Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

TIT-Q3PH

1

Schedules

of

Investments

(unaudited)

Templeton

Global

Bond

Enhanced

Fund

2

Templeton

Global

Bond

Fund

9

Templeton

Sustainable

Emerging

Markets

Bond

Fund

15

Notes

to

Schedules

of

Investments

20

Templeton

Income

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Templeton

Global

Bond

Enhanced

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

Corporate

Bonds

0.0%

South

Africa

0.0%

a

,b

,c

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

3

%

,

12/31/22

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

Broadline

Retail

37,627,701

$

—

Senior

Secured

Note

,

144A,

8

%

,

12/31/22

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

Broadline

Retail

14,528,882

EUR

—

a

,b

,c

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

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

77.3%

Brazil

8.3%

Brazil

Notas

do

Tesouro

Nacional

,

10

%

,

1/01/31

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

31,491,000

BRL

5,190,624

10

%

,

1/01/33

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

37,316,000

BRL

5,930,821

F

,

10

%

,

1/01/29

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

35,887,000

BRL

6,211,224

17,332,669

Colombia

3.6%

Colombia

Titulos

de

Tesoreria

,

B

,

7

%

,

3/26/31

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

1,771,400,000

COP

377,819

B

,

6.25

%

,

7/09/36

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

12,066,100,000

COP

2,131,667

B

,

9.25

%

,

5/28/42

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

24,606,100,000

COP

5,135,863

7,645,349

Dominican

Republic

3.6%

c

Dominican

Republic

Government

Bond

,

Senior

Bond

,

144A,

5.3

%

,

1/21/41

..

2,370,000

2,148,405

Senior

Bond

,

144A,

6.4

%

,

6/05/49

..

580,000

572,373

Senior

Bond

,

144A,

5.875

%

,

1/30/60

5,340,000

4,749,663

7,470,441

Ecuador

3.4%

c

Ecuador

Government

Bond

,

Senior

Bond

,

144A,

6.9

%

,

7/31/35

........

9,536,000

7,140,080

Egypt

3.4%

Egypt

Government

Bond

,

25.151

%

,

4/16/27

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

199,700,000

EGP

4,204,950

c

Senior

Bond

,

144A,

8.75

%

,

9/30/51

.

1,080,000

965,101

c

Senior

Bond

,

144A,

7.5

%

,

2/16/61

..

2,370,000

1,861,189

7,031,240

Ghana

2.3%

Ghana

Government

Bond

,

8.5

%

,

2/15/28

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

2,032,768

GHS

139,632

8.8

%

,

2/12/30

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

10,573,911

GHS

661,769

9.1

%

,

2/10/32

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

16,090,991

GHS

943,927

9.25

%

,

2/08/33

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

6,437,683

GHS

369,041

9.4

%

,

2/07/34

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

14,491,093

GHS

816,044

9.55

%

,

2/06/35

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

3,402,986

GHS

189,128

9.7

%

,

2/05/36

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

10,241,855

GHS

564,132

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Enhanced

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)

Ghana

(continued)

Ghana

Government

Bond,

(continued)

9.85

%

,

2/03/37

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

7,825,754

GHS

$

428,730

10

%

,

2/02/38

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

11,336,199

GHS

619,518

4,731,921

Greece

1.2%

c

Greece

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

4.25

%

,

6/15/33

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

968,000

EUR

1,223,261

Senior

Bond

,

144A,

Reg

S,

3.375

%

,

6/15/34

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

1,095,000

EUR

1,297,648

2,520,909

India

9.5%

India

Government

Bond

,

Senior

Bond

,

7.26

%

,

8/22/32

......

1,047,450,000

INR

12,271,370

Senior

Bond

,

7.18

%

,

8/14/33

......

311,900,000

INR

3,631,169

Senior

Bond

,

7.1

%

,

4/08/34

.......

106,150,000

INR

1,231,412

Senior

Bond

,

6.79

%

,

10/07/34

.....

245,100,000

INR

2,789,440

19,923,391

Kazakhstan

3.9%

Kazakhstan

MEOKAM

,

15.35

%

,

11/18/27

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

50,500,000

KZT

87,760

Kazakhstan

MEUKAM

,

9

%

,

7/03/27

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

473,600,000

KZT

757,167

15.3

%

,

3/03/29

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

252,400,000

KZT

432,708

10.55

%

,

7/28/29

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

315,300,000

KZT

466,581

11

%

,

2/04/30

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

41,000,000

KZT

60,254

12

%

,

3/07/30

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

983,370,000

KZT

1,496,014

12

%

,

2/22/31

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

844,030,000

KZT

1,272,813

10.3

%

,

3/17/31

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

224,900,000

KZT

315,947

14

%

,

5/12/31

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

60,600,000

KZT

98,864

Senior

Bond

,

5

%

,

4/18/28

........

494,200,000

KZT

681,763

Senior

Bond

,

5.5

%

,

9/20/28

.......

724,300,000

KZT

972,649

Senior

Bond

,

7.68

%

,

8/13/29

......

1,052,000,000

KZT

1,430,999

8,073,519

Malaysia

10.7%

Malaysia

Government

Bond

,

3.502

%

,

5/31/27

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

4,190,000

MYR

1,003,278

3.899

%

,

11/16/27

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

77,940,000

MYR

18,836,567

3.885

%

,

8/15/29

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

9,526,000

MYR

2,318,961

4.498

%

,

4/15/30

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

825,000

MYR

206,324

22,365,130

Mexico

4.4%

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

8.5

%

,

3/01/29

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

44,140,000

MXN

2,441,548

M

,

8.5

%

,

2/28/30

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

36,640,000

MXN

2,022,279

M

,

7.75

%

,

5/29/31

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

33,600,000

MXN

1,789,348

M

,

Senior

Bond

,

8.5

%

,

5/31/29

.....

54,620,000

MXN

3,022,186

9,275,361

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Enhanced

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)

Norway

4.7%

c

Norway

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

1.75

%

,

2/17/27

.

100,063,000

NOK

$

9,753,369

Panama

3.3%

Panama

Government

Bond

,

Senior

Bond

,

6.4

%

,

2/14/35

.......

1,110,000

1,149,072

Senior

Bond

,

6.7

%

,

1/26/36

.......

4,850,000

5,132,755

Senior

Bond

,

6.875

%

,

1/31/36

.....

665,000

708,242

6,990,069

South

Africa

7.0%

South

Africa

Government

Bond

,

Senior

Bond

,

8.875

%

,

2/28/35

.....

35,410,000

ZAR

2,014,234

Senior

Bond

,

8.5

%

,

1/31/37

.......

82,266,000

ZAR

4,389,594

Senior

Bond

,

9

%

,

1/31/40

........

109,760,000

ZAR

5,823,919

Senior

Bond

,

8.75

%

,

1/31/44

......

47,576,700

ZAR

2,399,369

14,627,116

Spain

3.6%

c

Spain

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

3.55

%

,

10/31/33

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

3,169,000

EUR

3,859,453

Senior

Bond

,

144A,

Reg

S,

3.15

%

,

4/30/35

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

3,200,000

EUR

3,742,627

7,602,080

Supranational

4.4%

d

Asian

Development

Bank

,

Senior

Note

,

10.1

%

,

1/23/26

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

27,861,000,000

COP

7,101,234

c,d

European

Investment

Bank

,

Senior

Note

,

144A,

6.5

%

,

5/02/32

........

183,000,000

INR

2,035,199

9,136,433

Total

Foreign

Government

and

Agency

Securities

(Cost

$

159,196,241

)

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

161,619,077

U.S.

Government

and

Agency

Securities

6.8%

United

States

6.8%

U.S.

Treasury

Notes

,

3.875

%,

6/30/30

.

14,230,000

14,318,382

Total

U.S.

Government

and

Agency

Securities

(Cost

$

14,178,935

)

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

14,318,382

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,e

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

2,168,033

33,097

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

33,097

Total

Long

Term

Investments

(Cost

$

220,315,712

)

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

175,970,556

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Enhanced

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

0.1%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY

,

Counterparty

MSCO

,

November

Strike

Price

153.72

JPY

,

Expires

11/06/25

.

1

28,162,000

$

31,154

31,154

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY

,

Counterparty

MSCO

,

November

Strike

Price

135.00

JPY

,

Expires

11/06/25

.

1

14,081,000

3,606

Foreign

Exchange

USD/JPY

,

Counterparty

MSCO

,

November

Strike

Price

142.50

JPY

,

Expires

11/06/25

.

1

70,405,000

196,043

199,649

Total

Options

Purchased

(Cost

$

533,233

)

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

230,803

Short

Term

Investments

12.1%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

5.9%

Egypt

5.9%

f

Egypt

Treasury

Bills

,

25

.956

%

,

10/07/25

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

82,600,000

EGP

1,727,031

25

.33

%

,

12/16/25

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

35,050,000

EGP

694,846

25

.52

%

,

1/06/26

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

87,750,000

EGP

1,714,711

25

.7

%

,

3/10/26

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

59,850,000

EGP

1,121,866

25

.69

%

,

3/17/26

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

39,850,000

EGP

743,649

25

.69

%

,

3/24/26

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

61,500,000

EGP

1,142,588

25

.05

%

,

3/31/26

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

20,075,000

EGP

372,374

25

.68

%

,

4/07/26

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

90,000,000

EGP

1,657,439

25

.4

%

,

6/16/26

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

84,750,000

EGP

1,497,548

25

.35

%

,

7/07/26

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

96,600,000

EGP

1,686,365

12,358,417

Total

Foreign

Government

and

Agency

Securities

(Cost

$

12,010,381

)

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

12,358,417

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Enhanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

6.2%

United

States

6.2%

g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

......

12,942,310

$

12,942,310

Total

Money

Market

Funds

(Cost

$

12,942,310

)

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

12,942,310

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

24,952,691

)

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

25,300,727

a

a

a

Total

Investments

(Cost

$

245,801,636

)

96.3

%

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

$201,502,086

Options

Written

(

0.1

)

%

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

(157,601)

Other

Assets,

less

Liabilities

3.8

%

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

7,883,937

Net

Assets

100.0%

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

$209,228,422

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

,

November

Strike

Price

150.53

JPY

,

Expires

11/06/25

.

1

28,162,000

(

111,592

)

(

111,592

)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY

,

Counterparty

MSCO

,

November

Strike

Price

138.00

JPY

,

Expires

11/06/25

.

1

70,405,000

(

46,009

)

(

46,009

)

Total

Options

Written

(Premiums

received

$

363,881

)

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

$

(

157,601

)

#

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

4

regarding

fair

value

measurements.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$39,348,368,

representing

18.8%

of

net

assets.

d

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

e

Non-income

producing.

f

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Enhanced

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

At

September

30,

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

Japanese

Yen

......

MSCO

Buy

2,405,284,000

16,856,290

10/07/25

$

—

$

(

583,108

)

Japanese

Yen

......

MSCO

Sell

2,405,284,000

16,274,626

10/07/25

1,444

—

Chinese

Yuan

......

DBAB

Buy

44,370,000

6,221,693

10/09/25

6,296

—

Chinese

Yuan

......

DBAB

Sell

44,370,000

6,167,554

10/09/25

—

(

60,435

)

Norwegian

Krone

...

MSCO

Buy

9,256,000

848,450

10/10/25

79,102

—

Euro

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

BNDP

Sell

791,000

930,112

10/15/25

671

—

Euro

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

BOFA

Sell

712,467

837,982

10/15/25

820

—

Euro

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

BZWS

Sell

833,533

979,558

10/16/25

76

—

Euro

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

JPHQ

Sell

833,000

979,095

10/16/25

239

—

Brazilian

Real

......

JPHQ

Buy

17,958,719

3,133,337

11/04/25

212,461

—

Japanese

Yen

......

MSCO

Buy

4,611,715,000

31,316,183

11/10/25

1,840

—

Euro

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

DBAB

Sell

719,231

8,520,000

NOK

11/12/25

7,381

—

Chinese

Yuan

......

CITI

Sell

22,517,028

3,166,952

11/17/25

—

(

2,526

)

Chinese

Yuan

......

JPHQ

Sell

62,318,150

8,724,855

11/21/25

—

(

49,405

)

Mexican

Peso

......

BNDP

Buy

21,736,436

1,155,118

12/10/25

22,918

—

Mexican

Peso

......

HSBK

Buy

73,593,000

3,910,673

12/10/25

77,803

—

Mexican

Peso

......

HSBK

Sell

42,440,000

2,254,426

12/10/25

—

(

45,670

)

Chinese

Yuan

......

DBAB

Sell

41,005,749

5,759,639

12/17/25

—

(

24,299

)

Chinese

Yuan

......

HSBK

Sell

7,593,703

1,070,712

12/17/25

—

(

394

)

Chinese

Yuan

......

JPHQ

Sell

83,550,000

11,734,056

12/17/25

—

(

50,829

)

South

Korean

Won

..

DBAB

Buy

28,961,490,000

20,938,792

12/17/25

—

(

238,972

)

Australian

Dollar

....

DBAB

Buy

2,173,000

1,442,193

1/22/26

—

(

2,663

)

Australian

Dollar

....

MSCO

Buy

5,930,000

3,932,657

1/22/26

—

(

4,259

)

Japanese

Yen

......

MSCO

Buy

175,490,000

1,210,209

2/13/26

—

(

7,682

)

Chinese

Yuan

......

CITI

Sell

22,629,271

3,187,940

2/24/26

—

(

17,095

)

Chinese

Yuan

......

DBAB

Sell

47,243,542

6,654,676

2/24/26

—

(

36,533

)

Australian

Dollar

....

JPHQ

Buy

26,966,000

17,384,036

2/25/26

483,186

—

Mexican

Peso

......

BNDP

Buy

59,812,208

3,159,652

2/27/26

53,859

—

Mexican

Peso

......

HSBK

Buy

125,270,542

6,617,986

2/27/26

112,382

—

Euro

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

JPHQ

Sell

5,651,604

6,679,631

3/30/26

—

(

19,491

)

Chinese

Yuan

......

DBAB

Sell

44,370,000

6,294,063

4/10/26

—

(

6,047

)

Total

Forward

Exchange

Contracts

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

$1,060,478

$(1,149,408)

Net

unrealized

appreciation

(depreciation)

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

$(88,930)

*

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

Bond

Enhanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

At

September

30,

2025

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

See

Abbreviations

on

page

25

.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

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

$

(

149,737

)

$

—

$

(

149,737

)

Receive

Fixed

14.768%

At

Maturity

Pay

Floating

1-day

BRL

CDI

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

At

Maturity

1/04/27

259,524

BRL

483

—

483

Receive

Fixed

3.285%

.

Annual

Pay

Floating

1-day

SOFR

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

Annual

5/03/33

4,920,000

(

100,668

)

—

(

100,668

)

Total

Interest

Rate

Swap

Contracts

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

$(249,922)

$

—

$(249,922)

*

In

U.S.

dollars

unless

otherwise

indicated.

Templeton

Income

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Templeton

Global

Bond

Fund

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

78.0%

Australia

10.7%

New

South

Wales

Treasury

Corp.

,

Senior

Bond

,

2

%

,

3/08/33

........

112,969,000

AUD

$

62,916,168

a

Senior

Bond

,

Reg

S,

1.75

%

,

3/20/34

94,524,000

AUD

49,665,073

a

Queensland

Treasury

Corp.

,

Senior

Bond

,

144A,

Reg

S,

1.75

%

,

7/20/34

.

218,298,000

AUD

112,870,056

Treasury

Corp.

of

Victoria

,

Senior

Bond

,

2.25

%

,

11/20/34

.....

44,262,000

AUD

23,658,980

Senior

Bond

,

2

%

,

11/20/37

........

189,652,000

AUD

89,011,992

338,122,269

Brazil

10.7%

Brazil

Notas

do

Tesouro

Nacional

,

10

%

,

1/01/27

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

82,042,000

BRL

14,784,528

10

%

,

1/01/31

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

909,614,000

BRL

149,930,582

10

%

,

1/01/33

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

361,526,000

BRL

57,459,160

F

,

10

%

,

1/01/29

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

670,034,000

BRL

115,967,651

338,141,921

Colombia

7.2%

Colombia

Titulos

de

Tesoreria

,

B

,

7.75

%

,

9/18/30

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

146,198,800,000

COP

33,032,144

B

,

7

%

,

3/26/31

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

110,158,200,000

COP

23,495,467

B

,

7

%

,

6/30/32

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

107,691,000,000

COP

22,029,223

B

,

13.25

%

,

2/09/33

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

248,870,000,000

COP

68,698,914

B

,

7.25

%

,

10/18/34

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

148,699,000,000

COP

29,373,473

B

,

6.25

%

,

7/09/36

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

41,872,000,000

COP

7,397,350

B

,

9.25

%

,

5/28/42

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

206,416,000,000

COP

43,083,800

227,110,371

Egypt

2.5%

a

Egypt

Government

Bond

,

Senior

Bond

,

144A,

8.5

%

,

1/31/47

..

40,381,000

35,711,479

Senior

Bond

,

144A,

8.7

%

,

3/01/49

..

12,110,000

10,800,025

Senior

Bond

,

144A,

8.875

%

,

5/29/50

26,683,000

24,144,419

Senior

Bond

,

144A,

8.75

%

,

9/30/51

.

11,130,000

9,945,903

80,601,826

Ghana

1.6%

Ghana

Government

Bond

,

8.5

%

,

2/15/28

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

81,479,004

GHS

5,596,848

8.65

%

,

2/13/29

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

38,399,951

GHS

2,507,748

8.8

%

,

2/12/30

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

117,140,055

GHS

7,331,221

8.95

%

,

2/11/31

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

2,996,856

GHS

180,938

9.1

%

,

2/10/32

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

116,242,480

GHS

6,818,995

9.25

%

,

2/08/33

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

85,604,969

GHS

4,907,322

9.4

%

,

2/07/34

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

125,070,051

GHS

7,043,133

9.55

%

,

2/06/35

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

49,224,814

GHS

2,735,768

9.7

%

,

2/05/36

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

89,813,172

GHS

4,946,998

9.85

%

,

2/03/37

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

68,623,654

GHS

3,759,515

10

%

,

2/02/38

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

99,422,012

GHS

5,433,363

51,261,849

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

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)

Greece

1.5%

a

Greece

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

4.25

%

,

6/15/33

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

17,701,000

EUR

$

22,368,753

Senior

Bond

,

144A,

Reg

S,

3.375

%

,

6/15/34

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

20,003,000

EUR

23,704,885

46,073,638

India

7.9%

India

Government

Bond

,

7.26

%

,

1/14/29

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

1,800,960,000

INR

20,998,461

Senior

Bond

,

7.26

%

,

8/22/32

......

12,972,780,000

INR

151,982,224

Senior

Bond

,

7.18

%

,

8/14/33

......

4,011,300,000

INR

46,699,933

Senior

Bond

,

7.1

%

,

4/08/34

.......

456,210,000

INR

5,292,347

Senior

Bond

,

6.79

%

,

10/07/34

.....

1,097,100,000

INR

12,485,900

Senior

Note

,

7.1

%

,

4/18/29

.......

917,600,000

INR

10,680,068

248,138,933

Malaysia

8.8%

Malaysia

Government

Bond

,

3.9

%

,

11/30/26

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

170,024,000

MYR

40,897,666

3.892

%

,

3/15/27

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

19,290,000

MYR

4,644,208

3.502

%

,

5/31/27

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

30,640,000

MYR

7,336,619

3.899

%

,

11/16/27

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

691,620,000

MYR

167,150,970

4.498

%

,

4/15/30

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

97,744,000

MYR

24,444,748

3.582

%

,

7/15/32

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

134,410,000

MYR

32,271,753

276,745,964

Mexico

2.2%

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

8.5

%

,

3/01/29

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

852,180,000

MXN

47,137,257

M

,

Senior

Bond

,

8.5

%

,

5/31/29

.....

408,816,100

MXN

22,620,249

69,757,506

Norway

4.3%

a

Norway

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

1.75

%

,

2/17/27

.

1,383,486,000

NOK

134,851,536

Panama

4.7%

Panama

Government

Bond

,

Senior

Bond

,

2.252

%

,

9/29/32

.....

22,130,000

17,957,388

Senior

Bond

,

3.298

%

,

1/19/33

.....

2,130,000

1,834,356

Senior

Bond

,

6.4

%

,

2/14/35

.......

71,380,000

73,892,576

Senior

Bond

,

6.875

%

,

1/31/36

.....

2,790,000

2,971,420

Senior

Bond

,

8

%

,

3/01/38

........

45,980,000

52,444,788

149,100,528

Serbia

0.5%

Serbia

Treasury

Bonds

,

4.5

%

,

8/20/32

.

1,617,620,000

RSD

15,839,162

South

Africa

6.8%

South

Africa

Government

Bond

,

Senior

Bond

,

8.875

%

,

2/28/35

.....

776,200,000

ZAR

44,152,731

Senior

Bond

,

8.5

%

,

1/31/37

.......

1,241,135,000

ZAR

66,225,157

Senior

Bond

,

9

%

,

1/31/40

........

1,348,700,000

ZAR

71,562,687

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

South

Africa

(continued)

South

Africa

Government

Bond,

(continued)

Senior

Bond

,

8.75

%

,

1/31/44

......

659,639,000

ZAR

$

33,266,647

215,207,222

Spain

4.4%

a

Spain

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

3.55

%

,

10/31/33

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

53,058,000

EUR

64,618,133

Senior

Bond

,

144A,

Reg

S,

3.15

%

,

4/30/35

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

63,830,000

EUR

74,653,717

139,271,850

Supranational

0.9%

a,b

European

Investment

Bank

,

Senior

Note

,

144A,

6.25

%

,

7/11/30

.......

1,840,800,000

INR

20,392,045

b

International

Bank

for

Reconstruction

&

Development

,

Senior

Note

,

6.89

%

,

2/06/30

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

789,000,000

INR

8,956,018

29,348,063

Uruguay

3.3%

c

Uruguay

Government

Bond

,

Index

Linked,

Senior

Bond

,

3.875

%

,

7/02/40

3,933,555,738

UYU

105,745,088

Total

Foreign

Government

and

Agency

Securities

(Cost

$

2,434,785,634

)

...........

2,465,317,726

U.S.

Government

and

Agency

Securities

3.4%

United

States

3.4%

U.S.

Treasury

Notes

,

3.5

%,

2/15/33

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

53,358,000

51,809,367

4.25

%,

11/15/34

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

53,461,600

54,075,574

105,884,941

Total

U.S.

Government

and

Agency

Securities

(Cost

$

106,058,065

)

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

105,884,941

Total

Long

Term

Investments

(Cost

$

2,540,843,699

)

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

2,571,202,667

Number

of

Contracts

Notional

Amount

#

a

a

aa

Options

Purchased

0.1%

Calls

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY

,

Counterparty

MSCO

,

November

Strike

Price

153.72

JPY

,

Expires

11/06/25

.

1

430,336,000

476,051

476,051

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY

,

Counterparty

MSCO

,

November

Strike

Price

135.00

JPY

,

Expires

11/06/25

.

1

215,169,000

55,110

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

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

,

November

Strike

Price

142.50

JPY

,

Expires

11/06/25

.

1

1,075,843,000

$

2,995,682

3,050,792

Total

Options

Purchased

(Cost

$

8,148,216

)

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

3,526,843

Short

Term

Investments

16.8%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

16.8%

United

States

16.8%

d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

......

532,230,900

532,230,900

Total

Money

Market

Funds

(Cost

$

532,230,900

)

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

532,230,900

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

532,230,900

)

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

532,230,900

a

a

a

Total

Investments

(Cost

$

3,081,222,815

)

98.3

%

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

$3,106,960,410

Options

Written

(

0.1

)

%

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

(2,408,265)

Other

Assets,

less

Liabilities

1.8

%

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

54,212,834

Net

Assets

100.0%

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

$3,158,764,979

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

,

November

Strike

Price

150.53

JPY

,

Expires

11/06/25

.

1

430,336,000

(

1,705,205

)

(

1,705,205

)

Puts

-

Over-the-Counter

Currency

Options

Foreign

Exchange

USD/JPY

,

Counterparty

MSCO

,

November

Strike

Price

138.00

JPY

,

Expires

11/06/25

.

1

1,075,843,000

(

703,060

)

(

703,060

)

Total

Options

Written

(Premiums

received

$

5,560,377

)

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

$

(

2,408,265

)

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Global

Bond

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

At

September

30,

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$583,726,024,

representing

18.5%

of

net

assets.

b

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

c

Principal

amount

of

security,

redemption

price

at

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

d

See

Note

3

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

Japanese

Yen

......

MSCO

Buy

42,975,408,800

301,427,687

10/07/25

$

—

$

(

10,673,390

)

Japanese

Yen

......

MSCO

Sell

42,975,408,800

290,780,101

10/07/25

25,804

—

Mexican

Peso

......

BNDP

Buy

1,486,400,000

78,522,111

10/07/25

2,599,352

—

Euro

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

MSCO

Sell

41,397,613

499,500,000

NOK

10/10/25

1,428,389

—

Euro

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

BNDP

Buy

18,100,000

21,003,330

10/15/25

264,520

—

Euro

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

BNDP

Sell

32,168,000

37,825,322

10/15/25

27,299

—

Euro

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

BOFA

Sell

28,963,456

34,065,948

10/15/25

33,327

—

Euro

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

BZWS

Sell

33,872,544

39,806,607

10/16/25

3,091

—

Euro

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

JPHQ

Sell

33,876,000

39,817,308

10/16/25

9,731

—

Japanese

Yen

......

BNDP

Buy

6,286,725,520

43,100,946

10/16/25

—

(

523,085

)

Japanese

Yen

......

MSCO

Buy

83,542,237,800

567,299,578

11/10/25

33,336

—

Serbian

Dinar

......

DBAB

Buy

1,097,715,000

10,979,346

11/10/25

15,849

—

Chinese

Yuan

......

CITI

Sell

324,329,313

45,615,937

11/17/25

—

(

36,384

)

Chinese

Yuan

......

JPHQ

Sell

259,117,222

36,277,717

11/21/25

—

(

205,423

)

Mexican

Peso

......

BNDP

Buy

328,304,649

17,446,773

12/10/25

346,158

—

Mexican

Peso

......

HSBK

Buy

650,955,820

34,591,270

12/10/25

688,192

—

Chinese

Yuan

......

DBAB

Sell

590,635,954

82,960,314

12/17/25

—

(

350,001

)

Chinese

Yuan

......

HSBK

Sell

547,251,250

77,162,411

12/17/25

—

(

28,410

)

South

Korean

Won

..

DBAB

Buy

10,256,000,000

7,414,959

12/17/25

—

(

84,626

)

South

Korean

Won

..

HSBK

Buy

196,242,900,000

142,104,086

12/17/25

—

(

1,842,220

)

South

Korean

Won

..

JPHQ

Buy

16,182,300,000

11,712,894

12/17/25

—

(

146,822

)

South

Korean

Won

..

DBAB

Buy

111,114,556,000

80,065,251

12/26/25

—

(

606,788

)

Serbian

Dinar

......

DBAB

Buy

896,483,143

8,906,051

1/20/26

67,159

—

Chinese

Yuan

......

MSCO

Sell

1,102,153,000

156,056,620

1/26/26

213,445

—

Serbian

Dinar

......

DBAB

Buy

2,253,654,000

22,199,813

2/05/26

352,899

—

Chinese

Yuan

......

CITI

Sell

325,946,035

45,918,240

2/24/26

—

(

246,229

)

Chinese

Yuan

......

DBAB

Sell

325,698,784

45,877,591

2/24/26

—

(

251,859

)

Mexican

Peso

......

BNDP

Buy

903,398,478

47,723,110

2/27/26

813,477

—

Mexican

Peso

......

HSBK

Buy

1,533,145,664

80,995,397

2/27/26

1,375,407

—

Serbian

Dinar

......

DBAB

Buy

3,134,972,506

31,409,403

3/17/26

—

(

54,195

)

Chinese

Yuan

......

HSBK

Sell

1,020,657,000

144,786,365

3/30/26

—

(

50,859

)

Serbian

Dinar

......

DBAB

Buy

2,081,824,379

20,780,009

4/01/26

37,361

—

Total

Forward

Exchange

Contracts

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

$8,334,796

$(15,100,291)

Net

unrealized

appreciation

(depreciation)

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

$(6,765,495)

*

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

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

At

September

30,

2025

,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

See

Abbreviations

on

page

25

.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

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

169,510,000

$

(

3,468,351

)

$

—

$

(

3,468,351

)

Total

Interest

Rate

Swap

Contracts

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

$(3,468,351)

$

—

$(3,468,351)

*

In

U.S.

dollars

unless

otherwise

indicated.

Templeton

Income

Trust

Schedule

of

Investments

(unaudited),

September

30,

2025

Templeton

Sustainable

Emerging

Markets

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

Corporate

Bonds

0.0%

South

Africa

0.0%

a

,b

,c

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

3

%

,

12/31/22

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

Broadline

Retail

188,190

$

—

Senior

Secured

Note

,

144A,

8

%

,

12/31/22

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

Broadline

Retail

55,416

EUR

—

a

,b

,c

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

25

%

,

12/31/22

.

Broadline

Retail

237,804

—

—

Total

Corporate

Bonds

(Cost

$

301,035

)

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

—

a

a

Industry

Principal

Amount

*

a

Value

Foreign

Government

and

Agency

Securities

80.6%

Benin

1.7%

c

Benin

Government

Bond

,

Senior

Bond

,

144A,

4.95

%

,

1/22/35

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

330,000

EUR

357,228

Brazil

11.0%

Brazil

Notas

do

Tesouro

Nacional

,

10

%

,

1/01/35

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

15,150,000

BRL

2,339,832

Chile

1.4%

c

Chile

Bonos

Tesoreria

Pesos

,

144A,

Reg

S,

6

%

,

4/01/33

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

275,000,000

CLP

293,050

Colombia

3.8%

Colombia

Titulos

de

Tesoreria

,

G

,

7

%

,

3/26/31

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

3,835,000,000

COP

817,961

Ecuador

2.2%

c

Ecuador

Government

Bond

,

Senior

Bond

,

144A,

6.9

%

,

7/31/35

........

620,300

464,450

Egypt

0.4%

Egypt

Government

Bond

,

25.151

%

,

4/16/27

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

4,300,000

EGP

90,542

Ghana

1.2%

Ghana

Government

Bond

,

8.35

%

,

2/16/27

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

525,742

GHS

38,297

8.5

%

,

2/15/28

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

512,826

GHS

35,226

8.65

%

,

2/13/29

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

625,144

GHS

40,826

8.8

%

,

2/12/30

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

566,696

GHS

35,467

8.95

%

,

2/11/31

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

584,880

GHS

35,313

9.1

%

,

2/10/32

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

536,359

GHS

31,464

9.25

%

,

2/08/33

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

469,008

GHS

26,886

9.4

%

,

2/07/34

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

36,570

GHS

2,059

9.55

%

,

2/06/35

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

10,300

GHS

572

9.7

%

,

2/05/36

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

16,519

GHS

910

9.85

%

,

2/03/37

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

12,405

GHS

680

10

%

,

2/02/38

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

18,677

GHS

1,021

248,721

India

4.5%

India

Government

Bond

,

Senior

Bond

,

7.29

%

,

1/27/33

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

81,950,000

INR

962,228

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Sustainable

Emerging

Markets

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)

Ivory

Coast

1.8%

c

Ivory

Coast

Government

Bond

,

Senior

Note

,

144A,

7.625

%

,

1/30/33

......

360,000

$

374,814

Mexico

4.2%

Mexican

Bonos

Desarr

Fixed

Rate

,

Senior

Bond

,

8

%

,

5/24/35

........

13,390,000

MXN

695,663

Mexico

Government

Bond

,

Senior

Bond

,

4.875

%

,

5/19/33

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

200,000

193,986

889,649

Namibia

9.8%

Namibia

Government

Bond

,

9.5

%

,

7/15/35

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

8,910,000

NAD

497,018

9.5

%

,

7/15/37

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

29,280,000

NAD

1,570,465

2,067,483

Oman

2.0%

c

Oman

Government

Bond

,

Senior

Bond

,

144A,

7

%

,

1/25/51

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

370,000

418,333

Panama

4.8%

Panama

Government

Bond

,

Senior

Bond

,

6.875

%

,

1/31/36

.....

530,000

564,463

Senior

Bond

,

8

%

,

3/01/38

........

400,000

456,240

1,020,703

Peru

2.2%

c

Peru

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

7.6

%

,

8/12/39

.......

1,460,000

PEN

460,269

Philippines

3.0%

Philippines

Government

Bond

,

6.375

%

,

4/28/35

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

25,200,000

PHP

445,932

Senior

Bond

,

4.2

%

,

3/29/47

.......

220,000

188,222

634,154

Poland

6.5%

Poland

Government

Bond

,

5

%

,

10/25/34

5,105,000

PLN

1,368,996

Serbia

5.9%

Serbia

Treasury

Bonds

,

4.5

%

,

8/20/32

.

128,670,000

RSD

1,259,891

Seychelles

0.3%

c

Seychelles

International

Bond

,

Senior

Bond

,

Reg

S,

8

%

,

1/01/26

........

70,635

71,332

Supranational

13.9%

d

European

Bank

for

Reconstruction

&

Development

,

20.25

%

,

7/24/26

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

600,000,000

NGN

403,809

Senior

Note

,

10

%

,

3/28/26

........

108,600,000

KZT

190,902

c

,d

European

Investment

Bank

,

Senior

Bond

,

Reg

S,

6.5

%

,

9/28/32

.

8,950,000

ZAR

487,942

Senior

Bond

,

144A,

6.875

%

,

2/28/35

31,000,000

INR

354,124

d

International

Bank

for

Reconstruction

&

Development

,

Senior

Bond

,

7.07

%

,

6/26/29

......

12,600,000

MXN

684,696

Senior

Note

,

10

%

,

9/16/26

........

161,000,000

KZT

274,164

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Sustainable

Emerging

Markets

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)

d

International

Bank

for

Reconstruction

&

Development,

(continued)

d

International

Finance

Corp.

,

Senior

Note

,

13.825

%

,

10/09/26

.........

6,600,000,000

UZS

$

540,525

2,936,162

Total

Foreign

Government

and

Agency

Securities

(Cost

$

16,428,922

)

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

17,075,798

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,e

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

12,498

191

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

191

Total

Long

Term

Investments

(Cost

$

16,729,957

)

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

17,075,989

Short

Term

Investments

16.6%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

9.6%

Egypt

9.6%

f

Egypt

Treasury

Bills

,

25

.956

%

,

10/07/25

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

9,825,000

EGP

205,425

25

.33

%

,

12/16/25

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

3,500,000

EGP

69,385

25

.52

%

,

1/06/26

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

10,425,000

EGP

203,714

25

.45

%

,

2/24/26

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

10,375,000

EGP

196,414

25

.7

%

,

3/10/26

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

5,950,000

EGP

111,530

25

.69

%

,

3/17/26

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

3,950,000

EGP

73,712

25

.69

%

,

3/24/26

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

14,600,000

EGP

271,249

25

.05

%

,

3/31/26

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

1,525,000

EGP

28,287

25

.68

%

,

4/07/26

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

10,625,000

EGP

195,670

25

.4

%

,

6/16/26

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

8,425,000

EGP

148,871

25

.35

%

,

7/07/26

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

30,975,000

EGP

540,737

2,044,994

Total

Foreign

Government

and

Agency

Securities

(Cost

$

1,995,607

)

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

2,044,994

Shares

Money

Market

Funds

7.0%

United

States

7.0%

g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

......

1,476,635

1,476,635

Total

Money

Market

Funds

(Cost

$

1,476,635

)

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

1,476,635

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

3,472,242

)

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

3,521,629

a

a

a

Total

Investments

(Cost

$

20,202,199

)

97.2

%

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

$20,597,618

Other

Assets,

less

Liabilities

2.8

%

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

577,547

Net

Assets

100.0%

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

$21,175,165

a

a

a

Templeton

Income

Trust

Schedule

of

Investments

(unaudited)

Templeton

Sustainable

Emerging

Markets

Bond

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

*

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

4

regarding

fair

value

measurements.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$3,281,542,

representing

15.5%

of

net

assets.

d

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

e

Non-income

producing.

f

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

h

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

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

BNDP

Buy

145,000

168,259

10/15/25

$

2,119

$

—

Euro

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

BNDP

Sell

145,000

170,501

10/15/25

123

—

Euro

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

BOFA

Buy

130,274

151,180

10/15/25

1,894

—

Euro

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

BOFA

Sell

130,274

153,225

10/15/25

150

—

Euro

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

BZWS

Buy

152,726

177,292

10/16/25

2,176

—

Euro

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

BZWS

Sell

152,726

179,482

10/16/25

14

—

Euro

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

JPHQ

Buy

152,000

176,422

10/16/25

2,193

—

Euro

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

JPHQ

Sell

152,000

178,658

10/16/25

44

—

Uruguayan

Peso

....

CITI

Buy

36,600,000

849,977

10/21/25

66,088

—

Uruguayan

Peso

....

HSBK

Buy

7,600,000

188,867

10/21/25

1,354

—

Malaysian

Ringgit

...

GSCO

Buy

630,000

149,502

10/31/25

233

—

Brazilian

Real

......

JPHQ

Buy

1,092,685

190,645

11/04/25

12,927

—

Mexican

Peso

......

BNDP

Buy

620,188

32,958

12/10/25

654

—

Mexican

Peso

......

HSBK

Buy

3,612,000

191,939

12/10/25

3,819

—

Malaysian

Ringgit

...

GSCO

Buy

1,930,000

460,620

12/17/25

—

(

994

)

Malaysian

Ringgit

...

MSCO

Buy

7,020,000

1,678,246

12/17/25

—

(

6,445

)

South

Korean

Won

..

CITI

Buy

548,000,000

396,383

12/17/25

—

(

4,708

)

South

Korean

Won

..

DBAB

Buy

274,000,000

198,099

12/17/25

—

(

2,261

)

Columbian

Peso

....

GSCO

Buy

370,000,000

89,488

1/13/26

3,528

—

Columbian

Peso

....

GSCO

Sell

46,000,000

11,705

1/13/26

141

—

Columbian

Peso

....

MSCO

Buy

764,000,000

184,898

1/13/26

7,167

—

Columbian

Peso

....

MSCO

Sell

764,000,000

194,452

1/13/26

2,386

—

Chinese

Yuan

......

DBAB

Sell

4,777,000

672,883

2/24/26

—

(

3,694

)

Mexican

Peso

......

BNDP

Buy

1,706,454

90,145

2/27/26

1,537

—

Mexican

Peso

......

HSBK

Buy

3,573,998

188,813

2/27/26

3,206

—

Total

Forward

Exchange

Contracts

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

$111,753

$(18,102)

Net

unrealized

appreciation

(depreciation)

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

$93,651

*

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)

Templeton

Sustainable

Emerging

Markets

Bond

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

At

September

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

See

Abbreviations

on

page

25.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

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

$

(

50,635

)

$

—

$

(

50,635

)

Total

Interest

Rate

Swap

Contracts

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

$(50,635)

$

—

$(50,635)

*

In

U.S.

dollars

unless

otherwise

indicated.

Templeton

Income

Trust

Notes

to

Schedules

of

Investments

(unaudited)

20

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 three

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.

Effective

August

1,

2025,

Templeton

Global

Total

Return

Fund

was

renamed

Templeton

Global

Bond

Enhanced

Fund.

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)

21

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.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows: 

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Templeton

Global

Bond

Enhanced

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

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

$2,365,734

$86,531,430

$(75,954,854)

$—

$—

$12,942,310

12,942,310

$609,449

Total

Affiliated

Securities

...

$2,365,734

$86,531,430

$(75,954,854)

$—

$—

$12,942,310

$609,449

Templeton

Global

Bond

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

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

$269,210,359

$881,038,714

$(618,018,173)

$—

$—

$532,230,900

532,230,900

$12,945,938

Total

Affiliated

Securities

...

$269,210,359

$881,038,714

$(618,018,173)

$—

$—

$532,230,900

$12,945,938

2. Financial

Instrument

Valuation

(continued)

Templeton

Income

Trust

Notes

to

Schedules

of

Investments

(unaudited)

22

Quarterly

Schedules

of

Investments

4. Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Templeton

Sustainable

Emerging

Markets

Bond

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

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

$182,323

$20,818,774

$(19,524,462)

$—

$—

$1,476,635

1,476,635

$29,499

Total

Affiliated

Securities

...

$182,323

$20,818,774

$(19,524,462)

$—

$—

$1,476,635

$29,499

Level

1

Level

2

Level

3

Total

Templeton

Global

Bond

Enhanced

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

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

$

—

$

—

$

—

b

$

—

Foreign

Government

and

Agency

Securities

....

—

161,619,077

—

161,619,077

U.S.

Government

and

Agency

Securities

.......

—

14,318,382

—

14,318,382

Escrows

and

Litigation

Trusts

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

—

—

33,097

33,097

Options

Purchased

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

—

230,803

—

230,803

Short

Term

Investments

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

12,942,310

12,358,417

—

25,300,727

Total

Investments

in

Securities

...........

$12,942,310

$188,526,679

$33,097

$201,502,086

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$1,060,478

$—

$1,060,478

Swap

Contracts

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

—

483

—

483

Total

Other

Financial

Instruments

.........

$—

$1,060,961

$—

$1,060,961

Liabilities:

Other

Financial

Instruments:

Options

Written

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

$—

$157,601

$—

$157,601

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Templeton

Income

Trust

Notes

to

Schedules

of

Investments

(unaudited)

23

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Templeton

Global

Bond

Enhanced

Fund

(continued)

Liabilities:

(continued)

Forward

Exchange

Contracts

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

$

—

$

1,149,408

$

—

$

1,149,408

Swap

Contracts

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

—

250,405

—

250,405

Total

Other

Financial

Instruments

.........

$—

$1,557,414

$—

$1,557,414

Templeton

Global

Bond

Fund

Assets:

Investments

in

Securities:

a

Foreign

Government

and

Agency

Securities

....

—

2,465,317,726

—

2,465,317,726

U.S.

Government

and

Agency

Securities

.......

—

105,884,941

—

105,884,941

Options

Purchased

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

—

3,526,843

—

3,526,843

Short

Term

Investments

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

532,230,900

—

—

532,230,900

Total

Investments

in

Securities

...........

$532,230,900

$2,574,729,510

$—

$3,106,960,410

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$8,334,796

$—

$8,334,796

Total

Other

Financial

Instruments

.........

$—

$8,334,796

$—

$8,334,796

Liabilities:

Other

Financial

Instruments:

Options

Written

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

$—

$2,408,265

$—

$2,408,265

Forward

Exchange

Contracts

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

—

15,100,291

—

15,100,291

Swap

Contracts

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

—

3,468,351

—

3,468,351

Total

Other

Financial

Instruments

.........

$—

$20,976,907

$—

$20,976,907

Templeton

Sustainable

Emerging

Markets

Bond

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

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

—

—

—

b

—

Foreign

Government

and

Agency

Securities

....

—

17,075,798

—

17,075,798

Escrows

and

Litigation

Trusts

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

—

—

191

191

Short

Term

Investments

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

1,476,635

2,044,994

—

3,521,629

Total

Investments

in

Securities

...........

$1,476,635

$19,120,792

$191

$20,597,618

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$111,753

$—

$111,753

Total

Other

Financial

Instruments

.........

$—

$111,753

$—

$111,753

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$

—

$

18,102

$

—

$

18,102

Swap

Contracts

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

—

50,635

—

50,635

Total

Other

Financial

Instruments

.........

$—

$68,737

$—

$68,737

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

4. Fair

Value

Measurements

(continued)

Templeton

Income

Trust

Notes

to

Schedules

of

Investments

(unaudited)

24

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 September

30,

2025,

the

reconciliations

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

Sales

a

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

$

—

$

—

$

—

$

—

$

—

$

(14,998)

$

14,998

$

—

$

—

Corporate

Bonds

:

Costa

Rica

...

423,913

—

(416,909)

—

—

—

(4,051)

(2,953)

—

—

South

Africa

..

—

b

—

—

—

—

—

—

—

—

b

—

Escrows

and

Litigation

Trusts

—

b

—

—

—

—

—

—

191

191

191

Total

Investments

in

Securities

.......

$423,913

$—

$(416,909)

$—

$—

$—

$(19,049)

$12,236

$191

$191

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

b

Includes

financial

instruments

determined

to

have

no

value.

4. Fair

Value

Measurements

(continued)

Templeton

Income

Trust

Notes

to

Schedules

of

Investments

(unaudited)

25

Quarterly

Schedules

of

Investments

Abbreviations

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

CLP

Chilean

Peso

COP

Colombian

Peso

EGP

Egyptian

Pound

EUR

Euro

GHS

Ghanaian

Cedi

INR

Indian

Rupee

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NAD

Namibian

Dollar

NGN

Nigerian

Naira

NOK

Norwegian

Krone

PEN

Peruvian

Nuevo

Sol

PHP

Philippine

Peso

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

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

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

14.90%

1-day

SOFR

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

4.24%

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.