NPORT-EX 2 TIT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
TIT-Q1PH
1
Schedules
of
Investments
(unaudited)
Templeton
Global
Bond
Fund
2
Templeton
Global
Total
Return
Fund
8
Templeton
International
Bond
Fund
15
Templeton
Sustainable
Emerging
Markets
Bond
Fund
21
Notes
to
Schedules
of
Investments
26
Templeton
Income
Trust
Schedule
of
Investments
(unaudited),
March
31,
2025
Templeton
Global
Bond
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
75.2%
Australia
10.3%
New
South
Wales
Treasury
Corp.
,
Senior
Bond
,
2%,
3/08/33
........
112,969,000
AUD
$
57,653,304
a
Senior
Bond
,
Reg
S,
1.75%,
3/20/34
94,524,000
AUD
45,348,818
a
Queensland
Treasury
Corp.
,
Senior
Bond
,
144A,
Reg
S,
1.75%,
7/20/34
.
218,298,000
AUD
102,986,011
Treasury
Corp.
of
Victoria
,
Senior
Bond
,
2.25%,
11/20/34
.....
44,262,000
AUD
21,609,054
Senior
Bond
,
2%,
11/20/37
........
189,652,000
AUD
81,136,169
308,733,356
Brazil
10.7%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
..................
229,552,000
BRL
37,459,097
10%,
1/01/31
..................
909,614,000
BRL
131,352,443
10%,
1/01/33
..................
361,526,000
BRL
50,038,172
F
,
10%,
1/01/29
................
670,034,000
BRL
102,616,197
321,465,909
Colombia
6.8%
Colombia
Titulos
de
Tesoreria
,
B
,
7.75%,
9/18/30
..............
146,198,800,000
COP
30,032,354
B
,
7%,
3/26/31
.................
110,158,200,000
COP
21,235,163
B
,
7%,
6/30/32
.................
107,691,000,000
COP
19,829,774
B
,
13.25%,
2/09/33
.............
248,870,000,000
COP
62,930,902
B
,
7.25%,
10/18/34
.............
148,699,000,000
COP
25,868,862
B
,
6.25%,
7/09/36
..............
41,872,000,000
COP
6,301,762
B
,
9.25%,
5/28/42
..............
206,416,000,000
COP
37,467,654
203,666,471
Egypt
2.3%
a
Egypt
Government
Bond
,
Senior
Bond
,
144A,
8.5%,
1/31/47
..
40,381,000
30,682,332
Senior
Bond
,
144A,
8.7%,
3/01/49
..
12,110,000
9,296,683
Senior
Bond
,
144A,
8.875%,
5/29/50
26,683,000
20,751,169
Senior
Bond
,
144A,
8.75%,
9/30/51
.
11,130,000
8,551,096
69,281,280
Ghana
1.2%
b
Ghana
Government
Bond
,
PIK,
8.5%,
2/15/28
..............
111,267,004
GHS
5,152,288
PIK,
8.65%,
2/13/29
.............
40,524,951
GHS
1,689,236
PIK,
8.8%,
2/12/30
..............
140,437,055
GHS
5,459,986
PIK,
8.95%,
2/11/31
.............
2,996,856
GHS
108,131
PIK,
9.1%,
2/10/32
..............
141,632,480
GHS
4,857,312
PIK,
9.25%,
2/08/33
.............
96,971,969
GHS
3,153,747
PIK,
9.4%,
2/07/34
..............
125,070,051
GHS
3,941,426
PIK,
9.55%,
2/06/35
.............
82,592,814
GHS
2,544,240
PIK,
9.7%,
2/05/36
..............
120,897,172
GHS
3,591,755
PIK,
9.85%,
2/03/37
.............
68,623,654
GHS
2,019,481
PIK,
10%,
2/02/38
..............
99,422,012
GHS
2,912,139
35,429,741
Hungary
0.2%
a
Hungary
Government
Bond
,
Senior
Bond
,
Reg
S,
1.75%,
6/05/35
6,043,000
EUR
4,975,866
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Hungary
(continued)
a
Hungary
Government
Bond,
(continued)
Senior
Bond
,
Reg
S,
1.5%,
11/17/50
4,197,000
EUR
$
2,383,589
7,359,455
India
9.6%
India
Government
Bond
,
7.26%,
1/14/29
................
4,296,000,000
INR
51,849,451
Senior
Bond
,
7.26%,
8/22/32
......
12,972,780,000
INR
158,489,140
Senior
Bond
,
7.18%,
8/14/33
......
4,011,300,000
INR
48,628,494
Senior
Bond
,
7.1%,
4/08/34
.......
456,210,000
INR
5,509,593
Senior
Bond
,
6.79%,
10/07/34
.....
1,097,100,000
INR
13,073,301
Senior
Note
,
7.1%,
4/18/29
.......
917,600,000
INR
10,974,071
288,524,050
Malaysia
8.6%
Malaysia
Government
Bond
,
3.9%,
11/30/26
.................
170,024,000
MYR
38,671,263
3.892%,
3/15/27
................
19,290,000
MYR
4,390,026
3.502%,
5/31/27
................
30,640,000
MYR
6,921,252
3.899%,
11/16/27
...............
691,620,000
MYR
157,642,383
4.498%,
4/15/30
................
97,744,000
MYR
22,925,730
3.582%,
7/15/32
................
134,410,000
MYR
30,033,320
260,583,974
Mexico
4.4%
Mexican
Bonos
,
M
,
10%,
11/20/36
....
121,740,000
MXN
6,236,685
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8.5%,
3/01/29
...............
108,600,000
MXN
5,244,184
M
,
8.5%,
2/28/30
...............
463,100,000
MXN
22,221,394
M
,
7.75%,
5/29/31
..............
145,980,000
MXN
6,717,396
M
,
7.5%,
5/26/33
...............
1,775,240,000
MXN
78,230,445
M
,
Senior
Bond
,
8.5%,
5/31/29
.....
158,540,000
MXN
7,661,305
M
,
Senior
Bond
,
8.5%,
11/18/38
....
116,730,000
MXN
5,222,945
131,534,354
Norway
4.2%
a
Norway
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
1.5%,
2/19/26
......................
1,296,938,000
NOK
120,457,307
Senior
Bond
,
144A,
Reg
S,
1.75%,
2/17/27
......................
68,460,000
NOK
6,265,549
126,722,856
Panama
4.5%
Panama
Government
Bond
,
Senior
Bond
,
2.252%,
9/29/32
.....
22,130,000
16,185,783
Senior
Bond
,
3.298%,
1/19/33
.....
2,130,000
1,662,146
Senior
Bond
,
6.4%,
2/14/35
.......
71,380,000
67,147,166
Senior
Bond
,
6.875%,
1/31/36
.....
2,790,000
2,690,048
Senior
Bond
,
8%,
3/01/38
........
45,980,000
47,474,350
135,159,493
Serbia
0.5%
Serbia
Treasury
Bonds
,
4.5%,
8/20/32
.
1,617,620,000
RSD
14,597,761
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
South
Africa
6.1%
South
Africa
Government
Bond
,
Senior
Bond
,
8.875%,
2/28/35
.....
776,200,000
ZAR
$
37,905,633
Senior
Bond
,
8.5%,
1/31/37
.......
1,779,630,000
ZAR
80,723,959
Senior
Bond
,
9%,
1/31/40
........
1,348,700,000
ZAR
60,803,592
Senior
Bond
,
8.75%,
1/31/44
......
82,990,000
ZAR
3,551,730
182,984,914
South
Korea
2.5%
Korea
Treasury
Bonds
,
3.25%,
3/10/28
................
6,875,990,000
KRW
4,755,607
3.5%,
9/10/28
.................
100,177,010,000
KRW
69,992,495
74,748,102
Uruguay
3.3%
c
Uruguay
Government
Bond
,
Index
Linked,
Senior
Bond
,
3.875%,
7/02/40
3,893,625,446
UYU
98,871,941
Total
Foreign
Government
and
Agency
Securities
(Cost
$
2,434,196,673
)
...........
2,259,663,657
U.S.
Government
and
Agency
Securities
11.0%
United
States
11.0%
U.S.
Treasury
Bonds
,
3.125
%,
2/15/43
................
18,463,000
15,160,215
3.625
%,
8/15/43
................
169,433,000
148,995,144
3.75
%,
11/15/43
................
15,349,000
13,708,576
U.S.
Treasury
Notes
,
3.5
%,
2/15/33
.................
53,358,000
51,117,380
4.25
%,
11/15/34
................
101,071,600
101,387,449
330,368,764
Total
U.S.
Government
and
Agency
Securities
(Cost
$
344,331,189
)
................
330,368,764
Total
Long
Term
Investments
(Cost
$
2,778,527,862
)
.............................
2,590,032,421
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.3%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
159.00
JPY
,
Expires
4/14/25
......
1
308,801,000
4,213
4,213
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
September
Strike
Price
128.00
JPY
,
Expires
9/11/25
......................
1
308,801,000
656,222
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
138.85
JPY
,
Expires
4/24/25
......
1
195,778,000
61,557
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Puts
-
Over-the-Counter
(continued)
Currency
Options
(continued)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
144.30
JPY
,
Expires
6/11/25
..
1
617,603,000
$
5,070,166
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
145.60
JPY
,
Expires
4/24/25
......
1
978,890,000
3,080,629
8,868,574
Total
Options
Purchased
(Cost
$
25,634,451
)
....................................
8,872,787
Short
Term
Investments
11.7%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
11.7%
United
States
11.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
.........
351,411,308
351,411,308
Total
Money
Market
Funds
(Cost
$
351,411,308
)
.................................
351,411,308
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
351,411,308
)
...............................
351,411,308
a
a
a
Total
Investments
(Cost
$
3,155,573,621
)
98.2
%
..................................
$2,950,316,516
Options
Written
(
0.1
)
%
.......................................................
(4,034,555)
Other
Assets,
less
Liabilities
1.9
%
.............................................
59,604,056
Net
Assets
100.0%
...........................................................
$3,005,886,017
a
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
150.00
JPY
,
Expires
4/14/25
......
1
231,599,000
(
1,783,368
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
159.30
JPY
,
Expires
4/14/25
......
1
154,490,000
(
1,654
)
(
1,785,022
)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
135.30
JPY
,
Expires
6/11/25
..
1
926,404,000
(
1,318,781
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
141.55
JPY
,
Expires
4/24/25
......
1
1,174,670,000
(
930,752
)
(
2,249,533
)
Total
Options
Written
(Premiums
received
$
22,395,891
)
..........................
$
(
4,034,555
)
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
At
March
31,
2025
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
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
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
March
31,
2025,
the
aggregate
value
of
these
securities
was
$351,698,420,
representing
11.7%
of
net
assets.
b
Income
may
be
received
in
additional
securities
and/or
cash.
c
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
d
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
e
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
.............
MSCO
Sell
42,110,112
499,500,000
NOK
4/10/25
$
1,925,224
$
—
Norwegian
Krone
...
MSCO
Buy
499,500,000
46,924,496
4/10/25
553,506
—
Norwegian
Krone
...
MSCO
Sell
499,500,000
43,969,610
4/10/25
—
(
3,508,393
)
South
Korean
Won
..
JPHQ
Buy
16,182,300,000
11,153,515
4/14/25
—
(
168,387
)
Indian
Rupee
......
JPHQ
Buy
1,485,308,500
17,127,635
4/15/25
232,094
—
Indian
Rupee
......
JPHQ
Sell
1,485,308,500
17,224,772
4/15/25
—
(
134,956
)
Japanese
Yen
......
MSCO
Buy
16,448,985,800
107,784,638
4/16/25
2,338,490
(
284,532
)
New
Zealand
Dollar
.
BOFA
Buy
4,880,000
2,736,094
4/16/25
35,451
—
New
Zealand
Dollar
.
BOFA
Sell
4,880,000
2,768,424
4/16/25
—
(
3,121
)
New
Zealand
Dollar
.
JPHQ
Buy
175,070,000
98,088,220
4/16/25
1,340,945
—
New
Zealand
Dollar
.
JPHQ
Sell
175,070,000
99,047,557
4/16/25
—
(
381,607
)
Indian
Rupee
......
HSBK
Buy
2,366,957,100
27,111,358
4/17/25
547,833
—
Indian
Rupee
......
HSBK
Sell
2,366,957,100
27,496,220
4/17/25
—
(
162,971
)
Serbian
Dinar
......
DBAB
Buy
896,483,143
7,872,844
4/22/25
398,743
—
Serbian
Dinar
......
DBAB
Buy
2,081,824,379
18,546,650
4/30/25
661,305
—
Serbian
Dinar
......
DBAB
Buy
2,253,654,000
19,735,103
5/05/25
1,058,295
—
Chinese
Yuan
......
DBAB
Sell
590,635,954
82,175,780
5/20/25
603,909
—
Chinese
Yuan
......
CITI
Sell
324,329,313
45,159,735
5/22/25
361,409
—
Mexican
Peso
......
BNDP
Buy
903,398,478
43,752,348
5/27/25
61,178
—
Mexican
Peso
......
HSBK
Buy
1,533,145,665
74,307,314
5/27/25
48,044
—
Mexican
Peso
......
BNDP
Buy
328,304,649
15,939,131
6/10/25
—
(
45,733
)
Mexican
Peso
......
HSBK
Buy
650,955,820
31,850,614
6/10/25
—
(
337,505
)
Japanese
Yen
......
MSCO
Buy
19,429,266,200
128,118,927
6/13/25
2,811,860
(
333,243
)
Chinese
Yuan
......
HSBK
Sell
547,251,250
75,971,612
6/18/25
250,792
—
Chinese
Yuan
......
HSBK
Sell
1,020,657,000
140,841,858
6/27/25
—
(
464,320
)
Chinese
Yuan
......
MSCO
Sell
1,102,153,000
152,101,245
6/27/25
—
(
487,752
)
Euro
.............
JPHQ
Buy
26,147,456
28,613,549
6/27/25
2,060
(
203,593
)
Euro
.............
JPHQ
Sell
109,740,000
115,191,883
6/27/25
—
(
4,052,398
)
Euro
.............
BNDP
Sell
32,168,000
33,135,935
7/15/25
—
(
1,854,111
)
Euro
.............
BOFA
Sell
28,963,456
29,859,151
7/15/25
—
(
1,645,222
)
Euro
.............
BZWS
Sell
33,872,544
35,053,341
7/16/25
—
(
1,792,885
)
Euro
.............
JPHQ
Sell
33,876,000
35,022,364
7/16/25
—
(
1,827,622
)
Japanese
Yen
......
BNDP
Buy
36,165,525,520
234,343,779
7/16/25
9,609,869
—
Japanese
Yen
......
BNDP
Sell
20,459,300,000
139,727,286
7/16/25
1,864,134
(
144,545
)
Chinese
Yuan
......
CITI
Sell
325,946,035
45,188,065
8/21/25
—
(
111,885
)
Chinese
Yuan
......
DBAB
Sell
325,698,784
45,150,658
8/21/25
—
(
114,929
)
Chinese
Yuan
......
JPHQ
Sell
259,117,222
35,924,637
8/21/25
—
(
87,451
)
Serbian
Dinar
......
DBAB
Buy
1,097,715,000
10,130,260
9/10/25
—
(
16,171
)
Serbian
Dinar
......
DBAB
Buy
3,134,972,506
29,019,462
9/17/25
—
(
137,302
)
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
At
March
31,
2025
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
32
.
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)
South
Korean
Won
..
DBAB
Buy
10,256,000,000
7,106,184
9/17/25
$
—
$
(
85,993
)
South
Korean
Won
..
HSBK
Buy
196,242,900,000
135,921,111
9/17/25
—
(
1,593,631
)
Total
Forward
Exchange
Contracts
...................................................
$24,705,141
$(19,980,258)
Net
unrealized
appreciation
(depreciation)
............................................
$4,724,883
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.285%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
5/03/33
231,810,000
$
(
10,727,621
)
$
—
$
(
10,727,621
)
Receive
Fixed
3.847%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
8/31/33
42,010,000
135,791
—
135,791
Total
Interest
Rate
Swap
Contracts
....................................
$(10,591,830)
$
—
$(10,591,830)
*
In
U.S.
dollars
unless
otherwise
indicated.
Templeton
Income
Trust
Schedule
of
Investments
(unaudited),
March
31,
2025
Templeton
Global
Total
Return
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
0.0%
South
Africa
0.0%
a,b,c
K2016470219
South
Africa
Ltd.
,
A
....
Broadline
Retail
434,200,485
$
—
a,b,c
K2016470219
South
Africa
Ltd.
,
B
....
Broadline
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
,f
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3%,
12/31/22
.....................
Broadline
Retail
37,627,701
—
Senior
Secured
Note
,
144A,
PIK,
8%,
12/31/22
.....................
Broadline
Retail
14,528,882
EUR
—
a
,d
,e
,f
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25%,
12/31/22
.....................
Broadline
Retail
19,186,470
—
—
Total
Corporate
Bonds
(Cost
$
46,940,536
)
......................................
—
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
72.5%
Brazil
9.2%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
..................
2,746,000
BRL
448,102
10%,
1/01/31
..................
31,491,000
BRL
4,547,445
10%,
1/01/33
..................
37,316,000
BRL
5,164,841
F
,
10%,
1/01/29
................
51,267,000
BRL
7,851,579
18,011,967
Colombia
3.3%
Colombia
Titulos
de
Tesoreria
,
B
,
7%,
3/26/31
.................
1,771,400,000
COP
341,472
B
,
6.25%,
7/09/36
..............
12,066,100,000
COP
1,815,955
B
,
9.25%,
5/28/42
..............
23,488,200,000
COP
4,263,467
6,420,894
Dominican
Republic
3.6%
f
Dominican
Republic
Government
Bond
,
Senior
Bond
,
144A,
5.3%,
1/21/41
..
2,370,000
1,999,450
Senior
Bond
,
144A,
6.4%,
6/05/49
..
580,000
542,416
Senior
Bond
,
144A,
5.875%,
1/30/60
5,340,000
4,518,708
7,060,574
Ecuador
2.4%
f
Ecuador
Government
Bond
,
Senior
Bond
,
144A,
5.5%,
7/31/35
........
9,536,000
4,685,207
Egypt
3.3%
Egypt
Government
Bond
,
25.151%,
4/16/27
...............
199,700,000
EGP
4,150,309
f
Senior
Bond
,
144A,
8.75%,
9/30/51
.
1,080,000
829,756
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Egypt
(continued)
Egypt
Government
Bond,
(continued)
f
Senior
Bond
,
144A,
7.5%,
2/16/61
..
2,370,000
$
1,587,782
6,567,847
Ghana
1.6%
d
Ghana
Government
Bond
,
PIK,
8.5%,
2/15/28
..............
2,775,768
GHS
128,534
PIK,
8.8%,
2/12/30
..............
12,676,911
GHS
492,860
PIK,
9.1%,
2/10/32
..............
19,604,991
GHS
672,357
PIK,
9.25%,
2/08/33
.............
7,292,683
GHS
237,174
PIK,
9.4%,
2/07/34
..............
14,491,093
GHS
456,669
PIK,
9.55%,
2/06/35
.............
5,708,986
GHS
175,863
PIK,
9.7%,
2/05/36
..............
13,786,855
GHS
409,596
PIK,
9.85%,
2/03/37
.............
7,825,754
GHS
230,299
PIK,
10%,
2/02/38
..............
11,336,199
GHS
332,045
3,135,397
Hungary
0.3%
f
Hungary
Government
Bond
,
Senior
Bond
,
Reg
S,
1.75%,
6/05/35
421,000
EUR
346,655
Senior
Bond
,
Reg
S,
1.5%,
11/17/50
302,000
EUR
171,514
518,169
India
11.7%
India
Government
Bond
,
Senior
Bond
,
7.26%,
8/22/32
......
1,219,000,000
INR
14,892,588
Senior
Bond
,
7.18%,
8/14/33
......
311,900,000
INR
3,781,125
g
Senior
Bond
,
7.1%,
4/08/34
.......
106,150,000
INR
1,281,961
Senior
Bond
,
6.79%,
10/07/34
.....
245,100,000
INR
2,920,669
22,876,343
Kazakhstan
4.7%
Kazakhstan
MEOKAM
,
15.35%,
11/18/27
.....................
50,500,000
KZT
98,376
Kazakhstan
MEUKAM
,
9%,
7/03/27
...................
473,600,000
KZT
842,095
15.3%,
3/03/29
................
252,400,000
KZT
504,993
10.55%,
7/28/29
................
315,300,000
KZT
541,124
11%,
2/04/30
..................
41,000,000
KZT
70,844
12%,
3/07/30
..................
983,370,000
KZT
1,760,559
12%,
2/22/31
..................
844,030,000
KZT
1,477,794
10.3%,
3/17/31
................
224,900,000
KZT
364,983
14%,
5/12/31
..................
60,600,000
KZT
116,081
Senior
Bond
,
5%,
4/18/28
........
494,200,000
KZT
754,856
Senior
Bond
,
5.5%,
9/20/28
.......
724,300,000
KZT
1,087,669
Senior
Bond
,
7.68%,
8/13/29
......
1,052,000,000
KZT
1,605,882
9,225,256
Malaysia
10.7%
Malaysia
Government
Bond
,
3.955%,
9/15/25
................
872,000
MYR
197,154
3.502%,
5/31/27
................
4,190,000
MYR
946,477
3.899%,
11/16/27
...............
77,940,000
MYR
17,765,026
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Malaysia
(continued)
Malaysia
Government
Bond,
(continued)
3.885%,
8/15/29
................
9,526,000
MYR
$
2,174,223
21,082,880
Mexico
4.1%
Mexican
Bonos
,
M
,
10%,
11/20/36
....
9,610,000
MXN
492,316
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8.5%,
3/01/29
...............
8,580,000
MXN
414,320
M
,
8.5%,
2/28/30
...............
36,640,000
MXN
1,758,134
M
,
7.75%,
5/29/31
..............
13,890,000
MXN
639,160
M
,
7.5%,
5/26/33
...............
84,960,000
MXN
3,743,977
M
,
Senior
Bond
,
8.5%,
5/31/29
.....
12,520,000
MXN
605,018
M
,
Senior
Bond
,
8.5%,
11/18/38
....
9,220,000
MXN
412,538
8,065,463
Norway
4.7%
f
Norway
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
1.5%,
2/19/26
......................
75,260,000
NOK
6,990,016
Senior
Bond
,
144A,
Reg
S,
1.75%,
2/17/27
......................
23,754,000
NOK
2,173,997
9,164,013
Panama
3.2%
Panama
Government
Bond
,
Senior
Bond
,
6.4%,
2/14/35
.......
1,110,000
1,044,177
Senior
Bond
,
6.7%,
1/26/36
.......
4,850,000
4,655,273
Senior
Bond
,
6.875%,
1/31/36
.....
665,000
641,176
6,340,626
South
Africa
6.3%
South
Africa
Government
Bond
,
Senior
Bond
,
8.875%,
2/28/35
.....
35,410,000
ZAR
1,729,243
Senior
Bond
,
8.5%,
1/31/37
.......
117,880,000
ZAR
5,347,033
Senior
Bond
,
9%,
1/31/40
........
109,760,000
ZAR
4,948,322
Senior
Bond
,
8.75%,
1/31/44
......
9,440,000
ZAR
404,005
12,428,603
Supranational
3.4%
h
Asian
Development
Bank
,
Senior
Note
,
10.1%,
1/23/26
................
27,861,000,000
COP
6,653,129
Total
Foreign
Government
and
Agency
Securities
(Cost
$
153,294,426
)
............
142,236,368
U.S.
Government
and
Agency
Securities
8.5%
United
States
8.5%
U.S.
Treasury
Bonds
,
3.375
%,
8/15/42
................
10,010,000
8,585,139
3.75
%,
11/15/43
................
8,960,000
8,002,400
16,587,539
Total
U.S.
Government
and
Agency
Securities
(Cost
$
17,621,604
)
.................
16,587,539
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
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
$
31,175
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
31,175
Total
Long
Term
Investments
(Cost
$
219,501,925
)
...............................
158,855,082
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.3%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
159.00
JPY
,
Expires
4/14/25
......
1
20,210,000
276
276
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
September
Strike
Price
128.00
JPY
,
Expires
9/11/25
......................
1
20,210,000
42,948
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
138.85
JPY
,
Expires
4/24/25
......
1
12,812,000
4,028
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
144.30
JPY
,
Expires
6/11/25
..
1
40,420,000
331,825
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
145.60
JPY
,
Expires
4/24/25
......
1
64,061,000
201,604
580,405
Total
Options
Purchased
(Cost
$
1,677,643
)
.....................................
580,681
Short
Term
Investments
16.7%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
5.4%
Egypt
5.4%
i
Egypt
Treasury
Bills
,
23.19
%,
6/10/25
................
31,300,000
EGP
591,870
23.52
%,
6/17/25
................
68,100,000
EGP
1,281,340
23.78
%,
6/24/25
................
277,825,000
EGP
5,201,810
24.57
%,
9/09/25
................
108,225,000
EGP
1,927,027
23.87
%,
3/10/26
................
59,850,000
EGP
963,687
23.75
%,
3/24/26
................
41,275,000
EGP
660,255
10,625,989
Total
Foreign
Government
and
Agency
Securities
(Cost
$
10,539,569
)
..............
10,625,989
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
11.3%
United
States
11.3%
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
.........
22,088,060
$
22,088,060
Total
Money
Market
Funds
(Cost
$
22,088,060
)
..................................
22,088,060
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
32,627,629
)
................................
32,714,049
a
a
a
Total
Investments
(Cost
$
253,807,197
)
98.0
%
...................................
$192,149,812
Options
Written
(
0.1
)
%
.......................................................
(264,049)
Other
Assets,
less
Liabilities
2.1
%
.............................................
4,248,502
Net
Assets
100.0%
...........................................................
$196,134,265
a
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
150.00
JPY
,
Expires
4/14/25
......
1
15,158,000
(
116,720
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
159.30
JPY
,
Expires
4/14/25
......
1
10,111,000
(
108
)
(
116,828
)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
135.30
JPY
,
Expires
6/11/25
..
1
60,630,000
(
86,310
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
141.55
JPY
,
Expires
4/24/25
......
1
76,873,000
(
60,911
)
(
147,221
)
Total
Options
Written
(Premiums
received
$
1,465,744
)
...........................
$
(
264,049
)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
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
5
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
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
March
31,
2025,
the
aggregate
value
of
these
securities
was
$23,845,501,
representing
12.2%
of
net
assets.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
i
The
rate
shown
represents
the
yield
at
period
end.
j
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Total
Return
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
At
March
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
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
Chinese
Yuan
......
DBAB
Sell
44,370,000
6,079,415
4/07/25
$
—
$
(
29,905
)
Norwegian
Krone
...
MSCO
Buy
9,256,000
869,536
4/10/25
10,257
—
Japanese
Yen
......
MSCO
Buy
669,329,000
4,335,678
4/16/25
133,786
—
Indian
Rupee
......
HSBK
Buy
318,707,100
3,650,502
4/17/25
73,765
—
Indian
Rupee
......
HSBK
Sell
318,707,100
3,672,249
4/17/25
—
(
52,019
)
Brazilian
Real
......
JPHQ
Buy
17,958,719
3,004,135
5/05/25
123,780
—
Euro
.............
DBAB
Sell
732,563
8,520,000
NOK
5/12/25
15,973
—
Chinese
Yuan
......
DBAB
Sell
41,005,749
5,705,171
5/20/25
41,927
—
Chinese
Yuan
......
JPHQ
Sell
83,550,000
11,627,049
5/20/25
88,081
—
Chinese
Yuan
......
CITI
Sell
22,517,028
3,135,279
5/22/25
25,091
—
Mexican
Peso
......
BNDP
Buy
59,812,208
2,896,756
5/27/25
4,051
—
Mexican
Peso
......
HSBK
Buy
125,270,542
6,071,515
5/27/25
3,926
—
Mexican
Peso
......
BNDP
Buy
21,736,436
1,055,300
6/10/25
—
(
3,028
)
Mexican
Peso
......
HSBK
Buy
73,593,000
3,582,810
6/10/25
—
(
20,135
)
Australian
Dollar
....
MSCO
Buy
5,930,000
3,793,065
6/12/25
—
(
85,528
)
Japanese
Yen
......
MSCO
Buy
791,252,000
5,157,626
6/13/25
160,926
—
Chinese
Yuan
......
HSBK
Sell
7,593,703
1,054,188
6/18/25
3,480
—
Indian
Rupee
......
CITI
Buy
605,927,980
6,888,285
6/18/25
160,441
—
Indian
Rupee
......
CITI
Sell
605,927,980
7,004,985
6/18/25
—
(
43,740
)
Australian
Dollar
....
JPHQ
Buy
26,966,000
16,993,164
6/25/25
—
(
131,551
)
Euro
.............
JPHQ
Buy
3,392,042
3,715,415
6/27/25
145
(
29,743
)
Euro
.............
JPHQ
Sell
9,520,000
9,992,954
6/27/25
—
(
351,548
)
Euro
.............
BNDP
Sell
791,000
814,801
7/15/25
—
(
45,592
)
Euro
.............
BOFA
Sell
712,467
734,500
7/15/25
—
(
40,471
)
Euro
.............
BZWS
Sell
833,533
862,590
7/16/25
—
(
44,119
)
Euro
.............
JPHQ
Sell
833,000
861,189
7/16/25
—
(
44,941
)
Japanese
Yen
......
BNDP
Buy
706,082,800
4,575,244
7/16/25
187,620
—
Japanese
Yen
......
BNDP
Sell
706,082,800
4,837,376
7/16/25
74,512
—
Japanese
Yen
......
DBAB
Buy
459,924,060
3,001,406
7/17/25
101,323
—
Japanese
Yen
......
DBAB
Sell
205,100,000
1,405,055
7/17/25
21,414
—
Japanese
Yen
......
MSCO
Buy
722,966,000
4,838,515
8/13/25
52,426
—
Chinese
Yuan
......
CITI
Sell
22,629,271
3,137,246
8/21/25
—
(
7,768
)
Chinese
Yuan
......
DBAB
Sell
47,243,542
6,549,232
8/21/25
—
(
16,671
)
Chinese
Yuan
......
JPHQ
Sell
62,318,150
8,639,939
8/21/25
—
(
21,032
)
South
Korean
Won
..
DBAB
Buy
28,961,490,000
20,066,856
9/17/25
—
(
242,832
)
Australian
Dollar
....
DBAB
Buy
2,173,000
1,369,761
9/22/25
—
(
10,028
)
Total
Forward
Exchange
Contracts
...................................................
$1,282,924
$(1,220,651)
Net
unrealized
appreciation
(depreciation)
............................................
$62,273
*
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
Schedule
of
Investments
(unaudited)
Templeton
Global
Total
Return
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
At
March
31,
2025
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
32
.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
11.38%
..
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/04/27
15,347,053
BRL
$
(
159,573
)
$
—
$
(
159,573
)
Receive
Fixed
14.768%
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/04/27
259,524
BRL
(
58
)
—
(
58
)
Receive
Fixed
3.285%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
5/03/33
4,920,000
(
227,686
)
—
(
227,686
)
Total
Interest
Rate
Swap
Contracts
....................................
$(387,317)
$
—
$(387,317)
*
In
U.S.
dollars
unless
otherwise
indicated.
Templeton
Income
Trust
Schedule
of
Investments
(unaudited),
March
31,
2025
Templeton
International
Bond
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
69.8%
Australia
8.9%
New
South
Wales
Treasury
Corp.
,
Senior
Bond
,
2%,
3/08/33
........
815,000
AUD
$
415,932
a
Senior
Bond
,
Reg
S,
1.75%,
3/20/34
231,000
AUD
110,825
Queensland
Treasury
Corp.
,
Senior
Bond
,
2%,
8/22/33
........
170,000
AUD
85,032
a
Senior
Bond
,
144A,
Reg
S,
1.75%,
7/20/34
......................
841,000
AUD
396,757
Treasury
Corp.
of
Victoria
,
Senior
Bond
,
2.25%,
11/20/34
.....
277,000
AUD
135,233
Senior
Bond
,
2%,
11/20/37
........
1,447,000
AUD
619,050
1,762,829
Brazil
10.2%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
..................
5,268,000
BRL
859,651
10%,
1/01/31
..................
3,770,000
BRL
544,405
10%,
1/01/33
..................
1,835,000
BRL
253,979
F
,
10%,
1/01/29
................
2,480,000
BRL
379,814
2,037,849
Colombia
6.6%
Colombia
Titulos
de
Tesoreria
,
B
,
7.5%,
8/26/26
...............
1,389,200,000
COP
323,967
B
,
6%,
4/28/28
.................
81,000,000
COP
17,218
B
,
7.75%,
9/18/30
..............
399,000,000
COP
81,963
B
,
7%,
3/26/31
.................
142,000,000
COP
27,373
B
,
7%,
6/30/32
.................
670,000,000
COP
123,371
B
,
13.25%,
2/09/33
.............
357,000,000
COP
90,273
B
,
7.25%,
10/18/34
.............
608,000,000
COP
105,773
B
,
6.25%,
7/09/36
..............
290,000,000
COP
43,645
B
,
9.25%,
5/28/42
..............
2,694,800,000
COP
489,147
1,302,730
Egypt
1.9%
a
Egypt
Government
Bond
,
Senior
Bond
,
144A,
8.875%,
5/29/50
200,000
155,538
Senior
Bond
,
144A,
8.75%,
9/30/51
.
300,000
230,488
386,026
Ghana
1.1%
b
Ghana
Government
Bond
,
PIK,
8.35%,
2/16/27
.............
2,148
GHS
111
PIK,
8.5%,
2/15/28
..............
697,336
GHS
32,291
PIK,
8.65%,
2/13/29
.............
481,425
GHS
20,068
PIK,
8.8%,
2/12/30
..............
827,731
GHS
32,181
PIK,
8.95%,
2/11/31
.............
35,601
GHS
1,285
PIK,
9.1%,
2/10/32
..............
790,990
GHS
27,127
PIK,
9.25%,
2/08/33
.............
588,719
GHS
19,146
PIK,
9.4%,
2/07/34
..............
659,641
GHS
20,788
PIK,
9.55%,
2/06/35
.............
440,612
GHS
13,573
PIK,
9.7%,
2/05/36
..............
614,476
GHS
18,256
PIK,
9.85%,
2/03/37
.............
348,589
GHS
10,258
PIK,
10%,
2/02/38
..............
496,413
GHS
14,540
209,624
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
International
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Hungary
0.4%
a
Hungary
Government
Bond
,
Senior
Bond
,
Reg
S,
1.75%,
6/05/35
40,000
EUR
$
32,936
Senior
Bond
,
Reg
S,
1.5%,
11/17/50
97,000
EUR
55,089
88,025
India
5.0%
India
Government
Bond
,
Senior
Bond
,
7.26%,
8/22/32
......
18,000,000
INR
219,907
Senior
Bond
,
7.18%,
8/14/33
......
29,000,000
INR
351,563
Senior
Note
,
7.1%,
4/18/29
.......
35,200,000
INR
420,976
992,446
Malaysia
5.5%
Malaysia
Government
Bond
,
3.899%,
11/16/27
...............
3,040,000
MYR
692,913
3.582%,
7/15/32
................
1,770,000
MYR
395,499
1,088,412
Mexico
4.1%
Mexican
Bonos
,
M
,
10%,
11/20/36
....
1,000,000
MXN
51,230
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8.5%,
3/01/29
...............
1,480,000
MXN
71,468
M
,
8.5%,
2/28/30
...............
1,680,000
MXN
80,613
M
,
7.75%,
5/29/31
..............
5,650,000
MXN
259,989
M
,
7.5%,
5/26/33
...............
4,600,000
MXN
202,711
M
,
Senior
Bond
,
8.5%,
5/31/29
.....
2,160,000
MXN
104,380
M
,
Senior
Bond
,
8.5%,
11/18/38
....
960,000
MXN
42,954
813,345
Norway
0.2%
a
Norway
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
1.75%,
2/17/27
.
458,000
NOK
41,917
Panama
4.6%
Panama
Government
Bond
,
Senior
Bond
,
6.4%,
2/14/35
.......
580,000
545,606
Senior
Bond
,
6.875%,
1/31/36
.....
390,000
376,028
921,634
Serbia
0.4%
Serbia
Treasury
Bonds
,
4.5%,
8/20/32
.
9,330,000
RSD
84,196
South
Africa
6.5%
South
Africa
Government
Bond
,
Senior
Bond
,
8.875%,
2/28/35
.....
6,040,000
ZAR
294,963
Senior
Bond
,
8.5%,
1/31/37
.......
11,360,000
ZAR
515,289
Senior
Bond
,
9%,
1/31/40
........
9,840,000
ZAR
443,618
Senior
Bond
,
8.75%,
1/31/44
......
1,050,000
ZAR
44,937
1,298,807
South
Korea
4.4%
Korea
Treasury
Bonds
,
1.875%,
6/10/26
1,286,820,000
KRW
866,196
Supranational
7.0%
c
Inter-American
Development
Bank
,
Senior
Note
,
7.35%,
10/06/30
......
5,000,000
INR
60,195
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
International
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Supranational
(continued)
c
International
Bank
for
Reconstruction
&
Development
,
Senior
Bond
,
7.07%,
6/26/29
......
4,700,000
MXN
$
223,028
Senior
Note
,
7.05%,
7/22/29
......
15,000,000
INR
177,855
Senior
Note
,
6.5%,
4/17/30
.......
58,000,000
INR
673,017
c
International
Finance
Corp.
,
a
Senior
Bond
,
Reg
S,
8.375%,
5/31/29
3,600,000
MXN
165,840
Senior
Bond
,
7.75%,
1/18/30
......
2,100,000
MXN
99,923
1,399,858
Uruguay
3.0%
d
Uruguay
Government
Bond
,
Index
Linked,
Senior
Bond
,
3.875%,
7/02/40
23,521,129
UYU
597,279
Total
Foreign
Government
and
Agency
Securities
(Cost
$
15,204,534
)
..............
13,891,173
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.3%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
159.00
JPY
,
Expires
4/14/25
......
1
2,090,000
29
29
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
September
Strike
Price
128.00
JPY
,
Expires
9/11/25
......................
1
2,090,000
4,441
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
138.85
JPY
,
Expires
4/24/25
......
1
1,324,000
416
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
144.30
JPY
,
Expires
6/11/25
..
1
4,180,000
34,315
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
145.60
JPY
,
Expires
4/24/25
......
1
6,622,000
20,840
60,012
Total
Options
Purchased
(Cost
$
173,460
)
......................................
60,041
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
International
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
Short
Term
Investments
28.6%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
7.6%
Egypt
6.3%
e
Egypt
Treasury
Bills
,
22.25
%,
5/27/25
................
55,700,000
EGP
$
1,063,965
24.26
%,
7/08/25
................
10,075,000
EGP
186,770
1,250,735
Japan
1.3%
e
Japan
Treasury
Bills
,
0.4
%,
8/20/25
...
39,100,000
260,275
Total
Foreign
Government
and
Agency
Securities
(Cost
$
1,571,538
)
...............
1,511,010
Shares
Money
Market
Funds
21.0%
United
States
21.0%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
.........
4,177,047
4,177,047
Total
Money
Market
Funds
(Cost
$
4,177,047
)
...................................
4,177,047
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
5,748,585
)
.................................
5,688,057
a
a
a
Total
Investments
(Cost
$
21,126,579
)
98.7
%
....................................
$19,639,271
Options
Written
(
0.1
)
%
.......................................................
(27,307)
Other
Assets,
less
Liabilities
1.4
%
.............................................
281,494
Net
Assets
100.0%
...........................................................
$19,893,458
a
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
150.00
JPY
,
Expires
4/14/25
......
1
1,568,000
(
12,074
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
159.30
JPY
,
Expires
4/14/25
......
1
1,046,000
(
11
)
(
12,085
)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
135.30
JPY
,
Expires
6/11/25
..
1
6,270,000
(
8,926
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
April
Strike
Price
141.55
JPY
,
Expires
4/24/25
......
1
7,946,000
(
6,296
)
(
15,222
)
Total
Options
Written
(Premiums
received
$
151,588
)
............................
$
(
27,307
)
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
International
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
At
March
31,
2025
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
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
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
March
31,
2025,
the
aggregate
value
of
these
securities
was
$1,189,390,
representing
6.0%
of
net
assets.
b
Income
may
be
received
in
additional
securities
and/or
cash.
c
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
d
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
e
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Indian
Rupee
......
JPHQ
Buy
6,900,000
78,715
4/15/25
$
1,930
$
—
Indian
Rupee
......
JPHQ
Sell
6,900,000
78,943
4/15/25
—
(
1,702
)
Japanese
Yen
......
MSCO
Buy
69,469,000
449,996
4/16/25
13,886
—
New
Zealand
Dollar
.
CITI
Buy
1,094,000
613,499
4/16/25
7,827
—
New
Zealand
Dollar
.
CITI
Sell
1,094,000
618,926
4/16/25
—
(
2,401
)
New
Zealand
Dollar
.
JPHQ
Buy
53,000
29,953
4/16/25
148
—
New
Zealand
Dollar
.
JPHQ
Sell
53,000
29,930
4/16/25
—
(
171
)
Serbian
Dinar
......
DBAB
Buy
5,356,806
47,043
4/22/25
2,383
—
Chilean
Peso
......
HSBK
Buy
102,300,000
103,683
4/29/25
4,043
—
Chilean
Peso
......
JPHQ
Buy
115,700,000
117,244
4/29/25
4,593
—
Serbian
Dinar
......
DBAB
Buy
12,187,000
108,572
4/30/25
3,871
—
Serbian
Dinar
......
DBAB
Buy
11,876,000
103,997
5/05/25
5,577
—
Euro
.............
CITI
Sell
793,836
9,273,000
NOK
5/12/25
21,146
—
Euro
.............
DBAB
Sell
102,050
1,192,000
NOK
5/12/25
2,711
—
Norwegian
Krone
...
CITI
Sell
1,260,000
108,164
EUR
5/12/25
—
(
2,550
)
Chinese
Yuan
......
DBAB
Sell
3,598,043
500,599
5/20/25
3,679
—
Chinese
Yuan
......
CITI
Sell
1,975,753
275,105
5/22/25
2,202
—
Mexican
Peso
......
BNDP
Buy
553,693
26,816
5/27/25
38
—
Mexican
Peso
......
BNDP
Sell
553,693
27,143
5/27/25
290
—
Mexican
Peso
......
HSBK
Buy
1,159,648
56,205
5/27/25
36
—
Mexican
Peso
......
HSBK
Sell
1,159,648
56,842
5/27/25
601
—
Chilean
Peso
......
JPHQ
Buy
152,000,000
163,943
6/10/25
—
(
3,944
)
Mexican
Peso
......
BNDP
Buy
201,200
9,768
6/10/25
—
(
28
)
Mexican
Peso
......
BNDP
Sell
201,200
9,845
6/10/25
105
—
Mexican
Peso
......
HSBK
Buy
12,649,000
623,733
6/10/25
—
(
11,388
)
Mexican
Peso
......
HSBK
Sell
205,000
10,031
6/10/25
106
—
Japanese
Yen
......
MSCO
Buy
62,214,000
405,530
6/13/25
12,653
—
Chinese
Yuan
......
HSBK
Sell
443,751
61,603
6/18/25
203
—
Australian
Dollar
....
JPHQ
Buy
430,000
270,973
6/25/25
—
(
2,098
)
Chinese
Yuan
......
HSBK
Sell
13,583,000
1,872,357
6/27/25
—
(
8,159
)
Chinese
Yuan
......
MSCO
Sell
7,087,000
978,033
6/27/25
—
(
3,136
)
Euro
.............
BNDP
Buy
275,000
290,976
7/15/25
8,149
—
Euro
.............
BNDP
Sell
275,000
283,275
7/15/25
—
(
15,850
)
Euro
.............
BOFA
Buy
168,823
182,891
7/15/25
1,496
(
752
)
Euro
.............
BOFA
Sell
247,072
254,713
7/15/25
—
(
14,034
)
Euro
.............
BZWS
Buy
55,928
61,477
7/16/25
—
(
639
)
Euro
.............
BZWS
Sell
288,928
299,000
7/16/25
—
(
15,293
)
Euro
.............
JPHQ
Buy
504,800
534,114
7/16/25
15,003
—
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
International
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
See
Abbreviations
on
page
32
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Euro
.............
JPHQ
Sell
909,000
947,902
7/16/25
$
—
$
(
40,900
)
Japanese
Yen
......
BNDP
Buy
19,725,120
127,814
7/16/25
5,241
—
Japanese
Yen
......
BNDP
Sell
19,725,120
135,137
7/16/25
2,082
—
Japanese
Yen
......
BOFA
Buy
49,313,600
321,946
7/17/25
10,732
—
Japanese
Yen
......
BOFA
Sell
49,313,600
328,770
7/17/25
1,968
(
5,876
)
Japanese
Yen
......
GSCO
Buy
243,500,000
1,589,503
7/17/25
53,191
—
Japanese
Yen
......
GSCO
Sell
100,760,000
690,149
7/17/25
10,404
—
Chilean
Peso
......
HSBK
Buy
86,800,000
86,422
7/23/25
4,898
—
Chinese
Yuan
......
CITI
Sell
1,985,602
275,277
8/21/25
—
(
682
)
Chinese
Yuan
......
DBAB
Sell
1,984,095
275,049
8/21/25
—
(
700
)
Chinese
Yuan
......
JPHQ
Sell
1,578,493
218,846
8/21/25
—
(
533
)
Serbian
Dinar
......
DBAB
Buy
5,784,000
53,378
9/10/25
—
(
85
)
Malaysian
Ringgit
...
GSCO
Buy
3,340,000
759,091
9/15/25
—
(
1,209
)
Malaysian
Ringgit
...
GSCO
Sell
700,000
159,236
9/15/25
398
—
Serbian
Dinar
......
DBAB
Buy
23,573,426
218,212
9/17/25
—
(
1,032
)
South
Korean
Won
..
CITI
Buy
188,000,000
130,207
9/17/25
—
(
1,522
)
South
Korean
Won
..
HSBK
Buy
888,700,000
615,528
9/17/25
—
(
7,217
)
South
Korean
Won
..
HSBK
Sell
185,000,000
128,660
9/17/25
2,028
—
Australian
Dollar
....
DBAB
Buy
231,000
145,612
9/22/25
—
(
1,066
)
Total
Forward
Exchange
Contracts
...................................................
$203,618
$(142,967)
Net
unrealized
appreciation
(depreciation)
............................................
$60,651
*
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
Schedule
of
Investments
(unaudited),
March
31,
2025
Templeton
Sustainable
Emerging
Markets
Bond
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Industry
Shares
a
Value
a
Common
Stocks
0.0%
South
Africa
0.0%
a,b,c
K2016470219
South
Africa
Ltd.
,
A
....
Broadline
Retail
2,171,539
$
—
a,b,c
K2016470219
South
Africa
Ltd.
,
B
....
Broadline
Retail
619,903
—
—
Total
Common
Stocks
(Cost
$
14,998
)
..........................................
—
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
3.5%
Costa
Rica
3.5%
a
,d
Reventazon
Finance
Trust
,
Senior
Secured
Bond
,
144A,
8%,
11/15/33
.
Financial
Services
420,960
429,753
South
Africa
0.0%
a
,d
,e
,f
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3%,
12/31/22
.....................
Broadline
Retail
188,190
—
Senior
Secured
Note
,
144A,
PIK,
8%,
12/31/22
.....................
Broadline
Retail
55,416
EUR
—
a
,d
,e
,f
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25%,
12/31/22
.....................
Broadline
Retail
237,804
—
—
Total
Corporate
Bonds
(Cost
$
721,995
)
........................................
429,753
a
a
Industry
Principal
Amount
*
a
Value
Foreign
Government
and
Agency
Securities
80.1%
Benin
1.2%
d
Benin
Government
Bond
,
Senior
Bond
,
144A,
4.95%,
1/22/35
............
170,000
EUR
151,651
Brazil
4.5%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/33
......................
4,060,000
BRL
561,937
Colombia
3.7%
Colombia
Titulos
de
Tesoreria
,
G
,
7%,
3/26/31
......................
2,414,000,000
COP
465,346
Ecuador
2.5%
d
Ecuador
Government
Bond
,
Senior
Bond
,
144A,
5.5%,
7/31/35
........
620,300
304,764
Egypt
0.7%
Egypt
Government
Bond
,
25.151%,
4/16/27
......................
4,300,000
EGP
89,366
Ghana
1.5%
e
Ghana
Government
Bond
,
PIK,
8.35%,
2/16/27
.............
673,042
GHS
34,895
PIK,
8.5%,
2/15/28
..............
700,826
GHS
32,452
PIK,
8.65%,
2/13/29
.............
660,144
GHS
27,517
PIK,
8.8%,
2/12/30
..............
679,696
GHS
26,426
PIK,
8.95%,
2/11/31
.............
584,880
GHS
21,103
PIK,
9.1%,
2/10/32
..............
652,359
GHS
22,373
PIK,
9.25%,
2/08/33
.............
531,008
GHS
17,270
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Sustainable
Emerging
Markets
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
(continued)
e
Ghana
Government
Bond,
(continued)
PIK,
9.4%,
2/07/34
..............
36,570
GHS
$
1,152
PIK,
9.55%,
2/06/35
.............
18,300
GHS
564
PIK,
9.7%,
2/05/36
..............
22,519
GHS
669
PIK,
9.85%,
2/03/37
.............
12,405
GHS
365
PIK,
10%,
2/02/38
..............
18,677
GHS
547
185,333
India
8.0%
India
Government
Bond
,
Senior
Bond
,
7.29%,
1/27/33
................
81,950,000
INR
997,615
Ivory
Coast
2.8%
d
Ivory
Coast
Government
Bond
,
Senior
Note
,
144A,
7.625%,
1/30/33
......
360,000
350,707
Kenya
1.6%
d
Kenya
Government
Bond
,
Senior
Note
,
144A,
9.75%,
2/16/31
............
200,000
196,005
Mexico
4.0%
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8.5%,
2/28/30
...............
5,000,000
MXN
239,920
M
,
Senior
Bond
,
8.5%,
11/18/38
....
5,780,000
MXN
258,619
498,539
Namibia
8.9%
Namibia
Government
Bond
,
9.5%,
7/15/35
.................
8,910,000
NAD
446,014
9.5%,
7/15/37
.................
13,480,000
NAD
653,820
1,099,834
Oman
3.2%
d
Oman
Government
Bond
,
Senior
Bond
,
144A,
7%,
1/25/51
..............
370,000
394,293
Panama
4.1%
Panama
Government
Bond
,
Senior
Bond
,
6.875%,
1/31/36
...........
530,000
511,013
Philippines
1.5%
Philippines
Government
Bond
,
Senior
Bond
,
4.2%,
3/29/47
............
220,000
183,424
Poland
7.6%
Poland
Government
Bond
,
5%,
10/25/34
3,875,000
PLN
948,411
Serbia
6.6%
d
Serbia
Government
Bond
,
Senior
Bond
,
144A,
6.5%,
9/26/33
............
340,000
350,582
Serbia
Treasury
Bonds
,
4.5%,
8/20/32
.
51,310,000
RSD
463,033
813,615
Seychelles
1.1%
d
Seychelles
International
Bond
,
Senior
Bond
,
Reg
S,
8%,
1/01/26
........
141,270
141,863
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Sustainable
Emerging
Markets
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Supranational
16.6%
g
European
Bank
for
Reconstruction
&
Development
,
a
20.25%,
7/24/26
................
400,000,000
NGN
$
256,047
Senior
Note
,
10%,
3/28/26
........
252,600,000
KZT
477,010
d,g
European
Investment
Bank
,
Senior
Bond
,
Reg
S,
6.5%,
9/28/32
.......
8,950,000
ZAR
435,607
g
International
Bank
for
Reconstruction
&
Development
,
Senior
Bond
,
7.07%,
6/26/29
......
5,900,000
MXN
279,972
Senior
Note
,
10%,
9/16/26
........
161,000,000
KZT
296,865
g
International
Finance
Corp.
,
Senior
Note
,
14.25%,
5/02/25
...........
4,000,000,000
UZS
311,279
2,056,780
Total
Foreign
Government
and
Agency
Securities
(Cost
$
10,232,758
)
..............
9,950,496
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
......................
12,498
180
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
180
Total
Long
Term
Investments
(Cost
$
10,969,751
)
................................
10,380,429
Short
Term
Investments
13.2%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
9.4%
Egypt
9.4%
h
Egypt
Treasury
Bills
,
23.19
%,
6/10/25
................
3,125,000
EGP
59,092
23.52
%,
6/17/25
................
5,225,000
EGP
98,311
23.78
%,
6/24/25
................
34,375,000
EGP
643,615
24.57
%,
9/09/25
................
10,750,000
EGP
191,412
23.87
%,
3/10/26
................
5,950,000
EGP
95,805
23.75
%,
3/24/26
................
5,100,000
EGP
81,582
1,169,817
Total
Foreign
Government
and
Agency
Securities
(Cost
$
1,160,556
)
...............
1,169,817
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Sustainable
Emerging
Markets
Bond
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.8%
United
States
3.8%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
.........
467,078
$
467,078
Total
Money
Market
Funds
(Cost
$
467,078
)
.....................................
467,078
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
1,627,634
)
.................................
1,636,895
a
a
a
Total
Investments
(Cost
$
12,597,385
)
96.8
%
....................................
$12,017,324
Other
Assets,
less
Liabilities
3.2
%
.............................................
403,160
Net
Assets
100.0%
...........................................................
$12,420,484
a
a
a
*
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
5
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2025,
the
aggregate
value
of
these
securities
was
$2,755,225,
representing
22.2%
of
net
assets.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
h
The
rate
shown
represents
the
yield
at
period
end.
i
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Income
Trust
Schedule
of
Investments
(unaudited)
Templeton
Sustainable
Emerging
Markets
Bond
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
At
March
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
March
31,
2025
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
32.
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
Columbian
Peso
....
GSCO
Buy
370,000,000
88,700
4/21/25
$
—
$
(
451
)
Columbian
Peso
....
MSCO
Buy
764,000,000
183,152
4/21/25
—
(
929
)
Uruguayan
Peso
....
CITI
Buy
36,600,000
861,886
4/23/25
3,744
—
Brazilian
Real
......
JPHQ
Buy
5,630,685
941,901
5/05/25
38,809
—
Mexican
Peso
......
BNDP
Buy
1,706,454
82,645
5/27/25
116
—
Mexican
Peso
......
HSBK
Buy
3,573,998
173,222
5/27/25
112
—
Mexican
Peso
......
BNDP
Buy
620,188
30,110
6/10/25
—
(
86
)
Mexican
Peso
......
HSBK
Buy
3,612,000
175,382
6/10/25
—
(
524
)
Malaysian
Ringgit
...
MSCO
Buy
5,250,000
1,189,263
6/18/25
—
(
1,582
)
Euro
.............
BNDP
Sell
145,000
149,363
7/15/25
—
(
8,358
)
Euro
.............
BOFA
Sell
130,274
134,303
7/15/25
—
(
7,400
)
Euro
.............
BZWS
Sell
152,726
158,050
7/16/25
—
(
8,084
)
Euro
.............
JPHQ
Sell
152,000
157,144
7/16/25
—
(
8,200
)
Chinese
Yuan
......
DBAB
Sell
4,777,000
662,221
8/21/25
—
(
1,686
)
Malaysian
Ringgit
...
GSCO
Buy
1,930,000
438,636
9/15/25
—
(
698
)
South
Korean
Won
..
CITI
Buy
548,000,000
379,541
9/17/25
—
(
4,437
)
South
Korean
Won
..
DBAB
Buy
274,000,000
189,849
9/17/25
—
(
2,297
)
Total
Forward
Exchange
Contracts
...................................................
$42,781
$(44,732)
Net
unrealized
appreciation
(depreciation)
............................................
$(1,951)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
11.342%
.
At
Maturity
Pay
Floating
1-day
BRL
CDI
..............
At
Maturity
1/02/29
3,422,237
BRL
$
(
69,105
)
$
—
$
(
69,105
)
Total
Interest
Rate
Swap
Contracts
....................................
$(69,105)
$
—
$(69,105)
*
In
U.S.
dollars
unless
otherwise
indicated.
Templeton
Income
Trust
Notes
to
Schedules
of
Investments
(unaudited)
26
Quarterly
Schedules
of
Investments
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).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
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,
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
Templeton
Income
Trust
Notes
to
Schedules
of
Investments
(unaudited)
27
Quarterly
Schedules
of
Investments
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. 
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.
Restricted
Securities
At
March
31,
2025,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4.
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
March
31,
2025,
investments
in
affiliated
management
investment
companies
were
as
follows: 
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
$—
Shares
Issuer
Acquisition
Date
Cost
Value
Templeton
Sustainable
Emerging
Markets
Bond
Fund
2,171,539
b
K2016470219
South
Africa
Ltd.,
A
...............
5/16/13
–
2/01/17
$
14,538
$
—
619,903
b
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
460
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
...............
$14,998
$—
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$31,175
as
of
March
31,
2025.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$180
as
of
March
31,
2025.
2. Financial
Instrument
Valuation
(continued)
Templeton
Income
Trust
Notes
to
Schedules
of
Investments
(unaudited)
28
Quarterly
Schedules
of
Investments
5. 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)
    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
Global
Bond
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$269,210,359
$292,322,791
$(210,121,842)
$—
$—
$351,411,308
351,411,308
$3,142,013
Total
Affiliated
Securities
...
$269,210,359
$292,322,791
$(210,121,842)
$—
$—
$351,411,308
$3,142,013
Templeton
Global
Total
Return
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$2,365,734
$40,247,955
$(20,525,629)
$—
$—
$22,088,060
22,088,060
$144,119
Total
Affiliated
Securities
...
$2,365,734
$40,247,955
$(20,525,629)
$—
$—
$22,088,060
$144,119
Templeton
International
Bond
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$3,907,515
$4,296,044
$(4,026,512)
$—
$—
$4,177,047
4,177,047
$39,264
Total
Affiliated
Securities
...
$3,907,515
$4,296,044
$(4,026,512)
$—
$—
$4,177,047
$39,264
Templeton
Sustainable
Emerging
Markets
Bond
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$182,323
$2,308,041
$(2,023,286)
$—
$—
$467,078
467,078
$5,284
Total
Affiliated
Securities
...
$182,323
$2,308,041
$(2,023,286)
$—
$—
$467,078
$5,284
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Templeton
Income
Trust
Notes
to
Schedules
of
Investments
(unaudited)
29
Quarterly
Schedules
of
Investments
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
March
31,
2025,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
Fund
Assets:
Investments
in
Securities:
a
Foreign
Government
and
Agency
Securities
....
$
—
$
2,259,663,657
$
—
$
2,259,663,657
U.S.
Government
and
Agency
Securities
.......
—
330,368,764
—
330,368,764
Options
Purchased
.......................
—
8,872,787
—
8,872,787
Short
Term
Investments
...................
351,411,308
—
—
351,411,308
Total
Investments
in
Securities
...........
$351,411,308
$2,598,905,208
$—
$2,950,316,516
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$24,705,141
$—
$24,705,141
Swap
Contracts
.........................
—
135,791
—
135,791
Total
Other
Financial
Instruments
.........
$—
$24,840,932
$—
$24,840,932
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$4,034,555
$—
$4,034,555
Forward
Exchange
Contracts
...............
—
19,980,258
—
19,980,258
Swap
Contracts
.........................
—
10,727,621
—
10,727,621
Total
Other
Financial
Instruments
.........
$—
$34,742,434
$—
$34,742,434
Templeton
Global
Total
Return
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
—
—
—
b
—
Corporate
Bonds
........................
—
—
—
b
—
Foreign
Government
and
Agency
Securities
....
—
142,236,368
—
142,236,368
U.S.
Government
and
Agency
Securities
.......
—
16,587,539
—
16,587,539
Escrows
and
Litigation
Trusts
...............
—
—
31,175
31,175
Options
Purchased
.......................
—
580,681
—
580,681
Short
Term
Investments
...................
22,088,060
10,625,989
—
32,714,049
Total
Investments
in
Securities
...........
$22,088,060
$170,030,577
$31,175
$192,149,812
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$1,282,924
$—
$1,282,924
Total
Other
Financial
Instruments
.........
$—
$1,282,924
$—
$1,282,924
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$264,049
$—
$264,049
Forward
Exchange
Contracts
...............
—
1,220,651
—
1,220,651
Swap
Contracts
.........................
—
387,317
—
387,317
Total
Other
Financial
Instruments
.........
$—
$1,872,017
$—
$1,872,017
Templeton
International
Bond
Fund
Assets:
Investments
in
Securities:
a
Foreign
Government
and
Agency
Securities
....
—
13,891,173
—
13,891,173
Options
Purchased
.......................
—
60,041
—
60,041
Short
Term
Investments
...................
4,177,047
1,511,010
—
5,688,057
Total
Investments
in
Securities
...........
$4,177,047
$15,462,224
$—
$19,639,271
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$203,618
$—
$203,618
Total
Other
Financial
Instruments
.........
$—
$203,618
$—
$203,618
5. Fair
Value
Measurements
(continued)
Templeton
Income
Trust
Notes
to
Schedules
of
Investments
(unaudited)
30
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
International
Bond
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$27,307
$—
$27,307
Forward
Exchange
Contracts
...............
—
142,967
—
142,967
Total
Other
Financial
Instruments
.........
$—
$170,274
$—
$170,274
Templeton
Sustainable
Emerging
Markets
Bond
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
—
—
—
b
—
Corporate
Bonds
........................
—
—
429,753
b
429,753
Foreign
Government
and
Agency
Securities
:
Benin
................................
—
151,651
—
151,651
Brazil
................................
—
561,937
—
561,937
Colombia
.............................
—
465,346
—
465,346
Ecuador
..............................
—
304,764
—
304,764
Egypt
................................
—
89,366
—
89,366
Ghana
...............................
—
185,333
—
185,333
India
................................
—
997,615
—
997,615
Ivory
Coast
...........................
—
350,707
—
350,707
Kenya
...............................
—
196,005
—
196,005
Mexico
..............................
—
498,539
—
498,539
Namibia
..............................
—
1,099,834
—
1,099,834
Oman
...............................
—
394,293
—
394,293
Panama
..............................
—
511,013
—
511,013
Philippines
............................
—
183,424
—
183,424
Poland
...............................
—
948,411
—
948,411
Serbia
...............................
—
813,615
—
813,615
Seychelles
............................
—
141,863
—
141,863
Supranational
.........................
—
1,800,733
256,047
2,056,780
Escrows
and
Litigation
Trusts
...............
—
—
180
180
Short
Term
Investments
...................
467,078
1,169,817
—
1,636,895
Total
Investments
in
Securities
...........
$467,078
$10,864,266
$685,980
$12,017,324
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$42,781
$—
$42,781
Total
Other
Financial
Instruments
.........
$—
$42,781
$—
$42,781
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
44,732
$
—
$
44,732
Swap
Contracts
.........................
—
69,105
—
69,105
Total
Other
Financial
Instruments
.........
$—
$113,837
$—
$113,837
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
5. Fair
Value
Measurements
(continued)
Templeton
Income
Trust
Notes
to
Schedules
of
Investments
(unaudited)
31
Quarterly
Schedules
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 March
31,
2025,
the
reconciliations
are
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
March
31,
2025,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
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
Sustainable
Emerging
Markets
Bond
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
South
Africa
..
$
—
b
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
b
$
—
Corporate
Bonds
:
Costa
Rica
...
423,913
—
—
—
—
—
—
5,840
429,753
5,840
South
Africa
..
—
b
—
—
—
—
—
—
—
—
b
—
Foreign
Government
and
Agency
Securities
:
Supranational
.
—
271,523
—
—
—
(514)
—
(14,962)
256,047
(14,962)
Escrows
and
Litigation
Trusts
—
b
—
—
—
—
—
—
180
180
180
Total
Investments
in
Securities
.......
$423,913
$271,523
$—
$—
$—
$(514)
$—
$(8,942)
$685,980
$(8,942)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Templeton
Sustainable
Emerging
Markets
Bond
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds:
Costa
Rica
.....................
$429,753
Discounted
cash
flow
Discount
rate
(
b
)
7.5%
Decrease
All
Other
.......................
256,227
c,d,e
Total
..........................
$685,980
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
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
The
discount
rate
is
comprised
of
the
risk-free
rate,
the
10-year
Costa
Rican
CDS
spread,
and
an
incremental
issuer
credit
spread
combined
to
arrive
at
an
8%
yield
on
issue
date
for
an
8%
coupon
bond
issued
at
par.
The
incremental
issuer
spread
is
further
adjusted
to
reflect
the
current
market
spread
for
similar
credits
above
the
Costa
Rican
credit
spread.
5. Fair
Value
Measurements
(continued)
Templeton
Income
Trust
Notes
to
Schedules
of
Investments
(unaudited)
32
Quarterly
Schedules
of
Investments
Abbreviations
c
Includes
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
d
Includes
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable.
e
Includes
financial
instruments
determined
to
have
no
value.
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Cu
r
rency
AUD
Australian
Dollar
BRL
Brazilian
Real
COP
Colombian
Peso
EGP
Egyptian
Pound
EUR
Euro
GHS
Ghanaian
Cedi
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NAD
Namibian
Dollar
NGN
Nigerian
Naira
NOK
Norwegian
Krone
PLN
Polish
Zloty
RSD
Serbian
Dinar
USD
United
States
Dollar
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
Selected
Portfolio
CDI
certificado
de
deposito
interbancario
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BRL
CDI
......................
14.15%
1-day
SOFR
........................
4.41%
5. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.