# EDGAR Filing Document

**Accession Number:** 0000795402
**File Stem:** 0001133228-26-002523
**Filing Date:** 2026-2
**Character Count:** 340361
**Document Hash:** 1bc4ffa229a9ac85e660a34a94bd4755
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002523.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001133228-26-002523

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEMPLETON INCOME TRUST
- **CENTRAL INDEX KEY:** 0000795402

**ORGANIZATION NAME:**
- **EIN:** 596865210
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04706
- **FILM NUMBER:** 26696388

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923
- **BUSINESS PHONE:** 9545277500

**MAIL ADDRESS:**
- **STREET 1:** 300 S.E. 2ND STREET
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301-1923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TEMPLETON INCOME FUND
- **DATE OF NAME CHANGE:** 19871006

## Series and Classes Contracts Data

### Templeton Global Bond Fund (Series ID: S000008754)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000023828 | Class A       | TPINX           |
| C000023829 | Class C       | TEGBX           |
| C000023830 | Advisor Class | TGBAX           |
| C000075045 | Class R       | FGBRX           |
| C000128750 | Class R6      | FBNRX           |

### Templeton Global Bond Enhanced Fund (Series ID: S000023539)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000069254 | Class A       | TGTRX           |
| C000069255 | Class C       | TTRCX           |
| C000069256 | Class R       | FRRGX           |
| C000069257 | Advisor Class | TTRZX           |
| C000128751 | Class R6      | FTTRX           |

### Templeton Sustainable Emerging Markets Bond Fund (Series ID: S000040303)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000125198 | Class A       | FEMGX           |
| C000125199 | Class C       | FEMHX           |
| C000125200 | Class R       | FEMBX           |
| C000125201 | Class R6      | FEMRX           |
| C000125202 | Advisor Class | FEMZX           |

?xml version='1.0' encoding='ASCII'? 2026-01-1474200013800_TempletonGlobalBondFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-04706**

 **Templeton Income Trust**

(Exact name of registrant as specified in charter)

**300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(954) 527-7500**

Date of fiscal year end: **December 31**

Date of reporting period: **December 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Templeton Global Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TPINX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $105 | 0.97% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Templeton Global Bond Fund returned 16.73%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Brazil, Mexico, South Africa, Ghana, the U.S. and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, South African rand, Malaysian ringgit, Australian dollar and Norwegian krone contributed. |
| ↑ | Interest rate strategies contributed to relative performance. Overweighted duration exposures in South Africa and Brazil contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Overweighted positions in U.S. dollar-denominated sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative positions in the euro (for part of the period) and Chinese yuan. |
| ↓ | Within currency positions, underweighted exposure to the euro and Chinese yuan detracted from relative performance, as did the Fund's overweighted position in the Japanese yen. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate swaps to manage duration exposure which contributed to performance. Currency forward contracts and currency options were used to gain additional exposure to currencies and for hedging and investment purposes, which in aggregate detracted from performance.

Templeton Global Bond Fund PAGE 1 406-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6287img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 16.73 | -1.27 | -0.07 |
| **Class A (with sales charge)**  | 12.40 | -2.02 | -0.45 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3004756629 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 67 |
| **Total Management Fee Paid** | $14939976 |
| **Portfolio Turnover Rate** | 23.19% |

---

Templeton Global Bond Fund PAGE 2 406-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6287img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Fund PAGE 3 406-ATSR-0226

962510224104651059710664101949678908293038191956210000102091096410832115731263712042100861066210482113381000010160109211082911468126271174796011009998091055030.027.713.36.35.11.016.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEGBX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $148 | 1.37% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Templeton Global Bond Fund returned 16.30%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Brazil, Mexico, South Africa, Ghana, the U.S. and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, South African rand, Malaysian ringgit, Australian dollar and Norwegian krone contributed. |
| ↑ | Interest rate strategies contributed to relative performance. Overweighted duration exposures in South Africa and Brazil contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Overweighted positions in U.S. dollar-denominated sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative positions in the euro (for part of the period) and Chinese yuan. |
| ↓ | Within currency positions, underweighted exposure to the euro and Chinese yuan detracted from relative performance, as did the Fund's overweighted position in the Japanese yen. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate swaps to manage duration exposure which contributed to performance. Currency forward contracts and currency options were used to gain additional exposure to currencies and for hedging and investment purposes, which in aggregate detracted from performance.

Templeton Global Bond Fund PAGE 1 506-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6289img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 16.30 | -1.65 | -0.45 |
| **Class C (with sales charge)**  | 15.30 | -1.65 | -0.45 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3004756629 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 67 |
| **Total Management Fee Paid** | $14939976 |
| **Portfolio Turnover Rate** | 23.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6289img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Global Bond Fund PAGE 2 506-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Fund PAGE 3 506-ATSR-0226

1000010588107931088610910103889829918793698221956110000102091096410832115731263712042100861066210482113381000010160109211082911468126271174796011009998091055030.027.713.36.35.11.016.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FGBRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $132 | 1.22% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Templeton Global Bond Fund returned 16.44%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Brazil, Mexico, South Africa, Ghana, the U.S. and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, South African rand, Malaysian ringgit, Australian dollar and Norwegian krone contributed. |
| ↑ | Interest rate strategies contributed to relative performance. Overweighted duration exposures in South Africa and Brazil contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Overweighted positions in U.S. dollar-denominated sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative positions in the euro (for part of the period) and Chinese yuan. |
| ↓ | Within currency positions, underweighted exposure to the euro and Chinese yuan detracted from relative performance, as did the Fund's overweighted position in the Japanese yen. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate swaps to manage duration exposure which contributed to performance. Currency forward contracts and currency options were used to gain additional exposure to currencies and for hedging and investment purposes, which in aggregate detracted from performance.

Templeton Global Bond Fund PAGE 1 816-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6291img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 16.44 | -1.52 | -0.31 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3004756629 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 67 |
| **Total Management Fee Paid** | $14939976 |
| **Portfolio Turnover Rate** | 23.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6291img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Global Bond Fund PAGE 2 816-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Fund PAGE 3 816-ATSR-0226

1000010605108281093710979104699914928094828328969710000102091096410832115731263712042100861066210482113381000010160109211082911468126271174796011009998091055030.027.713.36.35.11.016.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FBNRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $61 | 0.56% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Templeton Global Bond Fund returned 17.16%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Brazil, Mexico, South Africa, Ghana, the U.S. and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, South African rand, Malaysian ringgit, Australian dollar and Norwegian krone contributed. |
| ↑ | Interest rate strategies contributed to relative performance. Overweighted duration exposures in South Africa and Brazil contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Overweighted positions in U.S. dollar-denominated sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative positions in the euro (for part of the period) and Chinese yuan. |
| ↓ | Within currency positions, underweighted exposure to the euro and Chinese yuan detracted from relative performance, as did the Fund's overweighted position in the Japanese yen. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate swaps to manage duration exposure which contributed to performance. Currency forward contracts and currency options were used to gain additional exposure to currencies and for hedging and investment purposes, which in aggregate detracted from performance.

Templeton Global Bond Fund PAGE 1 356-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6290img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 17.16 | -0.88 | 0.33 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3004756629 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 67 |
| **Total Management Fee Paid** | $14939976 |
| **Portfolio Turnover Rate** | 23.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6290img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Global Bond Fund PAGE 2 356-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Fund PAGE 3 356-ATSR-0226

100001067810976111481126110804103089711997588241033910000102091096410832115731263712042100861066210482113381000010160109211082911468126271174796011009998091055030.027.713.36.35.11.016.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TGBAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $77 | 0.71% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Templeton Global Bond Fund returned 17.14%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Brazil, Mexico, South Africa, Ghana, the U.S. and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, South African rand, Malaysian ringgit, Australian dollar and Norwegian krone contributed. |
| ↑ | Interest rate strategies contributed to relative performance. Overweighted duration exposures in South Africa and Brazil contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Overweighted positions in U.S. dollar-denominated sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative positions in the euro (for part of the period) and Chinese yuan. |
| ↓ | Within currency positions, underweighted exposure to the euro and Chinese yuan detracted from relative performance, as did the Fund's overweighted position in the Japanese yen. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate swaps to manage duration exposure which contributed to performance. Currency forward contracts and currency options were used to gain additional exposure to currencies and for hedging and investment purposes, which in aggregate detracted from performance.

Templeton Global Bond Fund PAGE 1 616-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6286img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 17.14 | -1.00 | 0.20 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3004756629 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 67 |
| **Total Management Fee Paid** | $14939976 |
| **Portfolio Turnover Rate** | 23.19% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6286img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Global Bond Fund PAGE 2 616-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Fund PAGE 3 616-ATSR-0226

100001066110940110981119710727102199610987187071019910000102091096410832115731263712042100861066210482113381000010160109211082911468126271174796011009998091055030.027.713.36.35.11.016.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Enhanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TGTRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Enhanced Fund (previously known as Templeton Global Total Return Fund) for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $132 | 1.20% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Templeton Global Bond Enhanced Fund returned 20.40%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period. The Fund previously compared its performance to the Bloomberg Multiverse Index, which returned 8.42% for the same period. Effective August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, South Africa, Ghana, Brazil, Mexico, India and the U.S. contributed. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, Malaysian ringgit, South African rand, Ghanaian cedi, Australian dollar and Norwegian krone contributed. |
| ↑ | Overall credit exposures also contributed to absolute performance. Positions in U.S. dollar-denominated sub investment-grade sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative position in the Chinese yuan. |

---

Templeton Global Bond Enhanced Fund PAGE 1 407-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6158img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 20.40 | -0.32 | 0.67 |
| **Class A (with sales charge)**  | 15.92 | -1.09 | 0.28 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |
| **Bloomberg Multiverse Index**<sup>†</sup>  | 8.42 | -1.87 | 1.50 |

---

† Effective
 August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's
 investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective August 1, 2025, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $208635115 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 78 |
| **Total Management Fee Paid** | $1330609 |
| **Portfolio Turnover Rate** | 35.71% |

---

Templeton Global Bond Enhanced Fund PAGE 2 407-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6158img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the name of the Fund changed from "Templeton Global Total Return Fund" to "Templeton Global Bond Enhanced Fund."

On May 1, 2025, the Fund's principal investment strategies were revised to remove investments in corporate bonds as principal investment strategy of the Fund and add investments in bonds of supranational entities as a principal investment strategy of the Fund. In addition, effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the addition of an 80% investment policy, under which the Fund invests at least 80% of its net assets in bonds, including derivative instruments or other investments that have economic characteristics similar to bonds. Also effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's focus on assets in higher-yielding sovereign bonds, particularly in developing and frontier markets, and currency related derivative instruments, that offer enhanced yield potential.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Enhanced Fund PAGE 3 407-ATSR-0226

96251043410729109111110310455989286529161854310287100001020910964108321157312637120421008610662104821133810000101601092110829114681262711747960110099980910550100001028411075109241170312759121841023310851107061160734.225.614.25.04.84.611.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Enhanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TTRCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Enhanced Fund (previously known as Templeton Global Total Return Fund) for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $176 | 1.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Templeton Global Bond Enhanced Fund returned 19.93%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period. The Fund previously compared its performance to the Bloomberg Multiverse Index, which returned 8.42% for the same period. Effective August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, South Africa, Ghana, Brazil, Mexico, India and the U.S. contributed. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, Malaysian ringgit, South African rand, Ghanaian cedi, Australian dollar and Norwegian krone contributed. |
| ↑ | Overall credit exposures also contributed to absolute performance. Positions in U.S. dollar-denominated sub investment-grade sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative position in the Chinese yuan. |

---

Templeton Global Bond Enhanced Fund PAGE 1 507-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6159img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 19.93 | -0.73 | 0.26 |
| **Class C (with sales charge)**  | 18.93 | -0.73 | 0.26 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |
| **Bloomberg Multiverse Index**<sup>†</sup>  | 8.42 | -1.87 | 1.50 |

---

† Effective
 August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's
 investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 1, 2025, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $208635115 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 78 |
| **Total Management Fee Paid** | $1330609 |
| **Portfolio Turnover Rate** | 35.71% |

---

Templeton Global Bond Enhanced Fund PAGE 2 507-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6159img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the name of the Fund changed from "Templeton Global Total Return Fund" to "Templeton Global Bond Enhanced Fund."

On May 1, 2025, the Fund's principal investment strategies were revised to remove investments in corporate bonds as principal investment strategy of the Fund and add investments in bonds of supranational entities as a principal investment strategy of the Fund. In addition, effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the addition of an 80% investment policy, under which the Fund invests at least 80% of its net assets in bonds, including derivative instruments or other investments that have economic characteristics similar to bonds. Also effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's focus on assets in higher-yielding sovereign bonds, particularly in developing and frontier markets, and currency related derivative instruments, that offer enhanced yield potential.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Enhanced Fund PAGE 3 507-ATSR-0226

1000010799110611121211354106471003887419231856010266100001020910964108321157312637120421008610662104821133810000101601092110829114681262711747960110099980910550100001028411075109241170312759121841023310851107061160734.225.614.25.04.84.611.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Enhanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FRRGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Enhanced Fund (previously known as Templeton Global Total Return Fund) for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $161 | 1.46% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Templeton Global Bond Enhanced Fund returned 20.06%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period. The Fund previously compared its performance to the Bloomberg Multiverse Index, which returned 8.42% for the same period. Effective August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, South Africa, Ghana, Brazil, Mexico, India and the U.S. contributed. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, Malaysian ringgit, South African rand, Ghanaian cedi, Australian dollar and Norwegian krone contributed. |
| ↑ | Overall credit exposures also contributed to absolute performance. Positions in U.S. dollar-denominated sub investment-grade sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative position in the Chinese yuan. |

---

Templeton Global Bond Enhanced Fund PAGE 1 808-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6161img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 20.06 | -0.56 | 0.42 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |
| **Bloomberg Multiverse Index**<sup>†</sup>  | 8.42 | -1.87 | 1.50 |

---

† Effective
 August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's
 investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 1, 2025, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $208635115 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 78 |
| **Total Management Fee Paid** | $1330609 |
| **Portfolio Turnover Rate** | 35.71% |

---

Templeton Global Bond Enhanced Fund PAGE 2 808-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6161img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the name of the Fund changed from "Templeton Global Total Return Fund" to "Templeton Global Bond Enhanced Fund."

On May 1, 2025, the Fund's principal investment strategies were revised to remove investments in corporate bonds as principal investment strategy of the Fund and add investments in bonds of supranational entities as a principal investment strategy of the Fund. In addition, effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the addition of an 80% investment policy, under which the Fund invests at least 80% of its net assets in bonds, including derivative instruments or other investments that have economic characteristics similar to bonds. Also effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's focus on assets in higher-yielding sovereign bonds, particularly in developing and frontier markets, and currency related derivative instruments, that offer enhanced yield potential.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Enhanced Fund PAGE 3 808-ATSR-0226

1000010813110921126111430107251013188419337868610429100001020910964108321157312637120421008610662104821133810000101601092110829114681262711747960110099980910550100001028411075109241170312759121841023310851107061160734.225.614.25.04.84.611.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Enhanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FTTRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Enhanced Fund (previously known as Templeton Global Total Return Fund) for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $87 | 0.79% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Templeton Global Bond Enhanced Fund returned 20.89%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period. The Fund previously compared its performance to the Bloomberg Multiverse Index, which returned 8.42% for the same period. Effective August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, South Africa, Ghana, Brazil, Mexico, India and the U.S. contributed. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, Malaysian ringgit, South African rand, Ghanaian cedi, Australian dollar and Norwegian krone contributed. |
| ↑ | Overall credit exposures also contributed to absolute performance. Positions in U.S. dollar-denominated sub investment-grade sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative position in the Chinese yuan. |

---

Templeton Global Bond Enhanced Fund PAGE 1 308-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6160img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 20.89 | 0.07 | 1.05 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |
| **Bloomberg Multiverse Index**<sup>†</sup>  | 8.42 | -1.87 | 1.50 |

---

† Effective
 August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's
 investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 1, 2025, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $208635115 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 78 |
| **Total Management Fee Paid** | $1330609 |
| **Portfolio Turnover Rate** | 35.71% |

---

Templeton Global Bond Enhanced Fund PAGE 2 308-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6160img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the name of the Fund changed from "Templeton Global Total Return Fund" to "Templeton Global Bond Enhanced Fund."

On May 1, 2025, the Fund's principal investment strategies were revised to remove investments in corporate bonds as principal investment strategy of the Fund and add investments in bonds of supranational entities as a principal investment strategy of the Fund. In addition, effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the addition of an 80% investment policy, under which the Fund invests at least 80% of its net assets in bonds, including derivative instruments or other investments that have economic characteristics similar to bonds. Also effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's focus on assets in higher-yielding sovereign bonds, particularly in developing and frontier markets, and currency related derivative instruments, that offer enhanced yield potential.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Enhanced Fund PAGE 3 308-ATSR-0226

1000010881112311146311706110561051392239805917911097100001020910964108321157312637120421008610662104821133810000101601092110829114681262711747960110099980910550100001028411075109241170312759121841023310851107061160734.225.614.25.04.84.611.6 ------

---

| | |
|:---|:---|
| **Templeton Global Bond Enhanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [TTRZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Global Bond Enhanced Fund (previously known as Templeton Global Total Return Fund) for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $105 | 0.95% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Templeton Global Bond Enhanced Fund returned 20.63%. The Fund compares its performance to the FTSE World Government Bond Index, which returned 7.55% for the same period. The Fund previously compared its performance to the Bloomberg Multiverse Index, which returned 8.42% for the same period. Effective August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, South Africa, Ghana, Brazil, Mexico, India and the U.S. contributed. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Mexican peso, Brazilian real, Colombian peso, Malaysian ringgit, South African rand, Ghanaian cedi, Australian dollar and Norwegian krone contributed. |
| ↑ | Overall credit exposures also contributed to absolute performance. Positions in U.S. dollar-denominated sub investment-grade sovereign credits contributed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within currency positions, the Fund's position in the Japanese yen detracted from absolute results, as did its net-negative position in the Chinese yuan. |

---

Templeton Global Bond Enhanced Fund PAGE 1 696-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6157img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 20.63 | -0.07 | 0.93 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **FTSE World Government Bond Index**  | 7.55 | -3.53 | 0.54 |
| **Bloomberg Multiverse Index**<sup>†</sup>  | 8.42 | -1.87 | 1.50 |

---

† Effective
 August 1, 2025, the FTSE World Government Bond Index replaced the Bloomberg Multiverse Index as the Fund's benchmark. The Fund's
 investment manager believes the FTSE World Government Bond Index is an appropriate benchmark for the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 1, 2025, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $208635115 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 78 |
| **Total Management Fee Paid** | $1330609 |
| **Portfolio Turnover Rate** | 35.71% |

---

Templeton Global Bond Enhanced Fund PAGE 2 696-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6157img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the name of the Fund changed from "Templeton Global Total Return Fund" to "Templeton Global Bond Enhanced Fund."

On May 1, 2025, the Fund's principal investment strategies were revised to remove investments in corporate bonds as principal investment strategy of the Fund and add investments in bonds of supranational entities as a principal investment strategy of the Fund. In addition, effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the addition of an 80% investment policy, under which the Fund invests at least 80% of its net assets in bonds, including derivative instruments or other investments that have economic characteristics similar to bonds. Also effective August 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's focus on assets in higher-yielding sovereign bonds, particularly in developing and frontier markets, and currency related derivative instruments, that offer enhanced yield potential.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by May 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Global Bond Enhanced Fund PAGE 3 696-ATSR-0226

1000010866112021142911659110081044291609721909110967100001020910964108321157312637120421008610662104821133810000101601092110829114681262711747960110099980910550100001028411075109241170312759121841023310851107061160734.225.614.25.04.84.611.6 ------

---

| | |
|:---|:---|
| **Templeton Sustainable Emerging Markets Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FEMGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Sustainable Emerging Markets Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $129 | 1.14% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class A shares of Templeton Sustainable Emerging Markets Bond Fund returned 26.41%. The Fund compares its performance to the JP Morgan GBI-EM Global Diversified Index, which returned 19.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, Namibia, Ghana, Brazil, Mexico, Poland, and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Brazilian real, Mexican peso, Uruguayan peso, Colombian peso, Namibian dollar, Egyptian pound, Ghanaian cedi, Polish zloty, Serbian dinar and Malaysian ringgit contributed to absolute performance. |
| ↑ | Currency positions and interest rate strategies contributed to relative performance. Overweighted currency positions in Africa, Latin America and eastern Europe contributed. Overweighted duration exposures in Africa and Latin America contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Select overweighted exposures to sub investment-grade sovereign credits in Latin America and the Middle East/Africa contributed to relative return. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within interest-rate strategies, the Fund's underweighted duration exposures to select countries in Asia, Africa and Latin America detracted from relative performance. |
| ↓ | Within currency positions, underweighted exposures to the Czech koruna, Thai baht and South African rand detracted from relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized currency forward contracts to gain additional exposure to currencies and for investment purposes, which in aggregate contributed to performance. Interest rate swaps were used to manage duration exposure which also contributed to performance.

Templeton Sustainable Emerging Markets Bond Fund PAGE 1 72-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2015 — 12/31/2025

![image](ts6150img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 26.41 | 2.91 | 2.52 |
| **Class A (with sales charge)**  | 21.67 | 2.13 | 2.13 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **JP Morgan GBI-EM Global Diversified Index**  | 19.26 | 1.12 | 3.88 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25451888 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 63 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 50.11% |

---

Templeton Sustainable Emerging Markets Bond Fund PAGE 2 72-ATSR-0226

------

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6150img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Sustainable Emerging Markets Bond Fund PAGE 3 72-ATSR-0226

96251062711712113261147610696101049042101399765123431000010209109641083211573126371204210086106621048211338100001099412667118801348013844126331115612573122741463829.918.816.015.56.413.4 ------

---

| | |
|:---|:---|
| **Templeton Sustainable Emerging Markets Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FEMHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Sustainable Emerging Markets Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $174 | 1.54% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class C shares of Templeton Sustainable Emerging Markets Bond Fund returned 25.85%. The Fund compares its performance to the JP Morgan GBI-EM Global Diversified Index, which returned 19.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, Namibia, Ghana, Brazil, Mexico, Poland, and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Brazilian real, Mexican peso, Uruguayan peso, Colombian peso, Namibian dollar, Egyptian pound, Ghanaian cedi, Polish zloty, Serbian dinar and Malaysian ringgit contributed to absolute performance. |
| ↑ | Currency positions and interest rate strategies contributed to relative performance. Overweighted currency positions in Africa, Latin America and eastern Europe contributed. Overweighted duration exposures in Africa and Latin America contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Select overweighted exposures to sub investment-grade sovereign credits in Latin America and the Middle East/Africa contributed to relative return. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within interest-rate strategies, the Fund's underweighted duration exposures to select countries in Asia, Africa and Latin America detracted from relative performance. |
| ↓ | Within currency positions, underweighted exposures to the Czech koruna, Thai baht and South African rand detracted from relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized currency forward contracts to gain additional exposure to currencies and for investment purposes, which in aggregate contributed to performance. Interest rate swaps were used to manage duration exposure which also contributed to performance.

Templeton Sustainable Emerging Markets Bond Fund PAGE 1 572-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 12/31/2015 — 12/31/2025

![image](ts6151img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 25.85 | 2.49 | 2.09 |
| **Class C (with sales charge)**  | 24.85 | 2.49 | 2.09 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **JP Morgan GBI-EM Global Diversified Index**  | 19.26 | 1.12 | 3.88 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25451888 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 63 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 50.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6151img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Sustainable Emerging Markets Bond Fund PAGE 2 572-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Sustainable Emerging Markets Bond Fund PAGE 3 572-ATSR-0226

100001099212064116191172210876102279123101919772122991000010209109641083211573126371204210086106621048211338100001099412667118801348013844126331115612573122741463829.918.816.015.56.413.4 ------

---

| | |
|:---|:---|
| **Templeton Sustainable Emerging Markets Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FEMBX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Sustainable Emerging Markets Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $157 | 1.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R shares of Templeton Sustainable Emerging Markets Bond Fund returned 26.08%. The Fund compares its performance to the JP Morgan GBI-EM Global Diversified Index, which returned 19.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, Namibia, Ghana, Brazil, Mexico, Poland, and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Brazilian real, Mexican peso, Uruguayan peso, Colombian peso, Namibian dollar, Egyptian pound, Ghanaian cedi, Polish zloty, Serbian dinar and Malaysian ringgit contributed to absolute performance. |
| ↑ | Currency positions and interest rate strategies contributed to relative performance. Overweighted currency positions in Africa, Latin America and eastern Europe contributed. Overweighted duration exposures in Africa and Latin America contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Select overweighted exposures to sub investment-grade sovereign credits in Latin America and the Middle East/Africa contributed to relative return. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within interest-rate strategies, the Fund's underweighted duration exposures to select countries in Asia, Africa and Latin America detracted from relative performance. |
| ↓ | Within currency positions, underweighted exposures to the Czech koruna, Thai baht and South African rand detracted from relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized currency forward contracts to gain additional exposure to currencies and for investment purposes, which in aggregate contributed to performance. Interest rate swaps were used to manage duration exposure which also contributed to performance.

Templeton Sustainable Emerging Markets Bond Fund PAGE 1 872-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 12/31/2015 — 12/31/2025

![image](ts6153img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 26.08 | 2.65 | 2.35 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **JP Morgan GBI-EM Global Diversified Index**  | 19.26 | 1.12 | 3.88 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25451888 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 63 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 50.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6153img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Sustainable Emerging Markets Bond Fund PAGE 2 872-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Sustainable Emerging Markets Bond Fund PAGE 3 872-ATSR-0226

1000011024121411172911883110731045893331044010009126201000010209109641083211573126371204210086106621048211338100001099412667118801348013844126331115612573122741463829.918.816.015.56.413.4 ------

---

| | |
|:---|:---|
| **Templeton Sustainable Emerging Markets Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FEMRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Sustainable Emerging Markets Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $97 | 0.86% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Class R6 shares of Templeton Sustainable Emerging Markets Bond Fund returned 26.74%. The Fund compares its performance to the JP Morgan GBI-EM Global Diversified Index, which returned 19.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, Namibia, Ghana, Brazil, Mexico, Poland, and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Brazilian real, Mexican peso, Uruguayan peso, Colombian peso, Namibian dollar, Egyptian pound, Ghanaian cedi, Polish zloty, Serbian dinar and Malaysian ringgit contributed to absolute performance. |
| ↑ | Currency positions and interest rate strategies contributed to relative performance. Overweighted currency positions in Africa, Latin America and eastern Europe contributed. Overweighted duration exposures in Africa and Latin America contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Select overweighted exposures to sub investment-grade sovereign credits in Latin America and the Middle East/Africa contributed to relative return. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within interest-rate strategies, the Fund's underweighted duration exposures to select countries in Asia, Africa and Latin America detracted from relative performance. |
| ↓ | Within currency positions, underweighted exposures to the Czech koruna, Thai baht and South African rand detracted from relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized currency forward contracts to gain additional exposure to currencies and for investment purposes, which in aggregate contributed to performance. Interest rate swaps were used to manage duration exposure which also contributed to performance.

Templeton Sustainable Emerging Markets Bond Fund PAGE 1 812-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 12/31/2015 — 12/31/2025

![image](ts6152img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 26.74 | 3.18 | 2.82 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **JP Morgan GBI-EM Global Diversified Index**  | 19.26 | 1.12 | 3.88 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25451888 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 63 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 50.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6152img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Sustainable Emerging Markets Bond Fund PAGE 2 812-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Sustainable Emerging Markets Bond Fund PAGE 3 812-ATSR-0226

1000011066122271186712067112871070195861078210416132001000010209109641083211573126371204210086106621048211338100001099412667118801348013844126331115612573122741463829.918.816.015.56.413.4 ------

---

| | |
|:---|:---|
| **Templeton Sustainable Emerging Markets Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FEMZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Templeton Sustainable Emerging Markets Bond Fund for the period January 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $101 | 0.89% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended December 31, 2025, Advisor Class shares of Templeton Sustainable Emerging Markets Bond Fund returned 26.76%. The Fund compares its performance to the JP Morgan GBI-EM Global Diversified Index, which returned 19.26% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interest rate strategies contributed to absolute performance. Duration exposures in Egypt, Namibia, Ghana, Brazil, Mexico, Poland, and India contributed to absolute results. |
| ↑ | Currency positions contributed to absolute returns. Positions in the Brazilian real, Mexican peso, Uruguayan peso, Colombian peso, Namibian dollar, Egyptian pound, Ghanaian cedi, Polish zloty, Serbian dinar and Malaysian ringgit contributed to absolute performance. |
| ↑ | Currency positions and interest rate strategies contributed to relative performance. Overweighted currency positions in Africa, Latin America and eastern Europe contributed. Overweighted duration exposures in Africa and Latin America contributed. |
| ↑ | Sovereign credit exposures also contributed to both absolute and relative performance. Select overweighted exposures to sub investment-grade sovereign credits in Latin America and the Middle East/Africa contributed to relative return. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within interest-rate strategies, the Fund's underweighted duration exposures to select countries in Asia, Africa and Latin America detracted from relative performance. |
| ↓ | Within currency positions, underweighted exposures to the Czech koruna, Thai baht and South African rand detracted from relative performance. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized currency forward contracts to gain additional exposure to currencies and for investment purposes, which in aggregate contributed to performance. Interest rate swaps were used to manage duration exposure which also contributed to performance.

Templeton Sustainable Emerging Markets Bond Fund PAGE 1 12-ATSR-0226

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 12/31/2015 — 12/31/2025

![image](ts6149img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 26.76 | 3.17 | 2.77 |
| **Bloomberg Global Aggregate Index**  | 8.17 | -2.15 | 1.26 |
| **JP Morgan GBI-EM Global Diversified Index**  | 19.26 | 1.12 | 3.88 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $25451888 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 63 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 50.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6149img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Templeton Sustainable Emerging Markets Bond Fund PAGE 2 12-ATSR-0226

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Templeton Sustainable Emerging Markets Bond Fund PAGE 3 12-ATSR-0226

1000011052122161184812020112431064995541073410366131401000010209109641083211573126371204210086106621048211338100001099412667118801348013844126331115612573122741463829.918.816.015.56.413.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Ann Torre Bates and David W. Niemiec possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Ann Torre Bates and David W. Niemiec as the Audit Committee's financial experts. Ann Torre Bates and David W. Niemiec are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending December 31, 2024 and December 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $324,872 in December 31, 2024 and $231,279 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in December 31, 2024 and $0 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $44,000 in December 31, 2024 and $33,000 in December 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides

ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in December 31, 2024 and $0 in December 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $669,048 in December 31, 2024 and $1,849,085 in December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Templeton

#### Income

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

December 31, 2025

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### (formerly,

#### Templeton

#### Global

#### Total

#### Return

#### Fund)

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 33
Notes

to

Financial

Statements

#### 38
Report

of

Independent

Registered

Public

Accounting

Firm

#### 61
Tax

Information

#### 62
Changes

In

and

Disagreements

with

Accountants

#### 63
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.20

$7.15

$7.16

$8.77

$9.98

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.49 0.48 0.40 0.46 0.63 Net

realized

and

unrealized

gains

(losses)

...........

0.74 (0.94)

—

c

(1.55)

(1.14)

Total

from

investment

operations

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

1.23 (0.46)

0.40 (1.09)

(0.51)

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.21)

—

—

—

Tax

return

of

capital

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

(0.29)

(0.28)

(0.41)

(0.52)

(0.70)

Total

distributions

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

(0.50)

(0.49)

(0.41)

(0.52)

(0.70)

Net

asset

value,

end

of

year

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

$6.93

$6.20

$7.15

$7.16

$8.77

Total

return

d

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

20.40%

(6.74)%

5.88%

(12.53)%

(5.39)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.22%

1.22%

1.16%

1.16%

1.17%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.20%

1.20%

1.14%

1.14%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.20%

1.20%

1.07%

1.14%

e

1.16%

e

Net

investment

income

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

7.31%

7.08%

5.65%

5.99%

6.67%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$112,158

$113,102

$163,440

$200,854

$299,056

Portfolio

turnover

rate

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

35.71%

29.14%

76.60%

35.05%

23.94%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.20

$7.15

$7.15

$8.76

$9.96

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.46 0.45 0.37 0.44 0.59 Net

realized

and

unrealized

gains

(losses)

...........

0.73 (0.94)

0.01 (1.56)

(1.14)

Total

from

investment

operations

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

1.19 (0.49)

0.38 (1.12)

(0.55)

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.20)

—

—

—

Tax

return

of

capital

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

(0.27)

(0.26)

(0.38)

(0.49)

(0.65)

Total

distributions

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

(0.47)

(0.46)

(0.38)

(0.49)

(0.65)

Net

asset

value,

end

of

year

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

$6.92

$6.20

$7.15

$7.15

$8.76

Total

return

c

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

19.93%

(7.27)%

5.60%

(12.92)%

(5.72)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.62%

1.62%

1.57%

1.57%

1.56%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.60%

1.61%

1.54%

1.54%

1.56%

d

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.60%

1.61%

1.47%

1.54%

e

1.56%

e

Net

investment

income

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

6.91%

6.65%

5.23%

5.63%

6.21%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$6,509

$7,988

$13,725

$19,873

$40,591

Portfolio

turnover

rate

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

35.71%

29.14%

76.60%

35.05%

23.94%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.21

$7.16

$7.17

$8.78

$9.98

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.47 0.47 0.38 0.44 0.61 Net

realized

and

unrealized

gains

(losses)

...........

0.74 (0.95)

—

c

(1.55)

(1.14)

Total

from

investment

operations

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

1.21 (0.48)

0.38 (1.11)

(0.53)

Less

distributions

from:

Net

investment

income

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

(0.20)

(0.20)

—

—

—

Tax

return

of

capital

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

(0.28)

(0.27)

(0.39)

(0.50)

(0.67)

Total

distributions

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

(0.48)

(0.47)

(0.39)

(0.50)

(0.67)

Net

asset

value,

end

of

year

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

$6.94

$6.21

$7.16

$7.17

$8.78

Total

return

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

20.06%

(6.97)%

5.61%

(12.74)%

(5.54)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.48%

1.48%

1.41%

1.41%

1.42%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.46%

1.46%

1.39%

1.38%

1.41%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.46%

1.46%

1.32%

1.38%

d

1.41%

d

Net

investment

income

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

7.06%

6.81%

5.41%

5.72%

6.44%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$2,274

$1,776

$2,789

$3,322

$4,823

Portfolio

turnover

rate

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

35.71%

29.14%

76.60%

35.05%

23.94%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.20

$7.15

$7.16

$8.78

$9.98

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.52 0.51 0.43 0.51 0.66 Net

realized

and

unrealized

gains

(losses)

...........

0.74 (0.94)

—

c

(1.58)

(1.13)

Total

from

investment

operations

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

1.26 (0.43)

0.43 (1.07)

(0.47)

Less

distributions

from:

Net

investment

income

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

(0.23)

(0.23)

—

—

—

Tax

return

of

capital

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

(0.30)

(0.29)

(0.44)

(0.55)

(0.73)

Total

distributions

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

(0.53)

(0.52)

(0.44)

(0.55)

(0.73)

Net

asset

value,

end

of

year

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

$6.93

$6.20

$7.15

$7.16

$8.78

Total

return

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

20.89%

(6.38)%

6.31%

(12.27)%

(4.91)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.88%

0.89%

0.79%

0.85%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.79%

0.83%

0.74%

0.80%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.79%

0.83%

0.67%

0.80%

d

0.77%

d

Net

investment

income

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

7.72%

7.37%

6.05%

6.47%

7.01%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$12,799

$13,307

$31,027

$47,859

$170,830

Portfolio

turnover

rate

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

35.71%

29.14%

76.60%

35.05%

23.94%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.22

$7.17

$7.18

$8.79

$10.00

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.51 0.50 0.41 0.49 0.65 Net

realized

and

unrealized

gains

(losses)

...........

0.73 (0.94)

0.01 (1.56)

(1.14)

Total

from

investment

operations

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

1.24 (0.44)

0.42 (1.07)

(0.49)

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.22)

—

—

—

Tax

return

of

capital

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

(0.30)

(0.29)

(0.43)

(0.54)

(0.72)

Total

distributions

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

(0.51)

(0.51)

(0.43)

(0.54)

(0.72)

Net

asset

value,

end

of

year

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

$6.95

$6.22

$7.17

$7.18

$8.79

Total

return

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

20.63%

(6.48)%

6.13%

(12.28)%

(5.14)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.97%

0.97%

0.92%

0.92%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.95%

0.96%

0.90%

0.89%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.95%

0.96%

0.81%

0.89%

c

0.91%

c

Net

investment

income

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

7.55%

7.30%

5.84%

6.31%

6.84%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$74,896

$65,619

$120,166

$203,568

$424,413

Portfolio

turnover

rate

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

35.71%

29.14%

76.60%

35.05%

23.94%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Templeton

Income

Trust

Schedule

of

Investments,

December

31,

2025

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.0%

#### South

#### Africa

#### 0.0%
a

,b

,c

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

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

Broadline

Retail

37,627,701

$

—

Senior

Secured

Note

,

144A,

%

,

12/31/22

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

Broadline

Retail

14,528,882

EUR

—

a

,b

,c

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

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

#### 79.1%

#### Brazil

#### 7.9%
Brazil

Notas

do

Tesouro

Nacional

,

%

,

1/01/31

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

31,491,000

BRL

5,068,782

%

,

1/01/33

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

37,316,000

BRL

5,766,444

F

,

%

,

1/01/29

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

32,777,000

BRL

5,554,957

16,390,183

#### Colombia

#### 3.0%
Colombia

Titulos

de

Tesoreria

,

B

,

6.25 %

,

7/09/36

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

8,058,100,000

COP

1,329,020

B

,

9.25 %

,

5/28/42

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

24,606,100,000

COP

4,865,218

6,194,238

#### Dominican

#### Republic

#### 3.6%
c

Dominican

Republic

Government

Bond

,

Senior

Bond

,

144A,

5.3 %

,

1/21/41

..

2,370,000

2,153,145

Senior

Bond

,

144A,

6.4 %

,

6/05/49

..

580,000

577,158

Senior

Bond

,

144A,

5.875 %

,

1/30/60

5,340,000

4,773,159

7,503,462

#### Ecuador

#### 4.0%
c

Ecuador

Government

Bond

,

Senior

Bond

,

144A,

6.9 %

,

7/31/35

........

9,536,000

8,434,592

#### Egypt

#### 3.6%
Egypt

Government

Bond

,

25.151 %

,

4/16/27

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

199,700,000

EGP

4,248,493

c

Senior

Bond

,

144A,

8.75 %

,

9/30/51

.

1,080,000

1,083,661

c

Senior

Bond

,

144A,

7.5 %

,

2/16/61

..

2,370,000

2,069,041

7,401,195

#### Ghana

#### 2.4%
Ghana

Government

Bond

,

8.5 %

,

2/15/28

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

2,032,768

GHS

174,378

9.1 %

,

2/10/32

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

16,090,991

GHS

1,169,943

9.25 %

,

2/08/33

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

5,564,683

GHS

391,526

9.4 %

,

2/07/34

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

6,555,093

GHS

448,892

9.55 %

,

2/06/35

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

3,402,986

GHS

227,609

9.7 %

,

2/05/36

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

7,323,855

GHS

485,140

9.85 %

,

2/03/37

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

5,740,754

GHS

377,992

%

,

2/02/38

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

7,166,199

GHS

470,428

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

#### Ghana
(continued)

Ghana

Government

Bond,

(continued)

c

Senior

Bond

,

144A,

%

,

7/03/35

....

440,000

$

403,637

c

Senior

Bond

,

144A,

1.5 %

,

1/03/37

..

1,400,000

786,816

4,936,361

#### Greece

#### 1.2%
c

Greece

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

4.25 %

,

6/15/33

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

968,000

EUR

1,218,346

Senior

Bond

,

144A,

Reg

S,

3.375 %

,

6/15/34

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

1,095,000

EUR

1,294,134

2,512,480

#### India

#### 9.4%
India

Government

Bond

,

Senior

Bond

,

7.26 %

,

8/22/32

......

1,047,450,000

INR

12,070,869

Senior

Bond

,

7.18 %

,

8/14/33

......

311,900,000

INR

3,583,914

Senior

Bond

,

7.1 %

,

4/08/34

.......

106,150,000

INR

1,214,770

Senior

Bond

,

6.79 %

,

10/07/34

.....

245,100,000

INR

2,754,514

19,624,067

#### Kazakhstan

#### 4.4%
Kazakhstan

MEOKAM

,

15.35 %

,

11/18/27

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

50,500,000

KZT

97,621

Kazakhstan

MEUKAM

,

%

,

7/03/27

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

473,600,000

KZT

844,512

15.3 %

,

3/03/29

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

252,400,000

KZT

487,060

10.55 %

,

7/28/29

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

315,300,000

KZT

533,424

%

,

2/04/30

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

41,000,000

KZT

69,507

%

,

3/07/30

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

983,370,000

KZT

1,718,146

%

,

2/22/31

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

844,030,000

KZT

1,455,146

10.3 %

,

3/17/31

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

224,900,000

KZT

361,822

%

,

5/12/31

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

60,600,000

KZT

112,277

Senior

Bond

,

%

,

4/18/28

........

494,200,000

KZT

774,842

Senior

Bond

,

5.5 %

,

9/20/28

.......

724,300,000

KZT

1,109,991

Senior

Bond

,

7.68 %

,

8/13/29

......

1,052,000,000

KZT

1,624,885

9,189,233

#### Malaysia

#### 11.1%
Malaysia

Government

Bond

,

3.502 %

,

5/31/27

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

4,190,000

MYR

1,039,168

3.899 %

,

11/16/27

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

77,940,000

MYR

19,572,913

3.885 %

,

8/15/29

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

9,526,000

MYR

2,402,752

4.498 %

,

4/15/30

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

825,000

MYR

213,293

23,228,126

#### Mexico

#### 4.5%
Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

8.5 %

,

3/01/29

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

44,140,000

MXN

2,474,039

M

,

8.5 %

,

2/28/30

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

36,640,000

MXN

2,041,277

M

,

7.75 %

,

5/29/31

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

33,600,000

MXN

1,799,071

M

,

Senior

Bond

,

8.5 %

,

5/31/29

.....

54,620,000

MXN

3,060,249

9,374,636

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

#### Norway

#### 4.6%
c

Norway

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

1.75 %

,

2/17/27

.

100,063,000

NOK

$

9,689,866

#### Panama

#### 3.4%
Panama

Government

Bond

,

Senior

Bond

,

6.4 %

,

2/14/35

.......

1,110,000

1,173,381

Senior

Bond

,

6.7 %

,

1/26/36

.......

4,850,000

5,229,997

Senior

Bond

,

6.875 %

,

1/31/36

.....

665,000

725,000

7,128,378

#### South

#### Africa

#### 7.9%
South

Africa

Government

Bond

,

8.875 %

,

2/28/35

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

35,410,000

ZAR

2,228,018

8.5 %

,

1/31/37

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

82,266,000

ZAR

4,927,344

%

,

1/31/40

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

109,760,000

ZAR

6,645,961

8.75 %

,

1/31/44

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

47,576,700

ZAR

2,750,624

16,551,947

#### Spain

#### 3.6%
c

Spain

Bonos

Y

Oblig

del

Estado

,

Senior

Bond

,

144A,

Reg

S,

3.55 %

,

10/31/33

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

3,169,000

EUR

3,850,940

Senior

Bond

,

144A,

Reg

S,

3.15 %

,

4/30/35

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

3,200,000

EUR

3,735,587

7,586,527

#### Supranational

#### 4.5%
d

Asian

Development

Bank

,

Senior

Note

,

10.1 %

,

1/23/26

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

27,861,000,000

COP

7,370,193

c,d

European

Investment

Bank

,

Senior

Note

,

144A,

6.5 %

,

5/02/32

........

183,000,000

INR

2,006,292

9,376,485

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 157,183,198

####)
............

#### 165,121,776

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 6.9%

#### United

#### States

#### 6.9%
U.S.

Treasury

Notes

,

3.875 %,

6/30/30

.

14,230,000

14,338,671

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 14,181,395

####)
.................

#### 14,338,671

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,e

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

2,168,033

34,516

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 34,516

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 218,305,129

####)
...............................

#### 179,494,963
Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 11.3%
a

#### a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 6.3%

#### Egypt

#### 6.3%
f

Egypt

Treasury

Bills

,

.96

%

,

1/06/26

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

87,750,000

EGP

$

1,839,023

.16

%

,

3/10/26

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

59,850,000

EGP

1,201,392

.33

%

,

3/17/26

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

39,850,000

EGP

796,221

.46

%

,

3/24/26

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

61,500,000

EGP

1,223,145

.45

%

,

3/31/26

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

20,075,000

EGP

398,498

.55

%

,

4/07/26

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

90,000,000

EGP

1,774,207

.69

%

,

4/14/26

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

61,350,000

EGP

1,207,054

.63

%

,

6/16/26

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

84,750,000

EGP

1,601,215

.7

%

,

6/23/26

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

26,000,000

EGP

489,061

.77

%

,

7/07/26

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

96,600,000

EGP

1,801,530

.23

%

,

8/18/26

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

13,075,000

EGP

238,690

.2

%

,

10/13/26

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

34,225,000

EGP

605,826

13,175,862

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 12,840,730

####)
..............

#### 13,175,862

#### Shares

#### Money

#### Market

#### Funds

#### 5.0%

#### United

#### States

#### 5.0%
g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

......

10,360,405

10,360,405

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 10,360,405

####)
..................................

#### 10,360,405
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 23,201,135

####)
................................

#### 23,536,267
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 241,506,264

####)
97.3 #### %
...................................

#### $203,031,230

#### Other

#### Assets,

#### less

#### Liabilities
2.7 #### %
.............................................

#### 5,603,885

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $208,635,115

#### 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

regarding

fair

value

measurements.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. 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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$42,076,374,

representing

20.2%

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(f)

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

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

December

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Brazilian

Real

......

JPHQ

Buy

17,958,719

3,282,559

1/05/26

$

—

$

(5,271)

Brazilian

Real

......

JPHQ

Sell

17,958,719

3,221,873

1/05/26

—

(55,415)

Norwegian

Krone

...

MSCO

Buy

9,256,000

929,262

1/12/26

—

(10,911)

Euro

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

BNDP

Sell

791,000

924,355

1/14/26

—

(5,629)

Euro

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

BOFA

Sell

712,467

832,443

1/14/26

—

(5,209)

Chinese

Yuan

......

HSBK

Sell

7,593,703

1,078,574

1/16/26

—

(10,773)

Euro

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

BZWS

Sell

833,533

970,303

1/16/26

—

(9,784)

Euro

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

JPHQ

Sell

833,000

970,440

1/16/26

—

(9,020)

Australian

Dollar

....

DBAB

Buy

2,173,000

1,442,193

1/22/26

8,116

—

Australian

Dollar

....

MSCO

Buy

5,930,000

3,932,657

1/22/26

25,158

—

Australian

Dollar

....

MSCO

Sell

2,570,000

1,712,363

1/22/26

—

(2,913)

Japanese

Yen

......

MSCO

Buy

1,968,141,000

12,948,041

2/10/26

—

(342,481)

Japanese

Yen

......

MSCO

Buy

763,150,000

5,125,961

2/13/26

—

(236,956)

Chinese

Yuan

......

CITI

Sell

22,629,271

3,187,940

2/24/26

—

(65,833)

Chinese

Yuan

......

DBAB

Sell

88,249,291

12,492,042

2/24/26

—

(196,972)

Australian

Dollar

....

JPHQ

Buy

26,966,000

17,384,036

2/25/26

614,399

—

Mexican

Peso

......

BNDP

Buy

59,812,208

3,159,652

2/27/26

144,859

—

Mexican

Peso

......

HSBK

Buy

125,270,542

6,617,986

2/27/26

302,974

—

Mexican

Peso

......

HSBK

Sell

31,360,000

1,725,058

2/27/26

—

(7,523)

Chinese

Yuan

......

CITI

Sell

22,517,028

3,190,827

3/17/26

—

(50,765)

Japanese

Yen

......

MSCO

Buy

2,166,587,000

14,234,009

3/17/26

—

(317,217)

Chinese

Yuan

......

JPHQ

Sell

83,550,000

11,901,879

3/18/26

—

(126,861)

South

Korean

Won

..

DBAB

Buy

28,961,490,000

19,795,960

3/18/26

312,147

—

Euro

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

JPHQ

Sell

5,651,604

6,679,631

3/30/26

11,428

—

Brazilian

Real

......

JPHQ

Buy

17,958,719

3,152,450

4/02/26

56,880

—

Chinese

Yuan

......

DBAB

Sell

44,370,000

6,294,063

4/10/26

—

(102,614)

Japanese

Yen

......

MSCO

Buy

2,166,587,000

14,359,004

5/07/26

—

(382,986)

Euro

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

DBAB

Sell

716,737

8,520,000

NOK

5/12/26

—

(2,676)

Chinese

Yuan

......

JPHQ

Sell

62,318,150

8,856,790

5/21/26

—

(146,907)

Mexican

Peso

......

BNDP

Buy

21,736,436

1,167,408

6/10/26

20,518

—

Mexican

Peso

......

HSBK

Buy

31,153,000

1,673,381

6/10/26

29,173

—

Total

Forward

Exchange

Contracts

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

$1,525,652

$(2,094,716)

Net

unrealized

appreciation

(depreciation)

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

$(569,064)

\*

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

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

December

31,

2025

,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(c).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

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

$

(149,077)

$

—

$

(149,077)

Receive

Fixed

14.768%

At

Maturity

Pay

Floating

1-day

BRL

CDI

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

At

Maturity

1/04/27

259,524

BRL

501

—

501

Receive

Fixed

3.285%

.

Annual

Pay

Floating

1-day

SOFR

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

Annual

5/03/33

4,920,000

(141,443)

—

(141,443)

Total

Interest

Rate

Swap

Contracts

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

$(290,019)

$

—

$(290,019)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

Abbreviations

on

.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.49

$7.77

$7.89

$8.84

$9.80

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.39 0.36 0.29 0.34 0.42 Net

realized

and

unrealized

gains

(losses)

...........

0.68 (1.27)

(0.11)

(0.88)

(0.90)

Total

from

investment

operations

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

1.07 (0.91)

0.18 (0.54)

(0.48)

Less

distributions

from:

Net

investment

income

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

(0.09)

(0.14)

—

—

—

Tax

return

of

capital

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

(0.32)

(0.23)

(0.30)

(0.41)

(0.48)

Total

distributions

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

(0.41)

(0.37)

(0.30)

(0.41)

(0.48)

Net

asset

value,

end

of

year

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

$7.15

$6.49

$7.77

$7.89

$8.84

Total

return

c

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

16.73%

(11.95)%

2.43%

(6.17)%

(5.06)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.00%

0.99%

0.97%

0.96%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.97%

0.96%

0.95%

0.94%

0.96%

Net

investment

income

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

5.62%

5.06%

3.72%

4.14%

4.51%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,484,512

$1,496,483

$2,104,823

$2,492,812

$3,478,172

Portfolio

turnover

rate

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

23.19%

30.80%

104.28%

16.01%

28.44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.53

$7.81

$7.93

$8.88

$9.83

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.31 0.33 0.25 0.31 0.38 Net

realized

and

unrealized

gains

(losses)

...........

0.74 (1.27)

(0.10)

(0.89)

(0.90)

Total

from

investment

operations

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

1.05 (0.94)

0.15 (0.58)

(0.52)

Less

distributions

from:

Net

investment

income

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

(0.08)

(0.13)

—

—

—

Tax

return

of

capital

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

(0.30)

(0.21)

(0.27)

(0.37)

(0.43)

Total

distributions

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

(0.38)

(0.34)

(0.27)

(0.37)

(0.43)

Net

asset

value,

end

of

year

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

$7.20

$6.53

$7.81

$7.93

$8.88

Total

return

c

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

16.30%

(12.26)%

1.99%

(6.53)%

(5.38)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.40%

1.39%

1.37%

1.37%

1.36%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.37%

1.36%

1.35%

1.35%

1.36%

d

Net

investment

income

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

4.47%

4.63%

3.27%

3.78%

4.07%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$33,784

$44,654

$79,606

$126,600

$224,611

Portfolio

turnover

rate

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

23.19%

30.80%

104.28%

16.01%

28.44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.49

$7.77

$7.89

$8.84

$9.80

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.38 0.35 0.27 0.32 0.40 Net

realized

and

unrealized

gains

(losses)

...........

0.67 (1.27)

(0.11)

(0.88)

(0.91)

Total

from

investment

operations

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

1.05 (0.92)

0.16 (0.56)

(0.51)

Less

distributions

from:

Net

investment

income

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

(0.09)

(0.14)

—

—

—

Tax

return

of

capital

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

(0.30)

(0.22)

(0.28)

(0.39)

(0.45)

Total

distributions

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

(0.39)

(0.36)

(0.28)

(0.39)

(0.45)

Net

asset

value,

end

of

year

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

$7.15

$6.49

$7.77

$7.89

$8.84

Total

return

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

16.44%

(12.17)%

2.18%

(6.40)%

(5.30)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.25%

1.24%

1.22%

1.21%

1.22%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.22%

1.21%

1.20%

1.19%

1.21%

Net

investment

income

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

5.37%

4.81%

3.48%

3.87%

4.26%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$73,961

$76,614

$100,333

$111,601

$137,543

Portfolio

turnover

rate

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

23.19%

30.80%

104.28%

16.01%

28.44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.45

$7.72

$7.85

$8.80

$9.75

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.42 0.39 0.31 0.37 0.45 Net

realized

and

unrealized

gains

(losses)

...........

0.66 (1.26)

(0.11)

(0.88)

(0.89)

Total

from

investment

operations

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

1.08 (0.87)

0.20 (0.51)

(0.44)

Less

distributions

from:

Net

investment

income

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

(0.09)

(0.15)

—

—

—

Tax

return

of

capital

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

(0.34)

(0.25)

(0.33)

(0.44)

(0.51)

Total

distributions

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

(0.43)

(0.40)

(0.33)

(0.44)

(0.51)

Net

asset

value,

end

of

year

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

$7.10

$6.45

$7.72

$7.85

$8.80

Total

return

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

17.16%

(11.54)%

2.72%

(5.79)%

(4.59)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.61%

0.61%

0.60%

0.58%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.56%

0.56%

0.56%

0.52%

0.58%

Net

investment

income

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

6.03%

5.46%

4.09%

4.56%

4.85%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$343,627

$417,858

$551,986

$688,345

$944,502

Portfolio

turnover

rate

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

23.19%

30.80%

104.28%

16.01%

28.44%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.45

$7.73

$7.85

$8.80

$9.75

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.41 0.38 0.30 0.36 0.44 Net

realized

and

unrealized

gains

(losses)

...........

0.67 (1.27)

(0.10)

(0.88)

(0.89)

Total

from

investment

operations

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

1.08 (0.89)

0.20 (0.52)

(0.45)

Less

distributions

from:

Net

investment

income

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

(0.09)

(0.15)

—

—

—

Tax

return

of

capital

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

(0.33)

(0.24)

(0.32)

(0.43)

(0.50)

Total

distributions

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

(0.42)

(0.39)

(0.32)

(0.43)

(0.50)

Net

asset

value,

end

of

year

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

$7.11

$6.45

$7.73

$7.85

$8.80

Total

return

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

17.14%

(11.79)%

2.71%

(5.95)%

(4.74)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.75%

0.74%

0.72%

0.72%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.71%

0.71%

0.70%

0.69%

0.71%

Net

investment

income

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

5.87%

5.28%

3.96%

4.41%

4.74%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,068,872

$953,070

$1,743,989

$2,284,522

$3,641,639

Portfolio

turnover

rate

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

23.19%

30.80%

104.28%

16.01%

28.44%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

Templeton

Income

Trust

Schedule

of

Investments,

December

31,

2025

#### Templeton

#### Global

#### Bond

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 78.3%

#### Australia

#### 9.8%
New

South

Wales

Treasury

Corp.

,

Senior

Bond

,

%

,

3/08/33

........

41,549,000

AUD

$

22,810,213

a

Senior

Bond

,

Reg

S,

1.75 %

,

3/20/34

94,524,000

AUD

48,917,737

a

Queensland

Treasury

Corp.

,

Senior

Bond

,

144A,

Reg

S,

1.75 %

,

7/20/34

.

218,298,000

AUD

111,026,534

Treasury

Corp.

of

Victoria

,

Senior

Bond

,

2.25 %

,

11/20/34

.....

44,262,000

AUD

23,220,606

Senior

Bond

,

%

,

11/20/37

........

189,652,000

AUD

86,845,865

292,820,955

#### Brazil

#### 9.8%
Brazil

Notas

do

Tesouro

Nacional

,

%

,

1/01/31

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

909,614,000

BRL

146,411,197

%

,

1/01/33

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

361,526,000

BRL

55,866,643

F

,

%

,

1/01/29

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

543,484,000

BRL

92,108,188

294,386,028

#### Colombia

#### 6.2%
Colombia

Titulos

de

Tesoreria

,

B

,

7.75 %

,

9/18/30

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

5,373,300,000

COP

1,169,639

B

,

%

,

3/26/31

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

110,158,200,000

COP

22,806,989

B

,

%

,

6/30/32

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

107,691,000,000

COP

21,166,903

B

,

13.25 %

,

2/09/33

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

248,870,000,000

COP

66,416,616

B

,

7.25 %

,

10/18/34

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

148,699,000,000

COP

28,019,562

B

,

6.25 %

,

7/09/36

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

41,872,000,000

COP

6,905,937

B

,

9.25 %

,

5/28/42

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

206,416,000,000

COP

40,813,412

187,299,058

#### Egypt

#### 3.0%
a

Egypt

Government

Bond

,

Senior

Bond

,

144A,

8.5 %

,

1/31/47

..

40,381,000

39,731,641

Senior

Bond

,

144A,

8.7 %

,

3/01/49

..

12,110,000

12,153,869

Senior

Bond

,

144A,

8.875 %

,

5/29/50

26,683,000

27,114,976

Senior

Bond

,

144A,

8.75 %

,

9/30/51

.

11,130,000

11,167,726

90,168,212

#### Ghana

#### 1.9%
Ghana

Government

Bond

,

8.5 %

,

2/15/28

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

81,479,004

GHS

6,989,562

8.65 %

,

2/13/29

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

38,399,951

GHS

3,129,262

8.95 %

,

2/11/31

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

534,856

GHS

40,319

9.1 %

,

2/10/32

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

116,242,480

GHS

8,451,750

9.25 %

,

2/08/33

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

73,999,969

GHS

5,206,574

9.4 %

,

2/07/34

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

56,578,051

GHS

3,874,455

9.55 %

,

2/06/35

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

49,224,814

GHS

3,292,403

9.7 %

,

2/05/36

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

64,221,172

GHS

4,254,082

9.85 %

,

2/03/37

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

50,341,654

GHS

3,314,673

%

,

2/02/38

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

62,854,012

GHS

4,126,077

a

Senior

Bond

,

144A,

%

,

7/03/35

....

4,930,000

4,522,568

a

Senior

Bond

,

144A,

1.5 %

,

1/03/37

..

15,630,000

8,784,244

55,985,969

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
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

$

22,278,860

Senior

Bond

,

144A,

Reg

S,

3.375 %

,

6/15/34

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

20,003,000

EUR

23,640,702

45,919,562

#### India

#### 8.1%
India

Government

Bond

,

7.26 %

,

1/14/29

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

1,800,960,000

INR

20,785,918

Senior

Bond

,

7.26 %

,

8/22/32

......

12,972,780,000

INR

149,499,009

Senior

Bond

,

7.18 %

,

8/14/33

......

4,011,300,000

INR

46,092,189

Senior

Bond

,

7.1 %

,

4/08/34

.......

456,210,000

INR

5,220,822

Senior

Bond

,

6.79 %

,

10/07/34

.....

1,097,100,000

INR

12,329,567

Senior

Note

,

7.1 %

,

4/18/29

.......

917,600,000

INR

10,533,369

244,460,874

#### Malaysia

#### 9.2%
Malaysia

Government

Bond

,

3.9 %

,

11/30/26

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

128,309,000

MYR

31,905,837

3.892 %

,

3/15/27

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

19,290,000

MYR

4,808,584

3.502 %

,

5/31/27

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

30,640,000

MYR

7,599,075

3.899 %

,

11/16/27

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

691,620,000

MYR

173,685,118

4.498 %

,

4/15/30

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

97,744,000

MYR

25,270,449

3.582 %

,

7/15/32

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

134,410,000

MYR

33,511,452

276,780,515

#### Mexico

#### 2.4%
Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

8.5 %

,

3/01/29

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

852,180,000

MXN

47,764,536

M

,

Senior

Bond

,

8.5 %

,

5/31/29

.....

408,816,100

MXN

22,905,142

70,669,678

#### Norway

#### 4.5%
a

Norway

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

1.75 %

,

2/17/27

.

1,383,486,000

NOK

133,973,531

#### Panama

#### 4.6%
Panama

Government

Bond

,

Senior

Bond

,

2.252 %

,

9/29/32

.....

4,920,000

4,076,712

Senior

Bond

,

3.298 %

,

1/19/33

.....

2,130,000

1,875,145

Senior

Bond

,

6.4 %

,

2/14/35

.......

71,380,000

75,455,798

Senior

Bond

,

6.875 %

,

1/31/36

.....

2,790,000

3,041,728

Senior

Bond

,

%

,

3/01/38

........

45,980,000

53,801,198

138,250,581

#### Serbia

#### 0.5%
Serbia

Treasury

Bonds

,

4.5 %

,

8/20/32

.

1,617,620,000

RSD

15,839,394

#### South

#### Africa

#### 8.1%
South

Africa

Government

Bond

,

8.875 %

,

2/28/35

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

776,200,000

ZAR

48,838,969

8.5 %

,

1/31/37

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

1,241,135,000

ZAR

74,338,106

%

,

1/31/40

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

1,348,700,000

ZAR

81,663,700

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

#### South

#### Africa
(continued)

South

Africa

Government

Bond,

(continued)

8.75 %

,

1/31/44

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

659,639,000

ZAR

$

38,136,705

242,977,480

#### Spain

#### 4.6%
a

Spain

Bonos

Y

Oblig

del

Estado

,

Senior

Bond

,

144A,

Reg

S,

3.55 %

,

10/31/33

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

53,058,000

EUR

64,475,598

Senior

Bond

,

144A,

Reg

S,

3.15 %

,

4/30/35

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

63,830,000

EUR

74,513,298

138,988,896

#### Supranational

#### 1.0%
a,b

European

Investment

Bank

,

Senior

Note

,

144A,

6.25 %

,

7/11/30

.......

1,840,800,000

INR

20,048,086

b

International

Bank

for

Reconstruction

&

Development

,

Senior

Note

,

6.89 %

,

2/06/30

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

789,000,000

INR

8,868,848

28,916,934

#### Uruguay

#### 3.1%
c

Uruguay

Government

Bond

,

Index

Linked,

Senior

Bond

,

3.875 %

,

7/02/40

3,370,516,095

UYU

93,593,143

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 2,283,196,097

####)
...........

#### 2,351,030,810

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 3.2%

#### United

#### States

#### 3.2%
U.S.

Treasury

Notes

,

3.5 %,

2/15/33

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

53,358,000

51,862,517

4.25 %,

11/15/34

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

44,776,600

45,256,724

97,119,241

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 97,489,228

####)
.................

#### 97,119,241

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,380,685,325

####)
.............................

#### 2,448,150,051

#### Short

#### Term

#### Investments

#### 16.2%
a

a

#### Industry

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 16.2%

#### United

#### States

#### 16.2%
d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

......

488,003,039

488,003,039

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 488,003,039

####)
.................................

#### 488,003,039
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 488,003,039

####)
...............................

#### 488,003,039
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,868,688,364

####)
97.7 #### %
..................................

#### $2,936,153,090

#### Other

#### Assets,

#### less

#### Liabilities
2.3 #### %
.............................................

#### 68,603,539

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $3,004,756,629

#### a
Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

December

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

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

MSCO

Sell

42,868,913

499,500,000

NOK

1/12/26

$

—

$

(837,448)

Norwegian

Krone

...

MSCO

Sell

287,380,000

24,416,935

EUR

1/12/26

191,366

—

Euro

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

BNDP

Sell

14,068,000

16,439,724

1/14/26

—

(100,112)

Euro

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

BOFA

Sell

28,963,456

33,840,757

1/14/26

—

(211,759)

Chinese

Yuan

......

HSBK

Sell

547,251,250

77,729,032

1/16/26

—

(776,368)

Euro

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

BZWS

Sell

33,872,544

39,430,520

1/16/26

—

(397,580)

Euro

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

JPHQ

Sell

33,876,000

39,465,337

1/16/26

—

(366,827)

Serbian

Dinar

......

DBAB

Buy

896,483,143

8,906,051

1/20/26

72,934

—

Chinese

Yuan

......

MSCO

Sell

1,102,153,000

156,056,620

1/26/26

—

(2,152,359)

Serbian

Dinar

......

DBAB

Buy

2,253,654,000

22,199,813

2/05/26

364,197

—

Japanese

Yen

......

MSCO

Buy

34,157,438,800

224,715,557

2/10/26

—

(5,943,822)

Japanese

Yen

......

MSCO

Buy

2,362,790,000

15,743,967

2/13/26

—

(607,112)

Chinese

Yuan

......

CITI

Sell

325,946,035

45,918,240

2/24/26

—

(948,243)

Chinese

Yuan

......

DBAB

Sell

916,334,738

129,957,474

2/24/26

—

(1,798,650)

Mexican

Peso

......

BNDP

Buy

903,398,478

47,723,110

2/27/26

2,187,945

—

Mexican

Peso

......

HSBK

Buy

1,533,145,665

80,995,397

2/27/26

3,707,997

—

Mexican

Peso

......

HSBK

Sell

393,420,000

21,641,335

2/27/26

—

(94,374)

Serbian

Dinar

......

DBAB

Buy

1,097,715,000

10,884,091

3/10/26

104,982

—

Chinese

Yuan

......

CITI

Sell

324,329,313

45,959,828

3/17/26

—

(731,199)

Japanese

Yen

......

MSCO

Buy

37,601,507,000

247,033,788

3/17/26

—

(5,505,359)

Serbian

Dinar

......

DBAB

Buy

3,134,972,506

31,409,403

3/17/26

—

(27,933)

South

Korean

Won

..

DBAB

Buy

10,256,000,000

7,010,253

3/18/26

110,539

—

South

Korean

Won

..

HSBK

Buy

196,242,900,000

134,103,405

3/18/26

2,149,022

—

South

Korean

Won

..

JPHQ

Buy

16,182,300,000

11,076,560

3/18/26

158,892

—

South

Korean

Won

..

DBAB

Buy

111,114,556,000

75,353,870

3/19/26

1,796,855

—

Chinese

Yuan

......

HSBK

Sell

1,020,657,000

144,786,365

3/30/26

—

(2,265,707)

Serbian

Dinar

......

DBAB

Buy

2,081,824,379

20,780,009

4/01/26

56,031

—

Mexican

Peso

......

BNDP

Buy

1,486,400,000

79,281,009

4/07/26

2,504,231

—

Japanese

Yen

......

BNDP

Buy

6,286,725,520

42,102,368

4/16/26

—

(1,617,025)

Japanese

Yen

......

MSCO

Buy

37,601,508,000

249,203,099

5/07/26

—

(6,646,788)

Chinese

Yuan

......

JPHQ

Sell

259,117,222

36,826,302

5/21/26

—

(610,835)

Mexican

Peso

......

BNDP

Buy

328,304,649

17,632,397

6/10/26

309,903

—

Mexican

Peso

......

HSBK

Buy

228,255,820

12,260,744

6/10/26

213,750

—

Total

Forward

Exchange

Contracts

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

$13,928,644

$(31,639,500)

Net

unrealized

appreciation

(depreciation)

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

$(17,710,856)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

\*

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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$602,349,370,

representing

20.0%

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.

See

Note

1(e).

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Global

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

December

31,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(c).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Fixed

3.285%

.

Annual

Pay

Floating

1-day

SOFR

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

Annual

5/03/33

169,510,000

$

(4,873,177)

$

—

$

(4,873,177)

Total

Interest

Rate

Swap

Contracts

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

$(4,873,177)

$

—

$(4,873,177)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

Abbreviations

on

.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$4.62

$5.18

$4.91

$5.82

$6.70

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.46 0.37 0.31 0.26 0.48 Net

realized

and

unrealized

gains

(losses)

...........

0.74 (0.55)

0.27 (0.86)

(0.83)

Total

from

investment

operations

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

1.20 (0.18)

0.58 (0.60)

(0.35)

Less

distributions

from:

Net

investment

income

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

(0.41)

(0.23)

(0.02)

—

—

Tax

return

of

capital

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

—

(0.15)

(0.29)

(0.31)

(0.53)

Total

distributions

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

(0.41)

(0.38)

(0.31)

(0.31)

(0.53)

Net

asset

value,

end

of

year

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

$5.41

$4.62

$5.18

$4.91

$5.82

Total

return

c

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

26.41%

(3.70)%

12.13%

(10.51)%

(5.54)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.70%

2.67%

2.66%

2.91%

2.77%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.14%

1.14%

1.12%

1.08%

1.13%

Net

investment

income

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

8.96%

7.33%

6.13%

4.90%

7.58%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$14,226

$8,072

$9,849

$10,984

$14,821

Portfolio

turnover

rate

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

50.11%

80.93%

86.75%

58.11%

40.55%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$4.62

$5.18

$4.91

$5.81

$6.69

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.44 0.35 0.29 0.24 0.45 Net

realized

and

unrealized

gains

(losses)

...........

0.73 (0.55)

0.27 (0.86)

(0.83)

Total

from

investment

operations

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

1.17 (0.20)

0.56 (0.62)

(0.38)

Less

distributions

from:

Net

investment

income

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

(0.38)

(0.22)

(0.03)

—

—

Tax

return

of

capital

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

—

(0.14)

(0.26)

(0.28)

(0.50)

Total

distributions

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

(0.38)

(0.36)

(0.29)

(0.28)

(0.50)

Net

asset

value,

end

of

year

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

$5.41

$4.62

$5.18

$4.91

$5.81

Total

return

c

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

25.85%

(4.10)%

11.70%

(10.79)%

(5.96)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

3.10%

3.06%

3.08%

3.34%

3.13%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.54%

1.54%

1.54%

1.54%

1.54%

Net

investment

income

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

8.56%

6.94%

5.72%

4.52%

7.18%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$750

$629

$689

$734

$1,310

Portfolio

turnover

rate

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

50.11%

80.93%

86.75%

58.11%

40.55%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$4.62

$5.19

$4.92

$5.83

$6.71

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.45 0.37 0.30 0.24 0.48 Net

realized

and

unrealized

gains

(losses)

...........

0.73 (0.57)

0.26 (0.86)

(0.83)

Total

from

investment

operations

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

1.18 (0.20)

0.56 (0.62)

(0.35)

Less

distributions

from:

Net

investment

income

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

(0.39)

(0.22)

(0.05)

—

—

Tax

return

of

capital

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

—

(0.15)

(0.24)

(0.29)

(0.53)

Total

distributions

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

(0.39)

(0.37)

(0.29)

(0.29)

(0.53)

Net

asset

value,

end

of

year

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

$5.41

$4.62

$5.19

$4.92

$5.83

Total

return

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

26.08%

(4.12)%

11.86%

(10.76)%

(5.56)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.96%

3.20%

2.88%

3.21%

2.81%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.39%

1.39%

1.39%

1.39%

1.16%

Net

investment

income

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

8.72%

7.47%

5.92%

4.59%

7.55%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$131

$100

$13

$10

$12

Portfolio

turnover

rate

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

50.11%

80.93%

86.75%

58.11%

40.55%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$4.62

$5.18

$4.91

$5.83

$6.71

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.48 0.38 0.32 0.26 0.51 Net

realized

and

unrealized

gains

(losses)

...........

0.73 (0.54)

0.27 (0.86)

(0.84)

Total

from

investment

operations

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

1.21 (0.16)

0.59 (0.60)

(0.33)

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.24)

(0.04)

—

—

Tax

return

of

capital

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

—

(0.16)

(0.28)

(0.32)

(0.55)

Total

distributions

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

(0.42)

(0.40)

(0.32)

(0.32)

(0.55)

Net

asset

value,

end

of

year

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

$5.41

$4.62

$5.18

$4.91

$5.83

Total

return

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

26.74%

(3.40)%

12.47%

(10.41)%

(5.19)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.52%

2.46%

2.47%

2.86%

2.56%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.86%

0.86%

0.86%

0.86%

0.77%

Net

investment

income

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

9.25%

7.63%

6.44%

5.09%

8.00%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,432

$627

$654

$599

$663

Portfolio

turnover

rate

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

50.11%

80.93%

86.75%

58.11%

40.55%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

Templeton

Income

Trust

Financial

Highlights

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$4.65

$5.21

$4.94

$5.85

$6.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.48 0.38 0.32 0.27 0.50 Net

realized

and

unrealized

gains

(losses)

...........

0.74 (0.54)

0.27 (0.86)

(0.84)

Total

from

investment

operations

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

1.22 (0.16)

0.59 (0.59)

(0.34)

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.24)

(0.15)

—

—

Tax

return

of

capital

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

—

(0.16)

(0.17)

(0.32)

(0.54)

Total

distributions

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

(0.42)

(0.40)

(0.32)

(0.32)

(0.54)

Net

asset

value,

end

of

year

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

$5.45

$4.65

$5.21

$4.94

$5.85

Total

return

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

26.76%

(3.43)%

12.35%

(10.28)%

(5.28)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

2.36%

2.58%

2.42%

2.70%

2.51%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.89%

0.89%

0.89%

0.88%

0.89%

Net

investment

income

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

9.16%

7.48%

6.42%

5.14%

7.83%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$8,913

$1,281

$5,206

$1,676

$3,063

Portfolio

turnover

rate

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

50.11%

80.93%

86.75%

58.11%

40.55%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

Templeton

Income

Trust

Schedule

of

Investments,

December

31,

2025

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.0%

#### South

#### Africa

#### 0.0%
a

,b

,c

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

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

Broadline

Retail

188,190

$

—

Senior

Secured

Note

,

144A,

%

,

12/31/22

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

Broadline

Retail

55,416

EUR

—

a

,b

,c

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

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

#### 83.1%

#### Benin

#### 1.4%
c

Benin

Government

Bond

,

Senior

Bond

,

144A,

4.95 %

,

1/22/35

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

330,000

EUR

361,313

#### Brazil

#### 11.6%
Brazil

Notas

do

Tesouro

Nacional

,

%

,

1/01/33

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

4,370,000

BRL

675,296

%

,

1/01/35

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

15,150,000

BRL

2,277,557

2,952,853

#### Chile

#### 1.2%
c

Chile

Bonos

Tesoreria

Pesos

,

144A,

Reg

S,

%

,

4/01/33

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

275,000,000

CLP

316,532

#### Colombia

#### 3.4%
Colombia

Titulos

de

Tesoreria

,

G

,

%

,

3/26/31

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

4,214,000,000

COP

872,460

#### Ecuador

#### 2.2%
c

Ecuador

Government

Bond

,

Senior

Bond

,

144A,

6.9 %

,

7/31/35

........

620,300

548,655

#### Egypt

#### 0.4%
Egypt

Government

Bond

,

25.151 %

,

4/16/27

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

4,300,000

EGP

91,480

#### Ghana

#### 0.9%
Ghana

Government

Bond

,

8.35 %

,

2/16/27

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

525,742

GHS

47,278

8.5 %

,

2/15/28

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

512,826

GHS

43,992

8.65 %

,

2/13/29

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

625,144

GHS

50,944

8.95 %

,

2/11/31

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

104,880

GHS

7,906

9.1 %

,

2/10/32

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

536,359

GHS

38,998

9.25 %

,

2/08/33

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

405,008

GHS

28,496

9.4 %

,

2/07/34

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

16,570

GHS

1,135

9.55 %

,

2/06/35

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

10,300

GHS

689

9.7 %

,

2/05/36

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

11,519

GHS

763

9.85 %

,

2/03/37

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

9,405

GHS

619

%

,

2/02/38

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

11,677

GHS

766

221,586

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

#### India

#### 3.7%
India

Government

Bond

,

Senior

Bond

,

7.29 %

,

1/27/33

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

81,950,000

INR

$

945,614

#### Ivory

#### Coast

#### 2.6%
c

Ivory

Coast

Government

Bond

,

Senior

Note

,

144A,

7.625 %

,

1/30/33

......

600,000

650,070

#### Mexico

#### 4.3%
Mexican

Bonos

Desarr

Fixed

Rate

,

Senior

Bond

,

%

,

5/24/35

........

17,430,000

MXN

902,328

Mexico

Government

Bond

,

Senior

Bond

,

4.875 %

,

5/19/33

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

200,000

192,500

1,094,828

#### Namibia

#### 9.8%
Namibia

Government

Bond

,

9.5 %

,

7/15/35

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

12,610,000

NAD

780,540

9.5 %

,

7/15/37

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

29,280,000

NAD

1,724,619

2,505,159

#### Oman

#### 2.7%
c

Oman

Government

Bond

,

Senior

Bond

,

144A,

%

,

1/25/51

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

595,000

678,878

#### Panama

#### 4.1%
Panama

Government

Bond

,

Senior

Bond

,

6.875 %

,

1/31/36

.....

530,000

577,819

Senior

Bond

,

%

,

3/01/38

........

400,000

468,040

1,045,859

#### Peru

#### 1.9%
c

Peru

Government

Bond

,

Senior

Bond

,

144A,

Reg

S,

7.6 %

,

8/12/39

.......

1,460,000

PEN

474,583

#### Philippines

#### 2.4%
Philippines

Government

Bond

,

6.375 %

,

4/28/35

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

25,200,000

PHP

439,634

Senior

Bond

,

4.2 %

,

3/29/47

.......

220,000

184,665

624,299

#### Poland

#### 6.6%
Poland

Government

Bond

,

1.25 %

,

10/25/30

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

1,100,000

PLN

265,022

%

,

10/25/34

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

5,105,000

PLN

1,416,974

1,681,996

#### Serbia

#### 8.7%
Serbia

Treasury

Bonds

,

4.5 %

,

8/20/32

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

174,520,000

RSD

1,708,863

5.25 %

,

7/27/35

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

51,160,000

RSD

516,434

2,225,297

#### Seychelles

#### 0.3%
c

Seychelles

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

1/01/26

........

70,635

71,448

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

#### Supranational

#### 14.9%
d

Asian

Development

Bank

,

Senior

Note

,

%

,

4/16/26

........

363,000,000

NGN

$

250,314

Senior

Note

,

6.72 %

,

2/08/28

......

45,930,000

INR

513,215

d

European

Bank

for

Reconstruction

&

Development

,

20.25 %

,

7/24/26

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

600,000,000

NGN

412,679

Senior

Note

,

%

,

3/28/26

........

108,600,000

KZT

210,123

c

,d

European

Investment

Bank

,

Senior

Bond

,

Reg

S,

6.5 %

,

9/28/32

.

8,950,000

ZAR

524,198

Senior

Bond

,

144A,

6.875 %

,

2/28/35

31,000,000

INR

345,530

d

International

Bank

for

Reconstruction

&

Development

,

Senior

Bond

,

7.07 %

,

6/26/29

......

12,600,000

MXN

675,324

Senior

Note

,

%

,

9/16/26

........

161,000,000

KZT

302,654

d

International

Finance

Corp.

,

Senior

Note

,

13.825 %

,

10/09/26

.........

6,600,000,000

UZS

548,047

3,782,084

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 20,092,848

####)
..............

#### 21,144,994

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,e

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

12,498

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 199

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 20,393,883

####)
................................

#### 21,145,193

#### Short

#### Term

#### Investments

#### 12.8%
a

#### a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 8.6%

#### Egypt

#### 8.6%
f

Egypt

Treasury

Bills

,

.96

%

,

1/06/26

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

10,425,000

EGP

218,482

.47

%

,

2/24/26

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

10,375,000

EGP

210,286

.16

%

,

3/10/26

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

5,950,000

EGP

119,436

.33

%

,

3/17/26

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

3,950,000

EGP

78,923

.46

%

,

3/24/26

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

14,600,000

EGP

290,373

.45

%

,

3/31/26

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

1,525,000

EGP

30,272

.55

%

,

4/07/26

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

10,625,000

EGP

209,455

.69

%

,

4/14/26

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

7,300,000

EGP

143,626

.63

%

,

6/16/26

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

8,425,000

EGP

159,177

.7

%

,

6/23/26

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

2,600,000

EGP

48,906

.77

%

,

7/07/26

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

30,975,000

EGP

577,664

.23

%

,

8/18/26

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

1,275,000

EGP

23,276

.2

%

,

10/13/26

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

4,075,000

EGP

72,133

2,182,009

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 2,130,296

####)
...............

#### 2,182,009
Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

December

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(c).

#### Short

#### Term

#### Investments
(continued)

a

a

#### Industry

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 4.2%

#### United

#### States

#### 4.2%
g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.681 %

......

1,078,828

$

1,078,828

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 1,078,828

####)
...................................

#### 1,078,828
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 3,209,124

####)
.................................

#### 3,260,837
a

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 23,603,007

####)
95.9 #### %
....................................

#### $24,406,030

#### Other

#### Assets,

#### less

#### Liabilities
4.1 #### %
.............................................

#### 1,045,858

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $25,451,888

#### 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

regarding

fair

value

measurements.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. 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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$3,971,207,

representing

15.6%

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(f)

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

#### OTC

#### Forward

#### Exchange

#### Contracts
Brazilian

Real

......

JPHQ

Buy

1,092,685

199,725

1/05/26

$

—

$

(321)

Brazilian

Real

......

JPHQ

Sell

1,092,685

196,033

1/05/26

—

(3,372)

Malaysian

Ringgit

...

MSCO

Buy

2,840,000

682,020

1/09/26

18,129

—

Malaysian

Ringgit

...

MSCO

Sell

2,840,000

695,652

1/09/26

—

(4,496)

Columbian

Peso

....

GSCO

Buy

370,000,000

89,488

1/13/26

8,062

—

Columbian

Peso

....

GSCO

Sell

370,000,000

94,867

1/13/26

—

(2,683)

Columbian

Peso

....

MSCO

Buy

764,000,000

184,898

1/13/26

16,529

—

Columbian

Peso

....

MSCO

Sell

764,000,000

194,452

1/13/26

—

(6,975)

Malaysian

Ringgit

...

GSCO

Buy

630,000

149,324

1/26/26

6,156

—

Chinese

Yuan

......

DBAB

Sell

4,777,000

672,883

2/24/26

—

(13,982)

Mexican

Peso

......

BNDP

Buy

1,706,454

90,145

2/27/26

4,133

—

Mexican

Peso

......

HSBK

Buy

3,573,998

188,813

2/27/26

8,644

—

Malaysian

Ringgit

...

GSCO

Buy

1,930,000

470,445

3/18/26

6,935

—

South

Korean

Won

..

DBAB

Buy

274,000,000

187,286

3/18/26

2,953

—

Brazilian

Real

......

JPHQ

Buy

1,092,685

191,808

4/02/26

3,461

—

Mexican

Peso

......

BNDP

Buy

620,188

33,309

6/10/26

585

—

Mexican

Peso

......

HSBK

Buy

3,612,000

194,018

6/10/26

3,383

—

South

Korean

Won

..

CITI

Buy

548,000,000

375,801

6/17/26

6,046

—

Malaysian

Ringgit

...

MSCO

Buy

9,860,000

2,418,700

6/18/26

27,569

—

Uruguayan

Peso

....

CITI

Buy

10,200,000

251,821

10/15/26

1,459

—

Uruguayan

Peso

....

CITI

Buy

45,360,000

1,089,450

10/19/26

36,585

—

Templeton

Income

Trust

Schedule

of

Investments

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

December

31,

2025

,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(c).

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Uruguayan

Peso

....

HSBK

Buy

7,600,000

182,363

10/19/26

$

6,302

$

—

Total

Forward

Exchange

Contracts

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

$156,931

$(31,829)

Net

unrealized

appreciation

(depreciation)

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

$125,102

\*

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

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

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

$

(52,754)

$

—

$

(52,754)

Total

Interest

Rate

Swap

Contracts

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

$(52,754)

$

—

$(52,754)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

Abbreviations

on

.

Templeton

Income

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$231,145,859

$2,380,685,325

$22,524,179

Cost

-

Non-controlled

affiliates

(Note

f)

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

10,360,405

488,003,039

1,078,828

Value

-

Unaffiliated

issuers

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

$192,670,825

$2,448,150,051

$23,327,202

Value

-

Non-controlled

affiliates

(Note

f)

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

10,360,405

488,003,039

1,078,828

Cash

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

227,416

3,860,000

1,025

Foreign

currency,

at

value

(cost

$

164,418

,

$

175,841

and

$

25,773

,

respectively)

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

164,556

178,734

25,608

Receivables:

Capital

shares

sold

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

31,796

2,197,802

208,890

Dividends

and

interest

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

5,863,629

65,842,373

809,649

Foreign

tax

refund

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

—

685

—

Affiliates

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

—

—

15,375

Deposits

with

brokers

for:

OTC

derivative

contracts

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

1,100,000

22,565,736

—

Centrally

cleared

swap

contracts

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

169,572

4,788,340

29,036

Unrealized

appreciation

on

OTC

forward

exchange

contracts

........

1,525,652

13,928,644

156,931

Total

assets

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

212,113,851

3,049,515,404

25,652,544

Liabilities:

Payables:

Capital

shares

redeemed

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

596,444

5,433,509

24,284

Management

fees

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

117,409

1,270,961

—

Distribution

fees

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

28,498

367,152

3,503

Transfer

agent

fees

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

74,937

1,186,386

3,174

Registration

and

filing

fees

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

8,100

612

15,988

Professional

fees

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

90,503

86,192

77,074

Trustees'

fees

and

expenses

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

Variation

margin

on

centrally

cleared

swap

contracts

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

7,416

155,517

1,025

Deposits

from

brokers

for:

OTC

derivative

contracts

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

220,000

3,860,000

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

........

2,094,716

31,639,500

31,829

Deferred

taxes

on

unrealized

appreciation

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

189,111

—

31,321

Accrued

expenses

and

other

liabilities

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

51,562

758,502

12,441

Total

liabilities

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

3,478,736

44,758,775

200,656

Net

assets,

at

value

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

$208,635,115

$3,004,756,629

$25,451,888

Net

assets

consist

of:

Paid-in

capital

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

$870,161,898

$5,691,551,667

$29,016,638

Total

distributable

earnings

(losses)

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

(661,526,783)

(2,686,795,038)

(3,564,750)

Net

assets,

at

value

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

$208,635,115

$3,004,756,629

$25,451,888

Templeton

Income

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$112,157,910

$1,484,512,456

$14,226,109

Shares

outstanding

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

16,181,395

207,574,036

2,630,657

Net

asset

value

per

share

a

,b

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

$6.93

$7.15

$5.41

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$7.20

$7.43

$5.62

#### Class

#### C:
Net

assets,

at

value

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

$6,508,935

$33,784,134

$749,851

Shares

outstanding

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

940,002

4,692,970

138,643

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..........

$6.92

$7.20

$5.41

#### Class

#### R:
Net

assets,

at

value

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

$2,273,680

$73,960,909

$130,889

Shares

outstanding

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

327,579

10,340,622

24,186

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$6.94

$7.15

$5.41

#### Class

#### R6:
Net

assets,

at

value

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

$12,798,820

$343,627,436

$1,432,464

Shares

outstanding

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

1,846,370

48,384,967

264,777

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$6.93

$7.10

$5.41

#### Advisor

#### Class:
Net

assets,

at

value

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

$74,895,770

$1,068,871,694

$8,912,575

Shares

outstanding

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

10,775,876

150,382,496

1,636,374

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$6.95

$7.11

$5.45

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Templeton

Income

Trust

Financial

Statements

Statements

of

Operations

for

the

year

ended

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

f)

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

$744,527

$18,013,949

$45,345

Interest:

(net

of

foreign

taxes

of

$753,595,

$6,182,940

and

$34,309,

respectively)

Unaffiliated

issuers

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

16,784,073

184,791,111

1,632,198

Total

investment

income

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

17,528,600

202,805,060

1,677,543

Expenses:

Management

fees

(Note

a)

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

1,376,909

15,970,956

141,404

Distribution

fees:

(Note

3c)

Class

A

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

282,599

3,812,351

24,243

Class

C

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

48,070

256,945

4,699

Class

R

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

9,354

385,602

571

Transfer

agent

fees:

(Note

3e)

Class

A

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

209,640

2,852,758

13,878

Class

C

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

13,824

74,531

1,042

Class

R

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

3,431

144,342

Class

R6

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

13,138

200,127

1,608

Advisor

Class

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

129,806

1,940,649

6,969

Custodian

fees

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

(52,855)

317,407

8,160

Reports

to

shareholders

fees

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

34,279

284,725

7,791

Registration

and

filing

fees

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

59,783

100,584

96,924

Professional

fees

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

139,972

120,973

102,628

Trustees'

fees

and

expenses

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

27,671

393,059

3,134

Other

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

35,328

155,419

20,142

Total

expenses

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

2,330,949

27,010,428

433,359

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(55,452)

(1,110,892)

(256,026)

Net

expenses

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

2,275,497

25,899,536

177,333

Net

investment

income

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

15,253,103

176,905,524

1,500,210

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$413,432,

$–

and

$44,520,

respectively)

Unaffiliated

issuers

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

(10,986,983)

(118,448,962)

(69,386)

Written

options

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

1,032,463

17,190,615

—

Foreign

currency

transactions

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

(315,576)

(1,170,306)

(708) Forward

exchange

contracts

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

(2,464,985)

(48,258,075)

225,750

Swap

contracts

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

(61,888)

(3,626,611)

3,763

Net

realized

gain

(loss)

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

(12,796,969)

(154,313,339)

159,419

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

32,443,986

437,862,683

1,760,737

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

258,644

4,088,384

12,723

Written

options

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

(22,988)

(401,701)

—

Forward

exchange

contracts

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

2,427,125

3,949,850

289,856

Swap

contracts

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

242,495

11,569,000

32,167

Change

in

deferred

taxes

on

unrealized

appreciation

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

125,975

143,587

(12,050)

Net

change

in

unrealized

appreciation

(depreciation)

..........

35,475,237

457,211,803

2,083,433

Net

realized

and

unrealized

gain

(loss)

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

22,678,268

302,898,464

2,242,852

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$37,931,371

$479,803,988

$3,743,062

Templeton

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$15,253,103

$19,261,734

$176,905,524

$197,118,661

Net

realized

gain

(loss)

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

(12,796,969)

(24,323,335)

(154,313,339)

(243,736,522)

Net

change

in

unrealized

appreciation

(depreciation)

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

35,475,237

(11,883,981)

457,211,803

(423,306,034)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

37,931,371

(16,945,582)

479,803,988

(469,923,895)

Distributions

to

shareholders:

Class

A

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

(3,554,553)

(4,372,097)

(18,999,210)

(36,145,542)

Class

C

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

(218,179)

(316,071)

(449,541)

(1,099,654)

Class

R

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

(56,939)

(69,859)

(918,805)

(1,697,975)

Class

R6

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

(439,528)

(616,624)

(5,378,087)

(10,421,675)

Advisor

Class

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

(2,265,529)

(3,126,870)

(13,696,385)

(28,709,720)

Distributions

to

shareholders

from

tax

return

of

capital:

Class

A

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

(4,841,079)

(5,566,994)

(69,051,642)

(56,975,215)

Class

C

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

(297,147)

(402,453)

(1,633,832)

(1,733,357)

Class

R

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

(77,548)

(88,951)

(3,339,348)

(2,676,472)

Class

R6

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

(598,610)

(785,149)

(19,546,377)

(16,427,397)

Advisor

Class

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

(3,085,508)

(3,981,444)

(49,778,801)

(45,254,334)

Total

distributions

to

shareholders

.....

(15,434,620)

(19,326,512)

(182,792,028)

(201,141,341)

Capital

share

transactions:

(Note

2)

Class

A

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

(13,491,855)

(31,387,253)

(160,235,956)

(288,601,194)

Class

C

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

(2,327,573)

(4,295,100)

(15,014,339)

(24,152,600)

Class

R

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

305,647

(715,017)

(10,192,036)

(8,124,289)

Class

R6

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

(2,006,047)

(15,131,803)

(113,169,062)

(47,897,867)

Advisor

Class

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

1,865,895

(41,552,963)

17,677,738

(552,217,590)

Total

capital

share

transactions

.......

(15,653,933)

(93,082,136)

(280,933,655)

(920,993,540)

Net

increase

(decrease)

in

net

assets

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

6,842,818

(129,354,230)

16,078,305

(1,592,058,776)

Net

assets:

Beginning

of

year

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

201,792,297

331,146,527

2,988,678,324

4,580,737,100

End

of

year

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

$208,635,115

$201,792,297

$3,004,756,629

$2,988,678,324

Templeton

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$1,500,210

$1,186,316

Net

realized

gain

(loss)

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

159,419

(796,364)

Net

change

in

unrealized

appreciation

(depreciation)

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

2,083,433

(901,825)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

3,743,062

(511,873)

Distributions

to

shareholders:

Class

A

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

(880,814)

(421,276)

Class

C

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

(51,431)

(26,600)

Class

R

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

(8,908)

(2,796)

Class

R6

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

(78,255)

(32,881)

Advisor

Class

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

(562,454)

(249,125)

Distributions

to

shareholders

from

tax

return

of

capital:

Class

A

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

—

(274,620)

Class

C

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

—

(17,340)

Class

R

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

—

(1,822)

Class

R6

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

—

(21,435)

Advisor

Class

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

—

(162,398)

Total

distributions

to

shareholders

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

(1,581,862)

(1,210,293)

Capital

share

transactions:

(Note

2)

Class

A

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

4,821,150

(756,704)

Class

C

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

10,200

9,843

Class

R

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

13,580

94,062

Class

R6

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

698,397

50,322

Advisor

Class

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

7,038,885

(3,378,989)

Total

capital

share

transactions

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

12,582,212

(3,981,466)

Net

increase

(decrease)

in

net

assets

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

14,743,412

(5,703,632)

Net

assets:

Beginning

of

year

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

10,708,476

16,412,108

End

of

year

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

$25,451,888

$10,708,476

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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. The

Funds

offer

five classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

August

1,

2025,

Templeton

Global

Return

Fund

was

renamed

Templeton

Global

Bond

Enhanced

Fund.

Templeton

International

Bond

Fund

liquidated

on

August

8,

2025. The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### 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

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.

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

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

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Derivative

#### Financial

#### Instruments
Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all

Funds

attempt

to

reduce

their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds

include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/or

limit

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

December

31,

2025,

certain

or

all

Funds

had

OTC

derivatives

in

a

net

liability

position

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

as

follows:

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds'

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Certain

or

all

Funds

entered

into

OTC forward

exchange

contracts

primarily

to

manage exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date. Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the Statements

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

foreign

exchange

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

#### Net

#### Liability

#### Position

#### Aggregate

#### Value

#### of

#### Collateral

#### Pledged
Templeton

Sustainable

Emerging

Markets

Bond

Fund

$11,261

$–

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

See

Note

regarding

other

derivative

information.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

interest

income in

the

Statements of

Operations.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

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

1,469,704

$9,815,010

14,697,707

$102,675,502

Shares

issued

in

reinvestment

of

distributions

..........

1,146,912

7,651,678

11,898,549

83,222,185

Shares

redeemed

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

(4,669,973)

(30,958,543)

(49,645,561)

(346,133,643)

Net

increase

(decrease)

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

(2,053,357)

$(13,491,855)

(23,049,305)

$(160,235,956)

Year

ended

December

31,

2024

Shares

sold

a

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

1,252,160

$8,527,914

12,778,831

$91,234,065

Shares

issued

in

reinvestment

of

distributions

..........

1,316,277

8,885,372

12,375,038

87,697,142

Shares

redeemed

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

(7,179,860)

(48,800,539)

(65,433,671)

(467,532,401)

Net

increase

(decrease)

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

(4,611,423)

$(31,387,253)

(40,279,802)

$(288,601,194)

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

87,197

$571,942

556,395

$3,907,239

Shares

issued

in

reinvestment

of

distributions

..........

76,264

507,151

293,469

2,061,676

Shares

redeemed

a

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

(512,767)

(3,406,666)

(2,997,813)

(20,983,254)

Net

increase

(decrease)

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

(349,306)

$(2,327,573)

(2,147,949)

$(15,014,339)

Year

ended

December

31,

2024

Shares

sold

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

106,202

$711,156

573,802

$4,130,422

Shares

issued

in

reinvestment

of

distributions

..........

104,111

702,664

390,782

2,788,470

Shares

redeemed

a

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

(841,567)

(5,708,920)

(4,315,040)

(31,071,492)

Net

increase

(decrease)

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

(631,254)

$(4,295,100)

(3,350,456)

$(24,152,600)

Class

R

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

282,466

$1,866,763

1,019,396

$7,088,545

Shares

issued

in

reinvestment

of

distributions

..........

19,974

133,886

608,057

4,252,686

Shares

redeemed

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

(260,905)

(1,695,002)

(3,092,545)

(21,533,267)

Net

increase

(decrease)

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

41,535

$305,647

(1,465,092)

$(10,192,036)

Year

ended

December

31,

2024

Shares

sold

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

40,015

$271,757

1,599,790

$11,384,230

Shares

issued

in

reinvestment

of

distributions

..........

22,969

155,350

616,438

4,365,828

Shares

redeemed

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

(166,427)

(1,142,124)

(3,323,511)

(23,874,347)

Net

increase

(decrease)

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

(103,443)

$(715,017)

(1,107,283)

$(8,124,289)

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

392,488

$2,578,277

12,336,038

$84,763,189

Shares

issued

in

reinvestment

of

distributions

..........

145,146

967,213

3,311,671

22,991,258

Shares

redeemed

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

(836,505)

(5,551,537)

(32,089,834)

(220,923,509)

Net

increase

(decrease)

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

(298,871)

$(2,006,047)

(16,442,125)

$(113,169,062)

Year

ended

December

31,

2024

Shares

sold

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

332,598

$2,284,878

11,528,530

$81,932,021

Shares

issued

in

reinvestment

of

distributions

..........

201,042

1,359,885

3,519,903

24,781,135

Shares

redeemed

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

(2,725,102)

(18,776,566)

(21,703,192)

(154,611,023)

Net

increase

(decrease)

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

(2,191,462)

$(15,131,803)

(6,654,759)

$(47,897,867)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

7,161,127

$48,283,703

47,108,389

$323,128,396

Shares

issued

in

reinvestment

of

distributions

..........

756,506

5,068,246

8,987,389

62,551,693

Shares

redeemed

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

(7,694,912)

(51,486,054)

(53,448,719)

(368,002,351)

Net

increase

(decrease)

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

222,721

$1,865,895

2,647,059

$17,677,738

Year

ended

December

31,

2024

Shares

sold

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

3,651,555

$25,155,245

32,109,756

$228,989,536

Shares

issued

in

reinvestment

of

distributions

..........

937,641

6,351,585

9,940,841

70,142,274

Shares

redeemed

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

(10,793,454)

(73,059,793)

(120,005,669)

(851,349,400)

Net

increase

(decrease)

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

(6,204,258)

$(41,552,963)

(77,955,072)

$(552,217,590)

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

December

31,

2025

Shares

sold

a

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

1,132,541

$6,113,780

Shares

issued

in

reinvestment

of

distributions

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

104,408

552,544

Shares

redeemed

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

(353,668)

(1,845,174)

Net

increase

(decrease)

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

883,281

$4,821,150

Year

ended

December

31,

2024

Shares

sold

a

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

143,590

$717,354

Shares

issued

in

reinvestment

of

distributions

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

77,534

382,861

Shares

redeemed

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

(374,217)

(1,856,919)

Net

increase

(decrease)

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

(153,093)

$(756,704)

Class

C

#### Class

#### C

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

42,524

$226,880

Shares

issued

in

reinvestment

of

distributions

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

9,546

50,249

Shares

redeemed

a

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

(49,650)

(266,929)

Net

increase

(decrease)

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

2,420

$10,200

Year

ended

December

31,

2024

Shares

sold

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

37,869

$188,820

Shares

issued

in

reinvestment

of

distributions

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

8,703

42,830

Shares

redeemed

a

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

(43,414)

(221,807)

Net

increase

(decrease)

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

3,158

$9,843

Class

R

#### Class

#### R

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

977

$5,285

Shares

issued

in

reinvestment

of

distributions

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

1,616

8,515

Shares

redeemed

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

(41) (220) Net

increase

(decrease)

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

2,552

$13,580

Year

ended

December

31,

2024

Shares

sold

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

18,366

$90,372

Shares

issued

in

reinvestment

of

distributions

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

871

4,248

Shares

redeemed

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

(110) (558) Net

increase

(decrease)

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

19,127

$94,062

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

164,903

$879,576

Shares

issued

in

reinvestment

of

distributions

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

14,813

78,255

Shares

redeemed

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

(50,665)

(259,434)

Net

increase

(decrease)

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

129,051

$698,397

Year

ended

December

31,

2024

Shares

sold

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

43,897

$218,752

Shares

issued

in

reinvestment

of

distributions

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

11,014

54,316

Shares

redeemed

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

(45,383)

(222,746)

Net

increase

(decrease)

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

9,528

$50,322

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

December

31,

2025

Shares

sold

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

2,013,356

$10,485,985

Shares

issued

in

reinvestment

of

distributions

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

103,315

550,565

Shares

redeemed

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

(755,778)

(3,997,665)

Net

increase

(decrease)

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

1,360,893

$7,038,885

Year

ended

December

31,

2024

Shares

sold

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

882,104

$4,496,005

Shares

issued

in

reinvestment

of

distributions

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

82,109

410,170

Shares

redeemed

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

(1,687,417)

(8,285,164)

Net

increase

(decrease)

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

(723,204)

$(3,378,989)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Templeton

Asset

Management

Ltd

(Asset

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

a. #### Management

#### Fees
Templeton

Global

Bond

Enhanced

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly, to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Templeton

Global

Bond

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

Templeton

Sustainable

Emerging

Markets

Bond

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

year

ended

December

31,

2025,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.670%

Up

to

and

including

$200

million

0.620%

Over

$200

million,

up

to

and

including

$1.3

billion

0.600%

Over

$1.3

billion,

up

to

and

including

$2.5

billion

0.585%

Over

$2.5

billion,

up

to

and

including

$5

billion

0.575%

Over

$5

billion,

up

to

and

including

$10

billion

0.565%

In

excess

of

$10

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.650%

Up

to

and

including

$200

million

0.585%

Over

$200

million,

up

to

and

including

$700

million

0.550%

Over

$700

million,

up

to

and

including

$1.2

billion

0.525%

Over

$1.2

billion,

up

to

and

including

$1.3

billion

0.475%

Over

$1.3

billion,

up

to

and

including

$35

billion

0.470%

Over

$35

billion,

up

to

and

including

$50

billion

0.465%

Over

$50

billion,

up

to

and

including

$65

billion

0.460%

Over

$65

billion,

up

to

and

including

$80

billion

0.455%

In

excess

of

$80

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.850%

Up

to

and

including

$500

million

0.800%

Over

$500

million,

up

to

and

including

$1

billion

0.750%

Over

$1

billion

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Gross

effective

investment

management

fee

rate

........

0.668%

0.518%

0.850%

3. #### Transactions

#### with

#### Affiliates
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Under a

subadvisory

agreement,

Asset

Management, an

affiliate

of

Advisers,

provides

subadvisory

services

to Templeton

Sustainable

Emerging

Markets

Bond

Fund.

The

subadvisory

fee

is paid

by

Advisers,

based

on

the Fund's

average

daily

net

assets,

and

is

not an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Class

A

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

0.25%

0.25%

0.25%

Class

C

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

0.65%

0.65%

0.65%

Class

R

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

0.50%

0.50%

0.50%

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$1,625

$9,758

$1,302

CDSC

retained

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

$3,531

$6,118

$4

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

December

31,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### 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.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

December

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Transfer

agent

fees

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

$155,703

$1,729,833

$11,901

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

$2,365,734

$97,614,375

$(89,619,704)

$—

$—

$10,360,405

10,360,405

$744,527

#### Total

#### Affiliated

#### Securities

#### ...
$2,365,734

$97,614,375

$(89,619,704)

$—

$—

$10,360,405

$744,527

3. #### Transactions

#### with

#### Affiliates
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by Templeton

Sustainable

Emerging

Markets

Bond

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees

and acquired

fund

fees

and

expenses and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.89% based

on

the

average

net

assets

of

each

class

until April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

April

30,

2026. #### h

#### .

#### Other

#### Affiliated

#### Transactions
At

December

31,

2025,

Advisers owned

16.8 %

of

Templeton

Sustainable

Emerging

Markets

Bond

Fund

's

outstanding

shares.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Templeton

#### Global

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

$269,210,359

$1,077,426,039

$(858,633,359)

$—

$—

$488,003,039

488,003,039

$18,013,949

#### Total

#### Affiliated

#### Securities

#### ...
$269,210,359

$1,077,426,039

$(858,633,359)

$—

$—

$488,003,039

$18,013,949

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.681%

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

$182,323

$25,851,070

$(24,954,565)

$—

$—

$1,078,828

1,078,828

$45,345

#### Total

#### Affiliated

#### Securities

#### ...
$182,323

$25,851,070

$(24,954,565)

$—

$—

$1,078,828

$45,345

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended December

31,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At December

31,

2025,

the

deferred

losses

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

December

31,

2025

and

2024

,

was

as

follows:

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

10,422,567

$

112,726,378

$

1,219,927

Long

term

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

570,626,493

2,594,080,403

2,746,103

Total

capital

loss

carryforwards

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

$581,049,060

$2,706,806,781

$3,966,030

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Capital

loss

utilized

carryforwards

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

$27,739

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund
Late-year

ordinary

loss

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

$1,136,720

$22,368,320

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$6,534,728

$8,501,521

$39,442,028

$78,074,567

Return

of

capital

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

8,899,892

10,824,991

143,350,000

123,066,774

$15,434,620

$19,326,512

$182,792,028

$201,141,341

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$1,581,862

$732,678

Return

of

capital

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

—

477,615

$1,581,862

$1,210,293

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

December

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income for

income

tax

purposes

were

as

follows:

i

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

wash

sales,

foreign

capital

gains

tax,

payments-in-kind,

bond

discounts

and

premiums,

tax

straddles

and

derivative

financial

instruments.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

December

31,

2025,

were

as

follows:

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

December

31,

2025, certain

or

all

Funds had a

portion of their

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
a

a

a

a

Cost

of

investments

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

$281,444,771

$2,871,307,467

$24,115,404

Unrealized

appreciation

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

$16,355,217

$182,587,898

$1,488,728

Unrealized

depreciation

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

(95,627,841)

(140,326,308)

(1,125,754)

Net

unrealized

appreciation

(depreciation)

.......

$(79,272,624)

$42,261,590

$362,974

Distributable

earnings:

Undistributed

ordinary

income

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

$—

$—

$65,936

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Purchases

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

$62,081,968

$584,749,298

$17,101,067

Sales

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

$95,951,745

$1,134,079,836

$6,785,753

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Credit

risk

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

49.0%

30.6%

45.3%

4. #### Income

#### Taxes
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Certain

or

all

Funds

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

December

31,

2025,

the

aggregate

value

of

these

securities

for

Templeton

Global

Bond

Enhanced

Fund

and

Templeton

Sustainable

Emerging

Markets

Bond

Fund

was

$0,

representing

0.0%

of

each

Fund's

net

assets.

The

Funds

discontinue

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provide

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedules

of

Investments.

7. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

8. #### Other

#### Derivative

#### Information
At

December

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

centrally

cleared

swap

contracts

$

501

a

Variation

margin

on

centrally

cleared

swap

contracts

$

290,520

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

1,525,652

Unrealized

depreciation

on

OTC

forward

exchange

contracts

2,094,716

Total

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

$1,526,153

$2,385,236

#### Templeton

#### Global

#### Bond

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

centrally

cleared

swap

contracts

—

Variation

margin

on

centrally

cleared

swap

contracts

4,873,177

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

13,928,644

Unrealized

depreciation

on

OTC

forward

exchange

contracts

31,639,500

Total

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

$13,928,644

$36,512,677

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

centrally

cleared

swap

contracts

—

Variation

margin

on

centrally

cleared

swap

contracts

52,754

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

156,931

Unrealized

depreciation

on

OTC

forward

exchange

contracts

31,829

Total

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

$156,931

$84,583

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

December

31,

2025,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedules

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statements

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Swap

contracts

$(61,888)

Swap

contracts

$242,495

Foreign

exchange

contracts

.....

Investments

(2,455,172)

a

Investments

1,286,023

a

Written

options

1,032,463

Written

options

(22,988)

Forward

exchange

contracts

(2,464,985)

Forward

exchange

contracts

2,427,125

Total

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

$(3,949,582)

$3,932,655

#### Templeton

#### Global

#### Bond

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Swap

contracts

(3,626,611)

Swap

contracts

11,569,000

Foreign

exchange

contracts

.....

Investments

(40,524,912)

a

Investments

22,457,298

a

Written

options

17,190,615

Written

options

(401,701)

Forward

exchange

contracts

(48,258,075)

Forward

exchange

contracts

3,949,850

Total

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

$(75,218,983)

$37,574,447

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Swap

contracts

3,763

Swap

contracts

32,167

Foreign

exchange

contracts

.....

Forward

exchange

contracts

225,750

Forward

exchange

contracts

289,856

Total

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

$229,513

$322,023

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

in

the

Statements

of

Operations.

8. #### Other

#### Derivative

#### Information
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

December

31,

2025,

the

average

month

end

notional

amount

of

swap

contracts

and

options,

and

the

average

month

end

contract

value

of

forward

exchange

contracts,

were

as

follows:

At

December

31,

2025,

the

Funds'

OTC

derivative

assets

and

liabilities

are

as

follows:

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Swap

contracts

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

$7,701,503

$201,605,385

$610,684

Forward

exchange

contracts

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

$179,390,200

$2,290,867,186

$7,002,561

Options

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

$200,582,769

$3,227,992,538

$—

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund
Forward

Exchange

Contracts

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

$

1,525,652

$

2,094,716

Total

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

$1,525,652

$2,094,716

#### Templeton

#### Global

#### Bond

#### Fund
Forward

Exchange

Contracts

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

13,928,644

31,639,500

Total

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

$13,928,644

$31,639,500

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

8. #### Other

#### Derivative

#### Information
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

December

31,

2025,

OTC

derivative

assets,

which

may

be

offset

against

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### b

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Counterparty
BNDP

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

$

165,377

$

(5,629)

$

(38,223)

$

—

$

121,525

BOFA

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

—

—

—

—

—

BZWS

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

—

—

—

—

—

CITI

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

—

—

—

—

—

DBAB

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

320,263

(302,262)

(18,001)

—

—

HSBK

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

332,147

(18,296)

—

(220,000)

93,851

JPHQ

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

682,707

(343,474)

(324,887)

—

14,346

MSCO

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

25,158

(25,158)

—

—

—

Total

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

$1,525,652

$(694,819)

$(381,111)

$(220,000)

$229,722

#### Templeton

#### Global

#### Bond

#### Fund

#### Counterparty
BNDP

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

5,002,079

(1,717,137)

(3,284,942)

—

—

BOFA

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

—

—

—

—

—

BZWS

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

—

—

—

—

—

CITI

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

—

—

—

—

—

DBAB

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

2,505,538

(1,826,583)

(678,955)

—

—

HSBK

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

6,070,769

(3,136,449)

—

(2,934,320)

—

JPHQ

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

158,892

(158,892)

—

—

—

MSCO

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

191,366

(191,366)

—

—

—

Total

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

$13,928,644

$(7,030,427)

$(3,963,897)

$(2,934,320)

$—

#### 2
8. #### Other

#### Derivative

#### Information
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

December

31,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(c)

regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matured

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### Cash

#### Collateral

#### Pledged

#### b

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Counterparty
BNDP

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

$

5,629

$

(5,629)

$

—

$

—

$

—

BOFA

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

5,209

—

—

—

5,209

BZWS

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

9,784

—

—

—

9,784

CITI

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

116,598

—

—

—

116,598

DBAB

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

302,262

(302,262)

—

—

—

HSBK

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

18,296

(18,296)

—

—

—

JPHQ

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

343,474

(343,474)

—

—

—

MSCO

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

1,293,464

(25,158)

—

(1,100,000)

168,306

Total

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

$2,094,716

$(694,819)

$—

$(1,100,000)

$299,897

#### Templeton

#### Global

#### Bond

#### Fund

#### Counterparty
BNDP

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

1,717,137

(1,717,137)

—

—

—

BOFA

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

211,759

—

—

(211,759)

—

BZWS

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

397,580

—

—

(397,580)

—

CITI

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

1,679,442

—

—

(1,430,000)

249,442

DBAB

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

1,826,583

(1,826,583)

—

—

—

HSBK

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

3,136,449

(3,136,449)

—

—

—

JPHQ

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

977,662

(158,892)

—

(790,000)

28,770

MSCO

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

21,692,888

(191,366)

—

(19,705,736)

1,795,786

Total

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

$31,639,500

$(7,030,427)

$—

$(22,535,075)

$2,073,998

a

At

December

31,

2025,

the

Fund

received

U.S

Treasury

Bonds,

Notes

and

Inflation

Indexed

Bonds

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

8. #### Other

#### Derivative

#### Information
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

January

30,

2026,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

29,

2027,

for

a

total

of

$2.995

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year ended

December

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

10. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

December

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

#### Enhanced

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

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

$

—

$

—

$

—

b

$

—

Foreign

Government

and

Agency

Securities

....

—

165,121,776

—

165,121,776

U.S.

Government

and

Agency

Securities

.......

—

14,338,671

—

14,338,671

Escrows

and

Litigation

Trusts

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

—

—

34,516

34,516

Short

Term

Investments

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

10,360,405

13,175,862

—

23,536,267

Total

Investments

in

Securities

...........

$10,360,405

$192,636,309

$34,516

$203,031,230

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$1,525,652

$—

$1,525,652

Swap

Contracts

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

—

501

—

501

Total

Other

Financial

Instruments

.........

$—

$1,526,153

$—

$1,526,153

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$2,094,716

$—

$2,094,716

Swap

Contracts

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

—

290,520

—

290,520

Total

Other

Financial

Instruments

.........

$—

$2,385,236

$—

$2,385,236

9. #### Credit

#### Facility
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Templeton

#### Global

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

a

Foreign

Government

and

Agency

Securities

....

$

—

$

2,351,030,810

$

—

$

2,351,030,810

U.S.

Government

and

Agency

Securities

.......

—

97,119,241

—

97,119,241

Short

Term

Investments

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

488,003,039

—

—

488,003,039

Total

Investments

in

Securities

...........

$488,003,039

$2,448,150,051

$—

$2,936,153,090

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$13,928,644

$—

$13,928,644

Total

Other

Financial

Instruments

.........

$—

$13,928,644

$—

$13,928,644

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$31,639,500

$—

$31,639,500

Swap

Contracts

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

—

4,873,177

—

4,873,177

Total

Other

Financial

Instruments

.........

$—

$36,512,677

$—

$36,512,677

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

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

—

—

—

b

—

Foreign

Government

and

Agency

Securities

....

—

21,144,994

—

21,144,994

Escrows

and

Litigation

Trusts

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

—

—

Short

Term

Investments

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

1,078,828

2,182,009

—

3,260,837

Total

Investments

in

Securities

...........

$1,078,828

$23,327,003

$199

$24,406,030

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$156,931

$—

$156,931

Total

Other

Financial

Instruments

.........

$—

$156,931

$—

$156,931

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$

—

$

31,829

$

—

$

31,829

Swap

Contracts

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

—

52,754

—

52,754

Total

Other

Financial

Instruments

.........

$—

$84,583

$—

$84,583

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

10. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the year.

At

December

31,

2025,

the

reconciliations

are

as

follows:

11. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

12. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Balance

#### at

#### Beginning

#### of

#### Year

#### 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

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

South

Africa

..

$

—

b

$

—

$

—

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

—

—

—

—

—

—

Total

Investments

in

Securities

.......

$423,913

$—

$(416,909)

$—

$—

$—

$(19,049)

$12,244

$199

$199

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

b

Includes

financial

instruments

determined

to

have

no

value.

10. #### Fair

#### Value

#### Measurements
(continued)

Templeton

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### 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

#### 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

#### 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

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

3.87%

Templeton

Income

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Templeton

Income

Trust

and

Shareholders

of

Templeton

Global

Bond

Enhanced

Fund,

Templeton

Global

Bond

Fund

and

Templeton

Sustainable

Emerging

Markets

Bond

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Templeton

Global

Bond

Enhanced

Fund,

Templeton

Global

Bond

Fund

and

Templeton

Sustainable

Emerging

Markets

Bond

Fund

(constituting

Templeton

Income

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

private

placement

agent,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

February

19,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Templeton

Income

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

below hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

December

31,

2025:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

Under

Section

853

of

the

Internal

Revenue

Code,

the

Funds

below intend

to

elect

to

pass

through

to

their

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Funds

during

the

fiscal

year

ended

December

31,

2025:

#### Pursuant

#### to:

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Section

163(j)

Interest

Dividends

Earned

§163(j)

$16,072,014

$203,273,724

$1,515,394

Interest

Earned

from

Federal

Obligations

Note

(1) $586,427

$7,982,664

—

#### Templeton

#### Global

#### Bond

#### Enhanced

#### Fund

#### Templeton

#### Global

#### Bond

#### Fund

#### Templeton

#### Sustainable

#### Emerging

#### Markets

#### Bond

#### Fund
Foreign

Taxes

Paid

$1,397,732

$6,182,940

$77,778

Foreign

Source

Income

Earned

$14,817,163

$163,709,966

$1,519,595

Templeton

Income

Trust

franklintempleton.com

Annual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

TINT-AFSOI

02/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](tit-efp22442_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](tit-efp22442_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](tit-efp22442_ex99906cert.htm)

Exhibit 99.906CERT

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Templeton Income Trust** | **Templeton Income Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | February 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | February 26, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | February 26, 2026 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Templeton Income Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: February 26, 2026

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Templeton Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

Date: February 26, 2026

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Templeton Income Trust (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **December 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Templeton Income Trust | Templeton Income Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: February 26, 2026 | Date: February 26, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.