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
6
Notes
to
Schedules
of
Investments
9
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited),
March
31,
2024
Foreign
Smaller
Companies
Series
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
95.1%
Austria
0.8%
DO
&
CO
AG
...................
Commercial
Services
&
Supplies
10,052
$
1,500,823
Bahamas
3.5%
a
OneSpaWorld
Holdings
Ltd.
........
Diversified
Consumer
Services
482,585
6,384,600
Belgium
1.8%
Barco
NV
......................
Electronic
Equipment,
Instruments
&
Components
109,318
1,801,181
b
Kinepolis
Group
NV
..............
Entertainment
33,120
1,519,656
3,320,837
Brazil
3.2%
Camil
Alimentos
SA
...............
Food
Products
881,600
1,578,508
Dexco
SA
......................
Paper
&
Forest
Products
1,121,100
1,716,739
M
Dias
Branco
SA
................
Food
Products
121,300
923,412
Tres
Tentos
Agroindustrial
SA
.......
Food
Products
400,800
840,702
Vivara
Participacoes
SA
...........
Textiles,
Apparel
&
Luxury
Goods
148,600
752,578
5,811,939
Canada
3.5%
Canaccord
Genuity
Group,
Inc.
......
Capital
Markets
148,600
976,440
Canadian
Western
Bank
...........
Banks
130,421
2,715,399
b
Computer
Modelling
Group
Ltd.
......
Software
339,704
2,550,696
6,242,535
China
1.4%
c
JNBY
Design
Ltd.
,
Reg
S
..........
Textiles,
Apparel
&
Luxury
Goods
662,000
1,244,383
Xtep
International
Holdings
Ltd.
......
Textiles,
Apparel
&
Luxury
Goods
2,043,792
1,268,681
2,513,064
Denmark
0.7%
Matas
A/S
......................
Specialty
Retail
71,706
1,215,537
Finland
1.9%
Fiskars
OYJ
Abp
.................
Household
Durables
46,991
870,349
Huhtamaki
OYJ
..................
Containers
&
Packaging
60,451
2,532,280
3,402,629
France
0.6%
Kaufman
&
Broad
SA
.............
Household
Durables
35,064
1,022,242
Germany
6.3%
b
Adesso
SE
.....................
IT
Services
10,551
1,242,610
CompuGroup
Medical
SE
&
Co.
KgaA
.
Health
Care
Technology
21,313
655,877
Duerr
AG
......................
Machinery
40,704
940,532
Gerresheimer
AG
................
Life
Sciences
Tools
&
Services
15,138
1,704,038
Jenoptik
AG
....................
Electronic
Equipment,
Instruments
&
Components
48,484
1,506,019
a,c
Montana
Aerospace
AG
,
144A
,
Reg
S
.
Aerospace
&
Defense
86,568
1,622,310
Rational
AG
....................
Machinery
2,464
2,122,875
Stabilus
SE
.....................
Machinery
24,347
1,550,219
11,344,480
Greece
0.5%
JUMBO
SA
.....................
Specialty
Retail
29,587
852,223
Hong
Kong
3.2%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
238,500
3,240,727
Value
Partners
Group
Ltd.
..........
Capital
Markets
1,207,000
276,287
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)
Hong
Kong
(continued)
VTech
Holdings
Ltd.
..............
Communications
Equipment
386,300
$
2,343,044
5,860,058
India
1.0%
Exide
Industries
Ltd.
..............
Automobile
Components
487,169
1,785,868
Israel
1.0%
a
Nayax
Ltd.
.....................
Electronic
Equipment,
Instruments
&
Components
71,785
1,893,486
Italy
9.4%
Brunello
Cucinelli
SpA
.............
Textiles,
Apparel
&
Luxury
Goods
23,718
2,710,551
c
Carel
Industries
SpA
,
144A
,
Reg
S
...
Building
Products
48,093
1,055,970
Intercos
SpA
....................
Personal
Care
Products
116,577
1,687,743
Interpump
Group
SpA
.............
Machinery
58,594
2,855,555
LU-VE
SpA
.....................
Building
Products
31,941
795,979
Sanlorenzo
SpA
.................
Leisure
Products
73,323
3,337,158
a,b
Seco
SpA
......................
Technology
Hardware,
Storage
&
Peripherals
269,515
1,058,340
c
Technogym
SpA
,
144A
,
Reg
S
......
Leisure
Products
343,519
3,408,190
16,909,486
Japan
19.8%
Anicom
Holdings,
Inc.
.............
Insurance
174,300
660,561
Asics
Corp.
.....................
Textiles,
Apparel
&
Luxury
Goods
77,000
3,644,856
Bunka
Shutter
Co.
Ltd.
............
Building
Products
124,200
1,396,768
CKD
Corp.
.....................
Machinery
116,700
2,339,558
Glory
Ltd.
......................
Machinery
41,600
785,068
Idec
Corp.
......................
Electrical
Equipment
71,100
1,256,562
IDOM,
Inc.
.....................
Specialty
Retail
240,600
1,659,201
Kaneka
Corp.
...................
Chemicals
73,500
1,828,847
MEITEC
Group
Holdings,
Inc.
.......
Professional
Services
145,900
2,820,714
Morinaga
&
Co.
Ltd.
..............
Food
Products
47,600
816,996
Nichiha
Corp.
...................
Building
Products
113,100
2,556,441
Nissei
ASB
Machine
Co.
Ltd.
........
Machinery
56,400
1,930,671
Qol
Holdings
Co.
Ltd.
.............
Consumer
Staples
Distribution
&
Retail
100,400
1,150,217
Roland
Corp.
...................
Leisure
Products
48,800
1,488,905
Sato
Holdings
Corp.
..............
Commercial
Services
&
Supplies
112,300
1,717,318
Shima
Seiki
Manufacturing
Ltd.
......
Machinery
130,400
1,194,651
Shoei
Co.
Ltd.
...................
Automobile
Components
53,200
804,103
Square
Enix
Holdings
Co.
Ltd.
.......
Entertainment
16,700
644,007
TechnoPro
Holdings,
Inc.
..........
Professional
Services
123,500
2,473,324
Topcon
Corp.
...................
Electronic
Equipment,
Instruments
&
Components
120,400
1,391,709
Tsumura
&
Co.
..................
Pharmaceuticals
132,400
3,295,916
35,856,393
New
Zealand
0.7%
d
Summerset
Group
Holdings
Ltd.
.....
Health
Care
Providers
&
Services
196,544
1,338,825
Norway
1.2%
TGS
ASA
......................
Energy
Equipment
&
Services
189,848
2,092,843
Philippines
2.4%
Century
Pacific
Food,
Inc.
..........
Food
Products
3,699,900
2,632,585
d
Puregold
Price
Club,
Inc.
...........
Consumer
Staples
Distribution
&
Retail
3,726,600
1,776,560
4,409,145
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)
Portugal
0.6%
d
Corticeira
Amorim
SGPS
SA
........
Containers
&
Packaging
93,705
$
993,704
South
Korea
4.2%
BNK
Financial
Group,
Inc.
..........
Banks
177,970
1,051,618
DGB
Financial
Group,
Inc.
..........
Banks
208,321
1,343,640
Hite
Jinro
Co.
Ltd.
................
Beverages
60,199
914,073
i-SENS,
Inc.
....................
Health
Care
Equipment
&
Supplies
108,724
1,613,707
a
Jeisys
Medical,
Inc.
...............
Health
Care
Equipment
&
Supplies
172,456
1,034,452
NongShim
Co.
Ltd.
...............
Food
Products
5,734
1,582,374
7,539,864
Sweden
3.9%
c
Dometic
Group
AB
,
144A
..........
Automobile
Components
224,247
1,812,050
Electrolux
Professional
AB
,
B
.......
Machinery
220,641
1,442,657
Granges
AB
....................
Metals
&
Mining
119,860
1,296,423
Tethys
Oil
AB
...................
Oil,
Gas
&
Consumable
Fuels
221,579
736,008
c
Thule
Group
AB
,
144A
,
Reg
S
.......
Leisure
Products
60,188
1,814,079
7,101,217
Switzerland
4.6%
Bucher
Industries
AG
.............
Machinery
6,025
2,649,544
b
Logitech
International
SA
..........
Technology
Hardware,
Storage
&
Peripherals
14,809
1,323,480
c
Medacta
Group
SA
,
144A
,
Reg
S
....
Health
Care
Equipment
&
Supplies
11,631
1,578,659
Siegfried
Holding
AG
..............
Life
Sciences
Tools
&
Services
2,627
2,682,571
8,234,254
Taiwan
7.2%
Chicony
Electronics
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
224,037
1,549,437
Giant
Manufacturing
Co.
Ltd.
........
Leisure
Products
153,482
1,078,901
Johnson
Health
Tech
Co.
Ltd.
.......
Leisure
Products
559,000
1,255,170
King
Yuan
Electronics
Co.
Ltd.
......
Semiconductors
&
Semiconductor
Equipment
513,000
1,700,020
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
219,000
1,453,631
Nien
Made
Enterprise
Co.
Ltd.
......
Household
Durables
87,000
964,296
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
492,000
1,319,499
Shin
Zu
Shing
Co.
Ltd.
............
Machinery
270,000
1,518,452
Topkey
Corp.
...................
Leisure
Products
140,000
848,636
Tripod
Technology
Corp.
...........
Electronic
Equipment,
Instruments
&
Components
209,000
1,335,069
13,023,111
Thailand
1.3%
Hana
Microelectronics
PCL
.........
Electronic
Equipment,
Instruments
&
Components
1,237,900
1,342,701
Major
Cineplex
Group
PCL
.........
Entertainment
2,593,100
1,038,799
2,381,500
United
Kingdom
9.2%
Coats
Group
plc
.................
Textiles,
Apparel
&
Luxury
Goods
1,374,459
1,406,790
Fevertree
Drinks
plc
..............
Beverages
96,145
1,457,291
Greggs
plc
.....................
Hotels,
Restaurants
&
Leisure
55,302
2,005,823
c
Ibstock
plc
,
144A
,
Reg
S
...........
Construction
Materials
478,441
909,791
Johnson
Service
Group
plc
.........
Commercial
Services
&
Supplies
546,937
907,004
Man
Group
plc
..................
Capital
Markets
908,912
3,067,325
Oxford
Instruments
plc
............
Electronic
Equipment,
Instruments
&
Components
49,702
1,328,347
Pagegroup
plc
..................
Professional
Services
320,567
1,814,908
Rathbones
Group
plc
.............
Capital
Markets
89,703
1,752,935
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)
United
Kingdom
(continued)
Savills
plc
......................
Real
Estate
Management
&
Development
80,065
$
1,077,151
a,c
Watches
of
Switzerland
Group
plc
,
144A
Specialty
Retail
196,632
889,328
16,616,693
United
States
1.2%
Axis
Capital
Holdings
Ltd.
..........
Insurance
15,009
975,885
a
IMAX
Corp.
.....................
Entertainment
70,502
1,140,017
2,115,902
Total
Common
Stocks
(Cost
$
125,123,579
)
.....................................
171,763,258
Short
Term
Investments
1.0%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.0%
Money
Market
Funds
1.0%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
.........
1,772,131
1,772,131
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
1,772,131
)
.................................................................
1,772,131
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
1,772,131
)
.................................
1,772,131
a
a
a
Total
Investments
(Cost
$
126,895,710
)
96.1
%
...................................
$173,535,389
Other
Assets,
less
Liabilities
3.9
%
.............................................
7,148,807
Net
Assets
100.0%
...........................................................
$180,684,196
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2024.
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,
2024,
the
aggregate
value
of
these
securities
was
$14,334,760,
representing
7.9%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
See
Note
3
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,
2024
International
Equity
Series
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.9%
Belgium
1.4%
Anheuser-Busch
InBev
SA/NV
......
Beverages
24,776
$
1,508,144
Chile
2.0%
Antofagasta
plc
..................
Metals
&
Mining
85,158
2,187,196
China
1.4%
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
6,113
1,514,618
Denmark
1.0%
a,b,c
Orsted
A/S
,
144A
,
Reg
S
...........
Electric
Utilities
19,741
1,103,033
France
10.0%
Cie
de
Saint-Gobain
SA
...........
Building
Products
23,758
1,843,863
Danone
SA
.....................
Food
Products
29,895
1,932,468
Kering
SA
......................
Textiles,
Apparel
&
Luxury
Goods
4,091
1,620,302
TotalEnergies
SE
................
Oil,
Gas
&
Consumable
Fuels
46,418
3,192,918
Veolia
Environnement
SA
..........
Multi-Utilities
67,461
2,194,529
10,784,080
Germany
10.7%
Continental
AG
..................
Automobile
Components
4,432
319,908
Deutsche
Boerse
AG
..............
Capital
Markets
8,691
1,779,747
Deutsche
Telekom
AG
.............
Diversified
Telecommunication
Services
168,825
4,097,954
Fresenius
Medical
Care
AG
.........
Health
Care
Providers
&
Services
26,532
1,019,436
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
47,611
1,618,963
SAP
SE
.......................
Software
13,692
2,665,969
11,501,977
Hungary
0.9%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
38,858
985,863
India
1.6%
Reliance
Industries
Ltd.
............
Oil,
Gas
&
Consumable
Fuels
48,645
1,739,937
Ireland
1.8%
Smurfit
Kappa
Group
plc
...........
Containers
&
Packaging
42,126
1,920,682
Japan
17.0%
Hitachi
Ltd.
.....................
Industrial
Conglomerates
27,302
2,494,704
Honda
Motor
Co.
Ltd.
.............
Automobiles
213,728
2,644,430
KDDI
Corp.
.....................
Wireless
Telecommunication
Services
45,741
1,352,322
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
145,958
2,443,022
Sony
Group
Corp.
................
Household
Durables
18,322
1,571,021
Sumitomo
Metal
Mining
Co.
Ltd.
.....
Metals
&
Mining
37,527
1,120,495
Sumitomo
Mitsui
Financial
Group,
Inc.
.
Banks
67,086
3,922,441
Takeda
Pharmaceutical
Co.
Ltd.
.....
Pharmaceuticals
60,896
1,693,643
Tokyo
Electron
Ltd.
...............
Semiconductors
&
Semiconductor
Equipment
4,162
1,083,918
18,325,996
Netherlands
6.4%
ING
Groep
NV
..................
Banks
120,079
1,976,804
SBM
Offshore
NV
................
Energy
Equipment
&
Services
61,313
979,226
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
117,534
3,899,410
6,855,440
South
Korea
4.7%
KB
Financial
Group,
Inc.
...........
Banks
26,595
1,386,241
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
46,179
2,768,160
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
International
Equity
Series
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Korea
(continued)
Shinhan
Financial
Group
Co.
Ltd.
....
Banks
26,778
$
942,185
5,096,586
Switzerland
1.4%
Adecco
Group
AG
................
Professional
Services
37,434
1,481,058
Taiwan
2.7%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
121,298
2,905,886
United
Kingdom
20.7%
AstraZeneca
plc
.................
Pharmaceuticals
16,353
2,196,751
BAE
Systems
plc
................
Aerospace
&
Defense
162,363
2,767,327
Barratt
Developments
plc
..........
Household
Durables
269,976
1,620,290
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
630,701
3,956,345
Compass
Group
plc
..............
Hotels,
Restaurants
&
Leisure
49,304
1,446,103
HSBC
Holdings
plc
...............
Banks
252,859
1,976,398
Lloyds
Banking
Group
plc
..........
Banks
4,194,712
2,743,111
Smith
&
Nephew
plc
..............
Health
Care
Equipment
&
Supplies
159,785
2,000,188
Standard
Chartered
plc
............
Banks
106,129
899,661
Unilever
plc
.....................
Personal
Care
Products
35,909
1,802,555
WH
Smith
plc
...................
Specialty
Retail
49,049
816,798
22,225,527
United
States
11.2%
CNH
Industrial
NV
................
Machinery
128,718
1,668,185
CRH
plc
.......................
Construction
Materials
37,556
3,241,202
GFL
Environmental,
Inc.
...........
Commercial
Services
&
Supplies
72,856
2,513,532
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
6,623
2,224,997
d
Sanofi
SA
......................
Pharmaceuticals
24,740
2,406,707
12,054,623
Total
Common
Stocks
(Cost
$
70,319,032
)
......................................
102,190,646
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,e
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
2,094,964
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
70,319,032
)
................................
102,190,646
Short
Term
Investments
2.8%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.7%
United
States
2.7%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
.........
2,943,156
2,943,156
Total
Money
Market
Funds
(Cost
$
2,943,156
)
...................................
2,943,156
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
International
Equity
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
At
March
31,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
.........
104,500
$
104,500
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
104,500
)
...................................................................
104,500
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
3,047,656
)
.................................
3,047,656
a
a
a
Total
Investments
(Cost
$
73,366,688
)
97.7
%
....................................
$105,238,302
Other
Assets,
less
Liabilities
2.3
%
.............................................
2,490,618
Net
Assets
100.0%
...........................................................
$107,728,920
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,
2024,
the
value
of
this
security
was
$1,103,033,
representing
1.0%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2024.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
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
$
2,357,100
6/21/24
$
5,607
Total
Futures
Contracts
......................................................................
$5,607
*
As
of
period
end.
Templeton
Institutional
Funds
9
Quarterly
Schedule
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
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).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
derivative
financial instruments 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,
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
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
March
31,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
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.
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,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Foreign
Smaller
Companies
Series
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$525,321
$8,064,943
$(6,818,133)
$—
$—
$1,772,131
1,772,131
$24,095
Total
Affiliated
Securities
...
$525,321
$8,064,943
$(6,818,133)
$—
$—
$1,772,131
$24,095
International
Equity
Series
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$2,548,785
$12,206,946
$(11,812,575)
$—
$—
$2,943,156
2,943,156
$51,117
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$221,250
$31,375
$(148,125)
$—
$—
$104,500
104,500
$2,666
Total
Affiliated
Securities
...
$2,770,035
$12,238,321
$(11,960,700)
$—
$—
$3,047,656
$53,783
2. Financial
Instrument
Valuation
(continued)
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
March
31,
2024,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Foreign
Smaller
Companies
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Austria
...............................
$
1,500,823
$
—
$
—
$
1,500,823
Bahamas
.............................
6,384,600
—
—
6,384,600
Belgium
..............................
—
3,320,837
—
3,320,837
Brazil
................................
5,811,939
—
—
5,811,939
Canada
..............................
6,242,535
—
—
6,242,535
China
...............................
—
2,513,064
—
2,513,064
Denmark
.............................
—
1,215,537
—
1,215,537
Finland
..............................
2,532,280
870,349
—
3,402,629
France
...............................
—
1,022,242
—
1,022,242
Germany
.............................
1,622,310
9,722,170
—
11,344,480
Greece
..............................
852,223
—
—
852,223
Hong
Kong
...........................
—
5,860,058
—
5,860,058
India
................................
—
1,785,868
—
1,785,868
Israel
................................
1,893,486
—
—
1,893,486
Italy
.................................
3,542,062
13,367,424
—
16,909,486
Japan
...............................
1,659,201
34,197,192
—
35,856,393
New
Zealand
..........................
—
1,338,825
—
1,338,825
Norway
..............................
—
2,092,843
—
2,092,843
Philippines
............................
4,409,145
—
—
4,409,145
Portugal
..............................
993,704
—
—
993,704
South
Korea
..........................
—
7,539,864
—
7,539,864
Sweden
..............................
1,442,657
5,658,560
—
7,101,217
Switzerland
...........................
2,902,139
5,332,115
—
8,234,254
Taiwan
...............................
—
13,023,111
—
13,023,111
Thailand
.............................
—
2,381,500
—
2,381,500
United
Kingdom
........................
9,730,469
6,886,224
—
16,616,693
United
States
..........................
2,115,902
—
—
2,115,902
Short
Term
Investments
...................
1,772,131
—
—
1,772,131
Total
Investments
in
Securities
...........
$55,407,606
$118,127,783
a
$—
$173,535,389
International
Equity
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Belgium
..............................
—
1,508,144
—
1,508,144
Chile
................................
—
2,187,196
—
2,187,196
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Level
1
Level
2
Level
3
Total
International
Equity
Series
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
China
...............................
$
1,514,618
$
—
$
—
$
1,514,618
Denmark
.............................
—
1,103,033
—
1,103,033
France
...............................
—
10,784,080
—
10,784,080
Germany
.............................
—
11,501,977
—
11,501,977
Hungary
.............................
985,863
—
—
985,863
India
................................
—
1,739,937
—
1,739,937
Ireland
...............................
—
1,920,682
—
1,920,682
Japan
...............................
—
18,325,996
—
18,325,996
Netherlands
...........................
—
6,855,440
—
6,855,440
South
Korea
..........................
—
5,096,586
—
5,096,586
Switzerland
...........................
—
1,481,058
—
1,481,058
Taiwan
...............................
—
2,905,886
—
2,905,886
United
Kingdom
........................
—
22,225,527
—
22,225,527
United
States
..........................
6,406,714
5,647,909
—
12,054,623
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
3,047,656
—
—
3,047,656
Total
Investments
in
Securities
...........
$11,954,851
$93,283,451
c
$—
$105,238,302
Other
Financial
Instruments:
Futures
contracts
........................
$5,607
$—
$—
$5,607
Total
Other
Financial
Instruments
.........
$5,607
$—
$—
$5,607
a
Includes
foreign
securities
valued
at
$118,127,783,
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
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$93,283,451,
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.
4. Fair
Value
Measurements 
(continued)