Company: TXEMF
Filing Date: 2025-03-03
Form Type: N-CSR
Source: 0001133228-25-001853
Chunk: 143

Company: TEMPLETON EMERGING MARKETS INCOME FUND
Filing Date: 2025-03-03
Form: N-CSR
Chunk 143
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. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below,
the separation of the trading execution function from the portfolio management function and the application of objectively based trade
allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts
with different advisory fees.

Conflicts.The management of multiple
funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different
objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple
funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by
having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed
using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position
sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts
of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process
also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform
the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable
for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that
opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures
intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The structure of a portfolio manager’s
compensation may give rise to potential conflicts of interest. A portfolio manager’s base pay and bonus tend to increase with additional
and more complex responsibilities that include increased assets under management. As such, there may be a relationship between a portfolio
manager’s marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts
by a portfolio manager may give rise to potential conflicts of interest. While the funds and the investment manager have adopted a code
of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others
with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual