Company: TXEMF
Filing Date: 2025-03-03
Form Type: N-CSR
Source: 0001133228-25-001853
Chunk: 136

Company: TEMPLETON EMERGING MARKETS INCOME FUND
Filing Date: 2025-03-03
Form: N-CSR
Chunk 136
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 because: (i) the Investment Managers operate as an independent business
unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent
Affiliate business units.

Material conflicts of interest could arise in a variety
of situations, including as a result of the Investment Managers’ or an affiliate’s (other than an Independent Affiliate as
described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer
or proponent; or (iii) significant personal or family relationship with an issuer or proponent. Material conflicts of interest are identified
by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from
directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this
information on a best-efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group,
and the Proxy Group relies on the accuracy of the information it receives from such parties.

Nonetheless, even though a potential conflict of interest
between the Investment Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1)
the Investment Managers may vote in opposition to the recommendations of an issuer’s management even if contrary to the recommendations
of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting
instructions of the Investment Managers; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own
corporate accounts, such shares may be voted without regard to these conflict procedures.

Otherwise, in situations where a material conflict of
interest is identified between the Investment Managers or one of its affiliates (other than Independent Affiliates) and an issuer, the
Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory
Clients with the Investment Managers’ recommendation regarding the vote for approval. To address certain affiliate conflict situations,
the Investment Managers will employ pass-through voting or mirror voting when required pursuant to a fund’s governing documents
or applicable law.

Where the Proxy Group refers a matter to an Advisory Client,
it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee
of the board, or an appointed delegate in the case of a U