Templeton

Income

Trust

Statement

of

Investments

(unaudited),

September

30,

2020

Templeton

Emerging

Markets

Bond

Fund

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Industry

Shares

a

Value

a

Common

Stocks

0.0%

South

Africa

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

....

Multiline

Retail

2,171,539

$

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

....

Multiline

Retail

619,903

—

—

Total

Common

Stocks

(Cost

$14,998)

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

—

Principal

Amount

*

a

a

a

a

a

Corporate

Bonds

2.2%

South

Africa

0.0%

†

a,d,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

Multiline

Retail

177,306

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Multiline

Retail

47,366

EUR

70

a,d,e

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

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

Multiline

Retail

148,458

742

812

United

States

2.2%

a,c,e

Reventazon

Finance

Trust,

Senior

Secured

Bond,

144A,

8%,

11/15/33

.

Diversified

Financial

Services

536,580

553,022

Total

Corporate

Bonds

(Cost

$819,339)

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

553,834

Foreign

Government

and

Agency

Securities

53.3%

Argentina

5.9%

f,g

Argentina

BONCER

,

Index

Linked,

1.1%,

4/17/21

.......

10,576,657

ARS

72,836

Index

Linked,

1.2%,

3/18/22

.......

101,845,427

ARS

688,461

Index

Linked,

1.4%,

3/25/23

.......

76,079,611

ARS

496,887

Index

Linked,

1.5%,

3/25/24

.......

25,188,811

ARS

154,806

g

Argentina

Government

Bond

,

16%,

10/17/23

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

9,877,000

ARS

38,851

15.5%,

10/17/26

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

4,332,000

ARS

12,935

1,464,776

Brazil

0.3%

Brazil

Notas

do

Tesouro

Nacional,

10%,

1/01/21

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

375,000

BRL

68,089

Chile

7.8%

Chile

Bonos

Tesoreria

Pesos

,

4.5%,

2/28/21

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

50,000,000

CLP

64,840

e

144A,

Reg

S,

4%,

3/01/23

........

1,090,000,000

CLP

1,505,094

2.5%,

3/01/25

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

150,000,000

CLP

201,139

Tesoreria

General

de

LA

Republica

,

4.5%,

3/01/21

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

135,000,000

CLP

175,069

1,946,142

Colombia

3.3%

Colombia

Government

Bond

,

Senior

Bond,

7.75%,

4/14/21

......

58,000,000

COP

15,521

Senior

Bond,

9.85%,

6/28/27

......

13,000,000

COP

4,377

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

2

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Colombia

(continued)

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

178,900,000

COP

$

50,020

B,

10%,

7/24/24

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

383,000,000

COP

123,031

B,

7.5%,

8/26/26

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

1,199,800,000

COP

361,579

B,

6%,

4/28/28

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

428,400,000

COP

118,404

B,

7.75%,

9/18/30

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

381,800,000

COP

115,362

B,

7%,

6/30/32

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

107,000,000

COP

30,314

818,608

Ethiopia

0.8%

e

Ethiopia

Government

Bond,

Senior

Note,

144A,

6.625%,

12/11/24

.....

200,000

201,056

Ghana

4.5%

Ghana

Government

Bond

,

24%,

11/23/20

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

220,000

GHS

38,727

24.75%,

3/01/21

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

100,000

GHS

17,985

16.5%,

3/22/21

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

1,710,000

GHS

298,541

16.25%,

5/17/21

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

1,140,000

GHS

198,659

24.5%,

6/21/21

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

730,000

GHS

133,815

24.75%,

7/19/21

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

540,000

GHS

99,317

19.5%,

10/18/21

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

885,000

GHS

157,714

18.75%,

1/24/22

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

320,000

GHS

56,419

18.25%,

7/25/22

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

50,000

GHS

8,640

17.6%,

11/28/22

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

150,000

GHS

25,651

16.5%,

2/06/23

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

200,000

GHS

32,939

19.75%,

3/25/24

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

270,000

GHS

46,811

1,115,218

India

2.5%

India

Government

Bond,

7.26%,

1/14/29

43,000,000

INR

624,514

Indonesia

4.6%

Indonesia

Government

Bond,

FR61,

7%,

5/15/22

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

16,436,000,000

IDR

1,150,630

Mexico

14.3%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

6.5%,

6/10/21

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

3,400,000

MXN

155,700

M,

Senior

Note,

7.25%,

12/09/21

...

25,330,000

MXN

1,183,170

M,

6.5%,

6/09/22

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

29,203,000

MXN

1,363,721

M,

Senior

Note,

6.75%,

3/09/23

....

6,113,000

MXN

290,806

M,

Senior

Bond,

8%,

12/07/23

.....

2,094,000

MXN

103,906

M

20,

10%,

12/05/24

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

8,780,000

MXN

471,966

3,569,269

Senegal

0.8%

e

Senegal

Government

Bond,

Senior

Note,

144A,

6.25%,

7/30/24

.......

200,000

206,230

South

Korea

4.6%

Korea

Treasury

Bond

,

1.875%,

6/10/26

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

96,500,000

KRW

85,809

1.375%,

12/10/29

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

1,226,500,000

KRW

1,047,106

1,132,915

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Thailand

3.9%

Bank

of

Thailand

,

Senior

Note,

1.75%,

2/18/21

......

300,000

THB

$

9,534

1.62%,

3/12/21

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

350,000

THB

11,127

1.84%,

5/27/21

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

1,950,000

THB

62,211

1.43%,

8/26/21

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

810,000

THB

25,833

Senior

Note,

1.32%,

11/25/21

......

2,660,000

THB

84,901

0.9%,

2/24/22

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

22,768,000

THB

723,551

Thailand

Government

Bond,

Senior

Bond,

3.65%,

12/17/21

...........

1,470,000

THB

48,250

965,407

Total

Foreign

Government

and

Agency

Securities

(Cost

$14,184,484)

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

13,262,854

Total

Long

Term

Investments

(Cost

$15,018,821)

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

13,816,688

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.4%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

46,000

AUD

1,833

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

79.00

JPY,

Expires

1/22/21

...

1

387,000

AUD

2,222

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

80.40

JPY,

Expires

10/22/20

..

1

460,000

AUD

37

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

81.00

JPY,

Expires

4/29/21

.......

1

280,000

AUD

1,544

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

81.00

JPY,

Expires

6/21/21

.......

1

431,000

AUD

2,987

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

81.10

JPY,

Expires

10/30/20

..

1

432,000

AUD

42

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

82.15

JPY,

Expires

12/21/20

..

1

517,000

AUD

428

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

84.33

JPY,

Expires

11/12/20

..

1

129,000

AUD

6

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.45

AUD,

Expires

1/22/21

...

1

245,021

2,952

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.46

AUD,

Expires

3/22/21

...

1

208,392

3,018

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

February

Strike

Price

1.47

AUD,

Expires

2/02/21

...

1

332,031

3,208

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

4

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.48

AUD,

Expires

1/21/21

...

1

289,670

$

2,400

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.50

AUD,

Expires

10/28/20

..

1

153,686

73

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.53

AUD,

Expires

2/08/21

...

1

299,532

1,600

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

November

Strike

Price

1.54

AUD,

Expires

11/19/20

...

1

316,224

257

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.54

AUD,

Expires

2/10/21

...

1

356,773

1,649

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.97

MXN,

Expires

12/07/20

.

1

381,000

4,793

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

24.50

MXN,

Expires

1/14/21

..

1

121,000

1,774

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

49,000

311

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

522,000

3,310

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

520,000

3,297

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

26.72

MXN,

Expires

11/09/20

.

1

507,000

505

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

457,000

8,188

46,434

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

58.95

JPY,

Expires

6/21/21

.......

1

575,000

AUD

1,541

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

65.85

JPY,

Expires

12/21/20

..

1

258,000

AUD

332

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

66.78

JPY,

Expires

11/12/20

..

1

64,000

AUD

24

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

March

Strike

Price

68.50

JPY,

Expires

3/24/21

.......

1

258,000

AUD

1,676

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

69.18

JPY,

Expires

11/12/20

..

1

39,000

AUD

$

35

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

230,000

AUD

2,562

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

460,000

AUD

5,124

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.00

JPY,

Expires

4/29/21

.......

1

746,000

AUD

9,078

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

71.44

JPY,

Expires

6/21/21

.......

1

575,000

AUD

8,809

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.30

AUD,

Expires

5/12/21

........

1

237,739

1,942

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.33

AUD,

Expires

10/28/20

..

1

86,423

43

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.33

AUD,

Expires

1/22/21

...

1

86,365

582

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.34

AUD,

Expires

2/08/21

...

1

170,949

1,571

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

82,362

2,011

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

20.66

MXN,

Expires

3/24/21

.......

1

152,000

1,774

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

20.95

MXN,

Expires

1/14/21

..

1

130,000

1,578

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

20.95

MXN,

Expires

1/14/21

..

1

87,000

1,056

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

22.45

MXN,

Expires

11/09/20

.

1

254,000

7,872

47,610

Total

Options

Purchased

(Cost

$210,925)

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

94,044

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

6

Short

Term

Investments

43.3%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

9.7%

Argentina

0.8%

f,g

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER,

Index

Linked,

Zero

Cpn

.,

12/04/20

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

27,169,066

ARS

$

187,687

Brazil

8.7%

h

Brazil

Letras

do

Tesouro

Nacional

,

10/01/20

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

5,100,000

BRL

907,934

4/01/21

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

1,970,000

BRL

346,926

10/01/21

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

2,900,000

BRL

502,245

1/01/22

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

2,440,000

BRL

418,423

2,175,528

Mexico

0.2%

h

Mexico

Cetes

,

BI,

10/22/20

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

16,500

MXN

744

BI,

11/05/20

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

60,800

MXN

2,737

BI,

12/03/20

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

306,600

MXN

13,756

BI,

12/17/20

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

9,700

MXN

435

BI,

1/28/21

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

306,700

MXN

13,670

BI,

2/25/21

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

244,500

MXN

10,863

BI,

3/25/21

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

50,200

MXN

2,223

44,428

Total

Foreign

Government

and

Agency

Securities

(Cost

$2,843,696)

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

2,407,643

Industry

Shares

Money

Market

Funds

33.6%

United

States

33.6%

i,j

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

8,356,632

8,356,632

Total

Money

Market

Funds

(Cost

$8,356,632)

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

8,356,632

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$11,200,328

)

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

10,764,275

a

a

a

a

Total

Investments

(Cost

$26,430,074)

99.2%

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

$24,675,007

Options

Written

(0.7)%

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

(165,095)

Other

Assets,

less

Liabilities

1.5%

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

370,811

Net

Assets

100.0%

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

$24,880,723

a

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.7)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.75

JPY,

Expires

4/29/21

.......

1

560,000

AUD

(26,823)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.70

JPY,

Expires

12/21/20

..

1

517,000

AUD

(7,800)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.00

JPY,

Expires

1/22/21

...

1

387,000

AUD

$

(6,272)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.95

JPY,

Expires

1/22/21

...

1

460,000

AUD

(5,533)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

77.45

JPY,

Expires

10/30/20

..

1

432,000

AUD

(965)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

78.00

JPY,

Expires

6/21/21

.......

1

431,000

AUD

(6,517)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

82,362

(1,984)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.44

AUD,

Expires

10/21/20

..

1

148,409

(254)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.46

AUD,

Expires

10/26/20

..

1

119,613

(135)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/22/21

...

1

113,417

(593)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/27/21

...

1

100,001

(530)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.54

AUD,

Expires

3/22/21

...

1

80,488

(508)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.57

AUD,

Expires

1/21/21

...

1

136,275

(389)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.46

MXN,

Expires

12/07/20

.

1

127,000

(2,147)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

25.43

MXN,

Expires

12/07/20

.

1

127,000

(718)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

25.45

MXN,

Expires

1/14/21

..

1

87,000

(847)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

27.60

MXN,

Expires

1/14/21

..

1

61,000

(261)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

152,000

(3,710)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

29.21

MXN,

Expires

1/14/21

..

1

173,000

(436)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

31.74

MXN,

Expires

11/09/20

.

1

254,000

(24)

(66,446)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

8

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Puts

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

64.86

JPY,

Expires

6/21/21

.......

1

862,000

AUD

$

(5,117)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

66.00

JPY,

Expires

4/29/21

.......

1

373,000

AUD

(2,063)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

46,000

AUD

(765)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

May

Strike

Price

1.29

AUD,

Expires

5/05/21

........

1

222,425

(1,372)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.35

AUD,

Expires

5/12/21

........

1

457,627

(8,304)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.38

AUD,

Expires

10/21/20

..

1

155,064

(690)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.39

AUD,

Expires

10/28/20

..

1

82,904

(648)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.40

AUD,

Expires

10/26/20

..

1

125,213

(1,385)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

November

Strike

Price

1.40

AUD,

Expires

11/05/20

...

1

122,688

(1,853)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.44

AUD,

Expires

2/08/21

...

1

158,514

(7,782)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

22.37

MXN,

Expires

1/14/21

..

1

130,000

(5,038)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

23.10

MXN,

Expires

1/14/21

..

1

87,000

(5,194)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

23.10

MXN,

Expires

1/14/21

..

1

289,000

(17,255)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

23.88

MXN,

Expires

11/09/20

.

1

507,000

(41,183)

(98,649)

Total

Options

Written

(Premiums

received

$131,397)

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

$

(165,095)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

9

At

September

30,

2020,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

6

regarding

restricted

securities.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$2,466,214,

representing

9.9%

of

net

assets.

f

Redemption

price

at

maturity

is

adjusted

for

inflation.

g

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

8

regarding

fair

value

measurements.

h

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

i

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

j

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Brazilian

Real

......

CITI

Buy

1,166,816

209,670

10/02/20

$

—

$

(1,946)

Brazilian

Real

......

CITI

Sell

1,166,816

225,145

10/02/20

17,422

—

Brazilian

Real

......

DBAB

Buy

400,000

71,742

10/02/20

—

(532)

Brazilian

Real

......

DBAB

Sell

400,000

71,459

10/02/20

249

—

Brazilian

Real

......

HSBK

Buy

2,736,600

491,125

10/02/20

—

(3,939)

Brazilian

Real

......

HSBK

Sell

2,736,600

513,337

10/02/20

26,151

—

Brazilian

Real

......

JPHQ

Buy

265,466

47,601

10/02/20

—

(341)

Brazilian

Real

......

JPHQ

Sell

265,466

46,518

10/02/20

—

(742)

Mexican

Peso

......

CITI

Sell

2,287,000

110,983

10/08/20

7,701

—

Mexican

Peso

......

CITI

Sell

1,718,000

83,251

10/09/20

5,674

—

Australian

Dollar

....

BNDP

Sell

492,000

36,819,164

JPY

10/13/20

—

(3,199)

Australian

Dollar

....

HSBK

Sell

72,500

5,424,486

JPY

10/13/20

—

(482)

Australian

Dollar

....

JPHQ

Sell

105,004

7,848,751

JPY

10/13/20

—

(770)

Australian

Dollar

....

JPHQ

Sell

237,498

18,067,283

JPY

10/14/20

2,184

(940)

Euro

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

DBAB

Buy

159,837

175,027

10/15/20

12,393

—

Euro

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

DBAB

Sell

159,837

180,616

10/15/20

—

(6,803)

Japanese

Yen

......

HSBK

Buy

50,614,050

473,216

10/21/20

6,664

—

Japanese

Yen

......

JPHQ

Buy

9,929,110

92,782

10/21/20

1,358

—

Australian

Dollar

....

MSCO

Sell

84,000

61,252

10/23/20

1,109

—

Japanese

Yen

......

JPHQ

Buy

16,809,900

156,732

10/23/20

2,649

—

Euro

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

DBAB

Buy

128,180

140,386

10/26/20

9,954

—

Euro

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

DBAB

Sell

128,180

145,923

10/26/20

—

(4,417)

Australian

Dollar

....

HSBK

Sell

228,000

162,414

10/29/20

—

(832)

Australian

Dollar

....

SCNY

Sell

1,522,000

114,466,576

JPY

10/30/20

—

(4,352)

Brazilian

Real

......

CITI

Sell

2,020,000

368,096

11/04/20

8,786

—

Brazilian

Real

......

HSBK

Buy

931,100

166,969

11/04/20

—

(1,348)

Brazilian

Real

......

HSBK

Sell

2,651,440

509,824

11/04/20

38,196

—

Brazilian

Real

......

JPHQ

Sell

1,671,977

302,637

11/04/20

5,232

—

Thai

Baht

.........

DBAB

Sell

15,130,000

466,912

11/12/20

—

(10,812)

Chilean

Peso

......

BAST

Sell

985,116,436

1,201,215

11/19/20

—

(54,229)

South

Korean

Won

..

DBAB

Buy

888,800,000

740,543

11/19/20

21,735

—

South

Korean

Won

..

DBAB

Sell

1,226,250,000

999,633

11/19/20

—

(52,059)

South

Korean

Won

..

SCNY

Buy

171,400,000

146,486

11/19/20

515

—

South

Korean

Won

..

SCNY

Sell

1,205,000,000

982,390

11/19/20

—

(51,077)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

10

See

A

bbreviations

on

page

63

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Australian

Dollar

....

CITI

Sell

138,315

10,467,222

JPY

11/24/20

$

240

$

—

Australian

Dollar

....

JPHQ

Sell

583,625

43,999,916

JPY

11/24/20

523

(1,093)

Australian

Dollar

....

JPHQ

Sell

531,500

40,231,892

JPY

11/25/20

1,018

—

Brazilian

Real

......

CITI

Sell

3,761,958

684,440

12/02/20

15,604

—

Brazilian

Real

......

HSBK

Sell

3,240,971

589,085

12/02/20

12,875

—

Japanese

Yen

......

JPHQ

Buy

25,629,100

237,085

12/04/20

6,040

—

Chilean

Peso

......

BAST

Sell

55,110,452

72,012

12/07/20

1,763

—

Japanese

Yen

......

HSBK

Buy

30,849,590

283,883

12/08/20

8,795

—

Japanese

Yen

......

JPHQ

Buy

55,961,050

515,153

12/08/20

15,764

—

Mexican

Peso

......

JPHQ

Sell

12,490,000

566,964

12/08/20

6,901

—

Chilean

Peso

......

BAST

Sell

55,136,736

71,425

12/09/20

1,142

—

Australian

Dollar

....

HSBK

Sell

95,000

7,347,965

JPY

12/14/20

1,694

—

Australian

Dollar

....

JPHQ

Sell

107,498

8,344,066

JPY

12/14/20

2,196

—

Chilean

Peso

......

BAST

Sell

123,719,680

157,031

12/15/20

—

(687)

Chilean

Peso

......

BAST

Sell

30,513,161

38,618

12/17/20

—

(281)

Chilean

Peso

......

JPHQ

Sell

16,171,283

20,665

12/18/20

49

—

Chilean

Peso

......

JPHQ

Sell

172,428,746

216,157

12/21/20

—

(3,669)

Japanese

Yen

......

BNDP

Buy

19,212,550

180,268

12/24/20

2,083

—

Japanese

Yen

......

JPHQ

Buy

7,210,185

69,144

12/24/20

—

(710)

Mexican

Peso

......

JPHQ

Sell

6,432,000

291,329

12/28/20

3,579

—

Mexican

Peso

......

MSCO

Sell

3,386,000

148,239

12/31/20

—

(3,189)

Mexican

Peso

......

MSCO

Sell

4,334,800

195,564

1/19/21

2,141

—

Mexican

Peso

......

CITI

Sell

4,349,000

204,741

1/21/21

10,731

—

Mexican

Peso

......

CITI

Sell

3,225,000

151,688

1/22/21

7,837

—

Mexican

Peso

......

JPHQ

Sell

830,000

37,485

1/22/21

463

—

Australian

Dollar

....

HSBK

Sell

286,000

203,790

1/27/21

—

(1,039)

Australian

Dollar

....

HSBK

Sell

101,000

73,346

2/12/21

1,009

—

Mexican

Peso

......

CITI

Sell

7,926,400

357,182

2/16/21

4,676

—

Australian

Dollar

....

JPHQ

Sell

156,375

11,913,007

JPY

2/22/21

1,168

—

Australian

Dollar

....

CITI

Sell

138,685

10,509,216

JPY

2/26/21

507

—

Chilean

Peso

......

BAST

Sell

13,041,052

17,015

3/01/21

383

—

Japanese

Yen

......

HSBK

Buy

56,603,160

533,004

3/08/21

4,795

—

Australian

Dollar

....

HSBK

Sell

72,500

5,584,602

JPY

3/11/21

1,134

—

Australian

Dollar

....

HSBK

Sell

50,000

3,839,550

JPY

3/17/21

672

—

Mexican

Peso

......

MSCO

Sell

4,553,100

211,183

3/17/21

9,397

—

Chilean

Peso

......

BAST

Sell

36,216,368

46,625

3/18/21

435

—

Japanese

Yen

......

BNDP

Buy

19,212,550

183,506

3/24/21

—

(926)

Japanese

Yen

......

JPHQ

Buy

7,210,184

69,266

3/24/21

—

(746)

Thai

Baht

.........

DBAB

Sell

7,800,000

237,133

4/09/21

—

(8,626)

Thai

Baht

.........

DBAB

Sell

7,370,000

224,251

4/12/21

—

(7,957)

Chilean

Peso

......

BAST

Sell

41,338,222

53,819

6/07/21

1,059

—

Chilean

Peso

......

BAST

Sell

41,348,595

53,415

6/08/21

641

—

Total

Forward

Exchange

Contracts

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

$295,286

$(227,743)

Net

unrealized

appreciation

(depreciation)

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

$67,543

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Templeton

Income

Trust

Statement

of

Investments

(unaudited),

September

30,

2020

Templeton

Global

Bond

Fund

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

48.4%

Argentina

2.7%

a,b

Argentina

BONCER

,

Index

Linked,

1.1%,

4/17/21

.......

3,866,695,208

ARS

$

26,627,949

Index

Linked,

1.2%,

3/18/22

.......

18,456,432,522

ARS

124,762,868

Index

Linked,

1.4%,

3/25/23

.......

11,672,491,180

ARS

76,234,721

Index

Linked,

1.5%,

3/25/24

.......

11,672,491,185

ARS

71,737,078

b,c

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar

,

FRN,

31.641%,

(ARS

BADLAR

+

2%),

4/03/22

.........

700,128,000

ARS

4,723,506

b

Argentina

Government

Bond

,

18.2%,

10/03/21

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

10,809,194,000

ARS

61,044,073

16%,

10/17/23

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

11,569,749,000

ARS

45,509,616

15.5%,

10/17/26

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

18,801,412,000

ARS

56,140,316

466,780,127

Brazil

3.4%

Brazil

Notas

do

Tesouro

Nacional,

10%,

1/01/21

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

3,247,069,000

BRL

589,568,165

Colombia

2.5%

Colombia

Government

Bond

,

Senior

Bond,

7.75%,

4/14/21

......

45,050,000,000

COP

12,055,687

Senior

Bond,

4.375%,

3/21/23

.....

6,831,000,000

COP

1,812,281

Senior

Bond,

9.85%,

6/28/27

......

10,884,000,000

COP

3,664,583

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

249,235,700,000

COP

69,685,832

B,

10%,

7/24/24

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

518,579,000,000

COP

166,582,803

B,

7.5%,

8/26/26

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

216,664,700,000

COP

65,295,374

B,

6%,

4/28/28

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

236,008,100,000

COP

65,229,646

B,

7.75%,

9/18/30

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

175,388,800,000

COP

52,994,256

437,320,462

Ghana

2.3%

Ghana

Government

Bond

,

24.75%,

3/01/21

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

6,310,000

GHS

1,134,886

16.5%,

3/22/21

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

15,240,000

GHS

2,660,679

16.25%,

5/17/21

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

63,860,000

GHS

11,128,393

24.5%,

6/21/21

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

990,000

GHS

181,475

24.75%,

7/19/21

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

10,770,000

GHS

1,980,828

18.75%,

1/24/22

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

243,080,000

GHS

42,856,983

17.6%,

11/28/22

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

3,220,000

GHS

550,642

19.75%,

3/25/24

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

306,980,000

GHS

53,222,540

19%,

11/02/26

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

919,380,000

GHS

153,483,881

19.75%,

3/15/32

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

840,925,000

GHS

135,706,384

402,906,691

India

0.6%

India

Government

Bond,

8.79%,

11/08/21

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

7,315,000,000

INR

104,378,144

Indonesia

8.9%

Indonesia

Government

Bond

,

FR31,

11%,

11/15/20

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

1,090,303,000,000

IDR

73,986,072

FR34,

12.8%,

6/15/21

...........

1,603,246,000,000

IDR

114,764,615

FR53,

8.25%,

7/15/21

...........

5,990,194,000,000

IDR

416,998,821

FR61,

7%,

5/15/22

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

165,670,000,000

IDR

11,598,013

FR35,

Senior

Bond,

12.9%,

6/15/22

.

1,172,669,000,000

IDR

89,833,696

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

12

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Indonesia

(continued)

Indonesia

Government

Bond,

(continued)

FR43,

10.25%,

7/15/22

..........

377,390,000,000

IDR

$

27,906,063

FR63,

5.625%,

5/15/23

..........

670,707,000,000

IDR

45,881,227

FR46,

9.5%,

7/15/23

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

6,667,220,000,000

IDR

500,086,307

FR39,

11.75%,

8/15/23

..........

641,965,000,000

IDR

50,828,701

FR70,

8.375%,

3/15/24

..........

2,270,548,000,000

IDR

166,293,226

FR44,

10%,

9/15/24

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

248,790,000,000

IDR

19,386,559

FR40,

11%,

9/15/25

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

532,795,000,000

IDR

43,540,237

1,561,103,537

Mexico

14.3%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

6.5%,

6/10/21

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

7,927,375,000

MXN

363,025,825

M,

6.5%,

6/09/22

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

8,214,150,000

MXN

383,584,207

M,

Senior

Note,

6.75%,

3/09/23

....

27,380,835,300

MXN

1,302,554,113

M,

Senior

Bond,

8%,

12/07/23

.....

8,497,572,000

MXN

421,656,535

d

Mexican

Udibonos

,

S,

Index

Linked,

2.5%,

12/10/20

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

716,260,355

MXN

32,534,517

2,503,355,197

Norway

6.2%

e

Norway

Government

Bond

,

144A,

Reg

S,

3.75%,

5/25/21

......

2,807,404,000

NOK

308,317,219

144A,

Reg

S,

2%,

5/24/23

........

2,535,983,000

NOK

284,954,214

144A,

Reg

S,

3%,

3/14/24

........

2,921,308,000

NOK

343,135,738

144A,

Reg

S,

1.75%,

3/13/25

......

890,910,000

NOK

101,672,338

144A,

Reg

S,

1.5%,

2/19/26

.......

475,626,000

NOK

54,157,005

1,092,236,514

South

Korea

6.8%

Korea

Treasury

Bond

,

2.25%,

9/10/23

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

13,848,000,000

KRW

12,346,812

1.875%,

3/10/24

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

239,662,000,000

KRW

212,044,130

1.375%,

9/10/24

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

385,853,010,000

KRW

335,780,272

3%,

9/10/24

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

146,030,000,000

KRW

134,888,895

1.375%,

12/10/29

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

592,858,000,000

KRW

506,143,622

1,201,203,731

Supranational

0.7%

f

Inter-American

Development

Bank,

Senior

Bond,

7.5%,

12/05/24

......

2,473,000,000

MXN

119,999,791

Total

Foreign

Government

and

Agency

Securities

(Cost

$11,394,972,980)

..........

8,478,852,359

U.S.

Government

and

Agency

Securities

27.1%

United

States

27.1%

U.S.

Treasury

Notes

,

2.125%,

12/31/21

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

80,042,000

82,018,037

1.5%,

10/31/24

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

240,150,000

252,645,305

1.5%,

11/30/24

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

23,675,000

24,927,185

1.75%,

12/31/24

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

2,166,575,000

2,305,963,639

2%,

2/15/25

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

287,010,000

309,006,624

2.125%,

5/15/25

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

343,230,000

372,739,735

2.875%,

5/31/25

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

287,950,000

322,920,177

2.625%,

12/31/25

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

418,885,000

469,478,454

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

United

States

(continued)

U.S.

Treasury

Notes,

(continued)

1.625%,

2/15/26

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

226,420,000

$

242,180,956

2.125%,

5/31/26

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

103,431,000

113,753,899

1.625%,

10/31/26

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

226,430,000

243,350,335

4,738,984,346

Total

U.S.

Government

and

Agency

Securities

(Cost

$4,523,505,935)

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

4,738,984,346

Total

Long

Term

Investments

(Cost

$15,918,478,915)

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

13,217,836,705

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

1.1%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

24,026,000

AUD

957,252

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

79.00

JPY,

Expires

1/22/21

...

1

202,720,000

AUD

1,163,734

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

80.40

JPY,

Expires

10/22/20

..

1

240,259,000

AUD

19,584

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

81.00

JPY,

Expires

4/29/21

.......

1

146,408,000

AUD

807,343

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

81.00

JPY,

Expires

6/21/21

.......

1

225,244,000

AUD

1,561,217

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

81.10

JPY,

Expires

10/30/20

..

1

225,932,000

AUD

21,846

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

82.15

JPY,

Expires

12/21/20

..

1

269,875,000

AUD

223,760

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

84.33

JPY,

Expires

11/12/20

..

1

67,470,000

AUD

2,930

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.45

AUD,

Expires

1/22/21

...

1

197,720,214

2,382,501

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.46

AUD,

Expires

3/22/21

...

1

167,867,297

2,431,192

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

February

Strike

Price

1.47

AUD,

Expires

2/02/21

...

1

88,852,582

858,364

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.48

AUD,

Expires

1/21/21

...

1

232,219,555

1,924,261

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.50

AUD,

Expires

10/28/20

..

1

41,176,489

19,687

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

14

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.53

AUD,

Expires

2/08/21

...

1

241,739,328

$

1,291,250

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

November

Strike

Price

1.54

AUD,

Expires

11/19/20

...

1

84,724,056

68,790

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.54

AUD,

Expires

2/10/21

...

1

287,200,568

1,327,649

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

104.78

JPY,

Expires

2/01/21

..

1

52,366,000

1,075,871

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

110.80

JPY,

Expires

2/24/21

..

1

569,197,000

1,357,282

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

115.00

JPY,

Expires

2/24/21

..

1

1,138,395,000

493,898

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

115.95

JPY,

Expires

8/11/21

.......

1

758,742,000

1,207,741

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

73,368,000

3,821,517

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

23.23

MXN,

Expires

3/24/21

.......

1

189,604,000

6,733,748

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

23.36

MXN,

Expires

2/12/21

..

1

235,192,000

6,825,245

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

23.75

MXN,

Expires

4/09/21

.......

1

118,157,000

3,724,954

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.97

MXN,

Expires

12/07/20

.

1

303,706,000

3,820,664

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

24.50

MXN,

Expires

1/14/21

..

1

96,748,000

1,418,111

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

24.81

MXN,

Expires

6/30/21

.......

1

359,772,000

10,720,053

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

25.48

MXN,

Expires

4/09/21

.......

1

112,741,000

1,963,931

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

26.09

MXN,

Expires

6/18/21

.......

1

239,830,000

4,723,122

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

38,699,000

245,369

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

414,621,000

2,628,878

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

414,619,000

$

2,628,865

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

26.72

MXN,

Expires

11/09/20

.

1

403,828,000

402,080

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

28.75

MXN,

Expires

3/30/21

..

1

248,239,000

1,537,260

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

220,019,000

20,260,573

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

220,016,000

18,886,341

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

364,445,000

6,529,464

116,066,327

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

58.95

JPY,

Expires

6/21/21

.......

1

300,323,000

AUD

804,769

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

65.85

JPY,

Expires

12/21/20

..

1

134,940,000

AUD

173,376

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

66.78

JPY,

Expires

11/12/20

..

1

33,735,000

AUD

12,699

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

March

Strike

Price

68.50

JPY,

Expires

3/24/21

.......

1

135,147,000

AUD

877,977

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

69.18

JPY,

Expires

11/12/20

..

1

20,241,000

AUD

18,407

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

184,812,000

AUD

2,058,609

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

175,575,000

AUD

1,955,719

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.00

JPY,

Expires

4/29/21

.......

1

390,423,000

AUD

4,751,119

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

71.44

JPY,

Expires

6/21/21

.......

1

300,323,000

AUD

4,600,793

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.30

AUD,

Expires

5/12/21

........

1

63,702,549

520,292

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

16

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.33

AUD,

Expires

10/28/20

..

1

23,154,467

$

11,459

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.33

AUD,

Expires

1/22/21

...

1

69,399,159

467,805

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.34

AUD,

Expires

2/08/21

...

1

137,965,891

1,267,779

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

66,382,219

1,621,041

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

102.10

JPY,

Expires

2/24/21

..

1

569,197,000

5,524,093

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

102.30

JPY,

Expires

2/01/21

..

1

398,439,000

3,554,698

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

102.65

JPY,

Expires

8/11/21

.......

1

1,138,398,000

22,414,296

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

October

Strike

Price

103.60

JPY,

Expires

10/29/20

.

1

569,197,000

936,788

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.43

MXN,

Expires

8/30/21

..

1

165,014,000

1,094,446

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.88

MXN,

Expires

8/11/21

..

1

165,013,000

1,475,223

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.16

MXN,

Expires

2/12/21

..

1

382,189,000

2,441,668

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

20.80

MXN,

Expires

10/23/20

.

1

234,506,000

387,204

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

20.95

MXN,

Expires

1/14/21

..

1

103,657,000

1,258,586

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

20.95

MXN,

Expires

1/14/21

..

1

69,103,000

839,037

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

22.45

MXN,

Expires

11/09/20

.

1

201,913,000

6,257,780

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

73,368,000

3,995,609

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

22.95

MXN,

Expires

10/23/20

.

1

234,506,000

10,043,961

79,365,233

Total

Options

Purchased

(Cost

$307,941,616)

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

195,431,560

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

17

Short

Term

Investments

23.5%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

12.4%

Argentina

0.2%

a,b

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER,

Index

Linked,

Zero

Cpn

.,

12/04/20

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

4,091,239,356

ARS

$

28,262,740

Brazil

1.0%

Brazil

Letras

do

Tesouro

Nacional,

7/01/21

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

1,017,240,000

BRL

177,863,162

Japan

11.2%

g

Japan

Treasury

Bills

,

10/12/20

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

18,157,000,000

JPY

172,118,307

11/09/20

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

3,289,400,000

JPY

31,184,965

12/14/20

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

44,660,800,000

JPY

423,478,316

1/12/21

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

15,518,500,000

JPY

147,170,109

2/10/21

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

13,336,550,000

JPY

126,492,996

3/10/21

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

80,824,900,000

JPY

766,690,199

3/25/21

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

30,400,100,000

JPY

288,387,365

1,955,522,257

Total

Foreign

Government

and

Agency

Securities

(Cost

$2,267,822,314)

...........

2,161,648,159

Industry

Shares

Money

Market

Funds

11.1%

United

States

11.1%

h,i

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

1,946,676,756

1,946,676,756

Total

Money

Market

Funds

(Cost

$1,946,676,756)

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

1,946,676,756

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$4,214,499,070

)

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

4,108,324,915

a

a

a

a

Total

Investments

(Cost

$20,440,919,601)

100.1%

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

$17,521,593,180

Options

Written

(1.1)%

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

(190,685,200)

Other

Assets,

less

Liabilities

1.0%

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

181,551,203

Net

Assets

100.0%

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

$17,512,459,183

a

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(1.1)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.75

JPY,

Expires

4/29/21

.......

1

292,818,000

AUD

(14,025,334)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.70

JPY,

Expires

12/21/20

..

1

269,875,000

AUD

(4,073,705)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.00

JPY,

Expires

1/22/21

...

1

202,720,000

AUD

(3,285,607)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.95

JPY,

Expires

1/22/21

...

1

240,259,000

AUD

(2,890,049)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

18

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

77.45

JPY,

Expires

10/30/20

..

1

225,932,000

AUD

$

(504,546)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

78.00

JPY,

Expires

6/21/21

.......

1

225,244,000

AUD

(3,405,803)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

66,382,219

(1,599,161)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.44

AUD,

Expires

10/21/20

..

1

118,974,780

(203,286)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.46

AUD,

Expires

10/26/20

..

1

32,080,756

(36,068)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/22/21

...

1

91,401,412

(477,938)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/27/21

...

1

80,429,591

(426,299)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.54

AUD,

Expires

3/22/21

...

1

64,479,647

(407,337)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.57

AUD,

Expires

1/21/21

...

1

109,247,498

(311,781)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.00

JPY,

Expires

2/24/21

..

1

1,138,395,000

(12,458,913)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.65

JPY,

Expires

2/01/21

..

1

227,680,000

(1,743,256)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

109.90

JPY,

Expires

8/11/21

.......

1

1,138,398,000

(9,767,797)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.46

MXN,

Expires

12/07/20

.

1

101,235,000

(1,711,645)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

November

Strike

Price

23.68

MXN,

Expires

11/25/20

.

1

143,911,000

(1,737,664)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

25.43

MXN,

Expires

12/07/20

.

1

101,235,000

(572,196)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

25.45

MXN,

Expires

1/14/21

..

1

69,104,000

(672,476)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

25.87

MXN,

Expires

3/24/21

.......

1

179,949,000

(2,438,402)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

26.08

MXN,

Expires

3/24/21

.......

1

75,841,600

(958,351)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

19

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

26.61

MXN,

Expires

8/30/21

..

1

165,014,000

$

(3,795,212)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

27.24

MXN,

Expires

4/09/21

.......

1

225,819,000

(2,327,033)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

27.38

MXN,

Expires

8/11/21

..

1

165,013,000

(2,994,376)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

27.60

MXN,

Expires

1/14/21

..

1

48,373,000

(207,091)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

121,484,000

(2,965,342)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

28.24

MXN,

Expires

6/18/21

.......

1

239,830,000

(2,743,103)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

28.40

MXN,

Expires

6/30/21

.......

1

239,850,000

(2,842,696)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

29.21

MXN,

Expires

1/14/21

..

1

138,208,000

(347,943)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

30.36

MXN,

Expires

6/09/21

.......

1

73,368,000

(502,875)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

31.74

MXN,

Expires

11/09/20

.

1

201,913,000

(19,385)

(82,452,670)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

64.86

JPY,

Expires

6/21/21

.......

1

450,486,000

AUD

(2,673,932)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

66.00

JPY,

Expires

4/29/21

.......

1

195,212,000

AUD

(1,079,684)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

24,026,000

AUD

(399,562)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

May

Strike

Price

1.29

AUD,

Expires

5/05/21

........

1

59,606,800

(367,727)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.35

AUD,

Expires

5/12/21

........

1

122,819,909

(2,228,590)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.38

AUD,

Expires

10/21/20

..

1

41,449,294

(184,372)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

20

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.39

AUD,

Expires

10/28/20

..

1

22,211,650

$

(173,662)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.40

AUD,

Expires

10/26/20

..

1

33,582,708

(371,486)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

November

Strike

Price

1.40

AUD,

Expires

11/05/20

...

1

98,720,007

(1,491,035)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.44

AUD,

Expires

2/08/21

...

1

127,930,327

(6,280,521)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

98.00

JPY,

Expires

8/11/21

........

1

379,656,000

(3,878,952)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

98.80

JPY,

Expires

2/01/21

...

1

199,219,000

(822,677)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

104.78

JPY,

Expires

2/01/21

..

1

52,366,000

(828,291)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

October

Strike

Price

106.00

JPY,

Expires

10/29/20

.

1

569,197,000

(5,222,000)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

19.61

MXN,

Expires

6/09/21

.......

1

73,368,000

(432,060)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

20.24

MXN,

Expires

6/30/21

.......

1

119,922,000

(1,259,920)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.94

MXN,

Expires

8/30/21

..

1

165,014,000

(3,203,036)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

November

Strike

Price

21.37

MXN,

Expires

11/25/20

.

1

143,911,000

(1,839,224)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.43

MXN,

Expires

8/11/21

..

1

165,013,000

(4,310,210)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.63

MXN,

Expires

2/12/21

..

1

382,189,000

(9,204,971)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

22.02

MXN,

Expires

10/23/20

.

1

469,009,000

(7,282,249)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

22.37

MXN,

Expires

1/14/21

..

1

103,657,000

(4,017,003)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

23.10

MXN,

Expires

1/14/21

..

1

69,101,000

(4,125,799)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

23.10

MXN,

Expires

1/14/21

..

1

230,344,000

(13,753,100)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

21

At

September

30,

2020,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

23.88

MXN,

Expires

11/09/20

.

1

403,828,000

$

(32,802,467)

(108,232,530)

Total

Options

Written

(Premiums

received

$176,863,209)

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

$

(190,685,200)

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Redemption

price

at

maturity

is

adjusted

for

inflation.

b

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

8

regarding

fair

value

measurements.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

Principal

amount

of

security

is

adjusted

for

inflation.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$1,092,236,514,

representing

6.2%

of

net

assets.

f

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

g

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

h

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Brazilian

Real

......

HSBK

Buy

656,893,400

117,086,808

10/02/20

$

317,426

$

(459,983)

Brazilian

Real

......

HSBK

Sell

656,893,400

123,221,422

10/02/20

6,277,171

—

Brazilian

Real

......

JPHQ

Buy

678,218,500

121,612,096

10/02/20

—

(871,418)

Brazilian

Real

......

JPHQ

Sell

678,218,500

130,039,018

10/02/20

9,298,340

—

Mexican

Peso

......

GSCO

Buy

4,553,281,000

206,217,437

10/02/20

—

(438,027)

Mexican

Peso

......

GSCO

Sell

4,553,281,000

215,539,929

10/02/20

9,760,519

—

Euro

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

GSCO

Buy

179,380,000

210,249,099

10/05/20

1,775,881

(1,740,501)

Euro

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

GSCO

Sell

195,619,980

218,883,108

10/05/20

—

(10,439,255)

South

Korean

Won

..

HSBK

Buy

28,730,968,000

24,566,882

10/07/20

77,365

—

South

Korean

Won

..

HSBK

Sell

28,730,968,000

23,519,129

10/07/20

—

(1,125,117)

Mexican

Peso

......

CITI

Buy

2,573,492,000

114,605,615

10/08/20

1,614,532

—

Mexican

Peso

......

CITI

Sell

2,573,492,000

113,020,477

10/08/20

4,388,453

(7,588,123)

Mexican

Peso

......

CITI

Buy

978,884,000

43,587,901

10/09/20

613,564

—

Mexican

Peso

......

CITI

Sell

978,884,000

47,434,594

10/09/20

3,233,129

—

Australian

Dollar

....

HSBK

Sell

116,332,174

8,704,031,424

JPY

10/13/20

—

(773,066)

Australian

Dollar

....

JPHQ

Sell

4,484,038

335,170,637

JPY

10/13/20

—

(32,901)

Euro

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

UBSW

Sell

105,832,976

113,876,811

CHF

10/13/20

—

(442,088)

Mexican

Peso

......

CITI

Sell

3,263,613,000

157,828,680

10/13/20

10,532,546

—

Australian

Dollar

....

JPHQ

Sell

520,166,868

39,361,378,873

JPY

10/14/20

3,319,418

(2,580,121)

Euro

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

GSCO

Sell

83,196,029

89,409,109

CHF

10/14/20

—

(466,451)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

22

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Japanese

Yen

......

JPHQ

Sell

11,230,625,000

151,000,000

AUD

10/14/20

$

1,640,204

$

—

Euro

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

DBAB

Sell

145,612,048

1,513,913,899

SEK

10/15/20

—

(1,720,453)

Mexican

Peso

......

CITI

Buy

4,803,893,000

213,761,920

10/15/20

2,998,317

—

Mexican

Peso

......

CITI

Sell

4,803,893,000

233,155,680

10/15/20

16,395,443

—

Euro

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

BOFA

Buy

30,340,000

35,839,428

10/16/20

—

(262,846)

Euro

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

BOFA

Sell

94,781,666

107,273,889

10/16/20

—

(3,866,774)

Euro

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

DBAB

Sell

217,958,888

2,270,870,060

SEK

10/16/20

—

(2,046,953)

Euro

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

JPHQ

Sell

153,569,170

1,649,025,750

NOK

10/16/20

—

(3,344,194)

Mexican

Peso

......

CITI

Buy

3,361,631,000

149,567,355

10/16/20

2,096,857

—

Mexican

Peso

......

CITI

Sell

4,398,692,000

215,456,340

10/16/20

17,003,817

—

Euro

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

DBAB

Sell

193,334,747

2,060,194,402

NOK

10/19/20

—

(5,922,738)

Japanese

Yen

......

HSBK

Buy

13,388,924,282

125,179,854

10/21/20

1,762,759

—

Japanese

Yen

......

HSBK

Sell

13,388,924,282

126,117,860

10/21/20

—

(824,753)

Australian

Dollar

....

MSCO

Sell

66,996,000

48,852,478

10/23/20

884,582

—

Indian

Rupee

......

HSBK

Sell

7,546,600,000

100,153,948

10/26/20

—

(2,139,739)

Mexican

Peso

......

CITI

Sell

2,516,154,000

114,310,883

10/27/20

944,440

—

Euro

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

CITI

Sell

264,789,451

32,722,945,184

JPY

10/30/20

—

(312,903)

Japanese

Yen

......

JPHQ

Buy

130,263,000,000

1,221,532,460

10/30/20

13,638,761

—

Japanese

Yen

......

JPHQ

Sell

130,263,000,000

1,227,770,640

10/30/20

—

(7,400,582)

Australian

Dollar

....

CITI

Sell

37,699,000

2,877,568,439

JPY

11/04/20

294,496

—

Brazilian

Real

......

CITI

Sell

1,594,651,400

290,790,499

11/04/20

7,140,082

—

Brazilian

Real

......

HSBK

Sell

633,440,472

116,628,681

11/04/20

4,265,933

(311,191)

Euro

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

UBSW

Sell

252,887,489

273,309,109

CHF

11/09/20

2,986,744

(2,676,643)

South

Korean

Won

..

HSBK

Sell

100,447,500,000

84,133,931

11/10/20

—

(2,013,260)

Euro

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

GSCO

Sell

273,807,348

298,029,183

CHF

11/12/20

2,872,654

(235,919)

Euro

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

DBAB

Sell

147,054,053

1,513,914,121

SEK

11/13/20

—

(3,485,744)

Japanese

Yen

......

CITI

Buy

8,492,676,707

79,275,236

11/16/20

1,268,699

—

Japanese

Yen

......

CITI

Sell

8,492,676,707

80,075,022

11/16/20

—

(468,913)

Euro

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

DBAB

Sell

147,234,947

1,513,913,899

SEK

11/17/20

—

(3,705,166)

South

Korean

Won

..

CITI

Sell

521,261,500,000

424,964,536

11/23/20

—

(22,098,517)

Australian

Dollar

....

CITI

Sell

229,875,438

17,396,168,574

JPY

11/24/20

398,403

—

Australian

Dollar

....

JPHQ

Sell

315,764,414

23,139,974,105

JPY

11/24/20

—

(6,622,956)

Euro

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

HSBK

Sell

513,155,014

62,504,876,952

JPY

11/24/20

4,276,270

(13,673,653)

Swedish

Krona

.....

DBAB

Buy

403,702,175

45,605,243

11/27/20

—

(517,244)

Brazilian

Real

......

CITI

Sell

1,463,519,779

266,268,790

12/02/20

6,070,531

—

Brazilian

Real

......

HSBK

Sell

592,269,571

107,652,102

12/02/20

2,352,868

—

Euro

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

HSBK

Sell

172,450,000

193,294,031

12/04/20

—

(9,143,638)

Mexican

Peso

......

JPHQ

Sell

3,235,180,000

146,856,048

12/08/20

1,787,445

—

Australian

Dollar

....

HSBK

Sell

272,405,000

21,069,709,535

JPY

12/14/20

4,858,465

—

Australian

Dollar

....

JPHQ

Sell

163,366,868

12,680,618,010

JPY

12/14/20

3,337,687

—

Euro

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

DBAB

Sell

292,824,431

3,027,828,700

SEK

12/14/20

—

(5,572,730)

Euro

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

DBAB

Sell

145,539,263

1,513,913,963

SEK

12/15/20

—

(1,762,969)

Euro

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

JPHQ

Sell

75,841,137

814,107,200

NOK

12/21/20

—

(1,809,022)

Mexican

Peso

......

JPHQ

Sell

5,104,661,000

231,209,253

12/28/20

2,840,640

—

Euro

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

CITI

Sell

212,831,697

26,210,010,676

JPY

12/30/20

—

(1,251,626)

Mexican

Peso

......

MSCO

Sell

2,694,299,000

117,956,308

12/31/20

—

(2,537,375)

South

Korean

Won

..

HSBK

Sell

28,730,968,000

24,564,781

1/08/21

—

(82,051)

Euro

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

GSCO

Sell

83,261,381

89,408,569

CHF

1/14/21

—

(467,257)

Mexican

Peso

......

MSCO

Sell

3,455,593,900

155,898,710

1/19/21

1,706,993

—

South

Korean

Won

..

CITI

Sell

280,696,000,000

234,108,424

1/19/21

—

(6,692,815)

Mexican

Peso

......

CITI

Sell

3,459,417,000

162,861,239

1/21/21

8,535,643

—

Mexican

Peso

......

JPHQ

Sell

667,172,000

30,131,515

1/22/21

372,318

—

Australian

Dollar

....

CITI

Sell

171,631,000

13,082,572,975

JPY

1/27/21

1,317,088

—

Japanese

Yen

......

CITI

Buy

3,196,674,000

30,515,892

2/03/21

—

(156,494)

Euro

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

UBSW

Sell

211,905,711

227,761,555

CHF

2/10/21

—

(905,711)

Australian

Dollar

....

HSBK

Sell

81,103,000

58,896,999

2/12/21

810,278

—

Euro

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

GSCO

Sell

110,707,773

119,212,344

CHF

2/12/21

—

(230,310)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

23

See

Abbreviations

on

page

63

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Mexican

Peso

......

CITI

Sell

2,629,979,900

118,512,940

2/16/21

$

1,551,606

$

—

Australian

Dollar

....

JPHQ

Sell

947,293,366

72,166,987,357

JPY

2/22/21

7,075,464

—

Euro

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

HSBK

Sell

256,565,132

32,208,801,772

JPY

2/24/21

4,166,769

—

Euro

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

HSBK

Sell

256,573,382

31,997,779,614

JPY

2/25/21

2,149,812

—

Australian

Dollar

....

CITI

Sell

108,379,162

8,212,734,471

JPY

2/26/21

396,372

—

Euro

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

CITI

Sell

264,788,375

33,305,558,436

JPY

2/26/21

4,907,007

—

Japanese

Yen

......

CITI

Buy

7,644,895,800

73,000,000

2/26/21

—

(373,490)

Japanese

Yen

......

JPHQ

Buy

34,612,065,600

326,583,563

2/26/21

2,231,061

—

Japanese

Yen

......

JPHQ

Sell

34,612,065,600

326,627,525

2/26/21

—

(2,187,098)

Mexican

Peso

......

CITI

Sell

3,678,191,000

164,600,290

3/02/21

1,295,804

—

Euro

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

UBSW

Sell

105,567,589

113,876,813

CHF

3/10/21

24,069

—

Australian

Dollar

....

HSBK

Sell

116,332,826

8,961,001,253

JPY

3/11/21

1,820,069

—

Mexican

Peso

......

CITI

Sell

4,355,417,000

193,403,893

3/11/21

239,891

—

Euro

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

DBAB

Sell

218,392,866

2,270,870,860

SEK

3/15/21

—

(3,000,003)

Euro

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

GSCO

Sell

110,698,770

119,211,506

CHF

3/15/21

—

(188,125)

Australian

Dollar

....

HSBK

Sell

138,350,000

10,624,034,850

JPY

3/17/21

1,858,145

—

Mexican

Peso

......

MSCO

Sell

3,624,696,600

168,121,364

3/17/21

7,480,421

—

South

Korean

Won

..

CITI

Sell

465,402,500,000

394,241,847

3/22/21

—

(5,075,360)

Mexican

Peso

......

MSCO

Sell

1,040,181,000

46,890,907

3/24/21

830,331

—

Euro

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

HSBK

Sell

256,580,052

31,560,372,722

JPY

3/25/21

—

(2,087,957)

Euro

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

CITI

Sell

212,831,697

26,225,334,559

JPY

3/31/21

—

(1,306,257)

Euro

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

JPHQ

Sell

7,240,756

80,334,375

NOK

3/31/21

89,001

—

Mexican

Peso

......

GSCO

Sell

4,553,281,000

201,847,726

4/05/21

506,849

—

Mexican

Peso

......

CITI

Sell

2,127,445,200

95,012,983

4/13/21

1,025,943

—

Mexican

Peso

......

CITI

Sell

6,648,063,606

296,987,416

4/30/21

3,858,955

—

Australian

Dollar

....

CITI

Sell

122,027,000

9,289,549,429

JPY

5/06/21

923,739

—

Australian

Dollar

....

CITI

Sell

65,478,000

4,981,448,379

JPY

6/23/21

495,017

—

Euro

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

CITI

Sell

212,831,779

26,242,158,377

JPY

6/30/21

—

(1,304,032)

Japanese

Yen

......

CITI

Buy

18,398,773,800

176,120,607

8/13/21

—

(904,815)

Total

Forward

Exchange

Contracts

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

$208,993,086

$(157,647,327)

Net

unrealized

appreciation

(depreciation)

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

$51,345,759

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Templeton

Income

Trust

Statement

of

Investments

(unaudited),

September

30,

2020

Templeton

Global

Total

Return

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

24

a

a

Industry

Shares

a

Value

a

Common

Stocks

0.0%

South

Africa

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

....

Multiline

Retail

434,200,485

$

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

....

Multiline

Retail

50,014,925

—

—

Total

Common

Stocks

(Cost

$1,645,359)

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

—

Principal

Amount

*

a

a

a

a

a

Corporate

Bonds

0.0%

†

South

Africa

0.0%

†

a,d,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

Multiline

Retail

35,452,226

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Multiline

Retail

12,419,349

EUR

18,198

a,d,e

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

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

Multiline

Retail

11,978,019

59,890

78,088

Total

Corporate

Bonds

(Cost

$42,763,954)

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

78,088

Foreign

Government

and

Agency

Securities

44.8%

Argentina

3.3%

f,g

Argentina

BONCER

,

Index

Linked,

1.1%,

4/17/21

.......

517,973,150

ARS

3,567,016

Index

Linked,

1.2%,

3/18/22

.......

3,701,437,129

ARS

25,021,190

Index

Linked,

1.4%,

3/25/23

.......

2,382,437,331

ARS

15,560,041

Index

Linked,

1.5%,

3/25/24

.......

2,382,437,336

ARS

14,642,041

g,h

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar

,

FRN,

31.641%,

(ARS

BADLAR

+

2%),

4/03/22

.........

9,178,000

ARS

61,921

g

Argentina

Government

Bond

,

18.2%,

10/03/21

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

1,518,433,000

ARS

8,575,231

16%,

10/17/23

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

1,462,549,400

ARS

5,752,939

15.5%,

10/17/26

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

2,527,300,600

ARS

7,546,426

80,726,805

Bosnia

and

Herzegovina

0.0%

†

e,h

Bosnia

and

Herzegovina

Government

Bond,

B,

Senior

Bond,

Reg

S,

FRN,

0.538%,

(6-month

EUR

LIBOR

+

0.813%),

12/20/21

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

22,369

EUR

25,393

Brazil

0.8%

Brazil

Notas

do

Tesouro

Nacional,

10%,

1/01/21

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

112,525,000

BRL

20,431,090

Colombia

3.6%

Colombia

Government

Bond

,

Senior

Bond,

7.75%,

4/14/21

......

12,635,000,000

COP

3,381,212

Senior

Bond,

4.375%,

3/21/23

.....

1,916,000,000

COP

508,320

Senior

Bond,

9.85%,

6/28/27

......

3,053,000,000

COP

1,027,928

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

30,519,000,000

COP

8,533,055

B,

10%,

7/24/24

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

59,139,000,000

COP

18,997,183

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

25

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Colombia

(continued)

Colombia

Titulos

de

Tesoreria,

(continued)

B,

7.5%,

8/26/26

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

176,576,000,000

COP

$

53,214,003

B,

7%,

6/30/32

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

11,774,000,000

COP

3,335,622

88,997,323

Ghana

4.6%

Ghana

Government

Bond

,

24%,

11/23/20

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

94,380,000

GHS

16,614,028

24.75%,

3/01/21

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

990,000

GHS

178,057

16.5%,

3/22/21

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

480,000

GHS

83,801

24.5%,

6/21/21

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

50,930,000

GHS

9,335,901

24.75%,

7/19/21

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

45,750,000

GHS

8,414,381

19.5%,

10/18/21

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

71,467,000

GHS

12,735,966

18.75%,

1/24/22

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

42,240,000

GHS

7,447,256

18.25%,

7/25/22

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

22,820,000

GHS

3,943,163

17.6%,

11/28/22

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

1,250,000

GHS

213,759

16.5%,

2/06/23

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

5,210,000

GHS

858,054

19.75%,

3/25/24

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

50,640,000

GHS

8,779,691

19%,

11/02/26

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

149,820,000

GHS

25,011,372

19.75%,

3/15/32

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

132,484,000

GHS

21,379,938

114,995,367

Indonesia

7.5%

Indonesia

Government

Bond

,

FR34,

12.8%,

6/15/21

...........

34,970,000,000

IDR

2,503,246

FR53,

8.25%,

7/15/21

...........

1,074,263,000,000

IDR

74,783,288

FR61,

7%,

5/15/22

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

167,591,000,000

IDR

11,732,496

FR35,

Senior

Bond,

12.9%,

6/15/22

.

95,624,000,000

IDR

7,325,390

FR43,

10.25%,

7/15/22

..........

3,593,000,000

IDR

265,684

FR63,

5.625%,

5/15/23

..........

120,764,000,000

IDR

8,261,134

FR46,

9.5%,

7/15/23

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

651,100,000,000

IDR

48,836,876

FR39,

11.75%,

8/15/23

..........

20,613,000,000

IDR

1,632,070

FR70,

8.375%,

3/15/24

..........

415,219,000,000

IDR

30,410,327

FR44,

10%,

9/15/24

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

15,790,000,000

IDR

1,230,410

186,980,921

Mexico

13.5%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

6.5%,

6/10/21

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

629,351,000

MXN

28,820,469

M,

Senior

Note,

7.25%,

12/09/21

...

2,009,250,000

MXN

93,852,537

M,

6.5%,

6/09/22

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

2,251,240,000

MXN

105,128,359

M,

Senior

Note,

6.75%,

3/09/23

....

545,370,000

MXN

25,944,202

M,

Senior

Bond,

8%,

12/07/23

.....

1,583,065,000

MXN

78,552,992

i

Mexican

Udibonos

,

S,

Index

Linked,

2.5%,

12/10/20

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

55,997,965

MXN

2,543,582

334,842,141

Norway

5.9%

e

Norway

Government

Bond

,

144A,

Reg

S,

3.75%,

5/25/21

......

523,796,000

NOK

57,524,790

144A,

Reg

S,

2%,

5/24/23

........

518,911,000

NOK

58,307,124

144A,

Reg

S,

3%,

3/14/24

........

255,770,000

NOK

30,042,648

145,874,562

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

26

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

South

Korea

5.6%

Korea

Treasury

Bond

,

1.375%,

9/10/21

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

16,003,000,000

KRW

$

13,824,890

2%,

12/10/21

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

19,554,000,000

KRW

17,037,420

2.25%,

9/10/23

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

32,791,710,000

KRW

29,236,934

1.375%,

9/10/24

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

67,806,900,000

KRW

59,007,494

3%,

9/10/24

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

20,810,000,000

KRW

19,222,337

138,329,075

Total

Foreign

Government

and

Agency

Securities

(Cost

$1,492,966,077)

...........

1,111,202,677

U.S.

Government

and

Agency

Securities

24.4%

United

States

24.4%

U.S.

Treasury

Notes

,

1.5%,

10/31/24

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

42,360,000

44,564,044

1.5%,

11/30/24

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

33,650,000

35,429,769

1.75%,

12/31/24

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

324,829,400

345,727,605

2%,

2/15/25

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

32,780,000

35,292,280

2.125%,

5/15/25

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

39,210,000

42,581,141

2.875%,

5/31/25

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

50,610,000

56,756,347

2.625%,

12/31/25

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

16,863,000

18,899,734

1.625%,

2/15/26

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

9,110,000

9,744,141

2.125%,

5/31/26

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

4,164,000

4,579,587

1.625%,

10/31/26

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

9,120,000

9,801,506

603,376,154

Total

U.S.

Government

and

Agency

Securities

(Cost

$574,151,132)

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

603,376,154

Total

Long

Term

Investments

(Cost

$2,111,526,522)

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

1,714,656,919

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

1.2%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

5,022,000

AUD

200,088

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

79.00

JPY,

Expires

1/22/21

...

1

42,372,000

AUD

243,241

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

80.40

JPY,

Expires

10/22/20

..

1

50,220,000

AUD

4,094

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

81.00

JPY,

Expires

4/29/21

.......

1

30,603,000

AUD

168,755

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

81.10

JPY,

Expires

10/30/20

..

1

47,225,000

AUD

4,566

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

82.15

JPY,

Expires

12/21/20

..

1

56,410,000

AUD

46,724

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

27

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

84.33

JPY,

Expires

11/12/20

..

1

14,102,000

AUD

$

612

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.45

AUD,

Expires

1/22/21

...

1

31,603,568

380,819

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.46

AUD,

Expires

3/22/21

...

1

26,831,156

388,591

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

February

Strike

Price

1.47

AUD,

Expires

2/02/21

...

1

42,595,707

411,498

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.48

AUD,

Expires

1/21/21

...

1

37,118,419

307,578

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.50

AUD,

Expires

10/28/20

..

1

19,739,296

9,438

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.53

AUD,

Expires

2/08/21

...

1

38,639,628

206,393

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

November

Strike

Price

1.54

AUD,

Expires

11/19/20

...

1

40,615,992

32,977

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.54

AUD,

Expires

2/10/21

...

1

45,907,103

212,216

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

104.78

JPY,

Expires

2/01/21

..

1

10,260,000

210,794

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

110.80

JPY,

Expires

2/24/21

..

1

139,399,000

332,405

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

115.00

JPY,

Expires

2/24/21

..

1

278,798,000

120,958

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

115.95

JPY,

Expires

8/11/21

.......

1

148,654,000

236,623

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

9,967,000

519,151

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

23.23

MXN,

Expires

3/24/21

.......

1

25,753,000

914,613

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

23.36

MXN,

Expires

2/12/21

..

1

31,944,000

927,011

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

23.75

MXN,

Expires

4/09/21

.......

1

16,050,000

505,984

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.97

MXN,

Expires

12/07/20

.

1

42,550,000

535,285

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

28

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

24.50

MXN,

Expires

1/14/21

..

1

13,553,000

$

198,657

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

24.81

MXN,

Expires

6/30/21

.......

1

48,867,000

1,456,080

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

25.48

MXN,

Expires

4/09/21

.......

1

15,315,000

266,785

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

26.09

MXN,

Expires

6/18/21

.......

1

32,574,000

641,500

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

58,084,000

368,278

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

5,421,000

34,371

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

26.53

MXN,

Expires

1/14/21

..

1

58,082,000

368,265

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

26.72

MXN,

Expires

11/09/20

.

1

56,575,000

56,330

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

28.75

MXN,

Expires

3/30/21

..

1

33,718,000

208,804

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

29,878,000

2,751,332

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

29,880,000

2,564,922

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

51,060,000

914,800

16,750,538

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

65.85

JPY,

Expires

12/21/20

..

1

28,206,000

AUD

36,240

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

66.78

JPY,

Expires

11/12/20

..

1

7,052,000

AUD

2,655

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

March

Strike

Price

68.50

JPY,

Expires

3/24/21

.......

1

28,248,000

AUD

183,512

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

69.18

JPY,

Expires

11/12/20

..

1

4,230,000

AUD

3,847

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

29

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

29,541,000

AUD

$

329,055

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

45,789,000

AUD

510,041

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.00

JPY,

Expires

4/29/21

.......

1

81,608,000

AUD

993,101

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.30

AUD,

Expires

5/12/21

........

1

30,537,191

249,413

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.33

AUD,

Expires

10/28/20

..

1

11,100,031

5,493

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.33

AUD,

Expires

1/22/21

...

1

11,093,021

74,776

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.34

AUD,

Expires

2/08/21

...

1

22,052,357

202,641

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

10,611,071

259,120

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

102.10

JPY,

Expires

2/24/21

..

1

139,399,000

1,352,876

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

102.30

JPY,

Expires

2/01/21

..

1

78,063,000

696,444

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

102.65

JPY,

Expires

8/11/21

.......

1

223,038,000

4,391,469

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.43

MXN,

Expires

8/30/21

..

1

22,409,000

148,626

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.88

MXN,

Expires

8/11/21

..

1

22,410,000

200,346

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.16

MXN,

Expires

2/12/21

..

1

51,909,000

331,628

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

20.66

MXN,

Expires

3/24/21

.......

1

17,022,000

198,669

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

20.80

MXN,

Expires

10/23/20

.

1

31,859,000

52,604

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

20.95

MXN,

Expires

1/14/21

..

1

9,680,000

117,533

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

20.95

MXN,

Expires

1/14/21

..

1

14,521,000

176,312

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

30

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

22.45

MXN,

Expires

11/09/20

.

1

28,288,000

$

876,715

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

9,967,000

542,801

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

22.95

MXN,

Expires

10/23/20

.

1

31,859,000

1,364,530

13,300,447

Total

Options

Purchased

(Cost

$47,790,949)

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

30,050,985

Short

Term

Investments

28.8%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

17.2%

Argentina

0.2%

f,g

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER,

Index

Linked,

Zero

Cpn

.,

12/04/20

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

642,016,169

ARS

4,435,120

Brazil

3.5%

j

Brazil

Letras

do

Tesouro

Nacional

,

10/01/20

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

370,990,000

BRL

66,045,949

10/01/21

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

117,900,000

BRL

20,418,847

86,464,796

Japan

12.4%

j

Japan

Treasury

Bills

,

11/09/20

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

552,800,000

JPY

5,240,788

12/14/20

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

3,678,550,000

JPY

34,880,391

1/12/21

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

19,163,900,000

JPY

181,741,357

2/10/21

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

2,241,150,000

JPY

21,256,605

3/10/21

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

5,497,400,000

JPY

52,147,330

3/25/21

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

1,326,600,000

JPY

12,584,652

307,851,123

Mexico

1.1%

j

Mexico

Cetes

,

BI,

12/03/20

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

32,879,900

MXN

1,475,216

BI,

1/28/21

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

32,879,900

MXN

1,465,547

BI,

2/25/21

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

540,601,000

MXN

24,018,720

26,959,483

Total

Foreign

Government

and

Agency

Securities

(Cost

$431,855,275)

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

425,710,522

U.S.

Government

and

Agency

Securities

0.9%

United

States

0.9%

j

U.S.

Treasury

Bills

,

10/15/20

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

12,710,000

12,709,642

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

31

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

United

States

(continued)

j

U.S.

Treasury

Bills,

(continued)

11/24/20

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

11,248,000

$

11,246,608

23,956,250

Total

U.S.

Government

and

Agency

Securities

(Cost

$23,955,722)

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

23,956,250

Industry

Shares

Money

Market

Funds

10.7%

United

States

10.7%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

265,529,357

265,529,357

Total

Money

Market

Funds

(Cost

$265,529,357)

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

265,529,357

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$721,340,354

)

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

715,196,129

a

a

a

a

Total

Investments

(Cost

$2,880,657,825)

99.2%

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

$2,459,904,033

Options

Written

(1.2)%

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

(30,354,653)

Other

Assets,

less

Liabilities

2.0%

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

47,804,222

Net

Assets

100.0%

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

$2,477,353,602

a

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(1.2)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.75

JPY,

Expires

4/29/21

.......

1

61,205,000

AUD

(2,931,584)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.70

JPY,

Expires

12/21/20

..

1

56,410,000

AUD

(851,076)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.00

JPY,

Expires

1/22/21

...

1

42,372,000

AUD

(686,749)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.95

JPY,

Expires

1/22/21

...

1

50,220,000

AUD

(604,091)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

77.45

JPY,

Expires

10/30/20

..

1

47,225,000

AUD

(105,462)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

10,611,071

(255,623)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.44

AUD,

Expires

10/21/20

..

1

19,017,157

(32,494)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.46

AUD,

Expires

10/26/20

..

1

15,379,434

(17,291)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/22/21

...

1

14,609,666

(76,394)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

32

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/27/21

...

1

12,856,024

$

(68,141)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.54

AUD,

Expires

3/22/21

...

1

10,306,410

(65,109)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.57

AUD,

Expires

1/21/21

...

1

17,462,330

(49,836)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.00

JPY,

Expires

2/24/21

..

1

278,798,000

(3,051,243)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.65

JPY,

Expires

2/01/21

..

1

44,607,000

(341,538)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

109.90

JPY,

Expires

8/11/21

.......

1

223,038,000

(1,913,733)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.46

MXN,

Expires

12/07/20

.

1

14,183,000

(239,801)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

November

Strike

Price

23.68

MXN,

Expires

11/25/20

.

1

19,549,000

(236,046)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

25.43

MXN,

Expires

12/07/20

.

1

14,183,000

(80,165)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

25.45

MXN,

Expires

1/14/21

..

1

9,681,000

(94,209)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

25.87

MXN,

Expires

3/24/21

.......

1

24,442,000

(331,202)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

26.08

MXN,

Expires

3/24/21

.......

1

10,301,000

(130,166)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

26.61

MXN,

Expires

8/30/21

..

1

22,409,000

(515,392)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

27.24

MXN,

Expires

4/09/21

.......

1

30,675,000

(316,101)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

27.38

MXN,

Expires

8/11/21

..

1

22,410,000

(406,659)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

27.60

MXN,

Expires

1/14/21

..

1

6,776,000

(29,009)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

17,020,000

(415,447)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

28.24

MXN,

Expires

6/18/21

.......

1

32,574,000

(372,571)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

33

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

28.40

MXN,

Expires

6/30/21

.......

1

32,578,000

$

(386,113)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

29.21

MXN,

Expires

1/14/21

..

1

19,361,000

(48,742)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

30.36

MXN,

Expires

6/09/21

.......

1

9,967,000

(68,315)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

31.74

MXN,

Expires

11/09/20

.

1

28,288,000

(2,716)

(14,723,018)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

66.00

JPY,

Expires

4/29/21

.......

1

40,803,000

AUD

(225,674)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

5,022,000

AUD

(83,518)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

May

Strike

Price

1.29

AUD,

Expires

5/05/21

........

1

28,574,250

(176,280)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.35

AUD,

Expires

5/12/21

........

1

58,877,113

(1,068,336)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.38

AUD,

Expires

10/21/20

..

1

19,869,981

(88,384)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.39

AUD,

Expires

10/28/20

..

1

10,648,053

(83,252)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.40

AUD,

Expires

10/26/20

..

1

16,099,466

(178,089)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

November

Strike

Price

1.40

AUD,

Expires

11/05/20

...

1

15,779,623

(238,330)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.44

AUD,

Expires

2/08/21

...

1

20,448,280

(1,003,873)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

98.00

JPY,

Expires

8/11/21

........

1

74,383,000

(759,973)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

98.80

JPY,

Expires

2/01/21

...

1

39,032,000

(161,183)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

104.78

JPY,

Expires

2/01/21

..

1

10,260,000

(162,286)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

34

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

19.61

MXN,

Expires

6/09/21

.......

1

9,967,000

$

(58,695)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

20.24

MXN,

Expires

6/30/21

.......

1

16,289,000

(171,135)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.94

MXN,

Expires

8/30/21

..

1

22,409,000

(434,974)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

November

Strike

Price

21.37

MXN,

Expires

11/25/20

.

1

19,549,000

(249,842)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.43

MXN,

Expires

8/11/21

..

1

22,410,000

(585,359)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.63

MXN,

Expires

2/12/21

..

1

51,909,000

(1,250,221)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

22.02

MXN,

Expires

10/23/20

.

1

63,718,000

(989,342)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

22.37

MXN,

Expires

1/14/21

..

1

14,521,000

(562,730)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

23.10

MXN,

Expires

1/14/21

..

1

9,681,000

(578,021)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

January

Strike

Price

23.10

MXN,

Expires

1/14/21

..

1

32,268,000

(1,926,619)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

23.88

MXN,

Expires

11/09/20

.

1

56,575,000

(4,595,520)

(15,631,636)

Total

Options

Written

(Premiums

received

$28,332,156)

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

$

(30,354,654)

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

8

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

6

regarding

restricted

securities.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$145,978,043,

representing

5.9%

of

net

assets.

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

35

At

September

30,

2020,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

f

Redemption

price

at

maturity

is

adjusted

for

inflation.

g

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

8

regarding

fair

value

measurements.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

Principal

amount

of

security

is

adjusted

for

inflation.

j

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

k

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

JPHQ

Sell

64,716,968

706,586,972

NOK

10/01/20

$

—

$

(135,738)

Norwegian

Krone

...

JPHQ

Sell

706,586,972

66,086,231

EUR

10/01/20

1,867,712

(126,923)

Brazilian

Real

......

HSBK

Buy

18,715,300

3,314,202

10/02/20

17,612

—

Brazilian

Real

......

HSBK

Sell

18,715,300

3,510,655

10/02/20

178,840

—

Brazilian

Real

......

JPHQ

Buy

304,574,300

54,517,441

10/02/20

44,617

(339,846)

Brazilian

Real

......

JPHQ

Sell

304,574,300

57,302,409

10/02/20

3,080,197

—

Euro

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

JPHQ

Sell

61,220,514

706,586,972

NOK

10/02/20

3,962,805

—

Mexican

Peso

......

GSCO

Buy

618,596,000

28,016,123

10/02/20

—

(59,509)

Mexican

Peso

......

GSCO

Sell

618,596,000

29,282,651

10/02/20

1,326,037

—

Norwegian

Krone

...

JPHQ

Sell

706,586,972

63,844,182

EUR

10/02/20

157,523

(1,044,864)

Euro

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

GSCO

Buy

4,499,800

5,126,447

10/05/20

148,601

—

Euro

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

GSCO

Sell

4,499,800

5,034,916

10/05/20

—

(240,132)

Mexican

Peso

......

CITI

Buy

274,908,000

14,298,018

10/08/20

—

(1,883,040)

Mexican

Peso

......

CITI

Sell

274,908,000

13,340,645

10/08/20

925,666

—

Mexican

Peso

......

CITI

Buy

206,478,000

10,737,453

10/09/20

—

(1,413,948)

Mexican

Peso

......

CITI

Sell

206,478,000

10,005,476

10/09/20

681,970

—

Australian

Dollar

....

HSBK

Sell

15,958,427

1,194,017,487

JPY

10/13/20

—

(106,049)

Euro

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

UBSW

Sell

13,744,191

14,788,818

CHF

10/13/20

—

(57,413)

Japanese

Yen

......

HSBK

Sell

1,187,243,135

15,958,427

AUD

10/13/20

170,272

—

Mexican

Peso

......

CITI

Buy

688,399,000

35,778,644

10/13/20

—

(4,709,240)

Mexican

Peso

......

CITI

Sell

688,399,000

33,291,050

10/13/20

2,221,647

—

Swiss

Franc

.......

UBSW

Sell

14,788,818

13,750,964

EUR

10/13/20

65,354

—

Australian

Dollar

....

JPHQ

Sell

51,735,000

3,914,377,200

JPY

10/14/20

327,031

(257,723)

Euro

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

GSCO

Sell

14,665,447

15,760,662

CHF

10/14/20

—

(82,224)

Japanese

Yen

......

JPHQ

Sell

3,847,790,625

51,735,000

AUD

10/14/20

561,960

—

Swiss

Franc

.......

GSCO

Sell

11,811,200

10,984,608

EUR

10/14/20

54,788

—

Euro

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

DBAB

Sell

25,437,165

264,467,663

SEK

10/15/20

—

(300,548)

Mexican

Peso

......

CITI

Buy

1,013,293,000

45,089,151

10/15/20

632,440

—

Mexican

Peso

......

CITI

Sell

1,013,293,000

49,179,909

10/15/20

3,458,318

—

Euro

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

BOFA

Buy

6,976,140

7,951,544

10/16/20

228,654

—

Euro

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

BOFA

Sell

6,976,140

7,895,595

10/16/20

—

(284,603)

Euro

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

DBAB

Sell

38,075,546

396,701,500

SEK

10/16/20

—

(357,585)

Mexican

Peso

......

CITI

Buy

927,824,000

41,281,206

10/16/20

578,741

—

Mexican

Peso

......

CITI

Sell

927,824,000

45,446,593

10/16/20

3,586,646

—

Swedish

Krona

.....

DBAB

Sell

336,000,000

32,249,550

EUR

10/16/20

303,050

—

Australian

Dollar

....

MSCO

Sell

10,709,000

7,808,842

10/23/20

141,396

—

Mexican

Peso

......

CITI

Sell

341,694,000

15,523,431

10/27/20

128,255

—

Australian

Dollar

....

HSBK

Sell

29,355,000

20,910,770

10/29/20

—

(107,131)

Euro

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

CITI

Sell

46,965,156

5,804,000,944

JPY

10/30/20

—

(55,499)

Japanese

Yen

......

JPHQ

Buy

14,011,000,000

131,387,204

10/30/20

1,466,976

—

Japanese

Yen

......

JPHQ

Sell

14,011,000,000

132,081,047

10/30/20

—

(773,133)

Brazilian

Real

......

CITI

Sell

87,600,500

15,994,833

11/04/20

412,795

—

Brazilian

Real

......

HSBK

Sell

107,432,654

20,370,472

11/04/20

1,278,034

(17,266)

Brazilian

Real

......

JPHQ

Sell

198,369,538

35,736,423

11/04/20

495,334

(44,116)

Euro

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

UBSW

Sell

44,577,944

48,177,781

CHF

11/09/20

526,491

(471,827)

South

Korean

Won

..

HSBK

Sell

18,046,110,000

15,115,261

11/10/20

—

(361,697)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

36

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

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

GSCO

Sell

48,265,610

52,535,332

CHF

11/12/20

$

506,379

$

(41,587)

Euro

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

DBAB

Sell

9,860,918

101,517,656

SEK

11/13/20

—

(233,742)

Japanese

Yen

......

CITI

Buy

6,244,822,276

58,292,547

11/16/20

932,898

—

Japanese

Yen

......

CITI

Sell

6,244,822,276

58,897,613

11/16/20

—

(327,832)

Japanese

Yen

......

JPHQ

Buy

3,098,516,514

28,914,187

11/16/20

471,921

—

Japanese

Yen

......

JPHQ

Sell

3,098,516,514

29,160,587

11/16/20

—

(225,520)

South

Korean

Won

..

CITI

Sell

2,182,000,000

1,782,971

11/16/20

—

(88,408)

Euro

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

DBAB

Sell

25,720,672

264,467,663

SEK

11/17/20

—

(647,261)

Euro

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

BNDP

Buy

4,802,000

5,472,215

11/23/20

163,324

—

Euro

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

BNDP

Sell

4,802,000

5,440,258

11/23/20

—

(195,281)

Australian

Dollar

....

CITI

Sell

89,550,658

6,776,880,391

JPY

11/24/20

155,203

—

Australian

Dollar

....

JPHQ

Sell

61,865,545

4,533,655,583

JPY

11/24/20

—

(1,297,590)

Euro

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

HSBK

Sell

97,153,484

11,833,785,986

JPY

11/24/20

809,608

(2,588,775)

Japanese

Yen

......

CITI

Sell

82,255,996

1,106,573

AUD

11/24/20

12,172

—

Brazilian

Real

......

CITI

Sell

103,097,701

18,757,314

12/02/20

427,639

—

Brazilian

Real

......

HSBK

Sell

100,214,426

18,215,175

12/02/20

398,115

—

Mexican

Peso

......

JPHQ

Sell

1,394,549,000

63,303,419

12/08/20

770,492

—

Australian

Dollar

....

HSBK

Sell

27,215,000

2,104,998,605

JPY

12/14/20

485,392

—

Australian

Dollar

....

JPHQ

Sell

16,095,000

1,249,301,946

JPY

12/14/20

328,831

—

Euro

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

DBAB

Sell

19,635,757

203,035,344

SEK

12/14/20

—

(373,688)

Euro

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

DBAB

Sell

25,424,450

264,467,674

SEK

12/15/20

—

(307,975)

Mexican

Peso

......

JPHQ

Sell

715,036,000

32,386,664

12/28/20

397,903

—

Euro

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

CITI

Sell

11,738,958

1,445,640,952

JPY

12/30/20

—

(69,035)

Mexican

Peso

......

MSCO

Sell

377,465,000

16,525,403

12/31/20

—

(355,480)

Euro

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

CITI

Buy

8,760,000

10,217,873

1/04/21

121,026

(45,489)

Euro

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

CITI

Sell

8,900,000

10,032,436

1/04/21

—

(425,480)

South

Korean

Won

..

DBAB

Sell

28,685,000,000

23,926,099

1/13/21

—

(681,615)

Euro

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

GSCO

Sell

14,676,966

15,760,567

CHF

1/14/21

—

(82,366)

Euro

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

JPHQ

Sell

3,066,139

3,489,726

1/15/21

—

(113,989)

Mexican

Peso

......

MSCO

Sell

484,085,800

21,839,473

1/19/21

239,128

—

South

Korean

Won

..

HSBK

Sell

62,817,875,625

52,118,042

1/19/21

—

(1,771,655)

Mexican

Peso

......

CITI

Sell

484,590,000

22,813,361

1/21/21

1,195,660

—

Mexican

Peso

......

CITI

Sell

361,135,000

16,986,035

1/22/21

877,614

—

Mexican

Peso

......

JPHQ

Sell

93,465,000

4,221,163

1/22/21

52,159

—

Australian

Dollar

....

HSBK

Sell

36,734,000

26,174,885

1/27/21

—

(133,399)

Japanese

Yen

......

CITI

Buy

469,730,000

4,484,108

2/03/21

—

(22,996)

Japanese

Yen

......

CITI

Sell

469,730,000

4,468,470

2/03/21

7,358

—

South

Korean

Won

..

DBAB

Sell

28,680,000,000

23,945,896

2/04/21

—

(658,848)

Euro

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

UBSW

Sell

27,519,519

29,578,666

CHF

2/10/21

—

(117,622)

Australian

Dollar

....

HSBK

Sell

12,964,000

9,414,457

2/12/21

129,520

—

Euro

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

GSCO

Sell

19,515,101

21,014,251

CHF

2/12/21

—

(40,598)

Mexican

Peso

......

CITI

Sell

368,430,700

16,602,334

2/16/21

217,363

—

Australian

Dollar

....

JPHQ

Sell

185,596,654

14,139,179,985

JPY

2/22/21

1,386,247

—

Euro

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

HSBK

Sell

48,574,399

6,097,957,242

JPY

2/24/21

788,877

—

Euro

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

HSBK

Sell

48,575,961

6,058,005,303

JPY

2/25/21

407,015

—

Euro

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

CITI

Sell

46,964,965

5,907,337,849

JPY

2/26/21

870,346

—

Mexican

Peso

......

CITI

Sell

622,073,000

27,837,977

3/02/21

219,152

—

Euro

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

UBSW

Sell

13,709,726

14,788,818

CHF

3/10/21

3,126

—

Australian

Dollar

....

HSBK

Sell

15,958,516

1,229,268,528

JPY

3/11/21

249,677

—

Euro

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

DBAB

Sell

38,151,345

396,701,500

SEK

3/15/21

—

(524,075)

Euro

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

GSCO

Sell

19,513,514

21,014,103

CHF

3/15/21

—

(33,162)

Australian

Dollar

....

HSBK

Sell

13,830,000

1,062,019,530

JPY

3/17/21

185,747

—

Mexican

Peso

......

MSCO

Sell

507,736,400

23,549,926

3/17/21

1,047,834

—

South

Korean

Won

..

CITI

Sell

22,784,500,000

19,300,720

3/22/21

—

(248,472)

Mexican

Peso

......

MSCO

Sell

141,170,000

6,363,882

3/24/21

112,690

—

Euro

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

HSBK

Sell

48,577,224

5,975,192,891

JPY

3/25/21

—

(395,304)

Euro

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

CITI

Sell

11,738,958

1,446,486,158

JPY

3/31/21

—

(72,048)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

37

See

Abbreviations

on

page

63

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

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

JPHQ

Sell

10,058,992

111,596,972

NOK

3/31/21

$

123,102

$

—

Mexican

Peso

......

GSCO

Sell

618,596,000

27,422,467

4/05/21

68,859

—

Euro

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

JPHQ

Sell

58,227,043

648,986,972

NOK

4/06/21

1,025,690

—

Mexican

Peso

......

CITI

Sell

288,996,300

12,906,749

4/13/21

139,366

—

Mexican

Peso

......

CITI

Sell

903,171,600

40,347,177

4/30/21

524,258

—

Australian

Dollar

....

CITI

Sell

18,000,000

1,384,353,000

JPY

6/23/21

278,292

—

Euro

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

CITI

Sell

11,738,963

1,447,414,093

JPY

6/30/21

—

(71,925)

Japanese

Yen

......

CITI

Buy

2,703,540,000

25,879,393

8/13/21

—

(132,955)

Japanese

Yen

......

CITI

Sell

2,703,540,000

25,787,295

8/13/21

40,856

—

Total

Forward

Exchange

Contracts

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

$45,200,601

$(25,554,226)

Net

unrealized

appreciation

(depreciation)

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

$19,646,375

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Templeton

Income

Trust

Statement

of

Investments

(unaudited),

September

30,

2020

Templeton

International

Bond

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

38

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

55.9%

Argentina

1.4%

a,b

Argentina

BONCER

,

Index

Linked,

1.1%,

4/17/21

.......

37,825,031

ARS

$

260,481

Index

Linked,

1.2%,

3/18/22

.......

195,586,494

ARS

1,322,137

Index

Linked,

1.4%,

3/25/23

.......

129,039,105

ARS

842,773

Index

Linked,

1.5%,

3/25/24

.......

129,039,111

ARS

793,052

b,c

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar

,

FRN,

31.641%,

(ARS

BADLAR

+

2%),

4/03/22

.........

5,808,000

ARS

39,184

b

Argentina

Government

Bond

,

18.2%,

10/03/21

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

73,832,000

ARS

416,961

16%,

10/17/23

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

171,501,000

ARS

674,599

15.5%,

10/17/26

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

153,089,000

ARS

457,118

4,806,305

Australia

4.5%

d

Australia

Government

Bond,

Senior

Note,

Reg

S,

2%,

12/21/21

........

21,870,000

AUD

16,017,473

Brazil

0.1%

Brazil

Notas

do

Tesouro

Nacional,

10%,

1/01/21

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

1,269,000

BRL

230,412

Colombia

1.4%

Colombia

Government

Bond

,

Senior

Bond,

7.75%,

4/14/21

......

378,000,000

COP

101,156

Senior

Bond,

4.375%,

3/21/23

.....

57,000,000

COP

15,122

Senior

Bond,

9.85%,

6/28/27

......

91,000,000

COP

30,639

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

11,789,100,000

COP

3,296,210

B,

10%,

7/24/24

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

4,505,000,000

COP

1,447,138

4,890,265

Ghana

1.2%

Ghana

Government

Bond

,

24.75%,

3/01/21

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

180,000

GHS

32,374

16.5%,

3/22/21

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

360,000

GHS

62,851

16.25%,

5/17/21

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

1,510,000

GHS

263,136

24.5%,

6/21/21

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

50,000

GHS

9,165

24.75%,

7/19/21

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

280,000

GHS

51,498

18.75%,

1/24/22

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

2,960,000

GHS

521,872

17.6%,

11/28/22

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

130,000

GHS

22,231

19%,

9/18/23

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

50,000

GHS

8,415

19.75%,

3/25/24

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

2,910,000

GHS

504,520

19%,

11/02/26

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

8,740,000

GHS

1,459,080

19.75%,

3/15/32

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

8,740,000

GHS

1,410,439

4,345,581

India

2.4%

India

Government

Bond

,

8.79%,

11/08/21

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

110,000,000

INR

1,569,596

8.2%,

2/15/22

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

19,000,000

INR

272,324

8.15%,

6/11/22

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

82,000,000

INR

1,183,436

8.13%,

9/21/22

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

51,000,000

INR

741,951

6.84%,

12/19/22

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

12,000,000

INR

171,314

7.16%,

5/20/23

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

19,100,000

INR

274,563

8.83%,

11/25/23

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

156,700,000

INR

2,362,913

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

39

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

India

(continued)

India

Government

Bond,

(continued)

7.68%,

12/15/23

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

43,400,000

INR

$

636,277

9.15%,

11/14/24

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

82,200,000

INR

1,265,729

8,478,103

Indonesia

4.4%

Indonesia

Government

Bond

,

FR39,

11.75%,

8/15/23

..........

1,040,000,000

IDR

82,344

FR70,

8.375%,

3/15/24

..........

25,026,000,000

IDR

1,832,885

FR44,

10%,

9/15/24

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

686,000,000

IDR

53,455

FR81,

6.5%,

6/15/25

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

192,279,000,000

IDR

13,351,632

FR40,

11%,

9/15/25

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

1,060,000,000

IDR

86,624

15,406,940

Mexico

11.1%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

6.5%,

6/10/21

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

95,838,000

MXN

4,388,801

M,

Senior

Note,

7.25%,

12/09/21

...

230,620,000

MXN

10,772,314

M,

6.5%,

6/09/22

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

119,018,000

MXN

5,557,900

M,

Senior

Note,

6.75%,

3/09/23

....

266,398,000

MXN

12,673,018

M,

Senior

Bond,

8%,

12/07/23

.....

113,932,000

MXN

5,653,400

39,045,433

Norway

4.5%

d

Norway

Government

Bond

,

144A,

Reg

S,

3.75%,

5/25/21

......

39,383,000

NOK

4,325,155

144A,

Reg

S,

2%,

5/24/23

........

44,234,000

NOK

4,970,327

144A,

Reg

S,

3%,

3/14/24

........

37,171,000

NOK

4,366,091

144A,

Reg

S,

1.75%,

3/13/25

......

12,526,000

NOK

1,429,491

144A,

Reg

S,

1.5%,

2/19/26

.......

7,434,000

NOK

846,470

15,937,534

Singapore

4.5%

Singapore

Government

Bond

,

3.125%,

9/01/22

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

5,500,000

SGD

4,253,892

2.375%,

6/01/25

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

14,460,000

SGD

11,516,620

15,770,512

South

Korea

20.4%

Korea

Treasury

Bond

,

1.75%,

12/10/20

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

3,725,000,000

KRW

3,202,051

1.375%,

9/10/24

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

1,485,100,000

KRW

1,292,376

1.875%,

6/10/26

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

18,495,000,000

KRW

16,445,936

1.375%,

12/10/29

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

59,376,400,000

KRW

50,691,711

71,632,074

Total

Foreign

Government

and

Agency

Securities

(Cost

$217,576,742)

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

196,560,632

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

40

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.7%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

444,000

AUD

$

17,690

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

79.00

JPY,

Expires

1/22/21

...

1

3,749,000

AUD

21,522

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

80.40

JPY,

Expires

10/22/20

..

1

4,441,000

AUD

362

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

81.00

JPY,

Expires

4/29/21

.......

1

2,708,000

AUD

14,933

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

81.00

JPY,

Expires

6/21/21

.......

1

4,164,000

AUD

28,862

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

81.10

JPY,

Expires

10/30/20

..

1

4,180,000

AUD

404

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

82.15

JPY,

Expires

12/21/20

..

1

4,990,000

AUD

4,133

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

84.33

JPY,

Expires

11/12/20

..

1

1,247,000

AUD

54

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.45

AUD,

Expires

1/22/21

...

1

2,376,359

28,635

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.46

AUD,

Expires

3/22/21

...

1

2,016,741

29,208

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

February

Strike

Price

1.47

AUD,

Expires

2/02/21

...

1

3,202,164

30,935

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.48

AUD,

Expires

1/21/21

...

1

2,791,123

23,128

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.50

AUD,

Expires

10/28/20

..

1

1,484,072

710

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.53

AUD,

Expires

2/08/21

...

1

2,905,068

15,517

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

November

Strike

Price

1.54

AUD,

Expires

11/19/20

...

1

3,053,376

2,479

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.54

AUD,

Expires

2/10/21

...

1

3,450,528

15,951

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

104.78

JPY,

Expires

2/01/21

..

1

1,268,000

26,051

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

110.80

JPY,

Expires

2/24/21

..

1

13,785,000

32,871

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

41

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

115.00

JPY,

Expires

2/24/21

..

1

27,570,000

$

11,961

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

115.95

JPY,

Expires

8/11/21

.......

1

18,375,000

29,249

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

578,000

30,106

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

23.23

MXN,

Expires

3/24/21

.......

1

1,495,000

53,095

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

23.36

MXN,

Expires

2/12/21

..

1

1,854,000

53,803

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

23.75

MXN,

Expires

4/09/21

.......

1

932,000

29,382

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.97

MXN,

Expires

12/07/20

.

1

3,658,000

46,018

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

24.81

MXN,

Expires

6/30/21

.......

1

2,838,000

84,563

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

25.48

MXN,

Expires

4/09/21

.......

1

890,000

15,504

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

26.09

MXN,

Expires

6/18/21

.......

1

1,891,000

37,241

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

26.72

MXN,

Expires

11/09/20

.

1

4,863,000

4,827

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

28.75

MXN,

Expires

3/30/21

..

1

1,958,000

12,125

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

1,734,000

159,676

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

1,735,000

148,934

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

4,390,000

78,652

1,088,581

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

58.95

JPY,

Expires

6/21/21

.......

1

5,552,000

AUD

14,878

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

42

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

65.85

JPY,

Expires

12/21/20

..

1

2,495,000

AUD

$

3,206

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

66.78

JPY,

Expires

11/12/20

..

1

624,000

AUD

235

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

March

Strike

Price

68.50

JPY,

Expires

3/24/21

.......

1

2,499,000

AUD

16,235

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

November

Strike

Price

69.18

JPY,

Expires

11/12/20

..

1

374,000

AUD

340

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

2,220,000

AUD

24,728

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

69.20

JPY,

Expires

6/24/21

.......

1

4,441,000

AUD

49,468

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.00

JPY,

Expires

4/29/21

.......

1

7,222,000

AUD

87,886

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

71.44

JPY,

Expires

6/21/21

.......

1

5,552,000

AUD

85,054

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.30

AUD,

Expires

5/12/21

........

1

2,295,332

18,747

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.33

AUD,

Expires

10/28/20

..

1

834,541

413

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.33

AUD,

Expires

1/22/21

...

1

833,610

5,619

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.34

AUD,

Expires

2/08/21

...

1

1,657,977

15,235

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

797,836

19,483

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

102.10

JPY,

Expires

2/24/21

..

1

13,785,000

133,784

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

102.30

JPY,

Expires

2/01/21

..

1

9,650,000

86,093

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

102.65

JPY,

Expires

8/11/21

.......

1

27,569,000

542,815

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

October

Strike

Price

103.60

JPY,

Expires

10/29/20

.

1

13,785,000

22,687

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.43

MXN,

Expires

8/30/21

..

1

1,300,000

8,622

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

43

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.88

MXN,

Expires

8/11/21

..

1

1,301,000

$

11,631

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.16

MXN,

Expires

2/12/21

..

1

3,013,000

19,249

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

20.66

MXN,

Expires

3/24/21

.......

1

1,464,000

17,087

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

20.80

MXN,

Expires

10/23/20

.

1

1,848,000

3,051

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

22.45

MXN,

Expires

11/09/20

.

1

2,431,000

75,506

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

22.83

MXN,

Expires

6/09/21

.......

1

578,000

31,478

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

22.95

MXN,

Expires

10/23/20

.

1

1,848,000

79,150

1,372,680

Total

Options

Purchased

(Cost

$3,671,956)

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

2,461,261

Short

Term

Investments

35.2%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

20.2%

Argentina

0.1%

a,b

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER,

Index

Linked

,

Zero

Cpn

.

,

12/04/20

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

50,886,671

ARS

351,531

Brazil

4.2%

e

Brazil

Letras

do

Tesouro

Nacional

,

10/01/20

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

35,520,000

BRL

6,323,491

7/01/21

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

25,274,000

BRL

4,419,128

10/01/21

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

12,000,000

BRL

2,078,254

1/01/22

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

10,700,000

BRL

1,834,888

14,655,761

Japan

14.0%

e

Japan

Treasury

Bills

,

10/12/20

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

225,000,000

JPY

2,132,876

12/14/20

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

1,495,900,000

JPY

14,184,278

1/12/21

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

264,500,000

JPY

2,508,393

2/10/21

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

165,600,000

JPY

1,570,664

3/10/21

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

1,784,300,000

JPY

16,925,543

3/25/21

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

1,248,600,000

JPY

11,844,713

49,166,467

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

44

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Mexico

1.9%

e

Mexico

Cetes

,

BI,

10/22/20

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

9,325,500

MXN

$

420,484

BI,

11/05/20

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

16,574,800

MXN

746,116

BI,

12/03/20

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

18,431,500

MXN

826,963

BI,

12/17/20

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

5,553,300

MXN

248,763

BI,

1/28/21

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

18,431,500

MXN

821,542

BI,

2/25/21

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

60,255,700

MXN

2,677,141

BI,

3/25/21

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

23,888,100

MXN

1,057,810

6,798,819

Total

Foreign

Government

and

Agency

Securities

(Cost

$74,789,068)

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

70,972,578

Industry

Shares

Money

Market

Funds

15.0%

United

States

15.0%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

52,700,519

52,700,519

Total

Money

Market

Funds

(Cost

$52,700,519)

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

52,700,519

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$127,489,587

)

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

123,673,097

a

a

a

a

Total

Investments

(Cost

$348,738,285)

91.8%

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

$322,694,990

Options

Written

(0.7)%

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

(2,530,406)

Other

Assets,

less

Liabilities

8.9%

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

31,212,822

Net

Assets

100.0%

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

$351,377,406

a

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.7)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

71.75

JPY,

Expires

4/29/21

.......

1

5,416,000

AUD

(259,414)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.70

JPY,

Expires

12/21/20

..

1

4,990,000

AUD

(75,286)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.00

JPY,

Expires

1/22/21

...

1

3,749,000

AUD

(60,762)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

January

Strike

Price

76.95

JPY,

Expires

1/22/21

...

1

4,441,000

AUD

(53,420)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

October

Strike

Price

77.45

JPY,

Expires

10/30/20

..

1

4,180,000

AUD

(9,335)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

78.00

JPY,

Expires

6/21/21

.......

1

4,164,000

AUD

(62,962)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.40

AUD,

Expires

1/22/21

...

1

797,836

(19,220)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

45

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.44

AUD,

Expires

10/21/20

..

1

1,429,997

$

(2,443)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.46

AUD,

Expires

10/26/20

..

1

1,155,799

(1,300)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/22/21

...

1

1,098,560

(5,744)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

January

Strike

Price

1.52

AUD,

Expires

1/27/21

...

1

966,455

(5,123)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

March

Strike

Price

1.54

AUD,

Expires

3/22/21

...

1

775,025

(4,896)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

January

Strike

Price

1.57

AUD,

Expires

1/21/21

...

1

1,313,082

(3,747)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.00

JPY,

Expires

2/24/21

..

1

27,570,000

(301,734)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.65

JPY,

Expires

2/01/21

..

1

5,514,000

(42,219)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

109.90

JPY,

Expires

8/11/21

.......

1

27,569,000

(236,550)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.46

MXN,

Expires

12/07/20

.

1

1,219,000

(20,610)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

November

Strike

Price

23.68

MXN,

Expires

11/25/20

.

1

1,135,000

(13,705)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

25.43

MXN,

Expires

12/07/20

.

1

1,219,000

(6,890)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

25.87

MXN,

Expires

3/24/21

.......

1

1,419,000

(19,228)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

March

Strike

Price

26.08

MXN,

Expires

3/24/21

.......

1

598,000

(7,556)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

26.61

MXN,

Expires

8/30/21

..

1

1,300,000

(29,899)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

April

Strike

Price

27.24

MXN,

Expires

4/09/21

.......

1

1,781,000

(18,353)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

27.38

MXN,

Expires

8/11/21

..

1

1,301,000

(23,608)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

1,463,000

(35,711)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

46

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Calls

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

28.24

MXN,

Expires

6/18/21

.......

1

1,891,000

$

(21,629)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

28.40

MXN,

Expires

6/30/21

.......

1

1,892,000

(22,424)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

30.36

MXN,

Expires

6/09/21

.......

1

578,000

(3,962)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

31.74

MXN,

Expires

11/09/20

.

1

2,431,000

(233)

(1,367,963)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

64.86

JPY,

Expires

6/21/21

.......

1

8,328,000

AUD

(49,432)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

66.00

JPY,

Expires

4/29/21

.......

1

3,611,000

AUD

(19,972)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

April

Strike

Price

72.90

JPY,

Expires

4/29/21

.......

1

444,000

AUD

(7,384)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

May

Strike

Price

1.29

AUD,

Expires

5/05/21

........

1

2,148,300

(13,253)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

May

Strike

Price

1.35

AUD,

Expires

5/12/21

........

1

4,425,450

(80,301)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.38

AUD,

Expires

10/21/20

..

1

1,494,125

(6,646)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.39

AUD,

Expires

10/28/20

..

1

800,559

(6,259)

Foreign

Exchange

USD/AUD,

Counterparty

MSCO,

October

Strike

Price

1.40

AUD,

Expires

10/26/20

..

1

1,209,911

(13,384)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

November

Strike

Price

1.40

AUD,

Expires

11/05/20

...

1

1,186,218

(17,916)

Foreign

Exchange

USD/AUD,

Counterparty

HSBK,

February

Strike

Price

1.44

AUD,

Expires

2/08/21

...

1

1,537,376

(75,475)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

August

Strike

Price

98.00

JPY,

Expires

8/11/21

........

1

9,194,000

(93,935)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

98.80

JPY,

Expires

2/01/21

...

1

4,825,000

(19,925)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

47

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

a

Puts

-

Over-the-Counter

(continued)

a

Currency

Options

(continued)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

104.78

JPY,

Expires

2/01/21

..

1

1,268,000

$

(20,057)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

October

Strike

Price

106.00

JPY,

Expires

10/29/20

.

1

13,785,000

(126,468)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

June

Strike

Price

19.61

MXN,

Expires

6/09/21

.......

1

578,000

(3,404)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

June

Strike

Price

20.24

MXN,

Expires

6/30/21

.......

1

946,000

(9,939)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.94

MXN,

Expires

8/30/21

..

1

1,300,000

(25,234)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

November

Strike

Price

21.37

MXN,

Expires

11/25/20

.

1

1,135,000

(14,505)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.43

MXN,

Expires

8/11/21

..

1

1,301,000

(33,983)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.63

MXN,

Expires

2/12/21

..

1

3,013,000

(72,568)

Foreign

Exchange

USD/MXN,

Counterparty

GSCO,

October

Strike

Price

22.02

MXN,

Expires

10/23/20

.

1

3,696,000

(57,387)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

23.88

MXN,

Expires

11/09/20

.

1

4,863,000

(395,016)

(1,162,443)

Total

Options

Written

(Premiums

received

$2,571,737)

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

$

(2,530,406)

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Redemption

price

at

maturity

is

adjusted

for

inflation.

b

Securities

denominated

in

Argentine

Peso

have

been

designated

as

Level

3

investments.

See

Note

8

regarding

fair

value

measurements.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

48

At

September

30,

2020,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$31,955,007,

representing

9.1%

of

net

assets.

e

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

f

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

JPHQ

Sell

6,821,236

74,475,000

NOK

10/01/20

$

—

$

(14,307)

Norwegian

Krone

...

JPHQ

Sell

74,475,000

6,736,771

EUR

10/01/20

—

(84,703)

Brazilian

Real

......

CITI

Buy

6,743,649

1,193,566

10/02/20

6,980

—

Brazilian

Real

......

CITI

Sell

6,743,649

1,301,235

10/02/20

100,688

—

Brazilian

Real

......

HSBK

Buy

9,625,600

1,704,551

10/02/20

9,058

—

Brazilian

Real

......

HSBK

Sell

9,625,600

1,805,590

10/02/20

91,981

—

Brazilian

Real

......

JPHQ

Buy

32,312,000

5,777,324

10/02/20

7,696

(32,636)

Brazilian

Real

......

JPHQ

Sell

32,312,000

6,079,158

10/02/20

326,776

—

Euro

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

JPHQ

Sell

10,759,991

595,220,157

JPY

10/02/20

417,684

(112,792)

Japanese

Yen

......

JPHQ

Sell

533,211,732

4,307,285

EUR

10/02/20

—

(5,380)

Mexican

Peso

......

GSCO

Buy

35,879,000

1,624,955

10/02/20

—

(3,452)

Mexican

Peso

......

GSCO

Sell

35,879,000

1,698,414

10/02/20

76,911

—

Norwegian

Krone

...

JPHQ

Sell

74,475,000

6,706,741

EUR

10/02/20

—

(119,904)

Euro

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

GSCO

Sell

724,793

810,985

10/05/20

—

(38,679)

Mexican

Peso

......

CITI

Sell

38,753,000

1,701,924

10/08/20

66,084

(114,265)

Mexican

Peso

......

CITI

Sell

14,740,000

714,268

10/09/20

48,684

—

Australian

Dollar

....

BNDP

Sell

5,500,000

411,596,350

JPY

10/13/20

—

(35,757)

Australian

Dollar

....

HSBK

Sell

1,739,995

130,187,295

JPY

10/13/20

—

(11,563)

Australian

Dollar

....

JPHQ

Sell

2,655,089

198,461,277

JPY

10/13/20

—

(19,481)

Euro

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

HSBK

Buy

5,247,292

6,192,602

10/13/20

—

(40,091)

Euro

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

HSBK

Sell

5,247,292

5,896,592

10/13/20

—

(255,919)

Euro

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

UBSW

Sell

1,609,670

1,732,013

CHF

10/13/20

—

(6,724)

Japanese

Yen

......

BNDP

Sell

408,100,000

5,500,000

AUD

10/13/20

68,903

—

Mexican

Peso

......

CITI

Sell

49,145,000

2,376,657

10/13/20

158,604

—

Australian

Dollar

....

JPHQ

Sell

5,672,455

431,856,637

JPY

10/14/20

54,504

(21,622)

Euro

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

GSCO

Sell

1,265,372

1,359,870

CHF

10/14/20

—

(7,094)

Japanese

Yen

......

JPHQ

Sell

223,125,000

3,000,000

AUD

10/14/20

32,587

—

Brazilian

Real

......

CITI

Sell

6,743,649

1,193,165

10/15/20

—

(6,970)

Euro

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

DBAB

Sell

1,879,214

19,538,000

SEK

10/15/20

—

(22,204)

Mexican

Peso

......

CITI

Sell

72,338,000

3,510,906

10/15/20

246,886

—

Euro

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

BOFA

Sell

473,306

535,688

10/16/20

—

(19,309)

Euro

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

DBAB

Sell

2,812,896

29,307,000

SEK

10/16/20

—

(26,417)

Euro

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

HSBK

Sell

396,000

447,985

10/16/20

—

(16,363)

Mexican

Peso

......

CITI

Sell

66,237,000

3,244,415

10/16/20

256,049

—

Australian

Dollar

....

MSCO

Sell

805,000

586,994

10/23/20

10,629

—

Japanese

Yen

......

JPHQ

Buy

150,402,430

1,402,321

10/23/20

23,702

—

Japanese

Yen

......

JPHQ

Sell

150,402,430

1,416,085

10/23/20

—

(9,937)

Euro

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

DBAB

Sell

922,000

1,049,623

10/26/20

—

(31,772)

Indian

Rupee

......

HSBK

Sell

154,100,000

2,045,123

10/26/20

—

(43,693)

Indian

Rupee

......

SCNY

Sell

153,361,000

2,033,359

10/26/20

—

(45,440)

Mexican

Peso

......

CITI

Sell

19,864,000

902,437

10/27/20

7,456

—

Australian

Dollar

....

HSBK

Sell

2,207,000

1,572,137

10/29/20

—

(8,054)

Euro

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

DBAB

Sell

1,425,000

1,681,642

10/29/20

10,167

—

Euro

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

CITI

Sell

2,449,820

302,751,144

JPY

10/30/20

—

(2,895)

Euro

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

DBAB

Buy

3,104,068

3,664,787

10/30/20

—

(23,736)

Euro

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

DBAB

Sell

3,104,068

3,378,220

10/30/20

—

(262,832)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statement

of

Investments.

Quarterly

Statement

of

Investments

49

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

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

GSCO

Sell

1,005,086

1,093,735

10/30/20

$

—

$

(85,225)

Euro

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

HSBK

Sell

810,000

881,337

10/30/20

—

(68,788)

Japanese

Yen

......

CITI

Buy

266,126,714

2,487,933

10/30/20

35,516

—

Japanese

Yen

......

CITI

Sell

266,126,714

2,508,689

10/30/20

—

(14,760)

Japanese

Yen

......

JPHQ

Buy

494,000,000

4,632,452

10/30/20

51,723

—

Japanese

Yen

......

JPHQ

Sell

494,000,000

4,651,338

10/30/20

—

(32,836)

Brazilian

Real

......

CITI

Sell

20,063,500

3,659,456

11/04/20

90,638

—

Brazilian

Real

......

HSBK

Sell

22,282,349

4,136,947

11/04/20

182,329

(8,880)

Brazilian

Real

......

JPHQ

Sell

10,726,202

1,912,262

11/04/20

11,935

(7,609)

Euro

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

UBSW

Sell

3,846,299

4,156,902

CHF

11/09/20

45,427

(40,710)

Euro

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

GSCO

Sell

4,164,480

4,532,882

CHF

11/12/20

43,692

(3,588)

Euro

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

DBAB

Sell

1,897,823

19,537,998

SEK

11/13/20

—

(44,986)

Euro

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

DBAB

Sell

1,900,158

19,538,000

SEK

11/17/20

—

(47,817)

Australian

Dollar

....

DBAB

Buy

4,000,000

2,819,320

11/19/20

44,804

—

Australian

Dollar

....

DBAB

Sell

28,210,000

18,226,481

11/19/20

—

(1,972,753)

Singapore

Dollar

....

SCNY

Buy

4,100,000

2,980,968

11/19/20

23,172

—

Singapore

Dollar

....

SCNY

Sell

5,904,297

4,146,218

11/19/20

—

(179,962)

South

Korean

Won

..

DBAB

Sell

19,729,690,000

16,083,549

11/19/20

—

(837,600)

South

Korean

Won

..

SCNY

Buy

19,373,000,000

16,556,988

11/19/20

58,247

—

South

Korean

Won

..

SCNY

Sell

19,373,000,000

15,794,065

11/19/20

—

(821,169)

Euro

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

BOFA

Sell

989,468

1,077,006

11/20/20

—

(84,143)

Euro

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

BOFA

Sell

781,000

858,405

11/23/20

—

(58,162)

Euro

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

CITI

Sell

48,798

53,649

11/23/20

—

(3,619)

Euro

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

GSCO

Sell

88,914

97,594

11/23/20

—

(6,753)

Australian

Dollar

....

CITI

Sell

8,946,293

677,024,107

JPY

11/24/20

15,505

—

Australian

Dollar

....

JPHQ

Sell

1,787,405

130,985,298

JPY

11/24/20

—

(37,490)

Euro

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

HSBK

Sell

6,547,407

797,507,374

JPY

11/24/20

54,561

(174,464)

Euro

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

MSCO

Sell

807,000

883,036

11/27/20

—

(64,123)

Brazilian

Real

......

CITI

Sell

12,406,827

2,257,264

12/02/20

51,462

—

Brazilian

Real

......

HSBK

Sell

10,572,641

1,921,704

12/02/20

42,001

—

Indian

Rupee

......

SCNY

Sell

319,050,200

4,323,466

12/02/20

16,914

—

Mexican

Peso

......

JPHQ

Sell

80,924,000

3,673,421

12/08/20

44,711

—

Mexican

Peso

......

BAST

Sell

163,836,511

7,390,010

12/11/20

45,970

—

Australian

Dollar

....

HSBK

Sell

2,290,000

177,124,630

JPY

12/14/20

40,843

—

Australian

Dollar

....

JPHQ

Sell

2,682,455

208,213,530

JPY

12/14/20

54,804

—

Euro

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

DBAB

Sell

3,779,080

39,076,002

SEK

12/14/20

—

(71,919)

Euro

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

DBAB

Sell

1,878,275

19,538,001

SEK

12/15/20

—

(22,752)

Japanese

Yen

......

MSCO

Buy

1,918,000,000

18,129,573

12/18/20

71,795

—

Japanese

Yen

......

MSCO

Sell

1,918,000,000

18,116,815

12/18/20

518

(85,070)

Japanese

Yen

......

JPHQ

Buy

19,695,795

188,878

12/24/20

—

(1,940)

Mexican

Peso

......

JPHQ

Sell

61,493,000

2,785,249

12/28/20

34,220

—

Euro

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

CITI

Sell

3,033,083

373,521,170

JPY

12/30/20

—

(17,837)

Euro

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

BOFA

Sell

926,408

1,055,262

1/11/21

—

(33,476)

Euro

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

GSCO

Sell

1,266,366

1,359,862

CHF

1/14/21

—

(7,107)

Mexican

Peso

......

CITI

Sell

41,674,000

1,961,914

1/21/21

102,825

—

Mexican

Peso

......

CITI

Sell

31,060,000

1,460,911

1/22/21

75,481

—

Mexican

Peso

......

JPHQ

Sell

8,042,000

363,201

1/22/21

4,488

—

Australian

Dollar

....

HSBK

Sell

2,761,000

1,967,356

1/27/21

—

(10,027)

South

Korean

Won

..

DBAB

Sell

49,525,667,500

41,354,098

2/04/21

—

(1,134,270)

Euro

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

UBSW

Sell

3,222,985

3,464,145

CHF

2/10/21

—

(13,775)

Australian

Dollar

....

HSBK

Sell

974,000

707,319

2/12/21

9,731

—

Euro

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

GSCO

Sell

1,683,813

1,813,163

CHF

2/12/21

—

(3,503)

Mexican

Peso

......

CITI

Sell

76,068,500

3,427,821

2/16/21

44,878

—

Australian

Dollar

....

JPHQ

Sell

5,362,214

408,505,823

JPY

2/22/21

40,051

—

Euro

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

HSBK

Sell

3,273,546

410,956,043

JPY

2/24/21

53,164

—

Euro

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

HSBK

Sell

3,273,651

408,263,585

JPY

2/25/21

27,430

—

Australian

Dollar

....

CITI

Sell

5,119,797

387,966,987

JPY

2/26/21

18,725

—

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statement

of

Investments.

50

See

Abbreviations

on

page

63

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

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

CITI

Sell

2,449,810

308,141,454

JPY

2/26/21

$

45,399

$

—

Japanese

Yen

......

JPHQ

Buy

192,605,080

1,814,738

2/26/21

15,010

—

Japanese

Yen

......

JPHQ

Sell

28,538,970

271,197

2/26/21

76

—

Mexican

Peso

......

CITI

Sell

68,408,000

3,061,281

3/02/21

24,100

—

Euro

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

DBAB

Sell

3,493,966

4,138,499

3/08/21

27,324

—

Japanese

Yen

......

JPHQ

Buy

206,531,830

1,945,752

3/08/21

16,554

—

Japanese

Yen

......

JPHQ

Sell

206,531,830

1,962,829

3/08/21

524

—

Singapore

Dollar

....

HSBK

Sell

1,617,000

1,186,745

3/08/21

1,591

—

Singapore

Dollar

....

SCNY

Sell

18,025,000

13,212,485

3/08/21

1,352

—

South

Korean

Won

..

HSBK

Sell

13,355,000,000

11,262,439

3/08/21

—

(195,804)

Euro

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

UBSW

Sell

1,605,633

1,732,013

CHF

3/10/21

366

—

Australian

Dollar

....

HSBK

Sell

1,740,005

134,030,845

JPY

3/11/21

27,223

—

Mexican

Peso

......

CITI

Sell

65,586,000

2,912,370

3/11/21

3,612

—

Euro

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

DBAB

Sell

2,818,496

29,307,000

SEK

3/15/21

—

(38,717)

Euro

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

GSCO

Sell

1,683,676

1,813,150

CHF

3/15/21

—

(2,861)

Australian

Dollar

....

HSBK

Sell

23,430,000

1,800,946,950

JPY

3/16/21

330,974

—

Australian

Dollar

....

HSBK

Sell

1,160,000

89,077,560

JPY

3/17/21

15,580

—

Mexican

Peso

......

MSCO

Sell

43,647,100

2,024,448

3/17/21

90,076

—

South

Korean

Won

..

CITI

Sell

955,000,000

808,979

3/22/21

—

(10,415)

Japanese

Yen

......

JPHQ

Buy

19,695,795

189,211

3/24/21

—

(2,038)

Mexican

Peso

......

MSCO

Sell

8,326,000

375,332

3/24/21

6,646

—

Euro

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

HSBK

Sell

3,273,736

402,682,657

JPY

3/25/21

—

(26,640)

Euro

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

CITI

Sell

3,033,083

373,739,552

JPY

3/31/21

—

(18,616)

Euro

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

JPHQ

Sell

6,712,937

74,475,000

NOK

3/31/21

82,153

—

Mexican

Peso

......

GSCO

Sell

35,879,000

1,590,522

4/05/21

3,994

—

Euro

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

JPHQ

Sell

10,989,174

608,490,040

JPY

4/06/21

122,110

—

Mexican

Peso

......

CITI

Sell

16,778,900

749,356

4/13/21

8,091

—

Mexican

Peso

......

CITI

Sell

52,377,100

2,339,830

4/30/21

30,403

—

Euro

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

CITI

Sell

3,033,084

373,979,308

JPY

6/30/21

—

(18,584)

Total

Forward

Exchange

Contracts

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

$4,312,747

$(7,754,779)

Net

unrealized

appreciation

(depreciation)

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

$(3,442,032)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Templeton

Income

Trust

51

Quarterly

Statement

of

Investments

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. 

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

52

Quarterly

Statement

of

Investments

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.

Events

can

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,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2020,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

See

the

Fair

Value

Measurements

note

for

more

information.

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

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.

2. Financial

Instrument

Valuation

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

53

Quarterly

Statement

of

Investments

At

September

30,

2020,

the

Funds

received

United

Kingdom

Treasury

Bonds,

Canadian

Government

Bonds

and

U.S.

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives,

as

follows:

Templeton

Global

Bond

Fund

-

$41,733,381

Templeton

Global

Total

Return

Fund

-

$14,257,344

Templeton

International

Bond

Fund

- $989,238

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

did

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.

3.

Derivative

Financial

Instruments

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

54

Quarterly

Statement

of

Investments

At

September

30,

2020,

certain

or

all

Funds

had

a

portion of

its

net

assets

denominated

in

Argentine

Pesos.

Argentine

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

September

30,

2020,

the

percentage

of

net

assets

denominated

in

Argentine

Pesos

were

as

follows:

Templeton

Emerging

Markets

Bond

Fund

–

6.7%

Templeton

Global

Bond

Fund

–

3.0%

Templeton

Global

Total

Return

Fund

–

3.6%

Templeton

International

Bond

Fund

–

1.5%

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

September

30,

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

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

05/16/13

-

2/01/17

$

14,538

$

—

619,903

a

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

460

—

536,580

Reventazon

Finance

Trust,

Senior

Secured

Bond,

144A,

8%,

11/15/33

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

12/18/13

536,580

553,022

Total

Restricted

Securities

(Value

is

2.22%

of

Net

Assets)

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

$551,578

$553,022

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Global

Total

Return

Fund

434,200,485

b

K2016470219

South

Africa

Ltd.,

A

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

02/22/11

-

2/01/17

$

1,608,225

$

—

50,014,925

b

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

37,134

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

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

$1,645,359

$—

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$812

as

of

September

30,

2020.

b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$78,088

as

of

September

30,

2020.

4.

Concentration

of

Risk 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

55

Quarterly

Statement

of

Investments

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

September

30,

2020,

investments

in

affiliated

management

investment

companies

were

as

follows: 

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. 

a

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a

a

A

a

a

a

a

a

a

Templeton

Emerging

Markets

Bond

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$12,266,921

$15,331,620

$(19,241,909)

$

—

$

—

$

8,356,632

8,356,632

$

23,445

Total

Affiliated

Securities

....

$12,266,921

$15,331,620

$(19,241,909)

$—

$—

$8,356,632

$23,445

Templeton

Global

Bond

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$3,382,668,169

$8,320,193,935

$(9,756,185,348)

—

—

1,946,676,756

1,946,676,756

6,529,906

Total

Affiliated

Securities

....

$3,382,668,169

$8,320,193,935

$(9,756,185,348)

$—

$—

$1,946,676,756

$6,529,906

Templeton

Global

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$507,468,590

$1,847,859,607

$(2,089,798,840)

—

—

265,529,357

265,529,357

675,900

Total

Affiliated

Securities

....

$507,468,590

$1,847,859,607

$(2,089,798,840)

$—

$—

$265,529,357

$675,900

Templeton

International

Bond

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$118,942,853

$170,342,945

$(236,585,279)

—

—

52,700,519

52,700,519

327,205

Total

Affiliated

Securities

....

$118,942,853

$170,342,945

$(236,585,279)

$—

$—

$52,700,519

$327,205

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

56

Quarterly

Statement

of

Investments

A

summary

of

inputs

used

as

of

September

30,

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:

Common

Stocks

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

$

—

$

—

$

—

a

$

—

Corporate

Bonds

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

—

—

553,834

a

553,834

Foreign

Government

and

Agency

Securities

:

Argentina

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

—

—

1,464,776

1,464,776

Brazil

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

—

68,089

—

68,089

Chile

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

—

1,946,142

—

1,946,142

Colombia

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

—

818,608

—

818,608

Ethiopia

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

—

201,056

—

201,056

Ghana

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

—

1,115,218

—

1,115,218

India

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

—

624,514

—

624,514

Indonesia

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

—

1,150,630

—

1,150,630

Mexico

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

—

3,569,269

—

3,569,269

Senegal

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

—

206,230

—

206,230

South

Korea

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

—

1,132,915

—

1,132,915

Thailand

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

—

965,407

—

965,407

Options

purchased

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

—

94,044

—

94,044

Short

Term

Investments

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

8,356,632

2,219,956

187,687

10,764,275

Total

Investments

in

Securities

...........

$8,356,632

$14,112,078

$2,206,297

$24,675,007

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

295,286

$

—

$

295,286

Restricted

Currency

(ARS)

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

—

—

11,694

11,694

Total

Other

Financial

Instruments

.........

$—

$295,286

$11,694

$306,980

Receivables:

Interest

(ARS)

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

$—

$—

$7,892

$7,892

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

—

$

165,095

$

—

$

165,095

Forward

exchange

contracts

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

—

227,743

—

227,743

Total

Other

Financial

Instruments

.........

$—

$392,838

$—

$392,838

Payables:

Deferred

Tax

(ARS)

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

$—

$—

$85

$85

Templeton

Global

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

:

Argentina

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

—

—

466,780,127

466,780,127

Brazil

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

—

589,568,165

—

589,568,165

Colombia

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

—

437,320,462

—

437,320,462

Ghana

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

—

402,906,691

—

402,906,691

India

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

—

104,378,144

—

104,378,144

Indonesia

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

—

1,561,103,537

—

1,561,103,537

Mexico

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

—

2,503,355,197

—

2,503,355,197

Norway

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

—

1,092,236,514

—

1,092,236,514

South

Korea

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

—

1,201,203,731

—

1,201,203,731

Supranational

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

—

119,999,791

—

119,999,791

U.S.

Government

and

Agency

Securities

.......

—

4,738,984,346

—

4,738,984,346

Options

purchased

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

—

195,431,560

—

195,431,560

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

57

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Templeton

Global

Bond

Fund

(continued)

Assets:

Investments

in

Securities:

Short

Term

Investments

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

$

1,946,676,756

$

2,133,385,419

$

28,262,740

$

4,108,324,915

Total

Investments

in

Securities

...........

$1,946,676,756

$15,079,873,557

$495,042,867

$17,521,593,180

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

208,993,086

—

208,993,086

Restricted

Currency

(ARS)

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

—

—

3,177,108

3,177,108

Total

Other

Financial

Instruments

.........

$—

$208,993,086

$3,177,108

$212,170,194

Receivables:

Interest

(ARS)

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

$—

$—

$22,232,595

$22,232,595

Liabilities:

Other

Financial

Instruments:

Options

written

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

—

190,685,200

—

190,685,200

Forward

exchange

contracts

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

—

157,647,327

—

157,647,327

Total

Other

Financial

Instruments

.........

$—

$348,332,527

$—

$348,332,527

Payables:

Deferred

Tax

(ARS)

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

$—

$—

$29,885

$29,885

Templeton

Global

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

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

—

—

—

a

—

Corporate

Bonds

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

—

—

78,088

a

78,088

Foreign

Government

and

Agency

Securities

:

Argentina

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

—

—

80,726,805

80,726,805

Bosnia

and

Herzegovina

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

—

25,393

—

25,393

Brazil

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

—

20,431,090

—

20,431,090

Colombia

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

—

88,997,323

—

88,997,323

Ghana

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

—

114,995,367

—

114,995,367

Indonesia

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

—

186,980,921

—

186,980,921

Mexico

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

—

334,842,141

—

334,842,141

Norway

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

—

145,874,562

—

145,874,562

South

Korea

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

—

138,329,075

—

138,329,075

U.S.

Government

and

Agency

Securities

.......

—

603,376,154

—

603,376,154

Options

purchased

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

—

30,050,985

—

30,050,985

Short

Term

Investments

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

289,485,607

421,275,402

4,435,120

715,196,129

Total

Investments

in

Securities

...........

$289,485,607

$2,085,178,413

$85,240,013

$2,459,904,033

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

45,200,601

—

45,200,601

Restricted

Currency

(ARS)

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

—

—

501,868

501,868

Total

Other

Financial

Instruments

.........

$—

$45,200,601

$501,868

$45,702,469

Receivables:

Interest

(ARS)

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

$—

$—

$2,943,361

$2,943,361

Liabilities:

Other

Financial

Instruments:

Options

written

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

—

30,354,654

—

30,354,654

Forward

exchange

contracts

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

—

25,554,226

—

25,554,226

Total

Other

Financial

Instruments

.........

$—

$55,908,880

$—

$55,908,880

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

58

Quarterly

Statement

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At September

30,

2020,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Total

Return

Fund

(continued)

Liabilities:

Payables:

Deferred

Tax

(ARS)

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

$—

$—

$4,151

$4,151

Templeton

International

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

:

Argentina

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

$

—

$

—

$

4,806,305

$

4,806,305

Australia

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

—

16,017,473

—

16,017,473

Brazil

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

—

230,412

—

230,412

Colombia

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

—

4,890,265

—

4,890,265

Ghana

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

—

4,345,581

—

4,345,581

India

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

—

8,478,103

—

8,478,103

Indonesia

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

—

15,406,940

—

15,406,940

Mexico

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

—

39,045,433

—

39,045,433

Norway

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

—

15,937,534

—

15,937,534

Singapore

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

—

15,770,512

—

15,770,512

South

Korea

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

—

71,632,074

—

71,632,074

Options

purchased

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

—

2,461,261

—

2,461,261

Short

Term

Investments

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

52,700,519

70,621,047

351,531

123,673,097

Total

Investments

in

Securities

...........

$52,700,519

$264,836,635

$5,157,836

$322,694,990

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

4,312,747

—

4,312,747

Restricted

Currency

(ARS)

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

—

—

31,459

31,459

Total

Other

Financial

Instruments

.........

$—

$4,312,747

$31,459

$4,344,206

Receivables:

Interest

(ARS)

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

$—

$—

$211,537

$211,537

Liabilities:

Other

Financial

Instruments:

Options

written

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

—

2,530,406

—

2,530,406

Forward

exchange

contracts

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

—

7,754,779

—

7,754,779

Total

Other

Financial

Instruments

.........

$—

$10,285,185

$—

$10,285,185

Payables:

Deferred

Tax

(ARS)

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

$—

$—

$115

$115

a

Includes

securities

determined

to

have

no

value

at

September

30,

2020.

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

59

Quarterly

Statement

of

Investments

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

b

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Templeton

Emerging

Markets

Bond

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

South

Africa

..

$

1,993

$

—

$

—

$

—

$

—

$

—

$

—

$

(1,993)

$

—

c

$

(1,993)

Corporate

Bonds

:

South

Africa

..

878

82

—

125

—

(5,964)

—

5,691

812

c

5,691

United

States

.

552,327

—

(10,260)

—

—

—

—

10,955

553,022

11,058

Foreign

Government

and

Agency

Securities

1,770,959

10,905,120

(1,358,112)

—

—

406,181

(5,002,603)

4,557,839

1,464,776

1,187,543

Short

Term

Investments

....

489,445

286,758

(304,671)

—

—

86,814

(122,316)

(248,343)

187,687

(106,901)

Total

Investments

in

Securities

.........

$2,815,602

$11,191,960

$(1,673,043)

$125

$—

487,031

(5,124,919)

4,324,149

$2,206,297

1,095,398

Other

Financial

Instruments:

Restricted

Currency

(ARS)

.

$497,166

$809,924

$(967,934)

$—

$—

$—

$(339,465)

$12,003

$11,694

$(250)

Receivables:

Interest

(ARS)

.

$50,491

$132,202

$(241,199)

$—

$—

$—

$(27,648)

$94,046

$7,892

$(636)

Liabilities:

Payables:

Deferred

Tax

(ARS)

$164

$—

$—

$—

$—

$—

$—

$(79)

$85

$(79)

Templeton

Global

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

421,896,146

278,839,287

(113,449,479)

—

—

62,735,040

(201,978,704)

18,737,837

466,780,127

(58,554,600)

Short

Term

Investments

....

41,783,420

43,705,984

(26,470,895)

—

—

7,808,512

(10,062,138)

(28,502,143)

28,262,740

(16,097,572)

Total

Investments

in

Securities

.........

$463,679,566

$322,545,271

$(139,920,374)

$—

$—

70,543,552

(212,040,842)

(9,764,306)

$495,042,867

(74,652,172)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

.

$96,378,491

$107,687,266

$(185,134,380)

$—

$—

$—

$(19,980,516)

$4,226,247

$3,177,108

$(106,602)

Receivables:

Interest

(ARS)

.

$20,624,672

$69,086,703

$(58,382,745)

$—

$—

$—

$(9,638,574)

$542,539

$22,232,595

$(677,078)

Liabilities:

Payables:

Deferred

Tax

(ARS)

$57,813

$—

$—

$—

$—

$—

$—

$(27,928)

$29,885

$(27,928)

Templeton

Global

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

South

Africa

..

345,754

—

—

—

—

—

—

(345,754)

—

c

(345,754)

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

60

Quarterly

Statement

of

Investments

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

September

30,

2020,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

b

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

Total

Return

Fund

(continued)

Assets:

Investments

in

Securities:

Corporate

Bonds

:

South

Africa

..

$

96,896

$

—

$

—

$

32,272

$

—

$

904,438

$

—

$

(955,518)

$

78,088

c

$

(955,518)

Foreign

Government

and

Agency

Securities

74,554,061

47,534,623

(26,263,429)

—

—

13,268,940

(59,836,428)

31,469,038

80,726,805

(2,050,382)

Short

Term

Investments

....

5,831,458

6,718,229

(3,712,902)

—

—

1,133,725

(1,403,572)

(4,131,820)

4,435,120

(2,398,536)

Total

Investments

in

Securities

.........

$80,828,169

$54,252,852

$(29,976,331)

$32,272

$—

15,307,103

(61,240,000)

26,035,946

$85,240,013

(5,750,190)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

.

$14,601,411

$15,814,046

$(27,707,225)

$—

$—

$—

$(3,037,706)

$831,342

$501,868

$(10,524)

Receivables:

Interest

(ARS)

.

$2,621,567

$9,125,853

$(8,855,127)

$—

$—

$—

$(1,354,141)

$1,405,209

$2,943,361

$(98,548)

Liabilities:

Payables:

Deferred

Tax

(ARS)

$8,030

$—

$—

$—

$—

$—

$—

$(3,879)

$4,151

$(3,879)

Templeton

International

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

4,541,263

2,632,248

(1,315,982)

—

—

693,517

(2,478,707)

733,966

4,806,305

(240,854)

Short

Term

Investments

....

398,851

528,825

(252,443)

—

—

81,390

(95,268)

(309,824)

351,531

(190,108)

Total

Investments

in

Securities

.........

$4,940,114

$3,161,073

$(1,568,425)

$—

$—

774,907

(2,573,975)

424,142

$5,157,836

(430,962)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

.

$1,007,116

$1,146,276

$(1,955,126)

$—

$—

$—

$(205,201)

$38,394

$31,459

$(875)

Receivables:

Interest

(ARS)

.

$193,203

$656,884

$(581,593)

$—

$—

$—

$(99,416)

$42,459

$211,537

$(6,186)

Liabilities:

Payables:

Deferred

Tax

(ARS)

$222

$—

$—

$—

$—

$—

$—

$(107)

$115

$(107)

a

Transferred

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

b

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

c

Includes

securities

determined

to

have

no

value.

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

61

Quarterly

Statement

of

Investments

Description

Fair

Value

at

End

of

Year

Valuation

Technique

Unobservable

Inputs

Amount/

Range

(Weight

Average)

Impact

to

Fair

Value

if

Input

Increases

a

Templeton

Emerging

Markets

Bond

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds:

United

States

........

$553,022

Discounted

cash

flow

Discount

rate

b

7.5%

Decrease

c

Foreign

Government

and

Agency

Securities:

Argentina

...........

1,464,776

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

c

Short

Term

Investments:

Argentina

...........

187,687

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

f

All

Other

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

20,398

d,e

Liabilities:

All

Other

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

85

e

Total

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

$2,225,798

Templeton

Global

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities:

Argentina

...........

$466,780,127

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

c

Short

Term

Investments:

Argentina

...........

28,262,740

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

f

Receivables:

Interest

(

ARS

)

.........

22,232,595

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

f

All

Other

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

3,177,108

e

Liabilities:

All

Other

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

29,885

e

Total

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

$520,422,685

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

62

Quarterly

Statement

of

Investments

Description

Fair

Value

at

End

of

Year

Valuation

Technique

Unobservable

Inputs

Amount/

Range

(Weight

Average)

Impact

to

Fair

Value

if

Input

Increases

a

Templeton

Global

Total

Return

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities:

Argentina

...........

$80,726,805

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

c

Short

Term

Investments:

Argentina

...........

4,435,120

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

f

Receivables:

Interest

(

ARS

)

.........

2,943,361

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

f

All

Other

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

579,956

d,e

Liabilities:

All

Other

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

4,151

e

Total

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

$88,681,091

Templeton

International

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities:

Argentina

...........

$4,806,305

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

c

Short

Term

Investments:

Argentina

...........

351,531

Market

comparables

Implied

foreign

exchange

rate

145.3

ARS/USD

Decrease

f

All

Other

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

242,996

e

Liabilities:

All

Other

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

115

e

Total

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

$5,400,717

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

The

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.

c

Represents

a

significant

impact

to

fair

value

and

net

assets.

d

Includes

securities

determined

to

have

no

value

at

September

30,

2020

e

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

f

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

63

Quarterly

Statement

of

Investments

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.

Abbreviations

Counterparty

BAST

Banco

Santander

SA

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

Corp.

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SCNY

Standard

Chartered

Bank

UBSW

UBS

AG

Selected

Portfolio

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

Currency

ARS

Argentine

Peso

AUD

Australian

Dollar

BRL

Brazilian

Real

CHF

Swiss

Franc

CLP

Chilean

Peso

COP

Colombian

Peso

EUR

Euro

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

USD

United

States

Dollar

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.