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
9
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited),
March
31,
2025
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
1.3%
South
Africa
1.3%
a,b,c
K2016470219
South
Africa
Ltd.,
A
....
Broadline
Retail
93,760,463
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
....
Broadline
Retail
161,018,517
—
b
Platinum
Group
Metals
Ltd.,
(CAD
Traded)
......................
Metals
&
Mining
2,359,882
2,886,204
b
Platinum
Group
Metals
Ltd.,
(USD
Traded)
......................
Metals
&
Mining
469,750
582,490
b,d
Platinum
Group
Metals
Ltd.,
(USD
Traded),
144A
.................
Metals
&
Mining
48,837
59,729
3,528,423
Total
Common
Stocks
(Cost
$5,513,828)
.......................................
3,528,423
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
8.8%
Bermuda
0.0%
†
a,e
Digicel
Group
Holdings
Ltd.
,
29.591%,
11/17/33
..............
Wireless
Telecommunication
Services
582,116
18,421
25.86%,
11/17/33
...............
Wireless
Telecommunication
Services
187,133
22,938
41,359
Costa
Rica
3.8%
a,d
Reventazon
Finance
Trust
,
Senior
Secured
Bond
,
144A,
8
%
,
11/15/33
.
Financial
Services
10,103,040
10,314,070
South
Africa
0.0%
a,d,f,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note,
144A,
PIK,
3%,
12/31/22
.....................
Broadline
Retail
8,125,247
—
Senior
Secured
Note,
144A,
PIK,
8%,
12/31/22
.....................
Broadline
Retail
2,886,099
EUR
—
a,d,f,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
.....................
Broadline
Retail
61,769,102
—
—
United
Kingdom
5.0%
a,d
ICBC
Standard
Bank
plc
,
144A,
15
%
,
4/15/26
......................
Banks
163,630,000,000
UZS
13,576,177
Total
Corporate
Bonds
(Cost
$57,654,810)
......................................
23,931,606
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
95.4%
Argentina
4.1%
Argentina
Government
Bond
,
Senior
Bond,
4.125%,
7/09/35
.....
16,852,222
10,571,836
Senior
Note,
0.75%,
7/09/30
......
851,642
623,828
11,195,664
Benin
4.4%
d
Benin
Government
Bond
,
Senior
Bond,
144A,
4.875%,
1/19/32
5,340,000
EUR
5,141,512
Senior
Bond,
144A,
4.95%,
1/22/35
.
1,410,000
EUR
1,257,815
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)
Benin
(continued)
d
Benin
Government
Bond,
(continued)
Senior
Bond,
144A,
6.875%,
1/19/52
6,220,000
EUR
$
5,413,673
11,813,000
Brazil
2.2%
Brazil
Notas
do
Tesouro
Nacional,
10%,
1/01/33
......................
42,460,000
BRL
5,876,813
Colombia
0.9%
Colombia
Titulos
de
Tesoreria
,
B,
7.25%,
10/18/34
.............
4,572,000,000
COP
795,381
B,
6.25%,
7/09/36
..............
1,386,000,000
COP
208,594
B,
9.25%,
5/28/42
..............
8,661,000,000
COP
1,572,104
2,576,079
Dominican
Republic
5.1%
d
Dominican
Republic
Government
Bond,
Senior
Bond,
Reg
S,
6.85%,
1/27/45
14,000,000
13,808,200
Ecuador
4.8%
d
Ecuador
Government
Bond,
Senior
Bond,
144A,
5.5%,
7/31/35
........
26,563,500
13,051,121
Egypt
2.8%
Egypt
Government
Bond
,
25.151%,
4/16/27
...............
213,900,000
EGP
4,445,424
d
Senior
Bond,
144A,
8.75%,
9/30/51
.
2,960,000
2,274,146
d
Senior
Bond,
144A,
7.5%,
2/16/61
..
1,130,000
757,043
7,476,613
El
Salvador
0.2%
d
El
Salvador
Government
Bond,
Senior
Bond,
144A,
7.65%,
6/15/35
.......
655,000
607,672
Gabon
4.3%
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.95%,
6/16/25
.
1,740,000
1,729,928
Senior
Bond,
144A,
6.625%,
2/06/31
6,860,000
5,379,355
Senior
Bond,
144A,
7%,
11/24/31
...
5,960,000
4,667,052
11,776,335
Ghana
1.1%
f
Ghana
Government
Bond
,
PIK,
8.35%,
2/16/27
.............
6,360,904
GHS
329,792
PIK,
8.5%,
2/15/28
..............
9,435,227
GHS
436,904
PIK,
8.65%,
2/13/29
.............
7,558,361
GHS
315,062
PIK,
8.8%,
2/12/30
..............
11,623,570
GHS
451,907
PIK,
8.95%,
2/11/31
.............
847,570
GHS
30,582
PIK,
9.1%,
2/10/32
..............
12,976,728
GHS
445,039
PIK,
9.25%,
2/08/33
.............
10,228,190
GHS
332,644
PIK,
9.4%,
2/07/34
..............
6,258,990
GHS
197,244
PIK,
9.55%,
2/06/35
.............
4,198,451
GHS
129,332
PIK,
9.7%,
2/05/36
..............
5,593,904
GHS
166,190
PIK,
9.85%,
2/03/37
.............
3,174,265
GHS
93,413
PIK,
10%,
2/02/38
..............
4,601,003
GHS
134,767
3,062,876
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)
India
8.2%
India
Government
Bond
,
7.26%,
1/14/29
................
778,000,000
INR
$
9,389,868
Senior
Bond,
7.18%,
8/14/33
......
717,500,000
INR
8,698,164
h
Senior
Bond,
7.1%,
4/08/34
.......
104,340,000
INR
1,260,102
Senior
Bond,
6.79%,
10/07/34
.....
250,300,000
INR
2,982,633
22,330,767
Ivory
Coast
5.2%
d
Ivory
Coast
Government
Bond
,
Senior
Bond,
144A,
5.25%,
3/22/30
.
2,500,000
EUR
2,581,117
Senior
Bond,
144A,
5.875%,
10/17/31
4,000,000
EUR
4,066,121
Senior
Bond,
144A,
6.875%,
10/17/40
7,058,000
EUR
6,426,132
Senior
Bond,
144A,
6.625%,
3/22/48
1,140,000
EUR
964,407
14,037,777
Kazakhstan
8.6%
Kazakhstan
MEOKAM
,
10.67%,
1/21/26
................
123,900,000
KZT
236,442
15.35%,
11/18/27
...............
21,000,000
KZT
40,909
Kazakhstan
MEUKAM
,
9%,
7/03/27
...................
283,500,000
KZT
504,083
10.4%,
4/12/28
................
738,400,000
KZT
1,311,217
15.3%,
3/03/29
................
1,819,600,000
KZT
3,640,589
11%,
3/31/29
..................
274,670,000
KZT
483,486
10.55%,
7/28/29
................
3,078,400,000
KZT
5,283,215
11%,
2/04/30
..................
706,110,000
KZT
1,220,094
12%,
3/07/30
..................
1,963,150,000
KZT
3,514,690
12%,
2/22/31
..................
1,034,880,000
KZT
1,811,949
10.3%,
3/17/31
................
570,900,000
KZT
926,495
14%,
5/12/31
..................
582,100,000
KZT
1,115,031
Senior
Bond,
5.49%,
3/27/27
......
706,000,000
KZT
1,177,760
Senior
Bond,
5%,
4/18/28
........
552,330,000
KZT
843,646
Senior
Bond,
5.5%,
9/20/28
.......
301,700,000
KZT
453,058
Senior
Bond,
7.68%,
8/13/29
......
438,100,000
KZT
668,761
23,231,425
Kenya
4.3%
d
Kenya
Government
Bond,
Senior
Note,
144A,
9.75%,
2/16/31
............
11,980,000
11,740,700
Mexico
5.4%
Petroleos
Mexicanos
,
d
Senior
Bond,
Reg
S,
4.875%,
2/21/28
3,550,000
EUR
3,653,733
d
Senior
Bond,
Reg
S,
4.75%,
2/26/29
1,910,000
EUR
1,900,924
Senior
Note,
6.84%,
1/23/30
......
9,790,000
8,979,368
14,534,025
Nigeria
1.8%
d
Nigeria
Government
Bond,
Senior
Bond,
144A,
10.375%,
12/09/34
.........
4,790,000
4,816,197
Panama
3.7%
Panama
Government
Bond
,
Senior
Bond,
6.4%,
2/14/35
.......
920,000
865,444
Senior
Bond,
6.7%,
1/26/36
.......
4,030,000
3,868,195
Senior
Bond,
6.875%,
1/31/36
.....
1,770,000
1,706,590
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)
Panama
(continued)
Panama
Government
Bond,
(continued)
Senior
Bond,
8%,
3/01/38
........
3,440,000
$
3,551,800
9,992,029
Rwanda
5.3%
d
Rwanda
Government
Bond,
Senior
Bond,
144A,
5.5%,
8/09/31
........
17,814,000
14,476,770
Seychelles
0.5%
d
Seychelles
International
Bond,
Senior
Bond,
Reg
S,
8%,
1/01/26
........
1,310,340
1,315,843
South
Africa
9.7%
South
Africa
Government
Bond
,
Senior
Bond,
8.875%,
2/28/35
.....
160,020,000
ZAR
7,814,557
Senior
Bond,
8.5%,
1/31/37
.......
202,520,000
ZAR
9,186,301
Senior
Bond,
9%,
1/31/40
........
198,900,000
ZAR
8,967,031
Senior
Bond,
8.75%,
1/31/44
......
11,880,000
ZAR
508,429
26,476,318
Supranational
4.2%
i
Asian
Development
Bank,
Senior
Note,
10.1%,
1/23/26
................
48,270,000,000
COP
11,526,742
Uganda
3.2%
Uganda
Government
Bond
,
14.25%,
8/23/29
................
229,000,000
UGX
59,659
16%,
11/14/30
.................
2,987,000,000
UGX
810,962
17%,
4/03/31
..................
248,000,000
UGX
69,814
14.375%,
2/03/33
...............
8,797,000,000
UGX
2,178,505
16%,
5/14/37
..................
21,232,000,000
UGX
5,542,637
8,661,577
Uruguay
2.2%
j
Uruguay
Government
Bond,
Index
Linked,
Senior
Bond,
3.7%,
6/26/37
.
244,508,107
UYU
6,064,404
Uzbekistan
1.0%
d
Uzbekistan
Government
Bond,
Senior
Note,
144A,
16.25%,
10/12/26
.....
34,790,000,000
UZS
2,729,894
Zambia
2.2%
Zambia
Government
Bond,
14%,
11/23/27
.....................
182,000,000
ZMW
5,984,445
Total
Foreign
Government
and
Agency
Securities
(Cost
$270,571,198)
............
259,163,286
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
1,140,749
16,403
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
16,403
Total
Long
Term
Investments
(Cost
$333,739,836)
...............................
286,639,718
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
Short
Term
Investments
14.5%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
11.1%
Egypt
11.1%
e
Egypt
Treasury
Bills
,
23.19%,
6/10/25
................
105,925,000
EGP
$
2,002,998
23.52%,
6/17/25
................
185,150,000
EGP
3,483,703
23.78%,
6/24/25
................
706,775,000
EGP
13,233,182
24.57%,
9/09/25
................
366,375,000
EGP
6,523,579
23.87%,
3/10/26
................
202,575,000
EGP
3,261,803
23.75%,
3/24/26
................
105,000,000
EGP
1,679,632
30,184,897
Total
Foreign
Government
and
Agency
Securities
(Cost
$29,926,615)
..............
30,184,897
Shares
Money
Market
Funds
3.4%
United
States
3.4%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
.........
9,229,656
9,229,656
Total
Money
Market
Funds
(Cost
$9,229,656)
...................................
9,229,656
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$39,156,271
)
................................
39,414,553
a
a
a
Total
Investments
(Cost
$372,896,107)
120.0%
..................................
$326,054,271
Credit
Facility
(23.9)%
........................................................
(65,000,000)
Other
Assets,
less
Liabilities
3.9%
.............................................
10,520,304
Net
Assets
100.0%
...........................................................
$271,574,575
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
5
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
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,
2025,
the
aggregate
value
of
these
securities
was
$132,709,331,
representing
48.9%
of
net
assets.
e
The
rate
shown
represents
the
yield
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
j
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
k
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
l
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,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
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
43,740,000
7,186,868
4/02/25
$
478,142
$
—
Brazilian
Real
......
BAST
Sell
43,740,000
7,613,817
4/02/25
—
(51,193)
Indian
Rupee
......
HSBK
Buy
1,382,976,200
15,840,744
4/17/25
320,090
—
Indian
Rupee
......
HSBK
Sell
111,000,000
1,290,473
4/17/25
—
(6,623)
Columbian
Peso
....
GSCO
Buy
31,120,000,000
7,460,397
4/21/25
—
(37,903)
Columbian
Peso
....
JPHQ
Buy
20,699,500,000
4,961,113
4/21/25
—
(
24,034)
Columbian
Peso
....
MSCO
Buy
45,760,000,000
10,969,938
4/21/25
—
(55,629)
Uruguayan
Peso
....
HSBK
Buy
565,240,000
13,308,219
4/23/25
60,335
—
Chilean
Peso
......
HSBK
Buy
1,499,500,000
1,519,774
4/29/25
59,266
—
Chilean
Peso
......
JPHQ
Buy
1,695,700,000
1,718,330
4/29/25
67,316
—
Indian
Rupee
......
HSBK
Buy
356,808,577
4,100,423
4/29/25
64,635
—
Brazilian
Real
......
JPHQ
Buy
90,506,000
15,139,846
5/05/25
623,812
—
Brazilian
Real
......
MSCO
Buy
44,800,000
7,504,313
5/05/25
298,616
—
Chinese
Yuan
......
DBAB
Sell
61,870,417
8,608,094
5/20/25
63,261
—
Chinese
Yuan
......
CITI
Sell
33,974,210
4,730,582
5/22/25
37,858
—
Mexican
Peso
......
BNDP
Buy
43,984,366
2,130,200
5/27/25
2,979
—
Mexican
Peso
......
HSBK
Buy
92,120,757
4,464,837
5/27/25
2,887
—
Chilean
Peso
......
JPHQ
Buy
2,227,600,000
2,402,632
6/10/25
—
(57,798)
Mexican
Peso
......
BNDP
Buy
15,984,356
776,038
6/10/25
—
(2,227)
Mexican
Peso
......
HSBK
Buy
325,103,150
15,785,538
6/10/25
—
(47,126)
South
African
Rand
..
BNDP
Buy
122,640,000
6,699,175
6/10/25
—
(47,782)
South
African
Rand
..
BNDP
Sell
122,640,001
6,524,445
6/10/25
—
(126,948)
Chinese
Yuan
......
HSBK
Sell
57,325,773
7,958,193
6/18/25
26,271
—
Indian
Rupee
......
CITI
Buy
837,760,460
9,523,793
6/18/25
221,827
—
Indian
Rupee
......
CITI
Sell
593,143,000
6,856,669
6/18/25
—
(43,330)
Chinese
Yuan
......
HSBK
Sell
21,896,000
3,021,459
6/27/25
—
(9,961)
Chinese
Yuan
......
MSCO
Sell
23,644,000
3,262,961
6/27/25
—
(10,464)
Brazilian
Real
......
BAST
Buy
37,955,000
6,484,487
7/02/25
36,660
—
Euro
.............
BNDP
Sell
9,205,000
9,481,978
7/15/25
—
(530,561)
Euro
.............
BOFA
Buy
7,061,000
7,470,609
7/15/25
209,841
—
Euro
.............
BOFA
Sell
8,288,151
8,544,462
7/15/25
—
(470,795)
Euro
.............
BZWS
Sell
9,693,849
10,031,777
7/16/25
—
(513,099)
Euro
.............
JPHQ
Sell
9,693,000
10,021,011
7/16/25
—
(522,941)
Chilean
Peso
......
HSBK
Buy
1,845,200,000
1,837,172
7/23/25
104,112
—
Malaysian
Ringgit
...
GSCO
Buy
51,620,000
11,835,378
8/04/25
—
(138,331)
Chinese
Yuan
......
CITI
Sell
34,143,565
4,733,549
8/21/25
—
(11,720)
Chinese
Yuan
......
DBAB
Sell
34,117,665
4,729,631
8/21/25
—
(12,039)
Chinese
Yuan
......
JPHQ
Sell
27,143,099
3,763,185
8/21/25
—
(9,161)
Malaysian
Ringgit
...
GSCO
Buy
43,100,000
9,795,454
9/15/25
—
(15,597)
South
Korean
Won
..
DBAB
Buy
17,292,000,000
11,981,292
9/17/25
—
(144,987)
South
Korean
Won
..
HSBK
Buy
526,000,000
364,316
9/17/25
—
(4,271)
Uzbekistan
Sum
....
DBAB
Buy
20,900,000,000
1,488,816
1/27/26
11,846
—
Total
Forward
Exchange
Contracts
...................................................
$2,689,754
$(2,894,520)
Net
unrealized
appreciation
(depreciation)
............................................
$(204,766)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Templeton
Emerging
Markets
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
At
March
31,
2025,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
13.
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
$
(590,600)
$
—
$
(590,600)
Receive
Fixed
8.208%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/04/27
900,000
BRL
(44,487)
—
(44,487)
Receive
Fixed
8.675%
.
Quarterly
Pay
Floating
1-day
IBR
Quarterly
9/25/28
130,500,000,000
COP
195,279
—
195,279
Receive
Fixed
8.69%
..
Monthly
Pay
Floating
1-day
TIIEOIS
..........
Monthly
12/05/28
450,000,000
MXN
504,396
—
504,396
Receive
Fixed
11.342%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
44,361,792
BRL
(895,799)
—
(895,799)
Receive
Fixed
8.388%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
1,443,981
BRL
(102,625)
—
(102,625)
Receive
Fixed
8.423%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
2,006,000
BRL
(141,487)
—
(141,487)
Receive
Fixed
8.468%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
1,795,371
BRL
(125,600)
—
(125,600)
Receive
Fixed
8.503%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
955,784
BRL
(66,454)
—
(66,454)
Receive
Fixed
13.583%
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/03/33
15,010,484
BRL
(221,900)
—
(221,900)
Receive
Fixed
13.6%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/03/33
9,936,151
BRL
(144,455)
—
(144,455)
Total
Interest
Rate
Swap
Contracts
....................................
$(1,633,732)
$
—
$(1,633,732)
*
In
U.S.
dollars
unless
otherwise
indicated.
Templeton
Emerging
Markets
Income
Fund
9
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
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.
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.
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
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
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
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 March
31,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
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.
Restricted
Securities
At
March
31,
2025
,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4.
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,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
...............
$658,497
$—
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$16,403
as
of
March
31,
2025.
2. Financial
Instrument
Valuation
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
5. 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,
2025,
in
valuing
the Fund's
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Templeton
Emerging
Markets
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$8,132,962
$53,764,245
$(52,667,551)
$—
$—
$9,229,656
9,229,656
$117,974
Total
Affiliated
Securities
...
$8,132,962
$53,764,245
$(52,667,551)
$—
$—
$9,229,656
$117,974
Level
1
Level
2
Level
3
Total
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
South
Africa
...........................
$
3,528,423
$
—
$
—
a
$
3,528,423
Corporate
Bonds
........................
—
—
23,931,606
a
23,931,606
Foreign
Government
and
Agency
Securities
....
—
259,163,286
—
259,163,286
Escrows
and
Litigation
Trusts
...............
—
—
16,403
16,403
Short
Term
Investments
...................
9,229,656
30,184,897
—
39,414,553
Total
Investments
in
Securities
...........
$12,758,079
$289,348,183
$23,948,009
$326,054,271
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$2,689,754
$—
$2,689,754
Swap
Contracts
.........................
—
699,675
—
699,675
Total
Other
Financial
Instruments
.........
$—
$3,389,429
$—
$3,389,429
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
—
2,894,520
—
2,894,520
Swap
Contracts
.........................
—
2,333,407
—
2,333,407
Total
Other
Financial
Instruments
.........
$—
$5,227,927
$—
$5,227,927
a
Includes
financial
instruments
determined
to
have
no
value.
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
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 March
31,
2025,
the
reconciliation
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
March
31,
2025,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
Sales
a
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
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
b
$
—
Corporate
Bonds
:
Bermuda
....
27,483
—
(24,713)
—
—
5,241
18,156
15,192
41,359
17,763
Costa
Rica
...
10,173,915
—
—
—
—
—
—
140,155
10,314,070
140,155
South
Africa
..
—
b
—
—
—
—
—
—
—
—
b
—
United
Kingdom
12,945,603
—
—
—
—
4,367
—
626,207
13,576,177
626,207
Escrows
and
Litigation
Trusts
—
b
—
—
—
—
—
—
16,403
16,403
16,403
Total
Investments
in
Securities
.......
$23,147,001
$—
$(24,713)
$—
$—
$9,608
$18,156
$797,957
$23,948,009
$800,528
a
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
b
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Templeton
Emerging
Markets
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds:
Costa
Rica
............
$10,314,070
Discounted
cash
flow
Discount
rate
b
7.5%
Decrease
All
Other
..................
13,633,939
c,d,e
Total
.........................
$23,948,009
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
The
discount
rate
is
comprised
of
the
risk-free
rate,
the
10-year
Costa
Rican
CDS
spread,
and
an
incremental
issuer
credit
spread
combined
to
arrive
at
an
8%
yield
on
issue
date
for
an
8%
coupon
bond
issued
at
par.
The
incremental
issuer
spread
is
further
adjusted
to
reflect
the
current
market
spread
for
similar
credits
above
the
Costa
Rican
credit
spread.
c
IIncludes
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
d
Includes
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.
e
Includes
financial
instruments
determined
to
have
no
value.
5. Fair
Value
Measurements
(continued)
Templeton
Emerging
Markets
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BAST
Banco
Santander
SA
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
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
CAD
Canadian
Dollar
COP
Colombian
Peso
EGP
Egyptian
Pound
EUR
Euro
GHS
Ghanaian
Cedi
INR
Indian
Rupee
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
UGX
Ugandan
Shilling
USD
United
States
Dollar
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
ZMW
Zambian
Kwacha
Selected
Portfolio
CDI
certificado
de
deposito
interbancario
PIK
Payment-In-Kind
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
..........................
9.52%
1-day
TIIEOIS
.......................
9.05%
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.