NPORT-EX 2 TIF.htm PART F
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Schedules
of
Investments
(unaudited)
Foreign
Smaller
Companies
Series
2
International
Equity
Series
5
Notes
to
Schedules
of
Investments
8
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited),
March
31,
2026
Foreign
Smaller
Companies
Series
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Industry
Shares
a
Value
a
Common
Stocks
98.1%
Austria
2.6%
DO
&
CO
AG
...................
Commercial
Services
&
Supplies
1,267
$
237,243
SBO
AG
.......................
Energy
Equipment
&
Services
5,904
247,336
484,579
Bahamas
1.9%
OneSpaWorld
Holdings
Ltd.
........
Diversified
Consumer
Services
15,989
366,947
Brazil
3.3%
Arcos
Dorados
Holdings,
Inc.
,
A
.....
Hotels,
Restaurants
&
Leisure
39,543
326,230
a
Dexco
SA
......................
Paper
&
Forest
Products
331,144
301,107
627,337
Canada
5.2%
a
Athabasca
Oil
Corp.
..............
Oil,
Gas
&
Consumable
Fuels
54,100
437,513
Canaccord
Genuity
Group,
Inc.
......
Capital
Markets
63,600
544,516
982,029
China
1.6%
b
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
538,000
295,639
France
1.9%
Mersen
SA
.....................
Electrical
Equipment
13,792
360,355
Germany
3.4%
Jenoptik
AG
....................
Electronic
Equipment,
Instruments
&
Components
8,294
278,983
a,b
Montana
Aerospace
AG
,
144A
,
Reg
S
.
Aerospace
&
Defense
10,939
359,073
638,056
Hong
Kong
4.9%
Luk
Fook
Holdings
International
Ltd.
..
Specialty
Retail
82,000
243,034
Techtronic
Industries
Co.
Ltd.
.......
Machinery
29,000
385,127
VTech
Holdings
Ltd.
..............
Communications
Equipment
40,300
305,146
933,307
Indonesia
1.6%
Avia
Avian
Tbk.
PT
...............
Chemicals
13,723,300
296,430
Ireland
1.9%
Uniphar
plc
.....................
Health
Care
Providers
&
Services
80,878
360,922
Israel
1.3%
a
Nayax
Ltd.
.....................
Electronic
Equipment,
Instruments
&
Components
4,318
243,525
Italy
8.5%
b
Carel
Industries
SpA
,
144A
,
Reg
S
...
Building
Products
6,729
171,499
c
Ferretti
SpA
....................
Leisure
Products
88,656
414,459
Interpump
Group
SpA
.............
Machinery
6,654
254,055
LU-VE
SpA
.....................
Building
Products
3,203
145,681
c
Sanlorenzo
SpA
.................
Leisure
Products
5,596
201,344
b
Technogym
SpA
,
144A
,
Reg
S
......
Leisure
Products
20,955
423,283
1,610,321
Japan
16.5%
Aica
Kogyo
Co.
Ltd.
..............
Chemicals
10,400
238,544
Anicom
Holdings,
Inc.
.............
Insurance
34,000
298,775
Asics
Corp.
.....................
Textiles,
Apparel
&
Luxury
Goods
10,200
274,228
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)
Japan
(continued)
IDOM,
Inc.
.....................
Specialty
Retail
23,800
$
190,967
Kaneka
Corp.
...................
Chemicals
10,500
321,398
Morinaga
&
Co.
Ltd.
..............
Food
Products
17,300
295,349
Nichiha
Corp.
...................
Building
Products
12,500
258,281
Nihon
M&A
Center
Holdings,
Inc.
....
Capital
Markets
49,900
202,053
Nissei
ASB
Machine
Co.
Ltd.
........
Machinery
8,100
387,616
Qol
Holdings
Co.
Ltd.
.............
Consumer
Staples
Distribution
&
Retail
13,500
159,597
Raito
Kogyo
Co.
Ltd.
..............
Construction
&
Engineering
11,600
284,870
Roland
Corp.
...................
Leisure
Products
8,400
206,231
3,117,909
Mexico
1.6%
Bolsa
Mexicana
de
Valores
SAB
de
CV
Capital
Markets
144,800
306,356
New
Zealand
1.5%
Summerset
Group
Holdings
Ltd.
.....
Health
Care
Providers
&
Services
55,247
281,919
Norway
2.3%
TGS
ASA
......................
Energy
Equipment
&
Services
32,416
439,005
Philippines
2.8%
Century
Pacific
Food,
Inc.
..........
Food
Products
576,800
332,313
Puregold
Price
Club,
Inc.
...........
Consumer
Staples
Distribution
&
Retail
303,200
204,629
536,942
Singapore
1.1%
Stoneweg
Europe
Stapled
Trust
.....
Diversified
REITs
121,600
207,851
South
Korea
9.7%
BNK
Financial
Group,
Inc.
..........
Banks
20,486
248,449
iM
Financial
Group
Co.
Ltd.
.........
Banks
14,427
162,417
InBody
Co.
Ltd.
..................
Health
Care
Equipment
&
Supplies
14,121
261,251
ISC
Co.
Ltd.
....................
Semiconductors
&
Semiconductor
Equipment
2,984
479,446
NongShim
Co.
Ltd.
...............
Food
Products
1,067
261,299
Soulbrain
Co.
Ltd.
................
Chemicals
1,733
428,882
1,841,744
Sweden
1.1%
Rvrc
Holding
AB
.................
Specialty
Retail
29,441
206,535
Switzerland
3.2%
b
Medacta
Group
SA
,
144A
,
Reg
S
....
Health
Care
Equipment
&
Supplies
1,780
336,391
a,c
Siegfried
Holding
AG
..............
Life
Sciences
Tools
&
Services
2,900
275,098
611,489
Taiwan
3.3%
Primax
Electronics
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
93,000
206,828
Tripod
Technology
Corp.
...........
Electronic
Equipment,
Instruments
&
Components
39,000
425,995
632,823
Thailand
0.5%
I-TAIL
Corp.
PCL
.................
Food
Products
189,000
90,546
United
Kingdom
13.7%
Coats
Group
plc
.................
Textiles,
Apparel
&
Luxury
Goods
180,551
193,684
Fevertree
Drinks
plc
..............
Beverages
17,915
180,688
Johnson
Service
Group
plc
.........
Commercial
Services
&
Supplies
106,404
179,707
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
Foreign
Smaller
Companies
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
11
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
Kingdom
(continued)
Man
Group
plc
..................
Capital
Markets
140,298
$
472,316
Oxford
Instruments
plc
............
Electronic
Equipment,
Instruments
&
Components
7,298
231,831
Rathbones
Group
plc
.............
Capital
Markets
15,794
420,324
Savills
plc
......................
Real
Estate
Management
&
Development
28,650
312,470
Vesuvius
plc
....................
Machinery
48,011
252,410
a,b
Watches
of
Switzerland
Group
plc
,
144A
Specialty
Retail
58,204
348,930
2,592,360
United
States
2.7%
Axis
Capital
Holdings
Ltd.
..........
Insurance
1,627
164,994
a,c
IMAX
Corp.
.....................
Entertainment
9,071
344,789
509,783
Total
Common
Stocks
(Cost
$
12,898,902
)
......................................
18,574,709
Short
Term
Investments
1.9%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.0%
†
United
States
0.0%
†
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
......
632
632
Total
Money
Market
Funds
(Cost
$
632
)
.........................................
632
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.9%
Money
Market
Funds
1.9%
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
......
360,750
360,750
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
360,750
)
...................................................................
360,750
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
361,382
)
..................................
361,382
a
a
a
Total
Investments
(Cost
$
13,260,284
)
100.0
%
...................................
$18,936,091
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(10,783)
Net
Assets
100.0%
...........................................................
$18,925,308
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
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,
2026,
the
aggregate
value
of
these
securities
was
$1,934,815,
representing
10.2%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2026.
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,
2026
International
Equity
Series
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Industry
Shares
a
Value
a
Common
Stocks
92.6%
Canada
3.6%
Manulife
Financial
Corp.
...........
Insurance
27,500
$
947,308
Royal
Bank
of
Canada
............
Banks
8,000
1,293,250
2,240,558
China
5.9%
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
59,800
937,334
BYD
Co.
Ltd.
,
H
.................
Automobiles
70,000
956,994
JD.com,
Inc.
,
ADR
................
Broadline
Retail
33,239
982,877
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
12,600
794,712
3,671,917
Denmark
0.8%
Novo
Nordisk
A/S
,
B
..............
Pharmaceuticals
13,589
497,283
France
6.3%
Cie
de
Saint-Gobain
SA
...........
Building
Products
11,164
924,317
LVMH
Moet
Hennessy
Louis
Vuitton
SE
Textiles,
Apparel
&
Luxury
Goods
1,412
771,869
Veolia
Environnement
SA
..........
Multi-Utilities
29,716
1,131,764
Vinci
SA
.......................
Construction
&
Engineering
7,124
1,069,307
3,897,257
Germany
7.1%
adidas
AG
......................
Textiles,
Apparel
&
Luxury
Goods
5,933
960,296
Daimler
Truck
Holding
AG
..........
Machinery
17,978
885,341
Deutsche
Telekom
AG
.............
Diversified
Telecommunication
Services
28,181
1,051,807
Infineon
Technologies
AG
..........
Semiconductors
&
Semiconductor
Equipment
20,057
909,909
Siemens
Energy
AG
..............
Electrical
Equipment
3,513
605,815
4,413,168
Hong
Kong
1.9%
AIA
Group
Ltd.
..................
Insurance
103,800
1,153,356
India
4.8%
HDFC
Bank
Ltd.
.................
Banks
172,973
1,354,905
a
Hemisphere
Properties
India
Ltd.
....
Real
Estate
Management
&
Development
1,375,460
1,641,895
2,996,800
Japan
10.9%
Daiwa
Securities
Group,
Inc.
........
Capital
Markets
86,100
815,831
Ebara
Corp.
....................
Machinery
47,700
1,350,298
Japan
Post
Bank
Co.
Ltd.
..........
Banks
58,000
945,993
Mitsubishi
Electric
Corp.
...........
Electrical
Equipment
47,058
1,539,131
Mizuho
Financial
Group,
Inc.
........
Banks
16,300
659,885
Toyota
Motor
Corp.
,
ADR
..........
Automobiles
6,800
1,401,412
6,712,550
Netherlands
7.9%
Akzo
Nobel
NV
..................
Chemicals
15,383
884,297
b
Euronext
NV
,
144A
,
Reg
S
.........
Capital
Markets
7,799
1,252,378
Heineken
NV
...................
Beverages
15,266
1,174,235
ING
Groep
NV
..................
Banks
59,996
1,557,297
4,868,207
Norway
2.1%
Norsk
Hydro
ASA
................
Metals
&
Mining
120,010
1,279,114
Portugal
1.1%
Galp
Energia
SGPS
SA
,
B
.........
Oil,
Gas
&
Consumable
Fuels
27,967
670,581
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
International
Equity
Series
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
South
Korea
3.6%
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
18,973
$
2,219,109
Sweden
1.4%
Securitas
AB
,
B
..................
Commercial
Services
&
Supplies
50,434
844,665
Switzerland
1.8%
UBS
Group
AG
..................
Capital
Markets
29,052
1,135,062
Taiwan
3.7%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
39,298
2,272,781
United
Kingdom
15.5%
AstraZeneca
plc
.................
Pharmaceuticals
14,077
2,752,616
Barratt
Redrow
plc
...............
Household
Durables
156,908
545,739
Diageo
plc
,
ADR
.................
Beverages
7,600
565,820
JD
Sports
Fashion
plc
.............
Specialty
Retail
706,727
670,302
Lloyds
Banking
Group
plc
..........
Banks
477,290
591,570
SSE
plc
.......................
Electric
Utilities
58,631
2,026,792
Standard
Chartered
plc
............
Banks
56,437
1,176,139
Unilever
plc
.....................
Personal
Care
Products
23,080
1,267,078
9,596,056
United
States
14.2%
BP
plc
.........................
Oil,
Gas
&
Consumable
Fuels
280,646
2,196,561
CNH
Industrial
NV
................
Machinery
89,733
987,063
CRH
plc
.......................
Construction
Materials
12,228
1,279,300
Sanofi
SA
......................
Pharmaceuticals
15,875
1,533,046
Shell
plc
.......................
Oil,
Gas
&
Consumable
Fuels
37,071
1,716,945
Smurfit
Westrock
plc
..............
Containers
&
Packaging
26,232
1,050,802
8,763,717
Total
Common
Stocks
(Cost
$
40,695,938
)
......................................
57,232,181
Short
Term
Investments
0.6%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.6%
United
States
0.6%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.578
%
......
366,673
366,673
Total
Money
Market
Funds
(Cost
$
366,673
)
.....................................
366,673
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
366,673
)
..................................
366,673
a
a
a
Total
Investments
(Cost
$
41,062,611
)
93.2
%
....................................
$57,598,854
Other
Assets,
less
Liabilities
6.8
%
.............................................
4,210,804
Net
Assets
100.0%
...........................................................
$61,809,658
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,
2026,
the
value
of
this
security
was
$1,252,378,
representing
2.0%
of
net
assets.
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.
Templeton
Institutional
Funds
Schedule
of
Investments
(unaudited)
International
Equity
Series
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
At
March
31,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
27
$
3,916,485
6/19/26
$
11,291
Total
Futures
Contracts
......................................................................
$11,291
*
As
of
period
end.
See
Abbreviations
on
page
11
.
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
8
Quarterly
Schedules
of
Investments
1.
Organization
Templeton
Institutional
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of two
separate
funds
(Funds).
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. 
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
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,
2026,
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.
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
9
Quarterly
Schedules
of
Investments
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,
2026,
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
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$—
$40,444
$(39,812)
$—
$—
$632
632
$4
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$—
$1,141,375
$(780,625)
$—
$—
$360,750
360,750
$2,480
Total
Affiliated
Securities
...
$—
$1,181,819
$(820,437)
$—
$—
$361,382
$2,484
International
Equity
Series
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$695,616
$7,205,775
$(7,534,718)
$—
$—
$366,673
366,673
$11,888
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.578%
............
$2,933,669
$3,862,203
$(6,795,872)
$—
$—
$—
—
$8,530
Total
Affiliated
Securities
...
$3,629,285
$11,067,978
$(14,330,590)
$—
$—
$366,673
$20,418
2. Financial
Instrument
Valuation
(continued)
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
10
Quarterly
Schedules
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,
2026,
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:
a
Common
Stocks
:
Austria
...............................
$
237,243
$
247,336
$
—
$
484,579
Bahamas
.............................
366,947
—
—
366,947
Brazil
................................
627,337
—
—
627,337
Canada
..............................
982,029
—
—
982,029
China
...............................
—
295,639
—
295,639
France
...............................
—
360,355
—
360,355
Germany
.............................
—
638,056
—
638,056
Hong
Kong
...........................
243,034
690,273
—
933,307
Indonesia
............................
—
296,430
—
296,430
Ireland
...............................
—
360,922
—
360,922
Israel
................................
—
243,525
—
243,525
Italy
.................................
317,180
1,293,141
—
1,610,321
Japan
...............................
—
3,117,909
—
3,117,909
Mexico
..............................
306,356
—
—
306,356
New
Zealand
..........................
281,919
—
—
281,919
Norway
..............................
—
439,005
—
439,005
Philippines
............................
536,942
—
—
536,942
Singapore
............................
—
207,851
—
207,851
South
Korea
..........................
—
1,841,744
—
1,841,744
Sweden
..............................
—
206,535
—
206,535
Switzerland
...........................
—
611,489
—
611,489
Taiwan
...............................
—
632,823
—
632,823
Thailand
.............................
90,546
—
—
90,546
United
Kingdom
........................
1,157,106
1,435,254
—
2,592,360
United
States
..........................
509,783
—
—
509,783
Short
Term
Investments
...................
361,382
—
—
361,382
Total
Investments
in
Securities
...........
$6,017,804
$12,918,287
b
$—
$18,936,091
International
Equity
Series
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Canada
..............................
2,240,558
—
—
2,240,558
China
...............................
982,877
2,689,040
—
3,671,917
Denmark
.............................
—
497,283
—
497,283
France
...............................
—
3,897,257
—
3,897,257
Templeton
Institutional
Funds
Notes
to
Schedules
of
Investments
(unaudited)
11
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:
a
(continued)
Common
Stocks:
(continued)
Germany
.............................
$
—
$
4,413,168
$
—
$
4,413,168
Hong
Kong
...........................
—
1,153,356
—
1,153,356
India
................................
—
2,996,800
—
2,996,800
Japan
...............................
1,401,412
5,311,138
—
6,712,550
Netherlands
...........................
—
4,868,207
—
4,868,207
Norway
..............................
—
1,279,114
—
1,279,114
Portugal
..............................
—
670,581
—
670,581
South
Korea
..........................
—
2,219,109
—
2,219,109
Sweden
..............................
—
844,665
—
844,665
Switzerland
...........................
1,135,062
—
—
1,135,062
Taiwan
...............................
—
2,272,781
—
2,272,781
United
Kingdom
........................
565,820
9,030,236
—
9,596,056
United
States
..........................
987,063
7,776,654
—
8,763,717
Short
Term
Investments
...................
366,673
—
—
366,673
Total
Investments
in
Securities
...........
$7,679,465
$49,919,389
c
$—
$57,598,854
Other
Financial
Instruments:
Futures
Contracts
.......................
$11,291
$—
$—
$11,291
Total
Other
Financial
Instruments
.........
$11,291
$—
$—
$11,291
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$12,918,287,
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.
c
Includes
foreign
securities
valued
at
$49,919,389,
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.