UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

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

Franklin Templeton

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: December 31

 

Date of reporting period: June 30, 2026

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

  (a) The Report to Shareholders is filed herewith

 

Semiannual
Report
Templeton
Emerging
Markets
Income
Fund
June
30,
2026
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Managed
Distribution
Policy
:
The
Board
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
Effective
July
1,
2026,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
fixed
rate
of
$0.054
per
share.
Prior
to
July
1,
2026,
the
Fund
made
monthly
distributions
to
shareholders
at
a
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.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
14
Notes
to
Financial
Statements
18
Important
Information
to
Shareholders
30
Annual
Meeting
of
Shareholders
31
Dividend
Reinvestment
and
Cash
Purchase
Plan
32
Shareholder
Information
34
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Templeton
Emerging
Markets
Income
Fund
Dear
Shareholder,
This
semiannual
report
for
Templeton
Emerging
Markets
Income
Fund
covers
the
period
ended
June
30,
2026.
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
+9.13%
based
on
market
price
and
+8.50%
based
on
net
asset
value.
The
Fund's
benchmark,
the
J.P.
Morgan
(JPM)
Emerging
Markets
Bond
Index
(EMBI)
Global
Index,
which
tracks
total
returns
for
U.S.
dollar-denominated
debt
instruments
issued
by
emerging
market
sovereign
and
quasi-sovereign
entities:
Brady
bonds,
loans,
Eurobonds
and
local
market
instruments,
posted
a
+2.85%
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
.
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.
The
Board
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
Effective
July
1,
2026,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
fixed
rate
of
$0.054
per
share.
Prior
to
July
1,
2026,
the
Fund
made
monthly
distributions
to
shareholders
at
a
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
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
The
Fund
sends
a
Form
1099-DIV
to
shareholders
each
calendar
year
describing
how
to
report
the
Fund's
distributions
for
federal
income
tax
purposes.
Please
see
“Important
Information
to
Shareholders”
section
for
additional
information.
Portfolio
Composition
6/30/26
%
of
Total
Investments
Foreign
Government
and
Agency
Securities
83.6%
Corporate
Bonds
3.5%
Other
*,†
0.0%
Short-Term
Investments
‡
12.9%
*
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
foreign
government,
U.S.
government
and
agency
securities
and
money
market
funds.
Geographic
Composition
6/30/26
%
of
Total
Investments
Middle
East
&
Africa
41.3%
Americas
19.0%
Asia
Pacific
13.8%
Supranational
4.9%
Other
Europe
8.2%
Short-Term
Investments
10.8%
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
3
franklintempleton.com
Semiannual
Report
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*
6/30/26
a
%
of
Total
Net
Assets
a
a
South
Africa
12.4%
Kazakhstan
7.6%
Ecuador
6.4%
Supranational
5.5%
Hungary
5.4%
India
5.2%
Ivory
Coast
5.2%
Rwanda
5.1%
Benin
4.3%
Argentina
4.2%
*
Does
not
include
cash
and
cash
equivalents.
Performance
Summary
as
of
June
30,
2026
Templeton
Emerging
Markets
Income
Fund
4
franklintempleton.com
Semiannual
Report
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
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
6/30/26
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
+8.50%
+9.13%
+8.50%
+9.13%
1-Year
+25.93%
+28.44%
+25.93%
+28.44%
5-Year
+41.51%
+49.31%
+7.19%
+8.35%
10-Year
+41.97%
+65.23%
+3.57%
+5.15%
Symbol:
TEI
6/30/26
12/31/25
Change
Net
Asset
Value
(NAV)
$7.05
$6.77
+$0.28
Market
Price
(NYSE)
$6.74
$6.45
+$0.29
Distributions
Per
Share
(1/1/26–6/30/26)
Net
Investment
Income
$0.2850
See
page
5
for
Performance
Summary
footnotes.
Templeton
Emerging
Markets
Income
Fund
Performance
Summary
5
franklintempleton.com
Semiannual
Report
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
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$6.77
$5.65
$5.90
$5.72
$7.58
$8.92
Income
from
investment
operations:
Net
investment
income
a
.............
0.37
0.69
0.63
0.43
0.45
0.55
Net
realized
and
unrealized
gains
(losses)
0.20
1.31
(0.31)
0.32
(1.67)
(1.13)
Total
from
investment
operations
........
0.57
2.00
0.32
0.75
(1.22)
(0.58)
Less
distributions
from:
Net
investment
income
..............
(0.29)
(0.88)
(0.55)
(0.28)
—
—
Tax
return
of
capital
................
—
—
(0.02)
(0.29)
(0.65)
(0.76)
Total
distributions
...................
(0.29)
(0.88)
(0.57)
(0.57)
(0.65)
(0.76)
Repurchase
of
shares
................
—
—
—
—
b
0.01
—
Net
asset
value,
end
of
period
..........
$7.05
$6.77
$5.65
$5.90
$5.72
$7.58
Market
value,
end
of
period
c
...........
$6.74
$6.45
$5.13
$5.10
$5.49
$7.29
Total
return
(based
on
net
asset
value
per
share)
d
...........................
8.50%
37.05%
5.35%
13.95%
(16.19)%
(6.78)%
Total
return
(based
on
market
value
per
share)
d
...........................
9.13%
44.92%
11.72%
3.82%
(15.55)%
3.59%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
f
..........................
2.14%
2.38%
2.37%
2.32%
1.40%
1.23%
Expenses
net
of
waiver
and
payments
by
affiliates
f
..........................
2.14%
g
2.37%
2.36%
2.30%
1.38%
1.22%
Net
investment
income
...............
10.84%
11.01%
10.58%
7.65%
7.11%
6.68%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$332,834
$319,631
$266,959
$278,680
$272,330
$363,759
Portfolio
turnover
rate
................
13.30%
23.55%
53.84%
48.95%
35.83%
70.97%
Total
credit
facility
outstanding
at
end
of
period
(000’s)
......................
$65,000
$65,000
$65,000
$50,000
$36,000
$36,000
Asset
coverage
per
$1,000
of
debt
......
$6,121
$5,917
$5,107
$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.
f
Includes
expenses
related
to
borrowings
of
0.94%,
1.17%,
1.18%,
1.09%,
0.29%
and
less
than
0.00%
for
the
period
ended
June
30,
2026,
and
years
ended
December
31,
2025,
2024,
2023,
2022
and
2021,
respectively.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited),
June
30,
2026
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
4.0%
Bermuda
0.0%
†
a,b
Digicel
Group
Holdings
Ltd.
,
29.35%,
11/17/33
...............
Wireless
Telecommunication
Services
582,116
$
18,421
32.88%,
11/17/33
...............
Wireless
Telecommunication
Services
187,133
22,938
41,359
South
Africa
0.0%
a,c,d
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
3%,
12/31/22
.....................
Broadline
Retail
8,125,247
—
Senior
Secured
Note,
144A,
8%,
12/31/22
.....................
Broadline
Retail
2,886,099
EUR
—
a,c,d
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
.
Broadline
Retail
61,769,102
—
—
United
Kingdom
4.0%
a,d
ICBC
Standard
Bank
plc
,
b
144A,
13.13%,
4/05/27
...........
Banks
81,815,000,000
UZS
6,191,374
144A,
15%,
7/04/28
.............
Banks
81,815,000,000
UZS
7,070,070
13,261,444
Total
Corporate
Bonds
(Cost
$48,312,125)
......................................
13,302,803
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
95.4%
Argentina
4.2%
Argentina
Government
Bond
,
Senior
Bond,
4.125%,
7/09/35
.....
16,852,222
13,507,056
Senior
Note,
0.75%,
7/09/30
......
696,798
618,408
14,125,464
Benin
4.3%
d
Benin
Government
Bond
,
Senior
Bond,
144A,
4.875%,
1/19/32
5,340,000
EUR
5,984,987
Senior
Bond,
144A,
4.95%,
1/22/35
.
1,410,000
EUR
1,523,402
Senior
Bond,
144A,
6.875%,
1/19/52
6,220,000
EUR
6,669,833
14,178,222
Brazil
1.5%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/31
..................
6,700,000
BRL
1,128,603
10%,
1/01/33
..................
23,595,000
BRL
3,797,604
4,926,207
Cameroon
1.9%
d
Cameroon
Government
Bond,
Senior
Bond,
144A,
5.95%,
7/07/32
.......
6,370,000
EUR
6,521,013
Colombia
1.0%
Colombia
Titulos
de
Tesoreria
,
B,
7.25%,
10/18/34
.............
4,572,000,000
COP
1,016,367
B,
6.25%,
7/09/36
..............
1,386,000,000
COP
277,722
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Colombia
(continued)
Colombia
Titulos
de
Tesoreria,
(continued)
B,
9.25%,
5/28/42
..............
8,661,000,000
COP
$
2,066,920
3,361,009
Dominican
Republic
2.8%
d
Dominican
Republic
Government
Bond,
Senior
Bond,
Reg
S,
6.85%,
1/27/45
9,200,000
9,463,120
Ecuador
6.4%
d
Ecuador
Government
Bond,
Senior
Bond,
144A,
6.9%,
7/31/35
........
23,013,500
21,183,927
Egypt
2.5%
Egypt
Government
Bond
,
25.151%,
4/16/27
...............
213,900,000
EGP
4,369,115
d
Senior
Bond,
144A,
8.75%,
9/30/51
.
2,960,000
2,935,537
d
Senior
Bond,
144A,
7.5%,
2/16/61
..
1,130,000
978,614
8,283,266
El
Salvador
0.2%
d
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
655,000
679,222
Gabon
3.3%
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.625%,
2/06/31
6,860,000
5,917,414
Senior
Bond,
144A,
7%,
11/24/31
...
5,960,000
5,094,731
11,012,145
Ghana
0.7%
d
Ghana
Government
Bond
,
Senior
Bond,
144A,
5%,
7/03/35
....
820,000
761,328
Senior
Bond,
144A,
1.5%,
1/03/37
..
2,610,000
1,552,416
2,313,744
Hungary
5.4%
Hungary
Government
Bond
,
6.75%,
7/23/31
................
2,098,900,000
HUF
7,243,841
4.75%,
11/24/32
................
3,390,200,000
HUF
10,727,415
17,971,256
India
5.2%
India
Government
Bond
,
7.26%,
1/14/29
................
540,080,000
INR
5,857,643
Senior
Bond,
7.18%,
8/14/33
......
717,500,000
INR
7,795,319
Senior
Bond,
7.1%,
4/08/34
.......
104,340,000
INR
1,126,180
Senior
Bond,
6.79%,
10/07/34
.....
250,300,000
INR
2,652,528
17,431,670
Ivory
Coast
5.2%
d
Ivory
Coast
Government
Bond
,
Senior
Bond,
144A,
5.25%,
3/22/30
.
2,500,000
EUR
2,896,014
Senior
Bond,
144A,
5.875%,
10/17/31
4,000,000
EUR
4,716,423
Senior
Bond,
144A,
6.875%,
10/17/40
7,058,000
EUR
8,301,312
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ivory
Coast
(continued)
d
Ivory
Coast
Government
Bond,
(continued)
Senior
Bond,
144A,
6.625%,
3/22/48
1,140,000
EUR
$
1,261,614
17,175,363
Kazakhstan
7.6%
Kazakhstan
MEOKAM,
15.35%,
11/18/27
.....................
21,000,000
KZT
44,166
Kazakhstan
MEUKAM
,
9%,
7/03/27
...................
283,500,000
KZT
558,807
10.4%,
4/12/28
................
738,400,000
KZT
1,427,078
15.3%,
3/03/29
................
1,819,600,000
KZT
3,832,073
11%,
3/31/29
..................
274,670,000
KZT
523,069
10.55%,
7/28/29
................
3,078,400,000
KZT
5,748,818
11%,
2/04/30
..................
706,110,000
KZT
1,321,229
12%,
3/07/30
..................
1,963,150,000
KZT
3,773,629
12%,
2/22/31
..................
1,034,880,000
KZT
2,010,648
10.3%,
3/17/31
................
570,900,000
KZT
1,022,914
14%,
5/12/31
..................
668,338,000
KZT
1,344,512
Senior
Bond,
5.49%,
3/27/27
......
706,000,000
KZT
1,364,648
Senior
Bond,
5%,
4/18/28
........
552,330,000
KZT
975,311
Senior
Bond,
5.5%,
9/20/28
.......
301,700,000
KZT
506,487
Senior
Bond,
7.68%,
8/13/29
......
485,960,000
KZT
839,624
25,293,013
Kenya
4.1%
d
Kenya
Government
Bond,
Senior
Note,
144A,
9.75%,
2/16/31
............
11,980,000
13,052,846
Kenya
Infrastucture
Bond
,
12.5%,
1/10/33
................
10,100,000
KES
79,286
14.399%,
2/20/40
...............
49,000,000
KES
417,292
13,549,424
Laos
2.1%
d
Laos
Government
Bond,
Senior
Note,
144A,
11.25%,
11/12/30
..........
6,440,000
6,892,410
Nigeria
1.7%
d
Nigeria
Government
Bond,
Senior
Bond,
144A,
10.375%,
12/09/34
.........
4,790,000
5,700,920
Panama
3.4%
Panama
Government
Bond
,
Senior
Bond,
6.4%,
2/14/35
.......
920,000
973,820
Senior
Bond,
6.7%,
1/26/36
.......
4,030,000
4,344,542
Senior
Bond,
6.875%,
1/31/36
.....
1,770,000
1,934,831
Senior
Bond,
8%,
3/01/38
........
3,440,000
4,047,332
11,300,525
Rwanda
5.1%
d
Rwanda
Government
Bond,
Senior
Bond,
144A,
5.5%,
8/09/31
........
17,814,000
17,074,205
South
Africa
12.4%
South
Africa
Government
Bond
,
8.875%,
2/28/35
................
40,830,000
ZAR
2,584,643
8.5%,
1/31/37
.................
126,509,000
ZAR
7,688,773
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
South
Africa
(continued)
South
Africa
Government
Bond,
(continued)
9%,
1/31/40
...................
198,900,000
ZAR
$
12,282,027
8.75%,
1/31/44
................
312,814,700
ZAR
18,742,483
41,297,926
Supranational
5.5%
d,e
European
Investment
Bank,
Senior
Note,
144A,
6.25%,
7/11/30
.......
175,500,000
INR
1,784,323
e
International
Bank
for
Reconstruction
&
Development
,
Senior
Note,
12%,
7/16/27
........
27,800,000,000
COP
8,011,691
Senior
Note,
6.89%,
2/06/30
......
75,500,000
INR
787,237
e
International
Finance
Corp.,
8.25%,
9/18/28
......................
29,301,000,000
COP
7,904,160
18,487,411
Uganda
2.8%
Uganda
Government
Bond
,
14.25%,
8/23/29
................
229,000,000
UGX
64,332
16%,
11/14/30
.................
2,987,000,000
UGX
861,279
17%,
4/03/31
..................
248,000,000
UGX
73,627
14.375%,
2/03/33
...............
8,797,000,000
UGX
2,359,746
16%,
5/14/37
..................
21,232,000,000
UGX
5,953,729
9,312,713
Uruguay
2.1%
f
Uruguay
Government
Bond,
Index
Linked,
Senior
Bond,
3.7%,
6/26/37
.
256,284,797
UYU
6,912,899
Uzbekistan
0.9%
d
Uzbekistan
Government
Bond,
Senior
Note,
144A,
16.25%,
10/12/26
.....
34,790,000,000
UZS
2,961,158
Zambia
3.1%
Zambia
Government
Bond,
14%,
11/23/27
.....................
182,000,000
ZMW
10,267,855
Total
Foreign
Government
and
Agency
Securities
(Cost
$284,205,995)
............
317,676,087
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a,g
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
1,140,749
18,361
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
18,361
Total
Long
Term
Investments
(Cost
$332,518,120)
...............................
330,997,251
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Short
Term
Investments
14.7%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
9.6%
Egypt
6.7%
b
Egypt
Treasury
Bills
,
2.13%,
7/07/26
................
204,775,000
EGP
$
4,166,301
12.28%,
7/14/26
................
153,300,000
EGP
3,105,463
17.18%,
8/18/26
................
44,275,000
EGP
880,589
39.96%,
9/22/26
................
364,850,000
EGP
7,095,440
20.61%,
10/13/26
...............
72,575,000
EGP
1,393,438
22.64%,
1/12/27
................
56,325,000
EGP
1,020,661
23.24%,
3/23/27
................
164,125,000
EGP
2,851,006
23.2%,
6/29/27
................
107,075,000
EGP
1,765,252
22,278,150
Nigeria
2.9%
b
Nigeria
OMO
Bills
,
16.97%,
9/01/26
................
40,000,000
NGN
28,145
17.2%,
9/08/26
................
13,824,000,000
NGN
9,691,694
9,719,839
Total
Foreign
Government
and
Agency
Securities
(Cost
$31,728,925)
..............
31,997,989
U.S.
Government
and
Agency
Securities
3.0%
United
States
3.0%
b
U.S.
Treasury
Bills,
1.8%,
7/02/26
....
10,000,000
9,999,002
Total
U.S.
Government
and
Agency
Securities
(Cost
$9,999,004)
..................
9,999,002
Shares
Money
Market
Funds
2.1%
United
States
2.1%
h,i
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
......
6,856,021
6,856,021
Total
Money
Market
Funds
(Cost
$6,856,021)
...................................
6,856,021
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$48,583,950
)
................................
48,853,012
a
a
a
Total
Investments
(Cost
$381,102,070)
114.1%
..................................
$379,850,263
j
Credit
Facility
(19.5)%
........................................................
(65,000,000)
Other
Assets,
less
Liabilities
5.4%
.............................................
17,983,591
Net
Assets
100.0%
...........................................................
$332,833,854
a
a
a
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
At
June
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
c
). 
*
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
10
regarding
fair
value
measurements.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
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,
2026,
the
aggregate
value
of
these
securities
was
$147,168,213,
representing
44.2%
of
net
assets.
e
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
f
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
See
Note
1(e).
g
Non-income
producing.
h
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
j
See
Note
9
regarding
credit
facility.
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
Brazilian
Real
......
BAST
Buy
37,955,000
7,093,995
7/02/26
$
258,348
$
—
Brazilian
Real
......
BAST
Sell
37,955,000
7,344,234
7/02/26
—
(8,109)
Brazilian
Real
......
JPHQ
Buy
90,506,000
16,914,954
7/02/26
617,154
—
Brazilian
Real
......
JPHQ
Sell
90,506,000
17,530,826
7/02/26
13,591
(14,873)
Brazilian
Real
......
MSCO
Buy
44,800,000
8,370,233
7/02/26
308,069
—
Brazilian
Real
......
MSCO
Sell
44,800,000
8,671,080
7/02/26
—
(7,223)
Thai
Baht
.........
HSBK
Buy
158,677,000
4,757,931
7/02/26
18,547
—
Thai
Baht
.........
HSBK
Sell
158,677,000
4,848,341
7/02/26
71,863
—
Malaysian
Ringgit
...
GSCO
Buy
51,620,000
12,831,221
7/22/26
—
(186,928)
Chilean
Peso
......
JPHQ
Buy
2,227,600,000
2,497,589
7/23/26
—
(80,541)
Chinese
Yuan
......
MSCO
Buy
23,644,000
3,445,336
7/27/26
42,427
—
Chinese
Yuan
......
MSCO
Sell
23,644,000
3,430,515
7/27/26
—
(57,248)
Thai
Baht
.........
HSBK
Sell
113,840,000
3,463,077
8/03/26
26,818
—
Columbian
Peso
....
JPHQ
Buy
20,699,500,000
5,456,571
8/05/26
549,803
—
Columbian
Peso
....
MSCO
Buy
2,249,000,000
589,384
8/05/26
63,209
—
Mexican
Peso
......
BNDP
Buy
43,984,366
2,522,878
8/31/26
—
(20,496)
Mexican
Peso
......
HSBK
Buy
92,120,757
5,282,456
8/31/26
—
(41,473)
Brazilian
Real
......
BAST
Buy
37,955,000
7,236,623
9/02/26
4,159
—
Brazilian
Real
......
JPHQ
Buy
84,406,000
16,096,956
9/02/26
5,413
—
Brazilian
Real
......
MSCO
Buy
44,800,000
8,544,237
9/02/26
2,384
—
Chilean
Peso
......
HSBK
Buy
1,845,200,000
2,064,421
9/08/26
—
(61,045)
Mexican
Peso
......
BNDP
Buy
15,984,356
909,189
9/10/26
—
(533)
Mexican
Peso
......
HSBK
Buy
296,803,151
16,889,053
9/10/26
—
(16,811)
Chilean
Peso
......
HSBK
Buy
1,499,500,000
1,636,294
9/14/26
—
(8,199)
South
Korean
Won
..
DBAB
Buy
17,292,000,000
11,374,445
9/16/26
—
(183,149)
Thai
Baht
.........
DBAB
Sell
135,267,000
4,155,694
9/16/26
57,639
—
Thai
Baht
.........
HSBK
Sell
259,534,000
7,961,604
9/16/26
98,752
—
Malaysian
Ringgit
...
GSCO
Buy
43,100,000
10,615,764
9/17/26
—
(35,448)
Chilean
Peso
......
HSBK
Buy
1,695,700,000
1,910,260
9/21/26
—
(69,069)
Thai
Baht
.........
HSBK
Sell
158,677,000
4,772,241
10/01/26
—
(41,308)
Thai
Baht
.........
CITI
Sell
180,887,000
5,540,948
10/02/26
53,092
—
Thai
Baht
.........
HSBK
Sell
157,869,000
4,848,318
10/02/26
58,797
—
Thai
Baht
.........
CITI
Sell
179,956,000
5,540,952
10/05/26
79,686
—
Thai
Baht
.........
DBAB
Sell
135,135,000
4,155,724
10/05/26
54,675
—
Uruguayan
Peso
....
HSBK
Buy
565,240,000
13,563,047
10/19/26
415,343
—
Indian
Rupee
......
CITI
Buy
244,617,460
2,524,693
12/16/26
24,727
—
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
At
June
30,
2026,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1
(
c
). 
Forward
Exchange
Contracts
(continued)
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
(continued)
Indian
Rupee
......
HSBK
Buy
1,628,784,777
16,798,523
12/16/26
$
176,781
$
—
South
Korean
Won
..
HSBK
Buy
526,000,000
346,879
12/16/26
—
(5,650)
Uzbekistan
Sum
....
DBAB
Buy
20,900,000,000
1,625,827
1/27/27
64,586
—
Total
Forward
Exchange
Contracts
...................................................
$3,065,863
$(838,103)
Net
unrealized
appreciation
(depreciation)
............................................
$2,227,760
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
11.3%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/04/27
55,159,032
BRL
$
(
687,375)
$
—
$
(687,375)
Receive
Fixed
8.675%
.
Quarterly
Pay
Floating
1-day
IBR
Quarterly
9/25/28
130,500,000,000
COP
(1,715,516)
—
(1,715,516)
Receive
Fixed
8.69%
..
Monthly
Pay
Floating
1-day
TIIEOIS
..........
Monthly
12/05/28
450,000,000
MXN
853,447
—
853,447
Receive
Fixed
11.342%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
44,361,792
BRL
(1,049,096)
—
(1,049,096)
Receive
Fixed
13.583%
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/03/33
15,010,484
BRL
(120,132)
—
(120,132)
Receive
Fixed
13.6%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/03/33
9,936,151
BRL
(76,188)
—
(76,188)
Total
Interest
Rate
Swap
Contracts
.................................
$(2,794,860)
$
—
$(2,794,860)
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
29
.
See
Note 
8
 regarding
other
derivative
information.
Templeton
Emerging
Markets
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$374,246,049
Cost
-
Non-controlled
affiliates
(Note
3
c
)
........................................................
6,856,021
Value
-
Unaffiliated
issuers
..................................................................
$372,994,242
Value
-
Non-controlled
affiliates
(Note
3
c
)
.......................................................
6,856,021
Cash
....................................................................................
810,204
Foreign
currency,
at
value
(cost
$
3,833,145
)
......................................................
3,834,322
Receivables:
Interest
.................................................................................
10,921,820
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
260,000
Centrally
cleared
swap
contracts
............................................................
1,579,121
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
3,065,863
Total
assets
..........................................................................
400,321,593
Liabilities:
Payables:
Credit
facility
(Note
9
)
......................................................................
65,000,000
Management
fees
.........................................................................
268,641
Trustees'
fees
and
expenses
.................................................................
5,950
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
4,602
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
810,000
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
838,103
Deferred
taxes
on
unrealized
appreciation
........................................................
387,203
Accrued
expenses
and
other
liabilities
...........................................................
173,240
Total
liabilities
.........................................................................
67,487,739
Net
assets,
at
value
.................................................................
$332,833,854
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$501,000,473
Total
distributable
earnings
(losses)
.............................................................
(168,166,619)
Net
assets,
at
value
.................................................................
$332,833,854
Shares
outstanding
.........................................................................
47,228,418
Net
asset
value
per
share
a
....................................................................
$7.05
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,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
Templeton
Emerging
Markets
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
c
)
.............................................................
$270,580
Interest:
(net
of
foreign
taxes
of
$78,788)
Unaffiliated
issuers
........................................................................
20,746,358
Total
investment
income
...................................................................
21,016,938
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,619,694
Transfer
agent
fees
.........................................................................
32,519
Custodian
fees
............................................................................
42,123
Reports
to
shareholders
fees
..................................................................
86,999
Registration
and
filing
fees
....................................................................
23,626
Professional
fees
...........................................................................
99,556
Trustees'
fees
and
expenses
..................................................................
24,515
Interest
expense
(Note
9
)
.....................................................................
1,525,426
Other
....................................................................................
18,842
Total
expenses
.........................................................................
3,473,300
Expenses
waived/paid
by
affiliates
(Note
3
c
)
...................................................
(12,693)
Net
expenses
.........................................................................
3,460,607
Net
investment
income
................................................................
17,556,331
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$390,650)
Unaffiliated
issuers
......................................................................
5,784,677
Foreign
currency
transactions
................................................................
(279,634)
Forward
exchange
contracts
.................................................................
5,578,553
Swap
contracts
...........................................................................
(488,836)
Net
realized
gain
(loss)
..................................................................
10,594,760
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
523,276
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(169,300)
Forward
exchange
contracts
.................................................................
(1,728,013)
Swap
contracts
...........................................................................
(267,685)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
153,663
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(1,488,059)
Net
realized
and
unrealized
gain
(loss)
............................................................
9,106,701
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$26,663,032
Templeton
Emerging
Markets
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Templeton
Emerging
Markets
Income
Fund
Six
Months
Ended
June
30,
2026
(unaudited)
Year
Ended
December
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$17,556,331
$32,523,217
Net
realized
gain
(loss)
.................................................
10,594,760
3,911,122
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(1,488,059)
57,562,814
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
26,663,032
93,997,153
Distributions
to
shareholders
..............................................
(13,460,099)
(41,324,866)
Net
increase
(decrease)
in
net
assets
...................................
13,202,933
52,672,287
Net
assets:
Beginning
of
period
.....................................................
319,630,921
266,958,634
End
of
period
..........................................................
$332,833,854
$319,630,921
Templeton
Emerging
Markets
Income
Fund
Financial
Statements
Statement
of
Cash
Flows
for
the
six
months
ended
June
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Templeton
Emerging
Markets
Income
Fund
Increase
(Decrease)
in
Cash:
Cash
flows
from
operating
activities:
Net
increase
in
net
assets
resulting
from
operating
activities
..............................................
$26,663,032
Adjustments
to
reconcile
net
increase
in
net
assets
resulting
from
operating
activities
to
net
cash
provided
by
operating
activities:
Purchases
of
long-term
investments
.............................................................
(47,564,193)
Sales
and
maturities
of
long-term
investments
......................................................
55,456,948
Net
purchases
of
short-term
investments
.........................................................
(7,673,807)
Realized
loss
on
foreign
currency
transactions
.....................................................
279,634
Net
accretion
of
discount
......................................................................
(5,590,905)
Reinvested
dividends
from
non-controlled
affiliates
..................................................
(270,580)
Decrease
in
interest
receivable
and
other
assets
....................................................
1,393,428
Decrease
in
payable
to
affiliates,
accrued
expenses,
and
other
liabilities
..................................
(253,330)
Decrease
in
deposits
with
brokers
...............................................................
(2,158,793)
Net
realized
gain
on
investments
................................................................
(6,175,327)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments,
forward
exchange
contracts
and
swap
contracts
1,472,422
Net
cash
provided
by
operating
activities
*
............................................................
15,578,529
Cash
flows
from
financing
activities:
Cash
distributions
to
shareholders
...............................................................
(13,460,099)
Net
cash
used
in
financing
activities
................................................................
(13,460,099)
Net
increase
in
cash
............................................................................
2,118,430
Cash
at
beginning
of
period
.....................................................................
2,526,096
Cash,
and
foreign
currency
at
end
of
period
.........................................................
$4,644,526
*
Included
in
operating
expenses
is
$1,525,022
paid
for
interest
on
borrowings
.
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
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.
Debt
securities
generally
trade
in
the over-the-counter
(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.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
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
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
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
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.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
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
or
at
the
broker 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.
Forward
exchange
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
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.
Interest
rate
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
8
 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
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,
2026, 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).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
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.
Effective
July
1,
2026,
the
Fund
intends
to
distribute
$0.054
per
share
monthly.
Prior
to
July
1,
2026,
the
fund
distributed
$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.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income
in
the
Statement
of
Operations.
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.
2.
Shares
of
Beneficial
Interest
At
June
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the periods
ended
June
30,
2026 and
December
31,
2025,
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. During
the
periods
ended
June
30,
2026
and
December
31,
2025,
there
were
no
shares
repurchased.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Effective
August
17,
2026,
Franklin
Resources,
Inc.
was
renamed
Franklin
Templeton,
Inc.
Franklin
Templeton,
Inc.
is
the
holding
company
for
various
subsidiaries.
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 daily and
paid
monthly,
to
Advisers based
on the
average
daily net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2026,
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
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,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
June
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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
    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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$2,285,077
$91,544,726
$(86,973,782)
$—
$—
$6,856,021
6,856,021
$270,580
Total
Affiliated
Securities
...
$2,285,077
$91,544,726
$(86,973,782)
$—
$—
$6,856,021
$270,580
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
June
30,
2026,
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
foreign
currency
transactions,
passive
foreign
investment
company
shares,
foreign
capital
gains
tax,
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,
2026,
aggregated
$43,980,051 and
$61,368,883,
respectively. 
6.
Credit
Risk
and
Defaulted
Securities
At
June
30,
2026,
the
Fund
had 67.4%
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,
2026,
the
aggregate
value
of
these
securities
was
$0,
representing
0.0%
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.
Ongoing
or
threatened
military
conflicts
throughout
the
world
may
cause
significant
market
disruptions
and
volatility.
The
hostilities
and
sanctions
resulting
from
those
conflicts
may
also
have
a
significant
impact
on
certain
investments
of
the
Fund
as
well
as
the
Fund’s
performance
and
liquidity.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
3,470,659
Long
term
................................................................................
114,656,850
Total
capital
loss
carryforwards
...............................................................
$118,127,509
Cost
of
investments
..........................................................................
$444,198,769
Unrealized
appreciation
........................................................................
$43,264,105
Unrealized
depreciation
........................................................................
(108,179,711)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(64,915,606)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
8.
Other
Derivative
Information
At
June
30,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
June
30,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
June
30,
2026,
the
average
month
end
notional
amount
of
swap
contracts
represented
$86,550,474.
The
average
month
end
contract
value
of
forward
exchange
contracts
was
$224,968,354.
At
June
30,
2026,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
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
$
853,447
a
Variation
margin
on
centrally
cleared
swap
contracts
$
3,648,307
a
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
3,065,863
Unrealized
depreciation
on
OTC
forward
exchange
contracts
838,103
Total
....................
$3,919,310
$4,486,410
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
$(488,836)
Swap
contracts
$(267,685)
Foreign
exchange
contracts
.....
Forward
exchange
contracts
5,578,553
Forward
exchange
contracts
(1,728,013)
Total
.......................
$5,089,717
$(1,995,698)
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
.............................
$
3,065,863
$
838,103
Total
.............................................
$3,065,863
$838,103
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.
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
At
June
30,
2026,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
At
June
30,
2026,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
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
a,b
Cash
Collateral
Received
b
Net
Amount
(Not
less
than
zero)
Templeton
Emerging
Markets
Income
Fund
Counterparty
BAST
....................
$
262,507
$
(8,109)
$
—
$
(254,398)
$
—
BNDP
...................
—
—
—
—
—
CITI
.....................
157,505
—
—
—
157,505
DBAB
...................
176,900
(176,900)
—
—
—
GSCO
...................
—
—
—
—
—
HSBK
...................
866,901
(243,555)
—
(480,000)
143,346
JPHQ
...................
1,185,961
(95,414)
(1,061,299)
—
29,248
MSCO
...................
416,089
(64,471)
(351,618)
—
—
Total
...................
$3,065,863
$(588,449)
$(1,412,917)
$(734,398)
$330,099
$
1
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
b
Net
Amount
(Not
less
than
zero)
Templeton
Emerging
Markets
Income
Fund
Counterparty
BAST
....................
$
8,109
$
(8,109)
$
—
$
—
$
—
BNDP
...................
21,029
—
—
—
21,029
CITI
.....................
—
—
—
—
—
DBAB
...................
183,149
(176,900)
—
—
6,249
GSCO
...................
222,376
—
—
(222,376)
—
HSBK
...................
243,555
(243,555)
—
—
—
JPHQ
...................
95,414
(95,414)
—
—
—
MSCO
...................
64,471
(64,471)
—
—
—
Total
...................
$838,103
$(588,449)
$—
$(222,376)
$27,278
a
At
June
30,
2026,
the
Fund
received
U.S
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
8.
Other
Derivative
Information
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
See
Note
1(c) regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
29.
9.
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
which
matures
on
January
8,
2027.
The
Credit
Facility
provides
a
source
of
funds
to
the
Fund
to
purchase
additional
investments
as
part
of
its
investment
strategy.
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,
2026,
the
Fund
had
outstanding
borrowings
of
$65,000,000,
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,
2026,
were
$65,000,000
and
4.67%,
respectively.
10.
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,
2026,
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:
a
Corporate
Bonds
........................
$
—
$
—
$
13,302,803
b
$
13,302,803
Foreign
Government
and
Agency
Securities
....
—
317,676,087
—
317,676,087
Escrows
and
Litigation
Trusts
...............
—
—
18,361
18,361
Short
Term
Investments
...................
6,856,021
41,996,991
—
48,853,012
Total
Investments
in
Securities
...........
$6,856,021
$359,673,078
$13,321,164
$379,850,263
8.
Other
Derivative
Information
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
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,
2026,
the
reconciliation
is
as
follows:
Level
3
financial
instruments
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs
as
well
as
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable.
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Income
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$3,065,863
$—
$3,065,863
Swap
Contracts
.........................
—
853,447
—
853,447
Total
Other
Financial
Instruments
.........
$—
$3,919,310
$—
$3,919,310
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$838,103
$—
$838,103
Swap
Contracts
.........................
—
3,648,307
—
3,648,307
Total
Other
Financial
Instruments
.........
$—
$4,486,410
$—
$4,486,410
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments
b
Includes
financial
instruments
determined
to
have
no
value.
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:
Corporate
Bonds
:
Bermuda
....
$
41,359
$
—
$
—
$
—
$
—
$
13,498
$
—
$
(13,498)
$
41,359
$
(13,498)
South
Africa
..
—
c
—
—
—
—
—
—
—
—
c
 —
United
Kingdom
14,124,589
13,559,9
65
(13,422,824)
—
—
82,946
487,446
(1,570,6
78
)
13,261,444
(374,5
48
)
Escrows
and
Litigation
Trusts
18,161
—
—
—
—
—
—
200
18,361
200
Total
Investments
in
Securities
.......
$14,184,109
$13,559,965
$(13,422,824)
$—
$—
$96,444
$487,446
$(1,583,976)
$13,321,164
$(387,846)
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.
10.
Fair
Value
Measurements
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
11.
Distributions
Subsequent
to
June
30,
2026
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
12.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
13.
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
other
than
those
already
disclosed
in
the
financial
statements.
Record
Date 
Payable
Date
Amount
07/24/2026
07/31/2026 
$0.0540 
08/24/2026
08/31/2026
$0.0540 
09/23/2026
09/30/2026
$0.0540 
Templeton
Emerging
Markets
Income
Fund
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
Abbreviations
Counterparty
BAST
Banco
Santander
SA
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
HUF
Hungarian
Forint
INR
Indian
Rupee
KES
Kenyan
Shilling
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NGN
Nigerian
Naira
UGX
Ugandan
Shilling
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
ZMW
Zambian
Kwacha
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BRL
CDI
......................
14.15%
1-day
IBR
..........................
10.54%
1-day
TIIEOIS
.......................
6.63%
Selected
Portfolio
CDI
certificado
de
deposito
interbancario
SOFR
Secured
Overnight
Financing
Rate
IBR
Interbank
Rate
TIIEOIS
Interbank
Equilibrium
Interest
Rate
Overnight
Index
Swaps
Templeton
Emerging
Markets
Income
Fund
Important
Information
to
Shareholders
30
franklintempleton.com
Semiannual
Report
Share
Repurchase
Program
The
Fund’s
Board
has
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
Effective
July
1,
2026,
the
Board
has
implemented
a
managed
distribution
plan
where
the
Fund
distributes
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
fixed
rate
of
$0.054
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
9,
2026,
the
Fund
renewed
the
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”),
until
January
8,
2027.
The
terms
of
the
Credit
Facility
Renewal
are
the
same
as
the
terms
of
the
Existing
Credit
Facility.
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
21,
2026
(unaudited)
31
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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
21,
2026.
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,
2026.
At
the
meeting,
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Harris
J.
Ashton,
Edith
E.
Holiday,
J.
Michael
Luttig,
and
Constantine
D.
Tseretopoulos.*
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,
2026.
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:
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,
2026:
*
Ann
Torre
Bates,
Terrence
J.
Checki,
Mary
C.
Choksi,
Gregory
E.
Johnson,
Rupert
H.
Johnson,
Jr.,
David
W.
Niemiec
and
Larry
D.
Thompson
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders
.
Term
Expiring
2029
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Harris
J.
Ashton
..............
Edith
E.
Holiday
.............
J.
Michael
Luttig
Constantine
D.
Tseretopoulos
...
35,139,869
34,365,765
34,423,686
34,399,156
74.40%
72.76%
72.88%
72.83%
97.00%
94.87%
95.03%
94.96%
1,083,554
1,857,658
1,799,737
1,824,267
2.29%
3.93%
3.81%
3.86%
2.99%
5.12%
4.96%
5.03%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
.......................
Against
....................
Abstain
....................
34,481,028
1,350,594
391,801
73.00%
2.86%
0.83%
95.19%
3.72%
1.08%
Templeton
Emerging
Markets
Income
Fund
Dividend
Reinvestment
and
Cash
Purchase
Plan
32
franklintempleton.com
Semiannual
Report
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
Computershare
Trust
Company,
N.A.
(the
“Plan
Administrator”)
at
P.O.
Box
43006
Providence,
RI
02940-3078
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
Computershare
Trust
Company,
N.A.
and
sent
to
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006
Providence,
RI
02940-3078,
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
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006
Providence,
RI
02940-3078.
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
33
franklintempleton.com
Semiannual
Report
Transfer
Agent
Computershare
Trust
Company,
N.A.
P.O.
Box
43006
Providence,
RI
02940-3078
(888)
888-0151
www.computershare.com/us
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.computershare.com/us
or
dial
(888)
888-0151
(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
Computershare
Trust
Company,
N.A.
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
Computershare
Trust
Company,
N.A.
at
(888)
888-0151.
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
(888)
888-0151.
Registered
shareholders
can
access
their
Fund
account
on-line.
For
information
go
to
Computershare
Trust
Company,
N.A.'s
web
site
at
www.computershare.com/
us
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
Shareholder
Information
34
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
(unaudited)
Templeton
Emerging
Markets
Income
Fund
(Fund)
At
an
in-person
meeting
held
on
May
18-19,
2026
(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
to
consider
the
renewal
of
the
Management
Agreement.
In
considering
the
continuance
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
also
considered
prior
to
and
at
the
Meeting.
The
Board
further
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
the
information
it
received
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
FT’s
regular
updates
to
the
Board
on
strategic
initiatives,
ongoing
attention
to
the
service
level
quality
of
third-party
service
providers,
ongoing
efforts
to
modernize
its
mutual
fund
lineup,
mutual
fund
to
ETF
conversions,
integration
of
private
market
investments
into
existing
mutual
funds,
creation
of
additional
blockchain-compatible
money
market
funds,
and
sharpening
of
its
active,
income-oriented
offerings,
along
with
the
impact
on
FT
of
team
integrations
and
staff
reductions.
The
Board
noted
that
the
Fund
has
(i)
an
open-
market
share
repurchase
program
that
authorizes
the
Fund
to
repurchase
10%
of
the
Fund’s
outstanding
shares
in
open-market
transactions;
and
(ii)
a
managed
distribution
plan
whereby
the
Fund
distributes
a
level
distribution
amount
to
shareholders
monthly
at
the
fixed
rate
of
$0.0475
per
share.
At
the
Meeting,
management
proposed
and
the
Board
approved
a
14%
increase
in
the
distribution
rate
to
$0.054
per
share
per
month.
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
the
Manager’s
parent,
Franklin
Templeton,
Inc.
(FTI),
FTI’s
continued
growth
of
its
global,
multi-asset
franchise,
and
its
commitment
to
the
mutual
fund
business.
The
Board
further
noted
FTI’s
continued
reassessment
of
fund
offerings
in
response
to
FT
acquisitions
and
the
Templeton
Emerging
Markets
Income
Fund
Shareholder
Information
35
franklintempleton.com
Semiannual
Report
market
environment,
FTI’s
focus
on
technology-driven
transformation,
expansion
of
its
private
market
investment
capabilities
and
global
alternatives
platform,
and
leveraging
of
artificial
intelligence
(AI),
blockchain
and
digital
wealth
platforms.
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.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2025.
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
(Customized
Performance
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
closed-end
emerging
markets
hard
currency
debt
funds.
The
Customized
Performance
Peer
Group
for
the
Fund
included
only
local
currency
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
and
five-year
periods
was
above
the
median
of
its
Performance
Universe
and
for
the
10-year
period
was
equal
to
the
median
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
three-,
five-
and
10-year
periods
was
equal
to
the
median
of
its
Customized
Performance
Peer
Group.
The
Board
also
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
and
five-year
periods
was
above
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
total
return
for
the
one-year
period
was
above
the
median
of
its
Customized
Performance
Peer
Group,
for
the
three-
and
five-year
periods
was
equal
to
the
median
of
its
Customized
Performance
Peer
Group,
and
for
the
10-year
period
was
below
the
median
of
its
Customized
Performance
Peer
Group.
The
Board
further
noted
the
small
size
of
the
Fund’s
Customized
Performance
Peer
Group
for
each
period
and
that
therefore
no
quintile
information
was
provided
for
the
Fund
for
those
periods.
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
concluded
that
the
Fund’s
performance
was
satisfactory.
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
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
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
three
other
emerging
markets
hard
currency
debt
closed-
end
funds.
The
Board
noted
that
the
Management
Rate
was
below
the
median
of
its
Expense
Group,
and
the
actual
total
expense
ratio
for
the
Fund
was
above
the
median
of
its
Expense
Group.
The
Board
also
noted
the
small
size
of
the
Fund’s
Expense
Group
(only
four
funds)
for
both
the
Management
Rate
and
the
actual
total
expense
ratio
and
that
no
quintile
information
was
provided
for
the
Fund.
The
Board
discussed
the
expenses
of
the
Fund
with
management
and
management
explained
that
the
Expense
Group
is
not
directly
comparable
to
the
Fund
as
the
Expense
Group
is
comprised
of
funds
that
invest
primarily
in
hard
currency
obligations
and
the
Fund
invests
in
both
local
and
Templeton
Emerging
Markets
Income
Fund
Shareholder
Information
36
franklintempleton.com
Semiannual
Report
hard
currency
obligations,
noting
that
the
Fund
had
the
second
highest
investment-related
expenses.
Management
further
explained
that
when
the
Fund
is
compared
to
a
small,
customized
expense
peer
group
(only
three
funds),
which
is
more
comparable
to
the
Fund,
the
Fund’s
actual
total
expense
ratio,
including
investment-related
expenses,
is
in
line
with
peers.
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,
2025,
being
the
most
recent
fiscal
year-
end
for
FTI.
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
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
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
continuance
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
Templeton
Emerging
Markets
Income
Fund
Shareholder
Information
37
franklintempleton.com
Semiannual
Report
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
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.
Templeton
Emerging
Markets
Income
Fund
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
38
franklintempleton.com
Semiannual
Report
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.
Computershare
Trust
Company,
N.A.
("Computershare")
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
Computershare
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,
Computershare
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
Computershare
has
completed
its
purchases,
the
market
price
exceeds
the
net
asset
value
per
share,
the
average
per
share
purchase
price
paid
by
Computershare
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
Computershare,
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.computershare.com/us
or
by
check
payable
to
“Computershare
Trust
Company,
N.A.
LLC”
and
sent
to
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006
Providence,
RI
02940-3078,
Attention:
Templeton
Emerging
Markets
Income
Fund.
Computershare
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.
Computershare
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.
Computershare
shall
return
to
the
participant
his
or
her
entire
voluntary
cash
payment
upon
written
notice
of
withdrawal
received
by
Computershare
not
less
than
48
hours
before
such
payment
is
to
be
invested.
Such
written
notice
shall
be
sent
to
Computershare
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
Templeton
Emerging
Markets
Income
Fund
39
franklintempleton.com
Semiannual
Report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
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.
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
Computershare
shall
determine.
Participant
funds
held
by
Computershare
uninvested
will
not
bear
interest,
and
it
is
understood
that,
in
any
event,
Computershare
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.
Computershare
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,
Computershare
may
aggregate
purchases
with
those
of
other
participants,
and
the
average
price
(including
trading
fees)
of
all
shares
purchased
by
Computershare
shall
be
the
price
per
share
allocable
to
all
participants.
7.
Computershare
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.
Computershare
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,
Computershare
will
deliver
to
participants,
without
charge,
a
certificate
or
certificates
for
all
or
a
portion
of
the
full
shares
held
by
Computershare.
8.
Computershare
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.
Computershare
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,
Computershare
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
Computershare
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,
Computershare
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.
Computershare’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.
Computershare
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
Computershare
in
writing.
Such
withdrawal
or
termination
will
be
effective
immediately
if
notice
is
received
by
Computershare
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
Computershare
or
the
Fund
upon
90
days’
notice
in
writing
mailed
to
participants.
Upon
any
withdrawal
or
termination,
Computershare
will
cause
a
certificate
or
certificates
for
the
full
shares
held
by
Computershare
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
Computershare
to
have
Computershare
sell
part
or
all
of
the
shares
held
for
him
and
to
remit
the
proceeds
to
him.
Computershare
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,
Computershare
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
Computershare
or
the
Fund
at
any
time
or
times,
except
when
necessary
or
appropriate
to
comply
with
Templeton
Emerging
Markets
Income
Fund
40
franklintempleton.com
Semiannual
Report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
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,
Computershare
receives
written
notice
of
the
termination
of
a
participant
account
under
the
Plan.
Any
such
amendment
may
include
an
appointment
by
Computershare
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
Computershare
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.
Computershare
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
Computershare’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
Computershare
shall
be
in
writing
addressed
to
Computershare
Trust
Company,
N.A.,
P.O.
Box
43006
Providence,
RI
02940-3078,
or
www.computershare.
com/us
or
such
other
address
as
Computershare
shall
furnish
to
the
participant,
and
shall
have
been
deemed
to
be
given
or
made
when
received
by
Computershare.
15.
Any
notice
or
other
communication
which
by
any
provision
of
the
Plan
is
required
to
be
given
by
Computershare
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
Computershare’s
records.
The
participant
agrees
to
notify
Computershare
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.
TLTEI
S
08/26
©
2026
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.
Computershare
150
Royall
St.,
Suite
101
Canton,
MA
02021
Toll
Free
Number:
888-888-0151
International
Phone
Number:
781-575-2879
www.computershare.com
(800)
DIAL
BEN
®
/
342-5236
  (b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

  (a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.
     
  (b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

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-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

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) The Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations “Principal Executive Officer” and “Principal Financial Officer” in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds alongside the required designation.
     
  (b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant’s internal control over financial reporting.

 

ITEM 17.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANY.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

  (a) Not applicable.
     
  (b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT.

 

(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, there unto duly authorized.

 

 

Templeton Emerging Markets Income Fund  
     
By: /s/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: August 28, 2026  

 

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 28, 2026  
     
By: /s/ Jeffrey White  
  Jeffrey White  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date: August 28, 2026  
 
N-CSRS N-2 0000909112 false 0000909112 2026-01-01 2026-06-30
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

PURSUANT TO THE SECURITIES AND EXCHANGE COMMISSIONS ORDER GRANTING RELIEF FROM SECTION 19(B) OF THE INVESTMENT COMPANY ACT OF 1940

XBRL SCHEMA FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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