Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

ZTIF-Q3PH

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),

September

30,

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

95.3%

Australia

1.2%

National

Storage

REIT

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

Specialized

REITs

211,476

$

328,562

Austria

1.3%

DO

&

CO

AG

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

Commercial

Services

&

Supplies

1,318

344,140

Bahamas

1.8%

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

22,768

481,316

Belgium

1.6%

Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

14,804

235,523

Kinepolis

Group

NV

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

Entertainment

5,216

196,584

432,107

Brazil

2.4%

Arcos

Dorados

Holdings,

Inc.

,

A

.....

Hotels,

Restaurants

&

Leisure

41,261

278,512

Dexco

SA

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

Paper

&

Forest

Products

321,600

350,468

628,980

Canada

3.8%

a

Athabasca

Oil

Corp.

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

Oil,

Gas

&

Consumable

Fuels

66,000

315,844

Canaccord

Genuity

Group,

Inc.

......

Capital

Markets

63,600

490,813

Computer

Modelling

Group

Ltd.

......

Software

42,804

192,844

999,501

China

0.8%

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

284,196

213,222

Denmark

0.5%

b

Matas

A/S

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

Specialty

Retail

6,909

141,265

Finland

1.6%

Huhtamaki

OYJ

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

Containers

&

Packaging

11,883

412,345

France

1.9%

Kaufman

&

Broad

SA

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

Household

Durables

4,479

156,803

Mersen

SA

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

Electrical

Equipment

11,503

340,920

497,723

Germany

3.8%

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

8,641

175,383

a,c

Montana

Aerospace

AG

,

144A

,

Reg

S

.

Aerospace

&

Defense

14,191

497,005

b

Rational

AG

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

Machinery

447

341,588

1,013,976

Greece

1.2%

JUMBO

SA

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

Specialty

Retail

9,362

321,170

Hong

Kong

4.4%

b

Luk

Fook

Holdings

International

Ltd.

..

Specialty

Retail

109,000

349,140

Techtronic

Industries

Co.

Ltd.

.......

Machinery

32,000

409,063

VTech

Holdings

Ltd.

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

Communications

Equipment

52,100

419,837

1,178,040

India

1.1%

Exide

Industries

Ltd.

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

Automobile

Components

64,401

283,312

Ireland

0.8%

Uniphar

plc

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

Health

Care

Providers

&

Services

47,559

221,031

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)

Israel

1.7%

a

Nayax

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

9,325

$

445,352

Italy

9.0%

b

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

2,762

302,586

c

Carel

Industries

SpA

,

144A

,

Reg

S

...

Building

Products

6,191

162,710

Intercos

SpA

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

Personal

Care

Products

21,807

309,278

Interpump

Group

SpA

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

Machinery

9,201

422,948

LU-VE

SpA

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

Building

Products

4,154

167,860

b

Sanlorenzo

SpA

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

Leisure

Products

10,031

415,078

c

Technogym

SpA

,

144A

,

Reg

S

......

Leisure

Products

36,260

615,744

2,396,204

Japan

16.9%

Aica

Kogyo

Co.

Ltd.

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

Chemicals

5,200

130,816

Anicom

Holdings,

Inc.

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

Insurance

26,600

148,186

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

20,400

533,817

Bunka

Shutter

Co.

Ltd.

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

Building

Products

15,500

238,887

CKD

Corp.

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

Machinery

16,100

298,672

IDOM,

Inc.

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

Specialty

Retail

30,900

219,287

Kaneka

Corp.

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

Chemicals

10,000

284,409

MEITEC

Group

Holdings,

Inc.

.......

Professional

Services

19,900

429,277

Morinaga

&

Co.

Ltd.

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

Food

Products

6,700

118,735

Nichiha

Corp.

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

Building

Products

16,100

299,523

Nihon

M&A

Center

Holdings,

Inc.

....

Capital

Markets

27,800

141,765

Nissei

ASB

Machine

Co.

Ltd.

........

Machinery

10,300

499,528

Pigeon

Corp.

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

Household

Products

20,400

244,960

Qol

Holdings

Co.

Ltd.

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

Consumer

Staples

Distribution

&

Retail

12,300

167,016

Raito

Kogyo

Co.

Ltd.

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

Construction

&

Engineering

8,800

191,853

Roland

Corp.

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

Leisure

Products

6,400

145,909

Tsumura

&

Co.

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

Pharmaceuticals

15,400

377,953

4,470,593

New

Zealand

1.3%

Summerset

Group

Holdings

Ltd.

.....

Health

Care

Providers

&

Services

54,529

337,629

Norway

1.1%

TGS

ASA

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

Energy

Equipment

&

Services

38,180

283,595

Philippines

2.3%

Bloomberry

Resorts

Corp.

..........

Hotels,

Restaurants

&

Leisure

1,952,900

138,918

Century

Pacific

Food,

Inc.

..........

Food

Products

267,900

173,306

Puregold

Price

Club,

Inc.

...........

Consumer

Staples

Distribution

&

Retail

393,500

283,969

596,193

Portugal

0.9%

Corticeira

Amorim

SGPS

SA

........

Containers

&

Packaging

28,902

244,678

Singapore

1.5%

Digital

Core

REIT

Management

Pte.

Ltd.

Specialized

REITs

232,400

110,427

Stoneweg

Europe

Stapled

Trust

.....

Diversified

REITs

158,100

282,138

392,565

South

Korea

5.6%

Amorepacific

Holdings

Corp.

........

Personal

Care

Products

12,704

241,690

BNK

Financial

Group,

Inc.

..........

Banks

24,436

254,290

iM

Financial

Group

Co.

Ltd.

.........

Banks

33,983

333,683

i-SENS,

Inc.

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

Health

Care

Equipment

&

Supplies

15,909

220,528

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)

South

Korea

(continued)

NongShim

Co.

Ltd.

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

Food

Products

1,381

$

425,460

1,475,651

Sweden

3.6%

Electrolux

Professional

AB

,

B

.......

Machinery

40,554

261,445

a

Karnov

Group

AB

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

Interactive

Media

&

Services

21,770

260,821

c

MIPS

AB

,

Reg

S

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

Leisure

Products

5,503

200,103

c

Thule

Group

AB

,

144A

,

Reg

S

.......

Leisure

Products

9,734

239,517

961,886

Switzerland

5.4%

Bucher

Industries

AG

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

Machinery

760

362,416

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

2,161

237,018

c

Medacta

Group

SA

,

144A

,

Reg

S

....

Health

Care

Equipment

&

Supplies

2,428

449,457

a

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

3,761

377,830

1,426,721

Taiwan

6.2%

Johnson

Health

Tech

Co.

Ltd.

.......

Leisure

Products

56,000

321,038

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

17,000

237,648

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

121,000

313,002

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

38,000

326,563

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

46,000

455,265

1,653,516

United

Kingdom

9.9%

Coats

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

170,542

191,318

Fevertree

Drinks

plc

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

Beverages

23,090

272,225

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

6,162

133,368

Johnson

Service

Group

plc

.........

Commercial

Services

&

Supplies

99,989

202,307

Man

Group

plc

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

Capital

Markets

205,011

492,529

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

6,953

173,511

Rathbones

Group

plc

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

Capital

Markets

14,140

348,171

Savills

plc

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

Real

Estate

Management

&

Development

29,993

384,821

Vesuvius

plc

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

Machinery

39,101

196,675

a,c

Watches

of

Switzerland

Group

plc

,

144A

Specialty

Retail

47,944

237,193

2,632,118

United

States

1.7%

Axis

Capital

Holdings

Ltd.

..........

Insurance

2,109

202,042

a,b

IMAX

Corp.

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

Entertainment

7,545

247,099

449,141

Total

Common

Stocks

(Cost

$

15,774,258

)

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

25,262,532

Total

Investments

(Cost

$

15,774,258

)

95.3

%

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

$25,262,532

Other

Assets,

less

Liabilities

4.7

%

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

1,239,998

Net

Assets

100.0%

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

$26,502,530

a

a

a

See

Abbreviations

on

page

12

.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$2,401,729,

representing

9.1%

of

net

assets.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

September

30,

2025

International

Equity

Series

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Industry

Shares

a

Value

a

Common

Stocks

92.9%

Canada

3.9%

Manulife

Financial

Corp.

...........

Insurance

30,600

$

953,378

Royal

Bank

of

Canada

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

Banks

9,500

1,400,187

2,353,565

China

4.7%

Alibaba

Group

Holding

Ltd.

.........

Broadline

Retail

80,900

1,809,257

BYD

Co.

Ltd.

,

H

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

Automobiles

73,500

1,038,899

2,848,156

Denmark

1.2%

Novo

Nordisk

A/S

,

B

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

Pharmaceuticals

12,830

714,396

France

8.0%

BNP

Paribas

SA

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

Banks

17,345

1,586,422

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Textiles,

Apparel

&

Luxury

Goods

1,642

1,010,456

Veolia

Environnement

SA

..........

Multi-Utilities

33,073

1,127,855

Vinci

SA

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

Construction

&

Engineering

7,927

1,101,631

4,826,364

Germany

10.1%

Daimler

Truck

Holding

AG

..........

Machinery

17,891

739,820

Deutsche

Boerse

AG

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

Capital

Markets

3,465

927,896

Deutsche

Telekom

AG

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

Diversified

Telecommunication

Services

58,129

1,980,424

Fresenius

Medical

Care

AG

.........

Health

Care

Providers

&

Services

13,306

703,057

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

22,322

875,696

SAP

SE

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

Software

3,070

822,045

6,048,938

Hong

Kong

1.8%

AIA

Group

Ltd.

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

Insurance

115,800

1,109,823

India

1.9%

HDFC

Bank

Ltd.

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

Banks

109,174

1,169,986

Japan

10.1%

Ebara

Corp.

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

Machinery

69,400

1,581,942

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

63,058

1,619,565

Mizuho

Financial

Group,

Inc.

........

Banks

59,400

1,996,783

Toyota

Motor

Corp.

,

ADR

..........

Automobiles

4,500

859,905

6,058,195

Netherlands

9.2%

Akzo

Nobel

NV

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

Chemicals

17,119

1,221,744

ASM

International

NV

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

Semiconductors

&

Semiconductor

Equipment

1,305

787,110

Heineken

NV

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

Beverages

14,641

1,146,522

ING

Groep

NV

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

Banks

52,939

1,387,836

Universal

Music

Group

NV

.........

Entertainment

33,884

979,162

5,522,374

Norway

1.7%

Norsk

Hydro

ASA

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

Metals

&

Mining

146,325

994,881

Portugal

1.6%

Galp

Energia

SGPS

SA

,

B

.........

Oil,

Gas

&

Consumable

Fuels

50,696

960,677

South

Korea

2.3%

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

22,871

1,371,124

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)

Sweden

1.4%

Securitas

AB

,

B

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

Commercial

Services

&

Supplies

56,130

$

846,052

Switzerland

1.2%

Adecco

Group

AG

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

Professional

Services

25,227

710,711

Taiwan

3.3%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

45,298

1,967,647

United

Kingdom

14.2%

AstraZeneca

plc

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

Pharmaceuticals

13,672

2,094,565

BAE

Systems

plc

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

Aerospace

&

Defense

39,690

1,104,828

Barratt

Redrow

plc

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

Household

Durables

112,675

592,802

JD

Sports

Fashion

plc

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

Specialty

Retail

596,891

768,407

Lloyds

Banking

Group

plc

..........

Banks

531,213

601,113

SSE

plc

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

Electric

Utilities

53,159

1,246,882

Standard

Chartered

plc

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

Banks

45,623

885,431

Unilever

plc

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

Personal

Care

Products

21,166

1,251,094

8,545,122

United

States

16.3%

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

312,352

1,793,417

CNH

Industrial

NV

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

Machinery

71,730

778,271

CRH

plc

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

Construction

Materials

14,106

1,701,868

a

ICON

plc

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

Life

Sciences

Tools

&

Services

4,423

774,025

Sanofi

SA

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

Pharmaceuticals

12,610

1,194,090

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

41,257

1,470,442

Smurfit

WestRock

plc

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

Containers

&

Packaging

24,660

1,042,156

Swiss

Re

AG

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

Insurance

5,739

1,065,887

9,820,156

Total

Common

Stocks

(Cost

$

40,428,550

)

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

55,868,167

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,b

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

2,094,964

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

40,428,550

)

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

55,868,167

Short

Term

Investments

0.8%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.8%

United

States

0.8%

c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

......

483,967

483,967

Total

Money

Market

Funds

(Cost

$

483,967

)

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

483,967

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$

483,967

)

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

483,967

a

a

a

Total

Investments

(Cost

$

40,912,517

)

93.7

%

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

$56,352,134

Other

Assets,

less

Liabilities

6.3

%

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

3,796,631

Net

Assets

100.0%

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

$60,148,765

a

a

a

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

International

Equity

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

At

September

30,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

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

27

$

3,760,155

12/19/25

$

(

11,879

)

Total

Futures

Contracts

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

$(11,879)

*

As

of

period

end.

See

Abbreviations

on

page

12

.

Templeton

Institutional

Funds

9

Quarterly

Schedules

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

Schedules

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

September

30,

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

September

30,

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

    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

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.332

%

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

$218,982

$5,489,617

$(5,708,599)

$—

$—

$—

—

$5,938

Total

Affiliated

Securities

...

$218,982

$5,489,617

$(5,708,599)

$—

$—

$—

$5,938

International

Equity

Series

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

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

$4,241,876

$23,696,265

$(27,454,174)

$—

$—

$483,967

483,967

$59,118

Total

Affiliated

Securities

...

$4,241,876

$23,696,265

$(27,454,174)

$—

$—

$483,967

$59,118

2. Financial

Instrument

Valuation

(continued)

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedules

of

Investments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Foreign

Smaller

Companies

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Australia

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

$

—

$

328,562

$

—

$

328,562

Austria

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

—

344,140

—

344,140

Bahamas

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

481,316

—

—

481,316

Belgium

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

—

432,107

—

432,107

Brazil

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

628,980

—

—

628,980

Canada

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

999,501

—

—

999,501

China

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

—

213,222

—

213,222

Denmark

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

141,265

—

—

141,265

Finland

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

—

412,345

—

412,345

France

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

—

497,723

—

497,723

Germany

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

—

1,013,976

—

1,013,976

Greece

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

321,170

—

—

321,170

Hong

Kong

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

—

1,178,040

—

1,178,040

India

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

—

283,312

—

283,312

Ireland

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

—

221,031

—

221,031

Israel

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

—

445,352

—

445,352

Italy

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

309,278

2,086,926

—

2,396,204

Japan

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

—

4,470,593

—

4,470,593

New

Zealand

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

337,629

—

—

337,629

Norway

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

—

283,595

—

283,595

Philippines

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

596,193

—

—

596,193

Portugal

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

—

244,678

—

244,678

Singapore

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

282,138

110,427

—

392,565

South

Korea

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

—

1,475,651

—

1,475,651

Sweden

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

—

961,886

—

961,886

Switzerland

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

237,018

1,189,703

—

1,426,721

Taiwan

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

—

1,653,516

—

1,653,516

United

Kingdom

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

581,496

2,050,622

—

2,632,118

United

States

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

449,141

—

—

449,141

Total

Investments

in

Securities

...........

$5,365,125

$19,897,407

a

$—

$25,262,532

International

Equity

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Canada

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

2,353,565

—

—

2,353,565

China

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

—

2,848,156

—

2,848,156

Denmark

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

—

714,396

—

714,396

France

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

—

4,826,364

—

4,826,364

Germany

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

—

6,048,938

—

6,048,938

Hong

Kong

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

—

1,109,823

—

1,109,823

4. Fair

Value

Measurements

(continued)

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Abbreviations

Level

1

Level

2

Level

3

Total

International

Equity

Series

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

India

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

$

—

$

1,169,986

$

—

$

1,169,986

Japan

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

859,905

5,198,290

—

6,058,195

Netherlands

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

—

5,522,374

—

5,522,374

Norway

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

—

994,881

—

994,881

Portugal

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

—

960,677

—

960,677

South

Korea

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

—

1,371,124

—

1,371,124

Sweden

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

—

846,052

—

846,052

Switzerland

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

—

710,711

—

710,711

Taiwan

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

—

1,967,647

—

1,967,647

United

Kingdom

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

—

8,545,122

—

8,545,122

United

States

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

1,552,296

8,267,860

—

9,820,156

Escrows

and

Litigation

Trusts

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

—

—

—

b

—

Short

Term

Investments

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

483,967

—

—

483,967

Total

Investments

in

Securities

...........

$5,249,733

$51,102,401

c

$—

$56,352,134

Liabilities:

Other

Financial

Instruments:

Futures

Contracts

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

$

11,879

$

—

$

—

$

11,879

Total

Other

Financial

Instruments

.........

$11,879

$—

$—

$11,879

a

Includes

foreign

securities

valued

at

$19,897,407,

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

$51,102,401,

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

ADR

American

Depositary

Receipt

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.