Templeton Institutional Funds NPORT-P Foreign Smaller Companies Series (Mar 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

ZTIF-Q1PH

1

Schedules

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

2

International

Equity

Series

7

Notes

to

Schedules

of

Investments

10

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

March

31,

2022

Foreign

Smaller

Companies

Series

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.2%

Austria

1.4%

AT&S

Austria

Technologie

&

Systemtechnik

AG

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

Electronic

Equipment,

Instruments

&

Components

88,251

$

4,898,073

a,b

DO

&

CO

AG

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

Commercial

Services

&

Supplies

44,748

3,763,210

8,661,283

Bahamas

1.2%

a

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

736,605

7,513,371

Belgium

3.6%

Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

376,877

8,292,083

Fagron

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

Health

Care

Providers

&

Services

397,990

7,252,236

a

Kinepolis

Group

NV

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

Entertainment

106,317

6,430,209

21,974,528

Brazil

2.1%

a

Camil

Alimentos

SA

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

Food

Products

3,066,500

6,214,334

a

M

Dias

Branco

SA

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

Food

Products

1,264,700

6,538,827

12,753,161

Canada

3.7%

a,b

Canada

Goose

Holdings,

Inc.

.......

Textiles,

Apparel

&

Luxury

Goods

126,300

3,318,500

Canadian

Western

Bank

...........

Banks

374,860

10,895,751

Computer

Modelling

Group

Ltd.

......

Energy

Equipment

&

Services

1,061,104

4,549,104

North

West

Co.,

Inc.

(The)

..........

Food

&

Staples

Retailing

123,700

3,789,410

22,552,765

China

3.2%

Greatview

Aseptic

Packaging

Co.

Ltd.

.

Containers

&

Packaging

5,478,200

1,546,971

c

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

1,592,500

1,889,710

b,c

Shanghai

Haohai

Biological

Technology

Co.

Ltd.,

H,

144A,

Reg

S

.........

Biotechnology

564,000

2,825,423

c

Viva

Biotech

Holdings,

144A,

Reg

S

..

Life

Sciences

Tools

&

Services

8,997,000

3,529,566

a,c

Xiabuxiabu

Catering

Management

China

Holdings

Co.

Ltd.,

144A,

Reg

S

....

Hotels,

Restaurants

&

Leisure

2,795,500

1,401,107

b

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

5,750,040

8,592,798

19,785,575

Denmark

0.6%

Matas

A/S

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

Specialty

Retail

252,675

3,619,253

Finland

2.8%

Anora

Group

OYJ

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

Beverages

565,737

5,508,196

Fiskars

OYJ

Abp

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

Household

Durables

190,477

4,517,407

Huhtamaki

OYJ

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

Containers

&

Packaging

210,874

7,336,946

17,362,549

France

0.5%

a

Beneteau

SA

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

Leisure

Products

204,756

3,206,208

Germany

5.7%

Adesso

SE

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

IT

Services

16,527

3,383,441

a,b

flatexDEGIRO

AG

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

Capital

Markets

181,562

3,654,949

Gerresheimer

AG

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

Life

Sciences

Tools

&

Services

29,500

2,155,181

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

241,995

7,281,857

a,c

Montana

Aerospace

AG,

144A,

Reg

S

.

Aerospace

&

Defense

240,514

4,230,717

Rational

AG

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

Machinery

8,080

5,565,632

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)

Germany

(continued)

Stabilus

SA

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

Machinery

127,011

$

6,304,290

a,b

VIA

Optronics

AG,

ADR

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

Electronic

Equipment,

Instruments

&

Components

280,400

2,243,200

34,819,267

Greece

0.7%

JUMBO

SA

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

Specialty

Retail

296,860

4,423,593

Hong

Kong

2.4%

Johnson

Electric

Holdings

Ltd.

......

Auto

Components

620,001

853,307

Techtronic

Industries

Co.

Ltd.

.......

Machinery

133,000

2,130,869

Value

Partners

Group

Ltd.

..........

Capital

Markets

11,218,000

4,787,416

VTech

Holdings

Ltd.

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

Communications

Equipment

944,800

6,858,435

14,630,027

Indonesia

0.8%

XL

Axiata

Tbk.

PT

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

Wireless

Telecommunication

Services

25,608,700

4,710,804

Israel

2.0%

Max

Stock

Ltd.

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

Multiline

Retail

1,340,121

3,564,513

a

RADA

Electronic

Industries

Ltd.

......

Aerospace

&

Defense

635,800

8,856,694

12,421,207

Italy

6.6%

a

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

77,568

4,513,212

Interpump

Group

SpA

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

Machinery

190,678

9,556,108

MARR

SpA

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

Food

&

Staples

Retailing

295,251

4,878,732

Sanlorenzo

SpA

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

Leisure

Products

297,063

12,026,570

c

Technogym

SpA,

144A,

Reg

S

......

Leisure

Products

1,192,656

9,404,131

40,378,753

Japan

18.3%

Anicom

Holdings,

Inc.

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

Insurance

705,200

3,736,566

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

447,400

8,634,465

Bunka

Shutter

Co.

Ltd.

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

Building

Products

401,600

3,229,344

Dowa

Holdings

Co.

Ltd.

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

Metals

&

Mining

79,000

3,610,913

en

Japan,

Inc.

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

Professional

Services

165,900

3,978,236

Fuji

Oil

Holdings,

Inc.

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

Food

Products

324,400

5,261,048

Glory

Ltd.

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

Machinery

270,200

4,566,782

Hosokawa

Micron

Corp.

...........

Machinery

149,500

3,262,230

Idec

Corp.

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

Electrical

Equipment

235,300

4,913,062

IDOM,

Inc.

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

Specialty

Retail

849,000

5,049,336

Meitec

Corp.

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

Professional

Services

180,900

9,800,854

Morinaga

&

Co.

Ltd.

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

Food

Products

62,100

1,935,655

Nichiha

Corp.

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

Building

Products

303,900

6,215,452

Nihon

Parkerizing

Co.

Ltd.

..........

Chemicals

305,200

2,314,318

Nissei

ASB

Machine

Co.

Ltd.

........

Machinery

178,200

4,514,511

Qol

Holdings

Co.

Ltd.

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

Food

&

Staples

Retailing

522,900

4,971,567

Shima

Seiki

Manufacturing

Ltd.

......

Machinery

459,400

6,986,349

Square

Enix

Holdings

Co.

Ltd.

.......

Entertainment

58,700

2,600,651

TechnoPro

Holdings,

Inc.

..........

Professional

Services

323,000

8,726,839

Topcon

Corp.

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

Electronic

Equipment,

Instruments

&

Components

406,700

5,153,078

Tsubakimoto

Chain

Co.

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

Machinery

128,300

3,193,297

Tsumura

&

Co.

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

Pharmaceuticals

373,800

9,774,034

112,428,587

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)

Netherlands

3.0%

a

Accell

Group

NV

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

Leisure

Products

55,404

$

3,509,176

c

Flow

Traders,

144A,

Reg

S

.........

Capital

Markets

235,894

8,008,463

a,c

Intertrust

NV,

144A,

Reg

S

.........

Professional

Services

305,885

6,648,551

18,166,190

Norway

2.0%

a,b

PhotoCure

ASA

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

Pharmaceuticals

441,918

5,905,348

TGS

ASA

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

Energy

Equipment

&

Services

452,729

6,728,056

12,633,404

Philippines

0.8%

Century

Pacific

Food,

Inc.

..........

Food

Products

11,227,200

5,099,327

South

Korea

2.4%

BNK

Financial

Group,

Inc.

..........

Banks

703,065

4,566,827

DGB

Financial

Group,

Inc.

..........

Banks

943,393

7,194,634

Kyung

Dong

Navien

Co.

Ltd.

........

Building

Products

73,113

2,753,360

14,514,821

Spain

0.6%

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

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

Machinery

113,180

3,730,761

Sweden

4.4%

Cloetta

AB,

B

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

Food

Products

494,430

1,348,756

c

Dometic

Group

AB,

144A

..........

Auto

Components

717,546

6,173,016

a

Electrolux

Professional

AB,

B

.......

Machinery

770,413

4,734,629

Granges

AB

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

Metals

&

Mining

706,193

6,921,746

c

Thule

Group

AB,

144A,

Reg

S

.......

Leisure

Products

191,923

7,595,567

26,773,714

Switzerland

4.2%

Bucher

Industries

AG

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

Machinery

20,759

8,390,981

a

Landis+Gyr

Group

AG

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

Electronic

Equipment,

Instruments

&

Components

84,906

5,370,334

b

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

49,400

3,644,732

a

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

8,691

7,163,701

a

Zur

Rose

Group

AG

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

Food

&

Staples

Retailing

8,469

1,241,861

25,811,609

Taiwan

9.3%

Chicony

Electronics

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

2,660,037

8,297,427

Giant

Manufacturing

Co.

Ltd.

........

Leisure

Products

592,482

5,366,699

Johnson

Health

Tech

Co.

Ltd.

.......

Leisure

Products

1,891,000

3,573,959

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

5,912,000

8,762,319

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

702,000

6,164,591

Nan

Pao

Resins

Chemical

Co.

Ltd.

...

Chemicals

755,000

3,426,486

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

418,000

4,869,847

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

2,445,000

4,414,650

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

1,010,000

2,915,717

Topkey

Corp.

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

Leisure

Products

704,000

3,249,511

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

1,354,000

6,305,705

57,346,911

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Thailand

1.0%

Hana

Microelectronics

PCL

.........

Electronic

Equipment,

Instruments

&

Components

4,061,200

$

5,901,152

United

Kingdom

9.4%

Coats

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

3,760,058

3,769,050

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

197,971

6,358,840

c

Ibstock

plc,

144A,

Reg

S

...........

Construction

Materials

2,360,394

5,417,762

a

Johnson

Service

Group

plc

.........

Commercial

Services

&

Supplies

1,910,765

2,947,688

Man

Group

plc

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

Capital

Markets

3,624,828

11,062,478

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

190,914

5,262,854

Pagegroup

plc

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

Professional

Services

819,908

5,282,600

Rathbones

Group

plc

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

Capital

Markets

306,358

7,969,061

a,c

Watches

of

Switzerland

Group

plc,

144A

Specialty

Retail

628,482

9,340,345

57,410,678

United

States

1.5%

Axis

Capital

Holdings

Ltd.

..........

Insurance

59,230

3,581,638

a

IMAX

Corp.

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

Entertainment

294,200

5,569,206

9,150,844

Total

Common

Stocks

(Cost

$484,143,403)

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

577,780,342

Warrants

a

a

a

a

a

Warrants

0.1%

Bahamas

0.1%

a

OneSpaWorld

Holdings

Ltd.

,

3/19/24

..

Diversified

Consumer

Services

262,784

788,352

Total

Warrants

(Cost

$221,371)

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

788,352

Total

Long

Term

Investments

(Cost

$484,364,774)

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

578,568,694

Short

Term

Investments

2.6%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.5%

United

States

1.5%

d

FHLB,

4/01/22

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

9,300,000

9,300,000

Total

U.S.

Government

and

Agency

Securities

(Cost

$9,300,000)

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

9,300,000

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.1%

Money

Market

Funds

1.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

6,558,610

6,558,610

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$6,558,610)

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

6,558,610

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$15,858,610

)

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

15,858,610

a

a

a

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

See

Abbreviations

on

page

14

.

a

Total

Investments

(Cost

$500,223,384)

96.9%

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

$594,427,304

Other

Assets,

less

Liabilities

3.1%

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

18,921,400

Net

Assets

100.0%

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

$613,348,704

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2022.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2022,

the

aggregate

value

of

these

securities

was

$66,464,358,

representing

10.8%

of

net

assets.

d

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

e

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

March

31,

2022

International

Equity

Series

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

98.6%

Belgium

1.6%

Anheuser-Busch

InBev

SA/NV

......

Beverages

90,384

$

5,404,621

Brazil

2.1%

Wheaton

Precious

Metals

Corp.

.....

Metals

&

Mining

145,981

6,941,468

Canada

2.5%

Barrick

Gold

Corp.

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

Metals

&

Mining

193,600

4,749,008

GFL

Environmental,

Inc.

...........

Commercial

Services

&

Supplies

108,600

3,533,844

8,282,852

China

1.0%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

17,996

3,330,700

France

9.8%

Cie

de

Saint-Gobain

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

Building

Products

55,187

3,284,093

Danone

SA

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

Food

Products

72,840

4,024,446

Eiffage

SA

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

Construction

&

Engineering

55,059

5,651,594

TotalEnergies

SE

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

Oil,

Gas

&

Consumable

Fuels

211,287

10,692,478

Veolia

Environnement

SA

..........

Multi-Utilities

255,663

8,198,558

31,851,169

Germany

15.7%

adidas

AG

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

Textiles,

Apparel

&

Luxury

Goods

15,199

3,542,243

Bayer

AG

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

Pharmaceuticals

59,108

4,043,482

a

Continental

AG

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

Auto

Components

70,213

5,033,988

b

Covestro

AG,

144A,

Reg

S

.........

Chemicals

50,719

2,554,322

Deutsche

Boerse

AG

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

Capital

Markets

33,769

6,079,611

Deutsche

Telekom

AG

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

Diversified

Telecommunication

Services

574,104

10,693,638

E.ON

SE

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

Multi-Utilities

723,182

8,403,176

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

86,420

5,791,861

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

149,667

5,063,927

51,206,248

Hong

Kong

2.1%

AIA

Group

Ltd.

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

Insurance

645,800

6,743,413

Hungary

1.0%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

154,129

3,258,944

Ireland

2.6%

CRH

plc

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

Construction

Materials

110,764

4,418,438

a

ICON

plc

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

Life

Sciences

Tools

&

Services

16,400

3,988,808

8,407,246

Japan

14.0%

Hitachi

Ltd.

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

Industrial

Conglomerates

127,300

6,371,412

Honda

Motor

Co.

Ltd.

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

Automobiles

231,700

6,568,541

Isuzu

Motors

Ltd.

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

Automobiles

515,700

6,662,642

Komatsu

Ltd.

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

Machinery

216,900

5,211,776

Sony

Group

Corp.

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

Household

Durables

70,100

7,212,476

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

110,200

5,583,819

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

258,100

8,153,967

45,764,633

Netherlands

6.1%

ING

Groep

NV

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

Banks

596,018

6,223,829

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

496,879

13,619,853

19,843,682

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

International

Equity

Series

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Singapore

2.2%

United

Overseas

Bank

Ltd.

.........

Banks

301,100

$

7,045,138

South

Korea

5.7%

KB

Financial

Group,

Inc.

...........

Banks

104,409

5,220,907

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

172,907

9,872,628

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

105,132

3,563,396

18,656,931

Spain

1.4%

Red

Electrica

Corp.

SA

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

Electric

Utilities

226,449

4,649,862

Switzerland

3.6%

Adecco

Group

AG

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

Professional

Services

118,203

5,361,873

Roche

Holding

AG

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

Pharmaceuticals

16,373

6,478,171

11,840,044

Taiwan

2.3%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

365,492

7,502,634

Thailand

1.2%

Kasikornbank

PCL

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

Banks

812,400

3,918,617

United

Kingdom

21.6%

AstraZeneca

plc

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

Pharmaceuticals

54,550

7,234,593

BAE

Systems

plc

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

Aerospace

&

Defense

937,160

8,801,966

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

2,447,134

11,997,699

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

182,864

3,935,550

DS

Smith

plc

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

Containers

&

Packaging

1,242,862

5,227,523

a

Informa

plc

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

Media

509,919

3,995,529

a

International

Consolidated

Airlines

Group

SA

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

Airlines

2,186,623

4,056,163

a,b

Just

Eat

Takeaway.com

NV,

144A,

Reg

S

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

Internet

&

Direct

Marketing

Retail

58,920

1,976,321

Lloyds

Banking

Group

plc

..........

Banks

15,928,136

9,700,457

Smith

&

Nephew

plc

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

Health

Care

Equipment

&

Supplies

288,997

4,596,812

Standard

Chartered

plc

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

Banks

889,115

5,902,404

a

WH

Smith

plc

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

Specialty

Retail

163,396

3,052,111

70,477,128

United

States

2.1%

GlaxoSmithKline

plc

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

Pharmaceuticals

310,914

6,727,744

Total

Common

Stocks

(Cost

$258,451,817)

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

321,853,074

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,c

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

2,094,964

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$258,451,817)

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

321,853,074

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

International

Equity

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

At

March

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3

. 

Short

Term

Investments

0.7%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.7%

United

States

0.7%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..........

2,368,683

$

2,368,683

Total

Money

Market

Funds

(Cost

$2,368,683)

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

2,368,683

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$2,368,683

)

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

2,368,683

a

a

a

Total

Investments

(Cost

$260,820,500)

99.3%

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

$324,221,757

Other

Assets,

less

Liabilities

0.7%

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

2,268,140

Net

Assets

100.0%

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

$326,489,897

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,

2022,

the

aggregate

value

of

these

securities

was

$4,530,643,

representing

1.4%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

d

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

EAFE

Index

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

Long

20

$

2,144,400

6/17/22

$

120,884

Total

Futures

Contracts

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

$120,884

*

As

of

period

end.

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

10

Quarterly

Schedule

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)

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

Schedules

of

Investments

(unaudited)

11

Quarterly

Schedule

of

Investments

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

March

31,

2022,

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

(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.

Derivative

Financial

Instruments

Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

Certain

or

all

Funds entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable.

4.

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.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

5.

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.

2. Financial

Instrument

Valuation

(continued)

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedule

of

Investments

6.

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,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

7. 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,

2022,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Foreign

Smaller

Companies

Series

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$9,593,212

$28,546,542

$(31,581,144)

$—

$—

$6,558,610

6,558,610

$39

Total

Affiliated

Securities

...

$9,593,212

$28,546,542

$(31,581,144)

$—

$—

$6,558,610

$39

International

Equity

Series

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$

5,153,549

$

41,261,853

$

(44,046,719)

$

—

$

—

$

2,368,683

2,368,683

$

126

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

—

11,074,075

(11,074,075)

—

—

—

—

17

Total

Affiliated

Securities

...

$5,153,549

$52,335,928

$(55,120,794)

$—

$—

$2,368,683

$143

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

13

Quarterly

Schedule

of

Investments

Level

1

Level

2

Level

3

Total

Foreign

Smaller

Companies

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Austria

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

$

—

$

8,661,283

$

—

$

8,661,283

Bahamas

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

7,513,371

—

—

7,513,371

Belgium

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

—

21,974,528

—

21,974,528

Brazil

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

12,753,161

—

—

12,753,161

Canada

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

22,552,765

—

—

22,552,765

China

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

—

19,785,575

—

19,785,575

Denmark

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

3,619,253

—

—

3,619,253

Finland

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

5,508,196

11,854,353

—

17,362,549

France

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

—

3,206,208

—

3,206,208

Germany

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

2,243,200

32,576,067

—

34,819,267

Greece

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

—

4,423,593

—

4,423,593

Hong

Kong

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

—

14,630,027

—

14,630,027

Indonesia

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

—

4,710,804

—

4,710,804

Israel

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

8,856,694

3,564,513

—

12,421,207

Italy

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

—

40,378,753

—

40,378,753

Japan

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

—

112,428,587

—

112,428,587

Netherlands

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

—

18,166,190

—

18,166,190

Norway

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

—

12,633,404

—

12,633,404

Philippines

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

5,099,327

—

—

5,099,327

South

Korea

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

—

14,514,821

—

14,514,821

Spain

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

—

3,730,761

—

3,730,761

Sweden

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

—

26,773,714

—

26,773,714

Switzerland

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

3,644,732

22,166,877

—

25,811,609

Taiwan

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

—

57,346,911

—

57,346,911

Thailand

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

—

5,901,152

—

5,901,152

United

Kingdom

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

7,969,061

49,441,617

—

57,410,678

United

States

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

9,150,844

—

—

9,150,844

Warrants

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

788,352

—

—

788,352

Short

Term

Investments

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

6,558,610

9,300,000

—

15,858,610

Total

Investments

in

Securities

...........

$96,257,566

$498,169,738

a

$—

$594,427,304

International

Equity

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

—

5,404,621

—

5,404,621

Brazil

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

6,941,468

—

—

6,941,468

Canada

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

8,282,852

—

—

8,282,852

China

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

3,330,700

—

—

3,330,700

France

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

—

31,851,169

—

31,851,169

Germany

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

—

51,206,248

—

51,206,248

Hong

Kong

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

—

6,743,413

—

6,743,413

Hungary

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

3,258,944

—

—

3,258,944

Ireland

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

3,988,808

4,418,438

—

8,407,246

Japan

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

—

45,764,633

—

45,764,633

Netherlands

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

—

19,843,682

—

19,843,682

Singapore

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

—

7,045,138

—

7,045,138

South

Korea

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

—

18,656,931

—

18,656,931

Spain

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

—

4,649,862

—

4,649,862

Switzerland

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

—

11,840,044

—

11,840,044

Taiwan

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

—

7,502,634

—

7,502,634

Thailand

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

—

3,918,617

—

3,918,617

United

Kingdom

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

—

70,477,128

—

70,477,128

United

States

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

—

6,727,744

—

6,727,744

7. Fair

Value

Measurements 

(continued)

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

14

Quarterly

Schedule

of

Investments

8.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Schedules 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:

Escrows

and

Litigation

Trusts

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

$

—

$

—

$

—

b

$

—

Short

Term

Investments

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

2,368,683

—

—

2,368,683

Total

Investments

in

Securities

...........

$28,171,455

$296,050,302

c

$—

$324,221,757

Other

Financial

Instruments:

Futures

contracts

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

$

120,88

4

$

—

$

—

$

120,88

4

Total

Other

Financial

Instruments

.........

$120,884

$—

$—

$120,884

a

Includes

foreign

securities

valued

at

$488,869,738,

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

securities

determined

to

have

no

value

at

March

31,

2022.

c

Includes

foreign

securities

valued

at

$296,050,302,

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.

Selected

Portfolio

ADR

American

Depositary

Receipt

FHLB

Federal

Home

Loan

Banks

7. 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.