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        <name>Republic of Uganda</name>
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        <name>Platinum Group Metals Ltd.</name>
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        <name>Republic of Ghana</name>
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        <name>Republic of Kazakhstan</name>
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        <name>Republic of Colombia</name>
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        <name>N/A</name>
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        <name>Republic of Ghana</name>
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        <name>N/A</name>
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        <name>Republic of Kazakhstan</name>
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        <name>Republic of Kazakhstan</name>
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        <name>K2016470219 South Africa Ltd.</name>
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        <name>Arab Republic of Egypt</name>
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        <name>Republic of Zambia</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>K2016470219 South Africa Ltd.</name>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
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          <isin value="EGT998077Q14"/>
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        <name>N/A</name>
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        <name>Gabonese Republic</name>
        <lei>N/A</lei>
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        <name>Republic of Ghana</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>Ghana Government Bond</title>
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          <isin value="GHGGOG069998"/>
          <other otherDesc="Inhouse Asset ID" value="1238114"/>
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        <name>International Bank for Reconstruction &amp; Development</name>
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          <isin value="XS2762369382"/>
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        <invCountry>IN</invCountry>

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        <name>Federal Republic of Nigeria</name>
        <lei>549300GSBZD84TNEQ285</lei>
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          <isin value="US65412AFD90"/>
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        <invCountry>NG</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-09</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.37500000</annualizedRt>
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        <name>Digicel Group Holdings Ltd.</name>
        <lei>N/A</lei>
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        <balance>187133.15000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2033-11-17</maturityDt>
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        <name>Republic of Ghana</name>
        <lei>213800PP4399SNNXZ126</lei>
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          <isin value="GHGGOG069949"/>
          <other otherDesc="Inhouse Asset ID" value="1238103"/>
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        <invCountry>GH</invCountry>
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        <name>Republic of South Africa</name>
        <lei>378900AAFB4F17004C49</lei>
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          <isin value="ZAG000125980"/>
          <other otherDesc="Inhouse Asset ID" value="643949"/>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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          <other otherDesc="Inhouse Asset ID" value="102497"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <name>Benin Government International Bond</name>
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        <name>Republic of India</name>
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        <name>Republic of Uganda</name>
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        <name>N/A</name>
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        <name>Arab Republic of Egypt</name>
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        <name>Platinum Group Metals Ltd.</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>Republic of Panama</name>
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        <name>N/A</name>
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        <name>Republic of Panama</name>
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        <name>Republic of Colombia</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Ghana</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>Ghana Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GHGGOG069972"/>
          <other otherDesc="Inhouse Asset ID" value="1238122"/>
        </identifiers>
        <balance>9029190.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GHS" exchangeRt="12.50000000"/>
        <valUSD>517600.13000000</valUSD>
        <pctVal>0.164842104819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.25000155</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Ghana</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>Ghana Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GHGGOG069915"/>
          <other otherDesc="Inhouse Asset ID" value="1238115"/>
        </identifiers>
        <balance>4969104.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GHS" exchangeRt="12.50000000"/>
        <valUSD>361972.17000000</valUSD>
        <pctVal>0.115278669634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.34999915</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Kazakhstan</name>
        <lei>5493007OEK8EF02UO833</lei>
        <title>Kazakhstan MEOKAM</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KZK200000737"/>
          <other otherDesc="Inhouse Asset ID" value="1320316"/>
        </identifiers>
        <balance>21000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="KZT" exchangeRt="548.95500000"/>
        <valUSD>36494.37000000</valUSD>
        <pctVal>0.011622502422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>KZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.35000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="103927"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-25793.03000000</valUSD>
        <pctVal>-0.00821440550</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
              <counterpartyLei>MBNUM2BPBDO7JBLYG310</counterpartyLei>
            </counterparties>
            <amtCurSold>34143565.00000000</amtCurSold>
            <curSold>CNY</curSold>
            <amtCurPur>4810036.77000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2026-02-24</settlementDt>
            <unrealizedAppr>-25793.03000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="104713"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-21699.42000000</valUSD>
        <pctVal>-0.00691069777</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
              <counterpartyLei>MBNUM2BPBDO7JBLYG310</counterpartyLei>
            </counterparties>
            <amtCurSold>2762166.44000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>244617460.00000000</amtCurPur>
            <curPur>INR</curPur>
            <settlementDt>2025-12-17</settlementDt>
            <unrealizedAppr>-21699.42000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="104651"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-22206.13000000</valUSD>
        <pctVal>-0.00707207165</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <amtCurSold>10286396.18000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>43100000.00000000</amtCurPur>
            <curPur>MYR</curPur>
            <settlementDt>2025-12-17</settlementDt>
            <unrealizedAppr>-22206.13000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Brazil Notas do Tesouro Nacional</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRSTNCNTF212"/>
          <other otherDesc="Inhouse Asset ID" value="1187100"/>
        </identifiers>
        <balance>42460000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="5.32225000"/>
        <valUSD>6748383.02000000</valUSD>
        <pctVal>2.149183504156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.99999990</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic of Ghana</name>
        <lei>213800PP4399SNNXZ126</lei>
        <title>Ghana Government Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GHGGOG069980"/>
          <other otherDesc="Inhouse Asset ID" value="1238105"/>
        </identifiers>
        <balance>6258990.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GHS" exchangeRt="12.50000000"/>
        <valUSD>352465.66000000</valUSD>
        <pctVal>0.112251094819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>GH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.39999830</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Egypt Treasury Bills</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGT9980G6Q18"/>
          <other otherDesc="Inhouse Asset ID" value="1521580"/>
        </identifiers>
        <balance>286925000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EGP" exchangeRt="47.85000000"/>
        <valUSD>5070018.24000000</valUSD>
        <pctVal>1.614668215316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="104722"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-108699.48000000</valUSD>
        <pctVal>-0.03461794160</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <amtCurSold>14358740.43000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1271976200.00000000</amtCurPur>
            <curPur>INR</curPur>
            <settlementDt>2025-12-17</settlementDt>
            <unrealizedAppr>-108699.48000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICBC Standard Bank plc</name>
        <lei>F01VVKN4DRF2NWKGQ283</lei>
        <title>ICBC Standard Bank plc</title>
        <cusip>85312EEC3</cusip>
        <identifiers>
          <isin value="US85312EEC30"/>
          <other otherDesc="Inhouse Asset ID" value="1351150"/>
        </identifiers>
        <balance>163630000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="UZS" exchangeRt="12067.76000000"/>
        <valUSD>14638789.84000000</valUSD>
        <pctVal>4.662071721728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>SN</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NDIRS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="698024"/>
        </identifiers>
        <balance>955784.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="BRL" exchangeRt="5.32225000"/>
        <valUSD>-66623.85000000</valUSD>
        <pctVal>-0.02121795383</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>CME Group Inc.</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="8.50336000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CDI" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="0" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2029-01-02</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>955784.00000000</notionalAmt>
            <curCd>BRL</curCd>
            <unrealizedAppr>-66623.85000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.i"/>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="B.3"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Templeton Emerging Markets Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
