Templeton Institutional Funds NPORT-P International Equity Series (Sep 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

ZTIF-Q3PH

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),

September

30,

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

95.8%

Austria

1.3%

AT&S

Austria

Technologie

&

Systemtechnik

AG

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

Electronic

Equipment,

Instruments

&

Components

75,205

$

2,454,719

a,b

DO

&

CO

AG

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

Commercial

Services

&

Supplies

41,919

2,781,166

5,235,885

Bahamas

1.3%

a

OneSpaWorld

Holdings

Ltd.

........

Diversified

Consumer

Services

632,789

5,315,428

Belgium

3.8%

Barco

NV

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

Electronic

Equipment,

Instruments

&

Components

337,535

7,188,185

Fagron

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

Health

Care

Providers

&

Services

338,337

4,156,804

a,b

Kinepolis

Group

NV

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

Entertainment

95,439

3,537,265

14,882,254

Brazil

3.8%

Camil

Alimentos

SA

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

Food

Products

2,678,400

4,712,713

a

M

Dias

Branco

SA

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

Food

Products

974,000

7,911,549

Tres

Tentos

Agroindustrial

SA

.......

Food

Products

1,129,400

2,303,402

14,927,664

Canada

3.5%

a,b

Canada

Goose

Holdings,

Inc.

.......

Textiles,

Apparel

&

Luxury

Goods

113,400

1,725,670

Canadian

Western

Bank

...........

Banks

359,498

5,853,262

Computer

Modelling

Group

Ltd.

......

Energy

Equipment

&

Services

952,904

3,504,490

North

West

Co.,

Inc.

(The)

..........

Food

&

Staples

Retailing

111,100

2,573,003

13,656,425

China

2.4%

c

JNBY

Design

Ltd.,

Reg

S

..........

Textiles,

Apparel

&

Luxury

Goods

1,429,500

1,394,645

b,c

Shanghai

Haohai

Biological

Technology

Co.

Ltd.,

H,

144A,

Reg

S

.........

Biotechnology

506,500

1,621,174

a,b,c

Viva

Biotech

Holdings,

144A,

Reg

S

..

Life

Sciences

Tools

&

Services

8,080,500

1,359,829

b

Xtep

International

Holdings

Ltd.

......

Textiles,

Apparel

&

Luxury

Goods

4,975,344

5,236,790

9,612,438

Denmark

0.5%

Matas

A/S

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

Specialty

Retail

226,944

2,011,551

Finland

3.0%

Anora

Group

OYJ

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

Beverages

507,062

3,365,168

Fiskars

OYJ

Abp

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

Household

Durables

171,080

2,481,097

Huhtamaki

OYJ

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

Containers

&

Packaging

180,896

5,753,307

11,599,572

Germany

6.0%

Adesso

SE

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

IT

Services

25,314

2,545,546

a,b

flatexDEGIRO

AG

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

Capital

Markets

217,519

1,936,388

Gerresheimer

AG

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

Life

Sciences

Tools

&

Services

71,171

3,475,163

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

209,292

4,120,266

a,c

Montana

Aerospace

AG,

144A,

Reg

S

.

Aerospace

&

Defense

258,480

2,696,728

Rational

AG

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

Machinery

7,259

3,515,873

Stabilus

SE

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

Machinery

106,240

4,671,220

a

VIA

Optronics

AG,

ADR

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

Electronic

Equipment,

Instruments

&

Components

227,846

364,554

23,325,738

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)

Greece

0.9%

JUMBO

SA

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

Specialty

Retail

266,629

$

3,550,163

Hong

Kong

2.7%

Techtronic

Industries

Co.

Ltd.

.......

Machinery

383,000

3,654,634

Value

Partners

Group

Ltd.

..........

Capital

Markets

10,074,000

2,380,754

VTech

Holdings

Ltd.

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

Communications

Equipment

812,400

4,657,891

10,693,279

Israel

2.1%

Max

Stock

Ltd.

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

Multiline

Retail

1,220,644

1,772,294

a,d

Nayax

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

60,053

1,423,724

a

RADA

Electronic

Industries

Ltd.

......

Aerospace

&

Defense

507,727

4,889,411

8,085,429

Italy

7.3%

Brunello

Cucinelli

SpA

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

Textiles,

Apparel

&

Luxury

Goods

69,670

3,369,492

Interpump

Group

SpA

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

Machinery

167,396

5,414,200

MARR

SpA

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

Food

&

Staples

Retailing

265,183

2,494,194

Sanlorenzo

SpA

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

Leisure

Products

249,634

8,013,941

a,b

Seco

SpA

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

Technology

Hardware,

Storage

&

Peripherals

673,925

2,621,075

c

Technogym

SpA

,

144A,

Reg

S

......

Leisure

Products

1,046,799

6,522,200

28,435,102

Japan

21.1%

Anicom

Holdings,

Inc.

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

Insurance

633,300

2,483,641

Asics

Corp.

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

Textiles,

Apparel

&

Luxury

Goods

401,800

6,398,418

Bunka

Shutter

Co.

Ltd.

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

Building

Products

360,600

2,554,226

Dowa

Holdings

Co.

Ltd.

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

Metals

&

Mining

55,400

1,986,314

en

Japan,

Inc.

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

Professional

Services

149,000

2,298,609

Fuji

Oil

Holdings,

Inc.

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

Food

Products

284,100

4,724,105

Glory

Ltd.

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

Machinery

161,400

2,368,831

Hosokawa

Micron

Corp.

...........

Machinery

134,300

2,282,624

Idec

Corp.

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

Electrical

Equipment

197,400

4,000,338

IDOM,

Inc.

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

Specialty

Retail

724,500

4,371,861

Meitec

Corp.

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

Professional

Services

447,800

7,084,456

Morinaga

&

Co.

Ltd.

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

Food

Products

55,800

1,526,769

Nichiha

Corp.

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

Building

Products

267,000

5,061,660

Nihon

Parkerizing

Co.

Ltd.

..........

Chemicals

274,000

1,765,300

Nissei

ASB

Machine

Co.

Ltd.

........

Machinery

151,800

3,742,765

Qol

Holdings

Co.

Ltd.

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

Food

&

Staples

Retailing

410,700

3,437,349

Shima

Seiki

Manufacturing

Ltd.

......

Machinery

371,700

5,173,509

Square

Enix

Holdings

Co.

Ltd.

.......

Entertainment

52,800

2,275,509

TechnoPro

Holdings,

Inc.

..........

Professional

Services

274,900

5,855,172

Topcon

Corp.

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

Electronic

Equipment,

Instruments

&

Components

327,300

3,649,844

Tsubakimoto

Chain

Co.

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

Machinery

115,300

2,434,847

Tsumura

&

Co.

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

Pharmaceuticals

320,300

6,837,125

82,313,272

Netherlands

1.0%

c

Flow

Traders,

144A,

Reg

S

.........

Capital

Markets

199,927

3,767,242

Norway

2.0%

a,b

PhotoCure

ASA

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

Pharmaceuticals

359,384

3,005,940

TGS

ASA

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

Energy

Equipment

&

Services

398,182

4,867,838

7,873,778

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)

Philippines

1.0%

Century

Pacific

Food,

Inc.

..........

Food

Products

10,083,800

$

3,861,224

South

Korea

2.8%

BNK

Financial

Group,

Inc.

..........

Banks

631,466

2,615,969

DGB

Financial

Group,

Inc.

..........

Banks

847,319

4,076,091

Hite

Jinro

Co.

Ltd.

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

Beverages

145,184

2,652,198

d

i

-SENS,

Inc.

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

Health

Care

Equipment

&

Supplies

4,250

94,550

Kyung

Dong

Navien

Co.

Ltd.

........

Building

Products

65,668

1,546,028

10,984,836

Spain

0.6%

b

Construcciones

y

Auxiliar

de

Ferrocarriles

SA

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

Machinery

101,654

2,299,184

Sweden

3.4%

c

Dometic

Group

AB,

144A

..........

Auto

Components

610,571

3,131,169

Electrolux

Professional

AB,

B

.......

Machinery

691,954

2,826,585

Granges

AB

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

Metals

&

Mining

620,284

3,977,859

c

Thule

Group

AB,

144A,

Reg

S

.......

Leisure

Products

167,509

3,335,217

13,270,830

Switzerland

4.0%

Bucher

Industries

AG

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

Machinery

17,749

5,537,215

a,b

Landis+Gyr

Group

AG

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

Electronic

Equipment,

Instruments

&

Components

38,306

2,083,754

Logitech

International

SA

..........

Technology

Hardware,

Storage

&

Peripherals

44,403

2,042,538

c

Medacta

Group

SA,

144A,

Reg

S

....

Health

Care

Equipment

&

Supplies

12,598

1,069,943

a

Siegfried

Holding

AG

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

Life

Sciences

Tools

&

Services

6,408

4,737,828

a,b

Zur

Rose

Group

AG

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

Food

&

Staples

Retailing

6,521

192,358

15,663,636

Taiwan

9.6%

Chicony

Electronics

Co.

Ltd.

........

Technology

Hardware,

Storage

&

Peripherals

1,912,037

4,938,008

Giant

Manufacturing

Co.

Ltd.

........

Leisure

Products

383,482

2,463,310

Johnson

Health

Tech

Co.

Ltd.

.......

Leisure

Products

1,698,000

3,925,351

King

Yuan

Electronics

Co.

Ltd.

......

Semiconductors

&

Semiconductor

Equipment

5,036,000

4,856,156

Merida

Industry

Co.

Ltd.

...........

Leisure

Products

630,000

3,553,444

Nan

Pao

Resins

Chemical

Co.

Ltd.

...

Chemicals

677,000

2,959,169

Nien

Made

Enterprise

Co.

Ltd.

......

Household

Durables

354,000

2,788,381

Primax

Electronics

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

1,471,000

2,932,481

Shin

Zu

Shing

Co.

Ltd.

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

Machinery

906,000

2,559,464

Topkey

Corp.

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

Leisure

Products

627,500

3,070,139

Tripod

Technology

Corp.

...........

Electronic

Equipment,

Instruments

&

Components

1,147,000

3,354,625

37,400,528

Thailand

0.9%

Hana

Microelectronics

PCL

.........

Electronic

Equipment,

Instruments

&

Components

3,593,300

3,467,202

Major

Cineplex

Group

PCL

.........

Entertainment

486,700

226,692

3,693,894

United

Kingdom

9.3%

Coats

Group

plc

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

Textiles,

Apparel

&

Luxury

Goods

4,253,945

2,401,350

Greggs

plc

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

Hotels,

Restaurants

&

Leisure

181,180

3,422,353

c

Ibstock

plc,

144A,

Reg

S

...........

Construction

Materials

2,511,386

4,577,317

a

Johnson

Service

Group

plc

.........

Commercial

Services

&

Supplies

1,716,174

1,503,305

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

Foreign

Smaller

Companies

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

13

.

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

United

Kingdom

(continued)

Man

Group

plc

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

Capital

Markets

2,713,033

$

6,717,378

Oxford

Instruments

plc

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

Electronic

Equipment,

Instruments

&

Components

163,117

3,249,023

Pagegroup

plc

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

Professional

Services

839,752

3,450,507

Rathbones

Group

plc

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

Capital

Markets

263,354

4,822,170

VIDENDUM

plc

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

Household

Durables

145,119

1,937,609

a,c

Watches

of

Switzerland

Group

plc,

144A

Specialty

Retail

564,479

4,171,760

36,252,772

United

States

1.5%

Axis

Capital

Holdings

Ltd.

..........

Insurance

53,237

2,616,598

a,b

IMAX

Corp.

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

Entertainment

222,950

3,148,054

5,764,652

Total

Common

Stocks

(Cost

$412,322,611)

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

374,476,776

Warrants

a

a

a

a

a

Warrants

0.1%

Bahamas

0.1%

a

OneSpaWorld

Holdings

Ltd.

,

3/19/24

..

Diversified

Consumer

Services

202,835

215,005

a

OneSpaWorld

Holdings

Ltd.

,

3/19/24

..

Diversified

Consumer

Services

59,949

63,546

278,551

Total

Warrants

(Cost

$221,371)

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

278,551

Total

Long

Term

Investments

(Cost

$412,543,982)

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

374,755,327

Short

Term

Investments

3.2%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

2.5%

United

States

2.5%

e

FHLB,

10/03/22

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

10,000,000

10,000,000

Total

U.S.

Government

and

Agency

Securities

(Cost

$9,998,555)

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

10,000,000

Shares

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

Money

Market

Funds

0.7%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.42%

..........

2,687,231

2,687,231

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$2,687,231)

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

2,687,231

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$12,685,786

)

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

12,687,231

a

a

a

Total

Investments

(Cost

$425,229,768)

99.1%

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

$387,442,558

Other

Assets,

less

Liabilities

0.9%

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

3,363,526

Net

Assets

100.0%

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

$390,806,084

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

*

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

September

30,

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

September

30,

2022,

the

aggregate

value

of

these

securities

was

$33,647,224,

representing

8.6%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

f

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited),

September

30,

2022

International

Equity

Series

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Industry

Shares

a

Value

a

Common

Stocks

91.6%

Belgium

1.5%

Anheuser-Busch

InBev

SA/NV

......

Beverages

63,282

$

2,866,608

Canada

2.0%

a

GFL

Environmental,

Inc.

...........

Commercial

Services

&

Supplies

146,000

3,692,340

Chile

1.5%

Antofagasta

plc

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

Metals

&

Mining

224,237

2,747,627

China

1.3%

NXP

Semiconductors

NV

..........

Semiconductors

&

Semiconductor

Equipment

16,360

2,413,264

France

11.0%

Cie

de

Saint-Gobain

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

Building

Products

61,558

2,201,156

Danone

SA

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

Food

Products

77,623

3,670,617

Eiffage

SA

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

Construction

&

Engineering

41,500

3,328,181

TotalEnergies

SE

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

Oil,

Gas

&

Consumable

Fuels

166,248

7,799,853

Veolia

Environnement

SA

..........

Multi-Utilities

195,773

3,741,840

20,741,647

Germany

12.9%

adidas

AG

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

Textiles,

Apparel

&

Luxury

Goods

15,153

1,742,097

Bayer

AG

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

Pharmaceuticals

39,906

1,838,744

Continental

AG

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

Auto

Components

48,191

2,138,505

Deutsche

Boerse

AG

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

Capital

Markets

23,023

3,774,278

Deutsche

Telekom

AG

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

Diversified

Telecommunication

Services

437,944

7,454,920

Fresenius

Medical

Care

AG

&

Co.

KGaA

Health

Care

Providers

&

Services

58,343

1,643,782

Infineon

Technologies

AG

..........

Semiconductors

&

Semiconductor

Equipment

107,931

2,362,086

SAP

SE

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

Software

40,891

3,332,589

24,287,001

Hungary

0.9%

Richter

Gedeon

Nyrt

.

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

Pharmaceuticals

104,052

1,781,675

Ireland

1.7%

CRH

plc

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

Construction

Materials

97,864

3,146,671

Japan

13.1%

Hitachi

Ltd.

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

Industrial

Conglomerates

90,100

3,833,907

Honda

Motor

Co.

Ltd.

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

Automobiles

156,300

3,392,263

Isuzu

Motors

Ltd.

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

Automobiles

347,800

3,845,380

Komatsu

Ltd.

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

Machinery

157,900

2,874,794

Sony

Group

Corp.

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

Household

Durables

49,500

3,188,186

Sumitomo

Metal

Mining

Co.

Ltd.

.....

Metals

&

Mining

91,000

2,607,475

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

177,900

4,931,140

24,673,145

Netherlands

7.0%

ING

Groep

NV

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

Banks

308,995

2,647,736

SBM

Offshore

NV

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

Energy

Equipment

&

Services

141,475

1,775,449

Shell

plc

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

Oil,

Gas

&

Consumable

Fuels

348,449

8,643,912

13,067,097

Singapore

2.0%

United

Overseas

Bank

Ltd.

.........

Banks

203,000

3,676,854

South

Korea

4.3%

KB

Financial

Group,

Inc.

...........

Banks

70,488

2,112,020

Samsung

Electronics

Co.

Ltd.

.......

Technology

Hardware,

Storage

&

Peripherals

119,926

4,369,222

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)

South

Korea

(continued)

Shinhan

Financial

Group

Co.

Ltd.

....

Banks

70,975

$

1,635,820

8,117,062

Spain

2.1%

Red

Electrica

Corp.

SA

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

Electric

Utilities

254,358

3,903,474

Switzerland

1.7%

Adecco

Group

AG

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

Professional

Services

115,974

3,200,833

Taiwan

1.8%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

253,492

3,352,638

Thailand

1.1%

Kasikornbank

PCL

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

Banks

548,300

2,076,579

United

Kingdom

21.1%

AstraZeneca

plc

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

Pharmaceuticals

37,812

4,156,467

BAE

Systems

plc

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

Aerospace

&

Defense

433,630

3,809,886

BP

plc

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

Oil,

Gas

&

Consumable

Fuels

1,692,045

8,084,890

Compass

Group

plc

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

Hotels,

Restaurants

&

Leisure

126,176

2,512,357

DS

Smith

plc

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

Containers

&

Packaging

839,039

2,372,737

b

Haleon

plc

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

Personal

Products

962,743

3,001,665

Informa

plc

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

Media

344,239

1,967,548

a,b

International

Consolidated

Airlines

Group

SA

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

Airlines

1,476,160

1,525,582

Lloyds

Banking

Group

plc

..........

Banks

10,732,664

4,850,817

Smith

&

Nephew

plc

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

Health

Care

Equipment

&

Supplies

300,572

3,469,283

Standard

Chartered

plc

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

Banks

284,198

1,777,453

b

WH

Smith

plc

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

Specialty

Retail

156,967

2,069,450

39,598,135

United

States

4.6%

b

ICON

plc

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

Life

Sciences

Tools

&

Services

14,100

2,591,298

Roche

Holding

AG

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

Pharmaceuticals

18,303

5,958,226

8,549,524

Total

Common

Stocks

(Cost

$174,842,851)

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

171,892,174

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

b,c

Hemisphere

Properties

India

Ltd.,

Escrow

Account

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

2,094,964

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$174,842,851)

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

171,892,174

Short

Term

Investments

2.9%

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

2.0%

United

States

2.0%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.42%

..........

3,831,502

3,831,502

Total

Money

Market

Funds

(Cost

$3,831,502)

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

3,831,502

Templeton

Institutional

Funds

Schedule

of

Investments

(unaudited)

International

Equity

Series

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

At

September

30,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

Short

Term

Investments

(continued)

a

a

Industry

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.9%

Money

Market

Funds

0.9%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.42%

..........

1,630,916

$

1,630,916

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$1,630,916)

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

1,630,916

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$5,462,418

)

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

5,462,418

a

a

a

Total

Investments

(Cost

$180,305,269)

94.5%

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

$177,354,592

Other

Assets,

less

Liabilities

5.5%

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

10,307,814

Net

Assets

100.0%

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

$187,662,406

a

a

a

a

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2022.

b

Non-income

producing.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

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.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

EAFE

Index

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

Long

20

$

1,660,600

12/16/22

$

(222,731)

Total

Futures

Contracts

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

$(222,731)

*

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

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

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

September

30,

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.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

4. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

    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,

2.42%

.

$9,593,212

$72,395,137

$(79,301,118)

$—

$—

$2,687,231

2,687,231

$15,813

Total

Affiliated

Securities

...

$9,593,212

$72,395,137

$(79,301,118)

$—

$—

$2,687,231

$15,813

International

Equity

Series

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.42%

.

$

5,153,549

$

98,379,776

$

(99,701,823)

$

—

$

—

$

3,831,502

3,831,502

$

30,203

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.42%

.

$—

$15,140,538

$(13,509,622)

$—

$—

$1,630,916

1,630,916

$10,364

Total

Affiliated

Securities

...

$5,153,549

$113,520,314

$(113,211,445)

$—

$—

$5,462,418

$40,567

2. Financial

Instrument

Valuation

(continued)

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedule

of

Investments

• 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,

2022,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Foreign

Smaller

Companies

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Austria

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

$

—

$

5,235,885

$

—

$

5,235,885

Bahamas

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

5,315,428

—

—

5,315,428

Belgium

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

—

14,882,254

—

14,882,254

Brazil

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

14,927,664

—

—

14,927,664

Canada

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

13,656,425

—

—

13,656,425

China

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

—

9,612,438

—

9,612,438

Denmark

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

—

2,011,551

—

2,011,551

Finland

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

—

11,599,572

—

11,599,572

Germany

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

364,554

22,961,184

—

23,325,738

Greece

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

—

3,550,163

—

3,550,163

Hong

Kong

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

—

10,693,279

—

10,693,279

Israel

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

4,889,411

3,196,018

—

8,085,429

Italy

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

—

28,435,102

—

28,435,102

Japan

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

—

82,313,272

—

82,313,272

Netherlands

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

—

3,767,242

—

3,767,242

Norway

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

—

7,873,778

—

7,873,778

Philippines

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

3,861,224

—

—

3,861,224

South

Korea

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

—

10,984,836

—

10,984,836

Spain

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

—

2,299,184

—

2,299,184

Sweden

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

—

13,270,830

—

13,270,830

Switzerland

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

3,112,481

12,551,155

—

15,663,636

Taiwan

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

—

37,400,528

—

37,400,528

Thailand

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

—

3,693,894

—

3,693,894

United

Kingdom

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

8,071,193

28,181,579

—

36,252,772

United

States

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

5,764,652

—

—

5,764,652

Warrants

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

278,551

—

—

278,551

Short

Term

Investments

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

2,687,231

10,000,000

—

12,687,231

Total

Investments

in

Securities

...........

$62,928,814

$324,513,744

a

$—

$387,442,558

International

Equity

Series

Assets:

Investments

in

Securities:

Common

Stocks

:

Belgium

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

—

2,866,608

—

2,866,608

Canada

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

3,692,340

—

—

3,692,340

Chile

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

—

2,747,627

—

2,747,627

China

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

2,413,264

—

—

2,413,264

France

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

—

20,741,647

—

20,741,647

Germany

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

—

24,287,001

—

24,287,001

4. Fair

Value

Measurements 

(continued)

Templeton

Institutional

Funds

Notes

to

Schedules

of

Investments

(unaudited)

13

Quarterly

Schedule

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year. 

Abbreviations

Level

1

Level

2

Level

3

Total

International

Equity

Series

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Hungary

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

$

—

$

1,781,675

$

—

$

1,781,675

Ireland

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

—

3,146,671

—

3,146,671

Japan

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

—

24,673,145

—

24,673,145

Netherlands

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

—

13,067,097

—

13,067,097

Singapore

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

—

3,676,854

—

3,676,854

South

Korea

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

—

8,117,062

—

8,117,062

Spain

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

—

3,903,474

—

3,903,474

Switzerland

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

—

3,200,833

—

3,200,833

Taiwan

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

—

3,352,638

—

3,352,638

Thailand

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

—

2,076,579

—

2,076,579

United

Kingdom

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

3,001,665

36,596,470

—

39,598,135

United

States

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

2,591,298

5,958,226

—

8,549,524

Escrows

and

Litigation

Trusts

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

—

—

—

b

—

Short

Term

Investments

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

5,462,418

—

—

5,462,418

Total

Investments

in

Securities

...........

$17,160,985

$160,193,607

c

$—

$177,354,592

Liabilities:

Other

Financial

Instruments:

Futures

contracts

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

$

222,731

$

—

$

—

$

222,731

a

Includes

foreign

securities

valued

at

$314,513,744,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

financial

instruments

determined

to

have

no

value

at

September

30,

2022.

c

Includes

foreign

securities

valued

at

$160,193,607,

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

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.