N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
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)
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Craig S. Tyle, 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: 12/31
Date of reporting period: 12/31/21
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)
b.)
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
Annual
Report
Templeton
Global
Income
Fund
December
31,
2021
Managed
Distribution
Policy
:
The
Fund’s
Board
of
Trustees
(the
“Board”)
has
authorized
a
managed
distribution
plan
pursuant
to
which
the
Fund
makes
monthly
distributions
to
shareholders
at
an
annual
minimum
fixed
rate
of
7.5%,
based
on
the
average
monthly
net
asset
value
(NAV)
of
the
Fund’s
common
shares
(the
“Plan”).
The
Fund
calculates
the
average
NAV
from
the
previous
month
based
on
the
number
of
business
days
in
the
month
on
which
the
NAV
is
calculated.
The
Plan
is
intended
to
provide
shareholders
with
a
constant,
but
not
guaranteed,
fixed
minimum
rate
of
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
common
shares,
but
there
can
be
no
assurance
that
the
Plan
will
be
successful
in
doing
so.
The
Fund
is
managed
with
a
goal
of
generating
as
much
of
the
distribution
as
possible
from
net
ordinary
income
and
short-term
capital
gains,
that
is
consistent
with
the
Fund’s
investment
strategy
and
risk
profile.
To
the
extent
that
sufficient
distributable
income
is
not
available
on
a
monthly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
was
invested
in
the
Fund
is
paid
back
to
shareholders.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
Even
though
the
Fund
may
realize
current
year
capital
gains,
such
gains
may
be
offset,
in
whole
or
in
part,
by
the
Fund’s
capital
loss
carryovers
from
prior
years.
The
Board
may
amend
the
terms
of
the
Plan
or
terminate
the
Plan
at
any
time
without
prior
notice
to
the
Fund’s
shareholders,
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Plan.
The
amendment
or
termination
of
the
Plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
Plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
annual
minimum
fixed
rate
to
determine
if
an
adjustment
should
be
made.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
this
distribution
or
from
the
terms
of
the
Plan.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Annual
Report
1
Contents
Annual
Report
Templeton
Global
Income
Fund
2
Performance
Summary
7
Financial
Highlights
and
Statement
of
Investments
10
Financial
Statements
18
Notes
to
Financial
Statements
21
Report
of
Independent
Registered
Public
Accounting
Firm
34
Tax
Information
35
Important
Information
to
Shareholders
36
Annual
Meeting
of
Shareholders
43
Dividend
Reinvestment
and
Cash
Purchase
Plan
44
Board
Members
and
Officers
46
Shareholder
Information
51
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
ANNUAL
REPORT
Templeton
Global
Income
Fund
Dear
Shareholder:
This
annual
report
for
Templeton
Global
Income
Fund
covers
the
fiscal
year
ended
December
31,
2021
.
Your
Fund’s
Goal
and
Main
Investments
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.
For
purposes
of
the
Fund’s
80%
policy,
income-producing
securities
include
derivative
instruments
or
other
investments
that
have
economic
characteristics
similar
to
such
securities.
Performance
Overview
For
the
12
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+1.02%
based
on
market
price
and
-4.62%
based
on
net
asset
value.
For
comparison,
the
global
government
bond
market,
as
measured
by
the
J.P.
Morgan
(JPM)
Global
Government
Bond
Index
(GGBI),
posted
a
cumulative
total
return
of
-6.50%
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
7
.
The
Fund
has
a
managed
distribution
plan
pursuant
to
which
the
Fund
makes
monthly
distributions
to
shareholders
at
an
annual
minimum
fixed
rate
of
7.5%,
based
on
the
average
monthly
net
asset
value
of
the
Fund’s
common
shares
(the
“Plan”).
The
Plan
has
no
impact
on
the
Fund’s
investment
strategy
and
may
reduce
the
Fund’s
net
asset
value.
The
Fund's
investment
manager
believes
the
Plan
helps
maintain
the
Fund's
competitiveness
and
may
benefit
the
Fund's
market
price
and
premium/discount
to
the
Fund's
net
asset
value.
The
Plan
resulted
in
a
return
of
capital
of
100%
during
the
period
as
a
result
of
net
currency
losses.
You
can
find
the
total
for
the
Fund's
return
of
capital
distributions
per
share
during
the
period
in
the
Performance
Summary
beginning
on
page
7.
Performance
data
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.
Economic
and
Market
Overview
The
12-month
period
ended
December
31,
2021,
was
a
tale
of
two
halves.
The
first
half
was
characterized
by
exuberant
optimism
for
an
end
to
the
COVID-19
pandemic,
punctuated
by
a
surge
in
economic
activity
in
the
spring
as
lockdowns
were
eased
and
economies
reopened.
The
second
half
was
characterized
by
rising
inflation
and
incremental
shifts
towards
monetary
tightening,
with
several
emerging
markets
entering
rate
hiking
cycles
ahead
of
the
major
developed
markets.
On
the
whole,
sovereign
bond
yields
rose
in
most
countries
during
the
period
while
the
U.S.
dollar
(USD)
broadly
strengthened,
albeit
with
intermittent
episodes
of
declining
yields
in
various
countries
and
shifting
cycles
of
currency
appreciation/depreciation
in
individual
currency
pairings.
*Includes
U.S.
and
foreign
government
and
agency
securities,
money
market
funds
and
other
net
assets
(including
derivatives).
The
period
began
with
sovereign
bond
yields
rising
sharply
across
much
of
the
world
over
the
first
three
months.
The
yield
on
the
10-year
U.S.
Treasury
(UST)
note
would
reach
its
high
mark
for
the
entire
period
on
March
31
at
1.74%,
82
basis
points
(bps)
higher
than
where
it
finished
2020.
Vaccine
distributions,
ongoing
stimulus
measures
and
optimism
for
improving
economic
conditions
appeared
to
fuel
reflation
expectations
across
global
financial
markets.
However,
the
harsh
realities
of
the
worldwide
health
crisis
and
economic
hardship
continued
to
have
profound
consequences
for
lives
and
livelihoods
around
the
world
Portfolio
Composition
12/31/21
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
72.7%
Short-Term
Investments
&
Other
Net
Assets*
27.3%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
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
.
Templeton
Global
Income
Fund
3
franklintempleton.com
Annual
Report
in
the
winter
and
early
spring
months
of
2021.
Vaccine
distributions
progressively
accelerated
in
many
countries
during
the
first
half
of
2021,
though
supply
setbacks
notably
affected
areas
of
Europe
in
March
and
April.
Governments
continued
to
struggle
with
balancing
the
needs
of
their
economies
with
the
health
of
their
citizens
during
much
of
the
first
quarter
of
2021
before
higher
vaccination
rates
and
lower
case
levels
enabled
many
regions
to
progressively
reopen
their
economies
in
the
spring.
Rising
yields
strained
valuations
across
many
areas
of
the
global
fixed
income
markets
during
2021’s
first
three
months.
USD-denominated
sovereign
credit
sectors
broadly
saw
negative
returns
in
January,
February
and
March
before
sharply
reversing
to
generate
offsetting
positive
returns
in
April,
May
and
June
as
UST
yields
pulled
back
from
their
late-March
peaks.
Sovereign
bond
yields
generally
resumed
their
rising
trends
in
May
and
June
amid
rising
inflation
in
many
areas
of
Europe
and
the
Americas.
In
currency
markets,
the
USD
broadly
strengthened
against
a
number
of
developed
market
and
emerging
market
currencies
in
the
first
quarter
of
2021,
reversing
the
broad-based
weakening
trend
from
the
second
half
of
2020.
Broad
USD
weakness
returned
in
April
and
May
before
the
strengthening
pattern
returned
in
June.
Business
and
consumer
confidence
surveys
notably
strengthened
in
multiple
regions
during
the
second
quarter
of
2021,
despite
some
growing
concerns
over
the
proliferation
of
the
Delta
variant
of
COVID-19
in
several
parts
of
the
world
in
June.
Economic
activity
continued
to
broadly
expand
in
many
countries
in
the
second
quarter,
largely
driven
by
strength
in
goods
sectors
and
manufacturing,
as
well
as
historically
high
savings
rates
in
many
countries
that
helped
fuel
demand.
On
the
whole,
the
second
quarter
would
represent
the
largest
quarterly
surge
in
GDP
for
most
countries
in
2021.
In
the
second
half
of
2021,
sovereign
bond
yields
would
largely
continue
to
rise
across
much
of
the
world
as
central
banks
continued
to
wade
deeper
into
monetary
tightening
cycles.
Developed
market
sovereign
bond
yields
initially
declined
in
July
and
early
August
as
the
Delta
variant
proliferated
across
multiple
regions.
The
10-year
UST
note’s
yield
dropped
to
1.17%
on
August
3
as
risk
aversion
resurfaced,
its
lowest
level
since
mid-February.
However,
sovereign
bond
yields
largely
trended
higher
from
that
point
through
the
end
of
the
year
as
investor
sentiments
appeared
to
refortify.
In
September,
the
U.S.
Federal
Reserve
(Fed)
announced
it
would
begin
tapering
its
asset
purchases
in
the
fourth
quarter
of
2021.
The
hawkish
shift
added
further
upward
pressure
on
UST
yields
and
drove
broad
strengthening
of
the
USD.
Sovereign
bond
yields
continued
to
trend
higher
in
many
regions
over
the
following
month,
with
the
10-
year
UST
note
reaching
1.70%
on
October
21,
its
highest
yield
since
early
April.
Sovereign
bond
yields
largely
maintained
their
levels
over
subsequent
weeks
until
the
Omicron
variant
of
COVID-19
emerged
in
the
final
days
of
November,
triggering
broad-based
risk
aversion
across
global
financial
markets
and
perceived
safe-haven
rallies
in
several
developed
market
assets.
Crude
oil
prices
dropped
around
20%
in
November
on
global
growth
concerns,
with
the
bulk
of
the
price
adjustments
occurring
in
the
wake
of
the
Omicron
news.
Sovereign
bond
yields
declined
in
several
developed
markets
in
late
November
and
early
December
on
the
heightened
risk
aversion
before
global
growth
concerns
eventually
dissipated
in
the
second
half
of
the
month,
even
as
COVID-19
cases
surged
to
record
levels.
Disease
severity
from
Omicron
appeared
milder
than
previous
variants,
leading
to
a
significant
decoupling
of
the
trend
lines
for
case
numbers
(rising
sharply)
and
mortality
rates
(moderating).
We
expected
COVID-19
variants
to
not
derail
global
growth
momentum,
though
the
risks
continued
to
bear
monitoring.
Commodity
and
energy
prices
ultimately
rebounded
in
December,
recovering
much
of
the
price
corrections
from
the
prior
month
as
reflation
sentiments
returned
to
global
financial
markets.
Manufacturing
and
business
surveys
largely
continued
to
remain
at
expansionary
levels
across
much
of
the
world
during
the
second
half
of
2021
but
moderated
from
their
mid-year
peaks.
Consumer
confidence
surveys
showed
similar
trends.
Labor
market
conditions
generally
continued
to
improve
in
many
countries,
though
labor
shortages
and
unemployment
remained
above
prepandemic
levels
in
several
regions.
Overall,
global
growth
showed
signs
of
moderating
from
the
historically
strong
rebound
in
the
first
half
of
2021
but
remained
largely
resilient,
in
our
view.
Inflation
figures
remained
historically
high
across
many
parts
of
the
world
during
the
second
half
of
the
period,
driven
by
a
combination
of
factors
that
included
resurgent
economic
activity,
supply
disruptions
in
certain
sectors,
and
the
effects
of
massive
fiscal
and
monetary
stimulus
measures.
Headline
inflation
(Consumer
Price
Index)
in
the
U.S.
remained
at
or
above
5.0%
year-over-year
from
May
through
the
end
of
2021,
coming
in
at
6.8%
in
November,
its
highest
level
since
1982.
A
growing
number
of
central
banks
pursued
monetary
tightening
measures
in
the
second
half
of
the
year,
with
persistent
inflationary
pressures
in
several
emerging
Templeton
Global
Income
Fund
4
franklintempleton.com
Annual
Report
markets
motivating
aggressive
tightening
responses.
In
Latin
America,
Brazil’s
central
bank
hiked
its
policy
rate
by
725
bps
in
2021,
Chile
by
350
bps,
Peru
by
225
bps,
Mexico
by
150
bps
and
Colombia
by
125
bps.
In
eastern
Europe,
Russia
hiked
its
policy
rate
by
425
bps,
the
Czech
Republic
by
300
bps,
Hungary
by
180
bps
and
Poland
by
165
bps.
Most
countries
in
Asia
kept
policy
rates
unchanged
as
inflation
generally
remained
more
contained
and
within
central
bank
targets.
In
developed
markets,
most
central
banks
continued
to
keep
their
policy
rates
unchanged
at
extraordinarily
low
levels
during
the
year,
with
some
exceptions.
Norway
posted
two
25-bp
hikes
in
2021
to
bring
its
policy
rate
to
0.50%;
the
U.K.
hiked
its
policy
rate
by
15
bps
to
0.25%
in
December,
its
first
rate
adjustment
since
March
2020;
New
Zealand
posted
consecutive
25-bp
hikes
in
October
and
November,
bringing
its
policy
rate
to
0.75%;
and
South
Korea
hiked
its
policy
rate
25
bps
in
August
and
November
to
1.00%.
Other
developed
market
central
banks,
such
as
in
Canada,
Sweden
and
Australia,
remained
on
hold
with
policy
rates
in
2021
but
were
at
various
stages
of
tapering
their
asset
purchase
programs.
The
Fed
kept
the
federal
funds
target
rate
unchanged
(0.00%
to
0.25%)
at
each
of
its
policy
meetings
during
the
period
but
it
began
tapering
its
asset
purchases
in
November.
However,
the
Fed
quickly
shifted
in
a
hawkish
direction
at
its
December
meeting,
doubling
the
pace
of
its
asset
purchase
tapering
for
January.
The
accelerated
pace
put
the
asset
purchase
program
on
schedule
to
conclude
by
March
2022,
enabling
a
rate
hiking
cycle
to
start
in
March
or
May,
earlier
than
previously
indicated
at
the
November
meeting.
Additionally,
the
Fed’s
dot
plot
survey
in
December
showed
that
12
of
18
officials
expect
at
least
three
rate
hikes
in
2022,
a
substantial
change
from
the
September
survey
that
saw
nine
of
18
officials
project
no
hikes
until
2023.
We
expected
UST
term
premiums
to
ratchet
higher
in
upcoming
quarters,
with
a
bear-flattening
effect
driven
by
rising
yields
in
the
short-
to
intermediate-term
range
of
the
yield
curve.
The
European
Central
Bank
(ECB)
kept
monetary
policy
largely
unchanged
during
the
period,
leaving
the
main
refinancing
operations
rate
at
0.0%
and
the
main
deposit
facility
rate
at
-0.5%.
ECB
President
Christine
Lagarde
reaffirmed
at
the
October
and
December
meetings
that
key
rates
will
likely
remain
unchanged
through
2022.
The
ongoing
accommodative
policy
stance
from
the
ECB
appeared
likely
to
diverge
substantially
from
the
tightening
trajectory
of
the
Fed
in
2022.
We
expected
the
euro
to
weaken
against
the
USD
given
negative
rates
and
widening
rate
differentials
with
the
U.S.,
as
well
as
greater
headwinds
to
growth
in
Europe.
The
Bank
of
Japan
(BOJ)
also
kept
monetary
policy
largely
unchanged
during
the
period,
leaving
the
overnight
interest
rate
at
-0.1%
and
the
yield
target
on
the
10-
year
Japanese
government
bond
at
0.0%.
In
December,
the
BOJ
announced
plans
to
scale
down
its
emergency
pandemic
purchasing
measures
by
tapering
its
corporate
debt
purchases
to
precrisis
levels
by
April.
We
expected
the
Japanese
yen
to
face
headwinds
from
widening
rate
differentials
with
the
U.S.
Overall,
most
developed
markets
saw
10-year
sovereign
bond
yields
rise
during
the
period,
including
Norway,
Sweden,
the
U.K.,
South
Korea,
Canada
and
core
Europe.
The
yield
on
the
10-year
UST
note
finished
the
year
at
1.51%,
59
bps
higher
than
where
it
ended
2020.
In
emerging
markets,
10-year
sovereign
bond
yields
rose
sharply
across
much
of
Latin
America,
including
Brazil,
Mexico,
Colombia,
Chile
and
Peru.
In
eastern
Europe,
10-year
yields
trended
higher
in
Poland,
Hungary,
Russia
and
the
Czech
Republic
on
elevated
inflation
and
ongoing
monetary
tightening.
Yields
also
rose
in
much
of
Asia,
including
India,
Indonesia,
Thailand
and
Singapore,
but
declined
in
China.
USD-denominated
sovereign
credit
sectors
broadly
saw
moderately
negative
returns
for
the
period
(with
some
exceptions
in
individual
countries),
as
the
investment-
grade
credit
tiers
came
under
pressure
from
the
rising
yield
environment
while
high-yield
credit
tiers
largely
endured
additional
spread
widening.
In
currency
markets,
the
USD
broadly
strengthened
against
most
developed
market
and
emerging
market
currencies
in
2021,
appreciating
against
the
euro,
the
British
pound,
the
Japanese
yen,
the
South
Korean
won,
the
Australian
dollar
and
the
New
Zealand
dollar.
In
specific
pairings,
the
Norwegian
krone
and
the
Canadian
dollar
appreciated
against
the
euro,
while
the
Swedish
krona
depreciated.
In
emerging
markets,
the
USD
depreciated
against
the
Chinese
yuan,
but
appreciated
against
most
currencies
in
Latin
America
and
Asia,
including
the
Brazilian
real,
Mexican
peso,
Colombian
peso,
Chilean
peso,
Indian
rupee,
Indonesian
rupiah,
Singapore
dollar
and
Thai
baht.
Geographic
Composition
12/31/21
%
of
Total
Net
Assets
Asia
Pacific
35.7%
Americas
20.7%
Other
Europe
13.7%
Middle
East
&
Africa
2.3%
Other
0.3%
Short-Term
Investments
&
Other
Net
Assets
27.3%
Templeton
Global
Income
Fund
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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
exchange
rates
and
credit
risks.
We
seek
to
manage
the
Fund’s
exposure
to
various
currencies
and
may
use
currency
forward
contracts.
Manager’s
Discussion
The
successful
development
of
vaccines
against
COVID-19
in
final
months
of
2020
substantially
changed
our
outlook
and
positioning
for
2021.
In
the
weeks
before
the
12-month
reporting
period
began,
we
significantly
shifted
the
emphasis
of
the
Fund’s
strategic
positioning
from
a
safe-haven
stance
toward
an
increasing
allocation
to
risk
assets.
We
expected
a
rebound
in
global
economic
activity
and
improving
economic
conditions
in
the
spring
and
summer
months
of
2021
as
vaccines
were
progressively
distributed
and
people
increasingly
reengaged
with
the
world.
We
were
actively
constructive
in
a
number
of
regions
throughout
the
12-month
period,
particularly
in
areas
of
Asia
that
appeared
to
be
at
the
forefront
of
the
global
economic
recovery.
Overall,
the
Fund
was
focused
on
three
core
themes
during
the
period:
(1)
value
in
select
currencies
against
the
USD
and
the
euro,
specifically
in
countries
with
strong
trade
dynamics,
current
account
surpluses,
better
fiscal
management
and
stronger
growth
potential,
notably
in
Asia;
(2)
avoiding
interest-rate
risks
in
low-yielding
developed
markets;
and
(3)
pursuing
sovereign
bonds
with
relatively
higher
yields
in
a
select
set
of
resilient
emerging
markets.
At
the
beginning
of
the
period,
the
Fund
held
overweighted
positions
in
specific
currencies
against
the
USD
and
the
euro.
We
held
notable
exposures
to
the
Chinese
yuan,
the
South
Korean
won,
the
Indian
rupee,
the
Indonesian
rupiah
and
the
Japanese
yen
against
the
USD.
We
added
exposure
to
the
Singapore
dollar
in
April,
the
New
Zealand
dollar
in
June
and
the
Thai
baht
in
December.
We
held
an
overweighted
position
in
the
Japanese
yen
through
the
first
quarter
of
2021
before
reducing
it
to
an
underweighting
in
the
second
quarter.
In
the
Europe,
Middle
East
and
Africa
region,
we
held
exposures
in
the
Norwegian
krone
and
Swedish
krona
against
the
euro
throughout
2021,
as
well
as
exposures
to
the
Russian
ruble
and
the
Egyptian
pound
against
the
USD.
In
the
Americas,
we
held
long
exposure
to
the
Canadian
dollar
against
the
euro,
and
long
exposures
to
the
Colombian
peso
and
Brazilian
real
against
the
USD.
In
May,
we
added
exposure
to
the
Chilean
peso
against
the
USD.
During
the
period,
we
used
currency
forwards
and
currency
options
to
actively
manage
currency
exposures.
We
also
continued
to
focus
on
compelling
risk-adjusted
yields
in
various
local-currency
bond
markets,
specifically
in
countries
with
resilient
economies
and
strong
trade
dynamics.
We
continued
to
largely
avoid
developed
market
duration
exposures
in
preference
for
higher
yields
available
in
select
emerging
markets,
notably
including
Indonesia,
India,
Mexico,
Colombia,
Brazil
and
Ghana,
among
others.
After
exiting
our
local-currency
position
in
Brazil
in
the
first
quarter
of
2021
due
to
acute
political
and
economic
risks,
we
reestablished
the
position
in
the
second
quarter
as
political
compromises
in
the
spring
and
better-than
expected
economic
figures
supported
an
improved
outlook.
In
July,
we
added
to
our
local-currency
position
in
Brazil
and
reduced
our
position
in
Mexico.
We
also
saw
pockets
of
value
in
certain
USD-denominated
sovereign
credits
during
the
reporting
period,
but
we
continued
to
largely
prefer
specific
valuations
in
the
local-currency
markets
over
the
more
fully
valued
credit
markets.
During
the
period,
the
Fund’s
negative
absolute
performance
was
primarily
due
to
currency
positions.
Interest-rate
strategies
contributed
to
absolute
results,
as
did
sovereign
credit
exposures.
Among
currencies,
positions
in
the
Japanese
yen,
South
Korean
won,
Turkish
lira,
Chilean
peso,
Argentine
peso
and
Colombian
peso
detracted
from
absolute
performance.
However,
the
Fund’s
positions
in
the
Canadian
dollar
and
the
Norwegian
krone
against
the
euro
contributed
to
absolute
results,
as
did
its
position
in
the
Chinese
yuan
against
the
USD.
The
Fund
maintained
a
defensive
approach
regarding
interest
rates
in
developed
markets,
while
holding
duration
exposures
in
select
emerging
markets.
Duration
exposures
in
Argentina,
Indonesia
and
Ghana
contributed
to
absolute
performance.
However,
duration
exposure
in
Brazil
detracted
from
absolute
return.
Among
credit
exposures,
subinvestment-
grade
sovereign
credits
contributed
to
absolute
return.
On
a
relative
basis,
the
Fund’s
performance
fared
better
than
that
of
its
benchmark
index
primarily
due
to
interest-rate
strategies,
followed
by
sovereign
credit
exposures.
Currency
positions
detracted
from
relative
results.
Overweighted
duration
exposures
in
Argentina,
Indonesia
and
Ghana
contributed
to
relative
performance,
as
did
the
Fund’s
lack
of
duration
exposure
in
the
euro
area
and
its
underweighted
duration
exposure
in
the
U.S.
However,
overweighted
duration
exposure
to
Brazil
detracted
from
relative
return.
Among
credit
exposures,
overweighted
exposure
to
subinvestment-grade
sovereign
credits
contributed
to
relative
return.
Among
currencies,
overweighted
positions
in
the
South
Korean
won,
Turkish
lira,
Chilean
peso,
Argentine
peso
and
Colombian
peso
detracted
from
relative
performance,
as
did
the
Fund’s
overweighted
position
Templeton
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in
the
Japanese
yen
for
most
of
the
period.
However,
its
underweighted
exposure
to
the
euro
contributed
to
relative
return,
as
did
overweighted
positions
in
the
Canadian
dollar
and
the
Norwegian
krone
against
the
euro.
Its
position
in
the
Chinese
yuan
against
the
USD
also
contributed
to
relative
results.
Thank
you
for
your
continued
participation
in
Templeton
Global
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Michael
Hasenstab,
Ph.D.
Lead
Portfolio
Manager
Calvin
Ho
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
December
31,
2021,
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.
Performance
Summary
as
of
December
31,
2021
Templeton
Global
Income
Fund
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Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
table
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
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.
Performance
as
of
12/31/21
1
Performance
data
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.
Share
Prices
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
1-Year
-4.62%
+1.02%
-4.62%
+1.02%
5-Year
-4.85%
+5.24%
-0.99%
+1.03%
10-Year
+15.73%
+5.07%
+1.47%
+0.50%
Symbol:
GIM
12/31/21
12/31/20
Change
Net
Asset
Value
(NAV)
$5.46
$6.11
-$0.65
Market
Price
(NYSE)
$5.19
$5.50
-$0.31
Distributions
(1/1/21–12/31/21)
Tax
Return
of
Capital
$0.3734
See
page
9
for
Performance
Summary
footnotes.
Templeton
Global
Income
Fund
Performance
Summary
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See
page
9
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
(1/1/12–12/31/21)
Templeton
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Income
Fund
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All
investments
involve
risks,
including
possible
loss
of
principal.
Changes
in
interest
rates
will
affect
the
value
of
the
Fund’s
portfolio
value,
share
price
and
yield.
Bond
prices
generally
move
in
the
opposite
direction
of
interest
rates.
As
prices
of
bonds
in
the
Fund
adjust
to
a
rise
in
interest
rates,
the
Fund’s
share
price
may
decline.
Special
risks
are
associated
with
foreign
investing,
including
currency
fluctuations,
economic
instability
and
political
developments
of
countries
where
the
Fund
invests.
Investments
in
developing
markets
involve
heightened
risks
related
to
the
same
factors,
in
addition
to
those
associated
with
their
relatively
small
size
and
lesser
liquidity.
Sovereign
debt
securities
are
subject
to
various
risks
in
addition
to
those
relating
to
debt
securities
and
foreign
securities
generally,
including,
but
not
limited
to,
the
risk
that
a
government
entity
may
be
unwilling
or
unable
to
pay
interest
and
repay
principal
on
its
sovereign
debt,
or
otherwise
meet
its
obligations
when
due.
The
markets
for
particular
securities
or
types
of
securities
are
or
may
become
relatively
illiquid.
Reduced
liquidity
will
have
an
adverse
impact
on
the
security’s
value
and
on
the
Fund’s
ability
to
sell
such
securities
when
necessary
to
meet
the
Fund’s
liquidity
needs
or
in
response
to
a
specific
market
event.
Derivatives,
including
currency
management
strategies,
involve
costs
and
can
create
economic
leverage
in
the
portfolio
that
may
result
in
significant
volatility
and
cause
the
Fund
to
participate
in
losses
on
an
amount
that
exceeds
the
Fund’s
initial
investment.
The
Fund
may
not
achieve
the
anticipated
benefits
and
may
realize
losses
when
a
counterparty
fails
to
perform
as
promised.
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.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
(“CIBM”)
through
the
China
–
Hong
Kong
Bond
Connect
program
(“Bond
Connect”).
In
China,
the
Hong
Kong
Monetary
Authority
Central
Money
Markets
Unit
holds
Bond
Connect
securities
on
behalf
of
ultimate
investors
(such
as
the
Fund)
in
accounts
maintained
with
a
China-based
custodian
(either
the
China
Central
Depository
&
Clearing
Co.
or
the
Shanghai
Clearing
House).
This
re-
cordkeeping
system
subjects
the
Fund
to
various
risks,
including
the
risk
that
the
Fund
may
have
a
limited
ability
to
enforce
rights
as
a
bondholder
and
the
risks
of
settlement
delays
and
counterparty
default
of
the
Hong
Kong
sub-custodian.
In
addition,
enforcing
the
ownership
rights
of
a
beneficial
holder
of
Bond
Connect
securities
is
untested
and
courts
in
China
have
limited
experience
in
applying
the
concept
of
beneficial
ownership.
Bond
Connect
uses
the
trading
infrastructure
of
both
Hong
Kong
and
China
and
is
not
available
on
trading
holidays
in
Hong
Kong.
As
a
result,
prices
of
securities
purchased
through
Bond
Connect
may
fluctuate
at
times
when
a
Fund
is
unable
to
add
to
or
exit
its
position.
Securities
offered
through
Bond
Connect
may
lose
their
eligibility
for
trading
through
the
program
at
any
time.
If
Bond
Connect
securities
lose
their
eligibility
for
trading
through
the
program,
they
may
be
sold
but
can
no
longer
be
purchased
through
Bond
Connect.
Bond
Connect
is
subject
to
regulation
by
both
Hong
Kong
and
China
and
there
can
be
no
assurance
that
further
regulations
will
not
affect
the
availability
of
se-
curities
in
the
program,
the
frequency
of
redemptions
or
other
limitations.
Bond
Connect
trades
are
settled
in
Chinese
currency,
the
renminbi
(“RMB”).
It
cannot
be
guaranteed
that
investors
will
have
timely
access
to
a
reliable
supply
of
RMB
in
Hong
Kong.
Bond
Connect
is
relatively
new
and
its
effects
on
the
Chinese
interbank
bond
market
are
uncertain.
In
addition,
the
trading,
settlement
and
IT
systems
required
for
non-Chinese
investors
in
Bond
Connect
are
relatively
new.
In
the
event
of
systems
malfunctions,
trading
via
Bond
Connect
could
be
disrupted.
In
addition,
the
Bond
Connect
program
may
be
subject
to
further
interpre-
tation
and
guidance.
There
can
be
no
assurance
as
to
the
program’s
continued
existence
or
whether
future
developments
regarding
the
program
may
restrict
or
adversely
affect
the
Fund’s
investments
or
returns.
Finally,
uncertainties
in
China
tax
rules
governing
taxation
of
income
and
gains
from
investments
via
Bond
Connect
could
result
in
unexpected
tax
liabilities
for
a
Fund.
The
application
and
interpretation
of
the
laws
and
regulations
of
Hong
Kong
and
China,
and
the
rules,
policies
or
guidelines
published
or
applied
by
relevant
regulators
and
exchanges
in
respect
of
the
Bond
Connect
program,
are
uncertain,
and
may
have
a
detrimental
effect
on
the
Fund’s
investments
and
returns.
1.
The
Fund
has
a
fee
waiver
associated
with
any
investment
it
makes
in
a
Franklin
Templeton
money
fund
and/or
other
Franklin
Templeton
fund,
contractually
guaranteed
through
2/28/23.
Fund
investment
results
reflect
the
fee
waiver;
without
this
waiver,
the
results
would
have
been
lower.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
5.
Source:
Morningstar.
The
JPM
GGBI
tracks
total
returns
for
liquid,
fixed-rate,
domestic
government
bonds
with
maturities
greater
than
one
year
issued
by
developed
countries
globally.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Templeton
Global
Income
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Year
Ended
December
31,
2021
2020
2019
2018
2017
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$6.11
$6.75
$7.04
$7.25
$7.34
Income
from
investment
operations:
Net
investment
income
a
.........................
0.21
0.21
0.38
0.37
0.36
Net
realized
and
unrealized
gains
(losses)
...........
(0.51)
(0.63)
(0.26)
(0.23)
(0.16)
Total
from
investment
operations
....................
(0.30)
(0.42)
0.12
0.14
0.20
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
..
—
(0.03)
(0.41)
(0.26)
(0.29)
Tax
return
of
capital
............................
(0.37)
(0.19)
—
(0.09)
—
Total
distributions
...............................
(0.37)
(0.22)
(0.41)
(0.35)
(0.29)
Repurchase
of
shares
..........................
0.02
—
—
—
—
Net
asset
value,
end
of
year
.......................
$5.46
$6.11
$6.75
$7.04
$7.25
Market
value,
end
of
year
b
.........................
$5.19
$5.50
$6.13
$6.03
$6.46
Total
return
(based
on
net
asset
value
per
share)
........
(4.62)%
(6.56)%
1.97%
1.98%
2.67%
Total
return
(based
on
market
value
per
share)
.........
1.02
%
(6.63)%
8.52%
(1.24)%
4.10%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
...............................
1.01%
0.75%
0.75%
0.79%
0.76%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.00%
0.71%
0.67%
0.71%
0.70%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
...............................
1.00%
0.71%
0.67%
0.71%
c
0.69%
Net
investment
income
...........................
3.64%
3.36%
5.49%
5.18%
4.84%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$561,163
$819,181
$905,378
$944,988
$972,791
Portfolio
turnover
rate
............................
115.48%
42.51%
21.99%
35.47%
42.34%
a
Based
on
average
daily
shares
outstanding.
b
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
c
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Income
Fund
Statement
of
Investments,
December
31,
2021
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
72.7%
Argentina
0.2%
Argentina
Government
Bond,
15.5%,
10/17/26
.....................
512,895,000
ARS
$
979,151
Brazil
10.6%
Brazil
Notas
do
Tesouro
Nacional
,
a
10%,
1/01/25
..................
50,000,000
BRL
8,847,616
10%,
1/01/27
..................
36,560,000
BRL
6,418,282
10%,
1/01/29
..................
9,230,000
BRL
1,605,177
10%,
1/01/31
..................
246,560,000
BRL
42,476,135
59,347,210
China
4.5%
China
Government
Bond
,
2.56%,
10/21/23
................
92,200,000
CNY
14,562,453
2.93%,
12/10/22
................
68,250,000
CNY
10,806,171
25,368,624
Colombia
4.4%
Colombia
Titulos
de
Tesoreria
,
B,
6%,
4/28/28
.................
25,265,000,000
COP
5,615,198
B,
6.25%,
11/26/25
..............
20,320,000,000
COP
4,803,575
B,
7.5%,
8/26/26
...............
44,184,300,000
COP
10,786,178
B,
7.75%,
9/18/30
..............
9,129,700,000
COP
2,190,057
B,
10%,
7/24/24
................
4,422,000,000
COP
1,164,228
24,559,236
Ecuador
1.2%
b
Ecuador
Government
Bond
,
Senior
Bond,
144A,
0.5%,
7/31/40
..
3,051,000
1,794,369
Senior
Bond,
144A,
1%,
7/31/35
....
5,506,000
3,640,843
Senior
Note,
144A,
5%,
7/31/30
....
1,733,000
1,440,556
6,875,768
Ghana
1.5%
Ghana
Government
Bond
,
18.85%,
9/28/23
................
10,970,000
GHS
1,767,068
19.25%,
6/23/25
................
7,340,000
GHS
1,164,545
19.75%,
3/25/24
................
8,520,000
GHS
1,382,585
19.75%,
3/15/32
................
15,680,000
GHS
2,413,794
Senior
Note,
18.3%,
3/02/26
......
11,230,000
GHS
1,719,630
8,447,622
India
9.4%
India
Government
Bond
,
7.26%,
1/14/29
................
1,500,000,000
INR
21,088,527
7.27%,
4/08/26
................
79,000,000
INR
1,117,132
8.33%,
7/09/26
................
624,000,000
INR
9,158,698
Senior
Note,
5.77%,
8/03/30
......
1,650,000,000
INR
21,298,969
52,663,326
Indonesia
11.8%
Indonesia
Government
Bond
,
FR86,
5.5%,
4/15/26
............
180,818,000,000
IDR
12,891,014
FR81,
6.5%,
6/15/25
............
264,154,000,000
IDR
19,534,700
FR70,
8.375%,
3/15/24
..........
32,677,000,000
IDR
2,497,184
FR64,
6.125%,
5/15/28
..........
162,800,000,000
IDR
11,639,482
FR44,
10%,
9/15/24
.............
1,618,000,000
IDR
129,576
Templeton
Global
Income
Fund
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Indonesia
(continued)
Indonesia
Government
Bond,
(continued)
9%,
3/15/29
...................
237,200,000,000
IDR
$
19,279,714
65,971,670
Mexico
4.3%
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
6.5%,
6/09/22
...............
159,230,000
MXN
7,760,185
M,
Senior
Bond,
8%,
12/07/23
.....
334,550,000
MXN
16,529,980
24,290,165
Norway
4.4%
b
Norway
Government
Bond
,
144A,
Reg
S,
1.5%,
2/19/26
.......
17,165,000
NOK
1,941,257
144A,
Reg
S,
1.75%,
3/13/25
......
28,937,000
NOK
3,306,665
144A,
Reg
S,
2%,
5/24/23
........
83,183,000
NOK
9,553,231
144A,
Reg
S,
3%,
3/14/24
........
85,878,000
NOK
10,083,585
24,884,738
Oman
0.8%
b
Oman
Government
Bond,
Senior
Bond,
144A,
4.75%,
6/15/26
............
4,190,000
4,320,715
Russia
4.4%
Russia
Government
Bond
,
7%,
8/16/23
...................
863,700,000
RUB
11,325,725
7.1%,
10/16/24
................
1,024,000,000
RUB
13,320,399
24,646,124
South
Korea
9.9%
Korea
Treasury
Bond
,
1.875%,
12/10/24
...............
32,940,000,000
KRW
27,768,306
1.875%,
6/10/26
................
15,749,000,000
KRW
13,167,591
3%,
3/10/23
...................
12,000,000,000
KRW
10,277,846
3%,
9/10/24
...................
5,310,000,000
KRW
4,605,622
55,819,365
Sri
Lanka
0.1%
b
Sri
Lanka
Government
Bond,
Senior
Bond,
144A,
6.2%,
5/11/27
........
1,520,000
779,547
Supranational
0.3%
c
Inter-American
Development
Bank,
Senior
Bond,
7.5%,
12/05/24
......
34,150,000
MXN
1,650,126
Sweden
4.5%
Sweden
Government
Bond,
3.5%,
6/01/22
......................
224,000,000
SEK
25,153,325
Turkey
0.4%
Turkey
Government
Bond
,
7.1%,
3/08/23
.................
8,431,981
TRY
542,708
12.6%,
10/01/25
................
9,710,000
TRY
535,371
16.2%,
6/14/23
................
20,020,000
TRY
1,395,639
2,473,718
Total
Foreign
Government
and
Agency
Securities
(Cost
$432,336,260)
............
408,230,430
Templeton
Global
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
Short
Term
Investments
28.2%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
17.1%
Brazil
1.4%
a,d
Brazil
Letras
do
Tesouro
Nacional
,
1/01/25
......................
58,000,000
BRL
$
7,691,691
Egypt
2.5%
d
Egypt
Treasury
Bills
,
2/22/22
......................
22,500,000
EGP
1,413,765
4/26/22
......................
46,300,000
EGP
2,849,863
6/14/22
......................
12,600,000
EGP
763,971
8/09/22
......................
142,000,000
EGP
8,438,575
9/20/22
......................
8,700,000
EGP
509,004
13,975,178
Japan
4.1%
d
Japan
Treasury
Bills
,
2/10/22
......................
736,200,000
JPY
6,396,899
3/28/22
......................
1,930,000,000
JPY
16,772,442
23,169,341
Singapore
4.6%
d
Singapore
Treasury
Bills
,
1/14/22
......................
10,010,000
SGD
7,420,843
3/11/22
......................
19,600,000
SGD
14,518,555
3/18/22
......................
5,380,000
SGD
3,984,808
25,924,206
Thailand
4.5%
d
Thailand
Treasury
Bills
,
3/24/22
......................
409,390,000
THB
12,314,623
5/11/22
......................
44,520,000
THB
1,338,332
6/22/22
......................
389,060,000
THB
11,688,961
25,341,916
Total
Foreign
Government
and
Agency
Securities
(Cost
$95,952,621)
..............
96,102,332
U.S.
Government
and
Agency
Securities
6.1%
United
States
6.1%
d
U.S.
Treasury
Bills,
3/31/22
.........
34,000,000
33,996,083
Total
U.S.
Government
and
Agency
Securities
(Cost
$33,997,562)
.................
33,996,083
Industry
Shares
Money
Market
Funds
5.0%
United
States
5.0%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
27,885,778
27,885,778
Total
Money
Market
Funds
(Cost
$27,885,778)
..................................
27,885,778
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$157,835,961
)
...............................
157,984,193
a
a
a
Total
Investments
(Cost
$590,172,221)
100.9%
..................................
$566,214,623
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(5,051,233)
Net
Assets
100.0%
...........................................................
$561,163,390
a
a
a
Templeton
Global
Income
Fund
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2021,
the
aggregate
value
of
these
securities
was
$36,860,768,
representing
6.6%
of
net
assets.
c
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
e
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Global
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
At
December
31,
2021,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(d).
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Chilean
Peso
......
JPHQ
Buy
2,292,603,265
2,801,632
1/07/22
$
—
$
(111,918)
Chilean
Peso
......
JPHQ
Sell
2,292,603,265
2,735,640
1/07/22
45,926
—
Euro
.............
SCNY
Sell
1,325,806
1,580,830
1/07/22
72,500
—
Chilean
Peso
......
GSCO
Buy
1,761,394,822
2,145,923
1/10/22
—
(80,302)
Chilean
Peso
......
GSCO
Sell
1,761,394,822
2,099,623
1/10/22
34,002
—
Chinese
Yuan
......
CITI
Buy
44,380,340
6,761,173
1/12/22
206,187
—
Chinese
Yuan
......
CITI
Sell
44,380,340
6,923,826
1/12/22
—
(43,534)
Chilean
Peso
......
JPHQ
Buy
3,782,900,000
4,764,358
1/13/22
—
(329,955)
Chilean
Peso
......
JPHQ
Sell
3,782,900,000
4,511,509
1/13/22
77,106
—
Chilean
Peso
......
GSCO
Buy
1,220,596,866
1,510,640
1/14/22
—
(80,029)
Chilean
Peso
......
GSCO
Sell
1,220,596,866
1,453,992
1/14/22
23,381
—
Euro
.............
DBAB
Sell
1,035,848
10,535,920
SEK
1/18/22
—
(13,820)
Mexican
Peso
......
CITI
Sell
376,500,000
18,018,923
1/18/22
—
(283,007)
Swedish
Krona
.....
DBAB
Sell
10,535,921
1,022,768
EUR
1/18/22
—
(1,064)
Chilean
Peso
......
JPHQ
Buy
4,430,680,000
5,429,755
1/21/22
—
(241,858)
Chilean
Peso
......
JPHQ
Sell
2,800,000,000
3,336,909
1/21/22
58,380
—
Euro
.............
JPHQ
Sell
10,967,977
111,598,400
NOK
1/21/22
178,053
—
Norwegian
Krone
...
JPHQ
Sell
111,598,400
11,117,433
EUR
1/21/22
50,526
(58,498)
Euro
.............
UBSW
Sell
513,907
607,232
1/24/22
22,372
—
Singapore
Dollar
....
MSCO
Buy
1,590,000
1,170,426
1/24/22
8,330
—
Singapore
Dollar
....
MSCO
Sell
1,590,000
1,169,393
1/24/22
—
(9,363)
Singapore
Dollar
....
CITI
Buy
1,600,000
1,187,005
1/26/22
—
(852)
Singapore
Dollar
....
CITI
Sell
1,600,000
1,176,687
1/26/22
—
(9,467)
Indian
Rupee
......
JPHQ
Buy
263,438,700
3,412,860
1/27/22
114,860
—
Indian
Rupee
......
JPHQ
Sell
263,438,700
3,506,905
1/27/22
—
(20,815)
Euro
.............
HSBK
Sell
4,550,000
5,389,252
1/31/22
210,306
—
Canadian
Dollar
....
CITI
Sell
10,739,310
7,526,581
EUR
2/03/22
74,812
—
Canadian
Dollar
....
HSBK
Sell
7,326,573
5,082,073
EUR
2/03/22
10,629
(19,593)
Canadian
Dollar
....
JPHQ
Sell
1,043,246
721,662
EUR
2/03/22
—
(3,536)
Euro
.............
CITI
Sell
7,220,457
10,739,310
CAD
2/03/22
273,649
—
Euro
.............
HSBK
Sell
4,942,339
7,326,573
CAD
2/03/22
168,023
—
Euro
.............
JPHQ
Sell
701,417
1,043,246
CAD
2/03/22
26,580
—
Chilean
Peso
......
JPHQ
Buy
2,292,596,735
2,793,261
2/07/22
—
(115,538)
Euro
.............
CITI
Sell
10,419,412
1,350,022,368
JPY
2/07/22
—
(129,023)
Japanese
Yen
......
CITI
Sell
1,362,120,263
10,419,412
EUR
2/07/22
23,886
—
Chilean
Peso
......
GSCO
Buy
1,357,150,000
1,671,017
2/10/22
—
(86,668)
Indian
Rupee
......
CITI
Buy
192,009,900
2,537,129
2/10/22
30,238
—
Indian
Rupee
......
CITI
Sell
192,009,900
2,551,118
2/10/22
—
(16,248)
Chilean
Peso
......
GSCO
Buy
2,394,434,956
3,032,466
2/11/22
—
(237,643)
Euro
.............
CITI
Sell
2,300,000
2,710,762
2/16/22
92,024
—
Euro
.............
JPHQ
Sell
2,101,396
21,921,200
NOK
2/16/22
92,932
—
Norwegian
Krone
...
JPHQ
Sell
21,921,200
2,215,657
EUR
2/16/22
37,164
—
Australian
Dollar
....
HSBK
Sell
2,834,989
2,082,980
2/17/22
22,689
—
Australian
Dollar
....
JPHQ
Sell
7,190,000
5,284,111
2/17/22
58,874
—
Australian
Dollar
....
MSCO
Sell
5,158,000
3,787,375
2/17/22
38,867
—
Indian
Rupee
......
SCNY
Buy
1,470,000,000
19,352,367
2/18/22
286,892
—
Indian
Rupee
......
SCNY
Sell
1,082,900,000
14,406,013
2/18/22
—
(61,574)
South
Korean
Won
..
CITI
Buy
51,670,000,000
44,879,701
2/18/22
—
(1,479,588)
South
Korean
Won
..
CITI
Sell
50,718,000,000
43,072,487
2/18/22
505,827
(33,822)
Chinese
Yuan
......
JPHQ
Buy
150,960,000
22,968,429
2/22/22
670,890
—
Chinese
Yuan
......
JPHQ
Sell
81,300,000
12,641,301
2/22/22
—
(89,731)
Euro
.............
CITI
Sell
10,600,000
12,032,223
2/22/22
—
(38,121)
Templeton
Global
Income
Fund
Statement
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Euro
.............
CITI
Sell
3,539,153
454,855,431
JPY
2/24/22
$
—
$
(76,863)
Japanese
Yen
......
CITI
Sell
460,730,424
3,539,153
EUR
2/24/22
25,801
—
Euro
.............
MSCO
Sell
1,215,000
1,433,657
2/28/22
49,965
—
Chinese
Yuan
......
BOFA
Buy
87,762,900
13,418,993
3/09/22
311,709
—
Japanese
Yen
......
HSBK
Buy
244,569,190
2,231,735
3/09/22
—
(105,828)
Japanese
Yen
......
HSBK
Sell
244,569,190
2,145,428
3/09/22
19,520
—
Euro
.............
DBAB
Sell
2,609,308
26,731,500
NOK
3/15/22
56,821
—
Norwegian
Krone
...
DBAB
Sell
26,731,500
2,695,804
EUR
3/15/22
41,717
—
Euro
.............
DBAB
Sell
1,035,122
10,535,883
SEK
3/16/22
—
(13,714)
Euro
.............
JPHQ
Sell
6,267,654
64,197,700
NOK
3/16/22
134,764
—
Norwegian
Krone
...
JPHQ
Sell
64,197,700
6,471,418
EUR
3/16/22
97,376
—
Swedish
Krona
.....
DBAB
Sell
10,535,883
1,022,041
EUR
3/16/22
—
(1,189)
New
Zealand
Dollar
.
CITI
Buy
16,040,000
10,859,147
3/21/22
101,872
—
New
Zealand
Dollar
.
JPHQ
Buy
2,720,000
1,833,752
3/21/22
24,974
—
Russian
Ruble
.....
MSCO
Buy
146,000,000
1,923,330
3/21/22
—
(9,817)
Russian
Ruble
.....
MSCO
Sell
146,000,000
1,938,396
3/21/22
24,883
—
Euro
.............
CITI
Sell
11,903,968
1,554,289,253
JPY
3/31/22
—
(52,291)
Euro
.............
JPHQ
Sell
1,062,783
10,890,000
SEK
3/31/22
—
(6,281)
Japanese
Yen
......
CITI
Sell
1,252,807,790
9,620,000
EUR
3/31/22
70,655
—
Swedish
Krona
.....
JPHQ
Sell
10,890,000
1,056,277
EUR
3/31/22
—
(1,134)
Indian
Rupee
......
JPHQ
Buy
264,184,500
3,479,775
4/07/22
23,631
—
Indian
Rupee
......
CITI
Buy
256,676,200
3,388,465
4/08/22
14,952
—
Indian
Rupee
......
JPHQ
Buy
106,826,200
1,408,016
4/08/22
8,454
—
Australian
Dollar
....
HSBK
Sell
24,240,000
17,416,508
4/12/22
—
(202,400)
Euro
.............
HSBK
Sell
252,375
293,168
4/12/22
5,451
—
Indian
Rupee
......
CITI
Buy
230,576,200
3,024,347
4/12/22
31,488
—
Indian
Rupee
......
HSBK
Buy
96,812,500
1,267,677
4/12/22
15,383
—
Mexican
Peso
......
CITI
Buy
45,000,000
2,122,441
4/13/22
31,250
—
Mexican
Peso
......
CITI
Sell
151,635,500
7,248,351
4/13/22
—
(8,895)
Euro
.............
DBAB
Sell
1,663,174
16,857,450
SEK
4/14/22
—
(30,649)
Swedish
Krona
.....
DBAB
Sell
16,857,450
1,634,662
EUR
4/14/22
—
(1,857)
Euro
.............
DBAB
Sell
1,259,976
12,643,100
SEK
4/19/22
—
(37,461)
Euro
.............
DBAB
Sell
21,127,184
23,977,875
4/19/22
—
(112,694)
Swedish
Krona
.....
DBAB
Sell
12,643,100
1,225,923
EUR
4/19/22
—
(1,368)
Singapore
Dollar
....
MSCO
Buy
2,010,000
1,491,817
4/21/22
—
(2,110)
Singapore
Dollar
....
MSCO
Sell
2,010,000
1,477,854
4/21/22
—
(11,853)
Euro
.............
HSBK
Sell
7,080,070
940,442,127
JPY
4/25/22
105,791
—
Euro
.............
JPHQ
Sell
3,196,986
3,623,072
4/27/22
836
(23,990)
Canadian
Dollar
....
HSBK
Sell
5,500,000
3,844,500
EUR
5/03/22
37,859
—
Canadian
Dollar
....
JPHQ
Sell
1,043,550
729,447
EUR
5/03/22
7,189
—
Euro
.............
HSBK
Sell
28,173,992
41,126,636
CAD
5/03/22
371,132
—
Euro
.............
JPHQ
Sell
700,204
1,043,549
CAD
5/03/22
26,167
—
Chilean
Peso
......
GSCO
Buy
2,292,067,510
2,889,719
5/11/22
—
(254,009)
Euro
.............
DBAB
Sell
29,339,682
300,934,178
SEK
5/18/22
—
(165,161)
Euro
.............
HSBK
Sell
2,280,000
2,599,952
5/18/22
—
(1,962)
Euro
.............
JPHQ
Sell
3,436,970
34,610,000
SEK
5/18/22
—
(90,497)
Swedish
Krona
.....
DBAB
Sell
167,037,646
16,190,368
EUR
5/18/22
—
(16,766)
Euro
.............
JPHQ
Sell
21,977,541
230,351,000
NOK
5/19/22
991,118
—
Norwegian
Krone
...
JPHQ
Sell
230,351,000
23,014,590
EUR
5/19/22
192,386
—
Japanese
Yen
......
CITI
Buy
2,848,700,000
25,135,906
6/07/22
—
(339,172)
Japanese
Yen
......
CITI
Sell
1,930,600,000
16,939,694
6/07/22
134,634
—
Euro
.............
DBAB
Sell
2,498,423
25,262,800
SEK
6/15/22
—
(55,556)
Euro
.............
DBAB
Sell
2,619,465
26,672,700
NOK
6/15/22
25,775
—
Norwegian
Krone
...
DBAB
Sell
26,672,700
2,676,339
EUR
6/15/22
39,181
—
Euro
.............
DBAB
Sell
4,004,606
40,777,700
NOK
6/16/22
39,280
—
Norwegian
Krone
...
DBAB
Sell
40,777,700
4,091,282
EUR
6/16/22
59,715
—
Euro
.............
DBAB
Sell
38,765,113
395,905,000
NOK
6/20/22
504,426
—
Templeton
Global
Income
Fund
Statement
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
See
Note 9 regarding
other
derivative
information.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Norwegian
Krone
...
DBAB
Sell
35,735,000
3,585,027
EUR
6/20/22
$
52,734
$
—
Chinese
Yuan
......
CITI
Buy
239,100,000
37,041,053
6/21/22
113,880
—
Euro
.............
CITI
Sell
3,111,992
32,042,000
NOK
6/21/22
69,678
—
Norwegian
Krone
...
CITI
Sell
32,042,000
3,214,266
EUR
6/21/22
47,147
—
South
Korean
Won
..
BNDP
Buy
73,351,000,000
61,878,691
6/21/22
—
(392,875)
Euro
.............
DBAB
Sell
1,257,644
12,643,100
SEK
7/19/22
—
(36,889)
Euro
.............
HSBK
Sell
12,678,158
18,320,446
CAD
8/03/22
—
(31,529)
Euro
.............
JPHQ
Sell
722,235
1,043,246
CAD
8/03/22
—
(2,121)
Chilean
Peso
......
BAST
Buy
16,891,500,000
19,335,508
9/06/22
—
(260,393)
Total
Forward
Exchange
Contracts
...................................................
$7,425,499
$(5,942,891)
Net
unrealized
appreciation
(depreciation)
............................................
$1,482,608
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
33
.
Templeton
Global
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
December
31,
2021
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Templeton
Global
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$562,286,443
Cost
-
Non-controlled
affiliates
(Note
3c)
........................................................
27,885,778
Value
-
Unaffiliated
issuers
..................................................................
$538,328,845
Value
-
Non-controlled
affiliates
(Note
3c)
.......................................................
27,885,778
Cash
....................................................................................
1,697
Restricted
cash
for
OTC
derivative
contracts
(Note
1e)
...............................................
580,000
Restricted
currency,
at
value
(cost
$6)
(Note
1f)
....................................................
6
Foreign
currency,
at
value
(cost
$768,472)
........................................................
497,753
Receivables:
Investment
securities
sold
...................................................................
38,500
Dividends
and
interes
t
.....................................................................
7,752,558
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
2,360,000
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
7,425,499
Total
assets
..........................................................................
584,870,636
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
16,526,467
Management
fees
.........................................................................
318,237
Trustees'
fees
and
expenses
.................................................................
67,928
Due
to
brokers
.............................................................................
580,000
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
5,942,891
Deferred
tax
...............................................................................
94,549
Accrued
expenses
and
other
liabilities
...........................................................
177,174
Total
liabilities
.........................................................................
23,707,246
Net
assets,
at
value
.................................................................
$561,163,390
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$699,078,779
Total
distributable
earnings
(losses)
.............................................................
(137,915,389)
Net
assets,
at
value
.................................................................
$561,163,390
Shares
outstanding
.........................................................................
102,796,927
Net
asset
value
per
share
....................................................................
$5.46
Templeton
Global
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
year
ended
December
31,
2021
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
Templeton
Global
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3c)
.............................................................
$8,229
Interest:
(net
of
foreign
taxes
of
$1,191,962)
Unaffiliated
issuers:
Inflation
principal
adjustments
..............................................................
3,948,725
Paid
in
cash
a
...........................................................................
31,509,316
Total
investment
income
...................................................................
35,466,270
Expenses:
Management
fees
(
Note
3a)
...................................................................
4,960,212
Transfer
agent
fees
.........................................................................
1,206,426
Custodian
fees
.............................................................................
170,660
Reports
to
shareholders
fees
..................................................................
110,170
Registration
and
filing
fees
....................................................................
131,574
Professional
fees
...........................................................................
877,954
Trustees'
fees
and
expenses
..................................................................
148,239
Other
....................................................................................
92,092
Total
expenses
.........................................................................
7,697,327
Expenses
waived/paid
by
affiliates
(Note
3c)
...................................................
(71,654)
Net
expenses
.........................................................................
7,625,673
Net
investment
income
................................................................
27,840,597
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$260,987)
Unaffiliated
issuers
......................................................................
(99,643,812)
Written
options
...........................................................................
2,310,820
Foreign
currency
transactions
................................................................
(1,654,062)
Forward
exchange
contracts
.................................................................
(23,566,898)
Net
realized
gain
(loss)
..................................................................
(122,553,952)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
36,566,828
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(363,233)
Written
options
...........................................................................
61,487
Forward
exchange
contracts
.................................................................
19,432,606
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
209,117
Net
change
in
unrealized
appreciation
(depreciation)
............................................
55,906,805
Net
realized
and
unrealized
gain
(loss)
............................................................
(66,647,147)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(38,806,550)
a
Includes
amortization
of
premium
and
accretion
of
discount.
Templeton
Global
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Templeton
Global
Income
Fund
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
Increase
(decrease)
in
net
assets:
Operations:
Net
investme
nt
income
.................................................
$27,840,597
$28,423,474
Net
realized
gain
(loss)
.................................................
(122,553,952)
(98,043,407)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
55,906,805
12,907,372
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(38,806,550)
(56,712,561)
Distributions
to
shareholders
..............................................
—
(3,729,110)
Distributions
to
shareholders
from
tax
return
of
capital
...........................
(48,995,410)
(25,755,776)
Total
distributions
to
shareholders
..........................................
(48,995,410)
(29,484,886)
Capital
share
transactions
from
–
repurchase
of
shares
(Note
2)
....................
(170,215,462)
—
Net
increase
(decrease)
in
net
assets
...................................
(258,017,422)
(86,197,447)
Net
assets:
Beginning
of
year
.......................................................
819,180,812
905,378,259
End
of
year
...........................................................
$561,163,390
$819,180,812
Templeton
Global
Income
Fund
21
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
1.
Organization
and
Significant
Accounting
Policies
Templeton
Global
Income
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund's
Board
of
Trustees
(the
Board),
the Fund's
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
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.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
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.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
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
Board.
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
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
in
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.
Securities
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities,
they
may
sell
the
securities
before
the
settlement
date.
d.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Foreign
Currency
Translation
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain
exposure
to
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
See
Note
9 regarding
other
derivative
information.
e.
Restricted
Cash
At
December
31,
2021, the
Fund
held
restricted
cash
in
connection
with
investments
in
certain
derivative
securities.
Restricted
cash
is
held
in
a
segregated
account
with
the
Fund’s
custodian
and
is
reflected
in
the
Statement
of
Assets
and
Liabilities.
f.
Restricted
Currency
At
December
31,
2021,
the
Fund
held
currencies
in
certain
markets
in
which
the
ability
to
repatriate
such
currency
is
limited.
As
a
result
of
such
limitations
on
repatriation,
the
Fund
may
incur
substantial
delays
in
gaining
access
to
these
assets
and
may
be
exposed
to
potential
adverse
movements
in
currency
value.
g.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
December
31,
2021,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
h.
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.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Effective
April
1,
2021,
the
Fund
employs
a
managed
distribution
policy
whereby
the
Fund
will
make
monthly
distributions
to
shareholders
at
an
annual
minimum
fixed
rate
of
7.5%,
based
on
the
average
monthly
NAV
of
the
Fund’s
common
shares.
Under
the
policy,
the
Fund
is
managed
with
a
goal
of
generating
as
much
of
the
distribution
as
possible
from
net
ordinary
income
and
short-term
capital
gains.
The
balance
of
the
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
distribution
will
then
come
from
long-term
capital
gains
to
the
extent
permitted
and,
if
necessary,
a
return
of
capital.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
inflation
principal
adjustments
in
the
Statement
of
Operations.
i.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
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
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
j.
Guarantees
and
Indemnifications
Under
the
Fund's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Fund
against
certain
liabilities
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.
Currently,
the
Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
December
31,
2021,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the
years
ended
December
31,
2021
and
2020
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
Under
the
Board
approved
open-market
share
repurchase
program,
the
Fund
may
purchase,
from
time
to
time,
Fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
Since
the
inception
of
the
program,
the
Fund
has
repurchased
a
total
of
11,210,400
shares.
In
addition,
the
Fund
separately
conducted
a
tender
offer,
which
expired
on
December
7,
2021.
The
Fund
accepted
31,347,231
shares
in
the
tender
offer.
Transactions
in
the
Fund’s
shares,
including
the
tender
offer
were
as
follows:
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
Shares
Amount
Shares
Amount
Shares
repurchased
......................
31,347,231
a
$170,215,462
—
$—
Weighted
average
discount
of
market
price
to
net
asset
value
of
shares
repurchased
..........
6.56%
—%
a
On
October
13,
2021,
the
Fund
announced
a
tender
offer
to
purchase
for
cash
up
to
70
percent
of
its
issued
and
outstanding
common
shares
(93,900,910
shares),
each
without
par
value.
The
tender
period
commenced
on
November
8,
2021
and
expired
at
11:59
p.m.
Eastern
time
on
December
7,
2021.
The
Fund
accepted
31,347,231
shares
for
cash
payment
at
a
price
equal
to
$5.43
per
share.
This
purchase
price
was
99%
of
the
Fund’s
NAV
per
share
of
$5.48
as
of
the
close
of
regular
trading
on
the
NYSE
on
December
8,
2021.
1.
Organization
and
Significant
Accounting
Policies
(continued)
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
December
31,
2021,
the
gross
effective
investment
management
fee
rate
was
0.649%
of
the
Fund’s
average
daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
December
31,
2021,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Annualized
Fee
Rate
Net
Assets
0.700%
Up
to
and
including
$200
million
0.635%
Over
$200
million,
up
to
and
including
$700
million
0.600%
Over
$700
million,
up
to
and
including
$1
billion
0.580%
Over
$1
billion,
up
to
and
including
$5
billion
0.560%
Over
$5
billion,
up
to
and
including
$10
billion
0.540%
Over
$10
billion,
up
to
and
including
$15
billion
0.520%
Over
$15
billion,
up
to
and
including
$20
billion
0.500%
In
excess
of
$20
billion
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
December
31,
2021,
the
capital
loss
carryforwards
were
as
follows:
For
tax
purposes,
the
Fund
may
elect
to
defer
any
portion
of
a
post-October
capital
loss
or
late-year
ordinary
loss
to
the
first
day
of
the
following
fiscal
year.
At
December
31,
2021,
the
Fund
deferred
late-year
ordinary
losses
of
$25,405,843.
The
tax
character
of
distributions
paid
during
the
years
ended
December
31,
2021
and
2020,
was
as
follows:
At
December
31,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
foreign
currency
transactions,
bond
discounts
and
premiums,
tax
straddles
and
wash
sales.
In
accordance
with
U.S.
GAAP
permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
At
the
year
ended
December
31,
2021,
such
reclassifications
were
as
follows:
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Global
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
62,199,567
$
935,045,464
$
(969,359,253)
$
—
$
—
$
27,885,778
27,885,778
$
8,229
Total
Affiliated
Securities
...
$62,199,567
$935,045,464
$(969,359,253)
$—
$—
$27,885,778
$8,229
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$14,172,840
Long
term
................................................................................
59,218,515
Total
capital
loss
carryforwards
...............................................................
$73,391,355
2021
2020
Distributions
paid
from:
Ordinary
income
..........................................................
$—
$3,729,110
Return
of
capital
...........................................................
48,995,410
25,755,776
$48,995,410
$29,484,886
Cost
of
investments
..........................................................................
$606,491,744
Unrealized
appreciation
........................................................................
$12,870,919
Unrealized
depreciation
........................................................................
(51,665,432)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(38,794,513)
3.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
Report
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
December
31
,
2021,
aggregated
$
632,873,159
and
$
758,405,919
,
respectively.
6.
Credit Risk
At
December
31,
2021,
the
Fund
had
19.4%
of
its
portfolio
invested
in
high
yield
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
7.
Concentration
of
Risk
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
At
December
31,
2021,
the
Fund
had
0.2%
of
its
net
assets
denominated
in
Argentine
Pesos. Argentina
has
restricted
currency
repatriation
since
September
2019,
and
had
restructured
certain
issues
of
its
debt.
Political
and
economic
conditions
in
Argentina
could
continue
to
affect
the
value
of
the
Fund's
holdings.
8.
Novel
Coronavirus
Pandemic
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
9.
Other
Derivative
Information
At
December
31,
2021
,
investments
in
derivative
contracts
are
reflected
in
the
Statement of
Assets
and
Liabilities
as
follows:
Paid-in
Capital
..............................................................................
Total
distributable
earnings
(loss)
................................................................
$(69,131,711)
$69,131,711
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Templeton
Global
Income
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
7,425,499
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
5,942,891
Total
....................
$7,425,499
$5,942,891
4.
Income
Taxes
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
For
the
year
ended
December
31,
2021,
the
effect
of
derivative
contracts
in
the
Statement
of
Operations
was
as
follows:
For
the
year
ended
December
31
,
2021
,
the
average
month
end
notional
amount
of
options
represented
$
487,926,582
.
The
average
month
end
contract
value
of
forward
exchange
contracts
was
$
951,313,402
.
At
December
31,
2021,
OTC
derivative
assets
and
liabilities
are
as
follows:
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Templeton
Global
Income
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Investments
$(10,734,867)
a
Investments
$5,823,230
a
Written
options
2,310,820
Written
options
61,487
Forward
exchange
contracts
(23,566,898)
Forward
exchange
contracts
19,432,606
Total
.......................
$(31,990,945)
$25,317,323
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Statement
of
Operations.
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Templeton
Global
Income
Fund
Derivatives
Forward
exchange
contracts
.............................
$
7,425,499
$
5,942,891
Total
.............................................
$7,425,499
$5,942,891
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
9.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
At
December
31,
2021,
OTC
derivative
assets,
which
may
be
offset
against
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a,b
Cash
Collateral
Received
b
Net
Amount
(Not
less
than
zero)
Templeton
Global
Income
Fund
Counterparty
BAST
....................
$—
$—
$—
$—
$—
BNDP
...................
—
—
—
—
—
BOFA
....................
311,709
—
—
(270,000)
41,709
CITI
.....................
1,847,980
(1,847,980)
—
—
—
DBAB
...................
819,649
(488,188)
(331,461)
—
—
GSCO
...................
57,383
(57,383)
—
—
—
HSBK
...................
966,783
(361,312)
(442,615)
—
162,856
JPHQ
...................
2,918,186
(1,095,872)
(1,822,314)
—
—
MSCO
...................
122,045
(33,143)
—
—
88,902
SCNY
...................
359,392
(61,574)
—
(297,818)
—
UBSW
...................
22,372
—
—
—
22,372
Total
...................
$7,425,499
$(3,945,452)
$
(2,596,390)
$(567,818)
$315,839
1
9.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
At
December
31,
2021,
OTC
derivative
liabilities,
which
may
be
offset
against
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(d)
regarding
derivative
financial
instruments.
See
Abbreviations
on
page
33
.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
Cash
Collateral
Pledged
b
Net
Amount
(Not
less
than
zero)
Templeton
Global
Income
Fund
Counterparty
BAST
....................
$260,393
$—
$—
$(260,393)
$—
BNDP
...................
392,875
—
—
(392,875)
—
BOFA
....................
—
—
—
—
—
CITI
.....................
2,510,883
(1,847,980)
—
(610,000)
52,903
DBAB
...................
488,188
(488,188)
—
—
—
GSCO
...................
738,651
(57,383)
—
(681,268)
—
HSBK
...................
361,312
(361,312)
—
—
—
JPHQ
...................
1,095,872
(1,095,872)
—
—
—
MSCO
...................
33,143
(33,143)
—
—
—
SCNY
...................
61,574
(61,574)
—
—
—
UBSW
...................
—
—
—
—
—
Total
...................
$5,942,891
$(3,945,452)
$—
$(1,944,536)
$52,903
a
At
December
31,
2021,
the
Fund
received
U.S.
Treasury
Bonds
and
Notes
and
U.K
Treasury
Inflation-Linked
Gilt
Bonds
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
collateral
amounts
to
avoid
the
effect
of
over
collateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
9.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
December
31,
2021,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
year.
At
December
31,
2021,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Global
Income
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
....
$
—
$
408,230,430
$
—
$
408,230,430
Short
Term
Investments
...................
61,881,861
96,102,332
—
157,984,193
Total
Investments
in
Securities
...........
$61,881,861
$504,332,762
$—
$566,214,623
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
7,425,499
$
—
$
7,425,499
Restricted
Currency
(ARS)
.................
—
6
—
6
Total
Other
Financial
Instruments
.........
$—
$7,425,505
$—
$7,425,505
Receivables:
Interest
(ARS)
...........................
$—
$80,122
$—
$80,122
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
5,942,891
$
—
$
5,942,891
Payables:
Deferred
Tax
(ARS)
.......................
$—
$549
$—
$549
10.
Fair
Value
Measurements
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
11.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Balance
at
Beginning
of
Year
Purchases
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
a
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Year
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Year
End
a
a
a
a
a
a
a
a
a
a
a
Templeton
Global
Income
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
:
Argentina
....
$
13,615,735
$
—
$
—
$
—
$
(13,615,735)
$
—
$
—
$
—
$
—
$
—
Short
Term
Investments
..
868,631
—
—
—
(868,631)
—
—
—
—
—
Total
Investments
in
Securities
.......
$14,484,366
$—
$—
$—
$(14,484,366)
$—
$—
$—
$—
$—
Other
Financial
Instruments:
Restricted
Currency
(ARS)
......
$2,838
$—
$—
$—
$(2,838)
$—
$—
$—
$—
$—
Receivables:
Interest
(ARS)
.
$304,677
$—
$—
$—
$(304,677)
$—
$—
$—
$—
$—
Liabilities:
Payables:
Investment
Securities
Purchased
(ARS)
$129,991
$—
$—
$—
$(129,991)
$—
$—
$—
$—
$—
Deferred
Tax
(ARS)
$779
$—
$—
$—
$(779)
$—
$—
$—
$—
$—
a
Transfers
out
of
level
3
were
as
a
result
of
changes
in
the
levels
of
observable
liquidity
and
the
improved
reliability
of
a
significant
input.
10.
Fair
Value
Measurements
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
Report
Abbreviations
Counterparty
BAST
Banco
Santander
SA
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
Corp.
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SCNY
Standard
Chartered
Bank
UBSW
UBS
AG
Cu
r
rency
ARS
Argentine
Peso
BRL
Brazilian
Real
CNY
Chinese
Yuan
COP
Colombian
Peso
EGP
Egyptian
Pound
EUR
Euro
GHS
Ghanaian
Cedi
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
RUB
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TRY
Turkish
Lira
Templeton
Global
Income
Fund
Report
of
Independent
Registered
Public
Accounting
Firm
34
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Templeton
Global
Income
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
statement
of
investments,
of
Templeton
Global
Income
Fund
(the
"Fund")
as
of
December
31,
2021,
the
related
statement
of
operations
for
the
year
ended
December
31,
2021,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2021,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2021
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2021
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
February
17,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Global
Income
Fund
Tax
Information
(unaudited)
35
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
December
31,
2021:
Note
(1)
-
The
Law
varies
in
each
state
as
to
whether
and
what
percentage
of
dividend
income
attributable
to
Federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
consult
with
their
tax
advisors
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
taxes.
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intends
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
fiscal
year
ended
December
31,
2021:
Pursuant
to:
Amount
Reported
Interest
Earned
from
Federal
Obligations
Note
(1)
$611,925
Amount
Reported
Foreign
Taxes
Paid
$1,843,208
Foreign
Source
Income
Earned
$31,974,249
Templeton
Global
Income
Fund
Important
Information
to
Shareholders
36
franklintempleton.com
Annual
Report
Share
Repurchase
Program
The
Fund’s
Board
of
Trustees
(the
“Board”)
previously
authorized
the
Fund
to
repurchase
up
to
10%
of
the
Fund’s
outstanding
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
In
exercising
its
discretion
consistent
with
its
portfolio
management
responsibilities,
the
investment
manager
will
take
into
account
various
other
factors,
including,
but
not
limited
to,
the
level
of
the
discount,
the
Fund’s
performance,
portfolio
holdings,
dividend
history,
market
conditions,
cash
on
hand,
the
availability
of
other
attractive
investments
and
whether
the
sale
of
certain
portfolio
securities
would
be
undesirable
because
of
liquidity
concerns
or
because
the
sale
might
subject
the
Fund
to
adverse
tax
consequences.
Any
repurchases
would
be
made
on
a
national
securities
exchange
at
the
prevailing
market
price,
subject
to
exchange
requirements,
Federal
securities
laws
and
rules
that
restrict
repurchases,
and
the
terms
of
any
outstanding
leverage
or
borrowing
of
the
Fund.
If
and
when
the
Fund’s
10%
threshold
is
reached,
no
further
repurchases
could
be
completed
until
authorized
by
the
Board.
Until
the
10%
threshold
is
reached,
Fund
management
will
have
the
flexibility
to
commence
share
repurchases
if
and
when
it
is
determined
to
be
appropriate
in
light
of
prevailing
circumstances.
In
the
Notes
to
Financial
Statements
section,
please
see
note
2
(Shares
of
Beneficial
Interest)
for
additional
information
regarding
shares
repurchased.
Managed
Distribution
Plan
On
March
10,
2021,
the
Fund
announced
the
implementation
of
a
managed
distribution
plan,
effective
April
1,
2021,
whereby
the
Fund
will
make
monthly
distributions
to
shareholders
at
an
annual
minimum
fixed
rate
of
7.5%,
based
on
the
average
monthly
net
asset
value
(NAV)
of
the
Fund’s
common
shares.
The
Fund
will
calculate
the
average
NAV
from
the
previous
month
based
on
the
number
of
business
days
in
that
month
on
which
the
NAV
is
calculated.
The
distribution
will
be
calculated
as
7.5%
of
the
previous
month’s
average
NAV,
divided
by
12.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
constant,
but
not
guaranteed,
fixed
minimum
rate
of
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
common
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
Under
the
managed
distribution
plan,
to
the
extent
that
sufficient
investment
income
is
not
available
on
a
monthly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
No
conclusions
should
be
drawn
about
the
Fund’s
investment
performance
from
the
amount
of
the
Fund’s
distributions
or
from
the
terms
of
the
Fund’s
managed
distribution
plan.
The
Fund’s
Board
may
amend
the
terms
of
the
plan
or
terminate
the
plan
at
any
time.
The
amendment
or
termination
of
the
plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
annual
minimum
fixed
rate
to
determine
if
an
adjustment
should
be
made.
In
compliance
with
Rule
19a-1
of
the
Investment
Company
Act
of
1940,
shareholders
will
receive
a
notice
that
details
the
source
of
income
for
each
dividend
such
as
net
investment
income,
gain
from
the
sale
of
securities
and
return
of
principal.
However,
determination
of
the
actual
source
of
the
Fund’s
dividend
can
only
be
made
at
year-end.
The
actual
source
amounts
of
all
Fund
dividends
will
be
included
in
the
Fund’s
annual
or
semiannual
reports.
In
addition,
the
tax
treatment
may
differ
from
the
accounting
treatment
used
to
calculate
the
source
of
the
Fund’s
dividends
as
shown
on
shareholders’
statements.
Shareholders
should
refer
to
their Form
1099-DIV
for
the
character
and
amount
of
distributions
for
income
tax
reporting
purposes.
Since
each
shareholder’s
tax
situation
is
unique,
it
may
be
advisable
to
consult
a
tax
advisor
as
to
the
appropriate
treatment
of
Fund
distributions.
Tender
Offer
The
Fund’s
Board
authorized
an
issuer
tender
offer
to
purchase
for
cash
up
to
93,900,910
of
its
common
shares,
representing
70%
of
its
issued
and
outstanding
common
shares.
In
conjunction
with
its
approval
of
the
tender
offer,
the
Board
formally
withdrew
the
previously
announced
tender
offer
measurement
period
(the
“Measurement
Period”).
The
tender
offer
commenced
on
November
8,
2021
and
expired
on
December
7,
2021
at
11:59
p.m.,
New
York
City
time.
Subject
to
various
terms
and
conditions
described
Templeton
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37
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in
the
offering
materials
distributed
to
shareholders:
(1)
purchases
were
made
at
a
price
per
share
equal
to
99%
of
the
Fund’s
net
asset
value
(NAV)
per
share
as
of
the
close
of
trading
on
the
first
business
day
after
the
expiration
of
the
offer;
and
(2)
the
Fund
disclosed
that
if
more
shares
were
tendered
than
the
amount
the
Board
had
authorized
to
purchase,
it
would
purchase
the
number
of
shares
equal
to
the
offer
amount
on
a
prorated
basis.
The
Fund
sold
portfolio
instruments
during
the
tender
offer
to
raise
cash
for
the
purchase
of
common
shares.
Thus,
during
the
pendency
of
the
tender
offer,
the
Fund
held
a
greater
than
normal
percentage
of
its
net
assets
in
cash
and
cash
equivalents.
Shortly
after
the
expiration
of
the
tender
offer,
the
investment
manager
finished
reinvesting
the
un-tendered
cash
and
cash
equivalents.
The
Fund
had
sufficient
assets
to
continue
to
meet
its
investment
goals
while
also
continuing
to
deliver
on
its
mandate
to provide
high
current
income
by
paying
monthly
distributions
to
shareholders
who
remained
invested
in
the
Fund.
A
total
of
31,347,230.632
shares,
or
23.37%
of
the
Fund’s
common
shares
outstanding
(134,144,158)
and
33.38%
of
the
available
shares
for
tender
(93,900,910),
were
properly
tendered
and
not
withdrawn.
In
accordance
with
the
terms
of
the
tender
offer,
the
Fund
accepted
for
purchase
all
shares
properly
tendered
by
all
tendering
shareholders.
The
purchase
price
for
tendered
shares
was
$5.43
per
share.
American
Stock
Transfer
&
Trust
Company,
LLC,
the
depositary
for
this
tender
offer,
received
the
aggregate
proceeds
for
all
accepted
shares
and
distributed
the
funds
to
individual
shareholders.
Information
About
the
Fund’s
Goal
and
Main
Investments,
Principal
Investment
Strategy,
and
Principal
Risks
Your
Fund’s
Goal
and
Main
Investments
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.
For
purposes
of
the
Fund’s
80%
policy,
income-producing
securities
include
derivative
instruments
or
other
investments
that
have
economic
characteristics
similar
to
such
securities.
The
Fund’s
investment
objectives
are
fundamental
policies
which
may
not
be
changed
without
the
approval
of
a
majority
of
the
Fund’s
outstanding
voting
securities.
Principal
Investment
Strategy
As
a
fundamental
policy,
the
Fund
will
normally
invest
at
least
65%
of
its
total
assets
in
at
least
three
countries
(one
of
which
may
be
the
United
States)
in
one
or
more
of
the
following
investments:
(i)
debt
securities
that
are
issued
or
guaranteed
as
to
interest
and
principal
by
the
U.S.
government,
its
agencies,
authorities
or
instrumentalities
(“U.S.
Government
Securities”);
(ii)
debt
obligations
issued
or
guaranteed
by
a
foreign
sovereign
government
or
one
of
its
agencies
or
political
subdivisions;
(iii)
debt
obligations
issued
or
guaranteed
by
supra-national
organizations,
which
are
chartered
to
promote
economic
development
and
are
supported
by
various
governments
and
governmental
entities;
(iv)
U.S.
and
foreign
corporate
debt
securities
and
preferred
equity
securities,
including
those
debt
securities
which
may
have
equity
features,
such
as
conversion
or
exchange
rights,
or
which
carry
warrants
to
purchase
common
stock
or
other
equity
interests;
and
(v)
debt
obligations
of
U.S.
or
foreign
banks,
savings
and
loan
associations
and
bank
holding
companies.
The
average
maturity
of
the
debt
securities
in
the
Fund’s
portfolio
will
fluctuate
depending
on
the
investment
manager’s
judgment
as
to
future
interest
rate
changes.
With
respect
to
up
to
35%
of
its
total
assets,
the
Fund
may
invest
in
dividend-paying
common
stock
of
U.S.
and
foreign
corporations.
The
Fund
may
also
loan
its
portfolio
securities.
The
investment
manager
allocates
the
Fund's
assets
based
upon
its
assessment
of
changing
market,
political
and
economic
conditions.
It
considers
various
factors,
including
evaluation
of
interest
rates,
currency
exchange
rate
changes
and
credit
risks,
as
well
as
an
assessment
of
the
potential
impacts
of
material
environmental,
social
and
governance
factors
on
the
long-term
risk
and
return
profile
of
a
country.
The
percentage
of
the
Fund’s
assets
invested
in
securities
issued
abroad
and
denominated
in
foreign
currencies
may
vary
significantly
from
time
to
time,
depending
on
the
relative
yield
of
such
securities,
the
relative
appreciation
potential
of
such
securities,
the
state
of
the
economies
of
the
countries
in
which
the
investments
are
made,
such
countries’
financial
markets,
and
the
relationships
of
such
countries’
currencies
to
the
U.S.
dollar.
However,
during
periods
when
the
investment
manager
deems
it
appropriate
(e.g.,
the
U.S.
dollar
is
appreciating
against
all
currencies),
the
Fund
may
invest
a
substantial
portion
of
its
assets
in
U.S.
Government
Securities
or
other
dollar
denominated
securities,
which
include
(i)
U.S.
Treasury
obligations,
which
Templeton
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38
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differ
only
in
their
interest
rates,
maturities
and
times
of
issuance:
U.S.
Treasury
bills
(maturities
of
one
year
or
less),
U.S.
Treasury
notes
(maturities
of
one
to
ten
years),
and
U.S.
Treasury
bonds
(generally
maturities
of
greater
than
ten
years),
all
of
which
are
backed
by
the
full
faith
and
credit
of
the
United
States:
and
(ii)
obligations
issued
or
guaranteed
by
U.S.
Government
agencies
or
instrumentalities,
some
of
which
are
backed
by
the
full
faith
and
credit
of
the
U.S.
Treasury,
e.g.,
direct
pass-through
certificates
of
the
Government
National
Mortgage
Association;
some
of
which
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Government,
e.g.,
obligations
of
Federal
Home
Loan
Banks;
and
some
of
which
are
backed
only
by
the
credit
of
the
issuer
itself.
The
Fund
may
invest
in
debt
securities
issued
or
guaranteed
as
to
payment
of
principal
and
interest
by
governments,
semi-governmental
entities
and
governmental
agencies
of
countries
throughout
the
world
denominated
in
the
currencies
of
such
countries.
The
Fund
may
also
invest
in
debt
securities
of
supra-national
entities,
which
may
be
denominated
in
U.S.
dollars
or
other
currencies.
The
Fund
may
also
invest
in
corporate
fixed-income
securities
of
both
domestic
and
foreign
issuers.
These
securities
include
all
types
of
long-
or
short-term
debt
obligations,
such
as
bonds,
debentures,
notes,
equipment
lease
certificates,
equipment
trust
certificates,
conditional
sales
contracts
and
commercial
paper
(including
obligations,
such
as
repurchase
and
reverse
repurchase
agreements,
secured
by
such
instruments)
or
preferred
stock.
The
Fund
may
invest
in
any
debt
security
not
in
default
rated
from
AAA
to
CC
by
Standard
&
Poor’s
Corporation
(“S&P”)
or
from
Aaa
to
Ca
by
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
securities
which
are
unrated
by
any
rating
agency
but
which
are,
in
the
opinion
of
the
investment
manager,
of
comparable
quality.
It
is
not
expected,
however,
that
the
Fund
will
invest
in
higher
yielding
lower
rated
or
unrated
corporate
debt
securities
unless
the
investment
manager
believes
the
risks
of
investing
in
such
securities
are
not
significantly
greater
than
the
risks
of
investing
in
higher
rated
corporate
debt
securities.
The
Fund
may
invest
in
obligations
of
domestic
and
foreign
banks,
savings
and
loan
associations,
and
bank
holding
companies
(including
certificates
of
deposit,
bankers’
acceptances
and
other
short-term
debt
obligations)
which,
at
the
date
of
investment,
have
total
assets
in
excess
of
$1
billion.
Under
normal
circumstances,
the
Fund
would
not
expect
to
invest
a
substantial
portion
of
its
assets
in
bank
obligations.
However,
if
short-term
interest
rates
exceed
long-term
interest
rates,
the
Fund
may
hold
a
greater
proportion
of
its
assets
in
these
instruments.
When
the
investment
manager
believes
that
investing
for
temporary
defensive
purposes
is
appropriate
(such
as
during
periods
of
unusual
market
conditions
or
when
it
is
anticipated
that
interest
rates
will
rise),
the
Fund
may
invest
up
to
100%
of
its
total
assets
in
money
market
securities,
denominated
in
dollars
or
in
the
currency
of
any
foreign
country,
issued
by
entities
organized
in
the
U.S.
or
any
foreign
country,
such
as:
short-term
(less
than
twelve
months
to
maturity),
and
medium-term
(not
greater
than
five
years
to
maturity)
obligations
issued
or
guaranteed
by
the
U.S.
Government
or
the
government
of
a
foreign
country,
their
agencies
or
instrumentalities;
finance
company
and
corporate
commercial
paper,
and
other
short-term
corporate
obligations,
in
each
case
rated
Prime-1
or
Prime-2
by
Moody’s
or
A-2
or
better
by
S&P
or,
if
unrated,
of
comparable
quality
as
determined
by
the
investment
manager;
obligations
(including
certificates
of
deposit,
time
deposits
and
bankers’
acceptances)
of
banks;
and
repurchase
and
reverse
repurchase
agreements
with
banks
and
broker-
dealers
with
respect
to
such
securities.
The
Fund
invests
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
In
seeking
to
protect
against
the
effect
of
changes
in
currency
exchange
rates
or
interest
rates
that
are
adverse
to
the
present
or
prospective
position
of
the
Fund,
the
Fund
may
employ
certain
risk
management
practices,
including
forward
currency
transactions
and
transactions
in
options,
futures
and
options
on
futures
on
U.S.
and
foreign
government
securities
and
currencies.
In
addition,
in
an
effort
to
increase
current
income
and
to
reduce
fluctuations
in
net
asset
value,
the
Fund
may
write
put
and
call
options
and
purchase
put
and
call
options
on
securities
that
are
traded
on
United
States
and
foreign
securities
exchanges
and
over-the-counter
markets
and
on
domestic
and
foreign
securities
indices.
The
Fund
may
enter
into
contracts
for
the
purchase
or
sale
for
future
delivery
of
fixed
income
securities
or
contracts
based
on
financial
indices,
including
any
index
of
U.S.
or
foreign
government
securities
(“Futures
Contracts”).
The
Fund
may
enter
into
Futures
Contracts,
which
are
based
on
debt
securities
that
are
backed
by
the
full
faith
and
credit
of
the
U.S.
Government,
such
as
long-term
U.S.
Treasury
Templeton
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Bonds,
Treasury
Notes,
Government
National
Mortgage
Association
modified
pass-through
mortgage-backed
securities
and
three-month
U.S.
Treasury
Bills.
The
Fund
may
also
enter
into
Futures
Contracts
which
are
based
on
corporate
securities
and
non-U.S.
Government
bonds.
The
Fund
may
purchase
and
write
options
to
buy
or
sell
Futures
Contracts
(“Options
on
Futures
Contracts”).
Futures
Contracts
and
Options
on
Futures
Contracts
are
designed
to
hedge
against
anticipated
future
changes
in
interest
or
exchange
rates
which
otherwise
might
either
adversely
affect
the
value
of
the
Fund’s
portfolio
securities
or
adversely
affect
the
prices
of
securities
which
the
Fund
intends
to
purchase
at
a
later
date.
The
Board
has
adopted
the
requirement
that
Futures
Contracts
and
Options
on
Futures
Contracts
only
be
used
as
a
hedge
and
not
for
speculation.
In
addition
to
this
requirement,
the
aggregate
market
value
of
the
Futures
Contracts
held
by
the
Fund
will
not
exceed
35%
of
the
market
value
of
the
total
assets
of
the
Fund.
The
Fund
may
write
options
in
connection
with
buy-and-write
transactions;
that
is
the
Fund
may
purchase
a
security
and
then
write
a
call
option
against
that
security.
The
Fund
may
purchase
put
options
to
hedge
against
a
decline
in
the
value
of
its
portfolio.
The
Fund
may
purchase
call
options
to
hedge
against
an
increase
in
the
price
of
securities
that
the
Fund
anticipates
purchasing
in
the
future.
For
purposes
of
pursuing
its
investment
goals,
the
Fund
regularly
enters
into
various
currency
related
transactions
involving
derivative
instruments,
principally
currency
and
cross
currency
forwards,
but
it
may
also
use
currency
and
currency
index
futures
contracts
and
currency
options.
The
Fund
maintains
extensive
positions
in
currency
related
derivative
instruments
as
a
hedging
technique
or
to
implement
a
currency
investment
strategy,
which
could
expose
a
large
amount
of
the
Fund’s
assets
to
obligations
under
these
instruments.
The
results
of
such
transactions
may
represent,
from
time
to
time,
a
large
component
of
the
Fund’s
investment
returns.
The
use
of
these
derivative
transactions
may
allow
the
Fund
to
obtain
net
long
or
net
negative
(short)
exposure
to
selected
currencies.
The
Fund
also
may
enter
into
various
other
transactions
involving
derivatives
from
time
to
time,
including
interest
rate/bond
futures
contracts
(including
those
on
government
securities)
and
swap
agreements
(which
may
include
credit
default
swaps,
currency
swaps
and
interest
rate
swaps).
The
use
of
these
derivative
transactions
may
allow
the
Fund
to
obtain
net
long
or
net
short
exposures
to
selected
interest
rates,
countries,
duration
or
credit
risks,
or
may
be
used
for
hedging
purposes.
A
call
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
buy,
and
the
seller
the
obligation
to
sell,
the
underlying
instrument
at
the
exercise
price.
Conversely,
a
put
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
sell,
and
the
seller
of
the
option
the
obligation
to
buy,
the
underlying
instrument
at
the
exercise
price.
For
example,
when
the
investment
manager
expects
the
price
of
a
currency
to
decline
in
value,
the
Fund
may
purchase
put
options
that
are
expected
to
increase
in
value
as
the
price
of
the
currency
declines
to
hedge
against
such
anticipated
decline
in
value.
The
Fund
may
enter
into
forward
foreign
currency
contracts
(“Forward
Contracts”)
to
attempt
to
minimize
the
risk
to
the
Fund
from
adverse
changes
in
the
relationship
between
the
U.S.
dollar
and
foreign
currencies.
Because
in
connection
with
the
Fund’
foreign
currency
forward
transactions
an
amount
of
the
Fund’s
assets
equal
to
the
amount
of
the
purchase
will
be
held
aside
or
segregated
to
be
used
to
pay
for
the
commitment,
the
Fund
will
always
have
cash,
cash
equivalents
or
high-quality
debt
securities
available
sufficient
to
cover
any
commitments
under
these
contracts
or
to
limit
any
potential
risk.
The
segregated
account
will
be
marked-
to-market
on
a
daily
basis.
The
Fund
may
also
conduct
its
foreign
currency
exchange
transactions
on
a
spot
(i.e.,
cash)
basis
at
the
spot
rate
prevailing
in
the
foreign
currency
exchange
market.
The
Fund
may
also
enter
into
swap
agreements.
The
Board
authorized
the
Fund
to
use
inflation
index
swaps
in
an
amount
up
to
5%
of
the
Fund’s
net
assets
(as
measured
by
notional
value),
and
consistent
with
the
Fund’s
investment
goal,
approved
a
change
in
the
Fund’s
investment
policies
to
include
such
authority
to
use
inflation
index
swaps.
The
Fund
may
invest
in
credit
default
swaps
for
hedging
purposes,
and
also
for
efficient
portfolio
management
and
to
broaden
investment
opportunities.
The
Fund
may
use
fixed-income
total
return
swaps
consistent
with
the
Fund’s
investment
goal.
The
Fund
enters
into
interest
rate
swap
contracts
generally
in
order
to
manage
interest
rate
risk.
Generally,
the
Fund
may
purchase
and
write
(sell)
both
put
and
call
options
on
swap
agreements,
commonly
known
as
swaptions,
although
currently
the
Fund
only
intends
to
purchase
options
on
interest
rate
swaps.
The
Fund
may
buy
options
on
interest
rate
swaps
to
help
hedge
the
Fund's
risk
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of
potentially
rising
interest
rates.
The
Fund
may
enter
into
repurchase
and
reverse
repurchase
agreements.
The
Fund
may
purchase
options
on
interest
rate/bond
futures
to
help
hedge
the
Fund's
risk
of
potentially
rising
interest
rates.
The
Fund
may
invest
up
to
10%
of
its
assets
in
municipal
securities
when
the
investment
manager
believes
it
is
advisable
to
do
so.
In
trying
to
achieve
its
investment
goals,
the
Fund
may
invest
in
credit
linked
notes.
The
Fund
may
purchase
securities
on
a
when-issued
or
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
The
Fund
may
invest
in
the
Franklin
Institutional
Fiduciary
Trust
Money
Market
Portfolio,
an
open-end
investment
company
managed
by
the
investment
manager.
The
Fund
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
through
the
China
–
Hong
Kong
Bond
Connect
program.
The
Fund
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
(“CIBM”)
through
the
China
–
Hong
Kong
Bond
Connect
program
(“Bond
Connect”).
In
China,
the
Hong
Kong
Monetary
Authority
Central
Money
Markets
Unit
holds
Bond
Connect
securities
on
behalf
of
ultimate
investors
(such
as
the
Fund)
in
accounts
maintained
with
a
China-based
custodian
(either
the
China
Central
Depository
&
Clearing
Co.
or
the
Shanghai
Clearing
House).
This
recordkeeping
system
subjects
the
Fund
to
various
risks,
including
the
risk
that
the
Fund
may
have
a
limited
ability
to
enforce
rights
as
a
bondholder
and
the
risks
of
settlement
delays
and
counterparty
default
of
the
Hong
Kong
sub-custodian.
In
addition,
enforcing
the
ownership
rights
of
a
beneficial
holder
of
Bond
Connect
securities
is
untested
and
courts
in
China
have
limited
experience
in
applying
the
concept
of
beneficial
ownership.
Bond
Connect
uses
the
trading
infrastructure
of
both
Hong
Kong
and
China
and
is
not
available
on
trading
holidays
in
Hong
Kong.
As
a
result,
prices
of
securities
purchased
through
Bond
Connect
may
fluctuate
at
times
when
a
Fund
is
unable
to
add
to
or
exit
its
position.
Securities
offered
through
Bond
Connect
may
lose
their
eligibility
for
trading
through
the
program
at
any
time.
If
Bond
Connect
securities
lose
their
eligibility
for
trading
through
the
program,
they
may
be
sold
but
can
no
longer
be
purchased
through
Bond
Connect.
Bond
Connect
is
subject
to
regulation
by
both
Hong
Kong
and
China
and
there
can
be
no
assurance
that
further
regulations
will
not
affect
the
availability
of
securities
in
the
program,
the
frequency
of
redemptions
or
other
limitations.
Bond
Connect
trades
are
settled
in
Chinese
currency,
the
renminbi
(“RMB”).
It
cannot
be
guaranteed
that
investors
will
have
timely
access
to
a
reliable
supply
of
RMB
in
Hong
Kong.
Bond
Connect
is
relatively
new
and
its
effects
on
the
Chinese
interbank
bond
market
are
uncertain.
In
addition,
the
trading,
settlement
and
information
technology
systems
required
for
non-Chinese
investors
in
Bond
Connect
are
relatively
new.
In
the
event
of
systems
malfunctions,
trading
via
Bond
Connect
could
be
disrupted.
In
addition,
the
Bond
Connect
program
may
be
subject
to
further
interpretation
and
guidance.
There
can
be
no
assurance
as
to
the
program’s
continued
existence
or
whether
future
developments
regarding
the
program
may
restrict
or
adversely
affect
the
Fund’s
investments
or
returns.
Finally,
uncertainties
in
China
tax
rules
governing
taxation
of
income
and
gains
from
investments
via
Bond
Connect
could
result
in
unexpected
tax
liabilities
for
a
Fund.
The
Fund
is
a
“non-diversified”
fund,
which
means
it
generally
invests
a
greater
portion
of
its
assets
in
the
securities
of
one
or
more
issuers
and
invests
overall
in
a
smaller
number
of
issuers
than
a
diversified
fund.
Principal
Investment
Risks
You
could
lose
money
by
investing
in
the
Fund.
Closed-end
fund
shares
are
not
deposits
or
obligations
of,
or
guaranteed
or
endorsed
by,
any
bank,
and
are
not
insured
by
the
Federal
Deposit
Insurance
Corporation,
the
Federal
Reserve
Board,
or
any
other
agency
of
the
U.S.
government.
Foreign
Securities
(non-U.S.)
Investing
in
foreign
securities
typically
involves
more
risks
than
investing
in
U.S.
securities,
and
includes
risks
associated
with:
(i)
internal
and
external
political
and
economic
developments
–
e.g.,
the
political,
economic
and
social
policies
and
structures
of
some
foreign
countries
may
be
less
stable
and
more
volatile
than
those
in
the
U.S.
or
a
country
(including
the
U.S.)
may
be
subject
to
trading
restrictions
or
economic
sanctions
imposed
by
another
company;
(ii)
trading
practices
–
e.g.,
there
may
be
less
government
supervision
and
regulation
of
foreign
securities
and
currency
markets,
trading
systems
and
brokers
than
in
the
U.S.;
(iii)
availability
of
information
–
e.g.,
foreign
issuers
may
not
be
subject
to
the
same
disclosure,
accounting
and
financial
reporting
standards
and
practices
as
U.S.
issuers;
(iv)
limited
markets
–
e.g.,
the
securities
of
certain
foreign
issuers
may
be
less
liquid
(harder
to
sell)
and
more
volatile;
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and
(v)
currency
exchange
rate
fluctuations
and
policies.
The
risks
of
foreign
investments
may
be
greater
in
developing
or
emerging
market
countries.
There
are
special
risks
associated
with
investments
in
China,
Hong
Kong
and
Taiwan,
including
exposure
to
currency
fluctuations,
less
liquidity,
expropriation,
confiscatory
taxation,
nationalization
and
exchange
control
regulations
(including
currency
blockage).
Inflation
and
rapid
fluctuations
in
inflation
and
interest
rates
have
had,
and
may
continue
to
have,
negative
effects
on
the
economy
and
securities
markets
of
China,
Hong
Kong
and
Taiwan.
In
addition,
investments
in
Taiwan
could
be
adversely
affected
by
its
political
and
economic
relationship
with
China.
China,
Hong
Kong
and
Taiwan
are
deemed
by
the
investment
manager
to
be
emerging
markets
countries,
which
means
an
investment
in
these
countries
has
more
heightened
risks
than
general
foreign
investing
due
to
a
lack
of
established
legal,
political,
business
and
social
frameworks
in
these
countries
to
support
securities
markets
as
well
as
the
possibility
for
more
widespread
corruption
and
fraud.
In
addition,
the
standards
for
environmental,
social
and
corporate
governance
matters
in
China,
Hong
Kong
and
Taiwan
tend
to
be
lower
than
such
standards
in
more
developed
economies.
Trade
disputes
and
the
imposition
of
tariffs
on
goods
and
services
can
affect
the
economies
of
countries
in
which
the
Fund
invests,
particularly
those
countries
with
large
export
sectors,
as
well
as
the
global
economy.
Trade
disputes
can
result
in
increased
costs
of
production
and
reduced
profitability
for
non-export-dependent
companies
that
rely
on
imports
to
the
extent
a
country
engages
in
retaliatory
tariffs.
Trade
disputes
may
also
lead
to
increased
currency
exchange
rate
volatility.
Emerging
Market
Countries
The
Fund’s
investments
in
securities
of
issuers
in
emerging
market
countries
are
subject
to
all
of
the
risks
of
foreign
investing
generally,
and
have
additional
heightened
risks
due
to
a
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets,
including:
delays
in
settling
portfolio
securities
transactions;
currency
and
capital
controls;
greater
sensitivity
to
interest
rate
changes;
pervasiveness
of
corruption
and
crime;
currency
exchange
rate
volatility;
and
inflation,
deflation
or
currency
devaluation.
Market
The
market
values
of
securities
or
other
investments
owned
by
the
Fund
will
go
up
or
down,
sometimes
rapidly
or
unpredictably.
The
market
value
of
a
security
or
other
investment
may
be
reduced
by
market
activity
or
other
results
of
supply
and
demand
unrelated
to
the
issuer.
This
is
a
basic
risk
associated
with
all
investments.
When
there
are
more
sellers
than
buyers,
prices
tend
to
fall.
Likewise,
when
there
are
more
buyers
than
sellers,
prices
tend
to
rise.
Stock
prices
tend
to
go
up
and
down
more
dramatically
than
those
of
debt
securities.
A
slower-growth
or
recessionary
economic
environment
could
have
an
adverse
effect
on
the
prices
of
the
various
stocks
held
by
the
Fund.
Derivative
Instruments
The
performance
of
derivative
instruments
depends
largely
on
the
performance
of
an
underlying
instrument,
such
as
a
currency,
security,
interest
rate
or
index,
and
such
instruments
often
have
risks
similar
to
the
underlying
instrument,
in
addition
to
other
risks.
Derivatives
involve
costs
and
can
create
economic
leverage
in
the
Fund’s
portfolio,
which
may
result
in
significant
volatility
and
cause
the
Fund
to
participate
in
losses
(as
well
as
gains)
in
an
amount
that
significantly
exceeds
the
Fund’s
initial
investment.
Certain
derivatives
have
the
potential
for
unlimited
loss,
regardless
of
the
size
of
the
initial
investment.
Other
risks
include
illiquidity,
mispricing
or
improper
valuation
of
the
derivative
instrument,
and
imperfect
correlation
between
the
value
of
the
derivative
and
the
underlying
instrument
so
that
the
Fund
may
not
realize
the
intended
benefits.
The
successful
use
of
derivatives
will
usually
depend
on
the
investment
manager’s
ability
to
accurately
forecast
movements
in
the
market
relating
to
the
underlying
instrument.
Should
a
market
or
markets,
or
prices
of
particular
classes
of
investments
move
in
an
unexpected
manner,
especially
in
unusual
or
extreme
market
conditions,
the
Fund
may
not
achieve
the
anticipated
benefits
of
the
transaction,
and
it
may
realize
losses,
which
could
be
significant.
If
the
investment
manager
is
not
successful
in
using
such
derivative
instruments,
the
Fund’s
performance
may
be
worse
than
if
the
investment
manager
did
not
use
such
derivative
instruments
at
all.
When
a
derivative
is
used
for
hedging,
the
change
in
value
of
the
derivative
may
also
not
correlate
specifically
with
the
currency,
security,
interest
rate,
index
or
other
risk
being
hedged.
Derivatives
also
may
present
the
risk
that
the
other
party
to
the
transaction
will
fail
Templeton
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to
perform.
There
is
also
the
risk,
especially
under
extreme
market
conditions,
that
an
instrument,
which
usually
would
operate
as
a
hedge,
provides
no
hedging
benefits
at
all.
Currency
Management
Strategies
Currency
management
strategies
may
substantially
change
the
Fund’s
exposure
to
currency
exchange
rates
and
could
result
in
losses
to
the
Fund
if
currencies
do
not
perform
as
the
investment
manager
expects.
In
addition,
currency
management
strategies,
to
the
extent
that
they
reduce
the
Fund’s
exposure
to
currency
risks,
may
also
reduce
the
Fund’s
ability
to
benefit
from
favorable
changes
in
currency
exchange
rates.
Using
currency
management
strategies
for
purposes
other
than
hedging
further
increases
the
Fund’s
exposure
to
foreign
investment
losses.
Currency
markets
generally
are
not
as
regulated
as
securities
markets.
In
addition,
currency
rates
may
fluctuate
significantly
over
short
periods
of
time,
and
can
reduce
returns.
Interest
Rate
When
interest
rates
rise,
debt
security
prices
generally
fall.
The
opposite
is
also
generally
true:
debt
security
prices
rise
when
interest
rates
fall.
Interest
rate
changes
are
influenced
by
a
number
of
factors,
including
government
policy,
monetary
policy,
inflation
expectations,
perceptions
of
risk,
and
supply
of
and
demand
for
bonds.
In
general,
securities
with
longer
maturities
or
durations
are
more
sensitive
to
interest
rate
changes.
Credit
An
issuer
of
debt
securities
may
fail
to
make
interest
payments
or
repay
principal
when
due,
in
whole
or
in
part.
Changes
in
an
issuer’s
financial
strength
or
in
a
security’s
or
government’s
credit
rating
may
affect
a
security’s
value.
Non-Diversification
Because
the
Fund
is
non-diversified,
it
may
be
more
sensitive
to
economic,
business,
political
or
other
changes
affecting
individual
issuers
or
investments
than
a
diversified
fund,
which
may
result
in
greater
fluctuation
in
the
value
of
the
Fund’s
shares
and
greater
risk
of
loss.
Please
see
the
Performance
Summary
section
of
this
report
for
additional
risk
disclosure.
The
following
information
is
a
summary
of
material
changes
since
the
last
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
the
Fund.
On
April
1,
2021,
in
efforts
to
increase
the
Fund’s
distributable
income,
and
consistent
with
its
primary
investment
objective
of
high,
current
income,
the
Fund
announced
that
it
may
enter
into
reverse
repurchase
agreements
and
fixed-income
total
return
swaps.
See
also
“Managed
Distribution
Plan”
and
“Tender
Offer”
above.
Templeton
Global
Income
Fund
Annual
Meeting
of
Shareholders
May
7,
2021
(unaudited)
43
franklintempleton.com
Annual
Report
The
Annual
Meeting
of
Shareholders
of
Templeton
Global
Income
Fund
(the
“Fund”)
was
held
at
the
Fund’s
offices,
300
S.E.
2nd
Street,
Fort
Lauderdale,
Florida,
on
May
7,
2021.
The
purpose
of
the
Annual
Meeting
was;
(1)
to
elect
four
Trustees
of
the
Fund;
(2)
ratify
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2021;
and
(3)
if
properly
presented,
vote
on
a
shareholder
proposal
to
amend
the
Bylaws
regarding
mandatory
tender
offers.
At
the
meeting;
the
following
persons
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund:
Aditya
Bindal,
Frederic
Gabriel,
Paul
Kazarian
and
Pierre
Weinstein.*
Shareholders
also
ratified
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2021.
The
shareholder
proposal
to
amend
the
Fund’s
By-laws
to
require
mandatory
tender
offers
was
not
approved
by
shareholders.
No
other
business
was
transacted
at
the
Annual
Meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
four
Trustees:
2.
The
ratification
of
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2021
was
approved
by
shareholders:
3.
The
shareholder
proposal
to
amend
the
Bylaws
regarding
mandatory
tender
offers
was
not
approved
by
shareholders:
*
Mary
C.
Choksi,
Edith
E.
Holiday,
Gregory
E.
Johnson,
Rupert
H.
Johnson,
Jr.,
J.
Michael
Luttig,
Larry
D.
Thompson
and
Constantine
D.
Tseretopoulos
are
the
other
Trustees
of
the
Fund.
Term
Expiring
2024
For
Withhold
Elected
Trustees
Pierre
Weinstein
51,355,522
374,197
Paul
Kazarian
51,329,793
399,925
Aditya
Bindal
33,313,383
18,416,336
Frederic
Gabriel
33,313,383
18,416,336
Other
Trustee
Nominees
Robert
E.
Wade
27,239,692
2,634,936
David
W.
Niemiec
27,226,520
2,648,109
Harris
J.
Ashton
27,220,255
2,654,374
Ann
Torre
Bates
27,104,742
2,769,887
For
Against
Abstain
79,561,454
1,094,574
948,317
For
Against
Abstain
39,938,073
39,945,661
1,720,609
Templeton
Global
Income
Fund
Dividend
Reinvestment
and
Cash
Purchase
Plan
44
franklintempleton.com
Annual
Report
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.
If
you
decide
to
use
this
service,
dividends
and
capital
gains
distributions
will
be
reinvested
automatically
in
shares
of
the
Fund
for
your
account.
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
new
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
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
can
be
made
by
check
payable
to
American
Stock
Transfer
and
Trust
Company
LLC
(the
“Plan
Administrator”)
and
sent
to
American
Stock
Transfer
and
Trust
Company
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attention:
Templeton
Global
Income
Fund.
The
Plan
Administrator
will
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
fee
for
a
sale
of
shares
through
the
Plan
is
$15.00
per
transaction
plus
a
$0.12
per
share
trading
fee.
A
participant
may
withdraw
from
the
Plan
without
penalty
at
any
time
by
written
notice
to
the
Plan
Administrator
sent
to
American
Stock
Transfer
and
Trust
Company
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560.
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
participant’s
shares
and
send
the
proceeds
to
the
participant,
less
a
service
charge
of
$15.00
and
less
trading
fees
of
$0.12
per
share.
The
Plan
Administrator
will
convert
any
fractional
shares
held
at
the
time
of
withdrawal
to
cash
at
current
market
price
and
send
a
check
to
the
participant
for
the
net
proceeds.
For
more
information,
please
see
the
Plan’s
Terms
and
Conditions
located
at
the
back
of
this
report.
Templeton
Global
Income
Fund
Dividend
Reinvestment
and
Cash
Purchase
Plan
45
franklintempleton.com
Annual
Report
Transfer
Agent
American
Stock
Transfer
and
Trust
Company,
LLC
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-056
(800)
416-5585
www.astfinancial.com
Direct
Deposit
Service
for
Registered
Shareholders
Cash
distributions
can
now
be
electronically
credited
to
a
checking
or
savings
account
at
any
financial
institution
that
participates
in
the
Automated
Clearing
House
(“ACH”)
system.
The
Direct
Deposit
service
is
provided
for
registered
shareholders
at
no
charge.
To
enroll
in
the
service,
access
your
account
online
by
going
to
www.astfinancial.com
or
dial
(800)
416-5585
(toll
free)
and
follow
the
instructions.
Direct
Deposit
will
begin
with
the
next
scheduled
distribution
payment
date
following
enrollment
in
the
service.
Direct
Registration
If
you
are
a
registered
shareholder
of
the
Fund,
purchases
of
shares
of
the
Fund
can
be
electronically
credited
to
your
Fund
account
at
American
Stock
Transfer
and
Trust
Company,
LLC
through
Direct
Registration.
This
service
provides
shareholders
with
a
convenient
way
to
keep
track
of
shares
through
book
entry
transactions,
electronically
move
book-entry
shares
between
broker-dealers,
transfer
agents
and
DRS
eligible
issuers,
and
eliminate
the
possibility
of
lost
certificates.
For
additional
information,
please
contact
American
Stock
Transfer
and
Trust
Company,
LLC
at
(800)
416-5585.
Shareholder
Information
Shares
of
Templeton
Global
Income
Fund
are
traded
on
the
New
York
Stock
Exchange
under
the
symbol
“GIM.”
Information
about
the
net
asset
value
and
the
market
price
is
available
at
franklintempleton.com.
For
current
information
about
dividends
and
shareholder
accounts,
call
(800)
416-5585.
Registered
shareholders
can
access
their
Fund
account
on-line.
For
information
go
to
American
Stock
Transfer
and
Trust
Company,
LLC
website
at
www.
astfinancial.com
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
(800)
DIAL
BEN/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.
Templeton
Global
Income
Fund
Board
Members
and
Officers
46
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Aditya
Bindal
(1976)
Trustee
Since
May
2021
1
Voya
Prime
Rate
Trust
(closed-end
management
investment
company)
(2020-present).
405
Lexington
Avenue,
58th
Fl.
New
York,
NY
10174
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Risk
Officer,
Saba
Capital
Management,
L.P.
(hedge
fund)
(2018-present);and
formerly
,
Chief
Risk
Officer,
Water
Island
Capital,
LLC
(hedge
fund)
(2015-2018).
Mary
C.
Choksi
(1950)
Trustee
Since
2016
121
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Frederic
P.
Gabriel
(1974)
Trustee
Since
May
2021
1
None
464
Hudson
Street,
#259
New
York,
NY
10014
Principal
Occupation
During
at
Least
the
Past
5
Years:
Founder
and
Chief
Executive
Officer,
Orion
Realty
NYC
LLC
(real
estate)
(2014-present).
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
1996
and
Lead
Independent
Trustee
since
2007
121
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
Templeton
Global
Income
Fund
47
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Paul
C.
Kazarian
(1984)
Trustee
Since
May
2021
1
None
405
Lexington
Avenue,
58th
Fl.
New
York,
NY
10174
Principal
Occupation
During
at
Least
the
Past
5
Years:
Managing
Director,
Saba
Capital
Management,
L.P.
(hedge
fund)
(2013-present).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
121
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
the
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(May
2019-January
1,
2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-
2006).
Larry
D.
Thompson
(1945)
Trustee
Since
2005
121
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Constantine
D.
Tseretopoulos
(1954)
Trustee
Since
1999
20
None
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Physician,
Chief
of
Staff,
owner
and
operator
of
the
Lyford
Cay
Hospital
(1987-present);
director
of
various
nonprofit
organizations;
and
formerly
,
Cardiology
Fellow,
University
of
Maryland
(1985-1987);
and
Internal
Medicine
Resident,
Greater
Baltimore
Medical
Center
(1982-
1985).
Pierre
Weinstein
(1974)
Trustee
Since
May
2021
1
None
405
Lexington
Avenue,
58th
Fl.
New
York,
NY
10174
Principal
Occupation
During
at
Least
the
Past
5
Years:
Partner,
Saba
Capital
Management,
L.P.
(hedge
fund)
(2009-present).
Independent
Board
Members
(continued)
Templeton
Global
Income
Fund
48
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
**Gregory
E.
Johnson
(1961)
Trustee
Since
2006
132
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
**Rupert
H.
Johnson,
Jr.
(1940)
Chairman
of
the
Board,
Trustee
and
Vice
President
Chairman
of
the
Board
and
Trustee
since
2013
and
Vice
President
since
1996
121
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Alison
E.
Baur
(1964)
Vice
President
Since
2012
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Deputy
General
Counsel,
Franklin
Templeton;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Breda
M.
Beckerle
(1958)
Chief
Compliance
Officer
Since
2020
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Compliance
Officer,
Fiduciary
Investment
Management
International,
Inc.,
Franklin
Advisers,
Inc.,
Franklin
Mutual
Advisers,
LLC,
Franklin
Templeton
Institutional,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Steven
J.
Gray
(1955)
Vice
President
Since
2009
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Vice
President,
FASA,
LLC;
Assistant
Secretary,
Franklin
Distributors,
LLC;
and
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Michael
Hasenstab
Ph.D.
(1973)
President
and
Chief
Executive
Officer
-
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Vice
President,
Franklin
Advisers,
Inc.;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Templeton
Global
Income
Fund
49
franklintempleton.com
Annual
Report
*We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
-
AML
Compliance
Since
July
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
January
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
Since
2015
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Craig
S.
Tyle
(1960)
Vice
President
Since
2005
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
General
Counsel
and
Executive
Vice
President,
Franklin
Resources,
Inc.;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Lori
A.
Weber
(1964)
Vice
President
and
Secretary
Vice
President
since
2011
and
Secretary
since
2013
Not
Applicable
Not
Applicable
300
S.E.
2nd
Street
Fort
Lauderdale,
FL
33301-
1923
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
Assistant
Secretary,
Franklin
Resources,
Inc.;
Vice
President
and
Secretary,
Templeton
Investment
Counsel,
LLC;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christine
Zhu
(1975)
Vice
President
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Franklin
Advisers,
Inc.;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Income
Fund
50
franklintempleton.com
Annual
Report
**Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
major
shareholder
of
Resources.
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
Note
3:
Effective
May
7,
2021,
Harris
J.
Aston,
Ann
Torre
Bates,
David
W.
Niemiec,
and
Robert
E.
Wade
each
ceased
to
be
a
trustee
of
the
Trust.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Mary
C.
Choksi
as
its
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Choksi
qualifies
as
such
an
expert
in
view
of
her
extensive
business
background
and
experience.
She
served
as
a
director
of
Avis
Budget
Group,
Inc.
(2007-2020)
and
formerly,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(1987
to
2017).
Ms.
Choksi
has
been
a
Member
of
the
Fund’s
Audit
Committee
since
May
2021.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Choksi
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Choksi
is
an
independent
Board
member
as
that
term
is
defined
under
the
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Interested
Board
Members
and
Officers
(continued)
Templeton
Global
Income
Fund
Shareholder
Information
51
franklintempleton.com
Annual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
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
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
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
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
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
(800)
SEC-0330.
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
52
franklintempleton.com
Not
part
of
the
annual
report
1.
American
Stock
Transfer
and
Trust
Company
LLC
(“AST”),
will
act
as
Plan
Administrator
and
will
open
an
account
for
participating
shareholders
(“participant”)
under
the
Dividend
Reinvestment
and
Cash
Purchase
Plan
(the
“Plan”)
in
the
same
name
as
that
in
which
the
participant’s
present
shares
are
registered,
and
put
the
Plan
into
effect
as
of
the
first
record
date
for
a
dividend
or
capital
gains
distribution
after
AST
receives
the
authorization
duly
executed
by
such
participant.
2.
Whenever
Templeton
Global
Income
Fund
(the
“Fund”)
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
in
either
cash
or
shares
of
the
Fund
(“Fund
shares”),
if
the
market
price
per
share
on
the
valuation
date
equals
or
exceeds
the
net
asset
value
per
share,
participants
will
receive
such
dividend
or
distribution
entirely
in
Fund
shares,
and
AST
shall
automatically
receive
such
Fund
shares
for
participant
accounts
including
aggregate
fractions.
The
number
of
additional
Fund
shares
to
be
credited
to
participant
accounts
shall
be
determined
by
dividing
the
equivalent
dollar
amount
of
the
capital
gains
distribution
or
dividend
payable
to
participants
by
the
Fund’s
net
asset
value
per
share
of
the
Fund
shares
on
the
valuation
date,
provided
that
the
Fund
shall
not
issue
such
shares
at
a
price
lower
than
95%
of
the
current
market
price
per
share.
The
valuation
date
will
be
the
payable
date
for
such
distribution
or
dividend.
3.
Whenever
the
Fund
declares
a
distribution
from
capital
gains
or
an
income
dividend
payable
only
in
cash,
or
if
the
Fund’s
net
asset
value
per
share
exceeds
the
market
price
per
share
on
the
valuation
date,
AST
shall
apply
the
amount
of
such
dividend
or
distribution
payable
to
participants
to
the
purchase
of
Fund
shares
on
the
open
market
(less
their
pro
rata
share
of
trading
fees
incurred
with
respect
to
open
market
purchases
in
connection
with
the
reinvestment
of
such
dividend
or
distribution).
If,
before
AST
has
completed
its
purchases,
the
market
price
exceeds
the
net
asset
value
per
share,
the
average
per
share
purchase
price
paid
by
AST
may
exceed
the
net
asset
value
of
the
Fund’s
shares,
resulting
in
the
acquisition
of
fewer
shares
than
if
the
dividend
or
capital
gains
distribution
had
been
paid
in
shares
issued
by
the
Fund
at
net
asset
value
per
share.
Such
purchases
will
be
made
promptly
after
the
payable
date
for
such
dividend
or
distribution,
and
in
no
event
later
than
five
business
days
prior
to
the
record
date
for
the
next
dividend
or
distribution
except
where
temporary
curtailment
or
suspension
of
purchase
is
necessary
to
comply
with
applicable
provisions
of
the
Federal
securities
laws.
4.
A
participant
has
the
option
of
submitting
additional
payments
to
AST,
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
may
be
made
electronically
through
AST
at
www.astfinancial.com
or
by
check
payable
to
“American
Stock
Transfer
and
Trust
Company
LLC”
and
sent
to
American
Stock
Transfer
and
Trust
Company
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attention:
Templeton
Global
Income
Fund.
AST
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,
as
discussed
below
in
paragraph
6.
AST
shall
make
such
purchases
promptly
beginning
on
the
dividend
payment
date,
which
is
usually
the
last
business
day
of
each
month,
or,
in
the
event
that
there
is
no
dividend
or
distribution
paid
in
a
month,
AST
shall
make
such
purchases
on
the
last
business
day
of
that
month,
and
in
no
event
more
than
30
days
after
receipt,
except
where
necessary
to
comply
with
provisions
of
the
Federal
securities
laws.
Any
voluntary
payment
received
less
than
two
business
days
before
an
investment
date
shall
be
invested
during
the
following
month
unless
there
are
more
than
30
days
until
the
next
investment
date,
in
which
case
such
payment
will
be
returned
to
the
participant.
AST
shall
return
to
the
participant
his
or
her
entire
voluntary
cash
payment
upon
written
notice
of
withdrawal
received
by
AST
not
less
than
48
hours
before
such
payment
is
to
be
invested.
Such
written
notice
shall
be
sent
to
AST
by
the
participant,
as
discussed
below
in
paragraph
14.
5.
For
all
purposes
of
the
Plan:
(a)
the
market
price
of
the
Fund’s
shares
on
a
particular
date
shall
be
the
last
sale
price
on
the
New
York
Stock
Exchange
on
that
date
if
a
business
day
and
if
not,
on
the
preceding
business
day,
or
if
there
is
no
sale
on
such
Exchange
on
such
date,
then
the
mean
between
the
closing
bid
and
asked
quotations
for
such
shares
on
such
Exchange
on
such
date,
and
(b)
net
asset
value
per
share
of
the
Fund’s
shares
on
a
particular
date
shall
be
as
determined
by
or
on
behalf
of
the
Fund.
6.
Open
market
purchases
provided
for
above
may
be
made
on
any
securities
exchange
where
Fund
shares
are
traded,
in
the
over-the-counter
market
or
in
negotiated
transactions
and
may
be
on
such
terms
as
to
price,
delivery
and
otherwise
as
AST
shall
determine.
Participant
funds
held
by
AST
uninvested
will
not
bear
interest,
and
it
is
understood
that,
in
any
event,
AST
shall
have
no
liability
in
connection
with
any
inability
to
purchase
Fund
shares
within
five
business
days
prior
to
the
record
date
for
the
next
53
franklintempleton.com
Not
part
of
the
annual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
dividend
or
distribution
as
herein
provided,
or
with
the
timing
of
any
purchases
effected.
AST
shall
have
no
responsibility
as
to
the
value
of
the
Fund
shares
acquired
for
participant
accounts.
For
the
purposes
of
purchases
on
the
open
market,
AST
may
aggregate
purchases
with
those
of
other
participants,
and
the
average
price
(including
trading
fees)
of
all
shares
purchased
by
AST
shall
be
the
price
per
share
allocable
to
all
participants.
7.
AST
will
hold
shares
acquired
pursuant
to
this
Plan,
together
with
the
shares
of
other
participants
acquired
pursuant
to
this
Plan,
in
its
name
or
that
of
its
nominee.
AST
will
forward
to
participants
any
proxy
solicitation
material
and
will
vote
any
shares
so
held
for
participants
only
in
accordance
with
the
proxies
returned
by
participants
to
the
Fund.
Upon
written
request,
AST
will
deliver
to
participants,
without
charge,
a
certificate
or
certificates
for
all
or
a
portion
of
the
full
shares
held
by
AST.
8.
AST
will
confirm
to
participants
each
acquisition
made
for
an
account
as
soon
as
practicable
but
not
later
than
ten
business
days
after
the
date
thereof.
AST
will
send
to
participants
a
detailed
account
statement
showing
total
dividends
and
distributions,
date
of
investment,
shares
acquired
and
price
per
share,
and
total
shares
of
record
for
the
account.
Although
participants
may
from
time
to
time
have
an
undivided
fractional
interest
(computed
to
three
decimal
places)
in
a
share
of
the
Fund,
no
certificates
for
a
fractional
share
will
be
issued.
However,
dividends
and
distributions
on
fractional
shares
will
be
credited
to
participant
accounts.
In
the
event
of
termination
of
an
account
under
the
Plan,
AST
will
adjust
for
any
such
undivided
fractional
interest
in
cash
at
the
market
price
of
the
Fund’s
shares
on
the
date
of
termination.
9.
Any
share
dividends
or
split
shares
distributed
by
the
Fund
on
shares
held
by
AST
for
participants
will
be
credited
to
participant
accounts.
In
the
event
that
the
Fund
makes
available
to
its
shareholders
transferable
rights
to
purchase
additional
Fund
shares
or
other
securities,
AST
will
sell
such
rights
and
apply
the
proceeds
of
the
sale
to
the
purchase
of
additional
Fund
shares
for
the
participant
accounts.
The
shares
held
for
participants
under
the
Planwill
be
added
to
underlying
shares
held
by
participants
in
calculating
the
number
of
rights
to
be
issued.
10.
AST’s
service
charge
for
capital
gains
or
income
dividend
purchases
will
be
paid
by
the
Fund
when
shares
are
issued
by
the
Fund
or
purchased
on
the
open
market.
AST
will
deduct
a
$5.00
service
charge
from
each
voluntary
cash
payment.
Participants
will
be
charged
a
pro
rata
share
of
trading
fees
on
all
open
market
purchases.
11.
Participants
may
withdraw
shares
from
such
participant’s
account
or
terminate
their
participation
under
the
Plan
by
notifying
AST
in
writing.
Such
withdrawal
or
termination
will
be
effective
immediately
if
notice
is
received
by
AST
not
less
than
two
days
prior
to
any
dividend
or
distribution
record
date;
otherwise
such
withdrawal
or
termination
will
be
effective
after
the
investment
of
any
current
dividend
or
distribution
or
voluntary
cash
payment.
The
Plan
may
be
terminated
by
AST
or
the
Fund
upon
90
days’
notice
in
writing
mailed
to
participants.
Upon
any
withdrawal
or
termination,
AST
will
cause
a
certificate
or
certificates
for
the
full
shares
held
by
AST
for
participants
and
cash
adjustment
for
any
fractional
shares
(valued
at
the
market
value
of
the
shares
at
the
time
of
withdrawal
or
termination)
to
be
delivered
to
participants,
less
any
trading
fees.
Alternatively,
a
participant
may
elect
by
written
notice
to
AST
to
have
AST
sell
part
or
all
of
the
shares
held
for
him
and
to
remit
the
proceeds
to
him.
AST
is
authorized
to
deduct
a
$15.00
service
charge
and
a
$0.12
per
share
trading
fee
for
this
transaction
from
the
proceeds.
If
a
participant
disposes
of
all
shares
registered
in
his
name
on
the
books
of
the
Fund,
AST
may,
at
its
option,
terminate
the
participant’s
account
or
determine
from
the
participant
whether
he
wishes
to
continue
his
participation
in
the
Plan.
12.
These
terms
and
conditions
may
be
amended
or
supplemented
by
AST
or
the
Fund
at
any
time
or
times,
except
when
necessary
or
appropriate
to
comply
with
applicable
law
or
the
rules
or
policies
of
the
U.S.
Securities
and
Exchange
Commission
or
any
other
regulatory
authority,
only
by
mailing
to
participants
appropriate
written
notice
at
least
90
days
prior
to
the
effective
date
thereof.
The
amendment
or
supplement
shall
be
deemed
to
be
accepted
by
participants
unless,
prior
to
the
effective
date
thereof,
AST
receives
written
notice
of
the
termination
of
a
participant
account
under
the
Plan.
Any
such
amendment
may
include
an
appointment
by
AST
in
its
place
and
stead
of
a
successor
Plan
Administrator
under
these
terms
and
conditions,
with
full
power
and
authority
to
perform
all
or
any
of
the
acts
to
be
performed
by
AST
under
these
terms
and
conditions.
Upon
any
such
appointment
of
a
Plan
Administrator
for
the
purpose
of
receiving
dividends
and
distributions,
the
Fund
will
be
authorized
to
pay
to
such
successor
Plan
Administrator,
for
a
participant’s
account,
all
dividends
and
distributions
payable
on
Fund
shares
held
in
a
participant’s
54
franklintempleton.com
Not
part
of
the
annual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
name
or
under
the
Plan
for
retention
or
application
by
such
successor
Plan
Administrator
as
provided
in
these
terms
and
conditions.
13.
AST
shall
at
all
times
act
in
good
faith
and
agree
to
use
its
best
efforts
within
reasonable
limits
to
ensure
the
accuracy
of
all
services
performed
under
this
Agreement
and
to
comply
with
applicable
law,
but
shall
assume
no
responsibility
and
shall
not
be
liable
for
loss
or
damage
due
to
errors
unless
such
error
is
caused
by
AST’s
negligence,
bad
faith
or
willful
misconduct
or
that
of
its
employees.
14.
Any
notice,
instruction,
request
or
election
which
by
any
provision
of
the
Plan
is
required
or
permitted
to
be
given
or
made
by
the
participant
to
AST
shall
be
in
writing
addressed
to
American
Stock
Transfer
and
Trust
Company
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
or
www.astfinancial.com
or
such
other
address
as
AST
shall
furnish
to
the
participant,
and
shall
have
been
deemed
to
be
given
or
made
when
received
by
AST.
15.
Any
notice
or
other
communication
which
by
any
provision
of
the
Plan
is
required
to
be
given
by
AST
to
the
participant
shall
be
in
writing
and
shall
be
deemed
to
have
been
sufficiently
given
for
all
purposes
by
being
deposited
postage
prepaid
in
a
post
office
letter
box
addressed
to
the
participant
at
his
or
her
address
as
it
shall
last
appear
on
AST’s
records.
The
participant
agrees
to
notify
AST
promptly
of
any
change
of
address.
16.
These
terms
and
conditions
shall
be
governed
by
and
construed
in
accordance
with
the
laws
of
the
State
of
New
York
and
the
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission,
as
they
may
be
amended
from
time
to
time.
TLGIM
A
02/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
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
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
Templeton
Global
Income
Fund
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
American
Stock
Transfer
&
Trust
Co.,
LLC
6201
15th
Avenue
Brooklyn,
NY
11219
Toll
Free
Number:
(800)
416-5585
Hearing
Impaired
Number:
(866)
703-9077
International
Phone
Number:
(718)
921-8124
www.astfinancial.com
(800)
DIAL
BEN
®
/
342-5236
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 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal 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 expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services.
(a) Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $55,508for the fiscal year ended December 31, 2021 and $64,942 for the fiscal year ended December 31, 2020.
(b) Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.
(c) Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning.
(d) All Other Fees

    The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4 were $366 for the fiscal year ended December 31, 2021 and $0 for the fiscal year ended December 31, 2020.  The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $55,000 for the fiscal year ended December 31, 2021 and $49,800 for the fiscal year ended December 31, 2020. The services for which these fees were paid included issuance of an Auditors' Certificate for South Korean regulatory shareholder disclosures, professional fees in connection with determining the feasibility of a U.S. direct lending structure, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, and assets under management certification.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Fund by the auditors;
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
(f) No disclosures are required by this Item 4(f).
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $55,366 for the fiscal year ended December 31, 2021 and $49,800 for the fiscal year ended December 31, 2020.
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee
of Listed Registrants
Members of the Audit Committee are: Mary C. Choksi, J. Michael Luttig 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.
The board of trustees of the Fund has delegated the authority to vote proxies related to the portfolio securities held by the Fund to the Fund’s investment manager, Franklin Advisers, Inc., in accordance with the Proxy Voting Policies and Procedures (Policies) adopted by the investment manager.
RESPONSIBILITY OF THE INVESTMENT MANAGER TO VOTE PROXIES
Franklin Advisers, Inc. (hereinafter the "Investment Manager") has delegated its administrative duties with respect to voting proxies for securities to the Proxy Group within Franklin Templeton Companies, LLC (the "Proxy Group"), a wholly-owned subsidiary of Franklin Resources, Inc. Franklin Templeton Companies, LLC provides a variety of general corporate services to its affiliates, including, but not limited to, legal and compliance activities. Proxy duties consist of analyzing proxy statements of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Manager) that has either delegated proxy voting administrative responsibility to the Investment Manager or has asked for information and/or recommendations on the issues to be voted. The Investment Manager will inform Advisory Clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Manager's views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Manager.
The Proxy Group will process proxy votes on behalf of, and the Investment Manager votes proxies solely in the best interests of, separate account clients, the Investment Manager-managed investment company shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.à.r.l. (“FTIS S.à.r.l.”) as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit plan assets subject to the Employee Retirement Income Security Act of 1974, as amended, are involved (“ERISA accounts”), in the best interests of the plan participants and beneficiaries (collectively, "Advisory Clients"), unless (i) the power to vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Manager or (ii) the documents otherwise expressly prohibit the Investment Manager from voting proxies. The Investment Manager recognizes that the exercise of voting rights on securities held by ERISA plans for which the Investment Manager has voting responsibility is a fiduciary duty that must be exercised with care, skill, prudence and diligence.
In certain circumstances, Advisory Clients are permitted to direct their votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give reasonable prior written notice to the Investment Manager indicating such intention and provide written instructions directing the Investment Manager or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote proxies in accordance with such written notification received from the Advisory Client.
The Investment Manager has adopted and implemented Proxy Voting Policies and Procedures (“Proxy Policies”) that it believes are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with its fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Manager has a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Manager may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser that is not an Affiliated Subadviser to manage all or a portion of the assets).
*
Rule 38a-1 under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Advisers Act”) (together the “Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and Procedures”).
HOW THE INVESTMENT MANAGER VOTES PROXIES
Fiduciary Considerations
All proxies received by the Proxy Group will be voted based upon the Investment Manager's instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Manager subscribes to Institutional Shareholder Services Inc. ("ISS"), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Manager subscribes to ISS’s Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation, vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Manager
subscribes to Glass, Lewis & Co., LLC ("Glass Lewis"), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research. Although analyses provided by ISS, Glass Lewis, and/or another independent third-party proxy service provider (each a “Proxy Service”) are thoroughly reviewed and considered in making a final voting decision, the Investment Manager does not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Manager's ultimate decision. Rather, the Investment Manager exercises its independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Manager and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of Advisory Clients.
For ease of reference, the Proxy Policies often refer to all Advisory Clients. However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some cases, the investment manager’s evaluation may result in an individual Advisory Client or Investment Manager voting differently, depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted a specialty or custom voting policy, and other factors.
Circumstances Where the Investment Manager May Generally Rely on the Recommendations of a Proxy Service
Certain of the Investment Manager’s clients’ accounts are separate accounts or funds (or a portion thereof) that follow a smart beta strategy, are passively managed to track a particular securities index, or employ a quantitative strategy. These accounts include certain client accounts managed by Franklin Templeton Investment Solutions (“FTIS”), a business unit of the Investment Manager that are managed systematically to either (i) track a specified securities index (including but not limited to exchange traded funds (“ETFs”)) or (ii) seek to achieve other stated investment objectives.
In the case of accounts managed to track an index, the primary criteria for determining whether a security should be included (or continue to be included) in an investment portfolio is whether such security is a representative component of the securities index that the account is seeking to track. For other systematically-managed accounts that do not track a specific index, FTIS’s proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively-managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS’s non-US Benchmark guidelines, ISS’s specialty guidelines (in particular, ISS’s Sustainability guidelines), or Glass Lewis’s US guidelines ( the “the ISS and Glass Lewis Proxy Voting Guidelines”) and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.
The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients (for example, where an issuer files additional solicitation materials after a Proxy Service has issued its voting recommendations but sufficiently before the vote submission deadline and these materials would reasonably be expected to affect the Investment Manager’s voting determination).
Conflicts of Interest
All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Manager is an affiliate of a large, diverse financial services firm with many affiliates and makes its best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Manager takes the position that relationships between certain affiliates acquired as a result of the Legg Mason transaction that do not use the “Franklin Templeton” name (“Legg Mason Affiliates”) and an issuer (e.g., an investment management relationship between an issuer and a Legg Mason Affiliate) do not present a conflict of interest for the Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Manager operates as an independent business unit from the Legg Mason Affiliate business units, and (ii) informational barriers exist between the Investment Manager and the Legg Mason Affiliate business units. Franklin Templeton employees are under an obligation to bring any conflicts of interest, including conflicts of interest which may arise because of an attempt by a Legg Mason Affiliate business unit or officer or employee to influence proxy voting by the Investment Manager to the attention of Franklin Templeton’s Compliance.
Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Manager’s or an affiliate’s (other than a Legg Mason Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent.
Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker dealer, and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. The Proxy Group gathers and analyzes this information on a best efforts basis, as much of this information is provided directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.
Nonetheless, even though a potential conflict of interest between the Investment Manager or an affiliate (other than a Legg Mason Affiliate as described above) and an issuer may exist: (1) the Investment Manager may vote in opposition to the recommendations of an issuer’s management even if contrary to the recommendations of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of the Investment Manager; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts, such shares may be voted without regard to these conflict procedures.
Otherwise, in
situations where a material conflict of interest is identified between the Investment Manager or one of its affiliates (other than Legg Mason Affiliates) and an issuer, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Manager’s recommendation regarding the vote for approval.
Where the Proxy Group refers a matter to an Advisory Client, it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board, or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients of the Investment Manager and affiliated Investment Managers (other than Legg Mason Affiliates) in accordance with the instructions of one or more of the Advisory Clients.
The Investment Manager may also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Manager may consider various factors in deciding whether to vote such proxies, including the Investment Manager’s long-term view of the issuer’s securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Manager also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons outlined in the first paragraph of the section of these policies entitled “Proxy Procedures.”
Where a material conflict of interest has been identified, but the items on which the Investment Manager’s vote recommendations differ from a Proxy Service relate specifically to (1) shareholder proposals regarding social or environmental issues, (2) “Other Business” without describing the matters that might be considered, or (3) items the Investment Manager wishes to vote in opposition to the recommendations of an issuer’s management, the Proxy Group may defer to the vote recommendations of the Investment Manager rather than sending the proxy directly to the relevant Advisory Clients for approval.
To avoid certain potential conflicts of interest, the Investment Manager will employ echo voting or pass-through voting, if possible, in the following instances: (1) when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F), or (G) of the Investment Company Act of 1940, as amended, (“1940 Act”), the rules thereunder, or pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order thereunder; (2) when a Franklin Templeton U.S. registered investment company invests uninvested cash in affiliated money market funds pursuant to the rules under the 1940 Act or any exemptive orders thereunder (“cash sweep arrangement”); or (3) when required pursuant to the fund’s governing documents or applicable law. Echo voting means that the Investment Manager will vote the shares in the same proportion as the vote of all other holders of the fund’s shares. With respect to instances when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F) or (G) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying fund, the Investment Manager will vote in accordance with the recommendation of such investment company’s board of trustees or directors. In addition, to avoid certain potential conflicts of interest, and where required under a fund’s governing documents or applicable law, the Investment Manager will employ pass-through voting when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on Section 12(d)(1)(E) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder. In “pass-through voting,” a feeder fund will solicit voting instructions from its shareholders as to how to vote on the master fund’s proposals. If a Franklin Templeton investment company becomes a holder of more than 25% of the shares on a non-affiliated fund, as a result of a decrease in the outstanding shares of the non-affiliated fund, then the Investment Manager will vote the shares in the same proportion as the vote of all other holders of the non-affiliated fund.
In addition, with respect to an open-ended collective investment scheme formed as a Société d'Investissement à capital variable (SICAV), in accordance with Luxembourg law, if one sub-fund (the “Acquirer”) has invested in another sub-fund of the SICAV (the “Target”), then the voting rights attached to the shares of the Target will be suspended for voting purposes as long as they are held by the Acquirer. Similarly, in accordance with Canadian law, Canadian mutual funds that are invested in another proprietary mutual fund are prohibited from voting the units of the underlying fund.
Weight Given Management Recommendations
One of the primary factors the Investment Manager considers when determining the desirability of investing in a particular company is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that the Investment Manager considers in determining how proxies should be voted. However, the Investment Manager does not consider recommendations from management to be determinative of the Investment Manager's ultimate decision. Each issue is considered on its own merits, and the Investment Manager will not support the position of a company's management in any situation where it determines that the ratification of management's position would adversely affect the investment merits of owning that company's shares.
Engagement with Issuers
The Investment Manager believes that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Manager may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. The Investment Manager may also engage with management on a range of environmental, social or corporate governance issues throughout the year.
THE PROXY GROUP
The Proxy Group is part of the Franklin Templeton Companies, LLC Legal Department and is overseen by legal counsel. Full- time staff members and support staff (which includes individuals that are employees of affiliates of Franklin Templeton Companies, LLC) are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Manager's managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Manager's research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.
In situations where the Investment Manager has not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Manager's research analyst, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that the Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.
PROXY PROCEDURES
The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Manager understands its fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Manager will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the Investment Manager may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if the Investment Manager votes a proxy or where the Investment Manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Manager held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Manager’s intended vote is not correctly submitted; (x) the Investment Manager believes it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.
Even if the Investment Manager uses reasonable efforts to vote a proxy on behalf of its Advisory Clients, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the Investment Manager does not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Manager. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Manager’s votes are not received, or properly tabulated, by an issuer or the issuer’s agent.
The Investment Manager or its affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Manager or its affiliates, determine to use its best efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on a material event that may affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes. The Investment Manager will not generally make such efforts on behalf of other Advisory Clients or notify such Advisory Clients or their custodians that the Investment Manager or its affiliates has learned of such a vote.
There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton Investment Manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.
The Investment Manager may vote against an agenda item where no further information is provided, particularly in non-U.S. markets. For example, if "Other Business" is listed on the agenda with no further information included in the proxy materials, the Investment Manager may vote against the item as no information has been provided prior to the meeting in order to make an informed decision. The Investment Manager may also enter a "withhold" vote on the election of certain directors from time to time based on individual situations, particularly where the Investment Manager is not in favor of electing a director and there is no provision for voting against such director.
If several issues are bundled together in a single voting item, the Investment Manager will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.
The following describes the standard procedures that are to be followed with respect to carrying out the Investment Manager's proxy policy:
1. The Proxy Group will identify all Advisory Clients, maintain a list of those clients, and indicate those Advisory Clients who have delegated proxy voting authority in writing to the Investment Manager. The Proxy Group will periodically review and update this list. If the agreement with an Advisory Client permits the Advisory Client to provide instructions to the Investment Manager regarding how to vote the client’s shares, the Investment Manager will make a best-efforts attempt to vote per the Advisory Client’s instructions.
2. All relevant information in the proxy materials received (e.g., the record date of the meeting) will be recorded promptly by the Proxy Group to maintain control over such materials.
3. The Proxy Group will review and compile information on each proxy upon receipt of any agendas, materials, reports, recommendations from a Proxy Service, or other information. The Proxy Group will then forward (or otherwise make available) this information to the appropriate research analyst for review and voting instructions.
4. In determining how to vote, the Investment Manager's analysts and relevant portfolio manager(s) will consider their in-depth knowledge of the company, any readily available information and research about the company and its agenda items, and the recommendations of a Proxy Service.
5. The Proxy Group is responsible for maintaining the documentation that supports the Investment Manager’s voting decision. Such documentation may include, but is not limited to, any information provided by a Proxy Service and, with respect to an issuer that presents a potential conflict of interest, any board or audit committee memoranda describing the position it has taken. Additionally, the Proxy Group may include documentation obtained from the research analyst, portfolio manager and/or legal counsel; however, the relevant research analyst may, but is not required to, maintain additional documentation that was used or created as part of the analysis to reach a voting decision, such as certain financial statements of an issuer, press releases, or notes from discussions with an issuer’s management.
6. After the proxy is completed but before it is returned to the issuer and/or its agent, the Proxy Group may review those situations including special or unique documentation to determine that the appropriate documentation has been created, including conflict of interest screening. If the Proxy Group learns that an issuer has filed additional solicitation materials sufficiently prior to the submission deadline, the Proxy Group will disseminate this information to the Investment Manager so that the Investment Manager may consider this information and determine whether it is material to its voting decision.
7. The Proxy Group will make every effort to submit the Investment Manager's vote on all proxies to ISS by the cut-off date. However, in certain foreign jurisdictions or instances where the Proxy Group did not receive sufficient notice of the meeting, the Proxy Group will use its best efforts to send the voting instructions to ISS in time for the vote to be processed.
8. With respect to proprietary products, the Proxy Group will file Powers of Attorney in all jurisdictions that require such documentation on a best efforts basis; the Proxy Group does not have authority to file Powers of Attorney on behalf of other Advisory Clients. On occasion, the Investment Manager may wish to attend and vote at a shareholder meeting in person. In such cases, the Proxy Group will use its best efforts to facilitate the attendance of the designated Franklin Templeton employee by coordinating with the relevant custodian bank.
9. The Proxy Group prepares reports for each separate account client that has requested a record of votes cast. The report specifies the proxy issues that have been voted for the Advisory Client during the requested period and the position taken with respect to each issue. The Proxy Group sends one copy to the Advisory Client, retains a copy in the Proxy Group’s files and forwards a copy to either the appropriate portfolio manager or the client service representative. While many Advisory Clients prefer quarterly or annual reports, the Proxy Group will provide reports for any timeframe requested by an Advisory Client.
10. If the Franklin Templeton Services, LLC Global Trade Services learns of a vote that may affect a security on loan from a proprietary registered investment company, Global Trade Services will notify the Investment Manager. If the Investment Manager decides that the vote is material and it would be in the best interests of shareholders to recall the security, the Investment Manager will advise Global Trade Services to contact the lending agent in an effort to retrieve the security. If so requested by the Investment Manager, Global Trade Services shall use its best efforts to recall any security on loan and will use other practicable and legally enforceable means to ensure that the Investment Manager is able to vote proxies for proprietary registered investment companies with respect to such loaned securities. However, there can be no guarantee that the securities can be retrieved for such purposes. Global Trade Services will advise the Proxy Group of all recalled securities. Many Advisory Clients have entered into securities lending arrangements with agent lenders to generate additional revenue. Under normal circumstances, the Investment Manager will not make efforts to recall any security on loan for voting purposes on behalf of other Advisory Clients or notify such clients or their custodians that the Investment Manager or its affiliates have learned of such a vote.
11. The Proxy Group participates in Franklin Templeton Investment’s Business Continuity and Disaster Preparedness programs. The Proxy Group will conduct disaster recovery testing on a periodic basis in an effort to ensure continued operations of the Proxy Group in the event of a disaster. Should the Proxy Group not be fully operational, then the Proxy Group may instruct ISS to vote all meetings immediately due per the recommendations of the appropriate third-party proxy voting service provider.
12. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, on a timely basis, will file all required Form N-PXs, with respect to proprietary U.S. registered investment companies, disclose that each U.S.-registered fund’s proxy voting record is available on the Franklin Templeton web site, and will make available the information disclosed in each fund’s Form N-PX as soon as is reasonably practicable after filing Form N-PX with the SEC. The Proxy Group will work with legal staff in other jurisdictions, as needed, to help support required proxy voting disclosure in such markets.
13. The Proxy Group, in conjunction with legal staff responsible for coordinating Fund disclosure, will ensure that all required disclosure about proxy voting of the proprietary U.S. registered investment companies is made in such clients’ disclosure documents.
14. The Proxy Group is subject to periodic review by Internal Audit and compliance groups.
15. The Investment Manager will review the guidelines of each Proxy Service, with special emphasis on the factors they use with respect to proxy voting recommendations.
16. The Proxy Group will update the proxy voting policies and procedures as necessary for review and approval by legal, compliance, investment officers, and/or other relevant staff.
17. The Proxy Group will familiarize itself with the procedures of ISS that govern the transmission of proxy voting information from the Proxy Group to ISS and periodically review how well this process is functioning. The Proxy Group, in conjunction with the compliance department, will conduct periodic due diligence reviews of each Proxy Service via on-site visits or by written questionnaires. As part of the periodic due diligence process, the Investment Manager assesses the adequacy and quality of each Proxy Service’s staffing and personnel to ensure each Proxy Service has the capacity and competency to adequately analyze proxy issues and the ability to make proxy voting recommendations based on materially accurate information. In the event the Investment Manager discovers an error in the research or voting recommendations provided by a Proxy Service, it will take reasonable steps to investigate the error and seek to determine whether the Proxy Service is taking reasonable steps to reduce similar errors in the future. In addition, the Investment Manager assesses the robustness of Proxy Service’s policies regarding (1) ensuring proxy voting recommendations are based on current and accurate information, and (2) identifying and addressing any conflicts of interest. The Investment Manager also considers the independence of each Proxy Service on an on-going basis.
18. The Proxy Group will investigate, or cause others to investigate, any and all instances where these Procedures have been violated or there is evidence that they are not being followed. Based upon the findings of these investigations, the Proxy Group, if practicable, will recommend amendments to these Procedures to minimize the likelihood of the reoccurrence of non-compliance.
19. At least annually, the Proxy Group will verify that:
a. A sampling of proxies received by Franklin Templeton Investments has been voted in a manner consistent with the Proxy Voting Policies and Procedures;
b. A sampling of proxies received by Franklin Templeton Investments has been voted in accordance with the instructions of the Investment Manager;
c. Adequate disclosure has been made to clients and fund shareholders about the procedures and how proxies were voted in markets where such disclosures are required by law or regulation; and
d. Timely filings were made with applicable regulators, as required by law or regulation, related to proxy voting.
The Proxy Group is responsible for maintaining appropriate proxy voting records. Such records will include, but are not limited to, a copy of all materials returned to the issuer and/or its agent, the documentation described above, listings of proxies voted by issuer and by client, each written client request for proxy voting policies/records and the Investment Manager’s written response to any client request for such records, and any other relevant information. The Proxy Group may use an outside service such as ISS to support this recordkeeping function. All records will be retained in either hard copy or electronic format for at least five years, the first two of which will be on-site. Advisory Clients may request copies of their proxy voting records by calling the Proxy Group collect at 1-954-527-7678, or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. The Investment Manager does not disclose to third parties (other than ISS) the proxy voting records of its Advisory Clients, except to the extent such disclosure is required by applicable law or regulation or court order. Advisory Clients may review the Investment Manager's proxy voting policies and procedures on-line at www.franklintempleton.com and may request additional copies by calling the number above. For U.S. proprietary registered investment companies, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.com no later than August 31 of each year. For proprietary Canadian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.ca no later than August 31 of each year. For proprietary Australian mutual fund products, an annual proxy voting record for the period ending June 30 of each year will be posted to www.franklintempleton.com.au no later than September 30 of each year. The Proxy Group will periodically review the web site posting and update the posting when necessary. In addition, the Proxy Group is responsible for ensuring that the proxy voting policies, procedures and records of the Investment Manager are available as required by law and is responsible for overseeing the filing of such U.S. registered investment company voting records with the SEC.
PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS
From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the Investment Manager for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Manager, the Proxy Group will take no action on the event. The Investment Manager may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described under the section entitled “Proxy Procedures.”
In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.
The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Manager may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Manager will report such decisions on an annual basis to Advisory Clients as may be required.
The ISS proxy voting guidelines can be found at: https://www.issgovernance.com/policy-gateway/voting-policies/.
The Glass Lewis proxy voting guidelines can be found at: https://www.glasslewis.com/voting-policies-current/.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a)(1) As of February 28, 2022, the portfolio managers of the Fund are as follows:
MICHAEL HASENSTAB,
Ph.D., Executive Vice President of Franklin Advisers, Inc.
Dr. Hasenstab has been a portfolio manager of the Fund since 2002. He
has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time.
He first joined Franklin Templeton in 1995, rejoining again in 2001 after a three-year leave to obtain his PH.D.
Calvin Ho, Ph.D.,
Senior Vice President of Franklin Advisers
Dr. Ho has been a portfolio manager of the Fund since December 2018. He provides
research and advice on the purchases and sales of individual securities and portfolio risk assessment. He joined Franklin Templeton in 2005.
(a)(2) This section reflects information about the portfolio managers as of the fiscal year ended December 31, 2021.
The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

Name | Number of Other Registered Investment Companies Managed1 | Assets of Other Registered Investment Companies Managed (x $1 million)1 | Number of Other Pooled Investment Vehicles Managed1 | Assets of Other Pooled Investment Vehicles Managed (x $1 million)1 | Number of Other Accounts Managed1 | Assets of Other Accounts Managed (x $1 million)1
Michael Hasenstab | 9 | 13,639.7 | 372 | 17,189.2 | 122 | 3,873.5
Calvin Ho | 10 | 13,654.1 | 15 | 14,130.7 | 1 | 0.0

1.
The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the individual manager listed would not be solely responsible for managing such listed amounts.
2.
Dr. Hasenstab manages Pooled Investment Vehicles and Other Accounts with $3,591 in total assets with a performance fee.
Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation (as noted in the chart above, if any). This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.
Conflicts.
The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.
The structure of a portfolio manager’s compensation may give rise to potential conflicts of interest. A portfolio manager’s base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager’s marketing or sales efforts and his or her bonus.
Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the investment manager have adopted a code of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.
The investment manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.
Compensation.
The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager’s level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager’s compensation consists of the following three elements:
Base salary
Each portfolio manager is paid a base salary.
Annual bonus
Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund’s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

- Investment performance.
  Primary consideration is given to the historic investment performance of all accounts managed by the portfolio manager over the 1, 3 and 5 preceding years measured against risk benchmarks developed by the fixed income management team. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.
- Non-investment performance.
  The more qualitative contributions of the portfolio manager to the investment manager’s business and the investment management team, including business knowledge, productivity, customer service, creativity, and contribution to team goals, are evaluated in determining the amount of any bonus award.
- Responsibilities.
  The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager’s appraisal.

Additional long-term equity-based compensation
. Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.
Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.
Ownership of Fund shares.
The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio managers (such amounts may change from time to time):

Portfolio Manager | Dollar Range of Fund Shares Beneficially Owned
Michael Hasenstab | $1 - $10,001
Calvin Ho | None

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

| (a) | (b) | (c) | (d)
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Program | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
Month #1 (7/1/21 - 7/31/21) | - | - | - | 13,414,416.00
Month #2 (8/1/21 - 8/31/21) | - | - | - | 13,414,416.00
Month #3 (9/1/21 - 9/30/21) | - | - | - | 13,414,416.00
Month #4 (10/1/21 - 10/31/21) | - | - | - | 13,414,416.00
Month #5 (11/1/21 - 11/30/21) | - | - | - | 13,414,416.00
Month #6 (12/1/21 - 12/31/21) | 31,347,231.000* | 5.43* | 31,347,231.000* | 10,279,693.00
Total | 31,347,231.000* |  | 31,347,231.000* |

The Board 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. Effective February 26, 2013, the Board approved a modification to the Fund’s previously announced open-market share repurchase program to authorize the Fund to repurchase up to 10% of the Fund’s shares outstanding in open market transactions as of that date, at the discretion of management. The Fund made no share repurchases under this program for the 6 months ended December 31, 2021. Since the inception of the program, the Fund had repurchased a total of 11,210,400 shares.
*On October 13, 2021, the Fund announced a tender offer to purchase for cash up to 70 percent of its issued and outstanding common shares (93,900,910 shares), each without par value. The tender period commenced on November 8, 2021 and expired at 11:59 p.m. Eastern time on December 7, 2021. The Fund accepted 31,347,231 shares for cash payment at a price equal to $5.43 per share. This purchase price was 99% of the Fund’s NAV per share of $5.48 as of the close of regular trading on the NYSE on December 8, 2021.
Item 10. Submission of Matters to 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 11. Controls and Procedures.
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, 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 changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 13. Exhibits.
(a)(1)
Code of Ethics
codeofethics
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of
Matthew T. Hinkle
, Chief Executive Officer - Finance and Administration, and
Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
section302
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of
Matthew T. Hinkle
, Chief Executive Officer - Finance and Administration, and
Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
section906
(c) Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit
section19b
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\MATTHEW T. HINKLE ______________________
Matthew T. Hinkle
Chief Executive Officer – Finance and Administration
Date February 28, 2022
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\MATTHEW T. HINKLE ______________________
Matthew T. Hinkle
Chief Executive Officer – Finance and Administration
Date February 28, 2022
By S\Christopher Kings________________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date February 28, 2022