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,
2025
Foreign
Smaller
Companies
Series
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
96.0%
Australia
0.4%
National
Storage
REIT
............
Specialized
REITs
285,480
$
398,558
Austria
0.5%
a
DO
&
CO
AG
...................
Commercial
Services
&
Supplies
2,592
456,845
Bahamas
1.6%
OneSpaWorld
Holdings
Ltd.
........
Diversified
Consumer
Services
89,243
1,498,390
Belgium
1.9%
Barco
NV
......................
Electronic
Equipment,
Instruments
&
Components
75,943
971,275
b
Kinepolis
Group
NV
..............
Entertainment
22,081
772,889
1,744,164
Brazil
2.3%
Arcos
Dorados
Holdings,
Inc.
,
A
.....
Hotels,
Restaurants
&
Leisure
80,279
647,049
Camil
Alimentos
SA
...............
Food
Products
33,300
22,467
Dexco
SA
......................
Paper
&
Forest
Products
1,029,800
970,888
M
Dias
Branco
SA
................
Food
Products
129,100
514,685
2,155,089
Canada
3.5%
a
Athabasca
Oil
Corp.
..............
Oil,
Gas
&
Consumable
Fuels
219,300
850,348
Canaccord
Genuity
Group,
Inc.
......
Capital
Markets
247,800
1,448,176
Computer
Modelling
Group
Ltd.
......
Software
167,004
935,376
3,233,900
China
0.8%
Xtep
International
Holdings
Ltd.
......
Textiles,
Apparel
&
Luxury
Goods
1,094,163
713,645
Denmark
0.5%
Matas
A/S
......................
Specialty
Retail
24,403
468,313
Finland
1.7%
Fiskars
OYJ
Abp
.................
Household
Durables
29,058
459,995
Huhtamaki
OYJ
..................
Containers
&
Packaging
32,131
1,143,961
1,603,956
France
0.6%
Kaufman
&
Broad
SA
.............
Household
Durables
16,674
581,117
Germany
4.8%
Duerr
AG
......................
Machinery
20,349
514,047
Gerresheimer
AG
................
Life
Sciences
Tools
&
Services
8,849
673,930
Jenoptik
AG
....................
Electronic
Equipment,
Instruments
&
Components
33,623
701,892
a,c
Montana
Aerospace
AG
,
144A
,
Reg
S
.
Aerospace
&
Defense
50,729
975,933
Rational
AG
....................
Machinery
1,448
1,206,410
Stabilus
SE
.....................
Machinery
15,563
408,885
4,481,097
Greece
1.1%
JUMBO
SA
.....................
Specialty
Retail
36,180
991,888
Hong
Kong
3.8%
Luk
Fook
Holdings
International
Ltd.
..
Specialty
Retail
252,000
496,042
Techtronic
Industries
Co.
Ltd.
.......
Machinery
126,500
1,516,011
VTech
Holdings
Ltd.
..............
Communications
Equipment
210,100
1,540,846
3,552,899
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)
India
1.2%
Exide
Industries
Ltd.
..............
Automobile
Components
251,223
$
1,054,865
Indonesia
0.5%
Industri
Jamu
Dan
Farmasi
Sido
Muncul
Tbk.
PT
......................
Personal
Care
Products
12,516,200
422,449
Israel
1.3%
a
Nayax
Ltd.
.....................
Electronic
Equipment,
Instruments
&
Components
36,102
1,222,708
Italy
9.4%
Brunello
Cucinelli
SpA
.............
Textiles,
Apparel
&
Luxury
Goods
11,833
1,359,403
b,c
Carel
Industries
SpA
,
144A
,
Reg
S
...
Building
Products
26,156
476,843
Intercos
SpA
....................
Personal
Care
Products
83,680
1,167,233
Interpump
Group
SpA
.............
Machinery
31,295
1,117,725
LU-VE
SpA
.....................
Building
Products
20,368
622,561
b
Sanlorenzo
SpA
.................
Leisure
Products
38,873
1,215,488
c
Stoneweg
European
Real
Estate
Investment
Trust
,
Reg
S
..........
Diversified
REITs
444,700
720,787
c
Technogym
SpA
,
144A
,
Reg
S
......
Leisure
Products
157,829
2,038,458
8,718,498
Japan
21.2%
Anicom
Holdings,
Inc.
.............
Insurance
121,000
431,515
Asics
Corp.
.....................
Textiles,
Apparel
&
Luxury
Goods
80,100
1,698,727
Bunka
Shutter
Co.
Ltd.
............
Building
Products
56,800
714,223
CKD
Corp.
.....................
Machinery
63,800
874,187
Glory
Ltd.
......................
Machinery
28,100
495,085
Idec
Corp.
......................
Electrical
Equipment
38,200
624,658
IDOM,
Inc.
.....................
Specialty
Retail
124,500
1,001,668
Kaneka
Corp.
...................
Chemicals
48,200
1,230,787
MEITEC
Group
Holdings,
Inc.
.......
Professional
Services
81,600
1,593,005
Morinaga
&
Co.
Ltd.
..............
Food
Products
30,600
511,657
Nichiha
Corp.
...................
Building
Products
63,000
1,254,967
Nissei
ASB
Machine
Co.
Ltd.
........
Machinery
36,400
1,214,427
Pigeon
Corp.
....................
Household
Products
39,900
490,309
Qol
Holdings
Co.
Ltd.
.............
Consumer
Staples
Distribution
&
Retail
58,000
703,865
Raito
Kogyo
Co.
Ltd.
..............
Construction
&
Engineering
26,000
430,199
Roland
Corp.
...................
Leisure
Products
30,400
766,515
Sato
Holdings
Corp.
..............
Commercial
Services
&
Supplies
32,400
458,626
Shima
Seiki
Manufacturing
Ltd.
......
Machinery
87,500
533,056
TechnoPro
Holdings,
Inc.
..........
Professional
Services
64,700
1,432,782
Topcon
Corp.
...................
Electronic
Equipment,
Instruments
&
Components
67,800
1,477,528
Tsumura
&
Co.
..................
Pharmaceuticals
60,000
1,740,235
19,678,021
New
Zealand
1.3%
Summerset
Group
Holdings
Ltd.
.....
Health
Care
Providers
&
Services
184,109
1,179,390
Norway
1.3%
TGS
ASA
......................
Energy
Equipment
&
Services
127,802
1,212,193
Philippines
2.3%
Century
Pacific
Food,
Inc.
..........
Food
Products
1,731,900
1,106,176
Puregold
Price
Club,
Inc.
...........
Consumer
Staples
Distribution
&
Retail
2,122,200
1,042,094
2,148,270
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
0.9%
b
Corticeira
Amorim
SGPS
SA
........
Containers
&
Packaging
95,549
$
827,702
Singapore
1.2%
Digital
Core
REIT
Management
Pte.
Ltd.
Specialized
REITs
2,087,000
1,101,782
South
Korea
3.6%
AMOREPACIFIC
Group
...........
Personal
Care
Products
37,393
510,469
BNK
Financial
Group,
Inc.
..........
Banks
110,671
776,279
DGB
Financial
Group,
Inc.
..........
Banks
125,691
770,549
i-SENS,
Inc.
....................
Health
Care
Equipment
&
Supplies
61,858
636,871
NongShim
Co.
Ltd.
...............
Food
Products
2,224
612,541
3,306,709
Sweden
3.3%
c
Dometic
Group
AB
,
144A
..........
Automobile
Components
124,770
532,693
Electrolux
Professional
AB
,
B
.......
Machinery
146,966
913,804
a
Karnov
Group
AB
................
Interactive
Media
&
Services
67,473
587,953
c
Thule
Group
AB
,
144A
,
Reg
S
.......
Leisure
Products
35,764
1,029,191
3,063,641
Switzerland
5.0%
Bucher
Industries
AG
.............
Machinery
3,402
1,427,846
Logitech
International
SA
..........
Technology
Hardware,
Storage
&
Peripherals
4,690
395,883
c
Medacta
Group
SA
,
144A
,
Reg
S
....
Health
Care
Equipment
&
Supplies
9,355
1,336,580
Siegfried
Holding
AG
..............
Life
Sciences
Tools
&
Services
1,468
1,508,426
4,668,735
Taiwan
6.9%
Giant
Manufacturing
Co.
Ltd.
........
Leisure
Products
104,482
446,783
Johnson
Health
Tech
Co.
Ltd.
.......
Leisure
Products
218,000
1,308,928
King
Yuan
Electronics
Co.
Ltd.
......
Semiconductors
&
Semiconductor
Equipment
158,000
428,789
Merida
Industry
Co.
Ltd.
...........
Leisure
Products
114,000
522,575
Nien
Made
Enterprise
Co.
Ltd.
......
Household
Durables
51,000
612,230
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
304,000
765,398
Shin
Zu
Shing
Co.
Ltd.
............
Machinery
141,000
973,518
Topkey
Corp.
...................
Leisure
Products
87,000
518,673
Tripod
Technology
Corp.
...........
Electronic
Equipment,
Instruments
&
Components
127,000
761,352
6,338,246
Thailand
1.1%
Major
Cineplex
Group
PCL
.........
Entertainment
1,948,900
598,938
Mega
Lifesciences
PCL
............
Pharmaceuticals
489,100
422,888
1,021,826
United
Kingdom
10.4%
Coats
Group
plc
.................
Textiles,
Apparel
&
Luxury
Goods
658,399
675,493
Fevertree
Drinks
plc
..............
Beverages
93,938
986,477
Greggs
plc
.....................
Hotels,
Restaurants
&
Leisure
39,904
900,768
Johnson
Service
Group
plc
.........
Commercial
Services
&
Supplies
365,261
628,472
Man
Group
plc
..................
Capital
Markets
660,973
1,696,300
Oxford
Instruments
plc
............
Electronic
Equipment,
Instruments
&
Components
29,207
655,134
Pagegroup
plc
..................
Professional
Services
239,513
946,603
Rathbones
Group
plc
.............
Capital
Markets
55,653
1,117,167
Savills
plc
......................
Real
Estate
Management
&
Development
67,053
827,180
b
Warpaint
London
plc
..............
Personal
Care
Products
96,750
512,405
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)
a,c
Watches
of
Switzerland
Group
plc
,
144A
Specialty
Retail
127,783
$
689,266
9,635,265
United
States
1.6%
Axis
Capital
Holdings
Ltd.
..........
Insurance
6,807
682,333
a,b
IMAX
Corp.
.....................
Entertainment
29,448
775,955
1,458,288
Total
Common
Stocks
(Cost
$
67,008,724
)
......................................
88,938,449
Short
Term
Investments
2.2%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
2.2%
Canada
2.2%
Royal
Bank
of
Canada
,
4.3
%
,
4/01/25
.
2,000,000
2,000,000
Total
Time
Deposits
(Cost
$
2,000,000
)
.........................................
2,000,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
.........
17,127
17,127
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
17,127
)
....................................................................
17,127
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
2,017,127
)
.................................
2,017,127
a
a
a
Total
Investments
(Cost
$
69,025,851
)
98.2
%
....................................
$90,955,576
Other
Assets,
less
Liabilities
1.8
%
.............................................
1,718,740
Net
Assets
100.0%
...........................................................
$92,674,316
a
a
a
See
Abbreviations
on
page
12
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2025.
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,
2025,
the
aggregate
value
of
these
securities
was
$7,799,751,
representing
8.4%
of
net
assets.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited),
March
31,
2025
International
Equity
Series
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Industry
Shares
a
Value
a
Common
Stocks
95.3%
Canada
4.4%
Manulife
Financial
Corp.
...........
Insurance
32,400
$
1,009,566
Royal
Bank
of
Canada
............
Banks
11,500
1,295,403
2,304,969
Chile
1.5%
Antofagasta
plc
..................
Metals
&
Mining
34,712
755,734
China
6.3%
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
80,600
1,333,606
BYD
Co.
Ltd.
,
H
.................
Automobiles
26,500
1,341,868
NXP
Semiconductors
NV
..........
Semiconductors
&
Semiconductor
Equipment
3,084
586,145
3,261,619
Denmark
1.0%
a,b
Orsted
A/S
,
144A
,
Reg
S
...........
Independent
Power
and
Renewable
Electricity
Producers
12,230
534,098
France
7.7%
Cie
de
Saint-Gobain
SA
...........
Building
Products
9,714
967,678
Danone
SA
.....................
Food
Products
9,987
763,858
Kering
SA
......................
Textiles,
Apparel
&
Luxury
Goods
2,622
545,482
TotalEnergies
SE
................
Oil,
Gas
&
Consumable
Fuels
12,172
784,278
Veolia
Environnement
SA
..........
Multi-Utilities
27,871
958,535
4,019,831
Germany
13.0%
Daimler
Truck
Holding
AG
..........
Machinery
17,534
710,295
Deutsche
Boerse
AG
..............
Capital
Markets
3,674
1,084,049
Deutsche
Telekom
AG
.............
Diversified
Telecommunication
Services
70,912
2,618,070
Fresenius
Medical
Care
AG
.........
Health
Care
Providers
&
Services
11,601
577,266
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
24,312
810,438
SAP
SE
.......................
Software
3,501
938,092
6,738,210
India
1.2%
Reliance
Industries
Ltd.
............
Oil,
Gas
&
Consumable
Fuels
41,145
611,716
Japan
9.8%
Ebara
Corp.
....................
Machinery
57,700
878,227
Hitachi
Ltd.
.....................
Industrial
Conglomerates
17,210
404,081
KDDI
Corp.
.....................
Wireless
Telecommunication
Services
38,682
611,008
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
74,158
1,367,643
Mizuho
Financial
Group,
Inc.
........
Banks
57,100
1,567,037
Tokyo
Electron
Ltd.
...............
Semiconductors
&
Semiconductor
Equipment
1,862
255,341
5,083,337
Netherlands
3.4%
ING
Groep
NV
..................
Banks
63,316
1,240,443
SBM
Offshore
NV
................
Energy
Equipment
&
Services
24,939
531,422
1,771,865
Norway
1.3%
Norsk
Hydro
ASA
................
Metals
&
Mining
119,676
691,846
Portugal
1.4%
Galp
Energia
SGPS
SA
,
B
.........
Oil,
Gas
&
Consumable
Fuels
41,258
722,840
South
Korea
2.5%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
19,097
757,109
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
17,392
$
556,594
1,313,703
Sweden
1.8%
Securitas
AB
,
B
..................
Commercial
Services
&
Supplies
66,269
937,771
Switzerland
1.5%
Adecco
Group
AG
................
Professional
Services
25,884
778,350
Taiwan
2.7%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
49,298
1,388,379
United
Kingdom
16.1%
AstraZeneca
plc
.................
Pharmaceuticals
9,339
1,371,384
BAE
Systems
plc
................
Aerospace
&
Defense
42,113
850,367
Barratt
Redrow
plc
...............
Household
Durables
119,558
657,671
HSBC
Holdings
plc
...............
Banks
56,075
635,693
JD
Sports
Fashion
plc
.............
Specialty
Retail
597,738
528,541
Lloyds
Banking
Group
plc
..........
Banks
1,097,238
1,029,118
Smith
&
Nephew
plc
..............
Health
Care
Equipment
&
Supplies
66,451
934,470
Standard
Chartered
plc
............
Banks
98,818
1,466,397
Unilever
plc
.....................
Personal
Care
Products
15,004
895,245
8,368,886
United
States
19.7%
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
268,725
1,507,938
c
CNH
Industrial
NV
................
Machinery
76,113
934,668
CRH
plc
.......................
Construction
Materials
14,965
1,311,573
GFL
Environmental,
Inc.
...........
Commercial
Services
&
Supplies
15,156
732,186
a
ICON
plc
.......................
Life
Sciences
Tools
&
Services
2,723
476,498
Sanofi
SA
......................
Pharmaceuticals
14,884
1,647,985
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
39,423
1,435,010
Smurfit
WestRock
plc
.............
Containers
&
Packaging
20,234
908,224
Swiss
Re
AG
....................
Insurance
7,587
1,291,147
10,245,229
Total
Common
Stocks
(Cost
$
34,460,351
)
......................................
49,528,383
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,d
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
2,094,964
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
34,460,351
)
................................
49,528,383
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,
2025
,
the
Fund
had
the
following futures
contracts
outstanding.
Short
Term
Investments
2.7%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.7%
United
States
2.7%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
.........
1,409,789
$
1,409,789
Total
Money
Market
Funds
(Cost
$
1,409,789
)
...................................
1,409,789
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
1,409,789
)
.................................
1,409,789
a
a
a
Total
Investments
(Cost
$
35,870,140
)
98.0
%
....................................
$50,938,172
Other
Assets,
less
Liabilities
2.0
%
.............................................
1,039,122
Net
Assets
100.0%
...........................................................
$51,977,294
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,
2025,
the
value
of
this
security
was
$534,098,
representing
1.0%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2025.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
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.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
20
$
2,416,300
6/20/25
$
(
92,343
)
Total
Futures
Contracts
......................................................................
$(92,343)
*
As
of
period
end.
See
Abbreviations
on
page
12
.
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.
Investments
in
time
deposits
are
valued
at
cost,
which
approximates
fair
value.
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
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
March
31,
2025,
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,
2025,
investments
in
affiliated
management
investment
companies
were
as
follows: 
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.)
    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
,
4.052
%
$218,982
$2,679,264
$(2,881,119)
$—
$—
$17,127
17,127
$2,867
Total
Affiliated
Securities
...
$218,982
$2,679,264
$(2,881,119)
$—
$—
$17,127
$2,867
International
Equity
Series
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
$4,241,876
$12,676,993
$(15,509,080)
$—
$—
$1,409,789
1,409,789
$32,620
Total
Affiliated
Securities
...
$4,241,876
$12,676,993
$(15,509,080)
$—
$—
$1,409,789
$32,620
2. Financial
Instrument
Valuation
(continued)
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
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,
2025,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Foreign
Smaller
Companies
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Australia
.............................
$
—
$
398,558
$
—
$
398,558
Austria
...............................
456,845
—
—
456,845
Bahamas
.............................
1,498,390
—
—
1,498,390
Belgium
..............................
—
1,744,164
—
1,744,164
Brazil
................................
2,155,089
—
—
2,155,089
Canada
..............................
3,233,900
—
—
3,233,900
China
...............................
—
713,645
—
713,645
Denmark
.............................
—
468,313
—
468,313
Finland
..............................
459,995
1,143,961
—
1,603,956
France
...............................
—
581,117
—
581,117
Germany
.............................
975,933
3,505,164
—
4,481,097
Greece
..............................
—
991,888
—
991,888
Hong
Kong
...........................
—
3,552,899
—
3,552,899
India
................................
—
1,054,865
—
1,054,865
Indonesia
............................
—
422,449
—
422,449
Israel
................................
—
1,222,708
—
1,222,708
Italy
.................................
1,644,076
7,074,422
—
8,718,498
Japan
...............................
—
19,678,021
—
19,678,021
New
Zealand
..........................
—
1,179,390
—
1,179,390
Norway
..............................
—
1,212,193
—
1,212,193
Philippines
............................
2,148,270
—
—
2,148,270
Portugal
..............................
—
827,702
—
827,702
Singapore
............................
—
1,101,782
—
1,101,782
South
Korea
..........................
—
3,306,709
—
3,306,709
Sweden
..............................
913,804
2,149,837
—
3,063,641
Switzerland
...........................
1,732,463
2,936,272
—
4,668,735
Taiwan
...............................
—
6,338,246
—
6,338,246
Thailand
.............................
—
1,021,826
—
1,021,826
United
Kingdom
........................
3,085,224
6,550,041
—
9,635,265
United
States
..........................
1,458,288
—
—
1,458,288
Short
Term
Investments
...................
17,127
2,000,000
—
2,017,127
Total
Investments
in
Securities
...........
$19,779,404
$71,176,172
a
$—
$90,955,576
International
Equity
Series
Assets:
Investments
in
Securities:
Common
Stocks
:
Canada
..............................
2,304,969
—
—
2,304,969
Chile
................................
—
755,734
—
755,734
China
...............................
586,145
2,675,474
—
3,261,619
Denmark
.............................
—
534,098
—
534,098
France
...............................
—
4,019,831
—
4,019,831
Germany
.............................
—
6,738,210
—
6,738,210
India
................................
—
611,716
—
611,716
Japan
...............................
—
5,083,337
—
5,083,337
Netherlands
...........................
—
1,771,865
—
1,771,865
4. Fair
Value
Measurements
(continued)
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Abbreviations
Level
1
Level
2
Level
3
Total
International
Equity
Series
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Norway
..............................
$
—
$
691,846
$
—
$
691,846
Portugal
..............................
—
722,840
—
722,840
South
Korea
..........................
—
1,313,703
—
1,313,703
Sweden
..............................
—
937,771
—
937,771
Switzerland
...........................
—
778,350
—
778,350
Taiwan
...............................
—
1,388,379
—
1,388,379
United
Kingdom
........................
—
8,368,886
—
8,368,886
United
States
..........................
2,143,352
8,101,877
—
10,245,229
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
1,409,789
—
—
1,409,789
Total
Investments
in
Securities
...........
$6,444,255
$44,493,917
c
$—
$50,938,172
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$
92,343
$
—
$
—
$
92,343
Total
Other
Financial
Instruments
.........
$92,343
$—
$—
$92,343
a
Includes
foreign
securities
valued
at
$69,176,172,
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
$44,493,917,
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.
Index
EAFE
Europe,
Australasia
and
the
Far
East
MSCI
Morgan
Stanley
Capital
International
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
4. 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.