TEI - Templeton Emerging Markets Income Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. April 13, 2026

   Evergreen Capital Management LLC sold down below 5% and stopped reporting.

   Original document →

2. Oct 6, 2025

   Evergreen Capital Management LLC cut its stake to 6.4% (from 7.8%), as a passive investor.

   Original document →

3. Feb 13, 2025

   Evergreen Capital Management LLC now owns 7.8%, as a passive investor.

   Original document →

About this fund

• Run by Franklin Advisers, Inc. Part of the Franklin Templeton Group of Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $333 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 17% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 2.4% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 36 charge a lower management fee and 27 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.88 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $6.77. The shares traded at $6.45, about 4.7% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 9.9% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.88 in the fiscal year ended Dec 31, 2025; $0.57 in the year ended Dec 31, 2024; $0.57 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Dec 31, 2025; $0.02 in the year ended Dec 31, 2024; $0.29 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.37% a year in the fiscal year ended Dec 31, 2025; 2.36% a year in the year ended Dec 31, 2024; 2.3% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $320 million at Dec 31, 2025; $267 million at Dec 31, 2024; $279 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 17% on top of its own money at Dec 31, 2025; 22% at Dec 31, 2024; 15% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 47.2 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +44.9%, counting payouts; the holdings +37.1%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +11.7%, counting payouts; the holdings +5.4%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +3.8%, counting payouts; the holdings +14%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -15.6%, counting payouts; the holdings -16.2%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +3.6%, counting payouts; the holdings -6.8%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +47%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $14,700 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +25.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 75 funds that invest in bonds with a fiscal year ending within six months of this one, 0 reported a higher share return for that year and 74 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (79%), the rest cash and short-term holdings and structured notes. About 7% issued in the U.S.

1. Cash and short-term - 19.5%
2. Republic of South Africa, South Africa Government Bond - 11.6%
3. Republic of Ecuador, Ecuador Government Bond - 6.4%
4. Hungary Government Bond - 5.4%
5. Republic of Rwanda, Rwanda Government Bond - 5.1%
6. Argentine Republic, Argentina Government Bond - 4.1%
7. ICBC Standard Bank plc - 4%
8. Republic of Kenya, Kenya Government Bond - 3.9%
9. Benin Government International Bond, Benin Government Bond - 3.8%
10. Republic of Zambia, Zambia Government Bond - 3.1%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →