N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05459

Templeton Global Income Fund

(Exact name of registrant as specified in charter)

300 S.E. 2^nd Street, Fort Lauderdale, FL 33301-1923

(Address of principal executive offices)   (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/21   

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

Semiannual

Report

Templeton

Global

Income

Fund

June

30,

2021

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

Contents

Semiannual

Report

Templeton

Global

Income

Fund

2

Performance

Summary

7

Financial

Highlights

and

Statement

of

Investments

9

Financial

Statements

22

Notes

to

Financial

Statements

25

Tax

Information

37

Important

Information

to

Shareholders

38

Annual

Meeting

of

Shareholders

39

Dividend

Reinvestment

and

Cash

Purchase

Plan

40

Shareholder

Information

42

Visit

franklintempleton.com

for

fund

updates

and

documents,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Semiannual

Report

SEMI

ANNUAL

REPORT

Templeton

Global

Income

Fund

Dear

Shareholder:

This

semi

annual

report

for

Templeton

Global

Income

Fund

covers

the

period

ended

June

3

0

,

202

1

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

high,

current

income,

with

a

secondary

goal

of

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

income-

producing

securities,

including

debt

securities

of

U.S.

and

foreign

issuers,

including

emerging

markets.

For

purposes

of

the

Fund’s

80%

policy,

income-producing

securities

include

derivative

instruments

or

other

investments

that

have

economic

characteristics

similar

to

such

securities.

Performance

Overview

For

the

six

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+4.76%

based

on

market

price

and

-2.01%

based

on

net

asset

value.

For

comparison,

the

global

government

bond

market,

as

measured

by

the

J.P.

Morgan

(JPM)

Global

Government

Bond

Index

(GGBI),

posted

a

cumulative

total

return

of

-4.64%

in

U.S.

dollar

terms

for

the

same

period.

1

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

on

page

7

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Economic

and

Market

Overview

Sovereign

bond

yields

rose

across

much

of

the

world

during

the

first

three

months

of

the

six-month

period

ended

June

30,

2021,

as

vaccine

distributions,

ongoing

stimulus

measures

and

optimism

for

improving

economic

conditions

appeared

to

fuel

reflation

expectations

across

financial

markets.

In

April,

sovereign

bond

yields

in

much

of

Asia

and

the

Americas

pulled

back

from

their

March

peaks,

while

many

areas

of

Europe

saw

yields

continue

to

rise.

In

June,

sovereign

bond

*Includes

foreign

government

and

agency

securities,

money

market

funds

and

other

net

assets

(including

derivatives).

yields

declined

across

developed

markets

but

shifted

in

varying

directions

in

emerging

markets.

On

the

whole,

most

countries

around

the

world

saw

yields

rise

significantly

over

the

six-month

period,

despite

the

general

trend

of

declining

yields

over

the

final

months

of

the

period.

The

yield

on

the

10-year

U.S.

Treasury

(UST)

note

finished

the

six-month

period

55

basis

points

(bps)

higher

at

1.47%.

It

reached

an

intra-period

peak

of

1.74%

on

March

31,

its

highest

level

since

January

2020.

In

Europe,

the

yield

on

the

10-year

German

Bund

finished

the

six-month

period

36

bps

higher

at

-0.21%.

In

Asia,

the

yield

on

the

10-year

Japanese

government

bond

rose

three

bps

to

0.05%.

Sovereign

bond

yields

also

notably

rose

in

the

U.K.,

Canada,

Australia,

Sweden

and

Norway.

In

emerging

markets,

yields

rose

in

India,

Indonesia,

Thailand,

Brazil,

Mexico,

Chile,

Colombia

and

Peru.

Rising

yields

strained

valuations

across

many

areas

of

the

global

fixed

income

markets

during

2021’s

first

quarter.

U.S.

dollar

(USD)-denominated

sovereign

credit

sectors

broadly

saw

negative

returns

in

January,

February

and

March,

before

sharply

reversing

to

generate

offsetting

positive

returns

in

April,

May

and

June

as

yields

declined.

Conditions

were

somewhat

different

in

corporate

credit

sectors

as

U.S.

investment-grade

credit

tiers

initially

saw

negative

returns

on

rate

pressures,

while

high-yield

credit

tiers

performed

better,

benefiting

from

greater

spread

cushioning.

Investment-grade

corporate

credits

returned

to

positive

performance

in

April,

May

and

June,

modestly

outpacing

similar

positive

returns

in

the

high-yield

credit

tiers.

In

currency

markets,

the

USD

broadly

strengthened

against

a

number

of

major

developed

market

and

emerging

market

currencies

in

the

first

quarter,

with

a

few

notable

exceptions.

Portfolio

Composition

6/30/21

%

of

Total

Net

Assets

Foreign

Government

and

Agency

Securities

75.0%

Short-Term

Investments

&

Other

Net

Assets*

25.0%

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

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

10

.

Templeton

Global

Income

Fund

3

franklintempleton.com

Semiannual

Report

That

trend

reversed

in

April

and

May

as

the

USD

broadly

depreciated,

before

returning

to

a

strengthening

pattern

in

June.

On

the

whole,

the

USD

finished

the

six-month

period

broadly

stronger

against

most

currencies,

with

some

exceptions.

In

Asia,

the

Chinese

yuan

appreciated

1.08%

against

the

USD

in

the

six-month

period,

while

the

Indonesian

rupiah

depreciated

3.10%,

the

Indian

rupee

1.76%,

the

Singapore

dollar

1.78%,

the

South

Korean

won

3.71%

and

the

Japanese

yen

7.05%.

In

Europe,

the

euro

depreciated

2.93%

against

the

USD.

The

Norwegian

krone

appreciated

2.60%

against

the

euro,

and

the

Canadian

dollar

appreciated

5.71%.

The

Swedish

krona

depreciated

0.96%

against

the

euro.

In

Latin

America,

the

Brazilian

real

appreciated

4.38%

against

the

USD,

while

the

Mexican

peso

depreciated

0.25%,

the

Colombian

peso

8.79%

and

the

Chilean

peso

3.25%.

Vaccine

distributions

progressively

accelerated

in

many

countries

during

the

period,

though

supply

setbacks

affected

areas

of

Europe

in

March

and

April.

Novel

coronavirus

(COVID-19)

infection

levels

peaked

in

January

in

the

U.S.

and

Europe

before

declining

in

February

and

plateauing

in

March.

Cases

continued

to

trend

lower

in

April,

May

and

June.

Governments

continued

to

struggle

with

balancing

the

needs

of

their

economies

with

the

health

of

their

citizens

during

much

of

the

first

half

of

the

period

before

higher

vaccination

rates

and

lower

case

levels

enabled

many

regions

to

progressively

reopen

their

economies

in

the

second

quarter.

Business

and

consumer

confidence

surveys

strengthened

in

multiple

regions

during

the

period,

particularly

in

the

second

quarter,

despite

some

growing

concerns

over

the

proliferation

of

the

COVID-19

delta

variant

in

several

parts

of

the

world

in

June,

notably

in

the

U.K.

and

Australia.

Economic

activity

continued

to

broadly

expand

in

many

countries

during

the

second

half

of

the

period,

largely

driven

by

strength

in

goods

sectors

and

manufacturing.

Historically

high

savings

rates

in

many

countries

also

fueled

resurgent

growth

in

the

spring

and

summer

months.

Labor

market

conditions

generally

continued

to

improve

in

many

countries

during

the

period,

though

unemployment

broadly

remained

above

pre-pandemic

levels.

Inflation

figures

surged

higher

in

many

countries

in

April,

May

and

June,

driven

by

a

combination

of

factors

that

included

cyclical

upswings

associated

with

resurgent

economic

activity,

supply

bottlenecks

in

certain

sectors

and

base

effects

off

of

the

pandemic

shocks

in

2020.

Headline

Consumer

Price

Index

(CPI)

inflation

in

the

U.S.

rose

from

2.6%

year-over-year

in

March

to

4.2%

in

April

and

5.0%

in

May,

its

highest

level

since

2008.

In

Europe,

euro

area

(EA)

inflation

rose

from

0.9%

in

February

to

1.3%

in

March,

1.6%

in

April

and

2.0%

in

May,

before

levelling

off

at

1.9%

(estimated)

in

June;

the

EA

had

previously

endured

deflationary

pressures

through

the

third

and

fourth

quarters

of

2020.

Areas

of

non-core

Europe,

such

as

Hungary

and

Russia,

experienced

above-target

levels

of

inflation

in

May

and

June.

Globally,

areas

of

Latin

America,

such

as

Brazil

and

Mexico,

also

experienced

above-target

inflation

during

the

period,

while

inflation

levels

remained

relatively

more

contained

in

areas

of

Asia,

such

as

China,

South

Korea,

Indonesia

and

Thailand.

Pent-up

demand

outpaced

supply

recoveries

in

certain

sectors

during

the

spring

and

summer

months,

adding

to

pricing

pressures.

Supply

bottlenecks

have

intermittently

surfaced

across

a

myriad

of

industries

due

to

accelerating

demand,

as

well

as

logistical

disruptions

and

ongoing

uncertainties

(economic,

health

and

policy)

that

make

it

difficult

to

accurately

schedule

production.

Most

central

banks

around

the

world

signaled

during

the

middle

of

the

six-month

period

that

they

had

reached

the

end

of

their

rate-cutting

cycles,

with

several

banks

beginning

to

pivot

towards

plans

for

policy

normalization.

The

Bank

of

Canada

began

tapering

its

asset

purchases

in

April

and

indicated

that

interest

rates

could

be

raised

in

the

second

half

of

2022.

The

Bank

of

England

headed

towards

concluding

its

quantitative

easing

program

by

the

end

of

2021.

Norges

Bank

(Norway)

indicated

that

a

rate

hike

could

arrive

in

the

second

half

of

2021.

Riksbank

(Sweden)

was

on

pace

to

wind

down

its

asset

purchase

program

in

2021

but

intended

to

keep

rates

on

hold

at

0%

for

the

foreseeable

future.

The

Reserve

Bank

of

New

Zealand

intended

to

end

its

asset

purchases

by

September

and

begin

hiking

rates

by

mid-2022.

Other

developed

market

central

banks—including

the

U.S.

Federal

Reserve

(Fed),

the

European

Central

Bank

(ECB)

and

the

Bank

of

Japan

(BOJ)—had

not

yet

signaled

a

normalization

schedule

as

of

the

end

of

June.

In

emerging

markets,

several

countries

faced

persistent

inflation

pressures

that

may

force

a

faster

tightening

response

from

their

central

banks.

Notably,

Brazil’s

central

bank

hiked

rates

75

bps

three

times

during

the

period

(March,

May

and

June)

to

4.25%,

and

Mexico’s

central

bank

hiked

its

policy

rate

25

bps

in

June

to

4.25%,

its

first

rate

hike

since

December

2018.

Other

countries

indicated

they

may

begin

pursuing

tightening

policies

in

the

second

half

of

2021.

The

Fed

kept

the

federal

funds

target

rate

unchanged

at

0.00%–0.25%,

at

each

of

its

policy

meetings

during

the

period.

In

March,

the

Fed

notably

upgraded

its

growth

forecast

for

2021

to

6.5%

from

its

prior

estimate

of

4.2%

in

December.

The

core

inflation

forecast

was

upgraded

to

Templeton

Global

Income

Fund

4

franklintempleton.com

Semiannual

Report

2.2%

for

2021,

from

the

prior

estimate

of

1.8%.

However,

Fed

Chair

Jay

Powell

cautioned

that

a

full

recovery

was

still

distant

and

that

economic

conditions

continued

to

warrant

extraordinary

monetary

accommodation,

citing

the

uncertainty

related

to

the

course

of

the

pandemic.

In

June,

the

overall

policy

tone

shifted

in

a

hawkish

direction

as

the

Fed

raised

its

2021

growth

forecast

for

the

U.S.

economy

to

7.0%

and

increased

its

inflation

forecast

to

3.4%.

Powell

commented

that

“the

economy

has

clearly

made

progress,”

and

a

majority

of

Fed

officials

brought

forward

their

projected

expectations

for

rate

hikes.

The

Fed’s

dot

plot

survey

had

previously

indicated

expectations

for

no

hikes

until

2024

at

the

March

meeting.

In

June,

13

of

18

Fed

officials

indicated

expectations

for

a

rate

hike

by

the

end

of

2023,

with

11

indicating

expectations

for

two

hikes.

Seven

officials

indicated

expectations

for

at

least

one

hike

by

the

end

of

2022.

Powell

cautioned

that

the

dot

surveys

do

not

reflect

forward

guidance

from

the

committee

and

that

any

discussion

about

raising

rates

is

still

“highly

premature.”

Powell

also

indicated

in

June

that

discussions

of

when

to

begin

tapering

its

asset

purchase

program

had

begun,

but

that

the

timeline

is

yet

to

be

determined.

The

Fed

continued

to

purchase

“at

least

$80

billion

per

month”

in

USTs

and

“at

least

$40

billion

per

month

in

agency

mortgage-backed

securities”

during

the

reporting

period.

The

Fed’s

balance

sheet

reached

US$8.1

trillion

at

the

end

of

June.

Despite

higher

U.S.

inflation

figures

during

the

period,

Powell

continued

to

dispel

the

notion

that

higher

inflation

figures

in

2021

would

necessitate

near-term

rate

hikes,

reiterating

the

Fed’s

view

that

the

figures

largely

reflect

“transitory

factors”

that

would

not

affect

the

course

of

monetary

policy.

Core

personal

consumption

expenditures

(PCE)

inflation

surged

to

3.4%

year-over-year

in

May,

its

highest

level

since

1992,

up

from

3.1%

in

April

and

1.9%

in

March.

The

Fed

continued

to

indicate

it

will

let

inflation

run

above

2.0%

for

periods

of

time

to

counterbalance

prior

periods

of

prolonged

below-target

inflation,

implying

that

the

Fed

will

allow

the

U.S.

economy

to

run

hot

in

upcoming

years.

However,

Powell

directly

addressed

Fed

credibility

concerns,

stating

that

“if

we

see

inflation

moving

materially

above

2%

in

a

persistent

way

that

risks

inflation

expectations

drifting

up,

then

we

will

use

our

tools

to

guide

inflation

expectations

back

down.”

As

of

the

June

meeting,

the

Fed

projected

core

PCE

will

be

3.0%

in

2021,

and

2.1%

in

2022

and

2023.

The

ECB

kept

monetary

policy

unchanged

at

each

of

its

policy

meetings

during

the

period,

leaving

the

main

refinancing

operations

rate

at

0.0%,

and

the

main

deposit

facility

rate

at

-0.5%.

In

March,

the

ECB

announced

that

it

would

accelerate

the

pace

of

its

bond

purchases

under

the

Pandemic

Emergency

Purchase

Programme

(PEPP).

In

June,

it

recommitted

to

those

levels,

stating

that

the

pace

and

volume

of

bond

purchases

under

the

PEPP

would

“continue

to

be

conducted

at

a

significantly

higher

pace

than

during

the

first

months

of

the

year.”

The

PEPP

is

currently

scheduled

to

run

through

March

2022

and

has

around

€700

billion

in

capacity

remaining

of

its

total

€1.85

trillion

size.

The

ECB

raised

its

2021

growth

forecast

for

the

EA

to

4.6%

at

its

June

meeting,

describing

conditions

as

“balanced”

and

removing

prior

comments

that

risks

were

“titled

to

the

downside.”

The

ECB

also

increased

its

2021

inflation

forecast

for

the

EA

to

1.9%

(harmonized

index

of

consumer

prices)

from

1.5%.

ECB

President

Christine

Lagarde

commented

in

June

that

inflation

remained

distant

from

the

ECB’s

target

and

is

expected

to

diminish

in

2022.

Lagarde

warned

that

monetary

tightening

would

jeopardize

the

economic

recovery

and

the

inflation

outlook.

The

BOJ

kept

monetary

policy

unchanged

at

each

of

its

policy

meetings

during

the

period,

leaving

the

overnight

interest

rate

at

0.1%

and

the

yield

target

on

the

10-year

Japanese

government

bond

at

0.0%.

The

BOJ

published

the

results

of

its

monetary

framework

review

in

March,

the

first

of

its

kind

since

2016.

The

findings

indicated

a

shift

of

emphasis

from

aggressive

stimulus

towards

more

“sustainable”

policy.

The

BOJ

said

it

plans

to

intervene

as

needed

during

events

that

require

financial

market

support,

but

will

shift

away

from

continuous

balance

sheet

expansion

solely

to

stimulate

economic

activity.

Japan

continued

to

struggle

against

deflationary

pressures

that

have

persisted

since

April

2020.

Core

inflation

(National

CPI

ex-fresh

food)

rose

to

0.1%

year-over-year

in

May,

from

-0.1%

in

April

and

March,

-0.4%

in

February

and

-0.6%

in

January.

Geographic

Composition

6/30/21

%

of

Total

Net

Assets

Asia

Pacific

38.0%

Americas

18.3%

Other

Europe

10.0%

Middle

East

&

Africa

7.5%

Supranational

1.2%

Short-Term

Investments

&

Other

Net

Assets

25.0%

Templeton

Global

Income

Fund

5

franklintempleton.com

Semiannual

Report

Investment

Strategy

We

invest

selectively

in

bonds

around

the

world

to

generate

income

for

the

Fund,

seeking

opportunities

while

monitoring

changes

in

interest

rates,

currency

exchange

rates

and

credit

risks.

We

seek

to

manage

the

Fund’s

exposure

to

various

currencies

and

may

use

currency

forward

contracts.

Manager’s

Discussion

The

successful

development

of

vaccines

against

COVID-19

in

the

final

months

of

2020

substantially

changed

our

outlook

and

positioning

for

2021.

In

the

weeks

before

the

six-month

reporting

period

began,

we

significantly

shifted

the

emphasis

of

the

Fund’s

strategic

positioning

from

a

safe-haven

stance

toward

an

increasing

allocation

in

risk

assets.

We

expected

a

rebound

in

global

economic

activity

and

improving

economic

conditions

in

the

spring

and

summer

months

of

2021

as

vaccines

were

progressively

distributed

and

people

increasingly

reengaged

with

the

world.

We

were

actively

constructive

in

a

number

of

regions

throughout

the

period,

particularly

in

areas

of

Asia

that

appeared

to

be

at

the

forefront

of

the

global

economic

recovery.

The

Fund

was

focused

on

three

core

themes

during

the

six-month

period:

(1)

weakness

in

the

euro

and

USD,

on

excessive

fiscal

and

monetary

policies

in

Europe

and

the

U.S.,

against

currencies

in

countries

with

strong

trade

dynamics,

current

account

surpluses,

better

fiscal

management

and

stronger

growth

potential,

notably

in

Asia;

(2)

avoiding

interest-rate

risks

in

low-yielding

developed

markets;

and

(3)

pursuing

sovereign

bonds

with

relatively

higher

yields

in

a

select

set

of

resilient

emerging

markets.

At

the

beginning

of

the

period,

the

Fund

held

overweighted

positions

in

specific

currencies

that

showed

medium-term

value

against

the

USD

and

the

euro.

We

held

notable

exposures

to

the

Chinese

yuan,

the

South

Korean

won,

the

Indian

rupee

and

the

Indonesian

rupiah

against

the

USD.

We

added

exposure

to

the

Singapore

dollar

in

April

and

the

New

Zealand

dollar

in

June.

In

Europe,

we

held

exposures

in

the

Norwegian

krone

and

Swedish

krona

against

the

euro.

In

the

Americas,

we

held

long

exposure

to

the

Canadian

dollar

against

the

euro,

and

long

exposures

to

the

Colombian

peso

and

Brazilian

real

against

the

USD.

In

May,

we

added

exposure

to

the

Chilean

peso

against

the

USD.

During

the

period,

we

used

currency

forwards

and

currency

options

to

actively

manage

currency

exposures.

We

also

continued

to

focus

on

compelling

risk-adjusted

yields

in

various

local-currency

bond

markets,

specifically

in

countries

with

resilient

economies

and

strong

trade

dynamics.

We

continued

to

largely

avoid

developed

market

duration

exposures

in

preference

for

higher

yields

available

in

select

emerging

markets,

notably

including

Indonesia,

India,

Mexico,

Colombia,

Brazil

and

Ghana,

among

others.

We

saw

pockets

of

value

in

certain

USD-denominated

sovereign

credits,

such

as

Ecuador,

but

we

continued

to

largely

prefer

specific

valuations

in

the

local-currency

markets

over

the

more

fully

valued

credit

markets.

During

the

period,

the

Fund’s

negative

absolute

performance

was

primarily

due

to

currency

positions.

Interest-rate

strategies

contributed

to

absolute

results

as

did

sovereign

credit

exposures.

Among

currencies,

the

Fund’s

net-positive

position

in

the

Japanese

yen

detracted

from

absolute

performance,

as

did

currency

positions

in

Latin

America

and

Asia

ex-Japan.

The

Fund

maintained

a

defensive

approach

regarding

interest

rates

in

developed

markets,

while

holding

duration

exposures

in

select

emerging

markets.

Select

duration

exposures

in

Latin

America

(Argentina)

and

Africa

(Ghana)

contributed

to

absolute

results.

On

a

relative

basis,

the

Fund’s

performance

fared

better

than

that

of

its

benchmark

index

primarily

due

to

interest-

rate

strategies

and

sovereign

credit

exposures.

Currency

positions

detracted

from

relative

results.

The

Fund

maintained

a

defensive

approach

regarding

interest

rates

in

developed

markets,

while

holding

duration

exposures

in

select

emerging

markets.

Select

underweighted

duration

exposures

in

Europe

contributed

to

relative

performance,

as

did

underweighted

duration

exposure

in

the

U.S.

Select

overweighted

duration

exposures

in

Latin

America

(Argentina)

and

Africa

(Ghana)

also

contributed

to

relative

results.

Among

currencies,

the

Fund’s

overweighted

position

in

the

Japanese

yen

during

most

of

the

period

detracted

from

relative

performance,

as

did

overweighted

currency

positions

in

Latin

America

and

Asia

ex-Japan.

However,

the

Fund’s

underweighted

exposure

to

the

euro

contributed

to

relative

results.

Thank

you

for

your

continued

participation

in

Templeton

Global

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Michael

Hasenstab,

Ph.D.

Lead

Portfolio

Manager

Calvin

Ho

Portfolio

Manager

Templeton

Global

Income

Fund

6

franklintempleton.com

Semiannual

Report

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

June

30,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

June

30,

2021

Templeton

Global

Income

Fund

7

franklintempleton.com

Semiannual

Report

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

The

performance

table

does

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

06

/3

0

/2

1

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.

Cumulative

Total

Return

2

Average

Annual

Total

Return

2

Based

on

NAV

3

Based

on

market

price

4

Based

on

NAV

3

Based

on

market

price

4

6-Month

-2.01%

+4.76%

-2.01%

+4.76%

1-Year

-2.44%

+9.15%

-2.44%

+9.15%

5-Year

+2.63%

+13.83%

+0.52%

+2.62%

10-Year

+10.88%

+2.87%

+1.04%

+0.28%

Share

Prices

Symbol:

GIM

6/30/21

12/31/20

Change

Net

Asset

Value

(NAV)

$5.83

$6.11

-$0.28

Market

Price

(NYSE)

$5.63

$5.50

+$0.13

See

page

8

for

Performance

Summary

footnotes.

Templeton

Global

Income

Fund

Performance

Summary

8

franklintempleton.com

Semiannual

Report

All

investments

involve

risks,

including

possible

loss

of

principal.

Changes

in

interest

rates

will

affect

the

value

of

the

Fund’s

portfolio

value,

share

price

and

yield.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

As

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments

of

coun-

tries

where

the

Fund

invests.

Investments

in

developing

markets

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

their

relatively

small

size

and

lesser

liquidity.

Sovereign

debt

securities

are

subject

to

various

risks

in

addition

to

those

relating

to

debt

securities

and

foreign

securi-

ties

generally,

including,

but

not

limited

to,

the

risk

that

a

government

entity

may

be

unwilling

or

unable

to

pay

interest

and

repay

principal

on

its

sovereign

debt,

or

otherwise

meet

its

obligations

when

due.

The

markets

for

particular

securities

or

types

of

securities

are

or

may

become

relatively

illiquid.

Reduced

liquidity

will

have

an

adverse

impact

on

the

security’s

value

and

on

the

Fund’s

ability

to

sell

such

securities

when

necessary

to

meet

the

Fund’s

liquidity

needs

or

in

response

to

a

specific

market

event.

Derivatives,

including

currency

management

strategies,

involve

costs

and

can

create

economic

leverage

in

the

portfolio

that

may

result

in

significant

volatility

and

cause

the

Fund

to

participate

in

losses

on

an

amount

that

exceeds

the

Fund’s

initial

investment.

The

Fund

may

not

achieve

the

anticipated

benefits

and

may

realize

losses

when

a

counterparty

fails

to

perform

as

promised.

As

a

nondiversified

investment

company,

the

Fund

may

invest

in

a

relatively

small

number

of

issuers

and,

as

a

result,

be

subject

to

a

greater

risk

of

loss

with

respect

to

its

portfolio

securities.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager’s

investment

decisions

will

produce

the

desired

results.

The

Fund

may

invest

in

China

Interbank

bonds

traded

on

the

China

Interbank

Bond

Market

(“CIBM”)

through

the

China

–

Hong

Kong

Bond

Connect

program

(“Bond

Connect”).

In

China,

the

Hong

Kong

Monetary

Authority

Central

Money

Markets

Unit

holds

Bond

Connect

securities

on

behalf

of

ultimate

investors

(such

as

the

Fund)

in

accounts

maintained

with

a

China-based

custodian

(either

the

China

Central

Depository

&

Clearing

Co.

or

the

Shanghai

Clearing

House).

This

re-cordkeeping

system

subjects

the

Fund

to

various

risks,

including

the

risk

that

the

Fund

may

have

a

limited

ability

to

enforce

rights

as

a

bondholder

and

the

risks

of

settlement

delays

and

counterparty

default

of

the

Hong

Kong

sub-custodian.

In

addition,

enforcing

the

ownership

rights

of

a

beneficial

holder

of

Bond

Connect

securities

is

untested

and

courts

in

China

have

limited

experience

in

applying

the

concept

of

beneficial

ownership.

Bond

Connect

uses

the

trading

infra-

structure

of

both

Hong

Kong

and

China

and

is

not

available

on

trading

holidays

in

Hong

Kong.

As

a

result,

prices

of

securities

purchased

through

Bond

Connect

may

fluctuate

at

times

when

a

Fund

is

unable

to

add

to

or

exit

its

position.

Securities

offered

through

Bond

Connect

may

lose

their

eligibility

for

trading

through

the

program

at

any

time.

If

Bond

Connect

securities

lose

their

eligibility

for

trading

through

the

program,

they

may

be

sold

but

can

no

longer

be

purchased

through

Bond

Connect.

Bond

Connect

is

subject

to

regulation

by

both

Hong

Kong

and

China

and

there

can

be

no

assurance

that

further

regulations

will

not

affect

the

availability

of

se-

curities

in

the

program,

the

frequency

of

redemptions

or

other

limitations.

Bond

Connect

trades

are

settled

in

Chinese

currency,

the

renminbi

(“RMB”).

It

cannot

be

guaranteed

that

investors

will

have

timely

access

to

a

reliable

supply

of

RMB

in

Hong

Kong.

Bond

Connect

is

relatively

new

and

its

effects

on

the

Chinese

interbank

bond

market

are

uncertain.

In

addition,

the

trading,

settlement

and

IT

systems

required

for

non-Chinese

investors

in

Bond

Connect

are

relatively

new.

In

the

event

of

systems

malfunctions,

trading

via

Bond

Connect

could

be

disrupted.

In

addition,

the

Bond

Connect

program

may

be

subject

to

further

interpre-

tation

and

guidance.

There

can

be

no

assurance

as

to

the

program’s

continued

existence

or

whether

future

developments

regarding

the

program

may

restrict

or

adversely

affect

the

Fund’s

investments

or

returns.

Finally,

uncertainties

in

China

tax

rules

governing

taxation

of

income

and

gains

from

investments

via

Bond

Connect

could

result

in

unexpected

tax

liabilities

for

a

Fund.

The

application

and

interpretation

of

the

laws

and

regulations

of

Hong

Kong

and

China,

and

the

rules,

policies

or

guidelines

published

or

applied

by

relevant

regulators

and

exchanges

in

respect

of

the

Bond

Connect

program,

are

uncertain,

and

may

have

a

detrimental

effect

on

the

Fund’s

investments

and

returns.

1.

The

Fund

has

a

fee

waiver

associated

with

any

investment

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

2/28/22.

Fund

investment

results

reflect

the

fee

waiver;

without

this

waiver,

the

results

would

have

been

lower.

2.

Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized

3.

Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4.

Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

Distributions

(1/1/21–6/30/21)

Net

Investment

Income

$0.1575

Templeton

Global

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

June

30,

2021

(unaudited)

Year

Ended

December

31,

2016

a

Year

Ended

August

31,

2016

2020

2019

2018

2017

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..............

$6.11

$6.75

$7.04

$7.25

$7.34

$7.09

$7.38

Income

from

investment

operations:

Net

investment

income

b

.

0.11

0.21

0.38

0.37

0.36

0.10

0.31

Net

realized

and

unrealized

gains

(losses)

(0.23)

(0.63)

(0.26)

(0.23)

(0.16)

0.25

(0.30)

Total

from

investment

operations

.............

(0.12)

(0.42)

0.12

0.14

0.20

0.35

0.01

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

...............

(0.16)

(0.03)

(0.41)

(0.26)

(0.29)

—

(0.11)

Net

realized

gains

.....

—

—

—

—

—

—

(0.02)

Tax

return

of

capital

....

—

(0.19)

—

(0.09)

—

(0.10)

(0.17)

Total

distributions

.......

(0.16)

(0.22)

(0.41)

(0.35)

(0.29)

(0.10)

(0.30)

Net

asset

value,

end

of

period

................

$5.83

$6.11

$6.75

$7.04

$7.25

$7.34

$7.09

Market

value,

end

of

period

c

$5.63

$5.50

$6.13

$6.03

$6.46

$6.48

$6.43

Total

return

(based

on

market

value

per

share)

d

..

4.76%

(6.63)%

8.52%

(1.24)%

4.10%

2.38%

8.35%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

.......

1.02%

0.75%

0.75%

0.79%

0.76%

0.73%

0.76%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.01%

0.71%

0.67%

0.71%

0.70%

0.69%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

.......

1.01%

0.71%

0.67%

0.71%

f

0.69%

0.68%

0.73%

f

Net

investment

income

...

3.73%

3.36%

5.49%

5.18%

4.84%

4.31%

4.38%

Supplemental

data

Net

assets,

end

of

period

(000’s)

...............

$782,017

$819,181

$905,378

$944,988

$972,791

$984,355

$951,191

Portfolio

turnover

rate

....

51.37%

42.51%

21.99%

35.47%

42.34%

25.94%

46.03%

a

For

the

period

September

1,

2016

to

December

31,

2016.

b

Based

on

average

daily

shares

outstanding.

c

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited),

June

30,

2021

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

75.0%

Argentina

1.9%

a,b

Argentina

BONCER

,

Index

Linked,

1%,

8/05/21

........

78,112,906

ARS

$

466,206

Index

Linked,

1.2%,

3/18/22

.......

763,262,751

ARS

4,529,545

Index

Linked,

1.3%,

9/20/22

.......

6,827,103

ARS

40,009

Index

Linked,

1.4%,

3/25/23

.......

533,054,791

ARS

3,043,480

Index

Linked,

1.5%,

3/25/24

.......

484,010,203

ARS

2,623,885

b,c

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar

,

FRN,

36.104%,

(ARS

BADLAR

+

2%),

4/03/22

.........

20,588,000

ARS

117,972

b

Argentina

Government

Bond

,

18.2%,

10/03/21

................

252,627,000

ARS

1,416,587

16%,

10/17/23

.................

296,072,500

ARS

1,076,797

15.5%,

10/17/26

................

512,895,000

ARS

1,218,251

14,532,732

Brazil

5.4%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/25

..................

37,140,000

BRL

7,911,777

10%,

1/01/27

..................

72,510,000

BRL

15,532,816

10%,

1/01/29

..................

9,230,000

BRL

1,983,514

10%,

1/01/31

..................

77,560,000

BRL

16,544,848

41,972,955

China

4.5%

China

Government

Bond,

2.93%,

12/10/22

.....................

228,000,000

CNY

35,474,361

Colombia

4.1%

Colombia

Government

Bond

,

Senior

Bond,

4.375%,

3/21/23

.....

149,000,000

COP

40,674

Senior

Bond,

9.85%,

6/28/27

......

237,000,000

COP

75,493

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

.................

4,020,500,000

COP

1,107,399

B,

10%,

7/24/24

................

73,279,000,000

COP

22,272,577

B,

7.5%,

8/26/26

...............

10,320,300,000

COP

2,914,888

B,

6%,

4/28/28

.................

13,320,000,000

COP

3,412,078

B,

7.75%,

9/18/30

..............

9,129,700,000

COP

2,539,159

32,362,268

Ecuador

3.2%

d

Ecuador

Government

Bond

,

Senior

Note,

144A,

0.5%,

7/31/30

..

5,633,000

4,844,437

Senior

Bond,

144A,

0.5%,

7/31/35

..

19,496,000

13,452,240

Senior

Bond,

144A,

0.5%,

7/31/40

..

10,291,000

6,419,011

24,715,688

Ghana

3.9%

Ghana

Government

Bond

,

24.75%,

7/19/21

................

360,000

GHS

61,527

18.75%,

1/24/22

................

8,600,000

GHS

1,489,289

17.6%,

11/28/22

................

150,000

GHS

26,008

Senior

Note,

17.6%,

2/20/23

......

10,130,000

GHS

1,758,890

18.85%,

9/28/23

................

13,670,000

GHS

2,439,498

19.25%,

11/27/23

...............

380,000

GHS

68,285

Senior

Note,

17.7%,

3/18/24

......

47,440,000

GHS

8,245,073

19.75%,

3/25/24

................

8,520,000

GHS

1,543,192

21.7%,

3/17/25

................

12,110,000

GHS

2,282,551

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Ghana

(continued)

Ghana

Government

Bond,

(continued)

19.25%,

6/23/25

................

7,340,000

GHS

$

1,306,666

Senior

Note,

18.3%,

3/02/26

......

11,230,000

GHS

1,935,321

19%,

11/02/26

.................

25,560,000

GHS

4,473,264

19.75%,

3/15/32

................

25,560,000

GHS

4,504,934

30,134,498

India

4.4%

India

Government

Bond

,

8.79%,

11/08/21

................

160,500,000

INR

2,196,527

Senior

Note,

5.22%,

6/15/25

......

117,000,000

INR

1,554,737

7.59%,

1/11/26

.................

1,433,000,000

INR

20,567,891

7.27%,

4/08/26

................

79,000,000

INR

1,122,243

8.33%,

7/09/26

................

624,000,000

INR

9,229,589

34,670,987

Indonesia

12.0%

Indonesia

Government

Bond

,

FR53,

8.25%,

7/15/21

...........

51,610,000,000

IDR

3,565,025

FR61,

7%,

5/15/22

..............

52,869,000,000

IDR

3,760,517

FR35,

Senior

Bond,

12.9%,

6/15/22

.

42,438,000,000

IDR

3,185,250

FR43,

10.25%,

7/15/22

..........

4,826,000,000

IDR

355,097

FR63,

5.625%,

5/15/23

..........

436,562,000,000

IDR

30,839,342

FR46,

9.5%,

7/15/23

............

11,430,000,000

IDR

865,172

FR39,

11.75%,

8/15/23

..........

2,703,000,000

IDR

213,573

FR70,

8.375%,

3/15/24

..........

104,477,000,000

IDR

7,880,952

FR44,

10%,

9/15/24

.............

1,618,000,000

IDR

127,207

FR81,

6.5%,

6/15/25

............

201,654,000,000

IDR

14,614,491

FR86,

5.5%,

4/15/26

............

406,310,000,000

IDR

28,158,684

93,565,310

Mexico

3.7%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

Senior

Note,

7.25%,

12/09/21

...

297,180,000

MXN

15,050,631

M,

6.5%,

6/09/22

...............

232,730,000

MXN

11,790,191

M,

Senior

Bond,

8%,

12/07/23

.....

44,550,000

MXN

2,343,470

29,184,292

Norway

3.6%

d

Norway

Government

Bond

,

144A,

Reg

S,

2%,

5/24/23

........

102,083,000

NOK

12,161,829

144A,

Reg

S,

3%,

3/14/24

........

85,878,000

NOK

10,545,254

144A,

Reg

S,

1.75%,

3/13/25

......

28,937,000

NOK

3,452,761

144A,

Reg

S,

1.5%,

2/19/26

.......

17,165,000

NOK

2,031,806

28,191,650

Oman

3.6%

d

Oman

Government

Bond,

Senior

Bond,

144A,

4.75%,

6/15/26

............

27,300,000

28,384,492

Russia

4.8%

Russia

Government

Bond,

7%,

8/16/23

2,700,000,000

RUB

37,137,653

South

Korea

16.7%

Korea

Monetary

Stabilization

Bond

,

1.18%,

8/02/21

................

2,322,000,000

KRW

2,056,001

Senior

Note,

0.905%,

4/02/23

......

28,320,000,000

KRW

24,899,272

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

South

Korea

(continued)

Korea

Treasury

Bond

,

1.375%,

9/10/21

................

3,483,000,000

KRW

$

3,087,568

2%,

12/10/21

..................

4,254,000,000

KRW

3,786,773

2.25%,

9/10/23

................

19,359,000,000

KRW

17,450,942

0.875%,

12/10/23

...............

22,561,000,000

KRW

19,724,841

1.375%,

9/10/24

................

11,135,070,000

KRW

9,801,476

3%,

9/10/24

...................

5,310,000,000

KRW

4,910,829

1.875%,

6/10/26

................

50,619,000,000

KRW

44,995,084

130,712,786

Sri

Lanka

0.4%

d

Sri

Lanka

Government

Bond

,

Senior

Note,

144A,

5.75%,

4/18/23

..

200,000

149,750

Senior

Note,

144A,

6.35%,

6/28/24

..

400,000

276,000

Senior

Bond,

144A,

6.85%,

11/03/25

960,000

645,600

Senior

Bond,

144A,

6.2%,

5/11/27

..

2,720,000

1,685,883

Senior

Bond,

144A,

6.75%,

4/18/28

.

210,000

132,147

Senior

Bond,

144A,

7.85%,

3/14/29

.

299,000

191,360

3,080,740

Supranational

1.2%

e

Inter-American

Development

Bank,

Senior

Bond,

7.5%,

12/05/24

......

185,000,000

MXN

9,523,144

Turkey

1.6%

Turkey

Government

Bond

,

13.9%,

11/09/22

................

56,290,000

TRY

6,199,895

12.2%,

1/18/23

................

3,790,000

TRY

405,244

7.1%,

3/08/23

.................

16,150,000

TRY

1,582,635

16.2%,

6/14/23

................

20,020,000

TRY

2,250,479

8.8%,

9/27/23

.................

10,390,000

TRY

1,005,004

10.4%,

3/20/24

................

880,000

TRY

86,408

12.6%,

10/01/25

................

9,710,000

TRY

953,995

12,483,660

Total

Foreign

Government

and

Agency

Securities

(Cost

$647,803,096)

............

586,127,216

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.4%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

86.50

JPY,

Expires

12/20/21

..

1

6,752,000

AUD

43,151

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.45

JPY,

Expires

2/23/22

..

1

5,966,000

232,961

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

115.95

JPY,

Expires

8/11/21

.......

1

17,616,000

4,326

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

20.98

MXN,

Expires

10/07/21

.

1

20,148,000

215,187

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

21.57

MXN,

Expires

9/15/21

......................

1

2,841,000

$

12,614

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.65

MXN,

Expires

8/20/21

.......

1

4,955,000

10,571

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

22.02

MXN,

Expires

6/09/22

..

1

15,407,000

392,784

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

22.26

MXN,

Expires

8/02/21

.......

1

7,547,000

3,748

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

22.36

MXN,

Expires

12/28/21

.

1

11,150,000

98,160

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

25.55

MXN,

Expires

12/22/22

.

1

7,723,000

120,533

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

25.55

MXN,

Expires

12/22/22

.

1

7,723,000

120,533

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

2,917,000

81,359

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

2,917,000

81,359

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

5,448,000

151,951

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

7,049,000

200,718

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

7,049,000

179,094

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

10,182,000

3,526

1,952,575

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

71.10

JPY,

Expires

7/15/21

.......

1

1,877,000

AUD

1

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.00

JPY,

Expires

12/20/21

..

1

13,504,000

AUD

36,167

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

77.45

JPY,

Expires

9/14/21

...

1

5,975,000

AUD

7,468

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

78.50

JPY,

Expires

7/15/21

.......

1

7,506,000

AUD

$

446

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

80.55

JPY,

Expires

9/14/21

...

1

11,372,000

AUD

45,492

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.61

JPY,

Expires

12/14/21

..

1

11,950,000

AUD

143,935

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

82.66

JPY,

Expires

9/14/21

...

1

25,608,000

AUD

230,388

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

102.65

JPY,

Expires

8/11/21

.......

1

26,440,000

827

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

18.70

MXN,

Expires

6/09/22

..

1

7,704,000

37,629

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

18.76

MXN,

Expires

10/27/21

.

1

11,252,000

22,166

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.04

MXN,

Expires

6/09/22

..

1

7,704,000

55,922

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.23

MXN,

Expires

8/20/21

.......

1

3,716,000

7,501

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.35

MXN,

Expires

8/02/21

.......

1

2,642,000

4,336

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.43

MXN,

Expires

8/30/21

..

1

5,287,000

23,069

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.58

MXN,

Expires

10/07/21

.

1

9,967,000

83,749

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

September

Strike

Price

19.59

MXN,

Expires

9/03/21

..

1

10,203,000

67,771

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

1,458,000

19,256

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

2,725,000

35,989

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

1,458,000

19,256

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.88

MXN,

Expires

8/11/21

..

1

5,287,000

54,832

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.15

MXN,

Expires

8/20/21

.......

1

4,764,000

$

275,287

1,171,487

Total

Options

Purchased

(Cost

$6,919,703)

.....................................

3,124,062

Short

Term

Investments

22.4%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

18.1%

Argentina

0.2%

a,b,f

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER

,

Index

Linked,

9/13/21

............

39,670,920

ARS

234,915

Index

Linked,

2/28/22

............

61,257,568

ARS

359,088

Index

Linked,

4/18/22

............

186,250,564

ARS

1,087,704

1,681,707

Egypt

3.1%

f

Egypt

Treasury

Bills

,

8/10/21

......................

208,000,000

EGP

13,138,851

8/31/21

......................

22,500,000

EGP

1,410,305

9/28/21

......................

12,600,000

EGP

780,117

10/05/21

.....................

146,000,000

EGP

9,017,102

24,346,375

Japan

4.5%

f

Japan

Treasury

Bills

,

7/19/21

......................

94,100,000

JPY

847,142

8/10/21

......................

381,000,000

JPY

3,430,190

8/25/21

......................

261,900,000

JPY

2,358,018

11/22/21

.....................

1,475,950,000

JPY

13,292,495

12/20/21

.....................

1,690,550,000

JPY

15,226,777

35,154,622

Mexico

5.8%

f

Mexico

Cetes

,

BI

,

6/02/22

..........

955,415,940

MXN

45,776,473

Singapore

4.5%

f

Singapore

Treasury

Bills

,

7/16/21

......................

15,710,000

SGD

11,681,315

8/13/21

......................

2,240,000

SGD

1,665,248

8/20/21

......................

14,920,000

SGD

11,091,170

8/24/21

......................

14,030,000

SGD

10,429,257

34,866,990

Total

Foreign

Government

and

Agency

Securities

(Cost

$144,911,714)

.............

141,826,167

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

4.3%

United

States

4.3%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

33,414,069

$

33,414,069

Total

Money

Market

Funds

(Cost

$33,414,069)

..................................

33,414,069

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$178,325,783

)

...............................

175,240,236

a

a

a

a

Total

Investments

(Cost

$833,048,582)

97.8%

...................................

$764,491,514

Options

Written

(0.4)%

.......................................................

(3,131,852)

Other

Assets,

less

Liabilities

2.6%

.............................................

20,657,751

Net

Assets

100.0%

...........................................................

$782,017,413

a

a

a

a

Number

of

Contracts

Notional

Amount

#

i

Options

Written

(0.4)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.20

JPY,

Expires

12/20/21

..

1

6,752,000

AUD

(198,369)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

85.74

JPY,

Expires

9/14/21

...

1

17,072,000

AUD

(53,701)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

109.90

JPY,

Expires

8/11/21

.......

1

26,440,000

(368,168)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

September

Strike

Price

21.10

MXN,

Expires

9/03/21

..

1

10,203,000

(57,696)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.15

MXN,

Expires

8/20/21

.......

1

4,764,000

(18,457)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.61

MXN,

Expires

10/07/21

.

1

10,074,000

(29,079)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

2,317,000

(82,923)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

2,317,000

(82,923)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

23.43

MXN,

Expires

8/20/21

.......

1

4,955,000

(1,825)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

24.20

MXN,

Expires

9/15/21

......................

1

1,716,000

(953)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

24.62

MXN,

Expires

8/02/21

.......

1

1,887,000

(93)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

25.33

MXN,

Expires

12/28/21

.

1

7,140,000

(15,077)

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

i

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

25.41

MXN,

Expires

6/09/22

..

1

10,271,000

$

(75,440)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

26.61

MXN,

Expires

8/30/21

..

1

5,287,000

(329)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

27.38

MXN,

Expires

8/11/21

..

1

5,287,000

(101)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

3,394,000

(2,051)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

1,458,000

(10,856)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

1,458,000

(10,856)

(1,008,897)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

68.40

JPY,

Expires

12/20/21

..

1

6,752,000

AUD

(4,507)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

75.90

JPY,

Expires

7/15/21

.......

1

7,506,000

AUD

(62)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

78.33

JPY,

Expires

12/14/21

..

1

17,943,000

AUD

(98,085)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

80.56

JPY,

Expires

9/14/21

...

1

12,804,000

AUD

(51,418)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

September

Strike

Price

82.09

JPY,

Expires

9/14/21

...

1

5,686,000

AUD

(41,190)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

95.85

JPY,

Expires

2/23/22

...

1

5,966,000

(4,097)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

98.00

JPY,

Expires

8/11/21

........

1

8,823,000

(26)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.05

MXN,

Expires

10/07/21

.

1

9,967,000

(28,731)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.32

MXN,

Expires

10/07/21

.

1

18,122,000

(92,591)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.71

MXN,

Expires

10/27/21

.

1

11,252,000

(131,186)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.84

MXN,

Expires

6/09/22

..

1

15,407,000

(259,628)

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

i

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.86

MXN,

Expires

8/20/21

.......

1

7,433,000

$

(79,080)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

2,317,000

(37,978)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

2,317,000

(37,978)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

20.21

MXN,

Expires

9/15/21

......................

1

858,000

(18,593)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.94

MXN,

Expires

8/30/21

..

1

5,287,000

(256,437)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.43

MXN,

Expires

8/11/21

..

1

5,287,000

(377,988)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

2,917,000

(156,006)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

2,917,000

(156,006)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

5,448,000

(291,368)

(2,122,955)

Total

Options

Written

(Premiums

received

$4,394,200)

...........................

$

(3,131,852)

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

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.

a

Redemption

price

at

maturity

is

adjusted

for

inflation.

See

Note

1(f).

b

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

10

regarding

fair

value

measurements.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2021,

the

aggregate

value

of

these

securities

was

$84,372,570,

representing

10.8%

of

net

assets.

e

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

f

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

g

See

Note

3(c)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

See

Note

1(c)

regarding

written

options.

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

At

June

30,

2021,

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

Chilean

Peso

......

JPHQ

Buy

597,650,000

822,643

7/01/21

$

—

$

(8,827)

Chilean

Peso

......

JPHQ

Sell

597,650,000

805,990

7/01/21

—

(7,825)

Chilean

Peso

......

GSCO

Buy

732,180,000

1,009,903

7/02/21

—

(12,899)

Chilean

Peso

......

GSCO

Sell

732,180,000

994,810

7/02/21

—

(2,194)

Chilean

Peso

......

JPHQ

Buy

1,177,130,000

1,623,046

7/02/21

—

(20,156)

Chilean

Peso

......

JPHQ

Sell

1,177,130,000

1,587,456

7/02/21

—

(15,434)

Chilean

Peso

......

JPHQ

Buy

2,054,490,000

2,860,311

7/06/21

—

(63,031)

Chilean

Peso

......

JPHQ

Sell

2,054,490,000

2,789,532

7/06/21

—

(7,749)

Mexican

Peso

......

CITI

Buy

303,271,000

15,291,848

7/08/21

—

(90,516)

Mexican

Peso

......

CITI

Sell

303,271,000

14,126,482

7/08/21

—

(1,074,850)

Australian

Dollar

....

HSBK

Sell

3,749,989

312,580,333

JPY

7/12/21

2,238

—

Indian

Rupee

......

HSBK

Buy

96,812,500

1,291,953

7/12/21

8,371

—

Japanese

Yen

......

HSBK

Sell

317,895,192

3,749,989

AUD

7/12/21

—

(50,087)

Australian

Dollar

....

JPHQ

Sell

7,812,696

634,777,930

JPY

7/13/21

20,046

(163,457)

Euro

.............

HSBK

Sell

252,375

300,717

7/13/21

1,364

—

Japanese

Yen

......

JPHQ

Sell

661,419,394

7,812,696

AUD

7/13/21

—

(96,442)

Chinese

Yuan

......

CITI

Buy

44,380,340

6,800,751

7/14/21

54,751

—

Chilean

Peso

......

GSCO

Buy

1,357,150,000

1,879,371

7/15/21

—

(32,003)

Euro

.............

DBAB

Sell

1,649,223

16,857,450

SEK

7/15/21

13,860

—

Singapore

Dollar

....

MSCO

Buy

1,590,000

1,197,262

7/22/21

—

(14,916)

Euro

.............

UBSW

Sell

513,907

618,256

7/23/21

8,550

—

Euro

.............

JPHQ

Sell

33,330

40,356

7/29/21

807

—

Euro

.............

CITI

Sell

6,880,216

10,739,310

CAD

8/03/21

497,244

—

Euro

.............

HSBK

Sell

14,125,822

21,979,782

CAD

8/03/21

965,103

—

Euro

.............

JPHQ

Sell

2,010,000

3,130,042

CAD

8/03/21

139,329

—

Chilean

Peso

......

GSCO

Buy

4,202,588,554

5,850,279

8/06/21

—

(133,069)

Euro

.............

CITI

Sell

10,419,412

1,371,663,487

JPY

8/06/21

—

(13,967)

Chilean

Peso

......

GSCO

Buy

732,180,000

994,296

8/09/21

1,684

—

Australian

Dollar

....

CITI

Sell

1,977,000

166,987,305

JPY

8/10/21

21,109

—

Japanese

Yen

......

CITI

Sell

167,473,647

1,977,000

AUD

8/10/21

—

(25,489)

Mexican

Peso

......

CITI

Sell

33,977,000

1,710,094

8/13/21

14,974

—

Australian

Dollar

....

CITI

Sell

7,142,000

5,589,901

8/16/21

233,740

—

Australian

Dollar

....

MSCO

Sell

5,158,000

4,016,380

8/16/21

148,125

—

Chilean

Peso

......

GSCO

Buy

2,394,434,956

3,390,879

8/16/21

—

(134,342)

Euro

.............

CITI

Buy

3,180,000

3,799,846

8/16/21

—

(25,130)

Euro

.............

CITI

Sell

5,480,000

6,665,351

8/16/21

160,496

—

Euro

.............

JPHQ

Sell

2,122,321

21,921,200

NOK

8/16/21

27,878

—

Chilean

Peso

......

GSCO

Buy

2,292,067,510

3,239,856

8/17/21

—

(122,623)

Chilean

Peso

......

JPHQ

Buy

4,585,200,000

6,433,048

8/17/21

—

(197,135)

Indian

Rupee

......

SCNY

Buy

1,470,000,000

19,726,248

8/18/21

—

(70,030)

South

Korean

Won

..

CITI

Buy

51,670,000,000

47,049,718

8/18/21

—

(1,333,238)

Chinese

Yuan

......

JPHQ

Buy

150,960,000

23,289,827

8/19/21

—

(31,587)

Euro

.............

JPHQ

Sell

22,964,713

230,351,000

NOK

8/19/21

—

(494,652)

Mexican

Peso

......

CITI

Sell

166,125,000

7,676,969

8/23/21

—

(600,514)

Euro

.............

CITI

Sell

3,539,153

454,147,600

JPY

8/24/21

—

(111,599)

Japanese

Yen

......

CITI

Buy

1,332,280,000

12,645,579

8/24/21

—

(646,865)

Japanese

Yen

......

CITI

Sell

1,332,280,000

12,303,334

8/24/21

304,620

—

Euro

.............

MSCO

Sell

1,215,000

1,491,005

8/27/21

48,456

—

Chilean

Peso

......

GSCO

Buy

3,128,440,047

4,297,161

9/01/21

—

(44,157)

Mexican

Peso

......

CITI

Sell

173,088,000

8,580,947

9/01/21

—

(33,508)

Euro

.............

HSBK

Sell

4,550,000

5,554,541

9/02/21

151,721

—

Euro

.............

SCNY

Sell

1,325,806

1,609,194

9/07/21

34,713

—

Indian

Rupee

......

JPHQ

Buy

264,184,500

3,512,204

9/07/21

11,480

—

Indian

Rupee

......

CITI

Buy

256,676,200

3,413,474

9/08/21

9,621

—

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Indian

Rupee

......

JPHQ

Buy

106,826,200

1,429,457

9/08/21

$

—

$

(4,797)

Indian

Rupee

......

CITI

Buy

230,576,200

3,111,060

9/09/21

—

(36,438)

Japanese

Yen

......

HSBK

Buy

129,170,830

1,245,837

9/09/21

—

(82,333)

Japanese

Yen

......

HSBK

Sell

129,170,830

1,182,601

9/09/21

19,098

—

Chinese

Yuan

......

BOFA

Buy

87,762,900

13,663,317

9/10/21

—

(163,325)

Chinese

Yuan

......

CITI

Buy

135,663,370

21,118,611

9/10/21

—

(250,404)

Chinese

Yuan

......

BOFA

Buy

105,222,910

16,356,740

9/13/21

—

(174,585)

Indian

Rupee

......

HSBK

Buy

97,083,330

1,314,744

9/13/21

—

(20,856)

Japanese

Yen

......

HSBK

Buy

244,569,190

2,234,284

9/13/21

—

(31,247)

Chilean

Peso

......

GSCO

Buy

4,229,800,151

5,828,621

9/15/21

—

(80,906)

Euro

.............

DBAB

Sell

2,457,711

25,292,300

SEK

9/15/21

38,528

—

Euro

.............

DBAB

Sell

2,482,910

26,731,500

NOK

9/15/21

157,696

—

Mexican

Peso

......

MSCO

Sell

304,702,500

15,273,946

9/15/21

156,222

(17,612)

Euro

.............

DBAB

Sell

2,073,343

21,071,804

SEK

9/16/21

1,486

—

Euro

.............

JPHQ

Sell

6,333,820

64,197,700

NOK

9/16/21

—

(62,005)

Euro

.............

JPHQ

Sell

10,627,070

111,598,400

NOK

9/20/21

346,595

—

Norwegian

Krone

...

JPHQ

Buy

21,921,200

2,521,417

9/20/21

26,389

—

Norwegian

Krone

...

JPHQ

Sell

21,921,200

2,574,361

9/20/21

26,555

—

Japanese

Yen

......

MSCO

Buy

1,791,490,400

17,367,144

9/21/21

—

(1,228,435)

Japanese

Yen

......

MSCO

Sell

1,791,490,400

16,402,586

9/21/21

263,876

—

New

Zealand

Dollar

.

BOFA

Buy

3,690,000

2,616,256

9/21/21

—

(37,990)

Russian

Ruble

.....

MSCO

Buy

146,000,000

1,927,240

9/22/21

43,408

—

Chilean

Peso

......

JPHQ

Buy

2,376,190,000

3,201,462

9/24/21

26,529

—

Chilean

Peso

......

GSCO

Buy

615,040,000

838,386

9/29/21

—

(3,002)

Euro

.............

CITI

Sell

11,903,968

1,575,978,284

JPY

9/29/21

54,694

—

Euro

.............

JPHQ

Sell

3,304,612

33,750,000

NOK

9/29/21

—

(3,648)

Chilean

Peso

......

JPHQ

Buy

3,782,900,000

5,285,530

9/30/21

—

(147,536)

Euro

.............

JPHQ

Sell

9,524,222

96,187,025

NOK

9/30/21

—

(136,708)

Mexican

Peso

......

CITI

Sell

151,635,500

7,564,377

10/01/21

49,034

—

Chilean

Peso

......

JPHQ

Buy

2,054,490,000

2,785,787

10/04/21

4,247

—

Euro

.............

DBAB

Sell

8,814,402

90,410,200

SEK

10/06/21

100,670

—

Euro

.............

DBAB

Sell

1,245,994

12,643,100

SEK

10/18/21

—

(2,016)

Euro

.............

DBAB

Sell

1,245,613

12,643,100

SEK

10/19/21

—

(1,581)

Euro

.............

JPHQ

Sell

6,370,447

64,197,700

NOK

10/19/21

—

(112,514)

Singapore

Dollar

....

MSCO

Buy

2,010,000

1,505,793

10/21/21

—

(11,175)

Euro

.............

HSBK

Sell

7,080,070

893,186,201

JPY

10/25/21

—

(367,559)

Singapore

Dollar

....

CITI

Buy

1,600,000

1,204,366

10/26/21

—

(14,622)

Mexican

Peso

......

CITI

Sell

151,635,500

7,532,063

11/01/21

49,512

—

Euro

.............

HSBK

Sell

7,355,261

10,993,872

CAD

11/03/21

121,350

—

Indian

Rupee

......

CITI

Buy

192,009,900

2,520,807

11/10/21

19,665

—

Australian

Dollar

....

HSBK

Sell

7,134,989

5,519,271

11/17/21

166,169

—

Euro

.............

DBAB

Sell

19,217,155

195,678,681

SEK

11/17/21

41,010

—

Euro

.............

HSBK

Sell

5,480,000

6,646,034

11/17/21

127,178

—

Euro

.............

JPHQ

Sell

14,358,818

145,630,000

SEK

11/17/21

—

(37,081)

Australian

Dollar

....

JPHQ

Sell

7,190,000

5,553,793

11/18/21

159,394

—

Euro

.............

CITI

Sell

5,480,000

6,641,130

11/18/21

122,114

—

Euro

.............

JPHQ

Sell

17,151,764

25,310,000

CAD

11/22/21

11,026

—

Euro

.............

JPHQ

Sell

2,107,379

2,580,317

11/24/21

73,008

—

Euro

.............

DBAB

Sell

3,343,435

33,714,869

SEK

12/13/21

—

(32,622)

Chinese

Yuan

......

HSBK

Buy

16,868,120

2,606,766

12/15/21

—

(29,089)

Euro

.............

DBAB

Sell

8,443,090

85,425,497

SEK

12/16/21

—

(49,210)

Euro

.............

JPHQ

Sell

1,076,576

10,890,000

SEK

12/17/21

—

(6,592)

Indian

Rupee

......

JPHQ

Buy

1,604,400,000

21,373,761

12/20/21

—

(251,339)

New

Zealand

Dollar

.

JPHQ

Buy

12,160,000

8,674,470

12/20/21

—

(182,121)

New

Zealand

Dollar

.

CITI

Buy

4,340,000

3,075,541

12/21/21

—

(44,571)

New

Zealand

Dollar

.

JPHQ

Buy

4,340,000

3,068,341

12/21/21

—

(37,371)

Chilean

Peso

......

GSCO

Buy

2,473,070,000

3,342,444

12/23/21

13,074

(6,825)

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

See

Note 9 regarding

other

derivative

information.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Indian

Rupee

......

JPHQ

Buy

263,438,700

3,412,860

1/27/22

$

37,985

$

—

Euro

.............

DBAB

Sell

2,498,423

25,262,800

SEK

6/15/22

—

(23,667)

Euro

.............

DBAB

Sell

2,619,465

26,672,700

NOK

6/15/22

—

(41,058)

Euro

.............

DBAB

Sell

4,004,606

40,777,700

NOK

6/16/22

—

(62,868)

Euro

.............

DBAB

Sell

3,490,223

35,735,000

NOK

6/20/22

—

(32,864)

Euro

.............

CITI

Sell

3,111,992

32,042,000

NOK

6/21/22

—

(8,655)

Total

Forward

Exchange

Contracts

...................................................

$5,136,792

$(9,515,518)

Net

unrealized

appreciation

(depreciation)

............................................

$(4,378,726)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Abbreviations

on

page

36

.

Templeton

Global

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

June

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

Templeton

Global

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$799,634,513

Cost

-

Non-controlled

affiliates

(Note

3c)

........................................................

33,414,069

Value

-

Unaffiliated

issuers

..................................................................

$731,077,445

Value

-

Non-controlled

affiliates

(Note

3c)

.......................................................

33,414,069

Cash

....................................................................................

300,000

Restricted

currency,

at

value

(cost

$763)

(Note

1d)

..................................................

763

Foreign

currency,

at

value

(cost

$10,207,779)

......................................................

9,553,462

Receivables:

Dividends

and

interest

.....................................................................

10,433,929

Deposits

with

brokers

for:

OTC

derivative

contracts

..................................................................

6,325,375

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

5,136,792

Total

assets

..........................................................................

796,241,835

Liabilities:

Payables:

Management

fees

.........................................................................

419,192

Trustees'

fees

and

expenses

.................................................................

22,602

Options

written,

at

value

(premiums

received

$4,394,200)

............................................

3,131,852

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

9,515,518

Deferred

tax

...............................................................................

285,369

Accrued

expenses

and

other

liabilities

...........................................................

849,889

Total

liabilities

.........................................................................

14,224,422

Net

assets,

at

value

.................................................................

$782,017,413

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$987,421,362

Total

distributable

earnings

(losses)

.............................................................

(205,403,949)

Net

assets,

at

value

.................................................................

$782,017,413

Shares

outstanding

.........................................................................

134,144,158

Net

asset

value

per

share

....................................................................

$5.83

Templeton

Global

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

June

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

Templeton

Global

Income

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3c)

.............................................................

$1,645

Interest:

(net

of

foreign

taxes

of

$730,513)

Unaffiliated

issuers:

Inflation

principal

adjustments

..............................................................

2,791,615

Paid

in

cash

a

...........................................................................

15,963,506

Total

investment

income

...................................................................

18,756,766

Expenses:

Management

fees

(Note

3a)

...................................................................

2,558,559

Transfer

agent

fees

.........................................................................

1,094,929

Custodian

fees

.............................................................................

93,042

Reports

to

shareholders

......................................................................

55,624

Registration

and

filing

fees

....................................................................

65,242

Professional

fees

...........................................................................

59,047

Trustees'

fees

and

expenses

..................................................................

73,572

Other

....................................................................................

21,541

Total

expenses

.........................................................................

4,021,556

Expenses

waived/paid

by

affiliates

(Note

3c)

...................................................

(20,275)

Net

expenses

.........................................................................

4,001,281

Net

investment

income

................................................................

14,755,485

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$5,206)

Unaffiliated

issuers

......................................................................

(19,245,289)

Written

options

...........................................................................

273,464

Foreign

currency

transactions

................................................................

777,862

Forward

exchange

contracts

.................................................................

(18,708,427)

Net

realized

gain

(loss)

..................................................................

(36,902,390)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(8,032,642)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(769,551)

Written

options

...........................................................................

1,323,835

Forward

exchange

contracts

.................................................................

13,571,272

Change

in

deferred

taxes

on

unrealized

appreciation

...............................................

18,297

Net

change

in

unrealized

appreciation

(depreciation)

............................................

6,111,211

Net

realized

and

unrealized

gain

(loss)

............................................................

(30,791,179)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$(16,035,694)

a

Includes

amortization

of

premium

and

accretion

of

discount.

Templeton

Global

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

Templeton

Global

Income

Fund

Six

Months

Ended

June

30,

2021

(unaudited)

Year

Ended

December

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$14,755,485

$28,423,474

Net

realized

gain

(loss)

.................................................

(36,902,390)

(98,043,407)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

6,111,211

12,907,372

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(16,035,694)

(56,712,561)

Distributions

to

shareholders

..............................................

(21,127,705)

(3,729,110)

Distributions

to

shareholders

from

tax

return

of

capital

...........................

—

(25,755,776)

Total

distributions

to

shareholders

..........................................

(21,127,705)

(29,484,886)

Net

increase

(decrease)

in

net

assets

...................................

(37,163,399)

(86,197,447)

Net

assets:

Beginning

of

period

.....................................................

819,180,812

905,378,259

End

of

period

..........................................................

$782,017,413

$819,180,812

Templeton

Global

Income

Fund

25

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1.

Organization

and

Significant

Accounting

Policies

Templeton

Global

Income

Fund (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

following

summarizes

the Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Fund's

Board

of

Trustees

(the

Board),

the Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Derivative

Financial

Instruments

The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

the

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

The

Fund

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

b.

Foreign

Currency

Translation 

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

See

Note

9

regarding

other

derivative

information.

d.

Restricted

Currency

At

June

30,

2021,

the

Fund

held

currencies

in

certain

markets

in

which

the

ability

to

repatriate

such

currency

is

limited.

As

a

result

of

such

limitations

on

repatriation,

the

Fund

may

incur

substantial

delays

in

gaining

access

to

these

assets

and

may

be

exposed

to

potential

adverse

movements

in

currency

value.

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

June

30,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

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.

Effective

April

1,

2021,

the

Fund

employs

a

managed

distribution

policy

whereby

the

Fund

will

make

monthly

distributions

to

shareholders

at

an

annual

minimum

fixed

rate

of

7.5%,

based

on

the

average

monthly

NAV

of

the

Fund’s

common

shares.

Under

the

policy,

the

Fund

is

managed

with

a

goal

of

generating

as

much

of

the

distribution

as

possible

from

net

ordinary

income

and

short-term

capital

gains.

The

balance

of

the

distribution

will

then

come

from

long-term

capital

gains

to

the

extent

permitted

and,

if

necessary,

a

return

of

capital.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

inflation

principal

adjustments

in

the

Statement

of

Operations.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Derivative

Financial

Instruments

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

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

June

30,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

During

the

period ended

June

30,

2021

and

year

ended

December

31,

2020

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

Under

the

Board

approved

open-market

share

repurchase

program,

the

Fund

may

purchase,

from

time

to

time,

Fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

Since

the

inception

of

the

program,

the

Fund

has

repurchased

a

total

of

11,210,400

shares.

During

the

period ended

June

30,

2021

and

year

ended

December

31,

2020,

there

were

no

shares

repurchased.

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

June

30,

2021,

the

annualized

gross

effective

investment

management

fee

rate

was

0.647%

of

the

Fund’s

average

daily

net

assets. 

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

December

31,

2020,

the

Fund

deferred

late-year

ordinary

losses

of

$24,138,728.

At

June

30,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

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,

0.01%

.......

$62,199,567

$351,574,069

$(380,359,567)

$—

$—

$33,414,069

33,414,069

$1,645

Total

Affiliated

Securities

....

$62,199,567

$351,574,069

$(380,359,567)

$—

$—

$33,414,069

$1,645

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$6,911,695

Long

term

................................................................................

59,967,064

Total

capital

loss

carryforwards

...............................................................

$66,878,759

Cost

of

investments

..........................................................................

$827,646,513

Unrealized

appreciation

........................................................................

$47,140,475

Unrealized

depreciation

........................................................................

(117,806,053)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(70,665,578)

3.

Transactions

with

Affiliates

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

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,

capital

gains

tax,

bond

discounts

and

premiums,

swaps,

tax

straddles

and

inflation

related

adjustments

on

foreign

securities.

5.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

June

30,

2021,

aggregated

$345,585,510

and

$309,081,826,

respectively.

6.

Credit Risk

At

June

30,

2021,

the

Fund

had

24.1%

of

its

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

7.

Concentration

of

Risk

Investments

in

issuers

domiciled

or

with

significant

operations

in

developing

or

emerging

market

countries

may

be

subject

to

higher

risks

than

investments

in

developed

countries.

These

risks

include

fluctuating

currency

values,

underdeveloped

legal

or

business

systems,

and

changing

local

and

regional

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Currencies

of

developing

or

emerging

market

countries

may

be

subject

to

significantly

greater

risks

than

currencies

of

developed

countries,

including

the

potential

inability

to

repatriate

those

currencies

into

U.S.

dollars.

At

June

30,

2021,

the

Fund

had

2.1%

of

its

net

assets

denominated

in

Argentine

Pesos.

Argentina

has

restricted

currency

repatriation

since

September

2019,

and

had

restructured

certain

issues

of

its

debt.

Political

and

economic

conditions

in

Argentina

could

continue

to

affect

the

value

of

the

Fund's

holdings.

8.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

Other

Derivative

Information

At

June

30,

2021,

investments

in

derivative

contracts

are

reflected

in

the

Statement of

Assets

and

Liabilities

as

follows:

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Templeton

Global

Income

Fund

Foreign

exchange

contracts

..

Investments

in

securities,

at

value

$

3,124,062

a

Options

written,

at

value

$

3,131,852

Unrealized

appreciation

on

OTC

forward

exchange

contracts

5,136,792

Unrealized

depreciation

on

OTC

forward

exchange

contracts

9,515,518

4.

Income

Taxes

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

For

the

period

ended

June

30,

2021,

the

effect

of

derivative

contracts

in

the

Statement

of

Operations

was

as

follows:

For

the

period

ended

June

30,

2021,

the

average

month

end

notional

amount

of

options

$722,976,563.

The

average

month

end

contract

value

of

forward

exchange

contracts

was

$1,101,371,510.

At

June

30,

2021,

OTC

derivative

assets

and

liabilities

are

as

follows:

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Templeton

Global

Income

Fund

(continued)

Total

....................

$8,260,854

$12,647,370

a

Purchased

option

contracts

are

included

in

investments

in

securities,

at

value

in

the

Statement

of

Assets

and

Liabilities.

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:

Foreign

exchange

contracts

.....

Investments

$(6,651,391)

a

Investments

$2,027,589

a

Written

options

273,464

Written

options

1,323,835

Forward

exchange

contracts

(18,708,427)

Forward

exchange

contracts

13,571,272

Total

.......................

$(25,086,354)

$16,922,696

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

.............................

$

5,136,792

$

9,515,518

Options

purchased

.....................................

3,124,062

—

Options

written

........................................

—

3,131,852

Total

.............................................

$8,260,854

$12,647,370

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

9.

Other

Derivative

Information

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

At

June

30,

2021,

OTC

derivative

assets,

which

may

be

offset

against

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

At

June

30,

2021,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

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

a,b

Cash

Collateral

Received

Net

Amount

(Not

less

than

zero)

Templeton

Global

Income

Fund

Counterparty

BOFA

....................

$—

$—

$—

$—

$—

CITI

.....................

3,517,908

(3,517,908)

—

—

—

DBAB

...................

353,250

(245,886)

(107,364)

—

—

GSCO

...................

14,758

(14,758)

—

—

—

HSBK

...................

1,562,592

(581,171)

(896,462)

—

84,959

JPHQ

...................

911,268

(911,268)

—

—

—

MSCO

...................

1,857,815

(1,857,815)

—

—

—

SCNY

...................

34,713

(34,713)

—

—

—

UBSW

...................

8,550

—

—

—

8,550

Total

...................

$8,260,854

$(7,163,519)

$

(1,003,826)

$—

$93,509

$

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

b

Net

Amount

(Not

less

than

zero)

Templeton

Global

Income

Fund

Counterparty

BOFA

....................

$375,900

$—

$—

$(375,900)

$—

CITI

.....................

6,210,947

(3,517,908)

—

(2,693,039)

—

DBAB

...................

245,886

(245,886)

—

—

—

GSCO

...................

572,020

(14,758)

—

(300,000)

257,262

HSBK

...................

581,171

(581,171)

—

—

—

JPHQ

...................

2,088,007

(911,268)

—

(925,375)

251,364

MSCO

...................

2,503,409

(1,857,815)

—

(645,594)

—

SCNY

...................

70,030

(34,713)

—

—

35,317

UBSW

...................

—

—

—

—

—

Total

...................

$12,647,370

$(7,163,519)

$—

$(4,939,908)

$543,943

9.

Other

Derivative

Information

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

See

Note

1(c)

regarding

derivative

financial

instruments. 

See

Abbreviations

on

page

36

.

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2021,

in

valuing

the

Fund's

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

a

In

At

June

30,

2021,

the

Fund

received

U.S.

Treasury

Bonds

and

Notes

and

U.K

Treasury

Inflation-Linked

Gilt

Bonds

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

Level

1

Level

2

Level

3

Total

Templeton

Global

Income

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

:

Argentina

............................

$

—

$

—

$

14,532,732

$

14,532,732

Brazil

...............................

—

41,972,955

—

41,972,955

China

...............................

—

35,474,361

—

35,474,361

Colombia

............................

—

32,362,268

—

32,362,268

Ecuador

.............................

—

24,715,688

—

24,715,688

Ghana

..............................

—

30,134,498

—

30,134,498

India

................................

—

34,670,987

—

34,670,987

Indonesia

............................

—

93,565,310

—

93,565,310

Mexico

..............................

—

29,184,292

—

29,184,292

Norway

..............................

—

28,191,650

—

28,191,650

Oman

...............................

—

28,384,492

—

28,384,492

Russia

..............................

—

37,137,653

—

37,137,653

South

Korea

..........................

—

130,712,786

—

130,712,786

Sri

Lanka

............................

—

3,080,740

—

3,080,740

Supranational

.........................

—

9,523,144

—

9,523,144

Turkey

..............................

—

12,483,660

—

12,483,660

Options

purchased

.......................

—

3,124,062

—

3,124,062

Short

Term

Investments

...................

33,414,069

140,144,460

1,681,707

175,240,236

Total

Investments

in

Securities

...........

$33,414,069

$714,863,006

$16,214,439

$764,491,514

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$

—

$

5,136,793

$

—

$

5,136,793

Restricted

Currency

(ARS)

.................

—

—

763

763

Total

Other

Financial

Instruments

.........

$—

$5,136,793

$763

$5,137,556

9.

Other

Derivative

Information

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At

June

30,

2021,

the

reconciliation

is

as

follows:

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

June

30,

2021,

are

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Income

Fund

(continued)

Assets:

Receivables:

Interest

(ARS)

...........................

$—

$—

$286,977

$286,977

Liabilities:

Other

Financial

Instruments:

Options

written

..........................

$

—

$

3,131,852

$

—

$

3,131,852

Forward

exchange

contracts

................

—

9,515,519

—

9,515,519

Total

Other

Financial

Instruments

.........

$—

$12,647,371

$—

$12,647,371

Payables:

Deferred

Tax(ARS)

.......................

$—

$—

$660

$660

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

accretion

(

amortiza-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Templeton

Global

Income

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

:

Argentina

........

$

13,615,735

$

3,251,306

$

(881,934)

$

—

$

—

$

586,789

$

(218,125)

$

(1,821,039)

$

14,532,732

$

(1,538,831)

Short

Term

Investments

868,631

1,731,906

(659,976)

—

—

9,582

(59,378)

(209,058)

1,681,707

(195,009)

Total

Investments

in

Securities

$14,484,366

$4,983,212

$(1,541,910)

$—

$—

$596,371

$(277,503)

$(2,030,097)

$16,214,439

$(1,733,840)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$2,838

$6,408,161

$(6,353,281)

$—

$—

$—

$(56,992)

$37

$763

$—

Receivables:

Interest

(ARS)

.....

$304,677

$3,471,535

$(3,457,388)

$—

$—

$—

$(3,311)

$(28,536)

$286,977

$(12,966)

Liabilities:

Payables:

Deferred

Tax

(ARS)

...

$779

$—

$—

$—

$—

$—

$—

$(119)

$660

$(119)

Investment

Securities

Purchased

(ARS)

...

$129,991

$—

$(131,079)

$—

$—

$—

$1,088

$—

$—

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

10.

Fair

Value

Measurements

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Templeton

Global

Income

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities:

Argentina

...........

$14,532,732

Market

comparables

Implied

foreign

exchange

rate

169.8

ARS/USD

Decrease

b

Short

Term

Investments:

Argentina

...........

1,681,707

Market

comparables

Implied

foreign

exchange

rate

169.8

ARS/USD

Decrease

c

All

Other

............

287,740

d

Liabilities:

All

Other

............

660

d

Total

...............

$16,501,519

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

Represents

a

significant

impact

to

fair

value

and

net

assets.

c

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

d

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

10.

Fair

Value

Measurements

(continued)

Templeton

Global

Income

Fund

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

11.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

.

Abbreviations

Counterparty

BOFA

Bank

of

America

Corp.

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SCNY

Standard

Chartered

Bank

UBSW

UBS

AG

Selected

Portfolio

BADLAR

Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

CER

Reference

Stabilization

Coefficient

FRN

Floating

Rate

Note

Cu

r

rency

ARS

Argentine

Peso

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombian

Peso

EGP

Egyptian

Pound

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

RUB

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

TRY

Turkish

Lira

USD

United

States

Dollar

Templeton

Global

Income

Fund

Tax

Information

(unaudited)

37

franklintempleton.com

Semiannual

Report

Under

Section

853

of

the

Internal

Revenue

Code,

the

Fund

intends

to

elect

to

pass

through

to

its

shareholders

$

1,3

1

3

,

250

of

foreign

taxes

paid

and

$

24

,

222

,

994

of

foreign

source

income

earned

by

the

fund,

or

amounts

as

finally

determined,

during

the

fiscal

year

ended

December

31,

202

0

.

Templeton

Global

Income

Fund

Important

Information

to

Shareholders

38

franklintempleton.com

Semiannual

Report

Share

Repurchase

Program

The

Fund’s

Board

previously

authorized

the

Fund

to

repurchase

up

to

10%

of

the

Fund’s

outstanding

shares

in

open-market

transactions,

at

the

discretion

of

management.

This

authorization

remains

in

effect.

In

exercising

its

discretion

consistent

with

its

portfolio

management

responsibilities,

the

investment

manager

will

take

into

account

various

other

factors,

including,

but

not

limited

to,

the

level

of

the

discount,

the

Fund’s

performance,

portfolio

holdings,

dividend

history,

market

conditions,

cash

on

hand,

the

availability

of

other

attractive

investments

and

whether

the

sale

of

certain

portfolio

securities

would

be

undesirable

because

of

liquidity

concerns

or

because

the

sale

might

subject

the

Fund

to

adverse

tax

consequences.

Any

repurchases

would

be

made

on

a

national

securities

exchange

at

the

prevailing

market

price,

subject

to

exchange

requirements,

Federal

securities

laws

and

rules

that

restrict

repurchases,

and

the

terms

of

any

outstanding

leverage

or

borrowing

of

the

Fund.

If

and

when

the

Fund’s

10%

threshold

is

reached,

no

further

repurchases

could

be

completed

until

authorized

by

the

Board.

Until

the

10%

threshold

is

reached,

Fund

management

will

have

the

flexibility

to

commence

share

repurchases

if

and

when

it

is

determined

to

be

appropriate

in

light

of

prevailing

circumstances.

In

the

Notes

to

Financial

Statements

section,

please

see

note

2

(Shares

of

Beneficial

Interest)

for

additional

information

regarding

shares

repurchased.

Managed

Distribution

Plan

On

March

10,

2021,

the

Fund

announced

the

implementation

of

a

managed

distribution

plan,

effective

April

1,

2021,

whereby

the

Fund

will

make

monthly

distributions

to

shareholders

at

an

annual

minimum

fixed

rate

of

7.5%,

based

on

the

average

monthly

net

asset

value

(NAV)

of

the

Fund’s

common

shares.

The

Fund

will

calculate

the

average

NAV

from

the

previous

month

based

on

the

number

of

business

days

in

that

month

on

which

the

NAV

is

calculated.

The

distribution

will

be

calculated

as

7.5%

of

the

previous

month’s

average

NAV,

divided

by

12.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund’s

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

constant,

but

not

guaranteed,

fixed

minimum

rate

of

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

common

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

Under

the

managed

distribution

plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

monthly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund’s

investment

performance

from

the

amount

of

the

Fund’s

distributions

or

from

the

terms

of

the

Fund’s

managed

distribution

plan.

The

Fund’s

Board

of

Trustees

(the

“Board”)

may

amend

the

terms

of

the

plan

or

terminate

the

plan

at

any

time.

The

amendment

or

termination

of

the

plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

annual

minimum

fixed

rate

to

determine

if

an

adjustment

should

be

made.

In

compliance

with

Rule

19a-1

of

the

Investment

Company

Act

of

1940,

shareholders

will

receive

a

notice

that

details

the

source

of

income

for

each

dividend

such

as

net

investment

income,

gain

from

the

sale

of

securities

and

return

of

principal.

However,

determination

of

the

actual

source

of

the

Fund’s

dividend

can

only

be

made

at

year-end.

The

actual

source

amounts

of

all

Fund

dividends

will

be

included

in

the

Fund’s

annual

or

semiannual

reports.

In

addition,

the

tax

treatment

may

differ

from

the

accounting

treatment

used

to

calculate

the

source

of

the

Fund’s

dividends

as

shown

on

shareholders’

statements.

Shareholders

should

refer

to

their Form

1099-DIV

for

the

character

and

amount

of

distributions

for

income

tax

reporting

purposes.

Since

each

shareholder’s

tax

situation

is

unique,

it

may

be

advisable

to

consult

a

tax

advisor

as

to

the

appropriate

treatment

of

Fund

distributions.

Templeton

Global

Income

Fund

Annual

Meeting

of

Shareholders

May

7,

2021

(unaudited)

39

franklintempleton.com

Semiannual

Report

The

Annual

Meeting

of

Shareholders

of

Templeton

Global

Income

Fund

(the

“Fund”)

was

held

at

the

Fund’s

offices,

300

S.E.

2nd

Street,

Fort

Lauderdale,

Florida,

on

May

7,

2021.

The

purpose

of

the

Annual

Meeting

was;

(1)

to

elect

four

Trustees

of

the

Fund;

(2)

ratify

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

December

31,

2021;

and

(3)

if

properly

presented,

vote

on

a

shareholder

proposal

to

amend

the

Bylaws

regarding

mandatory

tender

offers.

At

the

meeting;

the

following

persons

were

elected

by

the

shareholders

to

serve

as

Trustees

of

the

Fund:

Aditya

Bindal,

Frederic

Gabriel,

Paul

Kazarian

and

Pierre

Weinstein.*

Shareholders

also

ratified

the

selection

of

PricewaterhouseCoopers

LLP

as

the

independent

registered

public

accounting

firm

for

the

Fund

for

the

fiscal

year

ending

December

31,

2021.

The

shareholder

proposal

to

amend

the

Fund’s

By-laws

to

require

mandatory

tender

offers

was

not

approved

by

shareholders.

No

other

business

was

transacted

at

the

Annual

Meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

1.

Election

of

three

Trustees:

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,

2020:

3.

The

shareholder

proposal

to

amend

the

Bylaws

regarding

mandatory

tender

offers

was

not

approved

by

shareholders:

*

Mary

C.

Choksi,

Edith

E.

Holiday,

Gregory

E.

Johnson,

Rupert

H.

Johnson,

Jr.,

J.

Michael

Luttig,

Larry

D.

Thompson

and

Constantine

D.

Tseretopoulos

are

the

other

Trustees

of

the

Fund.

Term

Expiring

2024

For

Withhold

Elected

Trustees

Pierre

Weinstein……………………………

51,355,522

374,197

Paul

Kazarian………………………………

51,329,793

399,925

Aditya

Bindal……………………………….

33,313,383

18,416,336

Frederic

Gabriel…………………………...

33,313,383

18,416,336

Other

Trustee

Nominees

Robert

E.

Wade……………………………

27,239,692

2,634,936

David

W.

Niemiec………………………….

27,226,520

2,648,109

Harris

J.

Ashton……………………………

27,220,255

2,654,374

Ann

Torre

Bates…………………………..

27,104,742

2,769,887

For

Against

Abstain

79,561,454

11,094,574

9948,317

For

Against

Abstain

39,938,073

39,945,661

11,720,609

Templeton

Global

Income

Fund

Dividend

Reinvestment

and

Cash

Purchase

Plan

40

franklintempleton.com

Not

part

of

the

semiannual

report

The

Fund

offers

a

Dividend

Reinvestment

and

Cash

Purchase

Plan

(the

“Plan”)

with

the

following

features:

Shareholders

must

affirmatively

elect

to

participate

in

the

Plan.

If

you

decide

to

use

this

service,

dividends

and

capital

gains

distributions

will

be

reinvested

automatically

in

shares

of

the

Fund

for

your

account.

Whenever

the

Fund

declares

dividends

in

either

cash

or

shares

of

the

Fund,

if

the

market

price

is

equal

to

or

exceeds

net

asset

value

at

the

valuation

date,

the

participant

will

receive

the

dividends

entirely

in

new

shares

at

a

price

equal

to

the

net

asset

value,

but

not

less

than

95%

of

the

then

current

market

price

of

the

Fund’s

shares.

If

the

market

price

is

lower

than

net

asset

value

or

if

dividends

and/or

capital

gains

distributions

are

payable

only

in

cash,

the

participant

will

receive

shares

purchased

on

the

New

York

Stock

Exchange

or

otherwise

on

the

open

market.

A

participant

has

the

option

of

submitting

additional

cash

payments

to

the

Plan

Administrator,

in

any

amounts

of

at

least

$100,

up

to

a

maximum

of

$5,000

per

month,

for

the

purchase

of

Fund

shares

for

his

or

her

account.

These

payments

can

be

made

by

check

payable

to

American

Stock

Transfer

and

Trust

Company

LLC

(the

“Plan

Administrator”)

and

sent

to

American

Stock

Transfer

and

Trust

Company

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

Attention:

Templeton

Global

Income

Fund.

The

Plan

Administrator

will

apply

such

payments

(less

a

$5.00

service

charge

and

less

a

pro

rata

share

of

trading

fees)

to

purchases

of

Fund

shares

on

the

open

market.

The

automatic

reinvestment

of

dividends

and/or

capital

gains

does

not

relieve

the

participant

of

any

income

tax

that

may

be

payable

on

dividends

or

distributions.

Whenever

shares

are

purchased

on

the

New

York

Stock

Exchange

or

otherwise

on

the

open

market,

each

participant

will

pay

a

pro

rata

portion

of

trading

fees.

Trading

fees

will

be

deducted

from

amounts

to

be

invested.

The

Plan

Administrator’s

fee

for

a

sale

of

shares

through

the

Plan

is

$15.00

per

transaction

plus

a

$0.12

per

share

trading

fee.

A

participant

may

withdraw

from

the

Plan

without

penalty

at

any

time

by

written

notice

to

the

Plan

Administrator

sent

to

American

Stock

Transfer

and

Trust

Company

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560.

Upon

withdrawal,

the

participant

will

receive,

without

charge,

share

certificates

issued

in

the

participant’s

name

for

all

full

shares

held

by

the

Plan

Administrator;

or,

if

the

participant

wishes,

the

Plan

Administrator

will

sell

the

participant’s

shares

and

send

the

proceeds

to

the

participant,

less

a

service

charge

of

$15.00

and

less

trading

fees

of

$0.12

per

share.

The

Plan

Administrator

will

convert

any

fractional

shares

held

at

the

time

of

withdrawal

to

cash

at

current

market

price

and

send

a

check

to

the

participant

for

the

net

proceeds.

For

more

information,

please

see

the

Plan’s

Terms

and

Conditions

located

at

the

back

of

this

report.

Templeton

Global

Income

Fund

Dividend

Reinvestment

and

Cash

Purchase

Plan

41

franklintempleton.com

Not

part

of

the

semiannual

report

Transfer

Agent

American

Stock

Transfer

and

Trust

Company,

LLC

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-056

(800)

416-5585

www.astfinancial.com

Direct

Deposit

Service

for

Registered

Shareholders

Cash

distributions

can

now

be

electronically

credited

to

a

checking

or

savings

account

at

any

financial

institution

that

participates

in

the

Automated

Clearing

House

(“ACH”)

system.

The

Direct

Deposit

service

is

provided

for

registered

shareholders

at

no

charge.

To

enroll

in

the

service,

access

your

account

online

by

going

to

www.astfinancial.com

or

dial

(800)

416-5585

(toll

free)

and

follow

the

instructions.

Direct

Deposit

will

begin

with

the

next

scheduled

distribution

payment

date

following

enrollment

in

the

service.

Direct

Registration

If

you

are

a

registered

shareholder

of

the

Fund,

purchases

of

shares

of

the

Fund

can

be

electronically

credited

to

your

Fund

account

at

American

Stock

Transfer

and

Trust

Company,

LLC

through

Direct

Registration.

This

service

provides

shareholders

with

a

convenient

way

to

keep

track

of

shares

through

book

entry

transactions,

electronically

move

book-entry

shares

between

broker-dealers,

transfer

agents

and

DRS

eligible

issuers,

and

eliminate

the

possibility

of

lost

certificates.

For

additional

information,

please

contact

American

Stock

Transfer

and

Trust

Company,

LLC

at

(800)

416-5585.

Shareholder

Information

Shares

of

Templeton

Global

Income

Fund

are

traded

on

the

New

York

Stock

Exchange

under

the

symbol

“GIM.”

Information

about

the

net

asset

value

and

the

market

price

is

available

at

franklintempleton.com.

For

current

information

about

dividends

and

shareholder

accounts,

call

(800)

416-5585.

Registered

shareholders

can

access

their

Fund

account

on-line.

For

information

go

to

American

Stock

Transfer

and

Trust

Company,

LLC

website

at

www.

astfinancial.com

and

follow

the

instructions.

The

daily

closing

net

asset

value

as

of

the

previous

business

day

may

be

obtained

when

available

by

calling

Franklin

Templeton

Fund

Information

after

7

a.m.

Pacific

time

any

business

day

at

(800)

DIAL

BEN/342-5236.

The

Fund’s

net

asset

value

and

dividends

are

also

listed

on

the

NASDAQ

Stock

Market,

Inc.’s

Mutual

Fund

Quotation

Service

(“NASDAQ

MFQS”).

Shareholders

not

receiving

copies

of

reports

to

shareholders

because

their

shares

are

registered

in

the

name

of

a

broker

or

a

custodian

can

request

that

they

be

added

to

the

Fund’s

mailing

list,

by

writing

Templeton

Global

Income

Fund,

100

Fountain

Parkway,

P.O.

Box

33030,

St.

Petersburg,

FL,

33733-8030.

Templeton

Global

Income

Fund

Shareholder

Information

42

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

TEMPLETON

GLOBAL

INCOME

FUND

(Fund)

At

a

meeting

held

on

February

23,

2021

(Meeting),

the

Board

of

Trustees

(Board)

of

Templeton

Income

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

the

Management

Agreement.

In

considering

the

continuation

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

telephonic

contract

renewal

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters

and,

in

some

cases,

requested

additional

information

from

the

Manager

relating

to

the

contract.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

such

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements,

which

included

discussion

of

the

changing

distribution

landscape

for

the

Fund.

The

Board

noted

management’s

continuing

efforts

and

expenditures

in

establishing

effective

business

continuity

plans

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

such

as

cybersecurity

in

the

current

work-from-home

environment

and

liquidity

risk

management.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

enhancing

services

and

controlling

costs,

as

reflected

in

its

outsourcing

of

certain

administrative

functions,

and

growth

opportunities,

Templeton

Global

Income

Fund

Shareholder

Information

43

franklintempleton.com

Semiannual

Report

as

evidenced

by

its

recent

acquisition

of

the

Legg

Mason

companies.

The

Board

also

noted

FT’s

attention

focused

on

expanding

the

distribution

opportunities

for

all

funds

in

the

FT

family

of

funds.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

November

30,

2020.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

a

customized

peer

group

(Performance

Customized

Peer

Group)

selected

by

the

Manager.

The

Board

further

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

international

income

funds.

The

Performance

Customized

Peer

Group

for

the

Fund

also

provided

for

the

Board’s

consideration

included

the

Fund

and

all

retail

and

institutional

global

income

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

medians

and

in

the

first

quintile

(best)

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

below

the

medians

and

primarily

in

the

fifth

quintile

(worst)

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

discussed

this

performance

with

management

and

management

explained

that

the

relative

underperformance

of

the

Fund,

including

for

longer

periods,

is

largely

(though

not

exclusively)

due

to

the

Fund’s

underperformance

in

2019

and

2020.

Management

further

explained

that

during

these

two

years

the

Fund’s

underperformance

was

due,

in

part,

to

the

Fund’s

strategies

for

potential

rising

interest

rates

by

maintaining

low

portfolio

duration

in

the

US,

Europe

and,

in

2019,

Japan.

Management

also

explained

that

the

Fund’s

exposure

to

Argentina

in

2019,

to

a

lesser

extent,

contributed

to

the

underperformance.

Management

further

explained

that,

in

2020,

the

Fund’s

underweight

currency

positions

in

the

Euro

and

the

Australian

dollar,

as

well

as

certain

currency

positions

in

Latin

America,

also

contributed

to

the

underperformance.

The

Board,

however,

noted

that

the

Fund

was

in

the

first

or

second

quintile

in

terms

of

total

return

performance

relative

to

the

Fund’s

Customized

Peer

Group

in

6

out

of

7

years

from

2012

through

2018

and

that

management

has

continued

to

add

resources

to

the

portfolio

management

team

as

needed

and

that

the

sources

of

analysis

and

input

have

continued

to

expand.

Management

also

explained

that

the

Performance

Universe

was

comprised

of

funds

that

invest

in

debt

securities

of

issuers

located

in

at

least

three

countries,

excluding

the

US,

whereas

the

Performance

Customized

Peer

Group

was

comprised

of

funds

that,

like

the

Fund,

invest

in

debt

securities

of

issuers

located

in

at

least

three

countries,

one

of

which

may

be

the

US.

Management

then

discussed

with

the

Board

recent

adjustments

that

have

been

made

to

the

Fund’s

portfolio

positions

in

light

of

current

market

conditions.

The

Board

also

noted

the

Fund’s

first

(best)

and

second

quintile

annualized

income

return

compared

to

that

of

its

Performance

Universe

and

Performance

Customized

Peer

Group

for

all

periods.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

and

management’s

efforts

should

continue

to

be

monitored.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Templeton

Global

Income

Fund

Shareholder

Information

44

franklintempleton.com

Semiannual

Report

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

for

each

other

fund

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

eight

other

international

income

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2020,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

further

noted

management’s

representation

that

the

profitability

analysis

excluded

the

impact

of

the

recent

acquisition

of

the

Legg

Mason

companies

and

that

management

expects

to

incorporate

the

legacy

Legg

Mason

companies

into

the

profitability

analysis

beginning

next

year.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Fund

had

experienced

a

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term,

but

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

a

Manager

and

its

affiliates,

the

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

the

Management

Agreement

for

an

additional

one-year

period.

Templeton

Global

Income

Fund

Shareholder

Information

45

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Fund

files

a

complete

consolidated

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

TERMS

AND

CONDITIONS

OF

DIVIDEND

REINVESTMENT

AND

CASH

PURCHASE

PLAN

46

franklintempleton.com

Not

part

of

the

semiannual

report

1.

American

Stock

Transfer

and

Trust

Company

LLC

(“AST”),

will

act

as

Plan

Administrator

and

will

open

an

account

for

participating

shareholders

(“participant”)

under

the

Dividend

Reinvestment

and

Cash

Purchase

Plan

(the

“Plan”)

in

the

same

name

as

that

in

which

the

participant’s

present

shares

are

registered,

and

put

the

Plan

into

effect

as

of

the

first

record

date

for

a

dividend

or

capital

gains

distribution

after

AST

receives

the

authorization

duly

executed

by

such

participant.

2.

Whenever

Templeton

Global

Income

Fund

(the

“Fund”)

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

in

either

cash

or

shares

of

the

Fund

(“Fund

shares”),

if

the

market

price

per

share

on

the

valuation

date

equals

or

exceeds

the

net

asset

value

per

share,

participants

will

receive

such

dividend

or

distribution

entirely

in

Fund

shares,

and

AST

shall

automatically

receive

such

Fund

shares

for

participant

accounts

including

aggregate

fractions.

The

number

of

additional

Fund

shares

to

be

credited

to

participant

accounts

shall

be

determined

by

dividing

the

equivalent

dollar

amount

of

the

capital

gains

distribution

or

dividend

payable

to

participants

by

the

Fund’s

net

asset

value

per

share

of

the

Fund

shares

on

the

valuation

date,

provided

that

the

Fund

shall

not

issue

such

shares

at

a

price

lower

than

95%

of

the

current

market

price

per

share.

The

valuation

date

will

be

the

payable

date

for

such

distribution

or

dividend.

3.

Whenever

the

Fund

declares

a

distribution

from

capital

gains

or

an

income

dividend

payable

only

in

cash,

or

if

the

Fund’s

net

asset

value

per

share

exceeds

the

market

price

per

share

on

the

valuation

date,

AST

shall

apply

the

amount

of

such

dividend

or

distribution

payable

to

participants

to

the

purchase

of

Fund

shares

on

the

open

market

(less

their

pro

rata

share

of

trading

fees

incurred

with

respect

to

open

market

purchases

in

connection

with

the

reinvestment

of

such

dividend

or

distribution).

If,

before

AST

has

completed

its

purchases,

the

market

price

exceeds

the

net

asset

value

per

share,

the

average

per

share

purchase

price

paid

by

AST

may

exceed

the

net

asset

value

of

the

Fund’s

shares,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

dividend

or

capital

gains

distribution

had

been

paid

in

shares

issued

by

the

Fund

at

net

asset

value

per

share.

Such

purchases

will

be

made

promptly

after

the

payable

date

for

such

dividend

or

distribution,

and

in

no

event

later

than

five

business

days

prior

to

the

record

date

for

the

next

dividend

or

distribution

except

where

temporary

curtailment

or

suspension

of

purchase

is

necessary

to

comply

with

applicable

provisions

of

the

Federal

securities

laws.

4.

A

participant

has

the

option

of

submitting

additional

payments

to

AST,

in

any

amounts

of

at

least

$100,

up

to

a

maximum

of

$5,000

per

month,

for

the

purchase

of

Fund

shares

for

his

or

her

account.

These

payments

may

be

made

electronically

through

AST

at

www.astfinancial.com

or

by

check

payable

to

“American

Stock

Transfer

and

Trust

Company

LLC”

and

sent

to

American

Stock

Transfer

and

Trust

Company

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

Attention:

Templeton

Global

Income

Fund.

AST

shall

apply

such

payments

(less

a

$5.00

service

charge

and

less

a

pro

rata

share

of

trading

fees)

to

purchases

of

Fund

shares

on

the

open

market,

as

discussed

below

in

paragraph

6.

AST

shall

make

such

purchases

promptly

beginning

on

the

dividend

payment

date,

which

is

usually

the

last

business

day

of

each

month,

or,

in

the

event

that

there

is

no

dividend

or

distribution

paid

in

a

month,

AST

shall

make

such

purchases

on

the

last

business

day

of

that

month,

and

in

no

event

more

than

30

days

after

receipt,

except

where

necessary

to

comply

with

provisions

of

the

Federal

securities

laws.

Any

voluntary

payment

received

less

than

two

business

days

before

an

investment

date

shall

be

invested

during

the

following

month

unless

there

are

more

than

30

days

until

the

next

investment

date,

in

which

case

such

payment

will

be

returned

to

the

participant.

AST

shall

return

to

the

participant

his

or

her

entire

voluntary

cash

payment

upon

written

notice

of

withdrawal

received

by

AST

not

less

than

48

hours

before

such

payment

is

to

be

invested.

Such

written

notice

shall

be

sent

to

AST

by

the

participant,

as

discussed

below

in

paragraph

14.

5.

For

all

purposes

of

the

Plan:

(a)

the

market

price

of

the

Fund’s

shares

on

a

particular

date

shall

be

the

last

sale

price

on

the

New

York

Stock

Exchange

on

that

date

if

a

business

day

and

if

not,

on

the

preceding

business

day,

or

if

there

is

no

sale

on

such

Exchange

on

such

date,

then

the

mean

between

the

closing

bid

and

asked

quotations

for

such

shares

on

such

Exchange

on

such

date,

and

(b)

net

asset

value

per

share

of

the

Fund’s

shares

on

a

particular

date

shall

be

as

determined

by

or

on

behalf

of

the

Fund.

6.

Open

market

purchases

provided

for

above

may

be

made

on

any

securities

exchange

where

Fund

shares

are

traded,

in

the

over-the-counter

market

or

in

negotiated

transactions

and

may

be

on

such

terms

as

to

price,

delivery

and

otherwise

as

AST

shall

determine.

Participant

funds

held

by

AST

uninvested

will

not

bear

interest,

and

it

is

understood

that,

in

any

event,

AST

shall

have

no

liability

in

connection

with

any

inability

to

purchase

Fund

shares

within

five

business

days

prior

to

the

record

date

for

the

next

47

franklintempleton.com

Not

part

of

the

semiannual

report

TERMS

AND

CONDITIONS

OF

DIVIDEND

REINVESTMENT

AND

CASH

PURCHASE

PLAN

(continued)

dividend

or

distribution

as

herein

provided,

or

with

the

timing

of

any

purchases

effected.

AST

shall

have

no

responsibility

as

to

the

value

of

the

Fund

shares

acquired

for

participant

accounts.

For

the

purposes

of

purchases

on

the

open

market,

AST

may

aggregate

purchases

with

those

of

other

participants,

and

the

average

price

(including

trading

fees)

of

all

shares

purchased

by

AST

shall

be

the

price

per

share

allocable

to

all

participants.

7.

AST

will

hold

shares

acquired

pursuant

to

this

Plan,

together

with

the

shares

of

other

participants

acquired

pursuant

to

this

Plan,

in

its

name

or

that

of

its

nominee.

AST

will

forward

to

participants

any

proxy

solicitation

material

and

will

vote

any

shares

so

held

for

participants

only

in

accordance

with

the

proxies

returned

by

participants

to

the

Fund.

Upon

written

request,

AST

will

deliver

to

participants,

without

charge,

a

certificate

or

certificates

for

all

or

a

portion

of

the

full

shares

held

by

AST.

8.

AST

will

confirm

to

participants

each

acquisition

made

for

an

account

as

soon

as

practicable

but

not

later

than

ten

business

days

after

the

date

thereof.

AST

will

send

to

participants

a

detailed

account

statement

showing

total

dividends

and

distributions,

date

of

investment,

shares

acquired

and

price

per

share,

and

total

shares

of

record

for

the

account.

Although

participants

may

from

time

to

time

have

an

undivided

fractional

interest

(computed

to

three

decimal

places)

in

a

share

of

the

Fund,

no

certificates

for

a

fractional

share

will

be

issued.

However,

dividends

and

distributions

on

fractional

shares

will

be

credited

to

participant

accounts.

In

the

event

of

termination

of

an

account

under

the

Plan,

AST

will

adjust

for

any

such

undivided

fractional

interest

in

cash

at

the

market

price

of

the

Fund’s

shares

on

the

date

of

termination.

9.

Any

share

dividends

or

split

shares

distributed

by

the

Fund

on

shares

held

by

AST

for

participants

will

be

credited

to

participant

accounts.

In

the

event

that

the

Fund

makes

available

to

its

shareholders

transferable

rights

to

purchase

additional

Fund

shares

or

other

securities,

AST

will

sell

such

rights

and

apply

the

proceeds

of

the

sale

to

the

purchase

of

additional

Fund

shares

for

the

participant

accounts.

The

shares

held

for

participants

under

the

Planwill

be

added

to

underlying

shares

held

by

participants

in

calculating

the

number

of

rights

to

be

issued.

10.

AST’s

service

charge

for

capital

gains

or

income

dividend

purchases

will

be

paid

by

the

Fund

when

shares

are

issued

by

the

Fund

or

purchased

on

the

open

market.

AST

will

deduct

a

$5.00

service

charge

from

each

voluntary

cash

payment.

Participants

will

be

charged

a

pro

rata

share

of

trading

fees

on

all

open

market

purchases.

11.

Participants

may

withdraw

shares

from

such

participant’s

account

or

terminate

their

participation

under

the

Plan

by

notifying

AST

in

writing.

Such

withdrawal

or

termination

will

be

effective

immediately

if

notice

is

received

by

AST

not

less

than

two

days

prior

to

any

dividend

or

distribution

record

date;

otherwise

such

withdrawal

or

termination

will

be

effective

after

the

investment

of

any

current

dividend

or

distribution

or

voluntary

cash

payment.

The

Plan

may

be

terminated

by

AST

or

the

Fund

upon

90

days’

notice

in

writing

mailed

to

participants.

Upon

any

withdrawal

or

termination,

AST

will

cause

a

certificate

or

certificates

for

the

full

shares

held

by

AST

for

participants

and

cash

adjustment

for

any

fractional

shares

(valued

at

the

market

value

of

the

shares

at

the

time

of

withdrawal

or

termination)

to

be

delivered

to

participants,

less

any

trading

fees.

Alternatively,

a

participant

may

elect

by

written

notice

to

AST

to

have

AST

sell

part

or

all

of

the

shares

held

for

him

and

to

remit

the

proceeds

to

him.

AST

is

authorized

to

deduct

a

$15.00

service

charge

and

a

$0.12

per

share

trading

fee

for

this

transaction

from

the

proceeds.

If

a

participant

disposes

of

all

shares

registered

in

his

name

on

the

books

of

the

Fund,

AST

may,

at

its

option,

terminate

the

participant’s

account

or

determine

from

the

participant

whether

he

wishes

to

continue

his

participation

in

the

Plan.

12.

These

terms

and

conditions

may

be

amended

or

supplemented

by

AST

or

the

Fund

at

any

time

or

times,

except

when

necessary

or

appropriate

to

comply

with

applicable

law

or

the

rules

or

policies

of

the

U.S.

Securities

and

Exchange

Commission

or

any

other

regulatory

authority,

only

by

mailing

to

participants

appropriate

written

notice

at

least

90

days

prior

to

the

effective

date

thereof.

The

amendment

or

supplement

shall

be

deemed

to

be

accepted

by

participants

unless,

prior

to

the

effective

date

thereof,

AST

receives

written

notice

of

the

termination

of

a

participant

account

under

the

Plan.

Any

such

amendment

may

include

an

appointment

by

AST

in

its

place

and

stead

of

a

successor

Plan

Administrator

under

these

terms

and

conditions,

with

full

power

and

authority

to

perform

all

or

any

of

the

acts

to

be

performed

by

AST

under

these

terms

and

conditions.

Upon

any

such

appointment

of

a

Plan

Administrator

for

the

purpose

of

receiving

dividends

and

distributions,

the

Fund

will

be

authorized

to

pay

to

such

successor

Plan

Administrator,

for

a

participant’s

account,

all

dividends

and

distributions

payable

on

Fund

shares

held

in

a

participant’s

48

franklintempleton.com

Not

part

of

the

semiannual

report

TERMS

AND

CONDITIONS

OF

DIVIDEND

REINVESTMENT

AND

CASH

PURCHASE

PLAN

(continued)

name

or

under

the

Plan

for

retention

or

application

by

such

successor

Plan

Administrator

as

provided

in

these

terms

and

conditions.

13.

AST

shall

at

all

times

act

in

good

faith

and

agree

to

use

its

best

efforts

within

reasonable

limits

to

ensure

the

accuracy

of

all

services

performed

under

this

Agreement

and

to

comply

with

applicable

law,

but

shall

assume

no

responsibility

and

shall

not

be

liable

for

loss

or

damage

due

to

errors

unless

such

error

is

caused

by

AST’s

negligence,

bad

faith

or

willful

misconduct

or

that

of

its

employees.

14.

Any

notice,

instruction,

request

or

election

which

by

any

provision

of

the

Plan

is

required

or

permitted

to

be

given

or

made

by

the

participant

to

AST

shall

be

in

writing

addressed

to

American

Stock

Transfer

and

Trust

Company

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

or

www.astfinancial.com

or

such

other

address

as

AST

shall

furnish

to

the

participant,

and

shall

have

been

deemed

to

be

given

or

made

when

received

by

AST.

15.

Any

notice

or

other

communication

which

by

any

provision

of

the

Plan

is

required

to

be

given

by

AST

to

the

participant

shall

be

in

writing

and

shall

be

deemed

to

have

been

sufficiently

given

for

all

purposes

by

being

deposited

postage

prepaid

in

a

post

office

letter

box

addressed

to

the

participant

at

his

or

her

address

as

it

shall

last

appear

on

AST’s

records.

The

participant

agrees

to

notify

AST

promptly

of

any

change

of

address.

16.

These

terms

and

conditions

shall

be

governed

by

and

construed

in

accordance

with

the

laws

of

the

State

of

New

York

and

the

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission,

as

they

may

be

amended

from

time

to

time.

TLGIM

S

08/21

©

2021

Franklin

Templeton

Investments.

All

rights

reserved.

Investors

should

be

aware

that

the

value

of

investments

made

for

the

Fund

may

go

down

as

well

as

up.

Like

any

investment

in

securities,

the

value

of

the

Fund’s

portfolio

will

be

subject

to

the

risk

of

loss

from

market,

currency,

economic,

political

and

other

factors.

The

Fund

and

its

investors

are

not

protected

from

such

losses

by

the

investment

manager.

Therefore,

investors

who

cannot

accept

this

risk

should

not

invest

in

shares

of

the

Fund.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

Templeton

Global

Income

Fund

Investment

Manager

Transfer

Agent

Fund

Information

Franklin

Advisers,

Inc.

American

Stock

Transfer

&

Trust

Co.,

LLC

6201

15th

Avenue

Brooklyn,

NY

11219

Toll

Free

Number:

(800)

416-5585

Hearing

Impaired

Number:

(866)

703-9077

International

Phone

Number:

(718)

921-8124

www.astfinancial.com

(800)

DIAL

BEN

®

/

342-5236

Item 2. Code of Ethics. 

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

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

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

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

Principal Accountant Fees and Services.  N/A

Item 5. Audit Committee

of Listed Registrants

Members of the Audit Committee are:  Mary C. Choksi, J. Michael Luttig and Constantine D. Tseretopoulos.

Item 6. Schedule of Investments.               

N/A

Item 7

. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The board of trustees of the Fund has delegated the authority to vote proxies related to the portfolio securities held by the Fund to the Fund’s investment manager, Franklin Advisers, Inc., in accordance with the Proxy Voting Policies and Procedures (Policies) adopted by the investment manager.

The investment manager has delegated its administrative duties with respect to the voting of proxies for securities to the Proxy Group within Franklin Templeton Companies, LLC (Proxy Group), an affiliate and wholly owned subsidiary of Franklin Resources, Inc. All proxies received by the Proxy Group will be voted based upon the investment manager’s instructions and/or policies. The investment manager votes proxies solely in the best interests of the Fund and its shareholders.

To assist it in analyzing proxies of equity securities, the investment manager subscribes to Institutional Shareholder Services, Inc. (ISS), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas, vote recommendations, vote execution services, ballot reconciliation services, recordkeeping and vote disclosure services. In addition, the investment manager subscribes to Glass, Lewis & Co., LLC (Glass Lewis), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research. Although analyses provided by ISS, Glass Lewis, and/or another independent third party proxy service provider (each a "Proxy Service") are thoroughly reviewed and considered in making a final voting decision, the investment manager does not consider recommendations from a Proxy Service or any third party to be determinative of the investment manager's ultimate decision. Rather, the investment manager exercises its independent judgment in making voting decisions. For most proxy proposals, the investment manager’s evaluation will result in the same position being taken for all Funds. In some cases, however, the evaluation may result in a Fund or investment manager voting differently, depending upon the nature and objective of the Fund, the composition of its portfolio, whether the investment manager has adopted a custom voting policy, and other factors. As a matter of policy, the officers, directors/trustees and employees of the investment manager and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of the Fund and its shareholders. Efforts are made to resolve all conflicts in the best interests of the investment manager’s clients. 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. In situations where a material conflict of interest is identified, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service; or send the proxy directly to the Fund's board or a committee of the board with the investment manager's recommendation regarding the vote for approval.

Where a material conflict of interest has been identified, but the items on which the investment manager’s vote recommendations differ from a Proxy Service and relate specifically to (1) shareholder proposals regarding social or environmental issues, (2) “Other Business” without describing the matters that might be considered, or (3) items the investment manager wishes to vote in opposition to the recommendations of an issuer’s management, the Proxy Group may defer to the vote recommendations of the investment manager rather than sending the proxy directly to the Fund's board or a board committee for approval.

To avoid certain potential conflicts of interest, the investment manager will employ echo voting or pass-through voting, if possible, in the following instances: (1) when the Fund invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F) or (G) of the 1940 Act, the rules thereunder, or pursuant to a SEC exemptive order thereunder; (2) when the Fund invests uninvested cash in affiliated money market funds pursuant to the rules under the 1940 Act or any exemptive orders thereunder (“cash sweep arrangement”); or (3) when required pursuant to the Fund’s governing documents or applicable law. Echo voting means that the investment manager will vote the shares in the same proportion as the vote of all other holders of the underlying fund's shares. With respect to instances when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on any one of Sections 12(d)(1)(F) or (G) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder, and there are no other unaffiliated shareholders also invested in the underlying fund, the investment manager will vote in accordance with the recommendation of such investment company’s board of trustees or directors. In addition, to avoid certain potential conflicts of interest, and where required under a fund’s governing documents or applicable law, the investment manager will employ pass-through voting when a Franklin Templeton U.S. registered investment company invests in an underlying fund in reliance on Section 12(d)(1)(E) of the 1940 Act, the rules thereunder, or pursuant to an SEC exemptive order thereunder. In “pass-through voting,” a feeder fund will solicit voting instructions from its shareholders as to how to vote on the master fund’s proposals. If a Franklin Templeton investment company becomes a holder of more than 25% of the shares on a non-affiliated fund, as a result of a decrease in the outstanding shares of the non-affiliated fund, then the investment manager will vote the shares in the same proportion as the vote of all other holders of the non-affiliated fund.

The recommendation of management on any issue is a factor that the investment manager considers in determining how proxies should be voted. However, the investment manager does not consider recommendations from management to be determinative of the investment manager’s ultimate decision. As a matter of practice, the votes with respect to most issues are cast in accordance with the position of the company's management. Each issue, however, is considered on its own merits, and the investment manager will not support the position of the company's management in any situation where it deems that the ratification of management’s position would adversely affect the investment merits of owning that company’s shares.

Engagement with issuers

. The investment manager believes that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The investment manager may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. The investment manager may also engage with management on a range of environmental, social or corporate governance issues throughout the year.

Investment manager’s proxy voting policies and principles

 The investment manager has adopted general proxy voting guidelines, which are summarized below. These guidelines are not an exhaustive list of all the issues that may arise and the investment manager cannot anticipate all future situations. In all cases, each proxy and proposal (including both management and shareholder proposals) will be considered based on the relevant facts and circumstances on a case-by-case basis.

Board of directors

. The investment manager supports an independent, diverse board of directors, and prefers that key committees such as audit, nominating, and compensation committees be comprised of independent directors. The investment manager supports boards with strong risk management oversight. The investment manager will generally vote against management efforts to classify a board and will generally support proposals to declassify the board of directors. The investment manager will consider withholding votes from directors who have attended less than 75% of meetings without a valid reason. While generally in favor of separating Chairman and CEO positions, the investment manager will review this issue as well as proposals to restore or provide for cumulative voting on a case-by-case basis, taking into consideration factors such as the company’s corporate governance guidelines or provisions and performance. The investment manager generally will support non-binding shareholder proposals to require a majority vote standard for the election of directors; however, if these proposals are binding, the investment manager will give careful review on a case-by-case basis of the potential ramifications of such implementation.

In the event of a contested election, the investment manager will review a number of factors in making a decision including management’s track record, the company’s financial performance, qualifications of candidates on both slates, and the strategic plan of the dissidents and/or shareholder nominees.

Ratification of auditors of portfolio companies

. The investment manager will closely scrutinize the independence, role and performance of auditors. On a case-by-case basis, the investment manager will examine proposals relating to non-audit relationships and non-audit fees. The investment manager will also consider, on a case-by-case basis, proposals to rotate auditors, and will vote against the ratification of auditors when there is clear and compelling evidence of a lack of independence, accounting irregularities or negligence. The investment manager may also consider whether the ratification of auditors has been approved by an appropriate audit committee that meets applicable composition and independence requirements.

Management and director compensation

. A company’s equity-based compensation plan should be in alignment with the shareholders’ long-term interests. The investment manager believes that executive compensation should be directly linked to the performance of the company. The investment manager evaluates plans on a case-by-case basis by considering several factors to determine whether the plan is fair and reasonable, including the ISS quantitative model utilized to assess such plans and/or the Glass Lewis evaluation of the plans. The investment manager will generally oppose plans that have the potential to be excessively dilutive, and will almost always oppose plans that are structured to allow the repricing of underwater options, or plans that have an automatic share replenishment “evergreen” feature. The investment manager will generally support employee stock option plans in which the purchase price is at least 85% of fair market value, and when potential dilution is 10% or less.

Severance compensation arrangements will be reviewed on a case-by-case basis, although the investment manager will generally oppose “golden parachutes” that are considered to be excessive. The investment manager will normally support proposals that require a percentage of directors’ compensation to be in the form of common stock, as it aligns their interests with those of shareholders.

The investment manager will review non-binding say-on-pay proposals on a case-by-case basis, and will generally vote in favor of such proposals unless compensation is misaligned with performance and/or shareholders’ interests, the company has not provided reasonably clear disclosure regarding its compensation practices, or there are concerns with the company’s remuneration practices.

Anti-takeover mechanisms and related issues

.  The investment manager generally opposes anti-takeover measures since they tend to reduce shareholder rights. However, as with all proxy issues, the investment manager conducts an independent review of each anti-takeover proposal. On occasion, the investment manager may vote with management when the research analyst has concluded that the proposal is not onerous and would not harm the Fund or its shareholders’ interests. The investment manager generally supports proposals that require shareholder rights’ plans (often referred to as “poison pills”) to be subject to a shareholder vote and will closely evaluate such plans on a case-by-case basis to determine whether or not they warrant support. In addition, the investment manager will generally vote against any proposal to issue stock that has unequal or subordinate voting rights. The investment manager generally opposes any supermajority voting requirements as well as the payment of “greenmail.” The investment manager generally supports “fair price” provisions and confidential voting. The investment manager will review a company’s proposal to reincorporate to a different state or country on a case-by-case basis taking into consideration financial benefits such as tax treatment as well as comparing corporate governance provisions and general business laws that may result from the change in domicile.

Changes to capital structure

. The investment manager realizes that a company's financing decisions have a significant impact on its shareholders, particularly when they involve the issuance of additional shares of common or preferred stock or the assumption of additional debt. The investment manager will review, on a case-by-case basis, proposals by companies to increase authorized shares and the purpose for the increase. The investment manager will generally not vote in favor of dual-class capital structures to increase the number of authorized shares where that class of stock would have superior voting rights. The investment manager will generally vote in favor of the issuance of preferred stock in cases where the company specifies the voting, dividend, conversion and other rights of such stock and the terms of the preferred stock issuance are deemed reasonable. The investment manager will review proposals seeking preemptive rights on a case-by-case basis.

Mergers and corporate restructuring

. Mergers and acquisitions will be subject to careful review by the research analyst to determine whether they would be beneficial to shareholders. The investment manager will analyze various economic and strategic factors in making the final decision on a merger or acquisition. Corporate restructuring proposals are also subject to a thorough examination on a case-by-case basis.

Environmental and social issues

.  The investment manager considers environmental and social issues alongside traditional financial measures to provide a more comprehensive view of the value, risk and return potential of an investment. Companies may face significant financial, legal and reputational risks resulting from poor environmental and social practices, or negligent oversight of environmental or social issues. Franklin Templeton’s “Responsible Investment Principles and Policies” describes the investment manager’s approach to consideration of environmental, social and governance issues within the investment manager’s processes and ownership practices.

Shareholder proposals.

The investment manager will review shareholder proposals on a case-by-case basis and may support those that serve to enhance value or mitigate risk, are drafted appropriately, and do not disrupt the course of business or require a disproportionate or inappropriate use of company resources.

In the investment manager’s experience, those companies that are managed well are often effective in dealing with the relevant environmental and social issues that pertain to their business. As such, the investment manager will generally give management discretion with regard to environmental and social issues. However, in cases where management and the board have not demonstrated adequate efforts to mitigate material environmental or social risks, have engaged in inappropriate or illegal conduct, or have failed to adequately address current or emergent risks that threaten shareholder value, the investment manager may choose to support well-crafted shareholder proposals that serve to promote or protect shareholder value. This may include seeking appropriate disclosure regarding material environmental and social issues.

The investment manager will consider supporting a shareholder proposal seeking disclosure and greater board oversight of lobbying and corporate political contributions if the investment manager believes that there is evidence of inadequate oversight by the company’s board, if the company’s current disclosure is significantly deficient, or if the disclosure is notably lacking in comparison to the company’s peers.

Governance matters

. The investment manager generally supports the right of shareholders to call special meetings and act by written consent. However, the investment manager will review such shareholder proposals on a case-by-case basis in an effort to ensure that such proposals do not disrupt the course of business or require a disproportionate or inappropriate use of company resources.

Proxy access

. In cases where the investment manager is satisfied with company performance and the responsiveness of management, it will generally vote against shareholder proxy access proposals not supported by management. In other instances, the investment manager will consider such proposals on a case-by-case basis, taking into account factors such as the size of the company, ownership thresholds and holding periods, nomination limits (e.g., number of candidates that can be nominated), the intentions of the shareholder proponent, and shareholder base.

Global corporate governance

. Many of the tenets discussed above are applied to the investment manager's proxy voting decisions for international investments. However, the investment manager must be flexible in these worldwide markets. Principles of good corporate governance may vary by country, given the constraints of a country’s laws and acceptable practices in the markets. As a result, it is on occasion difficult to apply a consistent set of governance practices to all issuers. As experienced money managers, the investment manager's analysts are skilled in understanding the complexities of the regions in which they specialize and are trained to analyze proxy issues germane to their regions.

The investment manager will generally attempt to process every proxy it receives for all domestic and foreign securities. However, there may be situations in which the investment manager may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where: (i) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if the investment manager votes a proxy or where the investment manager is prohibited from voting by applicable law, economic or other sanctions, or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) additional documentation or the disclosure of beneficial owner details is required; (vi) the investment manager held shares on the record date but has sold them prior to the meeting date; (vii) a proxy voting service is not offered by the custodian in the market; (viii) due to either system error or human error, the investment manager’s intended vote is not correctly submitted; (ix) the investment manager believes it is not in the best interest of the Fund or its shareholders to vote the proxy for any other reason not enumerated herein; or (x) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.

In some non-U.S. jurisdictions, even if the investment manager uses reasonable efforts to vote a proxy on behalf of the Fund, such vote or proxy may be rejected because of (a) operational or procedural issues experienced by one or more third parties involved in voting proxies in such jurisdictions; (b) changes in the process or agenda for the meeting by the issuer for which the investment manager does not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the investment manager. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the investment manager's votes are not received, or properly tabulated, by an issuer or the issuer's agent.

The investment manager or its affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the investment manager or its affiliates, determine to use its best efforts to recall any security on loan where the investment manager or its affiliates (a) learn of a vote on a material event that may affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes.

Procedures for meetings involving fixed income securities & privately held issuers

.  From time to time, certain custodians may process events for fixed income securities through their proxy voting channels rather than corporate action channels for administrative convenience. In such cases, the Proxy Group will receive ballots for such events on the ISS voting platform. The Proxy Group will solicit voting instructions from the investment manager for each Fund involved. If the Proxy Group does not receive voting instructions from the investment manager, the Proxy Group will take no action on the event. The investment manager may be unable to vote a proxy for a fixed income security, or may choose not to vote a proxy, for the reasons described above.

In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.

The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the investment manager may nonetheless vote as it deems in the best interests of the Fund. The investment manager will report such decisions on an annual basis to the Fund board as may be required.

Shareholders may view the 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 33301-1923, Attention: Proxy Group. Copies of the Fund’s proxy voting records are available online at franklintempleton.com and posted on the SEC website at www.sec.gov. The proxy voting records are updated each year by August 31 to reflect the most recent 12-month period ended June 30

.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A

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

Item 13. Exhibits.

(a)(1)

Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and

Robert G. Kubilis

, Chief Financial Officer and Chief Accounting Officer

section302

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of

Matthew T. Hinkle

, Chief Executive Officer - Finance and Administration, and

Robert G. Kubilis

, Chief Financial Officer and Chief Accounting Officer

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TEMPLETON GLOBAL INCOME FUND

By S\Matthew T. Hinkle__________________________

     Matthew T. Hinkle

     Chief Executive Officer - Finance and Administration

Date August 25, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\Matthew T. Hinkle____________________________

     Matthew T. Hinkle

     Chief Executive Officer - Finance and Administration

Date August 25, 2021

By S\Robert G. Kubilis_______________________________

     Robert G. Kubilis

     Chief Financial Officer and Chief Accounting Officer

Date August 25, 2021

EX-99.CODE ETH

Code of Ethics for Principal Executives & Senior Financial Officers

  Procedures   Revised December 19, 2014

FRANKLIN TEMPLETON FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS

I.Covered Officers and Purpose of theCode

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

·

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

·

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

·

Compliance with applicable laws and governmental rules andregulations;

·

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

·

Accountability for adherence to theCode.

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

*

Rule38a-1underthe InvestmentCompanyActof1940(“1940Act”)andRule206(4)-7undertheInvestmentAdvisersActof 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 andProcedures”).

CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments © 2014. All RightsReserved.

II.Other Policies andProcedures

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

Franklin Resources, Inc. has separately adopted the Code of Ethics and Business Conduct (“Business Conduct”), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee’s business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employeepolicies.

Additionally, the Franklin Templeton Funds have separately adopted the FTI Personal Investments and Insider Trading Policy governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

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

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

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

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

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

2

for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

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

Each Covered Officer must:

·

Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the CoveredOfficer would benefit personally to the detriment of the FTFunds;

·

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

·

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

·

Report at least annually the following affiliations or otherrelationships:

1

o

all directorships for public companies and all companies that are required to file reports with theSEC;

o

any direct or indirect business relationship with any independent directors ofthe FTFunds;

o

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

o

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

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

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

2

:

·

Service as a director on the board of any public or privateCompany.

1

ReportingoftheseaffiliationsorotherrelationshipsshallbemadebycompletingtheannualDirectorsandOfficersQuestionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy GeneralCounsel.

2

AnyactivityorrelationshipthatwouldpresentaconflictforaCovered OfficermayalsopresentaconflictfortheCovered Officer

if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT’s General Counsel in such situations.

3

·

The receipt of any gifts in excess of $100 from any person, from any corporationor association.

·

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

·

Any ownership interest in, or any consulting or employment relationship with, any ofthe FT Fund’s service providers, other than an investment adviser, principal underwriter, administrator or any affiliated personthereof.

·

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

·

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

IV.Disclosure andCompliance

·

Each Covered Officer should familiarize himself with the disclosurerequirements generally applicable to the FTFunds;

·

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds’ directors and auditors, and to governmentalregulators and self-regulatoryorganizations;

·

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

·

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

V.Reporting and Accountability

Each Covered Officer must:

·

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

·

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

·

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

4

Code.

Franklin Resources’ General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.

3

However, the Independent Directors of the respective FT Funds will consider any approvals or waivers

4

sought by any Chief Executive Officers of the Funds.

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

·

Franklin Resources General Counsel or Deputy General Counsel will take allappropriate action to investigate any potential violations reported to the LegalDepartment;

·

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

·

Any matter that the General Counsel or Deputy General Counsel believes is aviolation will be reported to the Independent Directors of the appropriate FTFund;

·

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

·

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

·

Any changes to or waivers of this Code will, to the extent required, are disclosedas provided by SECrules.

5

VI.Other Policies andProcedures

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

3

FranklinResourcesGeneralCounselandDeputyGeneralCounselareauthorizedtoconsult,asappropriate,withmembersofthe AuditCommittee, counseltotheFTFundsandcounseltotheIndependentDirectors,andareencouragedtodoso.

4

Item2ofFormN-CSRdefines"waiver"as"theapprovalbytheregistrantofamaterialdeparturefromaprovisionofthecodeof

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

5

See PartX.

VII.Amendments

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

VIII.Confidentiality

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

IX.InternalUse

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

X.Disclosure on FormN-CSR

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

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

The Legal Department shall be responsible for ensuring that:

·

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

·

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

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

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

EXHIBIT A

Persons Covered by the Franklin Templeton Funds Code of Ethics

July 2021

FRANKLIN GROUP OF FUNDS

EdwardPerks                           President and Chief Executive Officer – Investment Management

Rupert H.Johnson,Jr.               Chairman of the Board and VicePresident

MichaelMcCarthy                      President and Chief Executive Officer – Investment Management

Sonal Desai,PhD                     President and Chief Executive Officer – Investment Management

MatthewHinkle                          Chief Executive Officer – Finance andAdministration

RobertG.Kubilis                       Chief Financial Officer and Chief Accounting Officer andTreasurer

FRANKLIN MUTUAL SERIES FUNDS

Christian Correa                        Chief Executive Officer – Investment Management

MatthewHinkle                          Chief Executive Officer – Finance and Administration

RobertG.Kubilis                       Chief Financial Officer and Chief AccountingOfficer

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

BrooksRitchey                          President and Chief Executive Officer – Investment Management

MatthewHinkle                          Chief Executive Officer – Finance andAdministration

RobertG.Kubilis                       Chief Financial Officer, Chief Accounting Officer andTreasurer

TEMPLETON GROUP OF FUNDS

Rupert H.JohnsonJr.                Chairman of the Board and VicePresident

ManrajS.Sekhon                      President and Chief Executive Officer – Investment Management

Michael Hasenstab, Ph.D.          President and Chief Executive Officer – Investment Management

AlanBartlett                              President and Chief Executive Officer – Investment Management

MatthewHinkle                          Chief Executive Officer – Finance andAdministration

RobertG.Kubilis                       Chief Financial Officer, Chief Accounting Officer andTreasurer

Exhibit B ACKNOWLEDGMENT FORM

Franklin Templeton Funds Code of Ethics

For Principal Executives and Senior Financial Officers

Instructions:

1.Complete all sections of thisform.

2.Print the completed form, sign, anddate.

3.

Submit completed form to FT’s General Counsel c/o Code of Ethics Administration within 10

4.

days of becoming a Covered Officer and by February 15

th

of each subsequentyear.

E-mail:      Code of Ethics Inquiries & Requests (internal address);

lpreclear@franklintempleton.com

(externaladdress)

Covered Officer’s Name:

Title:

Department:

Location:

Certification for Year Ending:

To: Franklin Resources General Counsel, Legal Department

I acknowledge receiving, reading and understanding the Franklin Templeton Fund’s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the “Code”). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

Signature Date signed

EX-99.CERT

I, Matthew T. Hinkle, certify that:

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

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

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

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

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

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

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

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

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

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

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

8/25/2021

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Robert G. Kubilis, certify that:

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

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

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

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

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

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

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

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

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

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

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

8/25/2021

S\ROBERT G. KUBILIS

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer

EX-99.906 CERT

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew T. Hinkle, Chief Executive Officer of the Templeton Global Income Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The periodic report on Form N-CSR of the Registrant for the period ended 6/30/2021 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated:  8/25/2021

                                                S\MATTHEW T. HINKLE

                                                Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Robert G. Kubilis, Chief Financial Officer of the Templeton Global Income Fund (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The periodic report on Form N-CSR of the Registrant for the period ended 6/30/2021 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated:  8/25/2021

                                                S\ROBERT G. KUBILIS

                                                Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer