Saba Capital Income & Opportunities Fund II (SABA) NPORT-P Templeton Global Income Fund (Mar 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TLGIM-Q1PH

1

Statement

of

Investments

(un-

audited)

Templeton

Global

Income

Fund

2

Notes

to

Financial

Statements

15

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited),

March

31,

2021

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

72.0%

Argentina

2.0%

a,b

Argentina

BONCER

,

Index

Linked,

1.1%,

4/17/21

.......

128,609,036

ARS

$

883,518

Index

Linked,

1%,

8/05/21

........

69,198,592

ARS

478,467

Index

Linked,

1.664%,

3/18/22

.....

676,158,885

ARS

4,659,452

Index

Linked,

1.3%,

9/20/22

.......

6,047,991

ARS

41,683

Index

Linked,

1.937%,

3/25/23

.....

395,816,084

ARS

2,625,562

Index

Linked,

2.075%,

3/25/24

.....

395,816,094

ARS

2,418,248

b,c

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar,

FRN,

36.119%,

(ARS

BADLAR

+

2%),

4/03/22

.........

20,588,000

ARS

135,662

b

Argentina

Government

Bond

,

18.2%,

10/03/21

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

252,627,000

ARS

1,596,134

16%,

10/17/23

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

283,431,000

ARS

1,124,475

15.5%,

10/17/26

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

512,895,000

ARS

1,424,604

15,387,805

China

4.5%

China

Government

Bond,

2.93%,

12/10/22

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

228,000,000

CNY

34,912,855

Colombia

4.3%

Colombia

Government

Bond

,

Senior

Bond,

7.75%,

4/14/21

......

983,000,000

COP

269,613

Senior

Bond,

4.375%,

3/21/23

.....

149,000,000

COP

41,684

Senior

Bond,

9.85%,

6/28/27

......

237,000,000

COP

80,297

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

4,020,500,000

COP

1,151,281

B,

10%,

7/24/24

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

73,279,000,000

COP

23,410,791

B,

7.5%,

8/26/26

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

9,469,300,000

COP

2,796,980

B,

6%,

4/28/28

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

13,320,000,000

COP

3,559,576

B,

7.75%,

9/18/30

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

9,129,700,000

COP

2,624,144

33,934,366

Ecuador

0.9%

d

Ecuador

Government

Bond

,

Senior

Note,

144A,

0.5%,

7/31/30

..

1,126,000

661,536

Senior

Bond,

144A,

0.5%,

7/31/35

..

7,827,000

3,561,363

Senior

Bond,

144A,

0.5%,

7/31/40

..

6,783,000

2,933,716

7,156,615

Ghana

3.9%

Ghana

Government

Bond

,

16.25%,

5/17/21

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

2,040,000

GHS

353,548

24.5%,

6/21/21

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

50,000

GHS

8,803

24.75%,

7/19/21

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

360,000

GHS

63,807

18.75%,

1/24/22

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

8,600,000

GHS

1,522,227

17.6%,

11/28/22

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

150,000

GHS

26,407

Senior

Note,

17.6%,

2/20/23

......

9,670,000

GHS

1,700,394

18.85%,

9/28/23

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

12,850,000

GHS

2,307,362

Senior

Note,

17.7%,

3/18/24

......

47,140,000

GHS

8,207,906

19.75%,

3/25/24

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

8,520,000

GHS

1,550,951

21.7%,

3/17/25

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

12,110,000

GHS

2,289,191

19.25%,

6/23/25

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

7,340,000

GHS

1,305,779

Senior

Note,

18.3%,

3/02/26

......

11,230,000

GHS

1,932,391

19%,

11/02/26

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

25,560,000

GHS

4,467,380

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Ghana

(continued)

Ghana

Government

Bond,

(continued)

19.75%,

3/15/32

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

25,560,000

GHS

$

4,461,554

30,197,700

India

4.5%

India

Government

Bond

,

8.79%,

11/08/21

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

160,500,000

INR

2,260,818

Senior

Note,

5.22%,

6/15/25

......

117,000,000

INR

1,580,795

7.59%,

1/11/26

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

1,433,000,000

INR

20,981,366

7.27%,

4/08/26

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

79,000,000

INR

1,142,094

8.33%,

7/09/26

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

624,000,000

INR

9,340,927

35,306,000

Indonesia

11.8%

Indonesia

Government

Bond

,

FR34,

12.8%,

6/15/21

...........

64,492,000,000

IDR

4,523,409

FR53,

8.25%,

7/15/21

...........

144,200,000,000

IDR

10,064,606

FR61,

7%,

5/15/22

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

52,869,000,000

IDR

3,770,715

FR35,

Senior

Bond,

12.9%,

6/15/22

.

42,438,000,000

IDR

3,238,896

FR43,

10.25%,

7/15/22

..........

4,826,000,000

IDR

357,606

FR63,

5.625%,

5/15/23

..........

436,562,000,000

IDR

30,517,262

FR46,

9.5%,

7/15/23

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

11,430,000,000

IDR

862,347

FR39,

11.75%,

8/15/23

..........

2,703,000,000

IDR

213,062

FR70,

8.375%,

3/15/24

..........

104,477,000,000

IDR

7,754,603

FR44,

10%,

9/15/24

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

1,618,000,000

IDR

126,243

FR81,

6.5%,

6/15/25

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

197,781,000,000

IDR

13,964,087

FR86,

5.5%,

4/15/26

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

251,420,000,000

IDR

17,015,205

92,408,041

Mexico

9.9%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

6.5%,

6/10/21

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

992,886,000

MXN

48,730,170

M,

Senior

Note,

7.25%,

12/09/21

...

297,180,000

MXN

14,798,602

M,

6.5%,

6/09/22

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

232,730,000

MXN

11,613,796

M,

Senior

Bond,

8%,

12/07/23

.....

44,550,000

MXN

2,325,349

77,467,917

Norway

4.1%

d

Norway

Government

Bond

,

144A,

Reg

S,

3.75%,

5/25/21

......

32,042,000

NOK

3,764,930

144A,

Reg

S,

2%,

5/24/23

........

102,083,000

NOK

12,306,545

144A,

Reg

S,

3%,

3/14/24

........

85,878,000

NOK

10,705,283

144A,

Reg

S,

1.75%,

3/13/25

......

28,937,000

NOK

3,492,447

144A,

Reg

S,

1.5%,

2/19/26

.......

17,165,000

NOK

2,050,577

32,319,782

Oman

1.3%

d

Oman

Government

Bond,

Senior

Bond,

144A,

4.75%,

6/15/26

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

9,680,000

9,962,317

Russia

4.7%

Russia

Government

Bond,

7%,

8/16/23

2,700,000,000

RUB

36,640,507

South

Korea

16.9%

Korea

Monetary

Stabilization

Bond,

1.18%,

8/02/21

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

2,322,000,000

KRW

2,063,165

Korea

Treasury

Bond

,

1.375%,

9/10/21

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

3,483,000,000

KRW

3,099,455

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

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,

(continued)

2%,

12/10/21

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

4,254,000,000

KRW

$

3,808,766

2.25%,

9/10/23

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

19,359,000,000

KRW

17,643,222

1.375%,

9/10/24

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

11,135,070,000

KRW

9,887,051

3%,

9/10/24

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

5,310,000,000

KRW

4,971,955

1.875%,

6/10/26

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

50,619,000,000

KRW

45,277,573

1.375%,

12/10/29

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

54,033,500,000

KRW

45,729,381

132,480,568

Sri

Lanka

0.3%

d

Sri

Lanka

Government

Bond

,

Senior

Note,

144A,

5.75%,

4/18/23

..

200,000

137,530

Senior

Note,

144A,

6.35%,

6/28/24

..

200,000

129,382

Senior

Bond,

144A,

6.85%,

11/03/25

490,000

310,297

Senior

Bond,

144A,

6.2%,

5/11/27

..

2,720,000

1,678,485

Senior

Bond,

144A,

6.75%,

4/18/28

.

210,000

129,557

Senior

Bond,

144A,

7.85%,

3/14/29

.

299,000

184,803

2,570,054

Supranational

1.2%

e

Inter-American

Development

Bank,

Senior

Bond,

7.5%,

12/05/24

......

185,000,000

MXN

9,522,470

Turkey

1.7%

Turkey

Government

Bond

,

13.9%,

11/09/22

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

56,290,000

TRY

6,421,301

12.2%,

1/18/23

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

3,790,000

TRY

418,577

7.1%,

3/08/23

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

16,150,000

TRY

1,609,583

16.2%,

6/14/23

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

20,020,000

TRY

2,332,276

8.8%,

9/27/23

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

10,390,000

TRY

1,024,191

10.4%,

3/20/24

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

880,000

TRY

87,598

12.6%,

10/01/25

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

9,710,000

TRY

971,270

12,864,796

Total

Foreign

Government

and

Agency

Securities

(Cost

$633,100,887)

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

563,131,793

U.S.

Government

and

Agency

Securities

8.5%

United

States

8.5%

U.S.

Treasury

Notes

,

1.125%,

9/30/21

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

2,737,000

2,751,648

1.5%,

9/30/21

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

10,907,000

10,986,793

2.125%,

12/31/21

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

3,094,000

3,141,974

1.5%,

10/31/24

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

2,110,000

2,182,655

1.5%,

11/30/24

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

2,600,000

2,688,918

2%,

2/15/25

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

2,530,000

2,665,444

2.125%,

5/15/25

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

3,030,000

3,208,190

2.875%,

5/31/25

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

2,520,000

2,746,062

2.625%,

12/31/25

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

14,555,000

15,753,229

1.625%,

2/15/26

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

7,870,000

8,141,146

2.125%,

5/31/26

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

3,594,000

3,803,252

1.625%,

10/31/26

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

7,870,000

8,100,105

66,169,416

Total

U.S.

Government

and

Agency

Securities

(Cost

$65,584,993)

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

66,169,416

Total

Long

Term

Investments

(Cost

$698,685,880)

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

629,301,209

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

a

a  

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.8%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

81.00

JPY,

Expires

4/29/21

.......

1

5,660,000

AUD

$

167,626

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

81.00

JPY,

Expires

6/21/21

.......

1

8,707,000

AUD

294,373

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

84.15

JPY,

Expires

6/18/21

.......

1

9,003,000

AUD

124,315

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

84.75

JPY,

Expires

6/24/21

.......

1

8,395,000

AUD

97,327

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

86.50

JPY,

Expires

12/20/21

..

1

6,752,000

AUD

107,017

Foreign

Exchange

AUD/USD,

Counterparty

MSCO,

April

Strike

Price

$0.75,

Expires

4/16/21

...........

1

1,789,000

AUD

17,699

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.45

JPY,

Expires

2/23/22

..

1

5,966,000

246,654

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

115.95

JPY,

Expires

8/11/21

.......

1

17,616,000

46,897

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

21.57

MXN,

Expires

9/15/21

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

1

2,841,000

78,578

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.65

MXN,

Expires

8/20/21

.......

1

13,592,000

310,552

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.65

MXN,

Expires

8/20/21

.......

1

4,955,000

113,213

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

22.06

MXN,

Expires

9/27/21

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

1

15,330,000

356,963

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

22.26

MXN,

Expires

8/02/21

.......

1

7,547,000

108,209

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

22.36

MXN,

Expires

12/28/21

.

1

11,150,000

341,551

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

2,350,000

10,663

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

24.81

MXN,

Expires

6/30/21

.......

1

11,526,000

24,744

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

25.55

MXN,

Expires

12/22/22

.

1

7,723,000

279,346

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

25.55

MXN,

Expires

12/22/22

.

1

7,723,000

279,346

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

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

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

2,917,000

$

157,317

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

2,917,000

157,317

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

5,448,000

293,817

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

7,049,000

394,492

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

7,049,000

362,656

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

10,182,000

30,053

4,400,725

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

58.95

JPY,

Expires

6/21/21

.......

1

11,609,000

AUD

460

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

8,771,000

AUD

3,065

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

5,160,000

AUD

1,803

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.00

JPY,

Expires

4/29/21

.......

1

15,093,000

AUD

312

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

71.10

JPY,

Expires

7/15/21

.......

1

1,877,000

AUD

1,860

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

71.44

JPY,

Expires

6/21/21

.......

1

11,609,000

AUD

6,144

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.00

JPY,

Expires

12/20/21

..

1

13,504,000

AUD

99,693

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

76.20

JPY,

Expires

6/18/21

.......

1

18,005,000

AUD

28,225

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

78.40

JPY,

Expires

6/24/21

.......

1

20,988,000

AUD

65,285

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

78.50

JPY,

Expires

7/15/21

.......

1

7,506,000

AUD

33,803

Foreign

Exchange

AUD/USD,

Counterparty

MSCO,

April

Strike

Price

$0.67,

Expires

4/16/21

...........

1

3,483,000

AUD

32

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

7

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/JPY,

Counterparty

CITI,

August

Strike

Price

102.65

JPY,

Expires

8/11/21

.......

1

26,440,000

$

46,266

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

18.83

MXN,

Expires

6/21/21

.......

1

11,252,000

28,892

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.23

MXN,

Expires

8/20/21

.......

1

3,716,000

31,641

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

July

Strike

Price

19.30

MXN,

Expires

7/13/21

.......

1

8,620,000

61,646

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.35

MXN,

Expires

8/02/21

.......

1

2,642,000

23,183

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.43

MXN,

Expires

8/30/21

..

1

5,287,000

59,773

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

1,458,000

39,885

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

2,725,000

74,545

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

1,458,000

39,885

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.88

MXN,

Expires

8/11/21

..

1

5,287,000

89,066

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

20.26

MXN,

Expires

4/28/21

.......

1

9,967,000

111,598

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

May

Strike

Price

20.38

MXN,

Expires

5/20/21

.......

1

18,122,000

331,577

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.15

MXN,

Expires

8/20/21

.......

1

4,764,000

232,825

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

2,350,000

267,011

1,678,475

Total

Options

Purchased

(Cost

$9,444,158)

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

6,079,200

Short

Term

Investments

23.6%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

9.5%

Argentina

0.1%

a,b,f

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER

,

Index

Linked,

5/21/21

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

64,728,627

ARS

444,912

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

8

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Argentina

(continued)

a,b,f

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER,

(continued)

Index

Linked,

9/13/21

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

35,143,660

ARS

$

243,558

Index

Linked,

2/28/22

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

19,623,843

ARS

135,458

823,928

Egypt

1.9%

f

Egypt

Treasury

Bills

,

8/10/21

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

208,000,000

EGP

12,681,081

8/31/21

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

22,500,000

EGP

1,361,416

9/28/21

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

12,600,000

EGP

754,987

14,797,484

Japan

7.5%

f

Japan

Treasury

Bills

,

4/12/21

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

94,200,000

JPY

850,782

6/16/21

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

293,850,000

JPY

2,654,452

8/10/21

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

381,000,000

JPY

3,442,304

8/25/21

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

2,577,300,000

JPY

23,286,926

11/22/21

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

1,475,950,000

JPY

13,340,178

12/20/21

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

1,690,550,000

JPY

15,281,440

58,856,082

Total

Foreign

Government

and

Agency

Securities

(Cost

$77,278,263)

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

74,477,494

Industry

Shares

Money

Market

Funds

14.1%

United

States

14.1%

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

110,631,574

110,631,574

Total

Money

Market

Funds

(Cost

$110,631,574)

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

110,631,574

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$187,909,837

)

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

185,109,068

a

a

a

a

Total

Investments

(Cost

$896,039,875)

104.9%

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

$820,489,477

Options

Written

(0.8)%

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

(6,554,767)

Other

Assets,

less

Liabilities

(4.1)%

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

(31,773,494)

Net

Assets

100.0%

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

$782,161,216

a

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.8)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

76.80

JPY,

Expires

4/29/21

.......

1

11,319,000

AUD

(748,454)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

78.00

JPY,

Expires

6/21/21

.......

1

8,707,000

AUD

(500,854)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

80.50

JPY,

Expires

6/18/21

.......

1

9,003,000

AUD

(336,071)

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.20

JPY,

Expires

12/20/21

..

1

6,752,000

AUD

$

(287,194)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

82.45

JPY,

Expires

6/24/21

.......

1

16,791,000

AUD

(403,732)

Foreign

Exchange

AUD/USD,

Counterparty

MSCO,

April

Strike

Price

$0.72,

Expires

4/16/21

...........

1

1,193,000

AUD

(43,498)

Foreign

Exchange

AUD/USD,

Counterparty

HSBK,

May

Strike

Price

$0.78,

Expires

5/05/21

...........

1

2,978,000

AUD

(9,944)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

109.90

JPY,

Expires

8/11/21

.......

1

26,440,000

(508,845)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

21.15

MXN,

Expires

8/20/21

.......

1

4,764,000

(143,231)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

21.90

MXN,

Expires

4/30/21

.......

1

3,019,000

(8,477)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

May

Strike

Price

22.48

MXN,

Expires

5/20/21

.......

1

9,061,000

(31,434)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

22.53

MXN,

Expires

6/30/21

.......

1

3,840,000

(32,344)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

2,317,000

(153,748)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

2,317,000

(153,748)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

23.43

MXN,

Expires

8/20/21

.......

1

4,955,000

(45,615)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

23.60

MXN,

Expires

9/27/21

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

1

10,380,000

(121,064)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

24.20

MXN,

Expires

9/15/21

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

1

1,716,000

(14,001)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

24.62

MXN,

Expires

8/02/21

.......

1

1,887,000

(8,239)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

25.22

MXN,

Expires

8/20/21

.......

1

4,531,000

(18,903)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

25.33

MXN,

Expires

12/28/21

.

1

7,140,000

(79,192)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

26.61

MXN,

Expires

8/30/21

..

1

5,287,000

(14,412)

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

10

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

27.38

MXN,

Expires

8/11/21

..

1

5,287,000

$

(8,715)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

3,394,000

(15,666)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

30.36

MXN,

Expires

6/09/21

.......

1

2,350,000

(177)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

1,458,000

(26,438)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

1,458,000

(26,438)

(3,740,434)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

64.86

JPY,

Expires

6/21/21

.......

1

17,414,000

AUD

(2,227)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

66.00

JPY,

Expires

4/29/21

.......

1

7,546,000

AUD

(27)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

68.40

JPY,

Expires

12/20/21

..

1

6,752,000

AUD

(20,799)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

71.60

JPY,

Expires

6/18/21

.......

1

18,005,000

AUD

(9,168)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

75.60

JPY,

Expires

6/24/21

.......

1

10,494,000

AUD

(16,000)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

July

Strike

Price

75.90

JPY,

Expires

7/15/21

.......

1

7,506,000

AUD

(19,261)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

95.85

JPY,

Expires

2/23/22

...

1

5,966,000

(14,939)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

98.00

JPY,

Expires

8/11/21

........

1

8,823,000

(5,124)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

19.59

MXN,

Expires

4/28/21

.......

1

9,967,000

(23,073)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

19.61

MXN,

Expires

6/09/21

.......

1

2,350,000

(17,688)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

19.79

MXN,

Expires

6/21/21

.......

1

11,252,000

(129,135)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

19.86

MXN,

Expires

8/20/21

.......

1

7,433,000

(126,135)

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

19.92

MXN,

Expires

12/28/21

.

1

6,270,000

$

(146,960)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

2,317,000

(65,081)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

2,317,000

(65,081)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

20.01

MXN,

Expires

9/27/21

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

1

14,370,000

(316,054)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

September

Strike

Price

20.21

MXN,

Expires

9/15/21

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

1

858,000

(21,598)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

August

Strike

Price

20.36

MXN,

Expires

8/20/21

.......

1

18,122,000

(489,919)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.94

MXN,

Expires

8/30/21

..

1

5,287,000

(227,148)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.43

MXN,

Expires

8/11/21

..

1

5,287,000

(306,831)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

5,448,000

(382,492)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

2,917,000

(204,796)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

2,917,000

(204,796)

(2,814,332)

Total

Options

Written

(Premiums

received

$5,622,422)

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

$

(6,554,766)

#

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.

b

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

7

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

March

31,

2021,

the

aggregate

value

of

these

securities

was

$52,008,768,

representing

6.6%

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

6

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

12

At

March

31,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Japanese

Yen

......

JPHQ

Buy

1,478,935,800

13,940,099

4/01/21

$

—

$

(583,262)

Japanese

Yen

......

JPHQ

Sell

1,478,935,800

13,790,118

4/01/21

433,281

—

Brazilian

Real

......

CITI

Buy

24,323,787

4,358,008

4/05/21

—

(36,852)

Brazilian

Real

......

CITI

Sell

24,323,787

4,396,130

4/05/21

74,974

—

Mexican

Peso

......

GSCO

Buy

145,844,000

6,977,514

4/05/21

157,536

—

Mexican

Peso

......

GSCO

Sell

145,844,000

6,465,290

4/05/21

—

(669,761)

Mexican

Peso

......

JPHQ

Buy

18,641,000

904,872

4/05/21

7,092

—

Mexican

Peso

......

JPHQ

Sell

18,641,000

936,663

4/05/21

24,699

—

Euro

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

DBAB

Sell

8,606,069

90,410,200

SEK

4/06/21

259,817

—

Swedish

Krona

.....

DBAB

Sell

90,410,200

8,833,780

EUR

4/06/21

7,202

—

Japanese

Yen

......

JPHQ

Buy

746,258,942

7,276,965

4/07/21

—

(537,087)

Japanese

Yen

......

JPHQ

Sell

746,258,942

6,868,172

4/07/21

128,295

—

Australian

Dollar

....

HSBK

Sell

3,749,989

283,902,292

JPY

4/13/21

—

(284,157)

Australian

Dollar

....

JPHQ

Sell

8,255,994

626,379,626

JPY

4/13/21

—

(613,507)

Euro

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

GSCO

Sell

2,565,175

2,758,808

CHF

4/13/21

—

(88,567)

Euro

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

HSBK

Sell

252,375

297,856

4/13/21

1,873

—

Euro

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

UBSW

Sell

1,631,533

1,756,892

CHF

4/13/21

—

(54,000)

Japanese

Yen

......

JPHQ

Buy

111,138,827

1,083,742

4/13/21

—

(79,930)

Japanese

Yen

......

JPHQ

Sell

111,138,827

1,022,925

4/13/21

19,113

—

Japanese

Yen

......

JPHQ

Sell

236,335,869

2,964,100

AUD

4/13/21

116,842

—

Mexican

Peso

......

CITI

Buy

148,754,100

7,274,039

4/13/21

—

(2,922)

Mexican

Peso

......

CITI

Sell

148,754,100

7,052,586

4/13/21

—

(218,531)

Swiss

Franc

.......

GSCO

Sell

2,758,808

2,545,765

EUR

4/13/21

65,803

—

Swiss

Franc

.......

UBSW

Sell

1,756,892

1,624,766

EUR

4/13/21

46,064

—

Chinese

Yuan

......

HSBK

Buy

48,053,530

7,395,809

4/14/21

—

(81,773)

Chinese

Yuan

......

HSBK

Sell

48,053,530

7,306,188

4/14/21

—

(7,848)

Euro

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

DBAB

Sell

1,628,409

16,857,450

SEK

4/15/21

20,388

—

Euro

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

DBAB

Sell

1,218,565

12,643,100

SEK

4/16/21

18,492

—

Euro

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

DBAB

Sell

1,249,207

12,643,100

SEK

4/19/21

—

(17,497)

Euro

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

JPHQ

Sell

6,206,964

64,197,700

NOK

4/19/21

224,863

—

Australian

Dollar

....

MSCO

Buy

1,322,000

992,399

4/21/21

11,779

—

Australian

Dollar

....

MSCO

Sell

1,322,000

939,612

4/21/21

—

(64,566)

Euro

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

UBSW

Sell

513,907

611,948

4/23/21

9,117

—

Euro

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

JPHQ

Sell

33,330

39,567

4/29/21

465

—

Euro

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

CITI

Sell

10,419,412

1,278,784,849

JPY

4/30/21

—

(672,206)

Mexican

Peso

......

CITI

Buy

212,962,900

10,180,942

4/30/21

209,535

—

Mexican

Peso

......

CITI

Sell

212,962,900

9,513,643

4/30/21

—

(876,834)

Euro

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

HSBK

Sell

7,086,603

10,993,872

CAD

5/03/21

433,518

—

Indian

Rupee

......

JPHQ

Buy

263,438,700

3,564,076

5/04/21

17,872

—

Australian

Dollar

....

CITI

Sell

1,977,000

148,644,894

JPY

5/06/21

—

(158,928)

Indian

Rupee

......

CITI

Buy

192,009,900

2,593,151

5/10/21

15,008

—

Indian

Rupee

......

HSBK

Buy

96,812,500

1,309,782

5/10/21

5,268

—

Mexican

Peso

......

CITI

Buy

176,341,000

8,524,654

5/13/21

66,311

—

Mexican

Peso

......

CITI

Sell

176,341,000

8,843,583

5/13/21

252,618

—

Australian

Dollar

....

MSCO

Sell

4,907,000

3,810,972

5/14/21

83,375

—

Euro

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

DBAB

Sell

19,395,065

195,678,681

SEK

5/17/21

—

(350,085)

Euro

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

JPHQ

Sell

14,417,777

145,630,000

SEK

5/17/21

—

(241,041)

South

Korean

Won

..

CITI

Buy

5,173,000,000

4,714,041

5/17/21

—

(126,878)

South

Korean

Won

..

CITI

Sell

5,173,000,000

4,637,590

5/17/21

50,427

—

Euro

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

JPHQ

Sell

22,418,534

230,351,000

NOK

5/18/21

617,716

—

South

Korean

Won

..

DBAB

Buy

54,022,490,000

49,944,520

5/18/21

—

(2,040,023)

South

Korean

Won

..

DBAB

Sell

54,022,490,000

48,695,232

5/18/21

790,735

—

South

Korean

Won

..

SCNY

Buy

53,046,000,000

48,683,921

5/18/21

—

(1,645,327)

South

Korean

Won

..

SCNY

Sell

53,046,000,000

47,858,174

5/18/21

819,580

—

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

13

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)

Chinese

Yuan

......

JPHQ

Buy

33,387,210

5,163,625

5/20/21

$

—

$

(95,832)

Chinese

Yuan

......

JPHQ

Sell

33,387,210

5,061,736

5/20/21

—

(6,057)

Euro

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

JPHQ

Buy

21,585,814

26,213,479

5/20/21

—

(877,778)

Euro

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

JPHQ

Sell

16,417,155

25,310,000

CAD

5/20/21

870,746

—

Euro

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

JPHQ

Sell

21,585,814

25,731,693

5/20/21

395,992

—

Mexican

Peso

......

CITI

Buy

73,474,600

3,487,762

5/20/21

88,830

—

Mexican

Peso

......

CITI

Sell

222,228,700

10,892,467

5/20/21

74,831

—

Euro

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

JPHQ

Buy

7,536,400

9,130,272

5/24/21

—

(283,855)

Euro

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

JPHQ

Sell

9,643,779

11,461,390

5/24/21

141,278

—

Euro

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

MSCO

Buy

3,330,000

3,936,183

5/27/21

—

(27,082)

Euro

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

MSCO

Sell

4,545,000

5,417,913

5/27/21

82,518

—

Swedish

Krona

.....

DBAB

Buy

157,131,807

18,374,766

5/27/21

—

(375,459)

Swedish

Krona

.....

DBAB

Sell

157,131,807

18,861,777

5/27/21

862,471

—

Mexican

Peso

......

CITI

Sell

173,088,000

8,201,862

6/02/21

—

(210,855)

Mexican

Peso

......

MSCO

Buy

18,000,000

853,000

6/02/21

21,867

—

Mexican

Peso

......

MSCO

Sell

90,354,100

4,512,516

6/02/21

120,971

—

Euro

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

HSBK

Sell

4,550,000

5,483,287

6/04/21

141,064

—

Euro

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

SCNY

Sell

1,325,806

1,598,644

6/08/21

41,860

—

Indian

Rupee

......

CITI

Buy

194,729,100

2,589,655

6/08/21

43,426

—

Euro

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

UBSW

Sell

2,608,757

2,811,066

CHF

6/09/21

—

(83,416)

Indian

Rupee

......

CITI

Buy

35,847,100

476,437

6/09/21

8,214

—

Swiss

Franc

.......

UBSW

Sell

2,811,066

2,598,340

EUR

6/09/21

71,184

—

Chinese

Yuan

......

BOFA

Buy

87,762,900

13,353,770

6/11/21

—

(54,784)

Chinese

Yuan

......

CITI

Buy

52,602,910

8,012,263

6/11/21

—

(41,180)

Chinese

Yuan

......

JPHQ

Buy

52,063,300

7,932,140

6/11/21

—

(42,826)

Chinese

Yuan

......

JPHQ

Sell

52,063,300

7,880,379

6/11/21

—

(8,936)

Euro

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

DBAB

Sell

3,277,176

33,714,869

SEK

6/11/21

14,197

—

Indian

Rupee

......

HSBK

Buy

97,083,330

1,310,839

6/11/21

1,368

—

Chinese

Yuan

......

BOFA

Buy

105,222,910

16,024,525

6/15/21

—

(84,627)

Chinese

Yuan

......

CITI

Buy

83,060,460

12,653,361

6/15/21

—

(70,786)

Chinese

Yuan

......

JPHQ

Buy

66,870,800

10,194,357

6/15/21

—

(64,303)

Chinese

Yuan

......

JPHQ

Sell

66,870,800

10,118,601

6/15/21

—

(11,452)

Euro

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

DBAB

Sell

2,457,710

25,262,800

SEK

6/15/21

8,041

—

Euro

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

DBAB

Sell

2,482,914

26,672,700

NOK

6/15/21

202,183

—

Japanese

Yen

......

CITI

Buy

969,237,672

9,345,653

6/15/21

—

(586,568)

Japanese

Yen

......

HSBK

Buy

387,657,690

3,733,940

6/15/21

—

(230,644)

Japanese

Yen

......

JPHQ

Buy

5,733,483,496

55,259,828

6/15/21

—

(3,445,839)

Japanese

Yen

......

JPHQ

Sell

2,587,000,000

23,803,539

6/15/21

424,595

—

Australian

Dollar

....

HSBK

Sell

2,520,000

213,260,040

JPY

6/16/21

12,728

—

Chinese

Yuan

......

HSBK

Buy

48,368,120

7,372,818

6/16/21

—

(46,238)

Chinese

Yuan

......

HSBK

Sell

31,500,000

4,766,588

6/16/21

—

(4,887)

Euro

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

DBAB

Sell

3,833,499

40,777,700

NOK

6/16/21

264,871

—

Euro

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

DBAB

Sell

8,374,174

85,425,497

SEK

6/16/21

—

(47,493)

Mexican

Peso

......

MSCO

Sell

232,348,400

10,727,447

6/16/21

—

(548,541)

Euro

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

DBAB

Sell

3,364,988

35,735,000

NOK

6/18/21

225,421

—

Euro

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

JPHQ

Sell

1,067,786

10,890,000

SEK

6/18/21

—

(6,378)

Japanese

Yen

......

HSBK

Buy

336,807,120

3,254,175

6/18/21

—

(210,323)

Euro

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

JPHQ

Sell

4,546,358

46,035,000

NOK

6/22/21

41,558

—

Japanese

Yen

......

BNDP

Buy

842,027,965

8,172,054

6/22/21

—

(562,010)

Australian

Dollar

....

CITI

Sell

522,000

39,712,820

JPY

6/23/21

—

(37,675)

Euro

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

HSBK

Sell

7,080,147

920,865,190

JPY

6/25/21

6,121

—

Euro

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

CITI

Sell

21,263,969

2,708,366,838

JPY

6/30/21

—

(500,811)

Mexican

Peso

......

CITI

Sell

303,271,000

14,126,483

7/08/21

—

(556,378)

Australian

Dollar

....

JPHQ

Sell

2,520,803

191,797,791

JPY

7/13/21

—

(181,499)

Chinese

Yuan

......

CITI

Buy

44,380,340

6,800,751

7/14/21

—

(92,608)

Euro

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

CITI

Sell

6,880,216

10,739,310

CAD

8/03/21

457,131

—

Euro

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

HSBK

Sell

14,125,822

21,979,782

CAD

8/03/21

883,493

—

Templeton

Global

Income

Fund

Statement

of

Investments

(unaudited)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

14

See

A

bbreviations

on

page

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)

Euro

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

JPHQ

Sell

2,010,000

3,130,042

CAD

8/03/21

$

127,690

$

—

Euro

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

JPHQ

Sell

2,122,321

21,921,200

NOK

8/16/21

66,624

—

Indian

Rupee

......

SCNY

Buy

1,470,000,000

19,726,248

8/18/21

—

(34,988)

South

Korean

Won

..

CITI

Buy

51,670,000,000

47,049,718

8/18/21

—

(1,220,650)

Chinese

Yuan

......

JPHQ

Buy

150,960,000

23,289,827

8/19/21

—

(535,293)

Mexican

Peso

......

CITI

Sell

166,125,000

7,676,969

8/23/21

—

(322,235)

Euro

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

CITI

Sell

3,539,153

454,147,600

JPY

8/24/21

—

(55,527)

Japanese

Yen

......

CITI

Buy

1,332,280,000

12,645,579

8/24/21

—

(596,394)

Indian

Rupee

......

JPHQ

Buy

264,184,500

3,512,204

9/07/21

17,387

—

Indian

Rupee

......

CITI

Buy

256,676,200

3,413,474

9/08/21

15,353

—

Indian

Rupee

......

JPHQ

Buy

106,826,200

1,429,457

9/08/21

—

(2,412)

Japanese

Yen

......

HSBK

Buy

129,170,830

1,245,837

9/09/21

—

(77,404)

Euro

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

DBAB

Sell

2,457,711

25,292,300

SEK

9/15/21

7,989

—

Euro

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

DBAB

Sell

2,482,909

26,731,500

NOK

9/15/21

202,805

—

Euro

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

DBAB

Sell

2,073,343

21,071,804

SEK

9/16/21

—

(23,677)

Euro

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

JPHQ

Sell

6,333,820

64,197,700

NOK

9/16/21

50,367

—

Euro

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

JPHQ

Sell

6,149,663

65,563,400

NOK

9/20/21

426,048

—

Norwegian

Krone

...

JPHQ

Buy

21,921,200

2,521,417

9/20/21

40,999

—

Norwegian

Krone

...

JPHQ

Sell

21,921,200

2,574,361

9/20/21

11,945

—

Japanese

Yen

......

MSCO

Buy

1,791,490,400

17,367,144

9/21/21

—

(1,159,799)

Russian

Ruble

.....

MSCO

Buy

146,000,000

1,927,240

9/22/21

—

(38,073)

Euro

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

JPHQ

Sell

3,304,612

33,750,000

NOK

9/29/21

54,949

—

Euro

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

JPHQ

Sell

9,524,222

96,187,025

NOK

9/30/21

31,411

—

Euro

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

DBAB

Sell

8,814,402

90,410,200

SEK

10/06/21

—

(8,506)

Euro

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

HSBK

Sell

7,080,070

893,186,201

JPY

10/25/21

—

(255,549)

Total

Forward

Exchange

Contracts

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

$11,550,184

$(23,179,209)

Net

unrealized

appreciation

(depreciation)

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

$(11,629,025)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Templeton

Global

Income

Fund

15

Notes

to

Statement

of

Investments

(unaudited)

1.

Organization

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). 

2. 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

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

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. 

3.

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.

Templeton

Global

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

16

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.

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.

At

March

31,

2021, the

Fund

received

$435,868

in

U.S

Treasury

Notes

and

Bonds

as

collateral

for

derivatives.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain

exposure

to

foreign

exchange

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

4.

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

March

31,

2021,

the

Fund

had

2.2%

of

its

net

assets

denominated

in

Argentine

Pesos,

which

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.

3.

Derivative

Financial

Instruments

(continued)

Templeton

Global

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

17

5.

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.

6.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

March

31,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

7. 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

March

31,

2021,

in

valuing

the

Fund's

assets

and

liabilities

carried

at

fair

value,

is

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

$255,403,351

$(206,971,344)

$—

$—

$110,631,574

110,631,574

$775

Total

Affiliated

Securities

....

$62,199,567

$255,403,351

$(206,971,344)

$—

$—

$110,631,574

$775

Templeton

Global

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

18

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 March

31,

2021,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Income

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

:

Argentina

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

$

—

$

—

$

15,387,805

$

15,387,805

China

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

—

34,912,855

—

34,912,855

Colombia

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

—

33,934,366

—

33,934,366

Ecuador

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

—

7,156,615

—

7,156,615

Ghana

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

—

30,197,700

—

30,197,700

India

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

—

35,306,000

—

35,306,000

Indonesia

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

—

92,408,041

—

92,408,041

Mexico

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

—

77,467,917

—

77,467,917

Norway

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

—

32,319,782

—

32,319,782

Oman

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

—

9,962,317

—

9,962,317

Russia

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

—

36,640,507

—

36,640,507

South

Korea

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

—

132,480,568

—

132,480,568

Sri

Lanka

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

—

2,570,054

—

2,570,054

Supranational

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

—

9,522,470

—

9,522,470

Turkey

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

—

12,864,796

—

12,864,796

U.S.

Government

and

Agency

Securities

.......

—

66,169,416

—

66,169,416

Options

purchased

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

—

6,079,200

—

6,079,200

Short

Term

Investments

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

110,631,574

73,653,566

823,928

185,109,068

Total

Investments

in

Securities

...........

$110,631,574

$693,646,170

$16,211,733

$820,489,477

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

11,550,184

$

—

$

11,550,184

Restricted

Currency

(ARS)

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

—

—

176,761

176,761

Total

Other

Financial

Instruments

.........

$—

$11,550,184

$176,761

$11,726,945

Receivables:

Interest

(ARS)

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

$—

$—

$566,540

$566,540

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

—

$

6,554,766

$

—

$

6,554,766

Forward

exchange

contracts

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

—

23,179,209

—

23,179,209

Total

Other

Financial

Instruments

.........

$—

$29,733,975

$—

$29,733,975

Payables:

Deferred

Tax

(ARS)

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

$—

$—

$766

$766

7. Fair

Value

Measurements 

(continued)

Templeton

Global

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

19

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

March

31,

2021,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

a

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

$

1,186,884

$

—

$

—

$

—

$

291,644

$

—

$

293,542

$

15,387,805

$

293,542

Short

Term

Investments

.

868,631

226,054

(238,305)

—

—

8,431

4,353

(45,236)

823,928

(35,929)

Total

Investments

in

Securities

.

$14,484,366

$1,412,938

$(238,305)

$—

$—

$300,075

$4,353

$248,306

$16,211,733

$257,613

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$2,838

$1,861,685

$(1,685,144)

$—

$—

$—

$(2,860)

$243

$176,761

$205

Receivables:

Interest

(ARS)

......

$304,677

$1,607,656

$(1,347,116)

$—

$—

$—

$(1,088)

$2,411

$566,540

$13,273

Liabilities:

Payables:

Deferred

Tax

(ARS)

....

$779

$—

$—

$—

$—

$—

$—

$(13)

$766

$(13)

Investment

Securities

Purchased

(ARS)

....

$129,991

$—

$(131,079)

$—

$—

$—

$1,088

$—

$—

$—

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

...........

$15,387,805

Market

comparables

Implied

foreign

exchange

rate

146.2

ARS/USD

Decrease

b

Short

Term

Investments:

Argentina

...........

823,928

Market

comparables

Implied

foreign

exchange

rate

146.2

ARS/USD

Decrease

c

All

Other

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

743,301

d

Liabilities:

All

Other

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

766

d

Total

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

$16,954,268

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.

7. Fair

Value

Measurements 

(continued)

Templeton

Global

Income

Fund

Notes

to

Statement

of

Investments

(unaudited)

20

8.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

Statement

of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

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

info

rmation

which

is

unobservable.

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

Corp.

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SCNY

Standard

Chartered

Bank

UBSW

UBS

AG

Selected

Portfolio

BADLAR

Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

CER

Reference

Stabilization

Coefficient

FRN

Floating

Rate

Note

Currency

ARS

Argentine

Peso

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

COP

Colombian

Peso

EGP

Egyptian

Pound

EUR

Euro

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

RUB

Russian

Ruble

SEK

Swedish

Krona

TRY

Turkish

Lira

USD

United

States

Dollar

7. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.