N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05459
Templeton Global Income Fund
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
Alison Baur, 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: 6/30/22
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
.
Semiannual
Report
Templeton
Global
Income
Fund
June
30,
2022
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
8%,
based
on
the
average
monthly
net
asset
value
(NAV)
of
the
Fund’s
common
shares
(the
“Plan”).
Effective
March
7,
2022,
the
annual
minimum
fixed
rate
increased
from
7.5%
to
8%.
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
Semiannual
Report
1
Contents
Semiannual
Report
Templeton
Global
Income
Fund
2
Performance
Summary
5
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
15
Notes
to
Financial
Statements
18
Important
Information
to
Shareholders
30
Annual
Meeting
of
Shareholders
32
Dividend
Reinvestment
and
Cash
Purchase
Plan
33
Shareholder
Information
35
Visit
franklintempleton.com
for
fund
updates
and
documents,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
SEMIANNUAL
REPORT
Templeton
Global
Income
Fund
Dear
Shareholder:
This
semiannual
report
for
Templeton
Global
Income
Fund
covers
the
period
ended
June
30,
2022
.
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
six
months
under
review,
the
Fund
posted
cumulative
total
returns
of
-11.21%
based
on
market
price
and
-9.38%
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
-14.14%
in
U.S.
dollar
terms
for
the
same
period.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
5
.
The
Fund
has
a
managed
distribution
plan
pursuant
to
which
the
Fund
makes
monthly
distributions
to
shareholders
at
an
annual
minimum
fixed
rate
of
8%,
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.
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
six-month
period
ended
June
30,
2022,
was
characterized
by
challenges
to
the
global
economy
in
the
form
of
the
lingering
economic
impact
of
COVID-19,
the
start
of
Russia’s
war
on
Ukraine,
commodity-price
inflation,
rising
global
interest
rates,
weakening
global
gross
domestic
product
growth,
and
supply
chain
disruptions.
Risk
assets
faced
strong
headwinds
resulting
from
tighter
financial
conditions.
*Includes
U.S.
and
foreign
government
and
agency
securities,
money
market
funds
and
other
net
assets
(including
derivatives).
Sovereign
bond
yields
rose
across
most
of
the
world
as
many
major
central
banks
embarked
on
policy
rate
hikes
to
curb
inflation.
Inflation
reached
multi-decade
highs
during
the
period,
with
added
supply-side
pressures
coming
from
disruptions
to
the
flow
of
energy,
food,
commodities
and
goods
due
to
the
war
in
Ukraine
and
the
West’s
economic
isolation
of
Russia.
Supply
chain
disruptions
were
compounded
by
China’s
implementation
of
its
zero-COVID
policy.
Simultaneously,
global
economic
growth
was
projected
to
decelerate,
driven
by
the
disruption
of
economic
activity
and
trade
following
Russia’s
invasion
of
Ukraine,
including
a
reduction
in
Russia’s
exports
of
natural
gas
to
Germany,
the
economic
strains
of
refugee
flight
in
Europe,
volatile
and
elevated
commodity
prices,
continued
supply
chain
disruptions,
the
effect
of
COVID-19-related
lockdowns
in
China,
and
the
reduction
of
policy
support
post-COVID-19.
The
combination
of
above-average
inflation
and
below-
average
growth
raised
the
spectre
of
stagflation
reminiscent
of
the
1970s
and
created
a
policy
dilemma
for
many
central
bankers.
Portfolio
Composition
6/30/22
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
72.2%
Short-Term
Investments
&
Other
Net
Assets*
27.8%
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
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
9
.
Templeton
Global
Income
Fund
3
franklintempleton.com
Semiannual
Report
Over
the
period,
developed
market
sovereign
bond
yields
trended
higher
concurrently
with
falling
equity
prices
and
strength
in
the
U.S.
dollar.
On
the
monetary
front,
the
first
half
of
2022
marked
the
end
of
pandemic-era
monetary
accommodation
by
the
U.S.
Federal
Reserve.
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
In
bonds,
we
continued
to
maintain
low
portfolio
duration,
while
aiming
at
a
high
overall
portfolio
yield
by
holding
compelling
risk-adjusted
yields
in
various
local-currency
bond
markets,
specifically
in
countries
with
resilient
economies
and
strong
trade
dynamics.
We
were
significantly
underweight
developed
market
duration
in
the
U.S.
and
the
euro
area,
with
a
preference
for
the
higher
yields
available
in
select
emerging
market
local-currency
bonds,
notably
including
Indonesia,
India,
Thailand,
Brazil,
and
Colombia.
We
closed
our
local-currency
positions
in
Egypt
and
Turkey
and
added
new
U.S.
dollar
(USD)-denominated
sovereign
credit
exposures
in
Africa,
Latin
America
and
Asia.
During
the
period,
we
used
interest-rate
swaps
to
actively
manage
duration
exposures.
At
the
beginning
of
the
period,
the
Fund
was
overweight
in
specific
currencies
against
the
USD
and
the
euro.
In
Asia,
we
held
notable
exposures
to
the
South
Korean
won,
the
Chinese
yuan,
the
Indonesian
rupiah,
the
Indian
rupee
and
the
Singapore
dollar,
while
holding
an
underweight
in
the
Japanese
yen.
We
closed
our
exposure
to
the
Japanese
yen
in
March
2022,
thereby
going
further
underweight,
primarily
due
to
expected
depreciation
pressures
on
the
currency
from
widening
rate
differentials
with
the
U.S.
In
April,
we
exited
our
underweight
position
in
the
Australian
dollar
which
had
been
used
to
hedge
against
emerging
market
beta
risks,
as
we
anticipated
rising
commodity
prices
to
boost
Australia’s
terms
of
trade
and
support
its
currency.
In
EMEA
(Europe,
Middle
East
and
Africa),
the
Fund
held
overweight
positions
in
the
Norwegian
krone,
the
Swedish
krona
and
the
British
pound
against
the
euro.
We
added
a
position
in
the
British
pound
against
the
euro
in
April
due
to
expected
monetary
policy
divergences
between
the
Bank
of
England
and
the
European
Central
Bank.
We
closed
our
exposure
to
the
Russian
ruble.
In
the
Americas,
we
held
long
exposures
to
the
Brazilian
real
and
the
Colombian
peso
against
the
USD,
and
long
exposure
to
the
Canadian
dollar
against
the
euro.
During
the
period,
we
used
currency
forwards
to
actively
manage
currency
exposures.
During
the
period,
the
Fund’s
negative
absolute
performance
was
primarily
due
to
currency
positions,
followed
by
sovereign
credit
exposures
and
interest-rate
strategies.
Among
currencies,
positions
in
the
South
Korean
won
and
Indian
rupee
detracted
from
absolute
performance,
as
did
the
Russian
ruble
which
was
held
earlier
in
the
period.
However,
the
Fund’s
position
in
the
Brazilian
real
was
a
positive
contributor
to
absolute
results.
Its
position
in
the
Canadian
dollar
against
the
euro
also
contributed
to
absolute
performance.
The
Fund
maintained
a
defensive
approach
regarding
interest-rates
in
developed
markets,
while
holding
duration
exposures
in
select
emerging
markets.
The
Fund’s
duration
exposure
in
Brazil
detracted
from
absolute
results.
On
a
relative
basis,
the
Fund’s
performance
fared
better
than
that
of
its
benchmark
index
due
to
interest-rate
strategies,
currency
positions
had
a
largely
neutral
effect
on
relative
results,
while
sovereign
credit
exposure
detracted
from
relative
performance.
Underweighted
duration
exposures
in
the
U.S.
and
the
U.K.
contributed
to
relative
performance,
as
did
lack
of
duration
exposures
in
the
euro
area.
Among
currencies,
the
Fund’s
underweighted
exposure
to
the
euro
contributed
to
relative
performance,
as
did
its
underweighted
position
in
the
Japanese
yen
and
its
overweighted
position
in
the
Brazilian
real.
However,
overweighted
positions
in
the
South
Korean
won
and
Indian
rupee
detracted
from
relative
returns,
as
did
an
overweight
position
in
the
Russian
ruble
earlier
in
the
period.
Thank
you
for
your
continued
participation
in
Templeton
Global
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Geographic
Composition
6/30/22
%
of
Total
Net
Assets
Asia
Pacific
35.5%
Americas
21.5%
Other
Europe
10.5%
Middle
East
&
Africa
4.4%
Supranational
0.3%
Short-Term
Investments
&
Other
Net
Assets
27.8%
Templeton
Global
Income
Fund
4
franklintempleton.com
Semiannual
Report
Sincerely,
Michael
Hasenstab,
Ph.D.
Lead
Portfolio
Manager
Calvin
Ho,
Ph.D.
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
June
30,
2022,
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
June
30,
2022
Templeton
Global
Income
Fund
5
franklintempleton.com
Semiannual
Report
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
tables
and
graph
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
6/30/22
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
6-Month
-9.38%
-11.21%
-9.38%
-11.21%
1-Year
-11.80%
-14.37%
-11.80%
-14.37%
5-Year
-16.47%
-11.58%
-3.54%
-2.43%
10-Year
-1.43%
-7.47%
-0.14%
-0.77%
Symbol:
GIM
6/30/22
12/31/21
Change
Net
Asset
Value
(NAV)
$4.75
$5.46
-$0.71
Market
Price
(NYSE)
$4.41
$5.19
-$0.78
Distributions
(1/1/22–6/30/22)
Net
Investment
Income
$0.2117
See
page
7
for
Performance
Summary
footnotes.
Templeton
Global
Income
Fund
Performance
Summary
6
franklintempleton.com
Semiannual
Report
See
page
7
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
Global
Income
Fund
Performance
Summary
7
franklintempleton.com
Semiannual
Report
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
is
actively
managed
but
there
is
no
guarantee
that
the
manager’s
investment
decisions
will
produce
the
desired
results.
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.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
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
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$5.46
$6.11
$6.75
$7.04
$7.25
$7.34
Income
from
investment
operations:
Net
investment
income
a
.............
0.09
0.21
0.21
0.38
0.37
0.36
Net
realized
and
unrealized
gains
(losses)
(0.59)
(0.51)
(0.63)
(0.26)
(0.23)
(0.16)
Total
from
investment
operations
........
(0.50)
(0.30)
(0.42)
0.12
0.14
0.20
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.21)
—
(0.03)
(0.41)
(0.26)
(0.29)
Tax
return
of
capital
................
—
(0.37)
(0.19)
—
(0.09)
—
Total
distributions
...................
(0.21)
(0.37)
(0.22)
(0.41)
(0.35)
(0.29)
Repurchase
of
shares
..............
—
b
0.02
—
—
—
—
Net
asset
value,
end
of
period
..........
$4.75
$5.46
$6.11
$6.75
$7.04
$7.25
Market
value,
end
of
period
c
...........
$4.41
$5.19
$5.50
$6.13
$6.03
$6.46
Total
return
(based
on
net
asset
value
per
share)
d
...........................
(9.38)%
(4.62)%
(6.56)%
1.97%
1.98%
2.67%
Total
return
(based
on
market
value
per
share)
d
...........................
(11.21)%
1.02%
(6.63)%
8.52%
(1.24)%
4.10%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.95%
1.01%
0.75%
0.75%
0.79%
0.76%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.88%
1.00%
0.71%
0.67%
0.71%
0.70%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.88%
1.00%
0.71%
0.67%
0.71%
f
0.69%
Net
investment
income
...............
3.57%
3.64%
3.36%
5.49%
5.18%
4.84%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$488,136
$561,163
$819,181
$905,378
$944,988
$972,791
Portfolio
turnover
rate
................
26.47%
115.48%
42.51%
21.99%
35.47%
42.34%
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Income
Fund
Schedule
of
Investments
(unaudited),
June
30,
2022
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
72.2%
Argentina
0.1%
Argentina
Government
Bond,
15.5%,
10/17/26
.....................
512,895,000
ARS
$
600,098
Brazil
9.6%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/25
..................
50,000,000
BRL
9,019,659
10%,
1/01/27
..................
36,560,000
BRL
6,361,513
10%,
1/01/29
..................
9,230,000
BRL
1,551,070
10%,
1/01/31
..................
181,760,000
BRL
29,734,055
46,666,297
China
4.7%
China
Government
Bond
,
2.93%,
12/10/22
................
60,250,000
CNY
9,036,786
2.56%,
10/21/23
................
92,200,000
CNY
13,836,882
22,873,668
Colombia
6.8%
Colombia
Titulos
de
Tesoreria
,
B,
10%,
7/24/24
................
4,422,000,000
COP
1,063,530
B,
6.25%,
11/26/25
..............
36,550,000,000
COP
7,736,670
B,
7.5%,
8/26/26
...............
55,340,300,000
COP
11,913,986
B,
5.75%,
11/03/27
..............
11,877,000,000
COP
2,266,105
B,
6%,
4/28/28
.................
30,965,000,000
COP
5,865,803
B,
7.75%,
9/18/30
..............
16,815,700,000
COP
3,293,873
B,
7%,
6/30/32
.................
6,840,000,000
COP
1,223,084
33,363,051
Dominican
Republic
1.6%
a
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
5.3%,
1/21/41
..
5,430,000
3,782,223
Senior
Bond,
144A,
6.4%,
6/05/49
..
1,220,000
914,430
Senior
Bond,
144A,
5.875%,
1/30/60
4,800,000
3,296,476
7,993,129
Ecuador
3.2%
a
Ecuador
Government
Bond
,
Senior
Bond,
144A,
1%,
7/31/35
....
21,006,000
10,166,512
Senior
Bond,
144A,
0.5%,
7/31/40
..
10,051,000
4,129,761
Senior
Note,
144A,
5%,
7/31/30
....
1,733,000
1,125,901
15,422,174
Egypt
2.5%
a
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
1,030,000
677,447
Senior
Bond,
144A,
7.3%,
9/30/33
..
4,630,000
2,985,206
Senior
Bond,
144A,
8.5%,
1/31/47
..
5,360,000
3,191,542
Senior
Bond,
144A,
7.903%,
2/21/48
670,000
385,129
Senior
Bond,
144A,
8.7%,
3/01/49
..
510,000
306,010
Senior
Bond,
144A,
8.875%,
5/29/50
2,150,000
1,312,328
Senior
Bond,
144A,
8.75%,
9/30/51
.
4,310,000
2,608,382
Senior
Bond,
144A,
7.5%,
2/16/61
..
1,470,000
822,283
12,288,327
Ghana
1.1%
Ghana
Government
Bond
,
18.85%,
9/28/23
................
10,970,000
GHS
1,242,295
Templeton
Global
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
(continued)
Ghana
Government
Bond,
(continued)
19.75%,
3/25/24
................
8,520,000
GHS
$
938,996
19.25%,
6/23/25
................
7,340,000
GHS
733,900
19.75%,
3/15/32
................
15,680,000
GHS
1,265,411
Senior
Note,
18.3%,
3/02/26
......
11,230,000
GHS
1,045,991
5,226,593
India
9.6%
India
Government
Bond
,
7.27%,
4/08/26
................
79,000,000
INR
1,004,045
8.33%,
7/09/26
................
624,000,000
INR
8,213,736
7.26%,
1/14/29
................
1,500,000,000
INR
18,902,678
Senior
Bond,
5.77%,
8/03/30
......
1,650,000,000
INR
18,865,863
46,986,322
Indonesia
10.4%
Indonesia
Government
Bond
,
9%,
3/15/29
...................
237,200,000,000
IDR
17,546,192
FR64,
6.125%,
5/15/28
..........
162,800,000,000
IDR
10,698,520
FR81,
6.5%,
6/15/25
............
154,312,000,000
IDR
10,632,742
FR86,
5.5%,
4/15/26
............
180,818,000,000
IDR
11,925,067
50,802,521
Mexico
0.2%
Mexican
Bonos
Desarr
Fixed
Rate,
M,
Senior
Bond,
8%,
12/07/23
........
17,050,000
MXN
831,693
Mongolia
1.0%
a
Mongolia
Government
Bond
,
Senior
Bond,
144A,
4.45%,
7/07/31
.
3,790,000
2,918,039
Senior
Note,
144A,
5.125%,
4/07/26
.
600,000
541,458
Senior
Note,
144A,
3.5%,
7/07/27
..
1,690,000
1,373,024
4,832,521
Norway
4.4%
a
Norway
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
2%,
5/24/23
......................
83,183,000
NOK
8,419,276
Senior
Bond,
144A,
Reg
S,
3%,
3/14/24
......................
85,878,000
NOK
8,748,711
Senior
Bond,
144A,
Reg
S,
1.75%,
3/13/25
......................
28,937,000
NOK
2,847,127
Senior
Bond,
144A,
Reg
S,
1.5%,
2/19/26
......................
17,165,000
NOK
1,654,934
21,670,048
Oman
0.8%
a
Oman
Government
Bond,
Senior
Bond,
144A,
4.75%,
6/15/26
............
4,190,000
4,003,105
South
Korea
5.0%
Korea
Treasury
Bond
,
3%,
9/10/24
...................
5,310,000,000
KRW
4,074,396
1.875%,
12/10/24
...............
11,986,000,000
KRW
8,934,732
1.875%,
6/10/26
................
15,749,000,000
KRW
11,473,231
24,482,359
Templeton
Global
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Supranational
0.3%
b
Inter-American
Development
Bank,
Senior
Bond,
7.5%,
12/05/24
......
34,150,000
MXN
$
1,604,356
Sweden
4.6%
a
Sweden
Government
Bond,
144A,
Reg
S,
1.5%,
11/13/23
..............
228,790,000
SEK
22,330,981
Thailand
4.8%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
433,040,000
THB
11,987,096
1%,
6/17/27
...................
224,500,000
THB
5,929,027
Senior
Note,
0.66%,
11/22/23
......
189,490,000
THB
5,314,599
23,230,722
United
Kingdom
1.5%
a
United
Kingdom
Gilt,
Reg
S,
0.125%,
1/31/23
......................
5,962,000
GBP
7,194,841
Total
Foreign
Government
and
Agency
Securities
(Cost
$405,453,098)
............
352,402,806
Short
Term
Investments
25.0%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
10.1%
Brazil
1.7%
c
Brazil
Letras
do
Tesouro
Nacional
,
1/01/25
......................
58,000,000
BRL
8,196,439
Singapore
5.1%
c
Singapore
Treasury
Bills
,
9/09/22
......................
19,600,000
SGD
14,050,612
9/16/22
......................
5,380,000
SGD
3,855,049
1/24/23
......................
10,010,000
SGD
7,115,594
25,021,255
United
Kingdom
3.3%
c
United
Kingdom
Treasury
Bills
,
7/11/22
......................
3,730,000
GBP
4,538,360
7/25/22
......................
1,900,000
GBP
2,310,844
8/01/22
......................
3,030,000
GBP
3,684,454
10/24/22
.....................
4,602,000
GBP
5,573,814
16,107,472
Total
Foreign
Government
and
Agency
Securities
(Cost
$50,540,018)
..............
49,325,166
U.S.
Government
and
Agency
Securities
11.1%
United
States
11.1%
c
U.S.
Treasury
Bills
,
7/21/22
......................
3,510,000
3,508,031
8/25/22
......................
37,400,000
37,318,291
9/29/22
......................
13,400,000
13,345,228
54,171,550
Total
U.S.
Government
and
Agency
Securities
(Cost
$54,226,482)
.................
54,171,550
Templeton
Global
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.8%
United
States
3.8%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
.........
18,546,691
$
18,546,691
Total
Money
Market
Funds
(Cost
$18,546,691)
..................................
18,546,691
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$123,313,191
)
...............................
122,043,407
a
a
a
Total
Investments
(Cost
$528,766,289)
97.2%
...................................
$474,446,213
Other
Assets,
less
Liabilities
2.8%
.............................................
13,689,582
Net
Assets
100.0%
...........................................................
$488,135,795
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
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
June
30,
2022,
the
aggregate
value
of
these
securities
was
$95,735,126,
representing
19.6%
of
net
assets.
b
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
c
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
d
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Global
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
At
June
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c).
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
Euro
.............
SCNY
Buy
1,325,806
1,389,002
7/06/22
$
405
$
—
Euro
.............
SCNY
Sell
1,325,806
1,503,649
7/06/22
114,243
—
Indian
Rupee
......
HSBK
Buy
96,812,500
1,263,673
7/11/22
—
(38,378)
Euro
.............
DBAB
Sell
1,257,644
12,643,100
SEK
7/19/22
—
(82,681)
Euro
.............
CITI
Sell
12,900,000
14,757,838
7/21/22
1,225,240
—
Euro
.............
DBAB
Sell
14,237,184
15,488,775
7/27/22
547,340
—
Chilean
Peso
......
GSCO
Buy
1,357,150,000
1,574,329
7/29/22
—
(102,373)
Euro
.............
HSBK
Sell
12,678,158
18,320,446
CAD
8/03/22
920,060
—
Euro
.............
JPHQ
Sell
722,235
1,043,246
CAD
8/03/22
52,093
—
Euro
.............
UBSW
Sell
513,000
586,144
8/03/22
47,512
—
South
Korean
Won
..
CITI
Buy
952,000,000
740,222
8/03/22
—
(1,278)
Euro
.............
MSCO
Sell
1,215,000
1,382,585
8/04/22
106,792
—
Chilean
Peso
......
GSCO
Buy
2,394,434,956
2,852,895
8/08/22
—
(261,377)
Chilean
Peso
......
JPHQ
Buy
1,630,680,000
1,976,702
8/08/22
—
(211,802)
Australian
Dollar
....
JPHQ
Buy
7,190,000
5,310,951
8/11/22
—
(346,551)
Australian
Dollar
....
JPHQ
Sell
7,190,000
5,147,312
8/11/22
182,911
—
Euro
.............
JPHQ
Sell
3,196,986
3,420,966
8/11/22
62,144
—
Euro
.............
DBAB
Sell
12,764,450
133,896,531
SEK
8/17/22
—
(306,401)
Euro
.............
JPHQ
Sell
3,298,009
34,610,000
SEK
8/17/22
—
(77,742)
Chilean
Peso
......
GSCO
Buy
1,343,077,510
1,549,109
8/19/22
—
(99,166)
Chinese
Yuan
......
JPHQ
Buy
69,660,000
10,894,282
8/22/22
—
(491,044)
Chilean
Peso
......
BAST
Buy
16,891,500,000
19,335,508
9/06/22
—
(1,174,207)
Euro
.............
DBAB
Sell
19,167,788
202,270,000
NOK
9/15/22
377,839
—
Chinese
Yuan
......
BOFA
Buy
87,762,900
13,052,186
9/21/22
53,006
—
Chinese
Yuan
......
CITI
Buy
239,100,000
35,204,735
9/21/22
498,863
—
New
Zealand
Dollar
.
CITI
Buy
16,040,000
10,915,092
9/21/22
—
(907,384)
New
Zealand
Dollar
.
JPHQ
Buy
2,720,000
1,854,686
9/21/22
—
(157,619)
South
Korean
Won
..
BNDP
Buy
92,494,400,000
71,729,281
9/21/22
170,408
—
South
Korean
Won
..
MSCO
Buy
11,620,000,000
8,946,031
9/21/22
86,671
—
Euro
.............
CITI
Sell
2,290,000
2,560,563
9/22/22
146,867
—
Euro
.............
HSBK
Sell
7,080,000
7,915,652
9/22/22
453,218
—
Euro
.............
SCNY
Sell
1,325,806
1,397,463
9/30/22
—
(776)
Indian
Rupee
......
JPHQ
Buy
264,184,500
3,428,964
10/07/22
—
(112,802)
Chilean
Peso
......
GSCO
Buy
948,990,000
1,143,720
10/11/22
—
(130,414)
Indian
Rupee
......
CITI
Buy
256,676,200
3,321,379
10/11/22
—
(100,670)
Indian
Rupee
......
JPHQ
Buy
106,826,200
1,388,525
10/11/22
—
(48,096)
Euro
.............
DBAB
Sell
2,406,531
25,262,800
SEK
10/12/22
—
(60,141)
Euro
.............
HSBK
Sell
7,082,350
7,662,308
10/12/22
198,469
(13,214)
Indian
Rupee
......
CITI
Buy
230,576,200
2,995,274
10/12/22
—
(102,331)
Euro
.............
BZWS
Sell
5,604,000
6,138,902
10/25/22
215,582
—
Euro
.............
DBAB
Sell
2,500,256
2,110,000
GBP
10/25/22
—
(68,190)
Euro
.............
DBAB
Sell
7,327,000
8,015,727
10/25/22
271,230
—
Chilean
Peso
......
JPHQ
Buy
2,292,596,735
2,766,164
10/26/22
—
(324,642)
Euro
.............
HSBK
Sell
25,991,374
35,626,636
CAD
11/03/22
190,481
—
Indian
Rupee
......
SCNY
Buy
387,100,000
4,911,876
11/14/22
—
(70,074)
Euro
.............
DBAB
Sell
7,363,000
8,114,051
1/25/23
269,373
—
Euro
.............
BZWS
Sell
2,630,000
2,921,128
4/25/23
100,909
—
Total
Forward
Exchange
Contracts
...................................................
$6,291,656
$(5,289,353)
Net
unrealized
appreciation
(depreciation)
............................................
$1,002,303
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Templeton
Global
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
See
Note 10 regarding
other
derivative
information.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.762%
...
Annual
3/15/27
8,400,000
$
345,664
$
—
$
345,664
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
1.811%
...
Annual
3/15/32
4,300,000
340,947
—
340,947
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.176%
...
Annual
3/28/32
1,840,000
93,932
—
93,932
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.257%
...
Annual
3/30/32
1,840,000
75,632
—
75,632
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.253%
...
Annual
3/31/32
1,850,000
82,142
—
82,142
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.418%
...
Annual
4/11/32
2,560,000
71,492
—
71,492
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.463%
...
Annual
4/18/32
940,000
22,934
—
22,934
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.541%
...
Annual
4/19/32
520,000
9,151
—
9,151
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.549%
...
Annual
4/19/32
1,250,000
21,121
—
21,121
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.67%
....
Annual
4/21/32
1,240,000
7,956
—
7,956
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.645%
...
Annual
5/16/32
350,000
3,648
—
3,648
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.741%
...
Annual
5/19/32
1,175,000
2,419
—
2,419
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.662%
...
Annual
6/02/32
1,536,000
20,128
—
20,128
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.989%
...
Annual
6/30/32
1,190,000
(16,022)
—
(16,022)
Total
Interest
Rate
Swap
Contracts
...............................
$1,081,144
$
—
$1,081,144
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
29
.
Templeton
Global
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
Templeton
Global
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$510,219,598
Cost
-
Non-controlled
affiliates
(Note
3c)
........................................................
18,546,691
Value
-
Unaffiliated
issuers
..................................................................
$455,899,522
Value
-
Non-controlled
affiliates
(Note
3c)
.......................................................
18,546,691
Cash
....................................................................................
3,722
Restricted
cash
for
OTC
derivative
contracts
(Note
1d)
...............................................
1,100,000
Restricted
currency,
at
value
(cost
$2)
(Note
1e)
....................................................
2
Foreign
currency,
at
value
(cost
$287,594)
........................................................
286,631
Receivables:
Dividends
and
interest
.....................................................................
8,466,437
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
3,420,203
Centrally
cleared
swap
contracts
............................................................
1,257,431
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
6,291,656
Total
assets
..........................................................................
495,272,295
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
46
Management
fees
.........................................................................
230,985
Trustees'
fees
and
expenses
.................................................................
64,027
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
290,509
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
1,100,000
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
5,289,353
Deferred
tax
...............................................................................
21,791
Accrued
expenses
and
other
liabilities
...........................................................
139,789
Total
liabilities
.........................................................................
7,136,500
Net
assets,
at
value
.................................................................
$488,135,795
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$698,691,909
Total
distributable
earnings
(losses)
.............................................................
(210,556,114)
Net
assets,
at
value
.................................................................
$488,135,795
Shares
outstanding
.........................................................................
102,721,927
Net
asset
value
per
share
....................................................................
$4.75
Templeton
Global
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
June
30,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Templeton
Global
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Not
e
3c)
.............................................................
$7,304
Interest:
(net
of
foreign
taxes
of
$188,160)
Unaffiliated
issuers
........................................................................
11,863,498
Total
investment
income
...................................................................
11,870,802
Expenses:
Management
fees
(Not
e
3a)
...................................................................
1,757,305
Transfer
agent
fees
.........................................................................
98,552
Custodian
fees
.............................................................................
146,537
Reports
to
shareholders
fees
..................................................................
56,979
Registration
and
filing
fees
....................................................................
65,130
Professional
fees
...........................................................................
345,975
Trustees'
fees
and
expenses
..................................................................
15,448
Other
....................................................................................
50,450
Total
expenses
.........................................................................
2,536,376
Expenses
waived/paid
by
affiliates
(Not
e
3c
and
3d
)
..............................................
(192,985)
Net
expenses
.........................................................................
2,343,391
Net
investment
income
................................................................
9,527,411
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$56,658)
Unaffiliated
issuers
......................................................................
(20,023,931)
Foreign
currency
transactions
................................................................
(803,399)
Forward
exchange
contracts
.................................................................
(10,458,158)
Net
realized
gain
(loss)
..................................................................
(31,285,488)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(30,362,478)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
555,053
Forward
exchange
contracts
.................................................................
(480,305)
Swap
contracts
...........................................................................
1,081,144
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
72,758
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(29,133,828)
Net
realized
and
unrealized
gain
(loss)
............................................................
(60,419,316)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(50,891,905)
Templeton
Global
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Templeton
Global
Income
Fund
Six
Months
Ended
June
30,
2022
(unaudited)
Year
Ended
December
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$9,527,411
$27,840,597
Net
realized
gain
(loss)
.................................................
(31,285,488)
(122,553,952)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(29,133,828)
55,906,805
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(50,891,905)
(38,806,550)
Distributions
to
shareholders
..............................................
(21,748,820)
—
Distributions
to
shareholders
from
tax
return
of
capital
...........................
—
(48,995,410)
Total
distributions
to
shareholders
..........................................
(21,748,820)
(48,995,410)
Capital
share
transactions
from
–
repurchase
of
shares
(Note
2)
....................
(386,870)
(170,215,462)
Net
increase
(decrease)
in
net
assets
...................................
(73,027,595)
(258,017,422)
Net
assets:
Beginning
of
period
.....................................................
561,163,390
819,180,812
End
of
period
..........................................................
$488,135,795
$561,163,390
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
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
(unaudited)
19
franklintempleton.com
Semiannual
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.
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
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 entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Foreign
Currency
Translation
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
depreciation
and
appreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
See
Note
10 regarding
other
derivative
information.
d.
Restricted
Cash
At
June
30,
2022, 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.
e.
Restricted
Currency
At
June
30,
2022,
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.
f.
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
June
30,
2022,
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.
g.
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.
The
Fund
employs
a
managed
distribution
policy
whereby
the
Fund
will
make
monthly
distributions
to
shareholders
at
an
annual
minimum
fixed
rate
of
8%,
based
on
the
average
monthly
NAV
of
the
Fund’s
common
shares.
Effective
March
7,
2022,
the
annual
minimum
fixed
rate
increased
from
7.5%
to
8%.
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
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
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
interest
income
in
the
Statement
of
Operations.
h.
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.
i.
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
June
30,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the
period
ended
June
30,
2022
and
year
ended
December
31,
2021
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
11,285,400
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:
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:
Six
Months
Ended
June
30,
2022
Year
Ended
December
31,
2021
Shares
Amount
Shares
Amount
Shares
repurchased
......................
75,000
$386,870
31,347,231
a
$170,215,462
Weighted
average
discount
of
market
price
to
net
asset
value
of
shares
repurchased
..........
5.59%
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.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
June
30,
2022,
the
annualized
gross
effective
investment
management
fee
rate
was
0.659%
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
period
ended
June
30,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
d.
Waiver
and
Expense
Reimbursements
Effective
March
1,
2022,
Advisers
has
voluntarily
agreed
in
advance
to
waive
0.10%
of
its
investment
management
fees
based
on
the
average
daily
net
assets
of
the
Fund
until
September
1,
2022.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
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
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Templeton
Global
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
$
27,885,778
$
229,903,214
$
(239,242,301)
$
—
$
—
$
18,546,691
18,546,691
$
7,304
Total
Affiliated
Securities
...
$27,885,778
$229,903,214
$(239,242,301)
$—
$—
$18,546,691
$7,304
3.
Transactions
with
Affiliates
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
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.
At
June
30,
2022,
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.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
June
3
0
,
202
2
,
aggregated
$
112,665,175
and
$
98,896,554
,
respectively.
6.
Credit Risk
At
June
30,
2022,
the
Fund
had
24.3%
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
June
30,
2022,
the
Fund
had
0.1%
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.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$14,172,840
Long
term
................................................................................
59,218,515
Total
capital
loss
carryforwards
...............................................................
$73,391,355
Cost
of
investments
..........................................................................
$545,758,330
Unrealized
appreciation
........................................................................
$7,879,685
Unrealized
depreciation
........................................................................
(77,009,717)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(69,130,032)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
8.
Geopolitical
Risk
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Fund
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
9.
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.
10.
Other
Derivative
Information
At
June
3
0
,
202
2
,
investments
in
derivative
contracts
are
reflected
in
the
Statement of
Assets
and
Liabilities
as
follows:
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
Interest
rate
contracts
.......
Variation
margin
on
centrally
cleared
swap
contracts
$
1,097,166
a
Variation
margin
on
centrally
cleared
swap
contracts
$
16,022
a
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
6,291,656
Unrealized
depreciation
on
OTC
forward
exchange
contracts
5,289,353
Total
....................
$7,388,822
$5,305,375
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
contracts
in
the
Statement
of
Operations
was
as
follows:
For
the
period
ended
June
30,
2022,
the
average
month
end
notional
amount
of
swap
contracts
represented
$14,032,286.
The
average
month
end
contract
value
of
forward
exchange
contracts
was
$646,848,328.
At
June
30,
2022,
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
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Templeton
Global
Income
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Swap
contracts
$—
Swap
contracts
$1,081,144
Foreign
exchange
contracts
.....
Forward
exchange
contracts
(10,458,158)
Forward
exchange
contracts
(480,305)
Total
.......................
$(10,458,158)
$600,839
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
.............................
$
6,291,656
$
5,289,353
Total
.............................................
$6,291,656
$5,289,353
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.
10.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
26
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Semiannual
Report
At
June
30,
2022,
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
Net
Amount
(Not
less
than
zero)
Templeton
Global
Income
Fund
Counterparty
BAST
....................
$—
$—
$—
$—
$—
BNDP
...................
170,408
—
—
—
170,408
BOFA
....................
53,006
—
—
—
53,006
BZWS
...................
316,491
—
—
(280,000)
36,491
CITI
.....................
1,870,970
(1,111,663)
—
(759,307)
—
DBAB
...................
1,465,782
(517,413)
(948,369)
—
—
GSCO
...................
—
—
—
—
—
HSBK
...................
1,762,228
(51,592)
(1,212,379)
—
498,257
JPHQ
...................
297,148
(297,148)
—
—
—
MSCO
...................
193,463
—
—
—
193,463
SCNY
...................
114,648
(70,850)
—
—
43,798
UBSW
...................
47,512
—
—
—
47,512
Total
...................
$6,291,656
$(2,048,666)
$
(2,160,748)
$(1,039,307)
$1,042,935
$
1
10.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
At
June
30,
2022,
OTC
derivative
liabilities,
which
may
be
offset
against
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(c)
regarding
derivative
financial
instruments.
See
Abbreviations
on
page
29
.
11.
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
....................
$1,174,207
$—
$—
$(900,000)
$274,207
BNDP
...................
—
—
—
—
—
BOFA
....................
—
—
—
—
—
BZWS
...................
—
—
—
—
—
CITI
.....................
1,111,663
(1,111,663)
—
—
—
DBAB
...................
517,413
(517,413)
—
—
—
GSCO
...................
593,330
—
—
(593,330)
—
HSBK
...................
51,592
(51,592)
—
—
—
JPHQ
...................
1,770,298
(297,148)
—
(1,473,150)
—
MSCO
...................
—
—
—
—
—
SCNY
...................
70,850
(70,850)
—
—
—
UBSW
...................
—
—
—
—
—
Total
...................
$5,289,353
$(2,048,666)
$—
$(2,966,480)
$274,207
a
At
June
30,
2022,
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.
10.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
28
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Semiannual
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
June
30,
2022,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
12.
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.
Level
1
Level
2
Level
3
Total
Templeton
Global
Income
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
....
$
—
$
352,402,806
$
—
$
352,402,806
Short
Term
Investments
...................
18,546,691
103,496,716
—
122,043,407
Total
Investments
in
Securities
...........
$18,546,691
$455,899,522
$—
$474,446,213
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
6,291,656
$
—
$
6,291,656
Restricted
Currency
(ARS)
.................
—
2
—
2
Swap
contracts
.........................
—
1,097,166
—
1,097,166
Total
Other
Financial
Instruments
.........
$—
$7,388,824
$—
$7,388,824
Receivables:
Interest
(ARS)
...........................
$—
$64,409
$—
$64,409
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
5,289,353
$
—
$
5,289,353
Swap
contracts
..........................
—
16,022
—
16,022
Total
Other
Financial
Instruments
.........
$—
$5,305,375
$—
$5,305,375
Payables:
Deferred
Tax
(ARS)
.......................
$—
$442
$—
$442
11.
Fair
Value
Measurements
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
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Report
Abbreviations
Counterparty
BAST
Banco
Santander
SA
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
plc
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
CAD
Canadian
Dollar
CNY
Chinese
Yuan
COP
Colombian
Peso
GBP
British
Pound
GHS
Ghanaian
Cedi
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
Selected
Portfolio
SOFR
Secured
Overnight
Financing
Rate
Templeton
Global
Income
Fund
Important
Information
to
Shareholders
30
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Semiannual
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.
Management
Fee
Waiver
On
March
21,
2022,
the
Fund
announced
that
the
Fund’s
Board
and
manager
had
reached
an
agreement
to
implement
a
fee
waiver
to
reduce
the
Fund’s
investment
management
fee
by
10
basis
points.
As
a
result
of
this
fee
waiver,
for
the
period
beginning
March
1,
2022
and
ending
September
1,
2022,
the
Fund
will
pay
the
investment
manager
a
monthly
fee
in
dollars,
at
the
annual
rate
of
the
Fund’s
daily
net
assets,
as
listed
below,
payable
at
the
end
of
each
calendar
month:
0.600%
up
to
and
including
$200
million;
and
0.535%
over
$200
million,
up
to
and
including
$700
million.
Recommencing
on
September
1,
2022,
the
Fund
will
pay
the
investment
manager
a
monthly
fee
in
dollars,
at
the
annual
rate
of
the
Fund’s
daily
net
assets,
as
listed
below,
payable
at
the
end
of
each
calendar
month:
0.700%
up
to
and
including
$200
million;
and
0.635%
over
$200
million,
up
to
and
including
$700
million.
Increase
to
Managed
Distribution
Plan
On
March
7,
2022,
the
Fund
announced
that
the
Board
had
authorized
an
increase
to
the
Fund’s
managed
distribution
plan
pursuant
to
which
the
Fund
will
make
monthly
distributions
to
shareholders
at
an
annual
minimum
fixed
rate
of
8%,
an
increase
from
the
previously
authorized
7.5%,
based
on
the
average
monthly
net
asset
value
(NAV)
of
the
Fund’s
common
shares
(the
“Plan”).
Management
believes
that
the
increased
distribution
rate
will
benefit
shareholders
consistent
with
the
Fund’s
investment
goal
to
seek
high,
current
income.
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.
The
amendment
or
termination
of
the
Plan
Templeton
Global
Income
Fund
Important
Information
to
Shareholders
31
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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
amounts
and
sources
of
the
Fund’s
distributions
to
be
reported
will
be
estimates
and
will
not
be
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
of
the
amounts
for
tax
reporting
purposes
will
depend
upon
the
Fund’s
investment
experience
during
the
remainder
of
its
fiscal
year
and
may
be
subject
to
changes
based
on
tax
regulations.
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.
Templeton
Global
Income
Fund
Annual
Meeting
of
Shareholders
June
6,
2022
(unaudited)
32
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The
Annual
Meeting
of
Shareholders
of
the
Fund
was
held
on
June
6,
2022
(the
“Annual
Meeting”).
Shareholders
were
asked
to
vote
on
the
following
proposals:
(1)
the
election
of
four
Trustees
for
a
three-year
term;
(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,
2022;
and
(3)
a
shareholder
proposal
from
Saba
Capital
Management,
L.P.
(“Saba”)
to
terminate
the
Fund’s
Investment
Management
Agreement.
Following
the
Annual
Meeting,
the
Fund
and
a
Fund
shareholder
filed
a
complaint
and
temporary
restraining
order
request
in
United
States
District
Court
in
the
Southern
District
of
New
York
(the
“Court”)
seeking
to
prevent
the
certification
of
the
results
of
the
Annual
Meeting.
Thereafter,
the
Fund
and
Saba
and
related
individuals
and
parties
(together,
the
“Parties”)
filed
a
Stipulation
and
Proposed
Order
with
the
Court,
which
was
granted
by
the
Court,
for
entry
of
a
status
quo
agreement
and
schedule
for
expedited
proceedings,
thereby
resolving
the
Fund’s
request
for
a
temporary
restraining
order
related
to
the
certification
of
the
results
of
the
Annual
Meeting.
The
Parties
agreed
that
the
Annual
Meeting
results
will
not
be
certified
and
Saba’s
2022
Trustee
nominees
will
not
be
seated
before
one
business
day
after
the
Court
has
issued
a
ruling
on
the
Fund’s
request
for
injunctive
relief.
The
Parties
also
agreed
that
the
Fund
and
its
current
Board
of
Trustees
shall
continue
to
manage
the
Fund
in
the
ordinary
course
of
business
consistent
with
their
fiduciary
duties
and
as
required
by
law.
Templeton
Global
Income
Fund
33
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Dividend
Reinvestment
and
Cash
Purchase
Plan
The
Fund
offers
a
Dividend
Reinvestment
and
Cash
Purchase
Plan
(the
“Plan”)
with
the
following
features:
Shareholders
must
affirmatively
elect
to
participate
in
the
Plan.
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
34
franklintempleton.com
Semiannual
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
Shareholder
Information
35
franklintempleton.com
Semiannual
Report
Board
Approval
of
Investment
Management
Agreements
TEMPLETON
GLOBAL
INCOME
FUND
(Fund)
At
a
virtual
meeting
held
on
February
27,
2022
(Meeting),
the
Board
of
Trustees
(Board)
of
the
Fund,
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Advisers,
Inc.
(Manager)
and
the
Fund
(Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters.
At
that
meeting,
they
met
with
senior
leadership
of
the
global
macro
funds
regarding
the
performance
of
the
funds;
and
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
at
the
Meeting.
The
Board
later
had
an
opportunity
for
an
expanded
discussion
with
the
leadership
of
the
global
macro
funds
to
hear
about
strategies
to
deliver
improved
investment
returns
to
shareholders.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
such
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund
(including
its
share
price
discount
to
net
asset
value);
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
noted
management’s
continued
commitment
to
providing
the
resources
important
to
enhancing
the
investment
process
of
the
global
macro
funds
for
the
benefit
of
the
funds
and
their
shareholders.
The
Board
acknowledged
the
ongoing
integration
of
the
Legg
Mason
family
of
funds
into
the
Franklin
Templeton
(FT)
family
of
funds
and
developing
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
recent
geopolitical
concerns.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
Templeton
Global
Income
Fund
Shareholder
Information
36
franklintempleton.com
Semiannual
Report
specifically
noted
FT’s
commitment
to
being
a
global
leader
in
stewardship
and
sustainability
and
the
recent
addition
of
a
senior
executive
focused
on
environmental,
social
and
governance
and
climate
control
initiatives.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
November
30,
2021.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
Such
results
are
based
on
net
asset
value
without
regard
to
market
discounts
or
premiums.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
leveraged
and
non-leveraged
closed-end
global
income
funds.
The
Board
noted
that
the
Fund’s
annualized
income
return
and
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
were
below
the
medians
and
primarily
in
the
fifth
quintile
(worst)
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that
the
Fund’s
relative
underperformance
in
comparison
to
its
Performance
Universe
over
the
reporting
periods
was,
in
part,
due
to
the
Fund’s
performance
in
2019
and
2020.
Management
further
explained
that
the
underperformance
was
driven
by
the
Fund’s
defensive
positioning
amid
the
pandemic,
which
restrained
the
Fund’s
participation
in
the
risk
asset
rallies
in
the
second
half
of
2020.
Management
also
explained
that
the
Fund’s
long
exposure
to
emerging
market
local
currency
assets
and
short
exposure
to
US
Treasury
duration
during
the
three-
and
five-year
reporting
periods
detracted
from
the
Fund’s
relative
performance
versus
the
Performance
Universe.
Management
further
explained
that
after
vaccines
were
approved
toward
the
end
of
2020
management
significantly
repositioned
the
Fund’s
strategies
back
towards
risk
allocations
and
expanded
on
that
risk
positioning
throughout
2021,
emphasizing
specific
currencies
against
the
US
dollar
and
the
euro,
as
well
as
local
currency
bonds
in
a
select
set
of
emerging
markets.
Management
reported
that
this
resulted
in
notable
improvement
in
the
Fund’s
performance
for
the
one-year
period
ended
January
31,
2022.
Management
further
explained
the
steps
the
portfolio
management
team
is
taking
in
an
effort
to
improve
the
Fund’s
peer
rankings
across
all
reporting
periods
and
reduce
the
impact
of
the
Fund’s
relative
underperformance
in
2019
and
2020.
The
Board
noted
management’s
continued
confidence
in
the
Fund’s
portfolio
management
team,
commitment
to
an
enhanced
investment
process
for
the
benefit
of
Fund
shareholders
and
commitment
to
have
ongoing
conversations
with
the
Board
regarding
management’s
strategies
for
addressing
the
performance
of
the
global
macro
funds
as
a
whole.
Based
on
the
foregoing,
the
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
an
additional
one-
year
period,
and
that
management’s
efforts
and
the
recent
improved
performance
of
the
Fund
should
continue
to
be
closely
monitored.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
underlying
fund
expenses;
investment-related
expenses;
and
other
non-management
fees.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
the
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
six
other
leveraged
and
non-leveraged
global
income
closed-
end
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
below
the
medians
and
in
the
first
quintile
(best)
of
its
Expense
Group.
The
Board
further
noted
Management’s
proposal
of
a
ten
basis
point
waiver
for
a
period
of
six
months.
Templeton
Global
Income
Fund
Shareholder
Information
37
franklintempleton.com
Semiannual
Report
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2021,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
The
Board
believes
that
the
Manager’s
ability
to
realize
economies
of
scale
and
the
sharing
of
such
benefit
is
a
more
relevant
consideration
in
the
case
of
an
open-end
fund
whose
size
increases
as
a
result
of
the
continuous
sale
of
its
shares.
A
closed-end
fund,
such
as
the
Fund,
does
not
continuously
offer
shares,
and
growth
following
its
initial
public
offering
will
primarily
result
from
market
appreciation,
which
benefits
its
shareholders.
While
believing
economies
of
scale
to
be
less
of
a
factor
in
the
context
of
a
closed-
end
fund,
the
Board
believes
at
some
point
an
increase
in
size
may
lead
to
economies
of
scale
that
would
be
shared
with
the
Fund
and
its
shareholders.
The
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
had
experienced
a
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
one-year
period.
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
Templeton
Global
Income
Fund
Shareholder
Information
38
franklintempleton.com
Semiannual
Report
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
Schedule
of
Investments
The
Fund
files
a
complete
consolidated
schedule
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.
39
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Not
part
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semiannual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
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
40
franklintempleton.com
Not
part
of
the
semiannual
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
41
franklintempleton.com
Not
part
of
the
semiannual
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
S
08/22
©
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.
Semiannual
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. N/A
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.
Franklin Templeton Investment Solutions, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC-registered investment advisers listed on Appendix A (hereinafter individually an “Investment Manager” and collectively the "Investment Managers") have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton 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 disseminating proxy materials and analyses of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked for information and/or recommendations on the issues to be voted. The Investment Managers will inform Advisory Clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Managers’ views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Managers.
The Proxy Group will process proxy votes on behalf of, and the Investment Managers vote proxies solely in the best interests of, separate account clients, the Investment Managers’-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 Managers or (ii) the documents otherwise expressly prohibit the Investment Managers from voting proxies. The Investment Managers recognize that the exercise of voting rights on securities held by ERISA plans for which the Investment Managers have 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 Managers indicating such intention and provide written instructions directing the Investment Managers 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 Managers have adopted and implemented Proxy Voting Policies and Procedures (“Proxy Policies”) that they believe are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Managers have a subadvisory agreement with an affiliated investment manager (the “Affiliated Subadviser”) with respect to a particular Advisory Client, the Investment Managers may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Managers 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).
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
All proxies received by the Proxy Group will be voted based upon the Investment Managers’ instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe 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 Managers subscribe 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 Managers subscribe 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 Managers do not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Managers’ ultimate decision. Rather, the Investment Managers exercise their independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Managers 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 Managers’ 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.
Conflicts of Interest
All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Managers are affiliates 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 Managers take the position that relationships between certain affiliates that do not use the “Franklin Templeton” name (“Independent Affiliates”) and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent Affiliate business units.
Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers’ or an affiliate’s (other than an Independent 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 Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1) the Investment Managers 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 Managers; 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 Managers or one of its affiliates (other than Independent 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 Managers’ recommendation regarding the vote for approval. To address certain affiliate conflict situations, the Investment Managers will employ pass-through voting or mirror voting when required pursuant to a fund’s governing documents or applicable law.
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 Managers and affiliated Investment Managers (other than Independent Affiliates) in accordance with the instructions of one or more of the Advisory Clients.
The Investment Managers 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 Managers may consider various factors in deciding whether to vote such proxies, including the Investment Managers’ 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 Managers 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.”
Weight Given Management Recommendations
One of the primary factors the Investment Managers consider 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 Managers consider in determining how proxies should be voted. However, the Investment Managers do not consider recommendations from management to be determinative of the Investment Managers’ ultimate decision. Each issue is considered on its own merits, and the Investment Managers 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 Managers believe that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Managers 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 Managers 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 Managers’ 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 Managers’ 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 Managers have 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 Managers’ research analysts, 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 an 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 Managers understand their fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the Investment Managers 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 an 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 Managers 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 Managers’ intended vote is not correctly submitted; (x) the Investment Managers believe 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.
Rejected Votes
Even if the Investment Managers use 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 Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers’ votes are not received, or properly tabulated, by an issuer or the issuer’s agent.
Securities on Loan
The Investment Managers or their affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially 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 ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates or other administrative considerations.
Split Voting
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.
Bundled Items
If several issues are bundled together in a single voting item, the Investment Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.
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 Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers, the Proxy Group will take no action on the event. The Investment Managers 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 Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.
Appendix A
These Proxy Policies apply to accounts managed by personnel within
Franklin Templeton Investment Solutions, which includes the following Investment Managers:
Franklin Advisers, Inc. (FAV)
Franklin Advisory Services, LLC (FASL)
Franklin Mutual Advisers LLC (FMA)
Franklin Templeton Investments Corp. (FTIC)
Franklin Templeton Investment Management Limited (FTIML)
Templeton Asset Management Ltd. (TAML)
The following Proxy Policies apply to FAV, FMA, FTIC, FTIML, and TAML only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
Certain of the Investment Managers’ separate accounts or funds (or a portion thereof) are included under Franklin Templeton Investment Solutions (“FTIS”), a separate investment group within Franklin Templeton, and employ a quantitative strategy.
For such accounts, 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).
The following Proxy Policies apply to FASL only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
The Franklin LibertyQ branded smart beta exchange traded funds and other passively managed exchange traded funds (collectively, “ETFs”), seek to track a particular securities index. As a result, each ETF may hold the securities of hundreds of issuers. Because the primary criteria for determining whether a security should be included (or continued to be included) in an ETF’s investment portfolio is whether such security is a representative component of the securities index that the ETF is seeking to track, the ETFs do not require the fundamental security research and analyst coverage that an actively managed portfolio would require. Accordingly, in light of the high number of positions held by an ETF 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 “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 rather than analyze each individual proxy vote. Permitting the Investment Manager of the ETFs to defer its judgment for voting on a proxy to the recommendations of ISS or Glass Lewis may result in a proxy related to the securities of a particular issuer held by an ETF being voted differently from the same proxy that is voted on by other funds managed by the Investment Managers.
The following Proxy Policies apply to FTIC, FTIML, and TAML only:
HOW THE INVESTMENT MANAGERS VOTE PROXIES
Proxy Services
For accounts managed by the Templeton Global Equity Group (“TGEG”), in making voting decisions, the Investment Manager may consider Glass Lewis’s Proxy Voting Guidelines, ISS’s Benchmark Policies, ISS’s Sustainability Policy, and TGEG’s custom sustainability guidelines, which reflect what TGEG believes to be good environmental, social, and governance practices.
The following Proxy Policies apply to FTIC only:
RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES
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 or the Investment Manager chooses securities for an Advisory Client’s portfolios that are recommended by an Affiliated Subadviser, the Investment Manager may delegate proxy voting responsibility to the Affiliated Subadviser or vote proxies in accordance with the Affiliated Subadviser’s recommendations.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
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 (1/1/22 - 1/31/22) | 13,378.000 | 5.15 | 13,378.000 | 10,266,314.90
Month #2 (2/1/22 - 2/28/22) | 61,622.000 | 5.15 | 61,622.000 | 10,204,692.90
Month #3 (3/1/22 - 3/31/22) | - | - | - | 10,204,692.90
Month #4 (4/1/22 - 4/30/22) | - | - | - | 10,204,692.90
Month #5 (5/1/22 - 5/31/22) | - | - | - | 10,204,692.90
Month #6 (6/1/22 - 6/30/22) | – | – | – | 10,204,692.90
Total | 75,000.000 |  | 75,000.000 |

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. Since the inception of the program, the Fund had repurchased a total of 11,285,400 shares.
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
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
(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 August 26, 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 August 26, 2022
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date August 26, 2022