Templeton Institutional Funds NPORT-P International Equity Series (Sep 2020 report)

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

Foreign

Smaller

Companies

Series

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Industry

Shares

a

Value

a

Common

Stocks

93.6%

Bahamas

1.0%

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

972,905

$

6,323,882

Belgium

2.1%

Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

325,708

6,833,043

Fagron

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

Health

Care

Providers

&

Services

150,237

3,794,065

a

Kinepolis

Group

NV

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

Entertainment

86,611

3,077,717

13,704,825

Brazil

2.4%

a

Camil

Alimentos

SA

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

Food

Products

3,597,100

7,979,111

Grendene

SA

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

Textiles,

Apparel

&

Luxury

Goods

1,915,900

2,616,087

a

M

Dias

Branco

SA

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

Food

Products

855,300

5,201,401

15,796,599

Canada

4.6%

Canaccord

Genuity

Group,

Inc.

......

Capital

Markets

1,153,038

5,879,048

a,b

Canada

Goose

Holdings,

Inc.

.......

Textiles,

Apparel

&

Luxury

Goods

118,000

3,789,787

Canadian

Western

Bank

...........

Banks

376,897

7,599,072

Computer

Modelling

Group

Ltd.

......

Energy

Equipment

&

Services

1,290,704

5,001,151

North

West

Co.,

Inc.

(The)

..........

Food

&

Staples

Retailing

291,900

7,978,644

30,247,702

China

3.1%

a

Goodbaby

International

Holdings

Ltd.

.

Leisure

Products

13,301,100

1,679,799

Greatview

Aseptic

Packaging

Co.

Ltd.

.

Containers

&

Packaging

5,600,200

2,154,049

Hollysys

Automation

Technologies

Ltd.

Electronic

Equipment,

Instruments

&

Components

354,800

3,920,540

c

Shanghai

Haohai

Biological

Technology

Co.

Ltd.,

H,

144A,

Reg

S

.........

Biotechnology

564,000

3,758,292

a,b,c

Xiabuxiabu

Catering

Management

China

Holdings

Co.

Ltd.,

144A,

Reg

S

....

Hotels,

Restaurants

&

Leisure

3,183,000

3,923,952

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

15,239,944

4,536,172

19,972,804

Denmark

0.6%

a

Matas

A/S

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

Specialty

Retail

324,000

3,769,904

a

Finland

2.7%

Fiskars

OYJ

Abp

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

Household

Durables

125,674

1,707,884

Huhtamaki

OYJ

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

Containers

&

Packaging

253,182

12,474,901

Metso

Outotec

OYJ

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

Machinery

453,715

3,161,081

17,343,866

France

3.0%

Beneteau

SA

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

Leisure

Products

369,256

2,973,623

Nexans

SA

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

Electrical

Equipment

110,585

6,387,437

a

Solutions

30

SE

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

IT

Services

470,874

9,882,361

19,243,421

Germany

5.8%

Gerresheimer

AG

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

Life

Sciences

Tools

&

Services

57,929

6,481,472

Grand

City

Properties

SA

..........

Real

Estate

Management

&

Development

271,882

6,564,280

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

224,637

6,021,879

Rational

AG

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

Machinery

11,226

8,803,449

Stabilus

SA

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

Machinery

142,079

8,315,451

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Germany

(continued)

a

VIA

Optronics

AG,

ADR

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

Household

Durables

188,100

$

1,675,971

37,862,502

Greece

0.4%

JUMBO

SA

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

Specialty

Retail

149,364

2,614,549

Hong

Kong

3.7%

Johnson

Electric

Holdings

Ltd.

......

Auto

Components

1,629,741

3,551,523

Techtronic

Industries

Co.

Ltd.

.......

Machinery

973,000

12,936,806

Value

Partners

Group

Ltd.

..........

Capital

Markets

8,132,000

3,490,071

VTech

Holdings

Ltd.

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

Communications

Equipment

621,500

3,876,675

23,855,075

Indonesia

0.6%

XL

Axiata

Tbk

.

PT

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

Wireless

Telecommunication

Services

27,382,900

3,755,018

Israel

0.8%

a

Max

Stock

Ltd.

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

Multiline

Retail

1,514,900

5,284,021

a

Italy

5.5%

a

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

89,696

2,734,210

Interpump

Group

SpA

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

Machinery

331,048

12,274,096

a

MARR

SpA

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

Food

&

Staples

Retailing

269,626

4,331,490

a

Sanlorenzo

SpA

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

Leisure

Products

398,605

7,927,685

a,c

Technogym

SpA

,

144A,

Reg

S

......

Leisure

Products

1,001,481

8,563,308

35,830,789

Japan

23.1%

Anicom

Holdings,

Inc.

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

Insurance

924,800

9,407,966

Asahi

Co.

Ltd.

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

Specialty

Retail

242,300

4,254,010

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

588,000

8,218,862

Bunka

Shutter

Co.

Ltd.

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

Building

Products

410,700

3,249,296

Daibiru

Corp.

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

Real

Estate

Management

&

Development

444,700

5,179,470

Dowa

Holdings

Co.

Ltd.

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

Metals

&

Mining

94,700

2,778,848

en

-japan,

Inc.

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

Professional

Services

141,000

3,567,181

Fuji

Oil

Holdings,

Inc.

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

Food

Products

392,000

12,335,710

Hosokawa

Micron

Corp.

...........

Machinery

81,300

4,220,662

Idec

Corp.

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

Electrical

Equipment

303,500

5,498,147

IDOM,

Inc.

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

Specialty

Retail

940,800

5,674,006

Kobayashi

Pharmaceutical

Co.

Ltd.

...

Personal

Products

33,600

3,245,708

Meitec

Corp.

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

Professional

Services

212,300

10,824,149

Morita

Holdings

Corp.

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

Machinery

226,800

4,423,718

Nichiha

Corp.

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

Building

Products

330,800

9,938,348

Nihon

Parkerizing

Co.

Ltd.

..........

Chemicals

333,700

3,268,168

Nissei

ASB

Machine

Co.

Ltd.

........

Machinery

143,200

5,783,250

Qol

Holdings

Co.

Ltd.

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

Food

&

Staples

Retailing

559,200

6,431,217

Seria

Co.

Ltd.

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

Multiline

Retail

122,900

5,242,880

Shima

Seiki

Manufacturing

Ltd.

......

Machinery

177,600

2,805,723

Square

Enix

Holdings

Co.

Ltd.

.......

Entertainment

144,800

9,580,331

TechnoPro

Holdings,

Inc.

..........

Professional

Services

120,800

7,561,317

Topcon

Corp.

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

Electronic

Equipment,

Instruments

&

Components

174,300

1,600,743

Tsumura

&

Co.

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

Pharmaceuticals

376,500

11,729,922

Zojirushi

Corp.

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

Household

Durables

196,100

3,252,667

150,072,299

Netherlands

4.9%

Aalberts

NV

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

Machinery

90,903

3,268,140

a

Accell

Group

NV

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

Leisure

Products

158,434

4,393,922

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Netherlands

(continued)

a

Arcadis

NV

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

Construction

&

Engineering

239,501

$

5,197,150

c

Flow

Traders,

144A,

Reg

S

.........

Capital

Markets

252,236

10,077,754

c

Intertrust

NV,

144A,

Reg

S

.........

Professional

Services

529,084

9,004,275

31,941,241

Norway

0.5%

a,c

Sbanken

ASA,

144A,

Reg

S

........

Banks

429,148

3,100,476

a

South

Korea

1.3%

BNK

Financial

Group,

Inc.

..........

Banks

768,498

3,335,681

DGB

Financial

Group,

Inc.

..........

Banks

1,045,920

4,916,028

8,251,709

Spain

0.7%

a

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

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

Machinery

131,097

4,525,637

a

Sweden

5.2%

a

Cloetta

AB,

B

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

Food

Products

1,024,180

2,964,508

a,c

Dometic

Group

AB,

144A

..........

Auto

Components

847,389

10,460,114

a

Granges

AB

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

Metals

&

Mining

787,986

7,031,805

c

Thule

Group

AB,

144A,

Reg

S

.......

Leisure

Products

397,936

13,128,916

33,585,343

Switzerland

7.3%

Bucher

Industries

AG

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

Machinery

29,805

11,350,145

a

Landis+Gyr

Group

AG

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

Electronic

Equipment,

Instruments

&

Components

96,860

5,272,657

b

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

145,300

11,233,143

a

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

16,416

11,223,959

Tecan

Group

AG

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

Life

Sciences

Tools

&

Services

10,108

5,025,502

a

Zur

Rose

Group

AG

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

Food

&

Staples

Retailing

15,287

3,643,543

47,748,949

Taiwan

7.6%

Chicony

Electronics

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

3,094,037

9,043,835

Giant

Manufacturing

Co.

Ltd.

........

Leisure

Products

990,482

9,396,828

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

7,020,000

7,448,568

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

1,268,000

10,289,770

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

333,000

3,984,318

Quang

Viet

Enterprise

Co.

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

741,000

2,871,889

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

1,582,000

6,071,374

49,106,582

Thailand

1.2%

Hana

Microelectronics

PCL

.........

Electronic

Equipment,

Instruments

&

Components

5,735,700

7,933,317

United

Kingdom

4.0%

Coats

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

3,482,467

2,506,053

a

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

250,735

3,799,738

Man

Group

plc

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

Capital

Markets

4,738,088

7,023,986

a

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

269,731

5,517,915

Rathbone

Brothers

plc

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

Capital

Markets

148,999

2,959,374

a,c

Watches

of

Switzerland

Group

plc,

144A

Specialty

Retail

993,466

4,307,414

26,114,480

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

See

Abbreviations

on

page

13

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

States

1.5%

Axis

Capital

Holdings

Ltd.

..........

Insurance

85,130

$

3,749,125

a

Livent

Corp.

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

Chemicals

687,900

6,170,463

9,919,588

Total

Common

Stocks

(Cost

$460,931,349)

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

607,904,578

Management

Investment

Companies

1.5%

United

States

1.5%

iShares

MSCI

EAFE

Small-Cap

ETF

..

Capital

Markets

166,949

9,848,322

Total

Management

Investment

Companies

(Cost

$9,100,107)

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

9,848,322

Preferred

Stocks

0.5%

Brazil

0.5%

d

Alpargatas

SA,

0.14%

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

Textiles,

Apparel

&

Luxury

Goods

452,600

3,077,952

Total

Preferred

Stocks

(Cost

$1,166,231)

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

3,077,952

Warrants

a

a

a

a

a

Warrants

0.1%

Bahamas

0.1%

a

OneSpaWorld

Holdings

Ltd.

,

3/19/24

..

Diversified

Consumer

Services

202,835

359,018

Total

Warrants

(Cost

$–)

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

359,018

Total

Long

Term

Investments

(Cost

$471,197,687)

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

621,189,870

Short

Term

Investments

5.2%

a

a

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

4.3%

e

FHLB,

10/01/20

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

27,500,000

27,500,000

Total

U.S.

Government

and

Agency

Securities

(Cost

$27,500,000)

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

27,500,000

Industry

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.9%

Money

Market

Funds

0.9%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

5,963,778

5,963,778

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$5,963,778)

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

5,963,778

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$33,463,778

)

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

33,463,778

a

a

a

a

Total

Investments

(Cost

$504,661,465)

100.9%

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

$654,653,648

Other

Assets,

less

Liabilities

(0.9)%

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

(5,322,980)

Net

Assets

100.0%

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

$649,330,668

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2020.

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,

2020,

the

aggregate

value

of

these

securities

was

$66,324,501,

representing

10.2%

of

net

assets.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

f

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

International

Equity

Series

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.2%

Belgium

1.0%

Anheuser-Busch

InBev

SA/NV

......

Beverages

122,794

$

6,609,875

Brazil

2.2%

Wheaton

Precious

Metals

Corp.

.....

Metals

&

Mining

313,381

15,373,718

Canada

1.9%

Barrick

Gold

Corp.

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

Metals

&

Mining

461,500

12,972,765

China

4.5%

a

Alibaba

Group

Holding

Ltd.

.........

Internet

&

Direct

Marketing

Retail

413,800

15,191,159

Sinopharm

Group

Co.

Ltd.,

H

.......

Health

Care

Providers

&

Services

1,597,576

3,376,023

a

Yum

China

Holdings,

Inc.,

(HKD

Traded)

Hotels,

Restaurants

&

Leisure

100,250

5,148,323

Yum

China

Holdings,

Inc.,

(USD

Traded)

Hotels,

Restaurants

&

Leisure

140,500

7,439,475

31,154,980

Denmark

0.6%

AP

Moller

-

Maersk

A/S,

B

..........

Marine

2,802

4,428,688

France

7.3%

Air

Liquide

SA

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

Chemicals

47,147

7,471,665

Cie

Generale

des

Etablissements

Michelin

SCA

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

Auto

Components

97,987

10,516,424

Sanofi

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

Pharmaceuticals

134,307

13,456,282

TOTAL

SE

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

Oil,

Gas

&

Consumable

Fuels

219,474

7,535,692

Veolia

Environnement

SA

..........

Multi-Utilities

512,367

11,052,512

50,032,575

Germany

16.8%

a

adidas

AG

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

Textiles,

Apparel

&

Luxury

Goods

33,691

10,877,927

Bayer

AG

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

Pharmaceuticals

230,007

14,186,965

b

Covestro

AG,

144A,

Reg

S

.........

Chemicals

315,470

15,640,838

Deutsche

Telekom

AG

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

Diversified

Telecommunication

Services

1,469,955

24,469,600

E.ON

SE

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

Multi-Utilities

1,932,082

21,291,672

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

196,068

16,571,416

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

203,236

5,727,147

Siemens

AG

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

Industrial

Conglomerates

50,444

6,369,169

a

Siemens

Energy

AG

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

Electric

Utilities

25,222

680,000

115,814,734

Hong

Kong

5.4%

AIA

Group

Ltd.

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

Insurance

1,824,200

18,132,843

CK

Asset

Holdings

Ltd.

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

Real

Estate

Management

&

Development

2,240,894

11,011,231

Sun

Hung

Kai

Properties

Ltd.

.......

Real

Estate

Management

&

Development

625,500

8,060,574

37,204,648

India

1.0%

Housing

Development

Finance

Corp.

Ltd.

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

Thrifts

&

Mortgage

Finance

275,050

6,538,036

Italy

0.6%

Eni

SpA

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

Oil,

Gas

&

Consumable

Fuels

570,365

4,457,063

Japan

28.3%

Hitachi

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

523,200

17,710,232

Honda

Motor

Co.

Ltd.

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

Automobiles

558,600

13,261,462

Isuzu

Motors

Ltd.

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

Automobiles

1,253,700

10,961,455

KDDI

Corp.

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

Wireless

Telecommunication

Services

252,700

6,353,991

Kirin

Holdings

Co.

Ltd.

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

Beverages

746,300

14,013,473

Komatsu

Ltd.

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

Machinery

657,900

14,445,383

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited)

International

Equity

Series

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Japan

(continued)

Kyocera

Corp.

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

Electronic

Equipment,

Instruments

&

Components

303,200

$

17,355,255

Matsumotokiyoshi

Holdings

Co.

Ltd.

..

Food

&

Staples

Retailing

295,300

10,764,134

Mitsubishi

Electric

Corp.

...........

Electrical

Equipment

1,072,900

14,554,263

Mitsui

Fudosan

Co.

Ltd.

...........

Real

Estate

Management

&

Development

353,590

6,151,312

Sony

Corp.

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

Household

Durables

221,400

16,963,721

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

381,100

11,816,185

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

423,800

11,846,420

Suntory

Beverage

&

Food

Ltd.

......

Beverages

189,979

7,132,334

Taisei

Corp.

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

Construction

&

Engineering

186,700

6,317,453

Takeda

Pharmaceutical

Co.

Ltd.

.....

Pharmaceuticals

425,528

15,205,295

194,852,368

Netherlands

1.8%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

101,296

12,642,754

Norway

3.0%

Equinor

ASA

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

Oil,

Gas

&

Consumable

Fuels

491,238

6,957,159

Yara

International

ASA

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

Chemicals

356,850

13,726,501

20,683,660

South

Korea

4.8%

KB

Financial

Group,

Inc.

...........

Banks

255,865

8,265,071

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

494,604

24,632,342

32,897,413

Switzerland

2.5%

Adecco

Group

AG

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

Professional

Services

64,235

3,388,462

Roche

Holding

AG

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

Pharmaceuticals

40,199

13,766,052

17,154,514

Taiwan

3.8%

Catcher

Technology

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

1,547,000

9,786,878

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

1,070,492

16,124,608

25,911,486

United

Kingdom

8.7%

BAE

Systems

plc

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

Aerospace

&

Defense

2,747,111

17,061,632

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

1,365,645

3,949,573

Burberry

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

391,038

7,838,354

CK

Hutchison

Holdings

Ltd.

.........

Industrial

Conglomerates

1,402,294

8,497,612

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

215,543

3,237,963

a

Informa

plc

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

Media

692,991

3,358,831

c

International

Consolidated

Airlines

Group

SA

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

Airlines

1,413,458

1,726,355

a

Standard

Chartered

plc

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

Banks

1,651,751

7,600,981

Vodafone

Group

plc

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

Wireless

Telecommunication

Services

4,846,152

6,423,488

59,694,789

Total

Common

Stocks

(Cost

$547,222,747)

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

648,424,066

Templeton

Institutional

Funds

Statement

of

Investments

(unaudited)

International

Equity

Series

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

See

Abbreviations

on

page

13

.

Short

Term

Investments

3.0%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.7%

United

States

2.7%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

18,502,213

$

18,502,213

Total

Money

Market

Funds

(Cost

$18,502,213)

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

18,502,213

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.3%

Money

Market

Funds

0.3%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

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

2,074,424

2,074,424

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$2,074,424)

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

2,074,424

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$20,576,637

)

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

20,576,637

a

a

a

a

Total

Investments

(Cost

$567,799,384)

97.2%

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

$669,000,703

Other

Assets,

less

Liabilities

2.8%

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

19,184,332

Net

Assets

100.0%

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

$688,185,035

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

September

30,

2020,

the

value

of

this

security

was

$15,640,838,

representing

2.3%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2020.

d

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Institutional

Funds

9

Quarterly

Statement

of

Investments

Notes

to

Statements

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)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

Templeton

Institutional

Funds

Notes

to

Statements

of

Investments

(unaudited)

10

Quarterly

Statement

of

Investments

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2020,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

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.

Concentration

of

Risk 

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and changing

local, regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities. 

4.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

5.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2020,

investments

in

affiliated

management

investment

companies

were

as

follows: 

a

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

a

Foreign

Smaller

Companies

Series

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$1,722,366

$52,421,021

$(48,179,609)

$

—

$

—

$

5,963,778

5,963,778

$

5,562

Total

Affiliated

Securities

....

$1,722,366

$52,421,021

$(48,179,609)

$—

$—

$5,963,778

$5,562

International

Equity

Series

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$47,789,147

$730,605,307

$(759,892,241)

$

—

$

—

$

18,502,213

18,502,213

$

90,237

2. Financial

Instrument

Valuation

(continued)

Templeton

Institutional

Funds

Notes

to

Statements

of

Investments

(unaudited)

11

Quarterly

Statement

of

Investments

6. 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

September

30,

2020,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

a

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

International

Equity

Series

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$—

$25,799,865

$(23,725,441)

$

—

$

—

$

2,074,424

2,074,424

$

4,749

Total

Affiliated

Securities

....

$47,789,147

$756,405,172

$(783,617,682)

$—

$—

$20,576,637

$94,986

5.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Templeton

Institutional

Funds

Notes

to

Statements

of

Investments

(unaudited)

12

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Foreign

Smaller

Companies

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Bahamas

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

$

6,323,882

$

—

$

—

$

6,323,882

Belgium

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

—

13,704,825

—

13,704,825

Brazil

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

15,796,599

—

—

15,796,599

Canada

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

30,247,702

—

—

30,247,702

China

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

3,920,540

16,052,264

—

19,972,804

Denmark

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

3,769,904

—

—

3,769,904

Finland

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

—

17,343,866

—

17,343,866

France

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

2,973,623

16,269,798

—

19,243,421

Germany

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

16,960,892

20,901,610

—

37,862,502

Greece

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

—

2,614,549

—

2,614,549

Hong

Kong

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

—

23,855,075

—

23,855,075

Indonesia

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

—

3,755,018

—

3,755,018

Israel

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

5,284,021

—

—

5,284,021

Italy

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

—

35,830,789

—

35,830,789

Japan

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

—

150,072,299

—

150,072,299

Netherlands

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

—

31,941,241

—

31,941,241

Norway

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

—

3,100,476

—

3,100,476

South

Korea

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

—

8,251,709

—

8,251,709

Spain

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

4,525,637

—

—

4,525,637

Sweden

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

—

33,585,343

—

33,585,343

Switzerland

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

11,233,143

36,515,806

—

47,748,949

Taiwan

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

—

49,106,582

—

49,106,582

Thailand

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

—

7,933,317

—

7,933,317

United

Kingdom

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

4,307,414

21,807,066

—

26,114,480

United

States

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

9,919,588

—

—

9,919,588

Management

Investment

Companies

.........

9,848,322

—

—

9,848,322

Preferred

Stocks

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

3,077,952

—

—

3,077,952

Warrants

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

359,018

—

—

359,018

Short

Term

Investments

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

5,963,778

27,500,000

—

33,463,778

Total

Investments

in

Securities

...........

$134,512,015

$520,141,633

$—

$654,653,648

International

Equity

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

—

6,609,875

—

6,609,875

Brazil

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

15,373,718

—

—

15,373,718

Canada

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

12,972,765

—

—

12,972,765

China

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

12,587,798

18,567,182

—

31,154,980

Denmark

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

—

4,428,688

—

4,428,688

France

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

—

50,032,575

—

50,032,575

Germany

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

680,000

115,134,734

—

115,814,734

Hong

Kong

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

—

37,204,648

—

37,204,648

India

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

—

6,538,036

—

6,538,036

Italy

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

—

4,457,063

—

4,457,063

Japan

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

—

194,852,368

—

194,852,368

Netherlands

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

12,642,754

—

—

12,642,754

Norway

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

—

20,683,660

—

20,683,660

South

Korea

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

—

32,897,413

—

32,897,413

Switzerland

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

—

17,154,514

—

17,154,514

Taiwan

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

—

25,911,486

—

25,911,486

United

Kingdom

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

—

59,694,789

—

59,694,789

6. Fair

Value

Measurements 

(continued)

Templeton

Institutional

Funds

Notes

to

Statements

of

Investments

(unaudited)

13

Quarterly

Statement

of

Investments

7.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

International

Equity

Series

(continued)

Assets:

Investments

in

Securities:

Short

Term

Investments

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

$

20,576,637

—

—

$

20,576,637

Total

Investments

in

Securities

...........

$74,833,672

$594,167,031

$—

$669,000,703

Selected

Portfolio

ADR

American

Depositary

Receipt

ETF

Exchange-Traded

Fund

FHLB

Federal

Home

Loan

Banks

6. 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.