10
)
.....................................................................
50,000,000
Management
fees
.........................................................................
226,987
Trustees'
fees
and
expenses
.................................................................
6
Accrued
interest
(Note
10)
..................................................................
52,897
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
17,376
Funds
advanced
by
custodian
.................................................................
31
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
3,550,574
Deferred
tax
...............................................................................
361,170
Accrued
expenses
and
other
liabilities
...........................................................
285,151
Total
liabilities
.........................................................................
54,494,450
Net
assets,
at
value
.................................................................
$274,398,691
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$505,681,237
Total
distributable
earnings
(losses)
.............................................................
(231,282,546)
Net
assets,
at
value
.................................................................
$274,398,691
Shares
outstanding
.........................................................................
47,228,418
Net
asset
value
per
share
a
....................................................................
$5.81
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Templeton
Emerging
Markets
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2024
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Templeton
Emerging
Markets
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
c
)
.............................................................
$341,368
Interest:
(net
of
foreign
taxes
of
$391,857)
Unaffiliated
issuers
........................................................................
16,621,616
Total
investment
income
...................................................................
16,962,984
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,400,113
Transfer
agent
fees
.........................................................................
38,617
Custodian
fees
.............................................................................
47,891
Reports
to
shareholders
fees
..................................................................
74,459
Registration
and
filing
fees
....................................................................
62,690
Professional
fees
...........................................................................
66,507
Trustees'
fees
and
expenses
..................................................................
15,591
Interest
expense
(Note
10)
...................................................................
1,600,541
Other
....................................................................................
34,903
Total
expenses
.........................................................................
3,341,312
Expenses
waived/paid
by
affiliates
(Note
3c)
...................................................
(24,814)
Net
expenses
.........................................................................
3,316,498
Net
investment
income
................................................................
13,646,486
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$2,629)
Unaffiliated
issuers
......................................................................
(1,589,716)
Written
options
...........................................................................
182,524
Foreign
currency
transactions
................................................................
(212,853)
Forward
exchange
contracts
.................................................................
832,977
Swap
contracts
...........................................................................
(572,146)
Net
realized
gain
(loss)
..................................................................
(1,359,214)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
4,398,634
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(131,269)
Written
options
...........................................................................
50,953
Forward
exchange
contracts
.................................................................
(6,040,343)
Swap
contracts
...........................................................................
(1,043,012)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
(342,951)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(3,107,988)
Net
realized
and
unrealized
gain
(loss)
............................................................
(4,467,202)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$9,179,284
Templeton
Emerging
Markets
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
Templeton
Emerging
Markets
Income
Fund
Six
Months
Ended
June
30,
2024
(unaudited)
Year
Ended
December
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$13,646,486
$20,533,549
Net
realized
gain
(loss)
.................................................
(1,359,214)
(14,342,920)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(3,107,988)
28,671,867
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
9,179,284
34,862,496
Distributions
to
shareholders
..............................................
(13,460,099)
(13,378,046)
Distributions
to
shareholders
from
tax
return
of
capital
...........................
—
(13,435,762)
Total
distributions
to
shareholders
..........................................
(13,460,099)
(26,813,808)
Capital
share
transactions
(Note
2
)
..........................................
—
(1,699,301)
Net
increase
(decrease)
in
net
assets
...................................
(4,280,815)
6,349,387
Net
assets:
Beginning
of
period
.....................................................
278,679,506
272,330,119
End
of
period
..........................................................
$274,398,691
$278,679,506
Templeton
Emerging
Markets
Income
Fund
Financial
Statements
Statement
of
Cash
Flows
for
the
six
months
ended
June
30,
2024
(unaudited)
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Templeton
Emerging
Markets
Income
Fund
Cash
flow
from
operating
activities:
Dividends,
interest
and
other
income
received
.....................................................
$
11,013,930
Operating
expenses
paid
.....................................................................
(1,704,240)
Interest
expense
paid
........................................................................
(1,661,416)
Deposits
with
brokers
........................................................................
(4,165,242)
Realized
loss
on
foreign
currency
transactions
.....................................................
(212,853)
Payments
on
settlement
of
derivative
activities
.....................................................
(899,014)
Purchases
of
long-term
investments
.............................................................
(81,622,358)
Sales
and
maturities
of
long-term
investments
.....................................................
114,224,051
Net
purchases
of
short-term
investments
.........................................................
(21,942,170)
Cash
provided
-
operating
activities
..........................................................
13,030,688
Cash
flow
from
financing
activities:
Cash
distributions
to
shareholders
..............................................................
(13,460,099)
Cash
used
-
financing
activities
.............................................................
(13,460,099)
Net
increase
(decrease)
in
cash
.................................................................
(429,411)
Cash,
restricted
cash
and
foreign
currency
at
beginning
of
period
........................................
1,342,225
Cash,
restricted
cash
and
foreign
currency
at
end
of
period
.............................................
$912,814
Reconciliation
of
Net
Increase
(Decrease)
in
Net
Assets
resulting
from
Operating
Activities
to
Net
Cash
Provided
by
Operating
Activities
for
the
six
months
ended
June
30,
2024
(unaudited)
Net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
....................................
$
9,179,284
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Net
amortization
income
..................................................................
(4,917,772)
Reinvested
dividends
from
non-controlled
affiliates
...............................................
(341,368)
Interest
received
in
the
form
of
securities
......................................................
(107,357)
Increase
in
dividends
and
interest
receivable
and
other
assets
......................................
(343,931)
Decrease
in
interest
payable
...............................................................
(60,875)
In
crease
in
deposits
with
brokers
............................................................
(4,165,242)
Increase
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
...............................
11,717
Increase
in
payable
for
investments
purchased
.................................................
258
De
crease
in
cost
of
investments
.............................................................
12,141,624
Decrease
in
unrealized
depreciation
on
investments.
.............................................
(4,055,683)
Decrease
in
call
options
written
.............................................................
(350,310)
De
crease
in
unrealized
appreciation
on
forward
currency
contracts
...................................
6,040,343
Net
cash
provided
by
operating
activities
...........................................................
$13,030,688
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Templeton
Emerging
Markets
Income
Fund
(Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
following
summarizes
the
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
The
Fund purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain exposure
to
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
At
June
30,
2024,
the
Fund
had
no
option
contracts.
See
Note
9
regarding
other
derivative
information.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
June
30,
2024, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
Fund
employs
a
managed
distribution
policy
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
distribute
$0.0475
per
share
monthly.
The
Fund’s
distribution
level
may
be
changed
by
the
Board
in
the
future.
Under
the
policy,
the
Fund
is
managed
with
a
goal
of
generating
as
much
of
the
distribution
as
possible
from
net
investment
income
and
short-term
capital
gains.
The
balance
of
the
distribution
will
then
come
from
long-term
capital
gains
to
the
extent
permitted
and,
if
necessary,
a
return
of
capital.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
2.
Shares
of
Beneficial
Interest
At
June
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the periods
ended
June
30,
2024 and December
31,
2023,
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
Under
the
Board
approved
open-market
share
repurchase
program,
the
Fund
may
purchase,
from
time
to
time,
Fund
shares
in
open-market
transactions,
at
the
discretion
of
management. Since
the
inception
of
the
program,
the
Fund
has
repurchased
a
total
of 1,380,500 shares.
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management fee,
calculated weekly and
paid
monthly,
to
Advisers based
on the
average
weekly net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 1.000%
of
the
Fund’s
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
Six
Months
Ended
June
30,
2024
Year
Ended
December
31,
2023
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
—
$—
350,309
$1,699,301
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
...................................................
—
—%
—
12.27%
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Annualized
Fee
Rate
Net
Assets
1.000%
Up
to
and
including
$1
billion
0.950%
Over
$1
billion,
up
to
and
including
$2
billion
0.900%
In
excess
of
$2
billion
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
June
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions,
payments-in-kind,
bond
discounts
and
premiums,
tax
straddles
and
derivative
financial
instruments.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
June
30,
2024,
aggregated
$81,622,616 and
$95,414,532,
respectively.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Emerging
Markets
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$6,793,498
$139,058,778
$(140,548,147)
$—
$—
$5,304,129
5,304,129
$341,368
Total
Affiliated
Securities
...
$6,793,498
$139,058,778
$(140,548,147)
$—
$—
$5,304,129
$341,368
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$3,633,034
Long
term
................................................................................
109,917,983
Total
capital
loss
carryforwards
...............................................................
$113,551,017
Cost
of
investments
..........................................................................
$426,470,251
Unrealized
appreciation
........................................................................
$6,700,530
Unrealized
depreciation
........................................................................
(122,394,328)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(115,693,798)
3.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
6.
Credit
Risk
and
Defaulted
Securities
At
June
30,
2024,
the
Fund
had 69.2%
of
its
portfolio
invested
in
high
yield
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
June
30,
2024,
the
aggregate
value
of
these
securities
was $1,717,835,
representing 0.6%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying Schedule
of
Investments.
7.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
8.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
June
30,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Principal
Amount
*
/
Shares
Issuer
Acquisition
Date
Cost
Value
Templeton
Emerging
Markets
Income
Fund
93,760,463
a
K2016470219
South
Africa
Ltd.,
A
...............
5/10/11
-
2/01/17
$
538,947
$
—
161,018,517
a
K2016470219
South
Africa
Ltd.,
B
...............
5/10/11
-
2/01/17
119,550
—
10,467,360
Reventazon
Finance
Trust,
Senior
Secured
Bond,
144A,
8%,
11/15/33
..............................
12/18/13
10,467,360
10,494,731
Total
Restricted
Securities
(Value
is
3.8%
of
Net
Assets)
..............
$11,125,857
$10,494,731
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
June
30,
2024.
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
9.
Other
Derivative
Information
At
June
30,
2024,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
June
30,
2024,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
June
30,
2024,
the
average
month
end
notional
amount
of
swap
contracts
and
options
represented
$39,583,626
and
$29,392,000,
respectively.
The
average
month
end
contract
value
of
forward
exchange
contracts
was
$168,859,424.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Templeton
Emerging
Markets
Income
Fund
Interest
rate
contracts
.......
Variation
margin
on
centrally
cleared
swap
contracts
$
535,522
a
Variation
margin
on
centrally
cleared
swap
contracts
$
1,013,068
a
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
81,971
Unrealized
depreciation
on
OTC
forward
exchange
contracts
3,550,574
Total
....................
$617,493
$4,563,642
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Templeton
Emerging
Markets
Income
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Swap
contracts
$(572,146)
Swap
contracts
$(1,043,012)
Foreign
exchange
contracts
.....
Investments
(325,737)
a
Investments
121,051
a
Written
options
182,524
Written
options
50,953
Forward
exchange
contracts
832,977
Forward
exchange
contracts
(6,040,343)
Total
.......................
$117,618
$(6,911,351)
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Statement
of
Operations.
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
At
June
30,
2024,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
At
June
30,
2024,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Templeton
Emerging
Markets
Income
Fund
Forward
Exchange
Contracts
.............................
$
81,971
$
3,550,574
Total
.............................................
$81,971
$3,550,574
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Templeton
Emerging
Markets
Income
Fund
Counterparty
BNDP
...................
$—
$—
$—
$—
$—
CITI
.....................
19,390
—
—
—
19,390
DBAB
...................
—
—
—
—
—
HSBK
...................
62,581
(62,581)
—
—
—
JPHQ
...................
—
—
—
—
—
MSCO
...................
—
—
—
—
—
Total
...................
$81,971
$(62,581)
$
—
$—
$19,390
$
1
9.
Other
Derivative
Information
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
At
June
30,
2024,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(c) regarding
derivative
financial
instruments.
See
Abbreviations
on
page
31.
10.
Credit
Facility
The
Fund
participates
in
a
senior
secured
revolving
credit
facility
agreement
(Credit
Facility)
with
The
Bank
of
Nova
Scotia
(BNS)
pursuant
to
which
the
Fund
may
borrow
up
to
a
maximum
commitment
amount
of
$65
million.
The
Credit
Facility
provides
a
source
of
funds
to
the
Fund
to
purchase
additional
investments
as
part
of
its
investment
strategy.
Effective
January
12,
2024,
the
Fund
renewed
the
Credit
Facility
for
a
one-year
term,
maturing
on
January
10,
2025.
Under
the
terms
of
the
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
at
the
applicable
rate,
pay
an
annual
commitment
fee
of
0.25%
based
on
the
unused
portion
of
the
Credit
Facility
or
0.15%
whenever
the
outstanding
borrowings
exceed
75%
of
the
commitment
amount.
As
security
for
the
obligations
of
the
Fund
under
the
Credit
Facility,
the
Fund
has
granted
to
BNS
a
security
interest
in
the
assets
of
the
Fund.
At June
30,
2024,
the
Fund
had
outstanding
borrowings
of
$50,000,000,
which
approximates
fair
value,
and
incurred
interest
expenses
at
a
rate
equal
to
the
term
Secured
Overnight
Financing
Rate
(SOFR)
plus
0.90%. The
borrowings
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
The
average
borrowings
and
the
average
interest
rate
for
the
days
with
outstanding
borrowings
during
the period ended
June
30,
2024,
were
$50,000,000
and
6.33%,
respectively.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
Cash
Collateral
Pledged
a
Net
Amount
(Not
less
than
zero)
Templeton
Emerging
Markets
Income
Fund
Counterparty
BNDP
...................
$317,537
$—
$—
$(300,000)
$17,537
CITI
.....................
—
—
—
—
—
DBAB
...................
94,054
—
—
(94,054)
—
HSBK
...................
437,535
(62,581)
—
(220,000)
154,954
JPHQ
...................
626,968
—
—
(626,968)
—
MSCO
...................
1,477,270
—
—
(1,179,305)
297,965
Total
...................
$3,550,574
$(62,581)
$—
$(3,017,537)
$470,456
a
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
collateral
amounts
to
avoid
the
effect
of
over
collateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
9.
Other
Derivative
Information
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
11.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2024,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
South
Africa
...........................
$
4,830,125
$
—
$
—
a
$
4,830,125
Corporate
Bonds
:
Bermuda
.............................
—
98,454
—
98,454
Costa
Rica
............................
—
—
10,494,731
10,494,731
South
Africa
...........................
—
—
—
a
—
United
Kingdom
........................
—
—
5,393,199
5,393,199
Foreign
Government
and
Agency
Securities
....
—
261,486,345
—
261,486,345
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
5,304,129
27,115,619
—
32,419,748
Total
Investments
in
Securities
...........
$10,134,254
$288,700,418
$15,887,930
$314,722,602
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$81,971
$—
$81,971
Swap
Contracts
.........................
—
535,522
—
535,522
Total
Other
Financial
Instruments
.........
$—
$617,493
$—
$617,493
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
3,550,574
$
—
$
3,550,574
Swap
Contracts
.........................
—
1,013,068
—
1,013,068
Total
Other
Financial
Instruments
.........
$—
$4,563,642
$—
$4,563,642
a
Includes
financial
instruments
determined
to
have
no
value.
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
June
30,
2024,
the
reconciliation
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
June
30,
2024,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
South
Africa
..
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Corporate
Bonds:
Costa
Rica
...
10,802,979
—
(348,480)
—
—
—
—
40,232
10,494,731
39,818
South
Africa
..
—
c
—
—
—
—
—
—
—
—
c
—
United
Kingdom
—
5,266,706
—
—
—
8,565
—
117,928
5,393,199
117,928
Escrows
and
Litigation
Trusts
..
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
.........
$10,802,979
$5,266,706
$(348,480)
$—
$—
$8,565
$—
$158,160
$15,887,930
$157,746
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds:
Costa
Rica
............
$10,494,731
Discounted
cash
flow
Discount
rate
b
8.0%
Decrease
All
Other
...................
5,393,199
c,d
Total
.........................
$15,887,930
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
The
discount
rate
is
comprised
of
the
risk-free
rate,
the
10-year
Costa
Rican
CDS
spread,
and
an
incremental
issuer
credit
spread
combined
to
arrive
at
an
8%
yield
on
issue
date
for
an
8%
coupon
bond
issued
at
par.
The
incremental
issuer
spread
is
further
adjusted
to
reflect
the
current
market
spread
for
similar
credits
above
the
Costa
Rican
credit
spread.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value.
11.
Fair
Value
Measurements
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Cu
r
rency
BRL
Brazilian
Real
COP
Colombian
Peso
EGP
Egyptian
Pound
EUR
Euro
GHS
Ghanaian
Cedi
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
UGX
Ugandan
Shilling
USD
United
States
Dollar
UZS
Uzbekistani
Som
ZAR
South
African
Rand
ZMW
Zambian
Kwacha
Selected
Portfolio
CDI
certificado
de
deposito
interbancario
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BRL
CDI
......................
10.40%
1-day
IBR
..........................
10.96%
Templeton
Emerging
Markets
Income
Fund
Important
Information
to
Shareholders
Not
part
of
the
semiannual
report
Share
Repurchase
Program
The
Fund’s
Board
previously
authorized
the
Fund
to
repurchase
up
to
10%
of
the
Fund’s
outstanding
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
In
exercising
its
discretion
consistent
with
its
portfolio
management
responsibilities,
the
investment
manager
will
take
into
account
various
other
factors,
including,
but
not
limited
to,
the
level
of
the
discount,
the
Fund’s
performance,
portfolio
holdings,
dividend
history,
market
conditions,
cash
on
hand,
the
availability
of
other
attractive
investments
and
whether
the
sale
of
certain
portfolio
securities
would
be
undesirable
because
of
liquidity
concerns
or
because
the
sale
might
subject
the
Fund
to
adverse
tax
consequences.
Any
repurchases
would
be
made
on
a
national
securities
exchange
at
the
prevailing
market
price,
subject
to
exchange
requirements,
Federal
securities
laws
and
rules
that
restrict
repurchases,
and
the
terms
of
any
outstanding
leverage
or
borrowing
of
the
Fund.
If
and
when
the
Fund’s
10%
threshold
is
reached,
no
further
repurchases
could
be
completed
until
authorized
by
the
Board.
Until
the
10%
threshold
is
reached,
Fund
management
will
have
the
flexibility
to
commence
share
repurchases
if
and
when
it
is
determined
to
be
appropriate
in
light
of
prevailing
circumstances.
In
the
Notes
to
Financial
Statements
section,
please
see
Note
2
(Shares
of
Beneficial
Interest)
for
additional
information
regarding
shares
repurchased.
Managed
Distribution
Plan
Until
December
31,
2023,
the
Fund
employed
a
managed
distribution
policy
whereby
the
Fund
made
distributions
to
common
shareholders
at
an
annual
minimum
fixed
rate
of
10%,
based
on
the
average
monthly
net
asset
value
(NAV)
of
the
Fund’s
common
shares.
Effective
January
1,
2024,
the
Board
has
implemented
a
new
managed
distribution
plan
where
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
fixed
rate
of
$0.0475
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
consistent
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
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
Under
the
managed
distribution
plan,
to
the
extent
that
sufficient
investment
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.
No
conclusions
should
be
drawn
about
the
Fund’s
investment
performance
from
the
amount
of
the
Fund’s
distributions
or
from
the
terms
of
the
Fund’s
managed
distribution
plan.
The
Board
may
amend
the
terms
of
the
plan
or
terminate
the
plan
at
any
time.
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.
In
compliance
with
Rule
19a-1
of
the
Investment
Company
Act
of
1940,
shareholders
will
receive
a
notice
that
details
the
source
of
income
for
each
dividend
such
as
net
investment
income,
gain
from
the
sale
of
securities
and
return
of
principal.
However,
determination
of
the
actual
source
of
the
Fund’s
dividend
can
only
be
made
at
year-end.
The
actual
source
amounts
of
all
Fund
dividends
will
be
included
in
the
Fund’s
annual
or
semiannual
reports.
In
addition,
the
tax
treatment
may
differ
from
the
accounting
treatment
used
to
calculate
the
source
of
the
Fund’s
dividends
as
shown
on
shareholders’
statements.
Shareholders
should
refer
to
their
Form
1099-DIV
for
the
character
and
amount
of
distributions
for
income
tax
reporting
purposes.
Since
each
shareholder’s
tax
situation
is
unique,
it
may
be
advisable
to
consult
a
tax
advisor
as
to
the
appropriate
treatment
of
Fund
distributions.
Approval
of
Renewed
Borrowing
Arrangements
On
January
13,
2023,
the
Board
approved
the
renewal
of
the
Fund’s
existing
committed,
senior,
secured
line
of
credit
facility
(“Existing
Credit
Facility”)
with
The
Bank
of
Nova
Scotia
for
an
additional
364-day
term
(“Credit
Facility
Renewal”).
On
January
12,
2024,
the
Fund
renewed
the
Existing
Credit
Facility
with
The
Bank
of
Nova
Scotia
for
an
additional
364-day
term,
until
January
10,
2025.
The
terms
of
the
Credit
Facility
Renewal
are
substantially
the
same
as
the
terms
of
the
Existing
Credit
Facility,
except
that
the
upfront
fee
of
5
bps
of
the
commitment
of
the
Credit
Facility
Renewal
has
been
eliminated.
Templeton
Emerging
Markets
Income
Fund
Important
Information
to
Shareholders
Not
part
of
the
semiannual
report
The
purpose
of
the
Credit
Facility
is
to
provide
the
Fund
with
a
source
of
funds
to
purchase
additional
investments
and
pursue
certain
investment
strategies.
Given
the
permanent
capital
structure
and
the
absence
of
daily
liquidity
requirements,
the
Fund’s
closed-end
fund
structure
is
particularly
well-suited
for
leverage.
Templeton
Emerging
Markets
Income
Fund
Annual
Meeting
of
Shareholders
May
23,
2024
(unaudited)
Not
part
of
the
semiannual
report
The
Annual
Meeting
of
Shareholders
of
Templeton
Emerging
Markets
Income
Fund
(the
“Fund”)
was
held
at
the
Fund’s
offices,
300
S.E.
2nd
Street,
Fort
Lauderdale,
Florida,
on
May
23,
2024.
The
purpose
of
the
meeting
was
to
elect
four
Trustees
of
the
Fund
and
to
ratify
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2024.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Ann
Torre
Bates,
Terrence
J.
Checki,
David
W.
Niemiec
and
Larry
D.
Thompson.*
Shareholders
also
ratified
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2024.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
four
Trustees:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
2.
Ratification
of
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2024:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
*
Harris
J.
Ashton,
Mary
C.
Choksi,
Edith
E.
Holiday,
Rupert
H.
Johnson,
Jr.,
Gregory
E.
Johnson,
J.
Michael
Luttig,
and
Constantine
D.
Tseretopoulos
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders
.
Term
Expiring
2027
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Ann
Torre
Bates
.............
Terrence
J.
Checki
...........
David
W.
Niemiec
............
Larry
D.
Thompson
...........
35,248,759
34,922,273
34,831,112
34,273,626
74.63%
73.94%
73.75%
72.57%
95.89%
95.00%
94.75%
93.23%
1,512,339
1,838,825
1,929,986
2,487,472
3.20%
3.89%
4.09%
5.27%
4.11%
5.00%
5.25%
6.77%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
.......................
Against
....................
Abstain
....................
35,685,196
561,764
514,137
75.56%
1.19%
1.09%
97.07%
1.53%
1.40%
Templeton
Emerging
Markets
Income
Fund
Not
part
of
the
semiannual
report
Dividend
Reinvestment
and
Cash
Purchase
Plan
The
Fund
offers
a
Dividend
Reinvestment
and
Cash
Purchase
Plan
(the
“Plan”)
with
the
following
features:
If
shares
of
the
Fund
are
held
in
the
shareholder’s
name,
the
shareholder
will
automatically
be
a
participant
in
the
Plan
unless
the
shareholder
elects
to
withdraw.
If
the
shares
are
registered
in
the
name
of
a
broker-dealer
or
other
nominee
(i.e.,
in
“street
name”),
the
broker-dealer
or
nominee
will
elect
to
participate
in
the
Plan
on
the
shareholder’s
behalf
unless
the
shareholder
instructs
them
otherwise,
or
unless
the
reinvestment
service
is
not
provided
by
the
broker-dealer
or
nominee.
To
receive
dividends
or
distributions
in
cash,
the
shareholder
must
notify
Equiniti
Trust
Company,
LLC
(the
“Plan
Administrator”)
at
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560
or
the
institution
in
whose
name
the
shares
are
held.
The
Plan
Administrator
must
receive
written
notice
ten
business
days
before
the
record
date
for
the
distribution.
Whenever
the
Fund
declares
dividends
in
either
cash
or
shares
of
the
Fund,
if
the
market
price
is
equal
to
or
exceeds
net
asset
value
at
the
valuation
date,
the
participant
will
receive
the
dividends
entirely
in
new
shares
at
a
price
equal
to
the
net
asset
value,
but
not
less
than
95%
of
the
then
current
market
price
of
the
Fund’s
shares.
If
the
market
price
is
lower
than
net
asset
value
or
if
dividends
and/or
capital
gains
distributions
are
payable
only
in
cash,
the
participant
will
receive
shares
purchased
on
the
New
York
Stock
Exchange
or
otherwise
on
the
open
market.
A
participant
has
the
option
of
submitting
additional
cash
payments
to
the
Plan
Administrator,
in
any
amounts
of
at
least
$100,
up
to
a
maximum
of
$5,000
per
month,
for
the
purchase
of
Fund
shares
for
his
or
her
account.
These
payments
can
be
made
by
check
payable
to
Equiniti
Trust
Company,
LLC
and
sent
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attention:
Templeton
Emerging
Markets
Income
Fund.
The
Plan
Administrator
will
apply
such
payments
(less
a
$5.00
service
charge
and
less
a
pro
rata
share
of
trading
fees)
to
purchases
of
the
Fund’s
shares
on
the
open
market.
The
automatic
reinvestment
of
dividends
and/or
capital
gains
does
not
relieve
the
participant
of
any
income
tax
that
may
be
payable
on
dividends
or
distributions.
Whenever
shares
are
purchased
on
the
New
York
Stock
Exchange
or
otherwise
on
the
open
market,
each
participant
will
pay
a
pro
rata
portion
of
trading
fees.
Trading
fees
will
be
deducted
from
amounts
to
be
invested.
The
Plan
Administrator’s
fee
for
a
sale
of
shares
through
the
Plan
is
$15.00
per
transaction
plus
a
$0.12
per
share
trading
fee.
A
participant
may
withdraw
from
the
Plan
without
penalty
at
any
time
by
written
notice
to
the
Plan
Administrator
sent
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560.
Upon
withdrawal,
the
participant
will
receive,
without
charge,
share
certificates
issued
in
the
participant’s
name
for
all
full
shares
held
by
the
Plan
Administrator;
or,
if
the
participant
wishes,
the
Plan
Administrator
will
sell
the
participant’s
shares
and
send
the
proceeds
to
the
participant,
less
a
service
charge
of
$15.00
and
less
trading
fees
of
$0.12
per
share.
The
Plan
Administrator
will
convert
any
fractional
shares
held
at
the
time
of
withdrawal
to
cash
at
current
market
price
and
send
a
check
to
the
participant
for
the
net
proceeds.
For
more
information,
please
see
the
Plan’s
Terms
and
Conditions
located
at
the
back
of
this
report.
Templeton
Emerging
Markets
Income
Fund
Dividend
Reinvestment
and
Cash
Purchase
Plan
Not
part
of
the
semiannual
report
Transfer
Agent
Equiniti
Trust
Company,
LLC
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-056
(800)
416-5585
www.equiniti.com
Direct
Deposit
Service
for
Registered
Shareholders
Cash
distributions
can
now
be
electronically
credited
to
a
checking
or
savings
account
at
any
financial
institution
that
participates
in
the
Automated
Clearing
House
(“ACH”)
system.
The
Direct
Deposit
service
is
provided
for
registered
shareholders
at
no
charge.
To
enroll
in
the
service,
access
your
account
online
by
going
to
www.equiniti.com
or
dial
(800)
416-
5585
(toll
free)
and
follow
the
instructions.
Direct
Deposit
will
begin
with
the
next
scheduled
distribution
payment
date
following
enrollment
in
the
service.
Direct
Registration
If
you
are
a
registered
shareholder
of
the
Fund,
purchases
of
shares
of
the
Fund
can
be
electronically
credited
to
your
Fund
account
at
Equiniti
Trust
Company,
LLC
through
Direct
Registration.
This
service
provides
shareholders
with
a
convenient
way
to
keep
track
of
shares
through
book
entry
transactions,
electronically
move
book-entry
shares
between
broker-dealers,
transfer
agents
and
DRS
eligible
issuers,
and
eliminate
the
possibility
of
lost
certificates.
For
additional
information,
please
contact
Equiniti
Trust
Company,
LLC
at
(800)
416-5585.
Shareholder
Information
Shares
of
Templeton
Emerging
Markets
Income
Fund
are
traded
on
the
New
York
Stock
Exchange
under
the
symbol
“TEI.”
Information
about
the
net
asset
value
and
the
market
price
is
available
at
franklintempleton.com.
For
current
information
about
dividends
and
shareholder
accounts,
call
(800)
416-5585.
Registered
shareholders
can
access
their
Fund
account
on-line.
For
information
go
to
Equiniti
Trust
Company,
LLC’s
web
site
at
www.equiniti.com
and
follow
the
instructions.
The
daily
closing
net
asset
value
as
of
the
previous
business
day
may
be
obtained
when
available
by
calling
Franklin
Templeton
Fund
Information
after
7
a.m.
Pacific
time
any
business
day
at
(800)
DIAL
BEN/342-5236.
The
Fund’s
net
asset
value
and
dividends
are
also
listed
on
the
NASDAQ
Stock
Market,
Inc.’s
Mutual
Fund
Quotation
Service
(“NASDAQ
MFQS”).
Shareholders
not
receiving
copies
of
reports
to
shareholders
because
their
shares
are
registered
in
the
name
of
a
broker
or
a
custodian
can
request
that
they
be
added
to
the
Fund’s
mailing
list,
by
writing
Templeton
Emerging
Markets
Income
Fund,
100
Fountain
Parkway,
P.O.
Box
33030,
St.
Petersburg,
FL,
33733-8030.
Templeton
Emerging
Markets
Income
Fund
Board
Approval
of
Investment
Management
Agreements
Templeton
Emerging
Markets
Income
Fund
(Fund)
At
an
in-person
meeting
held
on
May
22,
2024
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund
(including
its
share
price
discount
to
net
asset
value);
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
acknowledged
the
ongoing
integration
of
the
Putnam
family
of
funds
into
the
Franklin
Templeton
(FT)
family
of
funds
and
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement,
including
its
initiative
to
create
a
new
enterprise-wide
artificial
intelligence
platform.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Templeton
Emerging
Markets
Income
Fund
Shareholder
Information
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2023.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Performance
Universe.
The
Board
also
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
a
customized
peer
group
(Performance
Customized
Peer
Group)
selected
by
the
Manager.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
Such
results
are
based
on
net
asset
value
without
regard
to
market
discounts
or
premiums.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
leveraged
and
non-leveraged
closed-end
emerging
markets
hard
currency
debt
funds.
The
Performance
Customized
Peer
Group
for
the
Fund
included
only
local
currency
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-
and
three-year
periods
was
above
the
median
of
its
Performance
Universe,
for
the
five-year
period
was
equal
to
the
median
of
its
Performance
Universe,
but
for
the
10-year
period
was
below
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
income
return
for
the
one-
and
three-year
periods
was
above
the
median
of
its
Performance
Customized
Peer
Group,
but
for
the
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Customized
Peer
Group.
The
Board
further
noted
that
the
Fund’s
annualized
total
return
for
the
one-year
period
was
above
the
median
and
in
the
first
quintile
of
its
Performance
Universe,
but
for
the
three-,
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-
and
three-year
periods
was
above
the
median
of
its
Performance
Customized
Peer
Group,
but
for
the
five-
and
10-year
periods
was
below
the
median
of
its
Performance
Customized
Peer
Group.
The
Board
further
noted
the
small
size
of
the
Fund’s
Performance
Customized
Peer
Group
for
both
annualized
total
return
and
annualized
income
return
for
each
of
the
one-,
three-,
five-
and
10-year
periods
and
that
therefore
no
quintile
information
was
provided
for
the
Fund
for
those
periods.
The
Board
also
noted
the
small
size
of
the
Fund’s
Performance
Universe
for
the
annualized
total
return
for
each
of
the
three-,
five-
and
10-year
periods
and
that
therefore
no
quintile
information
was
provided
for
the
Fund
for
those
periods.
The
Board
discussed
this
performance
with
management
and
management
explained
that,
with
respect
to
the
annualized
total
return
performance,
the
Performance
Universe
was
not
directly
comparable
to
the
Fund
as
it
included
funds
that
invest
in
emerging
market
debt
securities
that
may
be
denominated
in
US
dollars
and/or
foreign
hard
currencies,
whereas
the
Performance
Customized
Peer
Group
was
more
comparable
to
the
Fund
as
the
peers
in
that
group
had
greater
exposure
to
local
foreign
currencies.
Management
further
explained
that
the
funds
in
the
Performance
Universe
generally
maintained
substantially
greater
US
dollar
exposures,
and
longer
portfolio
durations
than
the
Fund,
which
adversely
impacted
the
Fund’s
three-
and
five-year
annualized
total
return
performance
given
the
sharp
escalation
in
emerging
market
risk
aversion
during
the
second
half
of
2019,
and
the
corresponding
safe-
haven
rally
to
US
Treasuries.
Management
noted
that
the
Fund
outperformed
its
benchmark,
the
JP
Morgan
EMBI
Global
Index,
for
the
one-year
period
ended
December
31,
2023
and
three-year
period
ended
March
31,
2024.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including
the
addition
of
investment
team
personnel,
and
management’s
global
economic
outlook
regarding
non-US
dollar
assets
and
view
that
the
Fund
is
well
positioned
to
benefit
from
its
outlook
expectations.
The
Board
also
noted
management’s
view
regarding
the
income-related
attributes
of
the
Fund
(e.g.,
a
fund’s
investment
objective)
as
set
forth
in
the
Fund’s
registration
statement
and
that
the
evaluation
of
the
Fund’s
performance
relative
to
its
peers
on
an
income
return
basis
was
appropriate
given
these
attributes.
The
Board
considered
that
the
Fund’s
annualized
total
return
and
annualized
income
return
for
the
one-year
period
were
above
the
medians
of
the
Fund’s
Performance
Universe,
and
13.99%
and
10.51%,
respectively.
The
Board
concluded
that
the
Fund’s
performance
was
acceptable.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
underlying
fund
expenses;
investment-related
expenses;
and
other
non-management
fees.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
Templeton
Emerging
Markets
Income
Fund
Shareholder
Information
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
as
applicable.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
two
other
leveraged
and
non-leveraged
emerging
markets
hard
currency
debt
closed-end
funds.
The
Board
noted
that
the
Management
Rate
was
equal
to
the
median
of
its
Expense
Group,
and
the
actual
total
expense
ratio
for
the
Fund
was
below
the
median
of
its
Expense
Group.
The
Board
also
noted
the
small
size
of
the
Fund’s
Expense
Group
for
both
the
Management
Rate
and
the
actual
total
expense
ratio
and
that
no
quintile
information
was
provided
for
the
Fund.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2023,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
The
Board
believes
that
the
Manager’s
ability
to
realize
economies
of
scale
and
the
sharing
of
such
benefit
is
a
more
relevant
consideration
in
the
case
of
an
open-end
fund
whose
size
increases
as
a
result
of
the
continuous
sale
of
its
shares.
A
closed-end
fund,
such
as
the
Fund,
does
not
continuously
offer
shares,
and
growth
following
its
initial
public
offering
will
primarily
result
from
market
appreciation,
which
benefits
its
shareholders.
While
believing
economies
of
scale
to
be
less
of
a
factor
in
the
context
of
a
closed-
end
fund,
the
Board
believes
at
some
point
an
increase
in
size
may
lead
to
economies
of
scale
that
would
be
shared
with
the
Fund
and
its
shareholders.
The
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
Templeton
Emerging
Markets
Income
Fund
Shareholder
Information
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Fund
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Not
part
of
the
semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
1.
Each
holder
of
shares
(a
“Shareholder”)
in
Templeton
Emerging
Markets
Income
Fund
(the
“Fund”)
whose
Fund
shares
are
registered
in
his
or
her
own
name
will
automatically
be
a
participant
in
the
Dividend
Reinvestment
and
Cash
Purchase
Plan
(the
“Plan”),
unless
any
such
Shareholder
specifically
elects
in
writing
to
receive
all
dividends
and
capital
gains
in
cash,
paid
by
check,
mailed
directly
to
the
Shareholder.
A
Shareholder
whose
shares
are
registered
in
the
name
of
a
broker-dealer
or
other
nominee
(the
“Nominee”)
will
be
a
participant
if
(a)
such
a
service
is
provided
by
the
Nominee
and
(b)
the
Nominee
makes
an
election
on
behalf
of
the
Shareholder
to
participate
in
the
Plan.
Nominees
intend
to
make
such
an
election
on
behalf
of
Shareholders
whose
shares
are
registered
in
their
names,
as
Nominee,
unless
a
Shareholder
specifically
instructs
his
or
her
Nominee
to
pay
dividends
and
capital
gains
in
cash.
Equiniti
Trust
Company,
LLC
(“Equiniti”)
will
act
as
Plan
Administrator
and
will
open
an
account
for
each
participating
shareholder
(“participant”)
under
the
Plan
in
the
same
name
as
that
in
which
the
participant’s
present
shares
are
registered.
2.
Whenever
the
Fund
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
in
either
cash
or
shares
of
the
Fund
(“Fund
shares”),
if
the
market
price
per
share
on
the
valuation
date
equals
or
exceeds
the
net
asset
value
per
share,
participants
will
receive
such
dividend
or
distribution
entirely
in
Fund
shares,
and
Equiniti
shall
automatically
receive
such
Fund
shares
for
participant
accounts
including
aggregate
fractions.
The
number
of
additional
Fund
shares
to
be
credited
to
participant
accounts
shall
be
determined
by
dividing
the
equivalent
dollar
amount
of
the
capital
gains
distribution
or
dividend
payable
to
participants
by
the
Fund’s
net
asset
value
per
share
of
the
Fund
shares
on
the
valuation
date,
provided
that
the
Fund
shall
not
issue
such
shares
at
a
price
lower
than
95%
of
the
current
market
price
per
share.
The
valuation
date
will
be
the
payable
date
for
such
distribution
or
dividend.
3.
Whenever
the
Fund
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
only
in
cash,
or
if
the
Fund’s
net
asset
value
per
share
exceeds
the
market
price
per
share
on
the
valuation
date,
Equiniti
shall
apply
the
amount
of
such
dividend
or
distribution
payable
to
participants
to
the
purchase
of
Fund
shares
on
the
open
market
(less
their
pro
rata
share
of
trading
fees
incurred
with
respect
to
open
market
purchases
in
connection
with
the
reinvestment
of
such
dividend
or
distribution).
If,
before
Equiniti
has
completed
its
purchases,
the
market
price
exceeds
the
net
asset
value
per
share,
the
average
per
share
purchase
price
paid
by
Equiniti
may
exceed
the
net
asset
value
of
the
Fund’s
shares,
resulting
in
the
acquisition
of
fewer
shares
than
if
the
dividend
or
capital
gains
distribution
had
been
paid
in
shares
issued
by
the
Fund
at
net
asset
value
per
share.
Such
purchases
will
be
made
promptly
after
the
payable
date
for
such
dividend
or
distribution,
and
in
no
event
more
than
30
days
after
such
date
except
where
temporary
curtailment
or
suspension
of
purchase
is
necessary
to
comply
with
applicable
provisions
of
the
Federal
securities
laws.
4.
A
participant
has
the
option
of
submitting
additional
payments
to
Equiniti,
in
any
amounts
of
at
least
$100,
up
to
a
maximum
of
$5,000
per
month,
for
the
purchase
of
Fund
shares
for
his
or
her
account.
These
payments
may
be
made
electronically
through
www.equiniti.com
or
by
check
payable
to
“Equiniti
Trust
Company,
LLC”
and
sent
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attention:
Templeton
Emerging
Markets
Income
Fund.
Equiniti
shall
apply
such
payments
(less
a
$5.00
service
charge
and
less
a
pro
rata
share
of
trading
fees)
to
purchases
of
Fund
shares
on
the
open
market,
as
discussed
below
in
paragraph
6.
Equiniti
shall
make
such
purchases
promptly
on
approximately
the
15th
of
each
month
or,
during
a
month
in
which
a
dividend
or
distribution
is
paid,
beginning
on
the
dividend
payment
date,
and
in
no
event
more
than
30
days
after
receipt,
except
where
necessary
to
comply
with
provisions
of
Federal
securities
law.
Any
voluntary
payment
received
less
than
two
business
days
before
an
investment
date
shall
be
invested
during
the
following
month
unless
there
are
more
than
30
days
until
the
next
investment
date,
in
which
case
such
payment
will
be
returned
to
the
participant.
Equiniti
shall
return
to
the
participant
his
or
her
entire
voluntary
cash
payment
upon
written
notice
of
withdrawal
received
by
Equiniti
not
less
than
48
hours
before
such
payment
is
to
be
invested.
Such
written
notice
shall
be
sent
to
Equiniti
by
the
participant,
as
discussed
below
in
paragraph
14.
5.
For
all
purposes
of
the
Plan:
(a)
the
market
price
of
the
Fund’s
shares
on
a
particular
date
shall
be
the
last
sale
price
on
the
New
York
Stock
Exchange
on
that
date
if
a
business
day
and
if
not,
on
the
preceding
business
day,
or
if
there
is
no
sale
on
such
Exchange
on
such
date,
then
the
mean
between
the
closing
bid
and
asked
quotations
for
such
shares
on
such
Exchange
on
such
date,
and
(b)
net
asset
value
per
share
of
the
Fund’s
shares
on
a
particular
date
shall
be
as
determined
by
or
on
behalf
of
the
Fund.
Not
part
of
the
semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
6.
Open
market
purchases
provided
for
above
may
be
made
on
any
securities
exchange
where
Fund
shares
are
traded,
in
the
over-the-counter
market
or
in
negotiated
transactions
and
may
be
on
such
terms
as
to
price,
delivery
and
otherwise
as
Equiniti
shall
determine.
Participant
funds
held
by
Equiniti
uninvested
will
not
bear
interest,
and
it
is
understood
that,
in
any
event,
Equiniti
shall
have
no
liability
in
connection
with
any
inability
to
purchase
Fund
shares
within
30
business
days
after
the
payable
date
for
any
dividend
or
distribution
as
herein
provided,
or
with
the
timing
of
any
purchases
effected.
Equiniti
shall
have
no
responsibility
as
to
the
value
of
the
Fund
shares
acquired
for
participant
accounts.
For
the
purposes
of
purchases
in
the
open
market,
Equiniti
may
aggregate
purchases
with
those
of
other
participants,
and
the
average
price
(including
trading
fees)
of
all
shares
purchased
by
Equiniti
shall
be
the
price
per
share
allocable
to
all
participants.
7.
Equiniti
will
hold
shares
acquired
pursuant
to
this
Plan,
together
with
the
shares
of
other
participants
acquired
pursuant
to
this
Plan,
in
its
name
or
that
of
its
nominee.
Equiniti
will
forward
to
participants
any
proxy
solicitation
material
and
will
vote
any
shares
so
held
for
participants
only
in
accordance
with
the
proxies
returned
by
participants
to
the
Fund.
Upon
written
request,
Equiniti
will
deliver
to
participants,
without
charge,
a
certificate
or
certificates
for
all
or
a
portion
of
the
full
shares
held
by
Equiniti.
8.
Equiniti
will
confirm
to
participants
each
acquisition
made
for
an
account
as
soon
as
practicable
but
not
later
than
60
business
days
after
the
date
thereof.
Equiniti
will
send
to
participants
a
detailed
account
statement
showing
total
dividends
and
distributions,
date
of
investment,
shares
acquired
and
price
per
share,
and
total
shares
of
record
for
the
account.
Although
participants
may
from
time
to
time
have
an
undivided
fractional
interest
(computed
to
three
decimal
places)
in
a
share
of
the
Fund,
no
certificates
for
a
fractional
share
will
be
issued.
However,
dividends
and
distributions
on
fractional
shares
will
be
credited
to
participant
accounts.
In
the
event
of
termination
of
an
account
under
the
Plan,
Equiniti
will
adjust
for
any
such
undivided
fractional
interest
in
cash
at
the
market
price
of
the
Fund’s
shares
on
the
date
of
termination.
9.
Any
share
dividends
or
split
shares
distributed
by
the
Fund
on
shares
held
by
Equiniti
for
participants
will
be
credited
to
participant
accounts.
In
the
event
that
the
Fund
makes
available
to
its
shareholders
transferable
rights
to
purchase
additional
Fund
shares
or
other
securities,
Equiniti
will
sell
such
rights
and
apply
the
proceeds
of
the
sale
to
the
purchase
of
additional
Fund
shares
for
the
participant
accounts.
The
shares
held
for
participants
under
the
Plan
will
be
added
to
underlying
shares
held
by
participants
in
calculating
the
number
of
rights
to
be
issued.
10.
Equiniti’s
service
charge
for
capital
gains
or
income
dividend
purchases
will
be
paid
by
the
Fund
when
shares
are
issued
by
the
Fund
or
purchased
on
the
open
market.
Equiniti
will
deduct
a
$5.00
service
charge
from
each
voluntary
cash
payment.
Participants
will
be
charged
a
pro
rata
share
of
trading
fees
on
all
open
market
purchases.
11.
Participants
may
withdraw
shares
from
such
participant’s
account
or
terminate
their
participation
under
the
Plan
by
notifying
Equiniti
in
writing.
Such
withdrawal
or
termination
will
be
effective
immediately
if
notice
is
received
by
Equiniti
not
less
than
ten
days
prior
to
any
dividend
or
distribution
record
date;
otherwise
such
withdrawal
or
termination
will
be
effective
after
the
investment
of
any
current
dividend
or
distribution
or
voluntary
cash
payment.
The
Plan
may
be
terminated
by
Equiniti
or
the
Fund
upon
90
days’
notice
in
writing
mailed
to
participants.
Upon
any
withdrawal
or
termination,
Equiniti
will
cause
a
certificate
or
certificates
for
the
full
shares
held
by
Equiniti
for
participants
and
cash
adjustment
for
any
fractional
shares
(valued
at
the
market
value
of
the
shares
at
the
time
of
withdrawal
or
termination)
to
be
delivered
to
participants,
less
any
trading
fees.
Alternatively,
a
participant
may
elect
by
written
notice
to
Equiniti
to
have
Equiniti
sell
part
or
all
of
the
shares
held
for
him
and
to
remit
the
proceeds
to
him.
Equiniti
is
authorized
to
deduct
a
$15.00
service
charge
and
a
trading
fee
of
$0.12
per
share
for
this
transaction
from
the
proceeds.
If
a
participant
disposes
of
all
shares
registered
in
his
name
on
the
books
of
the
Fund,
Equiniti
may,
at
its
option,
terminate
the
participant’s
account
or
determine
from
the
participant
whether
he
wishes
to
continue
his
participation
in
the
Plan.
12.
These
terms
and
conditions
may
be
amended
or
supplemented
by
Equiniti
or
the
Fund
at
any
time
or
times,
except
when
necessary
or
appropriate
to
comply
with
applicable
law
or
the
rules
or
policies
of
the
U.S.
Securities
and
Exchange
Commission
or
any
other
regulatory
authority,
only
by
mailing
to
participants
appropriate
written
notice
at
least
90
days
prior
to
the
effective
date
thereof.
The
amendment
or
supplement
shall
be
deemed
to
be
accepted
by
participants
unless,
prior
to
the
effective
date
thereof,
Equiniti
receives
written
notice
of
the
termination
of
a
participant
account
under
the
Plan.
Any
such
amendment
Not
part
of
the
semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
may
include
an
appointment
by
Equiniti
in
its
place
and
stead
of
a
successor
Plan
Administrator
under
these
terms
and
conditions,
with
full
power
and
authority
to
perform
all
or
any
of
the
acts
to
be
performed
by
Equiniti
under
these
terms
and
conditions.
Upon
any
such
appointment
of
a
Plan
Administrator
for
the
purpose
of
receiving
dividends
and
distributions,
the
Fund
will
be
authorized
to
pay
to
such
successor
Plan
Administrator,
for
a
participant’s
account,
all
dividends
and
distributions
payable
on
Fund
shares
held
in
a
participant’s
name
or
under
the
Plan
for
retention
or
application
by
such
successor
Plan
Administrator
as
provided
in
these
terms
and
conditions.
13.
Equiniti
shall
at
all
times
act
in
good
faith
and
agree
to
use
its
best
efforts
within
reasonable
limits
to
ensure
the
accuracy
of
all
services
performed
under
this
Agreement
and
to
comply
with
applicable
law,
but
shall
assume
no
responsibility
and
shall
not
be
liable
for
loss
or
damage
due
to
errors
unless
such
error
is
caused
by
Equiniti’s
negligence,
bad
faith
or
willful
misconduct
or
that
of
its
employees.
14.
Any
notice,
instruction,
request
or
election
which
by
any
provision
of
the
Plan
is
required
or
permitted
to
be
given
or
made
by
the
participant
to
Equiniti
shall
be
in
writing
addressed
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
or
www.
equiniti.com
or
such
other
address
as
Equiniti
shall
furnish
to
the
participant,
and
shall
have
been
deemed
to
be
given
or
made
when
received
by
Equiniti.
15.
Any
notice
or
other
communication
which
by
any
provision
of
the
Plan
is
required
to
be
given
by
Equiniti
to
the
participant
shall
be
in
writing
and
shall
be
deemed
to
have
been
sufficiently
given
for
all
purposes
by
being
deposited
postage
prepaid
in
a
post
office
letter
box
addressed
to
the
participant
at
his
or
her
address
as
it
shall
last
appear
on
Equiniti’s
records.
The
participant
agrees
to
notify
Equiniti
promptly
of
any
change
of
address.
16.
These
terms
and
conditions
shall
be
governed
by
and
construed
in
accordance
with
the
laws
of
the
State
of
New
York
and
the
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission,
as
they
may
be
amended
from
time
to
time.
©
2024
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund’s
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Templeton
Emerging
Markets
Income
Fund
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
Equiniti
Trust
Company,
LLC
6201
15th
Avenue
Brooklyn,
NY
11219
Toll
Free
Number:
(800)
416-5585
Hearing
Impaired
Number:
(866)
703-9077
International
Phone
Number:
(718)
921-8124
www.equiniti.com
(800)
DIAL
BEN
®
/
342-5236
Item 2. Code of Ethics.
N/A
Item 3. Audit Committee Financial Expert.
N/A
Item 4. Principal Accountant Fees and Services.
N/A
Item 5. Audit Committee of Listed Registrants.
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. Financial Statements and
Financial Highlights for Open-End Management Investment Companies.
Item 8. Changes in and Disagreements with Accountants
for Open-End Management Investment Companies.
Item 9. Proxy Disclosures for Open-End Management
Investment Companies.
Item 10. Remuneration Paid to Directors, Officers,
and Others of Open-End Management Investment Companies.
Item 11. Statement Regarding Basis for Approval of Investment Advisory
Contract.
The information is disclosed as part of the Financial Statements included
in Item 1 of this Form N-CSRS.
Item 12. 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.
RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES
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).
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
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,
* 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”).
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.
In addition, the Investment Manager receives in-house voting
research from Franklin Templeton’s Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate
governance issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on
voting decisions, however there is no obligation or inference for the Investment Manager to formally vote in line with these opinions.
This research supports the independent vote decision making process and may reduce reliance on third-party advice for certain votes.
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.
Conflicts of Interest
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.
Engagement with Issuers
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
The Proxy Group is part of Franklin Templeton’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.
Rejected Votes
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.
Securities on Loan
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.
Split Voting
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.
Bundled Items
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.
Appendix A
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
Proxy Services
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 13. Portfolio Managers of Closed-End
Management Investment Companies.
N/A
Item 14. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
N/A
Item 15. 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 16. 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 17. 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:
• Trade finding, execution and settlement
• Settlement monitoring and controls,
reconciliations, corporate actions and recall management
• Collateral management and valuation information
• Invoice management and billing from counterparties
For the period ended June 30, 2024, 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 |
$
— |
Item 18. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 19. Exhibits.
(a)(1) N/A
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 |
/s/
CHRISTOPHER KINGS |
|
| |
Christopher
Kings |
|
| |
Chief
Executive Officer - Finance and Administration |
|
| |
|
|
| Date |
August
29, 2024 |
|
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 |
/s/
CHRISTOPHER KINGS |
|
| |
Christopher
Kings |
|
| |
Chief
Executive Officer - Finance and Administration |
|
| |
|
|
| Date |
August
29, 2024 |
|
| By |
/s/
JEFFREY WHITE |
|
| |
Jeffrey
White |
|
| |
Chief
Financial Officer, Chief Accounting Officer and Treasurer |
|
| |
|
|
| Date |
August
29, 2024 |
|
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; |
| 3. | 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. |
8/29/2024
| /s/ CHRISTOPHER KINGS |
|
| Christopher Kings |
|
| Chief Executive Officer - Finance and Administration |
|
I, Jeffrey White, 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; |
| 3. | 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. |
8/29/2024
| /s/ JEFFREY WHITE |
|
| Jeffrey White |
|
| Chief Financial Officer, Chief Accounting Officer and Treasurer |
|
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, Christopher Kings, Chief Executive Officer of the Templeton Emerging Markets Income Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to my knowledge:
| 1. | The periodic report on Form N-CSR of the Registrant for the
period ended 6/30/2024 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
| 2. | The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant. |
Dated: 8/29/2024
| /s/ CHRISTOPHER KINGS |
|
| Christopher Kings |
|
| Chief Executive Officer - Finance and Administration |
|
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, Jeffrey White, Chief Financial Officer of the Templeton Emerging Markets Income Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to my knowledge:
| 1. | The periodic report on Form N-CSR of the Registrant for the
period ended 6/30/2024 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
| 2. | The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the Registrant. |
Dated: 8/29/2024
| /s/ JEFFREY WHITE |
|
| Jeffrey White |
|
| Chief Financial Officer, Chief Accounting Officer and Treasurer |
|
TEMPLETON
EMERGING MARKETS INCOME FUND
300
S.E. 2nd Street
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, 2024.
Templeton Emerging
Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on January 31,
2024, and for the fiscal year 2023 year-to-date are as follows:
Estimated Allocations for January Monthly
Distribution as of December 31, 2023:
Cumulative Estimated Allocations fiscal year-to-date
as of December 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 12/31/2023)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 12/31/2023)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 12/31/2023)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 12/31/2023)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 December 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 December 31, 2023.
Cumulative Total Return is the percentage
change in the Fund’s NAV from December 31, 2022 through December 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 December 31, 2023, as a percentage of the Fund’s NAV
as of December 31, 2023.
The Fund’s Board of Trustees (the “Board”) has
authorized a managed distribution plan (the “Plan”) pursuant to which the Fund
makes monthly distributions to shareholders at the fixed rate of $0.0475 per
share. The Plan is intended to provide shareholders with consistent
distributions each month and is intended to narrow the discount between the
market price and the net asset value (“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
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
150 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 more than
1,300 investment professionals, and offices in major financial markets around
the world, the California-based company has over 75 years of investment
experience and approximately $1.5 trillion in assets under management as of
December 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, February 28,
2024. Templeton Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on February 29,
2024, and for the fiscal year 2024 year-to-date are as follows:
Estimated Allocations for February Monthly
Distribution as of January 31, 2024:
Cumulative Estimated Allocations fiscal
year-to-date as of January 31, 2024, for the fiscal year ending December 31,
2024:
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 1/31/2024)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 1/31/2024)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through
1/31/2024)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 1/31/2024)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, 2024. 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, 2024.
Cumulative Total Return is the percentage
change in the Fund’s NAV from December 31, 2023 through January 31, 2024,
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, 2023 through January 31, 2024, as a percentage of the Fund’s NAV
as of January 31, 2024.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan (the “Plan”) pursuant to which the Fund makes monthly
distributions to shareholders at the fixed rate of $0.0475 per share. The Plan
is intended to provide shareholders with consistent distributions each month
and is intended to narrow the discount between the market price and the net asset
value (“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
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 150 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 more than 1,400 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and approximately
$1.6 trillion in assets under management as of January 31, 2024. 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 27, 2024. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on March 28, 2024,
and for the fiscal year 2024 year-to-date are as follows:
Estimated Allocations for March Monthly
Distribution as of February 29, 2024:
Cumulative Estimated Allocations fiscal
year-to-date as of February 29, 2024, for the fiscal year ending December 31,
2024:
The Fund has experienced a cumulative loss in undistributed net realized and
unrealized capital gains and losses totaling $3.5063 per share. Of that amount,
$1.3768 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 2/29/2024)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 0/29/2024)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 2/29/2024)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 2/29/2024)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 29, 2024. 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 29, 2024.
Cumulative Total Return is the percentage
change in the Fund’s NAV from December 31, 2023 through February 29, 2024,
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, 2023 through February 29, 2024, as a percentage of the Fund’s NAV
as of February 29, 2024.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan (the “Plan”) pursuant to which the Fund makes monthly
distributions to shareholders at the fixed rate of $0.0475 per share. The Plan
is intended to provide shareholders with consistent distributions each month
and is intended to narrow the discount between the market price and the net
asset value (“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
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 150 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 more than 1,400 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and
approximately $1.6 trillion in assets under management as of February 29, 2024.
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 29, 2024. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on April 30, 2024,
and for the fiscal year 2024 year-to-date are as follows:
Estimated Allocations for April Monthly
Distribution as of March 31, 2024:
Cumulative Estimated Allocations fiscal
year-to-date as of March 31, 2024, for the fiscal year ending December 31, 2024:
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 3/31/2024)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 3/31/2024)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 3/31/2024)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 3/31/2024)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, 2024. 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, 2024.
Cumulative Total Return is the percentage
change in the Fund’s NAV from December 31, 2023 through March 31, 2024,
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, 2023 through March 31, 2024, as a percentage of the Fund’s NAV as
of March 31, 2024.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan (the “Plan”) pursuant to which the Fund makes monthly distributions
to shareholders at the fixed rate of $0.0475 per share. The Plan is intended to
provide shareholders with consistent distributions each month and is intended
to narrow the discount between the market price and the net asset value (“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
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 150 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 more than 1,500 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and over
$1.6 trillion in assets under management as of March 31, 2024. 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, 2024. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on May 31, 2024,
and for the fiscal year 2024 year-to-date are as follows:
Estimated Allocations for May Monthly
Distribution as of April 30, 2024:
Cumulative Estimated Allocations fiscal
year-to-date as of April 30, 2024, for the fiscal year ending December 31, 2024:
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 4/30/2024)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 4/30/2024)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 4/30/2024)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 4/30/2024)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, 2024. 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, 2024.
Cumulative Total Return is the percentage
change in the Fund’s NAV from December 31, 2023 through April 30, 2024,
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, 2023 through April 30, 2024, as a percentage of the Fund’s NAV as
of April 30, 2024.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan (the “Plan”) pursuant to which the Fund makes monthly
distributions to shareholders at the fixed rate of $0.0475 per share. The Plan
is intended to provide shareholders with consistent distributions each month
and is intended to narrow the discount between the market price and the net
asset value (“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
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 150 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 more than 1,500 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and over
$1.6 trillion in assets under management as of April 30, 2024. 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 27, 2024. Templeton
Emerging Markets Income Fund [NYSE: TEI]
The Fund’s estimated sources of the distribution to be paid on June 28, 2024,
and for the fiscal year 2024 year-to-date are as follows:
Estimated Allocations for June Monthly
Distribution as of May 31, 2024:
Cumulative Estimated Allocations fiscal
year-to-date as of May 31, 2024, for the fiscal year ending December 31, 2024:
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 5/31/2024)1 |
Annualized
Distribution Rate (as a percentage of NAV for the current fiscal period
through 5/31/2024)2 |
Cumulative
Total Return (in relation to the change in NAV for the fiscal period through 5/31/2024)3 |
Cumulative
Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 5/31/2024)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, 2024. 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, 2024.
Cumulative
Total Return is the percentage change in the Fund’s NAV from December 31, 2023
through May 31, 2024, 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, 2023 through May 31, 2024, as
a percentage of the Fund’s NAV as of May 31, 2024.
The Fund’s Board of Trustees (the “Board”) has authorized a managed
distribution plan (the “Plan”) pursuant to which the Fund makes monthly distributions
to shareholders at the fixed rate of $0.0475 per share. The Plan is intended to
provide shareholders with consistent distributions each month and is intended
to narrow the discount between the market price and the net asset value (“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
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 150 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 more than 1,500 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and over
$1.6 trillion in assets under management as of May 31, 2024. For more
information, please visit franklintempleton.com.
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