Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TIT-Q3PH

1

Statements

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

2

Templeton

Global

Bond

Fund

8

Templeton

Global

Total

Return

Fund

17

Templeton

International

Bond

Fund

28

Notes

to

Statements

of

Investments

37

Templeton

Income

Trust

Statement

of

Investments

(unaudited),

September

30,

2021

Templeton

Emerging

Markets

Bond

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

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

2.5%

Costa

Rica

2.5%

a,c

Reventazon

Finance

Trust,

Senior

Secured

Bond,

144A,

8%,

11/15/33

.

Diversified

Financial

Services

514,620

558,501

South

Africa

0.0%

a,d,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

Multiline

Retail

182,668

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Multiline

Retail

51,234

EUR

—

a,d,e

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

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

Multiline

Retail

187,894

—

—

Total

Corporate

Bonds

(Cost

$815,655)

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

558,501

a

a

Industry

Principal

Amount

*

a

Value

Foreign

Government

and

Agency

Securities

74.1%

Argentina

3.9%

f

Argentina

BONCER

,

Index

Linked,

1.2%,

3/18/22

.......

80,130,022

ARS

409,895

Index

Linked,

1.4%,

3/25/23

.......

46,742,320

ARS

225,501

Index

Linked,

1.5%,

3/25/24

.......

41,878,678

ARS

186,045

Argentina

Government

Bond,

16%,

10/17/23

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

11,171,500

ARS

33,996

855,437

Brazil

1.3%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/25

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

590,000

BRL

107,699

10%,

1/01/27

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

270,000

BRL

48,475

10%,

1/01/29

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

280,000

BRL

49,369

10%,

1/01/31

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

430,000

BRL

74,188

279,731

Chile

7.7%

Chile

Bonos

Tesoreria

Pesos

,

e

144A,

Reg

S,

4%,

3/01/23

........

1,090,000,000

CLP

1,336,657

2.5%,

3/01/25

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

335,000,000

CLP

381,213

1,717,870

China

4.1%

China

Government

Bond,

2.64%,

8/13/22

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

5,900,000

CNY

917,440

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Statements

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)

Colombia

8.5%

Colombia

Government

Bond,

Senior

Bond,

9.85%,

6/28/27

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

13,000,000

COP

$

4,003

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

178,900,000

COP

48,169

B,

10%,

7/24/24

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

3,202,000,000

COP

938,906

B,

7.5%,

8/26/26

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

1,563,300,000

COP

425,568

B,

6%,

4/28/28

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

428,400,000

COP

105,904

B,

7.75%,

9/18/30

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

1,267,800,000

COP

340,109

B,

7%,

6/30/32

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

107,000,000

COP

26,633

1,889,292

Ecuador

5.5%

e

Ecuador

Government

Bond

,

Senior

Note,

144A,

0.5%,

7/31/30

..

146,000

122,641

Senior

Bond,

144A,

0.5%,

7/31/35

..

1,199,500

796,180

Senior

Bond,

144A,

0.5%,

7/31/40

..

534,000

310,727

1,229,548

Egypt

1.9%

e

Egypt

Government

Bond,

Senior

Note,

144A,

5.25%,

10/06/25

...........

420,000

429,120

Ethiopia

0.8%

e

Ethiopia

Government

Bond,

Senior

Note,

144A,

6.625%,

12/11/24

.....

200,000

174,091

Ghana

4.6%

Ghana

Government

Bond

,

19.5%,

10/18/21

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

885,000

GHS

147,113

18.75%,

1/24/22

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

400,000

GHS

67,373

18.25%,

7/25/22

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

297,000

GHS

50,493

17.6%,

11/28/22

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

150,000

GHS

25,372

Senior

Note,

18.5%,

1/02/23

......

50,000

GHS

8,531

20.75%,

1/16/23

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

50,000

GHS

8,738

16.5%,

2/06/23

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

340,000

GHS

56,687

Senior

Note,

17.6%,

2/20/23

......

1,560,000

GHS

263,299

Senior

Note

,

17.25%,

7/31/23

......

70,000

GHS

11,644

18.85%,

9/28/23

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

1,253,000

GHS

213,340

19.25%,

11/27/23

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

260,000

GHS

44,439

19.25%,

12/18/23

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

243,000

GHS

41,537

Senior

Note,

17.7%,

3/18/24

......

170,000

GHS

28,254

19.75%,

3/25/24

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

270,000

GHS

46,648

Senior

Note,

18.3%,

3/02/26

......

100,000

GHS

16,265

1,029,733

India

4.6%

India

Government

Bond

,

7.26%,

1/14/29

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

38,400,000

INR

549,570

Senior

Note,

5.77%,

8/03/30

......

37,000,000

INR

483,140

1,032,710

Indonesia

12.4%

Indonesia

Government

Bond

,

FR61,

7%,

5/15/22

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

16,436,000,000

IDR

1,175,641

FR63,

5.625%,

5/15/23

..........

308,000,000

IDR

22,106

FR70,

8.375%,

3/15/24

..........

174,000,000

IDR

13,279

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

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)

FR81,

6.5%,

6/15/25

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

13,129,000,000

IDR

$

964,551

FR86,

5.5%,

4/15/26

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

8,020,000,000

IDR

567,045

2,742,622

Peru

2.0%

Peru

Bonos

de

la

Tesoreria

,

5.2%,

9/12/23

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

1,800,000

PEN

449,941

Senegal

1.0%

e

Senegal

Government

Bond,

Senior

Note,

144A,

6.25%,

7/30/24

.......

200,000

220,779

South

Korea

4.2%

Korea

Monetary

Stabilization

Bond,

Senior

Note,

0.905%,

4/02/23

......

560,000,000

KRW

469,611

Korea

Treasury

Bond

,

0.875%,

12/10/23

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

446,000,000

KRW

371,314

1.875%,

6/10/26

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

96,500,000

KRW

81,112

922,037

Sri

Lanka

3.9%

e

Sri

Lanka

Government

Bond

,

Senior

Bond,

144A,

6.85%,

11/03/25

200,000

126,188

Senior

Bond,

144A,

6.2%,

5/11/27

..

800,000

492,464

Senior

Bond,

144A,

6.75%,

4/18/28

.

200,000

122,588

Senior

Bond,

144A,

7.85%,

3/14/29

.

200,000

123,116

864,356

Thailand

4.1%

Bank

of

Thailand

,

Senior

Note,

1.32%,

11/25/21

......

2,660,000

THB

79,160

0.9%,

2/24/22

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

25,878,000

THB

770,401

Thailand

Government

Bond,

Senior

Bond,

3.65%,

12/17/21

...........

1,760,000

THB

52,648

902,209

Turkey

1.8%

Turkey

Government

Bond

,

13.9%,

11/09/22

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

1,770,000

TRY

192,534

12.2%,

1/18/23

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

120,000

TRY

12,743

7.1%,

3/08/23

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

510,000

TRY

50,141

16.2%,

6/14/23

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

630,000

TRY

69,769

8.8%,

9/27/23

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

330,000

TRY

31,980

10.4%,

3/20/24

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

30,000

TRY

2,917

12.6%,

10/01/25

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

300,000

TRY

28,820

388,904

Uzbekistan

1.8%

e

Uzbekistan

Government

Bond,

Senior

Note

,

144A,

14%,

7/19/24

........

4,100,000,000

UZS

394,010

Total

Foreign

Government

and

Agency

Securities

(Cost

$17,702,982)

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

16,439,830

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

12,498

$

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$18,533,635)

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

16,998,331

Short

Term

Investments

23.1%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

7.6%

Brazil

3.6%

g

Brazil

Letras

do

Tesouro

Nacional

,

1/01/24

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

1,070,000

BRL

158,596

7/01/24

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

3,690,000

BRL

520,652

g

Brazil

Notas

do

Tesouro

Nacional

,

1/01/25

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

960,000

BRL

128,546

807,794

Egypt

4.0%

g

Egypt

Treasury

Bills

,

11/23/21

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

4,800,000

EGP

301,211

12/07/21

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

1,300,000

EGP

81,083

12/14/21

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

1,200,000

EGP

74,672

12/21/21

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

3,200,000

EGP

198,664

1/04/22

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

250,000

EGP

15,464

1/11/22

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

1,700,000

EGP

105,053

2/15/22

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

800,000

EGP

48,803

3/01/22

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

400,000

EGP

24,289

3/22/22

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

500,000

EGP

30,189

879,428

Total

Foreign

Government

and

Agency

Securities

(Cost

$1,740,865)

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

1,687,222

Industry

Shares

Money

Market

Funds

15.5%

United

States

15.5%

h,i

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

3,431,270

3,431,270

Total

Money

Market

Funds

(Cost

$3,431,270)

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

3,431,270

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$5,172,135

)

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

5,118,492

a

a

a

Total

Investments

(Cost

$23,705,770)

99.7%

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

$22,116,823

Other

Assets,

less

Liabilities

0.3%

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

84,066

Net

Assets

100.0%

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

$22,200,889

a

a

a

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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,

2021,

the

aggregate

value

of

these

securities

was

$4,648,561,

representing

20.9%

of

net

assets.

f

Redemption

price

at

maturity

is

adjusted

for

inflation.

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

Chilean

Peso

......

GSCO

Buy

34,022,651

44,137

10/04/21

$

—

$

(2,217)

Chilean

Peso

......

GSCO

Sell

34,022,651

42,457

10/04/21

536

—

Chilean

Peso

......

JPHQ

Buy

8,870,000

12,027

10/04/21

—

(1,098)

Chilean

Peso

......

JPHQ

Sell

8,870,000

11,241

10/04/21

312

—

Indian

Rupee

......

JPHQ

Buy

10,942,000

149,367

10/07/21

—

(1,913)

Indian

Rupee

......

CITI

Buy

10,631,000

145,118

10/08/21

—

(1,880)

Indian

Rupee

......

JPHQ

Buy

14,153,500

193,196

10/08/21

—

(2,496)

Indian

Rupee

......

CITI

Buy

12,814,700

174,861

10/12/21

—

(2,314)

Indian

Rupee

......

HSBK

Buy

12,826,900

170,734

10/12/21

1,978

—

Chilean

Peso

......

GSCO

Buy

158,650,000

212,939

10/14/21

—

(17,610)

Chinese

Yuan

......

HSBK

Buy

4,746,240

724,078

10/15/21

11,313

—

Indian

Rupee

......

HSBK

Buy

19,972,664

265,266

10/18/21

3,396

—

Chilean

Peso

......

JPHQ

Buy

19,130,000

24,212

10/29/21

—

(685)

Brazilian

Real

......

MSCO

Buy

3,700,000

703,837

11/03/21

—

(27,957)

Chilean

Peso

......

GSCO

Buy

37,182,651

48,154

11/04/21

—

(2,449)

Chilean

Peso

......

GSCO

Buy

49,096,735

63,184

11/05/21

—

(2,839)

Indian

Rupee

......

CITI

Buy

7,952,700

104,407

11/10/21

2,209

—

Australian

Dollar

....

MSCO

Sell

322,000

236,441

11/16/21

3,706

—

Columbian

Peso

....

MSCO

Buy

4,126,000,000

1,096,632

11/18/21

3,488

(20,036)

Chinese

Yuan

......

JPHQ

Buy

1,213,270

185,974

11/22/21

1,438

—

Chilean

Peso

......

GSCO

Buy

113,871,936

144,781

11/30/21

—

(5,106)

Russian

Ruble

.....

JPHQ

Buy

3,028,400

40,237

12/06/21

926

—

Russian

Ruble

.....

MSCO

Buy

41,698,100

554,607

12/06/21

12,158

—

Russian

Ruble

.....

JPHQ

Buy

5,600,900

74,689

12/07/21

1,420

—

Russian

Ruble

.....

DBAB

Buy

12,603,700

169,301

12/09/21

1,882

—

Chinese

Yuan

......

CITI

Buy

2,531,870

389,171

12/10/21

1,361

—

Chinese

Yuan

......

JPHQ

Buy

971,650

150,289

12/10/21

—

(415)

Russian

Ruble

.....

DBAB

Buy

8,077,100

108,830

12/10/21

845

—

Chinese

Yuan

......

BOFA

Buy

1,963,760

301,741

12/13/21

1,088

—

Chinese

Yuan

......

JPHQ

Buy

2,430,050

375,730

12/13/21

—

(995)

Chilean

Peso

......

GSCO

Buy

323,098,262

413,645

12/15/21

—

(17,865)

Chinese

Yuan

......

HSBK

Buy

1,757,680

271,628

12/15/21

—

(624)

Indian

Rupee

......

CITI

Buy

13,448,283

180,574

12/15/21

—

(947)

Indian

Rupee

......

HSBK

Buy

19,900,274

269,761

12/15/21

—

(3,956)

Russian

Ruble

.....

DBAB

Buy

12,061,300

158,950

12/15/21

4,621

—

Indian

Rupee

......

JPHQ

Buy

56,300,000

750,027

12/20/21

1,556

—

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

See

Abbreviations

on

page

48

.

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)

Chilean

Peso

......

GSCO

Buy

10,670,000

14,421

12/23/21

$

—

$

(1,360)

Egyptian

Pound

....

HSBK

Buy

1,450,000

88,183

12/27/21

2,031

—

Chilean

Peso

......

GSCO

Buy

2,650,000

3,330

12/28/21

—

(87)

Chinese

Yuan

......

CITI

Buy

1,612,760

245,698

1/12/22

2,402

—

Chilean

Peso

......

GSCO

Buy

34,022,651

42,107

1/14/22

—

(544)

Indian

Rupee

......

JPHQ

Buy

10,911,100

141,354

1/27/22

3,617

—

Chilean

Peso

......

GSCO

Buy

137,072,267

173,597

2/11/22

—

(6,555)

Russian

Ruble

.....

JPHQ

Buy

9,592,800

127,676

3/03/22

536

—

Russian

Ruble

.....

MSCO

Buy

25,819,800

343,623

3/03/22

1,472

—

Chinese

Yuan

......

BOFA

Buy

1,637,910

250,437

3/09/22

433

—

Russian

Ruble

.....

DBAB

Buy

8,000,300

106,331

3/11/22

453

—

Indian

Rupee

......

SCNY

Buy

39,600,000

516,499

3/22/22

5,872

—

Australian

Dollar

....

CITI

Sell

741,205

536,299

3/28/22

249

—

Chilean

Peso

......

GSCO

Buy

131,212,121

165,425

5/11/22

—

(6,805)

Columbian

Peso

....

GSCO

Buy

370,000,000

100,489

6/13/22

—

(5,402)

Total

Forward

Exchange

Contracts

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

$71,298

$(134,155)

Net

unrealized

appreciation

(depreciation)

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

$(62,857)

*

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,

2021

Templeton

Global

Bond

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

61.3%

Argentina

3.1%

a

Argentina

BONCER

,

Index

Linked,

1.2%,

3/18/22

.......

23,468,049,862

ARS

$

120,047,876

Index

Linked,

1.4%,

3/25/23

.......

15,977,525,991

ARS

77,080,856

Index

Linked,

1.5%,

3/25/24

.......

13,004,819,952

ARS

57,773,699

Argentina

Government

Bond

,

16%,

10/17/23

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

5,986,154,700

ARS

18,216,583

15.5%,

10/17/26

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

18,801,412,000

ARS

37,100,772

310,219,786

Brazil

2.4%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/25

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

230,020,000

BRL

41,988,066

10%,

1/01/27

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

850,180,000

BRL

152,638,364

10%,

1/01/29

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

99,190,000

BRL

17,488,949

10%,

1/01/31

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

158,250,000

BRL

27,302,921

239,418,300

Colombia

4.2%

Colombia

Government

Bond

,

Senior

Bond,

4.375%,

3/21/23

.....

6,831,000,000

COP

1,800,205

Senior

Bond,

9.85%,

6/28/27

......

10,884,000,000

COP

3,351,408

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

249,235,700,000

COP

67,107,483

B,

10%,

7/24/24

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

518,579,000,000

COP

152,060,337

B,

6.25%,

11/26/25

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

15,492,000,000

COP

4,076,777

B,

7.5%,

8/26/26

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

309,760,200,000

COP

84,324,206

B,

5.75%,

11/03/27

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

10,656,000,000

COP

2,633,482

B,

6%,

4/28/28

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

236,008,100,000

COP

58,343,034

B,

7.75%,

9/18/30

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

175,388,800,000

COP

47,051,058

420,747,990

Ghana

3.9%

Ghana

Government

Bond

,

18.75%,

1/24/22

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

243,080,000

GHS

40,942,269

17.6%,

11/28/22

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

3,220,000

GHS

544,651

Senior

Note,

17.6%,

2/20/23

......

14,885,000

GHS

2,512,307

19.75%,

3/25/24

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

306,980,000

GHS

53,037,114

Senior

Note,

18.3%,

3/02/26

......

6,300,000

GHS

1,024,708

19%,

11/02/26

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

890,765,000

GHS

146,558,565

19.75%,

3/15/32

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

840,925,000

GHS

141,891,057

386,510,671

India

3.9%

India

Government

Bond

,

8.79%,

11/08/21

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

7,315,000,000

INR

99,150,835

Senior

Note,

5.22%,

6/15/25

......

2,124,000,000

INR

28,553,868

8.2%,

9/24/25

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

320,200,000

INR

4,729,615

Senior

Note,

5.15%,

11/09/25

......

622,300,000

INR

8,323,063

7.59%,

1/11/26

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

7,001,000,000

INR

101,366,778

7.27%,

4/08/26

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

1,448,000,000

INR

20,744,840

8.33%,

7/09/26

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

8,401,000,000

INR

125,106,175

387,975,174

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Indonesia

12.7%

Indonesia

Government

Bond

,

FR61,

7%,

5/15/22

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

423,493,000,000

IDR

$

30,291,770

FR35,

Senior

Bond,

12.9%,

6/15/22

.

1,172,669,000,000

IDR

87,102,773

FR43,

10.25%,

7/15/22

..........

377,390,000,000

IDR

27,787,564

FR63,

5.625%,

5/15/23

..........

1,657,468,000,000

IDR

118,961,328

FR46,

9.5%,

7/15/23

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

6,667,220,000,000

IDR

509,277,951

FR39,

11.75%,

8/15/23

..........

641,965,000,000

IDR

50,958,737

FR70,

8.375%,

3/15/24

..........

2,703,357,000,000

IDR

206,305,096

FR44,

10%,

9/15/24

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

248,790,000,000

IDR

19,969,264

FR81,

6.5%,

6/15/25

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

162,429,000,000

IDR

11,933,212

FR40,

11%,

9/15/25

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

532,795,000,000

IDR

45,166,426

FR86,

5.5%,

4/15/26

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

1,712,391,000,000

IDR

121,072,774

FR59,

7%,

5/15/27

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

502,090,000,000

IDR

37,641,402

1,266,468,297

Mexico

4.4%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

Senior

Note,

6.75%,

3/09/23

....

197,235,300

MXN

9,669,001

M,

Senior

Bond,

8%,

12/07/23

.....

8,497,572,000

MXN

426,110,055

435,779,056

Norway

7.5%

b

Norway

Government

Bond

,

144A,

Reg

S,

2%,

5/24/23

........

2,535,983,000

NOK

295,721,653

144A,

Reg

S,

3%,

3/14/24

........

2,921,308,000

NOK

349,510,234

144A,

Reg

S,

1.75%,

3/13/25

......

890,910,000

NOK

103,581,346

748,813,233

South

Korea

18.0%

Korea

Monetary

Stabilization

Bond

,

1.285%,

2/02/22

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

138,640,000,000

KRW

117,264,642

Senior

Note,

0.87%,

2/02/23

......

408,050,000,000

KRW

342,588,460

Senior

Note

,

0.905%,

4/02/23

......

449,400,000,000

KRW

376,862,607

Korea

Treasury

Bond

,

1.25%,

12/10/22

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

104,520,000,000

KRW

88,234,073

2.25%,

9/10/23

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

13,848,000,000

KRW

11,872,991

0.875%,

12/10/23

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

247,523,000,000

KRW

206,073,411

1.875%,

3/10/24

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

239,662,000,000

KRW

203,877,958

1.375%,

9/10/24

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

385,853,010,000

KRW

323,240,135

3%,

9/10/24

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

146,030,000,000

KRW

128,065,243

1,798,079,520

Supranational

1.2%

c

Inter-American

Development

Bank,

Senior

Bond,

7.5%,

12/05/24

......

2,473,000,000

MXN

121,700,221

Total

Foreign

Government

and

Agency

Securities

(Cost

$7,898,677,411)

...........

6,115,712,248

U.S.

Government

and

Agency

Securities

13.4%

United

States

13.4%

U.S.

Treasury

Notes

,

2.875%,

5/31/25

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

287,950,000

310,592,318

2.625%,

12/31/25

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

418,885,000

449,957,759

1.625%,

2/15/26

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

226,420,000

233,690,206

2.125%,

5/31/26

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

103,431,000

109,095,463

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

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%,

10/31/26

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

226,430,000

$

233,435,178

1,336,770,924

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,326,815,758)

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

1,336,770,924

Total

Long

Term

Investments

(Cost

$9,225,493,169)

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

7,452,483,172

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.7%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

86.50

JPY,

Expires

12/20/21

..

1

174,655,000

AUD

104,357

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.45

JPY,

Expires

2/23/22

..

1

109,126,000

4,148,607

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

115.55

JPY,

Expires

7/18/22

.......

1

322,232,000

2,479,747

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

21.03

MXN,

Expires

3/04/22

..

1

79,642,000

2,435,954

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

21.37

MXN,

Expires

12/31/21

.

1

212,901,000

3,268,882

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.41

MXN,

Expires

2/03/22

..

1

143,953,000

2,800,391

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

21.60

MXN,

Expires

12/28/21

.

1

66,168,000

767,649

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

22.02

MXN,

Expires

6/09/22

..

1

157,306,000

4,372,826

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

22.32

MXN,

Expires

8/29/22

..

1

52,923,000

1,772,669

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

23.44

MXN,

Expires

12/22/22

.

1

256,994,100

8,196,891

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

104,398,000

3,404,741

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

10,767,000

351,145

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

102,286,100

3,463,017

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

102,284,100

3,084,496

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

103,935,000

$

6,480

40,657,852

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.00

JPY,

Expires

12/20/21

..

1

349,306,000

AUD

772,243

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

79.55

JPY,

Expires

6/03/22

.......

1

714,984,000

AUD

14,746,270

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.61

JPY,

Expires

12/14/21

..

1

309,141,000

AUD

5,630,091

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

108.65

JPY,

Expires

7/18/22

......

1

483,634,000

6,611,763

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

18.70

MXN,

Expires

6/09/22

..

1

128,213,500

223,990

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

18.76

MXN,

Expires

10/27/21

.

1

100,203,000

832

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.04

MXN,

Expires

6/09/22

..

1

128,213,500

360,308

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

19.37

MXN,

Expires

2/24/22

..

1

26,463,000

68,149

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.41

MXN,

Expires

8/11/22

..

1

30,993,000

170,147

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

5,383,000

54,791

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

52,200,000

531,315

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

20.32

MXN,

Expires

12/31/21

.

1

53,225,000

517,347

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

20.34

MXN,

Expires

11/09/21

.

1

42,415,000

233,978

29,921,224

Total

Options

Purchased

(Cost

$94,266,653)

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

70,579,076

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

Short

Term

Investments

20.9%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

16.2%

Argentina

0.4%

a,d

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER

,

Index

Linked,

2/28/22

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

1,055,419,512

ARS

$

5,284,323

Index

Linked,

4/18/22

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

8,004,134,638

ARS

40,145,412

45,429,735

Brazil

6.5%

d

Brazil

Letras

do

Tesouro

Nacional

,

1/01/24

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

398,720,000

BRL

59,098,386

7/01/24

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

1,740,010,000

BRL

245,512,227

d

Brazil

Notas

do

Tesouro

Nacional

,

1/01/25

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

2,549,780,000

BRL

341,421,794

646,032,407

Japan

4.7%

d

Japan

Treasury

Bills

,

10/25/21

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

3,285,600,000

JPY

29,523,711

12/06/21

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

10,022,900,000

JPY

90,076,038

2/10/22

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

22,799,000,000

JPY

204,940,200

3/25/22

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

15,701,000,000

JPY

141,156,613

465,696,562

Singapore

4.6%

d

Singapore

Treasury

Bills

,

10/15/21

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

117,850,000

SGD

86,784,130

11/12/21

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

36,540,000

SGD

26,902,646

11/19/21

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

472,990,000

SGD

348,221,355

461,908,131

Total

Foreign

Government

and

Agency

Securities

(Cost

$1,688,948,056)

...........

1,619,066,835

Industry

Shares

Money

Market

Funds

4.7%

United

States

4.7%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

467,952,997

467,952,997

Total

Money

Market

Funds

(Cost

$467,952,997)

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

467,952,997

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$2,156,901,053

)

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

2,087,019,832

a

a

a

Total

Investments

(Cost

$11,476,660,875)

96.3%

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

$9,610,082,080

Options

Written

(0.4)%

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

(41,397,545)

Other

Assets,

less

Liabilities

4.1%

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

413,402,233

Net

Assets

100.0%

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

$9,982,086,768

a

a

a

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(0.4)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.20

JPY,

Expires

12/20/21

..

1

174,655,000

AUD

$

(1,676,468)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

March

Strike

Price

83.40

JPY,

Expires

3/03/22

.......

1

119,164,000

AUD

(847,693)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

111.25

JPY,

Expires

7/18/22

.......

1

483,634,000

(10,105,134)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

20.34

MXN,

Expires

11/09/21

.

1

42,415,000

(1,086,931)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

20.56

MXN,

Expires

3/04/22

..

1

29,866,000

(1,253,993)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.86

MXN,

Expires

2/03/22

..

1

47,984,000

(1,410,023)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

21.71

MXN,

Expires

2/24/22

..

1

30,431,000

(559,716)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

22.06

MXN,

Expires

8/11/22

..

1

30,993,000

(1,091,474)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

22.52

MXN,

Expires

12/31/21

.

1

133,062,000

(754,462)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

22.55

MXN,

Expires

3/04/22

..

1

29,866,000

(339,802)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

22.73

MXN,

Expires

2/03/22

..

1

95,969,000

(762,180)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

72,826,000

(2,954,548)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

4,273,000

(173,355)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.08

MXN,

Expires

12/28/21

.

1

22,071,000

(76,999)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

24.95

MXN,

Expires

12/22/22

.

1

77,099,000

(1,529,953)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

25.41

MXN,

Expires

6/09/22

..

1

170,942,100

(1,090,417)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

34,645,000

(4,501)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

29,773,000

(235,466)

(25,953,115)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

14

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,

December

Strike

Price

68.40

JPY,

Expires

12/20/21

..

1

174,655,000

AUD

$

(51,277)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

73.30

JPY,

Expires

6/03/22

.......

1

357,492,000

AUD

(2,493,145)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

78.33

JPY,

Expires

12/14/21

..

1

464,175,000

AUD

(2,881,988)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

95.85

JPY,

Expires

2/23/22

...

1

109,126,000

(19,516)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

January

Strike

Price

108.05

JPY,

Expires

1/18/22

..

1

161,401,000

(666,729)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.71

MXN,

Expires

10/27/21

.

1

100,203,000

(34,261)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.84

MXN,

Expires

6/09/22

..

1

157,306,000

(1,254,207)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

4,273,000

(44,931)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

72,826,000

(765,777)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.50

MXN,

Expires

8/11/22

..

1

30,993,000

(528,839)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.35

MXN,

Expires

8/29/22

..

1

52,923,000

(1,813,472)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

104,398,000

(4,433,086)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

10,767,000

(457,202)

(15,444,430)

Total

Options

Written

(Premiums

received

$53,762,225)

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

$

(41,397,545)

#

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

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,

2021,

the

aggregate

value

of

these

securities

was

$748,813,233,

representing

7.5%

of

net

assets.

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

c

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

d

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

e

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

f

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

Mexican

Peso

......

CITI

Buy

518,530,500

25,177,495

10/01/21

$

—

$

(61,646)

Mexican

Peso

......

CITI

Sell

518,530,500

25,867,031

10/01/21

751,183

—

Chilean

Peso

......

GSCO

Buy

9,478,100,567

12,295,808

10/04/21

—

(617,517)

Chilean

Peso

......

GSCO

Sell

9,478,100,567

11,827,667

10/04/21

149,376

—

Chilean

Peso

......

JPHQ

Buy

15,551,018,000

21,086,412

10/04/21

—

(1,925,473)

Chilean

Peso

......

JPHQ

Sell

15,551,018,000

19,707,284

10/04/21

546,345

—

Indian

Rupee

......

JPHQ

Buy

4,628,008,500

63,175,829

10/07/21

—

(809,281)

Indian

Rupee

......

CITI

Buy

4,496,477,800

61,379,078

10/08/21

—

(794,988)

Indian

Rupee

......

JPHQ

Buy

2,823,969,900

38,547,228

10/08/21

—

(497,969)

Indian

Rupee

......

CITI

Buy

4,358,906,500

59,478,836

10/12/21

—

(786,971)

Indian

Rupee

......

HSBK

Buy

2,559,257,100

34,065,290

10/12/21

394,631

—

Mexican

Peso

......

CITI

Buy

2,383,987,000

118,603,368

10/12/21

—

(3,272,213)

Mexican

Peso

......

CITI

Sell

2,383,987,000

118,075,858

10/12/21

2,744,703

—

Chilean

Peso

......

JPHQ

Buy

35,742,600,000

46,193,990

10/13/21

—

(2,184,520)

Euro

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

DBAB

Sell

148,513,204

1,513,913,899

SEK

10/13/21

935,586

—

Swedish

Krona

.....

DBAB

Sell

1,376,400,000

135,273,658

EUR

10/13/21

—

(560,501)

Chilean

Peso

......

GSCO

Buy

9,397,650,000

12,613,449

10/14/21

—

(1,043,109)

Chinese

Yuan

......

HSBK

Buy

927,022,870

139,467,999

10/15/21

4,166,610

—

Euro

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

DBAB

Sell

111,898,594

1,135,435,030

SEK

10/18/21

97,809

—

Euro

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

DBAB

Sell

111,864,418

1,135,435,030

SEK

10/19/21

135,665

—

Euro

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

DBAB

Sell

204,390,448

2,060,194,402

NOK

10/19/21

—

(1,155,981)

Euro

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

JPHQ

Sell

163,635,626

1,649,025,750

NOK

10/19/21

—

(968,066)

Norwegian

Krone

...

DBAB

Sell

1,902,200,000

188,261,143

EUR

10/19/21

540,380

—

Euro

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

CITI

Buy

115,420,000

136,653,240

10/21/21

—

(2,914,838)

Euro

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

CITI

Sell

115,420,000

138,531,701

10/21/21

4,793,298

—

Singapore

Dollar

....

MSCO

Buy

33,100,000

24,796,887

10/21/21

—

(420,928)

Euro

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

CITI

Buy

115,420,000

136,656,126

10/22/21

—

(2,914,934)

Euro

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

CITI

Sell

115,420,000

139,501,229

10/22/21

5,760,037

—

Euro

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

HSBK

Sell

256,577,245

32,368,502,297

JPY

10/25/21

—

(6,446,449)

Euro

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

CITI

Sell

114,670,000

138,571,815

10/26/21

5,688,589

—

Singapore

Dollar

....

CITI

Buy

26,320,000

19,811,818

10/26/21

—

(429,071)

Chilean

Peso

......

JPHQ

Buy

33,537,277,800

42,445,959

10/29/21

—

(1,202,251)

Mexican

Peso

......

CITI

Sell

518,530,500

25,756,532

11/01/21

748,055

—

Euro

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

HSBK

Sell

287,284,320

427,266,272

CAD

11/03/21

4,282,313

—

Chilean

Peso

......

GSCO

Buy

15,020,240,567

19,408,831

11/04/21

—

(945,697)

Chilean

Peso

......

GSCO

Buy

13,677,470,202

17,602,016

11/05/21

—

(790,818)

Indian

Rupee

......

CITI

Buy

3,363,647,800

44,159,745

11/10/21

934,434

—

Australian

Dollar

....

CITI

Sell

69,000,000

50,863,695

11/15/21

991,944

—

Australian

Dollar

....

MSCO

Sell

133,184,000

97,795,679

11/16/21

1,532,704

—

Mexican

Peso

......

CITI

Sell

1,581,979,300

78,257,695

11/16/21

2,134,404

—

Australian

Dollar

....

HSBK

Sell

68,959,000

53,343,234

11/17/21

3,500,727

—

Euro

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

HSBK

Sell

225,999,999

274,088,279

11/17/21

12,074,804

—

Australian

Dollar

....

JPHQ

Sell

62,696,000

48,428,459

11/18/21

3,112,574

—

Euro

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

CITI

Sell

225,955,000

273,831,475

11/18/21

11,864,898

—

Chinese

Yuan

......

JPHQ

Buy

644,088,108

98,728,070

11/22/21

763,492

—

Chilean

Peso

......

GSCO

Buy

24,514,422,714

31,168,609

11/30/21

—

(1,099,145)

Mexican

Peso

......

CITI

Sell

518,530,500

24,953,345

12/01/21

59,430

—

Chinese

Yuan

......

CITI

Buy

1,532,586,140

235,572,280

12/10/21

823,877

—

Chinese

Yuan

......

JPHQ

Buy

588,157,946

90,972,893

12/10/21

—

(251,546)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

16

See

Abbreviations

on

page

48

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Chinese

Yuan

......

BOFA

Buy

1,188,701,030

182,649,472

12/13/21

$

658,395

$

—

Chinese

Yuan

......

JPHQ

Buy

1,290,035,552

199,462,979

12/13/21

—

(528,462)

Euro

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

DBAB

Sell

134,100,784

1,352,258,895

SEK

12/13/21

—

(955,249)

Chilean

Peso

......

GSCO

Buy

32,405,456,859

41,486,950

12/15/21

—

(1,791,821)

Chinese

Yuan

......

HSBK

Buy

933,091,780

144,198,146

12/15/21

—

(331,060)

Euro

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

DBAB

Sell

25,547,677

260,313,200

SEK

12/15/21

125,497

—

Indian

Rupee

......

HSBK

Buy

2,566,417,190

34,789,443

12/15/21

—

(510,127)

Mexican

Peso

......

MSCO

Sell

1,409,269,100

69,208,361

12/15/21

1,676,224

—

Euro

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

DBAB

Sell

41,070,596

415,544,078

SEK

12/16/21

—

(134,417)

New

Zealand

Dollar

.

JPHQ

Buy

185,570,000

132,378,401

12/20/21

—

(4,388,454)

New

Zealand

Dollar

.

BOFA

Buy

56,380,000

39,801,461

12/21/21

—

(915,894)

New

Zealand

Dollar

.

CITI

Buy

66,290,000

46,976,408

12/21/21

—

(1,255,865)

New

Zealand

Dollar

.

JPHQ

Buy

66,310,000

46,880,573

12/21/21

—

(1,146,235)

Chilean

Peso

......

GSCO

Buy

18,719,530,000

25,300,123

12/23/21

—

(2,386,445)

Chilean

Peso

......

GSCO

Buy

4,655,410,000

5,849,093

12/28/21

—

(153,245)

Chinese

Yuan

......

CITI

Buy

856,161,690

130,432,920

1/12/22

1,275,066

—

Chilean

Peso

......

JPHQ

Buy

29,488,000,000

37,138,539

1/13/22

—

(1,111,634)

Chilean

Peso

......

GSCO

Buy

9,478,100,567

11,730,322

1/14/22

—

(151,486)

Euro

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

DBAB

Sell

93,026,264

946,198,037

SEK

1/18/22

227,910

—

South

Korean

Won

..

JPHQ

Buy

48,338,500,000

42,084,712

1/19/22

—

(1,325,689)

Euro

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

JPHQ

Sell

18,988,072

193,202,300

NOK

1/21/22

28,706

—

South

Korean

Won

..

CITI

Buy

47,947,800,000

41,748,193

1/21/22

—

(1,319,663)

Singapore

Dollar

....

MSCO

Buy

26,250,000

19,323,067

1/24/22

4,355

—

South

Korean

Won

..

JPHQ

Buy

47,357,300,000

41,130,189

1/24/22

—

(1,201,071)

Indian

Rupee

......

JPHQ

Buy

4,614,943,200

59,786,801

1/27/22

1,529,761

—

Euro

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

HSBK

Sell

139,196,796

206,346,723

CAD

2/03/22

1,198,766

—

South

Korean

Won

..

BNDP

Buy

115,172,700,000

99,980,642

2/03/22

—

(2,885,679)

South

Korean

Won

..

CITI

Buy

116,554,900,000

100,791,162

2/03/22

—

(2,530,952)

Chilean

Peso

......

GSCO

Buy

19,040,583,935

24,114,215

2/11/22

—

(910,578)

Euro

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

HSBK

Sell

227,266,283

29,520,185,704

JPY

2/17/22

1,561,818

—

Euro

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

CITI

Sell

264,788,375

34,030,866,753

JPY

2/24/22

—

(1,473,903)

Chinese

Yuan

......

BOFA

Buy

991,455,720

151,594,098

3/09/22

262,334

—

Euro

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

DBAB

Sell

92,961,046

946,194,709

SEK

3/16/22

219,577

—

Euro

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

CITI

Sell

136,716,060

1,389,500,000

NOK

3/31/22

—

(373,688)

Euro

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

JPHQ

Sell

7,855,590

80,334,375

NOK

4/01/22

34,684

—

Euro

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

HSBK

Sell

138,917,781

206,348,471

CAD

5/03/22

1,175,393

—

Chilean

Peso

......

GSCO

Buy

18,226,556,423

22,979,092

5/11/22

—

(945,245)

Euro

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

DBAB

Sell

25,714,286

260,010,000

SEK

6/15/22

—

(176,368)

Total

Forward

Exchange

Contracts

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

$79,506,354

$(60,997,142)

Net

unrealized

appreciation

(depreciation)

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

$18,509,212

*

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,

2021

Templeton

Global

Total

Return

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

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

36,523,770

—

Senior

Secured

Note,

144A,

PIK,

8%,

12/31/22

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

Multiline

Retail

13,432,767

EUR

—

a,d,e

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

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

Multiline

Retail

15,159,679

—

—

Total

Corporate

Bonds

(Cost

$46,940,535)

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

—

a

a

Industry

Principal

Amount

*

a

Value

Foreign

Government

and

Agency

Securities

55.6%

Argentina

5.1%

f

Argentina

BONCER

,

Index

Linked,

1.2%,

3/18/22

.......

4,736,908,277

ARS

24,231,062

Index

Linked,

1.4%,

3/25/23

.......

2,950,719,468

ARS

14,235,244

Index

Linked,

1.5%,

3/25/24

.......

3,732,191,065

ARS

16,580,198

g

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar

,

FRN,

36.145%,

(ARS

BADLAR

+

2%),

4/03/22

.........

9,178,000

ARS

49,049

Argentina

Government

Bond

,

16%,

10/17/23

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

483,949,200

ARS

1,472,715

15.5%,

10/17/26

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

2,527,300,600

ARS

4,987,115

61,555,383

Bosnia

and

Herzegovina

0.0%

†

e,g

Bosnia

and

Herzegovina

Government

Bond,

B,

Senior

Bond,

Reg

S,

FRN,

0.25%,

(6-month

EUR

LIBOR

+

0.813%),

12/20/21

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

7,456

EUR

8,578

Brazil

3.1%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/25

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

43,020,000

BRL

7,852,911

10%,

1/01/27

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

113,150,000

BRL

20,314,558

10%,

1/01/29

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

18,580,000

BRL

3,275,982

10%,

1/01/31

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

29,620,000

BRL

5,110,348

36,553,799

Colombia

4.7%

Colombia

Titulos

de

Tesoreria

,

B,

10%,

7/24/24

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

59,139,000,000

COP

17,341,034

B,

7.5%,

8/26/26

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

131,221,000,000

COP

35,721,525

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

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%,

6/30/32

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

11,774,000,000

COP

$

2,930,572

55,993,131

Ecuador

4.1%

e

Ecuador

Government

Bond

,

Senior

Note,

144A,

0.5%,

7/31/30

..

19,217,000

16,142,472

Senior

Bond,

144A,

0.5%,

7/31/35

..

47,876,000

31,778,174

Senior

Bond,

144A,

0.5%,

7/31/40

..

2,727,000

1,586,800

49,507,446

Ghana

6.2%

Ghana

Government

Bond

,

19.5%,

10/18/21

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

17,767,000

GHS

2,953,396

18.75%,

1/24/22

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

46,810,000

GHS

7,884,267

18.25%,

7/25/22

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

25,100,000

GHS

4,267,233

17.6%,

11/28/22

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

1,250,000

GHS

211,433

Senior

Note,

18.5%,

1/02/23

......

1,920,000

GHS

327,595

20.75%,

1/16/23

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

3,200,000

GHS

559,260

16.5%,

2/06/23

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

5,210,000

GHS

868,652

Senior

Note,

17.6%,

2/20/23

......

480,000

GHS

81,015

19%,

4/17/23

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

29,000,000

GHS

4,972,100

Senior

Note,

17.25%,

7/31/23

......

7,010,000

GHS

1,166,046

18.85%,

9/28/23

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

8,700,000

GHS

1,481,289

19.25%,

12/18/23

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

2,890,000

GHS

494,003

19.75%,

3/25/24

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

36,690,000

GHS

6,338,953

Senior

Note,

18.3%,

3/02/26

......

990,000

GHS

161,026

19%,

11/02/26

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

134,400,000

GHS

22,112,983

19.75%,

3/15/32

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

117,734,000

GHS

19,865,507

73,744,758

India

4.6%

India

Government

Bond

,

Senior

Note,

5.22%,

6/15/25

......

285,000,000

INR

3,831,381

7.59%,

1/11/26

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

1,166,100,000

INR

16,883,845

7.27%,

4/08/26

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

2,423,700,000

INR

34,723,252

55,438,478

Indonesia

11.8%

Indonesia

Government

Bond

,

FR61,

7%,

5/15/22

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

23,421,000,000

IDR

1,675,266

FR35,

Senior

Bond,

12.9%,

6/15/22

.

95,624,000,000

IDR

7,102,699

FR43,

10.25%,

7/15/22

..........

3,593,000,000

IDR

264,556

FR63,

5.625%,

5/15/23

..........

183,131,000,000

IDR

13,143,848

FR46,

9.5%,

7/15/23

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

651,100,000,000

IDR

49,734,503

FR39,

11.75%,

8/15/23

..........

20,613,000,000

IDR

1,636,246

FR70,

8.375%,

3/15/24

..........

418,021,000,000

IDR

31,901,026

FR44,

10%,

9/15/24

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

15,790,000,000

IDR

1,267,393

FR81,

6.5%,

6/15/25

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

14,790,000,000

IDR

1,086,580

FR86,

5.5%,

4/15/26

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

315,285,000,000

IDR

22,291,889

FR59,

7%,

5/15/27

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

150,718,000,000

IDR

11,299,243

141,403,249

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Mexico

4.5%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

Senior

Note,

6.75%,

3/09/23

....

63,470,000

MXN

$

3,111,469

M,

Senior

Bond,

8%,

12/07/23

.....

1,003,545,000

MXN

50,322,682

53,434,151

Norway

5.3%

e

Norway

Government

Bond

,

144A,

Reg

S,

2%,

5/24/23

........

315,611,000

NOK

36,803,483

144A,

Reg

S,

3%,

3/14/24

........

224,500,000

NOK

26,859,560

63,663,043

South

Korea

3.4%

Korea

Treasury

Bond

,

1.375%,

9/10/24

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

26,551,900,000

KRW

22,243,288

3%,

9/10/24

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

20,810,000,000

KRW

18,249,933

40,493,221

Sri

Lanka

0.5%

e

Sri

Lanka

Government

Bond

,

Senior

Note,

144A,

5.75%,

4/18/23

..

200,000

132,808

Senior

Note,

144A,

6.35%,

6/28/24

..

620,000

397,842

Senior

Bond,

144A,

6.85%,

11/03/25

2,100,000

1,324,974

Senior

Bond,

144A,

6.2%,

5/11/27

..

5,300,000

3,262,574

Senior

Bond,

144A,

6.75%,

4/18/28

.

460,000

281,952

Senior

Bond,

144A,

7.85%,

3/14/29

.

659,000

405,667

5,805,817

Turkey

2.3%

Turkey

Government

Bond

,

13.9%,

11/09/22

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

124,600,000

TRY

13,553,533

12.2%,

1/18/23

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

8,390,000

TRY

890,927

7.1%,

3/08/23

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

35,770,000

TRY

3,516,725

16.2%,

6/14/23

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

44,310,000

TRY

4,907,106

8.8%,

9/27/23

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

23,020,000

TRY

2,230,841

10.4%,

3/20/24

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

1,950,000

TRY

189,630

12.6%,

10/01/25

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

21,490,000

TRY

2,064,440

27,353,202

Total

Foreign

Government

and

Agency

Securities

(Cost

$877,850,699)

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

664,954,256

U.S.

Government

and

Agency

Securities

8.9%

United

States

8.9%

U.S.

Treasury

Notes

,

1.75%,

12/31/24

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

5,789,400

6,008,086

2.125%,

5/15/25

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

4,060,000

4,268,075

2.875%,

5/31/25

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

50,610,000

54,589,607

2.625%,

12/31/25

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

16,863,000

18,113,892

1.625%,

2/15/26

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

9,110,000

9,402,516

2.125%,

5/31/26

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

4,164,000

4,392,044

1.625%,

10/31/26

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

9,120,000

9,402,150

106,176,370

Total

U.S.

Government

and

Agency

Securities

(Cost

$104,505,759)

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

106,176,370

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

20

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

2,168,033

$

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$1,030,942,352)

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

771,130,626

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.8%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

86.50

JPY,

Expires

12/20/21

..

1

19,166,000

AUD

11,452

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.45

JPY,

Expires

2/23/22

..

1

21,381,000

812,834

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

115.55

JPY,

Expires

7/18/22

.......

1

63,133,000

485,842

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

21.03

MXN,

Expires

3/04/22

..

1

7,928,000

242,488

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.41

MXN,

Expires

2/03/22

..

1

28,172,000

548,044

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

21.60

MXN,

Expires

12/28/21

.

1

12,772,000

148,174

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

22.02

MXN,

Expires

6/09/22

..

1

8,516,000

236,730

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

22.32

MXN,

Expires

8/29/22

..

1

10,215,000

342,154

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

23.44

MXN,

Expires

12/22/22

.

1

33,221,000

1,059,592

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

2,898,000

94,513

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

1,547,000

50,452

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

7,827,000

255,263

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

12,817,000

433,935

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

12,818,000

386,542

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

21

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Calls

-

Over-the-Counter

(continued)

Currency

Options

(continued)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

20,696,000

$

1,290

5,109,305

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.00

JPY,

Expires

12/20/21

..

1

38,332,000

AUD

84,744

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

79.55

JPY,

Expires

6/03/22

.......

1

122,016,000

AUD

2,516,533

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

108.65

JPY,

Expires

7/18/22

......

1

94,755,000

1,295,396

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

18.70

MXN,

Expires

6/09/22

..

1

4,506,000

7,872

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

18.76

MXN,

Expires

10/27/21

.

1

19,343,000

161

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.04

MXN,

Expires

6/09/22

..

1

4,506,000

12,663

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

19.37

MXN,

Expires

2/24/22

..

1

5,107,000

13,152

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.41

MXN,

Expires

8/11/22

..

1

5,983,000

32,846

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

1,449,000

14,749

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

773,000

7,868

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

3,914,000

39,838

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

20.34

MXN,

Expires

11/09/21

.

1

8,187,000

45,163

4,070,985

Total

Options

Purchased

(Cost

$12,332,641)

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

9,180,290

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

22

Short

Term

Investments

33.3%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

18.8%

Argentina

0.7%

f,h

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER

,

Index

Linked,

2/28/22

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

375,688,995

ARS

$

1,881,017

Index

Linked,

4/18/22

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

1,080,105,583

ARS

5,417,361

Index

Linked,

6/30/22

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

118,947,696

ARS

651,804

7,950,182

Brazil

6.5%

h

Brazil

Letras

do

Tesouro

Nacional

,

1/01/24

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

74,600,000

BRL

11,057,232

7/01/24

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

170,110,000

BRL

24,002,210

h

Brazil

Notas

do

Tesouro

Nacional

,

1/01/25

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

320,650,000

BRL

42,935,821

77,995,263

Egypt

2.8%

h

Egypt

Treasury

Bills

,

12/07/21

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

58,700,000

EGP

3,661,194

12/14/21

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

83,300,000

EGP

5,183,478

12/21/21

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

157,600,000

EGP

9,784,190

1/04/22

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

20,400,000

EGP

1,261,914

1/11/22

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

99,700,000

EGP

6,161,028

2/15/22

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

40,900,000

EGP

2,495,055

2/22/22

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

6,300,000

EGP

383,930

3/01/22

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

18,900,000

EGP

1,147,638

3/22/22

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

42,800,000

EGP

2,584,232

i

6/14/22

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

3,500,000

EGP

205,546

32,868,205

Japan

4.6%

h

Japan

Treasury

Bills

,

11/22/21

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

2,530,300,000

JPY

22,738,811

12/20/21

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

2,432,200,000

JPY

21,859,317

2/10/22

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

1,160,500,000

JPY

10,431,734

55,029,862

Singapore

4.2%

h

Singapore

Treasury

Bills

,

10/15/21

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

5,350,000

SGD

3,939,712

11/12/21

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

4,560,000

SGD

3,357,309

11/19/21

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

58,940,000

SGD

43,392,390

50,689,411

Total

Foreign

Government

and

Agency

Securities

(Cost

$236,335,326)

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

224,532,923

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

23

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

14.5%

United

States

14.5%

j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

174,031,521

$

174,031,521

Total

Money

Market

Funds

(Cost

$174,031,521)

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

174,031,521

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$410,366,847

)

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

398,564,444

a

a

a

Total

Investments

(Cost

$1,453,641,840)

98.6%

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

$1,178,875,360

Options

Written

(0.5)%

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

(5,820,143)

Other

Assets,

less

Liabilities

1.9%

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

23,113,929

Net

Assets

100.0%

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

$1,196,169,146

a

a

a

a

Number

of

Contracts

Notional

Amount

#

a

a

a

a

a

Options

Written

(0.5)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.20

JPY,

Expires

12/20/21

..

1

19,166,000

AUD

(183,969)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

March

Strike

Price

83.40

JPY,

Expires

3/03/22

.......

1

20,336,000

AUD

(144,664)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

111.25

JPY,

Expires

7/18/22

.......

1

94,755,000

(1,979,827)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

20.34

MXN,

Expires

11/09/21

.

1

8,187,000

(209,801)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

20.56

MXN,

Expires

3/04/22

..

1

2,973,000

(124,828)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.86

MXN,

Expires

2/03/22

..

1

9,391,000

(275,957)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

21.71

MXN,

Expires

2/24/22

..

1

5,874,000

(108,040)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

22.06

MXN,

Expires

8/11/22

..

1

5,983,000

(210,702)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

March

Strike

Price

22.55

MXN,

Expires

3/04/22

..

1

2,973,000

(33,825)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

22.73

MXN,

Expires

2/03/22

..

1

18,782,000

(149,166)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

997,000

(40,448)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

22.75

MXN,

Expires

12/22/22

.

1

8,969,000

(363,872)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

24

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,

December

Strike

Price

23.08

MXN,

Expires

12/28/21

.

1

4,260,000

$

(14,862)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

24.95

MXN,

Expires

12/22/22

.

1

9,967,000

(197,785)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

25.41

MXN,

Expires

6/09/22

..

1

6,008,000

(38,324)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

6,899,000

(896)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

2,640,000

(20,879)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

533,000

(4,215)

(4,102,060)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

68.40

JPY,

Expires

12/20/21

..

1

19,166,000

AUD

(5,627)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

73.30

JPY,

Expires

6/03/22

.......

1

61,008,000

AUD

(425,469)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

95.85

JPY,

Expires

2/23/22

...

1

21,381,000

(3,824)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

January

Strike

Price

108.05

JPY,

Expires

1/18/22

..

1

31,622,000

(130,627)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.71

MXN,

Expires

10/27/21

.

1

19,343,000

(6,614)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

June

Strike

Price

19.84

MXN,

Expires

6/09/22

..

1

8,516,000

(67,898)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

8,969,000

(94,311)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

December

Strike

Price

19.93

MXN,

Expires

12/22/22

.

1

997,000

(10,484)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.50

MXN,

Expires

8/11/22

..

1

5,983,000

(102,089)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.35

MXN,

Expires

8/29/22

..

1

10,215,000

(350,030)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

25

At

September

30,

2021,

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,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

1,547,000

$

(65,691)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

7,827,000

(332,360)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

2,898,000

(123,059)

(1,718,083)

Total

Options

Written

(Premiums

received

$7,484,206)

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

$

(5,820,143)

#

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,

2021,

the

aggregate

value

of

these

securities

was

$118,984,884,

representing

9.9%

of

net

assets.

f

Redemption

price

at

maturity

is

adjusted

for

inflation.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

k

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

46,923,169

478,636,972

NOK

10/01/21

$

405,959

$

—

Norwegian

Krone

...

JPHQ

Sell

478,636,972

47,008,136

EUR

10/01/21

—

(307,542)

Chilean

Peso

......

GSCO

Buy

2,210,334,820

2,867,437

10/04/21

—

(144,008)

Chilean

Peso

......

GSCO

Sell

2,210,334,820

2,758,264

10/04/21

34,835

—

Chilean

Peso

......

JPHQ

Buy

3,436,820,000

4,660,158

10/04/21

—

(425,535)

Chilean

Peso

......

JPHQ

Sell

3,436,820,000

4,355,367

10/04/21

120,744

—

Indian

Rupee

......

JPHQ

Buy

852,824,500

11,641,702

10/07/21

—

(149,130)

Indian

Rupee

......

JPHQ

Sell

852,824,500

11,546,109

10/07/21

53,538

—

Indian

Rupee

......

CITI

Buy

828,586,800

11,310,607

10/08/21

—

(146,496)

Indian

Rupee

......

CITI

Buy

270,784,000

3,694,944

10/12/21

—

(48,888)

Indian

Rupee

......

HSBK

Buy

999,725,100

13,306,958

10/12/21

154,155

—

Mexican

Peso

......

CITI

Buy

52,492,000

2,611,477

10/12/21

—

(72,049)

Mexican

Peso

......

CITI

Sell

52,492,000

2,599,862

10/12/21

60,434

—

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

26

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)

Chilean

Peso

......

JPHQ

Buy

9,053,000,000

11,700,162

10/13/21

$

—

$

(553,302)

Euro

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

DBAB

Sell

16,267,502

165,827,663

SEK

10/13/21

102,480

—

Swedish

Krona

.....

DBAB

Sell

139,200,000

13,696,271

EUR

10/13/21

—

(38,627)

Chilean

Peso

......

GSCO

Buy

2,530,950,000

3,397,020

10/14/21

—

(280,927)

Chinese

Yuan

......

HSBK

Buy

183,508,820

27,608,389

10/15/21

824,801

—

Chinese

Yuan

......

HSBK

Sell

160,000,000

24,667,376

10/15/21

—

(123,315)

Euro

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

DBAB

Sell

2,991,106

30,350,750

SEK

10/18/21

2,614

—

Indian

Rupee

......

HSBK

Buy

1,219,466,817

16,196,284

10/18/21

207,396

—

Indian

Rupee

......

HSBK

Sell

225,575,000

3,050,991

10/18/21

16,664

—

Euro

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

DBAB

Sell

2,990,192

30,350,750

SEK

10/19/21

3,626

—

Euro

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

CITI

Buy

8,540,000

10,218,110

10/21/21

—

(322,720)

Euro

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

CITI

Sell

14,160,000

16,995,398

10/21/21

588,053

—

Singapore

Dollar

....

MSCO

Buy

4,130,000

3,093,992

10/21/21

—

(52,521)

Singapore

Dollar

....

MSCO

Sell

4,130,000

3,035,760

10/21/21

—

(5,711)

Euro

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

CITI

Buy

14,160,000

16,942,822

10/22/21

—

(535,135)

Euro

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

CITI

Sell

14,160,000

17,114,342

10/22/21

706,655

—

Euro

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

HSBK

Sell

48,576,693

6,128,192,671

JPY

10/25/21

—

(1,220,479)

Japanese

Yen

......

HSBK

Sell

2,580,387,951

20,100,000

EUR

10/25/21

103,563

—

Euro

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

CITI

Sell

14,070,000

17,002,751

10/26/21

697,989

—

Singapore

Dollar

....

CITI

Buy

3,280,000

2,468,950

10/26/21

—

(53,471)

Chilean

Peso

......

JPHQ

Buy

7,411,790,000

9,380,622

10/29/21

—

(265,700)

Canadian

Dollar

....

HSBK

Sell

24,300,000

16,166,481

EUR

11/03/21

—

(443,245)

Euro

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

HSBK

Sell

78,246,493

116,532,767

CAD

11/03/21

1,292,604

—

Chilean

Peso

......

GSCO

Buy

3,435,164,820

4,439,281

11/04/21

—

(216,719)

Chilean

Peso

......

GSCO

Buy

3,189,646,324

4,104,868

11/05/21

—

(184,422)

Euro

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

HSBK

Sell

23,270,000

27,421,391

11/10/21

447,079

—

Indian

Rupee

......

CITI

Buy

619,835,000

8,137,521

11/10/21

172,192

—

Australian

Dollar

....

MSCO

Sell

27,013,000

19,835,376

11/16/21

310,870

—

Mexican

Peso

......

CITI

Sell

16,827,714

832,437

11/16/21

22,704

—

Euro

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

DBAB

Sell

6,549,012

66,685,319

SEK

11/17/21

29,291

—

Chinese

Yuan

......

JPHQ

Buy

127,500,470

19,543,717

11/22/21

151,137

—

Chilean

Peso

......

GSCO

Buy

5,821,458,857

7,401,634

11/30/21

—

(261,015)

Russian

Ruble

.....

JPHQ

Buy

143,649,800

1,908,587

12/06/21

43,916

—

Russian

Ruble

.....

MSCO

Buy

1,977,888,300

26,306,954

12/06/21

576,706

—

South

Korean

Won

..

GSCO

Buy

30,270,000,000

27,095,735

12/06/21

—

(1,562,051)

South

Korean

Won

..

GSCO

Sell

16,579,300,000

13,982,711

12/06/21

—

(2,443)

Russian

Ruble

.....

JPHQ

Buy

265,673,400

3,542,784

12/07/21

67,376

—

Chinese

Yuan

......

JPHQ

Buy

66,647,640

10,308,674

12/10/21

—

(28,504)

Russian

Ruble

.....

DBAB

Buy

576,087,600

7,762,143

12/10/21

60,297

—

Chinese

Yuan

......

BOFA

Buy

134,698,690

20,697,084

12/13/21

74,607

—

Chinese

Yuan

......

JPHQ

Buy

255,369,010

39,484,697

12/13/21

—

(104,612)

Euro

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

DBAB

Sell

6,479,174

65,335,344

SEK

12/13/21

—

(46,154)

Chilean

Peso

......

GSCO

Buy

8,227,346,581

10,533,026

12/15/21

—

(454,921)

Chinese

Yuan

......

HSBK

Buy

184,710,190

28,544,745

12/15/21

—

(65,535)

Euro

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

DBAB

Sell

6,399,010

65,201,500

SEK

12/15/21

31,434

—

Indian

Rupee

......

CITI

Buy

821,108,979

11,025,297

12/15/21

—

(57,846)

Indian

Rupee

......

HSBK

Buy

1,432,214,375

19,414,591

12/15/21

—

(284,681)

Mexican

Peso

......

MSCO

Sell

407,335,000

20,003,978

12/15/21

484,496

—

Russian

Ruble

.....

DBAB

Buy

1,193,258,200

15,725,347

12/15/21

457,180

—

Euro

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

DBAB

Sell

24,732,988

250,243,429

SEK

12/16/21

—

(80,947)

Euro

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

JPHQ

Sell

2,402,278

24,300,000

SEK

12/17/21

—

(8,542)

New

Zealand

Dollar

.

JPHQ

Buy

23,430,000

16,714,048

12/20/21

—

(554,085)

New

Zealand

Dollar

.

BOFA

Buy

7,120,000

5,026,364

12/21/21

—

(115,664)

New

Zealand

Dollar

.

CITI

Buy

8,370,000

5,931,401

12/21/21

—

(158,570)

New

Zealand

Dollar

.

JPHQ

Buy

8,370,000

5,917,515

12/21/21

—

(144,684)

Chilean

Peso

......

GSCO

Buy

4,137,040,000

5,591,359

12/23/21

—

(527,407)

Chilean

Peso

......

GSCO

Buy

1,028,850,000

1,292,655

12/28/21

—

(33,867)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

Global

Total

Return

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

27

See

Abbreviations

on

page

48

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Chinese

Yuan

......

CITI

Buy

169,481,510

25,819,852

1/12/22

$

252,406

$

—

Chilean

Peso

......

JPHQ

Buy

7,468,900,000

9,406,675

1/13/22

—

(281,561)

Chilean

Peso

......

GSCO

Buy

2,210,334,820

2,735,563

1/14/22

—

(35,327)

Euro

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

DBAB

Sell

14,196,079

144,392,577

SEK

1/18/22

34,780

—

South

Korean

Won

..

JPHQ

Buy

22,871,500,000

19,912,502

1/19/22

—

(627,253)

South

Korean

Won

..

CITI

Buy

22,686,600,000

19,753,243

1/21/22

—

(624,401)

Singapore

Dollar

....

MSCO

Buy

3,270,000

2,407,102

1/24/22

543

—

South

Korean

Won

..

JPHQ

Buy

22,407,000,000

19,460,657

1/24/22

—

(568,284)

Indian

Rupee

......

JPHQ

Buy

850,416,900

11,017,190

1/27/22

281,896

—

Euro

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

HSBK

Sell

27,490,246

40,751,815

CAD

2/03/22

236,747

—

South

Korean

Won

..

BNDP

Buy

26,013,700,000

22,582,317

2/03/22

—

(651,779)

South

Korean

Won

..

CITI

Buy

13,227,400,000

11,438,430

2/03/22

—

(287,229)

Chilean

Peso

......

GSCO

Buy

4,748,107,280

6,013,307

2/11/22

—

(227,069)

Russian

Ruble

.....

JPHQ

Buy

455,017,800

6,056,104

3/03/22

25,442

—

South

Korean

Won

..

CITI

Buy

48,080,000,000

41,201,423

3/03/22

—

(682,724)

South

Korean

Won

..

CITI

Buy

18,190,000,000

15,689,150

3/07/22

—

(360,600)

Chinese

Yuan

......

BOFA

Buy

88,647,670

13,554,275

3/09/22

23,456

—

Russian

Ruble

.....

DBAB

Buy

791,496,100

10,519,702

3/11/22

44,783

—

Euro

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

DBAB

Sell

14,186,126

144,392,069

SEK

3/16/22

33,508

—

South

Korean

Won

..

DBAB

Buy

73,000,000,000

62,112,858

3/16/22

—

(603,496)

Indian

Rupee

......

SCNY

Buy

556,800,000

7,262,293

3/22/22

82,557

—

Euro

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

JPHQ

Sell

44,601,685

456,136,972

NOK

4/01/22

199,486

—

Euro

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

HSBK

Sell

27,435,143

40,752,161

CAD

5/03/22

232,131

—

Chilean

Peso

......

GSCO

Buy

4,545,115,082

5,730,244

5/11/22

—

(235,714)

Euro

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

DBAB

Sell

6,440,736

65,125,500

SEK

6/15/22

—

(44,175)

Euro

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

CITI

Sell

22,221,186

228,796,000

NOK

6/21/22

182,581

—

Total

Forward

Exchange

Contracts

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

$9,935,711

$(15,311,082)

Net

unrealized

appreciation

(depreciation)

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

$(5,375,371)

*

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,

2021

Templeton

International

Bond

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

28

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

64.0%

Argentina

1.7%

a

Argentina

BONCER

,

Index

Linked,

1.2%,

3/18/22

.......

314,269,934

ARS

$

1,607,609

Index

Linked,

1.3%,

9/20/22

.......

2,812,290

ARS

14,243

Index

Linked,

1.4%,

3/25/23

.......

247,999,168

ARS

1,196,430

Index

Linked,

1.45%,

8/13/23

......

14,317,026

ARS

68,603

Index

Linked,

1.5%,

3/25/24

.......

212,045,899

ARS

942,010

b

Argentina

Bonos

del

Tesoro

Nacional

en

Pesos

Badlar

,

FRN,

36.145%,

(ARS

BADLAR

+

2%),

4/03/22

.........

5,808,000

ARS

31,039

Argentina

Government

Bond

,

18.2%,

10/03/21

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

73,832,000

ARS

381,256

16%,

10/17/23

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

176,341,700

ARS

536,629

15.5%,

10/17/26

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

153,089,000

ARS

302,090

5,079,909

Australia

4.2%

c

Australia

Government

Bond,

Senior

Note,

Reg

S,

2%,

12/21/21

........

17,530,000

AUD

12,722,071

Brazil

2.1%

Brazil

Notas

do

Tesouro

Nacional

,

10%,

1/01/25

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

5,490,000

BRL

1,002,150

10%,

1/01/27

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

24,590,000

BRL

4,414,803

10%,

1/01/29

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

2,370,000

BRL

417,873

10%,

1/01/31

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

3,780,000

BRL

652,164

6,486,990

Colombia

3.9%

Colombia

Government

Bond

,

Senior

Bond,

4.375%,

3/21/23

.....

57,000,000

COP

15,021

Senior

Bond,

9.85%,

6/28/27

......

91,000,000

COP

28,021

Colombia

Titulos

de

Tesoreria

,

B,

7%,

5/04/22

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

11,789,100,000

COP

3,174,252

B,

10%,

7/24/24

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

10,360,000,000

COP

3,037,811

B,

6.25%,

11/26/25

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

4,876,000,000

COP

1,283,137

B,

7.5%,

8/26/26

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

10,572,000,000

COP

2,877,954

B,

5.75%,

11/03/27

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

3,355,000,000

COP

829,142

B,

7.75%,

9/18/30

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

1,840,000,000

COP

493,611

11,738,949

Ghana

4.1%

Ghana

Government

Bond

,

18.75%,

1/24/22

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

3,010,000

GHS

506,978

18.25%,

7/25/22

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

50,000

GHS

8,501

17.6%,

11/28/22

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

130,000

GHS

21,989

Senior

Note,

18.5%,

1/02/23

......

50,000

GHS

8,531

20.75%,

1/16/23

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

50,000

GHS

8,738

Senior

Note,

17.6%,

2/20/23

......

5,150,000

GHS

869,223

19%,

9/18/23

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

50,000

GHS

8,511

18.85%,

9/28/23

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

6,890,000

GHS

1,173,113

19.25%,

11/27/23

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

280,000

GHS

47,858

Senior

Note,

17.7%,

3/18/24

......

23,130,000

GHS

3,844,202

19.75%,

3/25/24

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

2,910,000

GHS

502,762

21.7%,

3/17/25

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

5,880,000

GHS

1,057,323

19.25%,

6/23/25

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

3,560,000

GHS

601,372

Senior

Note,

18.3%,

3/02/26

......

5,530,000

GHS

899,466

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

29

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Ghana

(continued)

Ghana

Government

Bond,

(continued)

19%,

11/02/26

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

8,740,000

GHS

$

1,438,002

19.75%,

3/15/32

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

8,740,000

GHS

1,474,719

12,471,288

India

4.5%

India

Government

Bond

,

8.2%,

2/15/22

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

19,000,000

INR

260,472

8.15%,

6/11/22

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

18,000,000

INR

250,039

8.13%,

9/21/22

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

51,000,000

INR

714,137

6.84%,

12/19/22

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

12,000,000

INR

167,113

7.16%,

5/20/23

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

19,100,000

INR

268,590

8.83%,

11/25/23

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

156,700,000

INR

2,295,886

7.68%,

12/15/23

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

43,400,000

INR

623,567

9.15%,

11/14/24

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

82,200,000

INR

1,239,594

Senior

Note,

5.22%,

6/15/25

......

48,000,000

INR

645,285

8.2%,

9/24/25

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

104,400,000

INR

1,542,073

Senior

Note,

5.15%,

11/09/25

......

202,800,000

INR

2,712,385

7.59%,

1/11/26

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

157,000,000

INR

2,273,187

7.27%,

4/08/26

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

33,000,000

INR

472,776

13,465,104

Indonesia

10.4%

Indonesia

Government

Bond

,

FR81,

6.5%,

6/15/25

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

268,090,000,000

IDR

19,695,835

FR86,

5.5%,

4/15/26

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

164,800,000,000

IDR

11,652,008

31,347,843

Mexico

4.9%

Mexican

Bonos

Desarr

Fixed

Rate

,

M,

Senior

Note,

6.75%,

3/09/23

....

182,918,000

MXN

8,967,129

M,

Senior

Bond,

8%,

12/07/23

.....

113,932,000

MXN

5,713,111

14,680,240

Norway

3.8%

c

Norway

Government

Bond

,

144A,

Reg

S,

2%,

5/24/23

........

44,234,000

NOK

5,158,139

144A,

Reg

S,

3%,

3/14/24

........

37,171,000

NOK

4,447,201

144A,

Reg

S,

1.75%,

3/13/25

......

12,526,000

NOK

1,456,331

144A,

Reg

S,

1.5%,

2/19/26

.......

2,424,000

NOK

278,936

11,340,607

Singapore

4.4%

Singapore

Government

Bond

,

3.125%,

9/01/22

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

2,600,000

SGD

1,961,675

2.375%,

6/01/25

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

14,460,000

SGD

11,272,166

13,233,841

South

Korea

20.0%

Korea

Monetary

Stabilization

Bond,

Senior

Note,

0.905%,

4/02/23

......

23,840,000,000

KRW

19,991,999

Korea

Treasury

Bond

,

2%,

12/10/21

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

3,665,000,000

KRW

3,102,086

0.875%,

12/10/23

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

24,791,000,000

KRW

20,639,561

1.375%,

9/10/24

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

1,485,100,000

KRW

1,244,111

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

30

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

South

Korea

(continued)

Korea

Treasury

Bond,

(continued)

1.875%,

6/10/26

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

18,495,000,000

KRW

$

15,545,873

60,523,630

Total

Foreign

Government

and

Agency

Securities

(Cost

$220,529,584)

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

193,090,472

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.5%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

86.50

JPY,

Expires

12/20/21

..

1

3,229,000

AUD

1,929

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

107.45

JPY,

Expires

2/23/22

..

1

2,642,000

100,440

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

115.55

JPY,

Expires

7/18/22

.......

1

7,803,000

60,048

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

21.37

MXN,

Expires

12/31/21

.

1

5,883,000

90,328

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

21.41

MXN,

Expires

2/03/22

..

1

4,895,000

95,225

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

21.60

MXN,

Expires

12/28/21

.

1

1,832,000

21,254

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

22.32

MXN,

Expires

8/29/22

..

1

1,462,000

48,970

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

1,257,000

40,995

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

2,349,000

76,608

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

26.30

MXN,

Expires

10/19/23

.

1

1,257,000

40,995

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.19

MXN,

Expires

8/29/24

..

1

1,734,000

58,707

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

29.71

MXN,

Expires

8/09/24

..

1

1,735,000

52,321

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

29.73

MXN,

Expires

12/07/21

.

1

4,390,000

274

688,094

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

31

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

(continued)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

75.00

JPY,

Expires

12/20/21

..

1

6,459,000

AUD

$

14,279

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

79.55

JPY,

Expires

6/03/22

.......

1

25,110,000

AUD

517,884

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.61

JPY,

Expires

12/14/21

..

1

5,715,000

AUD

104,082

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

108.65

JPY,

Expires

7/18/22

......

1

11,712,000

160,115

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

18.76

MXN,

Expires

10/27/21

.

1

2,770,000

23

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

19.37

MXN,

Expires

2/24/22

..

1

731,000

1,882

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

19.41

MXN,

Expires

8/11/22

..

1

857,000

4,705

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

628,000

6,392

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

1,174,000

11,949

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.85

MXN,

Expires

10/19/23

.

1

628,000

6,392

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

20.32

MXN,

Expires

12/31/21

.

1

1,471,000

14,298

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

20.34

MXN,

Expires

11/09/21

.

1

1,173,000

6,471

848,472

Total

Options

Purchased

(Cost

$2,123,651)

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

1,536,566

Short

Term

Investments

33.9%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

9.9%

Argentina

0.2%

a,d

Argentina

Letras

de

la

Nacion

Argentina

con

Ajuste

por

CER

,

Index

Linked,

2/28/22

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

28,447,772

ARS

142,434

Index

Linked,

4/18/22

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

78,324,942

ARS

392,845

Index

Linked,

6/30/22

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

8,659,054

ARS

47,449

582,728

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

32

Short

Term

Investments

(continued)

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Brazil

5.7%

d

Brazil

Letras

do

Tesouro

Nacional

,

1/01/24

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

9,510,000

BRL

$

1,409,575

7/01/24

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

40,490,000

BRL

5,713,065

d

Brazil

Notas

do

Tesouro

Nacional

,

1/01/25

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

75,470,000

BRL

10,105,618

17,228,258

Japan

4.0%

d

Japan

Treasury

Bills

,

12/06/21

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

710,200,000

JPY

6,382,584

12/10/21

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

637,600,000

JPY

5,730,206

12,112,790

Total

Foreign

Government

and

Agency

Securities

(Cost

$31,678,830)

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

29,923,776

Industry

Shares

Money

Market

Funds

24.0%

United

States

24.0%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

72,437,136

72,437,136

Total

Money

Market

Funds

(Cost

$72,437,136)

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

72,437,136

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$104,115,966

)

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

102,360,912

a

a

a

Total

Investments

(Cost

$326,769,201)

98.4%

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

$296,987,950

Options

Written

(0.3)%

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

(918,740)

Other

Assets,

less

Liabilities

1.9%

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

5,800,701

Net

Assets

100.0%

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

$301,869,911

a

a

a

a

Number

of

Contracts

Notional

Amount

#

a

a

a

a

a

Options

Written

(0.3)%

a

Calls

-

Over-the-Counter

a

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

81.20

JPY,

Expires

12/20/21

..

1

3,229,000

AUD

(30,994)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

March

Strike

Price

83.40

JPY,

Expires

3/03/22

.......

1

4,185,000

AUD

(29,771)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

July

Strike

Price

111.25

JPY,

Expires

7/18/22

.......

1

11,712,000

(244,713)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

November

Strike

Price

20.34

MXN,

Expires

11/09/21

.

1

1,173,000

(30,059)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

20.86

MXN,

Expires

2/03/22

..

1

1,632,000

(47,957)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

February

Strike

Price

21.71

MXN,

Expires

2/24/22

..

1

841,000

(15,468)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statements

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

MSCO,

August

Strike

Price

22.06

MXN,

Expires

8/11/22

..

1

857,000

$

(30,181)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

22.52

MXN,

Expires

12/31/21

.

1

3,677,000

(20,849)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

February

Strike

Price

22.73

MXN,

Expires

2/03/22

..

1

3,264,000

(25,923)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

23.08

MXN,

Expires

12/28/21

.

1

611,000

(2,132)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

December

Strike

Price

27.93

MXN,

Expires

12/07/21

.

1

1,463,000

(190)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

628,000

(4,967)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

34.95

MXN,

Expires

10/19/23

.

1

628,000

(4,967)

(488,171)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

68.40

JPY,

Expires

12/20/21

..

1

3,229,000

AUD

(948)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

June

Strike

Price

73.30

JPY,

Expires

6/03/22

.......

1

12,555,000

AUD

(87,558)

Foreign

Exchange

AUD/JPY,

Counterparty

CITI,

December

Strike

Price

78.33

JPY,

Expires

12/14/21

..

1

8,581,000

AUD

(53,278)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

February

Strike

Price

95.85

JPY,

Expires

2/23/22

...

1

2,642,000

(472)

Foreign

Exchange

USD/JPY,

Counterparty

CITI,

January

Strike

Price

108.05

JPY,

Expires

1/18/22

..

1

3,909,000

(16,148)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

19.71

MXN,

Expires

10/27/21

.

1

2,770,000

(947)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

20.50

MXN,

Expires

8/11/22

..

1

857,000

(14,623)

Foreign

Exchange

USD/MXN,

Counterparty

MSCO,

August

Strike

Price

21.35

MXN,

Expires

8/29/22

..

1

1,462,000

(50,097)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

2,349,000

(99,746)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

34

At

September

30,

2021,

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,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

1,257,000

$

(53,376)

Foreign

Exchange

USD/MXN,

Counterparty

CITI,

October

Strike

Price

22.32

MXN,

Expires

10/19/23

.

1

1,257,000

(53,376)

(430,569)

Total

Options

Written

(Premiums

received

$1,173,417)

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

$

(918,740)

#

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

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

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,

2021,

the

aggregate

value

of

these

securities

was

$24,062,678,

representing

8.0%

of

net

assets.

d

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

e

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

f

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

4,307,285

567,506,335

JPY

10/01/21

$

109,990

$

—

Euro

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

JPHQ

Sell

7,301,156

74,475,000

NOK

10/01/21

63,166

—

Japanese

Yen

......

JPHQ

Sell

559,576,623

4,307,285

EUR

10/01/21

—

(38,740)

Mexican

Peso

......

CITI

Buy

59,865,000

2,923,274

10/01/21

—

(23,617)

Mexican

Peso

......

CITI

Sell

59,865,000

2,986,381

10/01/21

86,725

—

Norwegian

Krone

...

JPHQ

Sell

74,475,000

7,325,242

EUR

10/01/21

—

(35,267)

Chilean

Peso

......

GSCO

Buy

234,437,244

304,132

10/04/21

—

(15,274)

Chilean

Peso

......

GSCO

Sell

234,437,244

292,553

10/04/21

3,695

—

Chilean

Peso

......

JPHQ

Buy

394,960,000

535,546

10/04/21

—

(48,903)

Chilean

Peso

......

JPHQ

Sell

394,960,000

500,519

10/04/21

13,876

—

Indian

Rupee

......

JPHQ

Buy

45,246,500

617,649

10/07/21

—

(7,912)

Indian

Rupee

......

CITI

Buy

43,960,600

600,083

10/08/21

—

(7,772)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

35

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)

Indian

Rupee

......

JPHQ

Buy

58,526,500

798,888

10/08/21

$

—

$

(10,320)

Indian

Rupee

......

CITI

Buy

52,990,400

723,073

10/12/21

—

(9,567)

Indian

Rupee

......

HSBK

Buy

53,040,300

705,999

10/12/21

8,179

—

Chilean

Peso

......

JPHQ

Buy

892,000,000

1,152,827

10/13/21

—

(54,517)

Euro

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

DBAB

Sell

1,916,655

19,538,000

SEK

10/13/21

12,074

—

Chilean

Peso

......

GSCO

Buy

260,850,000

350,111

10/14/21

—

(28,954)

Chinese

Yuan

......

HSBK

Buy

20,781,470

3,126,514

10/15/21

93,405

—

Euro

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

DBAB

Sell

1,444,121

14,653,500

SEK

10/18/21

1,262

—

Euro

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

DBAB

Sell

1,443,680

14,653,500

SEK

10/19/21

1,751

—

Euro

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

CITI

Buy

1,550,000

1,835,146

10/21/21

—

(39,144)

Euro

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

CITI

Sell

1,550,000

1,860,372

10/21/21

64,370

—

Euro

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

CITI

Buy

3,590,000

4,268,201

10/22/21

—

(108,343)

Euro

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

CITI

Sell

6,330,000

7,650,691

10/22/21

315,899

—

Euro

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

HSBK

Sell

3,273,701

412,993,682

JPY

10/25/21

—

(82,251)

Euro

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

CITI

Sell

3,275,000

3,957,641

10/26/21

162,467

—

Chilean

Peso

......

JPHQ

Buy

851,760,000

1,078,017

10/29/21

—

(30,534)

Mexican

Peso

......

CITI

Sell

59,865,000

2,973,624

11/01/21

86,364

—

Euro

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

BOFA

Sell

3,170,020

4,951,000

CAD

11/02/21

233,899

—

Euro

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

HSBK

Sell

1,199,072

1,871,500

CAD

11/02/21

87,498

—

Euro

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

HSBK

Sell

300,688

444,832

CAD

11/03/21

2,612

—

Chilean

Peso

......

GSCO

Buy

375,197,244

484,798

11/04/21

—

(23,600)

Chilean

Peso

......

GSCO

Buy

338,307,069

435,379

11/05/21

—

(19,561)

Indian

Rupee

......

CITI

Buy

32,885,300

431,736

11/10/21

9,136

—

Australian

Dollar

....

CITI

Sell

8,607,000

6,344,693

11/15/21

123,734

—

Australian

Dollar

....

MSCO

Sell

1,225,000

899,505

11/16/21

14,098

—

Mexican

Peso

......

CITI

Sell

7,844,000

388,029

11/16/21

10,583

—

Australian

Dollar

....

HSBK

Sell

8,612,726

6,662,374

11/17/21

437,228

—

Euro

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

DBAB

Sell

727,326

7,405,998

SEK

11/17/21

3,253

—

Euro

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

HSBK

Sell

760,000

921,713

11/17/21

40,606

—

Australian

Dollar

....

JPHQ

Sell

8,596,000

6,639,834

11/18/21

426,753

—

Euro

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

CITI

Sell

760,000

921,033

11/18/21

39,908

—

Chinese

Yuan

......

JPHQ

Buy

14,438,800

2,213,230

11/22/21

17,116

—

Euro

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

GSCO

Sell

745,929

1,100,600

CAD

11/22/21

3,824

—

Chilean

Peso

......

GSCO

Buy

600,671,157

763,717

11/30/21

—

(26,932)

Mexican

Peso

......

CITI

Sell

41,665,000

2,005,053

12/01/21

4,775

—

Chinese

Yuan

......

CITI

Buy

42,610,910

6,549,680

12/10/21

22,906

—

Chinese

Yuan

......

JPHQ

Buy

16,352,720

2,529,345

12/10/21

—

(6,994)

Chinese

Yuan

......

BOFA

Buy

33,049,780

5,078,253

12/13/21

18,306

—

Chinese

Yuan

......

JPHQ

Buy

28,919,280

4,471,447

12/13/21

—

(11,847)

Euro

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

DBAB

Sell

3,875,088

39,076,002

SEK

12/13/21

—

(27,604)

Mexican

Peso

......

BAST

Sell

55,890,511

2,772,484

12/14/21

93,868

—

Chilean

Peso

......

GSCO

Buy

811,967,057

1,039,517

12/15/21

—

(44,897)

Chinese

Yuan

......

HSBK

Buy

20,917,510

3,232,550

12/15/21

—

(7,422)

Euro

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

DBAB

Sell

1,063,811

10,839,500

SEK

12/15/21

5,226

—

Indian

Rupee

......

HSBK

Buy

53,188,700

721,007

12/15/21

—

(10,572)

Mexican

Peso

......

MSCO

Sell

28,246,000

1,387,144

12/15/21

33,597

—

Euro

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

DBAB

Sell

5,139,724

52,002,696

SEK

12/16/21

—

(16,821)

Euro

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

JPHQ

Sell

414,220

4,190,000

SEK

12/17/21

—

(1,473)

Indian

Rupee

......

JPHQ

Buy

26,300,000

350,368

12/20/21

727

—

New

Zealand

Dollar

.

JPHQ

Buy

4,670,000

3,331,396

12/20/21

—

(110,439)

New

Zealand

Dollar

.

BOFA

Buy

1,420,000

1,002,449

12/21/21

—

(23,068)

New

Zealand

Dollar

.

CITI

Buy

1,670,000

1,183,446

12/21/21

—

(31,638)

New

Zealand

Dollar

.

JPHQ

Buy

1,670,000

1,180,675

12/21/21

—

(28,868)

Chilean

Peso

......

GSCO

Buy

475,420,000

642,547

12/23/21

—

(60,609)

Chilean

Peso

......

GSCO

Buy

118,230,000

148,545

12/28/21

—

(3,892)

Chinese

Yuan

......

CITI

Buy

19,192,940

2,923,970

1/12/22

28,584

—

Chilean

Peso

......

JPHQ

Buy

735,900,000

926,826

1/13/22

—

(27,742)

Templeton

Income

Trust

Statement

of

Investments

(unaudited)

Templeton

International

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

36

See

Abbreviations

on

page

48

.

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)

Chilean

Peso

......

GSCO

Buy

234,437,244

290,145

1/14/22

$

—

$

(3,747)

Euro

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

DBAB

Sell

1,200,562

12,211,274

SEK

1/18/22

2,941

—

South

Korean

Won

..

CITI

Buy

1,940,300,000

1,689,421

1/21/22

—

(53,403)

Indian

Rupee

......

JPHQ

Buy

45,118,800

584,516

1/27/22

14,956

—

Euro

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

CITI

Sell

53,787

80,000

CAD

2/03/22

673

—

Euro

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

DBAB

Sell

5,588,077

8,286,000

CAD

2/03/22

49,845

—

Euro

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

HSBK

Sell

300,074

444,832

CAD

2/03/22

2,584

—

Chilean

Peso

......

GSCO

Buy

459,371,617

581,778

2/11/22

—

(21,969)

Euro

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

HSBK

Sell

8,960,904

1,163,954,255

JPY

2/17/22

61,581

—

Euro

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

CITI

Sell

2,449,810

314,851,973

JPY

2/24/22

—

(13,636)

Euro

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

MSCO

Sell

925,980

1,386,400

CAD

2/25/22

18,269

—

Chinese

Yuan

......

BOFA

Buy

3,535,710

540,612

3/09/22

936

—

Euro

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

DBAB

Sell

1,111,066

11,382,500

NOK

3/15/22

8,027

—

Euro

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

DBAB

Sell

1,199,720

12,211,231

SEK

3/16/22

2,834

—

Indian

Rupee

......

SCNY

Buy

180,900,000

2,359,463

3/22/22

26,822

—

Singapore

Dollar

....

CITI

Buy

3,100,000

2,294,342

3/22/22

—

(12,078)

Euro

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

CITI

Sell

1,389,251

181,393,105

JPY

3/31/22

17,196

—

Euro

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

JPHQ

Sell

4,307,285

560,782,663

JPY

4/01/22

38,718

—

Euro

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

JPHQ

Sell

14,564,889

148,950,000

NOK

4/01/22

64,725

—

Euro

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

HSBK

Sell

299,472

444,836

CAD

5/03/22

2,534

—

Chilean

Peso

......

GSCO

Buy

439,732,455

554,392

5/11/22

—

(22,805)

Euro

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

DBAB

Sell

1,070,751

10,826,900

SEK

6/15/22

—

(7,344)

Euro

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

DBAB

Sell

265,293

2,701,400

NOK

6/16/22

—

(1,186)

Euro

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

DBAB

Sell

1,532,338

15,689,000

NOK

6/20/22

2,596

—

Euro

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

CITI

Sell

1,377,485

14,183,000

NOK

6/21/22

11,318

—

Total

Forward

Exchange

Contracts

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

$3,008,015

$(1,161,262)

Net

unrealized

appreciation

(depreciation)

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

$1,846,753

*

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

37

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)

38

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.

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)

39

Quarterly

Statement

of

Investments

At

September

30,

2021,

the

Funds

received

United

Kingdom

Inflation-Linked

Gilt

and

U.S.

Treasury

Bonds

and

Notes

as

collateral

for

derivatives,

as

follows:

Templeton

Global

Bond

Fund

-

$3,884,861

Templeton

International

Bond

Fund

-

$731,499 

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 at

a

specific

exchange

rate

on

a

future

date. 

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

and

options

Templeton

Global

Total

Return

Fund

–

Forwards

and

options

Templeton

International

Bond

Fund

–

Forwards

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.

At

September

30,

2021,

certain

or

all

Funds

had

a

portion of

their

net

assets

denominated

in

Argentine

Pesos.

Argentina

has

restricted

currency

repatriation

since

September

2019,

and

had

restructured

certain

issues

of

its

debt.

Political

and

economic

conditions

in

Argentina

could

continue

to

affect

the

value

of

the

Funds’

holdings.

At

September

30,

2021,

the

percentage

of

net

assets

denominated

in

Argentine

Pesos

were

as

follows:

Templeton

Emerging

Markets

Bond

Fund

–

3.9%

Templeton Global

Bond

Fund

–

3.7%

Templeton

Global

Total

Return

Fund

–

6.0%

Templeton

International

Bond

Fund

–

1.9%

3.

Derivative

Financial

Instruments

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

40

Quarterly

Statement

of

Investments

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,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

7.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Principal

Amount

/

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Emerging

Markets

Bond

Fund

2,171,539

a

K2016470219

South

Africa

Ltd.,

A

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

5/16/13

-

2/01/17

$

14,538

$

—

619,903

a

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

460

—

514,620

Reventazon

Finance

Trust,

Senior

Secured

Bond,

144A,

8%,

11/15/33

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

12/18/13

514,620

558,501

Total

Restricted

Securities

(Value

is

2.5%

of

Net

Assets)

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

$529,618

$558,501

Shares

Issuer

Acquisition

Date

Cost

Value

Templeton

Global

Total

Return

Fund

434,200,485

a

K2016470219

South

Africa

Ltd.,

A

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

2/22/11

-

2/01/17

$

1,608,225

$

—

50,014,925

a

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

37,134

—

Total

Restricted

Securities

(Value

is

—%

of

Net

Assets)

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

$1,645,359

$—

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$0

as

of

September

30,

2021.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Emerging

Markets

Bond

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$5,134,983

$8,910,180

$(10,613,893)

$—

$—

$3,431,270

3,431,270

$162

Total

Affiliated

Securities

...

$5,134,983

$8,910,180

$(10,613,893)

$—

$—

$3,431,270

$162

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

41

Quarterly

Statement

of

Investments

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

summary

of

inputs

used

as

of

September

30,

2021,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Templeton

Global

Bond

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$1,730,879,789

$4,565,393,761

$(5,828,320,553)

$—

$—

$467,952,997

467,952,997

$40,396

Total

Affiliated

Securities

...

$1,730,879,789

$4,565,393,761

$(5,828,320,553)

$—

$—

$467,952,997

$40,396

Templeton

Global

Total

Return

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$189,612,936

$992,089,692

$(1,007,671,107)

$—

$—

$174,031,521

174,031,521

$10,954

Total

Affiliated

Securities

...

$189,612,936

$992,089,692

$(1,007,671,107)

$—

$—

$174,031,521

$10,954

Templeton

International

Bond

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$110,460,274

$115,432,937

$(153,456,075)

$—

$—

$72,437,136

72,437,136

$3,839

Total

Affiliated

Securities

...

$110,460,274

$115,432,937

$(153,456,075)

$—

$—

$72,437,136

$3,839

7.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

42

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Templeton

Emerging

Markets

Bond

Fund

Assets:

Investments

in

Securities:

Common

Stocks

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

$

—

$

—

$

—

a

$

—

Corporate

Bonds

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

—

—

558,501

a

558,501

Foreign

Government

and

Agency

Securities

....

—

16,439,830

—

16,439,830

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

3,431,270

1,687,222

—

5,118,492

Total

Investments

in

Securities

...........

$3,431,270

$18,127,052

$558,501

$22,116,823

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

71,298

$

—

$

71,298

Restricted

Currency

(ARS)

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

—

5,962

—

5,962

Total

Other

Financial

Instruments

.........

$—

$77,260

$—

$77,260

Receivables:

Interest

(ARS)

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

$—

$4,483

$—

$4,483

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

134,155

$

—

$

134,155

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

Payables:

Deferred

Tax

(ARS)

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

$—

$63

$—

$63

Templeton

Global

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

....

—

6,115,712,248

—

6,115,712,248

U.S.

Government

and

Agency

Securities

.......

—

1,336,770,924

—

1,336,770,924

Options

purchased

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

—

70,579,076

—

70,579,076

Short

Term

Investments

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

467,952,997

1,619,066,835

—

2,087,019,832

Total

Investments

in

Securities

...........

$467,952,997

$9,142,129,083

$—

$9,610,082,080

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

79,506,354

—

79,506,354

Restricted

Currency

(ARS)

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

—

1,788,780

—

1,788,780

Total

Other

Financial

Instruments

.........

$—

$81,295,134

$—

$81,295,134

Receivables:

Interest

(ARS)

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

$—

$9,174,317

$—

$9,174,317

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

—

$

41,397,545

$

—

$

41,397,545

Forward

exchange

contracts

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

—

60,997,142

—

60,997,142

Total

Other

Financial

Instruments

.........

$—

$102,394,687

$—

$102,394,687

Payables:

Deferred

Tax

(ARS)

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

$—

$22,372

$—

$22,372

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

43

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,

2021,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Templeton

Global

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

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

$

—

$

—

$

—

a

$

—

Corporate

Bonds

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

—

—

—

a

—

Foreign

Government

and

Agency

Securities

....

—

664,954,256

—

664,954,256

U.S.

Government

and

Agency

Securities

.......

—

106,176,370

—

106,176,370

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Options

purchased

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

—

9,180,290

—

9,180,290

Short

Term

Investments

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

174,031,521

224,532,923

—

398,564,444

Total

Investments

in

Securities

...........

$174,031,521

$1,004,843,839

$—

$1,178,875,360

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

9,935,711

—

9,935,711

Restricted

Currency

(ARS)

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

—

857,038

—

857,038

Total

Other

Financial

Instruments

.........

$—

$10,792,749

$—

$10,792,749

Receivables:

Interest

(ARS)

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

$—

$1,123,977

$—

$1,123,977

Liabilities:

Other

Financial

Instruments:

Options

written

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

—

5,820,143

—

5,820,143

Forward

exchange

contracts

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

—

15,311,082

—

15,311,082

Total

Other

Financial

Instruments

.........

$—

$21,131,225

$—

$21,131,225

Payables:

Deferred

Tax

(ARS)

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

$—

$3,107

$—

$3,107

Templeton

International

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

....

—

193,090,472

—

193,090,472

Options

purchased

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

—

1,536,566

—

1,536,566

Short

Term

Investments

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

72,437,136

29,923,776

—

102,360,912

Total

Investments

in

Securities

...........

$72,437,136

$224,550,814

$—

$296,987,950

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

3,008,015

—

3,008,015

Restricted

Currency

(ARS)

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

—

62,477

—

62,477

Total

Other

Financial

Instruments

.........

$—

$3,070,492

$—

$3,070,492

Receivables:

Interest

(ARS)

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

$—

$160,217

$—

$160,217

Liabilities:

Other

Financial

Instruments:

Options

written

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

—

918,740

—

918,740

Forward

exchange

contracts

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

—

1,161,262

—

1,161,262

Total

Other

Financial

Instruments

.........

$—

$2,080,002

$—

$2,080,002

Payables:

Deferred

Tax

(ARS)

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

$—

$86

$—

$86

a

Includes

securities

determined

to

have

no

value

at

September

30,

2021.

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

44

Quarterly

Statement

of

Investments

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

c

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Templeton

Emerging

Markets

Bond

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

South

Africa

..

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Corporate

Bonds

:

Costa

Rica

...

507,166

—

(11,220)

—

—

—

—

62,555

558,501

62,157

South

Africa

..

791

d

93

—

—

—

721

—

(1,605)

—

d

(1,605)

Foreign

Government

and

Agency

Securities

:

Argentina

....

1,671,576

—

—

—

(1,671,576)

—

—

—

—

—

Escrows

and

Litigation

Trusts

..

—

—

d

(271)

—

—

—

271

—

—

d

—

Short

Term

Investments

....

168,276

—

—

—

(168,276)

—

—

—

—

—

Total

Investments

in

Securities

.........

$2,347,809

$93

$(11,491)

$—

$(1,839,852)

$721

$271

$60,950

$558,501

$60,552

Other

Financial

Instruments:

Restricted

Currency

(ARS)

........

$641

$—

$—

$—

$(641)

$—

$—

$—

$—

$—

Receivables:

Interest

(ARS)

.

$9,213

$—

$—

$—

$(9,213)

$—

$—

$—

$—

$—

Liabilities:

Payables:

Investment

Securities

Purchased

(ARS)

.

$29,286

$—

$—

$—

$(29,286)

$—

$—

$—

$—

$—

Deferred

Tax

(ARS)

$86

$—

$—

$—

$(86)

$—

$—

$—

$—

$—

Templeton

Global

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

:

Argentina

....

506,006,278

—

—

—

(506,006,278)

—

—

—

—

—

Short

Term

Investments

....

32,820,953

—

—

—

(32,820,953)

—

—

—

—

—

Total

Investments

in

Securities

.........

$538,827,231

$—

$—

$—

$(538,827,231)

$—

$—

$—

$—

$—

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

45

Quarterly

Statement

of

Investments

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

c

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

Templeton

Global

Bond

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

........

$106,650

$—

$—

$—

$(106,650)

$—

$—

$—

$—

$—

Receivables:

Interest

(ARS)

.

$11,892,277

$—

$—

$—

$(11,892,277)

$—

$—

$—

$—

$—

Liabilities:

Payables:

Investment

Securities

Purchased

(ARS)

.

$4,882,607

$—

$—

$—

$(4,882,607)

$—

$—

$—

$—

$—

Deferred

Tax

(ARS)

$30,205

$—

$—

$—

$(30,205)

$—

$—

$—

$—

$—

Templeton

Global

Total

Return

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

South

Africa

..

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Corporate

Bonds

:

South

Africa

..

74,652

d

8,245

—

—

—

1,428,566

—

(1,511,463)

—

d

(1,511,463)

Foreign

Government

and

Agency

Securities

:

Argentina

....

88,185,397

—

—

—

(88,185,397)

—

—

—

—

—

Escrows

and

Litigation

Trusts

..

—

—

d

(46,977)

—

—

—

46,977

—

—

d

—

Short

Term

Investments

....

4,977,605

—

—

—

(4,977,605)

—

—

—

—

—

Total

Investments

in

Securities

.........

$93,237,654

$8,245

$(46,977)

$—

$(93,163,002)

$1,428,566

$46,977

$(1,511,463)

$—

$(1,511,463)

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

46

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,

2021,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

c

Net

Accretion

(Amortiza-

tion)

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:

(continued)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

........

$5,195

$—

$—

$—

$(5,195)

$—

$—

$—

$—

$—

Receivables:

Interest

(ARS)

.

$1,629,514

$—

$—

$—

$(1,629,514)

$—

$—

$—

$—

$—

Liabilities:

Payables:

Investment

Securities

Purchased

(ARS)

.

$763,524

$—

$—

$—

$(763,524)

$—

$—

$—

$—

$—

Deferred

Tax

(ARS)

$4,195

$—

$—

$—

$(4,195)

$—

$—

$—

$—

$—

Templeton

International

Bond

Fund

Assets:

Investments

in

Securities:

Foreign

Government

and

Agency

Securities

:

Argentina

....

$

5,206,443

$

—

$

—

$

—

$

(5,206,443)

$

—

$

—

$

—

$

—

$

—

Short

Term

Investments

....

385,343

—

—

—

(385,343)

—

—

—

—

—

Total

Investments

in

Securities

.........

$5,591,786

$—

$—

$—

$(5,591,786)

$—

$—

$—

$—

$—

Other

Financial

Instruments:

Restricted

Currency

(ARS)

........

$408

$—

$—

$—

$(408)

$—

$—

$—

$—

$—

Receivables:

Interest

(ARS)

.

$113,485

$—

$—

$—

$(113,485)

$—

$—

$—

$—

$—

Liabilities:

Payables:

Investment

Securities

Purchased

(ARS)

.

$59,932

$—

$—

$—

$(59,932)

$—

$—

$—

$—

$—

Deferred

Tax

(ARS)

$116

$—

$—

$—

$(116)

$—

$—

$—

$—

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transfers

out

of

level

3

were

as

a

result

of

changes

in

the

levels

of

observable

liquidity

and

the

improved

reliability

of

a

significant

input.

d

Includes

securities

determined

to

have

no

value.

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

47

Quarterly

Statement

of

Investments

Description

Fair

Value

at

End

of

Period

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:

Costa

Rica

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

$558,501

Discounted

cash

flow

Discount

rate

(

b

)

6.4%

Decrease

c

All

Other

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

—

d

Total

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

$558,501

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,

2021.

8. Fair

Value

Measurements 

(continued)

Templeton

Income

Trust

Notes

to

Statements

of

Investments

(unaudited)

48

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

Selected

Portfolio

BADLAR

Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

CER

Reference

Stabilization

Coefficient

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

Currency

ARS

Argentine

Peso

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

EGP

Egyptian

Pound

EUR

Euro

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

PEN

Peruvian

Nuevo

Sol

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

USD

United

States

Dollar

UZS

Uzbekistani

Som

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.