N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05459
Templeton Global Income Fund
(Exact name of registrant as specified in charter)
300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923
(Address of principal executive offices) (Zip code)
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: 10/31
Date of reporting period: 10/31/23
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)
b.)
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
Annual
Report
Templeton
Global
Income
Fund
October
31,
2023
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
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”).
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.
franklintempleton.com
Annual
Report
1
Contents
Fund
Overview
2
Performance
Summary
5
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
15
Notes
to
Financial
Statements
18
Report
of
Independent
Registered
Public
Accounting
Firm
29
Tax
Information
30
Important
Information
to
Shareholders
31
Annual
Meeting
of
Shareholders
37
Special
Meeting
of
Shareholders
38
Dividend
Reinvestment
and
Cash
Purchase
Plan
39
Board
Approval
of
Investment
Management
Agreements
41
Board
Members
and
Officers
45
Shareholder
Information
48
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
Templeton
Global
Income
Fund
Dear
Shareholder,
On
October
31,
2023,
the
Board
of
Trustees
approved
changing
Templeton
Global
Income
Fund's
fiscal
year-end
to
October
31.
This
annual
report
for
Templeton
Global
Income
Fund
covers
the
shortened
fiscal
year
for
the
transitional
ten-month
period
between
the
Fund’s
prior
fiscal
year-end,
December
31,
2022,
and
October
31,
2023.
Fund
Overview
Q.
What
is
the
Fund's
investment
strategy?
A.
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.
Q.
What
were
the
overall
market
conditions
during
the
Fund's
reporting
period?
A.
The
period
under
review
(January
to
October
2023)
mostly
marked
a
retreat
from
the
dominant
themes
of
2022:
inflation
rates
in
many
countries
appeared
to
have
peaked,
monetary
policy
tightening
cycles
slowed
or
paused,
and
the
U.S.
dollar
(USD)
softened
somewhat.
Worries
about
global
growth
remained
but
eased
as
growth
proved
more
resilient
than
many
had
feared
over
the
course
of
the
year.
The
global
banking
industry
hit
a
speed
bump
in
between
March
and
May
2023,
with
three
mid-sized
U.S.
banks
and
a
large
European
bank
failing.
These
events
suggested
some
sectors
of
the
financial
markets
were
being
adversely
affected
by
past
monetary
tightening,
but
also
showed
that
global
central
banks
were
able
to
mitigate
wider
market
impacts.
Inflation
rates
in
many
countries
benefited
from
generally
softer
trends
in
food
and
energy
inflation
over
the
period
and
continued
retreating
from
the
multi-year
highs
that
had
been
reached
during
2022.
Core
inflation
measures
have
been
stickier,
but
they
too
appear
to
be
mostly
moving
in
the
right
direction.
Although
inflation
remains
above
target
levels
across
a
range
of
countries
and
regions,
annual
headline
inflation
rates
in
many
developed
markets
and
most
emerging
markets
continued
to
fall,
sometimes
quite
sharply,
over
the
period
under
review.
Japan
is
a
notable
exception
to
these
softening
trends,
where
after
years
of
quite
low
inflation
or
deflation,
higher
inflation
seems
to
be
taking
hold.
As
inflation
cycles
turned,
monetary
policy
cycles
began
rolling
over.
The
period
under
review
was
largely
marked
by
a
continued
deceleration
in
the
pace
of
interest-
rate
hikes
amongst
developed
market
central
banks,
with
a
number
of
them
pausing
by
the
end
of
the
period,
alongside
pausing
and
even
some
easing
in
emerging
markets.
Often
shadowing
both
monetary
policy
cycles
and
the
U.S.
market,
most
developed
market
bond
yields
were
higher
over
the
period,
while
emerging
market
yields
were
mixed.
After
moving
broadly
sideways
during
much
of
the
period,
the
USD
gained
ground
later
so
that
overall,
the
DXY
dollar
index
had
risen
by
about
3%
over
the
period
(but
still
below
its
highs
of
2022).
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
We
continued
to
aim
at
a
high
overall
portfolio
yield
by
holding
higher-yielding
local-currency
positions
in
specific
emerging
markets.
We
have
emphasized
select
local-
currency
sovereign
bonds
in
countries
that
we
view
as
having
resilient
fundamentals.
As
the
period
progressed,
we
identified
the
countries
we
considered
most
likely
to
benefit
from
the
trends
described
above,
such
as
those
countries
in
Latin
America
who
had
previously
been
aggressive
responders
to
rising
inflation
and
stayed
ahead
of
the
curve,
thus
placing
themselves
in
a
relatively
strong
policy
position
for
when
the
rate
cycle
turned.
In
sovereign
bonds,
we
extended
duration
in
select
countries
where
we
see
opportunity
from
inflation
and
interest-rate
cycles
rolling
over,
or
where
we
see
improving
fundamentals
in
a
range
of
factors
from
fiscal
progress
to
reshoring.
In
foreign
exchange
exposure,
we
considered
countries
whose
currencies
were
likely
to
benefit
from
changing
growth
and
interest
rate
differentials
against
the
U.S.
dollar
and
which
also
had
solid
fundamental
support,
with
overweighted
currency
exposures
focused
on
countries
that
generally
have
strong
trade
dynamics,
current
account
surpluses,
better
fiscal
management
and
stronger
growth
potential,
notably
in
Asia.
Along
with
extending
duration
where
deemed
appropriate,
we
took
profit
in
some
positions
as
cycles
turned
(such
as
Chile).
Templeton
Global
Income
Fund
3
franklintempleton.com
Annual
Report
Performance
Overview
For
the
10
months
under
review,
the
Fund
posted
cumulative
total
returns
of
-4.68%
based
on
net
asset
value
and
-1.56%
based
on
market
price.
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
-4.74%
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.
Q.
What
were
the
leading
contributors
to
performance?
A.
Interest
rate
strategies
contributed
to
absolute
performance
over
the
period.
Select
duration
exposures
in
Latin
America,
Asia
ex-Japan
and
Eastern
Europe
contributed
to
absolute
returns.
Select
positions
in
Latin
American
currencies
also
contributed
to
absolute
return.
Interest
rate
strategies
also
contributed
to
relative
performance
over
the
period.
Select
overweighted
duration
exposures
in
Latin
America,
Asia
ex-Japan
and
Eastern
Europe
contributed
to
relative
returns,
as
did
underweighted
duration
exposure
in
the
United
States.
Overweighted
positions
in
select
Latin
American
currencies
also
contributed
to
relative
return.
Q.
What
were
the
leading
detractors
from
performance?
A.
Currency
positions
detracted
from
absolute
performance
over
the
period.
Exposures
to
the
Japanese
yen
as
well
as
select
currencies
in
Asia
ex
Japan,
Oceania
and
Europe
detracted
from
absolute
returns.
Sovereign
credit
exposures
also
detracted
from
absolute
return.
With
regards
to
relative
performance,
currency
positions
and
exposures
detracted
over
the
period.
Overweighted
exposures
to
the
Japanese
yen
as
well
as
select
currencies
in
Asia
ex
Japan,
Oceania
and
Europe
detracted
from
relative
returns.
Sovereign
credit
exposures
also
detracted
from
relative
return.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
As
mentioned
above,
we
extended
duration
where
we
considered
it
warranted
given
the
cyclical
background.
While
the
Fund
remained
underweight
duration
compared
to
the
index,
we
lengthened
effective
duration
from
2.65
years
Portfolio
Composition
10/31/23
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
84.1%
U.S.
Government
and
Agency
Securities
1.8%
Options
Purchased
0.1%
Short-Term
Investments
&
Other
Net
Assets
*
14.0%
*
Includes
U.S.
and
foreign
government
and
agency
securities,
money
market
funds
and
other
net
assets
(including
derivatives).
Geographic
Composition
10/31/23
%
of
Total
Net
Assets
Asia
Pacific
48.5%
Americas
21.8%
Other
Europe
6.5%
Middle
East
&
Africa
3.7%
EMU
2.8%
Supranational
2.7%
Short-Term
Investments
&
Other
Net
Assets
14.0%
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
4
franklintempleton.com
Annual
Report
(index:
7.03
years)
at
the
end
of
2022,
to
4.52
years
(index:
6.68
years)
by
period-end.
Early
in
the
year,
we
closed
our
position
in
the
Chinese
yuan
as
despite
being
positive
on
the
effects
of
post-
Covid
reopening,
we
were
concerned
about
geopolitical
developments.
We
closed
the
short
euro
position
that
we
had
held
once
the
euro
had
depreciated
significantly
and
went
long
German
bunds.
We
added
a
new
Australian
dollar
position,
expecting
the
currency
to
benefit
from
Chinese
reopening
(especially
services
receipts).
Our
Ghanaian
bonds
were
exchanged
for
new
securities
as
part
of
Ghana’s
debt
restructuring
exercise.
Later
in
the
year,
we
closed
our
Canadian
dollar
and
Chilean
peso
positions.
Over
the
course
of
the
period,
we
also
made
adjustments
to
other
existing
positions,
primarily
reducing
positions
which
had
done
well
to
rotate
into
positions,
which
in
our
view,
now
offered
more
value,
and
extending
duration
in
countries
which
we
believe
have
favorable
fundamentals.
In
all,
our
weightings
for
Europe
moved
from
a
net
negative
to
a
positive
exposure
over
the
period.
Our
overall
weightings
towards
Asia
were
largely
unchanged
over
the
period,
but
the
composition
shifted
somewhat,
and
our
overall
allocation
to
the
Americas
decreased
modestly
from
the
active
adjustments
mentioned
above.
Thank
you
for
your
participation
in
Templeton
Global
Income
Fund.
It
has
been
a
pleasure
serving
your
investment
needs.
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
October
31,
2023,
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.
Notice
to
Shareholders
On
October
25,
2023,
at
a
special
meeting
of
the
Fund's
shareholders,
shareholders
approved
a
new
investment
management
agreement
with
Saba
Capital
Management,
L.P.
("Saba"),
pursuant
to
which
Saba
will
serve
as
the
new
investment
manager
of
the
Fund,
replacing
Franklin
Advisers,
Inc.
(“Advisers”).
While
certain
terms
of
the
new
investment
management
agreement
differ
from
the
terms
of
the
existing
investment
management
agreement,
there
will
be
no
change
in
investment
management
fees
paid
by
the
Fund
under
the
new
investment
management
agreement.
Effective
January
2,
2024,
Advisers
and
Franklin
Templeton
Services,
LLC,
will
no
longer
provide
services
to
the
Fund.
In
connection
with
this
transition,
the
Fund’s
Board
of
Trustees
has
authorized
Advisers
to
begin
liquidating
the
Fund’s
portfolio
to
cash
and
cash
equivalents
prior
to
the
completion
of
this
transition.
During
this
transition,
the
Fund
will
depart
from
its
stated
investment
objective
and
policies
to
liquidate
its
holdings.
Performance
Summary
as
of
October
31,
2023
Templeton
Global
Income
Fund
5
franklintempleton.com
Annual
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
10/31/23
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
10-Month
-4.68%
-1.56%
-5.59%
-1.88%
1-Year
+4.59%
+0.71%
+4.59%
+0.71%
5-Year
-19.49%
-8.04%
-4.24%
-1.66%
10-Year
-13.48%
-9.20%
-1.44%
-0.96%
Symbol:
GIM
10/31/23
12/31/22
Change
Net
Asset
Value
(NAV)
$4.16
$4.67
-$0.51
Market
Price
(NYSE)
$3.96
$4.33
-$0.37
Distributions
(1/1/23–10/31/23)
Tax
Return
of
Capital
$0.3064
See
page
7
for
Performance
Summary
footnotes.
Templeton
Global
Income
Fund
Performance
Summary
6
franklintempleton.com
Annual
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.
(10/31/13–10/31/23)
Templeton
Global
Income
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
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.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
Liquidity
risk
exists
when
securities
or
other
investments
become
more
difficult
to
sell,
or
are
unable
to
be
sold,
at
the
price
at
which
they
have
been
valued.
Derivative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
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
Con-
nect”).
In
China,
the
Hong
Kong
Monetary
Authority
Central
Money
Markets
Unit
holds
Bond
Connect
securities
on
behalf
of
ultimate
investors
(such
as
the
Fund)
in
accounts
maintained
with
a
China-based
custodian
(either
the
China
Central
Depository
&
Clearing
Co.
or
the
Shanghai
Clearing
House).
This
recordkeeping
system
subjects
the
Fund
to
various
risks,
including
the
risk
that
the
Fund
may
have
a
limited
ability
to
enforce
rights
as
a
bondholder
and
the
risks
of
settlement
delays
and
counterparty
default
of
the
Hong
Kong
sub-custodian.
In
addition,
enforcing
the
ownership
rights
of
a
beneficial
holder
of
Bond
Connect
securities
is
untested
and
courts
in
China
have
limited
experi-
ence
in
applying
the
concept
of
beneficial
ownership.
Bond
Connect
uses
the
trading
infrastructure
of
both
Hong
Kong
and
China
and
is
not
available
on
trading
holidays
in
Hong
Kong.
As
a
result,
prices
of
securities
purchased
through
Bond
Connect
may
fluctuate
at
times
when
a
Fund
is
unable
to
add
to
or
exit
its
position.
Securities
offered
through
Bond
Connect
may
lose
their
eligibility
for
trading
through
the
program
at
any
time.
If
Bond
Connect
securities
lose
their
eligibility
for
trading
through
the
program,
they
may
be
sold
but
can
no
longer
be
purchased
through
Bond
Connect.
Bond
Connect
is
subject
to
regulation
by
both
Hong
Kong
and
China
and
there
can
be
no
assurance
that
further
regulations
will
not
affect
the
availability
of
securities
in
the
program,
the
frequency
of
redemptions
or
other
limitations.
Bond
Connect
trades
are
settled
in
Chinese
currency,
the
renminbi
(“RMB”).
It
cannot
be
guaranteed
that
inves-
tors
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
interpretation
and
guidance.
There
can
be
no
assurance
as
to
the
program’s
continued
existence
or
whether
future
developments
regarding
the
program
may
restrict
or
adversely
affect
the
Fund’s
investments
or
returns.
Finally,
uncertainties
in
China
tax
rules
governing
taxation
of
income
and
gains
from
investments
via
Bond
Connect
could
result
in
unexpected
tax
liabilities
for
a
Fund.
The
application
and
interpretation
of
the
laws
and
regulations
of
Hong
Kong
and
China,
and
the
rules,
policies
or
guidelines
published
or
applied
by
relevant
regulators
and
exchanges
in
respect
of
the
Bond
Connect
program,
are
uncertain,
and
may
have
a
detrimental
effect
on
the
Fund’s
investments
and
returns.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
voluntary
fee
waivers,
expense
caps
and/or
reimbursements.
Voluntary
waivers
may
be
modified
or
discontinued
at
any
time
without
notice.
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:
FactSet.
The
JPM
GGBI
tracks
total
returns
for
liquid,
fixed-rate,
domestic
government
bonds
with
maturities
greater
than
one
year
issued
by
developed
countries
globally.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Templeton
Global
Income
Fund
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Period
Ended
October
31,
2023
a
Year
Ended
December
31,
2022
2021
2020
2019
2018
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$4.67
$5.46
$6.11
$6.75
$7.04
$7.25
Income
from
investment
operations:
Net
investment
income
b
.............
0.20
0.19
0.21
0.21
0.38
0.37
Net
realized
and
unrealized
gains
(losses)
(0.40)
(0.58)
(0.51)
(0.63)
(0.26)
(0.23)
Total
from
investment
operations
........
(0.20)
(0.39)
(0.30)
(0.42)
0.12
0.14
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
—
—
—
(0.03)
(0.41)
(0.26)
Tax
return
of
capital
................
(0.31)
(0.40)
(0.37)
(0.19)
—
(0.09)
Total
distributions
...................
(0.31)
(0.40)
(0.37)
(0.22)
(0.41)
(0.35)
Repurchase
of
shares
..............
—
—
c
0.02
—
—
—
Net
asset
value,
end
of
period
..........
$4.16
$4.67
$5.46
$6.11
$6.75
$7.04
Market
value,
end
of
period
d
...........
$3.96
$4.33
$5.19
$5.50
$6.13
$6.03
Total
return
(based
on
net
asset
value
per
share)
e
...........................
(4.68)%
(7.24)%
(4.62)%
(6.56)%
1.97%
1.98%
Total
return
(based
on
market
value
per
share)
e
...........................
(1.56)%
(9.06)%
1.02%
(6.63)%
8.52%
(1.24)%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.91%
1.09%
1.01%
0.75%
0.75%
0.79%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.85%
1.00%
1.00%
0.71%
0.67%
0.71%
g
Net
investment
income
...............
5.17%
3.84%
3.64%
3.36%
5.49%
5.18%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$427,818
$480,195
$561,163
$819,181
$905,378
$944,988
Portfolio
turnover
rate
................
80.68%
53.06%
115.48%
42.51%
21.99%
35.47%
a
For
the
period
January
1,
2023
to
October
31,
2023.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
e
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.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Templeton
Global
Income
Fund
Schedule
of
Investments,
October
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
84.1%
Australia
9.7%
New
South
Wales
Treasury
Corp.
,
Senior
Bond,
2%,
3/08/33
........
19,411,000
AUD
$
9,100,187
a
Senior
Bond,
Reg
S,
1.75%,
3/20/34
11,363,000
AUD
4,983,282
Queensland
Treasury
Corp.
,
Senior
Bond,
2%,
8/22/33
........
14,810,000
AUD
6,879,005
a
Senior
Bond,
144A,
Reg
S,
1.75%,
7/20/34
......................
17,165,000
AUD
7,486,450
Treasury
Corp.
of
Victoria
,
a
Senior
Bond,
Reg
S,
2.25%,
9/15/33
14,214,000
AUD
6,662,619
Senior
Bond,
2.25%,
11/20/34
.....
13,925,000
AUD
6,247,886
41,359,429
Brazil
9.0%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
..................
17,610,000
BRL
3,386,585
10%,
1/01/31
..................
181,760,000
BRL
33,271,294
F,
10%,
1/01/29
................
9,230,000
BRL
1,729,429
38,387,308
Colombia
3.4%
Colombia
Titulos
de
Tesoreria
,
B,
13.25%,
2/09/33
.............
17,320,200,000
COP
4,546,744
B,
7.25%,
10/18/34
.............
18,808,000,000
COP
3,335,352
B,
6.25%,
7/09/36
..............
6,431,000,000
COP
1,005,965
B,
9.25%,
5/28/42
..............
29,142,000,000
COP
5,652,773
14,540,834
Dominican
Republic
2.1%
a
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
5.3%,
1/21/41
..
5,430,000
3,972,969
Senior
Bond,
144A,
6.4%,
6/05/49
..
1,220,000
961,835
Senior
Bond,
144A,
5.875%,
1/30/60
5,735,000
4,094,715
9,029,519
Ecuador
1.1%
a
Ecuador
Government
Bond
,
Senior
Bond,
144A,
3.5%,
7/31/35
..
5,000,000
1,916,734
Senior
Note,
144A,
6%,
7/31/30
....
5,731,000
2,928,093
4,844,827
Egypt
2.5%
a
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
1,030,000
592,106
Senior
Bond,
144A,
7.3%,
9/30/33
..
4,630,000
2,567,798
Senior
Bond,
144A,
8.5%,
1/31/47
..
5,360,000
2,800,332
Senior
Bond,
144A,
7.903%,
2/21/48
670,000
342,667
Senior
Bond,
144A,
8.7%,
3/01/49
..
510,000
270,300
Senior
Bond,
144A,
8.875%,
5/29/50
2,150,000
1,148,657
Senior
Bond,
144A,
8.75%,
9/30/51
.
4,310,000
2,292,381
Senior
Bond,
144A,
7.5%,
2/16/61
..
1,470,000
731,266
10,745,507
Germany
2.8%
a
Bundesobligation
,
Reg
S,
10/18/24
...
2,826,000
EUR
2,892,023
a
Bundesrepublik
Deutschland,
Reg
S,
6.25%,
1/04/24
................
2,771,000
EUR
2,944,740
Templeton
Global
Income
Fund
Schedule
of
Investments
franklintempleton.com
Annual
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)
Germany
(continued)
a
Bundesschatzanweisungen
,
Reg
S,
0.4%,
9/13/24
.................
6,133,000
EUR
$
6,318,872
12,155,635
Ghana
0.3%
b
Ghana
Government
Bond
,
PIK,
8.35%,
2/16/27
.............
3,997,850
GHS
210,147
PIK,
8.5%,
2/15/28
..............
4,002,275
GHS
188,811
PIK,
8.65%,
2/13/29
.............
3,386,604
GHS
145,750
PIK,
8.8%,
2/12/30
..............
3,390,945
GHS
135,427
PIK,
8.95%,
2/11/31
.............
2,927,330
GHS
109,761
PIK,
9.1%,
2/10/32
..............
2,931,322
GHS
104,831
PIK,
9.25%,
2/08/33
.............
2,935,314
GHS
101,125
PIK,
9.4%,
2/07/34
..............
751,859
GHS
25,200
PIK,
9.55%,
2/06/35
.............
754,612
GHS
24,810
PIK,
9.7%,
2/05/36
..............
757,365
GHS
24,591
PIK,
9.85%,
2/03/37
.............
760,119
GHS
24,508
PIK,
10%,
2/02/38
..............
762,872
GHS
24,535
1,119,496
Hungary
4.9%
Hungary
Government
Bond
,
1%,
11/26/25
..................
3,157,100,000
HUF
7,645,624
3%,
10/27/27
..................
271,500,000
HUF
637,851
4.75%,
11/24/32
................
5,601,400,000
HUF
12,783,475
21,066,950
India
10.5%
India
Government
Bond
,
7.26%,
1/14/29
................
1,500,000,000
INR
17,907,566
Senior
Bond,
5.77%,
8/03/30
......
1,650,000,000
INR
18,103,975
Senior
Bond,
7.26%,
8/22/32
......
730,990,000
INR
8,669,129
44,680,670
Indonesia
8.4%
Indonesia
Government
Bond
,
FR64,
6.125%,
5/15/28
..........
162,800,000,000
IDR
9,875,918
FR68,
8.375%,
3/15/34
..........
33,787,000,000
IDR
2,301,281
FR71,
9%,
3/15/29
..............
237,200,000,000
IDR
16,134,080
FR87,
6.5%,
2/15/31
............
5,605,000,000
IDR
339,542
FR91,
6.375%,
4/15/32
..........
15,737,000,000
IDR
946,885
FR96,
7%,
2/15/33
..............
103,008,000,000
IDR
6,434,936
36,032,642
Malaysia
9.6%
Malaysia
Government
Bond
,
3.478%,
6/14/24
................
31,690,000
MYR
6,657,450
4.181%,
7/15/24
................
15,820,000
MYR
3,333,158
4.059%,
9/30/24
................
19,430,000
MYR
4,095,289
3.882%,
3/14/25
................
17,390,000
MYR
3,670,161
3.955%,
9/15/25
................
6,536,000
MYR
1,380,309
3.9%,
11/30/26
.................
11,900,000
MYR
2,508,417
3.892%,
3/15/27
................
460,000
MYR
96,761
3.502%,
5/31/27
................
2,880,000
MYR
598,336
3.899%,
11/16/27
...............
89,340,000
MYR
18,808,239
41,148,120
Templeton
Global
Income
Fund
Schedule
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
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11
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Mexico
4.3%
Mexican
Bonos
,
M,
10%,
11/20/36
...............
13,490,000
MXN
$
741,389
M,
Senior
Bond,
7.75%,
11/23/34
...
41,890,000
MXN
1,956,061
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.5%,
5/26/33
...............
225,790,000
MXN
10,474,934
M,
Senior
Bond,
8.5%,
5/31/29
.....
35,600,000
MXN
1,836,414
M,
Senior
Bond,
8.5%,
11/18/38
....
24,730,000
MXN
1,198,292
M,
Senior
Bond,
7.75%,
11/13/42
...
53,240,000
MXN
2,359,260
18,566,350
Mongolia
1.1%
a
Mongolia
Government
Bond
,
Senior
Bond,
144A,
4.45%,
7/07/31
.
3,790,000
2,877,028
Senior
Note,
144A,
5.125%,
4/07/26
.
600,000
560,985
Senior
Note,
144A,
3.5%,
7/07/27
..
1,690,000
1,419,483
4,857,496
Norway
1.6%
a
Norway
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
3%,
3/14/24
......................
30,878,000
NOK
2,750,665
Senior
Bond,
144A,
Reg
S,
1.75%,
3/13/25
......................
28,937,000
NOK
2,506,644
Senior
Bond,
144A,
Reg
S,
1.5%,
2/19/26
......................
17,165,000
NOK
1,449,278
6,706,587
Oman
0.9%
a
Oman
Government
Bond,
Senior
Bond,
144A,
4.75%,
6/15/26
............
4,190,000
4,029,272
Singapore
4.6%
Singapore
Government
Bond
,
2.625%,
8/01/32
................
24,460,000
SGD
16,836,626
3.375%,
9/01/33
................
3,690,000
SGD
2,698,180
19,534,806
Supranational
2.7%
c
Asian
Development
Bank,
Senior
Note,
11.2%,
1/31/25
.................
48,679,000,000
COP
11,496,132
Thailand
4.6%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
449,300,000
THB
12,256,458
1%,
6/17/27
...................
224,500,000
THB
5,836,501
Senior
Note,
1.78%,
11/28/24
......
8,130,000
THB
223,295
Senior
Note,
2.04%,
5/29/25
......
44,300,000
THB
1,217,058
19,533,312
Total
Foreign
Government
and
Agency
Securities
(Cost
$393,043,495)
............
359,834,892
U.S.
Government
and
Agency
Securities
1.8%
United
States
1.8%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
................
2,380,000
1,842,222
3.125%,
2/15/43
................
1,380,000
1,021,281
3.625%,
8/15/43
................
4,790,000
3,822,364
Templeton
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Income
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Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
United
States
(continued)
U.S.
Treasury
Bonds,
(continued)
3.75%,
11/15/43
................
1,210,000
$
982,463
7,668,330
Total
U.S.
Government
and
Agency
Securities
(Cost
$9,006,875)
..................
7,668,330
Total
Long
Term
Investments
(Cost
$402,050,370)
...............................
367,503,222
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.1%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
BZWS,
January
Strike
Price
18.90
MXN,
Expires
1/04/24
..
1
21,924,000
246,509
246,509
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
BZWS,
February
Strike
Price
16.04
MXN,
Expires
2/01/24
..
1
10,962,000
2,893
2,893
Total
Options
Purchased
(Cost
$442,755)
......................................
249,402
Short
Term
Investments
12.5%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
2.0%
Germany
2.0%
a,d
Germany
Treasury
Bills
,
Reg
S,
3/20/24
8,260,000
EUR
8,614,504
Total
Foreign
Government
and
Agency
Securities
(Cost
$8,624,425)
...............
8,614,504
U.S.
Government
and
Agency
Securities
7.7%
United
States
7.7%
d
U.S.
Treasury
Bills,
11/02/23
........
33,000,000
32,995,189
Total
U.S.
Government
and
Agency
Securities
(Cost
$32,995,220)
.................
32,995,189
Templeton
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statements.
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13
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.8%
United
States
2.8%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.035%
.........
11,825,933
$
11,825,933
Total
Money
Market
Funds
(Cost
$11,825,933)
..................................
11,825,933
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$53,445,578
)
................................
53,435,626
a
a
a
Total
Investments
(Cost
$455,938,703)
98.5%
...................................
$421,188,250
Options
Written
(0.0)%
†
......................................................
(127,468)
Other
Assets,
less
Liabilities
1.5%
.............................................
6,757,372
Net
Assets
100.0%
...........................................................
$427,818,154
a
a
a
a
Number
of
Contracts
Notional
Amount
#
g
Options
Written
(0.0)%
†
a
Puts
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
BZWS,
January
Strike
Price
17.83
MXN,
Expires
1/04/24
..
1
10,962,000
(127,468)
(127,468)
Total
Options
Written
(Premiums
received
$94,931)
.............................
$
(127,468)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
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
October
31,
2023,
the
aggregate
value
of
these
securities
was
$80,115,698,
representing
18.7%
of
net
assets.
b
Income
may
be
received
in
additional
securities
and/or
cash.
c
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
e
See
Note
3(c)
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
g
See
Note
1(c)
regarding
written
options.
Templeton
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14
At
October
31,
2023,
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
Japanese
Yen
......
JPHQ
Buy
588,073,610
4,082,838
11/21/23
$
—
$
(190,925)
Norwegian
Krone
...
DBAB
Buy
144,930,000
13,566,287
12/11/23
—
(577,210)
Japanese
Yen
......
BOFA
Buy
1,991,921,070
13,779,914
12/14/23
—
(543,424)
Japanese
Yen
......
DBAB
Buy
2,592,748,780
17,948,500
12/14/23
—
(719,456)
Japanese
Yen
......
BNDP
Buy
1,906,310,460
13,090,796
12/20/23
—
(409,094)
Japanese
Yen
......
GSCO
Buy
1,225,400,000
8,413,608
12/20/23
—
(261,653)
Indian
Rupee
......
HSBK
Buy
55,812,500
668,878
1/08/24
—
(174)
New
Zealand
Dollar
.
CITI
Buy
16,040,000
9,514,737
3/20/24
—
(166,125)
New
Zealand
Dollar
.
JPHQ
Buy
2,720,000
1,609,805
3/20/24
—
(24,504)
South
Korean
Won
..
BNDP
Buy
59,152,400,000
45,042,757
3/20/24
—
(941,685)
South
Korean
Won
..
MSCO
Buy
3,093,000,000
2,357,443
3/20/24
—
(51,456)
Japanese
Yen
......
BOFA
Buy
5,047,916,080
35,384,243
3/21/24
—
(1,294,822)
Australian
Dollar
....
HSBK
Buy
24,100,000
15,577,155
3/25/24
—
(220,949)
Total
Forward
Exchange
Contracts
...................................................
—
$(5,401,477)
Net
unrealized
appreciation
(depreciation)
............................................
$(5,401,477)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note 8 regarding
other
derivative
information.
See
Abbreviations
on
page
28
.
Templeton
Global
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Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
October
31,
2023
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accompanying
notes
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integral
part
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financial
statements.
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15
Templeton
Global
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$444,112,770
Cost
-
Non-controlled
affiliates
(Note
3c)
........................................................
11,825,933
Value
-
Unaffiliated
issuers
..................................................................
$409,362,317
Value
-
Non-controlled
affiliates
(Note
3c)
.......................................................
11,825,933
Restricted
cash
for
OTC
derivative
contracts
(Note
1
d
)
...............................................
320,000
Foreign
currency,
at
value
(cost
$585,138)
........................................................
592,891
Receivables:
Investment
securities
sold
...................................................................
1,263,676
Dividends
and
interest
.....................................................................
7,241,868
Deposits
with
brokers
for:
OTC
derivative
contracts
..................................................................
3,659,762
Total
assets
..........................................................................
434,266,447
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
323
Management
fees
.........................................................................
232,704
Trustees'
fees
and
expenses
.................................................................
73
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
320,000
Options
written,
at
value
(premiums
received
$94,931)
...............................................
127,468
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
5,401,477
Accrued
expenses
and
other
liabilities
...........................................................
366,248
Total
liabilities
.........................................................................
6,448,293
Net
assets,
at
value
.................................................................
$427,818,154
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$559,474,651
Total
distributable
earnings
(losses)
.............................................................
(131,656,497)
Net
assets,
at
value
.................................................................
$427,818,154
Shares
outstanding
.........................................................................
102,746,371
Net
asset
value
per
share
....................................................................
$4.16
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16
Templeton
Global
Income
Fund
Period
Ended
October
31,
2023
a
Year
Ended
December
31,
2022
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
c
)
............................................
$910,409
$264,033
Interest:
(net
of
foreign
taxes
of
$958,911
and
$480,156)
Unaffiliated
issuers
.......................................................
22,543,961
24,051,327
Total
investment
income
..................................................
23,454,370
24,315,360
Expenses:
Management
fees
(Note
3a)
..................................................
2,579,552
3,321,887
Transfer
agent
fees
........................................................
111,542
781,309
Custodian
fees
............................................................
117,363
164,742
Reports
to
shareholders
fees
.................................................
113,104
—
Registration
and
filing
fees
...................................................
21,378
131,224
Professional
fees
..........................................................
499,816
1,034,679
Trustees'
fees
and
expenses
.................................................
104,287
—
Other
...................................................................
(2,424)
40,142
Total
expenses
........................................................
3,544,618
5,473,983
Expenses
waived/paid
by
affiliates
(Note
3
c
and
3
d
)
.............................
(225,439)
(470,492)
Net
expenses
........................................................
3,319,179
5,003,491
Net
investment
income
...............................................
20,135,191
19,311,869
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$8,885
and
$30,772)
Unaffiliated
issuers
.....................................................
(24,519,236)
(37,816,945)
Written
options
..........................................................
262,101
—
Foreign
currency
transactions
...............................................
95,118
(2,098,048)
Forward
exchange
contracts
................................................
(8,459,646)
(12,600,160)
Swap
contracts
..........................................................
2,272,934
—
Net
realized
gain
(loss)
.................................................
(30,348,729)
(52,515,153)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
6,505,427
(17,298,282)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
.............
(4,996)
122,720
Written
options
..........................................................
(32,537)
—
Forward
exchange
contracts
................................................
(14,402,074)
7,517,989
Swap
contracts
..........................................................
(2,748,113)
2,748,113
Change
in
deferred
taxes
on
unrealized
appreciation
..............................
—
94,549
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(10,682,293)
(6,814,911)
Net
realized
and
unrealized
gain
(loss)
...........................................
(41,031,022)
(59,330,064)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$(20,895,831)
$(40,018,195)
a
For
the
period
January
1,
2023
to
October
31,
2023.
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.
Annual
Report
17
Templeton
Global
Income
Fund
Period
Ended
October
31,
2023
a
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
..............................
$20,135,191
$19,311,869
$27,840,597
Net
realized
gain
(loss)
..............................
(30,348,729)
(52,515,153)
(122,553,952)
Net
change
in
unrealized
appreciation
(depreciation)
........
(10,682,293)
(6,814,911)
55,906,805
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................
(20,895,831)
(40,018,195)
(38,806,550)
Distributions
to
shareholders
from
tax
return
of
capital
........
(31,481,488)
(40,672,363)
(48,995,410)
Capital
share
transactions
(Not
e
2)
.......................
—
(277,359)
(170,215,462)
Net
increase
(decrease)
in
net
assets
................
(52,377,319)
(80,967,917)
(258,017,422)
Net
assets:
Beginning
of
period
..................................
480,195,473
561,163,390
819,180,812
End
of
period
.......................................
$427,818,154
$480,195,473
$561,163,390
a
For
the
period
January
1,
2023
to
October
31,
2023.
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
18
franklintempleton.com
Annual
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.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Boards
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund’s
fiscal
year
was
changed
to
October
31
effective
October
31,
2023.
As
a
result,
the
Fund
had
a
shortened
fiscal
year
covering
the
transitional
period
between
the
Fund’s
prior
fiscal
year
end
December
31,
2022
and
October
31,
2023.
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
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
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,
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
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
19
franklintempleton.com
Annual
Report
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.
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
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
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
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Foreign
Currency
Translation
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
20
franklintempleton.com
Annual
Report
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
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
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
At
October
31,
2023,
the
Fund
had
no
interest
rate
swap
contracts.
The
Fund
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain
exposure
to
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
See
Note
8
regarding
other
derivative
information.
d.
Restricted
Cash
At
October
31,
2023, 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.
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
October
31,
2023,
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
21
franklintempleton.com
Annual
Report
f.
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.
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.
g.
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.
h.
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
October
31,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
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
through
October
31,
2023,
the
Fund
repurchased
a
total
of
11,285,400
shares
pursuant
to
the
open-market
share
repurchase
program.
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:
Period
Ended
October
31,
2023
a
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Shares
Amount
Shares
Amount
Shares
b
Amount
Shares
issued
in
reinvestment
of
distributions
................
—
$—
24,444
$109,511
—
$—
Shares
repurchased
..........
—
—
(75,000)
(386,870)
(31,347,231)
(170,215,462)
Net
increase
(decrease)
—
$—
(50,556)
$(277,359)
(31,347,231)
$(170,215,462)
Weighted
average
discount
of
market
price
to
net
asset
value
of
shares
repurchased
.........
—
–%
—
5.59%
—
6.56%
1.
Organization
and
Significant
Accounting
Policies
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Fund
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly
to
Advisers
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
October
31,
2023,
the
annualized
gross
effective
investment
management
fee
rate
was
0.663%
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
October
31,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
a
For
the
period
January
1,
2023
to
October
31,
2023.
b
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
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
2.
Shares
of
Beneficial
Interest
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
d.
Waiver
and
Expense
Reimbursements
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
April
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Effective
May
1,
2023,
the
waiver
was
discontinued.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2023,
the
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
period
ended
October
31,
2023
and
years
ended
December
31,
2022
and
December
31,
2021
was
as
follows:
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,
5.035%
$16,157,932
$337,040,087
$(341,372,086)
$—
$—
$11,825,933
11,825,933
$910,409
Total
Affiliated
Securities
...
$16,157,932
$337,040,087
$(341,372,086)
$—
$—
$11,825,933
$910,409
Templeton
Global
Income
Fund
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$18,105,947
Long
term
................................................................................
76,487,875
Total
capital
loss
carryforwards
...............................................................
$94,593,822
2023
2022
2021
Distributions
paid
from:
Return
of
capital
..........................................
$31,481,488
$40,672,363
$48,995,410
3.
Transactions
with
Affiliates
(continued)
c.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
At
October
31,
2023,
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
and
net
operating
losses.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
October
3
1
,
202
3
,
aggregated
$
328,181,771,
and
$
312,782,896
,
respectively.
6.
Credit Risk
At
October
31,
2023,
the
Fund
had
17.3%
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
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
8.
Other
Derivative
Information
At
October
3
1
,
202
3
,
investments
in
derivative
contracts
are
reflected
in
the
Statement of
Assets
and
Liabilities
as
follows:
Cost
of
investments
..........................................................................
$452,610,570
Unrealized
appreciation
........................................................................
$10,136,666
Unrealized
depreciation
........................................................................
(47,087,931)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(36,951,265)
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Templeton
Global
Income
Fund
Foreign
exchange
contracts
..
Investments
in
securities,
at
value
$
249,402
a
Options
written,
at
value
$
127,468
Unrealized
appreciation
on
OTC
forward
exchange
contracts
—
Unrealized
depreciation
on
OTC
forward
exchange
contracts
5,401,477
Total
....................
$249,402
$5,528,945
a
Purchased
option
contracts
are
included
in
investments
in
securities,
at
value
in
the
Statement
of
Assets
and
Liabilities.
4.
Income
Taxes
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
For
the
period
ended
October
31,
2023,
the
effect
of
derivative
contracts
in
the
Statement
of
Operations
was
as
follows:
For
the
year
ended
October
31,
2023,
the
average
month
end
notional
amount
of
swap
contracts
and
option
contracts
represented
$12,640,615
and
$11,805,231,
respectively.
The
average
month
end
contract
value
of
forward
exchange
contracts
was
$300,086,808.
At
October
31,
2023,
the
Fund's
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
$2,272,934
Swap
contracts
$(2,748,113)
Foreign
exchange
contracts
.....
Investments
44,396
a
Investments
(193,353)
a
Written
options
262,101
Written
options
(32,537)
Forward
exchange
contracts
(8,459,646)
Forward
exchange
contracts
(14,402,074)
Total
.......................
$(5,880,215)
$(17,376,077)
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation) on
investments
in
the
Statement
of
Operations.
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Templeton
Global
Income
Fund
Derivatives
Forward
exchange
contracts
.............................
$
—
$
5,401,477
Options
purchased
.....................................
249,402
—
Options
written
........................................
—
127,468
Total
.............................................
$249,402
$5,528,945
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.
8.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
At
October
31,
2023,
OTC
derivative
assets,
which
may
be
offset
against
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
At
October
31,
2023,
OTC
derivative
liabilities,
which
may
be
offset
against
OTC
derivative
assets
and
collateral
pledged
to
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
Cash
Collateral
Received
a
Net
Amount
(Not
less
than
zero)
Templeton
Global
Income
Fund
Counterparty
BNDP
...................
$—
$—
$—
$—
$—
BOFA
....................
—
—
—
—
—
BZWS
...................
249,402
(127,468)
—
(121,934)
—
CITI
.....................
—
—
—
—
—
DBAB
...................
—
—
—
—
—
GSCO
...................
—
—
—
—
—
HSBK
...................
—
—
—
—
—
JPHQ
...................
—
—
—
—
—
MSCO
...................
—
—
—
—
—
Total
...................
$249,402
$(127,468)
$
—
$(121,934)
$—
$
1
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
a
Net
Amount
(Not
less
than
zero)
Templeton
Global
Income
Fund
Counterparty
BNDP
...................
$1,350,779
$—
$—
$(1,249,762)
$101,017
BOFA
....................
1,838,246
—
—
(1,030,000)
808,246
BZWS
...................
127,468
(127,468)
—
—
—
CITI
.....................
166,125
—
—
—
166,125
DBAB
...................
1,296,666
—
—
(1,070,000)
226,666
GSCO
...................
261,653
—
—
—
261,653
HSBK
...................
221,123
—
—
(221,123)
—
JPHQ
...................
215,429
—
—
(20,000)
195,429
MSCO
...................
51,456
—
—
(10,000)
41,456
Total
...................
$5,528,945
$(127,468)
$—
$(3,600,885)
$1,800,592
8.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
Report
See
Note
1(c) regarding
derivative
financial
instruments.
See
Abbreviations
on
page
28
.
9.
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)
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
October
31,
2023,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
10.
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,
except
as
disclosed
below:
On
October
10,
2023,
the
Fund
announced
a
tender
offer
to
purchase
for
cash
up
to
45
percent
of
its
issued
and
outstanding
common
shares
(102,746,371
shares),
each
without
par
value.
The
tender
period
commenced
on
October
10,
2023
and
expired
at
5:00
p.m.
Eastern
time
on
November
9,
2023.
The
Fund
accepted
46,235,867
shares
for
cash
payment
at
a
price
equal
to
$4.19
per
share.
This
purchase
price
was
99%
of
the
Fund's
NAV
per
share
of
$4.23
as
of
the
close
of
regular
trading
on
the
NYSE
on
November
9,
2023.
a
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.
Level
1
Level
2
Level
3
Total
Templeton
Global
Income
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
....
$
—
$
359,834,892
$
—
$
359,834,892
U.S.
Government
and
Agency
Securities
.......
—
7,668,330
—
7,668,330
Options
purchased
.......................
—
249,402
—
249,402
Short
Term
Investments
...................
11,825,933
41,609,693
—
53,435,626
Total
Investments
in
Securities
...........
$11,825,933
$409,362,317
$—
$421,188,250
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
—
$
127,468
$
—
$
127,468
Forward
exchange
contracts
................
—
5,401,477
—
5,401,477
Total
Other
Financial
Instruments
.........
$—
$5,528,945
$—
$5,528,945
8.
Other
Derivative
Information
(continued)
Templeton
Global
Income
Fund
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
Additionally,
on
October
25,
2023,
at
a
special
meeting
of
the
Fund's
shareholders,
shareholders
approved
a
new
investment
management
agreement
with
Saba
Capital
Management,
L.P.
("Saba"),
pursuant
to
which
Saba
will
serve
as
the
new
investment
manager
of
the
Fund,
replacing
Advisers.
While
certain
terms
of
the
new
investment
management
agreement
differ
from
the
terms
of
the
existing
investment
management
agreement,
there
will
be
no
change
in
investment
management
fees
paid
by
the
Fund
under
the
new
investment
management
agreement.
Effective
January
2,
2024,
Advisers
and
FT
Services
will
no
longer
provide
services
to
the
Fund.
In
connection
with
this
transition,
the
Board
has
authorized
Advisers
to
begin
liquidating
the
Fund's
portfolio
to
cash
and
cash
equivalents
prior
to
the
completion
of
this
transition.
During
this
transition,
the
Fund
will
depart
from
its
stated
investment
objective
and
policies
to
liquidate
its
holdings.
Abbreviations
Counterparty
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
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
COP
Colombian
Peso
EUR
Euro
GHS
Ghanaian
Cedi
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
Selected
Portfolio
PIK
Payment-In-Kind
10.
Subsequent
Events
(continued)
Templeton
Global
Income
Fund
Report
of
Independent
Registered
Public
Accounting
Firm
29
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Templeton
Global
Income
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Templeton
Global
Income
Fund
(the
"Fund")
as
of
October
31,
2023,
the
related
statements
of
operations
for
the
period
January
1,
2023
through
October
31,
2023
and
for
the
year
ended
December
31,
2022,
the
statements
of
changes
in
net
assets
for
the
period
January
1,
2023
through
October
31,
2023
and
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
the
period
January
1,
2023
through
October
31,
2023
and
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2023,
the
results
of
its
operations
for
the
period
January
1,
2023
through
October
31,
2023
and
for
the
year
ended
December
31,
2022,
the
changes
in
its
net
assets
for
the
period
January
1,
2023
through
October
31,
2023
and
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
the
financial
highlights
for
the
period
January
1,
2023
through
October
31,
2023
and
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
December
19,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Templeton
Global
Income
Fund
Tax
Information
(unaudited)
30
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intends
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Fund
during
the
period
ended
October
31,
2023:
Pursuant
to:
Amount
Reported
Section
163(j)
Interest
Earned
§163(j)
$35,529,732
Interest
Earned
from
Federal
Obligations
Note
(1)
$919,152
Amount
Reported
Foreign
Taxes
Paid
$967,796
Foreign
Source
Income
Earned
$20,248,439
Templeton
Global
Income
Fund
31
franklintempleton.com
Annual
Report
Important
Information
to
Shareholders
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.
Information
About
the
Fund’s
Goal
and
Main
Investments,
Principal
Investment
Strategy,
and
Principal
Risks
On
October
25,
2023,
at
a
special
meeting
of
the
Fund's
shareholders,
shareholders
approved
a
new
investment
management
agreement
with
Saba
Capital
Management,
L.P.
("Saba"),
pursuant
to
which
Saba
will
serve
as
the
new
investment
manager
of
the
Fund,
replacing
Franklin
Advisers,
Inc.
(“Advisers”).
While
certain
terms
of
the
new
investment
management
agreement
differ
from
the
terms
of
the
existing
investment
management
agreement,
there
will
be
no
change
in
investment
management
fees
paid
by
the
Fund
under
the
new
investment
management
agreement.
Effective
January
2,
2024,
Advisers
and
Franklin
Templeton
Services,
LLC,
will
no
longer
provide
services
to
the
Fund.
In
connection
with
this
transition,
the
Fund’s
Board
of
Trustees
has
authorized
Advisers
to
begin
liquidating
the
Fund’s
portfolio
to
cash
and
cash
equivalents
prior
to
the
completion
of
this
transition.
During
this
transition,
the
Fund
will
depart
from
its
stated
investment
objective
and
policies
to
liquidate
its
holdings
.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high,
current
income,
with
a
secondary
goal
of
capital
appreciation.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
income-
producing
securities,
including
debt
securities
of
U.S.
and
foreign
issuers,
including
emerging
markets.
For
purposes
of
the
Fund’s
80%
policy,
income-producing
securities
include
derivative
instruments
or
other
investments
that
have
economic
characteristics
similar
to
such
securities.
The
Fund’s
investment
objectives
are
fundamental
policies
which
may
not
be
changed
without
the
approval
of
a
majority
of
the
Fund’s
outstanding
voting
securities.
Principal
Investment
Strategy
As
a
fundamental
policy,
the
Fund
will
normally
invest
at
least
65%
of
its
total
assets
in
at
least
three
countries
(one
of
which
may
be
the
United
States)
in
one
or
more
of
the
following
investments:
(i)
debt
securities
that
are
issued
or
guaranteed
as
to
interest
and
principal
by
the
U.S.
government,
its
agencies,
authorities
or
instrumentalities
(“U.S.
Government
Securities”);
(ii)
debt
obligations
issued
or
guaranteed
by
a
foreign
sovereign
government
or
one
of
its
agencies
or
political
subdivisions;
(iii)
debt
obligations
issued
or
guaranteed
by
supra-national
organizations,
which
are
chartered
to
promote
economic
development
and
are
supported
by
various
governments
and
governmental
entities;
(iv)
U.S.
and
foreign
corporate
debt
securities
and
preferred
equity
securities,
including
those
debt
securities
which
may
have
equity
features,
such
as
conversion
or
exchange
rights,
or
which
carry
warrants
to
purchase
common
stock
or
other
equity
interests;
and
(v)
debt
obligations
of
U.S.
or
foreign
banks,
savings
and
loan
associations
and
bank
holding
companies.
The
average
maturity
of
the
debt
securities
in
the
Fund’s
portfolio
will
fluctuate
depending
on
the
investment
manager’s
judgment
as
to
future
interest
rate
changes.
With
respect
to
up
to
35%
of
its
total
assets,
the
Fund
may
invest
in
dividend-paying
common
stock
of
U.S.
and
foreign
corporations.
The
Fund
may
also
loan
its
portfolio
securities.
The
investment
manager
allocates
the
Fund's
assets
based
upon
its
assessment
of
changing
market,
political
and
economic
conditions.
It
considers
various
factors,
including
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evaluation
of
interest
rates,
currency
exchange
rate
changes
and
credit
risks,
as
well
as
an
assessment
of
the
potential
impacts
of
material
environmental,
social
and
governance
factors
on
the
long-term
risk
and
return
profile
of
a
country.
The
percentage
of
the
Fund’s
assets
invested
in
securities
issued
abroad
and
denominated
in
foreign
currencies
may
vary
significantly
from
time
to
time,
depending
on
the
relative
yield
of
such
securities,
the
relative
appreciation
potential
of
such
securities,
the
state
of
the
economies
of
the
countries
in
which
the
investments
are
made,
such
countries’
financial
markets,
and
the
relationships
of
such
countries’
currencies
to
the
U.S.
dollar.
However,
during
periods
when
the
investment
manager
deems
it
appropriate
(e.g.,
the
U.S.
dollar
is
appreciating
against
all
currencies),
the
Fund
may
invest
a
substantial
portion
of
its
assets
in
U.S.
Government
Securities
or
other
dollar
denominated
securities,
which
include
(i)
U.S.
Treasury
obligations,
which
differ
only
in
their
interest
rates,
maturities
and
times
of
issuance:
U.S.
Treasury
bills
(maturities
of
one
year
or
less),
U.S.
Treasury
notes
(maturities
of
one
to
ten
years),
and
U.S.
Treasury
bonds
(generally
maturities
of
greater
than
ten
years),
all
of
which
are
backed
by
the
full
faith
and
credit
of
the
United
States:
and
(ii)
obligations
issued
or
guaranteed
by
U.S.
Government
agencies
or
instrumentalities,
some
of
which
are
backed
by
the
full
faith
and
credit
of
the
U.S.
Treasury,
e.g.,
direct
pass-through
certificates
of
the
Government
National
Mortgage
Association;
some
of
which
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Government,
e.g.,
obligations
of
Federal
Home
Loan
Banks;
and
some
of
which
are
backed
only
by
the
credit
of
the
issuer
itself.
The
Fund
may
invest
in
debt
securities
issued
or
guaranteed
as
to
payment
of
principal
and
interest
by
governments,
semi-governmental
entities
and
governmental
agencies
of
countries
throughout
the
world
denominated
in
the
currencies
of
such
countries.
The
Fund
may
also
invest
in
debt
securities
of
supra-national
entities,
which
may
be
denominated
in
U.S.
dollars
or
other
currencies.
The
Fund
may
also
invest
in
corporate
fixed-income
securities
of
both
domestic
and
foreign
issuers.
These
securities
include
all
types
of
long-
or
short-term
debt
obligations,
such
as
bonds,
debentures,
notes,
equipment
lease
certificates,
equipment
trust
certificates,
conditional
sales
contracts
and
commercial
paper
(including
obligations,
such
as
repurchase
and
reverse
repurchase
agreements,
secured
by
such
instruments)
or
preferred
stock.
The
Fund
may
invest
in
any
debt
security
not
in
default
rated
from
AAA
to
CC
by
Standard
&
Poor’s
Corporation
(“S&P”)
or
from
Aaa
to
Ca
by
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
securities
which
are
unrated
by
any
rating
agency
but
which
are,
in
the
opinion
of
the
investment
manager,
of
comparable
quality.
It
is
not
expected,
however,
that
the
Fund
will
invest
in
higher
yielding
lower
rated
or
unrated
corporate
debt
securities
unless
the
investment
manager
believes
the
risks
of
investing
in
such
securities
are
not
significantly
greater
than
the
risks
of
investing
in
higher
rated
corporate
debt
securities.
The
Fund
may
invest
in
obligations
of
domestic
and
foreign
banks,
savings
and
loan
associations,
and
bank
holding
companies
(including
certificates
of
deposit,
bankers’
acceptances
and
other
short-term
debt
obligations)
which,
at
the
date
of
investment,
have
total
assets
in
excess
of
$1
billion.
Under
normal
circumstances,
the
Fund
would
not
expect
to
invest
a
substantial
portion
of
its
assets
in
bank
obligations.
However,
if
short-term
interest
rates
exceed
long-term
interest
rates,
the
Fund
may
hold
a
greater
proportion
of
its
assets
in
these
instruments.
When
the
investment
manager
believes
that
investing
for
temporary
defensive
purposes
is
appropriate
(such
as
during
periods
of
unusual
market
conditions
or
when
it
is
anticipated
that
interest
rates
will
rise),
the
Fund
may
invest
up
to
100%
of
its
total
assets
in
money
market
securities,
denominated
in
dollars
or
in
the
currency
of
any
foreign
country,
issued
by
entities
organized
in
the
U.S.
or
any
foreign
country,
such
as:
short-term
(less
than
twelve
months
to
maturity),
and
medium-term
(not
greater
than
five
years
to
maturity)
obligations
issued
or
guaranteed
by
the
U.S.
Government
or
the
government
of
a
foreign
country,
their
agencies
or
instrumentalities;
finance
company
and
corporate
commercial
paper,
and
other
short-term
corporate
obligations,
in
each
case
rated
Prime-1
or
Prime-2
by
Moody’s
or
A-2
or
better
by
S&P
or,
if
unrated,
of
comparable
quality
as
determined
by
the
investment
manager;
obligations
(including
certificates
of
deposit,
time
deposits
and
bankers’
acceptances)
of
banks;
and
repurchase
and
reverse
repurchase
agreements
with
banks
and
broker-
dealers
with
respect
to
such
securities.
The
Fund
invests
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
In
seeking
to
protect
against
the
effect
of
changes
in
currency
exchange
rates
or
interest
rates
that
are
adverse
to
the
present
or
prospective
position
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of
the
Fund,
the
Fund
may
employ
certain
risk
management
practices,
including
forward
currency
transactions
and
transactions
in
options,
futures
and
options
on
futures
on
U.S.
and
foreign
government
securities
and
currencies.
In
addition,
in
an
effort
to
increase
current
income
and
to
reduce
fluctuations
in
net
asset
value,
the
Fund
may
write
put
and
call
options
and
purchase
put
and
call
options
on
securities
that
are
traded
on
United
States
and
foreign
securities
exchanges
and
over-the-counter
markets
and
on
domestic
and
foreign
securities
indices.
The
Fund
may
enter
into
contracts
for
the
purchase
or
sale
for
future
delivery
of
fixed
income
securities
or
contracts
based
on
financial
indices,
including
any
index
of
U.S.
or
foreign
government
securities
(“Futures
Contracts”).
The
Fund
may
enter
into
Futures
Contracts,
which
are
based
on
debt
securities
that
are
backed
by
the
full
faith
and
credit
of
the
U.S.
Government,
such
as
long-term
U.S.
Treasury
Bonds,
Treasury
Notes,
Government
National
Mortgage
Association
modified
pass-through
mortgage-backed
securities
and
three-month
U.S.
Treasury
Bills.
The
Fund
may
also
enter
into
Futures
Contracts
which
are
based
on
corporate
securities
and
non-U.S.
Government
bonds.
The
Fund
may
purchase
and
write
options
to
buy
or
sell
Futures
Contracts
(“Options
on
Futures
Contracts”).
Futures
Contracts
and
Options
on
Futures
Contracts
are
designed
to
hedge
against
anticipated
future
changes
in
interest
or
exchange
rates
which
otherwise
might
either
adversely
affect
the
value
of
the
Fund’s
portfolio
securities
or
adversely
affect
the
prices
of
securities
which
the
Fund
intends
to
purchase
at
a
later
date.
The
Board
has
adopted
the
requirement
that
Futures
Contracts
and
Options
on
Futures
Contracts
only
be
used
as
a
hedge
and
not
for
speculation.
In
addition
to
this
requirement,
the
aggregate
market
value
of
the
Futures
Contracts
held
by
the
Fund
will
not
exceed
35%
of
the
market
value
of
the
total
assets
of
the
Fund.
The
Fund
may
write
options
in
connection
with
buy-and-write
transactions;
that
is
the
Fund
may
purchase
a
security
and
then
write
a
call
option
against
that
security.
The
Fund
may
purchase
put
options
to
hedge
against
a
decline
in
the
value
of
its
portfolio.
The
Fund
may
purchase
call
options
to
hedge
against
an
increase
in
the
price
of
securities
that
the
Fund
anticipates
purchasing
in
the
future.
For
purposes
of
pursuing
its
investment
goals,
the
Fund
regularly
enters
into
various
currency
related
transactions
involving
derivative
instruments,
principally
currency
and
cross
currency
forwards,
but
it
may
also
use
currency
and
currency
index
futures
contracts
and
currency
options.
The
Fund
maintains
extensive
positions
in
currency
related
derivative
instruments
as
a
hedging
technique
or
to
implement
a
currency
investment
strategy,
which
could
expose
a
large
amount
of
the
Fund’s
assets
to
obligations
under
these
instruments.
The
results
of
such
transactions
may
represent,
from
time
to
time,
a
large
component
of
the
Fund’s
investment
returns.
The
use
of
these
derivative
transactions
may
allow
the
Fund
to
obtain
net
long
or
net
negative
(short)
exposure
to
selected
currencies.
The
Fund
also
may
enter
into
various
other
transactions
involving
derivatives
from
time
to
time,
including
interest
rate/bond
futures
contracts
(including
those
on
government
securities)
and
swap
agreements
(which
may
include
credit
default
swaps,
currency
swaps
and
interest
rate
swaps).
The
use
of
these
derivative
transactions
may
allow
the
Fund
to
obtain
net
long
or
net
short
exposures
to
selected
interest
rates,
countries,
duration
or
credit
risks,
or
may
be
used
for
hedging
purposes.
A
call
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
buy,
and
the
seller
the
obligation
to
sell,
the
underlying
instrument
at
the
exercise
price.
Conversely,
a
put
option
gives
the
purchaser
of
the
option,
upon
payment
of
a
premium,
the
right
to
sell,
and
the
seller
of
the
option
the
obligation
to
buy,
the
underlying
instrument
at
the
exercise
price.
For
example,
when
the
investment
manager
expects
the
price
of
a
currency
to
decline
in
value,
the
Fund
may
purchase
put
options
that
are
expected
to
increase
in
value
as
the
price
of
the
currency
declines
to
hedge
against
such
anticipated
decline
in
value.
The
Fund
may
enter
into
forward
foreign
currency
contracts
(“Forward
Contracts”)
to
attempt
to
minimize
the
risk
to
the
Fund
from
adverse
changes
in
the
relationship
between
the
U.S.
dollar
and
foreign
currencies.
Because
in
connection
with
the
Fund’
foreign
currency
forward
transactions
an
amount
of
the
Fund’s
assets
equal
to
the
amount
of
the
purchase
will
be
held
aside
or
segregated
to
be
used
to
pay
for
the
commitment,
the
Fund
will
always
have
cash,
cash
equivalents
or
high-quality
debt
securities
available
sufficient
to
cover
any
commitments
under
these
contracts
or
to
limit
any
potential
risk.
The
segregated
account
will
be
marked-
to-market
on
a
daily
basis.
The
Fund
may
also
conduct
its
foreign
currency
exchange
transactions
on
a
spot
(i.e.,
cash)
basis
at
the
spot
rate
prevailing
in
the
foreign
currency
exchange
market.
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The
Fund
may
also
enter
into
swap
agreements.
The
Board
authorized
the
Fund
to
use
inflation
index
swaps
in
an
amount
up
to
5%
of
the
Fund’s
net
assets
(as
measured
by
notional
value),
and
consistent
with
the
Fund’s
investment
goal,
approved
a
change
in
the
Fund’s
investment
policies
to
include
such
authority
to
use
inflation
index
swaps.
The
Fund
may
invest
in
credit
default
swaps
for
hedging
purposes,
and
also
for
efficient
portfolio
management
and
to
broaden
investment
opportunities.
The
Fund
may
use
fixed-income
total
return
swaps
consistent
with
the
Fund’s
investment
goal.
The
Fund
may
enter
into
interest
rate
swap
contracts
to
hedge
the
risk
of
changes
in
interest
rates.
Generally,
the
Fund
may
purchase
and
write
(sell)
both
put
and
call
options
on
swap
agreements,
commonly
known
as
swaptions,
although
currently
the
Fund
only
intends
to
purchase
options
on
interest
rate
swaps.
The
Fund
may
buy
options
on
interest
rate
swaps
to
help
hedge
the
Fund's
risk
of
potentially
rising
interest
rates.
The
Fund
may
enter
into
repurchase
and
reverse
repurchase
agreements.
The
Fund
may
purchase
options
on
interest
rate/bond
futures
to
help
hedge
the
Fund's
risk
of
potentially
rising
interest
rates.
The
Fund
may
invest
up
to
10%
of
its
assets
in
municipal
securities
when
the
investment
manager
believes
it
is
advisable
to
do
so.
In
trying
to
achieve
its
investment
goals,
the
Fund
may
invest
in
credit
linked
notes.
The
Fund
may
purchase
securities
on
a
when-issued
or
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
The
Fund
may
invest
in
the
Franklin
Institutional
Fiduciary
Trust
Money
Market
Portfolio,
an
open-end
investment
company
managed
by
the
investment
manager.
The
Fund
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
through
the
China
–
Hong
Kong
Bond
Connect
program.
The
Fund
may
invest
in
China
Interbank
bonds
traded
on
the
China
Interbank
Bond
Market
(“CIBM”)
through
the
China
–
Hong
Kong
Bond
Connect
program
(“Bond
Connect”).
In
China,
the
Hong
Kong
Monetary
Authority
Central
Money
Markets
Unit
holds
Bond
Connect
securities
on
behalf
of
ultimate
investors
(such
as
the
Fund)
in
accounts
maintained
with
a
China-based
custodian
(either
the
China
Central
Depository
&
Clearing
Co.
or
the
Shanghai
Clearing
House).
This
recordkeeping
system
subjects
the
Fund
to
various
risks,
including
the
risk
that
the
Fund
may
have
a
limited
ability
to
enforce
rights
as
a
bondholder
and
the
risks
of
settlement
delays
and
counterparty
default
of
the
Hong
Kong
sub-custodian.
In
addition,
enforcing
the
ownership
rights
of
a
beneficial
holder
of
Bond
Connect
securities
is
untested
and
courts
in
China
have
limited
experience
in
applying
the
concept
of
beneficial
ownership.
Bond
Connect
uses
the
trading
infrastructure
of
both
Hong
Kong
and
China
and
is
not
available
on
trading
holidays
in
Hong
Kong.
As
a
result,
prices
of
securities
purchased
through
Bond
Connect
may
fluctuate
at
times
when
a
Fund
is
unable
to
add
to
or
exit
its
position.
Securities
offered
through
Bond
Connect
may
lose
their
eligibility
for
trading
through
the
program
at
any
time.
If
Bond
Connect
securities
lose
their
eligibility
for
trading
through
the
program,
they
may
be
sold
but
can
no
longer
be
purchased
through
Bond
Connect.
Bond
Connect
is
subject
to
regulation
by
both
Hong
Kong
and
China
and
there
can
be
no
assurance
that
further
regulations
will
not
affect
the
availability
of
securities
in
the
program,
the
frequency
of
redemptions
or
other
limitations.
Bond
Connect
trades
are
settled
in
Chinese
currency,
the
renminbi
(“RMB”).
It
cannot
be
guaranteed
that
investors
will
have
timely
access
to
a
reliable
supply
of
RMB
in
Hong
Kong.
Bond
Connect
is
relatively
new
and
its
effects
on
the
Chinese
interbank
bond
market
are
uncertain.
In
addition,
the
trading,
settlement
and
information
technology
systems
required
for
non-Chinese
investors
in
Bond
Connect
are
relatively
new.
In
the
event
of
systems
malfunctions,
trading
via
Bond
Connect
could
be
disrupted.
In
addition,
the
Bond
Connect
program
may
be
subject
to
further
interpretation
and
guidance.
There
can
be
no
assurance
as
to
the
program’s
continued
existence
or
whether
future
developments
regarding
the
program
may
restrict
or
adversely
affect
the
Fund’s
investments
or
returns.
Finally,
uncertainties
in
China
tax
rules
governing
taxation
of
income
and
gains
from
investments
via
Bond
Connect
could
result
in
unexpected
tax
liabilities
for
a
Fund.
The
Fund
is
a
“non-diversified”
fund,
which
means
it
generally
invests
a
greater
portion
of
its
assets
in
the
securities
of
one
or
more
issuers
and
invests
overall
in
a
smaller
number
of
issuers
than
a
diversified
fund.
Principal
Investment
Risks
You
could
lose
money
by
investing
in
the
Fund.
Closed-end
fund
shares
are
not
deposits
or
obligations
of,
or
guaranteed
or
endorsed
by,
any
bank,
and
are
not
insured
by
the
Federal
Deposit
Insurance
Corporation,
the
Federal
Reserve
Board,
or
any
other
agency
of
the
U.S.
government.
Templeton
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Income
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Information
to
Shareholders
35
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Currency
Management
Strategies
Currency
management
strategies
may
substantially
change
the
Fund’s
exposure
to
currency
exchange
rates
and
could
result
in
losses
to
the
Fund
if
currencies
do
not
perform
as
the
investment
manager
expects.
In
addition,
currency
management
strategies,
to
the
extent
that
they
reduce
the
Fund’s
exposure
to
currency
risks,
may
also
reduce
the
Fund’s
ability
to
benefit
from
favorable
changes
in
currency
exchange
rates.
Using
currency
management
strategies
for
purposes
other
than
hedging
further
increases
the
Fund’s
exposure
to
foreign
investment
losses.
Currency
markets
generally
are
not
as
regulated
as
securities
markets.
In
addition,
currency
rates
may
fluctuate
significantly
over
short
periods
of
time,
and
can
reduce
returns.
Foreign
Securities
(non-U.S.)
Investing
in
foreign
securities
typically
involves
more
risks
than
investing
in
U.S.
securities,
and
includes
risks
associated
with:
(i)
internal
and
external
political
and
economic
developments
–
e.g.,
the
political,
economic
and
social
policies
and
structures
of
some
foreign
countries
may
be
less
stable
and
more
volatile
than
those
in
the
U.S.
or
a
country
(including
the
U.S.)
may
be
subject
to
trading
restrictions
or
economic
sanctions
imposed
by
another
company;
(ii)
trading
practices
–
e.g.,
there
may
be
less
government
supervision
and
regulation
of
foreign
securities
and
currency
markets,
trading
systems
and
brokers
than
in
the
U.S.;
(iii)
availability
of
information
–
e.g.,
foreign
issuers
may
not
be
subject
to
the
same
disclosure,
accounting
and
financial
reporting
standards
and
practices
as
U.S.
issuers;
(iv)
limited
markets
–
e.g.,
the
securities
of
certain
foreign
issuers
may
be
less
liquid
(harder
to
sell)
and
more
volatile;
and
(v)
currency
exchange
rate
fluctuations
and
policies.
The
risks
of
foreign
investments
may
be
greater
in
developing
or
emerging
market
countries.
There
are
special
risks
associated
with
investments
in
China,
Hong
Kong
and
Taiwan,
including
exposure
to
currency
fluctuations,
less
liquidity,
expropriation,
confiscatory
taxation,
nationalization
and
exchange
control
regulations
(including
currency
blockage).
Inflation
and
rapid
fluctuations
in
inflation
and
interest
rates
have
had,
and
may
continue
to
have,
negative
effects
on
the
economy
and
securities
markets
of
China,
Hong
Kong
and
Taiwan.
In
addition,
investments
in
Taiwan
could
be
adversely
affected
by
its
political
and
economic
relationship
with
China.
China,
Hong
Kong
and
Taiwan
are
deemed
by
the
investment
manager
to
be
emerging
markets
countries,
which
means
an
investment
in
these
countries
has
more
heightened
risks
than
general
foreign
investing
due
to
a
lack
of
established
legal,
political,
business
and
social
frameworks
in
these
countries
to
support
securities
markets
as
well
as
the
possibility
for
more
widespread
corruption
and
fraud.
In
addition,
the
standards
for
environmental,
social
and
corporate
governance
matters
in
China,
Hong
Kong
and
Taiwan
tend
to
be
lower
than
such
standards
in
more
developed
economies.
Trade
disputes
and
the
imposition
of
tariffs
on
goods
and
services
can
affect
the
economies
of
countries
in
which
the
Fund
invests,
particularly
those
countries
with
large
export
sectors,
as
well
as
the
global
economy.
Trade
disputes
can
result
in
increased
costs
of
production
and
reduced
profitability
for
non-export-dependent
companies
that
rely
on
imports
to
the
extent
a
country
engages
in
retaliatory
tariffs.
Trade
disputes
may
also
lead
to
increased
currency
exchange
rate
volatility.
Emerging
Market
Countries
The
Fund’s
investments
in
securities
of
issuers
in
emerging
market
countries
are
subject
to
all
of
the
risks
of
foreign
investing
generally,
and
have
additional
heightened
risks
due
to
a
lack
of
established
legal,
political,
business
and
social
frameworks
to
support
securities
markets,
including:
delays
in
settling
portfolio
securities
transactions;
currency
and
capital
controls;
greater
sensitivity
to
interest
rate
changes;
pervasiveness
of
corruption
and
crime;
currency
exchange
rate
volatility;
and
inflation,
deflation
or
currency
devaluation.
Interest
Rate
When
interest
rates
rise,
debt
security
prices
generally
fall.
The
opposite
is
also
generally
true:
debt
security
prices
rise
when
interest
rates
fall.
Interest
rate
changes
are
influenced
by
a
number
of
factors,
including
government
policy,
monetary
policy,
inflation
expectations,
perceptions
of
risk,
and
supply
of
and
demand
for
bonds.
In
general,
securities
with
longer
maturities
or
durations
are
more
sensitive
to
interest
rate
changes.
Market
The
market
values
of
securities
or
other
investments
owned
by
the
Fund
will
go
up
or
down,
sometimes
rapidly
or
unpredictably.
The
market
value
of
a
security
or
other
investment
may
be
reduced
by
market
activity
or
other
results
of
supply
and
demand
unrelated
to
the
issuer.
This
is
Templeton
Global
Income
Fund
Important
Information
to
Shareholders
36
franklintempleton.com
Annual
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a
basic
risk
associated
with
all
investments.
When
there
are
more
sellers
than
buyers,
prices
tend
to
fall.
Likewise,
when
there
are
more
buyers
than
sellers,
prices
tend
to
rise.
Stock
prices
tend
to
go
up
and
down
more
dramatically
than
those
of
debt
securities.
A
slower-growth
or
recessionary
economic
environment
could
have
an
adverse
effect
on
the
prices
of
the
various
stocks
held
by
the
Fund.
Credit
An
issuer
of
debt
securities
may
fail
to
make
interest
payments
or
repay
principal
when
due,
in
whole
or
in
part.
Changes
in
an
issuer’s
financial
strength
or
in
a
security’s
or
government’s
credit
rating
may
affect
a
security’s
value.
Derivative
Instruments
The
performance
of
derivative
instruments
depends
largely
on
the
performance
of
an
underlying
instrument,
such
as
a
currency,
security,
interest
rate
or
index,
and
such
instruments
often
have
risks
similar
to
the
underlying
instrument,
in
addition
to
other
risks.
Derivatives
involve
costs
and
can
create
economic
leverage
in
the
Fund’s
portfolio,
which
may
result
in
significant
volatility
and
cause
the
Fund
to
participate
in
losses
(as
well
as
gains)
in
an
amount
that
significantly
exceeds
the
Fund’s
initial
investment.
Certain
derivatives
have
the
potential
for
unlimited
loss,
regardless
of
the
size
of
the
initial
investment.
Other
risks
include
illiquidity,
mispricing
or
improper
valuation
of
the
derivative
instrument,
and
imperfect
correlation
between
the
value
of
the
derivative
and
the
underlying
instrument
so
that
the
Fund
may
not
realize
the
intended
benefits.
The
successful
use
of
derivatives
will
usually
depend
on
the
investment
manager’s
ability
to
accurately
forecast
movements
in
the
market
relating
to
the
underlying
instrument.
Should
a
market
or
markets,
or
prices
of
particular
classes
of
investments
move
in
an
unexpected
manner,
especially
in
unusual
or
extreme
market
conditions,
the
Fund
may
not
achieve
the
anticipated
benefits
of
the
transaction,
and
it
may
realize
losses,
which
could
be
significant.
If
the
investment
manager
is
not
successful
in
using
such
derivative
instruments,
the
Fund’s
performance
may
be
worse
than
if
the
investment
manager
did
not
use
such
derivative
instruments
at
all.
When
a
derivative
is
used
for
hedging,
the
change
in
value
of
the
derivative
may
also
not
correlate
specifically
with
the
currency,
security,
interest
rate,
index
or
other
risk
being
hedged.
Derivatives
also
may
present
the
risk
that
the
other
party
to
the
transaction
will
fail
to
perform.
There
is
also
the
risk,
especially
under
extreme
market
conditions,
that
an
instrument,
which
usually
would
operate
as
a
hedge,
provides
no
hedging
benefits
at
all.
Non-Diversification
Because
the
Fund
is
non-diversified,
it
may
be
more
sensitive
to
economic,
business,
political
or
other
changes
affecting
individual
issuers
or
investments
than
a
diversified
fund,
which
may
result
in
greater
fluctuation
in
the
value
of
the
Fund’s
shares
and
greater
risk
of
loss.
Please
see
the
Performance
Summary
section
of
this
report
for
additional
risk
disclosure.
The
following
information
is
a
summary
of
material
changes
since
the
last
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
the
Fund.
As
of
the
date
of
this
report,
the
Fund
has
not
experienced
have
material
changes
since
the
last
fiscal
year.
However,
on
October
25,
2023,
at
a
special
meeting
of
the
Fund's
shareholders,
shareholders
approved
a
new
investment
management
agreement
with
Saba
Capital
Management,
L.P.
("Saba"),
pursuant
to
which
Saba
will
serve
as
the
new
investment
manager
of
the
Fund,
replacing
Franklin
Advisers,
Inc.
(“Advisers”).
While
certain
terms
of
the
new
investment
management
agreement
differ
from
the
terms
of
the
existing
investment
management
agreement,
there
will
be
no
change
in
investment
management
fees
paid
by
the
Fund
under
the
new
investment
management
agreement.
Effective
January
2,
2024,
Advisers
and
Franklin
Templeton
Services,
LLC,
will
no
longer
provide
services
to
the
Fund.
In
connection
with
this
transition,
the
Fund’s
Board
of
Trustees
has
authorized
Advisers
to
begin
liquidating
the
Fund’s
portfolio
to
cash
and
cash
equivalents
prior
to
the
completion
of
this
transition.
During
this
transition,
the
Fund
will
depart
from
its
stated
investment
objective
and
policies
to
liquidate
its
holdings.
Templeton
Global
Income
Fund
Annual
Meeting
of
Shareholders:
July
20,
2023
(unaudited)
37
franklintempleton.com
Annual
Report
The
Annual
Meeting
of
Shareholders
of
Templeton
Global
Income
Fund
(the
“Fund”)
was
held
virtually
on
July
20,
2023.
The
purpose
of
the
meeting
was
to
elect
one
Trustee
of
the
Fund
and
to
ratify
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2023.
At
the
meeting,
the
following
person
was
elected
by
the
shareholders
to
serve
as
Trustee
of
the
Fund:
Garry
Khasidy.
Shareholders
also
ratified
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2023.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows
:
1.
Election
of
one
Trustee:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
2.
Ratification
of
the
selection
of
PricewaterhouseCoopers
LLP
as
the
independent
registered
public
accounting
firm
for
the
Fund
for
the
fiscal
year
ending
December
31,
2023:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
this
item.
*Aditya
Bindal,
Karen
Caldwell,
Ketu
Desai,
Frederic
P.
Gabriel,
Mark
Hammitt,
Paul
C.
Kazarian,
Anatoly
Nakum
and
Pierre
Weinstein
are
Trustees
of
the
Fund
who
are
currently
serving
and
whose
terms
of
office
continued
after
the
Annual
Meeting
of
Shareholders.
.
.
Term
Expiring
2026
.
.
For
%
of
Outstanding
Shares
%
of
Shares
Present
.
.
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Garry
Khasidy
76,322,059
74.28%
85.05%
13,418,888
13.06%
14.95%
.
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
88,949,111
86.57%
99.12%
Against
480,635
0.47%
0.54%
Abstain
311,201
0.30%
0.35%
Templeton
Global
Income
Fund
Special
Meeting
of
Shareholders:
October
25,
2023
(unaudited)
38
franklintempleton.com
Annual
Report
The
Special
Meeting
of
Shareholders
of
Templeton
Global
Income
Fund
(the
“Fund”)
was
held
virtually
on
October
25,
2023.
The
purpose
of
the
meeting
was
to
vote
on
the
following
three
proposals:
A
proposal
to
approve
the
new
Investment
Management
Agreement
between
the
Fund
and
Saba
Capital
Management,
L.P.
(the
“
New
Management
Agreement
Proposal
”);
a
proposal
to
make
the
Fund’s
investment
objective
non-fundamental
(the
“
Investment
Objective
Proposal
”);
and
a
proposal
to
remove
the
Fund’s
fundamental
policy
mandating
that
at
least
65%
of
the
Fund’s
total
assets
be
invested
in
at
least
three
countries
and
in
various
types
of
debt
instruments
(the
“
Fundamental
Policy
Removal
Proposal
”).
At
the
meeting,
the
shareholders
approved
each
of
the
proposals.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Special
Meeting
are
as
follows
:
1.
New
Management
Agreement
Proposal:
2.
Investment
Objective
Proposal:
3.
Fundamental
Policy
Removal
Proposal:
The
Fund
is
not
aware
of
broker
non-votes
received
with
respect
to
any
of
the
proposals.
.
Shares
Voted
%
of
Shares
Present
%
of
Outstanding
Shares
For
53,864,595
81.29%
52.42%
Against
11,615,013
17.53%
11.30%
Abstain
780,212
1.18%
0.76%
.
Shares
Voted
%
of
Shares
Present
%
of
Outstanding
Shares
For
46,994,318
70.92%
45.74%
Against
18,453,439
27.85%
17.96%
Abstain
812,063
1.23%
0.79%
.
Shares
Voted
%
of
Shares
Present
%
of
Outstanding
Shares
For
53,795,841
81.19%
52.36%
Against
11,844,213
17.88%
11.53%
Abstain
619,766
0.94%
0.60%
Templeton
Global
Income
Fund
39
franklintempleton.com
Annual
Report
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
Equiniti
Trust
Company,
LLC
(the
“Plan
Administrator”)
and
sent
to
Equiniti
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
Equiniti
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
40
franklintempleton.com
Annual
Report
Transfer
Agent
Equiniti
Trust
Company,
LLC
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-056
(800)
416-5585
www.equiniti.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.equiniti.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
Equiniti
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
Equiniti
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
Equiniti
Trust
Company,
LLC
website
at
www.equiniti.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
41
franklintempleton.com
Annual
Report
Board
Approval
of
Investment
Management
Agreement
TEMPLETON
GLOBAL
INCOME
FUND
(FUND)
In
light
of
the
Fund’s
underperformance
compared
to
its
peers
over
various
periods,
the
Board
of
Trustees
of
the
Fund
established
a
special
committee,
consisting
solely
of
independent
trustees
who
have
no
affiliation
with
the
Adviser
or
Saba
Capital
Management,
L.P.
(“Saba”)
(the
“Special
Committee”)
to,
among
other
things,
evaluate
and
explore
potential
avenues,
options
or
alternatives
to
improve
the
Fund’s
performance.
The
Special
Committee
ultimately
decided
to
commence
a
search
for
and
select
a
new
investment
adviser
for
the
Fund.
The
Special
Committee
conducted
a
request
for
proposal
(“RFP”)
process
involving
several
investment
advisers.
At
a
meeting
of
the
Board
held
on
August
14,
2023,
the
Board,
with
the
trustees
of
the
Board
affiliated
with
Saba
having
recused
themselves
(the
“Unaffiliated
Board”),
including
all
of
the
trustees
of
the
Board
who
are
not
“interested
persons”
of
the
Fund
as
such
term
is
defined
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”
and
such
trustees,
the
“Non-interested
Trustees”),
after
careful
consideration
and
upon
the
recommendation
of
the
Special
Committee,
determined
to
(i)
select
Saba
to
serve
as
the
investment
manager
of
the
Fund
based
on
Saba’s
investment
capabilities
and
track
record,
including
its
management
of
the
Saba
Capital
Income
and
Opportunities
Fund
(“BRW”),
a
registered
closed-end
fund
and
to
assume
responsibility
for
providing
the
investment
management
services
that
are
currently
provided
to
the
Fund
by
the
Adviser
(the
“Adviser
Transition”),
and
(ii)
approve
a
new
investment
management
agreement
between
the
Fund
and
Saba
(“New
Management
Agreement”)
in
connection
with
such
Adviser
Transition.
The
following
are
the
key
events
leading
up
to
the
Unaffiliated
Board
unanimously
voting
to
approve
both
the
selection
of
Saba
as
the
Fund’s
new
investment
adviser
and
the
approval
of
the
New
Management
Agreement.
On
March
15,
2023,
the
Board
established
the
Special
Committee
to
oversee
the
annual
15(c)
process
with
respect
to
the
existing
Investment
Management
Agreement.
On
April
3,
2023,
given
the
Board’s
ongoing
concerns
regarding
the
performance
of
the
Fund,
the
Board
determined
to
revise
the
scope
of
the
mandate
of
the
Special
Committee
(the
“Mandate”)
from
overseeing
the
annual
15(c)
process
to
include
evaluation
and
exploration
of
potential
avenues,
options
or
alternatives
for
improving
the
Fund’s
performance.
The
Special
Committee
was
also
authorized
to
undertake
any
related
action
that
it
deemed
appropriate
or
necessary,
including
conducting
a
search
for
a
new
investment
manager
to
potentially
replace
the
Adviser
as
the
Fund’s
investment
adviser.
Also,
on
April
3,
2023,
the
Special
Committee
engaged
independent
counsel
(“Independent
Counsel”)
to
advise
with
respect
to
the
Mandate.
On
April
11,
2023,
the
Board
extended
the
existing
Investment
Management
Agreement
as
part
of
the
annual
15(c)
process
(which
prevented
the
expiration
of
advisory
services
being
provided
to
the
Fund).
On
June
2,
2023,
with
the
assistance
of
Independent
Counsel,
the
Special
Committee
commenced
a
process
in
which
it
solicited
RFPs
from
six
investment
managers
(including
Saba)
to
provide
investment
advisory
and
related
services
to
the
Fund.
The
Adviser
was
afforded
the
opportunity
to
update
the
information
and
plans
for
the
Fund
previously
provided
to
the
Board
in
connection
with
the
2023
renewal
of
its
management
contract.
The
potential
respondents
were
selected
based
on,
among
other
things,
their
management
of
closed-end
funds
that
the
Special
Committee
considered
as
peers
of
the
Fund.
Investment
managers,
including
Saba,
responded
to
the
Special
Committee
either
in
response
to
the
RFP
or,
in
the
case
of
the
Adviser,
to
provide
updated
information
and
plans
for
managing
the
Fund
(together,
the
“Respondents”).
From
June
20,
2023,
to
August
3,
2023,
the
Special
Committee
reviewed
the
written
information
provided
by
the
Respondents.
In
addition,
the
Special
Committee
met
on
multiple
occasions
to
interview
each
of
the
Respondents
to
discuss
their
performance
history,
plans
for
the
Fund
and,
where
applicable,
their
proposed
changes
to
the
Fund’s
investment
strategy.
On
July
11,
2023,
Independent
Counsel,
on
behalf
of
the
Special
Committee,
retained
a
third-party
fund
industry
consultant
to
assist
the
Special
Committee
with
assessing
the
process
and
procedures
associated
with
reviewing
and
analyzing
materials
from
the
Respondents.
In
retaining
the
third-party
consultant,
the
Special
Committee
considered
the
consultant’s
extensive
experience
advising
fund
independent
trustees
and
directors
in
their
review
of
Templeton
Global
Income
Fund
42
franklintempleton.com
Annual
Report
management
agreements.
The
consultant
reviewed
detailed
documentation
relating
to
the
Special
Committee’s
process
and
had
various
discussions
with
Independent
Counsel.
The
consultant
rendered
a
report
to
the
Independent
Counsel
on
August
2,
2023.
Based
on
its
work
and
taking
account
of
its
professional
and
industry
knowledge
and
expertise,
the
consultant
concluded,
among
other
things,
that
the
information
that
the
Special
Committee
received
and
the
review
process
that
the
Special
Committee
conducted
provide
a
reasonable
basis
for
the
Special
Committee
to
make
a
determination
regarding
the
investment
advisory
services
for
the
Fund
and
to
provide
a
recommendation
to
the
full
Board
regarding
such
services.
On
August
3,
2023,
after
the
conclusion
of
the
review
process,
the
Special
Committee
met
with
Independent
Counsel,
and,
after
further
deliberations,
unanimously
voted
to
recommend
that
the
Board
approve
the
selection
of
Saba
to
be
the
investment
adviser
to
the
Fund
and
to
approve
the
New
Management
Agreement,
subject
to
approval
by
Shareholders.
On
August
14,
2023,
at
the
request
of
the
Special
Committee,
a
special
meeting
of
the
Unaffiliated
Board
was
convened.
The
Unaffiliated
Board
was
advised
by
independent
counsel,
separate
from
the
Independent
Counsel
to
the
Special
Committee.
At
the
Board
meeting
on
August
14,
2023,
the
Special
Committee
reported
on
its
processes,
considerations
and
conclusions,
including
its
recommendation
that
the
Board
approve
Saba
and
the
New
Management
Agreement.
The
Unaffiliated
Board
reviewed
and
considered
the
report
of
the
Special
Committee,
the
proposed
form
of
the
New
Management
Agreement,
written
materials
prepared
by
Saba
and
the
third-party
consultant’s
report,
all
of
which
were
distributed
in
advance
of
the
meeting.
In
addition,
Saba
representatives
attended
the
meeting
and
answered
questions
from
the
Non-interested
Trustees
at
the
meeting
regarding
Saba’s
capabilities
and
its
plans
for
management
of
the
Fund.
After
discussion
and
considering
the
Special
Committee’s
recommendations,
the
Unaffiliated
Board
unanimously
voted
to
approve
both
the
selection
of
Saba
as
the
Fund’s
new
investment
adviser
and
the
New
Management
Agreement
and
recommended
that
Shareholders
approve
the
New
Management
Agreement.
Matters
considered
by
the
Special
Committee,
on
whose
recommendation
the
Board
based
its
approval
of
the
New
Management
Agreement,
included,
among
others,
the
following:
Nature,
Extent
and
Quality
of
Services
The
Special
Committee
and
the
Board
each
considered
the
nature,
extent
and
quality
of
services
proposed
to
be
provided
to
the
Fund
under
the
New
Management
Agreement.
The
Special
Committee
and
the
Board
each
discussed
the
prior
experience
of
Saba
with
respect
to
managing
a
registered
closed-end
fund,
certain
private
investment
funds
and
separately
managed
accounts
and,
with
respect
to
an
ETF,
serving
as
the
sub-adviser,
each
such
investment
product
with
investment
strategies
similar
to
the
strategy
proposed
by
Saba
for
the
Fund.
The
Special
Committee
and
the
Board
each
discussed
the
written
information
provided
by
Saba
and
the
information
presented
orally
at
each
of
the
Special
Committee
and
Board
meetings
held
where
Saba
was
present,
including
information
with
respect
to
its
anticipated
profitability,
compliance
program,
insurance
arrangements,
personnel
and
portfolio
management,
risk
management
policies,
brokerage
allocation
and
soft
dollar
practices.
The
administrative
oversight
proposed
to
be
provided
by
Saba
was
also
considered,
including
its
anticipated
retention
of
a
third
party
to
perform
various
administrative
services
for
the
Fund
(currently
being
provided
by
Franklin
Templeton
Services,
LLC).
Thus,
the
total
package
of
proposed
advisory
and
administrative
services
was
considered
and,
in
this
regard,
the
Board
considered
that
such
package
was
already
being
provided
to
BRW
since
June
2021.
The
Special
Committee
and
the
Board
each
concluded
that,
overall,
they
were
satisfied
with
the
nature,
extent
and
quality
of
services
expected
to
be
provided
to
the
Fund
by
Saba
under
the
proposed
New
Management
Agreement.
Performance
In
considering
whether
to
approve
the
New
Management
Agreement,
the
Special
Committee
and
the
Board
each
reviewed
the
investment
performance
of
BRW,
which
has
a
similar
investment
strategy
as
the
strategy
proposed
by
Saba
for
the
Fund.
It
was
observed
that
BRW
substantially
outperformed
the
Fund
for
the
period
since
Saba
assumed
portfolio
management
responsibility
over
BRW
(June
2021)
through
June
30,
2023.
The
Special
Committee
and
the
Board
each
took
into
account
that
Saba
oversees
all
investment
advisory
and
portfolio
management
services
for
BRW
and
assists
in
managing
and
supervising
all
aspects
of
the
general
day-to-day
business
activities
and
operations
of
BRW,
including
custodial,
transfer
agency,
dividend
disbursing,
accounting,
auditing,
compliance
and
related
services.
Templeton
Global
Income
Fund
43
franklintempleton.com
Annual
Report
The
Special
Committee
and
the
Board
each
considered
that
the
investment
performance
of
BRW
was
substantially
better
than
that
of
other
funds
in
BRW’s
peer
group
(the
“Peer
Group”),
as
identified
by
Broadridge
Financial
Solutions,
Inc.,
an
independent
third-party
data
provider,
in
a
report
provided
to
the
Special
Committee
and
the
Board.
The
Special
Committee
also
reviewed
with
the
Board,
in
detail,
the
performance
record
of
the
Respondents,
in
each
case
compared
to
Saba
(particularly,
Saba’s
record
achieved
for
BRW).
Performance
metrics
included
total
returns
on
an
unlevered
and
levered
basis,
dividend
income
produced
and
volatility
measures.
The
Special
Committee
and
the
Board
noted
Saba’s
favorable
performance
record
compared
to
the
Respondents
as
well
as
to
the
broader
Peer
Group.
The
Special
Committee
and
the
Board
each
expressed
their
belief
that
given
Saba’s
historical
returns
and
risk
ratios
for
other
investment
funds
that
Saba
manages,
they
anticipate
that
Saba
should
be
able
to
provide
the
Fund
and
its
Shareholders
with
attractive
risk-adjusted
returns.
The
Special
Committee
and
the
Board
each
also
noted
the
experience
of
the
principals
of
Saba
in
managing
securities
portfolios,
as
well
as
their
longstanding
experience
in
seeking
out
opportunities
in
the
market
that
have
attractive
risk
reward
characteristics.
Fees
and
Expenses
In
reviewing
the
anticipated
fees
and
expenses
for
the
Fund,
the
Special
Committee
and
the
Board
each
noted
that
the
proposed
investment
management
fee
would
remain
the
same
under
the
New
Management
Agreement
as
the
current
fee
payable
under
the
existing
Investment
Management
Agreement.
The
Special
Committee
and
the
Board
each
considered
that
the
proposed
investment
management
fee
was
comparable
to
fees
paid
by
other
funds
in
the
Peer
Group
and
that
it
would
be
among
the
lowest
total
fees
that
Saba
receives
across
its
platform
for
providing
similar
investment
management
services.
It
was
also
observed
that
the
proposed
fees
under
the
New
Management
Agreement
are
lower
than
the
management
fees
payable
by
BRW.
The
Special
Committee
and
the
Board
also
considered
the
anticipated
expenses
of
engaging
a
third-party
independent
administrator
and
other
administrative
expenses
that
the
Fund
would
incur
with
Saba
as
the
Fund’s
investment
manager,
but
the
Special
Committee
and
the
Board
concluded
that
the
fees
and
expenses
associated
with
engaging
Saba
as
the
new
manager
in
the
aggregate
are
reasonable
in
light
of
the
nature,
extent
and
quality
of
the
services
that
Saba
is
expected
to
provide
to
the
Fund.
The
Board
observed
that
one
of
the
Respondents
had
proposed
a
fee
structure
that
could,
depending
on
various
factors,
result
in
a
marginally
lower
or
higher
fee
payable
by
the
Fund,
but
expressed
the
view
that
the
uncertain
prospect
of
what
would
only
be
a
marginally
lower
difference
in
fees
payable
by
the
Fund
did
not
outweigh
the
performance
considerations
outlined
above.
Profitability
Saba
provided
the
Special
Committee
and
the
Board
with
a
summary
and
analysis
of
Saba’s
anticipated
costs
and
pre-
tax
profitability
with
respect
to
the
management
of
the
Fund
for
the
first
twelve-month
and
first
twenty-four
month
periods.
The
Special
Committee
and
the
Board
each
were
satisfied
with
Saba’s
estimates
regarding
the
level
of
profitability
that
it
was
seeking
from
managing
the
Fund
and
that
the
projections
were
sufficient
and
appropriate
to
provide
the
necessary
advisory
and
management
services
to
the
Fund.
The
Special
Committee
and
the
Board
each
concluded
that
Saba’s
projected
profitability
from
its
relationship
with
the
Fund,
after
taking
into
account
a
reasonable
allocation
of
costs,
was
not
excessive.
Economies
of
Scale
The
Special
Committee
and
the
Board
each
considered
whether
Saba
would
realize
economies
of
scale
with
respect
to
the
management
services
provided
to
the
Fund.
The
Special
Committee
and
the
Board
each
noted
that
the
Fund,
as
a
closed-end
fund,
generally
does
not
issue
new
shares
and
is
less
likely
to
realize
economies
of
scale
from
issuing
additional
shares.
The
Special
Committee
and
the
Board
each
considered
that
Saba
believed
that
there
could
be
economies
of
scale
realized
if
the
Fund
did
grow
in
size
and
there
was
an
opportunity
for
Saba
to
push
certain
third-
party
service
provider
fees
down
and
negotiate
for
certain
break
fees
in
the
service
contracts
with
these
third
parties,
including
the
administrator.
Other
Benefits
The
Special
Committee
and
the
Board
each
considered
the
character
and
amount
of
other
direct
and
incidental
benefits
to
be
received
by
Saba
and
its
affiliates
from
their
association
with
the
Fund.
The
Special
Committee
and
the
Board
each
considered
that
Saba
anticipated
no
other
sources
of
income
or
benefit
in
connection
with
managing
the
Fund
and
did
not
expect
to
market
the
Fund
to
its
existing
private
clients
or
use
soft
dollars
to
any
notable
extent.
The
Special
Committee
and
the
Board
each
considered
that
Saba
does
expect
to
benefit
from
managing
the
Fund
by
further
expanding
its
brand
into
the
registered
fund
space
and
potentially
realizing
economies
of
scale
with
its
own
expenses.
Templeton
Global
Income
Fund
44
franklintempleton.com
Annual
Report
Conclusion
The
Special
Committee,
having
been
advised
by
Independent
Counsel,
requested
and
received
such
information
from
Saba
as
it
believed
reasonably
necessary
to
evaluate
the
terms
of
the
New
Management
Agreement,
to
consider
and
weigh
all
relevant
factors,
and
to
recommend
to
the
Board
that
the
New
Management
Agreement
was
in
the
best
interests
of
the
Fund
and
its
Shareholders.
The
Board,
having
been
advised
by
independent
counsel
(which
was
separate
from
the
Special
Committee’s
Independent
Counsel),
considered
the
Special
Committee’s
recommendation
to
approve
the
New
Management
Agreement
and
determined
that
approval
of
the
New
Management
Agreement
was
in
the
best
interests
of
the
Fund
and
its
Shareholders.
In
considering
the
approval
of
the
New
Management
Agreement,
the
Board
and
the
Special
Committee
considered
a
variety
of
factors,
including
those
discussed
above,
as
well
as
conditions
and
trends
prevailing
generally
in
the
economy,
the
securities
markets
and
the
closed-end
fund
industry.
Neither
the
Board
nor
the
Special
Committee
identified
any
one
factor
as
determinative,
and
different
members
of
the
Board
or
Special
Committee
may
have
given
different
weight
to
different
individual
factors
and
related
conclusions.
After
these
deliberations,
on
August
14,
2023,
the
Board
approved
the
New
Management
Agreement
between
Saba
and
the
Fund
as
in
the
best
interests
of
the
Fund
and
its
Shareholders.
The
Board
then
directed
that
the
New
Management
Agreement
be
submitted
to
the
Fund’s
Shareholders
for
approval
with
the
Board’s
recommendation
that
Shareholders
vote
to
approve
the
New
Management
Agreement.
Templeton
Global
Income
Fund
Board
Members
and
Officers
45
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Aditya
Bindal
(1976)
Trustee
Since
2021
1
Saba
Capital
Income
&
Opportunities
Fund
(closed-end
management
investment
company)
(2020-present).
405
Lexington
Avenue,
58th
Fl.
New
York,
NY
10174
Principal
Occupation
During
at
Least
the
Past
5
Years:
Chief
Risk
Officer,
Saba
Capital
Management,
L.P.
(hedge
fund)
(2018-present);
and
formerly
,
Chief
Risk
Officer,
Water
Island
Capital,
LLC
(hedge
fund)
(2015-2018).
Karen
Caldwell
(1959)
Trustee
Since
February
2023
1
Saba
Capital
Income
&
Opportunities
Fund
(2020-present);
Finite
Solar
Finance
Fund
(2021-Present)
c/o
Schulte
Roth
&
Zabel
LLP
919
Third
Avenue
New
York,
NY
10022
Principal
Occupation
During
at
Least
the
Past
5
Years:
CFO,
Reform
Alliance
(non-profit
organization)
(since
2019);
CFO
&
Treasurer,
NHP
Foundation
(non-profit
organization)
(2018-2019);
CFO
&
Executive
Vice
President,
New
York
City
Housing
Authority
(2016-2018).
Ketu
Desai
(1982)
Trustee
Since
February
2023
1
Saba
Capital
Income
&
Opportunities
Fund
(2020-present)
c/o
Schulte
Roth
&
Zabel
LLP
919
Third
Avenue
New
York,
NY
10022
Principal
Occupation
During
at
Least
the
Past
5
Years:
Principal,
Chief
Compliance
Officer,
Investment
Adviser
Representative
and
Independent
Registered
Investment
Adviser
of
i-squared
Wealth
Management,
Inc.,
a
private
wealth
investment
management
firm
(2016-present).
Frederic
P.
Gabriel
(1974)
Trustee;
Lead
Independent
Trustee
Trustee
since
2021;
Lead
Independent
Trustee
since
April
2023
1
None
464
Hudson
Street,
#259
New
York,
NY
10014
Principal
Occupation
During
at
Least
the
Past
5
Years:
Founder
and
Chief
Executive
Officer,
Orion
Realty
NYC
LLC
(real
estate)
(2014-present).
Mark
Hammitt
(1985)
Trustee
Since
February
2023
1
None
c/o
Schulte
Roth
&
Zabel
LLP
919
Third
Avenue
New
York,
NY
10022
Principal
Occupation
During
at
Least
the
Past
5
Years:
CFO
and
Co-Founder
of
Revere
CRE,
Inc.
(a
networking
and
deal
financing
platform
for
commercial
real
estate
professionals)
(2020-present);
and
formerly
,
a
portfolio
manager
at
Weiss
Multi-Strategy
Advisers,
LLC
(an
investment
management
firm)
(2017-2020)
Templeton
Global
Income
Fund
46
franklintempleton.com
Annual
Report
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Paul
C.
Kazarian
(1984)
Trustee
Since
2021
1
The
Miller/Howard
High
Income
Equity
Fund
(closed-end
management
investment
company)
(2022-present).
405
Lexington
Avenue,
58th
Fl.
New
York,
NY
10174
Principal
Occupation
During
at
Least
the
Past
5
Years:
Partner,
Saba
Capital
Management,
L.P.
(hedge
fund)
(2013-present).
Garry
Khasidy
(1973)
Trustee
Since
March
2023
1
None
c/o
Schulte
Roth
&
Zabel
LLP
919
Third
Avenue
New
York,
NY
10022
Principal
Occupation
During
at
Least
the
Past
5
Years:
Managing
Director
of
ISAM
Holdings,
a
company
that
focuses
on
various
asset
based
lending
and
insurance
financings
as
well
as
investments
in
the
underlying
companies
or
platforms
(2022-present);
and
formerly
,
Advisor
at
IMAN
Capital
Partners
(2020-2022);
Head
of
Insurance
at
Odyssey
Infrastructure
(2018-2020);
and
Partner
at
Pantechnicon
Capital
(2012-2018).
Anatoly
Nakum
(1974)
Trustee
Since
February
2023
1
None
c/o
Schulte
Roth
&
Zabel
LLP
919
Third
Avenue
New
York,
NY
10022
Principal
Occupation
During
at
Least
the
Past
5
Years:
Head
of
Capital
Markets,
ESG
Financial
(a
social
impact
FinTech
company)
(2021-present);
and
formerly
,
Head
of
Credit
Trading,
Americas
at
Credit
Agricole
(a
French
international
banking
group)
(2018-2020);
and
Co-Founder,
CIO,
Certa
Group
(financial
services)
(2016-2018).
Pierre
Weinstein
(1975)
Trustee;
Chairman
of
the
Board
Trustee
since
2021;
Chairman
since
February
2023
1
None
405
Lexington
Avenue,
58th
Fl.
New
York,
NY
10174
Principal
Occupation
During
at
Least
the
Past
5
Years:
Partner,
Saba
Capital
Management,
L.P.
(hedge
fund)
(2009-present).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Rupert
H.
Johnson,
Jr.
(1940)
Vice
President
Since
1996
118
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ted
P.
Becker
(1951)
Chief
Compliance
Officer
Since
June
2023
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Global
Compliance
of
Franklin
Templeton
(since
2020);
Chief
Compliance
Officer
of
Legg
Mason
Partners
Fund
Advisor,
LLC
(since
2006);
Chief
Compliance
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Director
of
Global
Compliance
at
Legg
Mason
(2006
to
2020);
Managing
Director
of
Compliance
of
Legg
Mason
&
Co.
(2005
to
2020).
Board
Members
(continued)
Templeton
Global
Income
Fund
47
franklintempleton.com
Annual
Report
Note
1:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
*
We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
manager,
and
also
may
share
a
common
underwriter.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member*
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Michael
Hasenstab
Ph.D.
(1973)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Vice
President,
Franklin
Advisers,
Inc.;
and
officer
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
–
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
620
Eighth
Avenue
New
York,
NY
10018
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Marc
A.
De
Oliveira
(1971)
Vice
President
and
Secretary
Since
September
2023
Not
Applicable
Not
Applicable
Franklin
Templeton
100
First
Stamford
Place
6th
FL.
Stamford,
CT
06902
Principal
Occupation
During
at
Least
the
Past
5
Years:
Associate
General
Counsel
of
Franklin
Templeton
(since
2020);
Assistant
Secretary
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Managing
Director
(2016
to
2020)
and
Associate
General
Counsel
of
Legg
Mason
&
Co.
(2005
to
2020).
Christine
Zhu
(1975)
Vice
President
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Advisers,
Inc.;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Officers
(continued)
Templeton
Global
Income
Fund
Shareholder
Information
48
franklintempleton.com
Annual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
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.
49
franklintempleton.com
Not
part
of
the
annual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
1.
Equiniti
Trust
Company,
LLC
(“Equiniti”),
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
Equiniti
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
Equiniti
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,
Equiniti
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
Equiniti
has
completed
its
purchases,
the
market
price
exceeds
the
net
asset
value
per
share,
the
average
per
share
purchase
price
paid
by
Equiniti
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
Equiniti,
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
Equiniti
at
www.equiniti.
com
or
by
check
payable
to
“Equiniti
Trust
Company
LLC”
and
sent
to
Equiniti
Trust
Company
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
Attention:
Templeton
Global
Income
Fund.
Equiniti
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.
Equiniti
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,
Equiniti
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.
Equiniti
shall
return
to
the
participant
his
or
her
entire
voluntary
cash
payment
upon
written
notice
of
withdrawal
received
by
Equiniti
not
less
than
48
hours
before
such
payment
is
to
be
invested.
Such
written
notice
shall
be
sent
to
Equiniti
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
Equiniti
shall
determine.
Participant
funds
held
by
Equiniti
uninvested
will
not
bear
interest,
and
it
is
understood
that,
in
any
event,
Equiniti
shall
have
no
liability
in
connection
with
any
inability
to
purchase
Fund
shares
within
five
business
days
prior
to
the
record
date
for
the
50
franklintempleton.com
Not
part
of
the
annual
report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
next
dividend
or
distribution
as
herein
provided,
or
with
the
timing
of
any
purchases
effected.
Equiniti
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,
Equiniti
may
aggregate
purchases
with
those
of
other
participants,
and
the
average
price
(including
trading
fees)
of
all
shares
purchased
by
Equiniti
shall
be
the
price
per
share
allocable
to
all
participants.
7.
Equiniti
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.
Equiniti
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,
Equiniti
will
deliver
to
participants,
without
charge,
a
certificate
or
certificates
for
all
or
a
portion
of
the
full
shares
held
by
Equiniti.
8.
Equiniti
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.
Equiniti
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,
Equiniti
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
Equiniti
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,
Equiniti
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
Plan
will
be
added
to
underlying
shares
held
by
participants
in
calculating
the
number
of
rights
to
be
issued.
10.
Equiniti’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.
Equiniti
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
Equiniti
in
writing.
Such
withdrawal
or
termination
will
be
effective
immediately
if
notice
is
received
by
Equiniti
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
Equiniti
or
the
Fund
upon
90
days’
notice
in
writing
mailed
to
participants.
Upon
any
withdrawal
or
termination,
Equiniti
will
cause
a
certificate
or
certificates
for
the
full
shares
held
by
Equiniti
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
Equiniti
to
have
Equiniti
sell
part
or
all
of
the
shares
held
for
him
and
to
remit
the
proceeds
to
him.
Equiniti
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,
Equiniti
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
Equiniti
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,
Equiniti
receives
written
notice
of
the
termination
of
a
participant
account
under
the
Plan.
Any
such
amendment
may
include
an
appointment
by
Equiniti
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
Equiniti
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
51
franklintempleton.com
Not
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report
TERMS
AND
CONDITIONS
OF
DIVIDEND
REINVESTMENT
AND
CASH
PURCHASE
PLAN
(continued)
held
in
a
participant’s
name
or
under
the
Plan
for
retention
or
application
by
such
successor
Plan
Administrator
as
provided
in
these
terms
and
conditions.
13.
Equiniti
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
Equiniti’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
Equiniti
shall
be
in
writing
addressed
to
Equiniti
Trust
Company,
LLC,
P.O.
Box
922,
Wall
Street
Station,
New
York,
NY
10269-0560,
or
www.
equiniti.com
or
such
other
address
as
Equiniti
shall
furnish
to
the
participant,
and
shall
have
been
deemed
to
be
given
or
made
when
received
by
Equiniti.
15.
Any
notice
or
other
communication
which
by
any
provision
of
the
Plan
is
required
to
be
given
by
Equiniti
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
Equiniti’s
records.
The
participant
agrees
to
notify
Equiniti
promptly
of
any
change
of
address.
16.
These
terms
and
conditions
shall
be
governed
by
and
construed
in
accordance
with
the
laws
of
the
State
of
New
York
and
the
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission,
as
they
may
be
amended
from
time
to
time.
TLGIM
A
12/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund’s
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
Templeton
Global
Income
Fund
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
Equiniti
Trust
Company,
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.equiniti.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 Karen Caldwell and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4.
Principal Accountant Fees and Services.
(a) Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $55,935 for the fiscal year ended October 31, 2023 and $55,508 for the fiscal year ended December 31, 2022.
(b) Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.
(c) Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $70,000 for the fiscal year ended October 31, 2023 and $70,000 for the fiscal year ended December 31, 2022. The services for which these fees were paid included global access to tax platform International Tax View.
(d) All Other Fees

    There were no fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not reported in paragraphs (a)-(c) of Item 4.

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $113,000 for the fiscal year ended October 31, 2023 and $276,195 for the fiscal year ended December 31, 2022. The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with a license for accounting and business knowledge platform Viewpoint, professional fees relating to security count and fees in connection with a license for employee development tool ProEdge.
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
(i) pre-approval of all audit and audit related services;
(ii) pre-approval of all non-audit related services to be provided to the Fund by the auditors;
(iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
(iv) establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
(f) No disclosures are required by this Item 4(f).
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $183,000 for the fiscal year ended October 31, 2023 and $346,195 for the fiscal year ended December 31, 2022.
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) N/A
(j) N/A
Item 5. Audit Committee
of Listed Registrants
Members of the Audit Committee are: Ketu Desai, Karen Caldwell and Mark Hammitt.
Item 6. Schedule of Investments.
N/A
Item 7
. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The board of trustees of the Fund has delegated the authority to vote proxies related to the portfolio securities held by the Fund to the Fund’s investment manager, Franklin Advisers, Inc., in accordance with the Proxy Voting Policies and Procedures (Policies) adopted by the investment manager.
RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES
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. 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.
* Rule 38a-1 under the Investment Company Act of 1940 (“1940 Act”) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Advisers Act”) (together the Compliance Rule”) require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws (“Compliance Rule Policies and Procedures”).
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’s Global Sustainability Strategy Team’s Stewardship Team. Full-time staff members and support staff 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 ADMINISTRATION PROCEDURES
Situations Where Proxies Are Not Voted
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 they receive 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 their 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.
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.
(a)(1) As of December 21, 2023, the portfolio managers of the Fund are as follows:
MICHAEL HASENSTAB,
Ph.D., Executive Vice President of Franklin Advisers, Inc.
Dr. Hasenstab has been a portfolio manager of the Fund since 2002. He
has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time.
He first joined Franklin Templeton in 1995, rejoining again in 2001 after a three-year leave to obtain his PH.D.
Calvin Ho, Ph.D.,
Senior Vice President of Franklin Advisers
Dr. Ho has been a portfolio manager of the Fund since December 2018. He provides
research and advice on the purchases and sales of individual securities and portfolio risk assessment. He joined Franklin Templeton in 2005.
(a)(2) This section reflects information about the portfolio managers as of the fiscal year ended October 31, 2023.
The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

Name | Number of Other Registered Investment Companies Managed1 | Assets of Other Registered Investment Companies Managed (x $1 million)1 | Number of Other Pooled Investment Vehicles Managed1 | Assets of Other Pooled Investment Vehicles Managed (x $1 million)1 | Number of Other Accounts Managed1 | Assets of Other Accounts Managed (x $1 million)1
Micahel Hasenstab | 9 | 7,697.9 | 302 | 9,427.9 | 102 | 3,375.6
Calvin Ho | 9 | 7,697.9 | 18 | 8,326.8 | 1 | 0.0

1.
The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the individual manager listed would not be solely responsible for managing such listed amounts.
2.
Dr. Hasenstab manages Pooled Investment Vehicles and Other Accounts with $1,788 in total assets with a performance fee.
Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation (as noted in the chart above, if any). This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.
Conflicts.
The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.
The structure of a portfolio manager’s compensation may give rise to potential conflicts of interest. A portfolio manager’s base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager’s marketing or sales efforts and his or her bonus.
Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the investment manager have adopted a code of ethics which they believe contains provisions designed to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.
The investment manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.
Compensation.
The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually, and the level of compensation is based on individual performance, the salary range for a portfolio manager’s level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager’s compensation consists of the following three elements:
Base salary
Each portfolio manager is paid a base salary.
Annual bonus
Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund’s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:
•
Investment performance.
Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.
•
Non-investment performance
. The more qualitative contributions of the portfolio manager to the investment manager’s business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.
•
Responsibilities.
The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager’s appraisal.
Additional long-term equity-based compensation
Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.
Benefits
Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.
Ownership of Fund shares.
The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio managers (such amounts may change from time to time):

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

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A
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.
Securities lending agent
The board of trustees has approved the Fund’s participation in a securities lending program. Under the securities lending program, JP Morgan Chase Bank serves as the Fund’s securities lending agent.
The securities lending agent is responsible for the implementation and administration of the Funds’ securities lending program. Pursuant to the respective Securities Lending Agreements with the Fund, the securities lending agent performs a variety of services, including (but not limited to) the following:
o Trade finding, execution and settlement
o Settlement monitoring and controls, reconciliations, corporate actions and recall management
o Collateral management and valuation information
o Invoice management and billing from counterparties
For the fiscal year ended October 31, 2023, the income earned by the Fund as well as the fees and/or compensation paid by the Fund in dollars pursuant to a securities lending agreement between the Trust with respect to the Fund and the Securities Lending Agent were as follows (figures may differ from those shown in shareholder reports due to time of availability and use of estimates):

Gross income earned by the Fund from securities lending activities | $ -
Fees and/or compensation paid by the Fund for securities lending activities and related services |
Fees paid to Securities Lending Agent from revenue split | $ -
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) not included in a revenue split | $ -
Administrative fees not included in a revenue split | $ -
Indemnification fees not included in a revenue split | $ -
Rebate (paid to borrower) | $ -
Other fees not included above | $ -
Aggregate fees/compensation paid by the Fund for securities lending activities | $ -
Net income from securities lending activities | $ -

Item 13. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 14. 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 a change in the Registrant’s independent public accountant during the period covered by the report.
accountant
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(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
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(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
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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 December 21, 2023
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 December 21, 2023
By S\CHRISTOPHER KINGS______________________
Christopher Kings
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date December 21, 2023