Fixed Income

TEI Templeton Emerging Markets Income Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks high, current income, with a secondary goal of capital appreciation, by investing under normal market conditions, at least 80% of its net assets in income-producing securities of sovereign or sovereign-related entities and private sector companies in emerging market countries.

Section 16 Filings
Insiders' Beneficial Ownership Reports for this fund are available on the SEC website.

Fund Inception Date: 09/23/1993
Total Net AssetsAs of 02/28/2026 (Updated Monthly): $337.06 Million
Dividend Frequency, if any: Monthly
Morningstar Category⁵: Emerging Markets Bond
Asset Class: Fixed Income

Expenses & Fees

⁸

As of 12/31/2025

Gross Expense Ratio⁶: 2.38%
Net Expense Ratio^6,7: 2.37%

Identifiers

Ticker: TEI
NAV Symbol: N/A
CUSIP Code: 880192109

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Market Price

NAV

47.79%1 Year
23.33%3 Years
10.39%5 Years
6.61%10 Years
7.82%Since Inception
09/23/1993

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Asset Allocation

View portfolio section for additional info

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Fixed Income115.67%

Equity0.01%

Cash & Cash Equivalents-15.67%

Additional Fund Info

Listing Exchange: NYSE
Fiscal Year End: December 31
Benchmark: JP Morgan EMBI Global Index
Lipper Classification: Emerging Markets Hard Currency Debt Funds
Investment Style: Government

Trading Characteristics

(Updated Daily)

Shares Outstanding: 47,228,418
Daily Volume: N/A
Initial Offering (Shares of common stock /beneficial interest): 47,000,000.00
Initial Offering Price: $15.00

Manager

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.

Commentary Highlights

December 31, 2025

Markets: Global growth data was largely mixed during the fourth quarter of 2025; third-quarter growth outcomes were strong in the United States, modest but stable in the euro area and negative in Japan, as the effects of earlier front-loading ahead of tariffs unwound. There was also some uncertainty over economic momentum in the United States as the government shutdown that lasted through October and continued into November affected data collection. Inflation outcomes remained mixed, with trends in developed markets somewhat higher, while emerging markets (EMs) saw sideways to lower moves. Global monetary policy largely seemed to be in the late stages of an easing cycle, with pauses and a slower rate cutting pace becoming more common. The US Federal Reserve (Fed) delivered two 25 basis-point (bp) rate cuts over the quarter, bringing the fed funds target range to 3.50%–3.75%, though dissent over the moves among Fed members highlighted uncertainty over the outlook. Most developed market sovereign bond yields rose, while EM bonds showed mixed performance. The 10-year US Treasury note’s yield rose two bps to 4.17% over the quarter. The US dollar (USD) edged higher on average during the period, even as most developed market currencies appreciated against it.
Contributors: Overall credit exposures contributed to absolute fund performance for the quarter, as did interest-rate strategies and currency positions.
Detractors: There were no meaningful detracted from absolute fund results for the period.
Outlook: We expect global growth to be weaker than we had expected prior to tariff imposition, but we anticipate a recession is likely to be avoided.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income

Managed Fund Since 2006

Managed Fund Since 2018

Latest Insights

March 23, 2026

Macro Views: AI tailwinds, geopolitical headwinds

March 18, 2026

Middle East escalation: Market impact and emerging market implications

March 12, 2026

On My Mind: Not partying like it’s 1979

March 9, 2026

Municipal bond market monthly brief

Performance

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

Templeton Emerging Markets Income Fund - Market Price (%)

Templeton Emerging Markets Income Fund - NAV (%)

JP Morgan EMBI Global Index (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Assets: $402.06 Million
Fixed Rate Loans: 16.17%
Total Net Assets: $337.06 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 125
Benchmark: 1,050

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Effective Duration

Fund: 5.97 Years
Benchmark: 6.41 Years

Average Weighted Maturity

Fund: 8.74 Years
Benchmark: 10.91 Years

Yield to Maturity ^9,10
Yield to Maturity (‘YTM’) also known as the ‘Gross Redemption Yield’ or ‘Redemption Yield’. The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupons are reinvested at the same rate.

Fund: 12.53%
Benchmark: 7.38%

Yield to Worst ^10,11
The yield to maturity if the worst possible bond repayment takes place. If market yields are higher than the coupon, the yield to worst would assume no prepayment. If market yields are below the coupon, the yield to worst would assume prepayment. In other words, yield to worst assumes that market yields are unchanged. Normally this value is not aggregated since it varies but if a weighted average value is used for a portfolio then the figure will reflect the values of the underlying issues, based on the size of each holding

Fund: 12.53%
Benchmark: 7.37%

Asset Allocation

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	115.67%
Equity	0.01%
Cash & Cash Equivalents	-15.67%

Distributions & Tax

Federal ID Number 59-3192205

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 21	0.064252	—	—	—	—	—	0.016752	—	—
Feb 18	0.0475	—	—	—	—	—	—	—	—
Mar 17	0.0475	—	—	—	—	—	—	—	—
Apr 17	0.0475	—	—	—	—	—	—	—	—
May 19	0.0475	—	—	—	—	—	—	—	—
Jun 16	0.0475	—	—	—	—	—	—	—	—
Jul 18	0.0475	—	—	—	—	—	—	—	—
Aug 18	0.0475	—	—	—	—	—	—	—	—
Sep 18	0.0475	—	—	—	—	—	—	—	—
Oct 17	0.0475	—	—	—	—	—	—	—	—
Nov 17	0.0475	—	—	—	—	—	—	—	—
Dec 15	0.3525	—	—	—	—	—	—	—	—
	0.891752	—	—	—	—	—	0.016752	—	—

Jan 21

Feb 18

Mar 17

Apr 17

May 19

Jun 16

Jul 18

Aug 18

Sep 18

Oct 17

Nov 17

Dec 15

Supplemental Tax Information

Foreign Source Income: 73.51%
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 0.05%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 82.70%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 03/25/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/25/2026

Share Prices

As of 03/25/2026

NAV ¹(Net Asset Value): $6.67
NAV Change ¹: $0.04
NAV Change (%) ¹: 0.60%
Market Price ²: $6.17
Market Price Change ²: $0.05
Market Price Change (%) ²: 0.82%

52-Week Range

Highest NAV As of 02/17/2026: $7.22
Lowest NAV As of 04/08/2025: $5.41
Highest Market Price As of 02/11/2026: $7.20
Lowest Market Price As of 04/10/2025: $4.91

Premium / Discount

As of 03/25/2026

Avg. of Market Price vs. NAV since Inception: -7.12%
Avg. of Market Price vs. NAV at Close: -7.50%

Press Releases

02/27/2026

01/30/2026

01/13/2026

12/30/2025

12/05/2025

11/26/2025

11/07/2025

10/30/2025

10/07/2025

09/29/2025

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Templeton Emerging Markets Income Fund	Download Document
Checkbox	Product Commentary - Templeton Emerging Markets Income Fund	Download Document
Checkbox	Distribution Summary - Franklin Templeton Closed-End Fund	Download Document
Checkbox	Product Guide - Closed-end funds	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Templeton Emerging Markets Income Funds	Download Document
Checkbox	Semi-Annual Report - Templeton Emerging Markets Income Funds	Download Document
Checkbox	TEI Section 19 Notice as of 01/31/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 01/31/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 01/31/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 01/31/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 02/28/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 02/29/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 03/28/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 03/31/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 03/31/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 04/28/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 04/30/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 04/30/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 05/30/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 05/31/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 05/31/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 06/28/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 06/30/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 06/30/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 07/31/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 07/31/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 07/31/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 08/29/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 08/30/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 08/31/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 09/29/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 09/30/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 09/30/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 1/30/26Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 10/31/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 10/31/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 10/31/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 11/28/25Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 11/29/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 11/30/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 12/29/23Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 12/31/24Mailed hardcopies unavailable.	Download Document
Checkbox	TEI Section 19 Notice as of 12/31/25Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Templeton Emerging Markets Income FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Templeton Emerging Markets Income FundsMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

View Fund's SEC Filing

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated.

Important Information

The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Footnotes

Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).
Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.
Yield to Maturity is calculated without the deduction of fees and expenses.
Yield figures quoted should not be used as an indication of the income that has or will be received. Yield figures are based on the portfolio's underlying holdings and do not represent a payout of the portfolio.
Yield to Worst is calculated without the deduction of fees and expenses.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

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TEI Templeton Emerging Markets Income Fund

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Top Asset Allocation

Additional Fund Info

Trading Characteristics

Manager

About the Team

Latest Insights

Performance

Calendar Year Returns

Portfolio

Asset Allocation Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Distributions & Tax

Federal ID Number 59-3192205

Pricing

Chart

Daily Fund Prices

Press Releases

Documents

Risks

Important Information

Footnotes

Asset Allocation