Saba Capital Income & Opportunities Fund II (SABA) NPORT-P Templeton Global Income Fund (Mar 2023 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TLGIM-Q1PH

1

Schedule

of

Investments

(unaudited)

Templeton

Global

Income

Fund

2

Notes

to

Schedule

of

Investments

8

Templeton

Global

Income

Fund

Schedule

of

Investments

(unaudited),

March

31,

2023

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

76.1%

Australia

5.6%

a

Australia

Government

Bond

,

Senior

Bond,

Reg

S,

4.25%,

4/21/26

9,240,000

AUD

$

6,411,210

Senior

Note,

Reg

S,

0.25%,

11/21/25

8,070,000

AUD

5,033,660

Senior

Note,

Reg

S,

0.5%,

9/21/26

..

25,110,000

AUD

15,441,460

26,886,330

Brazil

7.7%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/27

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

17,610,000

BRL

3,270,926

10%,

1/01/29

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

9,230,000

BRL

1,647,178

10%,

1/01/31

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

181,760,000

BRL

31,494,578

36,412,682

Colombia

7.6%

Colombia

Titulos

de

Tesoreria

,

B,

10%,

7/24/24

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

3,818,900,000

COP

812,609

B,

6.25%,

11/26/25

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

36,550,000,000

COP

7,037,061

B,

7.5%,

8/26/26

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

55,340,300,000

COP

10,706,362

B,

5.75%,

11/03/27

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

11,877,000,000

COP

2,067,537

B,

6%,

4/28/28

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

38,035,000,000

COP

6,552,659

B,

7.75%,

9/18/30

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

26,363,700,000

COP

4,629,101

B,

7%,

3/26/31

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

8,119,500,000

COP

1,342,384

B,

7%,

6/30/32

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

14,091,000,000

COP

2,244,204

B,

6.25%,

7/09/36

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

4,714,000,000

COP

641,832

36,033,749

Dominican

Republic

2.0%

a

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

5.3%,

1/21/41

..

5,430,000

4,246,160

Senior

Bond,

144A,

6.4%,

6/05/49

..

1,220,000

1,022,330

Senior

Bond,

144A,

5.875%,

1/30/60

5,735,000

4,406,206

9,674,696

Ecuador

2.3%

a

Ecuador

Government

Bond

,

Senior

Bond,

144A,

2.5%,

7/31/35

..

21,006,000

7,090,749

Senior

Bond,

144A,

1.5%,

7/31/40

..

10,051,000

3,058,366

Senior

Note,

144A,

5.5%,

7/31/30

..

1,733,000

814,234

10,963,349

Egypt

2.5%

a

Egypt

Government

Bond

,

Senior

Bond,

144A,

7.625%,

5/29/32

1,030,000

656,625

Senior

Bond,

144A,

7.3%,

9/30/33

..

4,630,000

2,854,812

Senior

Bond,

144A,

8.5%,

1/31/47

..

5,360,000

3,125,947

Senior

Bond,

144A,

7.903%,

2/21/48

670,000

373,195

Senior

Bond,

144A,

8.7%,

3/01/49

..

510,000

299,766

Senior

Bond,

144A,

8.875%,

5/29/50

2,150,000

1,274,329

Senior

Bond,

144A,

8.75%,

9/30/51

.

4,310,000

2,530,728

Senior

Bond,

144A,

7.5%,

2/16/61

..

1,470,000

799,115

11,914,517

Germany

2.6%

a

Bundesobligation,

Reg

S,

10/18/24

...

2,826,000

EUR

2,940,434

a

Bundesrepublik

Deutschland,

Reg

S,

6.25%,

1/04/24

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

2,771,000

EUR

3,081,382

Templeton

Global

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Germany

(continued)

a

Bundesschatzanweisungen,

Reg

S,

0.4%,

9/13/24

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

6,133,000

EUR

$

6,432,052

12,453,868

Ghana

0.9%

b

Ghana

Government

Bond

,

PIK,

8.35%,

2/16/27

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

5,898,343

GHS

448,007

PIK,

8.5%,

2/15/28

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

5,898,343

GHS

458,107

PIK,

8.65%,

2/13/29

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

5,780,400

GHS

439,283

PIK,

8.8%,

2/12/30

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

5,780,406

GHS

427,090

PIK,

8.95%,

2/11/31

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

5,321,596

GHS

385,693

PIK,

9.1%,

2/10/32

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

5,321,596

GHS

384,193

PIK,

9.25%,

2/08/33

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

5,321,596

GHS

381,881

PIK,

9.4%,

2/07/34

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

3,670,474

GHS

261,005

PIK,

9.55%,

2/06/35

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

3,670,474

GHS

259,040

PIK,

9.7%,

2/05/36

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

3,670,474

GHS

256,721

PIK,

9.85%,

2/03/37

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

3,670,474

GHS

256,391

PIK,

10%,

2/02/38

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

3,670,474

GHS

256,393

4,213,804

Hungary

4.2%

Hungary

Government

Bond

,

1%,

11/26/25

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

3,157,100,000

HUF

7,090,763

3%,

10/27/27

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

271,500,000

HUF

589,914

4.75%,

11/24/32

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

5,601,400,000

HUF

12,141,905

19,822,582

India

9.6%

India

Government

Bond

,

8.33%,

7/09/26

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

624,000,000

INR

7,835,968

7.26%,

1/14/29

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

1,500,000,000

INR

18,333,372

Senior

Bond,

5.77%,

8/03/30

......

1,650,000,000

INR

18,383,296

Senior

Bond,

7.26%,

8/22/32

......

81,300,000

INR

989,225

45,541,861

Indonesia

8.3%

Indonesia

Government

Bond

,

FR64,

6.125%,

5/15/28

..........

162,800,000,000

IDR

10,717,255

FR71,

9%,

3/15/29

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

237,200,000,000

IDR

17,736,413

FR86,

5.5%,

4/15/26

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

92,382,000,000

IDR

6,012,577

c

FR96,

7%,

2/15/33

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

74,190,000,000

IDR

5,035,638

39,501,883

Malaysia

9.4%

Malaysia

Government

Bond

,

3.882%,

3/14/25

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

5,090,000

MYR

1,168,158

3.955%,

9/15/25

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

20,960,000

MYR

4,822,751

3.906%,

7/15/26

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

44,430,000

MYR

10,235,175

3.9%,

11/30/26

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

11,900,000

MYR

2,735,634

3.892%,

3/15/27

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

460,000

MYR

105,428

3.502%,

5/31/27

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

2,880,000

MYR

651,630

3.899%,

11/16/27

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

89,340,000

MYR

20,557,944

3.733%,

6/15/28

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

16,440,000

MYR

3,732,179

4.498%,

4/15/30

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

4,040,000

MYR

954,114

44,963,013

Templeton

Global

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Mexico

2.5%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

7.5%,

5/26/33

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

197,470,000

MXN

$

9,995,747

M

20,

Senior

Bond,

8.5%,

5/31/29

..

35,600,000

MXN

1,945,352

11,941,099

Mongolia

1.0%

a

Mongolia

Government

Bond

,

Senior

Bond,

144A,

4.45%,

7/07/31

.

3,790,000

2,829,841

Senior

Note,

144A,

5.125%,

4/07/26

.

600,000

532,500

Senior

Note,

144A,

3.5%,

7/07/27

..

1,690,000

1,352,000

4,714,341

Norway

1.5%

a

Norway

Government

Bond

,

Senior

Bond,

144A,

Reg

S,

3%,

3/14/24

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

30,878,000

NOK

2,940,743

Senior

Bond,

144A,

Reg

S,

1.75%,

3/13/25

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

28,937,000

NOK

2,694,054

Senior

Bond,

144A,

Reg

S,

1.5%,

2/19/26

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

17,165,000

NOK

1,573,593

7,208,390

Oman

0.9%

a

Oman

Government

Bond,

Senior

Bond,

144A,

4.75%,

6/15/26

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

4,190,000

4,102,345

Singapore

3.1%

Singapore

Government

Bond,

2.625%,

8/01/32

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

19,960,000

SGD

14,615,061

Thailand

4.4%

Thailand

Government

Bond

,

0.75%,

9/17/24

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

433,040,000

THB

12,482,306

1%,

6/17/27

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

224,500,000

THB

6,313,547

Senior

Note,

0.66%,

11/22/23

......

68,690,000

THB

1,996,007

20,791,860

Total

Foreign

Government

and

Agency

Securities

(Cost

$394,064,650)

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

361,755,430

U.S.

Government

and

Agency

Securities

11.1%

United

States

11.1%

U.S.

Treasury

Notes

,

4.5%,

11/30/24

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

1,820,000

1,827,465

1.75%,

12/31/24

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

7,700,000

7,389,443

4.625%,

2/28/25

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

43,100,000

43,522,582

52,739,490

Total

U.S.

Government

and

Agency

Securities

(Cost

$52,709,692)

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

52,739,490

Total

Long

Term

Investments

(Cost

$446,774,342)

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

414,494,920

Templeton

Global

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

Short

Term

Investments

10.2%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

7.2%

Germany

1.8%

d

Germany

Treasury

Bills

,

a

Reg

S,

9/20/23

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

523,000

EUR

$

559,713

a

Reg

S,

10/18/23

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

7,622,000

EUR

8,137,922

8,697,635

Japan

4.1%

d

Japan

Treasury

Bills

,

9/20/23

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

453,800,000

JPY

3,421,551

10/20/23

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

627,900,000

JPY

4,734,696

12/20/23

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

235,000,000

JPY

1,772,253

2/20/24

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

1,253,300,000

JPY

9,452,147

19,380,647

Singapore

1.3%

d

Singapore

Treasury

Bills

,

4/21/23

....

8,350,000

SGD

6,262,260

Total

Foreign

Government

and

Agency

Securities

(Cost

$33,427,197)

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

34,340,542

Shares

Money

Market

Funds

3.0%

United

States

3.0%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.371%

.........

14,218,760

14,218,760

Total

Money

Market

Funds

(Cost

$14,218,760)

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

14,218,760

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$47,645,957

)

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

48,559,302

a

a

a

Total

Investments

(Cost

$494,420,299)

97.4%

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

$463,054,222

Other

Assets,

less

Liabilities

2.6%

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

12,096,726

Net

Assets

100.0%

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

$475,150,948

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2023,

the

aggregate

value

of

these

securities

was

$96,615,471,

representing

20.3%

of

net

assets.

b

Income

may

be

received

in

additional

securities

and/or

cash.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Global

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

At

March

31,

2023,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

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

Indian

Rupee

......

HSBK

Buy

55,812,500

670,195

4/10/23

$

8,831

$

—

Indian

Rupee

......

HSBK

Sell

55,812,500

678,613

4/10/23

—

(413)

South

Korean

Won

..

MSCO

Buy

3,093,000,000

2,492,947

4/17/23

—

(123,685)

Chilean

Peso

......

GSCO

Buy

948,990,000

1,134,803

4/18/23

57,732

—

Chilean

Peso

......

GSCO

Sell

948,990,000

1,165,807

4/18/23

—

(26,728)

Chilean

Peso

......

JPHQ

Buy

2,292,596,735

2,796,532

4/20/23

83,969

—

Chilean

Peso

......

JPHQ

Sell

2,292,596,735

2,853,121

4/20/23

—

(27,380)

British

Pound

......

DBAB

Sell

2,110,000

2,428,491

EUR

4/25/23

32,659

—

Euro

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

BZWS

Buy

2,630,000

2,818,812

4/25/23

36,813

—

Euro

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

BZWS

Sell

2,630,000

2,921,128

4/25/23

65,503

—

Euro

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

DBAB

Buy

7,327,000

7,883,958

4/25/23

74,482

(2,865)

Euro

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

DBAB

Sell

2,387,837

2,110,000

GBP

4/25/23

11,484

—

Euro

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

DBAB

Sell

7,327,000

7,304,828

4/25/23

—

(650,747)

South

Korean

Won

..

CITI

Buy

952,000,000

771,600

4/25/23

—

(42,002)

Canadian

Dollar

....

HSBK

Buy

42,327,446

31,719,852

5/03/23

—

(388,178)

Canadian

Dollar

....

HSBK

Sell

35,626,635

25,056,903

EUR

5/03/23

846,743

—

Euro

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

HSBK

Sell

26,183,349

35,626,636

CAD

5/03/23

—

(2,070,357)

Euro

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

JPHQ

Buy

56,986

61,799

5/03/23

119

(17)

Euro

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

JPHQ

Sell

56,986

57,122

5/03/23

—

(4,779)

Chilean

Peso

......

GSCO

Buy

2,160,520,195

2,661,559

5/09/23

48,276

—

Chilean

Peso

......

GSCO

Sell

2,160,520,195

2,646,172

5/09/23

—

(63,662)

Chilean

Peso

......

MSCO

Buy

1,630,680,000

2,034,154

5/17/23

9,081

—

Chilean

Peso

......

MSCO

Sell

1,444,000,000

1,767,983

5/17/23

—

(41,343)

Chilean

Peso

......

BAST

Buy

16,891,500,000

17,782,960

5/22/23

3,368,762

—

South

Korean

Won

..

MSCO

Buy

6,223,400,000

4,816,239

5/22/23

—

(38,709)

Japanese

Yen

......

BOFA

Buy

1,991,921,070

14,990,939

6/15/23

175,167

—

Japanese

Yen

......

DBAB

Buy

2,592,748,780

19,330,133

6/15/23

410,561

—

South

Korean

Won

..

BNDP

Buy

81,170,400,000

61,556,616

6/15/23

845,727

—

Japanese

Yen

......

BOFA

Buy

5,047,916,080

38,479,283

6/21/23

69,577

(80,524)

Japanese

Yen

......

JPHQ

Buy

588,073,610

4,433,774

6/21/23

47,721

—

Indian

Rupee

......

HSBK

Buy

55,812,500

675,059

7/10/23

760

—

Canadian

Dollar

....

JPHQ

Buy

1,043,246

781,903

7/19/23

—

(8,627)

Chilean

Peso

......

GSCO

Buy

2,262,230,732

2,265,412

7/26/23

537,480

—

Norwegian

Krone

...

DBAB

Buy

144,930,000

13,858,953

9/11/23

83,877

—

Japanese

Yen

......

BNDP

Buy

560,110,460

4,286,778

9/20/23

38,855

—

New

Zealand

Dollar

.

CITI

Buy

16,040,000

9,792,741

9/20/23

229,538

—

New

Zealand

Dollar

.

JPHQ

Buy

2,720,000

1,661,022

9/20/23

38,516

—

Australian

Dollar

....

HSBK

Buy

24,100,000

16,168,208

9/25/23

47,436

—

Total

Forward

Exchange

Contracts

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

$7,169,669

$(3,570,016)

Net

unrealized

appreciation

(depreciation)

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

$3,599,653

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Templeton

Global

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

At

March

31,

2023,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

A

bbreviations

on

page

1

0

.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

1.811%

...

Annual

3/15/32

4,300,000

$

466,425

$

—

$

466,425

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.176%

...

Annual

3/28/32

1,840,000

146,589

—

146,589

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.257%

...

Annual

3/30/32

1,840,000

142,437

—

142,437

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.253%

...

Annual

3/31/32

1,850,000

140,404

—

140,404

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.418%

...

Annual

4/11/32

2,560,000

164,835

—

164,835

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.463%

...

Annual

4/18/32

940,000

57,260

—

57,260

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.541%

...

Annual

4/19/32

520,000

28,152

—

28,152

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.549%

...

Annual

4/19/32

1,250,000

66,797

—

66,797

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.67%

....

Annual

4/21/32

1,240,000

53,315

—

53,315

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.645%

...

Annual

5/16/32

350,000

16,487

—

16,487

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.741%

...

Annual

5/19/32

1,175,000

45,568

—

45,568

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.662%

...

Annual

6/02/32

1,536,000

76,556

—

76,556

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.989%

...

Annual

6/30/32

1,190,000

27,940

—

27,940

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

2.612%

...

Annual

7/07/32

1,197,000

63,273

—

63,273

Total

Interest

Rate

Swap

Contracts

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

$1,496,038

$

—

$1,496,038

*

In

U.S.

dollars

unless

otherwise

indicated.

Templeton

Global

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

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.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. 

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

Fund’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

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.

During

the

period

ended

March

31,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

Templeton

Global

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

9

Quarterly

Schedule

of

Investments

4. 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,

2023,

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,

4.371%

$

16,157,932

$

153,120,204

$

(155,059,376)

$

—

$

—

$

14,218,760

14,218,760

$

202,344

Total

Affiliated

Securities

...

$16,157,932

$153,120,204

$(155,059,376)

$—

$—

$14,218,760

$202,344

Level

1

Level

2

Level

3

Total

Templeton

Global

Income

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

....

$

—

$

361,755,430

$

—

$

361,755,430

U.S.

Government

and

Agency

Securities

.......

—

52,739,490

—

52,739,490

Short

Term

Investments

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

14,218,760

34,340,542

—

48,559,302

Total

Investments

in

Securities

...........

$14,218,760

$448,835,462

$—

$463,054,222

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

7,169,669

$

—

$

7,169,669

Swap

contracts

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

—

1,496,038

—

1,496,038

Total

Other

Financial

Instruments

.........

$—

$8,665,707

$—

$8,665,707

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

3,570,016

$

—

$

3,570,016

Total

Other

Financial

Instruments

.........

$—

$3,570,016

$—

$3,570,016

3.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Templeton

Global

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

10

Quarterly

Schedule

of

Investments

Abbreviations

Counterparty

BAST

Banco

Santander

SA

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

Corp.

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

Selected

Portfolio

PIK

Payment-In-Kind

SOFR

Secured

Overnight

Financing

Rate

Currency

AUD

Australian

Dollar

BRL

Brazilian

Real

COP

Colombian

Peso

EUR

Euro

GHS

Ghanaian

Cedi

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

SGD

Singapore

Dollar

THB

Thai

Baht

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.