NPORT-EX 2 TEMIF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
TLTEI-Q1PH
1
Schedule
of
Investments
(unaudited)
Templeton
Emerging
Markets
Income
Fund
2
Notes
to
Schedule
of
Investments
10
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited),
March
31,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
1.6%
South
Africa
1.6%
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.,
(USD
Traded),
144A
.................
Metals
&
Mining
48,837
105,467
b
Platinum
Group
Metals
Ltd.,
(USD
Traded)
......................
Metals
&
Mining
469,750
991,173
a,b,c
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
......................
Metals
&
Mining
2,359,882
4,653,708
5,750,348
Total
Common
Stocks
(Cost
$5,513,828)
.......................................
5,750,348
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
—
Total
Warrants
(Cost
$–)
......................................................
—
Principal
Amount
*
Convertible
Bonds
0.1%
Bermuda
0.1%
d,e,f
Digicel
Group
Holdings
Ltd.,
Sub.
Bond,
144A,
PIK,
7%,
Perpetual
.........
Wireless
Telecommunication
Services
551,751
423,103
Total
Convertible
Bonds
(Cost
$136,313)
.......................................
423,103
Corporate
Bonds
3.9%
Bermuda
0.1%
d,e
Digicel
Group
Holdings
Ltd.,
Senior
Note,
144A,
PIK,
8%,
4/01/25
......
Wireless
Telecommunication
Services
364,639
315,064
Costa
Rica
3.8%
a,c
Reventazon
Finance
Trust,
Senior
Secured
Bond,
144A,
8%,
11/15/33
.
Diversified
Financial
Services
12,070,080
13,142,754
South
Africa
0.0%
a,d,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
PIK,
3%,
12/31/22
.....................
Multiline
Retail
8,005,170
—
Senior
Secured
Note,
144A,
PIK,
8%,
12/31/22
.....................
Multiline
Retail
2,775,095
EUR
—
a,d,e
K2016470260
South
Africa
Ltd.,
Senior
Secured
Note,
144A,
PIK,
25%,
12/31/22
.....................
Multiline
Retail
54,905,869
—
—
Total
Corporate
Bonds
(Cost
$46,793,174)
......................................
13,457,818
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
85.8%
Argentina
6.0%
g
Argentina
BONCER
,
Index
Linked,
1.3%,
9/20/22
.......
28,838,628
ARS
154,718
Index
Linked,
1.4%,
3/25/23
.......
187,109,768
ARS
1,007,645
Index
Linked,
1.5%,
3/25/24
.......
199,214,111
ARS
1,058,470
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Argentina
(continued)
Argentina
Government
Bond
,
15.5%,
10/17/26
................
354,647,000
ARS
$
765,281
Senior
Bond,
0.125%,
7/09/35
.....
34,512,222
10,566,262
Senior
Note,
1%,
7/09/29
.........
2,693,610
926,790
Senior
Note,
0.125%,
7/09/30
......
18,837,775
6,357,937
20,837,103
Brazil
4.4%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/25
..................
10,150,000
BRL
2,065,028
10%,
1/01/29
..................
29,530,000
BRL
5,789,369
10%,
1/01/31
..................
40,030,000
BRL
7,683,072
15,537,469
Colombia
4.8%
Colombia
Government
Bond
,
Senior
Bond,
4.375%,
3/21/23
.....
164,000,000
COP
42,564
Senior
Bond,
9.85%,
6/28/27
......
262,000,000
COP
72,676
Colombia
Titulos
de
Tesoreria
,
B,
7%,
5/04/22
.................
3,760,700,000
COP
998,578
B,
10%,
7/24/24
................
12,274,000,000
COP
3,342,022
B,
7.5%,
8/26/26
...............
18,845,000,000
COP
4,679,801
B,
6%,
4/28/28
.................
3,627,000,000
COP
812,759
B,
7.75%,
9/18/30
..............
29,302,000,000
COP
6,944,469
16,892,869
Dominican
Republic
4.5%
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6.85%,
1/27/45
14,000,000
13,912,640
Senior
Bond,
144A,
4.875%,
9/23/32
2,150,000
1,951,146
15,863,786
Ecuador
9.2%
d
Ecuador
Government
Bond
,
Senior
Bond,
144A,
0.5%,
7/31/35
..
30,733,500
20,130,750
Senior
Bond,
144A,
0.5%,
7/31/40
..
14,045,250
7,984,865
Senior
Note
,
144A,
0.5%,
7/31/30
..
4,972,000
4,134,268
32,249,883
Egypt
4.8%
d
Egypt
Government
Bond
,
Senior
Bond,
144A,
5.875%,
6/11/25
2,930,000
2,894,219
Senior
Bond,
144A,
7.625%,
5/29/32
750,000
681,391
Senior
Bond,
144A,
7.3%,
9/30/33
..
3,530,000
3,092,086
Senior
Bond,
144A,
8.5%,
1/31/47
..
1,200,000
1,026,528
Senior
Bond,
144A,
7.903%,
2/21/48
290,000
236,377
Senior
Bond,
144A,
8.7%,
3/01/49
..
540,000
463,196
Senior
Bond,
144A,
8.875%,
5/29/50
2,270,000
1,971,313
Senior
Bond,
144A,
8.75%,
9/30/51
.
1,120,000
968,120
Senior
Bond,
144A,
7.5%,
2/16/61
..
1,130,000
900,859
Senior
Note,
144A,
5.25%,
10/06/25
.
4,820,000
4,658,048
16,892,137
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
El
Salvador
0.4%
d
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
2,650,000
$
1,260,340
Ethiopia
2.2%
d
Ethiopia
Government
Bond,
Senior
Note,
144A,
6.625%,
12/11/24
.....
10,520,000
7,648,145
Ghana
6.1%
Ghana
Government
Bond
,
18.25%,
7/25/22
................
5,499,000
GHS
738,896
17.6%,
11/28/22
................
670,000
GHS
90,007
20.75%,
1/16/23
................
700,000
GHS
96,050
16.5%,
2/06/23
................
12,180,000
GHS
1,621,363
19%,
9/18/23
..................
690,000
GHS
92,625
18.85%,
9/28/23
................
24,835,000
GHS
3,325,124
19.25%,
11/27/23
...............
1,540,000
GHS
205,760
19.25%,
12/18/23
...............
2,128,000
GHS
283,588
19.75%,
3/25/24
................
360,000
GHS
47,765
21.7%,
3/17/25
................
14,470,000
GHS
1,971,758
19.25%,
6/23/25
................
8,770,000
GHS
1,132,247
19%,
11/02/26
.................
2,930,000
GHS
367,281
Senior
Note,
17.6%,
2/20/23
......
12,970,000
GHS
1,740,502
Senior
Note,
17.7%,
3/18/24
......
58,090,000
GHS
7,467,465
Senior
Note,
16.25%,
4/07/25
......
1,660,000
GHS
200,825
Senior
Note,
18.3%,
3/02/26
......
13,500,000
GHS
1,682,104
Senior
Note
,
18.5%,
1/02/23
......
420,000
GHS
56,737
Senior
Note,
17.25%,
7/31/23
......
1,530,000
GHS
202,110
21,322,207
Indonesia
10.6%
Indonesia
Government
Bond
,
FR40,
11%,
9/15/25
.............
26,450,000,000
IDR
2,182,384
FR59,
7%,
5/15/27
..............
1,445,000,000
IDR
105,528
FR81,
6.5%,
6/15/25
............
202,827,000,000
IDR
14,719,179
FR86,
5.5%,
4/15/26
............
285,349,000,000
IDR
19,934,713
36,941,804
Mongolia
0.3%
d
Mongolia
Government
Bond
,
144A,
4.45%,
7/07/31
............
400,000
361,594
Senior
Note,
144A,
5.125%,
4/07/26
.
200,000
197,851
Senior
Note,
144A,
3.5%,
7/07/27
..
400,000
363,916
923,361
Oman
5.1%
d
Oman
Government
Bond,
Senior
Bond,
144A,
4.75%,
6/15/26
............
17,920,000
18,038,272
Peru
2.2%
Peru
Bonos
De
Tesoreria
,
5.7%,
8/12/24
27,600,000
PEN
7,590,668
South
Korea
11.1%
Korea
Treasury
Bond
,
1.875%,
12/10/24
...............
26,600,000,000
KRW
21,455,352
Senior
Note
,
1.75%,
9/10/26
......
21,970,000,000
KRW
17,252,042
38,707,394
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Sri
Lanka
0.6%
d
Sri
Lanka
Government
Bond
,
Senior
Bond,
144A,
6.85%,
11/03/25
940,000
$
466,588
Senior
Bond,
144A,
6.2%,
5/11/27
..
2,670,000
1,268,250
Senior
Bond,
144A,
6.75%,
4/18/28
.
200,000
95,320
Senior
Bond,
144A,
7.85%,
3/14/29
.
291,000
141,135
Senior
Note,
144A,
5.75%,
4/18/23
..
200,000
100,088
Senior
Note,
144A,
6.35%,
6/28/24
..
400,000
200,000
2,271,381
Thailand
9.2%
Thailand
Government
Bond
,
2%,
12/17/22
..................
26,750,000
THB
812,346
1%,
6/17/27
...................
620,000,000
THB
18,056,498
Thailand
Treasury
Bond
,
0.56%,
11/23/22
................
38,940,000
THB
1,170,263
0.92%,
3/23/23
................
7,990,000
THB
240,821
0.51%,
5/24/23
................
12,150,000
THB
364,506
Senior
Note
,
0.66%,
11/22/23
......
389,070,000
THB
11,664,330
32,308,764
Uzbekistan
2.4%
d
Uzbekistan
Government
Bond,
Senior
Note
,
144A,
14%,
7/19/24
........
107,400,000,000
UZS
8,272,770
Zambia
1.9%
Zambia
Government
Bond,
14%,
11/23/27
.....................
182,000,000
ZMW
6,516,535
Total
Foreign
Government
and
Agency
Securities
(Cost
$354,138,965)
............
300,074,888
Shares
Escrows
and
Litigation
Trusts
0.0%
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
1,140,749
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$406,582,280)
...............................
319,706,157
Short
Term
Investments
24.5%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.9%
Argentina
0.1%
g,h
Letras
de
la
Nacion
Argentina
con
Ajuste
por
CER
,
Index
Linked,
5/23/22
............
28,926,897
ARS
154,680
Index
Linked,
6/30/22
............
26,710,565
ARS
144,287
298,967
Thailand
0.8%
h
Thailand
Treasury
Bills
,
8/04/22
......................
31,980,000
THB
959,660
9/01/22
......................
31,980,000
THB
959,290
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
Short
Term
Investments
(continued)
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Thailand
(continued)
h
Thailand
Treasury
Bills,
(continued)
12/08/22
.....................
31,980,000
THB
$
957,972
2,876,922
Total
Foreign
Government
and
Agency
Securities
(Cost
$3,152,880)
...............
3,175,889
U.S.
Government
and
Agency
Securities
12.2%
United
States
12.2%
h
U.S.
Treasury
Bills
,
4/21/22
......................
9,700,000
9,699,367
8/25/22
......................
33,200,000
33,079,964
42,779,331
Total
U.S.
Government
and
Agency
Securities
(Cost
$42,784,132)
.................
42,779,331
Industry
Shares
Money
Market
Funds
11.4%
United
States
11.4%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
39,765,454
39,765,454
Total
Money
Market
Funds
(Cost
$39,765,454)
..................................
39,765,454
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$85,702,466
)
................................
85,720,674
a
a
a
a
Total
Investments
(Cost
$492,284,746)
115.9%
..................................
$405,426,831
Credit
Facility
(10.3)%
........................................................
(36,000,000)
Other
Assets,
less
Liabilities
(5.6)%
...........................................
(19,657,665)
Net
Assets
100.0%
...........................................................
$349,769,166
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
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
March
31,
2022,
the
aggregate
value
of
these
securities
was
$104,263,709,
representing
29.8%
of
net
assets.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Perpetual
security
with
no
stated
maturity
date.
g
Redemption
price
at
maturity
is
adjusted
for
inflation.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
i
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
At
March
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3. 
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
Russian
Ruble
.....
JPHQ
Buy
87,994,110
785,451
4/01/22
$
297,553
$
—
Russian
Ruble
.....
JPHQ
Sell
87,994,110
792,740
4/01/22
—
(290,265)
Brazilian
Real
......
JPHQ
Buy
107,795,011
19,670,622
4/04/22
2,966,590
—
Brazilian
Real
......
JPHQ
Sell
107,795,011
22,487,746
4/04/22
—
(149,467)
Chilean
Peso
......
CITI
Buy
9,710,450,540
11,230,499
4/06/22
1,107,250
—
Chilean
Peso
......
CITI
Sell
9,710,450,540
12,220,860
4/06/22
—
(116,889)
Indian
Rupee
......
JPHQ
Buy
181,681,200
2,393,061
4/07/22
—
(1,399)
Indian
Rupee
......
CITI
Buy
176,517,700
2,330,267
4/08/22
—
(6,953)
Indian
Rupee
......
JPHQ
Buy
235,005,000
3,097,469
4/08/22
—
(4,350)
Chilean
Peso
......
GSCO
Buy
736,324,832
912,422
4/11/22
22,376
—
Chilean
Peso
......
JPHQ
Buy
8,813,962,054
10,511,583
4/11/22
678,148
—
Australian
Dollar
....
HSBK
Sell
8,617,983
6,213,825
4/12/22
—
(236,052)
Australian
Dollar
....
JPHQ
Sell
17,356,828
12,677,295
4/12/22
—
(312,913)
Indian
Rupee
......
CITI
Buy
212,775,700
2,790,867
4/12/22
7,864
—
Indian
Rupee
......
HSBK
Buy
1,382,976,200
18,108,894
4/12/22
81,989
—
Indian
Rupee
......
HSBK
Buy
406,505,377
5,276,070
4/18/22
65,687
—
Brazilian
Real
......
MSCO
Buy
44,800,000
8,778,805
5/03/22
553,544
—
Chilean
Peso
......
GSCO
Buy
3,565,313,390
4,375,756
5/03/22
134,601
—
Peruvian
Nuevo
Sol
.
JPHQ
Buy
6,695,600
1,716,468
5/03/22
96,854
—
Columbian
Peso
....
MSCO
Buy
45,760,000,000
11,552,201
5/04/22
525,645
—
Indian
Rupee
......
CITI
Buy
1,292,046,400
17,086,041
5/10/22
—
(163,993)
Chilean
Peso
......
GSCO
Buy
5,596,126,574
7,055,305
5/11/22
13,885
—
Chinese
Yuan
......
JPHQ
Buy
77,431,540
12,097,355
5/11/22
57,805
—
South
Korean
Won
..
JPHQ
Buy
24,565,375,190
20,505,493
5/11/22
—
(298,580)
South
Korean
Won
..
JPHQ
Sell
24,565,375,190
20,132,253
5/11/22
—
(74,660)
Chilean
Peso
......
GSCO
Buy
66,950,000
82,977
5/16/22
1,518
—
Columbian
Peso
....
JPHQ
Buy
65,129,500,000
16,366,252
5/16/22
807,681
—
Indian
Rupee
......
HSBK
Buy
356,808,577
4,639,481
5/17/22
29,683
—
Russian
Ruble
.....
MSCO
Buy
769,761,600
9,859,258
5/23/22
—
(1,041,338)
Russian
Ruble
.....
MSCO
Sell
769,761,600
5,546,711
5/23/22
—
(3,271,210)
Russian
Ruble
.....
JPHQ
Buy
89,091,391
985,361
5/25/22
33,175
—
Russian
Ruble
.....
JPHQ
Sell
89,091,391
712,731
5/25/22
—
(305,804)
Chinese
Yuan
......
BOFA
Buy
87,535,240
13,551,354
6/08/22
168,531
—
Chinese
Yuan
......
BOFA
Buy
73,010,200
11,479,230
6/09/22
—
(36,468)
Chinese
Yuan
......
CITI
Buy
112,858,730
17,472,285
6/09/22
215,868
—
Chinese
Yuan
......
JPHQ
Buy
43,311,600
6,708,195
6/10/22
79,642
—
Russian
Ruble
.....
DBAB
Buy
415,673,300
5,295,752
6/10/22
—
(451,612)
Russian
Ruble
.....
DBAB
Sell
415,673,299
2,945,282
6/10/22
—
(1,898,857)
Columbian
Peso
....
GSCO
Buy
81,480,000,000
22,129,278
6/13/22
—
(722,608)
Chilean
Peso
......
GSCO
Buy
9,523,982,493
11,598,082
6/15/22
354,202
—
Chinese
Yuan
......
HSBK
Buy
56,006,770
8,800,561
6/15/22
—
(25,167)
Indian
Rupee
......
CITI
Buy
273,714,062
3,545,060
6/15/22
25,301
—
Chilean
Peso
......
JPHQ
Buy
7,344,270,000
8,895,676
6/17/22
317,601
—
Indian
Rupee
......
JPHQ
Buy
2,204,400,000
28,354,053
6/21/22
384,300
—
Chilean
Peso
......
CITI
Buy
9,715,940,000
12,047,342
6/28/22
115,373
—
Brazilian
Real
......
JPHQ
Buy
107,660,000
21,885,672
7/05/22
117,490
—
Chinese
Yuan
......
CITI
Buy
51,389,220
7,973,749
7/12/22
68,724
—
Chinese
Yuan
......
HSBK
Buy
55,642,500
8,655,327
7/18/22
50,855
—
South
Korean
Won
..
JPHQ
Buy
1,860,000,000
1,555,574
7/21/22
—
(24,772)
South
Korean
Won
..
JPHQ
Sell
1,860,000,000
1,525,278
7/21/22
—
(5,525)
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
At
March
31,
2022,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Note
3.
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
......
JPHQ
Buy
181,168,300
2,379,098
7/27/22
$
—
$
(26,176)
Chilean
Peso
......
GSCO
Buy
3,111,265,884
3,706,977
8/08/22
158,774
—
Chinese
Yuan
......
JPHQ
Buy
33,109,970
5,178,142
8/22/22
—
(4,259)
Russian
Ruble
.....
JPHQ
Buy
159,301,900
1,993,884
8/24/22
—
(74,443)
Russian
Ruble
.....
JPHQ
Sell
159,301,900
1,054,979
8/24/22
—
(864,462)
Russian
Ruble
.....
MSCO
Buy
476,641,100
5,513,489
8/24/22
229,598
—
Russian
Ruble
.....
MSCO
Sell
476,641,100
3,196,498
8/24/22
—
(2,546,589)
Russian
Ruble
.....
DBAB
Buy
242,426,000
3,018,628
9/15/22
—
(166,370)
Russian
Ruble
.....
DBAB
Sell
242,426,000
1,729,374
9/15/22
—
(1,122,883)
Australian
Dollar
....
CITI
Sell
4,503,000
3,297,061
9/21/22
—
(83,747)
Indonesian
Rupiah
..
SCNY
Buy
147,000,000,000
10,193,468
9/22/22
—
(23,714)
Chilean
Peso
......
GSCO
Buy
71,940,000
85,176
3/07/23
1,102
—
Total
Forward
Exchange
Contracts
...................................................
$9,769,209
$(14,351,525)
Net
unrealized
appreciation
(depreciation)
............................................
$(4,582,316)
*
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
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
7.075%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/24
20,057,000
BRL
$
(308,656)
$
—
$
(308,656)
Receive
Fixed
7.565%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
8,093,521
BRL
(143,770)
—
(143,770)
Receive
Fixed
7.62%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
7,983,000
BRL
(138,286)
—
(138,286)
Receive
Fixed
7.62%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
7,486,434
BRL
(131,057)
—
(131,057)
Receive
Fixed
7.625%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
9,180,972
BRL
(159,742)
—
(159,742)
Receive
Fixed
8.13%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/25
40,813,571
BRL
(590,659)
—
(590,659)
Receive
Fixed
8.13%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/04/27
30,914,651
BRL
(756,194)
—
(756,194)
Receive
Fixed
8.19%
..
At
Maturity
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
See
Abbreviations
on
page
17.
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/04/27
900,000
BRL
$
(20,562)
$
—
$
(20,562)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.762%
...
Annual
3/15/27
25,800,000
563,239
—
563,239
Receive
Fixed
8.37%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
1,443,981
BRL
(46,979)
—
(46,979)
Receive
Fixed
8.405%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
2,006,000
BRL
(64,258)
—
(64,258)
Receive
Fixed
8.45%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
1,795,371
BRL
(56,582)
—
(56,582)
Receive
Fixed
8.485%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
955,784
BRL
(29,755)
—
(29,755)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.811%
...
Annual
3/15/32
13,200,000
349,050
—
349,050
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.176%
...
Annual
3/28/32
650,000
(1,860)
—
(1,860)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.257%
...
Annual
3/30/32
650,000
(8,478)
—
(8,478)
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.253%
...
Annual
3/31/32
640,000
(6,199)
—
(6,199)
Total
Interest
Rate
Swap
Contracts
...............................
$(1,550,748)
$
—
$(1,550,748)
*
In
U.S.
dollars
unless
otherwise
indicated.
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
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
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
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
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund’s
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
At
March
31,
2022,
the
fund
received
$
3,520,858
in
U.S.
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives.
2. Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date. 
The
Fund
entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable.
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.
4.
Concentration
of
Risk 
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
At
March
31,
2022,
the
Fund
had
1.0%
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
March
31,
2022
,
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
—
2,359,882
a
Platinum
Group
Metals
Ltd.
,
(CAD
Traded)
.........
6/28/17
4,000,000
4,653,708
12,070,080
Reventazon
Finance
Trust,
Senior
Secured
Bond,
144A,
8%,
11/15/33
..............................
12/18/13
12,070,080
13,142,754
Total
Restricted
Securities
(Value
is
5.1%
of
Net
Assets)
..............
$16,728,577
$17,796,462
3.
Derivative
Financial
Instruments
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
7.
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.
During
the
period
ended
March
31,
2022,
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
March
31,
2022,
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
$1,096,639
as
of
March
31,
2022.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Emerging
Markets
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
59,211,087
$
96,210,462
$
(115,656,095)
$
—
$
—
$
39,765,454
39,765,454
$
882
Total
Affiliated
Securities
...
$59,211,087
$96,210,462
$(115,656,095)
$—
$—
$39,765,454
$882
6.
Restricted
securities
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
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
three
months
ended
March
31,
2022,
is
as
follows: 
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
South
Africa
..........................
$
1,096,640
$
—
$
4,653,708
a
$
5,750,348
Warrants
..............................
—
—
—
a
—
Convertible
Bonds
.......................
—
423,103
—
423,103
Corporate
Bonds
:
Bermuda
............................
—
315,064
—
315,064
Costa
Rica
...........................
—
—
13,142,754
13,142,754
South
Africa
..........................
—
—
—
a
—
Foreign
Government
and
Agency
Securities
....
—
300,074,888
—
300,074,888
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
72,845,418
12,875,256
—
85,720,674
Total
Investments
in
Securities
...........
$73,942,058
$313,688,311
$17,796,462
$405,426,831
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
9,769,209
$
—
$
9,769,209
Restricted
Currency
(ARS)
.................
—
33,316
—
33,316
Swap
contracts
.........................
—
912,289
—
912,289
Total
Other
Financial
Instruments
.........
$—
$10,714,814
$—
$10,714,814
Receivables:
Interest
(ARS)
...........................
$—
$132,294
$—
$132,294
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
14,351,525
$
—
$
14,351,525
Swap
contracts
..........................
—
2,463,037
—
2,463,037
Total
Other
Financial
Instruments
.........
$—
$16,814,562
$—
$16,814,562
Payables:
Deferred
Tax
(ARS)
.......................
$—
$1,303
$—
$1,303
a
Includes
securities
determined
to
have
no
value
at
March
31,
2022.
8. Fair
Value
Measurements 
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
15
Quarterly
Schedule
of
Investments
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
March
31,
2022,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
South
Africa
..
$
—
b
$
4,000,000
$
—
$
—
$
—
$
—
$
—
$
653,708
$
4,653,708
b
$
653,708
Warrants
:
Mexico
......
—
b
—
—
—
—
—
—
—
—
b
—
Corporate
Bonds
:
Costa
Rica
...
12,959,305
—
—
—
—
—
—
183,449
13,142,754
183,449
South
Africa
..
—
b
—
b
—
—
—
—
—
—
—
b
—
Escrows
and
Litigation
Trusts
—
b
—
—
—
—
—
—
—
—
b
—
Total
Investments
in
Securities
.......
$12,959,305
$4,000,000
$—
$—
$—
$—
$—
$837,157
$17,796,462
$837,157
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Includes
securities
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
South
Africa
.....
$4,653,708
Market
comparables
Discount
for
lack
of
marketability
8.7%
Decrease
b
Corporate
Bonds:
Costa
Rica
.....
$13,142,754
Discounted
cash
flow
Discount
rate
c
6.3%
Decrease
d
All
Other
...........
—
e
Total
..................
$17,796,462
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
March
31,
2022.
8. Fair
Value
Measurements 
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
9.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Schedule
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
17
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
Corp.
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SCNY
Standard
Chartered
Bank
Cu
r
rency
ARS
Argentine
Peso
BRL
Brazilian
Real
CAD
Canadian
Dollar
COP
Colombian
Peso
EUR
Euro
GHS
Ghanaian
Cedi
IDR
Indonesian
Rupiah
KRW
South
Korean
Won
PEN
Peruvian
Nuevo
Sol
THB
Thai
Baht
USD
United
States
Dollar
UZS
Uzbekistani
Som
ZMW
Zambian
Kwacha
Selected
Portfolio
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.