Templeton

Emerging

Markets

Income

Fund

Statement

of

Investments

(unaudited),

September

30,

2020

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Industry

Shares

a

Value

a

Common

Stocks

0.3%

Mexico

0.0%

a,b

Corp.

GEO

SAB

de

CV,

B

..........

Household

Durables

221,287

$

—

b

South

Africa

0.3%

a,b,c

K2016470219

South

Africa

Ltd.,

A

....

Multiline

Retail

93,760,463

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

....

Multiline

Retail

161,018,517

—

b,d

Platinum

Group

Metals

Ltd.,

144A

....

Metals

&

Mining

48,837

98,283

b

Platinum

Group

Metals

Ltd.

.........

Metals

&

Mining

469,750

939,547

1,037,830

Total

Common

Stocks

(Cost

$9,933,828)

.......................................

1,037,830

Warrants

a

a

a

a

a

Warrants

0.0%

†

Mexico

0.0%

a,b

Corp.

GEO

SAB

de

CV

,

12/30/27

....

Household

Durables

346,196

—

Tanzania

0.0%

†

a,b

Swala

(PAEM)

Ltd.

,

1/15/23

.........

Oil,

Gas

&

Consumable

Fuels

787,500

58,213

Total

Warrants

(Cost

$18,665)

.................................................

58,213

Principal

Amount

*

Convertible

Bonds

0.7%

Bermuda

0.0%

†

d,e,f

Digicel

Group

0.5

Ltd.,

Sub.

Bond,

144A,

PIK,

7%,

Perpetual

.........

Wireless

Telecommunication

Services

505,435

55,879

South

Africa

0.7%

Platinum

Group

Metals

Ltd.,

Sub.

Note,

6.875%,

7/01/22

................

Metals

&

Mining

4,000,000

3,116,800

Total

Convertible

Bonds

(Cost

$4,161,392)

.....................................

3,172,679

Corporate

Bonds

4.2%

Bermuda

0.0%

†

d,e

Digicel

Group

0.5

Ltd.,

Senior

Note,

144A,

PIK,

8%,

4/01/25

..........

Wireless

Telecommunication

Services

338,072

112,503

South

Africa

0.0%

†

a,d,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

.....................

Multiline

Retail

7,655,478

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

.....................

Multiline

Retail

2,467,046

EUR

3,615

a,d,e

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

.....................

Multiline

Retail

38,562,143

192,811

196,426

Tanzania

1.1%

a,c,d,g

Swala

(PAEM)

Ltd.,

Senior

Note,

144A,

14.5%,

1/15/23

................

Oil,

Gas

&

Consumable

Fuels

13,900,000

4,461,009

United

States

3.1%

a,c,d

Reventazon

Finance

Trust,

Senior

Secured

Bond,

144A,

8%,

11/15/33

.

Diversified

Financial

Services

12,877,920

13,272,536

Total

Corporate

Bonds

(Cost

$56,322,357)

......................................

18,042,474

Templeton

Emerging

Markets

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

69.4%

Argentina

7.8%

h,i

Argentina

BONCER

,

Index

Linked,

1.1%,

4/17/21

.......

63,437,517

ARS

$

436,862

Index

Linked,

1.2%,

3/18/22

.......

788,586,313

ARS

5,330,732

Index

Linked,

1.4%,

3/25/23

.......

191,518,215

ARS

1,250,833

Index

Linked,

1.5%,

3/25/24

.......

191,518,222

ARS

1,177,037

Argentina

Government

Bond

,

i

18.2%,

10/03/21

................

216,238,000

ARS

1,221,187

i

16%,

10/17/23

.................

96,102,000

ARS

378,017

i

15.5%,

10/17/26

................

354,647,000

ARS

1,058,963

Senior

Note,

1%,

7/09/29

.........

2,693,610

1,233,700

Senior

Note,

0.125%,

7/09/30

......

18,837,775

7,902,447

Senior

Bond,

0.125%,

7/09/35

.....

34,512,222

13,045,965

33,035,743

Brazil

1.1%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/21

..................

15,096,000

BRL

2,740,971

10%,

1/01/29

..................

8,440,000

BRL

1,736,070

4,477,041

Chile

7.4%

Chile

Bonos

Tesoreria

Pesos

,

4.5%,

2/28/21

.................

760,000,000

CLP

985,566

d

144A,

Reg

S,

4%,

3/01/23

........

17,380,000,000

CLP

23,998,665

2.5%,

3/01/25

.................

2,530,000,000

CLP

3,392,540

Tesoreria

General

de

LA

Republica

,

4.5%,

3/01/21

.................

2,205,000,000

CLP

2,859,454

31,236,225

Colombia

2.9%

Colombia

Government

Bond

,

Senior

Bond,

7.75%,

4/14/21

......

2,433,000,000

COP

651,087

Senior

Bond,

4.375%,

3/21/23

.....

164,000,000

COP

43,510

Senior

Bond,

9.85%,

6/28/27

......

262,000,000

COP

88,214

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

.................

3,760,700,000

COP

1,051,484

B,

10%,

7/24/24

................

4,932,000,000

COP

1,584,303

B,

7.5%,

8/26/26

...............

16,738,000,000

COP

5,044,264

B,

6%,

4/28/28

.................

3,627,000,000

COP

1,002,457

B,

7.75%,

9/18/30

..............

10,016,000,000

COP

3,026,365

12,491,684

Dominican

Republic

3.5%

d

Dominican

Republic

Government

Bond,

Senior

Bond,

Reg

S,

6.85%,

1/27/45

14,000,000

14,812,000

El

Salvador

0.5%

d

El

Salvador

Government

Bond,

Senior

Bond,

144A,

7.65%,

6/15/35

.......

2,650,000

2,296,225

Ethiopia

2.4%

d

Ethiopia

Government

Bond,

Senior

Note,

144A,

6.625%,

12/11/24

.....

10,000,000

10,052,800

Templeton

Emerging

Markets

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Ghana

1.9%

Ghana

Government

Bond

,

24.75%,

3/01/21

................

350,000

GHS

$

62,949

16.5%,

3/22/21

................

170,000

GHS

29,680

16.25%,

5/17/21

................

8,220,000

GHS

1,432,436

24.5%,

6/21/21

................

5,670,000

GHS

1,039,359

24.75%,

7/19/21

................

7,080,000

GHS

1,302,160

19.5%,

10/18/21

................

5,917,000

GHS

1,054,455

18.75%,

1/24/22

................

1,230,000

GHS

216,859

18.25%,

7/25/22

................

3,470,000

GHS

599,596

17.6%,

11/28/22

................

670,000

GHS

114,575

16.5%,

2/06/23

................

6,750,000

GHS

1,111,682

19%,

9/18/23

..................

690,000

GHS

116,121

19.75%,

3/25/24

................

360,000

GHS

62,415

Senior

Note,

16.25%,

4/07/25

......

1,660,000

GHS

262,354

19%,

11/02/26

.................

2,930,000

GHS

489,142

7,893,783

India

4.3%

India

Government

Bond

,

8.35%,

5/14/22

................

20,200,000

INR

291,276

8.83%,

11/25/23

................

90,800,000

INR

1,369,193

7.26%,

1/14/29

................

1,153,000,000

INR

16,745,691

18,406,160

Indonesia

4.4%

Indonesia

Government

Bond

,

FR31,

11%,

11/15/20

............

134,139,000,000

IDR

9,102,440

FR53,

8.25%,

7/15/21

...........

6,465,000,000

IDR

450,052

FR61,

7%,

5/15/22

..............

5,185,000,000

IDR

362,985

FR63,

5.625%,

5/15/23

..........

3,071,000,000

IDR

210,079

FR46,

9.5%,

7/15/23

............

80,000,000,000

IDR

6,000,538

FR39,

11.75%,

8/15/23

..........

1,780,000,000

IDR

140,934

FR70,

8.375%,

3/15/24

..........

2,952,000,000

IDR

216,202

FR44,

10%,

9/15/24

.............

1,066,000,000

IDR

83,066

FR40,

11%,

9/15/25

.............

26,450,000,000

IDR

2,161,505

18,727,801

Kenya

5.2%

d

Kenya

Government

Bond

,

Senior

Note,

144A,

6.875%,

6/24/24

.

13,863,000

14,134,992

Senior

Note,

Reg

S,

6.875%,

6/24/24

7,700,000

7,851,074

21,986,066

Mexico

0.5%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

6.5%,

6/10/21

...............

2,000,000

MXN

91,588

M,

Senior

Note,

7.25%,

12/09/21

...

12,000,000

MXN

560,523

M,

6.5%,

6/09/22

...............

15,790,000

MXN

737,361

M,

Senior

Bond,

8%,

12/07/23

.....

15,530,000

MXN

770,611

2,160,083

Senegal

4.4%

d

Senegal

Government

Bond,

Senior

Note,

144A,

6.25%,

7/30/24

.......

18,330,000

18,900,979

Templeton

Emerging

Markets

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Serbia

1.4%

d

Serbia

Government

Bond,

Senior

Note,

144A,

7.25%,

9/28/21

............

5,671,000

$

6,009,644

South

Korea

18.7%

Korea

Treasury

Bond

,

1.875%,

6/10/26

................

24,228,000,000

KRW

21,543,776

1.375%,

12/10/29

...............

67,709,000,000

KRW

57,805,543

79,349,319

Thailand

3.0%

Bank

of

Thailand

,

1.95%,

11/26/20

................

201,000,000

THB

6,372,020

0.9%,

2/24/22

.................

201,000,000

THB

6,387,640

12,759,660

Total

Foreign

Government

and

Agency

Securities

(Cost

$343,372,660)

............

294,595,213

U.S.

Government

and

Agency

Securities

3.8%

United

States

3.8%

U.S.

Treasury

Notes,

1.125%,

8/31/21

.

15,850,000

15,990,145

Total

U.S.

Government

and

Agency

Securities

(Cost

$15,803,952)

.................

15,990,145

Total

Long

Term

Investments

(Cost

$429,612,854)

...............................

332,896,554

Short

Term

Investments

20.5%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

6.8%

Argentina

0.2%

h,i

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER,

Index

Linked,

12/04/20

.....................

104,209,822

ARS

719,893

Brazil

6.5%

j

Brazil

Letras

do

Tesouro

Nacional

,

10/01/20

.....................

20,960,000

BRL

3,731,430

4/01/21

......................

1,220,000

BRL

214,848

7/01/21

......................

24,410,000

BRL

4,268,058

10/01/21

.....................

104,500,000

BRL

18,098,130

1/01/22

......................

8,320,000

BRL

1,426,754

27,739,220

Mexico

0.1%

j

Mexico

Cetes

,

BI,

10/22/20

...................

45,600

MXN

2,056

BI,

11/05/20

...................

1,082,700

MXN

48,738

BI,

12/03/20

...................

1,634,000

MXN

73,312

BI,

12/17/20

...................

27,200

MXN

1,219

BI,

1/28/21

....................

1,634,000

MXN

72,832

BI,

2/25/21

....................

4,739,200

MXN

210,561

BI,

3/25/21

....................

375,100

MXN

16,610

425,328

Templeton

Emerging

Markets

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

At

September

30,

2020,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Mexico

(continued)

j

Mexico

Cetes,

(continued)

Total

Foreign

Government

and

Agency

Securities

(Cost

$33,706,899)

..............

28,884,441

Industry

Shares

Money

Market

Funds

13.7%

United

States

13.7%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.............

57,996,503

$

57,996,503

Total

Money

Market

Funds

(Cost

$57,996,503)

..................................

57,996,503

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$91,703,402

)

................................

86,880,944

a

a

a

a

Total

Investments

(Cost

$521,316,256)

98.9%

...................................

$419,777,498

Other

Assets,

less

Liabilities

1.1%

.............................................

4,990,686

Net

Assets

100.0%

...........................................................

$424,768,184

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

6

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$116,253,015,

representing

27.4%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Perpetual

security

with

no

stated

maturity

date.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

Redemption

price

at

maturity

is

adjusted

for

inflation.

i

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

8

regarding

fair

value

measurements.

j

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

k

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

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

......

CITI

Buy

31,826,454

5,719,039

10/02/20

$

—

$

(53,096)

Brazilian

Real

......

CITI

Sell

31,826,454

6,141,139

10/02/20

475,196

—

Brazilian

Real

......

HSBK

Buy

21,126,500

3,763,978

10/02/20

10,872

(13,779)

Brazilian

Real

......

HSBK

Sell

21,126,500

3,962,953

10/02/20

201,882

—

Brazilian

Real

......

JPHQ

Buy

631,627

111,743

10/02/20

703

—

Brazilian

Real

......

JPHQ

Sell

631,627

110,681

10/02/20

—

(1,766)

Mexican

Peso

......

CITI

Sell

4,236,000

186,031

10/08/20

7,223

(12,492)

Mexican

Peso

......

CITI

Sell

1,611,000

78,066

10/09/20

5,321

—

Australian

Dollar

....

HSBK

Sell

4,684,987

350,533,069

JPY

10/13/20

—

(31,133)

Australian

Dollar

....

JPHQ

Sell

7,155,240

534,836,323

JPY

10/13/20

—

(52,501)

Australian

Dollar

....

JPHQ

Sell

15,302,380

1,164,963,549

JPY

10/14/20

146,750

(58,429)

Templeton

Emerging

Markets

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

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)

Euro

.............

DBAB

Buy

3,298,550

3,612,028

10/15/20

$

255,748

$

—

Euro

.............

DBAB

Sell

3,298,550

3,720,830

10/15/20

—

(146,945)

Euro

.............

HSBK

Buy

826,000

903,878

10/16/20

64,686

—

Euro

.............

HSBK

Sell

826,000

934,433

10/16/20

—

(34,132)

Japanese

Yen

......

HSBK

Buy

23,595,850

220,610

10/21/20

3,107

—

Japanese

Yen

......

JPHQ

Buy

193,258,450

1,801,902

10/23/20

30,455

—

Euro

.............

DBAB

Buy

1,506,000

1,649,404

10/26/20

116,953

—

Euro

.............

DBAB

Sell

1,506,000

1,714,461

10/26/20

—

(51,897)

Japanese

Yen

......

CITI

Buy

135,027,415

1,268,733

10/30/20

11,615

—

Brazilian

Real

......

CITI

Sell

27,650,000

5,038,541

11/04/20

120,266

—

Brazilian

Real

......

HSBK

Sell

43,269,882

8,142,924

11/04/20

456,903

(10,658)

Brazilian

Real

......

JPHQ

Sell

4,609,778

831,722

11/04/20

12,448

(695)

Thai

Baht

.........

DBAB

Sell

200,820,000

6,197,317

11/12/20

—

(143,501)

Chilean

Peso

......

BAST

Sell

15,596,759,667

19,018,119

11/19/20

—

(858,578)

South

Korean

Won

..

DBAB

Sell

25,843,970,000

21,067,881

11/19/20

—

(1,097,174)

South

Korean

Won

..

SCNY

Sell

25,376,000,000

20,688,081

11/19/20

—

(1,075,620)

Australian

Dollar

....

CITI

Sell

4,895,964

370,509,446

JPY

11/24/20

8,485

—

Australian

Dollar

....

JPHQ

Sell

1,837,625

134,665,558

JPY

11/24/20

—

(38,543)

Brazilian

Real

......

CITI

Sell

54,656,082

9,943,978

12/02/20

226,708

—

Brazilian

Real

......

HSBK

Sell

49,309,682

8,962,626

12/02/20

195,889

—

Chilean

Peso

......

BAST

Sell

902,136,182

1,178,801

12/07/20

28,862

—

Japanese

Yen

......

HSBK

Buy

197,218,080

1,814,835

12/08/20

56,224

—

Japanese

Yen

......

JPHQ

Buy

187,307,730

1,724,272

12/08/20

52,764

—

Chilean

Peso

......

BAST

Sell

902,566,431

1,169,193

12/09/20

18,680

—

Australian

Dollar

....

HSBK

Sell

6,170,000

477,230,990

JPY

12/14/20

110,045

—

Australian

Dollar

....

JPHQ

Sell

7,222,380

560,604,735

JPY

12/14/20

147,558

—

Chilean

Peso

......

BAST

Sell

2,025,241,932

2,570,528

12/15/20

—

(11,244)

Chilean

Peso

......

BAST

Sell

499,488,310

632,160

12/17/20

—

(4,600)

Chilean

Peso

......

JPHQ

Sell

264,717,477

338,275

12/18/20

803

—

Japanese

Yen

......

HSBK

Buy

758,744,000

7,083,651

12/18/20

116,651

—

Japanese

Yen

......

MSCO

Buy

620,000,000

5,860,446

12/18/20

23,208

—

Chilean

Peso

......

JPHQ

Sell

2,822,589,968

3,538,410

12/21/20

—

(60,056)

South

Korean

Won

..

DBAB

Sell

20,750,000,000

16,945,692

12/21/20

—

(853,201)

Japanese

Yen

......

JPHQ

Buy

315,307,255

2,960,770

12/22/20

31,737

—

Japanese

Yen

......

BNDP

Buy

470,934,275

4,418,703

12/24/20

51,060

—

Japanese

Yen

......

JPHQ

Buy

529,960,262

5,082,187

12/24/20

—

(52,192)

Australian

Dollar

....

JPHQ

Sell

12,863,375

979,961,505

JPY

2/22/21

96,078

—

Japanese

Yen

......

HSBK

Buy

270,613,000

2,574,937

2/22/21

—

(4,246)

Australian

Dollar

....

CITI

Sell

4,909,036

371,995,921

JPY

2/26/21

17,954

—

Japanese

Yen

......

CITI

Buy

1,536,177,700

14,558,580

2/26/21

35,108

—

Japanese

Yen

......

JPHQ

Buy

787,358,900

7,438,589

2/26/21

41,321

—

Chilean

Peso

......

BAST

Sell

213,476,833

278,527

3/01/21

6,275

—

Japanese

Yen

......

JPHQ

Buy

55,883,610

526,484

3/08/21

4,479

—

Australian

Dollar

....

CITI

Sell

1,753,000

134,095,209

JPY

3/10/21

18,513

—

Australian

Dollar

....

HSBK

Sell

4,685,013

360,881,866

JPY

3/11/21

73,299

—

Mexican

Peso

......

CITI

Sell

1,586,000

70,427

3/11/21

87

—

Australian

Dollar

....

HSBK

Sell

3,130,000

240,355,830

JPY

3/17/21

42,038

—

Chilean

Peso

......

BAST

Sell

592,847,531

763,241

3/18/21

7,120

—

South

Korean

Won

..

DBAB

Sell

20,750,000,000

17,578,042

3/18/21

—

(225,354)

Japanese

Yen

......

BNDP

Buy

470,934,275

4,498,064

3/24/21

—

(22,689)

Japanese

Yen

......

HSBK

Buy

1,099,961,580

10,535,223

3/24/21

—

(82,086)

Japanese

Yen

......

JPHQ

Buy

529,960,253

5,091,145

3/24/21

—

(54,836)

Thai

Baht

.........

DBAB

Sell

103,890,000

3,158,423

4/09/21

—

(114,889)

Thai

Baht

.........

DBAB

Sell

98,220,000

2,988,590

4/12/21

—

(106,042)

Chilean

Peso

......

BAST

Sell

676,690,253

880,992

6/07/21

17,333

—

Chilean

Peso

......

BAST

Sell

676,860,053

874,383

6/08/21

10,498

—

Templeton

Emerging

Markets

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

7

See

Abbreviations

on

page

15

.

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)

Total

Forward

Exchange

Contracts

...................................................

$3,358,905

$(5,272,374)

Net

unrealized

appreciation

(depreciation)

............................................

$(1,913,469)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

8

1.

Organization

Templeton

Emerging

Markets

Income

Fund

(Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. 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

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

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. 

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

9

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At September

30,

2020,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

See

the

Fair

Value

Measurements

note

for

more

information. 

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.

3.

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.

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.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

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

the

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,

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.

 At

September

30,

2020, the

Fund

received

$1,602,653

in

United

Kingdom

Treasury

Bonds

and

U.S.

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

2. Financial

Instrument

Valuation

(continued)

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

10

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

for

a

specific

exchange

rate

on

a

future

date.

The

Fund

entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

depreciation

and

appreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

The

Fund

did

not

hold

any

interest

rate

swap

contracts

at

period

end. 

4.

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.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities. 

At

September

30,

2020,

the

Fund

had

2.8%

of

its

net

assets

denominated

in

Argentine

Pesos.

Argentina

has

restricted

currency

repatriation

since

September

2019,

and

had

restructured

certain

issues

of

its

debt.

Political

and

economic

conditions

in

Argentina

could

continue

to

affect

the

value

of

the

Fund’s

holdings. 

5.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

6. Restricted

Securities 

At

September

30,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

Principal

Amount

*

/

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Emerging

Markets

Income

Fund

93,760,463

a

K2016470219

South

Africa

Ltd.,

A

...............

5/10/11

-

2/01/17

$

538,947

$

—

161,018,517

a

K2016470219

South

Africa

Ltd.,

B

...............

5/10/11

-

2/01/17

119,550

—

12,877,920

Reventazon

Finance

Trust,

Senior

Secured

Bond,

144A,

8%,

11/15/33

..............................

12/18/13

12,877,920

13,272,536

13,900,000

b

Swala

(PAEM)

Ltd.,

Senior

Note,

144A,

14.5%,

1/15/23

12/06/19

13,900,000

4,461,009

Total

Restricted

Securities

(Value

is

4.17%

of

Net

Assets)

.............

$27,436,417

$17,733,545

*

In

U.S.

dollars

unless

otherwise

indicated.

3.

Derivative

Financial

Instruments

(continued)

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

11

7.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

8. 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

September

30,

2020,

in

valuing

the

Fund's

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$3,615

as

of

September

30,

2020.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$58,213

as

of

September

30,

2020.

a

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

a

Templeton

Emerging

Markets

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$95,945,647

$126,958,740

$(164,907,884)

$

—

$

—

$

57,996,503

57,996,503

$

250,104

Total

Affiliated

Securities

....

$95,945,647

$126,958,740

$(164,907,884)

$—

$—

$57,996,503

$250,104

6. Restricted

Securities 

(continued)

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

12

A

reconciliation

of

assets

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

financial

instruments

at

the

beginning

and/or

end

of

the

period.

The

reconciliation

for

the

nine

months

ended

September

30,

2020,

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Mexico

..............................

$

—

$

—

$

—

a

$

—

South

Africa

..........................

1,037,830

—

—

a

1,037,830

Warrants

..............................

—

—

58,213

a

58,213

Convertible

Bonds

.......................

—

3,172,679

—

3,172,679

Corporate

Bonds

:

Bermuda

............................

—

112,503

—

112,503

South

Africa

..........................

—

—

196,426

a

196,426

Tanzania

.............................

—

—

4,461,009

4,461,009

United

States

.........................

—

—

13,272,536

13,272,536

Foreign

Government

and

Agency

Securities

:

Argentina

............................

—

22,182,112

10,853,631

33,035,743

Brazil

...............................

—

4,477,041

—

4,477,041

Chile

................................

—

31,236,225

—

31,236,225

Colombia

............................

—

12,491,684

—

12,491,684

Dominican

Republic

....................

—

14,812,000

—

14,812,000

El

Salvador

...........................

—

2,296,225

—

2,296,225

Ethiopia

.............................

—

10,052,800

—

10,052,800

Ghana

..............................

—

7,893,783

—

7,893,783

India

................................

—

18,406,160

—

18,406,160

Indonesia

............................

—

18,727,801

—

18,727,801

Kenya

...............................

—

21,986,066

—

21,986,066

Mexico

..............................

—

2,160,083

—

2,160,083

Senegal

.............................

—

18,900,979

—

18,900,979

Serbia

..............................

—

6,009,644

—

6,009,644

South

Korea

..........................

—

79,349,319

—

79,349,319

Thailand

.............................

—

12,759,660

—

12,759,660

U.S.

Government

and

Agency

Securities

.......

—

15,990,145

—

15,990,145

Short

Term

Investments

...................

57,996,503

28,164,548

719,893

86,880,944

Total

Investments

in

Securities

...........

$59,034,333

$331,181,457

$29,561,708

$419,777,498

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$

—

$

3,358,905

$

—

$

3,358,905

Restricted

Currency

(ARS)

.................

—

—

66,795

66,795

Total

Other

Financial

Instruments

.........

$—

$3,358,905

$66,795

$3,425,700

Receivables:

Interest

(ARS)

...........................

$—

$—

$359,575

$359,575

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

—

5,272,375

—

5,272,375

Total

Other

Financial

Instruments

.........

$—

$5,272,375

$—

$5,272,375

Payables:

Deferred

Tax

(ARS)

.......................

$—

$—

$1,749

$1,749

a

Includes

securities

determined

to

have

no

value

at

September

30,

2020.

8. Fair

Value

Measurements 

(continued)

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

13

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

September

30,

2020,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

b

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Templeton

Emerging

Markets

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Mexico

......

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

c

$

—

South

Africa

..

181,925

—

—

—

—

—

—

(181,925)

—

c

(181,925)

Warrants

:

Mexico

......

—

c

—

—

—

—

—

—

—

—

c

—

Tanzania

....

58,542

—

—

—

—

—

—

(329)

58,213

(329)

Corporate

Bonds

:

South

Africa

..

180,815

—

—

6,411

—

51,086

—

(41,886)

196,426

c

(41,886)

Tanzania

....

6,950,000

—

—

—

—

—

—

(2,488,991)

4,461,009

(2,488,991)

United

States

.

13,255,857

—

—

—

—

(246,240)

—

262,919

13,272,536

262,919

Foreign

Government

and

Agency

Securities

....

6,923,064

7,542,027

(1,882,585)

—

—

(1,118,471)

(2,913,225)

2,302,820

10,853,631

(1,350,955)

Short

Term

Investments

..

642,044

1,130,717

(400,818)

—

—

6,501

(154,811)

(503,740)

719,893

(443,413)

Total

Investments

in

Securities

.........

$28,192,247

$8,672,744

$(2,283,403)

$6,411

$—

(1,307,124)

(3,068,036)

(651,132)

$29,561,708

(4,244,580)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$1,555,282

$2,338,165

$(3,536,758)

$—

$—

$—

$(495,855)

$205,961

$66,795

$(1,859)

Receivables:

Interest

(ARS)

.

$327,385

$1,145,619

$(1,170,433)

$—

$—

$—

$(162,700)

$219,704

$359,575

$(12,802)

Liabilities:

Payables:

Deferred

Tax

(ARS)

$3,311

$—

$—

$—

$—

$—

$—

$(1,562)

$1,749

$(1,562)

a

Transferred

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

b

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

c

Includes

securities

determined

to

have

no

value.

8. Fair

Value

Measurements 

(continued)

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

14

9.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure. 

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Templeton

Emerging

Markets

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds:

Tanzania

.......

$4,461,009

Discounted

cash

flow

Discount

rate

10.0%

Decrease

b

United

States

....

13,272,536

Discounted

cash

flow

Discount

rate

c

7.5%

Decrease

d

Foreign

Government

and

Agency

Securities:

Argentina

.......

10,853,631

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

d

Short

Term

Investments:

Argentina

.......

719,893

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

b

All

Other

........

681,009

e,f

Liabilities:

All

Other

...........

1,749

f

Total

..................

$29,986,329

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

c

The

discount

rate

is

comprised

of

the

risk-free

rate,

the

10-year

Costa

Rican

CDS

curve,

and

an

incremental

credit

spread

that

combines

with

the

first

two

components

to

arrive

at

an

8%

yield

on

issue

date

for

an

8%

coupon

bond

issued

at

par.

d

Represents

a

significant

impact

to

fair

value

and

net

assets.

e

Includes

securities

determined

to

have

no

value

at

September,

30

2020.

f

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

8. Fair

Value

Measurements 

(continued)

Templeton

Emerging

Markets

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

15

Abbreviations

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report. 

Counterparty

BAST

Banco

Santander

SA

BNDP

BNP

Paribas

SA

CITI

Citibank,

Inc.

DBAB

Deutsche

Bank

AG

HSBK

HSBC

Bank

plc

JPHQ

JP

Morgan

Chase

Bank

NA

MSCO

Morgan

Stanley

&

Co.

LLC

SCNY

Standard

Chartered

Bank

Currency

ARS

Argentine

Peso

BRL

Brazilian

Real

CLP

Chilean

Peso

COP

Colombian

Peso

EUR

Euro

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

INR

Indian

Rupee

KRW

South

Korean

Won

MXN

Mexican

Peso

THB

Thai

Baht

USD

United

States

Dollar

Selected

Portfolio

PIK

Payment-In-Kind