Form SC 13D/A TEMPLETON GLOBAL INCOME Filed by: Saba Capital Management, L.P.

November 29, 2021 7:27 AM EST

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934
(Amendment No. 11)*

Templeton Global Income Fund
(Name of Issuer)

Common Shares, No par value
(Title of Class of Securities)

880198106
(CUSIP Number)

Saba Capital Management, L.P.

405 Lexington Avenue

58th Floor

New York, NY 10174

Attention: Michael D'Angelo

(212) 542-4635
(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

November 26, 2021

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]

(Page 1 of 6 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No.  880198106 SCHEDULE 13D/A Page 2 of 6 Pages

1 NAME OF REPORTING PERSON
          Saba Capital Management, L.P.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
(b) ☐
3 SEC USE ONLY

4
SOURCE OF FUNDS
          OO (see Item 3)
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6
CITIZENSHIP OR PLACE OF ORGANIZATION
          Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7 SOLE VOTING POWER
          -0-
8 SHARED VOTING POWER
          29,674,178
9 SOLE DISPOSITIVE POWER
          -0-
10 SHARED DISPOSITIVE POWER
          29,674,178
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
          29,674,178
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
          22.12%
14
TYPE OF REPORTING PERSON
          PN; IA

The percentages used herein are calculated based upon 134,144,158 shares of common stock outstanding as of 6/30/21, as disclosed in the company's N-CSRS filed with the SEC on 8/25/2021.


CUSIP No.  880198106 SCHEDULE 13D/A Page 3 of 6 Pages

1 NAME OF REPORTING PERSON
          Boaz R. Weinstein
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
(a) ☐
(b) ☐
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
          OO (see Item 3)
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6
CITIZENSHIP OR PLACE OF ORGANIZATION
          United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7
SOLE VOTING POWER
          -0-
8
SHARED VOTING POWER
          29,674,178
9

SOLE DISPOSITIVE POWER
          -0-
10
SHARED DISPOSITIVE POWER
          29,674,178
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
          29,674,178
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
          22.12%
14 TYPE OF REPORTING PERSON
          IN

The percentages used herein are calculated based upon 134,144,158 shares of common stock outstanding as of 6/30/21, as disclosed in the company's N-CSRS filed with the SEC on 8/25/2021.


CUSIP No.  880198106 SCHEDULE 13D/A Page 4 of 6 Pages

1
NAME OF REPORTING PERSON
          Saba Capital Management GP, LLC
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
(b) ☐
3 SEC USE ONLY
 
4
SOURCE OF FUNDS
          OO (see Item 3)
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
6
CITIZENSHIP OR PLACE OF ORGANIZATION
          Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER
          -0-
8
SHARED VOTING POWER
          29,674,178
9
SOLE DISPOSITIVE POWER
          -0-
10
SHARED DISPOSITIVE POWER
          29,674,178
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
          29,674,178
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
          22.12%
14
TYPE OF REPORTING PERSON
          OO

The percentages used herein are calculated based upon 134,144,158 shares of common stock outstanding as of 6/30/21, as disclosed in the company's N-CSRS filed with the SEC on 8/25/2021.


CUSIP No.  880198106 SCHEDULE 13D/A Page 5 of 6 Pages

Item 1. SECURITY AND ISSUER

This Amendment No. 11 amends and supplements the statement on Schedule 13D filed with the SEC on 11/18/20, as amended by Amendment No. 1 filed 12/9/20, Amendment No. 2 filed 12/16/20, Amendment No. 3 filed 12/28/20, Amendment No. 4 filed 12/29/20, Amendment No. 5 filed 1/14/21, Amendment No. 6 filed 1/29/21, Amendment No. 7 filed 5/12/21, Amendment No. 8 filed 7/9/21, Amendment No. 9 filed 7/27/21, and Amendment No. 10 filed 8/10/21; with respect to the common shares of Templeton Global Income Fund.  This Amendment No. 11 amends Items 3, 4, 5, and 7 as set forth below.

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $162,793,544 was paid to acquire the Common Shares reported herein. 

Item 4. PURPOSE OF TRANSACTION

On November 26, 2021, Saba Capital submitted a letter (the "Letter") to the board of directors of the Issuer informing the Issuer that Saba does not intend to tender its shares with respect to Issuer's recently announced tender offer (the "Tender Offer") as Saba Capital does not believe the Tender Offer to be an attractive opportunity at this time due to the reasons outlined in the Letter.  The foregoing description of the Letter is qualified in its entirety by reference to the Letter, a copy of which is included as Exhibit 2 to this Schedule 13D and is incorporated by reference herein.

Item 5. INTEREST IN SECURITIES OF THE ISSUER

 (a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used herein are calculated based upon 134,144,158 shares of common stock outstanding as of 6/30/21, as disclosed in the company's N-CSRS filed with the SEC on 8/25/2021

(b) See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

(c) No trades in the past 60 days

(d) The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares.


CUSIP No.  880198106 SCHEDULE 13D/A Page 6 of 6 Pages

(e) Not applicable.

Item 7. MATERIAL TO BE FILED AS EXHIBITS

Exhibit 2: Letter submitted to the Board of Directors on November 26, 2021.

 

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date:  November 29, 2021

  SABA CAPITAL MANAGEMENT, L.P.
   

 

By:  /s/ Michael D'Angelo

 

Name: Michael D'Angelo

  Title:   Chief Compliance Officer

 

 

 

 

  SABA CAPITAL MANAGEMENT GP, LLC
   

 

By:  /s/ Michael D'Angelo

 

Name:  Michael D'Angelo

  Title:    Authorized Signatory

 

 

 

 

  BOAZ R. WEINSTEIN
   

 

By:  /s/ Michael D'Angelo

 

Name: Michael D'Angelo

 

Title:   Attorney-in-fact*

   
   

* Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

 



Exhibit 2

  November 26, 2021
   
BY EMAIL

Templeton Global Income Fund
c/o Lori A. Weber, Esq.
Senior Associate General Counsel
Franklin Templeton
300 S.E. 2nd Street
Fort Lauderdale, FL 33301
 

Re: Participation in the Upcoming Tender Offer.

To the Board of Directors:

As you know, Saba Capital Management, L.P ("we" or "Saba") represents certain clients that collectively own approximately 29.6 million common shares, or approximately 22.12%, of the Templeton Global Income Fund (the "Fund").  We are writing to provide the board of directors of the Fund (the "Board") with our views and intentions with respect to the Fund's announced tender offer (the "Tender Offer").

While we are supportive of providing shareholders with the option for liquidity through tender offers, with respect to the Tender Offer, we are writing to notify the Board that we do not intend to tender the shares in our control as we do not believe the Tender Offer is attractive at this time.

To provide context, the average closed-end fund that primarily invests in bonds is currently trading at a 3% premium to NAV.  In fact, there are nearly two hundred closed-end funds that trade at a premium to NAV at this time, two dozen of which trade at premiums of greater than 10%.

We therefore do not believe that the option to sell shares at a discount to NAV is an attractive one.  While the Fund's investment advisor has consistently performed poorly, in our opinion, there could still be a bright future for the Fund and all of its shareholders, one in which the Fund trades at a premium to NAV.

One option the Board should consider is to pursue a strategic merger with a closed-end fund that is more sought after by its shareholders.  We saw the benefit of this approach when the Guggenheim Enhance Equity Income Fund (trading at an 11% discount) merged with the Guggenheim Strategic Opportunities Fund (trading a 28% premium). 


Another option the Board should consider is to revitalize the Fund's investment approach to pursue a path that is more desirable to shareholders.  This could involve changes to the Fund's investment strategy, investment team and/or targeting better ways to fulfill the Fund's primary objective of a high income return.

Based on the above considerations and the compelling potential for the Fund to trade at a premium to NAV in the near future, we will not be submitting our shares to tender.  We've copied the Fund's investment advisor so they can best manage the Fund into the tender.

  Regards,
   
  SABA CAPITAL MANAGEMENT, L.P.
   
  By:  
  Name:  Michael D'Angelo
  Title:  General Counsel 




Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings

Related Entities

13D