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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Bank of America</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Democratic Socialist Republic of Sri Lanka</name>
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          <isin value="US85227SAQ93"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <balance>4506000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="1150095"/>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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            <putOrCall>Put</putOrCall>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="97369"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="1120103"/>
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            <putOrCall>Put</putOrCall>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="90555"/>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>Republic of Indonesia</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Republic of Indonesia</title>
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          <isin value="IDG000013707"/>
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        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Japan</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Treasury Discount Bills</title>
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          <isin value="JP1740341MB2"/>
          <other otherDesc="Inhouse Asset ID" value="1177097"/>
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        <balance>2529500000.00000000</balance>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic of Turkey</name>
        <lei>5493000PCHOG3B6S3Q85</lei>
        <title>Republic of Turkey</title>
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          <isin value="TRT091122T10"/>
          <other otherDesc="Inhouse Asset ID" value="1137953"/>
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        <balance>124600000.00000000</balance>
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        <currencyConditional curCd="TRY" exchangeRt="13.27625000"/>
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        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-09</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Japan</name>
        <lei>353800WZS8AXZXFUC241</lei>
        <title>Japan Treasury Discount Bills</title>
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          <isin value="JP1740131M86"/>
          <other otherDesc="Inhouse Asset ID" value="1159454"/>
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        <balance>1160500000.00000000</balance>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-10</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Argentine Republic</name>
        <lei>549300KPBYGYF7HCHO27</lei>
        <title>Argentine Republic</title>
        <cusip>N/A</cusip>
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          <isin value="ARARGE4502K0"/>
          <other otherDesc="Inhouse Asset ID" value="648398"/>
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        <balance>2527300600.00000000</balance>
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        <invCountry>AR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-17</maturityDt>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <isin value="US912828XB14"/>
          <other otherDesc="Inhouse Asset ID" value="605525"/>
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        <balance>4060000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-15</maturityDt>
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          <annualizedRt>2.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="120213"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>312638.35000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Citibank</counterpartyName>
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            <amtCurSold>22686600000.00000000</amtCurSold>
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            <amtCurPur>19383629.53000000</amtCurPur>
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            <settlementDt>2022-01-21</settlementDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Monetary Authority of Singapore Bill</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US9128286X38"/>
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      <invstOrSec>
        <name>United States of America</name>
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          <isin value="US912828YQ73"/>
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        <name>N/A</name>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <name>N/A</name>
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        <name>Republic of Indonesia</name>
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        <name>Argentine Republic</name>
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        <name>Federative Republic of Brazil</name>
        <lei>254900ZFY40OYEADAP90</lei>
        <title>Letras do Tesouro Nacional</title>
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        <name>N/A</name>
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        <name>Japan</name>
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        <title>Japan Treasury Discount Bills</title>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Republic of Ecuador</name>
        <lei>5299003Y2U5XK0A35H71</lei>
        <title>Republic of Ecuador</title>
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        <name>Arab Republic of Egypt</name>
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        <name>Republic of Ghana</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arab Republic of Egypt</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Republic of Indonesia</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-15</maturityDt>
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        <name>Federative Republic of Brazil</name>
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        <name>N/A</name>
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        <name>Federative Republic of Brazil</name>
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        <title>Letras do Tesouro Nacional</title>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>Republic of Korea</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt Treasury Bills</title>
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          <isin value="EGT9980FBM10"/>
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        <balance>19300000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-11-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="128111"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <balance>5107000.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>MORGAN STANLEY CAPITAL</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>N/A</issuerName>
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            <shareNo>1.00000000</shareNo>
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        <securityLending>
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      <invstOrSec>
        <name>Republic of Indonesia</name>
        <lei>529900FWX0GRR7WG5W79</lei>
        <title>Republic of Indonesia</title>
        <cusip>N/A</cusip>
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          <isin value="IDG000007709"/>
          <other otherDesc="Inhouse Asset ID" value="394359"/>
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        <balance>15790000000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="1120104"/>
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        <balance>773000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="127809"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Republic of Turkey</name>
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        <title>Turkey Government Bond</title>
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        <invCountry>TR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Arab Republic of Egypt</name>
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          <isin value="EGT9980F2M18"/>
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      <invstOrSec>
        <name>Kingdom of Thailand</name>
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      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
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          <isin value="EGT9980MBM11"/>
          <other otherDesc="Inhouse Asset ID" value="1183246"/>
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        <invCountry>EG</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="96852"/>
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        <curCd>N/A</curCd>
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        <name>United States of America</name>
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        <name>Republic of Ghana</name>
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        <name>Republic of Turkey</name>
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        <name>N/A</name>
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        <name>Republic of India</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Republic of Turkey</name>
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        <name>United States of America</name>
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        <name>Arab Republic of Egypt</name>
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        <name>N/A</name>
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            <counterparties>
              <counterpartyName>Goldman Sachs Bank</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <amtCurSold>7097435.88000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>5821458857.00000000</amtCurPur>
            <curPur>CLP</curPur>
            <settlementDt>2022-03-16</settlementDt>
            <unrealizedAppr>-338978.29000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arab Republic of Egypt</name>
        <lei>529900GFIVH4086NMH82</lei>
        <title>Arab Republic of Egypt Treasury Bills</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGT9980M2M14"/>
          <other otherDesc="Inhouse Asset ID" value="1159886"/>
        </identifiers>
        <balance>6300000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EGP" exchangeRt="15.71000000"/>
        <valUSD>395854.20000000</valUSD>
        <pctVal>0.041902008541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-22</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Used CNY (Onshore Yuan) instead of CNH (Offshore Yuan) for all base currency isocodes." noteItem="C.11.e.ii"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Templeton Income Trust</ncom:nameOfApplicant>
      <ncom:signature>Jeffrey W. White </ncom:signature>
      <ncom:signerName>Jeffrey W. White </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
