NPORT-EX 2 TIT_17283.htm
Templeton Income Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton Emerging Markets Bond Fund
      Shares   Value
  Common Stocks 0.0%†        
  South Africa 0.0%†        
a,b,c
K2016470219 South Africa Ltd., A
       2,171,539        $1,214
a,b,c
K2016470219 South Africa Ltd., B
         619,903          346
 
Total Common Stocks

(Cost $14,998)
      1,560
      Principal
Amount* 		   
  Foreign Government and Agency Securities 42.2%        
  Argentina 6.5%        
d,e Argentina Treasury Bond BONCER,        
 
Index Linked, 1.20%, 3/18/22
      89,080,152 ARS    543,760
 
Index Linked, 1.40%, 3/25/23
      66,805,181 ARS    373,345
 
Index Linked, 1.50%, 3/25/24
      66,805,187 ARS    356,909
d Argentine Bonos del Tesoro,        
 
18.20%, 10/03/21
      15,018,000 ARS     86,872
 
16.00%, 10/17/23
      44,547,000 ARS    206,936
 
senior note, 15.50%, 10/17/26
      49,512,000 ARS    218,210
          1,786,032
  Brazil 2.9%        
  Letra Tesouro Nacional,        
 
Strip, 4/01/21
           1,970f BRL    366,796
 
Strip, 1/01/22
           2,440f BRL    437,902
          804,698
  Colombia 2.5%        
  Government of Colombia,        
 
senior bond, 7.75%, 4/14/21
      58,000,000 COP     14,657
 
senior bond, 9.85%, 6/28/27
      13,000,000 COP      3,542
  Titulos de Tesoreria,        
 
B, 7.75%, 9/18/30
     381,800,000 COP     97,642
 
B, 7.00%, 6/30/32
     107,000,000 COP     25,807
 
senior bond, B, 11.00%, 7/24/20
      59,000,000 COP     14,840
 
senior bond, B, 7.00%, 5/04/22
     132,000,000 COP     33,752
 
senior bond, B, 10.00%, 7/24/24
     383,000,000 COP    107,813
 
senior bond, B, 7.50%, 8/26/26
   1,199,800,000 COP    302,608
 
senior bond, B, 6.00%, 4/28/28
     428,400,000 COP     98,502
          699,163
  Ethiopia 0.6%        
g
Government of Ethiopia, 144A, 6.625%, 12/11/24
  200,000   180,754
  Ghana 5.1%        
  Government of Ghana,        
 
24.75%, 3/01/21
         100,000 GHS     18,520
 
16.25%, 5/17/21
       1,140,000 GHS    195,792
 
24.50%, 6/21/21
         730,000 GHS    135,486
 
24.75%, 7/19/21
         540,000 GHS    100,199
 
19.50%, 10/18/21
         885,000 GHS    153,737
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  1
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
  Ghana (continued)        
  Government of Ghana, (continued)        
 
18.75%, 1/24/22
         320,000 GHS     $54,020
 
17.60%, 11/28/22
         100,000 GHS     15,930
 
16.50%, 2/06/23
         200,000 GHS     30,883
 
19.75%, 3/25/24
         270,000 GHS     44,132
 
senior note, 18.50%, 6/01/20
          70,000 GHS     12,281
 
senior note, 18.25%, 9/21/20
         100,000 GHS     17,662
 
senior note, 24.00%, 11/23/20
       1,820,000 GHS    332,152
 
senior note, 16.50%, 3/22/21
       1,710,000 GHS    296,860
 
senior note, 18.25%, 7/25/22
          50,000 GHS      8,155
          1,415,809
  India 4.5%        
 
Government of India, senior note, 8.83%, 11/25/23
  84,400,000 INR 1,237,092
  Indonesia 4.5%        
  Government of Indonesia,        
 
senior bond, FR61, 7.00%, 5/15/22
  17,288,000,000 IDR  1,078,778
 
senior bond, FR63, 5.625%, 5/15/23
   2,692,000,000 IDR    160,158
          1,238,936
  Mexico 11.7%        
  Government of Mexico,        
 
senior bond, M, 8.00%, 6/11/20
         101,700h MXN    429,364
 
senior bond, M, 6.50%, 6/10/21
          34,000h MXN    143,339
 
senior bond, M, 6.50%, 6/09/22
         273,700h MXN  1,155,663
 
senior bond, M, 8.00%, 12/07/23
           2,000h MXN      8,837
 
senior bond, M 20, 10.00%, 12/05/24
          87,800h MXN    418,042
 
senior note, M, 7.25%, 12/09/21
         253,300h MXN  1,084,467
          3,239,712
  Senegal 0.7%        
g
Government of Senegal, 144A, 6.25%, 7/30/24
  200,000   188,396
  Thailand 3.2%        
  Bank of Thailand Bond,        
 
senior note, 1.57%, 9/25/20
       1,161,000 THB     35,535
 
senior note, 1.62%, 3/12/21
         350,000 THB     10,756
 
senior note, 1.84%, 5/27/21
       1,950,000 THB     60,177
 
senior note, 1.43%, 8/26/21
         810,000 THB     24,902
 
senior note, 1.32%, 11/25/21
       1,510,000 THB     46,434
 
senior note, 0.90%, 2/24/22
      22,768,000 THB    695,134
          872,938
 
Total Foreign Government and Agency Securities

(Cost $17,902,055)
      11,663,530
  Quasi-Sovereign and Corporate Bonds 2.1%        
  Costa Rica 2.1%        
b,c
Reventazon Finance Trust, secured bond, first lien, 144A, 8.00%, 11/15/33
  546,840   573,232
  |  2
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
        Principal
Amount* 		  Value
  Quasi-Sovereign and Corporate Bonds (continued)          
  South Africa 0.0%†          
b,g,i K2016470219 South Africa Ltd.,          
 
senior secured note, 144A, PIK, 3.00%, 12/31/22
           174,686          $217
 
senior secured note, 144A, PIK, 8.00%, 12/31/22
            45,545 EUR        125
b,g,i
K2016470260 South Africa Ltd., senior secured note, 144A, PIK, 25.00%, 12/31/22
           131,963          621
            963
 
Total Quasi-Sovereign and Corporate Bonds

(Cost $860,500)
        574,195
    Number of
Contracts 		  Notional
Amount* 		   
  Options Purchased 3.6%          
  Calls - Over-the-Counter          
  Currency Options 2.6%          
 
AUD/JPY, Counterparty CITI, April Strike Price 79.30 JPY, Expires 4/22/20
1   206,000 AUD 4
 
AUD/JPY, Counterparty CITI, May Strike Price 84.00 JPY, Expires 5/06/20
1   172,000 AUD 3
 
AUD/JPY, Counterparty CITI, May Strike Price 86.63 JPY, Expires 5/06/20
1   189,000 AUD 2
 
AUD/JPY, Counterparty CITI, May Strike Price 78.75 JPY, Expires 5/07/20
1   172,000 AUD 9
 
AUD/JPY, Counterparty CITI, May Strike Price 85.50 JPY, Expires 5/07/20
1   689,000 AUD 9
 
AUD/JPY, Counterparty CITI, May Strike Price 80.00 JPY, Expires 5/13/20
1   483,000 AUD 22
 
AUD/JPY, Counterparty CITI, November Strike Price 84.33 JPY, Expires 11/12/20
1   129,000 AUD 35
 
AUD/JPY, Counterparty CITI, December Strike Price 82.15 JPY, Expires 12/21/20
1   517,000 AUD 191
 
AUD/USD, Counterparty HSBK, April Strike Price $0.77, Expires 4/30/20
1   215,000 AUD 4
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/04/20
1   270,000 AUD 9
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/07/20
1   172,000 AUD 7
 
AUD/USD, Counterparty HSBK, February Strike Price $0.75, Expires 2/08/21
1   229,000 AUD 338
 
AUD/USD, Counterparty HSBK, February Strike Price $0.74, Expires 2/10/21
1   275,000 AUD 438
 
AUD/USD, Counterparty MSCO, May Strike Price $0.70, Expires 5/07/20
1   215,000 AUD 50
 
AUD/USD, Counterparty MSCO, October Strike Price $0.66, Expires 10/28/20
1   460,000 AUD 3,562
 
AUD/USD, Counterparty MSCO, May Strike Price $0.77, Expires 5/12/21
1   310,000 AUD 485
 
USD/MXN, Counterparty CITI, May Strike Price 20.50 MXN, Expires 5/11/20
1   317,000   45,864
 
USD/MXN, Counterparty CITI, May Strike Price 20.09 MXN, Expires 5/12/20
1   291,000   46,922
 
USD/MXN, Counterparty CITI, May Strike Price 20.87 MXN, Expires 5/14/20
1   114,000   14,936
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1   199,000   28,354
 
USD/MXN, Counterparty CITI, June Strike Price 25.08 MXN, Expires 6/25/20
1   318,000   11,114
 
USD/MXN, Counterparty CITI, September Strike Price 20.85 MXN, Expires 9/17/20
1   635,000   95,825
 
USD/MXN, Counterparty CITI, September Strike Price 27.34 MXN, Expires 9/24/20
1   550,000   16,137
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.08 MXN, Expires 6/05/20
1   80,000   13,243
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.70 MXN, Expires 6/12/20
1   120,000   17,080
 
USD/MXN, Counterparty JPHQ, June Strike Price 25.25 MXN, Expires 6/22/20
1   365,000   11,896
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.14 MXN, Expires 7/14/20
1   366,000   61,846
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.90 MXN, Expires 7/27/20
1   183,000   26,023
 
USD/MXN, Counterparty JPHQ, September Strike Price 25.50 MXN, Expires 9/22/20
1   365,000   16,132
 
USD/MXN, Counterparty MSCO, May Strike Price 19.86 MXN, Expires 5/29/20
1   916,000   158,789
  |  3
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty MSCO, July Strike Price 18.99 MXN, Expires 7/17/20
1        482,000      $103,763
 
USD/MXN, Counterparty MSCO, July Strike Price 20.75 MXN, Expires 7/17/20
1        241,000       35,260
          708,352
  Puts - Over-the-Counter        
  Currency Options 1.0%        
 
AUD/JPY, Counterparty CITI, May Strike Price 69.54 JPY, Expires 5/06/20
1 138,000 AUD 4,919
 
AUD/JPY, Counterparty CITI, May Strike Price 70.65 JPY, Expires 5/06/20
1 86,000 AUD 3,847
 
AUD/JPY, Counterparty CITI, May Strike Price 74.48 JPY, Expires 5/06/20
1 138,000 AUD 10,930
 
AUD/JPY, Counterparty CITI, May Strike Price 75.05 JPY, Expires 5/06/20
1 86,000 AUD 7,268
 
AUD/JPY, Counterparty CITI, May Strike Price 65.55 JPY, Expires 5/07/20
1 86,000 AUD 1,209
 
AUD/JPY, Counterparty CITI, May Strike Price 73.25 JPY, Expires 5/07/20
1 287,000 AUD 19,527
 
AUD/JPY, Counterparty CITI, July Strike Price 72.00 JPY, Expires 7/21/20
1 1,033,000 AUD 62,225
 
AUD/JPY, Counterparty CITI, November Strike Price 66.78 JPY, Expires 11/12/20
1 64,000 AUD 2,125
 
AUD/JPY, Counterparty CITI, November Strike Price 69.18 JPY, Expires 11/12/20
1 39,000 AUD 1,757
 
AUD/JPY, Counterparty CITI, November Strike Price 72.78 JPY, Expires 11/12/20
1 161,000 AUD 11,412
 
AUD/JPY, Counterparty CITI, November Strike Price 74.00 JPY, Expires 11/12/20
1 116,000 AUD 9,420
 
AUD/JPY, Counterparty CITI, December Strike Price 65.85 JPY, Expires 12/21/20
1 258,000 AUD 8,141
 
AUD/USD, Counterparty HSBK, May Strike Price $0.66, Expires 5/07/20
1 430,000 AUD 20,243
 
AUD/USD, Counterparty HSBK, May Strike Price $0.68, Expires 5/07/20
1 172,000 AUD 10,826
 
AUD/USD, Counterparty HSBK, July Strike Price $0.67, Expires 7/28/20
1 304,000 AUD 16,632
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/08/21
1 458,000 AUD 23,141
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/10/21
1 551,000 AUD 25,414
 
AUD/USD, Counterparty MSCO, August Strike Price $0.67, Expires 8/12/20
1 488,000 AUD 29,886
 
AUD/USD, Counterparty MSCO, October Strike Price $0.58, Expires 10/28/20
1 460,000 AUD 6,461
 
USD/MXN, Counterparty CITI, March Strike Price 21.48 MXN, Expires 3/24/21
1 152,000   2,174
 
USD/MXN, Counterparty JPHQ, June Strike Price 21.95 MXN, Expires 6/22/20
1 183,000   2,101
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.10 MXN, Expires 7/14/20
1 229,000   149
          279,807
 
Total Options Purchased

(Cost $247,450)
      988,159
 
Total Investments before Short Term Investments

(Cost $19,025,003)
      13,227,444
      Principal
Amount* 		   
  Short Term Investments 48.7%        
  Foreign Government and Agency Securities 11.6%        
  Brazil 11.3%        
  Letra Tesouro Nacional,        
 
Strip, 7/01/20
           5,309f BRL  1,013,475
 
Strip, 10/01/20
          10,660f BRL  2,018,792
  |  4
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
        Principal
Amount* 		  Value
  Short Term Investments (continued)          
  Foreign Government and Agency Securities (continued)          
  Brazil (continued)          
 
Nota do Tesouro Nacional, 10.00%, 1/01/21
               375f BRL     $75,594
            3,107,861
  Mexico 0.1%          
j
Mexico Treasury Bill, 4/02/20 - 6/18/20
            90,420k MXN     37,677
  Thailand 0.2%          
j
Bank of Thailand Bill, 7/02/20
    1,544,000 THB 46,999
 
Bank of Thailand Bond, senior note, 1.75%, 2/18/21
    300,000 THB 9,226
            56,225
 
Total Foreign Government and Agency Securities

(Cost $3,277,790)
        3,201,763
 
Total Investments before Money Market Funds (Cost $22,302,793)
        16,429,207
        Shares    
  Money Market Funds (Cost $10,234,517) 37.1%          
  United States 37.1%          
l,m
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
    10,234,517   10,234,517
 
Total Investments (Cost $32,537,310) 96.6%
        26,663,724
 
Options Written (1.5)%
        (418,088)
 
Other Assets, less Liabilities 4.9%
        1,370,716
 
Net Assets 100.0%
        $27,616,352
    Number of
Contracts 		  Notional
Amount* 		   
  Options Written (1.5)%          
  Calls - Over-the-Counter          
  Currency Options (1.3)%          
 
AUD/JPY, Counterparty CITI, April Strike Price 75.95 JPY, Expires 4/22/20
1   206,000 AUD (11)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.00 JPY, Expires 5/06/20
1   361,000 AUD (43)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/07/20
1   344,000 AUD (36)
 
AUD/JPY, Counterparty CITI, May Strike Price 77.35 JPY, Expires 5/07/20
1   172,000 AUD (14)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/13/20
1   483,000 AUD (59)
 
AUD/JPY, Counterparty CITI, December Strike Price 75.70 JPY, Expires 12/21/20
1   517,000 AUD (777)
 
AUD/USD, Counterparty HSBK, April Strike Price $0.71, Expires 4/30/20
1   215,000 AUD (21)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.71, Expires 5/04/20
1   270,000 AUD (47)
 
AUD/USD, Counterparty HSBK, November Strike Price $0.71, Expires 11/05/20
1   172,000 AUD (298)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/08/21
1   229,000 AUD (916)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/10/21
1   275,000 AUD (1,262)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.78, Expires 5/05/21
1   287,000 AUD (401)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.68, Expires 5/07/20
1   431,000 AUD (211)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.74, Expires 8/12/20
1   183,000 AUD (117)
  |  5
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
AUD/USD, Counterparty MSCO, October Strike Price $0.61, Expires 10/28/20
1        460,000 AUD    $(11,693)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.74, Expires 5/12/21
1        619,000 AUD     (1,415)
 
USD/MXN, Counterparty CITI, May Strike Price 19.34 MXN, Expires 5/12/20
1        145,000      (27,834)
 
USD/MXN, Counterparty CITI, May Strike Price 22.85 MXN, Expires 5/14/20
1        160,000      (10,478)
 
USD/MXN, Counterparty CITI, May Strike Price 22.91 MXN, Expires 5/21/20
1         61,000       (3,966)
 
USD/MXN, Counterparty CITI, June Strike Price 26.36 MXN, Expires 6/25/20
1 161,000   (3,811)
 
USD/MXN, Counterparty CITI, June Strike Price 30.33 MXN, Expires 6/25/20
1 159,000   (1,425)
 
USD/MXN, Counterparty CITI, September Strike Price 20.06 MXN, Expires 9/17/20
1 317,000   (57,168)
 
USD/MXN, Counterparty CITI, September Strike Price 22.40 MXN, Expires 9/17/20
1 317,000   (32,016)
 
USD/MXN, Counterparty CITI, March Strike Price 35.62 MXN, Expires 3/24/21
1 550,000   (9,536)
 
USD/MXN, Counterparty JPHQ, June Strike Price 29.40 MXN, Expires 6/22/20
1 365,000   (3,897)
 
USD/MXN, Counterparty JPHQ, July Strike Price 22.30 MXN, Expires 7/27/20
1 183,000   (17,618)
 
USD/MXN, Counterparty JPHQ, September Strike Price 30.80 MXN, Expires 9/22/20
1 365,000   (5,601)
 
USD/MXN, Counterparty MSCO, May Strike Price 20.92 MXN, Expires 5/29/20
1 305,000   (40,092)
 
USD/MXN, Counterparty MSCO, July Strike Price 19.91 MXN, Expires 7/17/20
1 723,000   (128,948)
          (359,711)
  Puts - Over-the-Counter        
  Currency Options (0.2)%        
 
AUD/JPY, Counterparty CITI, July Strike Price 68.00 JPY, Expires 7/21/20
1 459,000 AUD (14,776)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.64, Expires 5/07/20
1 344,000 AUD (10,624)
 
AUD/USD, Counterparty HSBK, January Strike Price $0.63, Expires 1/27/21
1 152,000 AUD (5,025)
 
AUD/USD, Counterparty MSCO, June Strike Price $0.55, Expires 6/16/20
1 172,000 AUD (736)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.64, Expires 8/12/20
1 122,000 AUD (4,282)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.50, Expires 10/28/20
1 230,000 AUD (1,333)
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1 199,000   (452)
 
USD/MXN, Counterparty CITI, May Strike Price 19.09 MXN, Expires 5/21/20
1 61,000   (29)
 
USD/MXN, Counterparty CITI, September Strike Price 24.20 MXN, Expires 9/24/20
1 152,000   (8,291)
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.08 MXN, Expires 6/05/20
1 80,000   (152)
 
USD/MXN, Counterparty JPHQ, June Strike Price 19.40 MXN, Expires 6/12/20
1 120,000   (131)
 
USD/MXN, Counterparty JPHQ, June Strike Price 23.40 MXN, Expires 6/22/20
1 365,000   (12,107)
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.92 MXN, Expires 7/14/20
1 366,000   (439)
          (58,377)
 
Total Options Written (Premiums received $161,279)
      (418,088)
  |  6
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
†Rounds to less than 0.1% of net assets.
*The principal/notional amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bFair valued using significant unobservable inputs. See Note 8 regarding fair value measurements.
cSee Note 6 regarding restricted securities.
dSecurities denominated in Argentine Peso have been designated as Level 3 investments. See Note 8 regarding fair value measurements.
eRedemption price at maturity and coupon payment are adjusted for inflation.
fPrincipal amount is stated in 1,000 Brazilian Real Units.
gSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $370,113, representing 1.3% of net assets.
hPrincipal amount is stated in 100 Mexican Peso Units.
iIncome may be received in additional securities and/or cash.
jThe security was issued on a discount basis with no stated coupon rate.
kPrincipal amount is stated in 10 Mexican Peso Units.
lSee Note 7 regarding investments in affiliated management investment companies.
mThe rate shown is the annualized seven-day effective yield at period end.
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Brazilian Real 
JPHQ Buy 2,747,303 654,618   4/01/20      $ — $(125,951)
Brazilian Real 
JPHQ Sell 2,747,303 668,200   4/01/20 139,532        —
Indian Rupee 
CITI Buy 88,000,000 1,159,573   4/07/20   5,289        —
Indian Rupee 
CITI Sell 88,000,000 1,220,358   4/07/20  55,496        —
Euro 
DBAB Buy 304,900 330,005   4/08/20   6,287        —
Euro 
DBAB Sell 304,900 339,110   4/08/20   2,817        —
Mexican Peso 
CITI Buy 2,229,000 118,858   4/08/20       —   (25,132)
Mexican Peso 
CITI Sell 2,229,000 110,988   4/08/20  17,262        —
Japanese Yen 
HSBK Buy 50,614,050 471,530   4/21/20       —     (340)
Japanese Yen 
JPHQ Buy 9,929,110 92,469   4/21/20       —      (34)
Euro 
UBSW Buy 660,000 715,183   4/24/20  13,249        —
Euro 
UBSW Sell 660,000 743,638   4/24/20  15,207        —
Japanese Yen 
JPHQ Buy 16,809,900 153,909   4/24/20   2,609        —
Euro 
DBAB Buy 137,583 149,182   4/30/20   2,704        —
Euro 
DBAB Sell 137,583 154,492   4/30/20   2,606        —
Euro 
CITI Buy 309,594 335,569   5/04/20   6,264        —
Euro 
CITI Sell 309,594 349,013   5/04/20   7,181        —
Euro 
BNDP Buy 1,000,000 1,084,382   5/06/20  19,835        —
Euro 
BNDP Sell 1,000,000 1,128,600   5/06/20  24,383        —
Indian Rupee 
CITI Sell 88,000,000 1,218,837   5/06/20  65,754        —
Euro 
DBAB Buy 93,331 101,261   5/18/20   1,845        —
Euro 
DBAB Sell 93,331 103,893   5/18/20     787        —
Euro 
BOFA Buy 32,247 34,995   5/20/20     631        —
Euro 
BOFA Sell 32,247 36,075   5/20/20     448        —
Australian Dollar 
JPHQ Sell 208,500 15,120,954 JPY 5/21/20  12,848        —
Euro 
UBSW Buy 25,815 28,019   5/21/20     504        —
Euro 
UBSW Sell 25,815 28,932   5/21/20     410        —
Euro 
HSBK Buy 43,760 5,259,106 JPY 5/22/20       —     (675)
Euro 
HSBK Sell 21,880 2,583,539 JPY 5/22/20       —      (92)
  |  7
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
HSBK Sell 21,880 2,628,036 JPY 5/22/20     $323       $ —
Australian Dollar 
CITI Sell 138,685 10,256,561 JPY 5/26/20  10,417        —
Euro 
DBAB Buy 137,637 149,472   5/26/20   2,629        —
Euro 
DBAB Sell 137,637 153,961   5/26/20   1,860        —
Japanese Yen 
JPHQ Buy 3,959,600 36,875   5/26/20      42        —
Euro 
BZWS Buy 118,000 128,172   5/29/20   2,244        —
Euro 
BZWS Sell 118,000 132,040   5/29/20   1,624        —
Brazilian Real 
HSBK Sell 2,736,600 542,288   6/02/20  17,557        —
Japanese Yen 
JPHQ Buy 25,629,100 237,826   6/04/20   1,209        —
Japanese Yen 
HSBK Buy 30,849,590 292,470   6/08/20       —    (4,700)
Japanese Yen 
JPHQ Buy 26,661,670 247,991   6/08/20     713        —
Japanese Yen 
JPHQ Buy 29,299,380 278,096   6/08/20       —    (4,787)
Australian Dollar 
CITI Sell 763,000 54,185,971 JPY 6/09/20  36,678        —
Euro 
DBAB Buy 393,000 427,005   6/11/20   7,548        —
Euro 
DBAB Sell 393,000 440,396   6/11/20   5,842        —
Australian Dollar 
BNDP Sell 492,000 36,154,374 JPY 6/12/20  35,016        —
Australian Dollar 
HSBK Sell 145,000 10,683,025 JPY 6/12/20  10,579        —
Australian Dollar 
JPHQ Sell 210,000 15,519,510 JPY 6/12/20  15,764        —
Australian Dollar 
HSBK Sell 50,000 3,281,200 JPY 6/16/20       —     (103)
Mexican Peso 
CITI Buy 1,691,000 89,316   6/17/20       —   (18,950)
Mexican Peso 
CITI Sell 1,691,000 83,255   6/17/20  12,890        —
Japanese Yen 
HSBK Buy 65,997,000 608,688   6/18/20   7,184        —
Japanese Yen 
JPHQ Buy 32,418,620 306,554   6/22/20       —    (3,982)
Japanese Yen 
JPHQ Buy 32,418,620 299,143   6/22/20   3,429        —
Japanese Yen 
BNDP Buy 81,925,100 782,481   6/24/20       —   (17,791)
Japanese Yen 
BNDP Sell 36,200,000 343,712   6/24/20   5,821        —
Brazilian Real 
HSBK Sell 1,179,200 229,104   6/25/20   3,247        —
Brazilian Real 
HSBK Sell 2,747,500 542,253   7/02/20  16,212        —
Australian Dollar 
JPHQ Sell 130,000 9,707,555 JPY 7/14/20  10,797        —
Euro 
BNDP Buy 625,000 680,556   7/15/20  11,292        —
Euro 
BNDP Sell 625,000 702,844   7/15/20  10,996        —
Euro 
DBAB Buy 93,332 101,616   7/16/20   1,702        —
Euro 
DBAB Sell 93,332 104,868   7/16/20   1,550        —
Euro 
UBSW Buy 25,815 28,125   7/23/20     458        —
Euro 
UBSW Sell 25,815 29,312   7/23/20     729        —
Australian Dollar 
SCNY Sell 1,522,000 111,274,485 JPY 7/31/20 104,738        —
Euro 
DBAB Buy 548,000 597,163   7/31/20   9,731        —
Euro 
DBAB Sell 548,000 609,224   7/31/20   2,330        —
Australian Dollar 
JPHQ Sell 156,375 11,241,256 JPY 8/21/20   9,040        —
Japanese Yen 
HSBK Buy 13,100,000 118,884   8/21/20   3,608        —
Australian Dollar 
CITI Sell 138,315 9,817,437 JPY 8/24/20   6,831        —
Australian Dollar 
JPHQ Sell 531,500 37,850,772 JPY 8/24/20  27,423        —
Euro 
HSBK Buy 21,880 2,631,014 JPY 8/24/20       —     (355)
Euro 
HSBK Sell 21,880 2,585,485 JPY 8/24/20       —      (70)
Australian Dollar 
JPHQ Sell 531,500 39,226,958 JPY 8/25/20  40,304        —
Japanese Yen 
CITI Buy 4,006,200 36,217   8/26/20   1,248        —
  |  8
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Emerging Markets Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Japanese Yen 
CITI Buy 27,502,000 251,160   8/31/20   $6,075       $ —
Japanese Yen 
CITI Buy 42,920,000 415,290   8/31/20       —   (13,845)
Japanese Yen 
HSBK Buy 10,885,590 104,886   9/08/20       —    (3,045)
Japanese Yen 
HSBK Buy 78,717,570 735,747   9/08/20     699        —
Japanese Yen 
JPHQ Buy 29,299,370 274,989   9/08/20       —     (877)
Australian Dollar 
HSBK Sell 95,000 6,436,535 JPY 9/14/20   1,865        —
Australian Dollar 
JPHQ Sell 110,000 7,468,125 JPY 9/14/20   2,303        —
Japanese Yen 
JPHQ Buy 14,420,369 134,180   9/23/20     791        —
Mexican Peso 
CITI Sell 2,287,000 110,983   10/08/20  17,335        —
Mexican Peso 
CITI Sell 1,718,000 83,250   10/09/20  12,912        —
Euro 
DBAB Buy 159,837 175,027   10/15/20   2,391        —
Euro 
DBAB Sell 159,837 180,616   10/15/20   3,199        —
Euro 
DBAB Buy 128,180 140,386   10/26/20   1,945        —
Euro 
DBAB Sell 128,180 145,923   10/26/20   3,592        —
Australian Dollar 
JPHQ Sell 52,125 3,819,845 JPY 11/24/20   3,806        —
Total Forward Exchange Contracts 
$902,466 $(220,729)
Net unrealized appreciation (depreciation) 
$681,737
 
*In U.S. dollars unless otherwise indicated.
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Abbreviations on page 62.
  |  9
Templeton Income Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton Global Bond Fund
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities 47.8%        
  Argentina 1.8%        
a,b Argentina Treasury Bond BONCER,        
 
Index Linked, 1.20%, 3/18/22
     16,143,108,877 ARS     $98,540,237
 
Index Linked, 1.40%, 3/25/23
     10,249,564,623 ARS     57,280,373
 
Index Linked, 1.50%, 3/25/24
     10,249,564,627 ARS     54,758,643
a Argentine Bonos del Tesoro,        
 
18.20%, 10/03/21
     10,809,194,000 ARS     62,526,106
 
16.00%, 10/17/23
     11,569,749,000 ARS     53,745,232
 
senior note, 15.50%, 10/17/26
     18,801,412,000 ARS     82,861,923
a,c
Government of Argentina, FRN, 36.86%, (ARS Badlar + 2.00%), 4/03/22
  700,128,000 ARS 5,614,106
          415,326,620
  Brazil 8.2%        
  Letra Tesouro Nacional,        
 
Strip, 7/01/20
          4,468,782d BRL    853,079,119
 
Strip, 7/01/21
          1,017,240d BRL    187,428,821
 
Nota do Tesouro Nacional, 10.00%, 1/01/21
  3,992,109d BRL 804,746,132
          1,845,254,072
  Colombia 1.7%        
  Government of Colombia,        
 
senior bond, 7.75%, 4/14/21
     45,050,000,000 COP     11,384,581
 
senior bond, 4.375%, 3/21/23
      6,831,000,000 COP      1,612,622
 
senior bond, 9.85%, 6/28/27
     10,884,000,000 COP      2,965,648
  Titulos de Tesoreria,        
 
B, 7.75%, 9/18/30
    175,388,800,000 COP     44,854,055
 
senior bond, B, 11.00%, 7/24/20
     88,998,000,000 COP     22,384,608
 
senior bond, B, 7.00%, 5/04/22
    131,527,000,000 COP     33,631,138
 
senior bond, B, 10.00%, 7/24/24
    518,579,000,000 COP    145,977,914
 
senior bond, B, 7.50%, 8/26/26
    216,664,700,000 COP     54,646,261
 
senior bond, B, 6.00%, 4/28/28
    236,008,100,000 COP     54,265,248
          371,722,075
  Ghana 2.0%        
  Government of Ghana,        
 
24.75%, 3/01/21
          6,310,000 GHS      1,168,612
 
16.25%, 5/17/21
         63,860,000 GHS     10,967,761
 
24.50%, 6/21/21
            990,000 GHS        183,741
 
24.75%, 7/19/21
         10,770,000 GHS      1,998,420
 
18.75%, 1/24/22
        337,130,000 GHS     56,911,491
 
17.60%, 11/28/22
          3,220,000 GHS        512,928
 
19.75%, 3/25/24
        337,130,000 GHS     55,105,049
 
19.00%, 11/02/26
      1,011,340,000 GHS    156,375,152
 
senior bond, 19.75%, 3/15/32
      1,011,340,000 GHS    156,486,835
 
senior note, 18.50%, 6/01/20
          4,390,000 GHS        770,167
 
senior note, 18.25%, 9/21/20
          4,190,000 GHS        740,053
 
senior note, 16.50%, 3/22/21
         15,240,000 GHS      2,645,703
          443,865,912
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  10
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
  India 4.6%        
  Government of India,        
 
senior bond, 8.35%, 5/14/22
      4,260,400,000 INR     $60,196,961
 
senior note, 7.80%, 4/11/21
      9,845,400,000 INR    134,151,487
 
senior note, 8.79%, 11/08/21
      7,315,000,000 INR    102,308,492
 
senior note, 8.15%, 6/11/22
     19,499,000,000 INR    274,823,322
 
senior note, 6.84%, 12/19/22
      2,217,000,000 INR     30,662,439
 
senior note, 7.16%, 5/20/23
      7,113,350,000 INR     98,875,498
 
India Government Bond, senior note, 7.37%, 4/16/23
  24,355,500,000 INR 341,525,897
          1,042,544,096
  Indonesia 6.9%        
  Government of Indonesia,        
 
senior bond, FR31, 11.00%, 11/15/20
  1,090,303,000,000 IDR     69,348,068
 
senior bond, FR34, 12.80%, 6/15/21
  1,603,246,000,000 IDR    106,579,946
 
senior bond, FR35, 12.90%, 6/15/22
  1,172,669,000,000 IDR     81,497,212
 
senior bond, FR39, 11.75%, 8/15/23
    641,965,000,000 IDR     45,004,443
 
senior bond, FR40, 11.00%, 9/15/25
    532,795,000,000 IDR     37,576,593
 
senior bond, FR43, 10.25%, 7/15/22
    377,390,000,000 IDR     25,024,354
 
senior bond, FR44, 10.00%, 9/15/24
    248,790,000,000 IDR     16,837,187
 
senior bond, FR46, 9.50%, 7/15/23
  6,667,220,000,000 IDR    439,930,511
 
senior bond, FR53, 8.25%, 7/15/21
  5,990,194,000,000 IDR    378,969,024
 
senior bond, FR61, 7.00%, 5/15/22
    165,670,000,000 IDR     10,337,874
 
senior bond, FR63, 5.625%, 5/15/23
    670,707,000,000 IDR     39,903,176
 
senior bond, FR70, 8.375%, 3/15/24
  4,851,563,000,000 IDR    309,952,776
          1,560,961,164
  Mexico 14.0%        
  Government of Mexico,        
 
senior bond, M, 8.00%, 6/11/20
        455,729,200e MXN  1,924,027,938
 
senior bond, M, 6.50%, 6/10/21
        281,607,150e MXN  1,187,212,495
f
Mexican Udibonos, Index Linked, 2.50%, 12/10/20
  7,105,937g MXN 29,504,886
          3,140,745,319
  Norway 4.3%        
h,i Government of Norway,        
 
144A, Reg S, 3.75%, 5/25/21
      2,807,404,000 NOK    281,365,329
 
144A, Reg S, 2.00%, 5/24/23
      2,148,176,000 NOK    217,553,692
 
144A, Reg S, 3.00%, 3/14/24
      2,799,940,000 NOK    296,782,062
 
144A, Reg S, 1.75%, 3/13/25
      1,005,900,000 NOK    102,775,208
 
144A, Reg S, 1.50%, 2/19/26
        596,566,000 NOK     60,450,994
          958,927,285
  South Korea 3.8%        
  Korea Treasury Bond,        
 
senior note, 2.25%, 9/10/23
     13,848,000,000 KRW     11,757,459
 
senior note, 1.875%, 3/10/24
    239,662,000,000 KRW    201,008,618
 
senior note, 1.375%, 9/10/24
    385,853,010,000 KRW    317,583,458
 
senior note, 3.00%, 9/10/24
    146,030,000,000 KRW    128,580,904
  |  11
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
        Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)          
  South Korea (continued)          
  Korea Treasury Bond, (continued)          
 
senior note, 1.375%, 12/10/29
      245,748,000,000 KRW    $198,432,712
            857,363,151
j Supranational 0.5%          
 
Inter-American Development Bank, senior bond, 7.50%, 12/05/24
        2,473,000,000 MXN    108,319,337
 
Total Foreign Government and Agency Securities

(Cost $15,085,614,589)
        10,745,029,031
  U.S. Government and Agency Securities 26.4%          
  United States 26.4%          
  U.S. Treasury Note,          
 
1.125%, 9/30/21
          167,063,000      169,366,715
 
1.50%, 9/30/21
          605,510,000      617,229,931
 
2.125%, 12/31/21
          189,745,000      196,037,715
 
1.50%, 10/31/24
          240,150,000      252,617,161
 
1.50%, 11/30/24
          294,510,000      310,213,364
 
2.00%, 2/15/25
          287,010,000      309,387,811
 
2.125%, 5/15/25
          343,230,000      372,873,811
 
2.875%, 5/31/25
          287,950,000      324,134,966
 
2.625%, 12/31/25
          418,885,000      470,165,689
 
1.625%, 2/15/26
          226,420,000      241,269,969
 
2.125%, 5/31/26
          103,431,000      113,555,925
 
1.625%, 10/31/26
          226,430,000      242,448,154
 
1.75%, 12/31/24
        2,166,575,000    2,307,487,001
 
Total U.S. Government and Agency Securities

(Cost $5,688,753,498)
        5,926,788,212
    Number of
Contracts 		  Notional
Amount* 		   
  Options Purchased 5.4%          
  Calls - Over-the-Counter          
  Currency Options 4.1%          
 
AUD/JPY, Counterparty CITI, April Strike Price 79.30 JPY, Expires 4/22/20
1   166,333,000 AUD 3,270
 
AUD/JPY, Counterparty CITI, May Strike Price 84.00 JPY, Expires 5/06/20
1   138,399,000 AUD 2,210
 
AUD/JPY, Counterparty CITI, May Strike Price 86.63 JPY, Expires 5/06/20
1   152,240,000 AUD 1,684
 
AUD/JPY, Counterparty CITI, May Strike Price 78.75 JPY, Expires 5/07/20
1   138,398,000 AUD 7,566
 
AUD/JPY, Counterparty CITI, May Strike Price 85.50 JPY, Expires 5/07/20
1   553,598,000 AUD 7,142
 
AUD/JPY, Counterparty CITI, May Strike Price 80.00 JPY, Expires 5/13/20
1   388,113,000 AUD 17,880
 
AUD/JPY, Counterparty CITI, November Strike Price 84.33 JPY, Expires 11/12/20
1   103,800,000 AUD 28,439
 
AUD/JPY, Counterparty CITI, December Strike Price 82.15 JPY, Expires 12/21/20
1   415,192,000 AUD 153,032
 
AUD/USD, Counterparty HSBK, April Strike Price $0.77, Expires 4/30/20
1   173,002,000 AUD 3,081
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/04/20
1   217,980,000 AUD 7,634
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/07/20
1   138,399,000 AUD 5,526
  |  12
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
AUD/USD, Counterparty HSBK, February Strike Price $0.75, Expires 2/08/21
1       184,817,000 AUD        $272,592
 
AUD/USD, Counterparty HSBK, February Strike Price $0.74, Expires 2/10/21
1       221,777,000 AUD        353,672
 
AUD/USD, Counterparty MSCO, May Strike Price $0.70, Expires 5/07/20
1       173,266,000 AUD         40,127
 
AUD/USD, Counterparty MSCO, October Strike Price $0.66, Expires 10/28/20
1       369,624,000 AUD      2,861,866
 
AUD/USD, Counterparty MSCO, May Strike Price $0.77, Expires 5/12/21
1       249,119,000 AUD        389,470
 
USD/MXN, Counterparty CITI, July Strike Price 22.70 MXN, Expires 7/26/21
1 368,724,000   50,586,721
 
USD/JPY, Counterparty CITI, September Strike Price 112.24 JPY, Expires 9/22/20
1 588,172,000   4,083,678
 
USD/JPY, Counterparty CITI, February Strike Price 118.25 JPY, Expires 2/24/21
1 1,517,860,000   5,848,315
 
USD/MXN, Counterparty CITI, May Strike Price 20.50 MXN, Expires 5/11/20
1 252,447,000   36,524,032
 
USD/MXN, Counterparty CITI, May Strike Price 20.09 MXN, Expires 5/12/20
1 231,083,000   37,260,516
 
USD/MXN, Counterparty CITI, May Strike Price 20.87 MXN, Expires 5/14/20
1 91,279,000   11,959,101
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1 158,682,000   22,609,488
 
USD/MXN, Counterparty CITI, June Strike Price 25.08 MXN, Expires 6/25/20
1 253,388,000   8,855,657
 
USD/MXN, Counterparty CITI, July Strike Price 21.03 MXN, Expires 7/30/20
1 122,804,000   16,976,425
 
USD/MXN, Counterparty CITI, September Strike Price 21.94 MXN, Expires 9/03/20
1 479,699,000   53,892,264
 
USD/MXN, Counterparty CITI, September Strike Price 21.70 MXN, Expires 9/08/20
1 479,222,000   57,736,187
 
USD/MXN, Counterparty CITI, September Strike Price 20.85 MXN, Expires 9/17/20
1 505,499,000   76,282,327
 
USD/MXN, Counterparty CITI, September Strike Price 27.34 MXN, Expires 9/24/20
1 437,442,000   12,834,548
 
USD/MXN, Counterparty CITI, October Strike Price 20.08 MXN, Expires 10/19/20
1 263,029,000   48,382,343
 
USD/MXN, Counterparty CITI, July Strike Price 22.57 MXN, Expires 7/20/21
1 368,729,000   51,405,247
 
USD/MXN, Counterparty GSCO, March Strike Price 20.62 MXN, Expires 3/03/21
1 76,750,000   13,834,571
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.08 MXN, Expires 6/05/20
1 64,219,000   10,630,813
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.70 MXN, Expires 6/12/20
1 95,591,000   13,605,849
 
USD/MXN, Counterparty JPHQ, June Strike Price 25.25 MXN, Expires 6/22/20
1 290,182,000   9,457,612
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.14 MXN, Expires 7/14/20
1 290,576,000   49,100,951
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.90 MXN, Expires 7/27/20
1 145,288,000   20,659,954
  |  13
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty JPHQ, September Strike Price 25.50 MXN, Expires 9/22/20
1       290,576,000       $12,842,588
 
USD/MXN, Counterparty MSCO, May Strike Price 19.86 MXN, Expires 5/29/20
1       727,397,000      126,094,997
 
USD/MXN, Counterparty MSCO, June Strike Price 21.45 MXN, Expires 6/15/20
1       124,900,000       14,346,763
 
USD/MXN, Counterparty MSCO, July Strike Price 18.99 MXN, Expires 7/17/20
1       382,840,000       82,416,647
 
USD/MXN, Counterparty MSCO, July Strike Price 20.75 MXN, Expires 7/17/20
1       191,420,000       28,006,086
 
USD/MXN, Counterparty MSCO, September Strike Price 22.33 MXN, Expires 9/04/20
1 383,759,000   38,808,780
 
USD/MXN, Counterparty MSCO, September Strike Price 25.97 MXN, Expires 9/04/20
1 383,759,000   14,389,044
          933,586,695
  Puts - Over-the-Counter        
  Currency Options 1.3%        
 
AUD/JPY, Counterparty CITI, May Strike Price 69.54 JPY, Expires 5/06/20
1 110,720,000 AUD 3,946,519
 
AUD/JPY, Counterparty CITI, May Strike Price 70.65 JPY, Expires 5/06/20
1 69,200,000 AUD 3,095,376
 
AUD/JPY, Counterparty CITI, May Strike Price 74.48 JPY, Expires 5/06/20
1 110,720,000 AUD 8,769,485
 
AUD/JPY, Counterparty CITI, May Strike Price 75.05 JPY, Expires 5/06/20
1 69,200,000 AUD 5,848,508
 
AUD/JPY, Counterparty CITI, May Strike Price 65.55 JPY, Expires 5/07/20
1 69,199,000 AUD 972,818
 
AUD/JPY, Counterparty CITI, May Strike Price 73.25 JPY, Expires 5/07/20
1 230,667,000 AUD 15,694,269
 
AUD/JPY, Counterparty CITI, July Strike Price 72.00 JPY, Expires 7/21/20
1 830,399,000 AUD 50,020,769
 
AUD/JPY, Counterparty CITI, November Strike Price 66.78 JPY, Expires 11/12/20
1 51,900,000 AUD 1,723,359
 
AUD/JPY, Counterparty CITI, November Strike Price 69.18 JPY, Expires 11/12/20
1 31,140,000 AUD 1,402,905
 
AUD/JPY, Counterparty CITI, November Strike Price 72.78 JPY, Expires 11/12/20
1 129,750,000 AUD 9,196,651
 
AUD/JPY, Counterparty CITI, November Strike Price 74.00 JPY, Expires 11/12/20
1 93,420,000 AUD 7,586,624
 
AUD/JPY, Counterparty CITI, December Strike Price 65.85 JPY, Expires 12/21/20
1 207,600,000 AUD 6,550,637
 
AUD/USD, Counterparty HSBK, May Strike Price $0.66, Expires 5/07/20
1 346,004,000 AUD 16,288,789
 
AUD/USD, Counterparty HSBK, May Strike Price $0.68, Expires 5/07/20
1 138,400,000 AUD 8,710,973
 
AUD/USD, Counterparty HSBK, July Strike Price $0.67, Expires 7/28/20
1 244,507,000 AUD 13,377,472
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/08/21
1 369,632,000 AUD 18,676,093
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/10/21
1 443,553,000 AUD 20,458,212
 
AUD/USD, Counterparty MSCO, August Strike Price $0.67, Expires 8/12/20
1 392,124,000 AUD 24,014,227
 
AUD/USD, Counterparty MSCO, October Strike Price $0.58, Expires 10/28/20
1 369,624,000 AUD 5,191,953
 
USD/JPY, Counterparty CITI, September Strike Price 100.70 JPY, Expires 9/16/20
1 1,062,502,000   13,180,337
  |  14
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Puts - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/JPY, Counterparty CITI, September Strike Price 106.75 JPY, Expires 9/22/20
1     1,176,343,000       $30,921,352
 
USD/JPY, Counterparty CITI, February Strike Price 105.70 JPY, Expires 2/24/21
1       758,930,000       24,168,885
 
USD/MXN, Counterparty CITI, July Strike Price 18.28 MXN, Expires 7/20/20
1        73,745,000           60,545
 
USD/MXN, Counterparty CITI, July Strike Price 18.38 MXN, Expires 7/24/20
1        73,745,000           68,067
 
USD/MXN, Counterparty CITI, September Strike Price 19.11 MXN, Expires 9/03/20
1       239,850,000          405,107
 
USD/MXN, Counterparty CITI, October Strike Price 18.00 MXN, Expires 10/19/20
1 184,364,000   211,097
 
USD/MXN, Counterparty CITI, March Strike Price 21.48 MXN, Expires 3/24/21
1 121,534,000   1,738,301
 
USD/MXN, Counterparty GSCO, March Strike Price 18.65 MXN, Expires 3/03/21
1 76,750,000   193,026
 
USD/MXN, Counterparty JPHQ, June Strike Price 21.95 MXN, Expires 6/22/20
1 145,093,000   1,665,377
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.10 MXN, Expires 7/14/20
1 181,608,000   118,045
          294,255,778
 
Total Options Purchased

(Cost $329,902,517)
      1,227,842,473
 
Total Investments before Short Term Investments

(Cost $21,104,270,604)
      17,899,659,716
      Principal
Amount* 		   
  Short Term Investments 15.6%        
  Foreign Government and Agency Securities 6.0%        
  Brazil 0.2%        
 
Letra Tesouro Nacional, Strip, 10/01/20
  231,540d BRL 43,849,078
  Japan 5.4%        
k Japan Treasury Discount Bill,        
 
4/06/20
     41,317,900,000 JPY    384,197,881
 
4/10/20 - 9/23/20
     89,848,400,000 JPY    835,928,794
          1,220,126,675
  |  15
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
        Principal
Amount* 		  Value
  Short Term Investments (continued)          
  Foreign Government and Agency Securities (continued)          
  Norway 0.4%          
h,i,k
Norway Treasury Bill, 144A, Reg S, 6/17/20 - 9/16/20
          868,786,000 NOK     $83,540,282
 
Total Foreign Government and Agency Securities

(Cost $1,351,455,416)
        1,347,516,035
 
Total Investments before Money Market Funds (Cost $22,455,726,020)
        19,247,175,751
        Shares    
  Money Market Funds (Cost $2,153,880,708) 9.6%          
  United States 9.6%          
l,m
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
    2,153,880,708   2,153,880,708
 
Total Investments (Cost $24,609,606,728) 95.2%
        21,401,056,459
 
Options Written (2.1)%
        (478,079,420)
 
Other Assets, less Liabilities 6.9%
        1,545,987,590
 
Net Assets 100.0%
        $22,468,964,629
    Number of
Contracts 		  Notional
Amount* 		   
  Options Written (2.1)%          
  Calls - Over-the-Counter          
  Currency Options (1.8)%          
 
AUD/JPY, Counterparty CITI, April Strike Price 75.95 JPY, Expires 4/22/20
1   166,333,000 AUD (9,298)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.00 JPY, Expires 5/06/20
1   290,641,000 AUD (34,458)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/07/20
1   276,800,000 AUD (29,247)
 
AUD/JPY, Counterparty CITI, May Strike Price 77.35 JPY, Expires 5/07/20
1   138,406,000 AUD (11,223)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/13/20
1   388,113,000 AUD (47,684)
 
AUD/JPY, Counterparty CITI, December Strike Price 75.70 JPY, Expires 12/21/20
1   415,192,000 AUD (623,859)
 
AUD/USD, Counterparty HSBK, April Strike Price $0.71, Expires 4/30/20
1   173,002,000 AUD (16,897)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.71, Expires 5/04/20
1   217,980,000 AUD (37,628)
 
AUD/USD, Counterparty HSBK, November Strike Price $0.71, Expires 11/05/20
1   138,399,000 AUD (239,922)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/08/21
1   184,817,000 AUD (739,442)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/10/21
1   221,777,000 AUD (1,017,422)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.78, Expires 5/05/21
1   230,666,000 AUD (321,938)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.68, Expires 5/07/20
1   346,528,000 AUD (170,086)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.74, Expires 8/12/20
1   147,048,500 AUD (94,216)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.61, Expires 10/28/20
1   369,624,000 AUD (9,395,742)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.74, Expires 5/12/21
1   498,240,000 AUD (1,138,882)
  |  16
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/JPY, Counterparty CITI, September Strike Price 107.50 JPY, Expires 9/16/20
1       607,145,000      $(14,224,800)
 
USD/JPY, Counterparty CITI, September Strike Price 108.77 JPY, Expires 9/22/20
1     1,176,342,000      (20,583,632)
 
USD/JPY, Counterparty CITI, February Strike Price 112.00 JPY, Expires 2/24/21
1     1,517,860,000      (17,719,498)
 
USD/MXN, Counterparty CITI, May Strike Price 19.34 MXN, Expires 5/12/20
1       115,540,000      (22,178,596)
 
USD/MXN, Counterparty CITI, May Strike Price 22.85 MXN, Expires 5/14/20
1       126,973,000       (8,315,208)
 
USD/MXN, Counterparty CITI, May Strike Price 22.91 MXN, Expires 5/21/20
1 48,691,000   (3,165,694)
 
USD/MXN, Counterparty CITI, June Strike Price 26.36 MXN, Expires 6/25/20
1 127,586,000   (3,019,961)
 
USD/MXN, Counterparty CITI, June Strike Price 30.33 MXN, Expires 6/25/20
1 126,696,000   (1,135,196)
 
USD/MXN, Counterparty CITI, September Strike Price 23.00 MXN, Expires 9/03/20
1 239,850,000   (20,029,634)
 
USD/MXN, Counterparty CITI, September Strike Price 24.30 MXN, Expires 9/08/20
1 159,740,000   (9,313,481)
 
USD/MXN, Counterparty CITI, September Strike Price 20.06 MXN, Expires 9/17/20
1 252,750,000   (45,580,935)
 
USD/MXN, Counterparty CITI, September Strike Price 22.40 MXN, Expires 9/17/20
1 252,750,000   (25,527,245)
 
USD/MXN, Counterparty CITI, March Strike Price 35.62 MXN, Expires 3/24/21
1 437,442,000   (7,584,369)
 
USD/MXN, Counterparty GSCO, June Strike Price 21.07 MXN, Expires 6/03/20
1 76,750,000   (9,718,315)
 
USD/MXN, Counterparty JPHQ, June Strike Price 29.40 MXN, Expires 6/22/20
1 290,182,000   (3,098,563)
 
USD/MXN, Counterparty JPHQ, July Strike Price 22.30 MXN, Expires 7/27/20
1 145,288,000   (13,987,166)
 
USD/MXN, Counterparty JPHQ, September Strike Price 30.80 MXN, Expires 9/22/20
1 290,576,000   (4,458,889)
 
USD/MXN, Counterparty MSCO, May Strike Price 20.92 MXN, Expires 5/29/20
1 242,466,000   (31,872,156)
 
USD/MXN, Counterparty MSCO, June Strike Price 24.20 MXN, Expires 6/15/20
1 62,400,000   (2,822,726)
 
USD/MXN, Counterparty MSCO, July Strike Price 19.91 MXN, Expires 7/17/20
1 574,261,000   (102,420,024)
 
USD/MXN, Counterparty MSCO, September Strike Price 24.56 MXN, Expires 9/04/20
1 575,640,000   (31,012,029)
 
USD/MXN, Counterparty MSCO, September Strike Price 22.46 MXN, Expires 9/10/20
1 47,970,000   (4,711,038)
          (416,407,099)
  |  17
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Puts - Over-the-Counter        
  Currency Options (0.3)%        
 
AUD/JPY, Counterparty CITI, July Strike Price 68.00 JPY, Expires 7/21/20
1       369,068,000 AUD    $(11,880,727)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.64, Expires 5/07/20
1       276,800,000 AUD     (8,548,503)
 
AUD/USD, Counterparty HSBK, January Strike Price $0.63, Expires 1/27/21
1       122,252,000 AUD     (4,041,399)
 
AUD/USD, Counterparty MSCO, June Strike Price $0.55, Expires 6/16/20
1       138,607,000 AUD       (593,044)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.64, Expires 8/12/20
1        98,032,000 AUD     (3,440,429)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.50, Expires 10/28/20
1 184,812,000 AUD (1,070,701)
 
USD/JPY, Counterparty CITI, September Strike Price 89.80 JPY, Expires 9/16/20
1 531,252,000   (2,443,228)
 
USD/JPY, Counterparty CITI, September Strike Price 102.25 JPY, Expires 9/22/20
1 588,172,000   (8,866,693)
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1 158,682,000   (360,049)
 
USD/MXN, Counterparty CITI, May Strike Price 19.09 MXN, Expires 5/21/20
1 48,691,000   (23,323)
 
USD/MXN, Counterparty CITI, July Strike Price 18.86 MXN, Expires 7/20/20
1 221,236,000   (278,094)
 
USD/MXN, Counterparty CITI, July Strike Price 18.97 MXN, Expires 7/24/20
1 221,236,000   (313,713)
 
USD/MXN, Counterparty CITI, September Strike Price 19.76 MXN, Expires 9/03/20
1 479,699,000   (1,314,855)
 
USD/MXN, Counterparty CITI, September Strike Price 24.20 MXN, Expires 9/24/20
1 121,534,000   (6,629,558)
 
USD/MXN, Counterparty CITI, October Strike Price 18.89 MXN, Expires 10/19/20
1 368,731,000   (755,899)
 
USD/MXN, Counterparty GSCO, June Strike Price 19.52 MXN, Expires 6/03/20
1 38,375,000   (41,368)
 
USD/MXN, Counterparty GSCO, March Strike Price 19.80 MXN, Expires 3/03/21
1 76,750,000   (390,427)
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.08 MXN, Expires 6/05/20
1 64,219,000   (122,273)
 
USD/MXN, Counterparty JPHQ, June Strike Price 19.40 MXN, Expires 6/12/20
1 95,591,000   (104,385)
 
USD/MXN, Counterparty JPHQ, June Strike Price 23.40 MXN, Expires 6/22/20
1 290,182,000   (9,625,627)
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.92 MXN, Expires 7/14/20
1 290,576,000   (348,691)
 
USD/MXN, Counterparty MSCO, June Strike Price 19.05 MXN, Expires 6/15/20
1 94,000,000   (75,952)
 
USD/MXN, Counterparty MSCO, September Strike Price 19.76 MXN, Expires 9/10/20
1 143,911,000   (403,383)
          (61,672,321)
 
Total Options Written (Premiums received $228,623,549)
      (478,079,420)
  |  18
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
*The principal/notional amount is stated in U.S. dollars unless otherwise indicated.
aSecurities denominated in Argentine Peso have been designated as Level 3 investments. See Note 8 regarding fair value measurements.
bRedemption price at maturity is adjusted for inflation.  
cThe coupon rate shown represents the rate at period end.
dPrincipal amount is stated in 1,000 Brazilian Real Units.
ePrincipal amount is stated in 100 Mexican Peso Units.
fPrincipal amount of security is adjusted for inflation.  
gPrincipal amount is stated in 100 Unidad de Inversion Units.
hSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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.At March 31, 2020, the aggregate value of these securities was $1,042,467,567, representing 4.6% of net assets.
iSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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, 2020, the aggregate value of these securities was $1,042,467,567, representing 4.6% of net assets.
jA supranational organization is an entity formed by two or more central governments through international treaties.
kThe security was issued on a discount basis with no stated coupon rate.
lSee  Note 7 regarding investments in affiliated management investment companies.
mThe rate shown is the annualized seven-day effective yield at period end.
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Euro 
HSBK Buy 111,328,000 123,943,689   4/01/20          $ —     $(1,188,408)
Euro 
HSBK Sell 111,328,000 123,371,463   4/01/20     616,182            —
Brazilian Real 
CITI Buy 560,876,900 108,697,074   4/02/20           —     (773,037)
Brazilian Real 
CITI Sell 560,876,900 109,407,373   4/02/20   1,483,337            —
Indian Rupee 
BNDP Buy 31,947,550,000 426,617,051   4/07/20           —     (3,725,082)
Indian Rupee 
BNDP Sell 31,947,550,000 440,057,974   4/07/20  17,166,006            —
Euro 
BOFA Buy 177,149,495 197,396,796   4/08/20           —     (2,007,761)
Euro 
BOFA Sell 177,149,495 196,843,204   4/08/20   1,454,169            —
Euro 
GSCO Buy 127,740,000 142,272,980   4/08/20           —     (1,380,705)
Euro 
GSCO Sell 127,740,000 141,976,623   4/08/20   1,084,348            —
Mexican Peso 
CITI Sell 1,270,192,000 63,246,180   4/08/20   9,836,524            —
South Korean Won 
HSBK Sell 28,730,968,000 24,716,937   4/08/20   1,143,326            —
Euro 
UBSW Buy 154,764,200 173,345,190   4/09/20           —     (2,639,277)
Euro 
UBSW Sell 154,764,200 172,190,649   4/09/20   1,484,736            —
Euro 
BZWS Buy 202,258,000 225,410,473   4/14/20           —     (2,272,895)
Euro 
BZWS Sell 202,258,000 224,858,309   4/14/20   1,720,731            —
Euro 
BOFA Buy 177,095,041 198,265,447   4/15/20           —     (2,880,456)
Euro 
BOFA Sell 177,095,041 197,579,624   4/15/20   2,194,633            —
Euro 
GSCO Buy 311,139,260 346,832,854   4/15/20           —     (3,559,880)
Euro 
GSCO Sell 311,139,260 347,662,992   4/15/20   4,390,018            —
Swedish Krona 
DBAB Buy 2,270,870,900 208,929,065 EUR 4/15/20           —     (1,409,383)
Indian Rupee 
CITI Buy 11,441,310,983 153,409,886   4/16/20           —     (2,480,391)
Indian Rupee 
CITI Sell 16,820,628,700 232,892,055   4/16/20  11,000,613            —
Brazilian Real 
JPHQ Sell 678,218,500 141,715,945   4/17/20  11,327,800            —
Norwegian Krone 
DBAB Buy 2,060,194,402 186,047,266   4/20/20  12,557,210            —
Japanese Yen 
HSBK Buy 13,388,924,282 124,733,783   4/21/20           —       (89,866)
Euro 
GSCO Buy 98,685,171 110,727,229   4/23/20           —     (1,814,395)
  |  19
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
GSCO Sell 98,685,171 111,425,427   4/23/20   $2,512,593           $ —
Euro 
UBSW Buy 245,086,718 274,759,367   4/24/20           —     (4,260,945)
Euro 
UBSW Sell 245,086,718 276,145,332   4/24/20   5,646,911            —
Euro 
BOFA Buy 260,447,167 292,082,642   4/29/20           —     (4,572,215)
Euro 
BOFA Sell 260,447,167 292,450,914   4/29/20   4,940,487            —
Euro 
GSCO Buy 204,004,038 228,985,352   4/29/20           —     (3,783,102)
Euro 
GSCO Sell 204,004,038 229,243,417   4/29/20   4,041,167            —
Euro 
SCNY Buy 221,525,985 248,347,244   4/29/20           —     (3,802,327)
Euro 
SCNY Sell 221,525,985 248,909,920   4/29/20   4,365,003            —
Euro 
BOFA Buy 260,447,167 292,103,478   4/30/20           —     (4,581,265)
Euro 
BOFA Sell 260,447,167 292,521,235   4/30/20   4,999,022            —
Euro 
CITI Sell 302,614,600 36,607,288,162 JPY 4/30/20   6,895,197            —
Euro 
GSCO Buy 164,724,987 184,907,916   4/30/20           —     (3,058,778)
Euro 
GSCO Sell 164,724,987 184,964,746   4/30/20   3,115,608            —
Indian Rupee 
HSBK Buy 37,052,679,517 494,524,063   4/30/20           —     (8,335,421)
Indian Rupee 
HSBK Sell 37,052,679,517 514,334,807   4/30/20  28,146,165            —
Indian Rupee 
HSBK Sell 32,873,248,007 455,339,677   5/04/20  24,393,897            —
Brazilian Real 
CITI Sell 562,561,400 109,407,301   5/05/20   1,367,854            —
Brazilian Real 
JPHQ Sell 774,633,900 186,879,875   5/05/20  38,112,081            —
Indian Rupee 
HSBK Buy 9,662,150,000 128,686,254   5/05/20           —     (2,051,603)
Indian Rupee 
HSBK Sell 9,662,150,000 133,482,766   5/05/20   6,848,115            —
Swiss Franc 
UBSW Buy 182,206,073 165,963,250 EUR 5/08/20   6,302,167            —
South Korean Won 
HSBK Sell 100,447,500,000 84,747,944   5/11/20   2,238,075            —
Swiss Franc 
GSCO Buy 178,817,677 162,931,824 EUR 5/12/20   6,131,019            —
Indian Rupee 
BNDP Sell 4,475,348,160 62,193,893   5/13/20   3,647,980            —
Swedish Krona 
DBAB Buy 2,270,871,160 213,329,497 EUR 5/13/20           —     (6,485,176)
Indian Rupee 
HSBK Sell 8,304,820,383 115,465,004   5/14/20   6,847,709            —
Indian Rupee 
HSBK Sell 21,563,770,000 299,455,215   5/18/20  17,688,575            —
Euro 
BOFA Buy 189,563,331 212,863,698   5/20/20           —     (3,428,946)
Euro 
BOFA Sell 189,563,331 212,070,186   5/20/20   2,635,434            —
Australian Dollar 
JPHQ Sell 1,263,057,774 91,600,195,829 JPY 5/21/20  77,831,484            —
Euro 
BOFA Buy 36,000,000 40,362,408   5/21/20           —     (587,054)
Euro 
BOFA Buy 43,015,000 47,057,119   5/21/20     468,904            —
Euro 
BOFA Sell 79,015,000 88,560,012   5/21/20   1,258,634            —
Euro 
GSCO Buy 98,661,109 107,929,333   5/21/20   1,078,459            —
Euro 
GSCO Sell 98,661,108 110,549,772   5/21/20   1,541,980            —
Euro 
UBSW Buy 23,478,000 25,686,951   5/21/20     253,209            —
Euro 
UBSW Sell 23,478,000 26,314,142   5/21/20     373,982            —
South Korean Won 
CITI Sell 521,261,500,000 441,074,209   5/21/20  12,786,128            —
Euro 
HSBK Sell 256,573,382 30,295,748,769 JPY 5/22/20           —     (1,073,841)
Euro 
HSBK Sell 256,573,382 30,817,542,057 JPY 5/22/20   3,790,331            —
Australian Dollar 
CITI Sell 230,489,162 17,046,056,473 JPY 5/26/20  17,312,527            —
Japanese Yen 
JPHQ Buy 25,451,087,700 237,018,883   5/26/20     273,032            —
Swedish Krona 
DBAB Buy 403,702,175 42,428,866   5/26/20           —     (1,682,321)
Euro 
BNDP Buy 70,000,000 76,562,500   5/27/20     796,785            —
Euro 
BNDP Sell 167,743,577 186,881,619   5/27/20   1,502,716            —
  |  20
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
MSCS Buy 385,872,751 422,538,380   5/27/20   $3,902,192           $ —
Euro 
MSCS Sell 385,872,751 430,325,292   5/27/20   3,884,721            —
Euro 
BOFA Sell 433,100,194 482,772,455   5/29/20   4,101,504            —
Euro 
BZWS Sell 121,193,300 135,612,879   5/29/20   1,667,632            —
Euro 
GSCO Sell 162,082,480 180,660,016   5/29/20   1,523,234            —
Brazilian Real 
CITI Buy 740,416,000 156,602,369 EUR 6/02/20           —    (31,133,991)
Brazilian Real 
HSBK Sell 656,893,400 130,170,696   6/02/20   4,214,433            —
Brazilian Real 
JPHQ Buy 821,500,000 172,547,784 EUR 6/02/20           —    (33,212,273)
Brazilian Real 
JPHQ Sell 682,986,700 159,472,004   6/02/20  28,512,472            —
Euro 
HSBK Sell 172,450,000 193,329,384   6/04/20   2,692,845            —
Euro 
SCNY Sell 276,473,292 309,885,366   6/05/20   4,244,409            —
Euro 
UBSW Sell 15,764,200 17,670,092   6/05/20     242,784            —
Japanese Yen 
HSBK Buy 12,854,977,220 121,871,691   6/08/20           —     (1,958,415)
Japanese Yen 
JPHQ Buy 12,209,005,415 115,882,311   6/08/20           —     (1,994,762)
Japanese Yen 
JPHQ Sell 12,209,005,415 116,663,320   6/08/20   2,775,772            —
Australian Dollar 
CITI Sell 264,500,000 18,783,996,500 JPY 6/09/20  12,714,740            —
Australian Dollar 
HSBK Sell 413,665,000 30,476,209,960 JPY 6/12/20  30,170,610            —
Australian Dollar 
JPHQ Sell 632,510,000 46,736,358,972 JPY 6/12/20  47,410,570            —
Euro 
JPHQ Sell 86,668,842 100,719,595   6/15/20   4,873,236            —
Norwegian Krone 
JPHQ Buy 1,654,058,800 180,752,687   6/15/20           —    (21,275,385)
Swedish Krona 
DBAB Buy 4,541,741,721 428,758,980 EUR 6/15/20           —    (15,560,992)
Australian Dollar 
HSBK Sell 138,350,000 9,079,080,400 JPY 6/16/20           —     (286,174)
Norwegian Krone 
JPHQ Buy 1,643,992,700 180,752,689   6/16/20           —    (22,245,807)
Swedish Krona 
DBAB Buy 2,270,870,060 208,736,941 EUR 6/16/20           —     (1,543,917)
Mexican Peso 
CITI Sell 4,355,417,000 214,230,479   6/17/20  32,994,003            —
Norwegian Krone 
JPHQ Buy 1,684,107,200 186,859,343   6/19/20           —    (24,484,452)
Japanese Yen 
JPHQ Buy 23,767,265,972 224,745,522   6/22/20           —     (2,918,958)
Japanese Yen 
JPHQ Sell 13,066,000,000 124,943,438   6/22/20   2,994,793            —
South Korean Won 
CITI Sell 465,402,500,000 389,018,682   6/22/20   6,018,798            —
Japanese Yen 
BNDP Buy 60,062,260,870 573,665,313   6/24/20           —    (13,043,404)
Brazilian Real 
HSBK Sell 283,070,400 54,997,163   6/25/20     779,504            —
Euro 
HSBK Sell 256,580,052 30,675,428,122 JPY 6/25/20   2,485,463            —
Euro 
CITI Sell 151,312,869 18,010,922,161 JPY 6/30/20     728,353            —
Euro 
CITI Sell 302,614,600 35,653,986,807 JPY 6/30/20           —     (1,965,331)
Norwegian Krone 
JPHQ Buy 80,334,375 7,511,302   6/30/20     234,282            —
Brazilian Real 
CITI Sell 560,876,900 108,156,292   7/02/20     769,778            —
Brazilian Real 
HSBK Sell 659,551,900 130,170,777   7/02/20   3,891,767            —
Brazilian Real 
JPHQ Sell 1,277,727,000 251,879,049   7/02/20   7,243,107            —
Australian Dollar 
JPHQ Sell 356,800,000 26,643,504,800 JPY 7/14/20  29,633,597            —
South Korean Won 
CITI Sell 280,696,000,000 244,540,663   7/17/20  13,292,465            —
Euro 
UBSW Sell 119,762,500 135,984,331   7/23/20   3,381,613            —
Brazilian Real 
JPHQ Sell 856,375,200 189,631,355   8/04/20  26,003,621            —
Swiss Franc 
UBSW Buy 364,412,144 336,408,774 EUR 8/10/20   7,924,036            —
Swiss Franc 
GSCO Buy 357,635,355 330,756,902 EUR 8/12/20   7,113,454            —
Swedish Krona 
DBAB Buy 2,270,871,661 215,345,864 EUR 8/13/20           —     (9,072,081)
Australian Dollar 
JPHQ Sell 947,293,366 68,097,636,137 JPY 8/21/20  54,765,787            —
  |  21
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Australian Dollar 
CITI Sell 229,875,438 16,316,248,248 JPY 8/24/20  $11,352,477           $ —
Euro 
HSBK Sell 256,573,382 30,318,558,144 JPY 8/24/20           —     (825,814)
Euro 
HSBK Sell 256,573,382 31,105,930,538 JPY 8/25/20   6,537,574            —
Japanese Yen 
JPHQ Buy 25,451,577,900 232,376,142   8/27/20   5,652,442            —
Japanese Yen 
CITI Buy 30,984,770,000 299,805,563   8/31/20           —     (9,994,935)
Japanese Yen 
CITI Sell 30,984,770,000 294,063,824   8/31/20   4,253,196            —
Japanese Yen 
HSBK Buy 12,854,977,030 123,861,608   9/08/20           —     (3,596,232)
Japanese Yen 
HSBK Buy 12,854,977,080 121,089,450   9/09/20           —     (820,497)
Australian Dollar 
HSBK Sell 272,405,000 18,456,255,965 JPY 9/14/20   5,348,391            —
Australian Dollar 
JPHQ Sell 322,250,000 21,878,213,112 JPY 9/14/20   6,746,332            —
Norwegian Krone 
JPHQ Buy 1,475,731,300 163,564,323   9/21/20           —    (21,262,572)
Euro 
CITI Sell 302,614,600 35,666,091,391 JPY 9/30/20           —     (1,838,320)
Euro 
CITI Sell 453,916,330 54,715,839,722 JPY 9/30/20   8,639,192            —
Euro 
GSCO Sell 195,619,980 218,883,108   10/05/20   1,816,843            —
Mexican Peso 
CITI Sell 1,303,300,000 63,246,113   10/08/20   9,879,033            —
Mexican Peso 
CITI Sell 978,884,000 47,434,594   10/09/20   7,357,022            —
Mexican Peso 
CITI Sell 3,263,613,000 157,828,680   10/13/20  24,281,909            —
Mexican Peso 
CITI Sell 4,803,893,000 233,155,680   10/15/20  36,634,035            —
Euro 
BOFA Sell 94,781,666 107,273,889   10/16/20   2,063,274            —
Mexican Peso 
CITI Sell 4,398,692,000 215,456,340   10/16/20  35,535,365            —
Swiss Franc 
UBSW Buy 182,206,073 166,222,151 EUR 11/09/20   6,306,087            —
Swiss Franc 
GSCO Buy 178,817,677 163,184,593 EUR 11/12/20   6,134,107            —
Australian Dollar 
JPHQ Sell 315,764,414 23,139,974,105 JPY 11/24/20  23,058,763            —
Total Forward Exchange Contracts 
$932,384,480 $(292,958,842)
Net unrealized appreciation (depreciation) 
$639,425,638
 
*In U.S. dollars unless otherwise indicated.
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Abbreviations on page 62.
  |  22
Templeton Income Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton Global Total Return Fund
      Shares   Value
  Common Stocks 0.0%†        
  South Africa 0.0%†        
a,b,c
K2016470219 South Africa Ltd., A
        434,200,485         $242,623
a,b,c
K2016470219 South Africa Ltd., B
         50,014,925          27,947
 
Total Common Stocks

(Cost $1,645,359)
      270,570
      Principal
Amount* 		   
  Foreign Government and Agency Securities 42.2%        
  Argentina 2.1%        
d,e Argentina Treasury Bond BONCER,        
 
Index Linked, 1.20%, 3/18/22
      3,237,500,124 ARS    19,762,242
 
Index Linked, 1.40%, 3/25/23
      2,092,008,039 ARS    11,691,326
 
Index Linked, 1.50%, 3/25/24
      2,092,008,043 ARS    11,176,623
d Argentine Bonos del Tesoro,        
 
18.20%, 10/03/21
      1,518,433,000 ARS     8,783,421
 
16.00%, 10/17/23
      1,462,549,400 ARS     6,794,016
 
senior note, 15.50%, 10/17/26
      2,527,300,600 ARS    11,138,365
d,f
Government of Argentina, FRN, 36.86%, (ARS Badlar + 2.00%), 4/03/22
  9,178,000 ARS 73,596
          69,419,589
  Bosnia and Herzegovina 0.0%†        
f,g
Government of Bosnia & Herzegovina, senior bond, B, Reg S, FRN, 0.438%, (6-month EUR LIBOR + 0.813%), 12/20/21
  58,333 DEM 31,246
  Brazil 0.7%        
 
Nota do Tesouro Nacional, 10.00%, 1/01/21
  112,525h BRL 22,683,263
  Colombia 2.4%        
  Government of Colombia,        
 
senior bond, 7.75%, 4/14/21
     12,635,000,000 COP     3,192,989
 
senior bond, 4.375%, 3/21/23
      1,916,000,000 COP       452,318
 
senior bond, 9.85%, 6/28/27
      3,053,000,000 COP       831,875
  Titulos de Tesoreria,        
 
B, 7.00%, 6/30/32
     11,774,000,000 COP     2,839,710
 
senior bond, B, 11.00%, 7/24/20
     19,102,000,000 COP     4,804,499
 
senior bond, B, 7.00%, 5/04/22
     30,519,000,000 COP     7,803,635
 
senior bond, B, 10.00%, 7/24/24
     59,139,000,000 COP    16,647,392
 
senior bond, B, 7.50%, 8/26/26
    176,576,000,000 COP    44,535,257
          81,107,675
  Ghana 3.6%        
  Government of Ghana,        
 
24.75%, 3/01/21
            990,000 GHS       183,348
 
24.50%, 6/21/21
         50,930,000 GHS     9,452,455
 
24.75%, 7/19/21
         45,750,000 GHS     8,489,108
 
19.50%, 10/18/21
         71,467,000 GHS    12,414,851
 
18.75%, 1/24/22
         51,790,000 GHS     8,742,758
 
17.60%, 11/28/22
          1,250,000 GHS       199,118
 
16.50%, 2/06/23
          5,210,000 GHS       804,513
 
19.75%, 3/25/24
         50,640,000 GHS     8,277,281
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  23
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
  Ghana (continued)        
  Government of Ghana, (continued)        
 
19.00%, 11/02/26
        166,050,000 GHS    $25,674,940
 
senior bond, 19.75%, 3/15/32
        152,324,000 GHS    23,569,423
 
senior note, 18.25%, 9/21/20
         14,680,000 GHS     2,592,833
 
senior note, 24.00%, 11/23/20
         94,380,000 GHS    17,224,440
 
senior note, 16.50%, 3/22/21
            480,000 GHS        83,329
 
senior note, 18.25%, 7/25/22
         22,820,000 GHS     3,721,737
          121,430,134
  India 5.5%        
  Government of India,        
 
senior bond, 8.13%, 9/21/22
        805,000,000 INR    11,390,634
 
senior note, 8.27%, 6/09/20
        470,690,000 INR     6,288,284
 
senior note, 7.80%, 4/11/21
      4,542,700,000 INR    61,897,938
 
senior note, 8.79%, 11/08/21
      2,781,000,000 INR    38,895,409
 
senior note, 8.15%, 6/11/22
        625,000,000 INR     8,808,891
 
senior note, 6.84%, 12/19/22
        631,000,000 INR     8,727,108
 
senior note, 7.16%, 5/20/23
      2,481,400,000 INR    34,491,437
 
senior note, 8.83%, 11/25/23
      1,036,900,000 INR    15,198,355
          185,698,056
  Indonesia 6.4%        
  Government of Indonesia,        
 
senior bond, FR34, 12.80%, 6/15/21
     34,970,000,000 IDR     2,324,722
 
senior bond, FR35, 12.90%, 6/15/22
     95,624,000,000 IDR     6,645,600
 
senior bond, FR39, 11.75%, 8/15/23
     20,613,000,000 IDR     1,445,058
 
senior bond, FR43, 10.25%, 7/15/22
      3,593,000,000 IDR       238,248
 
senior bond, FR44, 10.00%, 9/15/24
     15,790,000,000 IDR     1,068,609
 
senior bond, FR46, 9.50%, 7/15/23
    651,100,000,000 IDR    42,962,248
 
senior bond, FR53, 8.25%, 7/15/21
  1,074,263,000,000 IDR    67,963,141
 
senior bond, FR56, 8.375%, 9/15/26
    236,460,000,000 IDR    14,998,019
 
senior bond, FR61, 7.00%, 5/15/22
    167,591,000,000 IDR    10,457,745
 
senior bond, FR63, 5.625%, 5/15/23
    120,764,000,000 IDR     7,184,758
 
senior bond, FR64, 6.125%, 5/15/28
     18,838,000,000 IDR     1,021,594
 
senior bond, FR70, 8.375%, 3/15/24
    887,223,000,000 IDR    56,682,193
          212,991,935
  Mexico 12.6%        
  Government of Mexico,        
 
senior bond, M, 8.00%, 6/11/20
          9,077,230i MXN    38,322,855
 
senior bond, M, 6.50%, 6/10/21
         34,704,410i MXN   146,308,463
 
senior bond, M, 6.50%, 6/09/22
         20,876,300i MXN    88,147,503
 
senior bond, M, 8.00%, 12/07/23
         14,138,100i MXN    62,472,986
 
senior note, M, 7.25%, 12/09/21
         20,092,500i MXN    86,023,104
j
Mexican Udibonos, Index Linked, 2.50%, 12/10/20
  555,550k MXN 2,306,722
          423,581,633
  |  24
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
  Norway 5.0%        
g,l Government of Norway,        
 
144A, Reg S, 3.75%, 5/25/21
        523,796,000 NOK    $52,496,197
 
144A, Reg S, 2.00%, 5/24/23
        453,563,000 NOK    45,933,995
 
144A, Reg S, 3.00%, 3/14/24
        433,519,000 NOK    45,951,222
 
144A, Reg S, 1.75%, 3/13/25
        169,488,000 NOK    17,316,994
 
144A, Reg S, 1.50%, 2/19/26
         52,025,000 NOK     5,271,777
          166,970,185
  South Korea 3.9%        
  Korea Treasury Bond,        
 
senior note, 1.375%, 9/10/21
     16,003,000,000 KRW    13,189,353
 
senior note, 2.00%, 12/10/21
     19,554,000,000 KRW    16,295,332
 
senior note, 2.25%, 9/10/23
     32,791,710,000 KRW    27,841,362
 
senior note, 1.375%, 9/10/24
     67,806,900,000 KRW    55,809,723
 
senior note, 3.00%, 9/10/24
     20,810,000,000 KRW    18,323,417
          131,459,187
 
Total Foreign Government and Agency Securities

(Cost $1,949,164,350)
      1,415,372,903
  U.S. Government and Agency Securities 18.0%        
  United States 18.0%        
  U.S. Treasury Note,        
 
1.50%, 10/31/24
         42,360,000      44,559,080
 
1.50%, 11/30/24
         33,650,000      35,444,228
 
1.75%, 12/31/24
        324,829,400     345,955,999
 
2.00%, 2/15/25
         32,780,000      35,335,816
 
2.125%, 5/15/25
         39,210,000      42,596,457
 
2.875%, 5/31/25
         50,610,000      56,969,858
 
2.625%, 12/31/25
         16,863,000      18,927,400
 
1.625%, 2/15/26
          9,110,000       9,707,488
 
2.125%, 5/31/26
          4,164,000       4,571,616
 
1.625%, 10/31/26
          9,120,000       9,765,169
 
Total U.S. Government and Agency Securities

(Cost $575,350,678)
      603,833,111
  Quasi-Sovereign and Corporate Bonds 0.0%†        
  South Africa 0.0%†        
b,l,m K2016470219 South Africa Ltd.,        
 
senior secured note, 144A, PIK, 3.00%, 12/31/22
         34,928,301          43,335
 
senior secured note, 144A, PIK, 8.00%, 12/31/22
         11,941,682 EUR        32,272
b,l,m
K2016470260 South Africa Ltd., senior secured note, 144A, PIK, 25.00%, 12/31/22
  10,647,128   50,104
 
Total Quasi-Sovereign and Corporate Bonds

(Cost $43,956,080)
      125,711
  |  25
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased 5.8%        
  Calls - Over-the-Counter        
  Currency Options 4.4%        
 
AUD/JPY, Counterparty CITI, April Strike Price 79.30 JPY, Expires 4/22/20
1        26,586,000 AUD           $523
 
AUD/JPY, Counterparty CITI, May Strike Price 84.00 JPY, Expires 5/06/20
1        22,122,000 AUD           353
 
AUD/JPY, Counterparty CITI, May Strike Price 86.63 JPY, Expires 5/06/20
1        24,334,000 AUD           269
 
AUD/JPY, Counterparty CITI, May Strike Price 78.75 JPY, Expires 5/07/20
1        22,122,000 AUD         1,209
 
AUD/JPY, Counterparty CITI, May Strike Price 85.50 JPY, Expires 5/07/20
1        88,487,000 AUD         1,141
 
AUD/JPY, Counterparty CITI, May Strike Price 80.00 JPY, Expires 5/13/20
1 62,036,000 AUD 2,858
 
AUD/JPY, Counterparty CITI, November Strike Price 84.33 JPY, Expires 11/12/20
1 16,591,000 AUD 4,546
 
AUD/JPY, Counterparty CITI, December Strike Price 82.15 JPY, Expires 12/21/20
1 66,365,000 AUD 24,461
 
AUD/USD, Counterparty HSBK, April Strike Price $0.77, Expires 4/30/20
1 27,652,000 AUD 492
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/04/20
1 34,842,000 AUD 1,220
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/07/20
1 22,122,000 AUD 883
 
AUD/USD, Counterparty HSBK, February Strike Price $0.75, Expires 2/08/21
1 29,541,000 AUD 43,571
 
AUD/USD, Counterparty HSBK, February Strike Price $0.74, Expires 2/10/21
1 35,450,000 AUD 56,533
 
AUD/USD, Counterparty MSCO, May Strike Price $0.70, Expires 5/07/20
1 27,694,000 AUD 6,414
 
AUD/USD, Counterparty MSCO, October Strike Price $0.66, Expires 10/28/20
1 59,082,000 AUD 457,451
 
AUD/USD, Counterparty MSCO, May Strike Price $0.77, Expires 5/12/21
1 39,819,000 AUD 62,253
 
USD/JPY, Counterparty CITI, September Strike Price 112.24 JPY, Expires 9/22/20
1 108,034,000   750,080
 
USD/JPY, Counterparty CITI, February Strike Price 118.25 JPY, Expires 2/24/21
1 278,798,000   1,074,209
 
USD/MXN, Counterparty CITI, May Strike Price 20.50 MXN, Expires 5/11/20
1 40,487,000   5,857,659
 
USD/MXN, Counterparty CITI, May Strike Price 20.09 MXN, Expires 5/12/20
1 37,062,000   5,975,988
 
USD/MXN, Counterparty CITI, May Strike Price 20.87 MXN, Expires 5/14/20
1 14,640,000   1,918,089
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1 25,449,000   3,626,050
 
USD/MXN, Counterparty CITI, June Strike Price 25.08 MXN, Expires 6/25/20
1 40,640,000   1,420,327
 
USD/MXN, Counterparty CITI, July Strike Price 21.03 MXN, Expires 7/30/20
1 19,097,000   2,639,969
 
USD/MXN, Counterparty CITI, September Strike Price 21.94 MXN, Expires 9/03/20
1 74,595,000   8,380,450
 
USD/MXN, Counterparty CITI, September Strike Price 21.70 MXN, Expires 9/08/20
1 74,521,000   8,978,216
 
USD/MXN, Counterparty CITI, September Strike Price 20.85 MXN, Expires 9/17/20
1 81,071,000   12,234,019
 
USD/MXN, Counterparty CITI, September Strike Price 27.34 MXN, Expires 9/24/20
1 70,158,000   2,058,436
 
USD/MXN, Counterparty CITI, October Strike Price 20.08 MXN, Expires 10/19/20
1 40,902,000   7,523,637
 
USD/MXN, Counterparty CITI, July Strike Price 22.57 MXN, Expires 7/20/21
1 57,339,000   7,993,745
 
USD/MXN, Counterparty CITI, July Strike Price 22.70 MXN, Expires 7/26/21
1 57,343,000   7,867,115
 
USD/MXN, Counterparty GSCO, March Strike Price 20.62 MXN, Expires 3/03/21
1 11,936,000   2,151,524
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.08 MXN, Expires 6/05/20
1 10,300,000   1,705,062
  |  26
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.70 MXN, Expires 6/12/20
1        15,331,000       $2,182,122
 
USD/MXN, Counterparty JPHQ, June Strike Price 25.25 MXN, Expires 6/22/20
1        46,541,000       1,516,864
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.14 MXN, Expires 7/14/20
1        46,602,000       7,874,713
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.90 MXN, Expires 7/27/20
1        23,301,000       3,313,402
 
USD/MXN, Counterparty JPHQ, September Strike Price 25.50 MXN, Expires 9/22/20
1        46,603,000       2,059,713
 
USD/MXN, Counterparty MSCO, May Strike Price 19.86 MXN, Expires 5/29/20
1 116,660,000   20,223,128
 
USD/MXN, Counterparty MSCO, June Strike Price 21.45 MXN, Expires 6/15/20
1 19,400,000   2,228,400
 
USD/MXN, Counterparty MSCO, July Strike Price 18.99 MXN, Expires 7/17/20
1 61,400,000   13,218,008
 
USD/MXN, Counterparty MSCO, July Strike Price 20.75 MXN, Expires 7/17/20
1 30,700,000   4,491,625
 
USD/MXN, Counterparty MSCO, September Strike Price 22.33 MXN, Expires 9/04/20
1 59,676,000   6,034,914
 
USD/MXN, Counterparty MSCO, September Strike Price 25.97 MXN, Expires 9/04/20
1 59,676,000   2,237,552
          148,199,193
  Puts - Over-the-Counter        
  Currency Options 1.4%        
 
AUD/JPY, Counterparty CITI, May Strike Price 69.54 JPY, Expires 5/06/20
1 17,697,000 AUD 630,794
 
AUD/JPY, Counterparty CITI, May Strike Price 70.65 JPY, Expires 5/06/20
1 11,061,000 AUD 494,768
 
AUD/JPY, Counterparty CITI, May Strike Price 74.48 JPY, Expires 5/06/20
1 17,697,000 AUD 1,401,676
 
AUD/JPY, Counterparty CITI, May Strike Price 75.05 JPY, Expires 5/06/20
1 11,061,000 AUD 934,832
 
AUD/JPY, Counterparty CITI, May Strike Price 65.55 JPY, Expires 5/07/20
1 11,061,000 AUD 155,498
 
AUD/JPY, Counterparty CITI, May Strike Price 73.25 JPY, Expires 5/07/20
1 36,870,000 AUD 2,508,585
 
AUD/JPY, Counterparty CITI, July Strike Price 72.00 JPY, Expires 7/21/20
1 132,730,000 AUD 7,995,261
 
AUD/JPY, Counterparty CITI, November Strike Price 66.78 JPY, Expires 11/12/20
1 8,296,000 AUD 275,472
 
AUD/JPY, Counterparty CITI, November Strike Price 69.18 JPY, Expires 11/12/20
1 4,977,000 AUD 224,222
 
AUD/JPY, Counterparty CITI, November Strike Price 72.78 JPY, Expires 11/12/20
1 20,739,000 AUD 1,469,976
 
AUD/JPY, Counterparty CITI, November Strike Price 74.00 JPY, Expires 11/12/20
1 14,932,000 AUD 1,212,626
 
AUD/JPY, Counterparty CITI, December Strike Price 65.85 JPY, Expires 12/21/20
1 33,183,000 AUD 1,047,061
 
AUD/USD, Counterparty HSBK, May Strike Price $0.66, Expires 5/07/20
1 55,303,000 AUD 2,603,493
 
AUD/USD, Counterparty HSBK, May Strike Price $0.68, Expires 5/07/20
1 22,122,000 AUD 1,392,371
 
AUD/USD, Counterparty HSBK, July Strike Price $0.67, Expires 7/28/20
1 39,081,000 AUD 2,138,200
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/08/21
1 59,082,000 AUD 2,985,188
  |  27
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Puts - Over-the-Counter (continued)        
  Currency Options (continued)        
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/10/21
1        70,899,000 AUD     $3,270,109
 
AUD/USD, Counterparty MSCO, August Strike Price $0.67, Expires 8/12/20
1        62,679,000 AUD     3,838,550
 
AUD/USD, Counterparty MSCO, October Strike Price $0.58, Expires 10/28/20
1        59,082,000 AUD       829,900
 
USD/JPY, Counterparty CITI, September Strike Price 100.70 JPY, Expires 9/16/20
1       195,159,000       2,420,947
 
USD/JPY, Counterparty CITI, September Strike Price 106.75 JPY, Expires 9/22/20
1       216,068,000       5,679,563
 
USD/JPY, Counterparty CITI, February Strike Price 105.70 JPY, Expires 2/24/21
1 139,399,000   4,439,301
 
USD/MXN, Counterparty CITI, July Strike Price 18.28 MXN, Expires 7/20/20
1 11,468,000   9,415
 
USD/MXN, Counterparty CITI, July Strike Price 18.38 MXN, Expires 7/24/20
1 11,469,000   10,586
 
USD/MXN, Counterparty CITI, September Strike Price 19.11 MXN, Expires 9/03/20
1 37,298,000   62,996
 
USD/MXN, Counterparty CITI, October Strike Price 18.00 MXN, Expires 10/19/20
1 28,670,000   32,827
 
USD/MXN, Counterparty CITI, March Strike Price 21.48 MXN, Expires 3/24/21
1 19,492,000   278,794
 
USD/MXN, Counterparty GSCO, March Strike Price 18.65 MXN, Expires 3/03/21
1 11,936,000   30,019
 
USD/MXN, Counterparty JPHQ, June Strike Price 21.95 MXN, Expires 6/22/20
1 23,270,000   267,093
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.10 MXN, Expires 7/14/20
1 29,126,000   18,932
          48,659,055
 
Total Options Purchased

(Cost $53,866,752)
      196,858,248
 
Total Investments before Short Term Investments

(Cost $2,623,983,219)
      2,216,460,543
      Principal
Amount* 		   
  Short Term Investments 28.4%        
  Foreign Government and Agency Securities 11.1%        
  Brazil 6.6%        
  Letra Tesouro Nacional,        
 
Strip, 7/01/20
            524,514h BRL   100,128,388
 
Strip, 10/01/20
            638,290h BRL   120,879,451
          221,007,839
  Japan 3.4%        
n
Japan Treasury Discount Bill, 5/11/20 - 9/23/20
  12,081,400,000 JPY 112,418,010
  |  28
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
        Principal
Amount* 		  Value
  Short Term Investments (continued)          
  Foreign Government and Agency Securities (continued)          
  Mexico 0.7%          
n
Mexico Treasury Bill, 6/04/20 - 6/18/20
           58,905,960o MXN    $24,452,719
  Norway 0.4%          
g,l,n
Norway Treasury Bill, 144A, Reg S, 6/17/20 - 9/16/20
          146,391,000 NOK    14,076,592
 
Total Foreign Government and Agency Securities

(Cost $384,129,555)
        371,955,160
 
Total Investments before Money Market Funds (Cost $3,008,112,774)
        2,588,415,703
        Shares    
  Money Market Funds (Cost $579,596,955) 17.3%          
  United States 17.3%          
p,q
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
    579,596,955   579,596,955
 
Total Investments (Cost $3,587,709,729) 94.4%
        3,168,012,658
 
Options Written (2.3)%
        (77,742,398)
 
Other Assets, less Liabilities 7.9%
        266,010,090
 
Net Assets 100.0%
        $3,356,280,350
    Number of
Contracts 		  Notional
Amount* 		   
  Options Written (2.3)%          
  Calls - Over-the-Counter          
  Currency Options (2.0)%          
 
AUD/JPY, Counterparty CITI, April Strike Price 75.95 JPY, Expires 4/22/20
1   26,586,000 AUD (1,486)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.00 JPY, Expires 5/06/20
1   46,456,000 AUD (5,508)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/07/20
1   44,244,000 AUD (4,675)
 
AUD/JPY, Counterparty CITI, May Strike Price 77.35 JPY, Expires 5/07/20
1   22,122,000 AUD (1,794)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/13/20
1   62,036,000 AUD (7,622)
 
AUD/JPY, Counterparty CITI, December Strike Price 75.70 JPY, Expires 12/21/20
1   66,365,000 AUD (99,719)
 
AUD/USD, Counterparty HSBK, April Strike Price $0.71, Expires 4/30/20
1   27,652,000 AUD (2,701)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.71, Expires 5/04/20
1   34,842,000 AUD (6,014)
 
AUD/USD, Counterparty HSBK, November Strike Price $0.71, Expires 11/05/20
1   22,122,000 AUD (38,350)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/08/21
1   29,541,000 AUD (118,192)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/10/21
1   35,450,000 AUD (162,630)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.78, Expires 5/05/21
1   36,870,000 AUD (51,459)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.68, Expires 5/07/20
1   55,388,000 AUD (27,186)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.74, Expires 8/12/20
1   23,504,000 AUD (15,059)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.61, Expires 10/28/20
1   59,082,000 AUD (1,501,848)
  |  29
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
AUD/USD, Counterparty MSCO, May Strike Price $0.74, Expires 5/12/21
1        79,639,000 AUD      $(182,040)
 
USD/JPY, Counterparty CITI, September Strike Price 107.50 JPY, Expires 9/16/20
1       111,519,000      (2,612,779)
 
USD/JPY, Counterparty CITI, September Strike Price 108.77 JPY, Expires 9/22/20
1       216,069,000      (3,780,775)
 
USD/JPY, Counterparty CITI, February Strike Price 112.00 JPY, Expires 2/24/21
1       278,798,000      (3,254,688)
 
USD/MXN, Counterparty CITI, May Strike Price 19.34 MXN, Expires 5/12/20
1        18,531,000      (3,557,137)
 
USD/MXN, Counterparty CITI, May Strike Price 22.85 MXN, Expires 5/14/20
1 20,365,000   (1,333,663)
 
USD/MXN, Counterparty CITI, May Strike Price 22.91 MXN, Expires 5/21/20
1 7,808,000   (507,645)
 
USD/MXN, Counterparty CITI, June Strike Price 26.36 MXN, Expires 6/25/20
1 20,463,000   (484,359)
 
USD/MXN, Counterparty CITI, June Strike Price 30.33 MXN, Expires 6/25/20
1 20,320,000   (182,067)
 
USD/MXN, Counterparty CITI, September Strike Price 23.00 MXN, Expires 9/03/20
1 37,298,000   (3,114,719)
 
USD/MXN, Counterparty CITI, September Strike Price 24.30 MXN, Expires 9/08/20
1 24,840,000   (1,448,271)
 
USD/MXN, Counterparty CITI, September Strike Price 20.06 MXN, Expires 9/17/20
1 40,535,000   (7,310,082)
 
USD/MXN, Counterparty CITI, September Strike Price 22.40 MXN, Expires 9/17/20
1 40,535,000   (4,093,954)
 
USD/MXN, Counterparty CITI, March Strike Price 35.62 MXN, Expires 3/24/21
1 70,158,000   (1,216,399)
 
USD/MXN, Counterparty GSCO, June Strike Price 21.07 MXN, Expires 6/03/20
1 11,936,000   (1,511,372)
 
USD/MXN, Counterparty JPHQ, June Strike Price 29.40 MXN, Expires 6/22/20
1 46,541,000   (496,965)
 
USD/MXN, Counterparty JPHQ, July Strike Price 22.30 MXN, Expires 7/27/20
1 23,301,000   (2,243,234)
 
USD/MXN, Counterparty JPHQ, September Strike Price 30.80 MXN, Expires 9/22/20
1 46,603,000   (715,123)
 
USD/MXN, Counterparty MSCO, May Strike Price 20.92 MXN, Expires 5/29/20
1 38,887,000   (5,111,696)
 
USD/MXN, Counterparty MSCO, June Strike Price 24.20 MXN, Expires 6/15/20
1 9,700,000   (438,789)
 
USD/MXN, Counterparty MSCO, July Strike Price 19.91 MXN, Expires 7/17/20
1 92,100,000   (16,426,127)
 
USD/MXN, Counterparty MSCO, September Strike Price 24.56 MXN, Expires 9/04/20
1 89,514,000   (4,822,477)
 
USD/MXN, Counterparty MSCO, September Strike Price 22.46 MXN, Expires 9/10/20
1 7,460,000   (732,632)
          (67,621,236)
  Puts - Over-the-Counter        
  Currency Options (0.3)%        
 
AUD/JPY, Counterparty CITI, July Strike Price 68.00 JPY, Expires 7/21/20
1 58,991,000 AUD (1,898,989)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.64, Expires 5/07/20
1 44,243,000 AUD (1,366,371)
 
AUD/USD, Counterparty HSBK, January Strike Price $0.63, Expires 1/27/21
1 19,541,000 AUD (645,985)
  |  30
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Currency Options (continued)        
 
AUD/USD, Counterparty MSCO, June Strike Price $0.55, Expires 6/16/20
1        22,156,000 AUD       $(94,797)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.64, Expires 8/12/20
1        15,670,000 AUD      (549,938)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.50, Expires 10/28/20
1        29,541,000 AUD      (171,145)
 
USD/JPY, Counterparty CITI, September Strike Price 89.80 JPY, Expires 9/16/20
1        97,579,000        (448,766)
 
USD/JPY, Counterparty CITI, September Strike Price 102.25 JPY, Expires 9/22/20
1       108,034,000      (1,628,613)
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1        25,449,000         (57,744)
 
USD/MXN, Counterparty CITI, May Strike Price 19.09 MXN, Expires 5/21/20
1 7,808,000   (3,740)
 
USD/MXN, Counterparty CITI, July Strike Price 18.86 MXN, Expires 7/20/20
1 34,404,000   (43,246)
 
USD/MXN, Counterparty CITI, July Strike Price 18.97 MXN, Expires 7/24/20
1 34,406,000   (48,788)
 
USD/MXN, Counterparty CITI, September Strike Price 19.76 MXN, Expires 9/03/20
1 74,595,000   (204,465)
 
USD/MXN, Counterparty CITI, September Strike Price 24.20 MXN, Expires 9/24/20
1 19,492,000   (1,063,269)
 
USD/MXN, Counterparty CITI, October Strike Price 18.89 MXN, Expires 10/19/20
1 57,339,000   (117,545)
 
USD/MXN, Counterparty GSCO, June Strike Price 19.52 MXN, Expires 6/03/20
1 5,968,000   (6,433)
 
USD/MXN, Counterparty GSCO, March Strike Price 19.80 MXN, Expires 3/03/21
1 11,936,000   (60,718)
 
USD/MXN, Counterparty JPHQ, June Strike Price 20.08 MXN, Expires 6/05/20
1 10,300,000   (19,611)
 
USD/MXN, Counterparty JPHQ, June Strike Price 19.40 MXN, Expires 6/12/20
1 15,331,000   (16,741)
 
USD/MXN, Counterparty JPHQ, June Strike Price 23.40 MXN, Expires 6/22/20
1 46,541,000   (1,543,811)
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.92 MXN, Expires 7/14/20
1 46,602,000   (55,922)
 
USD/MXN, Counterparty MSCO, June Strike Price 19.05 MXN, Expires 6/15/20
1 14,600,000   (11,797)
 
USD/MXN, Counterparty MSCO, September Strike Price 19.76 MXN, Expires 9/10/20
1 22,379,000   (62,728)
          (10,121,162)
 
Total Options Written (Premiums received $37,790,439)
      (77,742,398)
  |  31
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
†Rounds to less than 0.1% of net assets.
*The principal/notional amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bFair valued using significant unobservable inputs. See  Note 8 regarding fair value measurements.
cSee  Note 6 regarding restricted securities.
dSecurities denominated in Argentine Peso have been designated as Level 3 investments. See Note 8 regarding fair value measurements.
eRedemption price at maturity and coupon payment are adjusted for inflation.  
fThe coupon rate shown represents the rate at period end.
gSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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, 2020, the aggregate value of these securities was $181,078,023, representing 5.4% of net assets.
hPrincipal amount is stated in 1,000 Brazilian Real Units.
iPrincipal amount is stated in 100 Mexican Peso Units.
jPrincipal amount of security is adjusted for inflation.  
kPrincipal amount is stated in 100 Unidad de Inversion Units.
lSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $181,172,488, representing 5.4% of net assets.
mIncome may be received in additional securities and/or cash.
nThe security was issued on a discount basis with no stated coupon rate.
oPrincipal amount is stated in 10 Mexican Peso Units.
pSee  Note 7 regarding investments in affiliated management investment companies.
qThe rate shown is the annualized seven-day effective yield at period end.
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Brazilian Real 
CITI Buy 53,617,000 11,517,905 EUR 4/01/20          $ —  $(2,382,564)
Brazilian Real 
CITI Sell 53,617,000 9,526,830 EUR 4/01/20     187,115           —
Brazilian Real 
CITI Buy 87,338,200 16,926,008   4/02/20           —    (120,375)
Brazilian Real 
CITI Sell 87,338,200 17,036,614   4/02/20     230,981           —
Indian Rupee 
BNDP Buy 1,454,981,800 20,288,106   4/07/20           —  (1,028,409)
Indian Rupee 
BNDP Sell 1,454,981,800 20,196,860   4/07/20     937,164           —
Euro 
BOFA Buy 8,748,171 9,782,266   4/08/20           —    (133,372)
Euro 
BOFA Sell 8,748,171 9,720,705   4/08/20      71,811           —
Euro 
GSCO Buy 24,160,708 27,014,643   4/08/20           —    (366,318)
Euro 
GSCO Sell 24,160,708 26,853,419   4/08/20     205,093           —
Mexican Peso 
CITI Buy 267,924,000 14,286,613   4/08/20           —  (3,020,813)
Mexican Peso 
CITI Sell 267,924,000 13,340,636   4/08/20   2,074,837           —
South Korean Won 
HSBK Buy 19,594,276,000 16,004,473   4/08/20      72,530           —
South Korean Won 
HSBK Sell 19,594,276,000 16,856,741   4/08/20     779,738           —
Euro 
UBSW Buy 28,979,798 32,408,832   4/09/20           —    (443,928)
Euro 
UBSW Sell 28,979,798 32,242,923   4/09/20     278,019           —
Australian Dollar 
JPHQ Buy 107,000,000 72,816,282   4/14/20           —  (7,081,238)
Australian Dollar 
JPHQ Sell 107,000,000 75,231,700   4/14/20   9,496,656           —
Euro 
BOFA Buy 1,737,194 1,946,554   4/15/20           —     (29,946)
Euro 
BOFA Sell 1,737,194 1,938,135   4/15/20      21,528           —
Euro 
GSCO Buy 11,097,345 12,411,304   4/15/20           —    (167,852)
Euro 
GSCO Sell 11,097,345 12,379,976   4/15/20     136,524           —
Indian Rupee 
JPHQ Buy 1,112,237,000 14,982,650   4/15/20           —    (304,836)
  |  32
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Indian Rupee 
JPHQ Sell 1,112,237,000 15,491,305   4/15/20     $813,492          $ —
Swedish Krona 
DBAB Buy 396,701,500 36,498,100 EUR 4/15/20           —    (246,207)
Indian Rupee 
CITI Buy 2,052,396,200 27,627,932   4/16/20           —    (553,489)
Indian Rupee 
CITI Sell 2,052,396,200 28,416,701   4/16/20   1,342,258           —
Brazilian Real 
JPHQ Sell 105,610,300 22,067,613   4/17/20   1,763,933           —
Norwegian Krone 
DBAB Buy 159,803,944 14,431,205   4/20/20     974,030           —
Norwegian Krone 
DBAB Sell 159,803,944 15,246,577   4/20/20           —    (158,658)
Euro 
GSCO Buy 54,178,489 59,023,021   4/23/20     770,489           —
Euro 
GSCO Sell 54,178,489 61,172,932   4/23/20   1,379,422           —
Euro 
UBSW Buy 13,130,824 14,695,046   4/24/20           —    (202,759)
Euro 
UBSW Sell 13,130,824 14,794,827   4/24/20     302,540           —
South Korean Won 
HSBK Buy 19,186,124,375 15,683,267   4/28/20      70,914           —
South Korean Won 
HSBK Sell 19,186,124,375 16,492,843   4/28/20     738,662           —
Euro 
BOFA Buy 9,500,000 10,653,927   4/29/20           —    (166,775)
Euro 
BOFA Buy 14,108,257 15,373,626   4/29/20     200,630           —
Euro 
BOFA Sell 23,608,256 26,509,239   4/29/20     447,831           —
Euro 
GSCO Buy 12,212,381 13,306,721   4/29/20     174,658           —
Euro 
GSCO Sell 12,212,381 13,723,297   4/29/20     241,918           —
Euro 
SCNY Buy 1,131,282 1,232,582   4/29/20      16,252           —
Euro 
SCNY Sell 1,131,282 1,271,125   4/29/20      22,291           —
Indian Rupee 
JPHQ Sell 140,321,000 1,935,462   4/29/20      93,534           —
Euro 
BOFA Buy 23,608,256 25,728,160   4/30/20     334,317           —
Euro 
BOFA Sell 23,608,257 26,515,613   4/30/20     453,137           —
Euro 
CITI Sell 58,713,400 7,102,559,998 JPY 4/30/20   1,337,809           —
Euro 
GSCO Buy 5,717,100 6,246,035   4/30/20      65,392           —
Euro 
GSCO Sell 5,717,100 6,419,560   4/30/20     108,133           —
Indian Rupee 
HSBK Buy 4,106,247,942 54,795,270   4/30/20           —    (914,926)
Indian Rupee 
HSBK Sell 4,106,247,942 56,999,555   4/30/20   3,119,211           —
Indian Rupee 
HSBK Buy 3,598,107,507 48,061,427   5/04/20           —    (892,700)
Indian Rupee 
HSBK Sell 3,598,107,507 49,838,735   5/04/20   2,670,009           —
Brazilian Real 
CITI Sell 87,600,500 17,036,601   5/05/20     212,998           —
Brazilian Real 
JPHQ Sell 130,017,500 31,366,629   5/05/20   6,396,877           —
Indian Rupee 
HSBK Buy 1,329,330,400 17,776,550   5/05/20           —    (354,000)
Indian Rupee 
HSBK Sell 3,090,987,000 42,702,038   5/05/20   2,190,758           —
Swiss Franc 
UBSW Buy 32,118,521 29,255,304 EUR 5/08/20   1,110,919           —
South Korean Won 
HSBK Buy 42,126,890,000 34,468,082   5/11/20     135,906           —
South Korean Won 
HSBK Sell 60,173,000,000 50,768,192   5/11/20   1,340,717           —
Swiss Franc 
GSCO Buy 31,521,229 28,720,938 EUR 5/12/20   1,080,750           —
Indian Rupee 
BNDP Buy 612,350,000 8,218,029   5/13/20           —    (207,347)
Indian Rupee 
BNDP Sell 612,350,000 8,509,825   5/13/20     499,143           —
Swedish Krona 
DBAB Buy 396,701,500 37,266,813 EUR 5/13/20           —  (1,132,904)
Indian Rupee 
HSBK Sell 1,013,325,875 14,088,646   5/14/20     835,534           —
Indian Rupee 
JPHQ Sell 3,126,643,410 43,441,290   5/14/20   2,548,467           —
South Korean Won 
CITI Sell 2,182,000,000 1,888,605   5/15/20      96,073           —
Indian Rupee 
HSBK Sell 2,631,137,000 36,538,495   5/18/20   2,158,299           —
Indian Rupee 
JPHQ Sell 1,425,342,000 19,355,540   5/18/20     731,069           —
  |  33
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
BOFA Buy 46,940,555 51,348,273   5/20/20     $512,936          $ —
Euro 
BOFA Sell 46,940,555 52,513,807   5/20/20     652,598           —
Euro 
GSCO Buy 8,064,735 8,822,482   5/20/20      87,658           —
Euro 
GSCO Sell 8,064,735 9,023,632   5/20/20     113,492           —
Indian Rupee 
CITI Sell 4,067,114,000 56,430,872   5/20/20   3,311,927           —
Australian Dollar 
JPHQ Sell 247,462,202 17,946,594,814 JPY 5/21/20  15,248,986           —
Euro 
BOFA Buy 9,579,000 10,479,139   5/21/20     104,420           —
Euro 
BOFA Sell 9,579,000 10,736,143   5/21/20     152,584           —
Euro 
JPHQ Buy 29,868,049 32,688,220   5/21/20     312,120           —
Euro 
JPHQ Sell 29,868,049 33,469,240   5/21/20     468,900           —
Euro 
HSBK Sell 48,575,961 5,735,766,946 JPY 5/22/20           —    (203,306)
Euro 
HSBK Sell 48,575,961 5,834,555,880 JPY 5/22/20     717,607           —
Euro 
JPHQ Buy 71,296,627 77,160,449   5/22/20   1,616,232           —
Euro 
JPHQ Sell 71,296,627 79,785,560   5/22/20   1,008,879           —
Australian Dollar 
CITI Sell 89,789,742 6,640,490,138 JPY 5/26/20   6,744,297           —
Japanese Yen 
JPHQ Buy 4,365,172,600 40,651,635   5/26/20      46,828           —
Euro 
BNDP Buy 19,042,000 20,441,587   5/27/20     602,349           —
Euro 
BNDP Sell 19,042,000 21,214,521   5/27/20     170,585           —
Euro 
MSCS Buy 10,458,000 11,496,751   5/27/20      60,726           —
Euro 
MSCS Sell 10,458,000 11,662,762   5/27/20     105,284           —
Euro 
BOFA Buy 13,546,846 14,547,958   5/29/20     424,286           —
Euro 
BOFA Sell 13,546,846 15,100,534   5/29/20     128,290           —
Euro 
BZWS Sell 5,036,526 5,635,772   5/29/20      69,303           —
Euro 
GSCO Buy 13,276,516 14,598,193   5/29/20      75,276           —
Euro 
GSCO Sell 13,276,516 14,798,230   5/29/20     124,761           —
Euro 
JPHQ Buy 66,814,002 72,099,658   5/29/20   1,744,507           —
Euro 
JPHQ Sell 66,814,002 74,464,205   5/29/20     620,041           —
Brazilian Real 
HSBK Sell 18,715,300 3,708,644   6/02/20     120,072           —
Brazilian Real 
JPHQ Sell 114,635,100 26,766,391   6/02/20   4,785,642           —
Euro 
JPHQ Buy 14,763,729 16,233,753   6/04/20      86,955           —
Euro 
JPHQ Sell 14,763,729 16,545,047   6/04/20     224,338           —
Euro 
SCNY Sell 4,966,194 5,566,364   6/05/20      76,241           —
Japanese Yen 
HSBK Buy 3,118,896,780 29,568,720   6/08/20           —    (475,154)
Japanese Yen 
JPHQ Buy 2,962,169,960 28,115,566   6/08/20           —    (483,973)
Japanese Yen 
JPHQ Sell 2,962,169,960 28,305,056   6/08/20     673,462           —
Australian Dollar 
HSBK Sell 41,325,000 3,044,562,235 JPY 6/12/20   3,014,022           —
Australian Dollar 
JPHQ Sell 63,180,000 4,668,392,493 JPY 6/12/20   4,735,762           —
Euro 
HSBK Sell 12,000,000 13,457,580   6/12/20     188,293           —
Euro 
JPHQ Sell 3,066,139 3,563,221   6/15/20     172,404           —
Norwegian Krone 
JPHQ Buy 321,025,600 35,081,123   6/15/20           —  (4,129,202)
Norwegian Krone 
JPHQ Sell 321,025,600 30,677,146   6/15/20           —    (274,774)
Swedish Krona 
DBAB Buy 793,403,000 74,900,486 EUR 6/15/20           —  (2,718,371)
Australian Dollar 
HSBK Sell 13,830,000 907,579,920 JPY 6/16/20           —     (28,607)
Norwegian Krone 
JPHQ Buy 319,071,900 35,081,119   6/16/20           —  (4,317,545)
Norwegian Krone 
JPHQ Sell 319,071,900 30,490,451   6/16/20           —    (273,123)
Swedish Krona 
DBAB Buy 396,701,500 36,464,551 EUR 6/16/20           —    (269,709)
  |  34
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Mexican Peso 
CITI Buy 918,696,000 48,524,043   6/17/20          $ — $(10,295,505)
Mexican Peso 
CITI Sell 918,696,000 45,188,023   6/17/20   6,959,486           —
Norwegian Krone 
JPHQ Buy 326,857,400 36,266,313   6/19/20           —  (4,752,028)
Norwegian Krone 
JPHQ Sell 326,857,400 31,234,731   6/19/20           —    (279,555)
Japanese Yen 
JPHQ Buy 3,941,605,450 37,272,195   6/22/20           —    (484,085)
Japanese Yen 
JPHQ Sell 3,027,000,000 28,945,644   6/22/20     693,804           —
South Korean Won 
CITI Sell 22,784,500,000 19,045,012   6/22/20     294,660           —
Japanese Yen 
BNDP Buy 9,960,831,630 95,137,671   6/24/20           —  (2,163,141)
Japanese Yen 
CITI Buy 904,855,000 8,307,519   6/24/20     138,409           —
Brazilian Real 
HSBK Sell 8,064,900 1,566,913   6/25/20      22,209           —
Euro 
HSBK Sell 48,577,224 5,807,650,045 JPY 6/25/20     470,562           —
Euro 
CITI Sell 29,357,781 3,494,485,980 JPY 6/30/20     141,315           —
Euro 
CITI Sell 58,713,400 6,917,600,105 JPY 6/30/20           —    (381,314)
Brazilian Real 
CITI Buy 53,617,000 9,450,427 EUR 7/02/20           —    (191,653)
Brazilian Real 
CITI Sell 87,338,200 16,841,799   7/02/20     119,868           —
Brazilian Real 
HSBK Sell 18,791,100 3,708,658   7/02/20     110,880           —
Brazilian Real 
JPHQ Sell 198,964,000 39,221,887   7/02/20   1,127,876           —
Norwegian Krone 
JPHQ Buy 706,586,972 61,366,464 EUR 7/02/20     222,696           —
South Korean Won 
DBAB Sell 28,685,000,000 23,844,555   7/06/20     222,497           —
Australian Dollar 
JPHQ Sell 35,640,000 2,661,363,540 JPY 7/14/20   2,960,038           —
South Korean Won 
HSBK Sell 62,817,875,625 54,674,160   7/17/20   2,922,369           —
Euro 
UBSW Buy 82,327,765 90,724,374   7/23/20     430,081           —
Euro 
UBSW Sell 82,327,765 93,479,061   7/23/20   2,324,606           —
Brazilian Real 
JPHQ Sell 143,737,300 31,828,454   8/04/20   4,364,548           —
South Korean Won 
DBAB Sell 28,680,000,000 24,196,406   8/07/20     550,079           —
Swiss Franc 
UBSW Buy 64,237,042 59,300,725 EUR 8/10/20   1,396,815           —
Swiss Franc 
GSCO Buy 63,042,458 58,304,437 EUR 8/12/20   1,253,930           —
Swedish Krona 
DBAB Buy 396,701,500 37,619,047 EUR 8/13/20           —  (1,584,813)
Australian Dollar 
JPHQ Sell 185,596,654 13,341,900,076 JPY 8/21/20  10,729,883           —
Australian Dollar 
CITI Sell 89,550,658 6,356,184,831 JPY 8/24/20   4,422,490           —
Euro 
HSBK Sell 48,575,961 5,740,085,350 JPY 8/24/20           —    (156,348)
Euro 
HSBK Sell 48,575,961 5,889,155,261 JPY 8/25/20   1,237,731           —
Japanese Yen 
JPHQ Buy 4,365,256,600 39,855,348   8/27/20     969,463           —
Japanese Yen 
CITI Buy 5,314,266,000 51,420,311   8/31/20           —  (1,714,253)
Australian Dollar 
HSBK Sell 27,215,000 1,843,897,895 JPY 9/14/20     534,338           —
Australian Dollar 
JPHQ Sell 32,190,000 2,185,445,089 JPY 9/14/20     673,900           —
Norwegian Krone 
JPHQ Buy 286,415,100 31,745,137   9/21/20           —  (4,126,714)
Norwegian Krone 
JPHQ Sell 286,415,100 27,370,950   9/21/20           —    (247,472)
Euro 
CITI Sell 58,713,400 6,919,948,641 JPY 9/30/20           —    (356,672)
Euro 
CITI Sell 88,069,019 10,615,988,071 JPY 9/30/20   1,676,180           —
Norwegian Krone 
JPHQ Buy 706,586,972 61,220,514 EUR 10/02/20     209,698           —
Euro 
GSCO Sell 4,499,800 5,034,916   10/05/20      41,792           —
Mexican Peso 
CITI Buy 274,908,000 14,298,018   10/08/20           —  (3,041,180)
Mexican Peso 
CITI Sell 274,908,000 13,340,645   10/08/20   2,083,807           —
Mexican Peso 
CITI Buy 206,478,000 10,737,453   10/09/20           —  (2,283,809)
Mexican Peso 
CITI Sell 206,478,000 10,005,476   10/09/20   1,551,832           —
  |  35
Templeton Income Trust
Statement of Investments (unaudited)
Templeton Global Total Return Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Mexican Peso 
CITI Buy 688,399,000 35,778,644   10/13/20          $ —  $(7,609,415)
Mexican Peso 
CITI Sell 688,399,000 33,291,050   10/13/20   5,121,821           —
Mexican Peso 
CITI Sell 1,013,293,000 49,179,909   10/15/20   7,727,277           —
Euro 
BOFA Sell 6,976,140 7,895,595   10/16/20     151,861           —
Mexican Peso 
CITI Sell 927,824,000 45,446,593   10/16/20   7,495,538           —
Swiss Franc 
UBSW Buy 32,118,521 29,300,942 EUR 11/09/20   1,111,610           —
Swiss Franc 
GSCO Buy 31,521,229 28,765,495 EUR 11/12/20   1,081,295           —
Euro 
BNDP Sell 4,802,000 5,440,258   11/23/20     103,259           —
Australian Dollar 
JPHQ Sell 61,865,545 4,533,655,583 JPY 11/24/20   4,517,744           —
Total Forward Exchange Contracts 
$178,740,678 $(72,751,137)
Net unrealized appreciation (depreciation) 
$105,989,541
 
*In U.S. dollars unless otherwise indicated.
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Abbreviations on page 62.
  |  36
Templeton Income Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton International Bond Fund
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities 42.1%        
  Argentina 1.1%        
a,b Argentina Treasury Bond BONCER,        
 
Index Linked, 1.20%, 3/18/22
      171,071,742 ARS   $1,044,251
 
Index Linked, 1.40%, 3/25/23
      113,308,687 ARS     633,233
 
Index Linked, 1.50%, 3/25/24
      113,308,692 ARS     605,355
a Argentine Bonos del Tesoro,        
 
18.20%, 10/03/21
       73,832,000 ARS     427,083
 
16.00%, 10/17/23
      171,501,000 ARS     796,678
 
senior note, 15.50%, 10/17/26
      153,089,000 ARS     674,697
a,c
Government of Argentina, FRN, 36.86%, (ARS Badlar + 2.00%), 4/03/22
  5,808,000 ARS 46,573
          4,227,870
  Brazil 1.7%        
  Letra Tesouro Nacional,        
 
Strip, 7/01/21
           25,274d BRL   4,656,793
 
Strip, 1/01/22
           10,700d BRL   1,920,307
          6,577,100
  Colombia 1.2%        
  Government of Colombia,        
 
senior bond, 7.75%, 4/14/21
      378,000,000 COP      95,524
 
senior bond, 4.375%, 3/21/23
       57,000,000 COP      13,456
 
senior bond, 9.85%, 6/28/27
       91,000,000 COP      24,795
  Titulos de Tesoreria,        
 
senior bond, B, 11.00%, 7/24/20
      746,000,000 COP     187,633
 
senior bond, B, 7.00%, 5/04/22
   11,196,000,000 COP   2,862,790
 
senior bond, B, 10.00%, 7/24/24
    4,505,000,000 COP   1,268,140
          4,452,338
  Ghana 1.1%        
  Government of Ghana,        
 
24.75%, 3/01/21
          180,000 GHS      33,336
 
16.25%, 5/17/21
        1,510,000 GHS     259,338
 
24.50%, 6/21/21
           50,000 GHS       9,280
 
24.75%, 7/19/21
          280,000 GHS      51,955
 
18.75%, 1/24/22
        2,910,000 GHS     491,242
 
17.60%, 11/28/22
           80,000 GHS      12,744
 
19.75%, 3/25/24
        2,910,000 GHS     475,649
 
19.00%, 11/02/26
        8,740,000 GHS   1,351,394
 
senior bond, 19.75%, 3/15/32
        8,740,000 GHS   1,352,359
 
senior note, 18.50%, 6/01/20
          100,000 GHS      17,544
 
senior note, 18.25%, 9/21/20
          160,000 GHS      28,260
 
senior note, 16.50%, 3/22/21
          360,000 GHS      62,497
          4,145,598
  India 5.2%        
  Government of India,        
 
senior bond, 8.20%, 2/15/22
       19,000,000 INR     266,590
 
senior bond, 8.13%, 9/21/22
       51,000,000 INR     721,643
 
senior bond, 9.15%, 11/14/24
      227,000,000 INR   3,401,675
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  37
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
  India (continued)        
  Government of India, (continued)        
 
senior note, 7.80%, 4/11/21
      196,900,000 INR   $2,682,921
 
senior note, 8.79%, 11/08/21
      110,000,000 INR   1,538,473
 
senior note, 8.15%, 6/11/22
       82,000,000 INR   1,155,727
 
senior note, 6.84%, 12/19/22
       12,000,000 INR     165,967
 
senior note, 7.16%, 5/20/23
       19,100,000 INR     265,490
 
senior note, 8.83%, 11/25/23
      156,700,000 INR   2,296,829
 
senior note, 7.68%, 12/15/23
      302,000,000 INR   4,285,269
 
senior note, 7.59%, 1/11/26
      235,000,000 INR   3,310,516
          20,091,100
  Indonesia 2.3%        
  Government of Indonesia,        
 
senior bond, FR39, 11.75%, 8/15/23
    1,040,000,000 IDR      72,908
 
senior bond, FR40, 11.00%, 9/15/25
    1,060,000,000 IDR      74,759
 
senior bond, FR42, 10.25%, 7/15/27
    6,831,000,000 IDR     470,799
 
senior bond, FR44, 10.00%, 9/15/24
      686,000,000 IDR      46,426
 
senior bond, FR47, 10.00%, 2/15/28
    4,555,000,000 IDR     310,360
 
senior bond, FR64, 6.125%, 5/15/28
      159,000,000 IDR       8,623
 
senior bond, FR70, 8.375%, 3/15/24
  125,528,000,000 IDR   8,019,632
          9,003,507
  Mexico 9.2%        
  Government of Mexico,        
 
senior bond, M, 8.00%, 6/11/20
        4,433,950e MXN  18,719,546
 
senior bond, M, 6.50%, 6/10/21
          958,380e MXN   4,040,383
 
senior bond, M, 6.50%, 6/09/22
          391,000e MXN   1,650,947
 
senior bond, M, 8.00%, 12/07/23
          312,600e MXN   1,381,307
 
senior note, M, 7.25%, 12/09/21
        2,306,200e MXN   9,873,659
          35,665,842
  Norway 3.8%        
f,g Government of Norway,        
 
144A, Reg S, 3.75%, 5/25/21
       47,143,000 NOK   4,724,794
 
144A, Reg S, 2.00%, 5/24/23
       39,398,000 NOK   3,989,981
 
144A, Reg S, 3.00%, 3/14/24
       35,658,000 NOK   3,779,601
 
144A, Reg S, 1.75%, 3/13/25
       12,526,000 NOK   1,279,811
 
144A, Reg S, 1.50%, 2/19/26
        7,434,000 NOK     753,299
          14,527,486
  Singapore 1.5%        
 
Government of Singapore, senior note, 2.00%, 7/01/20
  8,447,000 SGD 5,963,032
  |  38
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
        Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)          
  South Korea 15.0%          
  Korea Treasury Bond,          
 
senior note, 1.75%, 12/10/20
     30,200,000,000 KRW  $24,916,939
 
senior note, 1.375%, 9/10/24
      1,485,100,000 KRW   1,222,339
 
senior note, 1.375%, 12/10/29
     39,651,000,000 KRW  32,016,763
            58,156,041
 
Total Foreign Government and Agency Securities

(Cost $204,784,490)
        162,809,914
    Number of
Contracts 		  Notional
Amount* 		   
  Options Purchased 2.7%          
  Calls - Over-the-Counter          
  Currency Options 1.7%          
 
AUD/JPY, Counterparty CITI, April Strike Price 79.30 JPY, Expires 4/22/20
1   1,998,000 AUD 39
 
AUD/JPY, Counterparty CITI, May Strike Price 84.00 JPY, Expires 5/06/20
1   1,663,000 AUD 27
 
AUD/JPY, Counterparty CITI, May Strike Price 86.63 JPY, Expires 5/06/20
1   1,829,000 AUD 20
 
AUD/JPY, Counterparty CITI, May Strike Price 78.75 JPY, Expires 5/07/20
1   1,663,000 AUD 91
 
AUD/JPY, Counterparty CITI, May Strike Price 85.50 JPY, Expires 5/07/20
1   6,653,000 AUD 86
 
AUD/JPY, Counterparty CITI, May Strike Price 80.00 JPY, Expires 5/13/20
1   4,664,000 AUD 215
 
AUD/JPY, Counterparty CITI, November Strike Price 84.33 JPY, Expires 11/12/20
1   1,247,000 AUD 342
 
AUD/JPY, Counterparty CITI, December Strike Price 82.15 JPY, Expires 12/21/20
1   4,990,000 AUD 1,839
 
AUD/USD, Counterparty HSBK, April Strike Price $0.77, Expires 4/30/20
1   2,078,000 AUD 37
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/04/20
1   2,620,000 AUD 92
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/07/20
1   1,663,000 AUD 66
 
AUD/USD, Counterparty HSBK, February Strike Price $0.75, Expires 2/08/21
1   2,221,000 AUD 3,276
 
AUD/USD, Counterparty HSBK, February Strike Price $0.74, Expires 2/10/21
1   2,664,000 AUD 4,248
 
AUD/USD, Counterparty MSCO, May Strike Price $0.70, Expires 5/07/20
1   2,082,000 AUD 482
 
AUD/USD, Counterparty MSCO, October Strike Price $0.66, Expires 10/28/20
1   4,442,000 AUD 34,393
 
AUD/USD, Counterparty MSCO, May Strike Price $0.77, Expires 5/12/21
1   2,993,000 AUD 4,679
 
USD/MXN, Counterparty CITI, July Strike Price 22.70 MXN, Expires 7/26/21
1   2,905,000   398,549
 
USD/JPY, Counterparty CITI, September Strike Price 112.24 JPY, Expires 9/22/20
1   10,683,000   74,172
 
USD/JPY, Counterparty CITI, February Strike Price 118.25 JPY, Expires 2/24/21
1   27,570,000   106,227
 
USD/MXN, Counterparty CITI, May Strike Price 20.50 MXN, Expires 5/11/20
1   3,040,000   439,827
 
USD/MXN, Counterparty CITI, May Strike Price 20.09 MXN, Expires 5/12/20
1   2,782,000   448,578
 
USD/MXN, Counterparty CITI, May Strike Price 20.87 MXN, Expires 5/14/20
1   1,099,000   143,988
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1   1,911,000   272,285
 
USD/MXN, Counterparty CITI, June Strike Price 25.08 MXN, Expires 6/25/20
1   3,052,000   106,664
 
USD/MXN, Counterparty CITI, July Strike Price 21.03 MXN, Expires 7/30/20
1   969,000   133,955
 
USD/MXN, Counterparty CITI, September Strike Price 21.94 MXN, Expires 9/03/20
1   3,783,000   425,005
 
USD/MXN, Counterparty CITI, September Strike Price 21.70 MXN, Expires 9/08/20
1   3,780,000   455,411
 
USD/MXN, Counterparty CITI, September Strike Price 20.85 MXN, Expires 9/17/20
1   6,087,000   918,559
  |  39
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty CITI, September Strike Price 27.34 MXN, Expires 9/24/20
1       5,268,000       $154,563
 
USD/MXN, Counterparty CITI, October Strike Price 20.08 MXN, Expires 10/19/20
1       2,074,000       381,498
 
USD/MXN, Counterparty CITI, July Strike Price 22.57 MXN, Expires 7/20/21
1       2,908,000       405,410
 
USD/MXN, Counterparty GSCO, March Strike Price 20.62 MXN, Expires 3/03/21
1         606,000       109,234
 
USD/MXN, Counterparty JPHQ, June Strike Price 25.25 MXN, Expires 6/22/20
1       3,495,000       113,909
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.14 MXN, Expires 7/14/20
1 3,500,000   591,423
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.90 MXN, Expires 7/27/20
1 1,750,000   248,850
 
USD/MXN, Counterparty JPHQ, September Strike Price 25.50 MXN, Expires 9/22/20
1 3,499,000   154,645
 
USD/MXN, Counterparty MSCO, June Strike Price 21.45 MXN, Expires 6/15/20
1 1,000,000   114,866
 
USD/MXN, Counterparty MSCO, September Strike Price 22.33 MXN, Expires 9/04/20
1 3,027,000   306,114
 
USD/MXN, Counterparty MSCO, September Strike Price 25.97 MXN, Expires 9/04/20
1 3,027,000   113,497
          6,667,161
  Puts - Over-the-Counter        
  Currency Options 1.0%        
 
AUD/JPY, Counterparty CITI, May Strike Price 69.54 JPY, Expires 5/06/20
1 1,331,000 AUD 47,442
 
AUD/JPY, Counterparty CITI, May Strike Price 70.65 JPY, Expires 5/06/20
1 832,000 AUD 37,216
 
AUD/JPY, Counterparty CITI, May Strike Price 74.48 JPY, Expires 5/06/20
1 1,330,000 AUD 105,342
 
AUD/JPY, Counterparty CITI, May Strike Price 75.05 JPY, Expires 5/06/20
1 831,000 AUD 70,233
 
AUD/JPY, Counterparty CITI, May Strike Price 65.55 JPY, Expires 5/07/20
1 831,000 AUD 11,682
 
AUD/JPY, Counterparty CITI, May Strike Price 73.25 JPY, Expires 5/07/20
1 2,772,000 AUD 188,603
 
AUD/JPY, Counterparty CITI, July Strike Price 72.00 JPY, Expires 7/21/20
1 9,978,000 AUD 601,045
 
AUD/JPY, Counterparty CITI, November Strike Price 66.78 JPY, Expires 11/12/20
1 624,000 AUD 20,720
 
AUD/JPY, Counterparty CITI, November Strike Price 69.18 JPY, Expires 11/12/20
1 374,000 AUD 16,849
 
AUD/JPY, Counterparty CITI, November Strike Price 72.78 JPY, Expires 11/12/20
1 1,559,000 AUD 110,502
 
AUD/JPY, Counterparty CITI, November Strike Price 74.00 JPY, Expires 11/12/20
1 1,123,000 AUD 91,199
 
AUD/JPY, Counterparty CITI, December Strike Price 65.85 JPY, Expires 12/21/20
1 2,495,000 AUD 78,728
 
AUD/USD, Counterparty HSBK, May Strike Price $0.66, Expires 5/07/20
1 4,158,000 AUD 195,746
 
AUD/USD, Counterparty HSBK, May Strike Price $0.68, Expires 5/07/20
1 1,663,000 AUD 104,670
 
AUD/USD, Counterparty HSBK, July Strike Price $0.67, Expires 7/28/20
1 2,938,000 AUD 160,744
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/08/21
1 4,442,000 AUD 224,437
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/10/21
1 5,329,000 AUD 245,792
 
AUD/USD, Counterparty MSCO, August Strike Price $0.67, Expires 8/12/20
1 4,712,000 AUD 288,569
 
AUD/USD, Counterparty MSCO, October Strike Price $0.58, Expires 10/28/20
1 4,442,000 AUD 62,395
 
USD/JPY, Counterparty CITI, September Strike Price 100.70 JPY, Expires 9/16/20
1 19,299,000   239,404
  |  40
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Puts - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/JPY, Counterparty CITI, September Strike Price 106.75 JPY, Expires 9/22/20
1      21,367,000       $561,653
 
USD/JPY, Counterparty CITI, February Strike Price 105.70 JPY, Expires 2/24/21
1      13,785,000       438,997
 
USD/MXN, Counterparty CITI, July Strike Price 18.28 MXN, Expires 7/20/20
1         582,000           478
 
USD/MXN, Counterparty CITI, July Strike Price 18.38 MXN, Expires 7/24/20
1         581,000           536
 
USD/MXN, Counterparty CITI, September Strike Price 19.11 MXN, Expires 9/03/20
1       1,892,000         3,196
 
USD/MXN, Counterparty CITI, October Strike Price 18.00 MXN, Expires 10/19/20
1 1,454,000   1,665
 
USD/MXN, Counterparty CITI, March Strike Price 21.48 MXN, Expires 3/24/21
1 1,464,000   20,940
 
USD/MXN, Counterparty GSCO, March Strike Price 18.65 MXN, Expires 3/03/21
1 606,000   1,524
 
USD/MXN, Counterparty JPHQ, June Strike Price 21.95 MXN, Expires 6/22/20
1 1,747,000   20,052
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.10 MXN, Expires 7/14/20
1 2,188,000   1,422
          3,951,781
 
Total Options Purchased

(Cost $3,713,227)
      10,618,942
 
Total Investments before Short Term Investments

(Cost $208,497,717)
      173,428,856
      Principal
Amount* 		   
  Short Term Investments 50.4%        
  Foreign Government and Agency Securities 14.7%        
  Brazil 6.3%        
  Letra Tesouro Nacional,        
 
Strip, 10/01/20
           61,300d BRL  11,609,003
 
Strip, 7/01/20
           64,738d BRL  12,358,320
 
Nota do Tesouro Nacional, 10.00%, 1/01/21
  1,269d BRL 255,810
          24,223,133
  Japan 4.8%        
h Japan Treasury Discount Bill,        
 
4/06/20
      885,800,000 JPY   8,236,684
 
4/10/20 - 9/23/20
    1,118,400,000 JPY  10,405,338
          18,642,022
  Mexico 1.1%        
h
Mexico Treasury Bill, 4/02/20 - 6/18/20
  10,478,650i MXN 4,372,777
  Norway 0.3%        
f,g,h
Norway Treasury Bill, 144A, Reg S, 6/17/20 - 9/16/20
  10,829,000 NOK 1,041,290
  |  41
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
        Principal
Amount* 		  Value
  Short Term Investments (continued)          
  Foreign Government and Agency Securities (continued)          
  Singapore 2.2%          
 
Government of Singapore, senior bond, 3.25%, 9/01/20
         12,025,000 SGD   $8,550,826
 
Total Foreign Government and Agency Securities

(Cost $58,652,209)
        56,830,048
 
Total Investments before Money Market Funds (Cost $267,149,926)
        230,258,904
        Shares    
  Money Market Funds (Cost $137,930,881) 35.7%          
  United States 35.7%          
j,k
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
    137,930,881   137,930,881
 
Total Investments (Cost $405,080,807) 95.2%
        368,189,785
 
Options Written (1.1)%
        (4,190,110)
 
Other Assets, less Liabilities 5.9%
        22,832,203
 
Net Assets 100.0%
        $386,831,878
    Number of
Contracts 		  Notional
Amount* 		   
  Options Written (1.1)%          
  Calls - Over-the-Counter          
  Currency Options (0.9)%          
 
AUD/JPY, Counterparty CITI, April Strike Price 75.95 JPY, Expires 4/22/20
1   1,998,000 AUD (112)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.00 JPY, Expires 5/06/20
1   3,492,000 AUD (414)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/07/20
1   3,326,000 AUD (351)
 
AUD/JPY, Counterparty CITI, May Strike Price 77.35 JPY, Expires 5/07/20
1   1,663,000 AUD (135)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/13/20
1   4,664,000 AUD (573)
 
AUD/JPY, Counterparty CITI, December Strike Price 75.70 JPY, Expires 12/21/20
1   4,990,000 AUD (7,498)
 
AUD/USD, Counterparty HSBK, April Strike Price $0.71, Expires 4/30/20
1   2,078,000 AUD (203)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.71, Expires 5/04/20
1   2,620,000 AUD (452)
 
AUD/USD, Counterparty HSBK, November Strike Price $0.71, Expires 11/05/20
1   1,663,000 AUD (2,883)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/08/21
1   2,221,000 AUD (8,886)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/10/21
1   2,664,000 AUD (12,221)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.78, Expires 5/05/21
1   2,772,000 AUD (3,869)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.68, Expires 5/07/20
1   4,164,000 AUD (2,044)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.74, Expires 8/12/20
1   1,767,000 AUD (1,132)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.61, Expires 10/28/20
1   4,442,000 AUD (112,914)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.74, Expires 5/12/21
1   5,986,000 AUD (13,683)
 
USD/JPY, Counterparty CITI, September Strike Price 107.50 JPY, Expires 9/16/20
1   11,029,000   (258,398)
 
USD/JPY, Counterparty CITI, September Strike Price 108.77 JPY, Expires 9/22/20
1   21,367,000   (373,880)
 
USD/JPY, Counterparty CITI, February Strike Price 112.00 JPY, Expires 2/24/21
1   27,570,000   (321,852)
  |  42
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty CITI, May Strike Price 19.34 MXN, Expires 5/12/20
1       1,391,000      $(267,011)
 
USD/MXN, Counterparty CITI, May Strike Price 22.85 MXN, Expires 5/14/20
1       1,529,000      (100,131)
 
USD/MXN, Counterparty CITI, May Strike Price 22.91 MXN, Expires 5/21/20
1         586,000       (38,099)
 
USD/MXN, Counterparty CITI, June Strike Price 26.36 MXN, Expires 6/25/20
1       1,537,000       (36,381)
 
USD/MXN, Counterparty CITI, June Strike Price 30.33 MXN, Expires 6/25/20
1       1,526,000       (13,673)
 
USD/MXN, Counterparty CITI, September Strike Price 23.00 MXN, Expires 9/03/20
1 1,892,000   (157,999)
 
USD/MXN, Counterparty CITI, September Strike Price 24.30 MXN, Expires 9/08/20
1 1,260,000   (73,463)
 
USD/MXN, Counterparty CITI, September Strike Price 20.06 MXN, Expires 9/17/20
1 3,044,000   (548,955)
 
USD/MXN, Counterparty CITI, September Strike Price 22.40 MXN, Expires 9/17/20
1 3,044,000   (307,438)
 
USD/MXN, Counterparty CITI, March Strike Price 35.62 MXN, Expires 3/24/21
1 5,268,000   (91,337)
 
USD/MXN, Counterparty GSCO, June Strike Price 21.07 MXN, Expires 6/03/20
1 606,000   (76,733)
 
USD/MXN, Counterparty JPHQ, June Strike Price 29.40 MXN, Expires 6/22/20
1 3,495,000   (37,320)
 
USD/MXN, Counterparty JPHQ, July Strike Price 22.30 MXN, Expires 7/27/20
1 1,750,000   (168,476)
 
USD/MXN, Counterparty JPHQ, September Strike Price 30.80 MXN, Expires 9/22/20
1 3,499,000   (53,692)
 
USD/MXN, Counterparty MSCO, June Strike Price 24.20 MXN, Expires 6/15/20
1 500,000   (22,618)
 
USD/MXN, Counterparty MSCO, September Strike Price 24.56 MXN, Expires 9/04/20
1 4,540,000   (244,588)
 
USD/MXN, Counterparty MSCO, September Strike Price 22.46 MXN, Expires 9/10/20
1 378,000   (37,123)
          (3,396,537)
  Puts - Over-the-Counter        
  Currency Options (0.2)%        
 
AUD/JPY, Counterparty CITI, July Strike Price 68.00 JPY, Expires 7/21/20
1 4,435,000 AUD (142,768)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.64, Expires 5/07/20
1 3,326,000 AUD (102,718)
 
AUD/USD, Counterparty HSBK, January Strike Price $0.63, Expires 1/27/21
1 1,469,000 AUD (48,562)
 
AUD/USD, Counterparty MSCO, June Strike Price $0.55, Expires 6/16/20
1 1,666,000 AUD (7,128)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.64, Expires 8/12/20
1 1,178,000 AUD (41,342)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.50, Expires 10/28/20
1 2,221,000 AUD (12,867)
 
USD/JPY, Counterparty CITI, September Strike Price 89.80 JPY, Expires 9/16/20
1 9,650,000   (44,380)
 
USD/JPY, Counterparty CITI, September Strike Price 102.25 JPY, Expires 9/22/20
1 10,683,000   (161,046)
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1 1,911,000   (4,336)
 
USD/MXN, Counterparty CITI, May Strike Price 19.09 MXN, Expires 5/21/20
1 586,000   (281)
 
USD/MXN, Counterparty CITI, July Strike Price 18.86 MXN, Expires 7/20/20
1 1,745,000   (2,193)
 
USD/MXN, Counterparty CITI, July Strike Price 18.97 MXN, Expires 7/24/20
1 1,743,000   (2,472)
 
USD/MXN, Counterparty CITI, September Strike Price 19.76 MXN, Expires 9/03/20
1 3,783,000   (10,369)
 
USD/MXN, Counterparty CITI, September Strike Price 24.20 MXN, Expires 9/24/20
1 1,464,000   (79,860)
 
USD/MXN, Counterparty CITI, October Strike Price 18.89 MXN, Expires 10/19/20
1 2,908,000   (5,961)
  |  43
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty GSCO, June Strike Price 19.52 MXN, Expires 6/03/20
1         303,000          $(327)
 
USD/MXN, Counterparty GSCO, March Strike Price 19.80 MXN, Expires 3/03/21
1         606,000        (3,083)
 
USD/MXN, Counterparty JPHQ, June Strike Price 23.40 MXN, Expires 6/22/20
1       3,495,000      (115,933)
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.92 MXN, Expires 7/14/20
1       3,500,000        (4,200)
 
USD/MXN, Counterparty MSCO, June Strike Price 19.05 MXN, Expires 6/15/20
1         700,000          (566)
 
USD/MXN, Counterparty MSCO, September Strike Price 19.76 MXN, Expires 9/10/20
1       1,135,000        (3,181)
          (793,573)
 
Total Options Written (Premiums received $2,806,048)
      (4,190,110)
  
*The principal/notional amount is stated in U.S. dollars unless otherwise indicated.
aSecurities denominated in Argentine Peso have been designated as Level 3 investments. See Note 8 regarding fair value measurements.
bRedemption price at maturity and coupon paymentare adjusted for inflation.  
cThe coupon rate shown represents the rate at period end.
dPrincipal amount is stated in 1,000 Brazilian Real Units.
ePrincipal amount is stated in 100 Mexican Peso Units.
fSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $15,568,776, representing 4.1% of net assets.
gSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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, 2020, the aggregate value of these securities was $15,568,776, representing 4.1% of net assets.
hThe security was issued on a discount basis with no stated coupon rate.
iPrincipal amount is stated in 10 Mexican Peso Units.
jSee  Note 7 regarding investments in affiliated management investment companies.
kThe rate shown is the annualized seven-day effective yield at period end.
  |  44
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Brazilian Real 
CITI Buy 9,265,700 1,795,678   4/02/20         $ —    $(12,771)
Brazilian Real 
CITI Sell 9,265,700 1,807,412   4/02/20     24,505          —
Euro 
JPHQ Sell 4,307,285 507,686,761 JPY 4/02/20          —    (28,377)
Indian Rupee 
BNDP Buy 231,918,000 3,130,093   4/07/20          —    (60,178)
Indian Rupee 
BNDP Sell 231,918,000 3,194,529   4/07/20    124,613          —
Euro 
BOFA Buy 925,820 1,015,449   4/08/20      5,695          —
Euro 
BOFA Sell 925,820 1,028,744   4/08/20      7,600          —
Euro 
GSCO Buy 616,000 676,984   4/08/20      2,440          —
Euro 
GSCO Sell 616,000 684,653   4/08/20      5,229          —
Mexican Peso 
CITI Sell 19,127,000 952,383   4/08/20    148,122          —
Euro 
UBSW Buy 596,154 667,728   4/09/20          —    (10,167)
Euro 
UBSW Sell 596,154 663,280   4/09/20      5,719          —
Euro 
BZWS Buy 736,000 809,688   4/14/20      2,291          —
Euro 
BZWS Sell 736,000 818,241   4/14/20      6,262          —
Euro 
BOFA Buy 208,570 228,822   4/15/20      1,288          —
Euro 
BOFA Sell 208,570 232,695   4/15/20      2,585          —
Euro 
GSCO Buy 438,466 481,962   4/15/20      1,788          —
Euro 
GSCO Sell 438,466 489,768   4/15/20      6,018          —
Swedish Krona 
DBAB Buy 29,307,000 2,696,359 EUR 4/15/20          —    (18,189)
Indian Rupee 
CITI Buy 146,026,500 1,965,707   4/16/20          —    (39,380)
Indian Rupee 
CITI Sell 146,026,500 2,021,828   4/16/20     95,501          —
Brazilian Real 
JPHQ Sell 11,204,100 2,341,133   4/17/20    187,134          —
Euro 
DBAB Buy 3,464,889 3,814,323   4/21/20      9,351          —
Euro 
DBAB Sell 3,464,889 3,878,562   4/21/20     54,888          —
Euro 
GSCO Buy 277,029 304,635   4/23/20      1,105          —
Euro 
GSCO Sell 277,029 312,794   4/23/20      7,053          —
Euro 
UBSW Buy 573,000 642,373   4/24/20          —     (9,962)
Euro 
UBSW Sell 573,000 645,613   4/24/20     13,202          —
Japanese Yen 
JPHQ Buy 150,402,430 1,377,059   4/24/20     23,347          —
Euro 
DBAB Buy 434,885 478,896   4/27/20      1,139          —
Euro 
DBAB Sell 434,885 489,507   4/27/20      9,472          —
Euro 
HSBK Buy 677,192 747,281   4/27/20        217          —
Euro 
HSBK Sell 677,192 762,478   4/27/20     14,979          —
Euro 
BOFA Buy 118,760 130,382   4/29/20        719          —
Euro 
BOFA Sell 118,760 133,353   4/29/20      2,253          —
Euro 
CITI Buy 421,010 463,397   4/29/20      1,360          —
Euro 
CITI Sell 421,010 473,228   4/29/20      8,470          —
Euro 
SCNY Buy 670,194 738,132   4/29/20      1,703          —
Euro 
SCNY Sell 670,194 753,041   4/29/20     13,206          —
Indian Rupee 
JPHQ Buy 268,284,800 3,585,736   4/29/20          —    (64,087)
Indian Rupee 
JPHQ Sell 268,284,800 3,700,480   4/29/20    178,831          —
Brazilian Real 
DBAB Buy 8,737,100 1,868,499 EUR 4/30/20          —   (384,304)
Euro 
BOFA Buy 118,760 130,389   4/30/20        717          —
Euro 
BOFA Sell 118,760 133,385   4/30/20      2,279          —
Euro 
CITI Sell 2,799,776 338,688,902 JPY 4/30/20     63,794          —
  |  45
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
DBAB Sell 3,104,068 3,485,558   4/30/20     $58,803         $ —
Euro 
GSCO Sell 1,005,086 1,128,581   4/30/20     19,010          —
Euro 
HSBK Sell 810,000 911,100   4/30/20     16,896          —
Indian Rupee 
HSBK Buy 302,361,437 4,054,026   4/30/20          —    (86,575)
Indian Rupee 
HSBK Sell 302,361,437 4,197,133   4/30/20    229,681          —
Euro 
CITI Sell 442,000 498,278   5/04/20     10,252          —
Indian Rupee 
HSBK Buy 138,516,900 1,845,342   5/04/20          —    (29,480)
Indian Rupee 
HSBK Sell 266,162,267 3,686,713   5/04/20    197,508          —
Brazilian Real 
CITI Sell 9,293,500 1,807,406   5/05/20     22,597          —
Brazilian Real 
JPHQ Sell 10,467,600 2,525,301   5/05/20    515,007          —
Indian Rupee 
HSBK Sell 143,826,000 1,986,959   5/05/20    101,938          —
Swiss Franc 
UBSW Buy 2,771,268 2,524,222 EUR 5/08/20     95,853          —
Swiss Franc 
GSCO Buy 2,719,732 2,478,116 EUR 5/12/20     93,250          —
Indian Rupee 
BNDP Sell 32,488,000 451,486   5/13/20     26,482          —
Swedish Krona 
DBAB Buy 29,307,000 2,753,149 EUR 5/13/20          —    (83,695)
Euro 
HSBK Sell 152,000 169,395   5/14/20      1,501          —
Indian Rupee 
HSBK Sell 72,097,335 1,002,396   5/14/20     59,448          —
Indian Rupee 
JPHQ Sell 264,945,940 3,681,134   5/14/20    215,952          —
Indian Rupee 
HSBK Sell 187,203,000 2,599,681   5/18/20    153,561          —
Indian Rupee 
JPHQ Sell 101,412,000 1,377,132   5/18/20     52,015          —
Euro 
BOFA Sell 989,468 1,106,947   5/20/20     13,756          —
Australian Dollar 
JPHQ Sell 7,149,620 518,508,746 JPY 5/21/20    440,570          —
Euro 
BOFA Sell 781,000 875,345   5/21/20     12,441          —
Euro 
CITI Sell 48,798 54,683   5/21/20        767          —
Euro 
GSCO Sell 88,914 99,628   5/21/20      1,390          —
Euro 
HSBK Sell 3,273,651 386,547,166 JPY 5/22/20          —    (13,701)
Euro 
HSBK Sell 3,273,651 393,204,790 JPY 5/22/20     48,361          —
Australian Dollar 
CITI Sell 8,970,177 663,398,444 JPY 5/26/20    673,769          —
Euro 
BNDP Buy 8,881,305 9,762,295   5/27/20     52,725          —
Euro 
BNDP Sell 8,881,305 9,894,585   5/27/20     79,565          —
Euro 
CITI Buy 1,950,000 2,143,512   5/27/20     11,496          —
Euro 
CITI Sell 1,950,000 2,172,670   5/27/20     17,662          —
Euro 
MSCS Sell 807,000 899,966   5/27/20      8,124          —
Euro 
BOFA Buy 1,804,622 1,983,783   5/29/20     10,721          —
Euro 
BOFA Sell 1,804,621 2,011,594   5/29/20     17,090          —
Euro 
BZWS Sell 1,011,996 1,132,403   5/29/20     13,925          —
Euro 
CITI Sell 2,023,992 2,214,903   5/29/20          —    (22,054)
Euro 
GSCO Sell 1,123,793 1,252,616   5/29/20     10,578          —
Brazilian Real 
HSBK Sell 9,625,600 1,907,419   6/02/20     61,755          —
Brazilian Real 
JPHQ Sell 9,229,200 2,154,945   6/02/20    385,289          —
Indian Rupee 
SCNY Sell 319,050,200 4,408,780   6/03/20    253,806          —
Euro 
SCNY Sell 337,841 378,669   6/05/20      5,187          —
Japanese Yen 
HSBK Buy 217,459,310 2,061,624   6/08/20          —    (33,129)
Japanese Yen 
HSBK Sell 217,459,310 2,085,041   6/08/20     56,545          —
Japanese Yen 
JPHQ Buy 206,531,820 1,960,306   6/08/20          —    (33,744)
Australian Dollar 
CITI Sell 10,100,000 717,271,700 JPY 6/09/20    485,516          —
  |  46
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
BOFA Sell 926,408 1,061,862   6/10/20     $37,537         $ —
Japanese Yen 
BNDP Buy 1,687,781,000 16,060,339   6/10/20          —   (315,214)
Japanese Yen 
BNDP Sell 404,666,000 3,839,274   6/10/20     64,189          —
Euro 
DBAB Sell 780,000 874,068   6/11/20     11,595          —
Mexican Peso 
SANT Sell 163,836,511 7,654,839   6/11/20    831,337          —
Australian Dollar 
BNDP Sell 5,500,000 404,164,750 JPY 6/12/20    391,436          —
Australian Dollar 
HSBK Sell 3,480,000 256,385,465 JPY 6/12/20    253,824          —
Australian Dollar 
JPHQ Sell 5,310,000 392,353,386 JPY 6/12/20    397,979          —
Australian Dollar 
HSBK Sell 23,430,000 1,586,909,214 JPY 6/15/20    411,336          —
Euro 
JPHQ Buy 723,010 803,275   6/15/20          —     (3,704)
Euro 
JPHQ Sell 723,010 840,225   6/15/20     40,654          —
Norwegian Krone 
JPHQ Buy 38,150,600 4,169,032   6/15/20          —   (490,713)
Norwegian Krone 
JPHQ Sell 38,150,600 3,645,664   6/15/20          —    (32,654)
Swedish Krona 
DBAB Buy 58,614,000 5,533,402 EUR 6/15/20          —   (200,825)
Australian Dollar 
HSBK Sell 1,160,000 76,123,840 JPY 6/16/20          —     (2,399)
Norwegian Krone 
JPHQ Buy 37,918,400 4,169,029   6/16/20          —   (513,096)
Norwegian Krone 
JPHQ Sell 37,918,400 3,623,475   6/16/20          —    (32,458)
Swedish Krona 
DBAB Buy 29,307,000 2,693,881 EUR 6/16/20          —    (19,925)
Mexican Peso 
CITI Sell 65,586,000 3,225,987   6/17/20    496,841          —
Euro 
BOFA Sell 494,734 557,713   6/18/20     10,533          —
Euro 
DBAB Sell 1,328,838 1,497,494   6/18/20     27,786          —
Euro 
GSCO Sell 247,466 279,402   6/18/20      5,702          —
Norwegian Krone 
JPHQ Buy 38,843,600 4,309,874   6/19/20          —   (564,729)
Norwegian Krone 
JPHQ Sell 38,843,600 3,711,923   6/19/20          —    (33,222)
Japanese Yen 
JPHQ Buy 290,057,590 2,742,812   6/22/20          —    (35,623)
South Korean Won 
CITI Sell 955,000,000 798,261   6/22/20     12,350          —
Japanese Yen 
BNDP Buy 733,004,570 7,001,057   6/24/20          —   (159,183)
Brazilian Real 
HSBK Sell 4,147,900 805,887   6/25/20     11,422          —
Euro 
HSBK Sell 3,273,736 391,391,540 JPY 6/25/20     31,712          —
Euro 
CITI Sell 1,399,940 166,636,202 JPY 6/30/20      6,739          —
Euro 
CITI Sell 2,799,776 329,869,003 JPY 6/30/20          —    (18,183)
Brazilian Real 
CITI Sell 9,265,700 1,786,745   7/02/20     12,717          —
Brazilian Real 
HSBK Sell 9,664,500 1,907,409   7/02/20     57,027          —
Brazilian Real 
JPHQ Sell 21,107,900 4,161,013   7/02/20    119,655          —
Norwegian Krone 
JPHQ Buy 74,475,000 6,468,089 EUR 7/02/20     23,472          —
Australian Dollar 
JPHQ Sell 2,990,000 223,273,765 JPY 7/14/20    248,331          —
Euro 
SCNY Sell 327,000 367,442   7/16/20      5,457          —
Euro 
UBSW Buy 140,305 158,148   7/23/20          —     (2,800)
Euro 
UBSW Sell 140,305 159,309   7/23/20      3,962          —
South Korean Won 
DBAB Sell 56,786,667,500 48,994,148   7/28/20  2,191,778          —
Brazilian Real 
JPHQ Sell 11,572,200 2,562,489   8/04/20    351,387          —
Swiss Franc 
UBSW Buy 5,542,536 5,116,618 EUR 8/10/20    120,521          —
Swiss Franc 
GSCO Buy 5,439,464 5,030,656 EUR 8/12/20    108,193          —
Swedish Krona 
DBAB Buy 29,307,000 2,779,171 EUR 8/13/20          —   (117,081)
Australian Dollar 
JPHQ Sell 5,362,214 385,471,001 JPY 8/21/20    310,005          —
Australian Dollar 
CITI Sell 8,946,293 634,995,766 JPY 8/24/20    441,816          —
  |  47
Templeton Income Trust
Statement of Investments (unaudited)
Templeton International Bond Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
HSBK Sell 3,273,651 386,838,193 JPY 8/24/20         $ —    $(10,537)
Euro 
SCNY Sell 388,000 424,358   8/24/20          —     (5,642)
Euro 
HSBK Sell 3,273,651 396,884,374 JPY 8/25/20     83,414          —
Indian Rupee 
SCNY Buy 127,703,000 1,677,213   8/27/20          —    (32,088)
Indian Rupee 
SCNY Sell 127,703,000 1,748,937   8/27/20    103,812          —
Japanese Yen 
JPHQ Buy 278,396,100 2,541,792   8/27/20     61,828          —
Indian Rupee 
SCNY Sell 153,361,000 2,091,068   8/28/20    115,644          —
Japanese Yen 
CITI Buy 374,523,000 3,623,847   8/31/20          —   (120,812)
Japanese Yen 
CITI Sell 374,523,000 3,554,445   8/31/20     51,410          —
Euro 
CITI Sell 2,047,790 2,296,576   9/08/20     26,132          —
Japanese Yen 
JPHQ Buy 206,531,830 1,938,402   9/08/20          —     (6,183)
Singapore Dollar 
HSBK Buy 5,860,000 4,045,564   9/08/20     85,949          —
Singapore Dollar 
HSBK Sell 8,737,000 6,300,388   9/08/20    140,484          —
South Korean Won 
HSBK Sell 13,355,000,000 11,283,849   9/08/20    259,556          —
Euro 
DBAB Sell 3,493,966 3,937,595   9/09/20     63,621          —
Singapore Dollar 
SCNY Sell 18,025,000 13,012,280   9/10/20    303,793          —
Australian Dollar 
HSBK Sell 2,290,000 155,154,370 JPY 9/14/20     44,962          —
Australian Dollar 
JPHQ Sell 2,710,000 183,987,455 JPY 9/14/20     56,734          —
Norwegian Krone 
JPHQ Buy 34,037,400 3,772,573   9/21/20          —   (490,416)
Norwegian Krone 
JPHQ Sell 34,037,400 3,252,747   9/21/20          —    (29,409)
Euro 
GSCO Sell 276,962 299,839   9/23/20          —     (7,371)
Japanese Yen 
JPHQ Buy 579,491,590 5,392,093   9/23/20     31,788          —
Euro 
CITI Sell 2,799,776 329,980,994 JPY 9/30/20          —    (17,008)
Euro 
CITI Sell 4,199,612 506,228,366 JPY 9/30/20     79,929          —
Norwegian Krone 
JPHQ Buy 74,475,000 6,452,706 EUR 10/02/20     22,102          —
Euro 
GSCO Sell 724,793 810,985   10/05/20      6,732          —
Mexican Peso 
CITI Sell 19,626,000 952,404   10/08/20    148,765          —
Mexican Peso 
CITI Sell 14,740,000 714,268   10/09/20    110,782          —
Euro 
HSBK Sell 5,247,292 5,896,592   10/13/20     72,505          —
Mexican Peso 
CITI Sell 49,145,000 2,376,657   10/13/20    365,648          —
Mexican Peso 
CITI Sell 72,338,000 3,510,906   10/15/20    551,643          —
Euro 
BOFA Sell 473,307 535,688   10/16/20     10,303          —
Euro 
HSBK Sell 396,000 447,985   10/16/20      8,412          —
Mexican Peso 
CITI Sell 66,237,000 3,244,415   10/16/20    535,104          —
Euro 
DBAB Sell 922,000 1,049,623   10/26/20     25,840          —
Swiss Franc 
UBSW Buy 2,771,268 2,528,160 EUR 11/09/20     95,913          —
Swiss Franc 
GSCO Buy 2,719,732 2,481,960 EUR 11/12/20     93,297          —
Australian Dollar 
JPHQ Sell 1,787,405 130,985,298 JPY 11/24/20    130,526          —
Japanese Yen 
MSCS Buy 1,918,000,000 18,129,573   12/18/20          —   (126,383)
Total Forward Exchange Contracts 
$16,289,588 $(4,317,451)
Net unrealized appreciation (depreciation) 
$11,972,137
 
*In U.S. dollars unless otherwise indicated.
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Abbreviations on page 62.
  |  48
Templeton Income Trust
Notes to Statements of Investments (unaudited)
1.  ORGANIZATION
Templeton Income Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company, consisting of four separate funds (Funds) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). 
2.  FINANCIAL INSTRUMENT VALUATION
The Funds’ 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 Funds calculate 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 Trust’s Board of Trustees (the Board), the Funds’ administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.
Debt securities generally trade in the OTC market rather than on a securities exchange. The Funds’ 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 Funds’ 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 Funds’ net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.
The Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Funds primarily employ 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.
  |  49
Templeton Income Trust
Notes to Statements of Investments (unaudited)
2.  FINANCIAL INSTRUMENT VALUATION (continued)
Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Funds’ business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Funds’ portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, the VC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Funds. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.
When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Funds’ NAV is not calculated, which could result in differences between the value of the Funds’ portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Funds for financial reporting purposes.  
3.  DERIVATIVE FINANCIAL INSTRUMENTS
Certain or all Funds 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.
Derivative counterparty credit risk is managed through a formal evaluation of the creditworthiness of all potential counterparties. Certain or all Funds attempt to reduce their 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 Funds include failure of the Funds 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 Funds of any net liability owed to that counterparty under the ISDA agreement.
Collateral requirements differ by type of derivative. Collateral or initial margin requirements are set by the broker or exchange clearing house for exchange traded and centrally cleared derivatives. Initial margin deposited is held at the exchange and can be in the form of cash and/or securities. For OTC derivatives traded under an ISDA master agreement, posting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of 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 for OTC derivatives, 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 Funds’ 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.
  |  50
Templeton Income Trust
Notes to Statements of Investments (unaudited)
At March 31, 2020, the Funds received U.K. Treasury Bonds, Canadian Government Bonds, U.S. Government Agency Bonds and U.S. Treasury Bills, Bonds and Notes as collateral for derivatives, as follows:
Templeton Emerging Markets Bond Fund $335,794
Templeton Global Bond Fund $671,396,940
Templeton Global Total Return Fund $126,191,451
Templeton International Bond Fund $7,253,196
Certain or all Funds 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 for a specific exchange rate on a future date.
Certain or all Funds entered into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between the Fund and a counterparty to exchange cash flows based on the difference between two interest rates, applied to a notional amount. These agreements may be privately negotiated in the over-the-counter market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps). For centrally cleared interest rate swaps, required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as unrealized depreciation and appreciation until the payments are made, at which time they are realized. The Funds do not hold any interest rate swap contracts at period end.
Certain or all Funds 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.
The following Funds have invested in derivatives during the period.
Templeton Emerging Markets Bond Fund - Forwards, swaps and options
Templeton Global Bond Fund - Forwards, swaps and options
Templeton Global Total Return Fund - Forwards, swaps and options
Templeton International Bond Fund - Forwards, swaps and options 
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.
  |  51
Templeton Income Trust
Notes to Statements of Investments (unaudited)
4.  CONCENTRATION OF RISK (continued)
Certain or all Funds had a portion of its net assets denominated in Argentine Pesos, which has had 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 Funds’ holdings. At March 31, 2020, the percentage of net assets denominated in Argentine Pesos were as follows:
Templeton Emerging Markets Bond Fund - 7.9%
Templeton Global Bond Fund - 2.2%
Templeton Global Total Return Fund - 2.4%
Templeton International Bond Fund - 1.1% 
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 Funds, their ability to buy and sell fund investments at appropriate valuations and their ability to achieve their investment objectives. 
6.  RESTRICTED SECURITIES
At March 31, 2020, investments in restricted securities, excluding securities exempt from registration under the Securities Act of 1933, were as follows:
Principal Amount/Shares   Issuer Acquisition
Date 		Cost Value
Templeton Emerging Markets Bond Fund      
2,171,539   a
K2016470219 South Africa Ltd., A
5/16/13 - 2/01/17 $14,538 $1,214
619,903   a
K2016470219 South Africa Ltd., B
2/01/17 460 346
546,840  
Reventazon Finance Trust, secured bond, first lien, 144A, 8.00%, 11/15/33
12/18/13 546,840 573,232
   
Total Restricted Securities (Value is 2.1% of Net Assets)
$561,838 $574,792
Templeton Global Total Return Fund      
434,200,485   b
K2016470219 South Africa Ltd., A
2/22/11 - 2/01/17 $1,608,225 $242,623
50,014,925   b
K2016470219 South Africa Ltd., B
2/01/17 37,134 27,947
   
Total Restricted Securities (Value is 0.0%† of Net Assets)
$1,645,359 $270,570
 
†Rounds to less than 0.1% of net assets.
aThe Fund also invests in unrestricted securities of the issuer, valued at $963 as of March 31, 2020.
bThe Fund also invests in unrestricted securities of the issuer, valued at $125,711 as of March 31, 2020.
  |  52
Templeton Income Trust
Notes to Statements of Investments (unaudited)
7.  INVESTMENTS IN AFFILIATED MANAGEMENT INVESTMENT COMPANIES
Certain or all Funds invest 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, 2020, investments in affiliated management investment companies were as follows:
  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 		Dividend
Income
Templeton Emerging Markets Bond Fund
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
   $12,266,921     $8,209,184    $(10,241,588) $  — $  —    $10,234,517 10,234,517    $22,864
Templeton Global Bond Fund
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$3,382,668,169 $2,999,538,633 $(4,228,326,094) $  — $  — $2,153,880,708 2,153,880,708 $6,409,226
Templeton Global Total Return Fund
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$507,468,590 $959,046,626 $(886,918,261) $  — $  — $579,596,955 579,596,955 $645,540
Templeton International Bond Fund
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$118,942,853 $66,322,200 $(47,334,172) $  — $  — $137,930,881 137,930,881 $318,995
8.  FAIR VALUE MEASUREMENTS
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ 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 Funds’ 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.
  |  53
Templeton Income Trust
Notes to Statements of Investments (unaudited)
8.  FAIR VALUE MEASUREMENTS (continued)
A summary of inputs used as of March 31, 2020, in valuing the Funds’ assets and liabilities carried at fair value, is as follows:
  Level 1 Level 2 Level 3 Total
Templeton Emerging Markets Bond Fund
Assets:        
Investments in Securities:a        
Equity Investments:        
South Africa
$— $— $1,560 $1,560
 Foreign Government and Agency Securities:        
Argentina
— — 1,786,032 1,786,032
All Other Foreign Government and Agency Securities
— 9,877,498 — 9,877,498
Quasi-Sovereign and Corporate Bonds:        
Costa Rica
— — 573,232 573,232
South Africa
— — 963 963
Options Purchased
— 988,159 — 988,159
Short Term Investments
10,234,517 3,201,763 — 13,436,280
Total Investments in Securities
$10,234,517 $14,067,420 $2,361,787 $26,663,724
Other Financial Instruments:        
Forward Exchange Contracts
$— $902,466 $— $902,466
Restricted Currency (ARS)
— — 304,411 304,411
Total Other Financial Instruments
$ — $902,466 $304,411 $1,206,877
Receivables:        
Interest (ARS)
$— $— $101,425 $101,425
Liabilities:        
Other Financial Instruments:        
Options Written
$— $418,088 $— $418,088
Forward Exchange Contracts
— 220,729 — 220,729
Total Other Financial Instruments
$ — $638,817 $ — $638,817
Payables:        
Deferred Tax (ARS)
$— $— $151 $151
  |  54
Templeton Income Trust
Notes to Statements of Investments (unaudited)
  Level 1 Level 2 Level 3 Total
Templeton Global Bond Fund
Assets:        
Investments in Securities:a        
Foreign Government and Agency Securities:        
Argentina
$— $— $415,326,620 $415,326,620
All Other Foreign Government and Agency Securities
— 10,329,702,411 — 10,329,702,411
U.S. Government and Agency Securities
— 5,926,788,212 — 5,926,788,212
Options Purchased
— 1,227,842,473 — 1,227,842,473
Short Term Investments
2,153,880,708 1,347,516,035 — 3,501,396,743
Total Investments in Securities
$2,153,880,708 $18,831,849,131 $415,326,620 $21,401,056,459
Other Financial Instruments:        
Forward Exchange Contracts
$— $932,384,480 $— $932,384,480
Restricted Currency (ARS)
— — 45,840,048 45,840,048
Total Other Financial Instruments
$ — $932,384,480 $45,840,048 $978,224,528
Receivables:        
Interest (ARS)
$— $— $39,833,652 $39,833,652
Liabilities:        
Other Financial Instruments:        
Options Written
$— $478,079,420 $— $478,079,420
Forward Exchange Contracts
— 292,958,842 — 292,958,842
Total Other Financial Instruments
$ — $771,038,262 $ — $771,038,262
Payables:        
Deferred Tax (ARS)
$— $— $53,378 $53,378
Templeton Global Total Return Fund
Assets:        
Investments in Securities:a        
Equity Investments:        
South Africa
$— $— $270,570 $270,570
 Foreign Government and Agency Securities:        
Argentina
— — 69,419,589 69,419,589
All Other Foreign Government and Agency Securities
— 1,345,953,314 — 1,345,953,314
U.S. Government and Agency Securities
— 603,833,111 — 603,833,111
Quasi-Sovereign and Corporate Bonds:        
South Africa
— — 125,711 125,711
Options Purchased
— 196,858,248 — 196,858,248
Short Term Investments
579,596,955 371,955,160 — 951,552,115
Total Investments in Securities
$579,596,955 $2,518,599,833 $69,815,870 $3,168,012,658
Other Financial Instruments:        
Forward Exchange Contracts
$— $178,740,678 $— $178,740,678
Restricted Currency (ARS)
— — 7,212,566 7,212,566
Total Other Financial Instruments
$ — $178,740,678 $7,212,566 $185,953,244
Receivables:        
Interest (ARS)
$— $— $5,221,400 $5,221,400
  |  55
Templeton Income Trust
Notes to Statements of Investments (unaudited)
8.  FAIR VALUE MEASUREMENTS (continued)
  Level 1 Level 2 Level 3 Total
Templeton Global Total Return Fund (continued)
Liabilities:        
Other Financial Instruments:        
Options Written
$— $77,742,398 $— $77,742,398
Forward Exchange Contracts
— 72,751,137 — 72,751,137
Total Other Financial Instruments
$ — $150,493,535 $ — $150,493,535
Payables:        
Deferred Tax (ARS)
$— $— $7,414 $7,414
Templeton International Bond Fund
Assets:        
Investments in Securities:a        
 Foreign Government and Agency Securities:        
Argentina
$— $— $4,227,870 $4,227,870
All Other Foreign Government and Agency Securities
— 158,582,044 — 158,582,044
Options Purchased
— 10,618,943 — 10,618,943
Short Term Investments
137,930,881 56,830,048 — 194,760,929
Total Investments in Securities
$137,930,881 $226,031,035 $4,227,870 $368,189,786
Other Financial Instruments:        
Forward Exchange Contracts
$— $16,289,588 $— $16,289,588
Restricted Currency (ARS)
— — 571,672 571,672
Total Other Financial Instruments
$ — $16,289,588 $571,672 $16,861,260
Receivables:        
Interest (ARS)
$— $— $378,997 $378,997
Liabilities:        
Other Financial Instruments:        
Options Written
$— $4,190,110 $— $4,190,110
Forward Exchange Contracts
— 4,317,451 — 4,317,451
Total Other Financial Instruments
$ — $8,507,561 $ — $8,507,561
Payables:        
Deferred Tax (ARS)
$— $— $205 $205
 
aFor detailed categories, see the accompanying Statement of Investments.
  |  56
Templeton Income Trust
Notes to Statements of Investments (unaudited)
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. The reconciliations for the three months ended March 31, 2020, are as follows:
  Balance at
Beginning of
Period 		Purchases Sales Transfer
Into
Level 3a 		Transfer
Out of
Level 3 		Cost Basis
Adjustmentsb 		Net
Realized
Gain
(Loss) 		Net
Unrealized
Appreciation
(Depreciation) 		Balance
at End
of Period 		Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Period End
Templeton Emerging Markets Bond Fund                    
 Assets:                    
Investments in Securities:                    
Equity Investments:                    
South Africa
$ 1,993 $ — $ — $ — $ — $ — $ — $ (433) $ 1,560 $ (433)
Foreign Government and Agency Securities:                    
Argentina
1,770,959 1,283,302 (704,435) — — 180,085 (1,113,749) 369,870 1,786,032 (23,171)
Quasi-Sovereign and Corporate Bonds:                    
Costa Rica
552,327 — — — — — — 20,905 573,232 20,905
South Africa
878 — — 125 — (2,750) — 2,710 963 2,710
Short Term Investments:                    
 Argentina
489,445 12,118 (304,671) — — 66,868 (122,318) (141,442) — —
Total Investments in Securities
$ 2,815,602 $ 1,295,420 $ (1,009,106) $ 125 $ — $ 244,203 $ (1,236,067) $ 251,610 $ 2,361,787 $ 11
Other Financial Instruments:                    
Restricted Currency (ARS)
$ 497,166 $ 480,929 $ (624,357) $— $— $— $ (70,890) $ 21,563 $ 304,411 $ 20,239
Receivables:                    
Interest (ARS)
$ 50,491 $ 63,251 $ (8,654) $— $— $— $ (397) $ (3,266) $ 101,425 $ (1,686)
Liabilities:                    
Payables:                    
Deferred Tax (ARS)
$ 164 $— $— $— $— $— $— $ (13) $ 151 $ (13)
                     
 
 
 
 
  		                   
                     
  |  57
Templeton Income Trust
Notes to Statements of Investments (unaudited)
8.  FAIR VALUE MEASUREMENTS (continued)
  Balance at
Beginning of
Period 		Purchases Sales Transfer
Into
Level 3a 		Transfer
Out of
Level 3 		Cost Basis
Adjustmentsb 		Net
Realized
Gain
(Loss) 		Net
Unrealized
Appreciation
(Depreciation) 		Balance
at End
of Period 		Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Period End
Templeton Global Bond Fund                    
 Assets:                    
Investments in Securities:                    
Foreign Government and Agency Securities:                    
Argentina
$421,896,146 $215,468,248 $(113,449,479) $— $— $21,474,200 $(201,978,704) $71,916,209 $415,326,620 $(4,821,286)
Short Term Investments:                    
 Argentina
41,783,420 2,349,418 (26,482,824) — — 4,804,766 (10,050,208) (12,404,572) — —
Total Investments in Securities
$ 463,679,566 $ 217,817,666 $ (139,932,303) $ — $ — $ 26,278,966 $ (212,028,912) $ 59,511,637 $ 415,326,620 $ (4,821,286)
Other Financial Instruments:                    
Restricted Currency (ARS)
$96,378,491 $74,018,443 $(115,104,111) $ — $ — $ — $(13,488,499) $ 4,035,724 $ 45,840,048 $ 3,047,785
Receivables:                    
Interest (ARS)
$20,624,672 $21,953,329 $ (1,810,202) $ — $ — $ — $ (213,744) $ (720,403) $ 39,833,652 $ (771,593)
Liabilities:                    
Payables:                    
Deferred Tax (ARS)
$57,813 $ — $ — $ — $ — $ — $ — $ (4,435) $ 53,378 $ (4,435)
                     
Templeton Global Total Return Fund                    
 Assets:                    
Investments in Securities:                    
Equity Investments:                    
South Africa
$ 345,754 $ — $— $— $— $ — $ — $ (75,184) $ 270,570 $ (75,184)
Foreign Government and Agency Securities:                    
Argentina
74,554,061 43,361,554 (26,263,429) — — 5,074,787 (59,836,428) 32,529,044 69,419,589 (917,791)
Quasi-Sovereign and Corporate Bonds:                    
South Africa
96,896 — — 32,272 — 394,778 — (398,235) 125,711 (398,235)
  |  58
Templeton Income Trust
Notes to Statements of Investments (unaudited)
  Balance at
Beginning of
Period 		Purchases Sales Transfer
Into
Level 3a 		Transfer
Out of
Level 3 		Cost Basis
Adjustmentsb 		Net
Realized
Gain
(Loss) 		Net
Unrealized
Appreciation
(Depreciation) 		Balance
at End
of Period 		Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Period End
Short Term Investments:                    
 Argentina
$5,831,458 $355,935 $(3,712,902) $— $— $662,365 $(1,403,572) $(1,733,284) $—  
Total Investments in Securities
$ 80,828,169 $43,717,489 $(29,976,331) $32,272 $ — $ 6,131,930 $(61,240,000) $30,322,341 $69,815,870 $(1,391,210)
Other Financial Instruments:                    
Restricted Currency (ARS)
$ 14,601,411 $ 11,463,538 $(17,432,141) $— $— $— $ (2,201,148) $ 780,906 $ 7,212,566 $ 479,544
Receivables:                    
Interest (ARS)
$ 2,621,567 $ 2,838,213 $ (108,116) $— $— $— $ (631) $ (129,633) $ 5,221,400 $ (107,607)
Liabilities:                    
Payables:                    
Deferred Tax (ARS)
$ 8,030 $— $— $— $— $— $— $ (616) $ 7,414 $ (616)
                     
Templeton International Bond Fund                    
 Assets:                    
Investments in Securities:                    
Foreign Government and Agency Securities:                    
Argentina
$ 4,541,263 $ 2,327,510 $ (1,315,982) $ — $ — $249,596 $(2,478,706) $904,189 $4,227,870 $(66,476)
Short Term Investments:                    
 Argentina
398,851 24,546 (252,442) — — 44,029 (95,268) (119,716) — —
Total Investments in Securities
$ 4,940,114 $ 2,352,056 $ (1,568,424) $ — $ — $293,625 $ (2,573,974) $784,473 $4,227,870 $(66,476)
Other Financial Instruments:                    
Restricted Currency (ARS)
$ 1,007,116 $ 832,163 $ (1,166,698) $— $— $— $ (145,800) $ 44,891 $ 571,672 $ 38,009
Receivables:                    
Interest (ARS)
$ 193,203 $ 209,569 $ (15,146) $— $— $— $ (1,011) $ (7,618) $ 378,997 $ (6,831)
 
 
   		                   
                     
                     
  |  59
Templeton Income Trust
Notes to Statements of Investments (unaudited)
8.  FAIR VALUE MEASUREMENTS (continued)
  Balance at
Beginning of
Period 		Purchases Sales Transfer
Into
Level 3a 		Transfer
Out of
Level 3 		Cost Basis
Adjustmentsb 		Net
Realized
Gain
(Loss) 		Net
Unrealized
Appreciation
(Depreciation) 		Balance
at End
of Period 		Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Period End
Liabilities:                    
Payables:                    
Deferred Tax (ARS)
$ 222 $— $— $— $— $— $— $ (17) $ 205 $ (17)
aTransferred into Level 3 as a result of the unavailability of other significant observable valuation inputs.
bMay include accretion, amortization, partnership adjustments, and/or other cost basis adjustments.
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, 2020, are as follows:
Description Fair Value at
End of Period 		Valuation Technique Unobservable
Inputs 		Amount Impact to Fair
Value if Input
Increasesa
Templeton Emerging Markets Bond Fund          
Assets:          
Investments in Securities:          
Foreign Government and Agency Securities:          
Argentina
$ 1,786,032 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Quasi-Sovereign and Corporate Bonds:          
Costa Rica
573,232 Discounted cash flow
model 		Discount ratec 7.2% Decreaseb
Other Financial Instruments:          
Restricted Currency (ARS)
304,411 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Receivables:          
Interest (ARS)
101,425 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
All otherd
2,523        
Liabilities:          
All otherd
151        
           
Templeton Global Bond Fund          
Assets:          
Investments in Securities:          
Foreign Government and Agency Securities:          
Argentina
$415,326,620 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Other Financial Instruments:          
Restricted Currency (ARS)
45,840,048 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Receivables:          
Interest (ARS)
39,833,652 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Liabilities:          
All otherd
53,378        
           
           
  |  60
Templeton Income Trust
Notes to Statements of Investments (unaudited)
Description Fair Value at
End of Period 		Valuation Technique Unobservable
Inputs 		Amount Impact to Fair
Value if Input
Increasesa
Templeton Global Total Return Fund          
Assets:          
Investments in Securities:          
Foreign Government and Agency Securities:          
Argentina
$ 69,419,589 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Other Financial Instruments:          
Restricted Currency (ARS)
7,212,566 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Receivables:          
Interest (ARS)
5,221,400 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
All otherd
396,281        
Liabilities:          
All otherd
7,414        
Templeton International Bond Fund          
Assets:          
Investments in Securities:          
Foreign Government and Agency Securities:          
Argentina
$4,227,870 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Other Financial Instruments:          
Restricted Currency (ARS)
571,672 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Receivables:          
Interest (ARS)
378,997 Market comparables Implied foreign
exchange rate 		81.4 ARS/USD Decreaseb
Liabilities:          
All otherd
205        
aRepresents the directional change in the fair value 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.
bRepresents a significant impact to fair value and net assets.
cThe discount rate is comprised of the risk-free rate, the 10-year Costa Rican CDS curve, and an incremental credit spread that combines with the first two components to arrive at an 8% yield on issue date for an 8% coupon bond issued at par.
dIncludes fair value of immaterial investments developed using various valuation techniques and unobservable inputs. May also include investments with values derived using prior transaction prices or third party pricing information without adjustment for which such inputs are also unobservable. 
9.  SUBSEQUENT EVENTS
The Funds have evaluated subsequent events through the issuance of the Statements of Investments and determined that no events have occurred that require disclosure. 
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Templeton Income Trust
Notes to Statements of Investments (unaudited)
ABBREVIATIONS    
Counterparty
BNDP BNP Paribas
BOFA Bank of America Corp.
BZWS Barclays Bank PLC
CITI Citigroup, Inc.
DBAB Deutsche Bank AG
GSCO The Goldman Sachs Group Inc.
HSBK HSBC Bank PLC
JPHQ JP Morgan Chase & Co.
MSCO Morgan Stanley
SCNY Standard Chartered Bank
UBSW UBS AG
Currency
ARS Argentine Peso
AUD Australian Dollar
BRL Brazilian Real
COP Colombian Peso
DEM Deutsche Mark
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
SGD Singapore Dollar
THB Thai Baht
USD United States Dollar
Selected Portfolio
ARPP7DRR Argentina Central Bank 7 Day Repo Rate
BADLAR Argentina Deposit Rates Badlar Private Banks ARS
FRN Floating Rate Note
LIBOR London InterBank Offered Rate
PIK Payment-In-Kind
 
For additional information on the Funds’ significant accounting policies, please refer to the Funds’ most recent semiannual or annual shareholder report.
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