NPORT-EX 2 TIF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
ZTIF-Q1PH
1
Schedules
of
Investments
(unaudited)
Foreign
Smaller
Companies
Series
2
International
Equity
Series
7
Notes
to
Schedules
of
Investments
10
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited),
March
31,
2022
Foreign
Smaller
Companies
Series
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.2%
Austria
1.4%
AT&S
Austria
Technologie
&
Systemtechnik
AG
..............
Electronic
Equipment,
Instruments
&
Components
88,251
$
4,898,073
a,b
DO
&
CO
AG
...................
Commercial
Services
&
Supplies
44,748
3,763,210
8,661,283
Bahamas
1.2%
a
OneSpaWorld
Holdings
Ltd.
........
Diversified
Consumer
Services
736,605
7,513,371
Belgium
3.6%
Barco
NV
......................
Electronic
Equipment,
Instruments
&
Components
376,877
8,292,083
Fagron
........................
Health
Care
Providers
&
Services
397,990
7,252,236
a
Kinepolis
Group
NV
..............
Entertainment
106,317
6,430,209
21,974,528
Brazil
2.1%
a
Camil
Alimentos
SA
...............
Food
Products
3,066,500
6,214,334
a
M
Dias
Branco
SA
................
Food
Products
1,264,700
6,538,827
12,753,161
Canada
3.7%
a,b
Canada
Goose
Holdings,
Inc.
.......
Textiles,
Apparel
&
Luxury
Goods
126,300
3,318,500
Canadian
Western
Bank
...........
Banks
374,860
10,895,751
Computer
Modelling
Group
Ltd.
......
Energy
Equipment
&
Services
1,061,104
4,549,104
North
West
Co.,
Inc.
(The)
..........
Food
&
Staples
Retailing
123,700
3,789,410
22,552,765
China
3.2%
Greatview
Aseptic
Packaging
Co.
Ltd.
.
Containers
&
Packaging
5,478,200
1,546,971
c
JNBY
Design
Ltd.,
Reg
S
..........
Textiles,
Apparel
&
Luxury
Goods
1,592,500
1,889,710
b,c
Shanghai
Haohai
Biological
Technology
Co.
Ltd.,
H,
144A,
Reg
S
.........
Biotechnology
564,000
2,825,423
c
Viva
Biotech
Holdings,
144A,
Reg
S
..
Life
Sciences
Tools
&
Services
8,997,000
3,529,566
a,c
Xiabuxiabu
Catering
Management
China
Holdings
Co.
Ltd.,
144A,
Reg
S
....
Hotels,
Restaurants
&
Leisure
2,795,500
1,401,107
b
Xtep
International
Holdings
Ltd.
......
Textiles,
Apparel
&
Luxury
Goods
5,750,040
8,592,798
19,785,575
Denmark
0.6%
Matas
A/S
......................
Specialty
Retail
252,675
3,619,253
Finland
2.8%
Anora
Group
OYJ
................
Beverages
565,737
5,508,196
Fiskars
OYJ
Abp
.................
Household
Durables
190,477
4,517,407
Huhtamaki
OYJ
..................
Containers
&
Packaging
210,874
7,336,946
17,362,549
France
0.5%
a
Beneteau
SA
....................
Leisure
Products
204,756
3,206,208
Germany
5.7%
Adesso
SE
.....................
IT
Services
16,527
3,383,441
a,b
flatexDEGIRO
AG
................
Capital
Markets
181,562
3,654,949
Gerresheimer
AG
................
Life
Sciences
Tools
&
Services
29,500
2,155,181
Jenoptik
AG
....................
Electronic
Equipment,
Instruments
&
Components
241,995
7,281,857
a,c
Montana
Aerospace
AG,
144A,
Reg
S
.
Aerospace
&
Defense
240,514
4,230,717
Rational
AG
....................
Machinery
8,080
5,565,632
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
Foreign
Smaller
Companies
Series
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Germany
(continued)
Stabilus
SA
.....................
Machinery
127,011
$
6,304,290
a,b
VIA
Optronics
AG,
ADR
............
Electronic
Equipment,
Instruments
&
Components
280,400
2,243,200
34,819,267
Greece
0.7%
JUMBO
SA
.....................
Specialty
Retail
296,860
4,423,593
Hong
Kong
2.4%
Johnson
Electric
Holdings
Ltd.
......
Auto
Components
620,001
853,307
Techtronic
Industries
Co.
Ltd.
.......
Machinery
133,000
2,130,869
Value
Partners
Group
Ltd.
..........
Capital
Markets
11,218,000
4,787,416
VTech
Holdings
Ltd.
..............
Communications
Equipment
944,800
6,858,435
14,630,027
Indonesia
0.8%
XL
Axiata
Tbk.
PT
................
Wireless
Telecommunication
Services
25,608,700
4,710,804
Israel
2.0%
Max
Stock
Ltd.
..................
Multiline
Retail
1,340,121
3,564,513
a
RADA
Electronic
Industries
Ltd.
......
Aerospace
&
Defense
635,800
8,856,694
12,421,207
Italy
6.6%
a
Brunello
Cucinelli
SpA
.............
Textiles,
Apparel
&
Luxury
Goods
77,568
4,513,212
Interpump
Group
SpA
.............
Machinery
190,678
9,556,108
MARR
SpA
.....................
Food
&
Staples
Retailing
295,251
4,878,732
Sanlorenzo
SpA
.................
Leisure
Products
297,063
12,026,570
c
Technogym
SpA,
144A,
Reg
S
......
Leisure
Products
1,192,656
9,404,131
40,378,753
Japan
18.3%
Anicom
Holdings,
Inc.
.............
Insurance
705,200
3,736,566
Asics
Corp.
.....................
Textiles,
Apparel
&
Luxury
Goods
447,400
8,634,465
Bunka
Shutter
Co.
Ltd.
............
Building
Products
401,600
3,229,344
Dowa
Holdings
Co.
Ltd.
............
Metals
&
Mining
79,000
3,610,913
en
Japan,
Inc.
...................
Professional
Services
165,900
3,978,236
Fuji
Oil
Holdings,
Inc.
.............
Food
Products
324,400
5,261,048
Glory
Ltd.
......................
Machinery
270,200
4,566,782
Hosokawa
Micron
Corp.
...........
Machinery
149,500
3,262,230
Idec
Corp.
......................
Electrical
Equipment
235,300
4,913,062
IDOM,
Inc.
.....................
Specialty
Retail
849,000
5,049,336
Meitec
Corp.
....................
Professional
Services
180,900
9,800,854
Morinaga
&
Co.
Ltd.
..............
Food
Products
62,100
1,935,655
Nichiha
Corp.
...................
Building
Products
303,900
6,215,452
Nihon
Parkerizing
Co.
Ltd.
..........
Chemicals
305,200
2,314,318
Nissei
ASB
Machine
Co.
Ltd.
........
Machinery
178,200
4,514,511
Qol
Holdings
Co.
Ltd.
.............
Food
&
Staples
Retailing
522,900
4,971,567
Shima
Seiki
Manufacturing
Ltd.
......
Machinery
459,400
6,986,349
Square
Enix
Holdings
Co.
Ltd.
.......
Entertainment
58,700
2,600,651
TechnoPro
Holdings,
Inc.
..........
Professional
Services
323,000
8,726,839
Topcon
Corp.
...................
Electronic
Equipment,
Instruments
&
Components
406,700
5,153,078
Tsubakimoto
Chain
Co.
............
Machinery
128,300
3,193,297
Tsumura
&
Co.
..................
Pharmaceuticals
373,800
9,774,034
112,428,587
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
Foreign
Smaller
Companies
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Netherlands
3.0%
a
Accell
Group
NV
.................
Leisure
Products
55,404
$
3,509,176
c
Flow
Traders,
144A,
Reg
S
.........
Capital
Markets
235,894
8,008,463
a,c
Intertrust
NV,
144A,
Reg
S
.........
Professional
Services
305,885
6,648,551
18,166,190
Norway
2.0%
a,b
PhotoCure
ASA
..................
Pharmaceuticals
441,918
5,905,348
TGS
ASA
......................
Energy
Equipment
&
Services
452,729
6,728,056
12,633,404
Philippines
0.8%
Century
Pacific
Food,
Inc.
..........
Food
Products
11,227,200
5,099,327
South
Korea
2.4%
BNK
Financial
Group,
Inc.
..........
Banks
703,065
4,566,827
DGB
Financial
Group,
Inc.
..........
Banks
943,393
7,194,634
Kyung
Dong
Navien
Co.
Ltd.
........
Building
Products
73,113
2,753,360
14,514,821
Spain
0.6%
Construcciones
y
Auxiliar
de
Ferrocarriles
SA
................
Machinery
113,180
3,730,761
Sweden
4.4%
Cloetta
AB,
B
...................
Food
Products
494,430
1,348,756
c
Dometic
Group
AB,
144A
..........
Auto
Components
717,546
6,173,016
a
Electrolux
Professional
AB,
B
.......
Machinery
770,413
4,734,629
Granges
AB
....................
Metals
&
Mining
706,193
6,921,746
c
Thule
Group
AB,
144A,
Reg
S
.......
Leisure
Products
191,923
7,595,567
26,773,714
Switzerland
4.2%
Bucher
Industries
AG
.............
Machinery
20,759
8,390,981
a
Landis+Gyr
Group
AG
.............
Electronic
Equipment,
Instruments
&
Components
84,906
5,370,334
b
Logitech
International
SA
..........
Technology
Hardware,
Storage
&
Peripherals
49,400
3,644,732
a
Siegfried
Holding
AG
..............
Life
Sciences
Tools
&
Services
8,691
7,163,701
a
Zur
Rose
Group
AG
..............
Food
&
Staples
Retailing
8,469
1,241,861
25,811,609
Taiwan
9.3%
Chicony
Electronics
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
2,660,037
8,297,427
Giant
Manufacturing
Co.
Ltd.
........
Leisure
Products
592,482
5,366,699
Johnson
Health
Tech
Co.
Ltd.
.......
Leisure
Products
1,891,000
3,573,959
King
Yuan
Electronics
Co.
Ltd.
......
Semiconductors
&
Semiconductor
Equipment
5,912,000
8,762,319
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
702,000
6,164,591
Nan
Pao
Resins
Chemical
Co.
Ltd.
...
Chemicals
755,000
3,426,486
Nien
Made
Enterprise
Co.
Ltd.
......
Household
Durables
418,000
4,869,847
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
2,445,000
4,414,650
Shin
Zu
Shing
Co.
Ltd.
............
Machinery
1,010,000
2,915,717
Topkey
Corp.
...................
Leisure
Products
704,000
3,249,511
Tripod
Technology
Corp.
...........
Electronic
Equipment,
Instruments
&
Components
1,354,000
6,305,705
57,346,911
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
Foreign
Smaller
Companies
Series
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
1.0%
Hana
Microelectronics
PCL
.........
Electronic
Equipment,
Instruments
&
Components
4,061,200
$
5,901,152
United
Kingdom
9.4%
Coats
Group
plc
.................
Textiles,
Apparel
&
Luxury
Goods
3,760,058
3,769,050
Greggs
plc
.....................
Hotels,
Restaurants
&
Leisure
197,971
6,358,840
c
Ibstock
plc,
144A,
Reg
S
...........
Construction
Materials
2,360,394
5,417,762
a
Johnson
Service
Group
plc
.........
Commercial
Services
&
Supplies
1,910,765
2,947,688
Man
Group
plc
..................
Capital
Markets
3,624,828
11,062,478
Oxford
Instruments
plc
............
Electronic
Equipment,
Instruments
&
Components
190,914
5,262,854
Pagegroup
plc
..................
Professional
Services
819,908
5,282,600
Rathbones
Group
plc
.............
Capital
Markets
306,358
7,969,061
a,c
Watches
of
Switzerland
Group
plc,
144A
Specialty
Retail
628,482
9,340,345
57,410,678
United
States
1.5%
Axis
Capital
Holdings
Ltd.
..........
Insurance
59,230
3,581,638
a
IMAX
Corp.
.....................
Entertainment
294,200
5,569,206
9,150,844
Total
Common
Stocks
(Cost
$484,143,403)
.....................................
577,780,342
Warrants
a
a
a
a
a
Warrants
0.1%
Bahamas
0.1%
a
OneSpaWorld
Holdings
Ltd.
,
3/19/24
..
Diversified
Consumer
Services
262,784
788,352
Total
Warrants
(Cost
$221,371)
................................................
788,352
Total
Long
Term
Investments
(Cost
$484,364,774)
...............................
578,568,694
Short
Term
Investments
2.6%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.5%
United
States
1.5%
d
FHLB,
4/01/22
..................
9,300,000
9,300,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$9,300,000)
..................
9,300,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.1%
Money
Market
Funds
1.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
6,558,610
6,558,610
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$6,558,610)
.................................................................
6,558,610
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$15,858,610
)
................................
15,858,610
a
a
a
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
Foreign
Smaller
Companies
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
See
Abbreviations
on
page
14
.
a
Total
Investments
(Cost
$500,223,384)
96.9%
...................................
$594,427,304
Other
Assets,
less
Liabilities
3.1%
.............................................
18,921,400
Net
Assets
100.0%
...........................................................
$613,348,704
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
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
March
31,
2022,
the
aggregate
value
of
these
securities
was
$66,464,358,
representing
10.8%
of
net
assets.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited),
March
31,
2022
International
Equity
Series
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
98.6%
Belgium
1.6%
Anheuser-Busch
InBev
SA/NV
......
Beverages
90,384
$
5,404,621
Brazil
2.1%
Wheaton
Precious
Metals
Corp.
.....
Metals
&
Mining
145,981
6,941,468
Canada
2.5%
Barrick
Gold
Corp.
...............
Metals
&
Mining
193,600
4,749,008
GFL
Environmental,
Inc.
...........
Commercial
Services
&
Supplies
108,600
3,533,844
8,282,852
China
1.0%
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
17,996
3,330,700
France
9.8%
Cie
de
Saint-Gobain
..............
Building
Products
55,187
3,284,093
Danone
SA
.....................
Food
Products
72,840
4,024,446
Eiffage
SA
......................
Construction
&
Engineering
55,059
5,651,594
TotalEnergies
SE
................
Oil,
Gas
&
Consumable
Fuels
211,287
10,692,478
Veolia
Environnement
SA
..........
Multi-Utilities
255,663
8,198,558
31,851,169
Germany
15.7%
adidas
AG
......................
Textiles,
Apparel
&
Luxury
Goods
15,199
3,542,243
Bayer
AG
......................
Pharmaceuticals
59,108
4,043,482
a
Continental
AG
..................
Auto
Components
70,213
5,033,988
b
Covestro
AG,
144A,
Reg
S
.........
Chemicals
50,719
2,554,322
Deutsche
Boerse
AG
..............
Capital
Markets
33,769
6,079,611
Deutsche
Telekom
AG
.............
Diversified
Telecommunication
Services
574,104
10,693,638
E.ON
SE
.......................
Multi-Utilities
723,182
8,403,176
Fresenius
Medical
Care
AG
&
Co.
KGaA
Health
Care
Providers
&
Services
86,420
5,791,861
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
149,667
5,063,927
51,206,248
Hong
Kong
2.1%
AIA
Group
Ltd.
..................
Insurance
645,800
6,743,413
Hungary
1.0%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
154,129
3,258,944
Ireland
2.6%
CRH
plc
.......................
Construction
Materials
110,764
4,418,438
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
16,400
3,988,808
8,407,246
Japan
14.0%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
127,300
6,371,412
Honda
Motor
Co.
Ltd.
.............
Automobiles
231,700
6,568,541
Isuzu
Motors
Ltd.
................
Automobiles
515,700
6,662,642
Komatsu
Ltd.
...................
Machinery
216,900
5,211,776
Sony
Group
Corp.
................
Household
Durables
70,100
7,212,476
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
110,200
5,583,819
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
258,100
8,153,967
45,764,633
Netherlands
6.1%
ING
Groep
NV
..................
Banks
596,018
6,223,829
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
496,879
13,619,853
19,843,682
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
International
Equity
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Singapore
2.2%
United
Overseas
Bank
Ltd.
.........
Banks
301,100
$
7,045,138
South
Korea
5.7%
KB
Financial
Group,
Inc.
...........
Banks
104,409
5,220,907
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
172,907
9,872,628
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
105,132
3,563,396
18,656,931
Spain
1.4%
Red
Electrica
Corp.
SA
............
Electric
Utilities
226,449
4,649,862
Switzerland
3.6%
Adecco
Group
AG
................
Professional
Services
118,203
5,361,873
Roche
Holding
AG
...............
Pharmaceuticals
16,373
6,478,171
11,840,044
Taiwan
2.3%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
365,492
7,502,634
Thailand
1.2%
Kasikornbank
PCL
...............
Banks
812,400
3,918,617
United
Kingdom
21.6%
AstraZeneca
plc
.................
Pharmaceuticals
54,550
7,234,593
BAE
Systems
plc
................
Aerospace
&
Defense
937,160
8,801,966
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
2,447,134
11,997,699
Compass
Group
plc
..............
Hotels,
Restaurants
&
Leisure
182,864
3,935,550
DS
Smith
plc
....................
Containers
&
Packaging
1,242,862
5,227,523
a
Informa
plc
.....................
Media
509,919
3,995,529
a
International
Consolidated
Airlines
Group
SA
.....................
Airlines
2,186,623
4,056,163
a,b
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...........................
Internet
&
Direct
Marketing
Retail
58,920
1,976,321
Lloyds
Banking
Group
plc
..........
Banks
15,928,136
9,700,457
Smith
&
Nephew
plc
..............
Health
Care
Equipment
&
Supplies
288,997
4,596,812
Standard
Chartered
plc
............
Banks
889,115
5,902,404
a
WH
Smith
plc
...................
Specialty
Retail
163,396
3,052,111
70,477,128
United
States
2.1%
GlaxoSmithKline
plc
..............
Pharmaceuticals
310,914
6,727,744
Total
Common
Stocks
(Cost
$258,451,817)
.....................................
321,853,074
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,c
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
2,094,964
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$258,451,817)
...............................
321,853,074
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
International
Equity
Series
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
At
March
31,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3
. 
Short
Term
Investments
0.7%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.7%
United
States
0.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
2,368,683
$
2,368,683
Total
Money
Market
Funds
(Cost
$2,368,683)
...................................
2,368,683
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$2,368,683
)
.................................
2,368,683
a
a
a
Total
Investments
(Cost
$260,820,500)
99.3%
...................................
$324,221,757
Other
Assets,
less
Liabilities
0.7%
.............................................
2,268,140
Net
Assets
100.0%
...........................................................
$326,489,897
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$4,530,643,
representing
1.4%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
20
$
2,144,400
6/17/22
$
120,884
Total
Futures
Contracts
......................................................................
$120,884
*
As
of
period
end.
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
1.
Organization
Templeton
Institutional
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of two
separate
funds (Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value. 
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
March
31,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
Certain
or
all
Funds entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
equity
price
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
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.
4.
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.
5.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
2. Financial
Instrument
Valuation
(continued)
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
6.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
March
31,
2022,
investments
in
affiliated
management
investment
companies
were
as
follows: 
7. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
March
31,
2022,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Foreign
Smaller
Companies
Series
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$9,593,212
$28,546,542
$(31,581,144)
$—
$—
$6,558,610
6,558,610
$39
Total
Affiliated
Securities
...
$9,593,212
$28,546,542
$(31,581,144)
$—
$—
$6,558,610
$39
International
Equity
Series
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
5,153,549
$
41,261,853
$
(44,046,719)
$
—
$
—
$
2,368,683
2,368,683
$
126
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
—
11,074,075
(11,074,075)
—
—
—
—
17
Total
Affiliated
Securities
...
$5,153,549
$52,335,928
$(55,120,794)
$—
$—
$2,368,683
$143
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
13
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Foreign
Smaller
Companies
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Austria
..............................
$
—
$
8,661,283
$
—
$
8,661,283
Bahamas
............................
7,513,371
—
—
7,513,371
Belgium
.............................
—
21,974,528
—
21,974,528
Brazil
...............................
12,753,161
—
—
12,753,161
Canada
.............................
22,552,765
—
—
22,552,765
China
...............................
—
19,785,575
—
19,785,575
Denmark
............................
3,619,253
—
—
3,619,253
Finland
..............................
5,508,196
11,854,353
—
17,362,549
France
..............................
—
3,206,208
—
3,206,208
Germany
............................
2,243,200
32,576,067
—
34,819,267
Greece
..............................
—
4,423,593
—
4,423,593
Hong
Kong
...........................
—
14,630,027
—
14,630,027
Indonesia
............................
—
4,710,804
—
4,710,804
Israel
...............................
8,856,694
3,564,513
—
12,421,207
Italy
................................
—
40,378,753
—
40,378,753
Japan
...............................
—
112,428,587
—
112,428,587
Netherlands
..........................
—
18,166,190
—
18,166,190
Norway
..............................
—
12,633,404
—
12,633,404
Philippines
...........................
5,099,327
—
—
5,099,327
South
Korea
..........................
—
14,514,821
—
14,514,821
Spain
...............................
—
3,730,761
—
3,730,761
Sweden
.............................
—
26,773,714
—
26,773,714
Switzerland
...........................
3,644,732
22,166,877
—
25,811,609
Taiwan
..............................
—
57,346,911
—
57,346,911
Thailand
.............................
—
5,901,152
—
5,901,152
United
Kingdom
.......................
7,969,061
49,441,617
—
57,410,678
United
States
.........................
9,150,844
—
—
9,150,844
Warrants
..............................
788,352
—
—
788,352
Short
Term
Investments
...................
6,558,610
9,300,000
—
15,858,610
Total
Investments
in
Securities
...........
$96,257,566
$498,169,738
a
$—
$594,427,304
International
Equity
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
.............................
—
5,404,621
—
5,404,621
Brazil
...............................
6,941,468
—
—
6,941,468
Canada
.............................
8,282,852
—
—
8,282,852
China
...............................
3,330,700
—
—
3,330,700
France
..............................
—
31,851,169
—
31,851,169
Germany
............................
—
51,206,248
—
51,206,248
Hong
Kong
...........................
—
6,743,413
—
6,743,413
Hungary
.............................
3,258,944
—
—
3,258,944
Ireland
..............................
3,988,808
4,418,438
—
8,407,246
Japan
...............................
—
45,764,633
—
45,764,633
Netherlands
..........................
—
19,843,682
—
19,843,682
Singapore
............................
—
7,045,138
—
7,045,138
South
Korea
..........................
—
18,656,931
—
18,656,931
Spain
...............................
—
4,649,862
—
4,649,862
Switzerland
...........................
—
11,840,044
—
11,840,044
Taiwan
..............................
—
7,502,634
—
7,502,634
Thailand
.............................
—
3,918,617
—
3,918,617
United
Kingdom
.......................
—
70,477,128
—
70,477,128
United
States
.........................
—
6,727,744
—
6,727,744
7. Fair
Value
Measurements 
(continued)
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
8.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Schedules of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure. 
Abbreviations
Level
1
Level
2
Level
3
Total
International
Equity
Series
(continued)
Assets:
Investments
in
Securities:
Escrows
and
Litigation
Trusts
...............
$
—
$
—
$
—
b
$
—
Short
Term
Investments
...................
2,368,683
—
—
2,368,683
Total
Investments
in
Securities
...........
$28,171,455
$296,050,302
c
$—
$324,221,757
Other
Financial
Instruments:
Futures
contracts
........................
$
120,88
4
$
—
$
—
$
120,88
4
Total
Other
Financial
Instruments
.........
$120,884
$—
$—
$120,884
a
Includes
foreign
securities
valued
at
$488,869,738,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
securities
determined
to
have
no
value
at
March
31,
2022.
c
Includes
foreign
securities
valued
at
$296,050,302,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
FHLB
Federal
Home
Loan
Banks
7. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.