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<SEC-DOCUMENT>0000828803-05-000008.txt : 20050429
<SEC-HEADER>0000828803-05-000008.hdr.sgml : 20050429
<ACCEPTANCE-DATETIME>20050429122628
ACCESSION NUMBER:		0000828803-05-000008
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050228
FILED AS OF DATE:		20050429
DATE AS OF CHANGE:		20050429
EFFECTIVENESS DATE:		20050429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON GLOBAL INCOME FUND
		CENTRAL INDEX KEY:			0000828803
		IRS NUMBER:				222864496
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05459
		FILM NUMBER:		05783806

	BUSINESS ADDRESS:	
		STREET 1:		BROWARD FINANCIAL CENTRE
		STREET 2:		500 EAST BROWARD BLVD., SUITE 2100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33394-3091
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		BROWARD FINANCIAL CENTRE
		STREET 2:		500 EAST BROWARD BLVD., SUITE 2100
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33394-3091

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>gimsemiannualrpt05.txt
<DESCRIPTION>GIM SEMIANNUAL REPORT DTD 2/28/05
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSRS

  CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05459
                                   ----------

                       TEMPLETON GLOBAL INCOME FUND
                     --------------------------------------
              (Exact name of registrant as specified in charter)


              500 EAST BROWARD BLVD., FORT LAUDERDALE, FL 33394-3091
            --------------------------------------------------------
               (Address of principal executive offices) (Zip code)


       MURRAY L. SIMPSON, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
       -----------------------------------------------------------------
                    (Name and address of agent for service)

      Registrant's telephone number, including area code: (954) 527-7500
                                                          --------------

Date of fiscal year end: 8/31
                         ----

Date of reporting period: 2/28/05
                          -------

ITEM 1. REPORTS TO STOCKHOLDERS


[GRAPHIC OMITTED]
                                                         FEBRUARY 28, 2005

                                SEMIANNUAL REPORT             INCOME
[GRAPHIC OMITTED]
                                    TEMPLETON
                               GLOBAL INCOME FUND

                                 [LOGO OMITTED]
                            FRANKLIN[R] TEMPLETON[R]
                                   INVESTMENTS

                      Franklin o TEMPLETON o Mutual Series
<PAGE>
Franklin Templeton Investments

GAIN FROM OUR PERSPECTIVE

Franklin Templeton's distinct multi-manager structure combines the
specialized expertise of three world-class investment management
groups--Franklin, Templeton and Mutual Series.

SPECIALIZED EXPERTISE

Each of our portfolio management groups operates autonomously, relying on its
own research and staying true to the unique investment disciplines that underlie
its success.

FRANKLIN. Founded in 1947, Franklin is a recognized leader in fixed income
investing and also brings expertise in growth- and value-style U.S. equity
investing.

TEMPLETON. Founded in 1940, Templeton pioneered international investing and, in
1954, launched what has become the industry's oldest global fund. Today, with
research offices in over 25 countries, they offer investors the broadest global
reach in the industry.

MUTUAL SERIES. Founded in 1949, Mutual Series is dedicated to a unique style of
value investing, searching aggressively for opportunity among undervalued
stocks, arbitrage situations and distressed companies.

TRUE DIVERSIFICATION

Because our management groups work independently and adhere to distinctly
different investment approaches, Franklin, Templeton and Mutual Series funds
typically have a low overlap of securities. That's why our funds can be used to
build truly diversified portfolios covering every major asset class.

RELIABILITY YOU CAN TRUST

At Franklin Templeton Investments, we seek to consistently provide investors
with exceptional risk-adjusted returns over the long term, as well as the
reliable account services that have helped us become one of the most trusted
names in financial services.

MUTUAL FUNDS | RETIREMENT PLANS | 529 COLLEGE SAVINGS PLANS | SEPARATE ACCOUNTS

[GRAPHIC OMITTED]
Not part of the semiannual report
<PAGE>
                     Contents

SEMIANNUAL REPORT

Templeton Global
Income Fund .......................  1

Performance Summary ...............  8

Important Notice to
Shareholders ......................  9

Financial Highlights and
Statement of Investments .......... 10

Financial Statements .............. 16

Notes to Financial
Statements ........................ 19

Annual Meeting of
Shareholders ...................... 28

Dividend Reinvestment and
Cash Purchase Plan ................ 29

Shareholder Information ........... 31

- --------------------------------------------------------------------------------

Semiannual Report

Templeton Global Income Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Templeton Global Income Fund seeks high,
current income, with a secondary goal of capital appreciation. Under normal
market conditions, the Fund invests at least 80% of its net assets in
income-producing securities, including debt securities of U.S. and foreign
issuers, including emerging markets.

- --------------------------------------------------------------------------------

[PIE GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC AS FOLLOWS:
Portfolio Breakdown
Based on Total Net Assets as of 2/28/05

Government Bonds ................ 96.4%
Short-Term Investments &
Other Net Assets ................  3.6%

- --------------------------------------------------------------------------------

Dear Shareholder:

We are pleased to bring you Templeton Global Income Fund's semiannual report for
the period ended February 28, 2005.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 11.

                                                           Semiannual Report | 1
<PAGE>
[SIDEBARS]
- --------------------------------------------------------------------------------
  WHAT IS BALANCE OF PAYMENTS?
- --------------------------------------------------------------------------------
  Balance of payments is a record of all of a country's exports and imports of
  goods and services, borrowing and lending with the rest of the world during a
  particular time period. It helps a country evaluate its competitive strengths
  and weaknesses and forecast the strength of its currency.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
  WHAT IS A CURRENT ACCOUNT?
- --------------------------------------------------------------------------------
  A current account is that part of the balance of payments where all of one
  country's international transactions in goods and services are recorded.
- --------------------------------------------------------------------------------
[END SIDEBARS]

PERFORMANCE OVERVIEW

For the six months under review, Templeton Global Income Fund posted cumulative
total returns of 21.41% based on market price and 13.87% based on net asset
value. The Fund outperformed the J.P. Morgan (JPM) Government Bond Index (GBI)
Global, which posted cumulative total returns of 2.42% in local currency terms
and 8.32% in U.S. dollar terms for the same period. 1 You can find the Fund's
long-term performance data in the Performance Summary on page 8.

ECONOMIC AND MARKET OVERVIEW

During the six months under review, overall global growth conditions remained
robust, particularly in the U.S. and Asia. Although there was some increase in
inflationary pressures regionally, inflation generally remained historically
low, and global treasury yield curves flattened over the period.

The U.S. economy experienced improved growth amid employment gains and strong
investment spending. The core Consumer Price Index moved higher, rising to 2.4%
at period-end from 1.7% at the beginning of the reporting period. In an effort
to ease inflationary pressures, the Federal Reserve Board raised the federal
funds target rate 100 basis points (100 basis points equal one percent) from
1.50% to 2.50%. Economic growth indicators were generally quite positive;
however, measures of the U.S. balance of payment position sharply deteriorated.
The U.S. trade deficit reached record levels, hitting a $61 billion monthly
deficit level in February 2005 and a current account deficit of 6.3% of gross
domestic product (GDP) in fourth quarter 2004. 2 Although financing of the
current account deficit through foreign purchases of U.S. securities continued
to rise over the reporting period, the increase was not enough to prevent a
decline in the U.S. dollar's value against the euro and other major trading
partners' currencies.

Economic growth in Europe generally moderated in the second half of 2004, with
the slowdown most apparent in the euro zone. During fourth quarter 2004, real
GDP growth in the euro zone slowed to 1.6% annualized. Soft

1. Source: J.P. Morgan. The JPM GBI Global tracks total returns of government
bonds in developed countries globally. The bonds included in the index are
weighted according to their market capitalization. The index is unhedged and
expressed in terms of $US. Local bond market returns are from country subindexes
of the JPM GBI Global. The index is unmanaged and includes reinvested interest.
One cannot invest directly in an index, nor is an index representative of the
Fund's portfolio.
2. Sources: U.S. Census Bureau; The Financial Times Limited.

2 |  Semiannual Report
<PAGE>
labor markets contributed to weak domestic demand conditions. Additionally, the
export sector's contributions to growth eased largely due to the euro's
sustained strength, which weighed on exports. Because of the weaker growth
conditions, underlying inflationary pressures were limited, and the European
Central Bank left interest rates unchanged at 2.00%. Elsewhere in Europe, Norway
and Sweden experienced extremely low inflationary pressures, despite relatively
robust economic activity, particularly in regard to consumption. In central
Europe, favorable inflationary developments facilitated interest rate cuts in
Hungary and Slovakia and prompted Poland's central bank to move to an easing
bias. Hungary cut its interest rate 275 basis points to 8.25%, Slovakia cut its
rate 150 basis points to 3.00%, and Poland's policy rate was unchanged at 6.50%.
3 In addition to interest rate cuts contributing to bond performance, higher
interest rates relative to those in the euro zone, as well as attractive
investment prospects, supported the region's currency performance, and central
European currencies were among the world's top performing for the period.

Asia's economic performance was divided between mixed developments in Japan,
which experienced weakening growth indicators and continued deflationary
concerns, and generally strong economic performance elsewhere in Asia. In fourth
quarter 2004, Japan's GDP growth slowed to 0.5% compared with a year earlier,
while GDP grew 9.5% in China, 5.1% in Thailand and 3.3% in South Korea. 4 Asia
generally continued to produce current account surpluses, facilitating further
buildup of foreign currency reserves in the region. While Japan's foreign
currency accumulation slowed relative to prior periods given less government
intervention in currency markets, China's reserve accumulation accelerated. For
the six months under review, Japan's reserves rose $12 billion. From September
through December 2004, China's increased $114 billion. Despite moderating growth
rates in Australia and New Zealand, tight labor market conditions boosted
inflation expectations in those countries over the period. While Australia kept
its key interest rate at 5.25%, New Zealand's central bank raised interest rates
50 basis points to 6.50%.

3. Sources: Hungarian Central Bank; National Bank of Slovakia; National Bank of
Poland.
4. Sources: Economic and Social Research Institute (Japan); National Bureau of
Statistics (China); National Economic and Social Development Board (Thailand);
Bank of Korea (South Korea).

                                                           Semiannual Report | 3
<PAGE>
[SIDEBAR]
[BAR GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN  PRINTED GRAPHIC AS FOLLOWS:
GEOGRAPHIC DISTRIBUTION
Based on Total Net Assets as of 2/28/05

Other Europe 31.4%
Asia 27.8%
EMU Members* 16.0%
Australia & New Zealand 9.9%
Latin America 5.8%
Canada 5.3%
Middle East & Africa 0.2%
Short-Term Investments & Other Net Assets 3.6%

*The Fund's EMU investments were in Austria, Belgium, Finland, France, Germany,
Greece, Irish Republic, Netherlands and Spain.
[END SIDEBAR]

INVESTMENT STRATEGY

We invest selectively in bonds around the world to generate income for the Fund,
seeking opportunities while monitoring changes in interest rates, currency rates
and credit risk.

MANAGER'S DISCUSSION

During the reporting period, the Fund benefited from its strategy of
diversifying into peripheral Europe (non-euro zone) and non-Japan Asia, areas we
viewed as having attractive opportunities for favorable interest rate and
currency developments. The Fund's relative performance also benefited from
having no holdings in the U.S. or Japan. The U.S. was the clear underperformer
during the period on bond return and currency return bases, with the U.S.
portion of the JPM GBI Global rising only 0.66% and the U.S. dollar depreciating
6.96% against the country's major trading partners. 1 Japan also underperformed
the index, although not to the magnitude of the U.S. Our overall European
position benefited relative Fund performance, as peripheral European holdings
generally outperformed the euro zone. However, the Fund's underweighted U.K.
position detracted from performance relative to the index given the U.K. bond
market's outperformance in U.S. dollar terms. During the reporting period, we
found what we believed were attractive opportunities globally through our
interest rate, currency and sovereign bond strategies. By period-end,
approximately 15% of the Fund's total net assets were in below investment grade
holdings.

INTEREST RATE STRATEGY

While the U.S. began raising interest rates in 2004, economic conditions in
other countries contributed to maintaining low interest rates or facilitated
interest rate reductions, which provided support to bond markets in local
currency terms. For instance, the Fund benefited from earning higher interest
rates in Poland relative to the euro zone, as well as from building market
expectations for interest rate reductions following easing inflationary
pressures during the period. The JPM GBI Global's Polish subindex rose 11.53% in
local currency terms for the six months ended February 28, 2005. 1 Although

4 |  Semiannual Report
<PAGE>
the Fund's euro zone position was underweighted relative to the JPM GBI Global,
it represented one of the Fund's longer duration positions and benefited from
low inflation and unchanged interest rates. In Asia, local Indonesian bond
markets outperformed the index, rising 11.06% over the six-month period,
supported by favorable macroeconomic conditions in Indonesia, such as slowing
inflation and robust growth, as well as political stability and attractive
yields. 1 Additionally, the country's economy benefited from greater investment
spending, which rose 18.3% in fourth quarter 2004 compared with a year earlier.

CURRENCY STRATEGY

During the reporting period, currency gains against the U.S. dollar benefited
global bond market performance, with the JPM GBI Global rising 8.32% in U.S.
dollar terms compared with 2.42% in local currency terms. 1 Central to our
currency strategy during the period was our negative outlook for the U.S. dollar
given structural weakness in the U.S. balance of payment position. Although the
euro generated positive returns, rising 8.97% against the U.S. dollar during the
period, we saw better value in other European (non-euro zone) and Asian
currencies. Many currencies appreciated against the U.S. dollar, with a couple
of notable performers within each region. In central Europe, the Polish zloty
and Slovakian koruna appreciated 24.46% and 15.86% against the U.S. dollar.
Among Scandinavian currencies, the Norwegian krone and Swedish krona rose 11.24%
and 9.82%. In the Asia-Pacific region, the South Korean won gained 14.67%, while
the Australian dollar increased 12.23%.

[SIDEBAR]
[BAR GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN  PRINTED GRAPHIC AS FOLLOWS:
CURRENCY BREAKDOWN
Based on Total Portfolio Value as of 2/28/05

Euro 16.5%
South Korean Won 13.8%
U.S. Dollar 10.3%
Swedish Krona 9.5%
New Zealand Dollar 7.1%
Polish Zloty 6.8%
Thai Baht 5.9%
Indonesian Rupiah 5.8%
Australian Dollar 5.7%
Canadian Dollar 5.4%
Slovakian Koruna 5.0%
Norwegian Krone 3.9%
Danish Krone 1.7%
Hungarian Forint 1.6%
Singapore Dollar 0.6%
Malaysian Ringgit 0.3%
British Pound 0.1%
[END SIDEBAR]

                                                           Semiannual Report | 5
<PAGE>
GLOBAL SOVEREIGN DEBT STRATEGY

Despite rising U.S. interest rates, U.S. dollar-denominated sovereign debt
generated positive returns, with the JPM Emerging Markets Bond Index Global
(EMBIG) rising 8.01% in U.S. dollar terms during the reporting period. 5
Sovereign interest rate spreads declined from 425 basis points greater than U.S.
Treasuries at the beginning of the reporting period to 333 basis points at
period-end. Given tightening spreads, we de-emphasized sovereign debt in our
overall strategy while maintaining selective exposure to sovereign credits with
what we believed were improving credit fundamentals. For example, Ukrainian
sovereign bonds returned 8.71% during the period, following the landmark
election of the presidential candidate many perceived as market friendly. 5 In
addition to a strong economic environment with 12% GDP growth in 2004, such
political developments seemed to provide a positive backdrop for progress on
previously stalled structural reform initiatives, which has the potential to
enhance Ukraine's credit standing. 6 Russian sovereign bonds rose 11.58%,
benefiting from an investment grade sovereign credit rating from Standard &
Poor's and Moody's Investors Service, two independent credit rating agencies. 5

5. Source: J.P. Morgan. The JPM EMBIG tracks total returns for U.S.
dollar-denominated debt instruments issued by emerging market sovereign and
quasi-sovereign entities: Brady bonds, loans and Eurobonds. Local bond market
returns are from country subindexes of the JPM EMBIG.
6. Source: Reuters.

6 |  Semiannual Report
<PAGE>
Thank you for your continued participation in Templeton Global Income Fund. We
look forward to serving your future investment needs.

Sincerely,

[PHOTO OMITTED]
/s/Alex C. Calvo
- ----------------

Alex C. Calvo

[PHOTO OMITTED]
/s/Michael Hasenstab
- --------------------

Michael Hasenstab, Ph.D.

Portfolio Managers
Templeton Global Income Fund

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS, OPINIONS AND PORTFOLIO HOLDINGS
AS OF FEBRUARY 28, 2005, THE END OF THE REPORTING PERIOD. THE WAY WE IMPLEMENT
OUR MAIN INVESTMENT STRATEGIES AND THE RESULTING PORTFOLIO HOLDINGS MAY CHANGE
DEPENDING ON FACTORS SUCH AS MARKET AND ECONOMIC CONDITIONS. THESE OPINIONS MAY
NOT BE RELIED UPON AS INVESTMENT ADVICE OR AN OFFER FOR A PARTICULAR SECURITY.
THE INFORMATION IS NOT A COMPLETE ANALYSIS OF EVERY ASPECT OF ANY MARKET,
COUNTRY, INDUSTRY, SECURITY OR THE FUND. STATEMENTS OF FACT ARE FROM SOURCES
CONSIDERED RELIABLE, BUT THE INVESTMENT MANAGER MAKES NO REPRESENTATION OR
WARRANTY AS TO THEIR COMPLETENESS OR ACCURACY. ALTHOUGH HISTORICAL PERFORMANCE
IS NO GUARANTEE OF FUTURE RESULTS, THESE INSIGHTS MAY HELP YOU UNDERSTAND OUR
INVESTMENT MANAGEMENT PHILOSOPHY.

                                                           Semiannual Report | 7
<PAGE>
Performance Summary as of 2/28/05

Your dividend income will vary depending on dividends or interest paid by
securities in the Fund's portfolio, adjusted for operating expenses. Capital
gain distributions are net profits realized from the sale of portfolio
securities. Total return reflects reinvestment of the Fund's dividends and
capital gain distributions, if any, and any unrealized gains or losses. All
total returns include reinvested distributions according to the terms specified
in the Fund's dividend reinvestment and cash purchase plan and do not reflect
any sales charges paid at inception or brokerage commissions paid on secondary
market purchases. The performance table does not reflect any taxes due on Fund
dividends, capital gains distributions, if any, or any realized gains on the
sale of Fund shares.

PRICE AND DISTRIBUTION INFORMATION

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
                                                           CHANGE           2/28/05          8/31/04
- -----------------------------------------------------------------------------------------------------------------
  <S>                                                      <C>                <C>              <C>
  Net Asset Value (NAV)                                    +$0.82             $9.59            $8.77
- -----------------------------------------------------------------------------------------------------------------
  Market Price (NYSE)                                      +$1.42             $9.98            $8.56
- -----------------------------------------------------------------------------------------------------------------
  DISTRIBUTIONS (9/1/04-2/28/05)
- -----------------------------------------------------------------------------------------------------------------
  Dividend Income                       $0.3852
- -----------------------------------------------------------------------------------------------------------------

PERFORMANCE

- -----------------------------------------------------------------------------------------------------------------
                                        6-MONTH            1-YEAR            5-YEAR          10-YEAR
- -----------------------------------------------------------------------------------------------------------------
  Cumulative Total Return 1
- -----------------------------------------------------------------------------------------------------------------
     Based on change in NAV              13.87%            14.31%            91.96%          179.59%
- -----------------------------------------------------------------------------------------------------------------
     Based on change in market price     21.41%            19.62%           141.20%          225.03%
- -----------------------------------------------------------------------------------------------------------------
  Average Annual Total Return 1
- -----------------------------------------------------------------------------------------------------------------
     Based on change in NAV              13.87%            14.31%            13.93%           10.83%
- -----------------------------------------------------------------------------------------------------------------
     Based on change in market price     21.41%            19.62%            19.26%           12.51%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>

PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH DOES NOT GUARANTEE
FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, AND YOU
MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. CURRENT PERFORMANCE MAY
DIFFER FROM FIGURES SHOWN.

FOR MORE CURRENT PERFORMANCE, CALL FRANKLIN TEMPLETON INVESTMENTS AT
1-800/342-5236.

ENDNOTES

SPECIAL RISKS ARE ASSOCIATED WITH FOREIGN INVESTING, INCLUDING CURRENCY
VOLATILITY, ECONOMIC INSTABILITY AND SOCIAL AND POLITICAL DEVELOPMENTS OF
COUNTRIES WHERE THE FUND INVESTS. EMERGING MARKETS INVOLVE HEIGHTENED RISKS
RELATED TO THE SAME FACTORS, IN ADDITION TO THOSE ASSOCIATED WITH THEIR
RELATIVELY SMALL SIZE AND LESSER LIQUIDITY. ALSO, AS A NONDIVERSIFIED INVESTMENT
COMPANY, THE FUND MAY INVEST IN A RELATIVELY SMALL NUMBER OF ISSUERS, AND AS A
RESULT, BE SUBJECT TO A GREATER RISK OF LOSS WITH RESPECT TO ITS PORTFOLIO
SECURITIES.

1. Total return calculations represent the cumulative and average annual changes
in value of an investment over the periods indicated. Six-month return has not
been annualized.

8 |  Semiannual Report
<PAGE>
Important Notice to Shareholders

SHARE REPURCHASE PROGRAM

The Fund's Board previously authorized management to implement an open-market
share repurchase program pursuant to which the Fund may purchase Fund shares,
from time to time, in open-market transactions, at the discretion of management.
This authorization remains in effect.

                                                           Semiannual Report | 9
<PAGE>
Templeton Global Income Fund

FINANCIAL HIGHLIGHTS


<TABLE>
<CAPTION>
                                                  -----------------------------------------------------------------------------
                                                   SIX MONTHS ENDED
                                                   FEBRUARY 28, 2005                      YEAR ENDED AUGUST 31,
                                                      (UNAUDITED)        2004         2003       2002        2001        2000
                                                  -----------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
<S>                                                        <C>          <C>          <C>        <C>         <C>         <C>
Net asset value, beginning of period ............          $8.77        $8.18        $7.29      $6.99       $7.06       $7.50
                                                  -----------------------------------------------------------------------------
Income from investment operations:
 Net investment income a ........................            .20          .41          .41        .45 e       .56         .60
 Net realized and unrealized gains (losses) .....           1.01          .72        .98          .39 e      (.11)       (.46)
                                                  -----------------------------------------------------------------------------
Total from investment operations ................           1.21         1.13         1.39        .84         .45         .14
                                                  -----------------------------------------------------------------------------
Capital share repurchases .......................             --           --           --         --         .03         .02
                                                  -----------------------------------------------------------------------------
Less distributions from:
 Net investment income ..........................           (.39)        (.54)        (.50)      (.34)       (.31)       (.60)
 Tax return of capital ..........................             --           --           --       (.20)       (.24)         --
                                                  -----------------------------------------------------------------------------
Total distributions .............................           (.39)        (.54)        (.50)      (.54)       (.55)       (.60)
                                                  -----------------------------------------------------------------------------
Net asset value, end of period ..................          $9.59        $8.77        $8.18      $7.29       $6.99       $7.06
                                                  =============================================================================
Market value, end of period b ...................          $9.98        $8.56        $7.95      $7.35       $6.55     $6.1875
                                                  =============================================================================

Total return (based on market value per
  share) c ......................................         21.41%       14.69%       15.37%     21.32%      15.44%       3.97%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's) ...............     $1,245,829   $1,136,976   $1,058,791   $944,602    $763,696    $797,122
Ratios to average net assets:
 Expenses .......................................           .75% d       .77%         .72%       .75%        .75%        .75%
 Net investment income ..........................          4.33% d      4.66%        5.16%      6.28% e     8.11%       8.12%
Portfolio turnover rate .........................         21.31%       48.85%       69.77%     82.31%      66.27%     110.36%
</TABLE>

a Based on average daily shares outstanding.
b Based on the last sale on the New York Stock Exchange.
c Total return is not annualized for periods less than one year.
d Annualized.
e Effective September 1, 2001, the Fund adopted the provisions of the AICPA
Audit and Accounting Guide for Investment Companies and began amortizing all
premium and discount on fixed-income securities, as required. The effect of this
change was as follows:
  Net investment income per share ..............................  $(0.09)
  Net realized and unrealized gains (losses) per share .........    0.09
  Ratio of net investment income to average net assets .........   (1.32)%
  Per share data and ratios for prior periods have not been restated to reflect
this change in accounting policy.

10 |  See notes to financial statements.  |  Semiannual Report
<PAGE>
Templeton Global Income Fund

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2005 (UNAUDITED)

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
                                                                                    PRINCIPAL AMOUNT A            VALUE
- ----------------------------------------------------------------------------------------------------------------------------
   LONG TERM INVESTMENTS 96.4%
   AUSTRALIA 5.6%
   New South Wales Treasury Corp.,
   <S>                                                                              <C>                      <C>
     6.50%, 5/01/06 ...............................................................       8,681,000 AUD      $    6,937,576
     8.00%, 3/01/08 ...............................................................       6,200,000 AUD           5,196,718
     6.00%, 5/01/12 ...............................................................      10,200,000 AUD           8,166,306
   Queensland Treasury Corp.,
     6.00%, 7/14/09 ...............................................................       4,100,000 AUD           3,280,133
     6.00%, 8/14/13 ...............................................................      56,500,000 AUD          45,520,170
                                                                                                             ---------------
                                                                                                                 69,100,903
                                                                                                             ---------------
   AUSTRIA 2.3%
   Republic of Austria,
     5.50%, 10/20/07 ..............................................................      15,900,000 EUR          22,535,914
     5.00%, 7/15/12 ...............................................................       4,580,000 EUR           6,666,358
                                                                                                             ---------------
                                                                                                                 29,202,272
                                                                                                             ---------------
   BELGIUM 2.8%
   Kingdom of Belgium,
     8.50%, 10/01/07 ..............................................................      19,718,000 EUR          29,850,912
     5.00%, 9/28/12 ...............................................................       3,840,000 EUR           5,580,698
                                                                                                             ---------------
                                                                                                                 35,431,610
                                                                                                             ---------------
   BRAZIL .6%
   Republic of Brazil, DCB, L, FRN, 3.125%, 4/15/12 ...............................       8,147,712               7,880,386
                                                                                                             ---------------
   CANADA 5.3%
   Government of Canada,
     8.75%, 12/01/05 ..............................................................       5,290,000 CAD           4,482,825
     6.00%, 6/01/11 ...............................................................      26,263,000 CAD          23,679,831
   Province of Alberta,
     7.50%, 12/01/05 ..............................................................       9,470,000 CAD           7,952,327
     5.00%, 12/16/08 ..............................................................      28,530,000 CAD          24,312,220
   Province of British Columbia, 6.00%, 6/09/08 ...................................       7,000,000 CAD           6,121,828
                                                                                                             ---------------
                                                                                                                 66,549,031
                                                                                                             ---------------
   COLOMBIA .5%
   Republic of Colombia, 11.75%, 2/25/20 ..........................................       4,735,000               6,032,627
                                                                                                             ---------------
   DENMARK 1.7%
   Kingdom of Denmark,
     6.00%, 11/15/11 ..............................................................      15,500,000 DKK           3,181,092
     5.00%, 11/15/13 ..............................................................      92,320,000 DKK          18,068,375
                                                                                                             ---------------
                                                                                                                 21,249,467
                                                                                                             ---------------
   FINLAND 2.0%
   Government of Finland, 5.00%, 7/04/07 ..........................................      17,600,000 EUR          24,570,289
                                                                                                             ---------------

                                                          Semiannual Report | 11
<PAGE>
Templeton Global Income Fund

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2005 (UNAUDITED) (CONTINUED)

- ----------------------------------------------------------------------------------------------------------------------------
                                                                                    PRINCIPAL AMOUNT A           VALUE
- ----------------------------------------------------------------------------------------------------------------------------
   LONG TERM INVESTMENTS (CONT.)
   FRANCE 1.5%
   Government of France,
     4.00%, 4/25/09 ...............................................................       9,750,000 EUR      $   13,425,146
     4.25%, 4/25/19 ...............................................................       4,000,000 EUR           5,481,182
                                                                                                             ---------------
                                                                                                                 18,906,328
                                                                                                             ---------------
   GERMANY 3.0%
   Federal Republic of Germany, 4.00%, 2/16/07 ....................................       3,470,000 EUR           4,723,844
   Kreditanstalt Fuer Wiederaufbau KFW, senior note, 6.375%, 2/17/15 ..............      45,550,000 NZD          32,588,483
                                                                                                             ---------------
                                                                                                                 37,312,327
                                                                                                             ---------------
   GREECE .5%
   Hellenic Republic, 4.60%, 5/20/13 ..............................................       4,560,000 EUR           6,416,331
                                                                                                             ---------------
   HUNGARY 1.6%
   Government of Hungary,
     9.25%, 5/12/05 ...............................................................     127,000,000 HUF             696,991
     8.50%, 10/12/05 ..............................................................   3,342,000,000 HUF          18,405,414
     7.00%, 4/12/06 ...............................................................     110,000,000 HUF             600,335
                                                                                                             ---------------
                                                                                                                 19,702,740
                                                                                                             ---------------
   INDONESIA 5.6%
   Government of Indonesia, 11.00%, 10/15/14 ......................................  24,400,000,000 IDR           2,756,519
   Indonesia Recapital Bonds,
     14.00%, 6/15/09 ..............................................................  49,141,000,000 IDR           6,157,014
     13.15%, 3/15/10 .............................................................. 188,975,000,000 IDR          23,457,410
     14.25%, 6/15/13 ..............................................................  50,150,000,000 IDR           6,585,081
     14.275%, 12/15/13 ............................................................ 237,966,000,000 IDR          31,388,025
                                                                                                             ---------------
                                                                                                                 70,344,049
                                                                                                             ---------------
   IRISH REPUBLIC 1.3%
   Republic of Ireland, 4.25%, 10/18/07 ...........................................      11,500,000 EUR          15,845,189
                                                                                                             ---------------
   MALAYSIA .3%
   Government of Malaysia,
     4.305%, 2/27/09 ..............................................................       2,900,000 MYR             786,358
     4.032%, 9/15/09 ..............................................................       8,600,000 MYR           2,308,421
                                                                                                             ---------------
                                                                                                                  3,094,779
                                                                                                             ---------------
   MEXICO 1.1%
   United Mexican States, 144A, 7.50%, 3/08/10 ....................................       8,800,000 EUR          13,589,692
                                                                                                             ---------------
   NETHERLANDS .5%
   Government of Netherlands, 5.75%, 2/15/07 ......................................       4,800,000 EUR           6,742,909
                                                                                                             ---------------
   NEW ZEALAND 4.3%
   Government of New Zealand,
     7.00%, 7/15/09 ...............................................................      41,630,000 NZD          31,200,927
     6.00%, 11/15/11 ..............................................................      31,373,000 NZD          22,651,514
                                                                                                             ---------------
                                                                                                                 53,852,441
                                                                                                             ---------------

12 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2005 (UNAUDITED) (CONTINUED)

- ----------------------------------------------------------------------------------------------------------------------------
                                                                                    PRINCIPAL AMOUNT A           VALUE
- ----------------------------------------------------------------------------------------------------------------------------
   LONG TERM INVESTMENTS (CONT.)
   NORWAY 2.0%
   Kingdom of Norway, 6.75%, 1/15/07 ..............................................     142,000,000 NOK      $   24,635,551
                                                                                                             ---------------
   PERU .2%
   Republic of Peru,
     9.875%, 2/06/15 ..............................................................       1,800,000               2,189,250
     FRN, 4.50%, 3/07/17 ..........................................................         300,000                 282,000
                                                                                                             ---------------
                                                                                                                  2,471,250
                                                                                                             ---------------
   PHILIPPINES 1.9%
   Republic of Philippines,
     9.00%, 2/15/13 ...............................................................       5,500,000               5,811,025
     Reg S, 9.125%, 2/22/10 .......................................................      12,170,000 EUR          17,822,650
                                                                                                             ---------------
                                                                                                                 23,633,675
                                                                                                             ---------------
   POLAND 6.7%
   Republic of Poland,
     8.50%, 11/12/06 ..............................................................     100,860,000 PLN          36,016,281
     8.50%, 5/12/07 ...............................................................      68,700,000 PLN          24,905,895
     6.00%, 5/24/09 ...............................................................      65,250,000 PLN          22,756,362
                                                                                                             ---------------
                                                                                                                 83,678,538
                                                                                                             ---------------
   RUSSIA 2.1%
   Russian Federation, Reg S, 11.00%, 7/24/18 .....................................      17,771,000              25,701,024
                                                                                                             ---------------
   SINGAPORE .6%
   Republic of Singapore,
     4.00%, 3/01/07 ...............................................................       8,500,000 SGD           5,442,861
     2.625%, 10/01/07 .............................................................       3,220,000 SGD           2,011,880
                                                                                                             ---------------
                                                                                                                  7,454,741
                                                                                                             ---------------
   SLOVAK REPUBLIC 4.9%
   Republic of Slovakia,
     4.95%, 3/05/08 ...............................................................      66,600,000 SKK           2,458,599
     4.80%, 4/14/09 ...............................................................     333,500,000 SKK          12,514,899
     7.50%, 3/13/12 ...............................................................      84,000,000 SKK           3,671,690
     Strip, 1/14/07 ...............................................................   1,264,000,000 SKK          42,129,574
                                                                                                             ---------------
                                                                                                                 60,774,762
                                                                                                             ---------------
   SOUTH AFRICA .2%
   Republic of South Africa, 5.25%, 5/16/13 .......................................       2,000,000 EUR           2,815,107
                                                                                                             ---------------
   SOUTH KOREA 13.6%
   Korea Treasury Bond,
     4.50%, 3/05/06 ...............................................................  19,500,000,000 KRW          19,553,366
     4.50%, 9/03/06 ...............................................................  29,790,000,000 KRW          29,887,601
     6.90%, 1/16/07 ...............................................................  41,010,000,000 KRW          42,960,394
     5.77%, 10/09/07 ..............................................................  39,640,000,000 KRW          41,048,255
     4.75%, 3/12/08 ...............................................................   8,075,000,000 KRW           8,155,163
     4.50%, 9/09/08 ...............................................................  12,000,000,000 KRW          12,097,733
     5.00%, 3/26/13 ...............................................................   5,000,000,000 KRW           5,063,220
   Republic of Korea, 6.15%, 7/10/07 ..............................................  10,000,000,000 KRW          10,429,348
                                                                                                             ---------------
                                                                                                                169,195,080
                                                                                                             ---------------

                                                          Semiannual Report | 13
<PAGE>
Templeton Global Income Fund

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2005 (UNAUDITED) (CONTINUED)

- ----------------------------------------------------------------------------------------------------------------------------
                                                                                    PRINCIPAL AMOUNT A           VALUE
- ----------------------------------------------------------------------------------------------------------------------------
   LONG TERM INVESTMENTS (CONT.)
   SPAIN 2.1%
   Government of Spain,
     8.80%, 4/30/06 ...............................................................      13,342,000 EUR      $   18,969,566
     5.00%, 7/30/12 ...............................................................       4,850,000 EUR           7,047,253
                                                                                                             ---------------
                                                                                                                 26,016,819
                                                                                                             ---------------
   SWEDEN 9.4%
   Kingdom of Sweden,
     3.50%, 4/20/06 ...............................................................      85,955,000 SEK          12,753,305
     8.00%, 8/15/07 ...............................................................      59,250,000 SEK           9,764,921
     6.50%, 5/05/08 ...............................................................     100,400,000 SEK          16,308,535
     5.25%, 3/15/11 ...............................................................     273,300,000 SEK          43,904,181
     5.50%, 10/08/12 ..............................................................      62,060,000 SEK          10,191,266
     3.50%, 12/01/15 ..............................................................     129,800,000 SEK          23,764,158
                                                                                                             ---------------
                                                                                                                116,686,366
                                                                                                             ---------------
   THAILAND 5.8%
   Government of Thailand,
     8.50%, 10/14/05 ..............................................................     396,215,000 THB          10,755,507
     8.00%, 12/08/06 ..............................................................   1,453,680,000 THB          41,400,419
     5.60%, 7/07/07 ...............................................................     499,730,000 THB          13,801,996
     4.125%, 2/12/08 ..............................................................     178,700,000 THB           4,783,239
     8.50%, 12/08/08 ..............................................................      31,000,000 THB             950,713
                                                                                                             ---------------
                                                                                                                 71,691,874
                                                                                                             ---------------
   UKRAINE 2.9%
   Republic of Ukraine,
     144A, 6.875%, 3/04/11 ........................................................       6,020,000               6,322,806
     144A, 7.65%, 6/11/13 .........................................................      21,700,000              23,902,550
     FRN, 6.365%, 8/05/09 .........................................................       5,300,000               5,716,580
                                                                                                             ---------------
                                                                                                                 35,941,936
                                                                                                             ---------------
   UNITED KINGDOM .1%
   United Kingdom, 8.50%, 7/16/07 .................................................         811,000 GBP           1,688,934
                                                                                                             ---------------
   VENEZUELA 3.4%
   Republic of Venezuela,
     9.25%, 9/15/27 ...............................................................      36,005,000              37,164,001
     FRN, 3.6925%, 4/20/11 ........................................................       5,550,000               5,071,312
                                                                                                             ---------------
                                                                                                                 42,235,313
                                                                                                             ---------------
  TOTAL LONG TERM INVESTMENTS (COST $999,118,697) .................................                           1,200,444,340
                                                                                                             ---------------
14 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

STATEMENT OF INVESTMENTS, FEBRUARY 28, 2005 (UNAUDITED) (CONTINUED)

- ----------------------------------------------------------------------------------------------------------------------------
                                                                                    PRINCIPAL AMOUNT A           VALUE
- ----------------------------------------------------------------------------------------------------------------------------
  SHORT TERM INVESTMENTS (COST $22,597,784) 1.9%
  NORWAY 1.9%
b Norwegian Treasury Bill, 6/15/05 - 9/21/05 ......................................     147,800,000 NOK      $   23,615,189
                                                                                                             ---------------
  TOTAL INVESTMENTS (COST $1,021,716,481) 98.3% ...................................                           1,224,059,529
  OTHER ASSETS, LESS LIABILITIES 1.7% .............................................                              21,769,156
                                                                                                             ---------------
  NET ASSETS 100.0% ...............................................................                          $1,245,828,685
                                                                                                             ===============
</TABLE>

PORTFOLIO ABBREVIATIONS:
FRN  -Floating Rate Notes

CURRENCY ABBREVIATIONS:
AUD - Australian Dollar
CAD - Canadian Dollar
DKK - Danish Krone
EUR - Euro
GBP - British Pound
HUF - Hungarian Forint
IDR - Indonesian Rupiah
KRW - Korean Won
MYR - Malaysian Ringgit
NOK - Norwegian Krone
NZD - New Zealand Dollar
PLN - Polish Zloty
SEK - Swedish Krona
SGD - Singapore Dollar
SKK - Slovak Koruna
THB - Thai Baht

a The principal amount is stated in U.S. dollars unless otherwise indicated.
b Security is traded on a discount basis with no stated coupon rate.

                  Semiannual Report  |  See notes to financial statements.  | 15
<PAGE>
Templeton Global Income Fund

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
February 28, 2005 (unaudited)

<TABLE>
<CAPTION>
Assets:
 Investments in securities:
  <S>                                                                                                       <C>
  Cost ................................................................................................     $1,021,716,481
                                                                                                            ---------------
  Value ...............................................................................................     $1,224,059,529
 Foreign currency, at value (cost $95,874) ............................................................             45,152
 Receivables:
  Investment securities sold ..........................................................................          4,097,077
  Interest ............................................................................................         25,988,195
                                                                                                            ---------------
      Total assets ....................................................................................      1,254,189,953
                                                                                                            ---------------
Liabilities:
 Payables:
  Investment securities purchased .....................................................................             40,024
  Affiliates ..........................................................................................            590,426
 Funds advanced by custodian ..........................................................................          7,343,638
 Other liabilities ....................................................................................            387,180
                                                                                                            ---------------
      Total liabilities ...............................................................................          8,361,268
                                                                                                            ---------------
        Net assets, at value ..........................................................................     $1,245,828,685
                                                                                                            ===============
Net assets consist of:
 Distributions in excess of net investment income .....................................................     $  (18,232,586)
 Net unrealized appreciation (depreciation) ...........................................................        203,246,192
 Accumulated net realized gain (loss) .................................................................        (14,833,498)
 Capital shares .......................................................................................      1,075,648,577
                                                                                                            ---------------
        Net assets, at value ..........................................................................     $1,245,828,685
                                                                                                            ===============
Shares outstanding ....................................................................................        129,976,015
                                                                                                            ===============
Net asset value per share .............................................................................              $9.59
                                                                                                            ===============

16 |  See notes to financial statements.  |  Semiannual Report
<PAGE>
Templeton Global Income Fund

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended February 28, 2005 (unaudited)

Investment income:
 Dividends - Sweep Money Fund (Note 8) ................................................................       $     80,311
 Interest (net of foreign taxes of $883,281) ..........................................................         30,312,093
                                                                                                              -------------
      Total investment income .........................................................................         30,392,404
                                                                                                              -------------
Expenses:
 Management fees (Note 3) .............................................................................          3,004,057
 Administrative fees (Note 3) .........................................................................            732,762
 Transfer agent fees ..................................................................................            110,200
 Custodian fees (Note 4) ..............................................................................            470,348
 Reports to shareholders ..............................................................................             37,400
 Registration and filing fees .........................................................................             52,900
 Professional fees ....................................................................................              8,500
 Trustees' fees and expenses ..........................................................................             32,100
 Other ................................................................................................             11,600
                                                                                                              -------------
      Total expenses ..................................................................................          4,459,867
      Expense reductions (Note 4) .....................................................................               (858)
                                                                                                              -------------
        Net expenses ..................................................................................          4,459,009
                                                                                                              -------------
          Net investment income .......................................................................         25,933,395
                                                                                                              -------------
Realized and unrealized gains
(losses):
 Net realized gain (loss) from:
  Investments .........................................................................................         39,797,073
  Foreign currency transactions .......................................................................          1,770,767
                                                                                                              -------------
        Net realized gain (loss) ......................................................................         41,567,840
                                                                                                              -------------
 Net change in unrealized appreciation (depreciation) on:
  Investments .........................................................................................         87,966,236
  Translation of assets and liabilities denominated in foreign currencies .............................            857,471
                                                                                                              -------------
        Net change in unrealized appreciation (depreciation) ..........................................         88,823,707
                                                                                                              -------------
Net realized and unrealized gain (loss) ...............................................................        130,391,547
                                                                                                              -------------
Net increase (decrease) in net assets resulting from operations .......................................       $156,324,942
                                                                                                              =============
</TABLE>

                  Semiannual Report  |  See notes to financial statements.  | 17
<PAGE>
Templeton Global Income Fund

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS for the six months ended February 28, 2005
(unaudited) and the year ended August 31, 2004
<TABLE>
<CAPTION>

                                                                                              --------------------------------------
                                                                                                 SIX MONTHS ENDED      YEAR ENDED
                                                                                                FEBRUARY 28, 2005   AUGUST 31, 2004
                                                                                              --------------------------------------
Increase (decrease) in net assets:
 Operations:
<S>                                                                                                <C>               <C>
  Net investment income ...................................................................        $   25,933,395    $   52,721,929
  Net realized gain (loss) from investments and foreign currency transactions .............            41,567,840        39,479,907
  Net change in unrealized appreciation (depreciation) on investments and translation of
 assets and liabilities denominated in foreign currencies .................................            88,823,707        54,688,070
                                                                                              --------------------------------------
      Net increase (decrease) in net assets resulting from operations .....................           156,324,942       146,889,906
 Distributions to shareholders from net investment income .................................           (49,995,287)      (70,472,145)
 Capital share transactions (Note 2) ......................................................             2,522,656         1,767,365
                                                                                              --------------------------------------
      Net increase (decrease) in net assets ...............................................           108,852,311        78,185,126
Net assets:
 Beginning of period ......................................................................         1,136,976,374     1,058,791,248
                                                                                              --------------------------------------
 End of period ............................................................................        $1,245,828,685    $1,136,976,374
                                                                                              ======================================
Distributions in excess of net investment income (undistributed net investment income)
 included in net assets:
 End of period ............................................................................        $  (18,232,586)   $    5,829,306
                                                                                              ======================================
</TABLE>

18 |  See notes to financial statements.  |  Semiannual Report
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Templeton Global Income Fund (the Fund) is registered under the Investment
Company Act of 1940 as a non-diversified, closed-end investment company.
Effective June 1, 2004, the Fund was reorganized from a Maryland corporation
into a Delaware statutory trust. The Fund seeks high current income, with a
secondary goal of capital appreciation. Under normal market conditions, the Fund
invests at least 80% of its net assets in income-producing securities, including
debt securities of U.S. and foreign issuers, including emerging markets. The
following summarizes the Fund's significant accounting policies.

A. 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.

Corporate debt 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.

Foreign securities are valued as of the close of trading on the foreign stock
exchange on which the security is primarily traded, or the NYSE, whichever is
earlier. The value is then converted into its U.S. dollar equivalent at the
foreign exchange rate in effect at the close of the NYSE on the day that the
value of the foreign security is determined. If no sale is reported at that
time, the foreign security will be valued within the range of the most recent
quoted bid and ask prices.

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. Some 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. 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.

                                                         Semiannual Report  | 19
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

B. FOREIGN CURRENCY TRANSLATION

Portfolio securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollars based on the exchange rate of such
currencies against U.S. dollars on the date of valuation. Purchases and sales of
securities, income and expense items denominated in foreign currencies are
translated into U.S. dollars at the exchange rate in effect on the transaction
date. Occasionally, events may impact the availability or reliability of foreign
exchange rates used to convert the U.S. dollar equivalent value. If such an
event occurs, the foreign exchange rate will be valued at fair value using
procedures established and approved by the Fund's Board of Trustees.

The Fund does not separately report the effect of changes in foreign exchange
rates from changes in market prices on securities held. Such changes are
included in net realized and unrealized gain or loss from investments on the
Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign
currencies, currency gains or losses realized between the trade and settlement
dates on securities transactions and the difference between the recorded amounts
of dividends, interest, and foreign withholding taxes and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in foreign exchange rates on
foreign denominated assets and liabilities other than investments in securities
held at the end of the reporting period.

C. FOREIGN CURRENCY CONTRACTS

When the Fund purchases or sells foreign securities it may enter into foreign
exchange contracts to minimize foreign exchange risk from the trade date to the
settlement date of the transactions. A foreign exchange contract is an agreement
between two parties to exchange different currencies at an agreed upon exchange
rate on a specified date. Realized and unrealized gains and losses on these
contracts are included in the Statement of Operations.

The risks of these contracts include movement in the values of the foreign
currencies relative to the U.S. dollar and the possible inability of the
counterparties to fulfill their obligations under the contracts.

D. INCOME TAXES

No provision has been made for U.S. income taxes because the Fund's policy is to
qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income. Fund
distributions to shareholders are determined on an income tax basis and may
differ from net investment income and realized gains for financial reporting
purposes.

20 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. SECURITY TRANSACTIONS, INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS

Security transactions are accounted for on trade date. Realized gains and losses
on security transactions are determined on a specific identification basis.
Interest income and estimated expenses are accrued daily. Discounts and premiums
on securities purchased are amortized over the lives of the respective
securities. Dividend income and distributions to shareholders are recorded on
the ex-dividend date.

F. ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the amounts of income
and expense during the reporting period. Actual results could differ from those
estimates.

G. GUARANTEES AND INDEMNIFICATIONS

Under the Fund's organizational documents, its officers and trustees are
indemnified by the Fund against certain liability arising out of the performance
of their duties to the Fund. Additionally, in the normal course of business, the
Fund enters into contracts with service providers that contain general
indemnification clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
that have not yet occurred. However, based on experience, the Fund expects the
risk of loss to be remote.

2. SHARES OF BENEFICIAL INTEREST

The Board of the Fund previously authorized an open-market share repurchase
program pursuant to which the Fund may purchase, from time to time, Fund shares
in open-market transactions, at the discretion of management. This authorization
remains in effect. Through February 28, 2005, the Fund had repurchased a total
of 11,210,400 shares.

At February 28, 2005, there were an unlimited number of shares authorized
(without par value). During the period ended February 28, 2005, 263,789 shares
were issued for $2,522,656 from reinvested distributions. During the year ended
August 31, 2004, 199,459 shares were issued for $1,767,365 from reinvested
distributions.

3. TRANSACTIONS WITH AFFILIATES

Franklin Resources, Inc. is the holding company for various subsidiaries that
together are referred to as Franklin Templeton Investments. Certain officers and
trustees of the Fund are also officers and/or directors of the following
subsidiaries:

                                                         Semiannual Report  | 21
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

- --------------------------------------------------------------------------------
  SUBSIDIARY                                              AFFILIATION
- --------------------------------------------------------------------------------
  Franklin Advisers Inc. (Advisers)                       Investment manager
  Franklin Templeton Services LLC (FT Services)           Administrative manager

A. MANAGEMENT FEES

The Fund pays an investment management fee to Advisers based on the Fund's
average daily net assets as follows:

- --------------------------------------------------------------------------------
  ANNUALIZED FEE RATE   NET ASSETS
- --------------------------------------------------------------------------------
        0.550%          Up to and including $200 million
        0.500%          Over $200 million, up to and including $1 billion
        0.480%          Over $1 billion, up to and including $5 billion
        0.460%          Over $5 billion, up to and including $10 billion
        0.440%          Over $10 billion, up to and including $15 billion
        0.420%          Over $15 billion, up to and including $20 billion
        0.400%          Over $20 billion

B. ADMINISTRATIVE FEES

The Fund pays an administrative fee to FT Services based on the Fund's average
daily net assets as follows:

- --------------------------------------------------------------------------------
  ANNUALIZED FEE RATE   NET ASSETS
- --------------------------------------------------------------------------------
        0.150%          Up to and including $200 million
        0.135%          Over $200 million, up to and including $700 million
        0.100%          Over $700 million

4. EXPENSE OFFSET ARRANGEMENT

The Fund has entered into an arrangement with its custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Fund's custodian expenses. During the period ended February 28, 2005, the
custodian fees were reduced as noted in the Statement of Operations.

22 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

5. INCOME TAXES

At August 31, 2004, the Fund had tax basis capital losses, which may be carried
over to offset future capital gains. Such losses expire as follows:

Capital loss carryovers expiring in:
 2008 .....................................................  $ 2,252,961
 2009 .....................................................   22,567,406
 2010 .....................................................   27,371,582
 2011 .....................................................    4,209,282
                                                             ------------
                                                             $56,401,231
                                                             ============

Net investment income (loss) differs for financial statement and tax purposes
primarily due to differing treatments of foreign currency transactions and bond
discounts and premiums.

Net realized gains differ for financial statement and tax purposes primarily due
to differing treatments of wash sales, foreign currency transactions, and bond
discounts and premiums.

At February 28, 2005, the net unrealized appreciation (depreciation) based on
the cost of investments for income tax purposes were as follows:

Cost of investments ....................................   $1,038,066,959
                                                           ---------------
Unrealized appreciation ................................   $  187,278,610
Unrealized depreciation ................................       (1,286,040)
                                                           ---------------
Net unrealized appreciation (depreciation) .............   $  185,992,570
                                                           ===============

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short-term securities) for the
period ended February 28, 2005 aggregated $248,337,284 and $260,956,675,
respectively.

7. CREDIT RISK

The Fund has 15.40% of its portfolio invested in below investment grade and
comparable quality unrated high yield securities, which tend to be more
sensitive to economic conditions than higher rated securities. The risk of loss
due to default by the issuer may be significantly greater for the holders of
high yielding securities because such securities are generally unsecured and are
often subordinated to other creditors of the issuer.

8. INVESTMENTS IN FRANKLIN INSTITUTIONAL FIDUCIARY TRUST MONEY MARKET PORTFOLIO

The Fund may invest in the Franklin Institutional Fiduciary Trust Money Market
Portfolio (the Sweep Money Fund), an open-end investment company managed by
Advisers. Management fees paid by the Fund are reduced on assets invested in the
Sweep Money Fund, in an amount not to exceed the management fees paid by the
Sweep Money Fund.

                                                         Semiannual Report  | 23
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

9. REGULATORY MATTERS

INVESTIGATIONS
As part of various investigations by a number of federal, state, and foreign
regulators and governmental entities, including the Securities and Exchange
Commission ("SEC"), the California Attorney General's Office ("CAGO"), and the
National Association of Securities Dealers, Inc. ("NASD"), relating to certain
practices in the mutual fund industry, including late trading, market timing and
marketing support payments to securities dealers who sell fund shares, Franklin
Resources, Inc. and certain of its subsidiaries (as used in this section,
together, the "Company"), as well as certain current or former executives and
employees of the Company, received subpoenas and/or requests for documents,
information and/or testimony. The Company and its current employees provided
documents and information in response to those requests and subpoenas.

SETTLEMENTS
Beginning in August 2004, the Company entered into settlements with certain
regulators investigating the mutual fund industry practices noted above. The
Company believes that settlement of each of the matters described in this
section is in the best interest of the Company and shareholders of the Franklin,
Templeton, and Mutual Series mutual funds (the "funds").

On August 2, 2004, Franklin Resources, Inc. announced that its subsidiary,
Franklin Advisers, Inc., reached an agreement with the SEC that resolved the
issues resulting from the SEC investigation into market timing activity. In
connection with that agreement, the SEC issued an "Order Instituting
Administrative and Cease-and-Desist Proceedings Pursuant to Sections 203(e) and
203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the
Investment Company Act of 1940, Making Findings and Imposing Remedial Sanctions
and a Cease-and-Desist Order" (the "Order"). The SEC's Order concerned the
activities of a limited number of third parties that ended in 2000 and those
that were the subject of the first Massachusetts administrative complaint
described below.

Under the terms of the SEC's Order, pursuant to which Franklin Advisers, Inc.
neither admitted nor denied any of the findings contained therein, Franklin
Advisers, Inc. agreed to pay $50 million, of which $20 million is a civil
penalty, to be distributed to shareholders of certain funds in accordance with a
plan to be developed by an independent distribution consultant. At this time, it
is unclear which funds or which shareholders of any particular fund will receive
distributions. The Order also required Franklin Advisers, Inc. to, among other
things, enhance and periodically review compliance policies and procedures.

On September 20, 2004, Franklin Resources, Inc. announced that two of its
subsidiaries, Franklin Advisers, Inc. and Franklin Templeton Alternative
Strategies, Inc. ("FTAS"), reached an agreement with the Securities Division of
the Office of the Secretary of the Commonwealth of Massachusetts (the "State of
Massachusetts") related to its administrative complaint filed on February 4,
2004, concerning one instance of market timing that was also a subject of the
August 2, 2004 settlement that Franklin Advisers, Inc. reached with the SEC, as
described above.

24 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

9. REGULATORY MATTERS (CONTINUED)

SETTLEMENTS (CONTINUED)
Under the terms of the settlement consent order issued by the State of
Massachusetts, Franklin Advisers, Inc. and FTAS consented to the entry of a
cease-and-desist order and agreed to pay a $5 million administrative fine to the
State of Massachusetts (the "Massachusetts Consent Order"). The Massachusetts
Consent Order included two different sections: "Statements of Fact" and
"Violations of Massachusetts Securities Laws." Franklin Advisers, Inc. and FTAS
admitted the facts in the Statements of Fact.

On October 25, 2004, the State of Massachusetts filed a second administrative
complaint, alleging that Franklin Resources, Inc.'s Form 8-K filing (in which it
described the Massachusetts Consent Order and stated that "Franklin did not
admit or deny engaging in any wrongdoing") failed to state that Franklin
Advisers, Inc. and FTAS admitted the Statements of Fact portion of the
Massachusetts Consent Order (the "Second Complaint"). Franklin Resources, Inc.
reached a second agreement with the State of Massachusetts on November 19, 2004,
resolving the Second Complaint. As a result of the November 19, 2004 settlement,
Franklin Resources, Inc. filed a new Form 8-K. The terms of the Massachusetts
Consent Order did not change and there was no monetary fine associated with this
second settlement.

On November 17, 2004, Franklin Resources, Inc. announced that Franklin Templeton
Distributors, Inc. ("FTDI") reached an agreement with the CAGO, resolving the
issues resulting from the CAGO's investigation concerning sales and marketing
support payments. Under the terms of the settlement, FTDI neither admitted nor
denied the allegations in the CAGO's complaint and agreed to pay $2 million to
the State of California as a civil penalty, $14 million to the funds, to be
allocated by an independent distribution consultant to be paid for by FTDI, and
$2 million to the CAGO for its investigative costs.

On December 13, 2004, Franklin Resources, Inc. announced that its subsidiaries
FTDI and Franklin Advisers, Inc. reached an agreement with the SEC, resolving
the issues resulting from the SEC's investigation concerning marketing support
payments to securities dealers who sell fund shares. In connection with that
agreement, the SEC issued an "Order Instituting Administrative and
Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions
Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940,
Sections 9(b) and 9(f) of the Investment Company Act of 1940, and Section 15(b)
of the Securities Exchange Act of 1934" (the "Second Order").

Under the terms of the Second Order, in which FTDI and Franklin Advisers, Inc.
neither admitted nor denied the findings contained therein, they agreed to pay
the funds a penalty of $20 million and disgorgement of $1 (one dollar). FTDI and
Franklin Advisers, Inc. also agreed to implement certain measures and
undertakings relating to marketing support payments to broker-dealers for the
promotion or sale of fund shares, including making additional disclosures in the
funds' Prospectuses and Statements of Additional Information. The Second Order
further requires the appointment of an independent distribution consultant, at
the Company's expense, who shall develop a plan for the distribution of the
penalty and disgorgement to the funds.

                                                         Semiannual Report  | 25
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

9. REGULATORY MATTERS (CONTINUED)

SETTLEMENTS (CONTINUED)
The SEC's Second Order and the CAGO settlement agreement concerning marketing
support payments provide that the distribution of settlement monies are to be
made to the relevant funds, not to individual shareholders. The independent
distribution consultant has substantially completed preparation of these
distribution plans. The CAGO has approved the distribution plan pertaining to
the distribution of the monies owed under the CAGO settlement agreement and, in
accordance with the terms and conditions of that settlement, the monies were
disbursed to the participating funds. The Fund did not participate in the CAGO
settlement. The SEC has not yet approved the distribution plan pertaining to the
Second Order. When approved, disbursements of settlement monies under the SEC's
Second Order will be made promptly in accordance with the terms and conditions
of that order.

OTHER LEGAL PROCEEDINGS
The Company, and other funds, and certain current and former officers,
employees, and directors have been named in multiple lawsuits in different
federal courts in Nevada, California, Illinois, New York and Florida, alleging
violations of various federal securities laws and seeking, among other relief,
monetary damages, restitution, removal of fund trustees, directors, advisers,
administrators, and distributors, rescission of management contracts and 12b-1
Plans, and/or attorneys' fees and costs. Specifically, the lawsuits claim breach
of duty with respect to alleged arrangements to permit market timing and/or late
trading activity, or breach of duty with respect to the valuation of the
portfolio securities of certain Templeton funds managed by Franklin Resources,
Inc. subsidiaries, resulting in alleged market timing activity. The majority of
these lawsuits duplicate, in whole or in part, the allegations asserted in the
February 4, 2004 Massachusetts administrative complaint and the findings in the
SEC's August 2, 2004 Order, as described above. The lawsuits are styled as class
actions or derivative actions on behalf of either the named funds or Franklin
Resources, Inc.

In addition, the Company, as well as certain current and former officers,
employees, and directors, have been named in multiple lawsuits alleging
violations of various securities laws and pendent state law claims relating to
the disclosure of directed brokerage payments and/or payment of allegedly
excessive advisory, commission, and distribution fees, and seeking, among other
relief, monetary damages, restitution, rescission of advisory contracts,
including recovery of all fees paid pursuant to those contracts, an accounting
of all monies paid to the named advisers, declaratory relief, injunctive relief,
and/or attorneys' fees and costs. These lawsuits are styled as class actions or
derivative actions brought on behalf of certain funds.

26 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

9. REGULATORY MATTERS (CONTINUED)

OTHER LEGAL PROCEEDINGS (CONTINUED)
The Company and fund management strongly believe that the claims made in each of
the lawsuits identified above are without merit and intend to vigorously defend
against them. The Company cannot predict with certainty, however, the eventual
outcome of the remaining governmental investigations or private lawsuits, nor
whether they will have a material negative impact on the Company. Public trust
and confidence are critical to the Company's business and any material loss of
investor and/or client confidence could result in a significant decline in
assets under management by the Company, which would have an adverse effect on
the Company's future financial results. If the Company finds that it bears
responsibility for any unlawful or inappropriate conduct that caused losses to
the Fund, it is committed to making the Fund or its shareholders whole, as
appropriate. The Company is committed to taking all appropriate actions to
protect the interests of its funds' shareholders.

                                                         Semiannual Report  | 27
<PAGE>
Templeton Global Income Fund

ANNUAL MEETING OF SHAREHOLDERS, FEBRUARY 25, 2005

The Annual Meeting of Shareholders of the Fund was held at the Fund's offices,
500 E. Broward Blvd., Fort Lauderdale, Florida, on February 25, 2005. The
purpose of the meeting was to elect four Trustees of the Fund. At the meeting,
the following persons were elected by the shareholders to serve as Trustees of
the Fund: Edith E. Holiday, Gordon S. Macklin, Frank A. Olson and Constantine D.
Tseretopoulos.* No other business was transacted at the meeting.

The results of the voting at the Annual Meeting are as follows:

The election of four (4) Trustees:

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
                                                                % OF                                  % OF
                                                               SHARES                                SHARES
                                                    % OF      PRESENT                      % OF      PRESENT
                                                 OUTSTANDING    AND                     OUTSTANDING    AND
  TERM EXPIRING 2008             FOR               SHARES     VOTING      WITHHELD        SHARES     VOTING
- -------------------------------------------------------------------------------------------------------------------
  <S>                       <C>                     <C>        <C>       <C>                 <C>        <C>
  Edith E. Holiday .......  105,907,962.9438        81.61%     97.82%  2,362,648.3755      1.82%      2.18%
  Gordon S. Macklin ......  105,642,736.9438        81.41%     97.57%  2,627,874.3755      2.02%      2.43%
  Frank A. Olson .........  105,856,684.9438        81.57%     97.77%  2,413,926.3755      1.86%      2.23%
  Constantine D.
  Tseretopoulos ..........  106,001,895.9438        81.68%     97.90%  2,268,715.3755      1.75%      2.09%
</TABLE>

* Harris J. Ashton, Frank J. Crothers, S. Joseph Fortunato, Charles B. Johnson
and Fred R. Millsaps are Trustees of the Fund who are currently serving and
whose terms of office continued after the Annual Meeting of Shareholders.

28 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN

The Fund offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan") with
the following features:

Shareholders must affirmatively elect to participate in the Plan; share
dividends and capital gains distributions will be reinvested automatically;
Mellon Investor Services, P.O. Box 3338, South Hackensack, NJ 07606-1938, will
provide additional Plan information upon request.

Whenever the Fund declares dividends in either cash or shares of the Fund, if
the market price is equal to or exceeds net asset value at the valuation date,
the participant will receive the dividends entirely in shares at a price equal
to the net asset value, but not less than 95% of the then current market price
of the Fund's shares. If the market price is lower than net asset value or if
dividends and/or capital gains distributions are payable only in cash, the
participant will receive shares purchased on the New York Stock Exchange or
otherwise on the open market.

A participant has the option of submitting additional cash payments to Mellon
Bank, N.A. (the "Plan Administrator"), in any amounts of at least $100, up to a
maximum of $5,000 per month, for the purchase of Fund shares for his or her
account. These payments shall be made by check or money order payable to "Mellon
Bank, N.A." and sent to Mellon Investor Services, P.O. Box 382009, Pittsburgh,
PA 15250-8009, Attention: Templeton Global Income Fund. The Plan Administrator
shall apply such payments (less a $5.00 service charge and less a pro rata share
of trading fees) to purchases of Fund shares on the open market.

The automatic reinvestment of dividends and/or capital gains does not relieve
the participant of any income tax that may be payable on dividends or
distributions.

Whenever shares are purchased on the New York Stock Exchange or otherwise on the
open market, each participant will pay a pro rata portion of trading fees.
Trading fees will be deducted from amounts to be invested. The Plan
Administrator's fees for a sale of shares through the Plan are $15.00 per
transaction plus a $0.12 per share trading fee.

The participant may withdraw from the Plan without penalty at any time by
written notice to the Plan Administrator sent to Mellon Investor Services, P.O.
Box 3338, South Hackensack, NJ 07606-1938. Upon withdrawal, the participant will
receive, without charge, share certificates issued in the participant's name for
all full shares held by the Plan Administrator; or, if the participant wishes,
the Plan Administrator will sell the shares and send the proceeds, less a
service charge of $15.00 and less trading fees of $0.12 per share, to the
participant.

                                                         Semiannual Report  | 29
<PAGE>
Templeton Global Income Fund

TRANSFER AGENT
Mellon Investor Services LLC
85 Challenger Road
Ridgefield Park, NJ 07660
1-800-416-5585
www.melloninvestor.com

SHAREHOLDER INFORMATION

Shares of Templeton Global Income Fund are traded on the New York Stock Exchange
under the symbol "GIM." The Fund's shares are also listed and traded on the
Pacific Exchange. Information about the net asset value and the market price is
published each Monday in the Wall Street Journal, weekly in Barron's and each
Saturday in The New York Times and other newspapers. Daily market prices for the
Fund's shares are published in the "New York Stock Exchange Composite
Transactions" section of newspapers.

For current information about distributions and shareholder accounts, call
1-800-416-5585. Registered shareholders can access their Fund account on-line
with Investor ServiceDirect[R]. For information go to Mellon Investor Services'
web site at https://vault.melloninvestor.com/isd and follow the instructions.

The daily closing net asset value as of the previous business day may be
obtained when available by calling Franklin Templeton Fund Information after 7
a.m. Pacific time any business day at 1-800/DIAL BEN[R] (1-800/342-5236). The
Fund's net asset value and dividends are also listed on the NASDAQ Stock Market,
Inc.'s Mutual Fund Quotation Service ("NASDAQ MFQS").

Shareholders not receiving copies of reports to shareholders because their
shares are registered in the name of a broker or a custodian can request that
they be added to the Fund's mailing list by writing Templeton Global Income
Fund, 100 Fountain Parkway, P.O. Box 33030, St. Petersburg, FL 33733-8030.

30 |  Semiannual Report
<PAGE>
Templeton Global Income Fund

SHAREHOLDER INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

The Fund has established Proxy Voting Policies and Procedures ("Policies") that
the Fund uses to determine how to vote proxies relating to portfolio securities.
Shareholders may view the Fund's complete Policies online at
franklintempleton.com. Alternatively, shareholders may request copies of the
Policies free of charge by calling the Proxy Group collect at 1-954/847-2268 or
by sending a written request to: Franklin Templeton Companies, LLC, 500 East
Broward Boulevard, Suite 1500, Fort Lauderdale, FL 33394, Attention: Proxy
Group. Copies of the Fund's proxy voting records are also made available online
at franklintempleton.com and posted on the U.S. Securities and Exchange
Commission's website at sec.gov and reflect the most recent 12-month period
ended June 30.

QUARTERLY STATEMENT OF INVESTMENTS

The Fund files a complete statement of investments with the U.S. Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
website at sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800/SEC-0330.

CERTIFICATIONS

The Fund's Chief Executive Officer - Finance and Administration is required by
the New York Stock Exchange's Listing Standards to file annually with the
Exchange a certification that he is not aware of any violation by the Fund of
the Exchange's Corporate Governance Standards applicable to the Fund. The Fund
has filed such certification.

In addition, the Fund's Chief Executive Officer - Finance and Administration and
Chief Financial Officer and Chief Accounting Officer are required by the rules
of the Commission to provide certain certifications with respect to the Fund's
Form N-CSR and Form N-CSRS (which include the Fund's annual and semiannual
reports to shareholders) that are filed semiannually with the Commission. The
Fund has filed such certifications with its Form N-CSR for the year ended August
31, 2004. Additionally, the Fund expects to file, on or about April 30, 2005,
such certifications with its Form N-CSRS for the six months ended February 28,
2005.

                                                         Semiannual Report  | 31
<PAGE>
                       This page intentionally left blank.
<PAGE>
Literature Request

LITERATURE REQUEST. TO RECEIVE A BROCHURE AND PROSPECTUS, PLEASE CALL US AT
1-800/DIAL BEN[R] (1-800/342-5236) OR VISIT FRANKLINTEMPLETON.COM. INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT GOALS, RISKS, CHARGES AND EXPENSES
BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER INFORMATION. PLEASE
CAREFULLY READ THE PROSPECTUS BEFORE INVESTING. To ensure the highest quality of
service, we may monitor, record and access telephone calls to or from our
service departments. These calls can be identified by the presence of a regular
beeping tone.

FRANKLIN TEMPLETON INVESTMENTS
INTERNATIONAL
Mutual European Fund
Templeton China World Fund
Templeton Developing Markets Trust
Templeton Foreign Fund
Templeton Foreign Smaller Companies Fund
Templeton International (Ex EM) Fund

GLOBAL
Mutual Discovery Fund
Templeton Global Long-Short Fund
Templeton Global Opportunities Trust
Templeton Global Smaller Companies Fund
Templeton Growth Fund
Templeton World Fund

GROWTH
Franklin Aggressive Growth Fund
Franklin Capital Growth Fund
Franklin Flex Cap Growth Fund
Franklin Small-Mid Cap Growth Fund
Franklin Small Cap Growth Fund II 1

VALUE
Franklin Balance Sheet
  Investment Fund 2
Franklin Equity Income Fund
Franklin Large Cap Value Fund
Franklin MicroCap Value Fund 2
Franklin Small Cap Value Fund
Mutual Beacon Fund
Mutual Qualified Fund
Mutual Recovery Fund 3
Mutual Shares Fund

BLEND
Franklin Blue Chip Fund
Franklin Convertible Securities Fund
Franklin Growth Fund
Franklin Rising Dividends Fund
Franklin U.S. Long-Short Fund

SECTOR
Franklin Biotechnology Discovery Fund
Franklin DynaTech Fund
Franklin Global Communications Fund
Franklin Global Health Care Fund
Franklin Gold and Precious Metals Fund
Franklin Natural Resources Fund
Franklin Real Estate Securities Fund
Franklin Technology Fund
Franklin Utilities Fund
Mutual Financial Services Fund

ASSET ALLOCATION
Franklin Templeton Corefolio
  Allocation Fund
Franklin Templeton Founding Funds Allocation Fund
Franklin Templeton Perspectives Allocation Fund

TARGET FUNDS
Franklin Templeton Conservative Target Fund
Franklin Templeton Growth Target Fund
Franklin Templeton Moderate Target Fund

INCOME
Franklin Adjustable U.S. Government
  Securities Fund 4
Franklin's AGE High Income Fund
Franklin Floating Rate Daily Access Fund
Franklin Income Fund
Franklin Limited Maturity
  U.S. Government Securities Fund 4,5
Franklin Low Duration Total Return Fund
Franklin Real Return Fund
Franklin Strategic Income Fund
Franklin Strategic Mortgage Portfolio
Franklin Templeton Hard Currency Fund
Franklin Total Return Fund
Franklin U.S. Government Securities Fund 4
Templeton Global Bond Fund

TAX-FREE INCOME 6
NATIONAL FUNDS
Double Tax-Free Income Fund
Federal Tax-Free Income Fund
High Yield Tax-Free Income Fund
Insured Tax-Free Income Fund 7

LIMITED-TERM FUNDS
California Limited-Term Tax-Free Income Fund
Federal Limited-Term Tax-Free Income Fund
New York Limited-Term Tax-Free Income Fund

INTERMEDIATE-TERM FUNDS
California Intermediate-Term
  Tax-Free Income Fund
Federal Intermediate-Term
  Tax-Free Income Fund
New York Intermediate-Term
  Tax-Free Income Fund

STATE-SPECIFIC
Alabama
Arizona
California 8
Colorado
Connecticut
Florida 8
Georgia
Kentucky
Louisiana
Maryland
Massachusetts 7
Michigan 7
Minnesota 7
Missouri
New Jersey
New York 8
North Carolina
Ohio 7
Oregon
Pennsylvania
Tennessee
Virginia

INSURANCE FUNDS
Franklin Templeton Variable Insurance Products
  Trust 9

1.The fund is closed to new investors. Existing shareholders can continue adding
to their accounts.
2.The fund is only open to existing shareholders and select retirement plans.
3.The fund is a continuously offered, closed-end fund. Shares may be purchased
daily; there is no daily redemption. However, each quarter, pending board
approval, the fund will authorize the repurchase of 5%-25% of the outstanding
number of shares. Investors may tender all or a portion of their shares during
the tender period.
4.An investment in the fund is neither insured nor guaranteed by the U.S.
government or by any other entity or institution.
5.Formerly Franklin Short-Intermediate U.S. Government Securities Fund.
Effective 9/1/04, the fund's name changed; its investment goal and strategy
remained the same.
6.For investors subject to the alternative minimum tax, a small portion of fund
dividends may be taxable. Distributions of capital gains are generally taxable.
7.Portfolio of insured municipal securities.
8.These funds are available in two or more variations, including long-term
portfolios, portfolios of insured securities, a high-yield portfolio (CA) and
limited-term, intermediate-term and money market portfolios (CA and NY).
9.The funds of the Franklin Templeton Variable Insurance Products Trust are
generally available only through insurance company variable contracts.

01/05                                          Not part of the semiannual report
<PAGE>
                                 [LOGO OMITTED]
                            FRANKLIN[R] TEMPLETON[R]
                                  INVESTMENTS

100 Fountain Parkway
P.O. Box 33030
St. Petersburg, FL 33733-8030

SEMIANNUAL REPORT
TEMPLETON GLOBAL
INCOME FUND

INVESTMENT MANAGER
Franklin Advisers, Inc.

TRANSFER AGENT
Mellon Investor Services LLC
P.O. Box 3315
South Hackensack, NJ 07606-1915
Toll free number: 1-800/416-5585
Hearing Impaired phone number: 1-800/231-5469
Foreign Shareholders phone number: 201/329-8660
www.melloninvestor.com

FUND INFORMATION
1-800/342-5236

Investors should be aware that the value of investments made for the Fund may go
down as well as up. Like any investment in securities, the value of the Fund's
portfolio will be subject to the risk of loss from market, currency, economic,
political and other factors. The Fund and its investors are not protected from
such losses by the Investment Manager. Therefore, investors who cannot accept
this risk should not invest in shares of the Fund.

To ensure the highest quality of service, telephone calls to or from our service
departments may be monitored, recorded and accessed. These calls can be
identified by the presence of a regular beeping tone.

TLGIM S2005 04/05





ITEM 2. CODE OF ETHICS.

(a) The Registrant has adopted a code of ethics that applies to its principal
    executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 11(a), the registrant is attaching as an exhibit a copy of
    its code of ethics that applies to its principal executive officers
    financial and accounting officer.


ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The Registrant has an audit committee financial expert serving on its
       audit committee.

(2) The audit committee financial experts are Fred R. Millsaps and Frank A.
    Olson, they are "independent" as defined under the relevant Securities and
    Exchange Commission Rules and Releases.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. N/A


ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Members of the Audit Committee are:  Fred R. Millsaps, Frank J. Crothers, Frank
A. Olson and Constantine D. Tseretopoulos.


ITEM 6. SCHEDULE OF INVESTMENTS.        N/A


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.                N/A



ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANIES AND AFFILIATED PURCHASES.     N/A


ITEM 9. SUBMISSION OF MATTERS OF A VOTE OF SECURITY HOLDERS.

There have been no changes to the procedures by which shareholders may recommend
nominees to the Registrant's Board of Trustees that would require disclosure
herein.


ITEM 10. 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 Shareholder Report on Form
N-CSR, 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 Shareholder Report on Form N-CSR.


ITEM 11. EXHIBITS

(a) Code of Ethics

(b)(1) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration, and
Galen G. Vetter, Chief Financial Officer

(b)(2) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration, and
Galen G. Vetter, Chief Financial 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 GLOBAL INCOME FUND

By /s/JIMMY D. GAMBILL
Chief Executive Officer - Finance and Administration
Date   April 25, 2005

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/JIMMY D. GAMBILL
Chief Executive Officer - Finance and Administration
Date   April 25, 2005


By /s/GALEN G. VETTER
Chief Financial Officer
Date   April 25, 2005

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ncsr-code704.txt
<DESCRIPTION>PRINCIPAL EXECUTIVE & SENIOR FINANCIAL OFFICERS CODE
<TEXT>

      CODE OF ETHICS FOR PRINCIPAL EXECUTIVES & SENIOR FINANCIAL OFFICERS
- ------------------------------------------------------------------------------

PROCEDURES   Dated July 2004

- -------------------------------------------------------------------------------


                            FRANKLIN TEMPLETON FUNDS

                   CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

                            SENIOR FINANCIAL OFFICERS

I.  Covered Officers and Purpose of the Code

     This  code of  ethics  (the  "Code")  applies  to the  Principal  Executive
Officers,  Principal  Financial  Officer and Principal  Accounting  Officer (the
"Covered  Officers,"  each of whom is set forth in Exhibit A) of each investment
company advised by a Franklin  Resources  subsidiary and that is registered with
the United States Securities & Exchange  Commission ("SEC")  (collectively,  "FT
Funds") for the purpose of promoting:

     o Honest and ethical conduct, including the ethical resolution of actual or
       apparent conflicts of  interest between personal and  professional
       relationships;

     o Full, fair, accurate, timely and understandable disclosure in reports and
       documents that a registrant files with, or submits to, the SEC and in
       other public communications made by or on behalf of the FT Funds;

     o Compliance with applicable laws and governmental rules and regulations;

     o The prompt internal reporting of violations of the Code to an appropriate
       person or persons identified in the Code; and

     o Accountability for adherence to the Code.

     Each  Covered  Officer  will be  expected  to adhere to a high  standard of
business ethics and must be sensitive to situations that may give rise to actual
as well as apparent conflicts of interest.

II.  Other Policies and Procedures

        This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder.

        Franklin Resources, Inc. has separately adopted the CODE OF ETHICS AND
BUSINESS CONDUCT ("Business Conduct"), which is applicable to all officers,
directors and employees of Franklin Resources, Inc., including Covered Officers.
It summarizes the values, principles and business practices that guide the
employee's business conduct and also provides a set of basic principles to guide
officers, directors and employees regarding the minimum ethical requirements
expected of them. It supplements the values, principles and business conduct
identified in the Code and other existing employee policies.

        Additionally, the Franklin Templeton Funds have separately adopted the
CODE OF ETHICS AND POLICY STATEMENT ON INSIDER TRADING governing personal
securities trading and other related matters. The Code for Insider Trading
provides for separate requirements that apply to the Covered Officers and
others, and therefore is not part of this Code.

        Insofar as other policies or procedures of Franklin Resources, Inc.,
the Funds, the Funds' adviser, principal underwriter, or other service providers
govern or purport to govern the behavior or activities of the Covered Officers
who are subject to this Code, they are superceded by this Code to the extent
that they overlap or conflict with the provisions of this Code. Please review
these other documents or consult with the Legal Department if have questions
regarding the applicability of these policies to you.

III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of
Interest

        OVERVIEW. A "conflict of interest" occurs when a Covered Officer's
private interest interferes with the interests of, or his or her service to, the
FT Funds. For example, a conflict of interest would arise if a Covered Officer,
or a member of his family, receives improper personal benefits as a result of
apposition with the FT Funds.

        Certain conflicts of interest arise out of the relationships between
Covered Officers and the FT Funds and already are subject to conflict of
interest provisions in the Investment Company Act of 1940 ("Investment Company
Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For
example, Covered Officers may not individually engage in certain transactions
(such as the purchase or sale of securities or other property) with the FT Funds
because of their status as "affiliated persons" of the FT Funds. The FT Funds'
and the investment advisers' compliance programs and procedures are designed to
prevent, or identify and correct, violations of these provisions. This Code does
not, and is not intended to, repeat or replace these programs and procedures,
and such conflicts fall outside of the parameters of this Code.

         Although typically not presenting an opportunity for improper personal
benefit, conflicts arise from, or as a result of, the contractual relationship
between the FT Funds, the investment advisers and the fund administrator of
which the Covered Officers are also officers or employees. As a result, this
Code recognizes that the Covered Officers will, in the normal course of their
duties (whether formally for the FT Funds, for the adviser, the administrator,
or for all three), be involved in establishing policies and implementing
decisions that will have different effects on the adviser, administrator and the
FT Funds. The participation of the Covered Officers in such activities is
inherent in the contractual relationship between the FT Funds, the adviser, and
the administrator and is consistent with the performance by the Covered Officers
of their duties as officers of the FT Funds. Thus, if performed in conformity
with the provisions of the Investment Company Act and the Investment Advisers
Act, such activities will be deemed to have been handled ethically. In addition,
it is recognized by the FT Funds' Boards of Directors ("Boards") that the
Covered Officers may also be officers or employees of one or more other
investment companies covered by this or other codes.

        Other conflicts of interest are covered by the Code, even if such
conflicts of interest are not subject to provisions in the Investment Company
Act and the Investment Advisers Act. The following list provides examples of
conflicts of interest under the Code, but Covered Officers should keep in mind
that these examples are not exhaustive. The overarching principle is that the
personal interest of a Covered Officer should not be placed improperly before
the interest of the FT Funds.

Each Covered Officer must:

     o Not use his or her personal influence  or  personal  relationships
       improperly to influence investment decisions orfinancial reporting by
       the FT Funds whereby the Covered Officer would benefit personally to the
       detriment of the FT Funds;

     o Not cause the FT Funds to take action, or fail to take  action, for the
       individual personal benefit of the Covered Officer rather than the
       benefit the FT Funds;

     o Not retaliate against any other Covered Officer or any employee of the FT
       Funds or their affiliated persons for reports of potential  violations
       that are made in good faith;

     o Report  at  least   annually  the  following  affiliations  or other
       relationships:/ 1

          o all directorships for public companies and all companies that are
            required to file reports with the SEC;

          o any direct or indirect  business relationship  with any independent
            directors of the FT Funds;

          o any direct or indirect  business relationship with any independent
            public  accounting  firm (which are not related to the routine
            issues related to the firm's service as the Covered Persons
            accountant); and

          o any direct or indirect interest in any transaction with any FT Fund
            that will benefit the officer (not including benefits derived from
            the advisory, sub-advisory, distribution or service agreements with
            affiliates of Franklin Resources).

     These reports will be reviewed by the Legal  Department for compliance with
the Code.

     There are some  conflict  of  interest  situations  that  should  always be
approved  in writing by Franklin  Resources  General  Counsel or Deputy  General
Counsel, if material. Examples of these include/2:

     o Service as a director on the board of any public or private Company;

     o The  receipt  of any gifts in excess  of $100 from any  person,  from any
       corporation or association

     o The receipt of any entertainment from any Company with which the FT Funds
       has current or prospective  business dealings unless such entertainment
       is business related, reasonable in cost, appropriate as to time and
       place, and not so frequent as to raise any question of  impropriety.
       Notwithstanding the foregoing, the Covered Officers must obtain prior
       approval from the Franklin Resources General Counsel for any
       entertainment  with a value in excess of $1000.

     o Any ownership  interest in, or any consulting or employment relationship
       with, any of the FT Fund's service providers, other than an investment
       adviser, principal underwriter, administrator or any affiliated person
       thereof;



- -----------------------------
1 Reporting of these affiliations or other relationships shall be made by
completing the annual Directors and Officers Questionnaire and returning the
questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.

2 Any activity or relationship that would present a conflict for a Covered
Officer may also present a conflict for the Covered Officer if a member of the
Covered Officer's immediate family engages in such an activity or has such a
relationship. The Cover Person should also obtain written approval by FT's
General Counsel in such situations.







     o A direct or  indirect  financial  interest  in  commissions,  transaction
       charges or spreads paid by the FT Funds for   effecting   portfolio
       transactions or for selling or redeeming shares  other than an interest
       arising from the Covered Officer's employment, such as compensation  or
       equity ownership.

     Franklin Resources General Counsel or Deputy General Counsel will provide a
report to the FT Funds  Audit  Committee  of any  approvals  granted at the next
regularly scheduled meeting.

IV. Disclosure and Compliance

     o Each Covered  Officer  should  familiarize  himself  with the  disclosure
       requirements generally applicable to the FT Funds;

     o Each Covered Officer should not knowingly misrepresent, or cause others
       to  misrepresent, facts about the FT Funds to others, whether within or
       outside the FT Funds, including to the FT Funds' directors and auditors,
       and to governmental regulators and self-regulatory organizations;

     o Each Covered Officer should, to the extent appropriate within his or her
       area of responsibility, consult with other officers and employees of the
       FT Funds, the FT Fund's adviser and the administrator with the goal of
       promoting full, fair, accurate, timely and understandable disclosure in
       the reports and documents the FT Funds file with, or submit to, the SEC
       and in other public communications made by the FT Funds; and

     o It is the  responsibility  of each Covered Officer to promote compliance
       with the standards and restrictions imposed by applicable laws, rules and
       regulations.

V. Reporting and Accountability

Each Covered Officer must:

     o Upon becoming a covered officer affirm in writing to the Board that he or
       she has received, read, and understands the Code (see Exhibit B);

     o Annually  thereafter  affirm to the Board that he has  complied  with the
       requirements of the Code; and

     o Notify  Franklin  Resources'  General  Counsel or Deputy General Counsel
       promptly if he or she knows of any violation of this Code. Failure to do
       so is itself is a violation of this Code.

     Franklin   Resources'  General  Counsel  and  Deputy  General  Counsel  are
responsible for applying this Code to specific situations in which questions are
presented  under  it and  have  the  authority  to  interpret  this  Code in any
particular  situation./3 However, the Independent Directors of the respective FT
Funds will  consider any  approvals or waivers/4  sought by any Chief  Executive
Officers of the Funds.


- -----------------

3 Franklin Resources General Counsel and Deputy General Counsel are authorized
to consult, as appropriate, with members of the Audit Committee, counsel to the
FT Funds and counsel to the Independent Directors, and are encouraged to do so.

4 Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a
material departure from a provision of the code of ethics" and "implicit
waiver," which must also be disclosed, as "the registrant's failure to take
action within a reasonable period of time regarding a material departure from a
provision of the code of ethics that has been made known to an executive
officer" of the registrant. See Part X.






     The FT Funds will follow these  procedures in  investigating  and enforcing
this Code:

     o Franklin  Resources General Counsel or Deputy General Counsel will take
       all appropriate action to investigate any potential  violations reported
       to the Legal Department;

     o If,  after such  investigation,  the  General Counsel or Deputy General
       Counsel believes that no violation has occurred, The General Counsel is
       not required to take any further action;

     o Any matter that the General Counsel or Deputy General Counsel believes is
       a  violation  will  be  reported  to  the  Independent   Directors  of
       the appropriate FT Fund;

     o If the Independent Directors concur that a violation has occurred, it
       will inform and make a recommendation to the Board of the appropriate
       FT Fund or Funds, which will consider appropriate action, which may
       include review of, and appropriate modifications to, applicable policies
       and procedures; notification to appropriate personnel of the investment
       adviser or its board; or a recommendation to dismiss the Covered Officer;

     o The Independent Directors will be responsible for granting  waivers, as
       appropriate; and

     o Any changes to or waivers of this Code will, to the extent required, are
       disclosed as provided by SEC rules./5

VI. Other Policies and Procedures

     This Code shall be the sole code of ethics adopted by the FT Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the FT Funds, the FT Funds' advisers, principal
underwriter, or other service providers govern or purport to govern the behavior
or activities of the Covered Officers who are subject to this Code, they are
superseded by this Code to the extent that they overlap or conflict with the
provisions of this Code. The FT Code of Ethics and Policy Statement On Insider
Trading, adopted by the FT Funds, FT investment advisers and FT Fund's principal
underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of
Ethics and Business Conduct and more detailed policies and procedures set forth
in FT's Employee Handbook are separate requirements applying to the Covered
Officers and others, and are not part of this Code.

VII. Amendments

     Any  amendments to this Code,  other than  amendments to Exhibit A, must be
approved  or  ratified  by a majority  vote of the FT Funds'  Board  including a
majority of independent directors.

VIII. Confidentiality

     All reports and records  prepared or maintained  pursuant to this Code will
be considered  confidential  and shall be maintained and protected  accordingly.
Except as  otherwise  required by law or this Code,  such  matters  shall not be
disclosed to anyone other than the FT Funds' Board and their counsel.


- ---------------------

5 See Part X.






IX. Internal Use

     The Code is intended  solely for the  internal use by the FT Funds and does
not  constitute an admission,  by or on behalf of any FT Funds,  as to any fact,
circumstance, or legal conclusion.

X. Disclosure on Form N-CSR

     Item 2 of Form N-CSR requires a registered management investment company to
disclose annually whether, as of the end of the period covered by the report, it
has  adopted  a code  of  ethics  that  applies  to the  registrant's  principal
executive officer,  principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these
officers are employed by the registrant or a third party.  If the registrant has
not adopted such a code of ethics, it must explain why it has not done so.

     The  registrant  must also:  (1) file with the SEC a copy of the code as an
exhibit  to its  annual  report;  (2) post the text of the code on its  Internet
website and  disclose,  in its most recent  report on Form N-CSR,  its  Internet
address and the fact that it has posted the code on its Internet website; or (3)
undertake  in its most  recent  report on Form  N-CSR to  provide  to any person
without charge, upon request, a copy of the code and explain the manner in which
such  request may be made.  Disclosure  is also  required of  amendments  to, or
waivers  (including  implicit  waivers)  from,  a  provision  of the code in the
registrant's  annual report on Form N-CSR or on its website.  If the  registrant
intends to satisfy the requirement to disclose amendments and waivers by posting
such  information  on its website,  it will be required to disclose its Internet
address and this intention.

     The Legal Department shall be responsible for ensuring that:

     o a copy of the Code is filed  with the SEC as an exhibit to each Fund's
       annual report; and

     o any  amendments to, or waivers (including implicit waivers) from, a
       provision  of the Code is disclosed in the  registrant's annual report
       on Form N-CSR.

     In the event that the  foregoing  disclosure is omitted or is determined to
be incorrect, the Legal Department shall promptly file such information with the
SEC as an amendment to Form N-CSR.

     In such an event, the Fund Chief  Compliance  Officer shall review the Code
and propose such changes to the Code as are necessary or  appropriate to prevent
reoccurrences.



EXHIBIT A

                Persons Covered by the Franklin Templeton Funds
                                 Code of Ethics
                                  August 2004

FRANKLIN GROUP OF FUNDS

Edward B. Jamieson,       President and Chief Executive Officer - Investment
                          Management
Charles B. Johnson,       President and Chief Executive Officer - Investment
                          Management
Gregory E. Johnson,       President and Chief Executive Officer - Investment
                          Management
Rupert H. Johnson, Jr.    President and Chief Executive Officer - Investment
                          Management
William J. Lippman,       President and Chief Executive Officer - Investment
                          Management
Christopher Molumphy      President and Chief Executive Officer - Investment
                          Management
Jimmy D. Gambill,         Senior Vice President and Chief Executive Officer -
                          Finance and Administration
Galen G. Vetter           Chief Financial Officer


FRANKLIN MUTUAL SERIES FUNDS

David Winters             Chairman of the Board, President, Chief Executive
                          Officer-Investment Management
Jimmy D. Gambill          Senior Vice President and Chief Executive Officer-
                          Finance and Administration
Galen G. Vetter           Chief Financial Officer


TEMPLETON GROUP OF FUNDS

Jeffrey A. Everett        President and Chief Executive Officer - Investment
                          Management
Martin L. Flanagan        President and Chief Executive Officer - Investment
                          Management
Mark Mobius               President and Chief Executive Officer - Investment
                          Management
Christopher J. Molumphy   President and Chief Executive Officer - Investment
                          Management
Gary P. Motyl             President and Chief Executive Officer - Investment
                          Management
Donald F. Reed            President and Chief Executive Officer - Investment
                          Management
Jimmy D. Gambill,         Senior Vice President and Chief Executive Officer -
                          Finance and Administration
Galen G. Vetter           Chief Financial Officer












                                    EXHIBIT B

                               ACKNOWLEDGMENT FORM

                                   JULY 2004

                    FRANKLIN TEMPLETON FUNDS CODE OF ETHICS
             FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS.


INSTRUCTIONS:
1. Complete all sections of this form.
2. Print the completed form, sign, and date.
3. Submit completed form to FT's General Counsel within 10 days of becoming a
   Covered Officer and by January 30th of each subsequent year.

INTER-OFFICE MAIL: Murray Simpson, General Counsel, Legal SM-920/2
TELEPHONE:         (650) 312-7331 Fax:  (650) 312-2221
E-MAIL:            Simpson, Murray (internal address);
                   mlsimpson@frk.com (external address)

- ----------------------------------------------------------------------------
COVERED OFFICER'S
NAME:
- ----------------------------------------------------------------------------
TITLE:
- ----------------------------------------------------------------------------
DEPARTMENT:
- ----------------------------------------------------------------------------
LOCATION:
- ----------------------------------------------------------------------------
CERTIFICATION FOR
YEAR ENDING:
- ----------------------------------------------------------------------------

TO: Franklin Resources General Counsel, Legal Department

I hereby acknowledge receipt of a copy of Franklin Templeton Fund's code of
ethics for Principal Executive Officers and Senior Financial Officers (the
"Code") that I have read and understand. I will comply fully with all provisions
of the Code to the extent they apply to me during the period of my employment. I
further understand and acknowledge that any violation of the Code may subject me
to disciplinary action, including termination of employment




- ----------------------------                  ----------------------
           Signature                           Date signed




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>d15184_ex99cert.txt
<DESCRIPTION>CERTIFCATIONS PURSUANT TO SECTION 302
<TEXT>
I, Jimmy D. Gambill, certify that:

      1. I have  reviewed  this report on Form N-CSR of Templeton  Global Income
Fund;

      2.  Based on my  knowledge,  this  report  does  not  contain  any  untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not misleading with respect to the period covered by this report;

      3. Based on my knowledge,  the financial  statements,  and other financial
information included in this report, fairly present in all material respects the
financial  condition,  results of  operations,  changes in net assets,  and cash
flows (if the financial  statements  are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;

      4. The registrant's other certifying  officer(s) and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Rule 30a-3(c)  under the  Investment  Company Act of 1940) and internal  control
over  financial  reporting  (as defined in Rule  30a-3(d)  under the  Investment
Company Act of 1940) for the registrant and have:

      (a)  Designed  such  disclosure  controls and  procedures,  or caused such
disclosure  controls and  procedures to be designed  under our  supervision,  to
ensure that  material  information  relating to the  registrant,  including  its
consolidated subsidiaries,  is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

      (b) Designed such internal  control over  financial  reporting,  or caused
such  internal  control  over  financial  reporting  to be  designed  under  our
supervision,  to provide  reasonable  assurance  regarding  the  reliability  of
financial  reporting and the  preparation  of financial  statements for external
purposes in accordance with generally accepted accounting principles;

      (c) Evaluated the  effectiveness of the registrant's  disclosure  controls
and  procedures  and  presented  in  this  report  our  conclusions   about  the
effectiveness of the disclosure controls and procedures,  as of a date within 90
days prior to the filing date of this report based on such evaluation; and

      (d)  Disclosed  in this  report  any change in the  registrant's  internal
control over financial  reporting that occurred during the second fiscal quarter
of the  period  covered  by this  report  that has  materially  affected,  or is
reasonably likely to materially affect,  the registrant's  internal control over
financial reporting; and

      5. The registrant's  other  certifying  officer(s) and I have disclosed to
the registrant's  auditors and the audit committee of the registrant's  board of
directors (or persons performing the equivalent functions):

      (a) All significant  deficiencies and material weaknesses in the design or
operation of internal  control over  financial  reporting  which are  reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize, and report financial information; and

      (b) Any fraud, whether or not material,  that involves management or other
employees who have a significant role in the registrant's  internal control over
financial reporting.

April 25, 2005


S\JIMMY D. GAMBILL

Jimmy D. Gambill
Chief Executive Officer - Finance and Administration

<PAGE>

I, Galen G. Vetter, certify that:

      1. I have  reviewed  this report on Form N-CSR of Templeton  Global Income
Fund;

      2.  Based on my  knowledge,  this  report  does  not  contain  any  untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not misleading with respect to the period covered by this report;

      3. Based on my knowledge,  the financial  statements,  and other financial
information included in this report, fairly present in all material respects the
financial  condition,  results of  operations,  changes in net assets,  and cash
flows (if the financial  statements  are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;

      4. The registrant's other certifying  officer(s) and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Rule 30a-3(c)  under the  Investment  Company Act of 1940) and internal  control
over  financial  reporting  (as defined in Rule  30a-3(d)  under the  Investment
Company Act of 1940) for the registrant and have:

      (a)  Designed  such  disclosure  controls and  procedures,  or caused such
disclosure  controls and  procedures to be designed  under our  supervision,  to
ensure that  material  information  relating to the  registrant,  including  its
consolidated subsidiaries,  is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

      (b) Designed such internal  control over  financial  reporting,  or caused
such  internal  control  over  financial  reporting  to be  designed  under  our
supervision,  to provide  reasonable  assurance  regarding  the  reliability  of
financial  reporting and the  preparation  of financial  statements for external
purposes in accordance with generally accepted accounting principles;

      (c) Evaluated the  effectiveness of the registrant's  disclosure  controls
and  procedures  and  presented  in  this  report  our  conclusions   about  the
effectiveness of the disclosure controls and procedures,  as of a date within 90
days prior to the filing date of this report based on such evaluation; and

      (d)  Disclosed  in this  report  any change in the  registrant's  internal
control over financial  reporting that occurred during the second fiscal quarter
of the  period  covered  by this  report  that has  materially  affected,  or is
reasonably likely to materially affect,  the registrant's  internal control over
financial reporting; and

      5. The registrant's  other  certifying  officer(s) and I have disclosed to
the registrant's  auditors and the audit committee of the registrant's  board of
directors (or persons performing the equivalent functions):

      (a) All significant  deficiencies and material weaknesses in the design or
operation of internal  control over  financial  reporting  which are  reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize, and report financial information; and

      (b) Any fraud, whether or not material,  that involves management or other
employees who have a significant role in the registrant's  internal control over
financial reporting.

April 25, 2005


S\GALEN G. VETTER

Galen G. Vetter
Chief Financial Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>d15184_ex99-906cert.txt
<DESCRIPTION>CERTIFCATIONS PURSUANT TO SECTION 302
<TEXT>

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
                       AS ADOPTED PURUSANT TO SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002

I, Galen G. Vetter, Chief Financial Officer of the TEMPLETON GLOBAL INCOME FUND
(the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my
knowledge:

      1.    The periodic report on Form N-CSR of the Registrant for the period
            ended 2/28/05 (the "Form N-CSR") fully complies with the
            requirements of Section 13(a) or 15(d) of the Securities Exchange
            Act of 1934; and

      2.    The information contained in the Form N-CSR fairly presents, in all
            material respects, the financial condition and results of operations
            of the Registrant.

Dated: April 25, 2005

                                    S\GALEN G. VETTER

                                    Galen G. Vetter
                                    Chief Financial Officer

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER
DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT
APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT
REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO REGISTRANT AND WILL BE RETAINED BY
REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF
UPON REQUEST.

<PAGE>

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
                       AS ADOPTED PURUSANT TO SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002

I, Jimmy D. Gambill, Chief Executive Officer of the TEMPLETON GLOBAL INCOME FUND
(the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my
knowledge:

      1.    The periodic report on Form N-CSR of the Registrant for the period
            ended 2/28/05 (the "Form N-CSR") fully complies with the
            requirements of Section 13(a) or 15(d) of the Securities Exchange
            Act of 1934; and

      2.    The information contained in the Form N-CSR fairly presents, in all
            material respects, the financial condition and results of operations
            of the Registrant.

Dated: April 25, 2005

                                    S\JIMMY D. GAMBILL

                                    Jimmy D. Gambill
                                    Chief Executive Officer - Finance and
                                    Administration

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER
DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT
APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT
REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO REGISTRANT AND WILL BE RETAINED BY
REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF
UPON REQUEST.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
