13G Filing: Saba Capital and Templeton Emerging Markets Income Fund (TEI)

Name of Issuer: Templeton Emerging Markets Income
Fund

Address of Issuers Principal Executive Offices:
One Franklin Parkway, San Mateo, CA 94403

Name of Person Filing: This statement is being
jointly filed by Saba Capital Management, L.P., a Delaware limited
partnership (“Saba Capital”) and Mr. Boaz R. Weinstein (together, the
“Reporting Persons) with respect to the ownership of the shares of Common
Stock (as defined in Item 2(d)) by Saba Capital Master Fund Ltd. (“SCMF”),
Saba II AIV, L.P. (“SCMF II”), Saba Capital Leveraged Master Fund Ltd.
(“SCLMF”), Saba Capital Series LLC Series 1 (“SCS”), Saba Capital CEF
Opportunities 1, Ltd. (“SCEF1”), Saba Capital CEF Opportunities 2, Ltd.
(“SCEF2”), and Saba Closed-End Funds ETF (CEFS).

The Reporting Persons have entered into a Joint Filing
Agreement, dated October 13, 2017, pursuant to which the Reporting Persons
have agreed to file this statement and any subsequent amendments hereto
jointly in accordance with the provisions of Rule 13d-1(k)(1) under the
Act.

Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.

The filing of this statement should not be construed as
an admission that any of the forgoing persons or the Reporting Persons is,
for the purposes of Section 13 of the Act, the beneficial owner of the
Common Stock reported herein.

Address of Principal Business Office or, if None,
Residence: The address of the business office of Saba Capital and Mr.
Weinstein is 405 Lexington Avenue, 58th Floor, New York, New York
10174.

Citizenship: Saba Capital is organized as a
limited partnership under the laws of the State of Delaware. Mr. Weinstein
is a citizen of the United States.

Title and Class of Securities: Common stock, No
Par Value (the “Common Stock”).

CUSIP No.: 880192109

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a:

A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);

A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company Act of
1940;

A non-U.S. institution in accordance with Rule
240.13d-1(b)(1)(ii)(J);

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If
filing as a non-U.S. institution in accordance with Rule
240.13d-1(b)(1)(ii)(J), please specify the type of institution:
_______

(a)

Amount Beneficially Owned: The information
required by Items 4(a) – (c) is set forth in Rows (5) – (11) of the cover
page for each Reporting Person hereto and is incorporated herein by
reference for each such Reporting Person.

Ownership of more than Five Percent on Behalf of
Another Person. N/A

Identification and classification of the subsidiary
which acquired the security being reported on by the parent holding
company or control person. N/A

Identification and classification of members of the
group. N/A

Notice of Dissolution of Group. N/A

Certifications.

By signing below each Reporting Person certifies that, to
the best of his or its knowledge and belief, the securities referred to
above were not acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as
a participant in any transaction having that purpose or effect.