FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07866
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TEMPLETON EMERGING MARKETS INCOME FUND
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(Exact name of registrant as specified in charter)
500 EAST BROWARD BLVD., SUITE 2100, FORT LAUDERDALE, FL 33394-3091
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(Address of principal executive offices) (Zip code)
CRAIG S. TYLE, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
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(Name and address of agent for service)
Registrant's telephone number, including area code: 954/527-7500
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Date of fiscal year end: 8/31
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Date of reporting period: 11/30/08_
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ITEM 1. SCHEDULE OF INVESTMENTS.
Templeton Emerging Markets Income Fund
QUARTERLY STATEMENT OF INVESTMENTS
NOVEMBER 30, 2008
CONTENTS
Statement of Investments .............. 3
Notes to Statement of Investments ..... 8
(FRANKLIN TEMPLETON INVESTMENTS(R) LOGO)
Franklin - TEMPLETON - Mutual Series
Quarterly Statement of Investments | 1
This page intentionally left blank.
Templeton Emerging Markets Income Fund
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2008 (UNAUDITED)
PRINCIPAL AMOUNT(a) VALUE
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BONDS 85.5%
ARGENTINA 6.6%
(b, c) Government of Argentina, senior bond, FRN, 3.127%,
8/03/12 ................................................ 140,605,000 $ 33,719,453
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BOSNIA & HERZEGOVINA 0.7%
(b) Government of Bosnia & Herzegovina, FRN, 5.933%,
12/11/17 ............................................... 6,650,731 EUR 3,674,486
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BRAZIL 11.6%
Nota Do Tesouro Nacional,
9.762%, 1/01/12 ........................................ 64,080(d) BRL 24,136,806
9.762%, 1/01/14 ........................................ 20,000(d) BRL 6,814,729
9.762%, 1/01/17 ........................................ 46,400(d) BRL 14,109,483
(e) Index Linked, 6.00%, 5/15/15 ........................... 5,600(d) BRL 3,621,332
(e) Index Linked, 6.00%, 5/15/45 ........................... 17,820(d) BRL 10,656,557
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59,338,907
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COLOMBIA 1.0%
Government of Colombia, 11.75%, 2/25/20 ................... 4,255,000 5,159,188
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ECUADOR 0.4%
(f) Government of Ecuador, Reg S, 9.375%, 12/15/15 ............ 7,166,000 2,185,630
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EL SALVADOR 0.3%
(g) Government of El Salvador, 144A, 7.65%, 6/15/35 ........... 2,650,000 1,523,750
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FIJI 1.6%
Republic of Fiji, 6.875%, 9/13/11 ......................... 11,370,000 8,351,038
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GEORGIA 0.9%
Government of Georgia, 7.50%, 4/15/13 ..................... 6,950,000 4,343,750
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GHANA 0.6%
(f) Government of Ghana, Reg S, 8.50%, 10/04/17 ............... 5,300,000 2,848,750
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INDIA 1.4%
(g) ICICI Bank Ltd.,
144A, 6.625%, 10/03/12 ................................. 6,625,000 4,841,550
(b) sub. bond, 144A, FRN, 6.375%, 4/30/22 .................. 4,100,000 2,070,221
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6,911,771
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INDONESIA 10.1%
Government of Indonesia,
11.00%, 10/15/14 ....................................... 120,832,000,000 IDR 8,465,780
10.75%, 5/15/16 ........................................ 26,870,000,000 IDR 1,776,437
10.00%, 7/15/17 ........................................ 18,800,000,000 IDR 1,156,924
FR19, 14.25%, 6/15/13 .................................. 169,282,000,000 IDR 14,077,508
FR20, 14.275%, 12/15/13 ................................ 166,215,000,000 IDR 13,822,456
FR31, 11.00%, 11/15/20 ................................. 132,050,000,000 IDR 8,290,878
FR36, 11.50%, 9/15/19 .................................. 40,000,000,000 IDR 2,644,492
FR46, 9.50%, 7/15/23 ................................... 3,200,000,000 IDR 174,304
FR47, 10.00%, 2/15/28 .................................. 12,210,000,000 IDR 685,385
FR48, 9.00%, 9/15/18 ................................... 5,450,000,000 IDR 299,127
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51,393,291
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IRAQ 3.9%
(g) Government of Iraq, 144A, 5.80%, 1/15/28 .................. 45,775,000 19,683,250
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Quarterly Statement of Investments | 3
Templeton Emerging Markets Income Fund
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2008 (UNAUDITED) (CONTINUED)
PRINCIPAL AMOUNT(a) VALUE
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BONDS (CONTINUED)
KAZAKHSTAN 5.1%
HSBK (Europe) BV,
(g) 144A, 7.25%, 5/03/17 ................................... 3,125,000 $ 1,796,875
(f) Reg S, 7.25%, 5/03/17 .................................. 20,500,000 11,487,790
(g) Kazmunaigaz Finance Sub BV, 144A, 9.125%, 7/02/18 ......... 19,200,000 12,960,000
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26,244,665
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MEXICO 5.6%
Government of Mexico,
8.00%, 12/07/23 ........................................ 1,435,000(h) MXN 9,707,734
M 20, 7.50%, 6/03/27 ................................... 2,978,000(h) MXN 18,932,863
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28,640,597
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NETHERLANDS 2.0%
Rabobank Nederland, senior note, 8.75%, 1/24/17 ........... 157,900,000 MXN 10,425,528
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PAKISTAN 1.1%
(g) Government of Pakistan, 144A, 6.875%, 6/01/17 ............. 15,000,000 5,362,500
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PANAMA 1.0%
Government of Panama, 6.70%, 1/26/36 ...................... 6,639,000 5,195,018
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PERU 4.6%
Government of Peru,
7.35%, 7/21/25 ......................................... 9,420,000 8,583,975
8.75%, 11/21/33 ........................................ 12,550,000 12,730,720
(g) Peru Enhanced Pass-Through Finance Ltd., senior secured
bond, A-1, 144A, zero cpn., 5/31/18 .................... 4,615,365 2,449,387
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23,764,082
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PHILIPPINES 5.1%
Government of the Philippines,
9.00%, 2/15/13 ......................................... 21,460,000 22,050,150
(f) Reg S, 8.75%, 10/07/16 ................................. 3,750,000 3,818,750
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25,868,900
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POLAND 1.0%
Government of Poland, 6.25%, 10/24/15 ..................... 15,380,000 PLN 5,264,740
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RUSSIA 5.9%
(f) Alfa MTN Markets Ltd. for ABH Financial Ltd., Reg S, 8.20%,
6/25/12 ................................................... 1,575,000 826,875
(f) Gaz Capital SA, senior bond, Reg S, 8.146%, 4/11/18 ....... 6,000,000 4,108,956
(g) Gazprom, secured note, 144A, 7.51%, 7/31/13 ............... 4,550,000 3,685,864
LUKOIL International Finance BV,
(g) 144A, 6.356%, 6/07/17 .................................. 890,000 485,050
(g) 144A, 6.656%, 6/07/22 .................................. 4,540,000 2,167,850
(f) Reg S, 6.356%, 6/07/17 ................................. 2,300,000 1,425,356
(f) Reg S, 6.656%, 6/07/22 ................................. 3,970,000 2,243,050
VTB Capital (VNESHTORGBK), 6.315% to 2/04/10, 7.815%
thereafter, 2/04/15 .................................... 17,000,000 14,195,000
(g) VTB Capital SA, senior note, 144A, 6.25%, 6/30/35 ......... 2,400,000 1,188,000
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30,326,001
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4 | Quarterly Statement of Investments
Templeton Emerging Markets Income Fund
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2008 (UNAUDITED) (CONTINUED)
PRINCIPAL AMOUNT(a) VALUE
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BONDS (CONTINUED)
SOUTH AFRICA 1.7%
(b, g) Edcon Holdings, 144A, FRN, 10.458%, 6/15/15 ............... 1,200,000 EUR $ 373,409
(b, f) Edcon Proprietary Ltd., senior secured note, Reg S, FRN,
8.208%, 6/15/14 ........................................ 2,100,000 EUR 1,080,220
Government of South Africa,
4.50%, 4/05/16 ......................................... 4,000,000 EUR 3,780,580
5.875%, 5/30/22 ........................................ 5,000,000 3,587,500
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8,821,709
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SOUTH KOREA 0.9%
Korea Treasury Bond, 0525-2703, 5.25%, 3/10/27 ............ 5,148,000,000 KRW 3,307,187
Korea Treasury Note, 0475-1203, 4.75%, 3/10/12 ............ 2,255,000,000 KRW 1,528,248
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4,835,435
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(i) SUPRANATIONAL 3.9%
Inter-American Development Bank, senior note, 7.50%,
12/05/24 ............................................... 355,000,000 MXN 19,838,119
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UKRAINE 5.5%
(g) City of Kiev, 144A, 8.625%, 7/15/11 ....................... 22,400,000 12,082,560
(g) Government of the Ukraine, 144A,
7.65%, 6/11/13 ......................................... 11,948,000 6,270,275
(b) FRN, 6.45%, 8/05/09 ....................................... 11,660,000 9,532,050
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27,884,885
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UNITED ARAB EMIRATES 0.8%
(g) DP World Ltd., 144A, 6.85%, 7/02/37 ....................... 8,080,000 4,317,144
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UNITED STATES 2.1%
General Electric Capital Corp., senior note, A, 8.50%,
4/06/18 ................................................ 185,000,000 MXN 10,557,256
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VIETNAM 0.1%
(b) Government of Vietnam, FRN, 3.938%, 3/12/16 ............... 712,174 627,553
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TOTAL BONDS (COST $616,229,485) ........................... 437,107,396
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NOTIONAL AMOUNT
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OPTIONS PURCHASED (COST $3,750) 0.0%(j)
PUTS 0.0%(j)
BRAZIL 0.0%(j)
(k) Brazilian Real Put, strike price 2.05 BRL, expiration date
1/20/09 ................................................ $ 100,000 15,184
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TOTAL INVESTMENTS BEFORE SHORT TERM INVESTMENTS
(COST $616,233,235) .................................... 437,122,580
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Quarterly Statement of Investments | 5
Templeton Emerging Markets Income Fund
STATEMENT OF INVESTMENTS, NOVEMBER 30, 2008 (UNAUDITED) (CONTINUED)
PRINCIPAL AMOUNT(a) VALUE
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SHORT TERM INVESTMENTS 5.6%
FOREIGN GOVERNMENT AND AGENCY SECURITIES 4.0%
COSTA RICA 0.7%
(g) Citigroup Funding Inc., cvt., 144A, zero cpn., 1/09/09 .... 3,841,535 $ 3,382,675
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EGYPT 3.3%
(l) Egypt Treasury Bill, 7/07/09 .............................. 32,375,000 EGP 5,462,270
(l) Egypt Treasury Bills, 12/16/08 - 9/22/09 .................. 65,900,000 EGP 11,552,220
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17,014,490
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TOTAL FOREIGN GOVERNMENT AND AGENCY SECURITIES
(COST $21,295,137) ..................................... 20,397,165
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TOTAL INVESTMENTS BEFORE MONEY MARKET FUNDS
(COST $637,528,372) .................................... 457,519,745
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SHARES
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MONEY MARKET FUNDS (COST $8,436,139) 1.6%
UNITED STATES 1.6%
(m) Franklin Institutional Fiduciary Trust Money Market
Portfolio, 0.99% ....................................... 8,436,139 8,436,139
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TOTAL INVESTMENTS (COST $645,964,511) 91.1% ............... 465,955,884
NET UNREALIZED APPRECIATION ON FORWARD EXCHANGE CONTRACTS
4.5% ................................................... 23,263,897
OTHER ASSETS, LESS LIABILITIES 4.3% ....................... 22,228,733
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NET ASSETS 100.0% ......................................... $ 511,448,513
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See Abbreviations on page 10.
(a) The principal amount is stated in U.S. dollars unless otherwise indicated.
(b) The coupon rate shown represents the rate at period end.
(c) The principal amount is stated in original face, and scheduled paydowns are
reflected in the market price on ex-date.
(d) Principal amount is stated in 1,000 Brazilian Real Units.
(e) Redemption price at maturity is adjusted for inflation.
(f) Security was purchased pursuant to Regulation S under the Securities Act of
1933, which exempts from registration securities offered and sold outside
of the United States. Such a security cannot be sold in the United States
without either an effective registration statement filed pursuant to the
Securities Act of 1933, or pursuant to an exemption from registration.
These securities have been deemed liquid under guidelines approved by the
Fund's Board of Trustees. At November 30, 2008, the aggregate value of
these securities was $30,025,377, representing 5.87% of net assets.
(g) Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may be sold in transactions exempt from registration only to
qualified institutional buyers or in a public offering registered under the
Securities Act of 1933. These securities have been deemed liquid under
guidelines approved by the Fund's Board of Trustees. At November 30, 2008,
the aggregate value of these securities was $94,172,410, representing
18.41% of net assets.
(h) Principal amount is stated in 100 Mexican Peso units.
(i) A supranational organization is an entity formed by two or more central
governments through international treaties.
(j) Rounds to less than 0.1% of net assets.
(k) Non-income producing for the twelve months ended November 30, 2008.
(l) The security is traded on a discount basis with no stated coupon rate.
(m) The Franklin Institutional Fiduciary Trust Money Market Portfolio is
managed by the Fund's investment manager. The rate shown is the annualized
seven-day yield at period end.
See Notes to Statement of Investments.
6 | Quarterly Statement of Investments
Templeton Emerging Markets Income Fund
NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED)
1. ORGANIZATION
Templeton Emerging Markets Income Fund (Fund) is registered under the Investment
Company Act of 1940, as amended, as a non-diversified, closed-end investment
company.
2. SECURITY VALUATION
Securities listed on a securities exchange or on the NASDAQ National Market
System are valued at the last quoted sale price or the official closing price of
the day, respectively. Over-the-counter securities and listed securities for
which there is no reported sale are valued within the range of the most recent
quoted bid and ask prices. Securities that trade in multiple markets or on
multiple exchanges are valued according to the broadest and most representative
market. Investments in open-end mutual funds are valued at the closing net asset
value.
Corporate debt securities and government securities generally trade in the
over-the-counter market rather than on a securities exchange. The Fund may
utilize independent pricing services, quotations from bond dealers, and
information with respect to bond and note transactions, to assist in determining
a current market value for each security. The Fund's pricing services may use
valuation models or matrix pricing which considers information with respect to
comparable bond and note transactions, quotations from bond dealers, or by
reference to other securities that are considered comparable in such
characteristics as rating, interest rate and maturity date, option adjusted
spread models, prepayment projections, interest rate spreads and yield curves,
to determine current value.
The Fund has procedures to determine the fair value of individual securities and
other assets for which market prices are not readily available or which may not
be reliably priced. Methods for valuing these securities may include:
fundamental analysis, matrix pricing, discounts from market prices of similar
securities, or discounts applied due to the nature and duration of restrictions
on the disposition of the securities. Due to the inherent uncertainty of
valuations of such securities, the fair values may differ significantly from the
values that would have been used had a ready market for such investments
existed. Occasionally, events occur between the time at which trading in a
security is completed and the close of the NYSE that might call into question
the availability (including the reliability) of the value of a portfolio
security held by the Fund. If such an event occurs, the securities may be valued
using fair value procedures, which may include the use of independent pricing
services. All security valuation procedures are approved by the Fund's Board of
Trustees.
Quarterly Statement of Investments | 7
Templeton Emerging Markets Income Fund
NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
3. INCOME TAXES
At November 30, 2008, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:
Cost of investments .......................... $ 649,533,201
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Unrealized appreciation ...................... $ 1,222,102
Unrealized depreciation ...................... (184,799,419)
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Net unrealized appreciation (depreciation) ... $(183,577,317)
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4. FORWARD EXCHANGE CONTRACTS
At November 30, 2008, the Fund had the following forward exchange contracts
outstanding:
CONTRACT SETTLEMENT UNREALIZED UNREALIZED
AMOUNT(a) DATE APPRECIATION DEPRECIATION
--------------- ----------- ------------ ------------
CONTRACTS TO BUY
2,249,893 Peruvian Nuevo Sol ..... 832,369 5/15/09 $ -- $(120,690)
2,814,447 Peruvian Nuevo Sol ..... 1,040,461 5/19/09 -- (150,599)
CONTRACTS TO SELL
40,428,962 Mexican Peso ........... 3,520,460 1/27/09 524,657 --
8,200,000 Euro ................... 12,547,640 3/27/09 2,147,484 --
183,978,800 Mexican Peso ........... 16,664,746 4/07/09 3,270,854 --
3,099,468 U.S. Dollar ............ 389,804,593 KZT 4/17/09 -- (51,818)
3,446,350 U.S. Dollar ............ 433,137,268 KZT 4/27/09 -- (74,189)
167,925,352 Mexican Peso ........... 15,279,832 5/07/09 3,148,065 --
61,513,239 Mexican Peso ........... 5,599,239 5/15/09 1,164,252 --
457,957,173 Mexican Peso ........... 41,806,834 5/20/09 8,830,907 --
34,649,958 Mexican Peso ........... 3,175,982 6/12/09 693,595 --
1,681,570 Euro ................... 8,324,767 MYR 6/16/09 175,291 --
1,609,368 Euro ................... 7,951,887 MYR 6/17/09 163,556 --
180,829 Euro ................... 264,878 8/18/09 35,339 --
74,700,583 Mexican Peso ........... 6,956,657 8/27/09 1,686,934 --
725,485 Euro ................... 1,013,684 9/10/09 92,585 --
362,390 Euro ................... 505,680 9/11/09 45,573 --
13,012,157 Mexican Peso ........... 1,157,459 9/15/09 242,114 --
688,058 Euro ................... 970,299 9/21/09 96,635 --
39,897,968 Mexican Peso ........... 3,467,579 10/01/09 667,603 --
39,728,544 Mexican Peso ........... 3,462,183 10/05/09 675,749 --
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Unrealized appreciation (depreciation) on forward exchange
contracts ......................................................... 23,661,193 (397,296)
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Net unrealized appreciation (depreciation) on forward exchange
contracts ......................................................... $ 23,263,897
============
See Abbreviations on page 10.
(a) In U.S. dollars unless otherwise indicated.
8 | Quarterly Statement of Investments
Templeton Emerging Markets Income Fund
NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
5. INTEREST RATE SWAPS
At November 30, 2008, the Fund had the following interest rate swap contracts
outstanding:
RECEIVE-- NATIONAL
COUNTER- FIXED PAY-- PRINCIPAL EXPIRATION UNREALIZED UNREALIZED
PARTY RATE FLOATING RATE AMOUNT(a) DATE APPRECIATION DEPRECIATION
-------- --------- ------------------------- ----------------- ---------- ------------ ------------
JPMorgan 7.06% Tasa Nominal Annual Rate 1,568,000,000 CLP 6/13/18 $ 137,181 $ --
Merrill Lynch 7.053% Tasa Nominal Annual Rate 4,700,000,000 CLP 6/13/18 407,414 --
Merrill Lynch 7.094% Tasa Nominal Annual Rate 5,100,000,000 CLP 6/16/18 461,406 --
JPMorgan 7.15% Tasa Nominal Annual Rate 1,600,000,000 CLP 6/18/18 162,588 --
JPMorgan 7.855% Tasa Nominal Annual Rate 403,200,000 CLP 7/17/18 64,552 --
Merrill Lynch 9.03% MXN Interbank Equilibrium
Interest Rate 241,000,000 MXN 8/17/18 -- (507,454)
Merrill Lynch 9.10% MXN Interbank Equilibrium
Interest Rate 80,000,000 MXN 8/04/28 -- (351,695)
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Unrealized appreciation (depreciation) on interest rate swap contracts .......................... $1,233,141 $(859,149)
========== =========
Net unrealized appreciation (depreciation) on interest rate swap contracts ................... $ 373,992
==========
See Abbreviations on page 10.
(a) In U.S. Dollar unless otherwise indicated.
6. FAIR VALUE MEASUREMENTS
The Fund adopted Financial Accounting Standards Board (FASB) issued FASB
Statement No. 157, "Fair Value Measurement" (SFAS 157), on September 1, 2008.
SFAS 157 defines fair value, establishes a framework for measuring fair value,
and expands disclosures about fair value measurements. The Fund has determined
that the implementation of SFAS 157 did not have a material impact on the Fund's
financial statements.
SFAS 157 establishes a fair value hierarchy that distinguishes between market
data obtained from independent sources (observable inputs) and the Fund's own
market assumptions (unobservable inputs). These inputs are used in determining
the value of the Fund's investments and are summarized in the following fair
value hierarchy:
- Level 1 - quoted prices in active markets for identical securities
- Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speed, credit risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
Quarterly Statement of Investments | 9
Templeton Emerging Markets Income Fund
NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
6. FAIR VALUE MEASUREMENTS (CONTINUED)
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2008, in
valuing the Fund's assets and liabilities carried at fair value:
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
----------- ------------ ------- ------------
ASSETS:
Investments in Securities ........ $25,450,629 $440,505,255 $-- $465,955,884
Other Financial Instruments(a) ... -- 24,894,334 -- 24,894,334
LIABILITIES:
Other Financial Instruments(a) ... -- 1,256,445 -- 1,256,445
(a) Other financial instruments include net unrealized appreciation
(depreciation) of forward exchange contracts and swaps.
7. NEW ACCOUNTING PRONOUNCEMENTS
In March 2008, FASB issued FASB Statement No. 161, "Disclosures about Derivative
Instruments and Hedging Activities, an amendment of FASB Statement No. 133"
(SFAS 161), which expands disclosures about derivative investments and hedging
activities. SFAS 161 is effective for fiscal years and interim periods beginning
after November 15, 2008. The Fund is currently evaluating the impact, if any, of
applying the various provisions of SFAS 161.
ABBREVIATIONS
CURRENCY
BRL - Brazilian Real
CLP - Chilean Peso
EGP - Egyptian Pound
EUR - Euro
IDR - Indonesian Rupiah
KRW - South Korean Won
KZT - Kazakhstani Tenge
MXN - Mexican Peso
MYR - Malaysian Ringgit
PLN - Polish Zloty
SELECTED PORTFOLIO
FRN - Floating Rate Note
MTN - Medium Term Note
For information on the Fund's policy regarding other significant accounting
policies, please refer to the Fund's most recent semiannual or annual
shareholder report.
10 | Quarterly Statement of Investments
ITEM 2. CONTROLS AND PROCEDURES.
(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains
disclosure controls and procedures that are designed to ensure that information
required to be disclosed in the Registrant's filings under the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 is recorded,
processed, summarized and reported within the periods specified in the rules and
forms of the Securities and Exchange Commission. Such information is accumulated
and communicated to the Registrant's management, including its principal
executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure. The Registrant's management,
including the principal executive officer and the principal financial officer,
recognizes that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired
control objectives.
Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio
Holdings on Form N-Q, the Registrant had carried out an evaluation, under the
supervision and with the participation of the Registrant's management, including
the Registrant's principal executive officer and the Registrant's principal
financial officer, of the effectiveness of the design and operation of the
Registrant's disclosure controls and procedures. Based on such evaluation, the
Registrant's principal executive officer and principal financial officer
concluded that the Registrant's disclosure controls and procedures are
effective.
(b) CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the
Registrant's internal controls or in other factors that could significantly
affect the internal controls subsequent to the date of their evaluation in
connection with the preparation of this Quarterly Schedule of Portfolio Holdings
on Form N-Q.
ITEM 3. EXHIBITS.
(a) Certification pursuant to Section 30a-2 under the Investment Company Act of
1940 of Jennifer J. Bolt, Chief Executive Officer - Finance and Administration,
and Laura F. Fergerson, Chief Financial Officer and Chief Accounting Officer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
TEMPLETON EMERGING MARKETS INCOME FUND
By /s/JENNIFER J. BOLT
--------------------------------
Jennifer J. Bolt
Chief Executive Officer -
Finance and Administration
Date January 27, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/JENNIFER J. BOLT
--------------------------------
Jennifer J. Bolt
Chief Executive Officer -
Finance and Administration
Date January 27, 2009
By /s/LAURA F. FERGERSON
--------------------------------
Laura F. Fergerson
Chief Financial Officer and
Chief Accounting Officer
Date January 27, 2009