Company: TXEMF
Filing Date: 2025-03-03
Form Type: N-CSR
Source: 0001133228-25-001853
Chunk: 9

Company: TEMPLETON EMERGING MARKETS INCOME FUND
Filing Date: 2025-03-03
Form: N-CSR
Chunk 9
---
We

switched

some

bonds

to

foreign

exchange

forwards

in

Hungary,

Brazil,

Mexico,

Malaysia

and

Uzbekistan.

We

extended

duration

in

India.

In

hard

currency

positions,

we

added

USD-

denominated

positions

in

Kenya,

Gabon,

Rwanda

and

Panama,

while

in

EUR-denominated

positions

we

added

Mexico,

Ivory

Coast,

Benin

and

Poland.

We

reduced

local

currency

positions

in

Colombia

and

Ghana,

and

closed

our

positions

in

Indonesia

and

Thailand.

We

reduced

our

USD-denominated

hard

currency

exposure

in

Egypt

(effectively

switching

it

into

local

currency

as

noted

above),

Ecuador,

El

Salvador,

Dominican

Republic

and

Mongolia,

and

closed

our

positions

in

Ethiopia

and

Oman.

In

EUR-denominated

bonds,

we

closed

our

position

in

Romania.

We

entered

a

net-negative

position

in

the

Chinese

yuan,

as

we

anticipate

a

negative

effect

from

the

likely

extension

of

tariffs

on

China.

We

also

expect

this

position

to

act

as

a

hedge

for

some

of

our

other

emerging

market

exposure.

Thank

you

for

your

continued

participation

in

Templeton

Emerging

Markets

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Michael

Hasenstab,

Ph.D.

Lead

Portfolio

Manager

Calvin

Ho,

Ph.D.

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

December

31,

2024,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

f